PIMCO

FUNDS

PACIFIC INVESTMENT MANAGEMENT SERIES

SEMI-ANNUAL REPORT SEPTEMBER 30, 2002

Contents

Chairman’s Message	1
Fund Summary
Total Return Fund	2
Total Return Fund II	3
Total Return Fund III	4
Moderate Duration Fund	5
Low Duration Fund	6
Low Duration Fund II	7
Low Duration Fund III	8
Short-Term Fund	9
Money Market Fund	10
Long-Term U.S. Government Fund	11
Investment Grade Corporate Bond Fund	12
High Yield Fund	13
Total Return Mortgage Fund	14
GNMA Fund	15
Real Return Fund	16
Real Return Fund II	17
Real Return Asset Fund	18
CommodityRealReturn Strategy Fund	19
Foreign Bond Fund	20
Global Bond Fund	21
Global Bond Fund II	22
Emerging Markets Bond Fund	23
Strategic Balanced Fund	24
All Asset Fund	25
Convertible Fund	26
European Convertible Fund	27
StocksPLUS Fund	28
StocksPLUS Total Return Fund	29
Municipal Bond Fund	30
Short Duration Municipal Income Fund	31
California Intermediate Municipal Bond Fund	32
California Municipal Bond Fund	33
New York Municipal Bond Fund	34
Financial Highlights	36
Statements of Assets and Liabilities	50
Statements of Operations	54
Statements of Changes in Net Assets	58
Statements of Cash Flows	66
Schedule of Investments
Total Return Fund	67
Total Return Fund II	94
Total Return Fund III	98
Moderate Duration Fund	103
Low Duration Fund	106
Low Duration Fund II	113
Low Duration Fund III	116
Short-Term Fund	118
Money Market Fund	124
Long-Term U.S. Government Fund	125
Investment Grade Corporate Bond Fund	129
High Yield Fund	131
Total Return Mortgage Fund	138
GNMA Fund	140
Real Return Fund	142
Real Return Fund II	145
Real Return Asset Fund	146
CommodityRealReturn Strategy Fund	147
Foreign Bond Fund	148
Global Bond Fund	156
Global Bond Fund II	164
Emerging Markets Bond Fund	170
Strategic Balanced Fund	173
All Asset Fund	174
Convertible Fund	175
European Convertible Fund	177
StocksPLUS Fund	178
StocksPLUS Total Return Fund	182
Municipal Bond Fund	183
Short Duration Municipal Income Fund	190
California Intermediate Municipal Bond Fund	194
California Municipal Bond Fund	198
New York Municipal Bond Fund	200
Notes to Financial Statements	202

Chairman’s Letter

Dear PIMCO Funds Shareholder:

We are pleased to present you with this semi-annual report for PIMCO Funds: Pacific Investment Management Series. During the Trust’s fiscal half year, assets grew by $27.5 billion to finish the six-month period ended September 30, 2002 at $118.9 billion.

We are pleased to announce the addition of the All Asset Fund, which began operations in July 2002. In addition, the CommodityRealReturn Strategy and StocksPLUS Total Return Funds were launched in June 2002. These new Funds will compliment our product offering and broaden the range of investment options available to investors, particularly outside the bond area.

Investors flocked to Treasury bonds during the period amid anxiety about sluggish global growth, the integrity of corporate accounting and governance practices and a potential U.S. war with Iraq. Treasury yields fell as much as 2.28%, with the 10-year yield plunging to 3.59%, its lowest level in more than 40 years. Fueled by the Treasury rally, the broad U.S. bond market, represented by the Lehman Aggregate Bond Index, returned 8.45%, while riskier assets such as stocks and high yield debt continued to struggle.

Growth in Europe was practically non-existent and Japan’s economy remained moribund. That left U.S. consumers, bolstered by the lowest mortgage rates in three decades, zero interest car loans and rising real wages, as the only significant source of demand anywhere in the world. Concern about a so-called “double-dip” recession in the U.S. therefore centered on the risk that weakness in the corporate sector would infect consumer confidence and discourage spending. While unemployment remained relatively low at just under 6%, applications for jobless claims climbed as companies laid off workers to trim costs and boost cash flow.

Such efforts by companies to rehabilitate their credit quality did little to reassure corporate bond investors. The corporate bond market virtually shut down during July, recovered in August but then had another difficult month in September. A stream of bad news from high profile issuers reinforced risk aversion among lenders already bruised by accounting scandals. Negatives included the bankruptcy of U.S. Airways, a rating downgrade at major telecom lender J.P. Morgan Chase, a multi-billion dollar default by Conseco and the potential for energy pipeline firm El Paso to face a myriad of issues tied to the California energy crisis.

On the following pages you will find specific details as to each Fund’s portfolio and total return investment performance including a discussion of those factors that affected investment performance.

We appreciate the trust you have placed in us through your investments, and we will continue to focus our efforts to meet your investment needs. If you have any questions regarding your PIMCO Funds investment, please contact your account manager, or call one of our shareholder associates at 1-800-927-4648. We also invite you to visit our Web site at www.pimcoadvisors.com or our investment manager’s Web site at www.pimco.com.

Sincerely,

Brent R. Harris

Chairman of the Board

October 31, 2002

09.30.02   I  PIMCO Funds Semi-Annual Report   1

PIMCO Total Return Fund

FUND CHARACTERISTICS

OBJECTIVE:	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Primarily intermediate maturity fixed income securities. DURATION: 4.2 years	Institutional Class: 5/11/1987 Administrative Class: 9/08/1994 TOTAL NET ASSETS: $64.7 billion	William H. Gross TICKER SYMBOLS: Institutional Class: PTTRX Administrative Class: PTRAX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	5 Years*	10 Years*	Since Inception*
Total Return Fund Institutional Class	6.88%	7.81%	9.72%	8.25%	8.14%	9.33%
Total Return Fund Administrative Class	6.74%	7.54%	9.45%	7.98%	—	8.53%
Lehman Brothers Aggregate Bond Index	8.45%	8.60%	9.48%	7.83%	7.37%	—
Lipper Intermediate Investment Grade Debt Fund Average	6.52%	6.20%	7.91%	6.51%	6.51%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The Total Return Fund Institutional Class underperformed the Lehman Brothers Aggregate Bond Index for the six-month period ended September 30, 2002, returning 6.88% versus 8.45% for the Index. ·   The Fund held longer than Index duration during the period, which had a positive impact on returns as yields declined sharply. An emphasis on intermediate maturities benefited performance as rates declined most in these maturities. ·   An overweight in mortgages detracted from performance, as the sector lagged Treasuries in a volatile market. ·   A corporate underweight was positive, but security selection of telecom and energy/pipeline issues hurt returns amid concern about weak profits and credit rating downgrades. ·   An allocation to developed non-U.S. bonds, focused on Euro-zone issues, detracted from returns as rates fell further in the U.S. amid the flight to Treasuries. ·   Emerging market bonds were negative amid overall risk aversion and anxiety about Brazil’s presidential election.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 6/01/1987, the first full month following the Fund’s Institutional Class inception on 5/11/1987, compared to the Lehman Brothers Aggregate Bond Index, an unmanaged market index. It is not possible to invest directly in the index. The performance of the Administrative Class (shown above) reflects the payment of a service fee in an amount not to exceed 0.25% on an annualized basis. The Administrative Class commenced operations on 9/08/1994. The Fund may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets.

2   PIMCO Funds Semi-Annual Report  I  9.30.02

PIMCO Total Return Fund II

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Primarily intermediate maturity fixed income securities with quality and non-U.S. issuer restrictions.	4.2 years FUND INCEPTION DATE: Institutional Class: 12/30/1991 Administrative Class: 11/30/1994	$2.1 billion PORTFOLIO MANAGER: William H. Gross TICKER SYMBOLS: Institutional Class: PMBIX Administrative Class: PRADX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	5 Years*	10 Years*	Since Inception*
Total Return Fund II Institutional Class	7.32%	7.35%	9.75%	8.09%	7.84%	8.12%
Total Return Fund II Administrative Class	7.18%	7.09%	9.48%	7.82%	—	8.72%
Lehman Brothers Aggregate Bond Index	8.45%	8.60%	9.48%	7.83%	7.37%	—
Lipper Intermediate Investment Grade Debt Fund Average	6.52%	6.20%	7.91%	6.51%	6.51%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The Total Return Fund II Institutional Class underperformed the Lehman Brothers Aggregate Bond Index for the six-month period ended September 30, 2002, returning 7.32% versus 8.45% for the Index. ·   The Fund held longer than Index duration during the period, which had a positive impact on returns as yields declined sharply. An emphasis on intermediate maturities benefited performance as rates declined most in these maturities. ·   An overweight in mortgages detracted from performance, as the sector lagged Treasuries in a volatile market. ·   A corporate underweight was positive, but security selection of telecom and energy/pipeline issues hurt returns amid concern about weak profits and credit rating downgrades.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 1/01/1992, the first full month following the Fund’s Institutional Class inception on 12/30/1991, compared to the Lehman Brothers Aggregate Bond Index, an unmanaged market index. It is not possible to invest directly in the index. The performance of the Administrative Class (shown above) reflects the payment of a service fee in an amount not to exceed 0.25% on an annualized basis. The Administrative Class commenced operations on 11/30/1994.

9.30.02   I  PIMCO Funds Semi-Annual Report   3

PIMCO Total Return Fund III

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Primarily intermediate maturity fixed income securities with prohibitions on firms engaged in socially sensitive practices.	4.6 years FUND INCEPTION DATE: Institutional Class: 5/01/1991 Administrative Class: 4/11/1997	$936.0 million PORTFOLIO MANAGER: William H. Gross TICKER SYMBOLS: Institutional Class: PTSAX Administrative Class: PRFAX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	5 Years*	10 Years*	Since Inception*
Total Return Fund III Institutional Class	5.47%	6.68%	8.76%	7.71%	7.89%	8.77%
Total Return Fund III Administrative Class	5.34%	6.35%	8.46%	7.42%	—	8.17%
Lehman Brothers Aggregate Bond Index	8.45%	8.60%	9.48%	7.83%	7.37%	—
Lipper Intermediate Investment Grade Debt Fund Average	6.52%	6.20%	7.91%	6.51%	6.51%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The Total Return Fund III Institutional Class underperformed the Lehman Brothers Aggregate Bond Index for the six-month period ended September 30, 2002, returning 5.47% versus 8.45% for the Index. ·   The Fund held longer than Index duration during the period, which had a positive impact on returns as yields declined sharply. An emphasis on intermediate maturities benefited performance as rates declined most in these maturities. ·   An overweight in mortgages detracted from performance, as the sector lagged Treasuries in a volatile market. ·   A corporate underweight was positive, but security selection of telecom and energy/pipeline issues hurt returns amid concern about weak profits and credit rating downgrades. ·   An allocation to developed non-U.S. bonds, focused on Euro-zone issues, detracted from returns as rates fell further in the U.S. amid the flight to Treasuries. ·   Emerging market bonds were negative amid overall risk aversion and anxiety about Brazil’s presidential election.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 5/01/1991, the Fund’s Institutional Class inception date, compared to the Lehman Brothers Aggregate Bond Index, an unmanaged market index. It is not possible to invest directly in the index. The performance of the Administrative Class (shown above) reflects the payment of a service fee in an amount not to exceed 0.25% on an annualized basis. The Administrative Class commenced operations on 4/11/1997. The Fund may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets.

4   PIMCO Funds Semi-Annual Report  I  09.30.02

PIMCO Moderate Duration Fund

FUND CHARACTERISTICS

OBJECTIVE: Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Primarily short and intermediate maturity fixed income securities. DURATION: 3.9 years FUND INCEPTION DATE: Institutional Class: 12/31/1996 TOTAL NET ASSETS: $879.5 million PORTFOLIO MANAGEMENT TEAM LEAD: William H. Gross TICKER SYMBOL: Institutional Class: PMDRX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	5 Years*	Since Inception*
Moderate Duration Fund Institutional Class	5.33%	6.18%	8.71%	7.33%	7.37%
Lehman Brothers Intermediate Government/Corporate Bond Index	8.24%	8.09%	9.04%	7.57%	—
Lipper Short Intermediate Investment Grade Debt Fund Average	5.32%	5.06%	7.32%	6.22%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The Moderate Duration Fund Institutional Class underperformed the Lehman Brothers Intermediate Government/Corporate Bond Index for the six-month period ended September 30, 2002, returning 5.33% versus 8.24% for the Index. ·   Slightly below benchmark duration detracted from performance as yields declined sharply during the period. The Fund’s underweight in intermediate maturities hurt performance as rates fell most in these maturities. ·   An overweight in mortgages detracted from performance, as the sector lagged Treasuries in a volatile market. ·   A corporate underweight was positive, but security selection of telecom and energy/pipeline issues hurt returns amid concern about weak profits and credit rating downgrades. ·   An allocation to developed non-U.S. bonds, focused on Euro-zone issues, detracted from returns as rates fell further in the U.S. amid the flight to Treasuries. ·   Emerging market bonds were negative amid overall risk aversion and anxiety about Brazil’s presidential election.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 12/31/1996, the Fund’s Institutional Class inception date, compared to the Lehman Brothers Intermediate Government/Corporate Bond Index, an unmanaged market index. It is not possible to invest directly in the index. The Fund may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets.

9.30.02   I  PIMCO Funds Semi-Annual Report   5

PIMCO Low Duration Fund

FUND CHARACTERISTICS

OBJECTIVE: Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Primarily short maturity fixed income securities. DURATION: 1.7 years FUND INCEPTION DATE: Institutional Class: 5/11/1987 Administrative Class: 1/03/1995 TOTAL NET ASSETS: $8.3 billion PORTFOLIO MANAGER: William H. Gross TICKER SYMBOLS: Institutional Class: PTLDX Administrative Class: PLDAX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	5 Years*	10 Years*	Since Inception*
Low Duration Fund Institutional Class	4.47%	5.60%	7.44%	6.64%	6.68%	7.79%
Low Duration Fund Administrative Class	4.34%	5.34%	7.17%	6.37%	—	7.15%
Merrill Lynch 1-3 Year Treasury Index	4.84%	5.64%	7.25%	6.58%	5.96%	—
Lipper Short Investment Grade Debt Fund Average	3.36%	3.59%	6.27%	5.66%	5.48%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The Low Duration Fund Institutional Class shares returned 4.47% for the six months ended September 30, 2002, underperforming the Merrill Lynch 1-3 Year Treasury Index return of 4.84%. ·   The Fund maintained an above-benchmark duration for most of the period, which enhanced performance as yields fell across the maturity spectrum. ·   The Fund’s broader-than-Index maturity distribution had a positive impact as yields fell most in five maturities that were outside the Index. ·   An emphasis on mortgage-backed securities was positive for performance as mortgages outperformed Treasuries. ·   Corporate exposure, especially telecom and energy/pipeline holdings, continued to detract from returns amid concern about weak profits and credit rating downgrades. ·   A limited amount of high yield holdings were negative for performance, as these issues suffered from anxiety about weak profits and corporate scandals. ·   Emerging market bonds were negative amid overall risk aversion and anxiety about Brazil’s presidential election. ·   An allocation to developed non-U.S. bonds, focused on Eurozone issues, detracted modestly from returns as rates fell further in the U.S. amid the flight to Treasuries.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 6/01/1987, the first full month following the Fund’s Institutional Class inception on 5/11/1987, compared to the Merrill Lynch 1-3 Year Treasury Index, an unmanaged market index. It is not possible to invest directly in the index. The performance of the Administrative Class (shown above) reflects the payment of a service fee in an amount not to exceed 0.25% on an annualized basis. The Administrative Class commenced operations on 1/03/1995. The Fund may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets.

6   PIMCO Funds Semi-Annual Report  I  9.30.02

PIMCO Low Duration Fund II

FUND CHARACTERISTICS

OBJECTIVE: Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Primarily short maturity fixed income securities with quality and non-U.S. issuer restrictions. DURATION: 1.5 years FUND INCEPTION DATE: Institutional Class: 10/31/1991 Administrative Class: 2/02/1998 TOTAL NET ASSETS: $487.3 million PORTFOLIO MANAGER: William H. Gross TICKER SYMBOLS: Institutional Class: PLDTX Administrative Class: PDFAX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	5 Years*	10 Years*	Since Inception*
Low Duration Fund II Institutional Class	4.87%	5.35%	7.57%	6.60%	6.29%	6.54%
Low Duration Fund II Administrative Class	4.74%	5.08%	7.32%	—	—	6.21%
Merrill Lynch 1-3 Year Treasury Index	4.84%	5.64%	7.25%	6.58%	5.96%	—
Lipper Short Investment Grade Debt Fund Average	3.36%	3.59%	6.27%	5.66%	5.48%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The Low Duration Fund II Institutional Class shares returned 4.87% for the six months ended September 30, 2002, outperforming the Merrill Lynch 1-3 Year Treasury Index return of 4.84%. ·   The Fund maintained an above-benchmark duration for most of the period, which enhanced performance as yields fell across the maturity spectrum. ·   The Fund’s broader-than-Index maturity distribution had a positive impact as yields fell most in five maturities that were outside the Index. ·   An emphasis on mortgage-backed securities was positive for performance as mortgages outperformed Treasuries. ·   Corporate exposure, especially telecom and energy/pipeline holdings, continued to detract from returns amid concern about weak profits and credit rating downgrades.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 10/31/1991, the Fund’s Institutional Class inception date, compared to the Merrill Lynch 1-3 Year Treasury Index, an unmanaged market index. It is not possible to invest directly in the index. The performance of the Administrative Class (shown above) reflects the payment of a service fee in an amount not to exceed 0.25% on an annual basis. The Administrative Class commenced operations on 2/02/1998.

9.30.02   I  PIMCO Funds Semi-Annual Report   7

PIMCO Low Duration Fund III

FUND CHARACTERISTICS

OBJECTIVE: Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Primarily short maturity fixed income securities with prohibitions on firms engaged in socially sensitive practices. DURATION: 1.7 years FUND INCEPTION DATE: Institutional Class: 12/31/1996 Administrative Class: 3/19/1999 TOTAL NET ASSETS: $47.9 million PORTFOLIO MANAGER: William H. Gross TICKER SYMBOLS: Institutional Class: PLDIX Administrative Class: N/A

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	5 Years*	Since Inception*
Low Duration Fund III Institutional Class	4.90%	6.16%	7.34%	6.52%	6.58%
Low Duration Fund III Administrative Class	4.77%	5.90%	7.08%	—	6.37%
Merrill Lynch 1-3 Year Treasury Index	4.84%	5.64%	7.25%	6.58%	—
Lipper Short Investment Grade Debt Fund Average	3.36%	3.59%	6.27%	5.66%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The Low Duration Fund III Institutional Class shares returned 4.90% for the six months ended September 30, 2002, outperforming the Merrill Lynch 1-3 Year Treasury Index return of 4.84%. ·   The Fund maintained an above-benchmark duration for most of the period, which enhanced performance as yields fell across the maturity spectrum. ·   The Fund’s broader-than-Index maturity distribution had a positive impact as yields fell most in five maturities that were outside the Index. ·   An emphasis on mortgage-backed securities was positive for performance as mortgages outperformed Treasuries. ·   Corporate exposure, especially telecom and energy/pipeline holdings, continued to detract from returns amid concern about weak profits and credit rating downgrades. ·   A small number of high yield holdings were negative, suffering from anxiety about weak profits and corporate scandals. ·   Emerging market bonds were negative amid overall risk aversion and anxiety about Brazil’s presidential election. ·   An allocation to developed non-U.S. bonds, focused on Eurozone issues, detracted modestly from returns as rates fell further in the U.S. amid the flight to Treasuries.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 12/31/1996, the Fund’s Institutional Class inception date, compared to the Merrill Lynch 1-3 Year Treasury Index, an unmanaged market index. It is not possible to invest directly in the index. The performance of the Administrative Class (shown above) reflects the payment of a service fee in an amount not to exceed 0.25% on an annualized basis. The Administrative Class commenced operations on 3/19/1999. The Fund may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets.

8   PIMCO Funds Semi-Annual Report  I  9.30.02

PIMCO Short-Term Fund

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	PORTFOLIO MANAGER:
Seeks maximum current income, consistent with preservation of capital and daily liquidity.	0.8 years	Paul A. McCulley
	FUND INCEPTION DATE:	TICKER SYMBOLS:
PORTFOLIO:	Institutional Class: 10/07/1987	Institutional Class: PTSHX
Primarily money market instruments and short maturity fixed income securities.	Administrative Class: 2/01/1996	Administrative Class: PSFAX
	TOTAL NET ASSETS:
	$2.8 billion

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	5 Years*	10 Years*	Since Inception*
Short-Term Fund Institutional Class	0.92%	2.10%	5.22%	5.30%	5.59%	6.18%
Short-Term Fund Administrative Class	0.80%	1.84%	4.96%	5.05%	—	5.45%
Salomon 3-Month Treasury Bill Index	0.87%	1.97%	4.19%	4.49%	4.55%	—
Lipper Ultra-Short Obligations Fund Average	1.57%	2.50%	5.03%	5.04%	4.93%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The Short-Term Fund Institutional Class shares returned 0.92% for the six-month period ended September 30, 2002, outperforming the Salomon 3-Month Treasury Bill Index return of 0.87%. ·   A longer duration relative to the benchmark boosted returns as interest rates fell. ·   A mortgage overweight was modestly positive as the benefits of mortgages’ high yields offset market volatility. ·   Corporate exposure, especially telecom and energy/pipeline holdings, continued to detract from returns amid concern about weak profits and credit rating downgrades. ·   Emerging market bonds were negative amid overall risk aversion and anxiety about Brazil’s presidential election. ·   An allocation to the Eurozone detracted from returns as rates fell further in the U.S. amid the flight to Treasuries. ·   Asset-backed bonds boosted performance as their strong collateral protection kept credit premiums stable amid volatile markets.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 11/01/1987, the first full month following the Fund’s Institutional Class inception on 10/07/1987, compared to the Salomon 3-Month Treasury Bill Index, an unmanaged market index. It is not possible to invest directly in the index. Whereas money market funds attempt to maintain a stable share price, the Short-Term Fund’s share price will fluctuate in response to market conditions. The performance of the Administrative Class (shown above) reflects the payment of a service fee in an amount not to exceed 0.25% on an annualized basis. The Administrative Class commenced operations on 2/01/1996. The Fund may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets.

9.30.02   I  PIMCO Funds Semi-Annual Report   9

PIMCO Money Market Fund

FUND CHARACTERISTICS

OBJECTIVE: Seeks maximum current income, consistent with preservation of capital and daily liquidity. PORTFOLIO: Primarily money market instruments. DURATION: 25.6 days FUND INCEPTION DATE: Institutional Class: 3/01/1991 Administrative Class: 1/25/1995 TOTAL NET ASSETS: $402.7 million PORTFOLIO MANAGER: Paul A. McCulley TICKER SYMBOLS: Institutional Class: PMIXX Administrative Class: PMAXX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	7-Day Yield	30-Day Yield	6 Months	1 Year	3 Years*	5 Years*	10 Years*	Since Inception*
Money Market Fund Institutional Class	1.45%	1.47%	0.77%	1.73%	4.22%	4.58%	4.56%	4.57%
Money Market Fund Administrative Class	1.20%	1.23%	0.65%	1.47%	3.96%	4.34%	—	4.67%
Salomon 3-Month Treasury Bill Index	—	—	0.87%	1.97%	4.19%	4.49%	4.55%	—
Lipper Institutional Money Market Fund Average	—	—	0.76%	1.74%	4.19%	4.59%	4.61%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The Money Market Fund Institutional Class shares returned 0.77% for the six-month period ended September 30, 2002, underperforming the Salomon 3-Month Treasury Bill Index return of 0.87%. ·   The Fund, which has a Aaa money market fund rating by Moody’s Investors Service, emphasizes high quality commercial paper, shorter-term agency and high quality corporate debt issues due to strong liquidity, attractive yields and limited credit risks. ·   High quality (A1/P1) commercial paper yields fell approximately 0.20% for three-month maturities, reflecting continued sluggish economic growth. ·   Three-month commercial paper yields relative to Treasuries widened by 0.04% to approximately 0.20% on September 30. ·   Seven-day and thirty-day SEC yields of 1.45% and 1.47%, respectively, at quarter-end are competitive with yields on similar duration portfolios.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Yields are computed by SEC-prescribed calculations and are subject to change. The line graph above assumes the investment of $5,000,000 on 3/01/1991, the Fund’s Institutional Class inception date, compared to the Salomon 3-Month Treasury Bill Index, an unmanaged market index. It is not possible to invest directly in the index. The performance of the Administrative Class (shown above) reflects the payment of a service fee in an amount not to exceed 0.25% on an annualized basis. The Administrative Class commenced operations on 1/25/1995. An investment in the Money Market Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. Government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. If there is a material difference between the quoted total return and the quoted current yield, the yield quotation more closely reflects the current earnings of the Money Market Fund than the total return quotation.

10   PIMCO Funds Semi-Annual Report  I  9.30.02

PIMCO Long-Term U.S. Government Fund

FUND CHARACTERISTICS

OBJECTIVE: Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Primarily long-term maturity fixed income securities. . DURATION: 11.0 years FUND INCEPTION DATE: Institutional Class: 7/01/1991
Administrative Class: 9/23/1997 TOTAL NET ASSETS: $874.1 million PORTFOLIO MANAGER: James M. Keller TICKER SYMBOLS: Institutional Class: PGOVX Administrative Class: PLGBX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	5 Years*	10 Years*	Since Inception*
Long-Term U.S. Government Fund Institutional Class	19.25%	15.45%	13.77%	10.71%	10.24%	11.68%
Long-Term U.S. Government Fund Administrative Class	19.10%	15.15%	13.48%	10.43%	—	10.34%
Lehman Long-Term Treasury Index	18.78%	14.51%	12.75%	10.07%	9.47%	—
Lipper General U.S. Government Fund Average	9.33%	8.21%	8.81%	7.07%	6.52%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS
		·   The Long-Term U.S. Government Fund Institutional Class outperformed its benchmark for the six months ended September 30, 2002, returning 19.25% versus 18.78% for the Lehman Long-Term Treasury Index. ·   The Fund’s below-benchmark duration was negative for returns as rates fell. ·   Exposure to short and intermediate maturities relative to the long duration Index was positive as these rates rallied significantly. ·   Emphasis on mortgages via high quality Agency pass-throughs and non-Agency CMO’s was slightly negative on a duration-adjusted basis as market volatility offset the benefits of mortgages’ high yields. ·   A modest allocation to longer maturity Agency debentures detracted from returns as this sector widened over concerns about asset and liability mismatches at Fannie Mae. ·   Moderate holdings of real return bonds helped returns, outperforming comparable Treasuries as real yields plunged.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 7/01/1991, the Fund’s Institutional Class inception date, compared to the Lehman Long-Term Treasury Index, an unmanaged market index. It is not possible to invest directly in the index. The performance of the Administrative Class (shown above) reflects the payment of a service fee in an amount not to exceed 0.25% on an annual basis. The Administrative Class commenced operations on 9/23/1997.

9.30.02   I  PIMCO Funds Semi-Annual Report   11

PIMCO Investment Grade Corporate Bond Fund

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	PORTFOLIO MANAGERS:
Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Primarily corporate fixed income securities.	4.2 years FUND INCEPTION DATE: Institutional Class: 4/28/2000 Administrative Class: 9/30/2002 TOTAL NET ASSETS: $11.1 million	Chris P. Dialynas Shannon M. Bass TICKER SYMBOLS: Institutional Class: PIGIX Administrative Class: N/A

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	Since Inception*
Investment Grade Corporate Bond Fund Institutional Class	5.22%	7.54%	10.96%
Lehman Brothers Credit Investment Grade Index	7.51%	8.18%	—
Lipper Intermediate Investment Grade Debt Fund Average	6.52%	6.20%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The Investment Grade Corporate Bond Fund returned 5.22% for the semi-annual period ended September 30, 2002, compared to 7.51% for the Lehman Brothers Credit Investment Grade Index. ·   An underweight to AA-rated issues and an overweight to the BBB-rated sector detracted from returns as higher quality issues outperformed amidst a flight to safety. ·   Overweighting telecommunications and energy sectors detracted from returns due to growing concerns about weak profits and credit rating downgrades. ·   Underweighting consumer cyclicals, specifically home construction, was a negative as low interest rates continued to drive this sector. ·   Within the transportation sector, security selection added to relative returns as a focus on secured bonds was a positive during a period when the troubled airlines industry caused this sector to significantly underperform. ·   Small allocations to Treasury securities added to performance as these sectors outperformed corporate bonds on a like-duration basis. ·   Emerging market bonds were negative amid overall risk aversion and anxiety about Brazil’s presidential election.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 5/01/2000, the first full month following the Fund’s Institutional Class inception on 4/28/2000, compared to the Lehman Brothers Credit Investment Grade Index, an unmanaged market index. It is not possible to invest directly in the index. The Fund may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets.

12   PIMCO Funds Semi-Annual Report  I  9.30.02

PIMCO High Yield Fund

FUND CHARACTERISTICS

OBJECTIVE: Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Primarily higher yielding fixed income securities. DURATION: 3.6 years FUND INCEPTION DATE: Institutional Class: 12/15/1992 Administrative Class: 1/16/1995 TOTAL NET ASSETS: $3.7 billion PORTFOLIO MANAGERS: Benjamin L. Trosky Raymond G. Kennedy TICKER SYMBOLS: Institutional Class: PHIYX Administrative Class: PHYAX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	5 Years*	Since Inception*
High Yield Fund Institutional Class	-9.00%	-5.36%	-1.03%	1.29%	7.00%
High Yield Fund Administrative Class	-9.11%	-5.58%	-1.27%	1.04%	5.90%
Lehman Brothers Intermediate BB U.S. High Yield Index	-7.82%	-1.17%	2.93%	3.44%	—
Merrill Lynch U.S. High Yield BB-B Rated Index	-8.44%	-1.57%	-1.40%	0.60%	—
Lipper High Current Yield Fund Average	-8.10%	-2.17%	-3.83%	-2.30%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The High Yield Fund Institutional Class shares returned –9.00% for the semi-annual period ended September 30, 2002, compared to –8.44% for the Merrill Lynch U.S. High Yield BB-B Rated Index. ·   The Fund’s exposure to BBB rated issues helped relative returns as these issues significantly outperformed the lower quality tiers. ·   Emphasizing large-cap telecom and energy pipeline companies detracted from returns amid concern about weak profits and credit rating downgrades. ·   An underweight to the transportation sector and a focus on secured EETCs added to returns as the troubled airline industry caused this sector to significantly underperform. ·   Underweighting the gaming sector was negative for performance; despite rich valuations, these credits performed well during a market sell-off. ·   Modest holdings of emerging market bonds were negative amid overall risk aversion and anxiety about Brazil’s presidential election.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 1/01/1993, the first full month following the Fund’s Institutional Class inception on 12/15/1992, compared to the Lehman Brothers Intermediate BB U.S. High Yield Index and the Merrill Lynch U.S. High Yield BB-B Rated Index, each an unmanaged market index. It is not possible to invest directly in the indexes. The Fund changed its benchmark index because the Merrill Lynch U.S. High Yield BB-B Rated Index more closely reflects the universe of securities in which the Fund invests. The index’s performance numbers prior to 12/31/1996 represent returns of the Merrill Lynch U.S. High Yield BB-B Rated Cash Pay Index. The performance of the Administrative Class (shown above) reflects the payment of a service fee in an amount not to exceed 0.25% on an annualized basis. The Administrative Class commenced operations on 1/16/1995. The Fund may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets. The investments made by the High Yield Fund may involve high risk and may have speculative characteristics.

9.30.02   I  PIMCO Funds Semi-Annual Report   13

PIMCO Total Return Mortgage Fund

FUND CHARACTERISTICS

OBJECTIVE: Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO:
Primarily short and intermediate maturity mortgage-related fixed income securities. DURATION: 1.5 years FUND INCEPTION DATE: Institutional Class: 7/31/1997
Administrative Class: 12/13/2001 TOTAL NET ASSETS: $202.7 million PORTFOLIO MANAGER:
W. Scott Simon TICKER SYMBOLS:
Institutional Class: PTRIX
Administrative Class: N/A

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	5 Years*	Since Inception
Total Return Mortgage Fund Institutional Class	6.70%	8.54%	10.29%	8.57%	8.63%*
Total Return Mortgage Fund Administrative Class	6.57%	—	—	—	8.04%
Lehman Brothers Mortgage Index	6.23%	7.35%	9.01%	7.55%	—
Lipper U.S. Mortgage Fund Average	6.16%	6.92%	8.26%	6.73%	—
* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The Total Return Mortgage Fund Institutional Class outperformed the Lehman Brothers Mortgage Index for the six-month period ended September 30, 2002, returning 6.70%, versus 6.23% for the Index. ·   The Fund has outperformed the Lehman Mortgage Index by 1.19% for the 12-month period ended September 30, 2002. ·   The Fund’s greater-than-benchmark duration during the recent quarter contributed positively as rates declined across the maturity spectrum. ·   GNMA II ARMs continued to add to returns by providing attractive yields relative to their short durations. ·   A focus on the 15-Year FNMA sector added to returns as investors preferred the relatively stable cash flows offered by these securities. ·   Enhanced prepayment protection found in lower coupon issues helped returns as rates fell.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 7/31/1997, the Fund’s Institutional Class inception date, compared to the Lehman Brothers Mortgage Index, an unmanaged market index. It is not possible to invest directly in the index. The performance of the Administrative Class (shown above) reflects the payment of a service fee in an amount not to exceed 0.25% on an annualized basis. The Administrative Class commenced operations on 12/13/2001.

14   PIMCO Funds Semi-Annual Report  I  9.30.02

PIMCO GNMA Fund

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	PORTFOLIO MANAGER:
Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Primarily short and intermediate maturity mortgage-related fixed income securities issued by the Government National Mortgage Association.	1.5 years FUND INCEPTION DATE: Institutional Class: 7/31/1997 TOTAL NET ASSETS: $237.9 million	W. Scott Simon TICKER SYMBOL: Institutional Class: PDMIX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	5 Years*	Since Inception*
GNMA Fund Institutional Class	6.39%	7.97%	10.22%	8.43%	8.61%
Lehman Brothers GNMA Index	6.05%	7.38%	8.98%	7.51%	—
Lipper GNMA Fund Average	6.29%	6.81%	8.22%	6.70%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The GNMA Fund outperformed the Lehman Brothers GNMA Index for the six-month period ended September 30, 2002, returning 6.39%, versus 6.05% for the Index. ·   The Fund has outperformed the Lehman Index by 0.59% for the 12-month period ended September 30, 2002. ·   The Fund’s greater-than-benchmark duration in the recent quarter contributed positively as rates declined across the maturity spectrum. ·   The broader-than-Index security selection helped increase performance. ·   Select CMO holdings boosted returns by providing protection against increases in prepayment rates, as well as providing low duration vehicles that augmented the yield of the portfolio. ·   The focus in 6.0% and 6.5% coupons helped returns as lower coupons outpaced higher coupons by a large margin. ·   Holding Eurodollar futures helped returns as short-term rates declined.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 7/31/1997, the Fund’s Institutional Class inception date, compared to the Lehman Brothers GNMA Index, an unmanaged market index. It is not possible to invest directly in the index.

9.30.02   I  PIMCO Funds Semi-Annual Report   15

PIMCO Real Return Fund

FUND CHARACTERISTICS

OBJECTIVE: Seeks maximum real return, consistent with preservation of real capital and prudent investment management. PORTFOLIO: Primarily inflation-indexed fixed income securities. DURATION: 6.0 years FUND INCEPTION DATE: Institutional Class: 1/29/1997 Administrative Class: 4/28/2000 TOTAL NET ASSETS: $6.6 billion PORTFOLIO MANAGER: John B. Brynjolfsson TICKER SYMBOLS: Institutional Class: PRRIX Administrative Class: PARRX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	5 Years*	Since Inception*
Real Return Fund Institutional Class	14.41%	14.54%	12.83%	10.02%	9.30%
Real Return Fund Administrative Class	14.27%	14.25%	—	—	12.98%
Lehman Global Real: U.S. TIPS Index	14.25%	14.69%	12.29%	8.79%	—
Lipper Intermediate U.S. Treasury Fund Average	13.30%	12.19%	10.75%	8.28%	—

*  Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   For the six months ended September 30, 2002, the Institutional Class shares of the Real Return Fund returned 14.41%, versus 14.25% for the Lehman Global Real: U.S. TIPS Index. ·   Intermediate yields dropped by about 1.81%, while long term yields dropped by only 1.16%, as Fed accommodation affected short term rates more than long term inflation expectations. ·   For the six months, real yields decreased by 1.16%, compared to 1.81% for conventional U.S. Treasury issues of similar maturities. ·   Breakeven inflation, defined as the difference between a real yield on a TIPS and a nominal yield on a Treasury of the same maturity, was 1.53% at September 30, 2002 for the 10-year maturity. This compares to a breakeven yield of 2.09% on March 31, 2002. The 12-month CPI-U change as of September 30, 2002 was 1.51%. ·   The effective duration of the Fund was 5.98 years on September 30, 2002, compared to a duration of 5.96 years for the benchmark. ·   The weighted average credit quality of the Fund was AAA as of September 30, 2002. ·   The Fund’s duration was longer than the benchmark for most of the six-month period, which was positive for performance as real yields dropped. ·   The Fund maintained a modest barbell strategy for much of the period, which was negative for performance compared to the benchmark. ·   A position in Eurodollar futures, reflecting anticipated accommodation by the Fed early in the six-month period was a positive for performance. ·   Modest allocations to corporate bonds were a negative for performance, as yield premiums increased for corporates. ·   The average real yield of the U.S. TIPS index was 3.90% on September 30. To this is added the CPI accruals in order to calculate inflation-adjusted yields.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 2/01/1997, the first full month following the Fund’s Institutional Class inception date on 1/29/1997, compared to the Lehman Global Real: U.S. TIPS Index, an unmanaged market index, formerly the Lehman Brothers Inflation Linked Treasury Index. It is not possible to invest directly in the index. The index’s performance numbers prior to 10/31/1997 represent returns of the Lehman Inflation Notes Indexes. The performance of the Administrative Class (shown above) reflects the payment of a service fee in an amount not to exceed 0.25% on an annualized basis. The Administrative Class commenced operations on 4/28/2000. The Fund may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets. Treasury Inflation Protected Securities (TIPS) are guaranteed by the U.S. government (for timely payment of principal and interest); however, the shares of the Fund are not.

16   PIMCO Funds Semi-Annual Report  I  9.30.02

PIMCO Real Return Fund II

FUND CHARACTERISTICS

OBJECTIVE:	DURATION: 6.0 years	TOTAL NET ASSETS:
Seeks maximum real return, consistent with preservation of real capital and prudent investment management.		$18.5 million
	FUND INCEPTION DATE: Institutional Class: 2/28/2002	PORTFOLIO MANAGER:
		John B. Brynjolfsson
PORTFOLIO: Primarily inflation-indexed fixed income securities with quality and non-U.S. currency restrictions.
		TICKER SYMBOL: Institutional Class: PIRRX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	Since Inception*
Real Return Fund II Institutional Class	14.77%	—	14.51%
Lehman Global Real: U.S. Tips Index	14.25%	—	—
Lipper Intermediate U.S. Treasury Fund Average	13.30%	—	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   For the six months ended September 30, 2002, the Institutional Class shares of the Real Return Fund II returned 14.77%, versus 14.25% for the Lehman Global Real: U.S. TIPS Index. ·   Intermediate yields dropped by about 1.81%, while long term yields dropped by only 1.16%, as Fed accommodation affected short term rates more than long term inflation expectations. ·   For the six month period, real yields decreased by 1.16%, compared to 1.81% for conventional U.S. Treasury issues of similar maturities. ·   Breakeven inflation, defined as the difference between a real yield on a TIPS and a nominal yield on a Treasury of the same maturity, was 1.53% at September 30, 2002 for the 10-year maturity. This compares to a breakeven yield of 2.09% on March 31, 2002. The 12-month CPI-U change as of September 30, 2002 was 1.51%. ·   The effective duration of the Fund was 6.04 years on September 30, 2002, compared to a duration of 5.96 years for the benchmark. ·   The weighted average credit quality of the Fund was AAA as of September 30, 2002. ·   The Fund’s duration was longer than the benchmark for most of the six-month period, which was positive for performance as real yields dropped. ·   The Fund maintained a modest barbell strategy for most of the period, which was negative for performance compared to the benchmark. ·   The average real yield of the U.S. TIPS index was 3.90% on September 30. To this is added the CPI accruals in order to calculate inflation-adjusted yields.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 3/01/2002, the first full month following the Fund’s Institutional Class inception on 2/28/2002, compared to the Lehman Global Real: U.S. TIPS Index. It is not possible to invest directly in the index. Treasury Inflation Protected Securities (TIPS) are guaranteed by the U.S. government (for timely payment of principal and interest); however, the shares of the Fund are not.

9.30.02   I  PIMCO Funds Semi-Annual Report   17

PIMCO Real Return Asset Fund

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks maximum real return, consistent with prudent investment management. PORTFOLIO: Primarily inflation-indexed fixed income securities.	10.4 years FUND INCEPTION DATE: Institutional Class: 11/12/2001	$30.6 million PORTFOLIO MANAGER: John B. Brynjolfsson TICKER SYMBOL: Institutional Class: PRAIX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	Since Inception*
Real Return Asset Fund Institutional Class	20.36%	—	14.98%
Lehman U.S. Treasury Inflation Notes 10+ Years Index	19.54%	—	—
Barclay’s 10+ Year U.S. TIPS Index	19.57%	—	—
Lipper Intermediate U.S. Treasury Fund Average	13.30%	—	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   For the six months ended September 30, 2002, the Institutional Class shares of the Real Return Asset Fund returned 20.36%, versus 19.57% for the Barclay’s 10+ Year U.S. TIPS Index. ·   Intermediate yields dropped by about 1.81%, while long term yields dropped by only 1.16%, as Fed accommodation affected short term rates more than long term inflation expectations. ·   For the six months, real yields decreased by 1.16%, compared to 1.81% for conventional U.S. Treasury issues of similar maturities. ·   Breakeven inflation, defined as the difference between a real yield on a TIPS and a nominal yield on a Treasury of the same maturity, was 1.53% at September 30, 2002 for the 10-year maturity. This compares to a breakeven yield of 2.09% on March 31, 2002. The 12-month CPI-U change as of September 30, 2002 was 1.51%. ·   The effective duration of the Fund was 10.44 years on September 30, 2002, compared to a duration of 10.50 years for the benchmark. ·   The weighted average credit quality of the Fund was AAA as of September 30, 2002. ·   The Fund’s duration was longer than the benchmark for most of the six-month period, which was positive for performance as real yields dropped. ·   The Fund maintained a modest bulleted strategy for most of the period, which was positive for performance compared to the benchmark. ·   Modest allocations to corporate bonds were a negative for performance, as yield premiums increased for corporates. ·   The average real yield of the U.S. TIPS index was 3.90% on September 30. To this is added the CPI accruals in order to calculate inflation-adjusted yields.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 12/01/2001, the first full month following the Fund’s Institutional Class inception date on 11/12/2001, compared to the Lehman U.S. Treasury Inflation Notes 10+ Years Index and Barclay’s 10+ Year U.S. TIPS Index, each an unmanaged market index. It is not possible to invest directly in the indexes. The Fund changed its benchmark index because the Barclay’s 10+ Year U.S. TIPS Index more closely reflects the universe of securities in which the Fund invests. The Fund may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets. Treasury Inflation Protected Securities (TIPS) are guaranteed by the U.S. government (for timely payment of principal and interest); however, the shares of the Fund are not.

18   PIMCO Funds Semi-Annual Report  I  9.30.02

PIMCO CommodityRealReturn Strategy Fund

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks maximum real return consistent with prudent investment management. PORTFOLIO: Primarily commodity-linked derivatives backed by a portfolio of inflation-indexed and other fixed income securities.	5.9 years FUND INCEPTION DATE: Institutional Class: 6/28/2002	$5.0 billion PORTFOLIO MANAGER: John B. Brynjolfsson TICKER SYMBOL: Institutional Class: N/A

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   For the three months since its inception on June 28, 2002, the CommodityRealReturn Strategy Fund returned 17.86%, strongly outperforming the 6.81% return of the benchmark Dow Jones-AIG Commodity Index Total Return, an unmanaged market index. ·   The Fund invested the collateral backing its commodity derivatives positions primarily in TIPS, implementing a “double real”TM strategy. ·   The primary source of outperformance was that TIPS outperformed the T-Bill rate embedded in the benchmark. ·   The TIPS exposure in the Fund was kept at a duration close to the Lehman Brothers Global Real: U.S. TIPS Index. ·   The Fund kept its commodity exposure at benchmark levels. ·   For the three month period, the primary driver of returns of the Index was an increase in energy prices. Natural gas returns were positive due to hot weather increasing air conditioning demand. Crude oil prices were higher due to market tightness and worries about war in the Middle East. ·   Grain prices, which comprise about 20% of the Index, benefited from drought, which reduced expectations of crop yields.
* % of Total Investments as of September 30, 2002 Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. Treasury Inflation Protected Securities (TIPS) are guaranteed by the U.S. government (for timely payment of principal and interest); however, the shares of the Fund are not. The Fund may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets.

9.30.02   I  PIMCO Funds Semi-Annual Report   19

PIMCO Foreign Bond Fund

FUND CHARACTERISTICS

OBJECTIVE: Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Primarily intermediate maturity, hedged non-U.S. fixed income securities. DURATION: 4.8 years FUND INCEPTION DATE: Institutional Class: 12/02/1992 Administrative Class: 1/28/1997 TOTAL NET ASSETS: $1.1 billion PORTFOLIO MANAGER: Sudi Mariappa TICKER SYMBOLS: Institutional Class: PFORX Administrative Class: PFRAX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	5 Years*	Since Inception*
Foreign Bond Fund Institutional Class	4.36%	6.49%	8.37%	7.33%	9.42%
Foreign Bond Fund Administrative Class	4.40%	6.40%	8.16%	7.09%	7.32%
J.P. Morgan Non-U.S. Index (Hedged)	5.66%	5.92%	7.42%	7.65%	—
Lipper International Income Fund Average	11.67%	9.50%	4.21%	4.02%	—

* Annualized (all Portfolio returns are net of fees and expenses)

COUNTRY ALLOCATION*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The Foreign Bond Fund returned 4.36% for the six-month period ended September 30, 2002, compared to a 5.66% return for the J.P. Morgan Non-U.S. Index (Hedged). ·   Below-benchmark duration was negative for returns as interest rates generally declined worldwide. ·   A short to intermediate maturity focus in the U.S. and Europe was positive as rates on these issues decreased the most. ·   An underweight to Japan was positive as Japanese bonds underperformed given uncertainty over the government’s policies toward the troubled banking sector. ·   Holdings of global mortgages added to returns as investor demand for their relatively high yields sustained valuations. ·   An overweight in the euro was a strong positive for returns as the euro gained more than 13% versus the U.S. dollar. ·   Emerging market bonds were negative amid overall risk aversion and anxiety about Brazil’s presidential election.
* % of Total Investments as of September 30, 2002
CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002
$5,000,000 invested at inception
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 1/01/1993, the first full month following the Fund’s Institutional Class inception on 12/02/1992, compared to the J.P. Morgan Non-U.S. Index (Hedged), an unmanaged market index. It is not possible to invest directly in the index. The performance of the Administrative Class (shown above) reflects the payment of a service fee in an amount not to exceed 0.25% on an annualized basis. The Administrative Class commenced operations on 1/28/1997. Foreign investing involves potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets.

20   PIMCO Funds Semi-Annual Report  I  9.30.02

PIMCO Global Bond Fund

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Primarily U.S. and non-U.S. intermediate maturity fixed income securities.	5.2 years FUND INCEPTION DATE: Institutional Class: 11/23/1993 Administrative Class: 7/31/1996	$389.3 million PORTFOLIO MANAGER: Sudi Mariappa TICKER SYMBOLS: Institutional Class: PIGLX Administrative Class: PADMX

TOTAL RETURN INVESTMENT PERFORMANCE  For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	5 Years*	Since Inception*
Global Bond Fund Institutional Class	15.52%	12.30%	5.40%	4.68%	6.46%
Global Bond Fund Administrative Class	15.38%	12.02%	5.15%	4.45%	4.86%
J.P. Morgan Global Index (Unhedged)	15.97%	10.59%	4.49%	5.05%	—
Lipper Global Income Fund Average	7.17%	6.28%	4.10%	3.38%	—

* Annualized (all Portfolio returns are net of fees and expenses)

COUNTRY ALLOCATION*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The Global Bond Fund returned 15.52% for the six-month period ended September 30, 2002, compared to a 15.97% return for the benchmark J.P. Morgan Global Index (Unhedged). ·   Below-benchmark duration was negative for returns as interest rates generally declined worldwide. ·   A short to intermediate maturity focus in the U.S. and Europe was positive as rates on these issues decreased the most. ·   An overweight in core Europe versus the U.S. hurt returns as investors flocked to the relative safety of Treasuries. ·   An underweight to Japan was positive as Japanese bonds underperformed given uncertainty over the government’s policies toward the troubled banking sector. ·   Holdings of global mortgages added to returns as investor demand for their relatively high yields sustained valuations. ·   An overweight in the euro was a strong positive for returns as the euro gained more than 13% versus the U.S. dollar. ·   Emerging market bonds were negative amid overall risk aversion and anxiety about Brazil’s presidential election.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 12/01/1993, the first full month following the Fund’s Institutional Class inception on 11/23/1993, compared to the J.P. Morgan Global Index (Unhedged), an unmanaged market index. It is not possible to invest directly in the index. The performance of the Administrative Class (shown above) reflects the payment of a service fee in an amount not to exceed 0.25% on an annualized basis. The Administrative Class commenced operations on 7/31/1996. Foreign investing involves potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets.

9.30.02   I  PIMCO Funds Semi-Annual Report   21

PIMCO Global Bond Fund II

FUND CHARACTERISTICS

OBJECTIVE: Seeks maximum total return, consistent with preservation of capital. PORTFOLIO: Primarily U.S. and hedged non-U.S. intermediate maturity fixed income securities. DURATION: 5.3 years FUND INCEPTION DATE: Institutional Class: 2/25/1998 TOTAL NET ASSETS: $96.4 million PORTFOLIO MANAGER: Sudi Mariappa TICKER SYMBOL: Institutional Class: PGBIX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	Since Inception*
Global Bond Fund II Institutional Class	6.49%	8.27%	9.05%	7.14%
J.P. Morgan Global Index (Hedged)	7.53%	7.15%	8.22%	—
Lipper Global Income Fund Average	7.17%	6.28%	4.10%	—

* Annualized (all Portfolio returns are net of fees and expenses)

COUNTRY ALLOCATION*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS
		·    The Global Bond Fund II returned 6.49% for the six-months ended September 30, 2002, underperforming the 7.53% return of the J.P. Morgan Global Index (Hedged). ·    Below-benchmark duration was negative for returns as interest rates generally declined worldwide. ·    A short to intermediate maturity focus in the U.S. and Europe was positive as rates on these issues decreased the most. ·    An overweight in core Europe versus the U.S. hurt returns as investors flocked to the relative safety of Treasuries. ·    An underweight to Japan was positive as Japanese bonds underperformed given uncertainty over the government’s policies toward the troubled banking sector. ·    Holdings of global mortgages added to returns as investor demand for their relatively high yields sustained valuations. ·    An overweight in the euro was a strong positive for returns as the euro gained more than 13% versus the U.S. dollar. ·    Emerging market bonds were negative amid overall risk aversion and anxiety about Brazil’s presidential election.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 3/01/1998, the first full month following the Fund’s Institutional Class inception on 2/25/1998, compared to the J.P. Morgan Global Index (Hedged), an unmanaged market index. It is not possible to invest directly in the index. Foreign investing involves potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets.

22   PIMCO Funds Semi-Annual Report  I  9.30.02

PIMCO Emerging Markets Bond Fund

FUND CHARACTERISTICS

OBJECTIVE: Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Primarily emerging market fixed income securities. DURATION: 6.0 years FUND INCEPTION DATE: Institutional Class: 7/31/1997 Administrative Class: 9/30/1998 TOTAL NET ASSETS: $260.5 million PORTFOLIO MANAGER: Mohamed A. El-Erian TICKER SYMBOLS: Institutional Class: PEBIX Administrative Class: PEBAX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	5 Years*	Since Inception*
Emerging Markets Bond Fund Institutional Class	-10.18%	9.07%	16.29%	8.65%	8.68%
Emerging Markets Bond Fund Administrative Class	-10.28%	8.81%	16.01%	—	18.81%
J.P. Morgan Emerging Markets Bond Index Plus	-6.42%	-1.12%	8.81%	3.44%	—
Lipper Emerging Markets Debt Fund Average	-8.30%	7.26%	10.89%	1.86%	—

* Annualized (all Portfolio returns are net of fees and expenses)

COUNTRY ALLOCATION*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The Emerging Markets Bond Fund Institutional Class shares lagged the benchmark J.P. Morgan Emerging Markets Bond Index Plus over the six-month period ended September 30, 2002, returning –10.18% versus –6.42% for the Index. ·   Regional performance within the asset class was notably mixed as Asia and Emerging Europe decoupled from the volatility in Latin America. ·   Of note, both South Korea and Qatar graduated from the EMBI+ on July 31st and August 31st, respectively, following credit rating upgrades to A3/A-. ·   An overweight in Brazil was the primary detractor from performance; election concerns and the retrenchment of banks from credit markets weighed heavily on this market despite sound economic policies and significant external assistance. ·   Modest overweight positions in smaller Latin American credits such as Ecuador, Panama and Peru also detracted from performance amid rising regional volatility. ·   Our regional focus in Asia on Malaysia was positive for relative performance following credit ratings upgrades. ·   Underweight positions in weaker fundamental countries, in particular, Argentina, Colombia and Turkey added to relative performance as these countries remain vulnerable in the fluid external environment.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 7/31/1997, the Fund’s Institutional Class inception date, compared to the J.P. Morgan Emerging Markets Bond Index Plus, an unmanaged market index. It is not possible to invest directly in the index. The performance of the Administrative Class (shown above) reflects the payment of a service fee in an amount not to exceed 0.25% on an annualized basis. The Administrative Class commenced operations on 9/30/1998. The Fund may invest in foreign securities which involve potentially higher risks including currency fluctuations and political or economic uncertainty. Investing in emerging market securities imposes even greater risks including smaller capitalization of securities markets, which can experience illiquidity, price volatility, foreign restrictions, and repatriation of investment income and capital.

9.30.02   I  PIMCO Funds Semi-Annual Report   23

PIMCO Strategic Balanced Fund

FUND CHARACTERISTICS

OBJECTIVE: DURATION: TOTAL NET ASSETS:

Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Normally invests between 45% and 75% in the StocksPLUS Fund and between 25% and 55% in the Total Return Fund. 2.3 years FUND INCEPTION DATE: Institutional Class: 6/28/1996
Administrative Class: 6/30/1999 $51.1 million PORTFOLIO MANAGEMENT TEAM LEAD: William H. Gross TICKER SYMBOLS: Institutional Class: PSBIX Administrative Class: PSBAX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	5 Years*	Since Inception*
Strategic Balanced Fund Institutional Class	-14.99%	-8.62%	-3.85%	2.37%	6.67%
Strategic Balanced Fund Administrative Class	-15.01%	-8.80%	-4.02%	—	-4.78%
60% S&P 500 Index and 40% Lehman Brothers Aggregate Bond Index	-15.03%	-9.36%	-4.06%	2.53%	—
S&P 500 Index	-28.36%	-20.48%	-12.89%	-1.63%	—
Lipper Balanced Fund Average	-15.69%	-9.93%	-3.97%	0.69%	—

* Annualized (all Portfolio returns are net of fees and expenses)

FUND ALLOCATION*	PORTFOLIO INSIGHTS ·   The Strategic Balanced Fund is a fund-of-funds structure; the equity portfolio consists of the PIMCO StocksPLUS Fund, and the fixed income portfolio consists of the PIMCO Total Return Fund. ·   For the six-month period ended September 30, 2002, the Strategic Balanced Fund’s Institutional Class shares returned –14.99%, versus –15.03% for the Fund’s benchmark, a blend of 60% S&P 500 Index and 40% Lehman Brothers Aggregate Bond Index (LBAG). ·   Asset allocation had a minor impact on returns as the Fund remained near a standard 60/40 equity/fixed income mix. ·   The equity portfolio, consisting of the StocksPLUS Fund, outperformed the S&P 500 Index. ·   Extended duration relative to the duration of the S&P 500 futures contract added to performance as rates fell. ·   Bonds backing S&P 500 futures contracts detracted from performance primarily due to losses in corporate bonds and widening of mortgage yield premiums. ·   The bond portfolio, consisting of the Total Return Fund, underperformed the LBAG. ·   Above-Index duration was positive, but this was offset by exposure to corporates, Brazilian bonds and German bunds.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 7/01/1996, the first full month following the Fund’s Institutional Class inception on 6/28/1996, compared to a static 60/40 blend of the Standard and Poor’s 500 Index and the Lehman Brothers Aggregate Bond Index, and the S&P 500 Index, each an unmanaged market index. It is not possible to invest directly in the indexes. The performance of the Administrative Class (shown above) reflects the payment of a service fee in an amount not to exceed 0.25% on an annualized basis. The Administrative Class commenced operations on 6/30/1999. The Fund may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets.

24   PIMCO Funds Semi-Annual Report  I  9.30.02

PIMCO All Asset Fund

FUND CHARACTERISTICS

OBJECTIVE: Seek maximum real return, consistent with preservation of real capital and prudent investment management. PORTFOLIO: Invests in other PIMCO Funds. FUND INCEPTION DATE: Institutional Class: 7/31/2002 TOTAL NET ASSETS: $6.0 million PORTFOLIO MANAGER: Robert D. Arnott TICKER SYMBOL: Institutional Class: N/A

FUND ALLOCATION*

PORTFOLIO INSIGHTS ·   The All Asset Fund inception date was July 31, 2002. For the two months since inception, the All Asset Fund returned 5.59%. ·   The All Asset Fund can invest in any PIMCO mutual fund; however PIMCO has identified 12 core funds on which the All Asset Fund will focus. ·   The equally weighted average of the benchmarks of the 12 core funds returned 2.2% for the two months ending September 30, 2002. ·   The equally weighted average of the 12 core funds themselves returned 2.7% for the two months ending September 30, 2002. ·   On September 30, 2002, the All Asset Fund had a targeted allocation of approximately 5% to PIMCO funds representing equity strategies; 54% to funds representing real return strategies; 14.3% to emerging market bond strategies; and 8.9% to funds representing long-term government Treasuries; the balance was in other bond strategies.

* % of Total Investments as of September 30, 2002 Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. Treasury Inflation Protected Securities (TIPS) are guaranteed by the U.S. government (for timely payment of principal and interest); however, the shares of the Fund are not. The Fund may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets.

9.30.02   I  PIMCO Funds Semi-Annual Report   25

PIMCO Convertible Fund

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks maximum total return, consistent with prudent investment management.	2.5 years	$26.3 million
PORTFOLIO:	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
Primarily convertible securities.	Institutional Class: 3/31/1999	Yuri P. Garbuzov
	Administrative Class: 8/01/2000
		TICKER SYMBOLS:
		Institutional Class: PFCIX
		Administrative Class: N/A

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	Since Inception*
Convertible Fund Institutional Class	-9.64%	-3.14%	-1.32%	2.56%
Convertible Fund Administrative Class	-9.83%	-3.42%	—	-13.16%
First Boston Convertible Bond Index	-16.22%	-9.94%	-2.53%	—
Merrill Lynch All Convertibles Index	-13.91%	-8.76%	-2.90%	—
Lipper Convertible Securities Fund Average	-13.68%	-6.42%	-1.35%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The Convertible Fund Institutional Class shares returned –9.64% for the six-month period ended September 30, 2002, outperforming the First Boston Convertible Bond Index, which returned –16.22%, respectively. ·   The Fund’s below-Index delta, or sensitivity to underlying stock prices, was positive for performance as equity prices declined. ·   Our high quality overweight and speculative grade underweight added value as a flight to quality benefited investment grade issues. ·   Holdings of 10-year Treasury bonds aided returns as these yields fell 1.80% over the six-month period. ·   A higher relative duration, or sensitivity to interest rates, was positive for performance as rates declined across maturities. ·   Sector strategies were positive; the Fund was underweight utilities and overweight consumer staples, the worst and best performing sectors respectively.
* % of Total Investments as of September 30, 2002
CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 3/31/1999, the Fund’s Institutional Class inception date, compared to the First Boston Convertible Bond Index and the Merrill Lynch All Convertibles Index, each an unmanaged market index. The Fund changed its benchmark index because information is more readily available for the Merrill Lynch All Convertibles Index and the index is equally representative of the convertible market. It is not possible to invest directly in the indexes. The performance of the Administrative Class (shown above) reflects the payment of a service fee in an amount not to exceed 0.25% on an annualized basis. The Administrative Class commenced operations on 8/01/2000. The Fund may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets.

26   PIMCO Funds Semi-Annual Report  I  9.30.02

PIMCO European Convertible Fund

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks maximum total return, consistent with prudent investment management. PORTFOLIO: Primarily European convertible securities.	0.7 years FUND INCEPTION DATE: Institutional Class: 11/30/2000	$4.0 million PORTFOLIO MANAGER: Yuri P. Garbuzov TICKER SYMBOLS: Institutional Class: N/A

TOTAL RETURN INVESTMENT PERFORMANCE  For the period ended September 30, 2002

	6 Months	1 Year	Since Inception*
European Convertible Fund Institutional Class	-0.54%	-0.05%	0.46%
UBS All European Convertible Index	3.79%	5.33%	—
Lipper Convertible Securities Fund Average	-13.68%	-6.42%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The European Convertible Fund Institutional Class shares returned –0.54% for the six-month period ended September 30, 2002, underperforming the UBS All European Convertible Index return of 3.79%. ·   The Fund’s higher than Index delta, or sensitivity to price movements in the underlying stock prices, hurt returns amid sharp declines in the global equity markets. ·   Holdings in non-European convertibles hurt performance. European Convertibles outperformed most other regions particularly the U.S. ·   A lower relative duration, or sensitivity to interest rates, was negative for performance as rates declined across maturities. ·   An overweight to utilities hurt performance as this was the worst performing sector. ·   An underweight to the telecom sector was positive as this sector performed poorly amid a continued slowdown in capital spending.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results.  Investment return and principal value will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 11/30/2000, the Fund’s Institutional Class inception date, compared to the UBS All European Convertible Index, an unmanaged market index. It is not possible to invest directly in the index. The Fund may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets.

9.30.02   I  PIMCO Funds Semi-Annual Report   27

PIMCO StocksPLUS Fund

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks total return which exceeds that of the S&P 500 Index.	0.8 years	$690.4 million
PORTFOLIO:	FUND INCEPTION DATE:	PORTFOLIO MANAGEMENT TEAM LEAD:
Primarily S&P 500 stock index derivatives backed by a portfolio of short-term fixed income securities.	Institutional Class: 5/13/1993 Administrative Class: 1/07/1997	William H. Gross
		TICKER SYMBOLS:
		Institutional Class: PSTKX
		Administrative Class: PPLAX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	5 Years*	Since Inception*
StocksPLUS Fund Institutional Class	-27.50%	-18.98%	-12.06%	-1.21%	9.58%
StocksPLUS Fund Administrative Class	-27.67%	-19.33%	-12.43%	-1.63%	2.75%
S&P 500 Index	-28.36%	-20.48%	-12.89%	-1.63%	—
Lipper Large-Cap Core Fund Average	-27.94%	-20.41%	-12.79%	-2.88%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS
		·   For the semi-annual period, the S&P 500 Index posted a negative total return of 28.36% as most stocks suffered from concerns about the health of corporate America. ·   The PIMCO StocksPLUS Fund Institutional Class shares outperformed the S&P 500 Index, returning negative 27.50% over the same time period. ·   A longer duration was positive as interest rates declined. ·   Mortgage-backed holdings added incremental yield but suffered modest price erosion due to rising prepayment risk and heightened market volatility. ·   Corporate holdings provided attractive yield premiums but prices were negatively impacted by concerns over corporate scandals and the economy. ·   Emerging market exposure hurt performance due to concern about Brazil’s run-up to elections and overall risk aversion.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 6/01/1993, the first full month following the Fund’s Institutional Class inception on 5/13/1993, compared to the Standard and Poor’s 500 Index, an unmanaged market index. It is not possible to invest directly in the index. The performance of the Administrative Class (shown above) reflects the payment of a service fee in an amount not to exceed 0.25% on an annualized basis. The Administrative Class commenced operations on 1/07/1997. The Fund may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets.

28   PIMCO Funds Semi-Annual Report  I  9.30.02

PIMCO StocksPLUS Total Return Fund

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks total return which exceeds that of the S&P 500 Index.	1.2 years	$0.4 million
PORTFOLIO:	FUND INCEPTION DATE:	PORTFOLIO MANAGEMENT TEAM LEAD:
S&P 500 stock index derivatives backed by a portfolio of short and intermediate maturity fixed-income securities.	Institutional Class: 6/28/2002	William H. Gross
		TICKER SYMBOL:
		Institutional Class: N/A

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS
		·   The S&P 500 Index, an unmanaged market index, posted a negative total return of 17.27% for the quarter ended September 30, 2002 as most stocks suffered from concerns about the health of corporate America. ·   The PIMCO StocksPLUS Total Return Fund Institutional Class shares outperformed the S&P 500 Index, returning negative 14.76% over the same time period. ·   The Fund’s longer duration relative to the benchmark was positive as interest rates declined. ·   Exposure to the 1- to 5-year part of the yield curve, where rates fell significantly, was particularly positive. ·   Mortgage-backed holdings added incremental yield but suffered modest price erosion due to rising prepayment risk and heightened market volatility. ·   Corporate holdings provided attractive yield premiums but prices were negatively impacted by concerns over corporate scandals and the economy. ·   Holdings of real return bonds enhanced returns, outperforming comparable Treasuries as real yields fell.
* % of Total Investments as of September 30, 2002 Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The Fund may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty. These risks may be enhanced when investing in emerging markets.

9.30.02   I  PIMCO Funds Semi-Annual Report   29

PIMCO Municipal Bond Fund

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks high current income exempt from federal income tax, consistent with preservation of capital. Capital appreciation is a secondary objective.	8.0 years	$359.1 million
PORTFOLIO:	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
Primarily intermediate to long-term maturity municipal securities (exempt from federal income tax).	Institutional Class: 12/31/1997 Administrative Class: 9/30/1998	Mark V. McCray
		TICKER SYMBOLS:
		Institutional Class: PFMIX Administrative Class: PMNAX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	Since Inception*
Municipal Bond Fund Institutional Class	6.65%	8.50%	8.57%	6.06%
Municipal Bond Fund Administrative Class	6.52%	8.25%	8.30%	5.45%
Lehman Brothers General Municipal Bond Index	8.58%	8.94%	8.49%	—
Lipper General Municipal Debt Fund Average	7.96%	7.59%	7.23%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·    The Municipal Bond Fund returned 6.65% for Institutional Class shares for the six-month period ended September 30, 2002 versus 8.58% for the Lehman Brothers General Municipal Bond Index. ·    Municipal bonds rallied for the period as benchmark AAA government obligation short-term yields declined 1.33% and intermediate yields declined by 1.19%. ·    Municipal yields slid to a 34-year low as equity markets reacted to broader economic factors such as a slow economic recovery and increased geopolitical risk. ·    Hedging strategies hindered performance due to the combination of declining municipal yields and outperforming Treasuries. ·    Insured credits helped performance as the “flight-to-quality” syndrome persisted. ·    The portfolio’s duration was 7.95 years as of September 30, 2002, in contrast to 7.83 years for the benchmark. ·    As the Fund’s duration was positioned in expectation of a reflationary economy, its shorter-than-benchmark duration for most of the six-month period was negative for performance as yields fell.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 12/31/1997, the Fund’s Institutional Class inception date, compared to the Lehman Brothers General Municipal Bond Index, an unmanaged market index. It is not possible to invest directly in the index. Income may be subject to state and local taxes and (if applicable) the Alternative Minimum Tax. The performance of the Administrative Class (shown above) reflects the payment of a service fee in an amount not to exceed 0.25% on an annualized basis. The Administrative Class commenced operations on 9/30/1998.

30   PIMCO Funds Semi-Annual Report  I  9.30.02

PIMCO Short Duration Municipal Income Fund

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks high current income exempt from federal income tax, consistent with preservation of capital.	2.0 years	$193.7 million
PORTFOLIO:	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
Primarily short to intermediate maturity municipal securities (exempt from federal income tax).	Institutional Class: 8/31/1999	Mark V. McCray
		TICKER SYMBOL:
		Institutional Class: PSDIX

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	Since Inception*
Short Duration Municipal Income Fund Institutional Class	1.77%	3.35%	4.73%	4.70%
Lehman Brothers 1-Year Municipal Bond Index	2.64%	3.92%	4.95%	—
Lipper Short Municipal Debt Fund Average	2.91%	3.73%	4.64%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS
		·    The Short Duration Municipal Income Fund returned 1.77% for Institutional Class shares for the six-month period ended September 30, 2002 versus 2.64% for the Lehman Brothers 1-Year Municipal Bond Index. ·    Municipal bonds rallied for the period as benchmark AAA government obligation short-term yields declined 1.33% and intermediate yields declined by 1.19%. ·    Municipal yields slid to a 34-year low as equity markets reacted to broader economic factors such as a slow economic recovery and increased geopolitical risk. ·    Hedging strategies hindered performance due to the combination of declining municipal yields and outperforming Treasuries. ·    The portfolio’s duration was 2.03 years as of September 30, 2002, in contrast to 1.40 years for the benchmark. ·    Shorter-term municipals significantly underperformed similar-maturity Treasuries on a pre-tax basis, as Treasury yields typically decline more than municipals during a bond market rally.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 8/31/1999, the Fund’s Institutional Class inception date, compared to the Lehman Brothers 1-Year Municipal Bond Index, an unmanaged market index. It is not possible to invest directly in the index. Income may be subject to state and local taxes and (if applicable) the Alternative Minimum Tax.

9.30.02   I  PIMCO Funds Semi-Annual Report   31

PIMCO California Intermediate Municipal Bond Fund

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks high current income exempt from federal and California income tax. Capital appreciation is a secondary objective. PORTFOLIO: Primarily intermediate maturity municipal securities (exempt from federal and California income tax).	5.3 years FUND INCEPTION DATE: Institutional Class: 8/31/1999 Administrative Class: 9/07/1999	$165.4 million PORTFOLIO MANAGER: Mark V. McCray TICKER SYMBOLS: Institutional Class: PCIMX Administrative Class: N/A

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	Since Inception*
California Intermediate Municipal Bond Fund Institutional Class	5.96%	6.21%	7.73%	7.76%
California Intermediate Municipal Bond Fund Administrative Class	5.83%	5.95%	7.47%	7.46%
Lehman Brothers Intermediate California Municipal Bond Index	9.42%	9.08%	7.98%	—
Lipper California Intermediate Municipal Debt Fund Average	7.76%	7.71%	7.34%	—

*Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS
		·   The California Intermediate Municipal Bond Fund returned 5.96% for Institutional Class shares for the six-month period ended September 30, 2002 versus 9.42% for the Lehman Brothers Intermediate California Municipal Bond Index. ·   Municipal bonds rallied for the period as benchmark California government obligation short-term yields declined 1.45% and intermediate yields declined by 1.27%. ·   Municipal yields slid to a 34-year low as equity markets reacted to broader economic factors such as a slow economic recovery and increased geopolitical risk. ·   Hedging strategies hindered performance due to the combination of declining municipal yields and outperforming Treasuries. ·   The portfolio’s duration was 5.34 years as of September 30, 2002, in contrast to 5.27 years for the benchmark. ·   As the Fund’s duration was positioned in expectation of a reflationary economy, its shorter-than-benchmark duration for most of the six-month period was negative for performance as yields fell. ·   Allocations to insured California bonds boosted relative performance, as investors preferred the stability of higher rated bonds.
* % of Total Investments as of September 30, 2002
CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 8/31/1999, the Fund’s Institutional Class inception date, compared to the Lehman Brothers Intermediate California Municipal Bond Index, an unmanaged market index. It is not possible to invest directly in the index. Income may be subject to state and local taxes and (if applicable) the Alternative Minimum Tax. The performance of the Administrative Class reflects the payment of a service fee in an amount not to exceed 0.25% on an annualized basis. The Administrative Class commenced operations on 9/07/1999.

32   PIMCO Funds Semi-Annual Report  I  9.30.02

PIMCO California Municipal Bond Fund

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks high current income exempt from federal and California income tax. Capital appreciation is a secondary objective. PORTFOLIO: Primarily intermediate to long-term maturity municipal securities (exempt from federal and California income tax).	8.7 years FUND INCEPTION DATE: Institutional Class: 5/16/2000 Administrative Class: 8/19/2002	$21.1 million PORTFOLIO MANAGER: Mark V. McCray TICKER SYMBOL: Institutional Class: PICMX Administrative Class: N/A

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	Since Inception*
California Municipal Bond Fund Institutional Class	8.34%	7.54%	10.59%	*
California Municipal Bond Fund Administrative Class	—	—	3.29%
Lehman California Insured Municipal Index	9.25%	8.99%	—
Lipper California Municipal Debt Fund Average	8.79%	7.57%	—

*Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS
		·   The California Municipal Bond Fund Institutional Class returned 8.34% for the six-month period ended September 30, 2002 versus 9.25% for the Lehman California Insured Municipal Index. ·   Municipal bonds rallied for the period as benchmark California insured municipal short-term yields declined 1.35% and intermediate yields declined by 1.32%. ·   Municipal yields slid to a 34-year low as equity markets reacted to broader economic factors such as a slow economic recovery and increased geopolitical risk. ·   Hedging strategies hindered performance due to the combination of declining municipal yields and outperforming Treasuries. ·   The portfolio’s duration was 8.67 years as of September 30, 2002, in contrast to 8.58 years for the benchmark. ·   As the Fund’s duration was positioned in expectation of a reflationary economy, its shorter-than-benchmark duration for most of the six-month period was negative for performance as yields fell. ·   Allocations to insured California bonds boosted relative performance, as investors preferred the stability of higher rated bonds.
* % of Total Investments as of September 30, 2002
CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 6/01/2000, the first full month following the Fund’s Institutional Class inception on 5/16/2000, compared to the Lehman California Insured Municipal Index, an unmanaged market index. It is not possible to invest directly in the index. Income may be subject to state and local taxes and (if applicable) the Alternative Minimum Tax.

9.30.02   I  PIMCO Funds Semi-Annual Report   33

PIMCO New York Municipal Bond Fund

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks high current income exempt from federal and New York income tax. Capital appreciation is a secondary objective. PORTFOLIO: Primarily intermediate to long-term maturity municipal securities (exempt from federal and New York income tax).	7.2 years FUND INCEPTION DATE: Institutional Class: 8/31/1999	$10.6 million PORTFOLIO MANAGER: Mark V. McCray TICKER SYMBOL: Institutional Class: N/A

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	Since Inception*
New York Municipal Bond Fund Institutional Class	7.94%	10.59%	9.58%	9.45%
Lehman Brothers New York Insured Municipal Bond Index	9.46%	10.31%	8.73%	—
Lipper New York Municipal Debt Fund Average	8.09%	8.16%	7.68%	—

*Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS
		·   The New York Municipal Bond Fund Institutional Class returned 7.94% for the six-month period ended September 30, 2002 versus 9.46% for the Lehman Brothers New York Insured Municipal Bond Index. ·   Municipal bonds rallied for the period as benchmark New York insured municipal short-term yields declined 1.30% and intermediate yields declined by 1.16%. ·   Municipal yields slid to a 34-year low as equity markets reacted to broader economic factors such as a slow economic recovery and increased geopolitical risk. ·   Hedging strategies hindered performance due to the combination of declining municipal yields and outperforming Treasuries. ·   The portfolio’s duration was 7.18 years as of September 30, 2002, in contrast to 8.14 years for the benchmark. ·   As the Fund’s duration was positioned in expectation of a reflationary economy, its shorter-than-benchmark duration for most of the six-month period was negative for performance as yields fell. ·   Insured credits helped performance as the “flight-to-quality” syndrome persisted.
*% of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that fund shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 8/31/1999, the Fund’s Institutional Class inception date, compared to the Lehman Brothers New York Insured Municipal Bond Index, an unmanaged market index. It is not possible to invest directly in the index. Income may be subject to state and local taxes and (if applicable) the Alternative Minimum Tax.

34   PIMCO Funds Semi-Annual Report  I  9.30.02

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9.30.02   I  PIMCO Funds Semi-Annual Report   35

Financial Highlights—Institutional Classes

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized/ Unrealized Gain (Loss) on Investments			Total Income from Investment Operations
Total Return Fund
Institutional Class
09/30/2002+	$	10.41	$	0.24	(a)	$	0.47	(a)	$	0.71
03/31/2002		10.52		0.55	(a)		0.19	(a)		0.74
03/31/2001		9.96		0.67	(a)		0.56	(a)		1.23
03/31/2000		10.36		0.63	(a)		(0.40	)(a)		0.23
03/31/1999		10.62		0.63	(a)		0.16	(a)		0.79
03/31/1998		10.27		0.64	(a)		0.62	(a)		1.26
Administrative Class
09/30/2002+		10.41		0.22	(a)		0.48	(a)		0.70
03/31/2002		10.52		0.51	(a)		0.20	(a)		0.71
03/31/2001		9.96		0.64	(a)		0.56	(a)		1.20
03/31/2000		10.36		0.61	(a)		(0.41	)(a)		0.20
03/31/1999		10.62		0.61	(a)		0.16	(a)		0.77
03/31/1998		10.27		0.61	(a)		0.63	(a)		1.24
Total Return Fund II
Institutional Class
09/30/2002+	$	10.10	$	0.21	(a)	$	0.52	(a)	$	0.73
03/31/2002		10.27		0.48	(a)		0.21	(a)		0.69
03/31/2001		9.67		0.62	(a)		0.60	(a)		1.22
03/31/2000		10.11		0.58	(a)		(0.44	)(a)		0.14
03/31/1999		10.26		0.59	(a)		0.17	(a)		0.76
03/31/1998		9.85		0.63	(a)		0.52	(a)		1.15
Administrative Class
09/30/2002+		10.10		0.20	(a)		0.52	(a)		0.72
03/31/2002		10.27		0.45	(a)		0.21	(a)		0.66
03/31/2001		9.67		0.59	(a)		0.60	(a)		1.19
03/31/2000		10.11		0.55	(a)		(0.44	)(a)		0.11
03/31/1999		10.26		0.56	(a)		0.17	(a)		0.73
03/31/1998		9.85		0.60	(a)		0.52	(a)		1.12
Total Return Fund III
Institutional Class
09/30/2002+	$	9.24	$	0.22	(a)	$	0.28	(a)	$	0.50
03/31/2002		9.19		0.51	(a)		0.19	(a)		0.70
03/31/2001		8.74		0.57	(a)		0.45	(a)		1.02
03/31/2000		9.27		0.55	(a)		(0.53	)(a)		0.02
03/31/1999		9.55		0.57	(a)		0.20	(a)		0.77
03/31/1998		9.15		0.57	(a)		0.56	(a)		1.13
Administrative Class
09/30/2002+		9.24		0.21	(a)		0.28	(a)		0.49
03/31/2002		9.19		0.50	(a)		0.17	(a)		0.67
03/31/2001		8.74		0.55	(a)		0.45	(a)		1.00
03/31/2000		9.27		0.54	(a)		(0.54	)(a)		0.00
03/31/1999		9.55		0.55	(a)		0.20	(a)		0.75
04/11/1997-03/31/1998		9.12		0.54	(a)		0.58	(a)		1.12
Moderate Duration Fund
Institutional Class
09/30/2002+	$	10.03	$	0.22	(a)	$	0.31	(a)	$	0.53
03/31/2002		10.00		0.46	(a)		0.23	(a)		0.69
03/31/2001		9.52		0.64	(a)		0.47	(a)		1.11
03/31/2000		9.94		0.60	(a)		(0.42	)(a)		0.18
03/31/1999		10.14		0.60	(a)		0.07	(a)		0.67
03/31/1998		9.83		0.38	(a)		0.56	(a)		0.94

* Annualized

+ Unaudited

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 0.43%.

36   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Selected Per Share Data for the Year or Period Ended:	Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
Total Return Fund
Institutional Class
09/30/2002+	$	(0.24	)	$	0.00		$	(0.24	)	$	10.88	6.87	%	$	39,433,547	0.43	%*	4.47	%*	134	%
03/31/2002		(0.55	)		(0.30	)		(0.85	)		10.41	7.15			35,230,781	0.43		5.16		445
03/31/2001		(0.67	)		0.00			(0.67	)		10.52	12.80			31,746,629	0.49	(b)	6.57		450
03/31/2000		(0.63	)		0.00			(0.63	)		9.96	2.33			24,900,321	0.54	(b)	6.25		223
03/31/1999		(0.63	)		(0.42	)		(1.05	)		10.36	7.60			21,711,396	0.43		5.91		154
03/31/1998		(0.64	)		(0.27	)		(0.91	)		10.62	12.63			16,484,119	0.43		6.06		206
Administrative Class
09/30/2002+		(0.23	)		0.00			(0.23	)		10.88	6.74			12,343,651	0.68	*	4.19	*	134
03/31/2002		(0.52	)		(0.30	)		(0.82	)		10.41	6.89			8,900,453	0.68		4.85		445
03/31/2001		(0.64	)		0.00			(0.64	)		10.52	12.52			5,353,222	0.74	(c)	6.31		450
03/31/2000		(0.60	)		0.00			(0.60	)		9.96	2.07			3,233,785	0.79	(c)	6.01		223
03/31/1999		(0.61	)		(0.42	)		(1.03	)		10.36	7.33			1,972,984	0.68		5.52		154
03/31/1998		(0.62	)		(0.27	)		(0.89	)		10.62	12.36			481,730	0.68		5.74		206
Total Return Fund II
Institutional Class
09/30/2002+	$	(0.21	)	$	0.00		$	(0.21	)	$	10.62	7.32	%	$	1,963,434	0.50	%*	4.09	%*	114	%
03/31/2002		(0.48	)		(0.38	)		(0.86	)		10.10	6.89			1,775,255	0.50		4.61		473
03/31/2001		(0.62	)		0.00			(0.62	)		10.27	13.02			1,606,998	0.51	(e)	6.24		566
03/31/2000		(0.58	)		0.00			(0.58	)		9.67	1.46			1,263,556	0.50		5.89		142
03/31/1999		(0.59	)		(0.32	)		(0.91	)		10.11	7.46			986,690	0.50		5.65		213
03/31/1998		(0.63	)		(0.11	)		(0.74	)		10.26	11.99			574,587	0.50		6.15		361
Administrative Class
09/30/2002+		(0.20	)		0.00			(0.20	)		10.62	7.18			110,460	0.75	*	3.83	*	114
03/31/2002		(0.45	)		(0.38	)		(0.83	)		10.10	6.64			111,068	0.75		4.31		473
03/31/2001		(0.59	)		0.00			(0.59	)		10.27	12.74			77,183	0.76	(d)	6.00		566
03/31/2000		(0.55	)		0.00			(0.55	)		9.67	1.20			56,755	0.75		5.56		142
03/31/1999		(0.56	)		(0.32	)		(0.88	)		10.11	7.19			54,736	0.75		5.33		213
03/31/1998		(0.60	)		(0.11	)		(0.71	)		10.26	11.71			15,172	0.75		5.86		361
Total Return Fund III
Institutional Class
09/30/2002+	$	(0.22	)	$	0.00		$	(0.22	)	$	9.52	5.47	%	$	934,022	0.51	%*(e)	4.68	%*	118	%
03/31/2002		(0.51	)		(0.14	)		(0.65	)		9.24	7.76			844,807	0.50		5.44		449
03/31/2001		(0.57	)		0.00			(0.57	)		9.19	12.15			868,757	0.50		6.46		581
03/31/2000		(0.55	)		0.00			(0.55	)		8.74	0.33			635,592	0.50		6.21		186
03/31/1999		(0.56	)		(0.49	)		(1.05	)		9.27	8.20			488,243	0.50		5.85		216
03/31/1998		(0.57	)		(0.16	)		(0.73	)		9.55	12.62			365,249	0.51		5.99		183
Administrative Class
09/30/2002+		(0.21	)		0.00			(0.21	)		9.52	5.34			1,984	0.76	*(d)	4.39	*	118
03/31/2002		(0.48	)		(0.14	)		(0.62	)		9.24	7.42			1,167	0.75		5.36		449
03/31/2001		(0.55	)		0.00			(0.55	)		9.19	11.83			11,223	0.75		6.12		581
03/31/2000		(0.53	)		0.00			(0.53	)		8.74	0.08			10,144	0.75		6.11		186
03/31/1999		(0.54	)		(0.49	)		(1.03	)		9.27	7.93			1,867	0.75		5.59		216
04/11/1997—03/31/1998		(0.53	)		(0.16	)		(0.69	)		9.55	12.46			178	0.76	*	5.85	*	183
Moderate Duration Fund
Institutional Class
09/30/2002+	$	(0.22	)	$	0.00		$	(0.22	)	$	10.34	5.33	%	$	879,473	0.45	%*	4.29	%*	154	%
03/31/2002		(0.47	)		(0.19	)		(0.66	)		10.03	7.09			767,037	0.45		4.57		490
03/31/2001		(0.63	)		0.00			(0.63	)		10.00	12.09			576,911	0.45		6.54		377
03/31/2000		(0.60	)		0.00			(0.60	)		9.52	1.86			387,126	0.47	(f)	6.16		129
03/31/1999		(0.60	)		(0.27	)		(0.87	)		9.94	6.70			317,400	0.45		5.94		169
03/31/1998		(0.60	)		(0.03	)		(0.63	)		10.14	9.80			239,152	0.45		3.75		96

(c) Ratio of expenses to average net assets excluding interest expense is 0.68%.

(d) Ratio of expenses to average net assets excluding interest expense is 0.75%.

(e) Ratio of expenses to average net assets excluding interest expense is 0.50%.

(f) Ratio of expenses to average net assets excluding interest expense is 0.45%.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   37

Financial Highlights — Institutional Classes (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized/ Unrealized Gain (Loss) on Investments			Total Income from Investment Operations
Low Duration Fund
Institutional Class
09/30/2002+	$	10.06	$	0.21	(a)	$	0.24	(a)	$	0.45
03/31/2002		10.03		0.54	(a)		0.04	(a)		0.58
03/31/2001		9.81		0.68	(a)		0.21	(a)		0.89
03/31/2000		10.10		0.64	(a)		(0.29	)(a)		0.35
03/31/1999		10.18		0.65	(a)		(0.02	)(a)		0.63
03/31/1998		9.98		0.65	(a)		0.23	(a)		0.88
Administrative Class
09/30/2002+		10.06		0.19	(a)		0.24	(a)		0.43
03/31/2002		10.03		0.50	(a)		0.05	(a)		0.55
03/31/2001		9.81		0.62	(a)		0.25	(a)		0.87
03/31/2000		10.10		0.61	(a)		(0.29	)(a)		0.32
03/31/1999		10.18		0.62	(a)		(0.02	)(a)		0.60
03/31/1998		9.98		0.63	(a)		0.22	(a)		0.85
Low Duration Fund II
Institutional Class
09/30/2002+	$	9.77	$	0.18	(a)	$	0.29	(a)	$	0.47
03/31/2002		9.98		0.52	(a)		0.05	(a)		0.57
03/31/2001		9.69		0.62	(a)		0.29	(a)		0.91
03/31/2000		9.95		0.58	(a)		(0.27	)(a)		0.31
03/31/1999		10.00		0.58	(a)		0.00	(a)		0.58
03/31/1998		9.81		0.22	(a)		0.59	(a)		0.81
Administrative Class
09/30/2002+		9.77		0.17	(a)		0.29	(a)		0.46
03/31/2002		9.98		0.42	(a)		0.12	(a)		0.54
03/31/2001		9.69		0.59	(a)		0.30	(a)		0.89
03/31/2000		9.95		0.52	(a)		(0.23	)(a)		0.29
03/31/1999		10.00		0.56	(a)		0.00	(a)		0.56
02/02/1998—03/31/1998		10.03		0.14	(a)		(0.08	)(a)		0.06
Low Duration Fund III
Institutional Class
09/30/2002+	$	9.99	$	0.23	(a)	$	0.26	(a)	$	0.49
03/31/2002		9.87		0.45	(a)		0.16	(a)		0.61
03/31/2001		9.66		0.64	(a)		0.21	(a)		0.85
03/31/2000		9.98		0.61	(a)		(0.32	)(a)		0.29
03/31/1999		10.05		0.60	(a)		0.00	(a)		0.60
03/31/1998		9.91		0.53	(a)		0.24	(a)		0.77
Administrative Class
09/30/2002+		9.99		0.21	(a)		0.26	(a)		0.47
03/31/2002		9.87		0.43	(a)		0.16	(a)		0.59
03/31/2001		9.66		0.63	(a)		0.20	(a)		0.83
03/31/2000		9.98		0.57	(a)		(0.31	)(a)		0.26
03/19/1999-03/31/1999		9.97		0.02	(a)		0.01	(a)		0.03

* Annualized

+ Unaudited

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 0.43%.

38   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Selected Per Share Data for the Year or Period Ended:	Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
Low Duration Fund
Institutional Class
09/30/2002+	$	(0.21	)	$	0.00		$	(0.21	)	$	10.30	4.47	%	$	5,198,275	0.43	%*	4.02	%*	95	%
03/31/2002		(0.54	)		(0.01	)		(0.55	)		10.06	5.91			4,230,041	0.43		5.30		569
03/31/2001		(0.67	)		0.00			(0.67	)		10.03	9.44			3,950,592	0.49	(b)	6.86		348
03/31/2000		(0.64	)		0.00			(0.64	)		9.81	3.56			3,440,455	0.51	(b)	6.40		82
03/31/1999		(0.65	)		(0.06	)		(0.71	)		10.10	6.35			3,367,438	0.43		6.36		245
03/31/1998		(0.65	)		(0.03	)		(0.68	)		10.18	9.00			2,759,531	0.43		6.39		309
Administrative Class
09/30/2002+		(0.19	)		0.00			(0.19	)		10.30	4.34			319,328	0.68	*	3.76	*	95
03/31/2002		(0.51	)		(0.01	)		(0.52	)		10.06	5.65			261,061	0.68		4.93		569
03/31/2001		(0.65	)		0.00			(0.65	)		10.03	9.17			151,774	0.74	(c)	6.31		348
03/31/2000		(0.61	)		0.00			(0.61	)		9.81	3.30			118,874	0.75	(c)	6.13		82
03/31/1999		(0.62	)		(0.06	)		(0.68	)		10.10	6.09			128,212	0.68		6.09		245
03/31/1998		(0.62	)		(0.03	)		(0.65	)		10.18	8.73			46,186	0.68		6.16		309
Low Duration Fund II
Institutional Class
09/30/2002+	$	(0.18	)	$	0.00		$	(0.18	)	$	10.06	4.87	%	$	486,362	0.50	%*	3.64	%*	97	%
03/31/2002		(0.51	)		(0.27	)		(0.78	)		9.77	5.75			360,070	0.50		5.22		582
03/31/2001		(0.62	)		0.00			(0.62	)		9.98	9.74			636,542	0.50		6.37		382
03/31/2000		(0.57	)		0.00			(0.57	)		9.69	3.28			467,997	0.57	(e)	5.88		117
03/31/1999		(0.58	)		(0.05	)		(0.63	)		9.95	5.89			414,463	0.57	(e)	5.79		322
03/31/1998		(0.60	)		(0.02	)		(0.62	)		10.00	8.29			401,204	0.50		5.98		335
Administrative Class
09/30/2002+		(0.17	)		0.00			(0.17	)		10.06	4.73			982	0.75	*	3.38	*	97
03/31/2002		(0.48	)		(0.27	)		(0.75	)		9.77	5.48			626	0.75		4.19		582
03/31/2001		(0.60	)		0.00			(0.60	)		9.98	9.50			82	0.75		6.06		382
03/31/2000		(0.55	)		0.00			(0.55	)		9.69	3.01			71	1.17	(d)	5.30		117
03/31/1999		(0.56	)		(0.05	)		(0.61	)		9.95	5.63			22,594	0.85	(d)	5.47		322
02/02/1998—03/31/1998		(0.09	)		0.00			(0.09	)		10.00	0.58			56	0.75	*	8.53	*	335
Low Duration Fund III
Institutional Class
09/30/2002+	$	(0.23	)	$	0.00		$	(0.23	)	$	10.25	4.90	%	$	47,850	0.50	%*	4.42	%*	96	%
03/31/2002		(0.46	)		(0.03	)		(0.49	)		9.99	6.33			57,195	0.51	(e)	4.54		598
03/31/2001		(0.64	)		0.00			(0.64	)		9.87	9.06			42,924	0.50		6.53		419
03/31/2000		(0.61	)		0.00			(0.61	)		9.66	2.98			32,349	0.55	(e)	6.20		87
03/31/1999		(0.60	)		(0.07	)		(0.67	)		9.98	6.10			26,549	0.50		5.94		167
03/31/1998		(0.60	)		(0.03	)		(0.63	)		10.05	7.93			23,896	0.50		5.98		307
Administrative Class
09/30/2002+		(0.21	)		0.00			(0.21	)		10.25	4.77			18	0.75	*	4.21	*	96
03/31/2002		(0.44	)		(0.03	)		(0.47	)		9.99	6.06			16	0.76	(d)	4.33		598
03/31/2001		(0.62	)		0.00			(0.62	)		9.87	8.82			11	0.75		6.49		419
03/31/2000		(0.58	)		0.00			(0.58	)		9.66	2.71			10	0.82	(d)	5.79		87
03/19/1999-03/31/1999		(0.02	)		0.00			(0.02	)		9.98	0.15			6	0.75	*	6.42	*	167

(c) Ratio of expenses to average net assets excluding interest expense is 0.68%.

(d) Ratio of expenses to average net assets excluding interest expense is 0.75%.

(e) Ratio of expenses to average net assets excluding interest expense is 0.50%.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   39

Financial Highlights - Institutional Classes (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized/ Unrealized Gain (Loss) on Investments			Total Income from Investment Operations
Short-Term Fund
Institutional Class
09/30/2002+	$	10.00	$	0.15	(a)	$	(0.06	)(a)	$	0.09
03/31/2002		10.03		0.39	(a)		0.02	(a)		0.41
03/31/2001		9.95		0.64	(a)		0.10	(a)		0.74
03/31/2000		10.03		0.59	(a)		(0.08	)(a)		0.51
03/31/1999		10.06		0.57	(a)		(0.02	)(a)		0.55
03/31/1998		10.00		0.62	(a)		0.06	(a)		0.68
Administrative Class
09/30/2002+		10.00		0.14	(a)		(0.06	)(a)		0.08
03/31/2002		10.03		0.29	(a)		0.09	(a)		0.38
03/31/2001		9.95		0.60	(a)		0.12	(a)		0.72
03/31/2000		10.03		0.57	(a)		(0.09	)(a)		0.48
03/31/1999		10.06		0.54	(a)		(0.02	)(a)		0.52
03/31/1998		10.00		0.59	(a)		0.07	(a)		0.66
Money Market Fund
Institutional Class
09/30/2002+	$	1.00	$	0.01	(a)	$	0.00	(a)	$	0.01
03/31/2002		1.00		0.03	(a)		0.00	(a)		0.03
03/31/2001		1.00		0.06	(a)		0.00	(a)		0.06
03/31/2000		1.00		0.05	(a)		0.00	(a)		0.05
03/31/1999		1.00		0.05	(a)		0.00	(a)		0.05
03/31/1998		1.00		0.05	(a)		0.00	(a)		0.05
Administrative Class
09/30/2002+		1.00		0.01	(a)		0.00	(a)		0.01
03/31/2002		1.00		0.03	(a)		0.00	(a)		0.03
03/31/2001		1.00		0.06	(a)		0.00	(a)		0.06
03/31/2000		1.00		0.05	(a)		0.00	(a)		0.05
03/31/1999		1.00		0.05	(a)		0.00	(a)		0.05
03/31/1998		1.00		0.05	(a)		0.00	(a)		0.05
Long-Term U.S. Government Fund
Institutional Class
09/30/2002+	$	9.96	$	0.25	(a)	$	1.64	(a)	$	1.89
03/31/2002		10.65		0.67	(a)		(0.39	)(a)		0.28
03/31/2001		9.79		0.62	(a)		0.85	(a)		1.47
03/31/2000		10.30		0.61	(a)		(0.50	)(a)		0.11
03/31/1999		10.57		0.63	(a)		0.20	(a)		0.83
03/31/1998		9.39		0.52	(a)		1.34	(a)		1.86
Administrative Class
09/30/2002+		9.96		0.23	(a)		1.65	(a)		1.88
03/31/2002		10.65		0.64	(a)		(0.39	)(a)		0.25
03/31/2001		9.79		0.40	(a)		1.05	(a)		1.45
03/31/2000		10.30		0.57	(a)		(0.49	)(a)		0.08
03/31/1999		10.57		0.60	(a)		0.20	(a)		0.80
03/31/1998-03/31/1998		10.17		0.26	(a)		0.51	(a)		0.77
Investment Grade Corporate Bond Fund
Institutional Class
09/30/2002+	$	10.10	$	0.27	(a)	$	0.25	(a)	$	0.52
03/31/2002		10.68		0.74	(a)		(0.09	)(a)		0.65
04/28/2000-03/31/2001		10.00		0.72	(a)		0.72	(a)		1.44

* Annualized

+ Unaudited

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 0.75%.

40   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Selected Per Share Data for the Year or Period Ended:	Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
Short-Term Fund
Institutional Class
09/30/2002+	$	(0.15	)	$	0.00		$	(0.15	)	$	9.94	0.92	%	$	1,244,728	0.45	%*	3.04	%*	30	%
03/31/2002		(0.42	)		(0.02	)		(0.44	)		10.00	4.11			1,053,121	0.57	(d)	3.88		131
03/31/2001		(0.64	)		(0.02	)		(0.66	)		10.03	7.65			524,693	1.01	(d)	6.42		121
03/31/2000		(0.59	)		0.00			(0.59	)		9.95	5.19			589,203	0.64	(d)	5.88		38
03/31/1999		(0.57	)		(0.01	)		(0.58	)		10.03	5.63			495,752	0.45		5.66		47
03/31/1998		(0.61	)		(0.01	)		(0.62	)		10.06	7.06			172,846	0.45		6.12		48
Administrative Class
09/30/2002+		(0.14	)		0.00			(0.14	)		9.94	0.80			308,854	0.70	*	2.78	*	30
03/31/2002		(0.39	)		(0.02	)		(0.41	)		10.00	3.85			290,124	0.74	(e)	2.88		131
03/31/2001		(0.62	)		(0.02	)		(0.64	)		10.03	7.40			4,610	1.25	(e)	6.01		121
03/31/2000		(0.56	)		0.00			(0.56	)		9.95	4.91			15,137	0.89	(e)	5.67		38
03/31/1999		(0.54	)		(0.01	)		(0.55	)		10.03	5.39			3,769	0.70		5.37		47
03/31/1998		(0.59	)		(0.01	)		(0.60	)		10.06	6.80			5,147	0.70		5.86		48
Money Market Fund
Institutional Class
09/30/2002+	$	(0.01	)	$	0.00		$	(0.01	)	$	1.00	0.77	%	$	93,611	0.35	%*	1.54	%*	N/A
03/31/2002		(0.03	)		0.00			(0.03	)		1.00	2.91			104,369	0.35		2.87		N/A
03/31/2001		(0.06	)		0.00			(0.06	)		1.00	6.20			135,990	0.35		6.02		N/A
03/31/2000		(0.05	)		0.00			(0.05	)		1.00	5.21			305,016	0.35		5.04		N/A
03/31/1999		(0.05	)		0.00			(0.05	)		1.00	5.14			322,290	0.35		4.85		N/A
03/31/1998		(0.05	)		0.00			(0.05	)		1.00	5.40			55,335	0.35		5.29		N/A
Administrative Class
09/30/2002+		(0.01	)		0.00			(0.01	)		1.00	0.65			19,254	0.60	*	1.29	*	N/A
03/31/2002		(0.03	)		0.00			(0.03	)		1.00	2.65			13,360	0.60		2.33		N/A
03/31/2001		(0.06	)		0.00			(0.06	)		1.00	5.94			7,165	0.60		5.75		N/A
03/31/2000		(0.05	)		0.00			(0.05	)		1.00	4.96			9,791	0.60		4.79		N/A
03/31/1999		(0.05	)		0.00			(0.05	)		1.00	4.93			9,273	0.60		4.44		N/A
03/31/1998		(0.05	)		0.00			(0.05	)		1.00	5.12			749	0.60		5.04		N/A
Long-Term U.S. Government Fund
Institutional Class
09/30/2002+	$	(0.26	)	$	0.00		$	(0.26	)	$	11.59	19.25	%	$	393,995	0.50	%*	4.73	%*	276	%
03/31/2002		(0.67	)		(0.30	)		(0.97	)		9.96	2.51			65,291	0.52	(c)	6.36		682
03/31/2001		(0.61	)		0.00			(0.61	)		10.65	15.52			234,088	0.56	(c)	6.13		1046
03/31/2000		(0.62	)		0.00			(0.62	)		9.79	1.26			217,410	0.57	(c)	6.29		320
03/31/1999		(0.64	)		(0.46	)		(1.10	)		10.30	7.76			170,847	0.89	(c)	5.83		364
03/31/1998		(0.62	)		(0.06	)		(0.68	)		10.57	20.23			48,547	0.51		4.88		177
Administrative Class
09/30/2002+		(0.25	)		0.00			(0.25	)		11.59	19.10			149,490	0.75	*	4.31	*	276
03/31/2002		(0.64	)		(0.30	)		(0.94	)		9.96	2.25			246,304	0.77	(b)	6.02		682
03/31/2001		(0.59	)		0.00			(0.59	)		10.65	15.24			77,435	0.80	(b)	3.91		1046
03/31/2000		(0.59	)		0.00			(0.59	)		9.79	1.01			39,808	0.82	(b)	5.82		320
03/31/1999		(0.61	)		(0.46	)		(1.07	)		10.30	7.46			11,383	1.15	(f)	5.58		364
03/31/1998-03/31/1998		(0.31	)		(0.06	)		(0.37	)		10.57	7.60			4,957	0.76	*	4.87	*	177
Investment Grade Corporate Bond Fund
Institutional Class
09/30/2002+	$	(0.29	)	$	0.00		$	(0.29	)	$	10.33	5.22	%	$	11,128	0.50	%*	5.32	%*	344	%
03/31/2002		(0.74	)		(0.49	)		(1.23	)		10.10	6.34			6,092	0.50		7.01		512
04/28/2000-03/31/2001		(0.72	)		(0.04	)		(0.76	)		10.68	15.00			5,751	0.50	*	7.54	*	253

(c) Ratio of expenses to average net assets excluding interest expense is 0.50%.

(d) Ratio of expenses to average net assets excluding interest expense is 0.45%.

(e) Ratio of expenses to average net assets excluding interest expense is 0.70%.

(f) Ratio of expenses to average net assets excluding interest expense is 0.76%.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   41

Financial Highlights – Institutional Classes (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized/ Unrealized Gain (Loss) on Investments			Total Income from Investment Operations
High Yield Fund
Institutional Class
09/30/2002+	$	9.19	$	0.36	(a)	$	(1.17	)	$	(0.81	)
03/31/2002		9.88		0.78	(a)		(0.68	)		0.10
03/31/2001		10.22		0.90	(a)		(0.33	)		0.57
03/31/2000		11.23		0.94	(a)		(1.01	)		(0.07	)
03/31/1999		11.66		0.95	(a)		(0.43	)		0.52
03/31/1998		11.10		0.98	(a)		0.65			1.63
Administrative Class
09/30/2002+		9.19		0.36	(a)		(1.18	)		(0.82	)
03/31/2002		9.88		0.76	(a)		(0.68	)		0.08
03/31/2001		10.22		0.88	(a)		(0.33	)		0.55
03/31/2000		11.23		0.91	(a)		(1.01	)		(0.10	)
03/31/1999		11.66		0.93	(a)		(0.43	)		0.50
03/31/1998		11.10		0.95	(a)		0.65			1.60
Total Return Mortgage Fund
Institutional Class
09/30/2002+	$	10.35	$	0.16	(a)	$	0.53		$	0.69
03/31/2002		10.42		0.47	(a)		0.33			0.80
03/31/2001		9.97		0.63	(a)		0.63			1.26
03/31/2000		10.19		0.59	(a)		(0.21	)		0.38
03/31/1999		10.24		0.58	(a)		0.05			0.63
07/31/1997 - 03/31/1998		10.00		0.41	(a)		0.30			0.71
Administrative Class
09/30/2002+	$	10.35	$	0.14	(a)	$	0.54		$	0.68
03/31/2002		10.31		0.10	(a)		0.04			0.14
GNMA Fund
Institutional Class
09/30/2002+	$	10.67	$	0.14	(a)	$	0.54		$	0.68
03/31/2002		10.44		0.39	(a)		0.46			0.85
03/31/2001		9.89		0.63	(a)		0.60			1.23
03/31/2000		10.01		0.62	(a)		(0.12	)		0.50
03/31/1999		10.13		0.64	(a)		(0.08	)		0.56
07/31/1997 - 03/31/1998		10.00		0.43	(a)		0.14			0.57
Real Return Fund
Institutional Class
09/30/2002+	$	10.29	$	0.29	(a)	$	1.17		$	1.46
03/31/2002		10.40		0.42	(a)		0.06			0.48
03/31/2001		9.92		0.76	(a)		0.60			1.36
03/31/2000		9.83		0.68	(a)		0.11			0.79
03/31/1999		9.77		0.51	(a)		0.10			0.61
03/31/1998		9.93		0.44	(a)		0.05			0.49
Administrative Class
09/30/2002+		10.29		0.28	(a)		1.17			1.45
03/31/2002		10.40		0.32	(a)		0.13			0.45
04/28/2000 - 03/31/2001		9.95		0.62	(a)		0.58			1.20
Real Return Fund II
Institutional Class
09/30/2002+	$	9.93	$	0.30	(a)	$	1.14		$	1.44
02/28/2002 - 03/31/2002		10.00		0.05	(a)		(0.07	)		(0.02	)
Real Return Asset Fund
Institutional Class
09/30/2002+	$	9.50	$	0.31	(a)	$	1.59	(a)	$	1.90
11/12/2001 - 03/31/2002		10.00		0.05	(a)		(0.50	)(a)		(0.45	)

* Annualized

+ Unaudited

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 0.75%.

(c) Ratio of expenses to average net assets excluding interest expense is 0.50%.

42   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Selected Per Share Data for the Year or Period Ended:	Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
High Yield Fund
Institutional Class
09/30/2002+	$	(0.37	)	$	0.00		$	(0.37	)	$	8.01	(9.00	)%	$	1,719,970	0.50	%*	8.44	%*	79	%
03/31/2002		(0.79	)		0.00			(0.79	)		9.19	1.07			1,869,413	0.50		8.29		96
03/31/2001		(0.91	)		0.00			(0.91	)		9.88	5.85			1,182,954	0.50		8.91		53
03/31/2000		(0.94	)		0.00			(0.94	)		10.22	(0.74	)		1,960,171	0.50		8.64		39
03/31/1999		(0.95	)		0.00			(0.95	)		11.23	4.73			2,162,868	0.50		8.41		39
03/31/1998		(0.98	)		(0.09	)		(1.07	)		11.66	15.26			1,628,930	0.50		8.52		37
Administrative Class
09/30/2002+		(0.36	)		0.00			(0.36	)		8.01	(9.11	)		429,437	0.75	*	8.20	*	79
03/31/2002		(0.77	)		0.00			(0.77	)		9.19	0.83			640,550	0.75		8.05		96
03/31/2001		(0.89	)		0.00			(0.89	)		9.88	5.59			462,899	0.75		8.79		53
03/31/2000		(0.91	)		0.00			(0.91	)		10.22	(0.99	)		354,296	0.75		8.40		39
03/31/1999		(0.93	)		0.00			(0.93	)		11.23	4.49			238,792	0.75		8.17		39
03/31/1998		(0.95	)		(0.09	)		(1.04	)		11.66	14.98			69,937	0.75		8.21		37
Total Return Mortgage Fund
Institutional Class
09/30/2002+	$	(0.15	)	$	0.00		$	(0.15	)	$	10.89	6.70	%	$	44,322	0.51	%*(c)	2.91	%*	405	%
03/31/2002		(0.47	)		(0.40	)		(0.87	)		10.35	7.86			20,635	0.50		4.44		1193
03/31/2001		(0.63	)		(0.18	)		(0.81	)		10.42	13.14			20,314	0.50		6.22		848
03/31/2000		(0.59	)		(0.01	)		(0.60	)		9.97	3.91			3,971	0.50		5.94		1476
03/31/1999		(0.58	)		(0.10	)		(0.68	)		10.19	6.27			4,128	0.50		5.66		158
07/31/1997 - 03/31/1998		(0.46	)		(0.01	)		(0.47	)		10.24	6.69			3,588	0.52	*	6.07	*	593
Administrative Class
09/30/2002+	$	(0.14	)	$	0.00		$	(0.14	)	$	10.89	6.57	%	$	9,168	0.77	%*(b)	2.60	%*	405	%
03/31/2002		(0.10	)		0.00			(0.10	)		10.35	1.38			8,479	0.75		3.24		1193
GNMA Fund
Institutional Class
09/30/2002+	$	(0.13	)	$	0.00		$	(0.13	)	$	11.22	6.39	%	$	53,950	0.51	%*(c)	2.47	%*	373	%
03/31/2002		(0.50	)		(0.12	)		(0.62	)		10.67	8.36			35,144	0.54	(c)	3.61		1292
03/31/2001		(0.63	)		(0.05	)		(0.68	)		10.44	12.96			9,963	0.50		6.29		808
03/31/2000		(0.62	)		0.00			(0.62	)		9.89	5.16			4,308	1.60	(e)	6.23		952
03/31/1999		(0.64	)		(0.04	)		(0.68	)		10.01	5.71			4,119	2.37	(e)	6.35		198
07/31/1997 - 03/31/1998		(0.42	)		(0.02	)		(0.44	)		10.13	5.86			3,748	1.81	*(c)	6.30	*	486
Real Return Fund
Institutional Class
09/30/2002+	$	(0.30	)	$	0.00		$	(0.30	)	$	11.45	14.41	%	$	2,160,584	0.49	%*(d)	5.26	%*	63	%
03/31/2002		(0.49	)		(0.10	)		(0.59	)		10.29	4.68			1,250,056	0.47	(g)	4.08		237
03/31/2001		(0.80	)		(0.08	)		(0.88	)		10.40	14.44			557,849	0.54	(c)	7.57		202
03/31/2000		(0.68	)		(0.02	)		(0.70	)		9.92	8.37			207,826	0.53	(c)	6.91		253
03/31/1999		(0.55	)		0.00			(0.55	)		9.83	6.41			15,588	0.52	(c)	5.18		438
03/31/1998		(0.51	)		(0.14	)		(0.65	)		9.77	4.70			5,526	0.52	(c)	4.46		967
Administrative Class
09/30/2002+		(0.29	)		0.00			(0.29	)		11.45	14.27			395,570	0.74	*(f)	5.20	*	63
03/31/2002		(0.46	)		(0.10	)		(0.56	)		10.29	4.39			298,192	0.71	(g)	3.07		237
04/28/2000 - 03/31/2001		(0.67	)		(0.08	)		(0.75	)		10.40	12.70			51,359	0.80	*(b)	6.61	*	202
Real Return Fund II
Institutional Class
09/30/2002+	$	(0.30	)	$	0.00		$	(0.30	)	$	11.07	14.76	%	$	18,506	0.47	%*(d)	5.71	%*	77	%
02/28/2002 - 03/31/2002		(0.05	)		0.00			(0.05	)		9.93	(0.22	)		15,969	0.45	*	5.48	*	0
Real Return Asset Fund
Institutional Class
09/30/2002+	$	(0.31	)	$	0.00		$	(0.31	)	$	11.09	20.36	%	$	30,552	0.75	%*	5.95	%*	38	%
11/12/2001 - 03/31/2002		(0.05	)		0.00			(0.05	)		9.50	(4.47	)		20,747	0.75	*	1.31	*	107

(d) Ratio of expenses to average net assets excluding interest expense is 0.45%.

(e) Ratio of expenses to average net assets excluding interest expense is 0.51%.

(f) Ratio of expenses to average net assets excluding interest expense is 0.70%.

(g) Effective October 1, 2001, the administrative expense was reduced to 0.20%.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   43

Financial Highlights - Institutional Classes (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized/ Unrealized Gain (Loss) on Investments			Total Income from Investment Operations
CommodityRealReturn Strategy Fund
Institutional Class
06/28/2002-09/30/2002+	$	10.00	$	0.91	(a)	$	0.88	(a)	$	1.79
Foreign Bond Fund
Institutional Class
09/30/2002+	$	10.39	$	0.19	(a)	$	0.26	(a)	$	0.45
03/31/2002		10.32		0.48	(a)		0.09	(a)		0.57
03/31/2001		10.03		0.58	(a)		0.51	(a)		1.09
03/31/2000		10.63		0.64	(a)		(0.45	)(a)		0.19
03/31/1999		10.74		0.58	(a)		0.24	(a)		0.82
03/31/1998		10.41		0.66	(a)		0.61	(a)		1.27
Administrative Class
09/30/2002+		10.39		0.17	(a)		0.28	(a)		0.45
03/31/2002		10.32		0.45	(a)		0.09	(a)		0.54
03/31/2001		10.03		0.55	(a)		0.51	(a)		1.06
03/31/2000		10.63		0.61	(a)		(0.45	)(a)		0.16
03/31/1999		10.74		0.56	(a)		0.24	(a)		0.80
03/31/1998		10.41		0.63	(a)		0.61	(a)		1.24
Global Bond Fund
Institutional Class
09/30/2002+	$	8.33	$	0.22	(a)	$	1.06	(a)	$	1.28
03/31/2002		8.45		0.42	(a)		(0.12	)(a)		0.30
03/31/2001		9.01		0.48	(a)		(0.56	)(a)		(0.08	)
03/31/2000		9.76		0.57	(a)		(0.75	)(a)		(0.18	)
03/31/1999		9.70		0.52	(a)		0.14	(a)		0.66
03/31/1998		9.86		0.66	(a)		(0.10	)(a)		0.56
Administrative Class
09/30/2002+		8.33		0.22	(a)		1.05	(a)		1.27
03/31/2002		8.45		0.39	(a)		(0.11	)(a)		0.28
03/31/2001		9.01		0.46	(a)		(0.56	)(a)		(0.10	)
03/31/2000		9.76		0.55	(a)		(0.75	)(a)		(0.20	)
03/31/1999		9.70		0.51	(a)		0.14	(a)		0.65
03/31/1998		9.86		0.59	(a)		(0.05	)(a)		0.54
Global Bond Fund II
Institutional Class
09/30/2002+	$	9.42	$	0.20	(a)	$	0.41	(a)	$	0.61
03/31/2002		9.61		0.43	(a)		0.12	(a)		0.55
03/31/2001		9.41		0.55	(a)		0.51	(a)		1.06
03/31/2000		9.89		0.56	(a)		(0.46	)(a)		0.10
03/31/1999		9.92		0.52	(a)		0.06	(a)		0.58
02/25/1998-03/31/1998		9.82		0.06	(a)		0.09	(a)		0.15
Emerging Markets Bond Fund
Institutional Class
09/30/2002+	$	9.60	$	0.35	(a)	$	(1.31	)(a)	$	(0.96	)
03/31/2002		8.40		0.76	(a)		1.72	(a)		2.48
03/31/2001		8.61		0.82	(a)		0.20	(a)		1.02
03/31/2000		7.51		0.86	(a)		1.11	(a)		1.97
03/31/1999		9.67		0.87	(a)		(2.11	)(a)		(1.24	)
07/31/1997-03/31/1998		10.00		0.46	(a)		(0.18	)(a)		0.28
Administrative Class
09/30/2002+		9.60		0.33	(a)		(1.30	)(a)		(0.97	)
03/31/2002		8.40		0.75	(a)		1.71	(a)		2.46
03/31/2001		8.61		0.80	(a)		0.20	(a)		1.00
03/31/2000		7.51		0.83	(a)		1.12	(a)		1.95
09/30/1998-03/31/1999		6.82		0.45	(a)		0.74	(a)		1.19

* Annualized

+ Unaudited

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 0.75%.

(c) Ratio of expenses to average net assets excluding interest expense is 0.50%.

44   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Selected Per Share Data for the Year or Period Ended:	Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital			Total Distributions			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
CommodityRealReturn Strategy Fund
Institutional Class
06/28/2002-09/30/2002+	$	(0.10	)	$	0.00		$	0.00		$	(0.10	)	$	11.69	17.86	%	$	4,968	0.74	%*	32.06	%*	13	%
Foreign Bond Fund
Institutional Class
09/30/2002+	$	(0.19	)	$	0.00		$	0.00		$	(0.19	)	$	10.65	4.36	%	$	713,790	0.51	%*(c)	3.55	%*	263	%
03/31/2002		(0.48	)		(0.02	)		0.00			(0.50	)		10.39	5.68			511,247	0.51	(c)	4.61		434
03/31/2001		(0.59	)		(0.21	)		0.00			(0.80	)		10.32	11.34			482,480	0.54	(c)	5.78		417
03/31/2000		(0.64	)		(0.15	)		0.00			(0.79	)		10.03	1.96			421,831	0.69	(c)	6.20		330
03/31/1999		(0.58	)		(0.35	)		0.00			(0.93	)		10.63	7.92			530,325	0.50		5.39		376
03/31/1998		(0.63	)		(0.31	)		0.00			(0.94	)		10.74	12.64			392,198	0.50		6.32		280
Administrative Class
09/30/2002+		(0.19	)		0.00			0.00			(0.19	)		10.65	4.40			28,931	0.76	*(b)	3.31	*	263
03/31/2002		(0.45	)		(0.02	)		0.00			(0.47	)		10.39	5.42			21,565	0.76	(b)	4.32		434
03/31/2001		(0.56	)		(0.21	)		0.00			(0.77	)		10.32	11.06			17,056	0.78	(b)	5.36		417
03/31/2000		(0.61	)		(0.15	)		0.00			(0.76	)		10.03	1.70			4,824	0.97	(b)	6.01		330
03/31/1999		(0.56	)		(0.35	)		0.00			(0.91	)		10.63	7.65			2,096	0.75		5.13		376
03/31/1998		(0.60	)		(0.31	)		0.00			(0.91	)		10.74	12.34			315	0.75		6.07		280
Global Bond Fund
Institutional Class
09/30/2002+	$	(0.22	)	$	0.00			0.00		$	(0.22	)	$	9.39	15.52	%	$	361,839	0.55	%*	4.93	%*	182	%
03/31/2002		(0.41	)		0.00			(0.01	)		(0.42	)		8.33	3.52			300,625	0.56	(e)	4.87		355
03/31/2001		(0.06	)		0.00			(0.42	)		(0.48	)		8.45	(0.83	)		307,686	0.57	(e)	5.58		416
03/31/2000		(0.52	)		0.00			(0.05	)		(0.57	)		9.01	(1.81	)		271,538	0.71	(e)	6.12		301
03/31/1999		(0.52	)		(0.08	)		0.00			(0.60	)		9.76	6.90			266,984	0.55		5.35		143
03/31/1998		(0.53	)		(0.19	)		0.00			(0.72	)		9.70	5.85			256,274	0.55		6.64		389
Administrative Class
09/30/2002+		(0.21	)		0.00			0.00			(0.21	)		9.39	15.38			27,451	0.80	*	4.72	*	182
03/31/2002		(0.39	)		0.00			(0.01	)		(0.40	)		8.33	3.26			5,946	0.80	(d)	4.58		355
03/31/2001		(0.06	)		0.00			(0.40	)		(0.46	)		8.45	(1.07	)		2,142	0.81	(d)	5.33		416
03/31/2000		(0.50	)		0.00			(0.05	)		(0.55	)		9.01	(2.05	)		2,238	0.92		5.91		301
03/31/1999		(0.51	)		(0.08	)		0.00			(0.59	)		9.76	6.78			1,326	0.80		5.21		143
03/31/1998		(0.51	)		(0.19	)		0.00			(0.70	)		9.70	5.57			1,548	0.80		6.39		389
Global Bond Fund II
Institutional Class
09/30/2002+	$	(0.20	)	$	0.00		$	0.00		$	(0.20	)	$	9.83	6.49	%	$	66,456	0.56	%*(e)	0.48	%*	167	%
03/31/2002		(0.43	)		(0.31	)		0.00			(0.74	)		9.42	5.84			66,036	0.56	(e)	4.49		373
03/31/2001		(0.56	)		(0.30	)		0.00			(0.86	)		9.61	11.87			62,895	0.58	(e)	5.86		422
03/31/2000		(0.56	)		(0.02	)		0.00			(0.58	)		9.41	1.11			84,926	0.61	(e)	5.92		290
03/31/1999		(0.52	)		(0.09	)		0.00			(0.61	)		9.89	6.06			29,044	0.55		5.29		236
02/25/1998-03/31/1998		(0.05	)		0.00			0.00			(0.05	)		9.92	1.02			24,517	0.55	*	6.24	*	369
Emerging Markets Bond Fund
Institutional Class
09/30/2002+	$	(0.35	)	$	0.00		$	0.00		$	(0.35	)	$	8.29	(10.18	)%	$	170,720	0.89	%*(f)	7.69	%*	215	%
03/31/2002		(0.78	)		(0.50	)		0.00			(1.28	)		9.60	31.46			177,399	0.92	(f)	8.35		620
03/31/2001		(0.83	)		(0.40	)		0.00			(1.23	)		8.40	12.94			46,239	0.93	(f)	9.73		902
03/31/2000		(0.87	)		0.00			0.00			(0.87	)		8.61	27.90			12,614	0.89	(f)	10.69		328
03/31/1999		(0.87	)		(0.05	)		0.00			(0.92	)		7.51	(12.55	)		3,641	0.85		11.08		315
07/31/1997-03/31/1998		(0.46	)		(0.15	)		0.00			(0.61	)		9.67	3.10			3,676	0.86	*	7.21	*	695
Administrative Class
09/30/2002+		(0.34	)		0.00			0.00			(0.34	)		8.29	(10.28	)		6,987	1.15	*(g)	7.37	*	215
03/31/2002		(0.76	)		(0.50	)		0.00			(1.26	)		9.60	31.11			11,685	1.19	(g)	8.36		620
03/31/2001		(0.81	)		(0.40	)		0.00			(1.21	)		8.40	12.65			7,793	1.17	(g)	9.46		902
03/31/2000		(0.85	)		0.00			0.00			(0.85	)		8.61	27.60			13,490	1.14	(g)	10.30		328
09/30/1998-03/31/1999		(0.45	)		(0.05	)		0.00			(0.50	)		7.51	17.88			118	1.10	*	6.24	*	315

(d) Ratio of expenses to average net assets excluding interest expense is 0.80%.

(e) Ratio of expenses to average net assets excluding interest expense is 0.55%.

(f) Ratio of expenses to average net assets excluding interest expense is 0.85%.

(g) Ratio of expenses to average net assets excluding interest expense is 1.10%.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   45

Financial Highlights — Institutional Classes (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized/ Unrealized Gain (Loss) on Investments			Total Income from Investment Operations
Strategic Balanced Fund
Institutional Class
09/30/2002+	$	10.52	$	0.09	(a)	$	(1.66	)(a)	$	(1.57	)
03/31/2002		10.46		0.45	(a)		(0.03	)(a)		0.42
03/31/2001		12.80		0.90	(a)		(1.88	)(a)		(0.98	)
03/31/2000		12.76		0.80	(a)		0.44	(a)		1.24
03/31/1999		12.60		0.89	(a)		0.60	(a)		1.49
03/31/1998		10.32		1.30	(a)		2.05	(a)		3.35
Administrative Class
09/30/2002+		10.51		0.07	(a)		(1.64	)(a)		(1.57	)
03/31/2002		10.47		0.52	(a)		(0.14	)(a)		0.38
03/31/2001		12.79		0.90	(a)		(1.88	)(a)		(0.98	)
06/30/1999-03/31/2000		13.17		0.62	(a)		0.07	(a)		0.69
All Asset Fund
Institutional Class
07/31/2002-09/30/2002+	$	10.00	$	0.08	(a)	$	0.48	(a)	$	0.56
Convertible Fund
Institutional Class
09/30/2002+	$	10.42	$	0.12	(a)	$	(1.12	)(a)	$	(1.00	)
03/31/2002		11.33		0.20	(a)		(0.46	)(a)		(0.26	)
03/31/2001		15.77		0.01	(a)		(3.50	)(a)		(3.49	)
03/31/2000		10.00		0.07	(a)		5.97	(a)		6.04
Administrative Class
09/30/2002+		10.64		0.12	(a)		(1.16	)(a)		(1.04	)
03/31/2002		11.36		0.13	(a)		(0.41	)(a)		(0.28	)
08/01/2000-03/31/2001		14.49		(0.03	)(a)		(2.19	)(a)		(2.22	)
European Convertible Fund
Institutional Class
09/30/2002+	$	9.51	$	0.01	(a)	$	(0.06	)(a)	$	(0.05	)
03/31/2002		9.97		0.17	(a)		(0.05	)(a)		0.12
11/30/2000-03/31/2001		10.00		0.04	(a)		(0.03	)(a)		0.01
StocksPLUS Fund
Institutional Class
09/30/2002+	$	10.11	$	(0.54	)(a)	$	(2.24	)(a)	$	(2.78	)
03/31/2002		10.20		0.37	(a)		(0.21	)(a)		0.16
03/31/2001		14.15		0.06	(a)		(2.84	)(a)		(2.78	)
03/31/2000		14.32		1.08	(a)		1.33	(a)		2.41
03/31/1999		14.09		0.97	(a)		1.32	(a)		2.29
03/31/1998		11.46		1.90	(a)		3.23	(a)		5.13
Administrative Class
09/30/2002+		9.94		(0.55	)(a)		(2.20	)(a)		(2.75	)
03/31/2002		10.08		0.30	(a)		(0.20	)(a)		0.10
03/31/2001		14.03		(0.07	)(a)		(2.72	)(a)		(2.79	)
03/31/2000		14.25		1.10	(a)		1.23	(a)		2.33
03/31/1999		14.06		1.10	(a)		1.13	(a)		2.23
03/31/1998		11.46		1.89	(a)		3.19	(a)		5.08

* Annualized

+ Unaudited

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 0.75%.

46   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Selected Per Share Data for the Year or Period Ended:	Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
Strategic Balanced Fund
Institutional Class
09/30/2002+	$	(0.10	)	$	0.00		$	(0.10	)	$	8.85	(14.99	)%	$	25,841	0.05	%*	1.77	%*	13	%
03/31/2002		(0.36	)		0.00			(0.36	)		10.52	4.16			30,744	0.05		4.23		35
03/31/2001		(0.67	)		(0.69	)		(1.36	)		10.46	(8.31	)		47,236	0.43	(f)	7.31		651
03/31/2000		(0.74	)		(0.46	)		(1.20	)		12.80	10.05			124,934	0.65		6.19		176
03/31/1999		(0.66	)		(0.67	)		(1.33	)		12.76	12.36			97,945	0.65		7.00		82
03/31/1998		(0.84	)		(0.23	)		(1.07	)		12.60	33.40			38,806	0.65		10.84		56
Administrative Class
09/30/2002+		(0.09	)		0.00			(0.09	)		8.85	(15.01	)		1,490	0.30	*	1.52	*	13
03/31/2002		(0.34	)		0.00			(0.34	)		10.51	3.75			1,588	0.30		4.93		35
03/31/2001		(0.65	)		(0.69	)		(1.34	)		10.47	(8.34	)		488	0.63	(f)	7.30		651
06/30/1999-03/31/2000		(0.61	)		(0.46	)		(1.07	)		12.79	5.47			709	0.90	*	6.48	*	176
All Asset Fund
Institutional Class
07/31/2002-09/30/2002+	$	(0.03	)	$	0.00		$	(0.03	)	$	10.53	5.59	%	$	6,047	0.25	%*	4.39	%*	31	%
Convertible Fund
Institutional Class
09/30/2002+	$	(0.12	)	$	0.00		$	(0.12	)	$	9.30	(9.64	)%	$	12,851	0.68	%*(d)	2.50	%*	108	%
03/31/2002		(0.65	)		0.00			(0.65	)		10.42	(2.26	)		14,794	0.73	(d)	1.76		307
03/31/2001		(0.25	)		(0.70	)		(0.95	)		11.33	(23.00	)		65,980	0.67	(d)	0.08		225
03/31/2000		(0.18	)		(0.09	)		(0.27	)		15.77	60.66			168,224	0.65	(g)	0.50		247
Administrative Class
09/30/2002+		(0.11	)		0.00			(0.11	)		9.49	(9.83	)		7	0.93	*(e)	2.29	*	108
03/31/2002		(0.44	)		0.00			(0.44	)		10.64	(2.42	)		8	1.01	(e)	1.27		307
08/01/2000-03/31/2001		(0.21	)		(0.70	)		(0.91	)		11.36	(16.25	)		322	0.90	*	(0.32	)*	225
European Convertible Fund
Institutional Class
09/30/2002+	$	(0.04	)	$	0.00		$	(0.04	)	$	9.42	(0.54	)%	$	4,020	0.77	%*(b)	0.29	%*	86	%
03/31/2002		(0.23	)		(0.35	)		(0.58	)		9.51	1.28			5,057	0.80	(b)	1.76		222
11/30/2000-03/31/2001		(0.04	)		0.00			(0.04	)		9.97	0.10			4,997	0.75	*(c)	1.27	*	175
StocksPLUS Fund
Institutional Class
09/30/2002+	$	0.00		$	0.00		$	0.00		$	7.33	(27.50	)%	$	281,468	0.65	%*	(12.24	)%*	89	%
03/31/2002		(0.25	)		0.00			(0.25	)		10.11	1.53			410,288	0.66	(d)	3.65		455
03/31/2001		(0.26	)		(0.91	)		(1.17	)		10.20	(20.93	)		420,050	0.65		0.48		270
03/31/2000		(1.10	)		(1.48	)		(2.58	)		14.15	17.82			620,144	0.65		7.42		92
03/31/1999		(0.82	)		(1.24	)		(2.06	)		14.32	17.65			512,953	0.65		6.92		81
03/31/1998		(1.41	)		(1.09	)		(2.50	)		14.09	47.75			416,600	0.65		13.74		30
Administrative Class
09/30/2002+		0.00			0.00			0.00			7.19	(27.67	)		105,870	0.90	*	(12.98	)*	89
03/31/2002		(0.24	)		0.00			(0.24	)		9.94	0.92			80,683	0.90		2.98		455
03/31/2001		(0.25	)		(0.91	)		(1.16	)		10.08	(21.21	)		35,474	0.90		(0.55	)	270
03/31/2000		(1.07	)		(1.48	)		(2.55	)		14.03	17.31			28,403	0.90		7.61		92
03/31/1999		(0.80	)		(1.24	)		(2.04	)		14.25	17.21			11,302	0.90		7.83		81
03/31/1998		(1.39	)		(1.09	)		(2.48	)		14.06	47.19			2,143	0.90		13.49		30

(c) If the investment manager did not reimburse expenses, the ratio of expenses to net assets would have been 1.78%.

(d) Ratio of expenses to average net assets excluding interest expense is 0.65%.

(e) Ratio of expenses to average net assets excluding interest expense is 0.90%.

(f) Effective September 29, 2000, the Strategic Balanced Fund did not incur advisory fee expenses.

(g) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.69%.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   47

Financial Highlights—Institutional Classes (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Period	Net Investment Income (Loss)		Net Realized/ Unrealized Gain (Loss) on Investments			Total Income from Investment Operations
StocksPLUS Total Return Fund
Institutional Class
06/28/2002-09/30/2002+	$10.00	$0.08	(a)	$	(1.56	)(a)	$	(1.48	)
Municipal Bond Fund
Institutional Class
09/30/2002+	$10.03	$0.23	(a)	$	0.43	(a)	$	0.66
03/31/2002	10.02	0.50	(a)		0.12	(a)		0.62
03/31/2001	9.47	0.48	(a)		0.54	(a)		1.02
03/31/2000	10.12	0.46	(a)		(0.65	)(a)		(0.19	)
03/31/1999	9.97	0.45	(a)		0.14	(a)		0.59
12/31/1997-03/31/1998	10.00	0.11	(a)		(0.03	)(a)		0.08
Administrative Class
09/30/2002+	10.03	0.22	(a)		0.43	(a)		0.65
03/31/2002	10.02	0.45	(a)		0.15	(a)		0.60
03/31/2001	9.47	0.45	(a)		0.55	(a)		1.00
03/31/2000	10.12	0.44	(a)		(0.65	)(a)		(0.21	)
09/30/1998-03/31/1999	10.25	0.21	(a)		(0.13	)(a)		0.08
Short Duration Municipal Income Fund
Institutional Class
09/30/2002+	$10.17	$0.13	(a)	$	0.05	(a)	$	0.18
03/31/2002	10.16	0.38	(a)		0.05	(a)		0.43
03/31/2001	9.99	0.45	(a)		0.16	(a)		0.61
08/31/1999-03/31/2000	10.00	0.23	(a)		(0.01	)(a)		0.22
California Intermediate Municipal Bond Fund
Institutional Class
09/30/2002+	$10.16	$0.23	(a)	$	0.37	(a)	$	0.60
03/31/2002	10.60	0.49	(a)		(0.06	)(a)		0.43
03/31/2001	10.05	0.48	(a)		0.56	(a)		1.04
08/31/1999-03/31/2000	10.00	0.25	(a)		0.06	(a)		0.31
Administrative Class
09/30/2002+	10.16	0.20	(a)		0.39	(a)		0.59
03/31/2002	10.60	0.48	(a)		(0.08	)(a)		0.40
03/31/2001	10.05	0.45	(a)		0.57	(a)		1.02
09/07/1999-03/31/2000	10.02	0.22	(a)		0.05	(a)		0.27
California Municipal Bond Fund
Institutional Class
09/30/2002+	$10.02	$0.23	(a)	$	0.60	(a)	$	0.83
03/31/2002	10.35	0.39	(a)		0.05	(a)		0.44
05/16/2000-03/31/2001	10.00	0.43	(a)		0.78	(a)		1.21
Administrative Class
08/19/2002-09/30/2002+	10.32	0.04	(a)		0.30	(a)		0.34
New York Municipal Bond Fund
Institutional Class
09/30/2002+	$10.35	$0.23	(a)	$	0.58	(a)	$	0.81
03/31/2002	10.64	0.49	(a)		0.17	(a)		0.66
03/31/2001	9.94	0.45	(a)		0.79	(a)		1.24
08/31/1999-03/31/2000	10.00	0.23	(a)		(0.04	)(a)		0.19

* Annualized

+ Unaudited

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 0.39%.

(c) Ratio of expenses to average net assets excluding interest expense is 0.74%. (d) Ratio of expenses to average net assets excluding interest expense is 0.49%.

48   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Selected Per Share Data for the Year or Period Ended:	Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital			Total Distributions			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
StocksPLUS Total Return Fund
Institutional Class
06/28/2002-09/30/2002+	$	(0.04	)	$	0.00		$	0.00		$	(0.04	)	$	8.48	(14.76	)%	$	418	0.74	%*	3.25	%*	101	%
Municipal Bond Fund
Institutional Class
09/30/2002+	$	(0.23	)	$	0.00		$	0.00		$	(0.23	)	$	10.46	6.65	%	$	87,263	0.49	%*	4.44	%*	89	%
03/31/2002		(0.50	)		(0.11	)		0.00			(0.61	)		10.03	6.32			51,622	0.50		4.95		231
03/31/2001		(0.47	)		0.00			0.00			(0.47	)		10.02	11.13			23,478	0.50		4.89		306
03/31/2000		(0.46	)		0.00			0.00			(0.46	)		9.47	(1.81	)		5,684	0.50		4.80		145
03/31/1999		(0.44	)		0.00			0.00			(0.44	)		10.12	6.04			5,894	0.50		4.41		70
12/31/1997-03/31/1998		(0.11	)		0.00			0.00			(0.11	)		9.97	0.78			3,023	0.50	*	4.46	*	60
Administrative Class
09/30/2002+		(0.22	)		0.00			0.00			(0.22	)		10.46	6.52			65,826	0.74	*	4.19	*	89
03/31/2002		(0.48	)		(0.11	)		0.00			(0.59	)		10.03	6.07			41,816	0.74		4.41		231
03/31/2001		(0.45	)		0.00			0.00			(0.45	)		10.02	10.86			4,811	0.75	(c)	4.66		306
03/31/2000		(0.44	)		0.00			0.00			(0.44	)		9.47	(2.07	)		3,141	0.75	(c)	4.58		145
9/30/1998-03/31/1999		(0.21	)		0.00			0.00			(0.21	)		10.12	0.83			1,419	0.75	*	2.11	*	70
Short Duration Municipal Income Fund
Institutional Class
09/30/2002+	$	(0.13	)	$	0.00		$	0.00		$	(0.13	)	$	10.22	1.77	%	$	59,862	0.39	%*	2.62	%*	103	%
03/31/2002		(0.38	)		(0.04	)		0.00			(0.42	)		10.17	4.30			30,906	0.39		3.75		107
03/31/2001		(0.44	)		0.00			0.00			(0.44	)		10.16	6.22			13,645	0.40	(b)	4.48		208
08/31/1999-03/31/2000		(0.23	)		0.00			(0.43	)		(0.23	)		9.99	2.19			10,725	0.39	*(f)	3.92	*	171
California Intermediate Municipal Bond Fund
Institutional Class
09/30/2002+	$	(0.23	)	$	0.00		$	0.00		$	(0.23	)	$	10.53	5.96	%	$	108,098	0.47	%*	4.40	%*	41	%
03/31/2002		(0.47	)		(0.40	)		0.00			(0.87	)		10.16	4.15			83,656	0.50	(d)	4.68		94
03/31/2001		(0.46	)		(0.03	)		0.00			(0.49	)		10.60	10.60			87,531	0.50		4.62		257
08/31/1999-03/31/2000		(0.24	)		(0.02	)		0.00			(0.26	)		10.05	3.16			8,415	0.49	*(g)	4.22	*	357
Administrative Class
09/30/2002+		(0.22	)		0.00			0.00			(0.22	)		10.53	5.83			2,128	0.72	*	3.91	*	41
03/31/2002		(0.44	)		(0.40	)		0.00			(0.84	)		10.16	3.90			1,612	0.75	(c)	4.51		94
03/31/2001		(0.44	)		(0.03	)		0.00			(0.47	)		10.60	10.36			1,717	0.74		4.28		257
09/07/1999-03/31/2000		(0.22	)		(0.02	)		0.00			(0.24	)		10.05	2.73			10	0.75	*(e)	3.95	*	357
California Municipal Bond Fund
Institutional Class
09/30/2002+	$	(0.23	)	$	0.00		$	0.00		$	(0.23	)	$	10.62	8.34	%	$	11,380	0.52	%*(i)	4.39	%*	47	%
03/31/2002		(0.38	)		(0.39	)		0.00			(0.77	)		10.02	4.20			9,670	0.49		3.78		164
05/16/2000-03/31/2001		(0.43	)		(0.43	)		0.00			(0.86	)		10.35	12.49			11,941	0.49	*	4.76	*	338
Administrative Class
08/19/2002-09/30/2002+		(0.04	)		0.00			0.00			(0.04	)		10.62	26.27			3,135	0.72	*	3.18	*	47
New York Municipal Bond Fund
Institutional Class
09/30/2002+	$	(0.23	)	$	0.00		$	0.00		$	(0.23	)	$	10.93	7.94	%	$	2,909	0.48	%*(i)	4.36	%*	106	%
03/31/2002		(0.49	)		(0.46	)		0.00			(0.95	)		10.35	6.46			2,882	0.49		4.57		204
03/31/2001		(0.45	)		(0.09	)		0.00			(0.54	)		10.64	12.77			3,753	0.50	(d)	4.41		973
08/31/1999-03/31/2000		(0.23	)		(0.02	)		(0.21	)		(0.25	)		9.94	1.93			3,058	0.49	*(h)	4.00	*	270

(e) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.01%.

(f) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 0.62%.

(g) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.02%.

(h) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.30%.

(i) Ratio of expenses to average net assets excluding interest expense is 0.47%.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   49

Statements of Assets and Liabilities

September 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

	Total Return Fund		Total Return Fund II		Total Return Fund III		Moderate Duration Fund		Low Duration Fund		Low Duration Fund II		Low Duration Fund III
Assets:
Investments, at value	$	77,087,583	$	2,437,422	$	1,072,145	$	1,385,671	$	10,010,779	$	722,683	$	58,419
Cash		128,004		30		494		278		152		2,500		1,451
Foreign currency, at value		589,819		0		10,280		3,067		71,616		0		231
Receivable for investments sold and forward foreign currency contracts		1,387,086		2,019		20		19		919		0		1
Receivable for Fund shares sold		335,058		5,900		112		2,978		122,393		249		0
Variation margin receivable		154,983		4,409		2,632		399		5,909		23		23
Interest and dividends receivable		484,550		1,540		8,187		5,814		46,162		1,933		337
Other assets		0		6,522		0		0		0		0		0
		80,167,083		2,457,842		1,093,870		1,398,226		10,257,930		727,388		60,462
Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	11,439,585	$	357,623	$	147,744	$	517,039	$	1,917,478	$	235,880	$	12,503
Payable for financing transactions		3,179,298		0		0		0		0		0		0
Payable for short sale		0		0		0		0		0		0		0
Due to Custodian		0		0		0		0		0		0		0
Written options outstanding		133,590		6,331		2,923		563		113		6		1
Payable for Fund shares redeemed		251,374		7,751		17		83		31,960		3,624		0
Dividends payable		36,754		855		407		286		3,424		83		2
Accrued investment advisory fee		12,184		393		180		165		1,530		86		9
Accrued administration fee		10,771		393		180		132		1,521		86		9
Accrued distribution fee		5,169		20		1		0		532		0		0
Accrued servicing fee		2,413		0		0		0		505		0		0
Variation margin payable		14,234		0		12		0		0		0		0
Recoupment payable to Manager		0		0		0		0		0		0		0
Net payable for swap agreements		252,109		10,580		3,953		455		7,188		190		58
Other liabilities		123,107		2		2,447		30		161		89		12
		15,460,588		383,948		157,864		518,753		1,964,412		240,044		12,594
Net Assets	$	64,706,495	$	2,073,894	$	936,006	$	879,473	$	8,293,518	$	487,344	$	47,868
Net Assets Consist of:
Paid in capital	$	62,243,413	$	1,972,618	$	902,233	$	851,411	$	8,160,621	$	475,194	$	46,286
Undistributed (overdistributed) net investment income		210,335		18,104		8,442		4,186		20,104		106		113
Accumulated undistributed net realized gain (loss)		1,717,454		59,587		22,310		18,489		85,732		4,075		809
Net unrealized appreciation (depreciation)		535,293		23,585		3,021		5,387		27,061		7,969		660
	$	64,706,495	$	2,073,894	$	936,006	$	879,473	$	8,293,518	$	487,344	$	47,868
Net Assets:
Institutional Class	$	39,433,547	$	1,963,434	$	934,022	$	879,473	$	5,198,275	$	486,362	$	47,850
Administrative Class		12,343,651		110,460		1,984		0		319,328		982		18
Other Classes		12,929,297		0		0		0		2,775,915		0		0
Shares Issued and Outstanding:
Institutional Class		3,625,513		184,889		98,115		85,017		504,898		48,361		4,668
Administrative Class		1,134,878		10,402		209		0		31,016		98		2
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.88	$	10.62	$	9.52	$	10.34	$	10.30	$	10.06	$	10.25
Administrative Class		10.88		10.62		9.52		0.00		10.30		10.06		10.25
Cost of Investments Owned	$	76,927,592	$	2,426,133	$	1,076,689	$	1,381,330	$	10,012,670	$	715,149	$	57,872
Cost of Foreign Currency Held	$	582,979	$	0	$	10,158	$	3,030	$	71,568	$	0	$	230

50   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Amounts in thousands, except per share amounts

	Short-Term Fund			Money Market Fund			Long-Term U.S. Government Fund		Investment Grade Corporate Bond Fund			High Yield Fund			Total Return Mortgage Fund		GNMA Fund		Real Return Fund		Real Return Fund II		Real Return Asset Fund
Assets:
Investments, at value	$	2,862,686		$	400,219		$	882,200	$	11,067		$	3,697,556		$	353,664	$	356,762	$	7,314,256	$	18,341	$	35,975
Cash		113			880			1,619		218			3,535			0		480		0		0		1
Foreign currency, at value		1,286			0			0		8			0			0		0		856		0		0
Receivable for investments sold and forward foreign currency contracts		38,766			0			23,591		1,678			105,462			189,191		115,907		385,556		0		0
Receivable for Fund shares sold		14,193			3,609			12,193		0			16,147			1,984		4,633		101,864		0		0
Variation margin receivable		2,302			0			3,755		4			0			0		0		0		0		0
Interest and dividends receivable		18,032			274			4,192		167			86,055			767		1,178		67,429		172		384
Other assets		0			0			0		0			0			0		0		0		0		0
		2,937,378			404,982			927,550		13,142			3,908,755			545,606		478,960		7,869,961		18,513		36,360
Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	44,189		$	0		$	15,782	$	228		$	49,465		$	274,477	$	230,550	$	99,472	$	0	$	0
Payable for financing transactions		0			0			0		0			0			0		0		693,351		0		5,784
Payable for short sale		30,260			0			24,142		1,702			85,834			66,672		6,161		390,940		0		0
Due to Custodian		0			0			0		0			4,921			22		0		13,719		0		0
Written options outstanding		8,797			0			8,492		38			13,517			0		0		0		0		0
Payable for Fund shares redeemed		14,716			2,025			1,707		34			14,845			241		2,582		20,314		0		0
Dividends payable		1,143			18			265		1			6,651			49		90		2,828		0		0
Accrued investment advisory fee		546			42			157		3			746			37		43		1,197		4		11
Accrued administration fee		573			87			193		3			932			53		76		1,537		3		6
Accrued distribution fee		140			42			141		0			631			1		0		921		0		0
Accrued servicing fee		242			28			60		0			310			47		91		725		0		0
Variation margin payable		0			0			0		0			0			8		9		236		0		0
Recoupment payable to Manager		0			0			0		0			0			0		0		0		0		1
Net payable for swap agreements		21,718			0			612		2			14,424			1,147		1,280		4,706		0		0
Other liabilities		882			0			1,924		3			1,504			181		204		1,679		0		6
		123,206			2,242			53,475		2,014			193,780			342,935		241,086		1,231,625		7		5,808
Net Assets	$	2,814,172		$	402,740		$	874,075	$	11,128		$	3,714,975		$	202,671	$	237,874	$	6,638,336	$	18,506	$	30,552
Net Assets Consist of:
Paid in capital	$	2,842,045		$	402,721		$	805,644	$	10,672		$	4,955,241		$	196,265	$	230,710	$	6,131,075	$	16,726	$	27,103
Undistributed (overdistributed) net investment income		(317	)		112			372		91			(58	)		176		136		2,359		0		34
Accumulated undistributed net realized gain (loss)		(4,245	)		(93	)		31,624		713			(632,699	)		4,619		6,046		76,739		496		99
Net unrealized appreciation (depreciation)		(23,311	)		0			36,435		(348	)		(607,509	)		1,611		982		428,163		1,284		3,316
	$	2,814,172		$	402,740		$	874,075	$	11,128		$	3,714,975		$	202,671	$	237,874	$	6,638,336	$	18,506	$	30,552
Net Assets:
Institutional Class	$	1,244,729		$	93,612		$	393,995	$	11,128		$	1,719,970		$	44,322	$	53,950	$	2,160,584	$	18,506	$	30,552
Administrative Class		308,854			19,254			149,490		0			429,437			9,168		0		395,570		0		0
Other Classes		1,260,589			289,874			330,590		0			1,565,568			149,181		183,924		4,082,182		0		0
Shares Issued and Outstanding:
Institutional Class		125,271			93,612			34,000		1,077			214,806			4,069		4,808		188,761		1,672		2,754
Administrative Class		31,084			19,254			12,901		0			53,632			842		0		34,559		0		0
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	9.94		$	1.00		$	11.59	$	10.33		$	8.01		$	10.89	$	11.22	$	11.45	$	11.07	$	11.09
Administrative Class		9.94			1.00			11.59		0.00			8.01			10.89		0.00		11.45		0.00		0.00
Cost of Investments Owned	$	2,881,809		$	400,219		$	861,110	$	11,433		$	4,295,847		$	350,628	$	354,265	$	6,875,628	$	17,057	$	32,659
Cost of Foreign Currency Held	$	1,264		$	0		$	0	$	8		$	0		$	0	$	0	$	851	$	0	$	0

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   51

Statements of Assets and Liabilities (Cont.)

September 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts	Commodity RealReturn Strategy Fund		Foreign Bond Fund			Global Bond Fund			Global Bond Fund II			Emerging Markets Bond Fund			Strategic Balanced Fund
Assets:
Investments, at value	$	5,665	$	2,002,223		$	838,056		$	187,583		$	388,398		$	51,156
Cash		1		248			134			7			4,843			1
Foreign currency, at value		0		28,875			8,312			2,481			0			0
Receivable for investments sold and forward foreign
currency contracts		0		1,040,308			343,248			71,510			10,458			0
Receivable for Fund shares sold		3		3,897			915			476			690			102
Variation margin receivable		0		4,078			1,314			188			0			0
Interest and dividends receivable		223		30,119			15,316			3,299			5,287			69
Prepaid offering expenses		199		0			0			0			0			0
Other assets		0		0			21			0			0			0
		6,091		3,109,748			1,207,316			265,544			409,676			51,328
Liabilities:
Payable for investments purchased and forward foreign
currency contracts	$	0	$	420,562		$	169,773		$	29,174		$	63,629		$	72
Payable for financing transactions		911		1,032,311			503,049			110,610			64,178			0
Payable for short sale		0		483,596			110,113			23,518			10,084			0
Due to Custodian		0		0			0			0			0			0
Written options outstanding		0		17,399			7,233			1,663			0			0
Payable for Fund shares redeemed		0		1,212			313			128			1,280			134
Dividends payable		0		227			246			31			177			0
Accrued investment advisory fee		2		210			75			18			92			0
Accrued administration fee		1		265			89			25			91			9
Accrued distribution fee		0		65			5			12			24			11
Accrued servicing fee		0		68			0			5			16			5
Variation margin payable		0		541			229			0			0			0
Recoupment payable to Manager		0		0			0			0			0			0
Net payable for swap agreements		0		32,401			18,269			2,470			9,148			0
Other liabilities		209		14,595			8,633			1,477			478			0
		1,123		2,003,452			818,027			169,131			149,197			231
Net Assets	$	4,968	$	1,106,296		$	389,289		$	96,413		$	260,479		$	51,097
Net Assets Consist of:
Paid in capital	$	4,382	$	1,084,767		$	375,695		$	94,734		$	285,590		$	73,173
Undistributed (overdistributed) net investment income		261		29,418			(9,092	)		578			6,324			1,117
Accumulated undistributed net realized gain (loss)		3		(67,880	)		(5,721	)		(5,331	)		(8	)		(9,119	)
Net unrealized appreciation (depreciation)		322		59,991			28,407			6,432			(31,427	)		(14,074	)
	$	4,968	$	1,106,296		$	389,289		$	96,413		$	260,479		$	51,097
Net Assets:
Institutional Class	$	4,968	$	713,790		$	361,838		$	66,456		$	170,720		$	25,841
Administrative Class		0		28,931			27,451			0			6,987			1,490
Other Classes		0		363,575			0			29,957			82,772			23,766
Shares Issued and Outstanding:
Institutional Class		425		67,002			38,532			6,758			20,593			2,919
Administrative Class		0		2,716			2,923			0			844			168
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	11.69	$	10.65		$	9.39		$	9.83		$	8.29		$	8.85
Administrative Class		0.00		10.65			9.39			0.00			8.29			8.85
Cost of Investments Owned	$	5,343	$	1,893,991		$	788,318		$	177,072		$	411,051		$	65,229

52   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Amounts in thousands, except per share amounts	All Asset Fund		Convertible Fund			European Convertible Fund			StocksPLUS Fund			StocksPLUS Total Return Fund			Municipal Bond Fund			Short Duration Municipal Income Fund			California Intermediate Municipal Bond Fund			California Municipal Bond Fund			New York Municipal Bond Fund
Assets:
Investments, at value	$	5,348	$	26,272		$	4,960		$	788,672		$	421		$	350,672		$	191,900		$	160,754		$	22,107		$	9,843
Cash		0		5			0			110			1			0			0			0			1			0
Foreign currency, at value		0		132			24			2,802			0			0			0			0			0			0
Receivable for investments sold and forward foreign
currency contracts		0		1			20			184			0			21,782			1,001			6,445			2,530			1,020
Receivable for Fund shares sold		700		25			0			1,866			0			4,922			7,316			1,237			77			215
Variation margin receivable		0		0			0			111			0			0			0			0			0			0
Interest and dividends receivable		15		176			24			3,645			2			4,777			2,084			2,045			212			72
Prepaid offering expenses		6		0			0			0			9			0			0			0			0			0
Other assets		0		0			0			0			0			0			0			0			0			0
		6,069		26,611			5,028			797,390			433			382,153			202,301			170,481			24,927			11,150
Liabilities:
Payable for investments purchased and forward foreign
currency contracts	$	15	$	0		$	5		$	74,602		$	0		$	21,757		$	5,042		$	3,370		$	3,840		$	520
Payable for financing transactions		0		0			0			0			0			0			0			0			0			0
Payable for short sale		0		0			0			0			0			0			0			0			0			0
Due to Custodian		0		0			0			0			0			16			2,470			1,487			0			10
Written options outstanding		0		0			0			352			0			0			0			0			0			0
Payable for Fund shares redeemed		0		245			1,000			3,712			0			481			594			21			0			0
Dividends payable		0		0			0			0			0			286			42			72			2			8
Accrued investment advisory fee		1		8			2			226			0			67			27			31			4			2
Accrued administration fee		0		6			1			179			0			81			40			32			4			2
Accrued distribution fee		0		6			0			142			0			64			4			0			1			0
Accrued servicing fee		0		3			0			63			0			38			23			10			1			1
Variation margin payable		0		0			0			6,667			6			235			380			65			0			0
Recoupment payable to Manager		0		2			0			0			0			0			3			7			1			0
Net payable for swap agreements		0		0			0			20,799			0			0			0			0			0			0
Other liabilities		6		0			0			210			9			0			0			0			0			0
		22		270			1,008			106,952			15			23,025			8,625			5,095			3,853			543
Net Assets	$	6,047	$	26,341		$	4,020		$	690,438		$	418		$	359,128		$	193,676		$	165,386		$	21,074		$	10,607
Net Assets Consist of:
Paid in capital	$	5,845	$	53,138		$	4,326		$	1,271,201		$	486		$	346,294		$	193,396		$	157,449		$	20,157		$	10,129
Undistributed (overdistributed) net investment income		18		902			32			(42,560	)		1			583			3			636			8			(8	)
Accumulated undistributed net realized gain (loss)		14		(25,038	)		(323	)		(499,076	)		(41	)		(6,129	)		(2,527	)		(1,472	)		(19	)		140
Net unrealized appreciation (depreciation)		170		(2,661	)		(15	)		(39,127	)		(28	)		18,380			2,804			8,773			928			346
	$	6,047	$	26,341		$	4,020		$	690,438		$	418		$	359,128		$	193,676		$	165,386		$	21,074		$	10,607
Net Assets:
Institutional Class	$	6,047	$	12,851		$	4,020		$	281,468		$	418		$	87,263		$	59,862		$	108,098		$	11,380		$	2,909
Administrative Class		0		7			0			105,870			0			65,826			0			2,128			3,135			0
Other Classes		0		13,483			0			303,100			0			206,039			133,814			55,160			6,559			7,698
Shares Issued and Outstanding:
Institutional Class		574		1,381			428			38,421			49			8,343			5,856			10,267			1,071			266
Administrative Class		0		1			0			14,717			0			6,293			0			202			295			0
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Institutional Class	$	10.53	$	9.30		$	9.42		$	7.33		$	8.48		$	10.46		$	10.22		$	10.53		$	10.53		$	10.93
Administrative Class		0.00		9.49			0.00			7.19			0.00			10.46			0.00			10.53			10.53			0.00
Cost of Investments Owned	$	5,178	$	28,936		$	4,990		$	792,311		$	413		$	330,775		$	187,406		$	151,558		$	21,177		$	9,497

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   53

Statements of Operations

For the period ended September 30, 2002 (Unaudited)

Amounts in thousands

	Total Return Fund			Total Return Fund II		Total Return Fund III			Moderate Duration Fund			Low Duration Fund			Low Duration Fund II		Low Duration Fund III
Investment Income:
Interest, net of foreign taxes	$	1,426,310		$	44,506	$	23,254		$	19,032		$	156,110		$	8,012	$	1,229
Dividends, net of foreign taxes		14,227			0		0			85			213			109		0
Miscellaneous income		0			0		0			0			74			0		0
Total Income		1,440,537			44,506		23,254			19,117			156,397			8,121		1,229
Expenses:
Investment advisory fees		73,629			2,423		1,121			1,006			8,812			489		62
Administration fees		64,379			2,423		1,121			805			8,543			489		62
Distribution and/or servicing fees – Administrative Class		13,036			135		2			0			356			1		0
Distribution and/or servicing fees – Other Classes		30,243			0		0			0			5,100			0		0
Trustees’ fees		70			3		1			1			7			1		0
Organization costs		0			0		0			0			0			0		0
Interest expense		31			8		32			2			0			3		1
Miscellaneous expense		0			0		0			0			0			0		0
Total Expenses		181,388			4,992		2,277			1,814			22,818			983		125
Net Investment Income		1,259,149			39,514		20,977			17,303			133,579			7,138		1,104
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		467,732			11,810		5,425			13,503			32,459			2,088		426
Net realized gain (loss) on futures contracts, written options and swaps		1,195,438			58,895		19,130			5,815			36,791			1,870		190
Net realized gain (loss) on foreign currency transactions		108,961			0		(667	)		927			14,339			0		113
Net change in unrealized appreciation (depreciation) on investments		348,436			17,999		(6,131	)		2,422			26,959			5,894		325
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		428,974			8,775		9,167			2,268			50,157			1,400		255
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		(21,719	)		0		(84	)		(261	)		(249	)		0		(5	)
Net Gain (Loss)		2,527,822			97,479		26,840			24,674			160,456			11,252		1,304
Net Increase (Decrease) in Assets Resulting from Operations	$	3,786,971		$	136,993	$	47,817		$	41,977		$	294,035		$	18,390	$	2,408

54   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Amounts in thousands

	Short-Term Fund			Money Market Fund		Long-Term U.S. Government Fund		Investment Grade Corporate Bond Fund			High Yield Fund			Total Return Mortgage Fund			GNMA Fund			Real Return Fund			Real Return Fund II		Real Return Asset Fund
Investment Income:
Interest, net of foreign taxes	$	49,478		$	3,292	$	16,926	$	418		$	175,419		$	2,224		$	2,360		$	132,863		$	534	$	815
Dividends, net of foreign taxes		0			0		0		0			2,456			0			0			0			0		0
Miscellaneous income		0			0		0		0			36			0			0			0			0		0
Total Income		49,478			3,292		16,926		418			177,911			2,224			2,360			132,863			534		815
Expenses:
Investment advisory fees		3,545			261		808		17			4,972			163			195			5,857			22		61
Administration fees		3,704			520		1,005		18			6,207			231			334			7,366			17		30
Distribution and/or servicing fees – Administrative Class		381			22		110		0			639			11			0			449			0		0
Distribution and/or servicing fees – Other Classes		2,024			346		825		0			5,741			200			369			7,296			0		0
Trustees’ fees		2			1		1		0			5			0			0			3			0		0
Organization costs		0			0		0		0			0			0			0			1			0		0
Interest expense		6			1		11		0			0			7			6			795			1		0
Miscellaneous expense		0			0		0		0			0			0			0			0			0		1
Total Expenses		9,662			1,151		2,760		35			17,564			612			904			21,767			40		92
Net Investment Income		39,816			2,141		14,166		383			160,347			1,612			1,456			111,096			494		723
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		(6,910	)		0		6,462		688			(172,529	)		4,044			5,250			72,793			496		102
Net realized gain (loss) on futures contracts, written options and swaps		3,903			0		46,878		73			5,580			575			700			5,994			0		(3	)
Net realized gain (loss) on foreign currency transactions		13			0		0		(1	)		(2,451	)		0			0			(4,635	)		0		0
Net change in unrealized appreciation (depreciation) on investments		(17,363	)		0		30,021		(331	)		(363,461	)		2,787			2,595			443,993			1,391		3,748
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		1,504			0		17,241		7			(11,780	)		(1,305	)		(1,485	)		(2,708	)		0		(1	)
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		10			0		0		0			554			0			0			533			0		0
Net Gain (Loss)		(18,843	)		0		100,602		436			(544,087	)		6,101			7,060			515,970			1,887		3,846
Net Increase (Decrease) in Assets Resulting from Operations	$	20,973		$	2,141	$	114,768	$	819		$	(383,740	)	$	7,713		$	8,516		$	627,066		$	2,381	$	4,569

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   55

Statements of Operations (Cont.)

For the period ended September 30, 2002 (Unaudited)

Amounts in thousands

	Commodity RealReturn Strategy Fund		Foreign Bond Fund			Global Bond Fund			Global Bond Fund II			Emerging Markets Bond Fund			Strategic Balanced Fund
Investment Income:
Interest, net of foreign taxes	$	308	$	18,381		$	9,725		$	2,043		$	11,104		$	0
Dividends, net of foreign taxes		0		203			67			22			0			517
Miscellaneous income		0		0			0			0			0			0
Total Income		308		18,584			9,792			2,065			11,104			517
Expenses:
Investment advisory fees		5		1,143			446			112			584			0
Administration fees		2		1,448			535			152			580			61
Distribution and/or servicing fees – Administrative Class		0		30			19			0			11			2
Distribution and/or servicing fees – Other Classes		0		729			0			90			228			113
Trustees’ fees		0		1			0			0			0			0
Organization costs		0		0			0			0			0			0
Interest expense		0		29			6			4			50			0
Miscellaneous expense		0		0			0			0			0			0
Total Expenses		7		3,380			1,006			358			1,453			176
Net Investment Income (Loss)		301		15,204			8,786			1,707			9,651			341
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		3		(33,933	)		(7,562	)		(1,791	)		(462	)		(2,699	)
Net realized gain (loss) on futures contracts, written options and swaps		0		26,133			7,621			1,504			413			0
Net realized gain (loss) on foreign currency transactions		0		(59,309	)		(4,245	)		(4,654	)		620			0
Net change in unrealized appreciation (depreciation) on investments		322		139,662			65,284			13,273			(32,112	)		(6,958	)
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		0		(37,227	)		(22,206	)		(3,533	)		(9,275	)		0
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		0		(12,154	)		620			(964	)		31			0
Net Gain (Loss)		325		23,172			39,512			3,835			(40,785	)		(9,657	)
Net Increase (Decrease) in Assets Resulting from Operations	$	626	$	38,376		$	48,298		$	5,542		$	(31,134	)	$	(9,316	)

56   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Amounts in thousands

	All Asset Fund		Convertible Fund			European Convertible Fund			StocksPLUS Fund			StocksPLUS Total Return Fund			Municipal Bond Fund			Short Duration Municipal Income Fund			California Intermediate Municipal Bond Fund			California Municipal Bond Fund			New York Municipal Bond Fund
Investment Income:
Interest, net of foreign taxes	$	0	$	230		$	21		$	16,250		$	4		$	6,621		$	1,671		$	3,358		$	351		$	154
Dividends, net of foreign taxes		35		226			5			35			0			0			0			0			0			0
Miscellaneous income		0		0			0			(64,732	)		0			1			1			0			0			0
Total Income		35		456			26			(48,447	)		4			6,622			1,672			3,358			351			154
Expenses:
Investment advisory fees		2		58			13			1,680			1			336			113			173			18			8
Administration fees		0		47			6			1,352			0			403			163			178			18			11
Distribution and/or servicing fees – Administrative Class		0		0			0			113			0			67			0			3			1			0
Distribution and/or servicing fees – Other Classes		0		62			0			1,478			0			442			99			49			4			5
Trustees’ fees		0		0			0			1			0			0			0			0			0			0
Organization costs		0		0			0			0			0			0			0			0			0			0
Interest expense		0		3			0			2			0			0			0			2			2			0
Miscellaneous expense		0		1			0			0			0			0			3			4			0			0
Total Expenses		2		171			19			4,626			1			1,248			378			409			43			24
Net Investment Income (Loss)		33		285			7			(53,073	)		3			5,374			1,294			2,949			308			130
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		14		(961	)		(280	)		1,191			3			240			(61	)		(48	)		201			170
Net realized gain (loss) on futures contracts, written options and swaps		0		0			0			(154,523	)		(44	)		(6,457	)		(2,464	)		(1,555	)		(3	)		66
Net realized gain (loss) on foreign currency transactions		0		(9	)		72			(67	)		0			0			0			0			0			0
Net change in unrealized appreciation (depreciation) on investments		170		(2,313	)		188			(1,465	)		8			18,890			4,282			7,243			772			227
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		0		0			0			(62,656	)		(36	)		(1,959	)		(1,690	)		(715	)		(37	)		(95	)
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		0		8			(14	)		453			0			0			0			0			0			0
Net Gain (Loss)		184		(3,275	)		(34	)		(217,067	)		(69	)		10,714			67			4,925			933			368
Net Increase (Decrease) in Assets Resulting from Operations	$	217	$	(2,990	)	$	(27	)	$	(270,140	)	$	(66	)	$	16,088		$	1,361		$	7,874		$	1,241		$	498

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   57

Statements of Changes in Net Assets

Amounts in thousands

	Total Return Fund						Total Return Fund II						Total Return III Fund
	Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002
	(Unaudited)						(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	1,259,149		$	2,382,004		$	39,514		$	80,513		$	20,977		$	46,449
Net realized gain (loss)		1,772,131			1,406,666			70,705			65,863			23,888			30,390
Net change in unrealized appreciation (depreciation)		755,691			(659,434	)		26,774			(32,836	)		2,952			(13,566	)
Net increase resulting from operations		3,786,971			3,129,236			136,993			113,540			47,817			63,273
Distributions to Shareholders:
From net investment income
Institutional Class		(839,778	)		(1,727,121	)		(37,430	)		(76,508	)		(20,913	)		(46,036	)
Administrative Class		(219,120	)		(344,120	)		(2,079	)		(4,009	)		(38	)		(438	)
Other Classes		(200,636	)		(309,378	)		0			0			0			0
From net realized capital gains
Institutional Class		0			(927,000	)		0			(61,742	)		0			(12,875	)
Administrative Class		0			(216,063	)		0			(3,673	)		0			(151	)
Other Classes		0			(215,555	)		0			0			0			0
Total Distributions		(1,259,534	)		(3,739,237	)		(39,509	)		(145,932	)		(20,951	)		(59,500	)
Fund Share Transactions:
Receipts for shares sold
Institutional Class		7,933,887			12,210,173			377,408			517,374			162,226			133,009
Administrative Class		3,947,600			5,123,488			24,062			65,036			1,049			1,252
Other Classes		4,830,684			5,843,216			0			0			0			0
Issued as reinvestment of distributions
Institutional Class		707,194			2,341,040			30,477			116,001			18,341			53,795
Administrative Class		177,355			462,124			2,054			7,675			25			518
Other Classes		123,598			312,614			0			0			0			0
Cost of shares redeemed
Institutional Class		(6,051,716	)		(10,701,797	)		(311,718	)		(434,820	)		(118,172	)		(214,489	)
Administrative Class		(1,129,156	)		(1,915,219	)		(32,196	)		(36,732	)		(303	)		(11,864	)
Other Classes		(1,573,414	)		(2,358,005	)		0			0			0			0
Net increase (decrease) resulting from Fund share transactions		8,966,032			11,317,634			90,087			234,534			63,166			(37,779	)
Total Increase (Decrease) in Net Assets		11,493,469			10,707,633			187,571			202,142			90,032			(34,006	)
Net Assets:
Beginning of period		53,213,026			42,505,393			1,886,323			1,684,181			845,974			879,980
End of period*	$	64,706,495		$	53,213,026		$	2,073,894		$	1,886,323		$	936,006		$	845,974
*Including net undistributed (overdistributed) investment income of:	$	210,335		$	210,720		$	18,104		$	18,099		$	8,442		$	8,416

58   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Moderate Duration Fund						Low Duration Fund						Low Duration Fund II						Low Duration Fund III						Short-Term Fund
	Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002
	(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	17,303		$	29,870		$	133,579		$	269,366		$	7,138		$	24,624		$	1,104		$	2,221		$	39,816		$	49,421
Net realized gain (loss)		20,245			16,934			83,589			77,736			3,958			11,922			729			859			(2,994	)		3,678
Net change in unrealized appreciation (depreciation)		4,429			(4,936	)		76,867			(70,073	)		7,294			(8,326	)		575			(334	)		(15,849	)		(10,284	)
Net increase resulting from operations		41,977			41,868			294,035			277,029			18,390			28,220			2,408			2,746			20,973			42,815
Distributions to Shareholders:
From net investment income
Institutional Class		(17,326	)		(29,872	)		(93,688	)		(219,800	)		(7,111	)		(24,635	)		(1,103	)		(2,221	)		(19,845	)		(29,948	)
Administrative Class		0			0			(5,360	)		(10,774	)		(13	)		(4	)		0			(1	)		(4,237	)		(1,904	)
Other Classes		0			0			(34,541	)		(38,773	)		0			0			0			0			(15,735	)		(17,570	)
From net realized capital gains
Institutional Class		0			(13,609	)		0			(5,977	)		0			(8,434	)		0			(162	)		0			(1,475	)
Administrative Class		0			0			0			(354	)		0			(2	)		0			0			0			(136	)
Other Classes		0			0			0			(1,678	)		0			0			0			0			0			(1,247	)
Total Distributions		(17,326	)		(43,481	)		(133,589	)		(277,356	)		(7,124	)		(33,075	)		(1,103	)		(2,384	)		(39,817	)		(52,280	)
Fund Share Transactions:
Receipts for shares sold
Institutional Class		287,513			277,410			2,077,553			2,746,458			254,075			152,623			5,328			18,296			886,439			1,218,044
Administrative Class		0			0			103,492			186,711			467			567			4			5			100,182			326,512
Other Classes		0			0			1,608,132			1,665,238			0			0			0			0			747,226			1,588,251
Issued as reinvestment of distributions
Institutional Class		15,787			39,583			84,434			203,560			6,442			29,336			1,070			2,370			17,236			25,628
Administrative Class		0			0			3,700			8,594			11			5			0			1			4,158			2,016
Other Classes		0			0			21,976			25,669			0			0			0			0			11,392			13,523
Cost of shares redeemed
Institutional Class		(215,515	)		(125,254	)		(1,301,021	)		(2,679,138	)		(145,469	)		(453,578	)		(17,047	)		(6,758	)		(702,919	)		(710,987	)
Administrative Class		0			0			(55,456	)		(86,011	)		(144	)		(26	)		(3	)		0			(83,710	)		(42,322	)
Other Classes		0			0			(469,771	)		(614,010	)		0			0			0			0			(594,427	)		(614,934	)
Net increase (decrease) resulting from Fund share transactions		87,785			191,739			2,073,039			1,457,071			115,382			(271,073	)		(10,648	)		13,914			385,577			1,805,731
Total Increase (Decrease) in Net Assets		112,436			190,126			2,233,485			1,456,744			126,648			(275,928	)		(9,343	)		14,276			366,733			1,796,266
Net Assets:
Beginning of period		767,037			576,911			6,060,033			4,603,289			360,696			636,624			57,211			42,935			2,447,439			651,173
End of period*	$	879,473		$	767,037		$	8,293,518		$	6,060,033		$	487,344		$	360,696		$	47,868		$	57,211		$	2,814,172		$	2,447,439
*Including net undistributed (overdistributed) investment income of:	$	4,186		$	4,209		$	20,104		$	20,114		$	106		$	92		$	113		$	112		$	(317	)	$	(316	)

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   59

Statements of Changes in Net Assets (Cont.)

Amounts in thousands

	Money Market Fund						Long-Term U.S. Government Fund						Investment Grade Corporate Bond Fund
	Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002
	(Unaudited)						(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	2,141		$	9,494		$	14,166		$	31,644		$	383		$	416
Net realized gain (loss)		0			0			53,340			(2,569	)		760			184
Net change in unrealized appreciation (depreciation)		0			0			47,262			(20,667	)		(324	)		(239	)
Net increase (decrease) resulting from operations		2,141			9,494			114,768			8,408			819			361
Distributions to Shareholders:
From net investment income
Institutional Class		(776	)		(4,403	)		(7,068	)		(15,775	)		(383	)		(416	)
Administrative Class		(113	)		(360	)		(1,927	)		(4,324	)		0			0
Other Classes		(1,253	)		(4,733	)		(5,243	)		(11,481	)		0			0
From net realized capital gains
Institutional Class		0			0			0			(7,799	)		0			(279	)
Administrative Class		0			0			0			(1,901	)		0			0
Other Classes		0			0			0			(6,478	)		0			0
Total Distributions		(2,142	)		(9,496	)		(14,238	)		(47,758	)		(383	)		(695	)
Fund Share Transactions:
Receipts for shares sold
Institutional Class		118,000			172,703			154,474			168,745			13,767			0
Administrative Class		41,504			61,315			88,038			69,020			0			0
Other Classes		572,884			916,321			188,862			252,472			0			0
Issued as reinvestment of distributions
Institutional Class		811			4,385			6,237			20,428			381			695
Administrative Class		230			391			1,925			6,224			0			0
Other Classes		1,047			4,002			3,676			12,297			0			0
Cost of shares redeemed
Institutional Class		(129,568	)		(208,710	)		(59,154	)		(156,445	)		(9,548	)		(20	)
Administrative Class		(35,840	)		(55,511	)		(19,967	)		(83,717	)		0			0
Other Classes		(449,944	)		(960,207	)		(122,053	)		(199,216	)		0			0
Net increase (decrease) resulting from Fund share transactions		119,124			(65,311	)		242,038			89,808			4,600			675
Total Increase (Decrease) in Net Assets		119,123			(65,313	)		342,568			50,458			5,036			341
Net Assets:
Beginning of period		283,617			348,930			531,507			481,049			6,092			5,751
End of period*	$	402,740		$	283,617		$	874,075		$	531,507		$	11,128		$	6,092
*Including net undistributed (overdistributed) investment income of:	$	112		$	113		$	372		$	444		$	91		$	91

60   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Statements of Changes in Net Assets (Cont.)

Amounts in thousands

	High Yield Fund						Total Return Mortgage Fund						GNMA Fund						Real Return Fund						Real Return Fund II
	Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Period from February 28, 2002 to March 31, 2002
	(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	160,347		$	253,870		$	1,612		$	1,837		$	1,456		$	1,318		$	111,096		$	$67,329		$	494		$	76
Net realized gain (loss)		(169,400)			(160,982	)		4,619			1,637			5,950			848			74,152			27,718			496			0
Net change in unrealized appreciation (depreciation)		(374,687)			(67,205	)		1,482			(498	)		1,110			(332	)		441,818			(47,485	)		1,391			(107	)
Net increase (decrease) resulting from operations		(383,740)			25,683			7,713			2,976			8,516			1,834			627,066			47,562			2,381			(31	)
Distributions to Shareholders:
From net investment income
Institutional Class		(77,048	)		(120,860	)		(447	)		(903	)		(529	)		(875	)		(43,444	)		(34,570	)		(494	)		(76	)
Administrative Class		(21,009	)		(43,159	)		(113	)		(83	)		0			0			(9,360	)		(4,179	)		0			0
Other Classes		(62,992	)		(89,466	)		(1,035	)		(866	)		(874	)		(498	)		(58,292	)		(28,755	)		0			0
From net realized capital gains
Institutional Class		0			0			0			(681	)		0			(429	)		0			(9,073	)		0			0
Administrative Class		0			0			0			0			0			0			0			(2,027	)		0			0
Other Classes		0			0			0			(1,164	)		0			(482	)		0			(13,921	)		0			0
Total Distributions		(161,049)			(253,485	)		(1,595	)		(3,697	)		(1,403	)		(2,284	)		(111,096	)		(92,525	)		(494	)		(76	)
Fund Share Transactions:
Receipts for shares sold
Institutional Class		545,303			1,242,136			24,901			9,237			23,754			53,099			914,377			912,609			1,251			16,000
Administrative Class		135,480			383,346			200			8,400			0			0			151,882			303,160			0			0
Other Classes		524,137			1,111,997			124,295			63,840			163,314			74,554			2,314,015			2,034,105			0			0
Issued as reinvestment of distributions
Institutional Class		59,793			90,010			433			1,548			468			1,168			39,821			40,497			494			76
Administrative Class		20,794			43,040			113			83			0			0			9,351			6,188			0			0
Other Classes		36,114			47,213			844			1,607			651			824			41,606			31,101			0			0
Cost of shares redeemed
Institutional Class		(503,735	)		(542,560	)		(3,115	)		(10,470	)		(7,522	)		(29,128	)		(223,838	)		(247,011	)		(1,095	)		0
Administrative Class		(300,123	)		(209,851	)		(73	)		(35	)		0			0			(101,891	)		(59,738	)		0			0
Other Classes		(414,482	)		(423,188	)		(31,470	)		(18,132	)		(48,453	)		(11,492	)		(361,459	)		(536,568	)		0			0
Net increase (decrease) resulting from Fund share transactions		103,281			1,742,143			116,128			56,078			132,212			89,025			2,783,864			2,484,343			650			16,076
Total Increase (Decrease) in Net Assets		(441,508)			1,514,341			122,246			55,357			139,325			88,575			3,299,834			2,439,380			2,537			15,969
Net Assets:
Beginning of period		4,156,483			2,642,142			80,425			25,068			98,549			9,974			3,338,502			899,122			15,969			0
End of period*	$	3,714,975		$	4,156,483		$	202,671		$	80,425		$	237,874		$	98,549		$	6,638,336		$	3,338,502		$	18,506		$	15,969
*Including net undistributed (overdistributed) investment income of:	$	(58)		$	644		$	176		$	159		$	136		$	83		$	2,359		$	2,359		$	0		$	0

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   61

Statements of Changes in Net Assets (Cont.)

Amounts in thousands

	Real Return Asset Fund						Commodity RealReturn Strategy Fund			Foreign Bond Fund						Global Bond Fund
	Six Months Ended September 30, 2002			Period from November 12, 2001 to March 31, 2002			June 28, 2002 to September 30, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002
	(Unaudited)						(Unaudited)			(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	723		$	84		$	301		$	15,204		$	32,280		$	8,786		$	15,605
Net realized gain (loss)		99			33			3			(67,109	)		39,346			(4,186	)		2,898
Net capital gain distributions received from underlying Funds		0			0			0			0			0			0			0
Net change in unrealized appreciation (depreciation)		3,747			(431	)		322			90,281			(33,033	)		43,698			(7,209	)
Net increase (decrease) resulting from operations		4,569			(314	)		626			38,376			38,593			48,298			11,294
Distributions to Shareholders:
From net investment income
Institutional Class		(723	)		(83	)		(40	)		(10,420	)		(23,434	)		(8,435	)		(11,085	)
Administrative Class		0			0			0			(426	)		(809	)		(354	)		(72	)
Other Classes		0			0			0			(4,452	)		(8,134	)		0			0
From net realized capital gains
Institutional Class		0			0			0			0			(1,201	)		0			0
Administrative Class		0			0			0			0			(44	)		0			0
Other Classes		0			0			0			0			(505	)		0			0
Tax basis return of capital
Institutional Class		0			0			0			0			0			0			(4,363	)
Administrative Class		0			0			0			0			0			0			(86	)
Total Distributions		(723	)		(83	)		(40	)		(15,298	)		(34,127	)		(8,789	)		(15,606	)
Fund Share Transactions:
Receipts for shares sold
Institutional Class		5,506			21,061			4,361			264,413			194,705			101,493			39,724
Administrative Class		0			0			0			13,382			11,206			29,936			8,527
Other Classes		0			0			0			163,470			142,837			0			0
Issued as reinvestment of distributions
Institutional Class		723			83			40			9,511			21,851			6,704			11,983
Administrative Class		0			0			0			417			843			354			157
Other Classes		0			0			0			3,682			7,259			0			0
Cost of shares redeemed
Institutional Class		(270	)		0			(19	)		(86,140	)		(190,979	)		(85,484	)		(54,609	)
Administrative Class		0			0			0			(7,033	)		(7,612	)		(9,794	)		(4,727	)
Other Classes		0			0			0			(58,847	)		(79,054	)		0			0
Net increase (decrease) resulting from Fund share transactions		5,959			21,144			4,382			302,855			101,056			43,209			1,055
Total Increase (Decrease) in Net Assets		9,805			20,747			4,968			325,933			105,522			82,718			(3,257	)
Net Assets:
Beginning of period		20,747			0			0			780,363			674,841			306,571			309,828
End of period*	$	30,552		$	20,747		$	4,968		$	1,106,296		$	780,363		$	389,289		$	306,571
*Including net undistributed (overdistributed) investment income of:	$	34		$	34		$	261		$	29,418		$	29,512		$	(9,092	)	$	(9,089	)

62   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Amounts in thousands

	Global Bond Fund II						Emerging Markets Bond Fund						Strategic Balanced Fund						All Asset Fund			Convertible Fund
	Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			July 31, 2002 to September 30, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002
	(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)			(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	1,707		$	3,398		$	9,651		$	8,688		$	341		$	2,896		$	33		$	285		$	576
Net realized gain (loss)		(4,941	)		3,636			571			10,618			(2,699	)		(4,259	)		14			(970	)		(11,313	)
Net capital gain distributions received from underlying Funds		0			0			0			0			0			239			0			0			0
Net change in unrealized appreciation (depreciation)		8,776			(2,682	)		(41,356	)		9,149			(6,958	)		3,688			170			(2,305	)		7,790
Net increase (decrease) resulting from operations		5,542			4,352			(31,134	)		28,455			(9,316	)		2,564			217			(2,990	)		(2,947	)
Distributions to Shareholders:
From net investment income
Institutional Class		(1,334	)		(2,843	)		(6,561	)		(6,786	)		(285	)		(1,548	)		(15	)		(161	)		(1,013	)
Administrative Class		0			0			(329	)		(746	)		(14	)		(39	)		0			0			(4	)
Other Classes		(366	)		(556	)		(2,812	)		(1,106	)		(118	)		(666	)		0			(100	)		(1,116	)
From net realized capital gains
Institutional Class		0			(1,971	)		0			(4,650	)		0			0			0			0			0
Administrative Class		0			0			0			(435	)		0			0			0			0			0
Other Classes		0			(550	)		0			(826	)		0			0			0			0			0
Tax basis return of capital
Institutional Class		0			0			0			0			0			0			0			0			0
Administrative Class		0			0			0			0			0			0			0			0			0
Total Distributions		(1,700	)		(5,920	)		(9,702	)		(14,549	)		(417	)		(2,253	)		(15	)		(261	)		(2,133	)
Fund Share Transactions:
Receipts for shares sold
Institutional Class		988			5,057			135,806			159,605			1,376			3,726			5,829			722			1,509
Administrative Class		0			0			3,554			12,302			304			1,409			0			0			0
Other Classes		13,706			9,512			86,223			69,095			4,200			9,166			0			3,062			9,807
Issued as reinvestment of distributions
Institutional Class		1,265			4,667			6,268			11,037			284			1,546			16			140			888
Administrative Class		0			0			328			1,181			14			39			0			0			0
Other Classes		268			792			1,959			1,198			91			487			0			70			734
Cost of shares redeemed
Institutional Class		(4,628	)		(5,435	)		(122,063	)		(50,301	)		(1,683	)		(22,018	)		0			(1,275	)		(50,424	)
Administrative Class		0			0			(7,348	)		(10,725	)		(155	)		(335	)		0			0			(293	)
Other Classes		(3,802	)		(4,344	)		(58,513	)		(9,795	)		(4,964	)		(7,472	)		0			(8,408	)		(13,550	)
Net increase (decrease) resulting from Fund share transactions		7,797			10,249			46,214			183,597			(533	)		(13,452	)		5,845			(5,689	)		(51,329	)
Total Increase (Decrease) in Net Assets		11,639			8,681			5,378			197,503			(10,266	)		(13,141	)		6,047			(8,940	)		(56,409	)
Net Assets:
Beginning of period		84,774			76,093			255,101			57,598			61,363			74,504			0			35,281			91,690
End of period*	$	96,413		$	84,774		$	260,479		$	255,101		$	51,097		$	61,363		$	6,047		$	26,341		$	35,281
*Including net undistributed (overdistributed) investment income of:	$	578		$	571		$	6,324		$	6,375		$	1,117		$	1,193		$	18		$	902		$	878

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   63

Statements of Changes in Net Assets (Cont.)

Amounts in thousands

	European Convertible Fund						StocksPLUS Fund						StocksPLUS Total Return Fund
	Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			June 28, 2002 to September 30, 2002
	(Unaudited)						(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	7		$	90		$	(53,073	)	$	30,350		$	3
Net realized gain (loss)		(208	)		52			(153,399	)		(66,413	)		(41	)
Net change in unrealized appreciation (depreciation)		174			(82	)		(63,668	)		45,453			(28	)
Net increase (decrease) resulting from operations		(27	)		60			(270,140	)		9,390			(66	)
Distributions to Shareholders:
From net investment income
Institutional Class		(21	)		(127	)		0			(10,083	)		(2	)
Administrative Class		0			0			0			(1,313	)		0
Other Classes		0			0			0			(9,794	)		0
From net realized capital gains
Institutional Class		0			(178	)		0			0			0
Administrative Class		0			0			0			0			0
Other Classes		0			0			0			0			0
Total Distributions		(21	)		(305	)		0			(21,190	)		(2	)
Fund Share Transactions:
Receipts for shares sold
Institutional Class		0			0			28,552			79,926			1,075
Administrative Class		0			0			70,125			49,369			0
Other Classes		0			0			42,929			83,448			0
Issued as reinvestment of distributions
Institutional Class		21			304			0			9,837			3
Administrative Class		0			0			0			1,306			0
Other Classes		0			1			0			7,611			0
Cost of shares redeemed
Institutional Class		(1,010	)		0			(45,979	)		(97,615	)		(592	)
Administrative Class		0			0			(14,958	)		(4,295	)		0
Other Classes		(10	)		0			(107,255	)		(146,106	)		0
Net increase (decrease) resulting from Fund share transactions		(999	)		305			(26,586	)		(16,519	)		486
Total Increase (Decrease) in Net Assets		(1,047	)		60			(296,726	)		(28,319	)		418
Net Assets:
Beginning of period		5,067			5,007			987,164			1,015,483			0
End of period*	$	4,020		$	5,067		$	690,438		$	987,164		$	418
*Including net undistributed (overdistributed) investment income of:	$	32		$	46		$	(42,560	)	$	10,513		$	1

64   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Amounts in thousands	Municipal Bond Fund						Short Duration Municipal Income Fund						California Intermediate Municipal Bond Fund						California Municipal Bond Fund						New York Municipal Bond Fund
	Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002
	(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	5,374		$	4,866		$	1,294		$	591		$	2,949		$	4,536		$	308		$	566		$	130		$	228
Net realized gain (loss)		(6,217	)		1,501			(2,525	)		14			(1,603	)		2,479			198			213			236			22
Net change in unrealized appreciation (depreciation)		16,931			(979	)		2,592			24			6,528			(2,953	)		735			(235	)		132			100
Net increase (decrease) resulting from operations		16,088			5,388			1,361			629			7,874			4,062			1,241			544			498			350
Distributions to Shareholders:
From net investment income
Institutional Class		(1,571	)		(1,655	)		(560	)		(591	)		(2,122	)		(3,266	)		(230	)		(447	)		(55	)		(169	)
Administrative Class		(1,115	)		(314	)		0			0			(51	)		(72	)		(12	)		0			0			0
Other Classes		(2,658	)		(2,927	)		(722	)		(1	)		(776	)		(897	)		(65	)		(87	)		(75	)		(56	)
From net realized capital gains
Institutional Class		0			(356	)		0			(54	)		0			(2,483	)		0			(385	)		0			(154	)
Administrative Class		0			(59	)		0			0			0			(61	)		0			0			0			0
Other Classes		0			(791	)		0			0			0			(509	)		0			(233	)		0			(72	)
Total Distributions		(5,344	)		(6,102	)		(1,282	)		(646	)		(2,949	)		(7,288	)		(307	)		(1,152	)		(130	)		(451	)
Fund Share Transactions:
Receipts for shares sold
Institutional Class		62,831			41,696			32,709			21,629			26,397			57,076			863			8,220			1,913			575
Administrative Class		32,998			39,822			0			0			5,413			0			3,028			0			0			0
Other Classes		125,027			78,014			159,013			460			35,541			24,544			4,805			7,047			5,292			4,542
Issued as reinvestment of distributions
Institutional Class		1,079			1,794			556			640			1,953			5,621			230			835			41			294
Administrative Class		1,109			370			0			0			45			132			18			0			0			0
Other Classes		1,569			2,222			585			1			511			1,166			51			275			60			111
Cost of shares redeemed
Institutional Class		(31,111	)		(15,142	)		(4,460	)		(4,993	)		(7,333	)		(63,750	)		(2	)		(11,071	)		(2,078	)		(1,680	)
Administrative Class		(12,303	)		(3,126	)		0			0			(5,018	)		(171	)		0			0			0			0
Other Classes		(21,086	)		(36,801	)		(26,182	)		0			(6,588	)		(30,316	)		(571	)		(5,637	)		(147	)		(2,635	)
Net increase (decrease) resulting from Fund share transactions		160,113			108,849			162,221			17,737			50,921			(5,698	)		8,422			(331	)		5,081			1,207
Total Increase (Decrease) in Net Assets		170,857			108,135			162,300			17,720			55,846			(8,924	)		9,356			(939	)		5,449			1,106
Net Assets:
Beginning of period		188,271			80,136			31,376			13,656			109,540			118,464			11,718			12,657			5,158			4,052
End of period*	$	359,128		$	188,271		$	193,676		$	31,376		$	165,386		$	109,540		$	21,074		$	11,718		$	10,607		$	5,158
*Including net undistributed (overdistributed) investment income of:	$	583		$	553		$	3		$	(9	)	$	636		$	636		$	8		$	7		$	(8	)	$	(8	)

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   65

Statements of Cash Flows

For the period ended September 30, 2002 (Unaudited)

Amounts in thousands

	Real Return Fund			Real Return Asset Fund			Commodity Real Return Strategy Fund			Foreign Bond Fund
Increase (Decrease) in Cash and Foreign Currency from:
Financing Activities:
Sales of Fund shares	$	(45,348	)	$	5,506		$	4,628		$	439,813
Redemptions of Fund shares		(3,989	)		(270	)		(19	)		(152,876	)
Cash distributions paid		(108,482	)		1			0			(1,840	)
Proceeds from financing transactions		260,509			2,341			911			287,522
Net increase from financing activities		102,690			7,578			5,520			572,619
Operating Activities:
Purchases of long-term securities and foreign currency		(6,505,231	)		(22,830	)		(5,699	)		(4,019,885	)
Proceeds from sales of long-term securities and foreign currency		6,444,528			15,798			544			3,441,221
Purchases of short-term securities (net)		(171,523	)		(1,258	)		(189	)		(111,533	)
Net investment income		111,096			723			301			15,204
Changes in other receivables/payables (net)		9,725			(61	)		(476	)		109,491
Net (decrease) from operating activities		(111,405	)		(7,628	)		(5,519	)		(565,502	)
Net Increase (Decrease) in Cash and Foreign Currency		(8,715	)		(50	)		1			7,117
Cash and Foreign Currency:
Beginning of period		9,571			51			0			22,006
End of period	$	856		$	1		$	1		$	29,123

Amounts in thousands

	Global Bond Fund			Global Bond Fund II			Emerging Markets Bond Fund
Increase in Cash and Foreign Currency from:
Financing Activities:
Sales of Fund shares	$	130,556		$	14,296		$	227,612
Redemptions of Fund shares		(94,971	)		(8,362	)		(187,315	)
Cash distributions paid		(1,789	)		(160	)		(1,087	)
Proceeds from financing transactions		105,506			25,056			34,044
Net (increase) from financing activities		139,302			30,830			73,254
Operating Activities:
Purchases of long-term securities and foreign currency		(1,296,995	)		(311,866	)		(530,314	)
Proceeds from sales of long-term securities and foreign currency		1,190,703			307,965			517,349
Purchases of short-term securities (net)		(22,326	)		(8,921	)		(63,201	)
Net investment income		8,786			1,707			9,651
Changes in other receivables/payables (net)		(26,147	)		(19,913	)		(1,896	)
Net (decrease) from operating activities		(145,979	)		(31,028	)		(68,411	)
Net Increase (Decrease) in Cash and Foreign Currency		(6,677	)		(198	)		4,843
Cash and Foreign Currency:
Beginning of period		15,123			2,686			0
End of period	$	8,446		$	2,488		$	4,843

66   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

Total Return Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 21.2%
Banking & Finance 11.7%
AB Spintab
6.800% due 12/29/2049 (a)	$	250	$	251
Abbey National PLC
6.700% due 06/29/2049 (a)		5,000		5,410
ABN AMRO Bank NV Chicago
7.250% due 05/31/2005		150		165
Air 2 U.S. Equipment Trust
8.027% due 10/01/2019		9,222		6,524
Allstate Corp.
7.875% due 05/01/2005		100		111
6.750% due 05/15/2018		280		301
Allstate Life Funding LLC
2.120% due 07/26/2004 (a)		9,600		9,587
AMERCO
7.135% due 10/15/2002		15,000		14,730
7.230% due 01/21/2027		1,250		1,114
American Express Credit Corp.
7.450% due 08/10/2005 (a)		1,000		1,126
American Express Travel
5.625% due 01/22/2004		22,700		23,699
American General Finance
6.250% due 12/18/2002		1,165		1,175
6.375% due 03/01/2003		350		356
6.170% due 05/06/2003		3,200		3,276
8.125% due 03/15/2046		270		327
Aon Capital Trust A
8.205% due 01/01/2027		725		514
Aristar, Inc.
7.375% due 09/01/2004		20,000		21,688
Associates Corp. of North America
6.000% due 12/01/2002		500		503
5.750% due 11/01/2003		5,425		5,660
5.800% due 04/20/2004		510		537
6.625% due 06/15/2005		4,830		5,281
Atlas Reinsurance PLC
4.560% due 04/04/2003 (a)		22,700		22,785
5.560% due 10/04/2004 (a)		3,000		3,023
Banc One Corp
7.000% due 07/15/2005		100		112
Banco Nacional de Comercio Exterior
7.250% due 02/02/2004		29,323		30,768
Bank of America Corp.
7.500% due 10/15/2002		1,200		1,202
6.850% due 03/01/2003		65		66
9.200% due 05/15/2003		90		94
6.875% due 06/01/2003		100		103
6.500% due 08/15/2003		150		156
6.625% due 06/15/2004		40		43
6.125% due 07/15/2004		600		641
6.750% due 09/15/2005		200		223
5.250% due 02/01/2007		40		43
7.800% due 02/15/2010		300		363
8.570% due 11/15/2024		125		162
Bank One Corp.
2.029% due 09/26/2003 (a)		700		701
2.027% due 05/07/2004 (a)		8,200		8,214
6.500% due 02/01/2006		660		730
Bayerische Landesbank NY
6.200% due 02/09/2006 (a)		250		253
Bear Stearns Cos., Inc.
6.488% due 10/02/2002		5,000		5,000
6.125% due 02/01/2003		25		25
6.750% due 04/15/2003		105		108
2.120% due 05/06/2003 (a)		27,224		27,223
2.070% due 07/22/2003 (a)		25,500		25,444
6.700% due 08/01/2003		100		104
2.047% due 12/01/2003 (a)		107,100		107,283
6.625% due 01/15/2004		200		210
6.150% due 03/02/2004 (a)		200		210
8.750% due 03/15/2004		75		81
2.380% due 05/24/2004 (a)		29,300		29,443
2.226% due 06/01/2004 (a)		12,665		12,688
2.130% due 09/16/2005 (a)		16,000		15,776
Beaver Valley Funding Corp.
8.250% due 06/01/2003		39		39
Beneficial Corp.
6.030% due 01/14/2003		320		322
Bombardier Capital, Inc.
7.300% due 12/15/2002		9,000		8,896
Caterpillar Financial Services Corp.
7.700% due 11/05/2003		600		636
Chase Manhanttan Corp.
5.750% due 04/15/2004 (a)		150		157
6.000% due 11/01/2005		50		53
6.125% due 11/01/2008		400		442
Chrysler Financial Co. LLC
1.990% due 02/10/2003 (a)		17,700		17,671
Chubb Capital Corp.
6.875% due 02/01/2003		100		102
Cincinnati Financial Corp.
6.900% due 05/15/2028		55,360		55,075
CIT Group, Inc.
2.210% due 10/01/2002 (a)		8,000		8,000
6.150% due 12/15/2002		20		20
7.375% due 03/15/2003		11,850		12,097
2.310% due 04/07/2003 (a)		19,277		19,244
5.625% due 10/15/2003		250		255
7.500% due 11/14/2003		35		36
5.625% due 05/17/2004		12,350		12,652
7.250% due 08/15/2005		90		95
7.625% due 08/16/2005		15		16
7.375% due 04/02/2007		30,295		32,457
7.750% due 04/02/2012		27,900		30,405
Citicorp
8.000% due 02/01/2003		250		255
CitiFinancial Credit Co.
7.750% due 03/01/2005		1,230		1,367
6.750% due 07/01/2007		450		509
Citigroup, Inc.
5.800% due 03/15/2004		200		210
6.750% due 12/01/2005		100		111
7.250% due 10/01/2010		325		373
CNA Financial Corp.
6.250% due 11/15/2003		65		65
Comerica Bank
7.250% due 06/15/2007		200		230
Compagnie Financiere de CIC—UE
3.270% due 06/29/2049 (a)		1,500		1,485
Countrywide Home Loans, Inc.
6.250% due 04/15/2009 (a)		600		650
Credit Asset Receivable LLC
6.274% due 10/31/2003		13,342		13,424
DaimlerChrysler Financial Services North America LLC
2.000% due 02/03/2003 (a)		90,000		89,865
1.990% due 03/06/2003 (a)		35,000		34,926
1.980% due 03/10/2003 (a)		65,000		64,856
1.940% due 06/17/2003 (a)		1,200		1,195
1.940% due 06/18/2003 (a)		42,700		42,511
DBS Group Holdings Ltd.
7.875% due 08/10/2009		6,000		7,036
Deutsche Telekom International Finance BV
8.250% due 06/15/2005		113,600		121,923
8.500% due 06/15/2010		16,000		17,580
8.750% due 06/15/2030		169,700		182,485
Dow Capital BV
7.125% due 01/15/2003		100		101
Duke Capital Corp.
2.461% due 02/28/2003 (a)		2,000		1,985
7.250% due 10/01/2004		9,000		9,424
6.250% due 07/15/2005		325		334
Export-Import Bank Korea
6.500% due 11/15/2006		9,035		10,033
7.100% due 03/15/2007		31,900		36,330
Farmers Insurance
8.625% due 05/01/2024		275		210

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   67

Schedule of Investments

Total Return Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Finova Group, Inc.
7.500% due 11/15/2009 (b)	$	27,255	$	8,449
First Chicago Corp.
4.250% due 07/28/2003 (a)		50		50
First National Bank Chicago
8.080% due 01/05/2018		250		315
First Security Corp.
5.875% due 11/01/2003		9,325		9,704
Ford Credit Canada
1.986% due 12/16/2002 (a)		95,600		95,362
Ford Motor Credit Co.
7.750% due 11/15/2002		5,730		5,750
6.000% due 01/14/2003		1,100		1,104
7.500% due 01/15/2003		250		252
1.963% due 02/03/2003 (a)		40,000		39,623
1.877% due 02/13/2003 (a)		276,185		273,094
2.010% due 03/17/2003 (a)		88,800		87,692
2.550% due 04/17/2003 (a)		71,180		70,310
6.125% due 04/28/2003		34,530		34,791
2.076% due 06/02/2003 (a)		89,300		87,441
1.982% due 06/06/2003 (a)		7,500		7,416
2.110% due 06/20/2003 (a)		43,000		42,044
2.340% due 06/23/2003 (a)		201,211		197,713
6.625% due 06/30/2003		825		834
2.040% due 11/24/2003 (a)		47,000		45,582
7.500% due 06/15/2004		100		102
6.700% due 07/16/2004		26,300		26,440
8.250% due 02/23/2005		2,500		2,564
7.600% due 08/01/2005		5,000		5,030
6.375% due 12/15/2005		100		97
7.200% due 06/15/2007		25		25
5.800% due 01/12/2009 (a)		655		592
7.375% due 10/28/2009		200		190
7.875% due 06/15/2010		295		291
7.375% due 02/01/2011		1,285		1,214
7.250% due 10/25/2011		69,250		64,118
Gemstone Investors Ltd.
7.710% due 10/31/2004		114,600		91,796
General Electric Capital Corp.
5.650% due 03/31/2003		125		127
6.800% due 11/01/2005		100		111
7.875% due 12/01/2006		30		35
8.500% due 07/24/2008		100		124
6.125% due 02/22/2011		74,050		80,537
6.900% due 09/15/2015		100		117
General Motors Acceptance Corp.
6.625% due 10/01/2002		5,000		5,000
9.000% due 10/15/2002		9,300		9,318
1.842% due 11/12/2002 (a)		10,200		10,185
1.980% due 12/09/2002 (a)		64,050		63,942
6.750% due 12/10/2002		500		503
6.200% due 12/15/2002		500		503
5.480% due 12/16/2002		150		151
2.170% due 12/19/2002 (a)		18,600		18,561
6.000% due 01/15/2003		990		998
5.875% due 01/22/2003		130,500		131,554
1.910% due 02/14/2003 (a)		12,600		12,535
1.925% due 03/10/2003 (a)		7,000		6,955
5.950% due 03/14/2003		12,400		12,550
6.750% due 03/15/2003		49,725		50,505
7.125% due 05/01/2003		36,000		36,646
2.233% due 05/16/2003 (a)		105,575		104,808
1.820% due 07/20/2003 (a)		5,754		5,754
2.135% due 07/21/2003 (a)		33,900		33,491
2.142% due 08/04/2003 (a)		214,595		211,801
1.857% due 08/18/2003 (a)		133,390		131,325
5.550% due 09/15/2003		37,000		37,582
6.625% due 10/20/2003		2,000		2,052
2.070% due 11/07/2003 (a)		16,100		15,805
5.750% due 11/10/2003		1,100		1,122
2.580% due 01/20/2004 (a)		390,435		383,372
6.380% due 01/30/2004		4,000		4,102
2.670% due 03/22/2004 (a)		128,600		125,878
2.010% due 04/05/2004 (a)		29,700		28,770
2.110% due 04/05/2004 (a)		67,047		64,948
2.442% due 05/10/2004 (a)		149,100		145,185
2.457% due 05/17/2004 (a)		79,800		77,802
2.070% due 05/28/2004 (a)		73,000		70,452
6.850% due 06/17/2004		1,200		1,243
2.290% due 07/20/2004 (a)		14,300		13,802
2.210% due 07/21/2004 (a)		35,300		34,020
2.210% due 07/30/2004 (a)		85,427		82,426
2.544% due 09/20/2004 (a)		10,068		10,055
6.625% due 10/15/2005		100		105
6.650% due 11/17/2005		500		522
6.750% due 01/15/2006		565		586
6.125% due 02/01/2007		2,535		2,567
6.150% due 04/05/2007		150		152
6.125% due 01/22/2008		500		499
8.950% due 07/02/2009		9,992		11,469
7.750% due 01/19/2010		40		41
7.250% due 03/02/2011		1,000		997
7.000% due 02/01/2012		2,000		1,955
7.430% due 12/01/2021		237		240
8.000% due 11/01/2031		57,340		55,731
Golden State Holdings
2.822% due 08/01/2003 (a)		500		498
Goldman Sachs Group LP
6.625% due 12/01/2004		275		297
2.460% due 02/09/2009 (a)		10,000		10,129
6.500% due 02/25/2009		140		154
Hartford Life, Inc.
6.900% due 06/15/2004		600		639
Heller Financial, Inc.
2.057% due 04/28/2003 (a)		26,000		26,037
2.087% due 04/28/2003 (a)		73,100		73,217
8.000% due 06/15/2005		700		794
Hertz Corp.
7.000% due 07/15/2003		13,300		13,334
Hitachi Credit America
2.193% due 10/15/2003 (a)		11,500		11,514
Household Bank
2.038% due 10/22/2003 (a)		18,000		17,795
Household Capital Trust III
2.205% due 06/26/2004 (a)		23,925		22,099
Household Finance Corp.
5.875% due 11/01/2002 (a)		200		200
6.125% due 02/27/2003		500		506
2.060% due 06/24/2003 (a)		32,900		32,577
2.146% due 05/28/2004 (a)		170,700		165,282
6.500% due 01/24/2006		65		66
7.200% due 07/15/2006		450		459
5.875% due 02/01/2009		70		66
Household Netherlands BV
6.125% due 03/01/2003		18,100		18,186
HSBC Capital Funding LP
9.547% due 12/31/2049 (a)		76,400		92,672
10.176% due 12/31/2049		46,160		61,750
10.176% due 12/31/2049 (a)		20,000		27,310
International Bank for Reconstruction & Development
7.000% due 01/27/2005		700		776
J.P. Morgan & Co., Inc.
6.700% due 11/01/2007		30		33
6.698% due 02/15/2012 (a)		600		606
JET Equipment Trust
10.000% due 06/15/2012		80		39
10.690% due 05/01/2015		100		15
John Hancock
7.375% due 02/15/2024		360		388
KBC Bank Fund Trust III
9.860% due 11/29/2049 (a)		5,700		6,907
Key Bank USA NA
7.550% due 09/15/2006		350		403
Korea Development Bank
7.625% due 10/01/2002		9,750		9,750
7.625% due 10/01/2002		7,370		7,370

68   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
6.500% due 11/15/2002	$	440	$	442
6.625% due 11/21/2003		2,090		2,189
7.125% due 04/22/2004 (a)		320		342
6.750% due 12/01/2005		55		60
7.250% due 05/15/2006		50		57
Landesbank Baden-Wuerttemberg AG
6.350% due 04/01/2012		60,000		67,929
LB Rheinland—PFALZ
6.875% due 02/23/2028		3,400		3,837
Lehman Brothers Holdings, Inc.
7.625% due 06/01/2006 (a)		350		395
8.250% due 06/15/2007		70		82
LG&E Capital Corp.
6.205% due 05/01/2004		1,000		1,046
6.460% due 01/15/2008 (a)		3,000		3,249
Liberty Mutual Insurance
8.200% due 05/04/2007		17,510		18,498
Lion Connecticut Holdings
6.375% due 08/15/2003		200		207
7.250% due 08/15/2023		50		56
Lloyds TSB Bank PLC
2.180% due 08/25/2010 (a)		3,000		3,005
MCN Investment Corp.
7.120% due 01/16/2004		7,500		7,734
Merrill Lynch & Co., Inc.
8.300% due 11/01/2002		700		703
6.000% due 02/12/2003		500		507
6.875% due 03/01/2003		140		143
6.550% due 08/01/2004		2,400		2,564
7.150% due 09/15/2004		360		390
4.540% due 03/08/2005		40		41
7.375% due 05/15/2006		565		635
7.000% due 04/27/2008		100		114
Metropolitan Life Insurance Co.
6.300% due 11/01/2003		6,800		7,075
MIC Financing Trust I
8.375% due 02/01/2027		36,000		35,960
Monumental Global Funding II
2.044% due 09/26/2003 (a)		8,500		8,522
Morgan Stanley Group, Inc.
6.375% due 12/15/2003		150		158
5.625% due 01/20/2004		1,200		1,250
Morgan Stanley TRACERS
6.977% due 09/15/2011 (a)		171,296		186,028
6.414% due 03/15/2012		81,250		82,699
National Rural Utilities Cooperative Finance Corp.
6.250% due 04/15/2003		50,000		51,075
1.990% due 07/17/2003 (a)		10,000		9,957
2.820% due 04/26/2004 (a)		138,200		138,614
7.250% due 03/01/2012		65,000		72,331
8.000% due 03/01/2032		70,850		81,246
National Westminster Bank PLC
9.375% due 11/15/2003		200		216
Newcourt Credit Group, Inc.
6.875% due 02/16/2005		7,500		7,833
Nordbanken AB
8.950% due 11/29/2049		28,000		33,297
Osprey Trust
8.310% due 01/15/2003		76,155		14,089
Pacific Life Insurance Co.
7.900% due 12/30/2023		8,000		9,451
Parker Retirement Savings Plan
6.340% due 07/15/2008		640		706
Pemex Finance Ltd.
6.125% due 11/15/2003		8,666		8,961
Pemex Project Funding Master Trust
3.360% due 01/07/2005 (a)		152,300		152,457
7.875% due 02/01/2009		3,330		3,355
8.000% due 11/15/2011		100,500		101,128
PNC Funding Corp.
6.875% due 03/01/2003		100		102
7.000% due 09/01/2004 (a)		20,000		21,505
Popular, Inc.
6.625% due 01/15/2004		23,000		24,145
Premium Asset Trust
2.105% due 11/27/2004 (a)		48,900		49,049
2.160% due 10/06/2005 (a)		300		300
2.155% due 09/08/2007 (a)		25,200		25,200
Prime Property Funding II
7.000% due 08/15/2004		110		118
Protective Life Funding Trust
2.210% due 01/17/2003 (a)		22,000		22,021
Prudential Funding Corp.
6.375% due 07/23/2006		100		110
6.625% due 04/01/2009		17,000		18,471
Qwest Capital Funding, Inc.
7.000% due 08/03/2009		22,500		10,125
7.250% due 02/15/2011		31,868		14,341
7.750% due 02/15/2031		12,500		5,063
Racers
2.056% due 03/03/2003 (a)		282,400		282,530
2.510% due 04/01/2003 (a)		20,000		19,506
2.591% due 04/01/2003 (a)		20,000		19,500
5.560% due 04/28/2003 (a)		45,000		46,103
2.476% due 09/15/2005 (a)		45,000		40,860
Reliance Group Holdings, Inc.
9.750% due 11/15/2003 (b)		10,000		100
9.000% due 11/15/2049 (b)		19,000		570
Residential Reinsurance Ltd.
6.796% due 06/01/2004 (a)		88,200		89,651
Rothmans Holdings
6.500% due 05/06/2003		16,890		17,312
Royal Bank of Scotland Group PLC
8.817% due 03/31/2049		45,400		51,651
9.118% due 03/31/2049		92,400		116,415
Salomon Smith Barney Holdings, Inc.
6.125% due 01/15/2003 (a)		290		293
2.080% due 01/17/2003		15,000		15,010
6.750% due 02/15/2003		450		458
2.210% due 01/22/2004 (a)		10,000		10,000
7.000% due 03/15/2004		100		107
2.142% due 05/04/2004 (a)		10,020		10,054
Sears Roebuck Acceptance Corp.
6.720% due 10/23/2002		8,000		8,020
6.410% due 11/19/2002		5,235		5,264
6.000% due 03/20/2003		154,750		157,519
Societe Generale Real Estate LLC
7.640% due 12/29/2049 (a)		23,000		25,021
Spieker Properties, Inc.
6.950% due 12/15/2002		1,600		1,612
6.800% due 05/01/2004		1,100		1,159
Sun Life of Canada (U.S.)
8.526% due 05/29/2049		250		267
Targeted Return Index Securities Trust
6.708% due 01/15/2012 (a)		19,015		20,687
The Money Store, Inc.
7.300% due 12/01/2002		100		101
Transamerica Finance Corp.
7.500% due 03/15/2004		270		288
Trinom Ltd.
5.820% due 12/18/2004 (a)		48,700		49,046
U.S. Bancorp
2.022% due 03/06/2003		600		601
6.500% due 06/15/2004		600		643
Verizon Global Funding Corp.
6.750% due 12/01/2005		16,135		17,024
7.600% due 03/15/2007		4,000		4,378
6.125% due 06/15/2007		12,490		13,020
7.250% due 12/01/2010		300		314
7.375% due 09/01/2012		1,050		1,108
7.750% due 12/01/2030		100		100
Wachovia Corp.
6.375% due 04/15/2003		200		205
4.950% due 11/01/2006		46,300		49,498

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   69

Schedule of Investments (Cont.)

Total Return Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Wells Fargo & Co.
6.625% due 07/15/2004	$	6,500	$	7,002
7.250% due 08/24/2005		400		447
6.450% due 02/01/2011		375		424
Wells Fargo Financial, Inc.
6.250% due 11/01/2002		100		100
7.000% due 01/15/2003		380		385
6.000% due 02/01/2004		50		52
Western Capital
8.796% due 01/07/2003 (a)		15,600		15,600
				7,548,412
Industrials 4.4%
AIC Corp.
2.010% due 10/02/2002 (a)		42,250		42,250
Air Products & Chemicals, Inc.
6.250% due 06/15/2003		2,500		2,563
Akzo Nobel, Inc.
6.000% due 11/15/2003		32,000		33,251
Albertson’s, Inc.
6.550% due 08/01/2004		240		256
7.500% due 02/15/2011		75		87
Allied Waste Industries, Inc.
6.100% due 01/15/2003		6,000		6,001
Allied Waste North America, Inc.
7.375% due 01/01/2004		20,425		20,323
America West Airlines, Inc.
6.870% due 01/02/2017 (a)		1,767		1,507
American Airlines, Inc.
9.850% due 06/15/2008		1,572		1,542
9.850% due 06/15/2008		200		196
10.210% due 01/01/2010		12,500		12,261
10.610% due 03/04/2011 (a)		1,895		1,867
6.978% due 04/01/2011		40,788		42,310
7.024% due 04/15/2011		5,000		5,149
7.858% due 10/01/2011		86,200		91,710
9.780% due 11/26/2011		363		331
10.190% due 05/26/2016		3,661		3,699
Amoco Corp.
6.250% due 10/15/2004 (a)		1,000		1,079
Anadarko Petroleum Corp.
5.375% due 03/01/2007		2,250		2,411
Anheuser-Busch Cos., Inc.
6.750% due 08/01/2003		600		627
6.000% due 04/15/2011		95		107
AOL Time Warner, Inc.
6.125% due 04/15/2006		300		283
6.150% due 05/01/2007		290		268
6.875% due 05/01/2012		73,700		67,203
7.625% due 04/15/2031		27,800		23,250
7.700% due 05/01/2032		144,970		123,245
Baxter International, Inc.
9.500% due 06/15/2008		200		246
Bayer Corp.
6.500% due 10/01/2002 (a)		250		250
Boeing Co.
6.350% due 06/15/2003		750		767
6.625% due 02/15/2038		335		337
Campbell Soup Co.
4.750% due 10/01/2003 (a)		700		718
Canadian National Railway Co.
6.450% due 07/15/2006		550		609
6.375% due 10/15/2011		65		73
Cemex SA de CV
8.625% due 07/18/2003		36,050		37,537
Coastal Corp.
2.422% due 07/21/2003 (a)		7,700		7,317
6.200% due 05/15/2004		3,000		2,371
6.500% due 05/15/2006		110		83
7.500% due 08/15/2006		9,075		6,903
6.375% due 02/01/2009		9,000		5,858
7.750% due 06/15/2010		15,500		11,022
9.625% due 05/15/2012		9,000		6,626
6.700% due 02/15/2027		400		288
7.420% due 02/15/2037		9,000		5,685
Coca-Cola Enterprises, Inc.
6.000% due 07/15/2003 (a)		250		258
4.000% due 06/01/2005		65		68
5.750% due 11/01/2008		100		111
Colgate-Palmolive Co.
6.000% due 08/15/2003		45		46
ConAgra Foods, Inc.
2.475% due 09/10/2003 (a)		48,500		48,605
Conoco, Inc.
2.630% due 10/15/2002 (a)		15,000		15,003
6.950% due 04/15/2029		25		28
Continental Airlines, Inc.
6.410% due 04/15/2007		308		294
6.800% due 07/02/2007		21		17
6.954% due 08/02/2009		11,802		10,091
7.056% due 09/15/2009		40,409		39,543
7.487% due 10/02/2010		1,215		1,183
7.730% due 03/15/2011		2,171		1,699
6.503% due 06/15/2011		9,220		8,733
6.900% due 01/02/2018		1,393		1,291
6.820% due 05/01/2018		6,443		5,928
7.256% due 03/15/2020		26,001		25,158
7.707% due 04/02/2021		3,792		3,559
Cox Enterprises, Inc.
2.722% due 05/01/2033 (a)		1,100		1,090
DaimlerChrysler North America Holding Corp.
2.596% due 12/16/2002 (a)		85,200		85,293
7.750% due 05/27/2003		48,000		49,456
2.322% due 08/01/2003 (a)		19,600		19,544
2.000% due 08/21/2003 (a)		38,000		37,846
2.323% due 08/02/2004 (a)		3,400		3,364
2.053% due 08/16/2004 (a)		56,100		55,321
6.900% due 09/01/2004		30		32
7.300% due 01/15/2012		700		774
8.500% due 01/18/2031		2,000		2,385
Delta Air Lines Equipment Trust
9.550% due 01/02/2008 (c)		7,773		8,375
10.430% due 01/02/2011		3,755		3,047
10.140% due 08/14/2012		1,000		769
10.000% due 06/05/2013		10,828		8,767
10.060% due 01/02/2016		6,500		5,252
Delta Air Lines, Inc.
10.570% due 01/02/2007 (c)		13,889		14,370
7.379% due 05/18/2010		8,798		9,299
7.570% due 11/18/2010		41,250		43,948
7.111% due 03/18/2013		60,000		63,243
9.200% due 09/23/2014		6,000		4,206
10.000% due 12/05/2014		5,000		3,939
10.500% due 04/30/2016		27,950		23,499
Duke Energy Field Services
7.500% due 08/16/2005		6,600		6,805
Duty Free International, Inc.
7.000% due 01/15/2004		175		86
Eastman Chemical Co.
6.375% due 01/15/2004		5,750		6,012
Electric Lightwave, Inc.
6.050% due 05/15/2004		10,700		10,068
Eli Lilly & Co.
6.250% due 03/15/2003		100		102
5.500% due 07/15/2006		110		119
Enron Corp.
8.000% due 08/15/2005 (b)		3,200		656
Enterprise Products Partners LP
7.500% due 02/01/2011		35		39
Federal Express Corp.
6.845% due 01/15/2019 (a)		785		839
FMC Corp.
6.375% due 09/01/2003		4,000		3,836
Ford Capital BV
9.500% due 06/01/2010		200		214

70   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Ford Motor Co.
7.250% due 10/01/2008	$	800	$	777
6.500% due 08/01/2018		50		39
7.450% due 07/16/2031		60,350		49,797
Fortune Brands, Inc.
8.500% due 10/01/2003		500		529
Fred Meyer, Inc.
7.375% due 03/01/2005		38,100		41,806
7.450% due 03/01/2008		100		115
General Motors Corp.
6.250% due 05/01/2005		300		308
General Motors Nova Scotia Finance
6.850% due 10/15/2008		19,240		19,870
Gillette Co.
6.250% due 08/15/2003 (a)		750		777
5.750% due 10/15/2005		1,500		1,640
Grupo Iusacell SA de CV
10.000% due 07/15/2004 (a)		4,882		3,051
Harrahs Operating Co., Inc.
7.875% due 12/15/2005		5,000		5,300
HCA, Inc.
8.130% due 08/04/2003		7,300		7,551
6.910% due 06/15/2005 (a)		9,500		9,945
6.730% due 07/15/2045		32,560		33,018
Heinz (H.J.) Co.
6.875% due 01/15/2003		100		101
Hershey Foods Corp.
7.200% due 08/15/2027		30		36
HNA Holdings, Inc.
6.125% due 02/01/2004		200		209
Honeywell International, Inc.
6.125% due 11/01/2011		650		711
IBM Corp.
7.250% due 11/01/2002		625		627
IMEXA Export Trust
10.125% due 05/31/2003		2,460		904
International Game Technology
7.875% due 05/15/2004		14,500		15,153
International Paper Co.
8.000% due 07/08/2003		300		312
Kerr-McGee Corp.
2.600% due 06/28/2004 (a)		85,100		85,056
Kinder Morgan, Inc.
6.450% due 03/01/2003		240		243
Kraft Foods, Inc.
4.625% due 11/01/2006		25		26
5.625% due 11/01/2011		655		709
Kroger Co.
7.150% due 03/01/2003		13,000		13,237
Limestone Electron Trust
8.625% due 03/15/2003		132,950		118,432
Mandalay Resort Group
6.750% due 07/15/2003		4,500		4,545
Martin Marietta Corp.
6.500% due 04/15/2003		50		51
Mazda Manufacturing Corp.
10.500% due 07/01/2008 (c)		1,797		2,063
Nabisco, Inc.
6.125% due 02/01/2033		34,745		35,125
News American Holdings, Inc.
7.750% due 01/20/2024		18,000		17,127
Noble Affiliates, Inc.
8.950% due 12/15/2004		11,500		12,274
Norfolk Southern Corp.
7.875% due 02/15/2004 (a)		50		54
Northern National Gas Co.
6.875% due 05/01/2005		8,250		8,539
Northwest Airlines, Inc.
8.970% due 01/02/2015 (a)		1,486		1,405
Occidental Petroleum Corp.
6.400% due 04/01/2003 (a)		33,910		34,576
Park Place Entertainment Corp.
7.950% due 08/01/2003		18,500		18,814
Petroleos Mexicanos
8.850% due 09/15/2007		1,800		1,944
9.375% due 12/02/2008		49,650		53,374
9.500% due 09/15/2027		31,000		34,100
Pharmacia Corp.
5.750% due 12/01/2005		575		629
Philip Morris Cos., Inc.
7.250% due 01/15/2003 (a)		10,000		10,122
8.250% due 10/15/2003		1,000		1,055
6.800% due 12/01/2003		68,345		71,410
7.000% due 07/15/2005		15,125		16,604
6.950% due 06/01/2006		9,540		10,574
7.200% due 02/01/2007		39,000		43,459
Qwest Corp.
7.625% due 06/09/2003		25,400		24,511
5.650% due 11/01/2004		6,610		5,718
7.200% due 11/01/2004		5,200		4,758
7.500% due 11/01/2008		75		30
5.625% due 11/15/2008		5,000		3,825
8.875% due 03/15/2012		108,600		95,025
7.500% due 06/15/2023		25,000		17,125
7.250% due 09/15/2025		16,750		11,306
7.200% due 11/10/2026		2,150		1,430
8.875% due 06/01/2031		7,223		5,742
6.875% due 09/15/2033		22,950		15,721
7.250% due 10/15/2035		5,000		3,300
Safeway, Inc.
6.850% due 09/15/2004		250		267
Sara Lee Corp.
6.300% due 11/07/2005		500		554
SCL Terminal Aereo Santiago
6.950% due 07/01/2012		4,670		5,169
Scotia Pacific Co. LLC
7.710% due 01/20/2014		230		153
Sears Roebuck Acceptance Corp.
7.000% due 02/01/2011		630		683
6.500% due 12/01/2028		20		19
Singapore Telecommunications Ltd.
7.375% due 12/01/2031		12,500		13,832
SmithKline Beecham Corp.
7.375% due 04/15/2005		150		169
Sonat, Inc.
6.750% due 10/01/2007		2,000		1,342
7.625% due 07/15/2011		21,920		14,382
Southern National Gas Co.
7.350% due 02/15/2031		200		160
Southwestern Public Service Co.
5.125% due 11/01/2006		700		653
SR Wind Ltd.
6.992% due 05/18/2005 (a)		12,000		12,025
7.492% due 05/18/2005 (a)		13,000		13,249
Systems 2001 Asset Trust
7.156% due 12/15/2011		29,511		32,471
TCI Communications, Inc.
8.250% due 01/15/2003		43,125		42,943
2.520% due 03/11/2003 (a)		5,000		4,963
6.375% due 05/01/2003		8,280		8,167
8.650% due 09/15/2004		625		615
8.000% due 08/01/2005		450		435
Telus Corp.
8.000% due 06/01/2011		6,250		4,813
Tennessee Gas Pipeline Co.
7.000% due 10/15/2028		13,400		9,945
Texaco Capital, Inc.
8.500% due 02/15/2003		700		717
6.000% due 06/15/2005		400		437
Texas Eastern Transmission Corp.
7.300% due 12/01/2010		250		283
Time Warner Entertainment Co. L.P.
7.975% due 08/15/2004		15,032		14,923
7.250% due 09/01/2008		9,020		8,739
10.150% due 05/01/2012		250		258
6.875% due 06/15/2018		140		116

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   71

Schedule of Investments (Cont.)

Total Return Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
9.150% due 02/01/2023	$	475	$	442
8.375% due 03/15/2023		210		197
7.570% due 02/01/2024		10,130		8,317
6.950% due 01/15/2028		2,645		2,056
6.625% due 05/15/2029		130		99
TRW, Inc.
6.625% due 06/01/2004		3,925		4,096
TTX Co.
6.170% due 02/05/2003		10,000		10,117
Turner Broadcasting System, Inc.
7.400% due 02/01/2004		3,095		3,057
Tyco International Group SA
6.125% due 01/15/2009		100		83
UAL Equipment Trust
11.080% due 05/27/2006		10,249		8,801
Union Pacific Corp.
6.930% due 06/01/2003		1,000		1,028
6.625% due 02/01/2008		4,250		4,826
6.625% due 02/01/2029		50		55
Unisys Corp.
9.210% due 01/21/2017		15,900		12,416
United Air Lines, Inc.
2.026% due 12/02/2002 (a)		17,559		15,840
9.200% due 03/22/2008		3,380		2,388
6.201% due 09/01/2008		6,000		4,968
7.730% due 07/01/2010		5,000		4,188
7.186% due 04/01/2011		19,632		16,445
6.932% due 09/01/2011 (a)		10,500		6,363
10.360% due 11/13/2012		7,000		2,520
6.071% due 03/01/2013		4,493		3,715
10.020% due 03/22/2014		14,225		5,733
10.850% due 07/05/2014		34,111		15,434
10.850% due 02/19/2015		3,000		1,357
10.125% due 03/22/2015		14,300		11,734
9.060% due 06/17/2015		6,000		4,252
United Technologies Corp.
7.125% due 11/15/2010		450		530
6.350% due 03/01/2011		550		623
US Airways, Inc.
6.850% due 01/30/2018		136		120
Viacom, Inc.
6.750% due 01/15/2003		2,000		2,023
Wal-Mart Stores, Inc.
6.375% due 03/01/2003		50		51
6.500% due 06/01/2003		200		206
Walt Disney Co.
5.125% due 12/15/2003		500		511
5.500% due 12/29/2006		725		755
Waste Management, Inc.
6.500% due 12/15/2002		4,800		4,816
6.375% due 12/01/2003		11,900		11,953
8.000% due 04/30/2004		5,525		5,709
6.500% due 05/15/2004		94,000		95,802
7.375% due 08/01/2010		12,600		13,291
7.750% due 05/15/2032		1,255		1,272
Weyerhaeuser Co.
6.000% due 08/01/2006		30		32
Williams Cos., Inc.
6.500% due 08/01/2006		400		258
7.125% due 09/01/2011		5,000		3,125
7.625% due 07/15/2019		34,770		19,297
7.875% due 09/01/2021		74,985		42,367
7.500% due 01/15/2031		15,000		8,175
7.750% due 06/15/2031		21,150		11,527
8.750% due 03/15/2032		137,680		80,543
Witco Corp.
6.600% due 04/01/2003		100		99
				2,827,384
Utilities 5.1%
Alabama Power Co.
5.350% due 11/15/2003		1,600		1,646
ALLETE, Inc.
2.710% due 10/20/2003 (a)		79,700		79,498
Ashland, Inc.
2.380% due 03/07/2003 (a)		300		299
AT&T Canada, Inc.
10.750% due 11/01/2007 (a)(b)		11,000		1,265
AT&T Corp.
5.360% due 11/21/2003 (a)		1,400		1,325
5.625% due 03/15/2004		250		248
7.300% due 11/15/2011		87,300		84,406
7.300% due 11/15/2011		865		836
6.500% due 03/15/2029		1,690		1,407
8.000% due 11/15/2031		256,950		238,406
AT&T Wireless Services, Inc.
7.500% due 05/01/2007		130		111
7.875% due 03/01/2011		340		262
8.125% due 05/01/2012		48,515		37,424
8.750% due 03/01/2031		16,205		11,696
Baltimore Gas & Electric
6.125% due 07/01/2003		150		155
Bell Atlantic Maryland, Inc.
8.000% due 10/15/2029		1,125		1,289
Bell Atlantic Virginia, Inc.
5.625% due 03/01/2007		500		501
BellSouth Corp.
6.000% due 10/15/2011		50		54
BellSouth Telecommunications, Inc.
6.250% due 05/15/2003		100		102
British Telecom PLC
3.121% due 12/15/2003 (a)		191,460		191,111
7.875% due 12/15/2005		6,800		7,595
8.375% due 12/15/2010		86,200		101,454
8.875% due 12/15/2030		435		526
Carolina Power & Light, Inc.
7.875% due 04/15/2004		6,000		6,431
CE Electric Funding
6.853% due 12/30/2004		250		267
Central Maine Power Co.
7.430% due 08/25/2003		13,000		13,522
Cingular Wireless, Inc.
7.125% due 12/15/2031		10,000		8,828
Cleveland Electric Illuminating Co.
9.500% due 05/15/2005		33,500		33,697
CMS Energy Corp.
8.375% due 07/01/2003		15,000		12,752
6.750% due 01/15/2004		1,000		820
7.000% due 01/15/2005		41,325		32,252
Columbia Energy Group
6.610% due 11/28/2002		5,000		4,991
Columbus Southern Power Co.
6.850% due 10/03/2005		10,000		10,953
Comcast Cable Communications
8.375% due 05/01/2007		145		144
Commonwealth Edison Co.
6.625% due 07/15/2003		1,000		1,031
2.480% due 09/30/2003 (a)		40,000		39,775
Consolidated Edison, Inc.
6.375% due 04/01/2003		1,000		1,019
Consolidated Natural Gas Co.
7.250% due 10/01/2004		43,750		47,203
6.250% due 11/01/2011		15		16
Cox Communications, Inc.
2.470% due 11/07/2002 (a)		16,000		15,973
Dominion Resources, Inc.
6.000% due 01/31/2003		12,950		13,058
7.600% due 07/15/2003		35,000		36,122
DTE Energy Co.
7.110% due 11/15/2038 (a)		94,750		97,383
Dynegy Holdings, Inc.
8.750% due 02/15/2012		100,850		31,768
El Paso Corp.
6.950% due 12/15/2007		8,900		5,881
6.750% due 05/15/2009		16,069		10,460
7.000% due 05/15/2011		29,250		19,338
7.875% due 06/15/2012		37,100		25,273

72   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
8.050% due 10/15/2030	$	9,700	$	6,125
7.800% due 08/01/2031		4,500		2,842
7.750% due 01/15/2032		94,740		60,784
El Paso Electric Co.
9.400% due 05/01/2011		7,455		7,880
El Paso Natural Gas Co.
8.375% due 06/15/2032		21,420		17,475
Entergy Arkansas, Inc.
7.720% due 03/01/2003		1,300		1,325
Entergy Gulf States, Inc.
3.006% due 06/02/2003 (a)		7,000		6,999
3.106% due 09/01/2004 (a)		24,800		24,734
Entergy Louisiana, Inc.
8.500% due 06/01/2003		3,000		3,105
Entergy Mississippi, Inc.
2.472% due 05/03/2004 (a)		31,000		30,668
FirstEnergy Corp.
7.375% due 11/15/2031		18,800		16,559
Florida Power & Light
6.875% due 12/01/2005		4,000		4,457
FPL Group Capital, Inc.
7.625% due 09/15/2006		725		816
France Telecom SA
4.576% due 03/14/2003 (a)		247,905		244,740
2.465% due 07/16/2003 (a)		138,700		138,783
8.700% due 03/01/2006 (a)		22,500		23,957
9.250% due 03/01/2011		44,800		48,958
10.000% due 03/01/2031		125,720		139,449
GTE California, Inc.
5.500% due 01/15/2009		100		101
GTE Corp.
6.360% due 04/15/2006		550		581
6.940% due 04/15/2028		5,410		5,077
Hawaiian Electric Industries, Inc.
2.910% due 04/15/2003 (a)		2,400		2,404
Houston Lighting & Power Co.
8.750% due 03/01/2022		10,000		10,433
Idaho Power Corp.
6.850% due 10/01/2002		2,750		2,750
Indiana Bell Telephone Co., Inc.
5.500% due 04/01/2007		500		502
Indianapolis Power & Light Co.
7.375% due 08/01/2007		225		235
Korea Electric Power Corp.
7.000% due 10/01/2002		380		380
6.375% due 12/01/2003		220		230
Mirant Corp.
7.900% due 07/15/2009		175		86
Nevada Power Co.
6.200% due 04/15/2004 (a)		15,000		14,256
New England Telephone & Telegraph Co.
6.250% due 03/15/2003		50		51
New York Telephone Co.
6.250% due 02/15/2004		150		155
6.000% due 04/15/2008		45		47
Niagara Mohawk Power Co.
7.250% due 10/01/2002		24,783		24,783
7.375% due 07/01/2003		39,162		40,439
7.375% due 08/01/2003		1,645		1,707
NorAm Energy Corp.
6.375% due 11/01/2003		22,250		19,363
Nortel Networks Corp.
6.875% due 10/01/2002		200		200
Northern States Power Co.
8.000% due 08/28/2012		14,000		15,194
NRG Energy, Inc.
8.000% due 11/01/2003 (b)		6,000		1,410
NRG Northeast Generating LLC
8.065% due 12/15/2004 (b)		198		168
Ohio Bell Telephone Co.
5.375% due 03/01/2007		950		954
Ohio Power Co.
7.000% due 07/01/2004 (a)		24,000		24,871
Orange PLC
8.750% due 06/01/2006		360		397
Pacific Bell
7.000% due 07/15/2004		50		53
Pacific Gas & Electric Co.
5.875% due 10/01/2005 (b)		100		95
7.250% due 08/01/2026 (b)		10,000		9,150
7.057% due 10/31/2049 (a)(b)		33,700		31,678
PP&L, Inc.
6.550% due 03/01/2006 (a)		500		546
Progress Energy, Inc.
6.550% due 03/01/2004		12,400		12,921
7.100% due 03/01/2011		575		629
7.000% due 10/30/2031		600		601
PSE&G Energy Holdings, Inc.
9.125% due 02/10/2004		120		113
PSE&G Power LLC
7.750% due 04/15/2011		4,300		4,400
6.950% due 06/01/2012		35,000		33,975
8.625% due 04/15/2031		29,450		29,420
Public Service Co. of Colorado
6.000% due 04/15/2003		750		746
Public Service Electric & Gas Co.
6.250% due 01/01/2007		1,500		1,656
Ras Laffan Liquid Natural Gas
8.294% due 03/15/2014		145		163
South Point Energy
8.400% due 05/30/2012		21,814		14,615
Sprint Capital Corp.
9.500% due 04/01/2003		13,820		13,000
5.700% due 11/15/2003		32,700		29,786
5.875% due 05/01/2004		43,275		37,424
7.900% due 03/15/2005		24,000		19,499
7.125% due 01/30/2006		5,025		3,789
6.000% due 01/15/2007		140,030		96,346
6.125% due 11/15/2008		31,465		20,909
6.375% due 05/01/2009		5,000		3,327
7.625% due 01/30/2011		77,533		52,443
8.375% due 03/15/2012		350,225		245,132
6.900% due 05/01/2019		45,860		26,868
6.875% due 11/15/2028		68,415		39,514
8.750% due 03/15/2032		289,725		194,380
Telekomunikacja Polska SA
7.125% due 12/10/2003		12,200		12,068
7.750% due 12/10/2008		7,895		7,289
Toledo Edison Co.
7.850% due 03/31/2003		7,000		7,081
7.875% due 08/01/2004		500		527
TXU Corp.
6.375% due 06/15/2006		2,235		2,169
TXU Eastern Funding Co.
6.450% due 05/15/2005		15,270		15,205
TXU Electric Co.
6.750% due 03/01/2003		150		153
2.426% due 06/15/2003 (a)		17,500		17,395
8.250% due 04/01/2004		500		540
U.S. West Communications, Inc.
6.000% due 08/01/2007		2,070		1,728
Union Electric Co.
8.000% due 12/15/2022		1,000		1,043
United Telephone Company of the Northwest
6.890% due 07/01/2008 (c)		2,760		2,346
Verizon Florida, Inc.
6.125% due 01/15/2013		45,900		46,520
Verizon Maryland, Inc.
6.125% due 03/01/2012		11,720		11,927
Verizon New York, Inc.
6.875% due 04/01/2012		14,500		15,272
7.375% due 04/01/2032		25,500		25,625
Verizon Pennsylvania
5.650% due 11/15/2011		1,050		1,033

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   73

Schedule of Investments (Cont.)

Total Return Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Verizon Wireless, Inc.
2.220% due 12/17/2003 (a)	$	16,000	$	15,342
5.375% due 12/15/2006		2,340		2,204
Virginia Electric and Power Co.
5.375% due 02/01/2007		700		748
Vodafone Group PLC
7.750% due 02/15/2010		500		566
Wilmington Trust Co.—Tucson Electric
10.370% due 01/02/2007		8,092		8,301
10.500% due 01/02/2007		6,636		6,745
10.500% due 07/01/2008		155		178
10.732% due 01/01/2013 (c)		991		1,037
WorldCom, Inc.—WorldCom Group
7.375% due 01/15/2003 (b)		21,150		2,644
7.875% due 05/15/2003 (b)		10,700		1,338
6.250% due 08/15/2003 (b)		7,500		938
6.400% due 08/15/2005 (b)		15,100		1,888
7.375% due 01/15/2006 (b)		46,800		5,850
7.750% due 04/01/2007 (b)		2,000		250
8.250% due 05/15/2010 (b)		11,500		1,438
7.500% due 05/15/2011 (b)		72,383		9,048
				3,326,617
Total Corporate Bonds & Notes (Cost $ 14,554,480)				13,702,413
MUNICIPAL BONDS & NOTES 0.2%
Alabama 0.1%
Alabama State General Obligation Bonds, Series 2001 7.150% due 09/01/2021		13,228		13,735
Birmingham, Alabama Water and Sewer System Revenue Bonds, (MBIA Insured), Series 2002     5.000% due 01/01/2043		12,350		12,597
				26,332
California 0.0%
California State Department of Water Resources Center Valley Project Revenue Bonds, Series 2000     8.190% due 12/01/2029 (a)		2,500		2,670
Illinois 0.0%
Chicago, Illinois Housing Authority Revenue Bonds, Series 2001 5.375% due 07/01/2016		500		538
Illinois State General Obligation Bonds, (MBIA Insured), Series 2002 4.750% due 10/01/2027		25,795		25,720
				26,258
Iowa 0.0%
University of Iowa Facilities Authority Revenue Bonds, (AMBAC Insured), Series 2002 4.750% due 06/01/2028		5,120		5,171
Massachusetts 0.1%
Southbridge Associations Limited Liability Corporation Massachusetts Revenue Bonds, (MBIA-Insured), Series 2000 7.590% due 02/01/2022		31,105		37,481
Nevada 0.0%
Clark County, Neveda General Obligation Bonds, (FGIC Insured), Series 2001 5.000% due 06/01/2031		13,480		13,755
New Jersey 0.0%
Mercer County, New Jersey Important Authority Revenue Bonds, Series 2000 9.720% due 01/01/2018 (a)		2,990		3,962
Mercer County, New Jersey Improvement Authority Revenue Bonds, Series 1978 5.800% due 01/01/2018		55		64
				4,026
Ohio 0.0%
Ohio State Water Development Authority Revenue Bonds, Series 2002 4.750% due 12/01/2027		5,000		5,023
South Carolina 0.0%
South Carolina State Public Services Authority Revenue Bonds, (FSA Insured), Series 2002 5.125% due 01/01/2032		17,000		17,678
Texas 0.0%
Killeen, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2002 4.750% due 02/15/2028		12,000		12,017
Washington 0.0%
Washington State General Obligation Bonds, (MBIA Insured), Series 2002 5.000% due 07/01/2027		10,000		10,255
Total Municipal Bonds & Notes (Cost $ 150,333)				160,666
U.S. GOVERNMENT AGENCIES 0.6%
Fannie Mae
6.250% due 11/15/2002		50		50
5.750% due 04/15/2003		45		46
4.000% due 12/10/2004		300		305
4.375% due 10/15/2006		555		586
5.250% due 04/15/2007		1,611		1,758
6.250% due 02/01/2011		600		667
Federal Home Loan Bank
5.250% due 01/15/2006		165		171
Freddie Mac
9.000% due 09/15/2008		37		40
5.875% due 03/21/2011		500		545
6.375% due 08/01/2011		1,300		1,406
0.000% due 11/24/2014		150		82
Small Business Administration
7.640% due 03/10/2010		64,207		73,832
7.449% due 08/01/2010		112,286		128,383
6.344% due 08/10/2011		3,444		3,748
6.030% due 02/01/2012		34,665		37,506
7.700% due 07/01/2016		570		651
6.950% due 11/01/2016		3,604		4,049
6.700% due 12/01/2016		13,660		15,257
7.150% due 03/01/2017		6,446		7,338
7.500% due 04/01/2017		4,028		4,630
7.190% due 12/01/2019		430		496
7.630% due 06/01/2020		21,651		25,378
6.900% due 12/01/2020		9,362		10,660
6.340% due 03/01/2021		30,542		33,912
5.340% due 11/01/2021		15,742		16,675
Total U.S. Government Agencies (Cost $ 328,592)				368,171
U.S. TREASURY OBLIGATIONS 3.7%
Treasury Inflation Protected Securities (g)
3.375% due 01/15/2007		187,499		204,286
3.625% due 01/15/2008		446		492
3.875% due 01/15/2009		13,178		14,821
4.250% due 01/15/2010		12,096		13,942
3.500% due 01/15/2011		698		774
3.375% due 01/15/2012		11,461		12,680
3.000% due 07/15/2012		66,618		71,719
3.875% due 04/15/2029		195,109		240,106
3.375% due 04/15/2032		315		366

74   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
U.S. Treasury Bonds
7.250% due 05/15/2016	$	237,185	$	308,026
7.500% due 11/15/2016		905,286		1,200,494
8.750% due 05/15/2017		150,800		221,535
0.000% due 02/15/2027		147,800		42,296
0.000% due 11/15/2027		289,300		80,447
U.S. Treasury Notes
5.750% due 11/15/2005		1,005		1,117
6.500% due 10/15/2006		185		214
6.625% due 05/15/2007		340		400
4.875% due 02/15/2012		115		127
Total U.S. Treasury Obligations (Cost $ 2,389,209)				2,413,842
MORTGAGE-BACKED SECURITIES 53.3%
Collateralized Mortgage Obligations 20.4%
ABN AMRO Mortgage Corp.
6.750% due 09/25/2028		3,765		3,924
6.750% due 11/25/2028		600		616
6.500% due 06/25/2029 (a)		7,093		7,570
American Southwest Financial Securities Corp.
7.248% due 11/25/2038 (a)		63,351		71,097
Amresco Commercial Mortgage Funding I
7.180% due 06/17/2029		350		389
Aurora Loan Services
2.510% due 05/25/2030 (a)		14,378		14,422
Bank of America Funding Corp.
6.750% due 11/20/2032		17,000		17,411
Bank of America Mortgage Securities, Inc.
6.250% due 07/25/2014		9,010		9,534
6.250% due 08/25/2028		25,000		26,580
7.250% due 10/25/2029		11,984		12,311
6.630% due 02/25/2031		6,855		7,030
6.234% due 07/25/2031 (a)		677		690
6.750% due 08/25/2031		9,442		9,656
7.000% due 03/25/2032		53,400		55,086
6.373% due 07/25/2032 (a)		127,737		131,090
Bank of America Mortgage Securities, Inc.—A20
6.500% due 05/25/2029		5,837		6,177
Bank of America Mortgage Securities, Inc.—A4
6.500% due 05/25/2029 (a)		29,000		30,912
Bear Stearns Adjustable Rate Mortgage Trust
4.770% due 11/25/2030 (a)		75,499		78,017
7.465% due 12/25/2030 (a)		18,583		18,661
7.490% due 12/25/2030 (a)		20,891		20,981
6.912% due 02/25/2031 (a)		7,598		7,737
7.001% due 02/25/2031 (a)		10,328		10,599
6.952% due 06/25/2031 (a)		27,694		28,421
6.688% due 09/25/2031 (a)		21,272		21,652
6.552% due 10/25/2031 (a)		12,512		12,711
6.709% due 11/25/2031 (a)		16,371		16,800
6.823% due 11/25/2031 (a)		20,299		20,566
6.147% due 12/25/2031 (a)		78,971		81,044
6.184% due 12/25/2031 (a)		588		603
6.195% due 12/25/2031 (a)		124,650		127,922
6.295% due 12/25/2031 (a)		166,480		170,850
6.299% due 01/25/2032 (a)		285,988		289,676
6.759% due 01/25/2032 (a)		25,225		25,887
6.401% due 02/25/2032 (a)		71,721		73,604
5.439% due 10/25/2032 (a)		78,253		79,328
Bear Stearns Commercial Mortgage Securities, Inc.
5.910% due 05/14/2008		112		120
5.060% due 12/15/2010		32,164		33,867
Bear Stearns Commercial Mortgage Securities, Inc.—A3
7.000% due 05/20/2030 (a)		39,566		45,142
Bear Stearns Commercial Mortgage Securities, Inc.—A4
7.000% due 05/20/2030 (a)		10,732		12,355
Bear Stearns Mortgage Securities, Inc.
2.563% due 10/25/2023 (a)		1,512		1,513
7.000% due 03/25/2027		4,653		4,689
7.750% due 06/25/2027		228		232
8.125% due 09/25/2027		978		977
7.000% due 02/25/2028 (a)		8,109		8,257
6.750% due 04/30/2030		179		188
6.390% due 06/25/2030 (a)		3,423		3,405
Capco America Securitization Corp.
5.860% due 12/15/2007		38		41
Cendant Mortgage Corp.
6.501% due 11/18/2028 (a)		12,838		13,314
6.506% due 11/18/2028 (a)		6,776		7,062
2.463% due 08/25/2030 (a)		646		647
6.100% due 06/25/2031		24,239		24,976
Chase Commercial Mortgage Securities Corp.
7.600% due 12/18/2005		94		96
7.631% due 07/15/2032		275		328
Chase Mortgage Finance Corp.
7.000% due 08/25/2024 (a)		1,381		1,394
6.750% due 03/25/2025 (a)		13,098		13,590
6.500% due 06/25/2028		167		167
6.750% due 10/25/2028		39,000		40,813
6.500% due 02/25/2029		20,000		21,160
6.350% due 07/25/2029		31,515		32,147
6.190% due 12/25/2029 (a)		19,010		19,503
7.750% due 08/25/2030		11,141		11,390
6.221% due 07/25/2032 (a)		139,331		142,792
Chemical Mortgage Securities, Inc.
7.250% due 01/25/2026		6,946		6,935
Citicorp Mortgage Securities, Inc.
6.605% due 10/25/2022 (a)		5,485		5,558
6.250% due 04/25/2024		11,796		12,228
6.250% due 08/25/2024		105		108
7.250% due 10/25/2027		12,034		12,327
6.750% due 09/25/2028		9,137		9,438
6.500% due 10/25/2028		36,098		38,079
7.000% due 11/25/2028		11,000		12,103
7.000% due 09/25/2030		8,035		8,411
7.500% due 10/25/2030		12,385		12,562
7.000% due 02/25/2031		36,610		38,412
6.500% due 03/25/2031		4,405		4,578
6.000% due 11/25/2031		3,784		3,723
CMC Securities Corp. III
6.750% due 05/25/2028		5,000		5,218
CMC Securities Corp. IV—IA6
7.250% due 11/25/2027		404		410
CMC Securities Corp. IV—IIA6
7.250% due 11/25/2027		9,035		9,228
Collateralized Mortgage Obligation Trust
8.000% due 09/20/2021		3,490		3,499
Collateralized Mortgage Securities Corp.
11.450% due 11/01/2015 (a)		75		75
8.750% due 04/20/2019		206		209
8.800% due 04/20/2019		141		143
COMM Mortgage Trust
6.145% due 02/15/2008		12,038		12,985
Commercial Mortgage Acceptance Corp.
7.030% due 05/15/2009		75		87
Commercial Mortgage Asset Trust
7.546% due 01/17/2010		500		591
6.975% due 04/17/2013		145		168
Countrywide Alternative Loan Trust
8.000% due 07/25/2030		533		532
7.000% due 10/25/2031		16,145		16,689
Countrywide Funding Corp.
6.750% due 03/25/2024		14,026		14,667
6.875% due 03/25/2024		9,080		9,271
Countrywide Funding Corp.—A11
6.625% due 02/25/2024		110		115
Countrywide Funding Corp.—A9
6.625% due 02/25/2024		33,827		34,998
Countrywide Home Loans, Inc.
6.500% due 07/25/2013		5,676		5,851
6.250% due 08/25/2014 (a)		3,412		3,613
6.750% due 11/25/2025		25,567		26,398
7.500% due 04/25/2027		1,078		1,076
7.500% due 06/25/2027		4,523		4,516

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   75

Schedule of Investments (Cont.)

Total Return Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
7.500% due 09/25/2027	$	6,823	$	6,813
7.250% due 12/25/2027		6,224		6,296
7.250% due 02/25/2028		59,054		59,922
6.750% due 06/25/2028		15,103		15,312
6.750% due 10/25/2028		15,567		15,846
6.750% due 11/25/2028		5,000		5,250
6.500% due 01/25/2029		24,978		26,305
6.500% due 03/25/2029 (a)		21,744		23,045
6.050% due 04/25/2029		1,180		1,184
7.250% due 08/25/2029		7,200		7,342
7.750% due 10/25/2030		29,364		29,883
7.750% due 12/25/2030		12,977		13,015
6.068% due 07/19/2031 (a)		7,268		7,459
6.050% due 10/25/2031		9,913		10,168
6.500% due 10/25/2031		12,735		12,841
2.313% due 06/25/2032 (a)		46,183		46,262
6.500% due 08/25/2032 (a)		70,444		72,253
Credit-Based Asset Servicing & Securitization LLC
2.193% due 10/25/2028 (a)		3,882		3,880
2.223% due 09/25/2029 (a)		576		575
2.133% due 02/25/2030 (a)		25,479		25,362
2.150% due 01/25/2032 (a)		42,748		42,718
Crusade Global Trust
2.080% due 02/15/2030 (a)		45,102		45,204
CS First Boston Mortgage Securities Corp.
6.750% due 01/15/2008		18,027		18,192
7.290% due 09/15/2009		335		393
6.750% due 09/25/2028		6,960		7,214
6.750% due 12/27/2028		14,504		15,123
6.960% due 06/20/2029		85		86
7.500% due 03/25/2031		30,503		31,702
2.413% due 06/25/2031 (a)		26,142		26,219
2.163% due 08/25/2031 (a)		4,794		4,766
2.363% due 11/25/2031 (a)		677		678
6.169% due 12/25/2031		61,138		60,895
2.213% due 02/25/2032 (a)		16,304		16,280
6.248% due 04/25/2032 (a)		100,437		103,074
2.200% due 05/25/2032 (a)		94,992		95,068
6.400% due 01/17/2035		136		140
DLJ Commercial Mortgage Corp.
2.080% due 05/05/2003 (a)		15,244		15,239
7.300% due 06/10/2032		515		602
DLJ Mortgage Acceptance Corp.
7.580% due 02/12/2006 (a)		4,000		4,216
6.445% due 08/01/2021 (a)(c)		2,517		2,554
8.000% due 03/25/2022		76		76
6.950% due 12/25/2022 (a)		580		580
6.836% due 03/25/2023 (a)		103		103
7.684% due 03/25/2024 (a)		105		106
7.557% due 05/25/2024 (a)		52		52
7.907% due 10/25/2024 (a)		208		210
2.313% due 06/25/2026 (a)		772		773
6.850% due 12/17/2027		6,297		6,499
Drexel Burnham Lambert CMO Trust
9.500% due 11/20/2017		308		309
DVI Business Credit Receivable Corp. III
2.503% due 10/15/2003 (a)		3,850		3,865
E-Trade Bank Mortgage-Backed Securities Trust
7.174% due 09/25/2031		32,076		32,865
Fannie Mae
7.500% due 05/25/2005		6,700		6,781
5.500% due 05/02/2006		500		539
7.000% due 05/25/2006		130		135
7.500% due 05/25/2007		266		273
6.000% due 07/25/2007		60		60
6.500% due 08/25/2007		2,371		2,448
6.740% due 08/25/2007		425		477
6.270% due 09/25/2007		3,000		3,201
7.000% due 10/25/2007		150		158
6.250% due 01/25/2008		50,000		54,601
6.500% due 05/25/2008		344		364
10.500% due 08/25/2008		3,783		3,908
13.661% due 09/25/2008 (a)		1,582		1,679
4.000% due 02/25/2009		98		99
6.000% due 02/25/2009		1,330		1,416
6.500% due 02/25/2009		40		42
6.500% due 03/25/2009		95		102
6.875% due 06/25/2009		10		10
6.500% due 08/25/2010		27		27
6.370% due 02/25/2013		28,500		31,363
6.500% due 04/25/2013		75		80
8.000% due 12/25/2016 (a)		98		109
11.000% due 11/25/2017		673		784
9.250% due 04/25/2018		93		105
9.300% due 05/25/2018		358		405
2.393% due 06/25/2018 (a)		2		2
9.500% due 06/25/2018		299		339
5.750% due 09/25/2018		200		206
9.500% due 11/25/2018		238		238
9.500% due 06/25/2019		736		830
7.500% due 12/25/2019		6,180		6,773
9.000% due 12/25/2019		2,955		3,301
7.000% due 03/25/2020		634		680
7.500% due 05/25/2020		1,433		1,554
6.000% due 07/25/2020		109		111
5.000% due 09/25/2020 (a)		163		164
9.000% due 09/25/2020		1,479		1,653
8.000% due 12/25/2020		15,166		15,658
8.750% due 01/25/2021		1,545		1,704
9.000% due 01/25/2021		2,561		2,844
5.750% due 02/18/2021 (a)		100		101
9.000% due 03/25/2021		254		285
7.000% due 05/25/2021		226		227
6.500% due 06/25/2021		3,667		3,877
8.000% due 07/25/2021		7,114		7,768
8.500% due 09/25/2021		2,487		2,743
7.000% due 10/25/2021		5,069		5,429
8.000% due 10/25/2021		91		91
7.000% due 11/25/2021		3,264		3,288
5.000% due 12/25/2021		500		508
4.000% due 01/25/2022		62		62
7.750% due 01/25/2022		11,329		12,323
8.000% due 01/25/2022		2,056		2,061
6.250% due 03/25/2022		6,626		6,844
6.550% due 03/25/2022		150		154
5.000% due 04/25/2022		38		38
7.000% due 04/25/2022		17,091		18,297
7.000% due 04/25/2022		155		171
7.375% due 05/25/2022		10,387		11,178
7.500% due 05/25/2022		1,980		2,114
7.000% due 06/25/2022		681		730
8.000% due 06/25/2022		4,529		5,057
7.000% due 07/25/2022		3,139		3,387
7.500% due 07/25/2022		806		862
8.000% due 07/25/2022		14,492		15,705
8.000% due 07/25/2022		24,851		27,247
6.500% due 10/25/2022		4,608		4,830
7.800% due 10/25/2022		1,651		1,788
6.500% due 03/25/2023		1,474		1,514
7.000% due 03/25/2023		32,138		33,072
6.900% due 05/25/2023		182		205
1.000% due 09/25/2023		73		72
6.750% due 09/25/2023		4,543		4,649
6.500% due 10/25/2023		9,804		10,531
6.750% due 10/25/2023		683		749
6.500% due 12/25/2023		176		187
5.000% due 01/25/2024		294		300
6.500% due 02/25/2024 (a)		5,150		5,635
7.000% due 03/25/2024 (a)		9,983		10,252
6.000% due 06/25/2024		340		355
6.500% due 08/17/2024		17,000		18,377
6.000% due 12/25/2024		711		722
4.750% due 01/25/2025		155		156
6.000% due 01/25/2025		130		136
2.163% due 02/25/2025 (a)		2,800		2,805
6.600% due 05/18/2025 (a)		219		221

76   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
7.500% due 11/17/2025 (a)	$	289	$	320
7.500% due 12/25/2025		184		187
7.000% due 02/15/2026		41		42
6.500% due 05/25/2026		150		156
7.000% due 07/18/2026		93		93
6.500% due 09/18/2026		91		93
7.000% due 12/18/2026		18,754		20,171
6.000% due 12/25/2026		170		178
8.500% due 02/17/2027		1,605		1,756
6.000% due 03/25/2027		320		336
5.000% due 04/18/2027		957		978
6.000% due 05/17/2027		5,470		5,812
7.000% due 06/18/2027		684		741
6.500% due 07/18/2027		197		212
8.000% due 08/18/2027		116		19
7.500% due 08/20/2027		2,925		3,174
5.750% due 12/20/2027		10,789		11,266
7.000% due 12/20/2027		14,224		15,527
6.000% due 02/25/2028		200		210
2.220% due 04/18/2028 (a)		1,446		1,461
6.500% due 06/25/2028		4,700		4,843
6.000% due 07/18/2028		9,748		10,172
6.500% due 07/18/2028		67,412		71,405
9.210% due 09/25/2028 (a)		7,974		9,125
6.500% due 10/25/2028		40,000		42,074
6.250% due 02/25/2029		3,500		3,677
6.000% due 04/25/2029		12,184		12,183
7.500% due 04/25/2029		879		951
7.500% due 06/19/2030		215		227
8.500% due 06/25/2030		12,185		13,972
2.313% due 08/25/2030 (a)		20,928		21,083
2.270% due 10/18/2030 (a)		16,262		16,364
7.000% due 11/25/2030		14,861		15,889
6.000% due 05/25/2031		11,875		11,849
6.000% due 05/25/2031		24,858		24,371
7.500% due 07/25/2031		843		913
6.750% due 08/21/2031		134,129		138,928
6.750% due 09/21/2031		142,172		147,809
2.363% due 09/25/2031 (a)		9,517		9,541
6.500% due 09/25/2031		12,873		13,464
6.500% due 10/03/2031		10,673		10,932
6.000% due 11/25/2031		37,929		37,197
6.500% due 11/25/2031		21,550		22,092
6.000% due 12/25/2031		34,162		34,754
5.500% due 09/25/2032		2,000		1,887
6.390% due 05/25/2036		35,025		37,130
7.349% due 01/17/2037		15,545		18,071
6.500% due 06/17/2038		5,000		5,342
6.500% due 09/17/2038		6,307		6,969
6.300% due 10/17/2038 (a)		18,365		19,880
4.500% due 08/25/2042		27,000		24,604
Fannie Mae—G
7.500% due 12/25/2019		36		39
Fannie Mae—PC
6.500% due 10/25/2031		460		485
Fannie Mae—PX
6.000% due 08/25/2023		12,536		13,551
6.500% due 01/25/2024		27,115		27,515
Fannie Mae—PZ
7.000% due 06/25/2023		849		947
Fannie Mae—XZ
6.500% due 10/25/2031		26,674		27,971
Fannie Mae—YZ
6.500% due 10/25/2031		30,975		32,511
Fannie Mae—Z
9.300% due 08/25/2019 (a)		36		41
7.000% due 06/25/2023		720		720
6.000% due 08/25/2023		1,324		1,364
6.500% due 01/25/2024		3,024		3,086
Fannie Mae—ZF
6.000% due 09/25/2032		10,720		10,281
Fannie Mae—ZL
6.000% due 09/25/2032		24,119		23,542
FDIC Remic Trust
6.750% due 05/25/2026		19		19
Federal Housing Administration
6.997% due 09/01/2019		2,014		2,031
7.430% due 01/01/2020		2,327		2,395
7.430% due 08/01/2020		651		669
7.430% due 10/01/2020		6,284		6,365
7.430% due 10/21/2021		1,450		1,496
7.430% due 12/01/2023		2,519		2,552
7.675% due 09/01/2030		5,837		6,707
FFCA Secured Lending Corp.
7.850% due 10/18/2017		29,600		33,570
First Chicago Lennar Trust
8.111% due 05/25/2008 (a)		275		275
First Commonwealth Savings & Loan Association
10.375% due 04/01/2005		11		12
First Horizon Asset Securities, Inc.
7.000% due 05/25/2030		192		199
6.750% due 02/25/2031		155,746		160,785
7.000% due 02/25/2031		20,818		21,184
First Interstate Bancorp
8.875% due 01/01/2009 (c)		93		101
9.125% due 01/01/2009 (a)(c)		4		4
First Nationwide Trust
6.500% due 03/25/2029		4,400		4,680
7.750% due 07/25/2030		7,002		7,124
8.000% due 10/25/2030		268		281
8.500% due 08/25/2031		241		255
2.413% due 09/25/2031 (a)		3,453		3,463
First Union Residential Securitization, Inc.
7.000% due 04/25/2025		337		352
6.750% due 08/25/2028		9,048		9,256
Freddie Mac
6.750% due 10/15/2003 (a)		3,516		3,544
7.000% due 10/15/2003		1,273		1,304
7.000% due 12/15/2003		37		38
10.150% due 04/15/2006		2		2
6.500% due 07/15/2006		109		109
7.500% due 02/15/2007		352		369
7.500% due 04/01/2007		6		6
7.750% due 04/01/2007		6		6
8.000% due 10/01/2007		24		25
6.500% due 05/15/2008		173		173
12.550% due 06/15/2008 (a)		16		16
6.000% due 11/15/2008 (a)		225		238
6.200% due 12/15/2008		5,077		5,461
8.500% due 03/01/2009		88		94
7.000% due 06/01/2010		8		8
7.550% due 03/15/2012		136		138
11.875% due 06/15/2013		58		58
6.000% due 11/15/2014		400		420
6.000% due 06/15/2015		1,500		1,567
10.100% due 09/01/2016		222		256
7.500% due 11/15/2016		18,295		18,734
5.500% due 05/15/2018		225		229
10.000% due 11/15/2019		50		52
5.750% due 08/15/2020		494		497
9.000% due 09/15/2020		30		31
5.000% due 10/15/2020		672		683
8.900% due 11/15/2020		5,879		5,891
9.500% due 11/15/2020		1,747		1,751
6.000% due 12/15/2020		110		112
6.250% due 12/15/2020		145		149
8.750% due 12/15/2020		615		639
9.000% due 12/15/2020		1,004		1,041
9.000% due 12/15/2020		381		403
9.500% due 01/15/2021		1,016		1,073
6.000% due 04/15/2021		200		207
8.000% due 04/15/2021 (a)		46		47
6.500% due 05/15/2021		15		15
8.500% due 06/15/2021		8,894		9,341
8.500% due 06/15/2021		2,600		2,713
8.500% due 06/15/2021 (a)		400		453

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   77

Schedule of Investments (Cont.)

Total Return Fund

Septemner 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
5.500% due 07/15/2021	$	255	$	262
6.000% due 07/15/2021		135		139
6.950% due 07/15/2021		239		244
9.000% due 07/15/2021		1,197		1,283
6.200% due 08/15/2021		152		153
6.950% due 08/15/2021		71		74
9.500% due 08/15/2021		781		818
4.500% due 09/15/2021		148		149
6.000% due 09/15/2021		200		208
6.500% due 09/15/2021		455		465
7.000% due 09/15/2021		58		61
8.000% due 12/15/2021		11,806		12,554
6.850% due 01/15/2022		246		250
7.000% due 03/15/2022		540		552
8.250% due 06/15/2022		2,373		2,548
6.650% due 07/15/2022		746		767
8.500% due 10/15/2022		3,544		3,795
6.000% due 11/15/2022		220		230
6.250% due 11/15/2022		200		211
6.500% due 11/15/2022		100		106
7.000% due 12/15/2022		21,000		21,961
7.500% due 01/15/2023		20,601		22,499
6.500% due 02/15/2023		1,250		1,318
7.500% due 05/01/2023		460		490
5.750% due 06/15/2023		300		306
6.500% due 07/15/2023		970		996
7.000% due 07/15/2023		2,207		2,381
7.500% due 07/15/2023 (a)		395		417
6.500% due 08/15/2023		187		202
5.500% due 09/15/2023		150		155
5.840% due 10/25/2023 (a)		5,972		6,140
7.410% due 10/25/2023		1,194		1,254
6.500% due 11/15/2023		6,329		6,585
6.250% due 01/15/2024		100		102
6.500% due 01/15/2024		35		38
5.000% due 02/15/2024		116		118
6.500% due 02/15/2024		8		8
6.500% due 03/15/2024		364		387
7.499% due 03/15/2024		7,366		7,894
8.000% due 04/25/2024		404		458
6.250% due 05/15/2024		10,804		10,983
6.000% due 07/17/2024		195		196
8.500% due 08/01/2024		756		816
5.750% due 09/15/2024		200		205
6.500% due 09/15/2024		200		210
8.000% due 09/15/2024		1,900		2,062
8.000% due 09/15/2024		14,350		15,585
8.500% due 11/01/2024		308		333
5.500% due 11/15/2024		10,328		10,463
5.650% due 11/15/2024		133		135
6.000% due 11/15/2024		130		136
6.000% due 12/15/2024		220		230
5.750% due 01/15/2025		200		208
2.273% due 02/15/2025 (a)		2,800		2,820
6.000% due 02/15/2025		789		794
6.500% due 05/15/2025		305		311
5.750% due 06/15/2025		100		104
7.000% due 09/17/2025		15		15
6.000% due 12/15/2025		150		154
7.000% due 03/01/2026		51		53
6.500% due 03/15/2026		110		115
6.000% due 08/15/2026		2,400		2,495
1.953% due 09/15/2026 (a)		14,205		14,075
5.207% due 10/01/2026 (a)		1,473		1,516
6.000% due 11/15/2026		550		578
6.250% due 11/15/2026		700		731
6.000% due 12/15/2026		200		205
6.000% due 02/15/2027		250		262
6.250% due 02/15/2027		1,565		1,597
8.000% due 02/15/2027		40,580		44,523
6.500% due 03/15/2027		29,964		31,334
7.500% due 03/17/2027		20,000		21,479
4.890% due 05/01/2027 (a)		71		73
5.500% due 06/15/2027		150		156
6.000% due 06/15/2027		116		118
6.500% due 06/15/2027		11,571		12,310
7.500% due 06/20/2027		37,532		40,976
6.000% due 07/15/2027		100		104
6.500% due 08/15/2027		17,807		19,070
6.500% due 09/15/2027		73,000		76,977
6.500% due 10/15/2027		32,300		34,252
5.750% due 01/15/2028		185		189
6.500% due 01/25/2028		8,691		9,301
6.250% due 03/15/2028		10,000		10,585
6.500% due 06/15/2028		69,806		74,221
6.500% due 06/20/2028		26,630		28,293
6.500% due 07/15/2028		65,505		70,611
6.500% due 07/15/2028		14,683		15,598
6.100% due 08/15/2028		17		17
6.500% due 08/15/2028		369,672		389,516
7.000% due 11/15/2028		9,000		9,449
6.000% due 12/01/2028		526		543
6.250% due 12/15/2028		1,895		1,942
6.500% due 12/15/2028		8,034		8,458
6.000% due 01/15/2029		43,589		44,872
6.000% due 01/15/2029		3,736		3,705
6.500% due 01/15/2029		10,411		11,067
6.500% due 01/15/2029		16,932		17,698
6.000% due 02/15/2029 (a)		4,365		4,390
6.000% due 03/15/2029		1,850		1,822
6.500% due 03/15/2029		14,078		15,204
6.500% due 03/15/2029		5,214		5,246
6.500% due 03/15/2029 (a)		13,498		14,345
8.000% due 09/15/2029		8,892		9,812
2.173% due 12/15/2029 (a)		662		664
7.500% due 01/15/2030		7,572		8,236
7.500% due 02/01/2030		98		104
7.500% due 07/15/2030		1,000		1,066
7.000% due 08/15/2030		14,384		15,467
7.500% due 08/15/2030		23,371		25,116
7.500% due 08/15/2030		3,038		3,313
2.323% due 09/15/2030 (a)		3,443		3,456
7.000% due 09/15/2030 (a)		20,811		22,673
7.000% due 09/15/2030		12,935		14,001
7.000% due 10/15/2030		3,988		4,260
7.000% due 10/15/2030		12,994		14,165
7.000% due 10/15/2030		5,716		6,103
7.500% due 10/15/2030		31,564		34,904
2.273% due 11/15/2030 (a)		524		526
6.000% due 06/15/2031		8,190		8,074
6.000% due 12/15/2031		10,194		9,954
6.000% due 07/15/2032		32,018		31,190
6.500% due 07/15/2032		10,109		10,409
4.617% due 08/15/2032 (a)		20,568		20,315
6.000% due 09/15/2032		6,400		6,330
Freddie Mac—BE
6.000% due 11/15/2027		140		147
Freddie Mac—C
7.000% due 07/15/2022		40		41
Freddie Mac—CJ
6.500% due 04/15/2028		81,400		85,978
Freddie Mac—D
6.000% due 03/15/2009		153		153
Freddie Mac—G
6.500% due 04/15/2028		2,500		2,661
6.000% due 12/15/2028		11,995		12,482
Freddie Mac—H
6.000% due 03/15/2009		265		284
Freddie Mac—N
7.000% due 07/15/2022		610		653
Freddie Mac—PD
6.000% due 11/15/2027		525		552
Freddie Mac—PH
6.500% due 04/15/2028		50,000		52,621
Freddie Mac—TA
7.500% due 01/15/2027		4		4

78   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Freddie Mac—TE
6.500% due 05/15/2028	$	48,000	$	51,063
Freddie Mac—Z
7.000% due 07/15/2022		6,127		6,474
7.500% due 01/15/2027		29,244		31,110
6.500% due 04/15/2028		30,497		32,863
6.000% due 08/15/2032		3,417		3,240
Freddie Mac—ZA
6.500% due 05/15/2028		17,124		18,277
6.500% due 07/15/2028		28,923		30,756
6.500% due 08/15/2028		23,455		25,245
6.000% due 08/15/2032		18,844		18,309
Freddie Mac—ZC
6.500% due 08/15/2028		26,061		28,050
Freddie Mac—ZM
6.000% due 12/15/2028		12,516		12,607
Fund America Investors Corp. II
6.307% due 06/25/2023 (a)		1,332		1,378
General Electric Capital Mortgage Services, Inc.
6.500% due 09/25/2023		1,175		1,199
6.500% due 12/25/2023 (a)		8,631		8,853
6.500% due 01/25/2024 (a)		3,895		4,008
6.000% due 02/25/2024		8,328		8,603
6.500% due 02/25/2024		13,565		14,163
6.500% due 04/25/2024		75,744		78,073
7.250% due 05/25/2026		2,837		2,892
7.500% due 06/25/2027		4,988		4,990
7.000% due 11/25/2027		41,216		41,782
6.650% due 05/25/2028		2,833		2,855
6.750% due 05/25/2028		23,934		24,349
6.500% due 06/25/2028		2,165		2,203
6.550% due 06/25/2028		9,565		9,591
6.750% due 06/25/2028		20,517		21,685
6.750% due 10/25/2028		11,942		12,518
6.250% due 12/25/2028		53,545		56,076
6.500% due 12/25/2028		19,500		20,451
6.350% due 05/25/2029		7,100		7,345
6.500% due 05/25/2029		9,858		10,410
6.750% due 05/25/2029		20,000		20,969
6.000% due 07/25/2029		145		145
6.250% due 07/25/2029 (a)		132,674		136,517
6.500% due 07/25/2029 (a)		95,240		100,891
7.000% due 09/25/2029		12,602		13,340
General Electric Capital Mortgage Services, Inc.—1A9
7.000% due 10/25/2027		6,426		6,495
General Electric Capital Mortgage Services, Inc.—2A1
7.000% due 10/25/2027		14,091		14,285
General Electric Capital Mortgage Services, Inc.—A10
6.500% due 03/25/2024		127		127
General Electric Capital Mortgage Services, Inc.—A22
6.500% due 03/25/2024		9,967		10,082
General Electric Capital Mortgage Services, Inc.—A23
6.500% due 03/25/2024		32,149		32,505
General Electric Capital Mortgage Services, Inc.—A24
6.500% due 03/25/2024 (a)		6,908		7,112
GMAC Commercial Mortgage Securities, Inc.
7.860% due 11/15/2006		250		260
6.150% due 11/15/2007		172		184
6.806% due 04/15/2008		1,000		1,094
6.974% due 05/15/2008		24,424		27,042
8.950% due 08/20/2017		319		344
6.700% due 05/15/2030		12,032		13,326
6.570% due 09/15/2033		31,710		34,507
GMAC Mortgage Corp. Loan Trust
7.000% due 08/25/2029		13,712		13,787
7.500% due 05/25/2030		12,000		12,405
7.198% due 11/25/2030 (a)		242		237
Goldman Sachs Mortgage Corp.
6.000% due 12/31/2007 (c)		6,692		7,412
Government Lease Trust
4.000% due 05/18/2011		3,000		2,814
Government National Mortgage Association
8.000% due 06/20/2025		110		117
7.000% due 10/20/2025 (a)		7,000		7,417
2.373% due 12/16/2025 (a)		1,091		1,094
6.000% due 03/20/2026		1,500		1,545
7.000% due 03/20/2026		320		331
7.500% due 07/16/2027		34,744		37,493
6.500% due 04/20/2028		13,315		14,135
6.500% due 06/20/2028		41,732		44,895
6.750% due 06/20/2028		25,293		28,432
7.250% due 07/16/2028		30		33
6.500% due 07/20/2028		22,893		24,285
6.500% due 07/20/2028		48,146		52,869
6.500% due 09/20/2028		5,314		5,591
6.500% due 09/20/2028		1,685		1,774
6.500% due 09/20/2028		39,399		40,945
6.500% due 01/20/2029 (a)		31,708		33,620
7.000% due 02/16/2029		6,815		7,150
6.500% due 03/20/2029 (a)		16,259		17,289
8.000% due 03/20/2029		8,893		9,126
6.000% due 05/20/2029		12,208		12,327
7.500% due 11/20/2029		2,595		2,886
7.000% due 01/16/2030		7,424		7,672
2.323% due 02/16/2030 (a)		21,515		21,623
2.423% due 02/16/2030 (a)		21,776		22,027
2.473% due 02/16/2030 (a)		12,207		12,354
7.500% due 02/20/2030		6,634		7,444
7.500% due 02/20/2030		18,301		19,740
2.220% due 06/20/2030 (a)		4,177		4,186
7.500% due 08/20/2030		14,316		15,343
2.320% due 09/20/2030 (a)		3,104		3,116
7.500% due 09/20/2030		5,806		6,367
2.273% due 10/16/2030 (a)		19,023		19,035
7.000% due 10/16/2030		28,784		30,852
6.500% due 03/20/2031		6,613		6,882
6.000% due 06/16/2032		18,271		18,389
6.000% due 07/20/2032		8,722		8,665
6.500% due 07/20/2032		2,022		2,119
GS Mortgage Securities Corp.
6.526% due 08/15/2011		15,700		17,719
6.044% due 08/15/2018		22,353		24,820
G-Wing Ltd.
4.460% due 05/06/2004 (a)		35,500		35,358
Harborview Mortgage Loan Trust
7.470% due 08/19/2030		9,078		9,259
Headlands Mortgage Securities, Inc.
7.250% due 11/25/2012		401		401
7.155% due 12/25/2012 (a)		148		150
7.250% due 11/25/2027		3,872		3,878
Home Savings of America
8.464% due 08/01/2006 (a)		11		12
4.302% due 05/25/2027 (a)		1,601		1,614
6.613% due 08/20/2029 (a)		11,138		11,121
Housing Securities, Inc.
7.000% due 05/25/2008		443		446
7.000% due 05/25/2008		146		147
7.000% due 05/25/2023		5,056		5,159
ICI Funding Corp. Secured Assets Corp.
7.250% due 09/25/2027		9,470		9,663
7.750% due 03/25/2028 (a)		788		805
7.750% due 03/25/2028		919		934
IMPAC CMB Trust
2.233% due 12/15/2030 (a)		26,472		26,498
2.093% due 11/25/2031 (a)		24,570		24,500
Imperial CMB Trust
6.650% due 11/25/2029		388		388
Imperial Savings Association
8.230% due 01/25/2017 (a)		32		32
8.854% due 07/25/2017 (a)		134		133
Independent National Mortgage Corp.
8.250% due 05/25/2010		53		53
6.650% due 10/25/2024		207		207
3.413% due 07/25/2025 (a)		1,112		1,111
Indymac Adjustable Rate Mortgage Trust
6.568% due 08/25/2031 (a)		6,265		6,144

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   79

Schedule of Investments (Cont.)

Total Return Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
6.432% due 01/25/2032 (a)	$	70,660	$	71,861
6.446% due 01/25/2032 (a)		15,512		15,741
International Mortgage Acceptance Corp.
12.250% due 03/01/2014		185		200
J.P. Morgan Commercial Mortgage Finance Corp.
8.228% due 02/25/2028 (a)		1,615		1,837
7.069% due 09/15/2029		36		38
LB Commercial Conduit Mortgage Trust
6.330% due 11/18/2004		26		27
Lehman Large Loan Trust
6.790% due 06/12/2004		21		22
Long Beach Mortgage Loan Trust
8.396% due 01/20/2017 (a)		47,777		51,629
Mellon Residential Funding Corp.
6.500% due 02/25/2028		9,067		9,096
6.350% due 06/25/2028		22,000		22,035
6.600% due 06/26/2028		7,660		7,811
6.110% due 01/25/2029		18,347		18,716
6.580% due 07/25/2029 (a)		51,557		51,736
2.310% due 10/20/2029 (a)		15,358		15,510
Merrill Lynch Mortgage Investors, Inc.
6.439% due 06/15/2021 (a)		1,323		1,352
6.589% due 06/15/2021 (a)		3,346		3,516
6.849% due 06/15/2021 (a)		3,139		3,336
7.209% due 06/15/2021 (a)		697		737
6.950% due 06/18/2029 (a)		12,801		13,199
2.120% due 01/20/2030 (a)		1,317		1,310
5.650% due 12/15/2030		6,190		6,498
Midland Realty Acceptance Corp.
7.020% due 01/25/2029		1,531		1,559
MLCC Mortgage Investors, Inc.
2.073% due 09/15/2026 (a)		11,853		11,824
Morgan Stanley Capital I
5.990% due 03/15/2005		40		41
6.190% due 01/15/2007		14,354		15,347
6.170% due 10/03/2008		750		832
6.160% due 04/03/2009 (a)		10,964		11,768
7.460% due 02/15/2020		4,687		4,725
2.043% due 07/25/2027 (a)		182		181
6.860% due 07/15/2029 (a)		578		598
6.220% due 06/01/2030		57		61
6.590% due 10/03/2030 (a)		4,697		5,032
Mortgage Capital Funding, Inc.
7.800% due 04/15/2006 (a)		500		572
7.008% due 09/20/2006		15,545		17,357
6.001% due 11/18/2031		57		61
Mortgage Obligation Structured Trust
7.700% due 10/25/2018		13,140		13,213
NationsBanc Montgomery Funding Corp.
6.750% due 06/25/2028		10,000		10,633
6.500% due 07/25/2028		14,470		15,474
6.750% due 08/25/2028		20,009		20,839
6.250% due 10/25/2028		7,000		7,444
Nationslink Funding Corp.
6.654% due 02/10/2006		20,624		22,404
2.160% due 04/10/2007 (a)		12,024		12,063
6.096% due 11/10/2030 (a)		3,421		3,438
Nomura Asset Acceptance Corp.
7.000% due 02/19/2030		13,908		15,086
Nomura Asset Securities Corp.
7.120% due 04/13/2036		460		514
Norwest Asset Securities Corp.
6.750% due 12/25/2012 (a)		5,655		5,823
6.500% due 04/25/2013		17,770		18,522
6.500% due 06/25/2013		803		816
6.500% due 06/25/2013		9,229		9,682
7.500% due 03/25/2027		17,147		17,226
7.500% due 03/25/2027		1,025		1,032
6.750% due 05/25/2028		20,103		20,184
6.750% due 05/25/2028		13,000		13,209
6.750% due 07/25/2028		12,657		12,756
6.250% due 08/25/2028		129		129
6.250% due 09/25/2028		307		317
6.750% due 10/25/2028		20,000		21,036
6.750% due 10/25/2028		17,748		18,470
6.500% due 12/25/2028		39,751		41,147
6.000% due 01/25/2029		20,216		20,347
6.500% due 02/25/2029		144		146
6.500% due 02/25/2029		62,000		65,530
5.950% due 04/25/2029 (a)		13,810		13,828
6.200% due 04/25/2029 (a)		77,385		80,353
6.300% due 04/25/2029 (a)		1,177		1,178
6.500% due 04/25/2029		26,751		28,329
6.000% due 05/25/2029 (a)		3,266		3,267
6.250% due 05/25/2029		288		292
6.500% due 06/25/2029 (a)		46,178		47,752
6.500% due 10/25/2029		1,935		2,047
7.000% due 11/25/2029		14,541		15,174
7.250% due 02/25/2030		19,756		20,015
Norwest Integrated Structured Assets, Inc.
7.000% due 09/25/2029		3,968		4,112
Pacific Collateralized Mortgage Obligation Trust
8.000% due 03/20/2018		286		288
Paine Webber Mortgage Acceptance Corp.
6.000% due 04/25/2009		9,498		9,694
Patten Mortgage
7.250% due 08/01/2011 (a)		22		22
PHH Mortgage Services Corp.
7.177% due 11/18/2027 (a)		921		973
PNC Mortgage Securities Corp.
6.750% due 06/25/2016 (a)		1,748		1,755
7.000% due 10/25/2027		11,833		11,878
6.750% due 12/25/2027		7,230		7,419
6.976% due 02/25/2028		9,165		9,347
7.000% due 02/25/2028		24,905		25,416
7.000% due 05/25/2028		1,600		1,623
6.750% due 07/25/2028		3,525		3,719
6.750% due 09/25/2028		3,990		4,177
6.750% due 10/25/2028		19,256		19,941
6.750% due 10/25/2028		6,702		7,110
6.500% due 12/25/2028		5,000		5,135
6.750% due 12/25/2028		21,698		23,183
6.250% due 01/25/2029		9,257		9,468
6.500% due 01/25/2029		990		1,027
6.500% due 01/25/2029		465		475
6.300% due 03/25/2029		9,955		10,528
6.200% due 06/25/2029 (a)		26,345		27,212
6.200% due 06/25/2029 (a)		5,261		5,429
6.300% due 06/25/2029		30,400		31,235
6.500% due 06/25/2029 (a)		48,551		51,874
7.000% due 06/25/2030		11,303		12,165
2.263% due 12/25/2030 (a)		7,031		7,040
7.500% due 02/25/2031		16,589		16,932
7.500% due 05/25/2040 (a)		612		619
PNC Mortgage Trust
8.250% due 03/25/2030		18,513		19,240
Prudential Home Mortgage Securities
7.400% due 11/25/2007		686		714
7.000% due 01/25/2008		15,896		15,875
6.500% due 07/25/2008		5,250		5,321
6.750% due 07/25/2008		225		225
6.950% due 11/25/2022		222		222
6.750% due 10/25/2023		10,996		11,086
5.900% due 12/25/2023		672		678
6.500% due 01/25/2024		39		40
6.500% due 01/25/2024		1,518		1,578
6.250% due 04/25/2024		14,672		15,253
6.800% due 05/25/2024		12,563		13,734
6.450% due 11/25/2025		5,264		5,376
Prudential Securities Secured Financing Corp.
6.074% due 01/15/2008 (a)		9,828		10,568
Prudential-Bache Trust
8.400% due 03/20/2021		3,173		3,353
Regal Trust IV
4.347% due 09/29/2031 (a)		5,845		5,706

80   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Resecuritization Mortgage Trust
2.060% due 04/26/2021 (a)	$	9	$	9
6.750% due 06/19/2028		17,742		19,142
6.500% due 04/19/2029		2,442		2,496
Residential Accredit Loans, Inc.
7.500% due 08/25/2027 (a)		7,248		7,455
7.000% due 02/25/2028		40,985		42,020
6.500% due 12/25/2028		400		418
6.500% due 05/25/2029		3,000		3,133
6.750% due 06/25/2029		496		501
7.000% due 07/25/2029		124		125
8.000% due 07/25/2030		5		5
7.000% due 08/25/2031		6,471		6,710
Residential Asset Securitization Trust
7.375% due 03/25/2027		3,119		3,164
7.000% due 10/25/2027		10,871		11,067
7.000% due 01/25/2028		16,271		16,627
6.500% due 12/25/2028		1,250		1,298
6.500% due 03/25/2029		126		127
6.500% due 03/25/2029		18,548		19,099
6.750% due 03/25/2029		194		198
7.875% due 01/25/2030		244		254
8.000% due 02/25/2030		14,035		14,543
2.513% due 09/25/2030 (a)		5,363		5,386
Residential Funding Mortgage Securities I, Inc.
7.500% due 09/25/2011 (a)		2,196		2,226
7.000% due 05/25/2012 (a)		306		308
6.500% due 12/25/2012		15,534		15,971
7.750% due 09/25/2022		17		17
8.000% due 01/25/2023		743		742
8.000% due 02/25/2023		2,285		2,282
6.500% due 11/25/2023		1,660		1,708
7.500% due 12/25/2025		703		711
7.750% due 11/25/2026		726		734
7.500% due 04/25/2027		1,971		1,980
7.500% due 06/25/2027		13,424		13,403
7.500% due 07/25/2027		8,448		8,451
7.250% due 08/25/2027		4,977		4,979
7.250% due 10/25/2027		20,994		21,174
7.000% due 11/25/2027		10,266		10,396
6.750% due 02/25/2028		843		843
6.750% due 02/25/2028		20,522		20,706
6.750% due 02/25/2028		6,424		6,609
6.750% due 05/25/2028		56,242		56,745
6.750% due 06/25/2028		25,600		26,151
6.750% due 06/25/2028		34,800		36,194
6.750% due 07/25/2028		13,292		13,808
6.750% due 08/25/2028		35,000		36,548
6.750% due 09/25/2028		65,993		68,931
6.750% due 09/25/2028		500		510
6.500% due 10/25/2028		52,000		54,210
6.250% due 11/25/2028		3,000		3,135
6.500% due 12/25/2028		23,400		24,670
6.500% due 01/25/2029		20,083		21,205
6.500% due 01/25/2029		52,231		55,229
6.500% due 03/25/2029		27,960		29,658
6.500% due 06/25/2029 (a)		12,903		13,129
6.750% due 07/25/2029 (a)		22,600		23,470
7.000% due 10/25/2029		25,260		26,429
7.500% due 11/25/2029		11,227		11,372
7.500% due 11/25/2030		3,444		3,447
7.500% due 12/25/2030		2,823		2,856
6.316% due 06/25/2031 (a)		16,342		16,514
6.250% due 02/25/2032		6,480		6,528
1.000% due 09/25/2032		224,195		226,465
Resolution Trust Corp.
5.608% due 10/25/2021 (a)		22		22
8.135% due 10/25/2021 (a)		70		69
8.625% due 10/25/2021		64		64
11.060% due 10/25/2021 (a)		35		35
8.000% due 06/25/2026		91		91
6.550% due 05/25/2029 (a)		1,897		1,914
7.141% due 05/25/2029 (a)		1,353		1,362
7.604% due 05/25/2029 (a)		1,361		1,382
RMF Commercial Mortgage Securities, Inc.
6.751% due 01/15/2019 (a)		205		219
Ryland Acceptance Corp.
11.500% due 12/25/2016		48		48
Ryland Mortgage Securities Corp.
8.200% due 06/25/2021		26		26
7.004% due 08/25/2022 (a)		946		969
Saco I, Inc.
7.997% due 07/25/2030 (a)		1,126		1,125
2.203% due 10/25/2030 (a)		10,231		10,231
2.243% due 09/25/2040 (a)		177		177
Salomon Brothers Mortgage Securities VII, Inc.
7.235% due 11/25/2022 (a)		175		175
6.684% due 10/25/2023 (a)		57		57
7.718% due 03/25/2024 (a)		132		133
7.879% due 07/01/2024 (a)		1,711		1,713
8.071% due 09/25/2024 (a)		103		104
8.151% due 10/25/2024 (a)		150		150
7.643% due 11/25/2024 (a)		201		202
2.153% due 04/25/2029 (a)		2,290		2,286
2.193% due 04/25/2029 (a)		972		972
2.113% due 06/25/2029 (a)		6,619		6,545
2.213% due 09/25/2029 (a)		33		33
7.599% due 11/25/2030		7,296		7,353
2.133% due 06/25/2032 (a)		54,198		54,085
Santa Barbara Savings & Loan Association
9.500% due 11/20/2018		1,128		1,133
Saxon Mortgage Securities Corp.
6.250% due 04/25/2009		252		252
7.375% due 09/25/2023		6,372		6,478
Sears Mortgage Securities
12.000% due 02/25/2014		373		375
6.120% due 11/25/2021 (a)		204		208
7.431% due 10/25/2022 (a)		904		1,096
5.489% due 12/25/2028 (a)		161		161
Securitized Asset Sales, Inc.
7.499% due 06/25/2023 (a)		145		146
6.510% due 10/25/2023 (a)		216		215
6.952% due 11/26/2023 (a)		356		355
7.410% due 09/25/2024 (a)		867		865
Security Pacific National Bank
6.870% due 03/25/2018 (a)		56		56
6.749% due 09/25/2019 (a)		234		234
Sequoia Mortgage Trust
3.520% due 10/25/2024 (a)		38,144		38,221
Small Business Administration
7.540% due 08/10/2009		78,432		89,856
8.017% due 02/10/2010		94,482		110,313
7.452% due 09/01/2010		15,334		17,513
Starwood Commercial Mortgage Trust
6.600% due 02/03/2009		9,382		10,208
Structured Asset Mortgage Investments, Inc.
5.462% due 05/25/2022		9,102		9,170
6.750% due 03/25/2028		20,798		20,908
6.911% due 06/25/2028 (a)		11,601		12,297
6.250% due 11/25/2028		14,878		15,824
6.750% due 01/25/2029		10,000		10,461
6.300% due 05/25/2029 (a)		6,502		6,511
6.576% due 06/25/2029 (a)		18,690		19,362
7.250% due 07/25/2029 (a)		1,681		1,680
7.203% due 02/25/2030 (a)		1,312		1,364
6.750% due 05/02/2030		25,000		26,186
7.275% due 04/25/2032		32,514		33,368
2.154% due 09/19/2032 (a)		125,136		125,136
Structured Asset Notes Transactions Ltd.
6.650% due 08/30/2005 (a)		11,678		11,506
Structured Asset Securities Corp.
7.000% due 02/25/2016		13,265		13,636
7.500% due 07/25/2016		25,782		26,514
7.000% due 12/25/2027 (a)		38,618		39,290

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   81

Schedule of Investments (Cont.)

Total Return Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
7.750% due 02/25/2028	$	2,402	$	2,510
6.750% due 07/25/2029		1,763		1,800
6.750% due 07/25/2029		355		359
2.413% due 11/25/2030 (a)		8,132		8,151
2.263% due 05/25/2031 (a)		5,328		5,344
5.800% due 09/25/2031		53,200		54,055
6.500% due 09/25/2031 (a)		102,364		104,332
6.250% due 01/25/2032 (a)		216,640		222,500
2.100% due 02/25/2032 (a)		141,898		141,351
6.320% due 02/25/2032 (a)		142,665		145,407
2.080% due 06/25/2032 (a)		2,381		2,380
6.150% due 07/25/2032 (a)		102,262		104,942
Structured Mortgage Asset Residential Trust
7.584% due 07/25/2024 (a)		47		50
Superannuation Members Home Loans Global Fund
2.081% due 06/15/2026 (a)		12,545		12,555
TMA Mortgage Funding Trust
2.193% due 01/25/2029 (a)		18,221		18,221
Torrens Trust
2.083% due 07/15/2031 (a)		22,577		22,594
Union Planters Mortgage Finance Corp.
6.750% due 01/25/2028		4,000		4,311
6.800% due 01/25/2028		15,000		16,437
United Mortgage Securities Corp.
6.530% due 06/25/2032 (a)		14,133		14,431
6.964% due 09/25/2033 (a)		683		699
Vendee Mortgage Trust
6.500% due 05/15/2020		32,730		35,271
6.835% due 01/15/2030 (a)		12,629		13,094
Washington Mutual Mortgage Securities Corp.
6.750% due 05/25/2031		99		99
5.240% due 10/25/2032 (a)		296,654		303,379
Washington Mutual, Inc.
7.500% due 11/19/2029		600		617
5.596% due 04/25/2032		2,000		2,011
6.013% due 10/19/2039 (a)		3,000		3,082
6.398% due 10/19/2039 (a)		165,452		169,023
6.601% due 10/19/2039 (a)		58,004		58,747
6.601% due 10/19/2039 (a)		32,132		31,444
5.277% due 12/25/2040 (a)		26,026		26,368
4.470% due 01/25/2041 (a)		49,539		50,367
Wells Fargo Mortgage-Backed Securities Trust
6.125% due 07/25/2031		11,992		12,204
6.633% due 10/25/2031 (a)		16,327		16,756
6.675% due 10/25/2031 (a)		25,095		25,753
6.706% due 10/25/2031 (a)		2,191		2,249
6.197% due 01/25/2032		26,981		27,382
6.251% due 01/25/2032 (a)		43,655		44,255
5.221% due 09/25/2032 (a)		124,200		126,160
Western Federal Savings & Loan Association
6.387% due 06/25/2021 (a)		578		580
				13,205,528
Fannie Mae 22.9%
0.990% due 05/01/2017		78,570		81,656
3.884% due 09/01/2017 (a)		2,567		2,580
3.946% due 10/01/2040 (a)		12,472		12,801
3.953% due 10/01/2030-09/01/2040 (a)(d)		30,912		31,730
3.956% due 10/01/2040 (a)		9,796		10,055
3.969% due 09/01/2024 (a)		902		919
3.973% due 03/01/2033 (a)		365		373
4.458% due 04/01/2027 (a)		46		47
4.500% due 09/01/2024 (a)		1,172		1,199
4.515% due 02/01/2028 (a)		131		134
4.625% due 05/01/2023 (a)		551		564
4.814% due 08/01/2027 (a)		13,416		13,765
4.944% due 07/01/2024 (a)		2,468		2,528
4.945% due 06/01/2024 (a)		370		383
5.000% due 04/01/2014		373		381
5.005% due 05/01/2024 (a)		1,356		1,407
5.031% due 10/01/2027 (a)		2,319		2,406
5.082% due 05/01/2026 (a)		222		230
5.090% due 09/01/2022 (a)		480		490
5.116% due 06/01/2023 (a)		880		901
5.214% due 10/01/2024 (a)		226		233
5.282% due 11/01/2025 (a)		1,707		1,750
5.295% due 11/01/2023 (a)		112		113
5.324% due 05/01/2025 (a)		1,360		1,400
5.342% due 08/01/2025		4,610		4,752
5.372% due 09/01/2022 (a)		550		559
5.383% due 11/01/2025 (a)		740		761
5.435% due 08/01/2026 (a)		790		814
5.450% due 05/01/2022 (a)		254		254
5.453% due 04/01/2027 (a)		300		310
5.500% due 01/01/2004-11/14/2032 (d)		3,494,727		3,598,267
5.568% due 02/01/2028 (a)		390		404
5.666% due 05/01/2030 (a)		127		131
5.690% due 09/01/2025 (a)		443		457
5.694% due 09/01/2023 (a)		1,007		1,035
5.705% due 11/01/2025 (a)		926		950
5.713% due 03/01/2025 (a)		3,327		3,425
5.758% due 10/01/2024 (a)		467		484
5.807% due 01/01/2026 (a)		373		386
5.874% due 11/01/2025 (a)		169		174
5.918% due 08/01/2023 (a)		147		150
5.937% due 12/01/2031		5,553		6,118
5.982% due 12/01/2023 (a)		450		460
6.000% due 11/01/2003-01/01/2039 (d)		10,280,951		10,680,320
6.038% due 10/01/2023 (a)		361		371
6.048% due 01/01/2011		148		170
6.090% due 12/01/2008		48		54
6.200% due 12/01/2023 (a)		463		477
6.210% due 08/01/2010		49,827		56,563
6.250% due 09/01/2029 (a)		302		312
6.251% due 01/01/2024 (a)		329		339
6.255% due 09/01/2013		64,000		72,608
6.287% due 03/01/2026 (a)		468		485
6.315% due 01/01/2024 (a)		270		278
6.343% due 02/01/2026 (a)		255		265
6.351% due 01/01/2024 (a)		683		703
6.376% due 12/01/2023 (a)		95		98
6.381% due 11/01/2023 (a)		409		421
6.399% due 12/01/2023 (a)		312		322
6.420% due 12/01/2007		150		169
6.472% due 10/01/2023 (a)		138		143
6.500% due 04/01/2003-10/15/2032 (d)		21,237		22,160
6.501% due 07/01/2019 (a)		379		396
6.530% due 10/01/2013		4,229		4,786
6.550% due 01/01/2008		922		1,043
6.555% due 08/01/2028		2,194		2,462
6.578% due 04/01/2026 (a)		443		462
6.594% due 12/01/2027 (a)		3,263		3,357
6.651% due 09/01/2027 (a)		284		296
6.710% due 11/01/2023 (a)		39		41
6.730% due 11/01/2007		1,104		1,257
6.750% due 08/01/2003		17		17
6.796% due 05/01/2023 (a)		1,471		1,526
6.811% due 08/01/2027 (a)		653		689
6.847% due 07/01/2003		54		55
6.900% due 06/01/2007		368		413
6.982% due 06/01/2007		451		508
7.000% due 07/01/2003-10/15/2032 (a)(d)		44,953		46,359
7.040% due 03/01/2007		52		59
7.235% due 10/01/2003		52		53
7.250% due 01/01/2008-01/01/2023 (d)		7,376		7,799
7.285% due 07/01/2003		108		109
7.391% due 06/01/2030 (a)		10,676		11,277
7.430% due 01/25/2023		1,621		1,671
7.460% due 08/01/2029		3,884		4,708
7.500% due 08/01/2003-10/15/2032 (d)		15,808		17,206
7.750% due 06/01/2009		105		112
7.780% due 01/01/2018		2,200		2,775
7.850% due 07/01/2018		6,572		8,179
7.920% due 03/01/2018		2,712		3,461
7.980% due 05/01/2030		6,596		7,084
8.000% due 08/01/2003-08/01/2031 (d)		14,662		15,675

82   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
8.060% due 04/01/2030	$	1,832	$	1,954
8.080% due 04/01/2030		1,003		1,071
8.250% due 10/01/2008-03/01/2030 (d)		2,003		2,451
8.490% due 06/01/2025		973		1,054
8.500% due 11/01/2004-10/01/2031 (d)		49,771		53,405
9.000% due 10/01/2004-12/01/2027 (d)		4,414		4,858
9.500% due 12/01/2006-07/01/2026 (d)		5,355		5,884
9.750% due 11/01/2008		7		8
10.000% due 09/01/2003-05/01/2022 (d)		974		1,116
10.500% due 11/01/2013-04/01/2022 (d)		312		354
10.750% due 03/01/2014		13		15
11.000% due 11/01/2013-11/01/2020 (d)		139		160
11.500% due 08/20/2016-11/01/2019 (d)		47		55
12.000% due 05/01/2016		5		6
12.500% due 10/01/2015		20		24
13.250% due 09/01/2011		9		10
14.500% due 06/01/2012-01/01/2013 (d)		5		6
14.750% due 08/01/2012		111		136
15.000% due 10/01/2012 (a)		189		232
15.500% due 10/01/2012-12/01/2012 (d)		11		14
15.750% due 12/01/2011-08/01/2012 (d)		74		91
16.000% due 09/01/2012		73		91
				14,841,933
Federal Housing Administration 0.7%
6.000% due 03/20/2028		3,423		3,544
6.755% due 03/01/2041		16,079		17,498
6.780% due 07/25/2040		7,572		8,346
6.790% due 05/01/2039		10,716		11,109
6.830% due 12/01/2039		3,449		4,014
6.875% due 11/01/2015		2,757		2,771
6.880% due 10/01/2040-02/01/2041 (d)		21,539		23,256
6.896% due 07/01/2020		15,188		15,112
6.900% due 12/01/2040		22,694		24,568
6.930% due 07/01/2014-01/01/2036 (d)		22,215		24,339
6.960% due 05/01/2016		7,018		7,063
7.050% due 03/25/2040		530		581
7.110% due 05/01/2019		3,705		3,753
7.125% due 03/01/2034		4,344		4,601
7.150% due 01/25/2029		9,395		9,974
7.211% due 12/01/2021		1,544		1,553
7.250% due 06/01/2040		8,222		9,606
7.310% due 06/01/2041		23,497		25,429
7.315% due 08/01/2019		26,155		26,858
7.350% due 11/01/2020-11/01/2022 (d)		9,589		9,697
7.375% due 02/01/2018-12/31/2022 (d)		10,642		10,877
7.400% due 01/25/2020-02/01/2021 (d)		12,620		12,839
7.430% due 12/01/2016-07/01/2025 (d)		89,303		90,753
7.450% due 05/01/2021-10/01/2023 (d)		14,693		14,949
7.460% due 01/01/2023		1,628		1,657
7.465% due 11/01/2019		16,833		17,138
7.500% due 01/31/2031-03/01/2032 (d)		3,995		4,207
7.580% due 12/01/2040		7,380		8,171
7.630% due 08/01/2041		17,679		17,635
7.650% due 11/01/2018		122		129
7.780% due 11/01/2040		7,373		8,265
7.880% due 03/01/2041		13,350		14,628
7.930% due 05/01/2016		1,770		1,859
8.250% due 10/29/2023-01/01/2041 (d)		9,337		10,057
8.375% due 02/01/2012		336		349
				447,185
Freddie Mac 0.7%
2.223% due 06/15/2031 (a)		12,357		12,389
4.000% due 06/01/2017 (a)		11		11
4.250% due 04/01/2017 (a)		21		21
4.574% due 09/01/2023 (a)		1,274		1,311
4.589% due 07/01/2025 (a)		3,913		4,032
4.612% due 06/01/2022 (a)		250		257
4.625% due 08/01/2024 (a)		163		168
4.652% due 07/01/2022 (a)		365		375
4.716% due 08/01/2023 (a)		430		442
4.750% due 06/01/2024 (a)		886		915
4.781% due 08/01/2023 (a)		128		133
4.812% due 07/01/2023 (a)		296		304
4.823% due 06/01/2022 (a)		608		626
4.826% due 08/01/2023 (a)		2,800		2,884
4.918% due 10/01/2023 (a)		452		468
4.933% due 05/01/2023 (a)		917		946
5.255% due 11/01/2026 (a)		2,964		3,047
5.269% due 09/01/2023 (a)		4,731		4,891
5.430% due 07/01/2024 (a)		821		850
5.467% due 07/01/2023 (a)		801		818
5.481% due 10/01/2023 (a)		75		76
5.500% due 10/01/2008-01/01/2014 (a)(d)		1,032		1,075
5.535% due 12/01/2022 (a)		147		150
5.550% due 05/01/2023 (a)		537		546
5.584% due 06/01/2024 (a)		1,871		1,920
5.621% due 09/01/2023 (a)		813		828
5.650% due 08/01/2023 (a)		4		5
5.678% due 04/01/2024 (a)		3,458		3,548
5.692% due 04/01/2023 (a)		168		171
5.795% due 12/01/2026 (a)		3,234		3,324
5.875% due 08/01/2023 (a)		4,403		4,534
5.900% due 11/01/2023 (a)		160		165
5.947% due 09/01/2023 (a)		759		778
5.981% due 10/01/2023 (a)		472		486
6.000% due 01/01/2011-01/01/2029 (d)		227,729		236,435
6.183% due 10/01/2023 (a)		771		791
6.250% due 01/01/2019 (a)		3		4
6.256% due 04/01/2029 (a)		603		621
6.318% due 10/01/2023 (a)		384		394
6.365% due 11/01/2023 (a)		54		56
6.440% due 01/01/2024 (a)		196		203
6.462% due 01/01/2024 (a)		225		231
6.500% due 11/01/2002-05/01/2026 (d)		18,247		19,055
6.635% due 12/01/2023 (a)		400		412
6.755% due 11/01/2028 (a)		9,613		10,044
6.775% due 11/01/2003		25		27
6.875% due 09/01/2018 (a)		377		391
7.000% due 10/01/2002-01/01/2030 (a)(d)		93,456		99,549
7.250% due 11/01/2008		65		67
7.274% due 09/01/2027 (a)		980		1,037
7.500% due 09/01/2003-10/01/2030 (a)(d)		5,227		5,417
7.645% due 05/01/2025		2,614		3,093
7.804% due 07/01/2030 (a)		24,166		25,042
8.000% due 12/01/2002-09/01/2024 (d)		2,385		2,518
8.250% due 12/01/2002-12/01/2009 (d)		115		121
8.500% due 09/01/2003-06/01/2030 (d)		2,414		2,598
8.750% due 01/01/2007-12/01/2010 (d)		25		27
9.000% due 07/01/2004-07/01/2030 (d)		520		560
9.250% due 10/01/2009-11/01/2013 (d)		11		12
9.500% due 01/01/2003-12/01/2022 (a)(d)		836		916
9.750% due 11/01/2004-05/01/2009 (d)		13		15
10.000% due 11/01/2002-03/01/2021 (d)		569		634
10.250% due 04/01/2009-07/01/2009 (d)		621		696
10.500% due 10/01/2017-01/01/2021 (d)		201		234
10.750% due 09/01/2009-12/01/2015 (a)(d)		240		269
11.000% due 11/01/2009-05/01/2020 (d)		380		435
11.250% due 10/01/2009-09/01/2015 (d)		13		14
11.500% due 01/01/2018		37		42
12.500% due 12/01/2012 (a)		11		13
13.250% due 10/01/2013		74		89
14.000% due 04/01/2016		11		14
15.500% due 08/01/2011-11/01/2011 (d)		9		11
16.250% due 05/01/2011		1		2
				464,583
Government National Mortgage Association 8.6%
4.000% due 11/25/2032 (a)		5,000		5,037
4.500% due 05/20/2028-05/20/2030 (a)(d)		25,622		26,338
4.875% due 02/20/2016 (a)		131		135
5.000% due 04/20/2028-05/20/2030 (a)(d)		81,284		83,516
5.250% due 03/20/2030 (a)		466		476
5.375% due 05/20/2017-05/20/2028 (a)(d)		342,806		353,455
5.500% due 08/20/2029-11/20/2029 (a)(d)		36,545		37,364
5.650% due 10/15/2012		9		10
5.875% due 04/20/2023 (a)(d)		166		174
6.000% due 10/15/2008-03/15/2032 (a)(d)		1,599,530		1,663,073

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   83

Schedule of Investments (Cont.)

Total Return Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
6.500% due 10/15/2008-09/15/2040 (a)(d)	$	1,551,153	$	1,620,527
6.625% due 12/20/2015-01/15/2040 (a)(d)		173,663		180,529
6.670% due 08/15/2040		952		1,076
6.750% due 01/15/2003-07/15/2031 (a)(d)		225,643		233,272
6.800% due 05/15/2040		2,966		3,378
6.875% due 02/15/2040		987		1,129
7.000% due 10/15/2003-01/03/2041 (a)(d)		1,220,122		1,282,608
7.250% due 12/15/2022-08/20/2027 (a)(d)		596		633
7.500% due 01/15/2003-01/15/2041 (d)		27,277		31,636
7.700% due 06/15/2031		6,715		8,012
8.000% due 08/15/2005-05/20/2031 (a)(d)		8,150		8,745
8.250% due 08/15/2004-05/15/2022 (d)		731		796
8.500% due 03/20/2006-01/15/2031 (d)		6,128		6,651
8.750% due 03/15/2007-07/15/2007 (d)		68		73
9.000% due 09/15/2003-08/15/2030 (a)(d)		3,813		4,245
9.250% due 07/15/2003-12/20/2016 (d)		64		69
9.500% due 12/15/2003-07/15/2025 (a)(d)		3,630		4,080
9.750% due 07/15/2004		17		18
10.000% due 08/20/2004-02/15/2025 (a)(d)		2,990		3,431
10.250% due 02/20/2019		11		13
10.500% due 06/15/2004-09/15/2021 (a)(d)		372		431
11.000% due 05/15/2004-04/20/2019 (d)		171		196
11.250% due 12/20/2015		11		13
11.500% due 10/15/2010-10/15/2015 (a)(d)		74		85
12.000% due 11/15/2012-05/15/2016 (d)		340		402
12.500% due 01/15/2011		1		1
13.000% due 12/15/2012		13		15
13.500% due 10/15/2012-09/15/2014 (d)		63		77
15.000% due 08/15/2011-11/15/2012 (a)(d)		136		168
16.000% due 10/15/2011-05/15/2012 (a)(d)		115		141
17.000% due 11/15/2011-12/15/2011(d)		51		64
				5,562,092
Stripped Mortgage-Backed Securities 0.0%
Bear Stearns Mortgage Securities, Inc. (IO)
7.200% due 07/25/2024		28		0
7.500% due 08/25/2024		197		9
Fannie Mae (IO)
0.950% due 03/25/2009 (a)		14,699		258
0.950% due 11/25/2021 (a)		10,312		79
6.500% due 05/25/2005		240		10
6.500% due 02/25/2007		34		0
6.500% due 09/25/2007		78		0
6.500% due 10/25/2007		1		0
6.500% due 09/25/2008		318		33
6.500% due 03/25/2020		13		0
6.500% due 08/25/2020		27		0
6.500% due 08/25/2020		422		5
6.500% due 10/25/2022		34		3
6.500% due 01/25/2023		1,633		183
6.500% due 01/25/2023		528		47
6.756% due 02/25/2023 (a)		6,592		754
7.500% due 04/25/2021		540		13
22.425% due 09/25/2008		2		38
903.213% due 08/25/2021		2		44
1000.000% due 04/25/2022		1		31
Fannie Mae (PO)
0.000% due 09/01/2007		379		372
0.000% due 01/25/2019		18		16
0.000% due 08/25/2023		208		191
Freddie Mac (IO)
6.000% due 10/15/2007		40		1
6.000% due 01/15/2008		1		0
6.400% due 10/15/2008		22		2
6.430% due 02/15/2008 (a)		257		21
6.500% due 11/15/2008		862		91
6.500% due 09/15/2023		119		13
6.680% due 12/15/2023 (a)		143		3
7.000% due 08/15/2008		1,134		104
7.000% due 04/15/2023		426		45
7.000% due 06/15/2023		2,745		333
7.000% due 06/15/2023		1,525		163
7.630% due 09/15/2007 (a)		2,381		232
9.000% due 05/15/2022		45		8
82.576% due 08/15/2007		5		64
884.500% due 01/15/2021		1		8
1007.500% due 02/15/2022		2		29
Government National Mortgage Association (PO)
0.000% due 02/26/2019		40		40
Paine Webber CMO Trust (IO)
1359.500% due 08/01/2019		1		20
Prudential Home Mortgage Securities (IO)
1007.071% due 10/25/2023		1		4
Vendee Mortgage Trust (IO)
0.456% due 06/15/2023 (a)		106,445		1,597
				4,864
Total Mortgage-Backed Securities (Cost $33,527,503)				34,526,186
ASSET-BACKED SECURITIES 3.6%
Aames Mortgage Trust
2.183% due 06/15/2027 (a)		324		324
7.589% due 10/15/2029		98		107
ABFS Equipment Contract Trust
6.100% due 10/15/2005		3		3
ABSC Long Beach Home Equity Loan Trust
2.420% due 07/21/2030 (a)		375		373
2.080% due 08/21/2030 (a)		23,243		23,204
Ace Securities Corp.
2.133% due 11/25/2028 (a)		259		259
2.153% due 06/25/2032 (a)		119,813		119,614
Advanta Mortgage Loan Trust
2.013% due 05/25/2027 (a)		667		660
2.188% due 11/25/2029 (a)		2,019		2,011
8.250% due 08/25/2030		7,954		9,060
Advanta Revolving Home Equity Loan Trust
2.183% due 01/25/2024 (a)		10,967		10,953
2.063% due 02/25/2025 (a)		7,101		7,064
Aerco Ltd.
2.783% due 07/15/2025 (a)		37,225		37,259
American Express Master Trust
7.850% due 08/15/2005		220		243
American Stores Corp.
2.610% due 08/30/2004 (a)		20,000		19,774
Americredit Automobile Receivable Trust
7.020% due 12/12/2005		29,373		30,457
2.290% due 09/05/2006 (a)		21,922		21,956
Ameriquest Mortgage Securities, Inc.
2.143% due 06/15/2030 (a)		3,334		3,332
2.123% due 07/15/2030 (a)		10,697		10,699
Amresco Residential Securities Mortgage Loan Trust
2.000% due 07/25/2027 (a)		1		1
Bank One Heloc Trust
2.080% due 04/20/2020 (a)		20,658		20,550
Bay View Auto Trust
7.640% due 11/25/2010		310		318
Bayview Financial Acquisition Trust
2.193% due 02/25/2030 (a)		12,430		12,422
2.203% due 07/25/2030 (a)		37,606		37,606
2.203% due 11/25/2030 (a)		74,800		74,999
2.213% due 04/25/2031 (a)		68,494		68,439
2.093% due 07/25/2031 (a)		29,305		29,241
2.193% due 11/25/2031 (a)		4,015		4,013
Bear Stearns Asset-Backed Securities, Inc.
2.310% due 04/25/2032 (a)		20,842		20,885
2.140% due 10/25/2032 (a)		89,027		88,957
2.213% due 10/25/2032 (a)		26,694		26,682
Brazos Student Loan Finance Co.
2.600% due 06/01/2023 (a)		51,360		51,480
2.090% due 12/01/2025 (a)		24,940		24,877
Capital Asset Research Funding LP
6.400% due 12/15/2004		202		206
5.905% due 12/15/2005		774		771
Champion Home Equity Loan Trust
2.073% due 03/25/2029 (a)		1,923		1,912
2.213% due 09/25/2029 (a)		9,490		9,456

84   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Charming Shoppes Master Trust
2.273% due 08/15/2008 (a)	$	250	$	251
Chase Funding Mortgage Loan Asset-Backed Certificates
2.033% due 10/25/2030 (a)		21,534		21,514
Cityscape Home Equity Loan Trust
7.650% due 09/25/2025		180		188
Community Program Loan Trust
4.500% due 10/01/2018		20,039		20,329
4.500% due 04/01/2029		26,000		24,299
Compucredit Credit Card Master Trust
2.043% due 03/15/2007 (a)		32,000		32,020
Conseco Finance Corp.
7.890% due 07/15/2018 (b)		1,176		1,198
7.800% due 05/15/2020 (b)		167		179
Conseco Finance Home Loan Trust
8.080% due 02/15/2022 (b)		14,365		14,617
8.160% due 06/15/2024		2,000		2,082
Conseco Finance Securitizations Corp.
3.220% due 09/01/2023 (b)		1,137		1,143
2.193% due 10/15/2031 (a)(b)		8,631		8,586
7.970% due 05/01/2032 (b)		8,300		8,915
8.310% due 05/01/2032 (b)		12,400		13,124
ContiMortgage Home Equity Loan Trust
6.990% due 03/15/2021		62		62
6.930% due 11/25/2022 (a)		10,299		10,310
7.220% due 01/15/2028		80		81
2.033% due 08/15/2028 (a)		443		443
Cross Country Master Credit Card Trust II
2.323% due 06/15/2006 (a)		4,600		4,619
Delta Funding Home Equity Loan Trust
2.233% due 09/15/2029 (a)		4,503		4,502
2.143% due 06/15/2030 (a)		14,466		14,456
Denver Arena Trust
6.940% due 11/15/2019		4,044		4,448
Discover Card Master Trust I
6.850% due 07/17/2007		960		1,055
6.707% due 10/16/2013 (a)		400		404
Duck Auto Grantor Trust
7.260% due 05/15/2005		5,042		5,051
Embarcadero Aircraft Securitization Trust
2.303% due 08/15/2025 (a)		14,400		11,808
EQCC Home Equity Loan Trust
1.983% due 10/15/2027 (a)		376		375
7.448% due 08/25/2030		96		105
Equivantage Home Equity Loan Trust
6.550% due 10/25/2025		42		42
First Alliance Mortgage Loan Trust
2.250% due 01/25/2025 (a)		267		267
2.200% due 03/20/2031 (a)		12,811		12,789
Firstcity Auto Receivables Trust
7.400% due 12/15/2005		988		1,021
FMAC Loan Receivables Trust
7.900% due 04/15/2019		20		17
6.500% due 09/15/2020		177		191
6.830% due 09/15/2020		680		728
GE Capital Equipment Lease Trust
6.850% due 05/20/2008 (a)		120		124
GMAC Mortgage Corp. Loan Trust
7.950% due 03/25/2030		10,277		11,184
Green Tree Financial Corp.
6.240% due 11/01/2016		110		113
5.760% due 11/01/2018		145		150
8.300% due 05/15/2026		1,338		1,460
7.400% due 06/15/2027		1,983		2,063
6.870% due 02/01/2030		1,845		1,738
6.480% due 12/01/2030		55		58
Green Tree Home Improvement Loan Trust
1.993% due 08/15/2029 (a)		283		282
2.473% due 11/15/2029 (a)		1,273		1,268
Green Tree Recreational, Equipment, & Consumables
6.715% due 02/01/2009		34,367		37,796
6.490% due 02/15/2018		6		6
6.180% due 06/15/2019		13,002		13,363
Greenpoint Manufactured Housing
7.270% due 06/15/2029		110		118
Headlands Home Equity Loan Trust
2.473% due 12/15/2024 (a)		135		135
Home Equity Asset Trust
2.110% due 11/25/2032 (a)		58,606		58,408
Household Consumer Loan Trust
2.243% due 08/15/2006 (a)		10,067		9,625
Household Mortgage Loan Trust
2.120% due 05/20/2032 (a)		118,687		118,631
HPSC Equipment Receivables LLC
2.120% due 11/22/2007 (a)		574		574
IMC Home Equity Loan Trust
7.038% due 07/25/2026 (a)		298		305
1.980% due 08/20/2029 (a)		61		60
IMPAC Secured Assets CMN Owner Trust
7.770% due 07/25/2025 (a)		889		935
Indymac Home Equity Loan Asset-Backed Trust
2.083% due 10/25/2029 (a)		1,378		1,383
2.103% due 07/25/2030 (a)		5,150		5,148
Indymac Manufactured Housing Contract
6.170% due 12/25/2011		3,006		3,104
Irwin Home Equity Loan Trust
2.183% due 02/25/2012 (a)		5,508		5,508
2.188% due 06/25/2021 (a)		5,741		5,740
2.100% due 06/25/2029 (a)		111,995		111,713
Keystone Owner Trust
6.840% due 12/25/2018		372		380
Long Beach Auto Receivables Trust
6.940% due 09/19/2007		1,096		1,124
Long Beach Mortgage Loan Trust
2.093% due 11/25/2009 (a)		67,884		67,649
2.120% due 04/21/2031 (a)		6,078		6,059
Marriott Vacation Club Owner Trust
2.170% due 09/20/2017 (a)		48,286		48,268
Mellon Residential Funding Corp.
5.565% due 06/25/2009		20,000		20,283
Merit Securities Corp.
7.880% due 12/28/2033		34,400		36,562
Merrill Lynch Mortgage Investors, Inc.
2.183% due 04/25/2031 (a)		33,122		33,123
Mesa Trust Asset Backed Certificates
2.120% due 05/15/2033 (a)		3,933		3,933
Metropolitan Asset Funding, Inc.
2.273% due 04/25/2029 (a)		6,130		6,109
Mid-State Trust
8.330% due 04/01/2030		54,532		60,407
7.340% due 07/01/2035		1,920		2,121
6.340% due 10/15/2036		45,118		47,591
MLCC Mortgage Investors, Inc.
2.203% due 03/15/2025 (a)		255		255
Morgan Stanley ABS Capital, Inc.
2.113% due 08/25/2030 (a)		42,348		42,209
Morgan Stanley Dean Witter Capital I
2.143% due 07/25/2032 (a)		46,584		46,453
MPC Natural Gas Funding Trust
6.200% due 03/15/2013		8,113		9,267
Myra-Pemex Trust
2.687% due 10/20/2006 (a)		272		264
2.492% due 12/23/2006 (a)		5,068		4,916
2.672% due 12/23/2006 (a)		613		595
2.687% due 12/23/2006 (a)		7,033		6,822
National Medical Care, Inc.
2.937% due 09/30/2003 (a)		14,310		14,060
New Century Home Equity Loan Trust
7.540% due 06/25/2029		91		96
Novastar Home Equity Loan
2.088% due 04/25/2028 (a)		572		570
NPF XII, Inc.
2.470% due 11/01/2003 (a)(l)		49,000		49,000
Option One Mortgage Loan Trust
2.103% due 06/25/2030 (a)		661		658
2.103% due 09/25/2030 (a)		12,322		12,309

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   85

Schedule of Investments (Cont.)

Total Return Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Provident Bank Equipment Lease Trust
2.110% due 11/25/2011 (a)	$	12,808	$	12,846
Provident Bank Home Equity Loan Trust
2.113% due 06/25/2021 (a)		12,384		12,358
Providian Gateway Master Trust
2.043% due 03/15/2007 (a)		28,900		28,920
Providian Master Trust
6.250% due 06/15/2007		25		25
Renaissance Home Equity Loan Trust
2.160% due 08/25/2032 (a)		38,562		38,628
Residential Asset Mortgage Products, Inc.
7.980% due 12/25/2030		24,463		27,139
Residential Asset Securitization Trust
6.750% due 03/25/2028		40,000		40,863
Residential Funding Mortgage Securities II, Inc.
7.670% due 01/25/2020		1,040		1,105
Residential Mortgage Loan Trust
2.625% due 09/25/2029 (a)		210		211
RJR Nabisco
7.500% due 12/31/2003		19,948		19,948
Salomon Brothers Mortgage Securities VII, Inc.
2.043% due 12/25/2026 (a)		2		2
2.093% due 09/25/2028 (a)		13,755		13,737
2.243% due 11/15/2029 (a)		8,792		8,787
2.403% due 12/15/2029 (a)		31,857		31,848
2.153% due 12/25/2029 (a)		6,821		6,804
2.110% due 03/25/2032 (a)		14,316		14,266
Sand Trust
2.093% due 08/25/2032 (a)		9,377		9,361
Saxon Asset Securities Trust
2.073% due 11/25/2033 (a)		33,829		33,818
Sears Credit Account Master Trust
6.050% due 01/15/2008		354		364
SLM Student Loan Trust
2.099% due 10/25/2005 (a)		387		387
2.179% due 10/25/2005 (a)		2,348		2,355
2.239% due 04/25/2006 (a)		14,450		14,474
2.349% due 01/25/2007 (a)		251		251
2.389% due 10/25/2007 (a)		5,105		5,121
2.051% due 04/25/2011 (a)		15,899		15,931
Structured Product Asset Trust
2.942% due 02/12/2003 (a)		4,200		3,906
1.910% due 06/20/2004 (a)		825		821
Team Fleet Financing Corp.
7.350% due 05/15/2003		10		10
UCFC Home Equity Loan
6.755% due 11/15/2023		165		167
8.200% due 09/15/2027		70		72
6.870% due 07/15/2029		70		76
USAA Auto Loan Grantor Trust
6.100% due 02/15/2006		61		62
Vanderbilt Acquisition Loan Trust
3.280% due 01/07/2013		48,451		48,905
WFS Financial Owner Trust
6.920% due 01/20/2004 (a)		651		653
WMC Mortgage Loan
2.273% due 10/15/2029 (a)		26,580		26,544
2.163% due 05/15/2030 (a)		4,682		4,672
Total Asset-Backed Securities (Cost $ 2,307,196)				2,328,898
SOVEREIGN ISSUES 2.0%
Banco Vivienda del Peru
9.980% due 08/01/2008		660		766
Kingdom of Jordan
6.000% due 12/23/2023		4,100		3,416
Kingdom of Spain
7.000% due 07/19/2005		500		560
Kingdom of Sweden
10.250% due 11/01/2015		500		688
Manitoba Providence of Canada
7.500% due 02/22/2010		340		420
Province of New Brunswick
7.125% due 10/01/2002		1,700		1,700
Province of Newfoundland
9.000% due 06/01/2019		500		706
Province of Ontario
7.625% due 06/22/2004		1,000		1,093
7.000% due 08/04/2005		1,000		1,120
6.000% due 02/21/2006		1,800		1,985
5.500% due 10/01/2008		12,000		13,393
Province of Quebec
7.375% due 02/01/2003		150		153
8.800% due 04/15/2003		1,100		1,142
1.951% due 06/11/2004 (a)		15,500		15,509
6.500% due 01/17/2006		2,475		2,762
8.050% due 07/07/2024		800		1,084
6.620% due 04/09/2026		25,000		30,988
1.937% due 09/29/2049 (a)		5,600		4,942
Republic of Brazil
3.062% due 04/15/2006 (a)		206,420		135,990
3.062% due 04/15/2006 (a)		19,584		12,902
11.500% due 03/12/2008		26,700		13,951
3.125% due 04/15/2009 (a)		8,318		4,159
11.000% due 01/11/2012		28,350		12,828
8.000% due 04/15/2014		243,450		118,998
8.875% due 04/15/2024		4,000		1,536
10.125% due 05/15/2027		20,000		8,300
12.250% due 03/06/2030		8,000		3,760
11.000% due 08/17/2040		122,500		54,206
Republic of Croatia
2.687% due 07/31/2006 (a)		2,203		2,181
2.687% due 07/31/2010 (a)		32,582		32,337
Republic of France
5.000% due 01/12/2003		32		32
Republic of Italy
4.500% due 01/15/2003		32		32
Republic of Kazakhstan
8.375% due 10/02/2002		5,000		5,000
Republic of Panama
8.250% due 04/22/2008		60,950		58,664
9.625% due 02/08/2011		15,000		14,835
9.375% due 07/23/2012		31,000		30,070
5.000% due 07/17/2014		15,267		12,366
Republic of Peru
9.125% due 02/21/2012		58,128		47,047
9.125% due 02/21/2012		61,500		49,908
4.000% due 03/07/2017		11,000		6,587
Republic of Poland
6.000% due 10/27/2014		2,940		2,951
3.750% due 10/27/2024		16,650		13,716
Republic of South Africa
9.125% due 05/19/2009		41,575		48,435
7.375% due 04/25/2012		34,400		36,335
South African Aid
2.340% due 03/26/2009		2,000		2,016
State of Israel
6.200% due 06/14/2003		25		25
State of Qatar
2.957% due 02/18/2004 (a)		3,550		3,497
United Mexican States
9.750% due 04/06/2005		5,000		5,588
8.500% due 02/01/2006		900		976
8.500% due 02/01/2006		3,781		4,140
10.375% due 02/17/2009		42		49
9.875% due 02/01/2010		23,800		27,013
9.875% due 02/01/2010		100		114
8.375% due 01/14/2011		19,950		20,997
8.375% due 01/14/2011		2,153		2,271
7.500% due 01/14/2012		28,500		28,892
11.375% due 09/15/2016		32,800		40,426
11.375% due 09/15/2016		7,500		9,244
8.125% due 12/30/2019		6,700		6,549
6.250% due 12/31/2019		44,150		42,715
6.250% due 12/31/2019		33,010		31,937

86   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
8.000% due 09/24/2022	$	51,800	$	49,402
11.500% due 05/15/2026		7,890		9,914
8.300% due 08/15/2031		217,800		211,811
United Mexican States Value Recovery Right
0.000% due 06/30/2003 (a)		86,989		261
0.000% due 06/30/2004 (a)		181,719		273
0.000% due 06/30/2005 (a)		181,719		109
0.000% due 06/30/2006 (a)		103,610		62
0.000% due 06/30/2007 (a)		103,610		57
Total Sovereign Issues (Cost $1,502,442)				1,307,891
FOREIGN CURRENCY-DENOMINATED ISSUES (i)(j) 4.6%
Banque Centrale De Tunisie
7.500% due 08/06/2009	EC	2,300		2,375
Commonwealth of Canada
5.750% due 09/01/2006	C$	120		81
4.250% due 12/01/2026		15,929		11,736
Commonwealth of New Zealand
4.500% due 02/15/2016	N$	81,000		44,639
El Paso Corp.
5.750% due 03/14/2006	EC	12,000		9,807
7.125% due 05/06/2009		53,300		42,929
1.022% due 07/16/2003 (a)	JY	8,400,000		66,930
Freddie Mac
4.500% due 03/15/2004	EC	70		71
5.750% due 09/15/2010		165		177
Halifax Group Euro Finance
7.627% due 12/29/2049		14,700		16,464
KBC Bank Fund Trust IV
8.220% due 11/29/2049		5,000		5,622
Korea Electric Power Corp.
4.172% due 10/31/2002 (a)		18,900		9,539
Lloyds TSB Capital I
7.375% due 02/07/2049 (a)		26,000		28,795
Oesterreich Kontrollbank
1.800% due 03/22/2010	JY	12,000		107
Pfizer, Inc.
0.800% due 03/18/2008		16,000		133
Republic of Germany
4.750% due 12/13/2002	EC	5,801		5,747
4.250% due 03/14/2003		32		32
6.000% due 01/05/2006		293,300		313,187
5.000% due 02/17/2006		505,000		524,519
4.500% due 08/17/2007		400,000		410,914
5.250% due 01/04/2008		735,700		781,584
5.250% due 07/04/2010		92,650		98,383
6.500% due 07/04/2027		200,000		241,429
4.750% due 07/04/2028		200,000		193,005
Royal Bank of Scotland Group PLC
6.770% due 03/31/2049		107,300		112,444
United Kingdom Gilt
5.000% due 03/07/2012	BP	50		82
United Mexican States
10.375% due 01/29/2003	EC	200		103
7.000% due 06/02/2003	C$	30,200		19,210
6.750% due 06/06/2006	JY	2,000,000		18,835
7.500% due 03/08/2010	EC	5,000		4,840
Total Foreign Currency-Denominated Issues (Cost $2,837,528)				2,963,719
PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 96.750 Exp. 12/16/2002	$	500,000		3
Strike @ 96.000 Exp. 12/16/2002		4,873,000		61
Strike @ 95.750 Exp. 12/16/2002		7,000,000		44
Eurodollar March Futures (CME)
Strike @ 95.750 Exp. 03/17/2003		10,500,000		131
Harborview Mortgage Loan Trust (OTC)
7.470% due 08/19/2030
Strike @ 100.000 Exp. 05/01/2005		22,975		0
PNC Mortgage Securities Corp. (OTC)
7.430% due 05/25/2040
Strike @ 100.000 Exp. 04/01/2005		6,200		0
Total Purchased Put Options (Cost $289)				239
CONVERTIBLE BONDS & NOTES 0.3%
Banking & Finance 0.3%
Verizon Global Funding Corp.
5.750% due 04/01/2003		20,600		20,847
5.750% due 04/01/2003		15,080		15,174
4.250% due 09/15/2005		26,400		26,796
4.250% due 09/15/2005		5,900		5,945
0.000% due 05/15/2021		170,000		93,075
				161,837
Industrials 0.0%
Enron Corp.
0.000% due 02/07/2021 (b)		17,999		1,800
Utilities 0.0%
Cox Communications, Inc.
0.425% due 04/19/2020		25,000		10,500
Total Convertible Bonds & Notes (Cost $184,758)				174,137
PREFERRED SECURITY 0.7%
	Shares
Abbey National Capital Trust I
8.963% due 12/29/2049 (a)		20,800,000		25,366
DG Funding Trust
4.105% due 12/29/2049 (a)		35,250		363,075
UBS Preferred Funding Trust I
8.622% due 10/29/2049 (a)		38,900,000		46,595
Total Preferred Security (Cost $412,689)				435,036
PREFERRED STOCK 0.0%
Centaur Funding Corp.
9.080% due 04/21/2020		125		111
CSC Holdings, Inc.
11.125% due 04/01/2008		27,035		1,777
Fortis Amev NV
3.860% due 12/31/2049 (a)		85		11,560
3.870% due 12/31/2049 (a)		86		11,696
Home Ownership Funding
13.331% due 12/31/2049		4,125		2,671
Northern Rock PLC
8.950% due 11/29/2049		260,000		6,500
Total Preferred Stock (Cost $32,763)				34,315
SHORT-TERM INSTRUMENTS 28.9%
	Principal Amount (000s)
Commercial Paper 27.7%
Abbey National North America LLC
1.740% due 10/17/2002	$	73,700		73,643
1.760% due 10/17/2002		215,100		214,932
1.760% due 10/24/2002		144,500		144,338
1.750% due 12/10/2002		119,400		118,992
1.750% due 12/11/2002		55,100		54,909
1.750% due 12/12/2002		7,500		7,474
ABN AMRO Mortgage Corp.
1.760% due 10/11/2002		42,500		42,479
Anz (Delaware), Inc.
1.760% due 10/15/2002		7,200		7,195

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   87

Schedule of Investments (Cont.)

Total Return Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
1.750% due 10/23/2002	$	34,400	$	34,363
1.730% due 11/08/2002		10,400		10,381
AT&T Corp.
3.605% due 04/18/2003		3,200		3,011
3.720% due 04/18/2003		491,000		462,075
BP Amoco Capital PLC
1.970% due 10/01/2002		83,900		83,900
1.740% due 10/23/2002		86,100		86,008
1.750% due 12/09/2002		61,300		61,093
Canadian Wheat Board
1.740% due 10/03/2002		800		800
CBA (de) Finance
1.970% due 10/01/2002		125,000		125,000
1.720% due 10/04/2002		100,000		99,986
1.730% due 10/04/2002		68,700		68,690
1.780% due 10/04/2002		5,200		5,199
1.750% due 11/27/2002		59,200		59,036
1.750% due 12/02/2002		69,000		68,792
CDC Commercial Corp.
1.750% due 10/25/2002		56,800		56,734
1.750% due 11/04/2002		40,000		39,934
1.750% due 11/05/2002		125,000		124,787
Danske Corp.
1.940% due 10/01/2002		300		300
1.750% due 10/02/2002		7,800		7,800
1.760% due 10/15/2002		200		200
1.730% due 10/17/2002		8,000		7,994
1.760% due 10/17/2002		600		600
1.770% due 10/25/2002		12,000		11,986
1.750% due 11/04/2002		168,400		168,122
1.750% due 11/12/2002		58,800		58,680
1.760% due 11/27/2002		100,000		99,721
1.750% due 12/03/2002		225,000		224,305
1.760% due 12/03/2002		43,500		43,366
1.750% due 12/19/2002		1,000		996
Dupont De Nemours & Co.
1.720% due 10/04/2002		2,200		2,200
Eksportfinanans ASA
1.780% due 10/28/2002		150,000		149,800
1.750% due 12/09/2002		28,100		28,004
Electricite De France
1.740% due 10/31/2002		47,000		46,932
Fannie Mae
1.860% due 10/01/2002		55,100		55,100
1.730% due 10/02/2002		100,000		99,995
0.000% due 10/15/2002		4,640		4,637
1.650% due 10/16/2002		25,404		25,387
1.710% due 10/16/2002		18,600		18,587
1.725% due 10/16/2002		1,000		999
1.730% due 10/16/2002		13,100		13,091
1.640% due 10/23/2002		99,900		99,800
1.690% due 10/23/2002		218,400		218,174
1.700% due 10/23/2002		17,850		17,831
1.715% due 10/30/2002		439,600		438,993
1.720% due 10/30/2002		227,000		226,685
1.720% due 11/06/2002		15,300		15,274
1.680% due 11/13/2002		400		399
1.700% due 11/13/2002		4,600		4,591
1.710% due 11/20/2002		17,860		17,818
1.700% due 11/27/2002		200		199
1.705% due 11/27/2002		22,900		22,838
1.720% due 11/27/2002		149,900		149,492
2.100% due 11/29/2002		2,000		1,993
1.730% due 12/05/2002 (e)		2,270		2,263
1.700% due 12/11/2002		1,000		997
1.710% due 12/11/2002		5,800		5,780
1.710% due 12/18/2002		69,900		69,635
1.690% due 12/24/2002		13,500		13,445
Federal Home Loan Bank
1.850% due 10/01/2002		1,327,000		1,327,000
1.715% due 10/02/2002		141,794		141,787
1.720% due 10/02/2002		100,000		99,995
1.680% due 10/04/2002		204,540		204,511
1.700% due 10/04/2002		49,000		48,993
1.680% due 10/10/2002		190,700		190,620
1.690% due 10/16/2002		100,000		99,930
1.725% due 10/18/2002		2,100		2,098
1.680% due 10/22/2002		5,700		5,694
1.640% due 10/23/2002		20,800		20,779
1.650% due 10/23/2002		134,400		134,264
1.680% due 10/23/2002		2,200		2,198
1.690% due 10/23/2002		39,378		39,337
1.700% due 10/23/2002		5,200		5,195
1.680% due 10/25/2002		9,100		9,090
1.700% due 10/25/2002		62,400		62,329
1.680% due 10/28/2002		144,100		143,918
1.680% due 10/30/2002		30,900		30,858
1.700% due 10/30/2002		323,500		323,057
1.725% due 10/30/2002		7,300		7,290
1.670% due 11/01/2002		250,000		249,640
1.680% due 11/01/2002		1,200		1,198
1.685% due 11/01/2002		92,410		92,276
1.690% due 11/01/2002		100,000		99,854
1.695% due 11/01/2002		4,400		4,394
1.700% due 11/01/2002		3,300		3,295
1.700% due 11/22/2002		800		798
1.680% due 12/02/2002		1,000		997
2.120% due 12/02/2002		228		227
Fonterra Co-operative Group Ltd.
1.760% due 10/30/2002		99,100		98,959
Freddie Mac
1.700% due 10/01/2002		12,000		12,000
1.860% due 10/01/2002		299,500		299,500
1.870% due 10/01/2002		2,300,000		2,300,000
1.700% due 10/04/2002		4,100		4,099
1.650% due 10/18/2002		18,700		18,685
1.680% due 10/22/2002		6,500		6,494
1.720% due 10/22/2002		39,409		39,369
1.650% due 10/24/2002		13,800		13,785
1.700% due 10/24/2002		200		200
1.691% due 10/31/2002 (e)		415		414
1.700% due 10/31/2002		131,600		131,414
1.710% due 10/31/2002		232,900		232,568
1.700% due 11/06/2002		99,900		99,730
1.645% due 11/07/2002		9,300		9,284
1.700% due 11/19/2002		19,300		19,255
1.710% due 11/27/2002 (e)		195,961		195,430
GlaxoSmithKline PLC
1.760% due 10/02/2002		24,300		24,299
1.760% due 10/18/2002		109,700		109,609
1.680% due 11/06/2002		75,300		75,173
1.710% due 11/06/2002		70,600		70,479
1.680% due 11/13/2002		13,000		12,974
1.750% due 12/03/2002		55,700		55,528
HBOS Treasury Services PLC
1.700% due 10/07/2002		6,250		6,248
1.730% due 10/15/2002		106,000		105,929
1.770% due 10/16/2002		43,900		43,868
1.780% due 10/16/2002		200		200
1.770% due 10/17/2002		15,800		15,788
1.760% due 10/18/2002		1,500		1,499
1.735% due 10/25/2002		6,000		5,993
1.750% due 10/25/2002		100,000		99,883
1.740% due 10/31/2002		64,000		63,907
1.745% due 10/31/2002		50,000		49,927
1.750% due 11/04/2002		77,900		77,771
1.700% due 11/14/2002		144,700		144,399
1.740% due 11/15/2002		52,900		52,785
KFW International Finance, Inc.
1.700% due 10/31/2002		25,600		25,564
National Australia Funding, Inc.
1.750% due 10/02/2002		6,100		6,100
1.750% due 10/03/2002		28,200		28,197
Nestle Australia Corp.
1.760% due 10/11/2002		20,700		20,690
1.780% due 10/17/2002		16,700		16,687

88   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Pfizer, Inc.
1.710% due 10/04/2002	$	3,500	$	3,500
1.730% due 10/18/2002		10,100		10,092
1.730% due 10/28/2002		11,000		10,986
Queensland Treasury Corp.
1.710% due 10/11/2002		1,000		1,000
Rabobank Nederland NV
1.920% due 10/01/2002		419,500		419,500
Royal Bank of Canada
1.740% due 10/21/2002		700		699
1.765% due 10/21/2002		52,900		52,848
Shell Finance (UK) PLC
1.700% due 10/11/2002		198,600		198,506
1.750% due 11/19/2002		115,000		114,607
1.700% due 11/20/2002		28,000		27,934
1.700% due 11/26/2002		33,200		33,112
Svenska Handlesbank, Inc.
1.760% due 10/07/2002		6,300		6,298
1.755% due 10/29/2002		48,300		48,234
1.730% due 10/30/2002		600		599
1.755% due 10/30/2002		200,000		199,717
1.750% due 10/31/2002		5,000		4,993
1.755% due 10/31/2002		100,000		99,854
1.750% due 11/06/2002		25,900		25,855
1.750% due 11/07/2002		400		399
1.760% due 11/20/2002		19,400		19,353
1.750% due 11/25/2002		205,200		204,651
1.750% due 11/26/2002		93,900		93,644
1.750% due 12/05/2002		700		698
1.740% due 12/10/2002		2,200		2,192
1.750% due 12/11/2002		30,000		29,896
1.750% due 12/16/2002		36,445		36,310
1.750% due 12/18/2002		65,000		64,754
Swedbank Forenings PLC
1.760% due 11/12/2002		16,300		16,267
TotalFinaElf SA
1.970% due 10/01/2002		438,700		438,700
1.745% due 10/23/2002		30,500		30,467
1.740% due 10/24/2002		49,600		49,545
1.740% due 10/31/2002		8,600		8,588
1.750% due 10/31/2002		4,300		4,294
1.750% due 11/20/2002		8,900		8,878
1.745% due 12/17/2002		852		849
UBS Finance, Inc.
1.970% due 10/01/2002		2,594,200		2,594,200
1.750% due 11/13/2002		271,000		270,434
1.750% due 11/15/2002		20,400		20,355
1.750% due 12/18/2002		9,000		8,966
1.750% due 12/19/2002		9,200		9,165
USAA Capital Corp.
1.730% due 11/04/2002		4,500		4,493
Westpac Trust Securities NZ Ltd.
1.720% due 10/17/2002		100,000		99,924
1.760% due 10/21/2002		13,800		13,787
1.740% due 10/22/2002		29,200		29,170
1.755% due 10/22/2002		5,400		5,394
1.750% due 10/29/2002		80,000		79,891
1.750% due 11/04/2002		97,000		96,840
1.710% due 12/05/2002		12,700		12,660
1.750% due 12/05/2002		600		598
1.750% due 12/12/2002		17,700		17,638
				17,906,399
Repurchase Agreement 0.0%
Credit Suisse First Boston
1.850% due 10/01/2002 (Dated 09/30/2002. Collateralized by U.S. Treasury Bonds 8.000% due 11/15/2021 valued at $511. Repurchase proceeds are $500.)		500		500
U.S. Treasury Bills 1.2%
1.606% due 10/24/2002-12/19/2002 (d)(f)		766,990		765,172
Total Short-Term Instruments (Cost $18,699,810)				18,672,071
Total Investments 119.1% (Cost $ 76,927,592)			$	77,087,583
Written Options (h) (0.2%) (Premiums $ 121,172)				(133,590	)
Other Assets and Liabilities (Net) (18.9%)				(12,247,498	)
Net Assets 100.0%			$	64,706,495

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

(c) Restricted security.

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Security, or a portion thereof, subject to financing transaction.

(f) Securities with an aggregate market value of $472,912 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euro-Bobl 5 Year Note (12/2002)	65,561	$	137,767
Euro-Bobl 10 Year Note (12/2002)	31,216		66,868
Euribor March Futures (03/2003)	27,766		73,638
Euribor June Futures (06/2003)	3,336		2,219
Euribor Options March Futures (03/2003)	28,397		4,533
Euribor Options June Futures (06/2003)	4,066		631
Euribor Options December Futures (12/2003)	4,070		444
Euribor Options December Futures (12/2003)	4,294		(36	)
U.S. Treasury 2 Year Note (12/2002)	31		50
U.S. Treasury 5 Year Note (12/2002)	315		754
U.S. Treasury 10 Year Note (12/2002)	91,312		321,685
U.S. Treasury 30 Year Note (12/2002)	7,488		28,061
Eurodollar June Futures (06/2003)	6,692		25,625
Eurodollar September Futures (09/2003)	24		186
		$	662,425

(g) Principal amount of security is adjusted for inflation.

(h) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/19/2004	270,000,000	$	11,001	$	6,787
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/19/2004	270,000,000		11,001		24,888
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.700 Exp. 11/02/2004	400,000,000		13,710		7,099
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.200 Exp. 11/02/2004	25,200,000		791		1,498
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.700 Exp. 11/02/2004	185,200,000		5,978		3,287
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/19/2004	135,500,000		5,468		3,406
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/19/2004	135,500,000		5,468		12,490

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   89

Schedule of Investments (Cont.)

Total Return Fund

September 30, 2002 (Unaudited)

Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 7.000 Exp. 01/07/2005	76,300,000	$	2,888	$	1,301
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.500 Exp. 01/07/2005	76,300,000		1,593		5,283
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.500 Exp. 01/07/2005	91,600,000		2,221		6,343
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 7.000 Exp. 01/07/2005	91,600,000		3,092		1,562
Call—CME Eurodollar June Futures Strike @ 98.750 Exp. 06/16/2003	21,930		7,139		11,239
Put—CME Eurodollar June Futures Strike @ 97.500 Exp. 06/16/2003	11,025		4,286		3,376
Put—CME Eurodollar June Futures Strike @ 98.000 Exp. 06/16/2003	4,170		2,486		2,486
Put—CME Eurodollar December Futures Strike @ 96.500 Exp. 12/16/2002	43,317		29,079		272
Call—CBOT U.S. Treasury Note December Futures Strike @ 110.000 Exp. 11/23/2002	2,892		2,497		17,714
Call—CBOT U.S. Treasury Note December Futures Strike @ 116.000 Exp. 11/23/2002	15,113		12,474		24,559
		$	121,172	$	133,590

(i) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Sell	C$	27,294	10/2002	$	707
Sell	EC	607,480	11/2002		(3,693	)
Sell	JY	3,609,000	07/2003		178
Sell		3,604,597	12/2002		0
Sell	N$	56,333	10/2002		0
				$	(2,808	)

(j) Principal amount denoted in indicated currency:

BP—British Pound

C$—Canadian Dollar

EC—Euro

JY—Japanese Yen

N$—New Zealand Dollar

(k) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount	Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: UBS—Warburg Exp. 03/15/2032	EC                159,900	$	3,511
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: Goldman Sachs Exp. 03/15/2017	660,700		7,045
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 06/17/2012	13,000		(78	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032	243,700		6,715
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: CITIBANK N.A., London Exp. 06/17/2012	7,300		(44	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/3017	62,000		756
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: UBS—Warburg Exp. 03/15/2032	BP                  96,900		(2,787	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032	134,100		(2,648	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Goldman Sachs Exp. 03/15/2017	336,300		(351	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2017	38,100		(297	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Morgan Stanley Exp. 03/15/2017	5,800		49
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker:UBS—Warburg Exp. 03/15/2017	77,300		(661	)
Receive floating rate based on 6-month JY-LIBOR and pays fixed rate equal to 0.324%.
Broker: Goldman Sachs Exp. 09/12/2007	JY            29,200,000		514

90   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Receive floating rate based on 6-month JY-LIBOR and pays fixed rate equal to 0.323%.
Broker: UBS—Warburg Exp. 09/12/2007	$	50,000,000	$	911
Receive floating rate based 6-month JY-LIBOR and pays a fixed rate equal to 0.390%.
Broker: Goldman Sachs Exp. 06/18/2007		11,078,200		110
Receive floating rate based on 6-month JY-LIBOR and pays a fixed rate equal to 0.390%.
Broker: UBS—Warburg Exp. 06/18/2007		25,000,000		271
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.213%.
Broker: Morgan Stanley Exp. 05/17/2004		2,710,000		0
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.777%.
Broker: Goldman Sachs Exp. 01/12/2011		3,734,100		(2,273	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.771%.
Broker: Morgan Stanley Exp. 01/11/2011		11,050,000		(6,687	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.757%.
Broker: Merrill Lynch Exp. 01/11/2011		10,000,000		(5,959	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.340%.
Broker: Goldman Sachs Exp. 10/07/2007		24,500,000		(19,697	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.295%.
Broker: Goldman Sachs Exp. 04/14/2008		580,000		(240	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.670%.
Broker: Goldman Sachs Exp. 05/18/2007		1,500,000		(685	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.305%.
Broker: Goldman Sachs Exp. 04/15/2008		377,000		(157	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.200%.
Broker: J.P. Morgan Chase & Co. Exp. 03/17/2003		1,050,000		0
Receive floating rate based on 3-month LIBOR plus 0.160% and pay a fixed rate equal to 0.426%.
Broker: Lehman Brothers, Inc. Exp. 04/19/2005		13,033		1,884
Receive floating rate based on 3-month LIBOR PLUS 0.500% and pay a fixed rate equal to 7.600%.
Broker: Lehman Brothers, Inc. Exp. 07/15/2003		35,000		(1,476	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Lehman Brothers, Inc. Exp. 06/15/2011		3,600		4
Pay total return on Lehman Brothers Intermediate Government Bond Index and receive floating rate based on 1-month LIBOR less 0.250%.
Broker: Lehman Brothers, Inc. Exp. 10/01/2002		21,400		0
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2012		496,900		(46,497	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: Bank of America Exp. 12/18/2007		10,000		137
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley Exp. 12/18/2012		154,900		(13,787	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs Exp. 12/18/2012		728,900		(61,506	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Lehman Brothers, Inc. Exp. 12/18/2012		216,600		(19,263	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: J.P. Morgan Chase & Co. Exp. 12/18/2012		757,000		(69,769	)

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   91

Schedule of Investments (Cont.)

Total Return Fund

September 30, 2002 (Unaudited)

Receive a fixed rate equal to 0.650% and the Fund will pay to counterparty at par in the event of default of Niagara Mohawk Power Corp. 7.750% due 10/01/2008.
Broker: Lehman Brothers, Inc. Exp. 12/31/2004	$	50,000	$	5
Receive a fixed rate equal to 0.400% and the Fund will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.400% due 02/01/2004.
Broker: Goldman Sachs Exp. 11/10/2002		20,000		(154	)
Receive a fixed rate equal to .510% and the Fed will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.750% due 06/15/2005.
Broker: Lehman Brothers, Inc. Exp. 01/25/2005		10,000		(343	)
Receive a fixed rate equal to 0.250% and the Fund will pay to the counterparty at par in the event of default of Wisconsin Electric Power 6.625% due 11/16/2006.
Broker: Lehman Brothers, Inc. Exp. 04/18/2003		25,000		(37	)
Receive a fixed rate equal to 0.850% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding Corp. 0.000% due 05/15/2021.
Broker: Lehman Brothers, Inc. Exp. 06/15/2004		21,500		(932	)
Received a fixed rate equal to 0.840% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding Corp. 6.750% due 12/01/2005.
Broker: Goldman Sachs Exp. 06/15/2004		100,000		(4,211	)
Receive a fixed rate equal to 0.850% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding Corp. 6.750% due 12/01/2005.
Broker: J.P. Morgan Chase & Co. Exp. 06/12/2004		100,000		(4,705	)
Receive a fixed rate equal to 1.650% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: Credit Suisee First Boston Exp. 05/23/2003		50,000		168
Receive a fixed rate equal to 0.850% and the Fund will pay to the counterparty at par in the event of default of Tyco International Group SA 0.000% due 02/12/2021.
Broker: Merrill Lynch Exp. 02/12/2003		25,000		(797	)
Receive a fixed rate equal to 0.900% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding Corp. 0.000% due 05/15/2021.
Broker: J.P. Morgan Chase & Co. Exp. 06/15/2004		50,000		(2,327	)
Receive a fixed rate equal to 0.625% and the Fund will pay to the counterparty at par in the event of default of Phillip Morris Cos., Inc. 7.000% due 07/15/2005.
Broker: J.P. Morgan Chase & Co. Exp. 07/17/2003		50,000		(512	)
Receive a fixed rate equal to 0.625% and the Fund will pay to the counterparty at par in the event of default of Phillip Morris Cos., Inc. 7.650% due 07/01/2008.
Broker: Credit Suisee First Boston Exp. 07/17/2003		100,000		(980	)
Receive a fixed rate equal to 0.400% and the Fund will pay to the counterparty at par in the event of default of National Rural Utilities Cooperative Finance Corp. 5.750% due 12/01/2008.
Broker: Lehman Brothers, Inc. Exp. 09/01/2003		76,500		(1,365	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of Vodafone Group PLC 7.750% due 02/15/2010.
Broker: Lehman Brothers, Inc. Exp. 09/10/2003		68,500		(597	)
Receive a fixed rate equal to 1.160% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: Credit Suisee First Boston Exp. 12/17/2002		50,000		49
Receive a fixed rate equal to 0.215% and the Fund will pay to the counterparty at par in the event of default of Freddie Mac 5.750% due 04/15/2008.
Broker: Morgan Stanley Exp. 02/26/2007		103,300		(956	)
Receive a fixed rate equal to 1.150% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 04/23/2003		13,500		(9	)
Receive a fixed rate equal to 0.900% and the Fund will pay to the counterparty at par in the event of default of Republic of South Africa 9.125% due 05/19/2009.
Broker: Goldman Sachs Exp. 04/23/2003		10,000		(6	)

92   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Receive a fixed rate equal to 1.050% and the Fund will pay to the counterparty at par in the event of default of Republic of Bulgaria 2.688% due 07/28/2011.
Broker: J.P. Morgan Chase & Co. Exp. 10/23/2003	$	15,000	$	(39	)
Receive a fixed rate equal to 9.125% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Morgan Stanley Exp. 06/03/2003		15,000		2
Receive a fixed rate equal to 1.200% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 020/8/2011.
Broker: Credit Suisee First Boston Exp. 06/03/2003		5,000		(18	)
Receive a fixed rate equal to 2.000% and the Fund will pay to the counterparty at par in the event of default of Deutsche Telekom International Finance BV 5.250% due 05/20/2008.
Broker: CITIBANK N.A., London Exp. 06/06/2003		25,000		3
Receive a fixed rate equal to 1.950% and the Fund will pay to the counterparty at par in the event of default of Deutsche Telekom International Finance BV 5.250% due 5/20/2008.
Broker: Goldman Sachs Exp. 06/05/2003		25,000		3
Receive a fixed rate equal to 3.500% and the Fund will pay to the counterparty at par in the event of default of France Telecom SA 5.750% due 04/25/2007.
Broker: Goldman Sachs Exp. 06/05/2003		25,000		3
Receive a fixed rate equal to 7.750% and the Fund will pay to the counterparty at par in the event of default of CIT Group, Inc. 7.625% due 08/16/2005.
Broker: J.P. Morgan Chase & Co. Exp. 06/19/2003		30,000		(52	)
Receive a fixed rate equal to 7.000% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 6.000% due 01/15/2007.
Broker: Merrill Lynch Exp. 04/04/2003		4,000		(109	)
Receive a fixed rate equal to 1.550% and the Fund will pay to the counterparty at par in the event of default of Household Finance Corp. 6.375% due 10/15/2011.
Broker: Morgan Stanley Exp. 05/28/2004		25,000		(825	)
Receive a fixed rate equal to 1.900% and the Fund will pay to the counterparty at part in the event of default Ford Motor Credit Co. 7.250% due 10/25/2011.
Broker: ABN AMRO Bank N.V. Exp. 02/13/2003		25,000		3
Receive a fixed rate equal to 1.300% and the Fund will pay to the counterparty at par in the event of default of General Motors Acceptance Corp. 6.000% due 04/01/2011.
Broker: ABN AMRO Bank N.V. Exp. 01/20/2004		25,000		3
Receive a fixed rate equal to 1.050% and the Fund will pay to the counterparty at par in the event of default of DaimlerChrysler North America Holding Corp 7.300% due 01/15/2012.
Broker: ABN AMRO Bank N.V. Exp. 08/16/2004		25,000		3
Receive a fixed rate equal to 1.260% and the Fund will pay to the counterparty at par in the event of default of National Rural Utilities Cooperative Finance Corp. 7.250% due 03/01/2012.
Broker: UBS—Warburg Exp. 04/26/2004		25,000		(433	)
Receive a fixed rate equal to 0.400% and the Fund will pay to the counterparty at par in the event of default of AIG SunAmerica Global Finance XII 5.300% due 05/30/2007.
Broker: ABN AMRO Bank N.V. Exp. 09/18/2003		25,000		3
Receive a fixed rate equal to 0.440% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.000% due 06/15/2007.
Broker: Credit Suisee First Boston Exp. 09/18/2003		25,000		3
Receive a fixed rate equal to 0.440% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.875% due 02/15/2012.
Broker: Credit Suisee First Boston Exp. 09/23/2003		50,000		5
			$	(252,109	)

(l) Subsequent to September 30, 2002, the issuer declared bankruptcy.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   93

Schedule of Investments

Total Return Fund II

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 26.4%
Banking & Finance 14.6%
Allstate Corp.
6.750% due 06/15/2003	$	9,300	$	9,598
7.875% due 05/01/2005		200		223
American Express Travel
5.625% due 01/22/2004		5,000		5,220
Associates Corp. of North America
5.750% due 11/01/2003		600		626
Bank of America Corp.
7.500% due 10/15/2002		400		401
Bank of New York Co., Inc.
6.625% due 06/15/2003		5,000		5,165
Bank One Corp.
5.900% due 11/15/2011		1,000		1,096
Bear Stearns Cos., Inc.
2.047% due 12/01/2003 (a)		17,200		17,229
Bellsouth Savings & Employee Stock Ownership Trust
9.125% due 07/01/2003		6		6
Beneficial Corp.
6.750% due 02/11/2003		10		10
Chase Manhattan Corp.
7.625% due 01/15/2003		5,000		5,074
CIT Group, Inc.
2.310% due 04/07/2003 (a)		9,700		9,683
5.625% due 05/17/2004		8,685		8,897
7.125% due 10/15/2004		2,000		2,122
Citicorp
7.125% due 06/01/2003		4,000		4,135
Donaldson, Lufkin & Jenrette, Inc.
6.875% due 11/01/2005		225		249
First Chicago Corp.
6.875% due 06/15/2003		4,000		4,138
Ford Motor Credit Co.
1.963% due 02/03/2003 (a)		10,000		9,906
2.010% due 03/17/2003 (a)		10,000		9,875
2.040% due 11/24/2003 (a)		5,000		4,849
6.750% due 08/15/2008		250		241
General Electric Capital Corp.
6.125% due 02/22/2011		3,400		3,698
General Motors Acceptance Corp.
5.480% due 12/16/2002		235		236
1.910% due 02/14/2003 (a)		20,000		19,898
1.857% due 08/18/2003 (a)		1,700		1,674
2.580% due 01/20/2004 (a)		24,825		24,376
2.612% due 05/04/2004 (a)		32,700		31,904
Goldman Sachs Group, Inc.
5.900% due 01/15/2003		2,000		2,023
2.074% due 03/19/2003 (a)		5,000		5,005
2.580% due 01/20/2009 (a)		5,000		5,071
Heller Financial, Inc.
6.440% due 10/06/2002		400		400
2.087% due 04/28/2003 (a)		15,000		15,024
7.875% due 05/15/2003		150		156
Household Finance Corp.
2.060% due 06/24/2003 (a)		15,000		14,853
6.250% due 08/15/2003		50		51
2.146% due 05/28/2004 (a)		4,800		4,648
5.875% due 09/25/2004		15,000		15,039
J.P. Morgan Chase & Co.
7.625% due 09/15/2004		250		273
KBC Bank Fund Trust III
9.860% due 11/29/2049 (a)		12,000		14,541
Mellon Funding Corp.
5.750% due 11/15/2003		200		208
Morgan Stanley, Dean Witter & Co.
7.125% due 01/15/2003		275		279
National Rural Utilities Cooperative Finance Corp.
2.940% due 04/26/2004 (a)		3,000		3,009
7.250% due 03/01/2012		3,500		3,895
8.000% due 03/01/2032		15,000		17,201
NationsBank Corp.
6.200% due 08/15/2003		10,800		11,198
8.625% due 11/15/2003		1,550		1,660
6.500% due 03/15/2006		250		278
PNC Funding Corp.
6.125% due 09/01/2003		1,400		1,448
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		2,900		1,305
Salomon, Inc.
7.000% due 05/12/2003		500		515
Wachovia Corp.
4.950% due 11/01/2006		4,400		4,704
				303,313
Industrials 4.5%
American Airlines, Inc.
7.858% due 10/01/2011		2,400		2,553
AOL Time Warner, Inc.
7.625% due 04/15/2031		2,400		2,007
7.700% due 05/01/2032		18,100		15,387
ConAgra Foods, Inc.
2.475% due 09/10/2003 (a)		17,000		17,037
Conoco, Inc.
5.900% due 04/15/2004		250		262
Continental Airlines, Inc.
7.056% due 09/15/2009		1,600		1,566
Continental Cablevision, Inc.
8.300% due 05/15/2006		695		678
DaimlerChrysler North America Holding Corp.
2.322% due 08/01/2003 (a)		24,700		24,630
2.000% due 08/21/2003 (a)		2,700		2,689
Dow Chemical Co.
8.040% due 07/02/2005		4,143		4,427
General Motors Corp.
6.250% due 05/01/2005		250		257
GTE California, Inc.
7.650% due 03/15/2007		400		443
Kerr-McGee Corp.
2.548% due 06/28/2004 (a)		3,100		3,098
Phillips Petroleum Co.
6.650% due 03/01/2003		400		407
Procter & Gamble Co.
5.250% due 09/15/2003		600		618
Qwest Corp.
8.875% due 03/15/2012		2,200		1,925
Time Warner Entertainment Co. L.P.
7.975% due 08/15/2004		3,345		3,321
Times Mirror Co.
7.450% due 10/15/2009		100		116
Transcontinental Gas Pipelines
6.125% due 01/15/2005		300		280
United Air Lines, Inc.
9.190% due 12/24/2013		7,213		4,004
Wal-Mart Stores, Inc.
8.000% due 09/15/2006		500		592
Waste Management, Inc.
6.875% due 05/15/2009		7,000		7,124
Williams Cos., Inc.
7.625% due 07/15/2019		1,100		610
				94,031
Utilities 7.3%
AT&T Corp.
6.750% due 04/01/2004		500		500
8.000% due 11/15/2031		10,900		10,115
AT&T Wireless Services, Inc.
7.875% due 03/01/2011		700		540
Carolina Power & Light, Inc.
7.875% due 04/15/2004		400		429
Cingular Wireless
6.500% due 12/15/2011		10,000		9,641
Commonwealth Edison Co.
6.625% due 07/15/2003		288		297
El Paso Corp.
6.750% due 05/15/2009		16,700		10,870

94   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Entergy Gulf States, Inc.
3.106% due 09/01/2004 (a)	$	24,600	$	24,535
Metropolitan Edison Co.
7.220% due 01/30/2003		2,000		2,012
6.400% due 02/09/2006		2,412		2,470
Philadelphia Electric
6.500% due 05/01/2003		1,840		1,884
Progress Energy, Inc.
6.550% due 03/01/2004		400		417
South Point Energy
8.400% due 05/30/2012		9,089		6,090
Sprint Capital Corp.
5.700% due 11/15/2003		2,325		2,118
6.000% due 01/15/2007		300		206
8.375% due 03/15/2012		1,200		840
6.900% due 05/01/2019		4,300		2,519
8.750% due 03/15/2032		32,200		21,603
TXU Electric Co.
6.750% due 03/01/2003		5,000		5,087
2.462% due 06/15/2003 (a)		32,000		31,808
Verizon Pennsylvania
5.650% due 11/15/2011		16,800		16,533
				150,514
Total Corporate Bonds & Notes (Cost $570,488)				547,858
U.S. GOVERNMENT AGENCIES 0.2%
Freddie Mac
5.500% due 04/11/2006		100		100
Small Business Administration
7.449% due 08/01/2010		4,263		4,874
Total U.S. Government Agencies (Cost $4,364)				4,974
U.S. TREASURY OBLIGATIONS 6.8%
Treasury Inflation Protected Securities (e)
3.375% due 01/15/2007 (b)		11,367		12,385
3.500% due 01/15/2011		30,111		33,386
3.000% due 07/15/2012		2,204		2,372
3.875% due 04/15/2029		41,739		51,364
U.S. Treasury Bonds
7.250% due 05/15/2016		11,500		14,935
7.500% due 11/15/2016		13,300		17,637
8.750% due 05/15/2017		4,800		7,051
0.000% due 11/15/2027		10,000		2,781
Total U.S. Treasury Obligations (Cost $135,344)				141,911
MORTGAGE-BACKED SECURITIES 48.8%
Collateralized Mortgage Obligations 11.5%
Bear Stearns Adjustable Rate Mortgage Trust
7.451% due 12/25/2030 (a)		620		623
6.656% due 11/25/2031 (a)		6,031		6,189
6.102% due 12/25/2031 (a)		2,246		2,305
6.160% due 12/25/2031 (a)		3,863		3,965
Chase Mortgage Finance Corp.
7.000% due 07/25/2028		15		15
6.086% due 07/25/2032 (a)		5,558		5,696
COMM Mortgage Trust
6.145% due 02/15/2008		3,479		3,753
CS First Boston Mortgage Securities Corp.
6.250% due 04/25/2032 (a)		3,297		3,384
DLJ Mortgage Acceptance Corp.
11.000% due 08/01/2019		76		88
E-Trade Bank Mortgage-Backed Securities Trust
7.037% due 09/25/2031		7,380		7,562
Fannie Mae
9.000% due 06/25/2018		8		9
9.250% due 07/25/2019		946		1,047
7.000% due 09/25/2020		20		21
First Horizon Asset Securities, Inc.
6.750% due 02/25/2031		3,667		3,786
Freddie Mac
5.950% due 07/15/2003		37		37
11.875% due 06/15/2013		73		73
8.800% due 12/01/2015		177		188
9.250% due 11/15/2019		15		16
9.000% due 12/15/2020		482		500
7.000% due 07/15/2022		11,934		12,611
7.500% due 01/15/2023		20,601		22,499
6.750% due 04/25/2024		5,534		5,573
8.000% due 06/15/2030		8,974		9,771
GMAC Commercial Mortgage Securities, Inc.
2.500% due 09/11/2006 (a)		5,000		4,800
Guaranteed Mortgage Corp.
9.300% due 07/20/2019		206		206
G-Wing Ltd.
4.460% due 05/06/2004 (a)		21,700		21,613
Indymac Adjustable Rate Mortgage Trust
6.431% due 01/25/2032 (a)		2,764		2,811
Merrill Lynch Mortgage Investors, Inc.
2.120% due 01/20/2030 (a)		5,291		5,261
Morgan Stanley Dean Witter Capital I
2.112% due 07/11/2011 (a)		589		587
Nationslink Funding Corp.
6.654% due 02/10/2006		3,000		3,259
2.160% due 04/10/2007 (a)		1,443		1,448
Norwest Asset Securities Corp.
7.500% due 03/25/2027		8,711		8,773
Residential Funding Mortgage Securities I, Inc.
7.000% due 11/25/2027		7,316		7,408
Salomon Brothers Mortgage Securities VII, Inc.
2.193% due 04/25/2029 (a)		1,943		1,943
7.606% due 11/25/2030		301		303
Structured Asset Mortgage Investments, Inc.
2.154% due 09/19/2032 (a)		4,096		4,096
Structured Asset Securities Corp.
6.500% due 09/25/2031 (a)		3,750		3,822
6.250% due 01/25/2032 (a)		7,347		7,545
2.100% due 02/25/2032 (a)		4,637		4,619
6.289% due 02/25/2032 (a)		5,493		5,599
2.080% due 06/25/2032 (a)		18,522		18,516
U.S. Restaurant Properties Funding
2.290% due 08/26/2008 (a)		14,759		14,759
Washington Mutual Mortgage Securities Corp.
5.243% due 10/25/2032 (a)		19,270		19,706
Wells Fargo Mortgage-Backed Securities Trust
6.519% due 10/25/2031 (a)		10,337		10,608
				237,393
Fannie Mae 26.3%
3.953% due 09/01/2040 (a)		18,547		19,036
4.669% due 07/01/2020 (a)		371		376
4.904% due 02/01/2023 (a)		422		426
5.500% due 12/01/2016-03/01/2032 (c)		83,481		85,961
5.668% due 04/01/2024 (a)		359		369
5.934% due 12/01/2031		8,912		9,819
6.000% due 05/01/2009-06/01/2032 (c)		410,432		426,382
6.351% due 01/01/2024 (a)		341		352
6.376% due 12/01/2023 (a)		286		294
6.500% due 02/01/2013		128		134
7.000% due 08/01/2009-11/01/2025 (c)		422		446
7.500% due 03/01/2030-06/01/2030 (c)		199		210
7.750% due 10/01/2007		34		35
8.000% due 10/01/2005-10/01/2030 (c)		174		184
8.500% due 07/01/2003-04/01/2017 (c)		328		345
9.000% due 06/01/2010		42		45
11.000% due 09/01/2010		80		91
13.750% due 11/01/2011-09/01/2013 (c)		43		50
				544,555

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   95

Schedule of Investments (Cont.)

Total Return Fund II

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Federal Housing Administration 0.7%
6.000% due 03/20/2028	$	14,846	$	15,367
8.954% due 05/01/2019		91		96
				15,463
Freddie Mac 0.2%
4.872% due 12/01/2022 (a)		1,834		1,893
6.000% due 09/01/2027-10/01/2029 (c)		71		74
6.500% due 12/01/2010		201		212
7.000% due 03/01/2007		7		7
7.202% due 02/01/2023 (a)		177		186
7.250% due 03/01/2006		22		23
7.813% due 07/01/2030 (a)		1,788		1,853
8.000% due 11/01/2025		46		50
8.250% due 03/01/2008-05/01/2008 (c)		20		21
9.500% due 02/01/2011-02/01/2018 (c)		50		55
10.000% due 06/01/2011-03/01/2021 (c)		55		63
				4,437
Government National Mortgage Association 10.1%
5.375% due 06/20/2023-06/20/2027 (a)(c)		11,912		12,278
5.500% due 07/15/2030 (a)		855		871
6.000% due 07/15/2028-01/20/2030 (c)		67,919		70,383
6.500% due 06/20/2028-10/23/2032 (a)(c)		59,727		62,326
6.650% due 11/15/2030		15,789		17,822
6.750% due 09/20/2024-08/20/2027 (a)(c)		12,600		12,983
7.000% due 10/23/2032 (a)		31,000		32,540
7.500% due 03/15/2024-09/15/2025 (c)		137		146
8.000% due 07/15/2010-08/15/2024 (c)		507		548
8.500% due 11/15/2006		30		32
9.000% due 09/15/2008-05/15/2009 (c)		18		20
9.500% due 01/20/2019		9		10
12.000% due 01/15/2013-06/15/2015 (c)		12		14
				209,973
Total Mortgage-Backed Securities (Cost $ 989,310)				1,011,821
ASSET-BACKED SECURITIES 6.8%
Advanta Equipment Receivables
7.560% due 02/15/2007		712		733
Bayview Financial Acquisition Trust
2.203% due 07/25/2030 (a)		1,652		1,652
2.213% due 04/25/2031 (a)		2,433		2,430
2.093% due 07/25/2031 (a)		11,843		11,817
Conseco Finance Corp.
7.890% due 07/15/2018 (d)		11,763		11,982
8.170% due 12/15/2025 (d)		11,800		12,560
EMC Mortgage Loan Trust
2.183% due 05/25/2040 (a)		15,195		15,156
Home Equity Mortgage Trust
6.177% due 06/25/2032 (a)		36,495		37,453
Irwin Home Equity Loan Trust
2.100% due 06/25/2029 (a)		3,677		3,667
Morgan Stanley Dean Witter Capital I
2.143% due 07/25/2032 (a)		8,168		8,144
North Carolina State Education Authority
1.973% due 06/01/2009 (a)		3,918		3,926
Residential Asset Mortgage Products, Inc.
7.610% due 12/25/2027		1,287		1,296
Structured Product Asset Trust
3.160% due 06/20/2004 (a)		17,100		17,016
Vanderbilt Acquisition Loan Trust
3.280% due 01/07/2013		13,519		13,646
Total Asset-Backed Securities (Cost $140,310)				141,478
CONVERTIBLE BONDS & NOTES 0.3%
Banking & Finance 0.3%
Verizon Global Funding Corp.
0.000% due 05/15/2021		10,000		5,475
Total Convertible Bonds & Notes (Cost $5,400)				5,475
	Shares
PREFERRED SECURITY 1.2%
Abbey National Capital Trust I
8.963% due 12/29/2049 (a)		1,100,000		1,342
UBS Preferred Funding Trust I
8.622% due 10/29/2049 (a)		19,700,000		23,597
Total Preferred Security (Cost $20,990)				24,939
PREFERRED STOCK 0.1%
Fortis Amev NV
3.860% due 12/31/2049 (a)		6		816
3.870% due 12/31/2049 (a)		6		816
Total Preferred Stock (Cost $1,451)				1,632
SHORT-TERM INSTRUMENTS 26.9%
	Principal Amount (000s)
Commercial Paper 24.7%
AT&T Corp.
3.720% due 04/18/2003	$	19,400		18,257
Fannie Mae
1.860% due 10/01/2002		226,000		226,000
1.730% due 10/16/2002		10,500		10,492
1.730% due 12/05/2002 (b)		720		718
Federal Home Loan Bank
1.720% due 10/16/2002		11,300		11,292
1.680% due 10/28/2002		9,500		9,488
Freddie Mac
1.860% due 10/01/2002		235,000		235,000
				511,247
Repurchase Agreement 0.7%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Fannie Mae 0.000% due 10/01/2002 valued at $15,432. Repurchase proceeds are $15,129.)		15,128		15,128
U.S. Treasury Bills 1.5%
1.586% due 01/25/2001-11/29/2002 (b)(c)		31,035		30,959
Total Short-Term Instruments (Cost $558,476)				557,334
Total Investments 117.5%			$	2,437,422
(Cost $2,426,133)
Written Options (f) (0.3%)				(6,331)
(Premiums $5,898)
Other Assets and Liabilities (Net) (17.2%)				(357,197)
Net Assets 100.0%			$	2,073,894

96   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities with an aggregate market value of $26,354 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation
U.S. Treasury 5 Year Note (12/2002)	6	$	13
U.S. Treasury 10 Year Note (12/2002)	6,132		19,958
U.S. Treasury 30 Year Bond (12/2002)	837		2,680
Eurodollar June Futures (06/2003)	232		659
		$	23,310

(c) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(d) Security is in default.

(e) Principal amount of security is adjusted for inflation.

(f) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 6.000 Exp. 10/19/2004	9,600,000	$	391	$	241
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 6.000 Exp. 10/19/2004	9,600,000		391		885
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.200 Exp. 11/02/2004	32,300,000		1,014		1,921
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 6.700 Exp. 11/02/2004	52,300,000		1,698		928
Call—CME Eurodollar June Futures Strike @ 98.750 Exp. 06/16/2003	695		226		356
Put—CME Eurodollar June Futures Strike @ 97.500 Exp. 06/16/2003	351		137		107
Put—CME Eurodollar December Futures Strike @ 96.000 Exp. 12/16/2002	218		197		3
Call—CME Eurodollar June Futures Strike @ 96.500 Exp. 12/16/2002	1,819		1,362		11
Call—CBOT U.S. Treasury Note December Futures Strike @ 110.000 Exp. 11/23/2002	208		179		1,274
Call—CBOT U.S. Treasury Note December Futures Strike @ 116.000 Exp. 11/23/2002	372		303		605
		$	5,898	$	6,331

(g) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized (Depreciation)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2012	$	9,800	$	(936	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2022		5,300		(550	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley Exp. 12/18/2012		4,900		(448	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Merrill Lynch Exp. 12/18/2022		4,000		(464	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs Exp. 12/18/2012		24,500		(2,066	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Lehman Brothers, Inc. Exp. 12/18/2012		16,900		(1,666	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: J.P. Morgan Chase & Co. Exp. 12/18/2012		21,500		(897	)
Receive a fixed rate equal to 0.410% and the Fund will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.750% due 06/15/2005.
Broker: Goldman Sachs Exp. 11/10/2002		9,000		(69	)
Receive a fixed rate equal to 0.500% and the Fund will pay to the counterparty at par in the event of default of Williams Cos., Inc. 6.625% due 11/15/2004.
Broker: UBS—Warburg Exp. 09/16/2003		20,000		(3,432	)
Receive a fixed rate equal to 0.400% and the Fund will pay to the counterparty at par in the event of default of National Rural Utilities Cooperative Finance Corp. 5.750% due 12/01/2008.
Broker: Lehman Brothers, Inc. Exp. 09/01/2003		2,900		(52	)
			$	(10,580	)

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   97

Schedule of Investments

Total Return Fund III

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 24.0%
Banking & Finance 10.4%
ABN AMRO Mortgage Corp.
7.000% due 04/01/2008	$	1,000	$	1,162
Associates Corp. of North America
7.240% due 05/17/2006		1,000		1,131
Bank One Corp.
5.900% due 11/15/2011		700		767
CIT Group, Inc.
7.750% due 04/02/2012		6,600		7,193
DaimlerChrysler Financial Services North America LLC
1.990% due 03/06/2003 (a)		5,000		4,989
Deutsche Telekom International Finance BV
8.250% due 06/15/2005		900		966
Export-Import Bank Korea
7.100% due 03/15/2007		50		57
Ford Motor Credit Co.
2.550% due 04/17/2003 (a)		16,000		15,804
2.340% due 06/23/2003 (a)		300		295
6.620% due 02/27/2006		1,000		977
Gemstone Investors Ltd.
7.710% due 10/31/2004		1,700		1,362
General Electric Capital Corp.
6.125% due 02/22/2011		1,600		1,740
General Motors Acceptance Corp.
2.135% due 07/21/2003 (a)		6,500		6,422
2.142% due 08/04/2003 (a)		5,100		5,034
3.310% due 10/16/2003 (a)		4,100		4,081
2.125% due 04/05/2004 (a)		3,200		3,100
2.442% due 05/10/2004 (a)		2,900		2,824
2.457% due 05/17/2004 (a)		10,400		10,140
Household Finance Corp.
2.251% due 05/28/2004 (a)		300		290
Korea Development Bank
7.625% due 10/01/2002		2,250		2,250
Morgan Stanley TRACERS
4.440% due 09/15/2011 (a)		3,712		4,031
National Rural Utilities Cooperative Finance Corp.
2.820% due 04/26/2004 (a)		1,000		1,003
NationsBank Corp.
8.625% due 11/15/2003		25		27
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		1,196		538
Residential Reinsurance Ltd.
6.887% due 06/01/2004 (a)		4,200		4,269
Spieker Properties, Inc.
6.950% due 12/15/2002		2,000		2,016
Trinom Ltd.
5.820% due 12/18/2004 (a)		1,000		1,007
Verizon Global Funding Corp.
6.125% due 06/15/2007		4,900		5,108
Wachovia Corp.
4.950% due 11/01/2006		2,500		2,673
Western Capital
7.021% due 01/07/2003 (a)		5,800		5,800
				97,056
Industrials 3.9%
AOL Time Warner, Inc.
7.700% due 05/01/2032		17,500		14,877
Coastal Corp.
9.625% due 05/15/2012		3,000		2,209
Continental Airlines, Inc.
7.256% due 03/15/2020		599		580
DaimlerChrysler North America Holding Corp.
2.323% due 08/02/2004 (a)		6,000		5,937
Kroger Co.
7.150% due 03/01/2003		50		51
Qwest Corp.
8.875% due 03/15/2012		1,100		962
7.250% due 09/15/2025		3,300		2,227
8.875% due 06/01/2031		300		239
7.250% due 10/15/2035		400		264
SR Wind Ltd.
6.992% due 05/18/2005 (a)		2,000		2,004
7.492% due 05/18/2005 (a)		1,000		1,019
Tennessee Gas Pipeline Co.
7.000% due 10/15/2028		8,400		6,234
				36,603
Utilities 9.7%
AT&T Corp.
7.300% due 11/15/2011		1,700		1,644
8.000% due 11/15/2031		3,190		2,960
AT&T Wireless Services, Inc.
8.125% due 05/01/2012		10,000		7,714
8.750% due 03/01/2031		5,000		3,609
Bell Atlantic Pennsylvania, Inc.
7.375% due 07/15/2007		75		83
British Telecom PLC
7.875% due 12/15/2005		8,300		9,270
8.375% due 12/15/2010		1,700		2,001
Cleco Power LLC
6.550% due 05/19/2003		7,000		7,157
Dynegy Holdings, Inc.
8.750% due 02/15/2012		5,000		1,575
El Paso Corp.
8.050% due 10/15/2030		10,550		6,662
7.750% due 01/15/2032		400		257
Entergy Gulf States, Inc.
3.211% due 09/01/2004 (a)		12,000		11,968
France Telecom SA
9.250% due 03/01/2011		5,000		5,464
Niagara Mohawk Power Co.
7.250% due 10/01/2002		11,341		11,341
7.375% due 07/01/2003		3,024		3,123
Progress Energy, Inc.
6.550% due 03/01/2004		200		208
Sprint Capital Corp.
6.000% due 01/15/2007		4,400		3,027
6.125% due 11/15/2008		4,200		2,791
7.625% due 01/30/2011		4,000		2,706
8.375% due 03/15/2012		6,100		4,270
8.750% due 03/15/2032		3,100		2,080
Texas Utilities Corp.
6.375% due 10/01/2004		1,000		1,071
Verizon New York, Inc.
6.875% due 04/01/2012		300		316
				91,297
Total Corporate Bonds & Notes (Cost $240,214)				224,956
U.S. GOVERNMENT AGENCIES 0.5%
Fannie Mae
4.750% due 04/17/2003		2,000		2,003
Federal Home Loan Bank
5.520% due 04/17/2006		100		102
Freddie Mac
8.000% due 01/01/2012		77		83
Small Business Administration
7.449% due 08/01/2010		2,177		2,489
Total U.S. Government Agencies (Cost $4,368)				4,677

98   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
U.S. TREASURY OBLIGATIONS 2.9%
Treasury Inflation Protected Securities (d)
3.375% due 01/15/2007 (b)	$	1,364	$	1,486
3.875% due 01/15/2009		1,318		1,482
4.250% due 01/15/2010		1,285		1,480
3.375% due 01/15/2012		1,217		1,347
3.000% due 07/15/2012		1,002		1,078
3.875% due 04/15/2029		4,820		5,932
U.S. Treasury Bonds
7.250% due 05/15/2016		4,000		5,195
7.500% due 11/15/2016		4,800		6,365
8.750% due 05/15/2017		2,200		3,232
Total U.S. Treasury Obligations (Cost $26,739)				27,597
MORTGAGE-BACKED SECURITIES 48.6%
Collateralized Mortgage Obligations 20.9%
ABN AMRO Mortgage Corp.
6.750% due 11/25/2028		9,750		10,221
Amortizing Residential Collateral Trust
2.100% due 09/25/2030 (a)		1,268		1,265
Bank of America Mortgage Securities, Inc.
5.819% due 10/20/2032 (a)		6,579		6,689
Bear Stearns Adjustable Rate Mortgage Trust
7.451% due 12/25/2030 (a)		2,267		2,277
6.656% due 11/25/2031 (a)		2,924		3,001
6.102% due 12/25/2031 (a)		1,290		1,324
5.439% due 10/25/2032 (a)		1,100		1,115
CS First Boston Mortgage Securities Corp.
6.155% due 12/25/2031		11,508		11,462
DLJ Mortgage Acceptance Corp.
7.580% due 02/12/2006 (a)		13,600		14,335
E-Trade Bank Mortgage-Backed Securities Trust
7.055% due 09/25/2031		4,422		4,531
Fannie Mae
6.500% due 12/18/2004		1,924		1,986
7.000% due 09/25/2021		3,137		3,247
Freddie Mac
2.430% due 03/15/2025 (a)		787		788
7.000% due 02/15/2027		16,092		16,941
4.721% due 08/15/2032 (a)		3,377		3,336
General Electric Capital Mortgage Services, Inc.
7.500% due 03/25/2027		9,225		9,268
6.000% due 07/25/2029		64		64
GMAC Commercial Mortgage Securities, Inc.
2.540% due 09/11/2006 (a)		7,500		7,200
Government National Mortgage Association
2.423% due 02/16/2030 (a)		1,132		1,145
Impac Secured Assets CMN Owner Trust
7.750% due 10/25/2030		13,093		13,753
Indymac Adjustable Rate Mortgage Trust
6.434% due 01/25/2032 (a)		1,347		1,369
Norwest Asset Securities Corp.
6.250% due 12/25/2028		13,784		14,027
PNC Mortgage Securities Corp.
6.500% due 12/25/2028		6,446		6,853
Residential Accredit Loans, Inc.
7.250% due 01/25/2026		1,477		1,492
6.500% due 12/25/2028		24,000		25,092
Residential Funding Mortgage Securities I
5.691% due 09/25/2032		3,400		3,462
Resolution Trust Corp.
6.592% due 05/25/2029 (a)		652		658
Sequoia Mortgage Trust
2.110% due 08/20/2032 (a)		4,568		4,568
Structured Asset Mortgage Investments, Inc.
6.534% due 06/25/2029 (a)		5,728		5,934
Structured Asset Securities Corp.
6.307% due 02/25/2032 (a)		2,563		2,613
Washington Mutual Mortgage Securities Corp.
5.240% due 10/25/2032 (a)		9,091		9,297
Wells Fargo Mortgage-Backed Securities Trust
6.565% due 10/25/2031 (a)		124		127
6.669% due 10/25/2031 (a)		3,813		3,913
5.221% due 09/25/2032 (a)		2,000		2,032
				195,385
Fannie Mae 18.3%
4.022% due 08/01/2018 (a)		60		61
5.500% due 01/01/2017-10/21/2017 (c)		35,837		36,900
5.865% due 02/01/2031 (a)		35		36
6.000% due 03/01/2016-10/21/2017 (c)		119,529		124,158
7.430% due 01/25/2023		7,040		7,256
7.500% due 02/01/2027		2,443		2,599
8.250% due 07/01/2017		25		26
8.500% due 02/01/2007		26		27
9.000% due 07/01/2005-06/01/2025 (c)		11		11
				171,074
Federal Housing Administration 0.8%
7.430% due 11/25/2019-11/25/2022 (c)		7,406		7,633
				7,633
Freddie Mac 0.1%
4.875% due 12/01/2022 (a)		296		306
6.750% due 10/01/2006		2		2
7.000% due 11/01/2011		29		30
7.500% due 07/01/2011		159		169
7.813% due 07/01/2030 (a)		523		542
8.000% due 02/01/2006		50		53
				1,102
Government National Mortgage Association 8.5%
4.500% due 02/20/2032 (a)		13,560		13,786
5.375% due 06/20/2022-01/20/2026 (c)		1,098		1,134
5.380% due 01/20/2024 (a)		2,522		2,598
6.000% due 02/15/2029-07/15/2029 (c)		5,734		5,961
6.500% due 09/15/2023-10/23/2032 (c)		23,577		24,626
6.625% due 10/20/2024-12/20/2026 (a)(c)		2,245		2,322
6.750% due 09/20/2023-08/20/2027 (a)(c)		2,248		2,318
7.000% due 10/23/2032 (a)		17,000		17,845
7.400% due 12/15/2040		6,963		8,196
10.250% due 02/15/2017		584		641
12.750% due 02/20/2015		4		4
				79,431
Stripped Mortgage-Backed Securities 0.0%
Freddie Mac (IO)
6.500% due 04/15/2022		533		43
Total Mortgage-Backed Securities (Cost $443,041)				454,668
ASSET-BACKED SECURITIES 1.6%
Ace Securities Corp.
2.153% due 06/25/2032 (a)		1,757		1,754
Bayview Financial Acquisition Trust
2.213% due 04/25/2031 (a)		1,280		1,279
CDC Mortgage Capital Trust
2.100% due 08/25/2032 (a)		4,328		4,305
Household Mortgage Loan Trust
2.138% due 05/20/2032 (a)		1,760		1,759
SLM Student Loan Trust
2.119% due 10/25/2005 (a)		98		99
2.199% due 10/25/2005 (a)		940		943
Summit Acceptance Auto Receivables Trust
7.420% due 05/17/2004		4,957		5,004
Total Asset-Backed Securities (Cost $15,174)				15,143
SOVEREIGN ISSUES 2.8%
Province of Quebec
8.800% due 04/15/2003		1,000		1,038
Republic of Brazil
3.062% due 04/15/2006 (a)		6,118		4,031
11.500% due 03/12/2008		900		470
3.125% due 04/15/2009 (a)		329		165
11.000% due 08/17/2040		6,900		3,053

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   99

Schedule of Investments (Cont.)

Total Return Fund III

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Republic of Croatia
2.687% due 07/31/2010 (a)	$	2,042	$	2,027
Republic of Korea
8.750% due 04/15/2003		900		934
Republic of Panama
9.625% due 02/08/2011		4,200		4,168
9.375% due 07/23/2012		1,050		1,018
5.000% due 07/17/2014		2,400		1,944
2.750% due 07/17/2016 (a)		344		235
Republic of Peru
9.125% due 02/21/2012		1,100		899
United Mexican States
9.875% due 02/01/2010		300		341
8.375% due 01/14/2011		800		842
11.375% due 09/15/2016		100		123
6.250% due 12/31/2019		3,000		2,903
8.300% due 08/15/2031		1,800		1,751
United Mexican States Value Recovery Right
0.000% due 06/30/2004 (a)		3,000		5
0.000% due 06/30/2005 (a)		3,000		2
0.000% due 06/30/2006 (a)		3,000		2
0.000% due 06/30/2007 (a)		3,000		2
Total Sovereign Issues (Cost $30,864)				25,953
FOREIGN CURRENCY-DENOMINATED ISSUES (f)(g) 2.2%
Halifax Group Euro Finance
7.627% due 12/29/2049		EC        9,700		10,864
Nationwide Building Society
3.528% due 03/27/2003 (a)		10,000		9,887
Total Foreign Currency-Denominated Issues (Cost $18,618)				20,751
PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 97.750 Exp. 12/16/2002	$	200,000		3
Strike @ 97.000 Exp. 12/16/2002		9,000		0
Strike @ 96.750 Exp. 12/16/2002		70,000		0
Strike @ 95.750 Exp. 12/16/2002		18,000		0
Eurodollar March Futures (CME)
Strike @ 95.750 Exp. 03/17/2003		174,000		2
Total Purchased Put Options (Cost $10)				5
CONVERTIBLE BONDS & NOTES 0.6%
Banking & Finance 0.6%
Verizon Global Funding Corp.
0.000% due 05/15/2021		10,000		5,475
Total Convertible Bonds & Notes (Cost $5,400)				5,475
PREFERRED SECURITY 0.7%
	Shares
Abbey National Capital Trust I
8.963% due 12/29/2049 (a)		5,500,000		6,707
Total Preferred Security (Cost $5,500)				6,707
SHORT-TERM INSTRUMENTS 30.6%
	Principal Amount (000s)
Commercial Paper 28.8%
Abbey National North America
1.750% due 12/10/2002	$	20,000		19,932
Anz Delaware, Inc.
1.750% due 10/23/2002		40,000		39,957
AT&T Corp.
3.720% due 04/18/2003		9,300		8,752
Danske Corp.
1.750% due 12/19/2002		17,500		17,488
Fannie Mae
1.860% due 10/01/2002		8,000		8,000
Federal Home Loan Bank
1.680% due 10/28/2002		11,000		10,986
1.725% due 10/30/2002		10,800		10,785
Freddie Mac
1.650% due 10/18/2002		10,000		9,992
1.710% due 10/31/2002		2,000		1,997
HBOS Treasury Services PLC
1.780% due 11/20/2002		23,000		22,969
Shell Finance
1.700% due 12/10/2002		45,000		44,894
TotalFinaElf SA
1.750% due 10/31/2002		40,000		39,942
UBS Finance, Inc.
1.970% due 10/01/2002		20,000		20,000
1.750% due 11/13/2002		14,000		13,971
				269,665
Repurchase Agreement 0.3%
State Street Bank
1.550% due 10/01/2002		3,000		3,000
(Dated 09/30/2002. Collateralized by Fannie
Mae 2.430% due 08/20/2004 valued at $3,062.
Repurchase proceeds are $3,000.)
U.S. Treasury Bills 1.5%
1.611% due 11/14/2002-11/29/2002 (b)(c)		13,580		13,548
Total Short-Term Instruments (Cost $286,761)				286,213
Total Investments 114.5%			$	1,072,145
(Cost $1,076,689)
Written Options (e) (0.3%)				(2,923	)
(Premiums $2,772)
Other Assets and Liabilities (Net) (14.2%)				(133,216	)
Net Assets 100.0%			$	936,006

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities with an aggregate market value of $9,323 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation
Euro-Bobl 5 Year Note (12/2002)	1,013	$	2,068
EuroBond 10 Year Note (12/2002)	819		2,038
Euribor March Futures (03/2003)	354		902
Euribor June Futures (06/2003)	50		33
Euribor Options March Futures (03/2003)	390		60
Euribor Options June Futures (06/2003)	59		9
Euribor Options December Futures (12/2003)	59		6
U.S. Treasury 10 Year Note (12/2002)	1,793		5,403
U.S. Treasury 30 Year Bond (12/2002)	220		705
Eurodollar June Futures (06/2003)	88		324
Eurodollar September Futures (09/2003)	10		78
		$	11,626

(c) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(d) Principal amount of security is adjusted for inflation.

100   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

(e) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 6.000 Exp. 10/19/2004	4,600,000	$	187	$	116
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 6.000 Exp. 10/19/2004	4,600,000		187		424
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.200 Exp. 11/02/2004	15,400,000		483		916
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 6.700 Exp. 11/02/2004	35,400,000		1,146		628
Call—CME Eurodollar June Futures Strike @ 98.750 Exp. 06/16/2003	321		104		164
Put—CME Eurodollar June Futures Strike @ 97.500 Exp. 06/16/2003	159		62		49
Put—CME Eurodollar December Futures Strike @ 96.000 Exp. 12/16/2002	106		95		1
Put—CME Eurodollar December Futures Strike @ 96.500 Exp. 12/16/2002	394		287		2
Call—CBOT U.S. Treasury Note December Futures Strike @ 110.000 Exp. 11/23/2002	42		36		257
Call—CBOT U.S. Treasury Note December Futures Strike @ 116.000 Exp. 11/23/2002	225		185		366
		$	2,772	$	2,923

(f) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized (Depreciation)
Sell	EC	16,846	11/2002	$	(111	)
Buy	JY	46,628	12/2002		(11	)
				$	(122	)

(g) Principal amount denoted in indicated currency:

BP—British Pound

EC—Euro

JY—Japanese Yen

(h) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: UBS—Warburg Exp. 03/15/2032		EC900	$	10
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: Goldman Sachs Exp. 03/15/2017		7,400		84
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032	$	21,200		595
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2017		1,000		12
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: UBS—Warburg Exp. 03/15/2032		BP600		(13	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032		11,700		(240	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Goldman Sachs Epx. 03/15/2017		3,300		(10	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2017		600		(5	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: UBS—Warburg Exp. 03/15/2017		1,300		(11	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.324%.
Broker: Goldman Sachs Exp. 09/12/2007		JY1,200,000		21
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.390%.
Broker: Goldman Sachs Exp. 06/18/2007		471,700		5
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.777%.
Broker: Goldman Sachs Exp. 01/12/2011		308,000		(187	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.771%.
Broker: Morgan Stanley Exp. 01/11/2011		212,000		(128	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.670%.
Broker: Goldman Sachs Exp. 05/18/2007		283,800		(143	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   101

Schedule of Investments (Cont.)

Total Return Fund III

September 30, 2002 (Unaudited)

Broker: Bank of America Exp. 12/18/2012	$	4,500	$	(430	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2022		2,400		(249	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley Exp. 12/18/2012		2,300		(210	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Merrill Lynch Exp. 12/18/2022		2,000		(232	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs Exp. 12/18/2012		11,200		(946	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Lehman Brothers, Inc. Exp. 12/18/2012		8,000		(789	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: J.P. Morgan Chase & Co. Exp. 12/18/2012		10,100		(502	)
Receive a fixed rate equal to 0.510% and the Fund will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.750% due 06/15/2005.
Broker: Lehman Brothers, Inc. Exp. 01/25/2005		5,000		(172	)
Receive a fixed rate equal to 0.250% and the Fund will pay to the counterparty at par in the event of default of CIT Group, Inc. 7.125% due 10/15/2004.
Broker: Lehman Brothers, Inc. Exp. 04/11/2003		25,000		(386	)
Receive a fixed rate equal to 0.400% and the Fund will pay to the counterparty at par in the event of default of National Rural Utilities Cooperative Finance Corp. 5.750% due 12/01/2008.
Broker: Lehman Brothers, Inc. Exp. 09/01/2003		1,500		(27	)
Receive a fixed rate equal to 1.150% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 04/23/2003		600		0
			$	(3,953	)

102   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

Moderate Duration Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 26.8%
Banking & Finance 12.6%
AMERCO
7.230% due 01/21/2027	$	500	$	446
Beaver Valley Funding Corp.
8.250% due 06/01/2003		18		18
CIT Group, Inc.
7.750% due 04/02/2012		6,250		6,811
Ford Motor Credit Co.
2.340% due 06/23/2003 (a)		5,000		4,913
General Electric Capital Corp.
6.125% due 02/22/2011		3,200		3,480
General Motors Acceptance Corp.
2.142% due 08/04/2003 (a)		19,900		19,641
5.450% due 09/15/2003		1,000		1,015
2.298% due 07/21/2004 (a)		900		867
6.150% due 04/05/2007		350		355
Goldman Sachs Group
2.151% due 06/02/2004 (a)		5,000		4,985
Household Finance Corp.
6.125% due 02/27/2003		3,000		3,032
Morgan Stanley TRACERS
3.385% due 09/15/2011 (a)		26,272		28,532
National Rural Utilities Cooperative Finance Corp.
1.990% due 07/17/2003 (a)		10,000		9,957
7.250% due 03/01/2012		10,000		11,128
Nationsbank Corp.
2.226% due 04/15/2003 (a)		5,000		5,010
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		1,461		657
Royal Bank of Scotland Group PLC
8.817% due 03/31/2049		3,600		4,096
Salomon Smith Barney Holdings, Inc.
2.142% due 05/04/2004 (a)		2,000		2,007
Sears Roebuck Acceptance Corp.
6.720% due 10/23/2002		3,000		3,008
Trinom Ltd.
5.820% due 12/18/2004 (a)		1,000		1,007
				110,965
Industrials 4.1%
ConAgra Foods, Inc.
2.590% due 09/10/2003 (a)		6,000		6,013
Delta Air Lines, Inc.
7.111% due 03/18/2013		2,030		2,140
Eli Lilly & Co.
6.250% due 03/15/2003		100		102
HNA Holdings, Inc.
6.125% due 02/01/2004		150		157
Occidental Petroleum Corp.
6.400% due 04/01/2003 (a)		2,600		2,651
Petroleos Mexicanos
9.500% due 09/15/2027		600		660
Qwest Corp.
6.875% due 09/15/2033		2,700		1,850
7.250% due 10/15/2035		4,600		3,036
SR Wind Ltd.
6.992% due 05/18/2005 (a)		1,000		1,019
7.492% due 05/18/2005 (a)		1,000		1,002
TCI Communications, Inc.
7.550% due 09/02/2003		500		499
6.875% due 02/15/2006		100		99
Tennessee Gas Pipeline Co.
7.000% due 03/15/2027		7,800		6,715
United Air Lines, Inc.
7.186% due 04/01/2011		4,908		4,111
Waste Management, Inc.
6.375% due 12/01/2003		2,000		2,009
Williams Cos., Inc.
8.125% due 03/15/2012		6,250		4,031
				36,094
Utilities 10.1%
AT&T Corp.
7.300% due 11/15/2011		15,000		14,503
British Telecom PLC
7.625% due 12/15/2005		6,200		6,925
Cincinnati Gas & Electric Co.
6.350% due 06/15/2003		1,200		1,221
Cingular Wireless
6.500% due 12/15/2011		3,200		3,085
DTE Energy Co.
7.110% due 11/15/2038 (a)		7,710		7,924
El Paso Corp.
7.750% due 01/15/2032		3,000		1,925
Entergy Gulf States, Inc.
3.106% due 09/01/2004 (a)		8,800		8,777
France Telecom SA
2.465% due 07/16/2003 (a)		2,200		2,201
8.250% due 03/01/2011		1,000		1,093
GTE Southwest Corp.
6.540% due 12/01/2005		7,050		7,532
New York Telephone Co.
6.250% due 02/15/2004		100		103
Reliant Energy Resources Corp.
8.125% due 07/15/2005		10,000		9,035
Southern California Edison Co.
6.375% due 01/15/2006 (b)		100		96
Sprint Capital Corp.
6.375% due 05/01/2009		10,000		6,655
7.625% due 01/30/2011		10,000		6,764
8.375% due 03/15/2012		11,250		7,874
Verizon New York, Inc.
6.875% due 04/01/2012		2,700		2,844
				88,557
Total Corporate Bonds & Notes (Cost $244,539)				235,616
U.S. GOVERNMENT AGENCIES 3.7%
Small Business Administration
7.449% due 08/01/2010		13,605		15,555
6.640% due 02/01/2011		15,480		17,108
Total U.S. Government Agencies (Cost $29,085)				32,663
U.S. TREASURY OBLIGATIONS 5.8%
Treasury Inflation Protected Securities (e)
3.375% due 01/15/2007 (c)		4,433		4,830
U.S. Treasury Bonds
7.500% due 11/15/2016		34,600		45,883
Total U.S. Treasury Obligations (Cost $50,490)				50,713
MORTGAGE-BACKED SECURITIES 90.1%
Collateralized Mortgage Obligations 12.2%
Bear Stearns Adjustable Rate Mortgage Trust
5.439% due 10/25/2032 (a)		1,000		1,014
Cendant Mortgage Corp.
6.500% due 04/25/2031		1,207		1,205
Criimi Mae Financial Corp.
7.000% due 01/01/2033		8,000		8,640
CS First Boston Mortgage Securities Corp.
2.478% due 03/25/2032 (a)		1,220		1,215
Fannie Mae
6.250% due 04/25/2007		0		0
6.000% due 03/25/2009		1,663		1,790
7.000% due 10/25/2020		23		23
6.850% due 06/25/2021		14		14
6.500% due 08/25/2021		8,827		9,140
7.000% due 09/25/2021		1,544		1,598
6.750% due 11/25/2021		136		139
2.480% due 09/25/2031 (a)		13,969		14,004

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   103

Schedule of Investments (Cont.)

Moderate Duration Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Freddie Mac
7.000% due 05/15/2004	$	3,189	$	3,235
7.000% due 11/15/2005		314		326
7.000% due 07/15/2022		35		36
6.250% due 08/25/2022		10,825		11,394
6.500% due 10/15/2023		379		381
8.500% due 04/15/2025		2,170		2,312
8.000% due 02/15/2027		543		596
Government National Mortgage Association
7.500% due 04/20/2027		2,999		3,286
2.440% due 02/16/2030 (a)		5,658		5,723
2.490% due 02/16/2030 (a)		4,566		4,621
2.290% due 10/16/2030 (a)		963		964
IMPAC CMB Trust
2.130% due 11/25/2031 (a)		5,502		5,486
Impac Secured Assets CMN Owner Trust
8.000% due 07/25/2030		4,391		4,496
Indymac Adjustable Rate Mortgage Trust
6.476% due 01/25/2032 (a)		6,180		6,271
Residential Funding Mortgage Securities I
5.691% due 09/25/2032		3,000		3,054
Residential Funding Mortgage Securities I, Inc.
7.000% due 05/25/2012 (a)		177		178
Saco I, Inc.
6.769% due 07/25/2030 (a)		3,558		3,805
Structured Asset Securities Corp.
6.500% due 09/25/2031 (a)		1,316		1,341
6.311% due 02/25/2032 (a)		2,124		2,165
Washington Mutual Mortgage Securities Corp.
5.240% due 10/25/2032 (a)		7,906		8,085
				106,537
Fannie Mae 71.2%
0.990% due 03/01/2032		9,424		9,718
2.910% due 09/01/2031 (a)		11,498		11,303
4.877% due 01/01/2027 (a)		345		354
5.500% due 06/01/2007-10/21/2017 (a)(d)		359,358		369,984
6.000% due 05/01/2005-06/01/2032 (d)		223,924		232,595
7.000% due 05/01/2012		252		267
7.500% due 08/01/2015-07/01/2029 (d)		2,071		2,202
8.000% due 12/01/2006-10/01/2026 (d)		1,311		1,415
				627,838
Federal Housing Administration 0.7%
7.430% due 04/01/2022-06/01/2023 (d)		6,460		6,516
				6,516
Freddie Mac 0.0%
7.500% due 07/01/2003		13		13
8.000% due 02/01/2003-08/01/2003 (d)		10		10
				23
Government National Mortgage Association 6.0%
5.375% due 03/20/2028 (a)		2,673		2,748
6.375% due 03/20/2020 (a)		43		45
6.500% due 10/21/2017-10/23/2032 (a)(d)		37,000		38,583
6.625% due 11/20/2017-11/20/2025 (a)(d)		278		288
7.000% due 10/23/2032 (a)		2,000		2,099
7.500% due 03/15/2008		80		86
8.000% due 04/15/2017-11/15/2017 (d)		7,412		8,063
8.500% due 02/15/2008		73		80
9.000% due 06/15/2009		565		613
				52,605
Total Mortgage-Backed Securities (Cost $783,516)				793,519
ASSET-BACKED SECURITIES 3.2%
Brazos Student Loan Finance Co.
2.720% due 06/01/2023 (a)		9,221		9,243
Fremont Home Loan Owner Trust
2.245% due 12/25/2029 (a)		3,674		3,675
IMC Home Equity Loan Trust
2.030% due 03/25/2027 (a)		21		21
Option One Mortgage Loan Trust
2.140% due 06/25/2030 (a)		2,227		2,218
Provident Bank Home Equity Loan Trust
2.170% due 08/25/2031 (a)		9,317		9,275
Sovereign Dealer Floor Plan Master LLC
2.088% due 10/15/2007 (a)		3,560		3,570
Total Asset-Backed Securities (Cost $27,970)				28,002
SOVEREIGN ISSUES 3.1%
Province of Quebec
1.937% due 09/29/2049 (a)		5,000		4,413
Republic of Brazil
3.062% due 04/15/2006 (a)		1,408		928
3.187% due 04/15/2006 (a)		691		455
United Mexican States
6.250% due 12/31/2019		8,700		8,417
8.000% due 09/24/2022		13,300		12,684
United Mexican States Value Recovery Right
0.000% due 06/30/2004 (a)		22,000		33
0.000% due 06/30/2005 (a)		22,000		13
0.000% due 06/30/2006 (a)		22,000		13
0.000% due 06/30/2007 (a)		22,000		12
Total Sovereign Issues (Cost $27,673)				26,968
FOREIGN CURRENCY-DENOMINATED ISSUES (g)(h) 0.8%
Banque Centrale De Tunisie
7.500% due 08/06/2009	EC	6,000		6,196
Commonwealth of New Zealand
4.500% due 02/15/2016	N$	800		441
Total Foreign Currency-Denominated Issues (Cost $6,627)				6,637
PURCHASED PUT OPTIONS 0.0%
Euro-Bobl December Futures (OTC)
Strike @ 100.000 Exp. 12/16/2002	$	428,000		4
Eurodollar December Futures (CME)
Strike @ 96.750 Exp. 12/16/2002		77,000		1
Total Purchased Put Options (Cost $5)				5
PREFERRED SECURITY 0.5%
	Shares
DG Funding Trust
4.105% due 12/29/2049 (a)		410		4,223
Total Preferred Security (Cost $4,100)				4,223
SHORT-TERM INSTRUMENTS 23.6%
	Principal Amount (000s)
Commercial Paper 22.0%
Abbey National North America
1.760% due 12/10/2002	$	3,000		2,997
BP Amoco Capital PLC
1.740% due 10/01/2002		5,000		4,995
Danske Corp.
1.750% due 10/15/2002		23,000		22,912
Federal Home Loan Bank
1.658% due 10/23/2002		5,600		5,594
1.680% due 10/28/2002		7,000		6,991
1.725% due 10/30/2002		5,500		5,492
1.695% due 11/01/2002		12,000		11,982
Freddie Mac
1.700% due 10/31/2002		250		250
1.710% due 10/31/2002		18,000		17,974

104   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
GlaxoSmithKline PLC
1.760% due 10/18/2002	$	2,900	$	2,898
Shell Finance (UK) PLC
1.700% due 11/19/2002		41,000		40,915
Svenska Handelsbank, Inc.
1.755% due 11/20/2002		3,000		2,996
1.750% due 12/18/2002		9,500		9,465
TotalFinaElf SA
1.770% due 10/24/2002		5,000		4,994
1.750% due 10/31/2002		18,000		17,974
UBS Finance, Inc.
1.970% due 10/01/2002		26,000		26,000
1.750% due 12/18/2002		7,400		7,372
Westpac Trust Securities NZ Ltd.
1.755% due 12/05/2002		1,800		1,798
				193,599
Repurchase Agreement 0.9%
State Street Bank 1.550% due 10/01/2002		8,300		8,300
(Dated 09/30/2002. Collateralized by Fannie Mae 2.600% due 08/26/2002 valued at $8,466. Repurchase proceeds are $8,300.)
U.S. Treasury Bills 0.6%
1.608% due 11/14/2002-11/29/2002 (c)(d)		5,440		5,426
Total Short-Term Instruments (Cost $207,325)				207,325
Total Investments 157.6% (Cost $1,381,330)			$	1,385,671
Written Options (0.1%)				(563	)
(Premiums $368)
Other Assets and Liabilities (Net) (57.5%)				(505,635	)
Net Assets 100.0%			$	879,473

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

(c) Securities with an aggregate market value of $6,409 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation
Euro-Bobl 5 Year Note (12/2002)	428	$	789
Euribor March Futures (03/2003)	94		182
Euribor June Futures (06/2003)	44		29
Euribor March Futures (03/2003)	46		11
Eurodollar December Futures (12/2002)	14		34
Eurodollar June Futures (06/2003)	51		217
Eurodollar September Futures (09/2003)	6		47
U.S. Treasury 10 Year Note (12/2002)	105		421
		$	1,730

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Principal amount of security is adjusted for inflation.

(f) Premiums received on written options:

Type	# of Contracts	Premium		Value
Call—CME Eurodollar June Futures Strike @ 98.750 Exp. 06/16/2003	1,099	$	368	$	563

(g) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Buy	BP	2,119	10/2002	$19
Sell		2,119	10/2002	(82)
Sell	EC	964	11/2002	(6)
				$(69)

(h) Principal amount denoted in indicated currency:

BP —  British Pound

EC —  Euro

JY —  Japanese Yen

N$ —  New Zealand Dollar

(i) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount	Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: UBS—Warburg Exp. 03/15/2032	EC        2,400	$	69
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: UBS—Warburg Exp. 03/15/2032	BP        1,300		(44	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.805%.
Broker: Morgan Stanley Exp. 01/11/2001	JY    394,000		(247	)
Receive a fixed rate equal to 0.510% and the Fund will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.750% due 06/15/2005.
Broker: Lehman Brothers, Inc. Exp. 01/25/2005	$        5,000		(172	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of National Rural Utilities Cooperative Finance Corp. 5.750% due 12/01/2008.
Broker: Lehman Brothers, Inc. Exp. 09/01/2003	500		(9	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of Vodafone Group PLC 7.750% due 02/15/2010.
Broker: Lehman Brothers, Inc. Exp. 09/10/2003	6,000		(52	)
Receive a fixed rate equal to 1.150% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 04/23/2003	500		0
		$	(455	)

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   105

Schedule of Investments

Low Duration Fund

September 20, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 19.9%
Banking & Finance 8.6%
Banco Nacional de Comercio Exterior
7.250% due 02/02/2004	$	1,800	$	1,890
Bank of America Corp.
7.875% due 12/01/2002		100		101
6.625% due 06/15/2004		1,000		1,074
Bear Stearns Cos., Inc.
6.125% due 02/01/2003		3,000		3,038
6.200% due 03/30/2003		9,700		9,890
2.380% due 05/24/2004 (a)		2,000		2,010
2.317% due 06/01/2004 (a)		3,000		3,005
Beaver Valley Funding Corp.
8.250% due 06/01/2003		318		319
Beneficial Corp.
6.575% due 12/16/2002		5,440		5,475
Capital One Bank
2.770% due 06/23/2003 (a)		1,100		1,093
CIT Group, Inc.
2.210% due 10/01/2002 (a)		10,000		10,000
2.310% due 04/07/2003 (a)		2,900		2,895
Conoco Funding Co.
6.350% due 10/15/2011		950		1,071
Credit Asset Receivable LLC
6.274% due 10/31/2003		13,032		13,112
Export-Import Bank Korea
6.500% due 11/15/2006		6,700		7,440
7.100% due 03/15/2007		6,700		7,630
Finova Group, Inc.
7.500% due 11/15/2009 (b)		2,100		651
Ford Motor Credit Co.
6.000% due 01/14/2003		15,000		15,048
1.877% due 02/13/2003 (a)		2,000		1,978
2.076% due 03/17/2003 (a)		3,000		2,963
6.125% due 04/28/2003		14,000		14,106
2.076% due 06/02/2003 (a)		600		588
2.530% due 06/23/2003 (a)		9,800		9,630
7.375% due 10/28/2009		100		95
7.875% due 06/15/2010		1,860		1,837
7.375% due 02/01/2011		580		548
Gemstone Investors Ltd.
7.710% due 10/31/2004		21,400		17,142
General Motors Acceptance Corp.
1.842% due 11/12/2002 (a)		17,400		17,374
5.875% due 01/22/2003		500		504
6.750% due 03/15/2003		3,700		3,758
1.820% due 07/20/2003 (a)		3,451		3,451
2.223% due 07/21/2003 (a)		200		198
2.142% due 08/04/2003 (a)		98,420		97,139
5.550% due 09/15/2003		3,000		3,047
5.750% due 11/10/2003		5,000		5,099
2.668% due 01/20/2004 (a)		41,720		40,965
2.670% due 03/22/2004 (a)		5,000		4,894
2.010% due 04/05/2004 (a)		1,700		1,647
2.680% due 05/04/2004 (a)		3,700		3,610
2.442% due 05/10/2004 (a)		600		584
2.620% due 05/17/2004 (a)		1,300		1,267
7.625% due 06/15/2004		1,000		1,048
6.850% due 06/17/2004		1,000		1,036
2.298% due 07/21/2004 (a)		600		578
2.321% due 07/30/2004 (a)		400		386
7.430% due 12/01/2021		395		400
Heiler Financial, Inc.
2.087% due 04/28/2003 (a)		20,000		20,032
Household Finance Corp.
7.625% due 01/15/2003		10,849		10,975
6.125% due 02/27/2003		1,500		1,518
2.060% due 06/24/2003 (a)		1,500		1,485
2.146% due 05/28/2004 (a)		500		484
7.125% due 09/01/2005		50		51
7.200% due 07/15/2006		290		296
J.P. Morgan Chase & Co.
7.625% due 09/15/2004		100		109
Korea Development Bank
7.625% due 10/01/2002		21,200		21,200
6.500% due 11/15/2002		6,698		6,733
5.878% due 06/16/2003 (a)		3,500		3,570
6.625% due 11/21/2003		20,300		21,260
Lehman Brothers Holdings, Inc.
8.250% due 06/15/2007		100		117
Marsh & McLennan Cos., Inc.
6.625% due 06/15/2004		1,000		1,077
Merrill Lynch & Co.
6.130% due 04/07/2003		7,770		7,930
6.550% due 08/01/2004		100		107
Metropolitan Life Insurance Co.
6.300% due 11/01/2003		17,850		18,572
Middletown Trust
11.750% due 07/15/2010		811		836
National Rural Utilities Cooperative Finance Corp.
2.820% due 04/26/2004 (a)		1,000		1,003
6.125% due 05/15/2005		75		80
Pemex Finance Ltd.
6.125% due 11/15/2003		6,333		6,548
Pemex Project Funding Master Trust
3.360% due 01/07/2005 (a)		46,000		46,048
Rothmans Holdings
6.500% due 05/06/2003		14,000		14,350
Salomon Smith Barney Holdings, Inc.
2.142% due 05/04/2004 (a)		32,760		32,871
Salomon, Inc.
7.500% due 02/01/2003		3,000		3,055
Sears Roebuck Acceptance Corp.
6.900% due 08/01/2003		50		52
Shopping Center Associates
6.750% due 01/15/2004		11,725		12,179
Spieker Properties, Inc.
6.800% due 05/01/2004		2,000		2,107
Trinom Ltd.
5.879% due 12/18/2004 (a)		5,700		5,740
Verizon Global Funding Corp.
6.125% due 06/15/2007		136,600		142,391
Wells Fargo & Co.
6.625% due 07/15/2004		1,000		1,077
Wells Fargo Financial, Inc.
5.450% due 05/03/2004		6,250		6,570
				712,037
Industrials 5.3%
Allied Waste North America, Inc.
7.375% due 01/01/2004		5,000		4,975
Atlas Air, Inc.
8.010% due 01/02/2010		8,651		3,995
Coastal Corp.
6.500% due 05/15/2006		10,000		7,507
Conoco, Inc.
5.900% due 04/15/2004		3,100		3,255
Cox Enterprises, Inc.
2.722% due 05/01/2033 (a)		2,000		1,981
CSX Corp.
6.250% due 10/15/2008		1,197		1,322
DaimlerChrysler North America Holding Corp.
2.596% due 12/16/2002 (a)		13,900		13,915
2.132% due 08/21/2003 (a)		900		896
2.220% due 08/16/2004 (a)		1,000		986
6.900% due 09/01/2004		1,000		1,060
Eastman Chemical Co.
6.375% due 01/15/2004		250		261
Electric Lightwave, Inc.
6.050% due 05/15/2004		3,000		2,823
Enron Corp.
6.500% due 08/01/2002 (b)		13,700		1,473
6.750% due 09/01/2004 (b)		1,545		209
7.625% due 09/10/2004 (b)		2,400		324
8.375% due 05/23/2005 (b)		7,355		993
8.000% due 08/15/2005 (b)		8,300		1,702

106   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Federal-Mogul Corp.
7.500% due 07/01/2004 (b)	$	28,600	$	5,863
General Motors Corp.
6.250% due 05/01/2005		7,000		7,184
General Motors Nova Scotia Finance
6.850% due 10/15/2008		20,500		21,171
HCA, Inc.
8.130% due 08/04/2003		5,000		5,172
IMEXA Export Trust
10.125% due 05/31/2003		2,491		915
International Game Technology
7.875% due 05/15/2004		500		523
International Paper Co.
8.000% due 07/08/2003		10,000		10,395
ITT Destinations, Inc.
6.750% due 11/15/2005		2,000		1,930
Kellogg Co.
6.600% due 04/01/2011		290		332
Kroger Co.
7.150% due 03/01/2003		13,500		13,746
Limestone Electron Trust
8.625% due 03/15/2003		8,100		7,216
MGM Mirage, Inc.
8.500% due 09/15/2010		55		59
Nabisco, Inc.
6.125% due 02/01/2033		6,600		6,672
NWA Trust
10.230% due 06/21/2014		588		557
Occidental Petroleum Corp.
6.400% due 04/01/2003 (a)		27,945		28,494
Park Place Entertainment Corp.
7.950% due 08/01/2003		15,955		16,226
Petroleos Mexicanos
9.375% due 12/02/2008		5,500		5,926
Philip Morris Cos., Inc.
7.250% due 01/15/2003 (a)		4,050		4,100
8.250% due 10/15/2003		1,000		1,055
6.950% due 06/01/2006		25,000		27,710
Phillips Petroleum Co.
8.500% due 05/25/2005		2,000		2,291
Qwest Capital Funding, Inc.
5.875% due 08/03/2004		6,000		4,080
Qwest Corp.
5.650% due 11/01/2004		9,250		8,001
6.125% due 11/15/2005		2,330		1,992
R.J. Reynolds Holdings, Inc.
7.750% due 05/15/2006		990		1,095
Raytheon Co.
6.500% due 07/15/2005		170		181
Rollins Truck Leasing Co.
8.000% due 02/15/2003		3,000		3,054
Sonat, Inc.
7.625% due 07/15/2011		1,340		879
SR Wind Ltd.
6.992% due 05/18/2005 (a)		6,000		6,013
7.492% due 05/18/2005 (a)		3,000		3,057
System Energy Resources, Inc.
7.430% due 01/15/2011		1,195		1,302
TCI Communications, Inc.
2.520% due 03/11/2003 (a)		3,000		2,978
Time Warner Entertainment Co. L.P.
7.975% due 08/15/2004		1,950		1,936
Time Warner, Inc.
8.110% due 08/15/2006		100		96
TTX Co.
7.820% due 07/21/2003		61,000		63,610
Union Pacific Corp.
6.650% due 01/15/2011		90		101
Waste Management, Inc.
6.500% due 05/15/2004		59,000		60,131
6.500% due 11/15/2008		550		564
7.375% due 08/01/2010		1,810		1,909
Weyerhaeuser Co.
5.500% due 03/15/2005		34,200		35,554
6.125% due 03/15/2007		26,060		27,784
Williams Cos., Inc.
6.250% due 02/01/2006		110		70
7.625% due 07/15/2019		200		111
				439,712
Utilities 6.0%
ALLETE, Inc.
2.798% due 10/20/2003 (a)		100		100
Appalachian Power Co.
4.800% due 06/15/2005		34,040		34,164
Arizona Public Service Co.
5.875% due 02/15/2004		5,600		5,791
Arkansas Power & Light
6.000% due 10/01/2003		450		452
AT&T Corp.
5.625% due 03/15/2004		20,000		19,858
6.500% due 11/15/2006		5,000		4,930
British Telecom PLC
3.121% due 12/15/2003 (a)		8,900		8,884
7.875% due 12/15/2005		73,400		81,981
8.375% due 12/15/2010		285		335
CenturyTel, Inc.
7.750% due 10/15/2002		32,000		32,043
Cleveland Electric Illuminating Co.
9.500% due 05/15/2005		9,000		9,053
CMS Energy Corp.
8.375% due 07/01/2003		7,750		6,589
DTE Energy Co.
7.110% due 11/15/2038 (a)		21,000		21,584
Entergy Louisiana, Inc.
8.500% due 06/01/2003		4,000		4,140
Entergy Mississippi, Inc.
7.750% due 02/15/2003		35,000		35,593
France Telecom SA
2.665% due 07/16/2003 (a)		12,200		12,207
8.700% due 03/01/2006 (a)		35,000		37,267
Hydro-Quebec
6.300% due 05/11/2011		100		115
Illinois Power Co.
6.000% due 09/15/2003		12,500		10,875
Jersey Central Power & Light Co.
7.125% due 10/01/2004		500		501
Niagara Mohawk Power Co.
7.250% due 10/01/2002		16,634		16,634
7.375% due 08/01/2003		145		150
7.750% due 10/01/2008		2,270		2,668
NorAm Energy Corp.
6.375% due 11/01/2003		2,000		1,741
Ohio Edison Co.
8.625% due 09/15/2003		5,000		5,177
Pacific Gas & Electric Co.
7.583% due 10/31/2049 (a)(b)		46,700		43,898
Progress Energy, Inc.
7.100% due 03/01/2011		550		602
Reliant Energy Resources Corp.
8.125% due 07/15/2005		3,300		2,982
Sprint Capital Corp.
9.500% due 04/01/2003		5,800		5,456
5.700% due 11/15/2003		4,000		3,644
5.875% due 05/01/2004		8,800		7,610
7.900% due 03/15/2005		4,000		3,250
6.000% due 01/15/2007		21,000		14,449
6.125% due 11/15/2008		63,571		42,244
6.875% due 11/15/2028		30		17
Texas Utilities Corp.
9.700% due 02/28/2003		4,695		4,830
6.750% due 04/01/2003		3,875		3,956
6.875% due 08/01/2005		2,000		2,130
TXU Electric Co.
6.750% due 03/01/2003		925		941

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   107

Schedule of Investments (Cont.)

Low Duration Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
United Illuminating Co.
6.000% due 12/15/2003	$	13,000	$	13,489
				502,330
Total Corporate Bonds & Notes (Cost $1,699,865)				1,654,079
U.S. GOVERNMENT AGENCIES 0.1%
Federal Farm Credit Bank
5.150% due 01/07/2003		1,000		1,010
Federal Home Loan Bank
4.125% due 08/15/2003		2,000		2,045
Freddie Mac
7.000% due 02/15/2003		1,240		1,265
Small Business Administration
4.000% due 01/25/2013 (a)		228		233
3.500% due 02/25/2014 (a)		434		440
Total U.S. Government Agencies (Cost $4,957)				4,993
U.S. TREASURY OBLIGATIONS 0.3%
Treasury Inflation Protected Securities (h)
3.375% due 01/15/2007		21,711		23,655
Total U.S. Treasury Obligations (Cost $23,351)				23,655
MORTGAGE-BACKED SECURITIES 60.9%
Collateralized Mortgage Obligations 15.3%
Amortizing Residential Collateral Trust
2.073% due 09/25/2030 (a)		5,388		5,375
Bank of America Mortgage Securities, Inc.
5.819% due 10/20/2032 (a)		44,300		45,041
Bank of America Mortgage Securities, Inc.—2A1
5.819% due 10/20/2032 (a)		44,300		45,041
Bear Stearns Adjustable Rate Mortgage Trust
6.750% due 03/25/2028		25,791		26,854
7.451% due 12/25/2030 (a)		1,715		1,722
7.491% due 12/25/2030 (a)		2,336		2,346
6.340% due 09/25/2031 (a)		19,455		19,683
6.102% due 12/25/2031 (a)		6,737		6,914
6.160% due 12/25/2031 (a)		12,771		13,106
6.247% due 01/25/2032 (a)		15,181		15,377
5.439% due 10/25/2032 (a)		9,800		9,935
Cendant Mortgage Corp.
7.217% due 03/18/2028		27,039		27,275
6.750% due 04/25/2031		3,289		3,505
Chase Commercial Mortgage Securities Corp.
7.600% due 12/18/2005		49		50
Chase Mortgage Finance Corp.
6.500% due 06/25/2013 (a)		1,249		1,256
6.750% due 06/25/2028		11,250		11,659
6.350% due 07/25/2029		2,118		2,160
Citicorp Mortgage Securities, Inc.
5.338% due 12/01/2019 (a)		171		170
6.750% due 05/25/2028		6,266		6,624
CMC Securities Corp. IV
7.250% due 10/25/2027 (a)		4,034		4,104
7.250% due 11/25/2027		3,392		3,444
CNL Commercial Loan Trust
2.464% due 10/20/2027 (a)		56,119		56,119
Commercial Trust
6.670% due 12/15/2003 (a)		2,098		1,986
Countrywide Alternative Loan Trust
8.000% due 07/25/2030		19		19
Countrywide Home Loans, Inc.
6.500% due 08/25/2032 (a)		6,876		7,052
Criimi Mae Financial Corp.
7.000% due 01/01/2033		6,200		6,696
CS First Boston Mortgage Securities Corp.
6.960% due 06/20/2029		14		14
7.500% due 02/25/2031		23,547		24,234
7.500% due 03/25/2031		9,750		10,133
2.500% due 03/25/2032 (a)		62,328		62,078
5.781% due 10/25/2032		66,792		68,250
2.360% due 08/25/2033 (a)		1,900		1,900
6.400% due 01/17/2035		71		73
1.000% due 12/19/2039		7		7
DLJ Commercial Mortgage Corp.
7.300% due 06/10/2032		195		228
DLJ Mortgage Acceptance Corp.
11.000% due 08/01/2019		413		475
6.540% due 05/25/2024 (a)		511		514
2.313% due 06/25/2026 (a)		4,347		4,358
6.850% due 12/17/2027		150		155
Drexel Burnham Lambert Trust
2.625% due 05/01/2016 (a)		13		13
Enterprise Mortgage Acceptance Co.
6.110% due 01/15/2025		40		41
E-Trade Bank Mortgage-Backed Securities Trust
7.037% due 09/25/2031		2,211		2,266
Fannie Mae
8.950% due 05/25/2003		0		0
9.000% due 07/25/2003		5		5
9.400% due 07/25/2003		1		1
6.875% due 06/25/2009		105		105
9.250% due 10/25/2018		35		40
9.500% due 03/25/2020		2,995		3,374
9.500% due 05/25/2020		574		647
9.000% due 03/25/2021		1,742		1,958
9.000% due 04/25/2021		57		64
8.000% due 12/25/2021		1,987		2,101
2.443% due 04/25/2022 (a)		100		100
Federal Housing Administration
7.430% due 10/01/2020		4,098		4,150
First Horizon Asset Securities, Inc.
6.750% due 02/25/2031		10,411		10,748
First Nationwide Trust
7.750% due 10/25/2030		5,787		5,852
Freddie Mac
8.000% due 07/01/2006		18		19
8.500% due 01/01/2007		32		34
5.750% due 01/15/2008		1		1
9.500% due 07/01/2010		38		41
6.500% due 08/15/2011		8,550		8,958
8.000% due 01/01/2012		69		74
12.500% due 09/30/2013		311		336
11.750% due 02/01/2014		1		1
10.000% due 07/15/2019		124		129
10.000% due 05/15/2020		90		94
9.000% due 12/15/2020		1,218		1,244
9.500% due 01/15/2021		484		511
8.000% due 04/15/2021		572		594
9.500% due 09/01/2021		15		16
8.000% due 04/01/2022		205		221
8.000% due 11/01/2022		144		155
8.500% due 08/01/2024		61		66
8.500% due 11/01/2024		483		521
6.250% due 04/15/2028		3,364		3,467
7.500% due 07/15/2030		5,486		5,846
2.273% due 11/15/2030 (a)		246		247
4.617% due 08/15/2032 (a)		3,453		3,410
Freddie Mac—1082C
9.000% due 05/15/2021		39		43
Freddie Mac—130E
9.000% due 05/15/2021		49		51
German American Capital Corp.
7.000% due 08/12/2010		6,800		7,634
Glendale Federal Savings & Loan
11.000% due 03/01/2010		12		12
GMAC Commercial Mortgage Corp.
2.270% due 02/20/2003 (a)		573		574
2.200% due 09/20/2005 (a)		200		200
Golden Mortgage Loan
7.875% due 02/25/2031 (a)		7,298		7,260

108   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Goldman Sachs Mortgage Securities Corp.
2.882% due 10/25/2032	$	89,100	$	89,100
Government National Mortgage Association
2.373% due 12/16/2025 (a)		1,375		1,379
Home Savings of America
4.274% due 05/25/2027 (a)		728		734
Impac Secured Assets CMN Owner Trust
8.000% due 07/25/2030		25,832		26,448
Imperial Savings Association
8.871% due 07/25/2017 (a)		19		19
9.900% due 02/25/2018		197		198
International Mortgage Acceptance Corp.
12.250% due 03/01/2014		66		71
LB Commercial Conduit Mortgage Trust
6.330% due 11/18/2004		74		76
Mellon Residential Funding Corp.
6.400% due 06/25/2028		16,661		16,829
6.580% due 07/25/2029 (a)		14,348		14,397
Morgan Stanley Capital I
7.328% due 01/16/2006		113		116
7.460% due 02/15/2020		11,503		11,596
10.030% due 08/15/2023		35		35
Mortgage Capital Funding, Inc.
6.325% due 10/18/2007		15,839		16,898
Nationslink Funding Corp.
6.297% due 11/10/2002		5,000		5,141
2.160% due 04/10/2007 (a)		1,804		1,809
Norwest Asset Securities Corp.
6.500% due 04/25/2028		578		587
6.500% due 01/25/2029		6,000		6,298
PHH Mortgage Services Corp.
7.315% due 02/18/2028		21,426		21,533
PNC Mortgage Securities Corp.
6.500% due 12/25/2028		11,392		11,567
6.300% due 06/25/2029		19,210		19,738
7.430% due 05/25/2040 (a)		43		43
Prudential Home Mortgage Securities
7.500% due 09/25/2007		398		414
7.000% due 01/25/2008		6,553		6,544
6.750% due 11/25/2008		5,745		5,833
7.000% due 08/25/2009		1,492		1,501
Prudential-Bache Trust
8.400% due 03/20/2021		1,763		1,863
Resecuritization Mortgage Trust
6.060% due 04/26/2021 (a)		1,567		1,567
6.500% due 04/19/2029		15,320		15,659
Residential Accredit Loans, Inc.
6.500% due 02/25/2029 (a)		8,329		8,389
7.000% due 07/25/2029		143		145
Residential Asset Securitization Trust
6.500% due 09/25/2014 (a)		215		225
2.043% due 06/25/2031		96		96
Residential Funding Mortgage Securities I
7.500% due 12/25/2025		703		711
7.500% due 07/25/2027		2,842		2,843
7.000% due 10/25/2027 (a)		6,754		6,855
6.250% due 11/25/2028		6,000		6,269
5.691% due 09/25/2032		28,100		28,609
Resolution Trust Corp.
7.039% due 10/25/2021 (a)		30		31
8.625% due 10/25/2021		5,088		5,082
9.059% due 10/25/2021		125		125
6.811% due 05/25/2029 (a)		1,394		1,405
Ryland Acceptance Corp.
11.500% due 12/25/2016		7		7
Salomon Brothers Mortgage Securities VII
6.987% due 12/25/2017 (a)		846		857
Salomon Brothers Mortgage Securities VII, Inc.
6.354% due 03/25/2024 (a)		399		400
6.551% due 10/25/2024 (a)		90		90
2.213% due 09/25/2029 (a)		60		60
7.606% due 11/25/2030		823		829
2.133% due 06/25/2032 (a)		7,189		7,174
Sears Mortgage Securities
12.000% due 02/25/2014		36		36
7.431% due 10/25/2022 (a)		786		952
Sequoia Mortgage Trust
2.120% due 08/20/2032 (a)		35,305		35,305
SLH Mortgage Trust
9.600% due 03/25/2021		307		307
Structured Asset Mortgage Investments, Inc.
6.871% due 06/25/2028 (a)		1,972		2,090
6.523% due 06/25/2029 (a)		18,690		19,362
9.180% due 06/25/2029 (a)		3,441		3,905
6.750% due 05/02/2030		1,280		1,309
2.140% due 09/19/2032 (a)		64,934		64,934
Structured Asset Securities Corp.
6.750% due 07/25/2029		8,601		8,781
2.263% due 05/25/2031 (a)		2,076		2,082
2.363% due 05/25/2031 (a)		9,743		9,518
6.250% due 01/25/2032 (a)		14,670		15,066
2.100% due 02/25/2032 (a)		16,230		16,168
2.100% due 07/25/2032 (a)		56,975		56,737
6.150% due 07/25/2032 (a)		11,685		11,991
TMA Mortgage Funding Trust
2.193% due 01/25/2029 (a)		4,528		4,528
Torrens Trust
2.040% due 07/15/2031 (a)		4,895		4,898
Union Planters Mortgage Finance Corp.
6.600% due 01/25/2028		10,248		10,371
Washington Mutual Mortgage Securities Corp.
6.196% due 07/25/2032		27,551		28,274
Wells Fargo Mortgage-Backed Securities Trust
7.000% due 02/25/2016		26,246		27,067
6.125% due 07/25/2031		9,944		10,120
6.201% due 01/25/2032 (a)		2,369		2,402
5.221% due 09/25/2032 (a)		16,000		16,253
				1,269,807
Fannie Mae 36.8%
3.875% due 07/01/2017 (a)		206		210
3.990% due 06/01/2017 (a)		52		53
4.070% due 08/01/2017 (a)		25		25
4.073% due 07/01/2018 (a)		27		27
4.657% due 04/01/2018 (a)		4,522		4,672
4.837% due 11/01/2017 (a)		211		213
4.858% due 01/01/2021 (a)		167		167
4.998% due 12/01/2023 (a)		147		151
5.248% due 11/01/2017 (a)		98		101
5.249% due 07/25/2017 (a)		1,446		1,449
5.500% due 04/01/2009-10/21/2017 (c)		1,164,263		1,198,729
5.568% due 02/01/2028 (a)		1,742		1,804
5.626% due 07/01/2017 (a)		248		253
5.721% due 04/01/2024 (a)		941		971
5.795% due 10/01/2030-11/01/2039 (a)(c)		8,293		8,515
5.912% due 07/01/2023 (a)		293		299
5.995% due 12/01/2017 (a)		72		73
6.000% due 10/01/2003-06/01/2032 (c)		1,601,060		1,663,871
6.121% due 10/01/2024 (a)		1,550		1,606
6.203% due 11/01/2018 (a)		67		67
6.248% due 01/01/2024 (a)		40		41
6.281% due 08/01/2029 (a)		11,481		11,992
6.498% due 01/01/2024 (a)		729		757
6.500% due 09/01/2005-06/01/2008 (c)		276		283
7.000% due 12/01/2006-07/01/2012 (c)		87,359		92,569
8.000% due 02/01/2027-11/01/2031 (c)		53,431		57,144
8.500% due 03/01/2008-01/01/2026 (c)		1,504		1,627
9.000% due 01/01/2025		1		2
9.500% due 07/01/2024-11/01/2025 (c)		1,776		1,966
10.000% due 02/01/2004-01/01/2025 (c)		445		498
10.500% due 06/01/2005-12/01/2024 (c)		57		61
11.000% due 11/01/2020		25		28
11.250% due 10/01/2015		20		23
11.500% due 12/01/2008-02/01/2020 (c)		30		34
11.750% due 02/01/2016		32		38
12.000% due 01/01/2015		4		4
13.000% due 07/01/2015		5		5

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   109

Schedule of Investments (Cont.)

Low Duration Fund

September 20, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
13.250% due 09/01/2011	$	9	$	11
15.500% due 10/01/2012-12/01/2012 (c)		4		4
15.750% due 12/01/2011		16		19
16.000% due 09/01/2012-12/01/2012 (c)		7		9
				3,050,371
Federal Housing Administration 0.5%
6.950% due 04/01/2014		1,879		1,891
7.000% due 08/01/2022		2,887		2,908
7.400% due 02/01/2019		30		30
7.421% due 11/01/2019		265		274
7.430% due 10/01/2019-11/01/2025 (c)		36,452		37,037
				42,140
Freddie Mac 0.3%
4.375% due 03/01/2017 (a)		125		126
5.625% due 01/01/2017 (a)		21		21
6.000% due 09/01/2006-03/01/2011 (c)		4,881		5,048
6.048% due 06/01/2024 (a)		334		343
6.073% due 02/01/2020 (a)		1,402		1,452
6.307% due 09/01/2023 (a)		107		111
6.336% due 11/01/2022 (a)		891		913
6.355% due 12/01/2022 (a)		296		306
6.365% due 11/01/2023 (a)		245		251
6.383% due 10/01/2023 (a)		503		515
6.389% due 03/01/2024 (a)		34		35
6.462% due 01/01/2024 (a)		902		929
6.529% due 07/01/2018 (a)		190		196
6.617% due 01/01/2024 (a)		391		406
6.828% due 10/01/2027 (a)		537		561
7.500% due 09/01/2006		20		21
8.000% due 03/01/2007-12/01/2024 (c)		1,710		1,839
8.250% due 10/01/2007-01/01/2009 (c)		48		52
8.500% due 10/01/2002-11/01/2025 (c)		4,957		5,344
9.000% due 07/01/2004-08/01/2022 (c)		1,465		1,621
9.500% due 12/01/2004-02/01/2025 (c)		143		156
9.750% due 11/01/2008		303		335
10.000% due 04/01/2015-10/01/2019 (c)		49		55
10.500% due 10/01/2010-02/01/2016 (c)		14		16
10.750% due 09/01/2009-08/01/2011 (c)		195		222
11.500% due 10/01/2015-01/01/2016 (c)		36		41
11.750% due 11/01/2010-08/01/2015 (c)		4		4
12.000% due 09/01/2013		1		2
14.000% due 09/01/2012-04/01/2016 (c)		7		8
14.500% due 12/01/2010		2		2
15.000% due 08/01/2011-12/01/2011 (c)		2		3
				20,934
Government National Mortgage Association 8.0%
4.500% due 05/20/2030 (a)		184		188
5.000% due 01/20/2032-02/20/2032 (a)(c)		62,367		63,823
5.375% due 03/20/2019-06/20/2027 (a)(c)		21,112		21,788
6.000% due 07/20/2030 (a)		222		225
6.375% due 04/20/2016-03/20/2017 (a)(c)		77		79
6.500% due 05/15/2023-10/15/2023 (c)		377		396
6.625% due 10/20/2023-12/20/2027 (a)(c)		21,906		22,666
6.750% due 08/20/2022-07/20/2027 (a)(c)		28,870		29,766
7.000% due 03/15/2011-10/23/2032 (c)		470,239		493,900
7.500% due 03/15/2022-11/15/2026 (c)		2,905		3,107
7.750% due 09/20/2026 (a)		41		42
8.000% due 11/15/2006-12/15/2024 (c)		14,601		15,887
8.500% due 12/15/2021-04/15/2022 (c)		21		23
9.000% due 06/20/2016-12/15/2030 (c)		8,861		9,705
9.500% due 10/15/2016-06/15/2025 (c)		62		70
9.750% due 07/15/2017-10/15/2017 (c)		207		235
10.000% due 10/15/2013-11/15/2025 (c)		44		50
10.500% due 11/15/2019-02/15/2021 (c)		12		14
11.000% due 09/15/2010		4		4
11.500% due 08/15/2018		22		26
11.750% due 08/15/2013-08/15/2015 (c)		36		42
12.000% due 06/20/2015		5		6
13.000% due 10/15/2013		5		6
13.500% due 05/15/2011-11/15/2012 (c)		19		23
16.000% due 12/15/2011-02/15/2012 (c)		19		24
				662,095
Stripped Mortgage-Backed Securities 0.0%
Fannie Mae (IO)
0.950% due 03/25/2009 (a)		7,034		123
6.000% due 02/25/2008		60		0
6.500% due 03/25/2009		471		47
6.500% due 03/25/2009		1,145		110
6.500% due 05/25/2019		1,566		20
6.500% due 04/25/2020		758		9
6.500% due 03/25/2023		1,251		142
6.600% due 03/25/2024 (a)		1,817		47
7.000% due 05/25/2021		678		13
256.000% due 11/01/2008		11		42
859.771% due 02/25/2022		6		68
Fannie Mae (PO)
0.000% due 09/25/2022		8		7
Freddie Mac (IO)
4.000% due 01/15/2024		20,281		2,415
6.000% due 02/15/2008		12		0
6.500% due 05/15/2019		79		0
6.500% due 06/15/2019		120		0
6.500% due 04/15/2022		883		71
7.000% due 05/15/2023		140		14
1049.625% due 04/15/2021		1		3
Prudential Home Mortgage Securities (IO)
0.262% due 04/25/2009 (a)		24,550		69
				3,200
Total Mortgage-Backed Securities (Cost $4,982,918)				5,048,547
ASSET-BACKED SECURITIES 5.6%
Ace Securities Corp.
2.153% due 06/25/2032 (a)		13,954		13,931
Advanta Mortgage Loan Trust
7.760% due 05/25/2018		22,700		23,518
Ameriquest Mortgage Securities, Inc.
2.143% due 06/15/2030 (a)		95		95
2.123% due 07/15/2030 (a)		190		190
2.120% due 05/25/2032 (a)		11,087		11,079
2.080% due 08/25/2032 (a)		30,540		30,459
Amresco Residential Securities Mortgage Loan Trust
2.040% due 07/25/2027 (a)		85		85
Asset-Backed Securities Home Equity Corp.
2.083% due 06/15/2031 (a)		260		260
Capital Asset Research Funding LP
6.400% due 12/15/2004		37		38
Champion Home Equity Loan Trust
6.737% due 05/25/2028 (a)		1,733		1,768
CIT Group Home Equity Loan Trust
2.083% due 06/25/2033 (a)		47,500		47,422
CIT Marine Trust
5.800% due 04/15/2010		59		60
Community Program Loan Trust
4.500% due 10/01/2018		13,151		13,341
Compucredit Credit Card Master Trust
2.043% due 03/15/2007 (a)		32,000		32,020
Countrywide Asset-Backed Certificates
2.043% due 06/25/2031 (a)		24,309		24,286
CS First Boston Mortgage Securities Corp.
2.083% due 12/15/2030 (a)		340		340
2.170% due 03/25/2032 (a)		34,940		34,800
Embarcadero Aircraft Securitization Trust
2.303% due 08/15/2025 (a)		4,900		4,018
EQCC Home Equity Loan Trust
1.983% due 10/15/2027 (a)		134		134
Equity One ABS, Inc.
7.325% due 03/25/2014		736		737
2.090% due 11/25/2032 (a)		58,499		58,110
GF Funding Corp.
6.890% due 01/20/2006		5,738		5,676
Green Tree Financial Corp.
6.550% due 02/15/2027		988		996
7.400% due 06/15/2027		9,399		9,782

110   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Green Tree Home Improvement Loan Trust
1.993% due 08/15/2029 (a)	$	283	$	282
Home Equity Mortgage Trust
6.177% due 06/25/2032 (a)		35,618		36,553
Household Mortgage Loan Trust
2.120% due 05/20/2032 (a)		13,799		13,792
IMC Home Equity Loan Trust
2.035% due 10/20/2027 (a)		1,552		1,550
Irwin Home Equity Loan Trust
7.460% due 09/25/2014		3,224		3,236
2.188% due 06/25/2021 (a)		91		91
2.100% due 06/25/2029 (a)		12,727		12,695
Marriott Vacation Club Owner Trust
2.170% due 09/20/2017 (a)		5,286		5,284
Merrill Lynch Mortgage Investors, Inc.
0.000% due 07/25/2004		32,600		2,791
Morgan Stanley Dean Witter Capital I
2.143% due 07/25/2032 (a)		14,585		14,544
Oakwood Mortgage Investors, Inc.
2.123% due 03/15/2014 (a)		12,734		12,740
Ocwen Mortgage Loan Trust
2.122% due 10/25/2029 (a)		93		92
Option One Mortgage Loan Trust
2.103% due 09/25/2030 (a)		1,189		1,187
Pacificamerica Home Equity Loan
2.033% due 04/25/2028 (a)		64		64
Renaissance Home Equity Loan Trust
2.160% due 08/25/2032 (a)		14,756		14,781
Saxon Asset Securities Trust
7.205% due 01/25/2019		65		66
SLM Student Loan Trust
2.342% due 04/25/2006 (a)		1,318		1,320
Vanderbilt Acquisition Loan Trust
3.280% due 01/07/2013		27,220		27,474
WMC Mortgage Loan
2.163% due 05/15/2030 (a)		3,121		3,115
Total Asset-Backed Securities (Cost $463,545)				464,802
SOVEREIGN ISSUES 0.6%
Republic of Brazil
3.062% due 04/15/2006 (a)		64,512		42,501
3.125% due 04/15/2009 (a)		2,306		1,153
11.000% due 01/11/2012		3,000		1,357
Republic of Panama
8.250% due 04/22/2008		5,500		5,294
Total Sovereign Issues (Cost $69,020)				50,305
PURCHASED PUT OPTIONS 0.0%
PNC Mortgage Securities Corp. (OTC)
7.430% due 05/25/2040
Strike @ 100.000 Exp. 04/01/2005		300		0
Total Purchased Put Options (Cost $0)				0
PREFERRED STOCK 0.0%
	Shares
Home Ownership Funding
13.331% due 12/31/2049		3,000		1,942
Rhone-Poulenc SA
8.125% due 12/31/2049		13,000		334
Total Preferred Stock (Cost $3,213)				2,276
		Principal Amount (000s)
SHORT-TERM INSTRUMENTS 33.3%
Commercial Paper 32.9%
AT&T Corp.
3.720% due 04/18/2003	$	62,300	$	58,630
BP Amoco Capital PLC
1.970% due 10/01/2002		290,000		290,000
CDC
1.750% due 11/04/2002		250,000		249,477
Fannie Mae
1.860% due 10/01/2002		23,000		23,000
1.720% due 11/27/2002		315,000		314,142
1.710% due 12/18/2002		108,100		107,690
Federal Home Loan Bank
1.680% due 10/17/2002		182,000		181,864
1.680% due 10/23/2002		100,000		99,897
Freddie Mac
1.700% due 10/31/2002 (d)		500		499
1.710% due 10/31/2002		150,000		149,786
HBOS Treasury Services PLC
1.740% due 10/23/2002		53,600		53,543
1.730% due 11/20/2002		150,000		149,640
Rabobank Nederland NV
1.920% due 10/01/2002		290,000		290,000
Shell Finance (UK) PLC
1.700% due 11/19/2002		80,000		79,815
TotalFinaElf SA
1.970% due 10/31/2002		280,000		280,000
UBS Finance, Inc.
1.970% due 12/18/2002		400,000		400,000
				2,727,983
Repurchase Agreement 0.2%
State Street Bank
1.550% due 10/01/2002		18,000		18,000
(Dated 09/30/2002. Collateralized by Federal Farm Credit Bank 3.125% due 10/01/2003 valued at $18,363. Repurchase proceeds are $18,000.)
U.S. Treasury Bills 0.2%
1.618% due 11/14/2002-11/29/2002 (c)(d)		16,175		16,139
Total Short-Term Instruments				2,762,122
(Cost $2,765,801)
Total Investments 120.7%			$	10,010,779
(Cost $10,012,670)
Written Options (e) (0.0%)				(113	)
(Premiums $7,346)
Other Assets and Liabilities (Net) (20.7%)				(1,717,148	)
Net Assets 100.0%			$	8,293,518

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   111

Schedule of Investments (Cont.)

Low Duration Fund

September 20, 2002 (Unaudited)

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

(c) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(d) Securities with an aggregate market value of $13,146 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation
Euro-Bobl 5 Year Note (12/2002)	6,959	$	14,135
Euribor March Futures (03/2003)	2,285		6,115
Euribor June Futures (06/2003)	412		274
Eurodollar June Futures (06/2003)	2,468		7,288
Euribor Option March Futures (03/2003)	1,139		262
		$	28,074

(e) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—CME Eurodollar December Futures
Strike @ 96.000 Exp. 12/16/2002	6,533	$	3,640	$	82
Put—CME Eurodollar December Futures
Strike @ 96.500 Exp. 12/16/2002	4,944		3,706		31
		$	7,346	$	113

(f) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation
Buy	EC	34,882	11/2002	$	229
Sell	JY	2,357,726	12/2002		556
				$	785

(g) Principal amount denoted in indicated currency:

EC—Euro

JY—Japanese Yen

(h) Principal amount of security is adjusted for inflation.

(i) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co.
Exp. 03/15/2032		EC 148,500	$	3,939
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Morgan Stanley
Exp. 03/15/2032		BP 95,800		(4,721	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.390%.
Broker: Goldman Sachs
Exp. 06/18/2007		JY 4,481,100		45
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.805%.
Broker: Morgan Stanley
Exp. 01/11/2011		3,285,600		(2,062	)
Receive a fixed rate equal to 0.430% and the Fund will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.750% due 06/15/2005.
Broker: Lehman Brothers, Inc.
Exp. 07/11/2003	$	20,000		(826	)
Receive a fixed rate equal to 0.230% and the Fund will pay to the counterparty at par in the event of default of Associates Corp. 6.000% due 04/15/2003.
Broker: UBS—Warburg
Exp. 01/14/2003		43,000		(21	)
Receive a fixed rate equal to 0.510% and the Fund will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.750% due 06/15/2005.
Broker: Lehman Brothers, Inc.
Exp. 01/25/2005		5,000		(172	)
Receive a fixed rate equal to 0.810% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding 6.750% due 12/01/2005.
Broker: Goldman Sachs
Exp. 06/15/2004		50,000		(2,130	)
Receive a fixed rate equal to 0.850% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding 6.750% due 12/01/2005.
Broker: J.P. Morgan Chase & Co.
Exp. 06/12/2004		30,000		(1,411	)
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Credit Suisse First Boston
Exp. 04/24/2003		10,000		(51	)
Receive a fixed rate equal to 1.200% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Credit Suisse First Boston
Exp. 06/03/2003		5,000		(18	)
Receive a fixed rate equal to 5.500% and the Fund will pay to the counterparty at par in the event of default of CIT Group, Inc. 7.750% due 04/02/2012.
Broker: Morgan Stanley
Exp. 06/20/2003		10,000		240
			$	(7,188	)

112   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

Low Duration Fund II

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 10.5%
Banking & Finance 9.2%
Associates Corp. of North America
5.750% due 11/01/2003	$	400	$	417
CIT Group, Inc.
2.310% due 04/07/2003 (a)		900		898
5.625% due 05/17/2004		6,300		6,454
Countrywide Home Loans
6.850% due 06/15/2004		1,000		1,061
DaimlerChrysler Financial Services North America LLC
1.940% due 06/17/2003 (a)		1,100		1,095
1.940% due 06/18/2003 (a)		13,000		12,942
Ford Motor Credit Co.
7.750% due 11/15/2002		1,700		1,706
General Motors Acceptance Corp.
6.625% due 10/01/2002		25		25
7.625% due 05/05/2003		1,100		1,128
2.142% due 08/04/2003 (a)		1,400		1,382
8.950% due 07/02/2009		5,925		6,802
Household Finance Corp.
2.330% due 12/19/2003		10,000		9,824
Merrill Lynch & Co., Inc.
6.000% due 02/12/2003		250		254
NationsBank Corp.
6.500% due 03/15/2006		250		278
Sears Roebuck Acceptance Corp.
6.000% due 03/20/2003		250		254
Wells Fargo & Co.
6.625% due 07/15/2004		105		113
				44,633
Industrials 0.1%
Procter & Gamble Co.
5.250% due 09/15/2003		400		412
Wal-Mart Stores, Inc.
6.550% due 08/10/2004		100		108
				520
Utilities 1.2%
DTE Energy Co.
6.170% due 06/15/2038		5,000		5,101
Southern California Gas Co.
5.670% due 01/18/2028		1,000		1,006
				6,107
Total Corporate Bonds & Notes (Cost $50,006)				51,260
U.S. GOVERNMENT AGENCIES 0.3%
Freddie Mac
4.350% due 11/21/2006		600		632
6.000% due 12/20/2011		600		602
Total U.S. Government Agencies (Cost $1,178)				1,234
U.S. TREASURY OBLIGATIONS 0.3%
Treasury Inflation Protected Securities (c)
3.375% due 01/15/2007		1,137		1,238
Total U.S. Treasury Obligations (Cost $1,217)				1,238
MORTGAGE-BACKED SECURITIES 90.9%
Collateralized Mortgage Obligations 14.5%
Bear Stearns Adjustable Rate Mortgage Trust
6.750% due 03/25/2028		1,400		1,458
7.451% due 12/25/2030 (a)		281		282
7.491% due 12/25/2030 (a)		376		378
6.102% due 12/25/2031 (a)		382		392
6.160% due 12/25/2031 (a)		751		771
5.439% due 10/25/2032 (a)		500		507
Countrywide Home Loans
5.986% due 03/19/2032 (a)		5,642		5,791
Criimi Mae Financial Corp.
7.000% due 01/01/2033		8,000		8,640
CS First Boston Mortgage Securities Corp.
2.478% due 03/25/2032 (a)		3,755		3,740
5.781% due 10/25/2032		2,000		2,044
2.360% due 08/25/2033 (a)		3,900		3,900
DLJ Mortgage Acceptance Corp.
6.617% due 05/25/2024 (a)		258		259
Fannie Mae
9.250% due 10/25/2018		35		40
8.000% due 11/25/2023		1,904		2,046
2.263% due 09/25/2030 (a)		2,102		2,115
First Horizon Asset Securities, Inc.
6.750% due 02/25/2031		982		1,014
First Nationwide Trust
7.750% due 10/25/2030		2,274		2,299
Freddie Mac
12.100% due 01/31/2009		510		530
12.900% due 05/01/2014		75		80
6.000% due 05/15/2022		821		829
8.500% due 06/01/2025		60		64
Goldman Sachs Mortgage Securities Corp.
2.882% due 10/25/2032		5,100		5,100
Government National Mortgage Association
7.750% due 01/17/2030		828		872
2.320% due 09/20/2030 (a)		1,125		1,129
Nationslink Funding Corp.
2.160% due 04/10/2007 (a)		561		563
7.030% due 01/20/2008		159		176
Norwest Asset Securities Corp.
6.750% due 12/25/2027		357		358
6.500% due 04/25/2028		503		511
Residential Funding Mortgage Securities I
5.691% due 09/25/2032		1,500		1,527
Residential Funding Mortgage Securities, Inc.
7.500% due 10/25/2022		244		244
Salomon Brothers Mortgage Securities VII, Inc.
5.526% due 11/25/2022 (a)		280		280
7.604% due 11/25/2030		135		137
2.130% due 06/25/2032 (a)		840		839
Sears Mortgage Securities
7.335% due 10/25/2022 (a)		327		397
Sequoia Mortgage Trust
2.120% due 08/20/2032 (a)		1,986		1,986
Structured Asset Mortgage Investments, Inc.
9.180% due 06/25/2029 (a)		3,695		4,193
6.750% due 05/02/2030		2,549		2,607
2.154% due 09/19/2032 (a)		3,596		3,596
Structured Asset Securities Corp.
6.750% due 07/25/2029		2,735		2,792
2.100% due 02/25/2032 (a)		1,020		1,016
2.100% due 07/25/2032 (a)		3,306		3,292
6.150% due 07/25/2032 (a)		649		666
Washington Mutual Mortgage Securities Corp.
6.196% due 07/25/2032		284		292
Wells Fargo Mortgage-Backed Securities Trust
5.221% due 09/25/2032 (a)		1,000		1,016
				70,768
Fannie Mae 55.3%
3.953% due 08/01/2030-10/01/2030 (a)(b)		2,662		2,733
4.422% due 09/01/2028 (a)		962		984
5.500% due 01/01/2009-10/21/2017 (b)		98,515		101,412
6.000% due 03/01/2016-10/21/2017 (b)		155,616		161,647
6.142% due 01/01/2024 (a)		459		472
7.500% due 08/01/2029-09/01/2029 (b)		1,829		1,931
10.500% due 05/01/2012		492		562
				269,741
Federal Housing Administration 5.2%
7.200% due 05/01/2009		1,411		1,428
7.430% due 07/01/2024		23,020		23,727
				25,155

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   113

Schedule of Investments (Cont.)

Low Duration Fund II

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Freddie Mac 0.1%
4.840% due 07/01/2023 (a)	$	197	$	203
8.000% due 07/01/2024		155		167
8.500% due 06/01/2009-10/01/2010 (b)		115		122
10.500% due 09/01/2015		5		6
				498
Government National Mortgage Association 15.8%
5.375% due 04/20/2022-05/20/2027 (a)(b)		5,785		5,977
5.500% due 07/15/2030 (a)		3,187		3,247
6.500% due 08/15/2023-10/15/2023 (b)		209		220
6.625% due 10/20/2025 (a)		3,013		3,117
6.750% due 07/20/2023-07/20/2025 (a)(b)		3,592		3,704
7.000% due 03/15/2022-10/23/2032 (b)		52,653		55,279
7.500% due 02/15/2022-03/15/2024 (b)		2,265		2,420
8.000% due 03/15/2023-09/15/2024 (b)		420		456
9.000% due 07/20/2016-10/15/2030 (b)		2,413		2,645
				77,065
Total Mortgage-Backed Securities (Cost $436,637)				443,227
ASSET-BACKED SECURITIES 4.5%
Ace Securities Corp.
2.150% due 06/25/2032 (a)		781		779
Ameriquest Mortgage Securities, Inc.
2.080% due 08/25/2032 (a)		2,593		2,586
CIT Group Home Equity Loan Trust
2.083% due 06/25/2033 (a)		2,719		2,714
Countrywide Asset-Backed Certificates
2.113% due 03/25/2031 (a)		20		20
2.043% due 06/25/2031 (a)		1,502		1,500
Countrywide Home Equity Loan Trust
2.063% due 08/15/2025 (a)		3,504		3,482
Embarcadero Aircraft Securitization Trust
2.303% due 08/15/2025 (a)		2,867		2,626
Home Equity Mortgage Trust
6.179% due 06/25/2032 (a)		1,486		1,525
Household Mortgage Loan Trust
2.120% due 05/20/2032 (a)		741		741
Irwin Home Equity Loan Trust
2.100% due 06/25/2029 (a)		754		752
Morgan Stanley Dean Witter Capital I
2.143% due 07/25/2032 (a)		1,653		1,648
Oakwood Mortgage Investors, Inc.
2.123% due 03/15/2014 (a)		1,174		1,175
Summit Acceptance Auto Receivables Trust
7.420% due 05/17/2004		2,254		2,275
Total Asset-Backed Securities (Cost $22,103)				21,823
CONVERTIBLE BONDS & NOTES 1.7%
Banking & Finance 1.7%
Verizon Global Funding Corp.
5.750% due 04/01/2003		8,400		8,453
Total Convertible Bonds & Notes (Cost $8,460)				8,453
PREFERRED SECURITY 1.1%
		Shares
DG Funding Trust
4.105% due 12/29/2049 (a)		510		5,253
Total Preferred Security (Cost $5,100)				5,253
SHORT-TERM INSTRUMENTS 39.0%
Commercial Paper 37.5%
AT&T Corp.
3.720% due 04/18/2003		4,300		4,047
Fannie Mae
1.860% due 10/01/2002		80,000		80,000
Federal Home Loan Bank
1.720% due 10/16/2002		1,500		1,499
1.658% due 10/23/2002		15,000		14,985
1.680% due 10/28/2002		2,000		1,997
Freddie Mac
1.860% due 10/01/2002		80,000		80,000
				182,528
Repurchase Agreement 1.5%
State Street Bank 1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Fannie Mae 2.430% due 10/01/2002 valued at $7,615. Repurchase proceeds are $7,462.)		7,462		7,462
U.S. Treasury Bills 0.0%
1.589% due 11/14/2002 (c)		205		205
Total Short-Term Instruments (Cost $190,448)				190,195
Total Investments 148.3% (Cost $715,149)			$	722,683
Written Options (d) (0.0%) (Premiums $357)				(6	)
Other Assets and Liabilities (Net) (48.3%)				(235,333	)
Net Assets 100.0%			$	487,344

114   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(c) Principal amount of security is adjusted for inflation.

(d) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—CME Eurodollar December Futures Strike @ 96.000 Exp. 12/16/2002	390	$	217	$	5
Put—CME Eurodollar December Futures Strike @ 96.500 Exp. 12/16/2002	202		140		1
		$	357	$	6

(e) Securities with an aggregate market value of $205 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation
Eurodollar June Futures (06/2003)	93	$	275

(f) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized (Depreciation)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Lehman Brothers, Inc. Exp. 12/18/2012	$	900	$	(78	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: J.P. Morgan Chase & Co. Exp. 12/18/2012		900		(78	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of Vodafone Group PLC 7.750% due 02/15/2010.
Broker: Lehman Brothers, Inc. Exp. 09/10/2003		4,000		(34	)
			$	(190	)

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   115

Schedule of Investments

Low Duration Fund III

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 29.6%
Banking & Finance 17.1%
Bank of America Corp.
2.087% due 08/26/2005 (a)	$	1,000	$	1,001
DaimlerChrysler Financial Services North America LLC
1.960% due 06/17/2003 (a)		400		398
1.960% due 06/18/2003 (a)		1,000		996
Gemstone Investors Ltd.
7.710% due 10/31/2004		100		80
General Motors Acceptance Corp.
2.142% due 08/04/2003 (a)		400		395
2.580% due 01/20/2004 (a)		1,000		982
2.210% due 07/21/2004 (a)		300		289
Korea Development Bank
7.625% due 10/01/2002		1,000		1,000
National Rural Utilities Cooperative Finance Corp.
1.990% due 07/17/2003 (a)		1,000		996
Pemex Project Funding Master Trust
3.360% due 01/07/2005 (a)		800		801
Salomon Smith Barney Holdings, Inc.
2.142% due 05/04/2004 (a)		325		326
Verizon Global Funding Corp.
6.125% due 06/15/2007		900		938
				8,202
Industrials 2.0%
Conoco Funding Co.
5.450% due 10/15/2006		300		323
Limestone Electron Trust
8.625% due 03/15/2003		700		624
				947
Utilities 10.5%
British Telecom PLC
7.625% due 12/15/2005		200		223
Florida Power & Light
6.875% due 12/01/2005		1,000		1,114
France Telecom SA
4.576% due 03/14/2003 (a)		600		592
7.200% due 03/01/2006 (a)		300		319
Pacific Gas & Electric Co.
7.575% due 10/31/2049 (a)(b)		400		376
Philadelphia Electric
6.500% due 05/01/2003		1,500		1,536
Sprint Capital Corp.
5.875% due 05/01/2004		1,000		865
				5,025
Total Corporate Bonds & Notes (Cost $14,137)				14,174
U.S. TREASURY OBLIGATIONS 0.5%
Treasury Inflation Protected Securities (d)
3.375% due 01/15/2007		227		248
Total U.S. Treasury Obligations (Cost $238)				248
MORTGAGE-BACKED SECURITIES 74.4%
Collateralized Mortgage Obligations 11.2%
Bear Stearns Adjustable Rate Mortgage Trust
7.451% due 12/25/2030 (a)		19		19
7.491% due 12/25/2030 (a)		26		26
6.102% due 12/25/2031 (a)		48		49
6.160% due 12/25/2031 (a)		107		110
6.247% due 01/25/2032 (a)		245		248
CS First Boston Mortgage Securities Corp.
7.500% due 02/25/2031		394		405
First Horizon Asset Securities, Inc.
6.750% due 02/25/2031		65		68
First Nationwide Trust
7.750% due 10/25/2030		172		174
Freddie Mac
2.273% due 11/15/2030 (a)		308		309
GMAC Commercial Mortgage Securities, Inc.
6.570% due 09/15/2033		603		656
Independent National Mortgage Corp.
7.250% due 11/25/2010		287		286
Prudential Home Mortgage Securities
7.500% due 08/25/2024		845		863
Residential Funding Mortgage Securities I, Inc.
7.750% due 11/25/2026		81		82
Salomon Brothers Mortgage Securities VII, Inc.
7.606% due 11/25/2030		10		10
Structured Asset Securities Corp.
2.113% due 10/25/2027 (a)		259		259
6.750% due 07/25/2029		860		878
6.250% due 01/25/2032 (a)		399		410
Washington Mutual Mortgage Securities Corp.
6.010% due 04/25/2031 (a)		208		211
Washington Mutual, Inc.
4.598% due 01/25/2041 (a)		44		45
Wells Fargo Mortgage-Backed Securities Trust
7.000% due 02/25/2016		250		258
				5,366
Fannie Mae 58.9%
3.953% due 09/01/2040 (a)		538		552
4.310% due 08/01/2029 (a)		943		965
5.500% due 01/01/2009-10/21/2017 (c)		8,955		9,219
5.863% due 02/01/2031 (a)		444		459
6.000% due 09/01/2016-10/21/2017 (c)		16,376		17,015
				28,210
Government National Mortgage Association 4.3%
5.000% due 05/20/2030-02/20/2032 (a)(c)		1,469		1,507
5.375% due 06/20/2027 (a)		259		267
7.000% due 10/23/2032 (a)		100		105
8.500% due 10/20/2026		155		169
				2,048
Total Mortgage-Backed Securities (Cost $34,945)				35,624
ASSET-BACKED SECURITIES 2.4%
Bayview Financial Acquisition Trust
2.230% due 11/25/2030 (a)		900		902
Home Equity Mortgage Trust
6.177% due 06/25/2032 (a)		186		191
SLM Student Loan Trust
2.232% due 10/25/2005 (a)		36		36
Total Asset-Backed Securities (Cost $1,125)				1,129
SOVEREIGN ISSUES 0.8%
Republic of Brazil
3.062% due 04/15/2006 (a)		589		388
Total Sovereign Issues (Cost $529)				388
SHORT-TERM INSTRUMENTS 14.3%
Commercial Paper 13.0%
AT&T Corp.
3.720% due 04/18/2003		700		659
Fannie Mae
1.710% due 11/20/2002		500		499
1.710% due 12/18/2002		1,500		1,494
Federal Home Loan Bank
1.680% due 10/28/2002		400		399
1.725% due 10/30/2002		300		300
Freddie Mac
1.710% due 10/31/2002		700		699
TotalFinaElf SA
1.750% due 10/31/2002		1,000		998
UBS Finance, Inc.
1.970% due 12/18/2002		1,200		1,200
				6,248

116   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Repurchase Agreement 1.2%
State Street Bank
1.550% due 10/01/2002
(Dated 09/30/2002. Collateralized by Freddie Mac 3.250% due 12/15/2003 valued at $571. Repurchase proceeds are $558.)	$	558	$	558
U.S. Treasury Bills 0.1%
1.579% due 11/14/2002 (e)		50		50
Total Short-Term Instruments (Cost $6,898)				6,856
Total Investments 122.0%			$	58,419
(Cost $57,872)
Written Options (f) (0.0%)				(1	)
(Premiums $57)
Other Assets and Liabilities (Net) (22.0%)				(10,550	)
Net Assets 100.0%			$	47,868

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

(c) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(d) Principal amount of security is adjusted for inflation.

(e) Securities with an aggregate market value of $174 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation
Euro-Bobl 5 Year Note (12/2002)	18	$	27
Euribor March Futures (03/2003)	17		46
Euribor June Futures (06/2003)	3		2
Euribor Options March Futures (03/2003)	7		0
U.S. Treasury 10 Year Note (12/2002)	3		9
Eurodollar June Futures (06/2003)	9		27
		$	111

(f) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—CME Eurodollar December Futures
Strike @ 96.000 Exp. 12/16/2002	62	$	35	$	1
Put—CME Eurodollar December Futures
Strike @ 96.500 Exp. 12/16/2002	33		22		0
		$	57	$	1

(g) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation
Buy	EC	237	11/2002	$	1
Buy	JY	1,525	12/2002		0
				$	1

(h) Principal amount denoted in indicated currency:

BP—British Pound

EC—Euro

JY—Japanese Yen

(i) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co.
Exp. 03/15/2032	EC	1,100	$	29
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Morgan Stanley
Exp. 03/15/2032	BP	700		(34	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.390%.
Broker: Goldman Sachs
Exp. 06/18/2007	JY	23,600		0
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.805%.
Broker: Morgan Stanley
Exp. 01/11/2011		28,400		(18	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Lehman Brothers, Inc.
Exp. 12/18/2012		$100		(9	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: J.P. Morgan Chase & Co.
Exp. 12/18/2012		100		(9	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of Vodafone Group PLC 7.750% due 02/15/2010.
Broker: Lehman Brothers, Inc.
Exp. 09/10/2003		500		(4	)
Receive a fixed rate equal to 7.000% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 6.000% due 01/15/2007.
Broker: Merrill Lynch
Exp. 04/04/2003		500		(13	)
			$	(58	)

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   117

Schedule of Investments

Short-Term Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 46.1%
Banking & Finance 18.2%
Banco Nacional Obra Services
9.625% due 11/15/2003 (a)	$	3,900	$	4,183
Bankunited FSB
5.400% due 02/02/2004		4,000		4,157
Bear Stearns Cos., Inc.
5.125% due 02/22/2004 (a)		4,200		4,137
2.210% due 09/21/2004 (a)		900		899
2.410% due 07/15/2005 (a)		5,000		5,005
2.130% due 09/16/2005 (a)		5,000		4,930
Chrysler Financial Co. LLC
1.990% due 02/05/2003 (a)		1,000		998
CIT Group, Inc.
5.920% due 11/08/2002		1,000		1,003
7.375% due 03/15/2003		5,550		5,665
7.500% due 11/14/2003		6,900		7,166
5.625% due 05/17/2004		5,200		5,327
7.125% due 10/15/2004		9,890		10,492
Citigroup, Inc.
5.500% due 08/19/2003 (a)		11,040		11,145
Countrywide Home Loans
2.056% due 06/03/2003 (a)		2,800		2,794
Deutsche Telekom International Finance BV
7.750% due 06/15/2005		54,960		58,986
EOP Operating LP
6.375% due 02/15/2003		10,780		10,927
Ford Motor Credit Co.
7.500% due 01/15/2003		2,450		2,468
6.125% due 04/28/2003		2,000		2,015
2.110% due 06/20/2003 (a)		900		880
2.690% due 03/08/2004 (a)		43,800		41,898
2.070% due 04/26/2004 (a)		17,400		16,432
2.210% due 07/19/2004 (a)		6,700		6,341
3.726% due 10/25/2004 (a)		10,500		10,019
2.295% due 07/18/2005 (a)		10,000		9,026
Gemstone Investors Ltd.
7.710% due 10/31/2004		3,000		2,403
General Motors Acceptance Corp.
2.160% due 10/07/2002 (a)		625		625
2.090% due 12/09/2002 (a)		3,300		3,294
5.920% due 12/16/2002		5,000		5,023
5.800% due 03/12/2003		1,500		1,517
5.950% due 03/14/2003		1,700		1,721
1.857% due 08/18/2003 (a)		16,575		16,318
2.070% due 11/07/2003 (a)		10,000		9,817
2.580% due 01/20/2004 (a)		14,040		13,786
2.612% due 05/04/2004 (a)		23,050		22,488
2.210% due 07/21/2004 (a)		9,300		8,963
Golden State Holdings
2.822% due 08/01/2003 (a)		14,900		14,852
7.000% due 08/01/2003		30,845		31,717
7.125% due 08/01/2005		425		463
Household Finance Corp.
2.120% due 08/07/2003 (a)		17,950		17,759
3.140% due 03/11/2004 (a)		6,650		6,554
5.750% due 01/30/2007		23,000		22,403
Korea Development Bank
7.625% due 10/01/2002		2,500		2,500
Merrill Lynch & Co.
2.102% due 08/01/2003 (a)		4,000		4,007
National Rural Utilities Cooperative Finance Corp.
7.375% due 02/10/2003		3,065		3,114
1.990% due 07/17/2003 (a)		17,200		17,127
2.820% due 04/26/2004 (a)		13,963		14,005
5.250% due 07/15/2004		9,595		9,960
6.500% due 03/01/2007		20,000		21,536
Protective Life Funding Trust
2.210% due 01/17/2003 (a)		2,000		2,002
Racers
2.147% due 03/03/2003 (a)		10,000		10,005
Salomon Smith Barney Holdings, Inc.
2.135% due 07/18/2007 (a)		5,000		5,009
Security Capital Group, Inc.
7.750% due 11/15/2003		7,695		8,158
U.S. Bancorp
2.052% due 02/03/2003 (a)		3,700		3,702
USAA Capital Corp.
7.050% due 11/08/2006		445		505
Verizon Global Funding Corp.
6.750% due 12/01/2005		3,000		3,165
				511,391
Industrials 19.5%
Air Canada
2.475% due 07/31/2005 (a)		1,091		871
Allied Waste Industries, Inc.
6.100% due 01/15/2003		9,474		9,476
Allied Waste North America, Inc.
7.375% due 01/01/2004		2,275		2,264
American Standard Cos., Inc.
7.125% due 02/15/2003		3,300		3,337
AOL Time Warner, Inc.
6.125% due 04/15/2006		3,000		2,826
Appalachian Power Co.
2.460% due 08/20/2003 (a)		4,000		4,007
BHP Finance USA Ltd.
6.420% due 03/01/2026		27,850		29,367
Clear Channel Communications, Inc.
7.250% due 09/15/2003		8,000		8,138
Coastal Corp.
2.422% due 07/21/2003 (a)		5,000		4,751
Conagra Foods, Inc.
7.500% due 09/15/2005		7,470		8,386
Cox Communications, Inc.
6.500% due 11/15/2002		1,800		1,800
6.150% due 08/01/2003 (a)		8,200		8,037
7.170% due 10/01/2003		5,043		5,075
Cox Enterprises, Inc.
2.722% due 05/01/2033 (a)		9,200		9,114
DaimlerChrysler North America Holding Corp.
6.840% due 10/15/2002		3,000		3,004
7.750% due 05/27/2003		2,000		2,061
2.322% due 08/01/2003 (a)		2,800		2,792
2.053% due 08/16/2004 (a)		47,540		46,880
7.750% due 06/15/2005		2,287		2,499
HCA, Inc.
8.120% due 08/04/2003		800		824
6.870% due 09/15/2003		10,000		10,266
6.730% due 07/15/2045		8,170		8,285
Hilton Hotels Corp.
7.000% due 07/15/2004		8,324		8,413
Ingersoll-Rand Co.
5.750% due 02/14/2003		13,140		13,305
International Game Technology
7.875% due 05/15/2004		10,000		10,450
International Paper Co.
8.000% due 07/08/2003		42,335		44,009
Kerr-McGee Corp.
2.600% due 06/28/2004 (a)		13,740		13,733
Kinder Morgan, Inc.
6.450% due 03/01/2003		24,100		24,401
Kroger Co.
7.150% due 03/01/2003		11,500		11,709
Mandalay Resort Group
6.750% due 07/15/2003		9,400		9,494
Martin Marietta Corp.
6.500% due 04/15/2003		24,300		24,769
Norfolk Southern Corp.
2.510% due 02/28/2005 (a)		7,700		7,704
7.050% due 05/01/2037		20,975		22,385
PanAmSat Corp.
6.000% due 01/15/2003		13,405		13,295
Park Place Entertainment Corp.
7.950% due 08/01/2003		1,464		1,489

118   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Pioneer National Resources Co.
8.875% due 04/15/2005	$	4,000	$	4,196
Qwest Capital Funding, Inc.
5.875% due 08/03/2004		4,900		3,332
R.J. Reynolds Tobacco Holdings, Inc.
7.375% due 05/15/2003		35,925		36,701
Raytheon Co.
7.900% due 03/01/2003		13,100		13,317
5.700% due 11/01/2003		6,785		6,933
Safeway, Inc.
6.050% due 11/15/2003		12,405		12,866
TCI Communications, Inc.
8.250% due 01/15/2003		4,300		4,282
6.375% due 05/01/2003		11,160		11,008
Time Warner Entertainment Co. L.P.
7.975% due 08/15/2004		8,425		8,364
Turner Broadcasting System, Inc.
7.400% due 02/01/2004		2,200		2,173
United Air Lines, Inc.
2.117% due 12/02/2002 (a)		9,311		8,400
Waste Management, Inc.
6.500% due 12/15/2002		11,200		11,236
Weyerhaeuser Co.
9.050% due 02/01/2003		8,015		8,153
2.951% due 09/15/2003 (a)		35,100		35,135
Willamette Industries, Inc.
9.125% due 02/15/2003		2,000		2,039
				547,351
Utilities 8.4%
ALLETE, Inc.
2.710% due 10/20/2003 (a)		8,800		8,778
AT&T Corp.
6.500% due 11/15/2006		11,000		10,846
British Telecom PLC
3.121% due 12/15/2003 (a)		52,200		52,105
7.875% due 12/15/2005		3,000		3,351
CenturyTel, Inc.
7.750% due 10/15/2002		2,000		2,003
Commonwealth Edison Co.
2.423% due 09/30/2003 (a)		3,000		2,983
DTE Energy Co.
7.110% due 11/15/2038 (a)		1,500		1,542
Entergy Gulf States, Inc.
8.250% due 04/01/2004		10,000		10,724
3.197% due 09/01/2004 (a)		10,000		9,973
France Telecom SA
2.457% due 03/14/2003 (a)		22,200		21,917
2.465% due 07/16/2003 (a)		6,600		6,604
Jersey Central Power & Light Co.
6.375% due 05/01/2003		5,150		5,178
Kinder Morgan, Inc.
2.810% due 10/10/2002 (a)		17,200		17,201
Niagara Mohawk Power Co.
7.250% due 10/01/2002		756		756
7.375% due 07/01/2003		11,655		12,035
Pacific Gas & Electric Co.
7.575% due 10/31/2049 (a)(b)		1,900		1,786
Sprint Capital Corp.
9.500% due 04/01/2003		500		470
5.700% due 11/15/2003		18,480		16,833
Texas Utilities Corp.
6.750% due 04/01/2003		1,665		1,700
Transocean, Inc.
6.500% due 04/15/2003		3,985		4,057
TXU Electric Co.
2.426% due 06/15/2003 (a)		19,300		19,184
Verizon Wireless, Inc.
2.220% due 12/17/2003 (a)		27,300		26,177
WorldCom, Inc.—WorldCom Group
7.375% due 01/15/2003 (b)		11,600		1,450
				237,653
Total Corporate Bonds & Notes (Cost $1,307,078)				1,296,395
U.S. GOVERNMENT AGENCIES 0.1%
Fannie Mae
5.750% due 04/15/2003		850		869
4.625% due 05/15/2003		500		510
3.300% due 10/10/2003		650		650
Federal Home Loan Bank
6.375% due 11/15/2002		600		604
5.000% due 02/14/2003		880		891
3.125% due 11/14/2003		500		508
Total U.S. Government Agencies (Cost $3,999)				4,032
U.S. TREASURY OBLIGATIONS 0.2%
Treasury Inflation Protected Securities (e)
3.375% due 01/15/2007 (c)		3,694		4,025
3.875% due 01/15/2009		1,647		1,853
U.S. Treasury Notes
5.125% due 12/31/2002		500		504
Total U.S. Treasury Obligations (Cost $6,171)				6,382
MORTGAGE-BACKED SECURITIES 20.3%
Collateralized Mortgage Obligations 13.0%
Bank of America Mortgage Securities, Inc.
6.500% due 05/25/2029		834		882
6.359% due 07/25/2032 (a)		18,990		19,489
5.819% due 10/20/2032 (a)		41,900		42,600
Bear Stearns Adjustable Rate Mortgage Trust
7.491% due 12/25/2030 (a)		195		195
6.247% due 01/25/2032 (a)		11,704		11,855
6.912% due 01/25/2032 (a)		1,136		1,166
5.439% due 10/25/2032 (a)		2,600		2,636
Chase Mortgage Finance Corp.
6.500% due 06/25/2028		256		256
6.550% due 08/25/2028		136		136
Citicorp Mortgage Securities, Inc.
5.900% due 05/25/2029		655		657
Countrywide Home Loans
6.500% due 07/25/2013		800		838
6.050% due 04/25/2029		2,326		2,413
6.500% due 08/25/2032 (a)		4,465		4,579
Credit-Based Asset Servicing & Securitization LLC
2.150% due 01/25/2032 (a)		838		838
CS First Boston Mortgage Securities Corp.
6.750% due 01/15/2008		4,507		4,548
2.163% due 08/25/2031 (a)		896		891
2.478% due 03/25/2032 (a)		939		935
2.360% due 08/25/2033 (a)		34,300		34,300
DLJ Acceptance Trust
6.359% due 10/17/2020 (a)		224		230
E-Trade Bank Mortgage-Backed Securities Trust
7.034% due 09/25/2031		861		883
Fannie Mae
6.000% due 02/25/2008		389		406
2.143% due 10/25/2017 (a)		2,325		2,345
6.250% due 05/25/2019		114		114
8.939% due 06/25/2032 (a)		4,683		5,185
Federal Housing Administration
7.350% due 04/01/2019		1,259		1,305
FFCA Secured Lending Corp.
7.850% due 10/18/2017		1,000		1,134
First Republic Mortgage Loan Trust
2.123% due 08/15/2032 (a)		33,675		33,675
Freddie Mac
7.000% due 08/15/2006		164		164
6.000% due 12/15/2009		3,500		3,555
6.000% due 09/15/2011		6,000		6,197
4.500% due 11/15/2018		22,018		22,516
5.500% due 02/15/2020		158		158
6.000% due 09/15/2022		3,500		3,537

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   119

Schedule of Investments (Cont.)

Short-Term Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
General Electric Captial Mortgage Services, Inc.
6.500% due 04/25/2024	$	476	$	484
Government National Mortgage Association
7.500% due 02/20/2030		1,000		1,079
Headlands Mortgage Securities, Inc.
7.250% due 11/25/2012		196		196
IMPAC CMB Trust
2.093% due 11/25/2031 (a)		3,542		3,532
Independent National Mortgage Corp.
7.250% due 11/25/2010		1,147		1,146
Mellon Residential Funding Corp.
2.310% due 10/20/2029 (a)		10,000		10,099
PNC Mortgage Securities Corp.
6.500% due 12/25/2028		2,998		3,188
7.500% due 02/25/2031		176		180
Prudential Home Mortgage Securities
6.950% due 11/25/2022		233		233
Residential Funding Mortgage Securities I, Inc.
7.500% due 12/25/2030		1,412		1,428
Resolution Trust Corp.
5.224% due 05/25/2029 (a)		309		301
Sequoia Mortgage Trust
2.200% due 10/20/2027 (a)		16,500		16,500
Small Business Administration
7.540% due 08/10/2009		1,329		1,523
Structured Asset Mortgage Investments, Inc.
2.170% due 09/19/2032 (a)		999		999
Structured Asset Securities Corp.
8.000% due 07/25/2030		1,000		1,050
6.500% due 09/25/2031 (a)		9,013		9,186
6.296% due 02/25/2032 (a)		18,311		18,663
2.100% due 07/25/2032 (a)		972		968
6.150% due 07/25/2032 (a)		19,074		19,574
TMA Mortgage Funding Trust
2.193% due 01/25/2029 (a)		3,877		3,877
Vendee Mortgage Trust
6.500% due 05/15/2025 (a)		1,300		1,424
Washington Mutual Mortgage Securities Corp.
5.243% due 10/25/2032 (a)		32,126		32,854
Washington Mutual, Inc.
6.006% due 10/19/2039 (a)		2,000		2,054
6.583% due 10/19/2039 (a)		8,031		7,859
4.598% due 01/25/2041 (a)		1,314		1,336
Wells Fargo Mortgage-Backed Securities Trust
6.125% due 07/25/2031		1,492		1,518
6.634% due 10/25/2031 (a)		10,956		11,243
6.151% due 01/25/2032		2,969		3,013
				366,125
Fannie Mae 3.1%
4.020% due 02/01/2018 (a)		65		67
4.022% due 05/01/2021-04/01/2029 (a)(d)		1,276		1,304
4.049% due 01/01/2029 (a)		97		99
4.227% due 11/01/2025 (a)		98		100
4.320% due 05/01/2036 (a)		56,544		57,862
4.490% due 05/01/2036 (a)		753		772
5.493% due 01/01/2032 (a)		9,387		9,681
5.555% due 08/01/2029 (a)		10,583		10,913
6.000% due 01/01/2004		65		66
6.500% due 12/01/2003		686		686
6.555% due 07/01/2029 (a)		2,497		2,620
7.000% due 01/01/2003-03/01/2013 (d)		2,702		2,744
8.500% due 01/01/2026		918		994
				87,908
Federal Housing Administration 0.0%
7.435% due 02/01/2019		358		368
Freddie Mac 0.3%
2.223% due 06/15/2031 (a)		6,659		6,677
Government National Mortgage Association 3.9%
4.250% due 06/20/2029-05/20/2030 (a)(d)		20,276		20,732
4.500% due 04/20/2030 (a)		9,251		9,479
5.000% due 08/20/2029-02/20/2032 (a)(d)		35,273		35,909
5.250% due 03/20/2029-03/20/2030 (a)(d)		10,478		10,726
5.375% due 02/20/2024-06/20/2027 (a)(d)		12,853		13,250
6.625% due 11/20/2026-10/20/2027 (a)(d)		7,975		8,246
6.750% due 09/20/2023-09/20/2027 (a)(d)		4,637		4,778
8.000% due 07/15/2030-05/15/2032 (d)		4,000		4,295
8.500% due 06/20/2027		1,968		2,132
				109,547
Stripped Mortgage-Backed Securities 0.0%
ABN AMRO Mortgage Corp. (IO)
6.750% due 08/25/2029		224		8
Fannie Mae (IO)
6.500% due 06/25/2017		0		0
6.500% due 10/25/2023		559		61
Freddie Mac (IO)
6.500% due 11/15/2007		1,772		103
7.000% due 06/15/2019		47		0
				172
Total Mortgage-Backed Securities (Cost $567,190)				570,797
ASSET-BACKED SECURITIES 4.9%
Advanta Revolving Home Equity Loan Trust
2.183% due 01/25/2024 (a)		93		93
American Residential Eagle Trust
2.153% due 07/25/2029 (a)		478		478
Bayview Financial Acquisition Trust
2.193% due 02/25/2030 (a)		1,044		1,043
Bear Stearns Asset Backed Securities, Inc.
2.003% due 06/15/2016 (a)		13,138		13,147
2.170% due 10/25/2032 (a)		15,023		15,011
Brazos Student Loan Finance Co.
2.620% due 06/01/2023 (a)		18,442		18,485
Capital Asset Research Funding LP
6.400% due 12/15/2004		962		982
5.905% due 12/15/2005		215		215
Conseco Finance
7.350% due 10/15/2030 (b)		1,169		1,259
Countrywide Home Equity Loan Trust
2.063% due 08/15/2025 (a)		531		527
CS First Boston Mortgage Securities Corp.
2.083% due 12/15/2030 (a)		4,252		4,248
2.150% due 02/25/2032 (a)		9,566		9,559
Delta Funding Home Equity Loan Trust
2.233% due 09/15/2029 (a)		723		723
First Franklin Mortgage Loan Trust Asset-Backed Certificates
2.160% due 09/25/2032 (a)		26,300		26,321
GMAC Mortgage Corp. Loan Trust
2.127% due 06/18/2027 (a)		888		885
Green Tree Home Improvement Loan Trust
1.993% due 08/15/2029 (a)		1,274		1,271
Irwin Whole Loan Home Equity Trust
2.080% due 07/25/2032 (a)		5,574		5,574
MLCC Mortgage Investors, Inc.
2.203% due 03/15/2025 (a)		2,702		2,699
New York City Tax Lien
5.590% due 09/10/2014		2,841		2,879
North Carolina State Education Authority
2.057% due 06/01/2009 (a)		5,366		5,377
Onyx Acceptance Auto Trust
7.160% due 09/15/2004		9,970		10,079
Premier Auto Trust
6.430% due 03/08/2004		466		473
Salomon Brothers Mortgage Securities VII
2.163% due 07/25/2029 (a)		221		218
2.243% due 11/15/2029 (a)		352		352
2.403% due 12/15/2029 (a)		2,000		1,999
2.176% due 12/25/2029 (a)		3,695		3,686
Saxon Asset Securities Trust
6.170% due 08/25/2021		91		91
Structured Product Asset Trust
3.160% due 06/20/2004 (a)		5,400		5,373

120   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
SVO Timeshare Mortgage Corporation
5.470% due 12/20/2006	$	1,042	$	1,088
UAF Auto Grantor Trust
6.100% due 06/15/2004		140		140
WFS Financial Owner Trust
5.700% due 11/20/2003		1,359		1,367
6.420% due 07/20/2004		214		217
7.750% due 11/20/2004		3,452		3,505
Total Asset-Backed Securities (Cost $139,101)				139,364
SOVEREIGN ISSUES 0.9%
Republic of Brazil
3.062% due 04/15/2006 (a)		34,656		22,831
11.500% due 03/12/2008		2,600		1,359
Total Sovereign Issues (Cost $33,036)				24,190
PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 96.000 Exp. 12/16/2002		790,000		10
Total Purchased Put Options (Cost $12)				10
SHORT-TERM INSTRUMENTS 29.2%
Commercial Paper 27.3%
Abbey National North America
1.750% due 12/10/2002		20,000		19,932
AT&T Corp.
3.605% due 04/18/2003		67,000		63,053
CDC
1.750% due 11/04/2002		85,000		84,859
Fannie Mae
1.860% due 10/01/2002		5,000		5,000
1.715% due 10/30/2002		21,000		20,971
Federal Home Loan Bank
1.658% due 10/23/2002		100,000		99,899
1.680% due 10/28/2002		9,000		8,989
HBOS Treasury Services PLC
1.730% due 11/20/2002		120,000		119,712
National Australia Funding, Inc.
1.750% due 10/03/2002		15,200		15,198
Pfizer, Inc.
1.730% due 10/21/2002		15,000		14,986
1.720% due 10/22/2002		50,000		49,950
1.730% due 10/28/2002		15,000		14,981
TotalFinaElf SA
1.970% due 10/31/2002		125,000		125,000
UBS Finance, Inc.
1.970% due 12/18/2002		125,000		125,000
				767,530
Repurchase Agreement 0.5%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Fannie Mae 5.000% due 02/03/2003 valued at $15,139. Repurchase proceeds are $14,839.)		14,838		14,838
U.S. Treasury Bills 1.4%
1.613% due 11/14/2002-11/29/2002 (c)(d)		39,245		39,148
Total Short-Term Instruments (Cost $825,222)				821,516
Total Investments 101.7% (Cost $2,881,809)			$	2,862,686
Written Options (f) (0.3%)				(8,797	)
(Premiums $11,629)
Other Assets and Liabilities (Net) (1.4%)				(39,717	)
Net Assets 100.0%			$	2,814,172

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

(c) Securities with an aggregate market value of $18,579 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation
United Kingdom 90 Day LIBOR Futures (12/2002)	60	$	205
Euribor Options March Futures (03/2003)	7,967		1,837
Euribor Options March Futures (03/2003)	11,988		0
Euribor Options March Futures (03/2003)	2,800		0
Euribor Options December Futures (12/2003)	6,790		1,026
U.S. Treasury 10 Year Note (12/2002)	230		850
Eurodollar December Futures (12/2002)	144		826
Eurodollar June Futures (06/2003)	211		1,335
		$	6,079

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Principal amount of security is adjusted for inflation.

(f) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 7.000 Exp. 01/07/2005	55,570,000	$	1,225	$	948
Call—OTC Broken Hill Proprietary Ltd.
6.420% due 03/01/2026
Strike @ 100.000 Exp. 03/01/2003	27,850,000		0		1,204
Call—OTC Norfolk Southern Corp.
7.050% due 05/01/2037
Strike @ 100.000 Exp. 05/01/2004	20,975,000		0		1,143
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.000 Exp. 01/07/2005	55,570,000		1,089		2,839
Put—CME Eurodollar March Futures
Strike @ 96.750 Exp. 03/17/2003	2,580		2,551		48
Call—CME Eurodollar June Futures
Strike @ 98.750 Exp. 06/16/2003	4,157		1,336		2,130
Put—CME Eurodollar June Futures
Strike @ 96.750 Exp. 06/16/2003	5,000		4,969		469
Put—CME Eurodollar December Futures
Strike @ 96.500 Exp. 12/16/2002	2,610		459		16
		$	11,629	$	8,797

(g) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
U.S. Treasury Note	5.500	05/15/2009	$	26,500	$	30,260	$	29,426

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   121

Schedule of Investments (Cont.)

Short-Term Fund

September 30, 2002 (Unaudited)

(h) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized (Depreciation)
Sell	BP	368	10/2002	$	(10	)
Sell	EC	1,014	11/2002		(1	)
				$	(11	)

(i) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Received a fixed amount equal to $73 and pay floating rate based on 3-month EC-LIBOR with 3.250% interest rate cap.
Broker: Salomon Brothers, Inc. Exp. 06/19/2003		EC        20,000	$	40
Receive floating rate based on 3-month LIBOR plus 0.470% and pay a fixed rate equal to 7.750%.
Broker: Morgan Stanley Exp. 06/15/2005	$	5,000		(617	)
Receive floating rate based on 3-month LIBOR plus 0.700% and pay a fixed rate equal to 6.420%.
Broker: Morgan Stanley Exp. 03/01/2003		27,850		(469	)
Receive floating rate based on 3-month LIBOR plus 1.150% and pay a fixed rate equal to 7.050%.
Broker: Morgan Stanley Exp. 05/01/2004		20,975		(1,299	)
Receive floating rate based on 3-month LIBOR plus 1.150% and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs Exp. 12/18/2004		233,600		(8,019	)
Receive a fixed rate equal to 0.430% and the Fund will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.750% due 06/15/2005.
Broker: Lehman Brothers, Inc. Exp. 07/11/2003		5,000		(206	)
Receive a fixed rate equal to 0.230% and the Fund will pay to the counterparty at par in the event of default of Associates Corp. 6.000% due 04/15/2003.
Broker: UBS—Warburg Exp. 01/14/2003		4,000		(2	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of Vodafone Group PLC 7.750% due 02/15/2010.
Broker: Lehman Brothers, Inc. Exp. 09/10/2003		13,300		(116	)
Receive a fixed rate equal to 2.700% and the Fund will pay to the counterparty at par in the event of default of El Paso Corp. 7.000% due 05/15/2011.
Broker: Credit Suisse First Boston Exp. 04/30/2005		5,000		(715	)
Receive a fixed rate equal to 1.150% and the Fund will pay to the counterparty at par in the event of default of United Mexican State 9.750% due 04/06/2006.
Broker: J.P. Morgan Chase & Co. Exp. 12/14/2002		5,000		9
Receive a fixed rate equal to 1.100% and the Fund will pay to the counterparty at par in the event of default of Republic of South Africa 9.125% due 05/19/2009.
Broker: J.P. Morgan Chase & Co. Exp. 07/28/2003		9,600		(3	)
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 8.875% due 09/30/2027.
Broker: Credit Suisse First Boston Exp. 03/08/2003		8,300		4
Receive a fixed rate equal to 1.450% and the Fund will pay to the counterparty at par in the event of default of Republic of Bulgaria 2.688% due 07/28/2011.
Broker: Goldman Sachs Exp. 04/15/2004		19,300		(207	)
Pay a Fixed rate equal to 0.880% and the Fund will receive from to the counterparty at par in the event of default of Republic of Bulgaria 2.688% due 07/28/2011.
Broker: Goldman Sachs Exp. 04/15/2003		19,300		61
Receive a fixed rate equal to 1.300% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 07/28/2011.
Broker: Goldman Sachs Exp. 04/15/2003		9,050		5
Receive a fixed rate equal to 0.950% and the Fund will pay to the counterparty at par in the event of default of Republic of South Africa 9.125% due 05/19/2009.
Broker: Goldman Sachs Exp. 04/15/2003		6,250		(2	)
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/28/2011.
Broker: Credit Suisse First Boston Exp. 03/08/2003		2,400		(12	)
Receive a fixed rate equal to 0.410% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.875% due 02/15/2012.
Broker: Goldman Sachs Exp. 06/07/2004		21,100		12

122   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Receive a fixed rate equal to 0.400% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.875% due 02/15/2012.
Broker: Goldman Sachs Exp. 06/07/2004	$	17,000	$	(70	)
Receive a fixed rate equal to 0.400% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.875%due 02/15/2012.
Broker: ABN AMRO Bank N.V. Exp. 07/11/2003		16,150		2
Receive floating rate based on 3-month LIBOR and Pay a fixed rate equal to 6.000%
Broker: Morgan Stanley Exp. 12/18/2007		7,900		(671	)
			$	(12,275	)

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   123

Schedule of Investments

Money Market Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 5.0%
Banking & Finance 3.7%
Associates Corp. of North America
6.375% due 10/15/2002	$	200	$	200
Bank of America Corp.
10.000% due 02/01/2003		200		205
Bank One North America
7.375% due 12/01/2002		40		40
Bear Stearns Cos., Inc.
2.148% due 03/28/2003 (a)		5,000		5,007
General Electric Capital Corp.
6.520% due 10/08/2002		865		866
5.930% due 01/17/2003		5,000		5,052
7.000% due 02/03/2003		2,325		2,360
8.700% due 02/15/2003		250		256
Heller Financial, Inc.
6.400% due 01/15/2003		566		573
Merrill Lynch & Co., Inc.
6.000% due 02/12/2003		100		101
Morgan Stanley, Dean Witter, Discover & Co.
6.875% due 03/01/2003		125		127
Paine Webber Group, Inc.
7.020% due 02/14/2003		100		102
Wells Fargo Financial, Inc.
6.250% due 11/01/2002		100		100
				14,989
Industrials 0.0%
E.I. du Pont de Nemours & Co.
6.750% due 10/15/2002		60		60
Utilities 1.3%
Southwestern Bell Telephone Co.
6.250% due 10/15/2002		5,000		5,007
Total Corporate Bonds & Notes (Cost $20,056)				20,056
U.S. GOVERNMENT AGENCIES 0.4%
Fannie Mae
4.020% due 10/04/2004		1,500		1,501
Total U.S. Government Agencies (Cost $1,501)				1,501
SHORT-TERM INSTRUMENTS 94.0%
Commercial Paper 93.5%
Abbey National North America
1.750% due 12/12/2002		8,000		7,972
Electricite De France
1.740% due 10/31/2002		3,000		2,996
Fannie Mae
1.860% due 10/01/2002		79,800		79,800
1.690% due 10/23/2002		21,500		21,478
1.715% due 10/30/2002		5,000		4,993
1.720% due 11/06/2002		16,000		15,973
1.710% due 11/20/2002		13,400		13,368
Federal Home Loan Bank
1.658% due 10/23/2002		13,000		12,987
1.680% due 10/28/2002		21,500		21,473
Freddie Mac
1.860% due 10/01/2002		63,000		63,000
1.650% due 10/24/2002		13,000		12,986
1.710% due 10/31/2002		1,000		999
GlaxoSmithKline PLC
1.680% due 11/13/2002		17,700		17,665
HBOS Treasury Services PLC
1.700% due 10/07/2002		1,000		1,000
1.730% due 10/15/2002		4,000		3,997
1.700% due 11/14/2002		6,000		5,988
Pfizer, Inc.
1.730% due 10/28/2002		12,000		11,984
Shell Finance
1.750% due 12/10/2002		15,000		14,949
Svenska Handelsbank
1.730% due 10/30/2002		17,000		16,976
Swedbank Forenings PLC
1.760% due 11/12/2002		10,000		9,979
TotalFinaElf SA
1.740% due 10/31/2002		14,200		14,179
UBS Finance, Inc.
1.750% due 12/18/2002		16,000		15,939
Westpac Trust Securities NZ Ltd.
1.710% due 12/05/2002		6,000		5,981
				376,662
Repurchase Agreement 0.5%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Federal Farm Credit Bank 3.125% due 10/01/2003 valued at $2,043. Repurchase proceeds are $2,000.)		2,000		2,000
Total Short-Term Instruments (Cost $378,662)				378,662
Total Investments 99.4% (Cost $400,219)			$	400,219
Other Assets and Liabilities (Net) 0.6%				2,521
Net Assets 100.0%			$	402,740

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

124   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

Long-Term U.S. Government Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 6.8%
Banking & Finance 4.6%
Bankunited FSB
5.400% due 02/02/2004	$	2,000	$	2,078
CIT Group, Inc.
1.880% due 08/14/2003 (a)		700		695
Ford Motor Credit Co.
2.076% due 06/02/2003 (a)		1,900		1,860
2.070% due 04/26/2004 (a)		6,000		5,666
General Electric Capital Corp.
6.750% due 03/15/2032		8,700		9,362
General Motors Acceptance Corp.
2.580% due 01/20/2004 (a)		6,000		5,892
Merrill Lynch & Co., Inc.
2.110% due 03/08/2004 (a)		600		601
Morgan Stanley
1.930% due 09/19/2003 (a)		1,600		1,601
National Rural Utilities Cooperative Finance Corp.
1.990% due 07/17/2003 (a)		5,000		4,979
2.820% due 04/26/2004 (a)		3,000		3,009
Postal Square LP
6.500% due 06/15/2022		1,819		2,077
Verizon Global Funding Corp.
7.750% due 12/01/2030		2,800		2,805
				40,625
Industrials 1.7%
Caterpillar, Inc.
7.300% due 05/01/2031		1,620		1,969
Continental Airlines, Inc.
6.320% due 11/01/2008		2,120		2,058
DaimlerChrysler North America Holding Corp.
7.750% due 05/27/2003		5,000		5,152
2.053% due 08/16/2004 (a)		3,000		2,958
Ford Motor Co.
7.450% due 07/16/2031		2,800		2,310
				14,447
Utilities 0.5%
BellSouth Corp.
6.875% due 10/15/2031		3,700		4,016
Total Corporate Bonds & Notes (Cost $57,851)				59,088
U.S. GOVERNMENT AGENCIES 8.1%
Fannie Mae
5.650% due 03/21/2006		500		509
6.320% due 03/03/2008		6,500		6,606
5.500% due 03/20/2009		3,630		3,681
7.125% due 01/15/2030		580		721
Federal Home Loan Bank
3.000% due 06/28/2004		5,000		5,059
5.560% due 10/30/2006		500		501
Freddie Mac
3.550% due 03/25/2004		4,000		4,033
5.125% due 07/15/2012		17,400		18,496
4.000% due 02/13/2017		4,800		4,981
6.750% due 03/15/2031		6,300		7,608
Resolution Funding Corp.
0.000% due 01/15/2030		5,000		1,170
Tennessee Valley Authority
7.140% due 05/23/2012		4,000		4,879
7.125% due 05/01/2030		10,000		12,520
Total U.S. Government Agencies (Cost $66,939)				70,764
U.S. TREASURY OBLIGATIONS 14.9%
Treasury Inflation Protected Securities (e)
3.875% due 04/15/2029		30,126		37,074
U.S. Treasury Bonds
10.625% due 08/15/2015		21,500		35,296
6.250% due 08/15/2023		35,900		42,822
5.250% due 11/15/2028		14,100		14,989
Total U.S. Treasury Obligations (Cost $123,691)				130,181
MORTGAGE-BACKED SECURITIES 26.3%
Collateralized Mortgage Obligations 18.3%
Bank of America Mortgage Securities, Inc.
5.819% due 10/20/2032 (a)		15,500		15,759
Bear Stearns Adjustable Rate Mortgage Trust
6.167% due 12/25/2031 (a)		2,683		2,753
6.264% due 01/25/2032 (a)		2,987		3,026
Bear Stearns Mortgage Securities, Inc.
7.100% due 06/25/2024		385		384
5.457% due 06/25/2030 (a)		456		454
California Federal Bank
5.209% due 08/25/2030 (a)		248		252
Chase Mortgage Finance Corp.
6.500% due 06/25/2028		222		222
6.750% due 08/25/2028		1,850		1,921
Chemical Mortgage Securities, Inc.
7.250% due 01/25/2026		1,148		1,146
Countrywide Funding Corp.
6.500% due 01/25/2009		53		53
Countrywide Home Loans
5.986% due 03/19/2032 (a)		882		905
CS First Boston Mortgage Securities Corp.
7.500% due 02/25/2031		232		239
Fannie Mae
6.250% due 12/25/2013		77		81
2.410% due 10/25/2017 (a)		1,521		1,535
6.950% due 07/25/2020		548		590
7.000% due 04/25/2022		1,011		1,109
7.000% due 06/25/2022		487		528
7.000% due 10/25/2022		1,884		2,065
7.800% due 10/25/2022		222		241
6.900% due 05/25/2023		755		848
7.000% due 05/25/2023		1,537		1,692
7.000% due 06/25/2023		648		723
7.000% due 07/25/2023		64		72
6.000% due 08/25/2023		159		172
6.500% due 08/25/2023		924		1,005
4.500% due 10/25/2023		305		251
6.500% due 11/25/2023		2,000		2,105
6.500% due 12/25/2023		123		131
6.500% due 12/25/2023		3,932		3,973
6.500% due 12/25/2023		328		354
6.500% due 01/25/2024		828		840
6.500% due 01/25/2024		239		263
6.500% due 02/25/2024		349		352
6.000% due 05/17/2027		2,500		2,656
7.000% due 05/18/2027		1,840		2,015
6.750% due 06/25/2032		4,045		4,442
Federal Agricultural Mortgage Corp.
7.238% due 07/25/2011		3,256		3,660
First Boston Mortgage Securities Corp.
7.300% due 07/25/2023		1,728		1,726
Freddie Mac
9.500% due 01/15/2005		4		5
8.000% due 02/15/2015		499		522
4.250% due 12/15/2021		66		66
7.000% due 07/15/2022		778		822
7.000% due 05/15/2023		311		346
7.000% due 08/15/2023		386		417
6.250% due 09/15/2023		5,000		5,533
7.000% due 09/15/2023		937		1,038
7.410% due 10/25/2023		597		627
6.000% due 11/15/2023		1,103		1,154
6.500% due 11/15/2023		172		183
6.500% due 11/15/2023		310		338

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   125

Schedule of Investments (Cont.)

Long-Term U.S. Government Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
6.500% due 11/15/2023	$	635	$	660
6.500% due 11/25/2023		688		734
6.250% due 12/15/2023		580		616
6.500% due 12/15/2023		1,196		1,276
7.000% due 01/15/2024		115		128
6.500% due 02/15/2024		223		247
6.500% due 03/15/2024		1,182		1,253
6.500% due 03/15/2024		290		299
6.500% due 11/15/2027		1,350		1,335
6.000% due 12/15/2028		2,491		2,512
6.500% due 03/15/2029		300		301
6.000% due 05/15/2029		122		119
6.500% due 06/15/2031		7,011		7,176
6.000% due 12/15/2031		2,092		2,131
6.000% due 08/15/2032		14,070		13,665
1.000% due 09/15/2032		5,000		4,536
6.000% due 09/15/2032		7,000		6,864
General Electric Capital Mortgage Services, Inc.
9.000% due 10/25/2023		33		34
6.500% due 11/25/2023		3,000		3,108
6.500% due 03/25/2024		600		607
6.650% due 05/25/2028		2,188		2,205
German American Capital Corp.
7.000% due 08/12/2010		3,000		3,368
Government National Mortgage Association
7.000% due 03/16/2029		319		344
6.000% due 05/20/2029		4,737		4,783
Merrill Lynch Mortgage Investors, Inc.
6.050% due 10/15/2008		1,165		1,186
Norwest Asset Securities Corp.
6.750% due 07/25/2028		3,000		3,023
6.750% due 10/25/2028		954		993
PNC Mortgage Securities Corp.
7.500% due 01/25/2015		1,791		1,927
7.500% due 02/25/2027		1,184		1,186
2.290% due 12/25/2030 (a)		1,336		1,338
Prudential Home Mortgage Securities
6.950% due 09/25/2023		81		82
5.900% due 12/25/2023		32		32
6.500% due 01/25/2024		1,000		1,039
8.000% due 06/25/2024		205		210
Residential Accredit Loans, Inc.
7.000% due 02/25/2028		1,994		2,044
Residential Funding Mortgage Securities I, Inc
7.500% due 04/25/2027		1,031		1,036
7.500% due 11/25/2030		1,148		1,149
Resolution Trust Corp.
5.225% due 05/25/2029 (a)		411		401
Sequoia Mortgage Trust
2.160% due 05/20/2032 (a)		4,048		3,969
Structured Asset Mortgage Investments, Inc.
7.140% due 02/25/2030 (a)		855		890
Structured Asset Securities Corp.
6.250% due 01/25/2032 (a)		319		328
2.310% due 07/25/2032 (a)		5,860		5,881
United Mortgage Securities Corp.
5.541% due 06/25/2032 (a)		2,233		2,276
Washington Mutual, Inc.
6.500% due 10/19/2029		1,144		1,180
				160,065
Fannie Mae 1.5%
4.470% due 08/01/2026 (a)		83		85
4.590% due 08/01/2026 (a)		78		80
5.257% due 11/01/2023 (a)		1,400		1,439
5.552% due 10/01/2024 (a)		921		951
5.949% due 02/01/2028 (a)		130		135
6.070% due 10/01/2024 (a)		24		25
6.500% due 05/01/2003-07/01/2005 (a)(b)		1,573		1,596
6.622% due 12/01/2027 (a)		928		955
6.805% due 04/01/2028 (a)		1,409		1,475
7.000% due 03/01/2004-05/01/2004 (a)(b)		2,440		2,476
7.342% due 01/01/2026 (a)		327		348
7.492% due 05/01/2025 (a)		544		574
7.500% due 02/01/2004-10/01/2004 (b)		826		850
8.500% due 04/01/2028		810		881
9.000% due 08/01/2021-06/01/2027 (b)		940		1,037
				12,907
Federal Housing Administration 2.7%
6.896% due 07/01/2020		2,354		2,343
7.000% due 11/25/2019		3,238		3,165
7.400% due 12/18/2018		1,477		1,518
7.421% due 11/01/2019		60		62
7.430% due 08/01/2019-06/01/2024 (b)		16,492		16,745
				23,833
Freddie Mac 0.8%
4.276% due 12/01/2024 (a)		543		555
4.822% due 06/01/2022 (a)		31		32
5.017% due 10/01/2026 (a)		180		185
6.098% due 05/01/2022 (a)		51		53
6.347% due 01/01/2028 (a)		1,131		1,169
6.634% due 09/01/2027 (a)		1,450		1,508
6.879% due 01/01/2028 (a)		702		733
7.450% due 03/25/2022		682		694
7.468% due 02/01/2028 (a)		979		1,042
7.500% due 06/01/2004-10/01/2004 (b)		859		880
8.000% due 05/01/2004		469		473
				7,324
Government National Mortgage Association 2.6%
4.500% due 05/20/2030 (a)		7,392		7,571
5.375% due 02/20/2017-01/20/2028 (a)(b)		6,597		6,801
6.625% due 12/20/2017-11/20/2027 (a)(b)		2,573		2,661
6.750% due 09/20/2017-09/20/2026 (a)(b)		3,088		3,183
6.800% due 05/15/2040		1,977		2,252
				22,468
Stripped Mortgage-Backed Securities 0.4%
Fannie Mae (IO)
6.500% due 08/25/2020		27		0
6.500% due 09/25/2021		156		10
1014.600% due 09/25/2007		2		25
1197.967% due 08/25/2007		3		50
Fannie Mae (PO)
0.000% due 03/25/2009		2,944		2,715
Freddie Mac (IO)
6.000% due 10/15/2007		18		0
6.500% due 11/15/2003		619		21
6.500% due 10/15/2007		192		11
6.500% due 11/15/2008		431		46
7.000% due 12/15/2023		699		86
7.500% due 06/15/2007		58		1
19.100% due 02/15/2007		2		16
Norwest Asset Securities Corp. (IO)
7.250% due 02/25/2012		42		1
				2,982
Total Mortgage-Backed Securities (Cost $220,232)				229,579
ASSET-BACKED SECURITIES 7.2%
Ace Securities Corp.
2.150% due 06/25/2032 (a)		5,855		5,845
AmeriCredit Automobile Receivables Trust
3.780% due 02/12/2007		3,600		3,686
Bayview Financial Acquisition Trust
2.220% due 02/25/2030 (a)		249		249
Bear Stearns Asset-Backed Securities, Inc.
2.140% due 10/25/2032 (a)		3,704		3,701
Countrywide Asset-Backed Certificates
2.070% due 05/25/2032 (a)		1,926		1,917
CS First Boston Mortgage Securities Corp.
2.083% due 12/15/2030 (a)		1,701		1,699
Household Automotive Trust
2.750% due 05/17/2005		8,700		8,780
Household Mortgage Loan Trust
2.097% due 05/20/2032 (a)		6,483		6,480
HPSC Equipment Receivables LLC
2.120% due 11/22/2007 (a)		5,216		5,219

126   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
IMC Home Equity Loan Trust
1.990% due 03/25/2027 (a)	$	125	$	125
Mellon Residential Funding Corp.
1.940% due 01/25/2008 (a)		953		953
Novastar Home Equity Loan
2.090% due 01/25/2031 (a)		4,062		4,045
NPF XII, Inc.
2.240% due 10/01/2003 (a)(h)		3,000		2,993
Provident Bank Equipment Lease Trust
2.110% due 11/25/2011 (a)		1,690		1,695
Residential Funding Mortgage Securities II, Inc.
4.130% due 07/25/2011		5,000		5,088
SLM Student Loan Trust
2.402% due 01/25/2007 (a)		167		167
2.276% due 10/27/2025 (a)		1,593		1,593
WFS Financial Owner Trust
2.820% due 05/20/2005		8,700		8,780
Total Asset-Backed Securities (Cost $62,690)				63,015
PURCHASED CALL OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 99.250 Exp. 12/16/2002		430,000		16
Total Purchased Call Options (Cost $7)				16
PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 95.750 Exp. 12/16/2002		330,000		2
U.S. Treasury Note (OTC)
6.000% due 12/31/2002
Strike @ 108.000 Exp. 11/23/2002		400,000		500
Total Purchased Put Options (Cost $645)				502
SHORT-TERM INSTRUMENTS 37.6%
Commercial Paper 33.7%
Fannie Mae
1.860% due 10/01/2002		120,000		119,999
Freddie Mac
1.860% due 10/01/2002		175,000		175,000
				294,999
Repurchase Agreement 0.7%
State Street Bank
1.550% due 10/01/2002		6,000		6,000
(Dated 09/30/2002. Collateralized by Federal Home Loan Bank 2.770% due 08/19/2004 valued at $6,124. Repurchase proceeds are $6,000.)
U.S. Treasury Bills 3.2%
1.607% due 11/14/2002-11/29/2002 (b)(d)		28,125		28,056
Total Short-Term Instruments (Cost $329,055)				329,055
Total Investments 100.9% (Cost $861,110)			$	882,200
Written Options (c) (1.0%)				(8,492	)
(Premiums $3,415)
Other Assets and Liabilities (Net) 0.1%				367
Net Assets 100.0%			$	874,075

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(c) Premiums received on written options:

Type	# of Contracts	Premium		Value
Call-OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.250 Exp. 07/19/2004	40,000,000	$	1,052	$	2,666
Call-OTC 3 Month LIBOR Interest Rate Swap
Strike @ 3.500 Exp. 07/22/2003	50,000,000		277		928
Call-CME Eurodollar March Futures
Strike @ 98.000 Exp. 03/17/2003	346		143		504
Call-CME Eurodollar December Futures
Strike @ 98.500 Exp. 12/16/2002	769		267		317
Call-CBOT U.S. Treasury Note December Futures
Strike @ 110.000 Exp. 11/23/2002	170		148		1,041
Call-CBOT U.S. Treasury Note December Futures
Strike @ 109.000 Exp. 11/23/2002	172		160		1,212
Call-CBOT U.S. Treasury Note December Futures
Strike @ 116.000 Exp. 11/23/2002	422		502		686
Call-CBOT U.S. Treasury Note December Futures
Strike @ 114.000 Exp. 11/23/2002	400		661		1,125
Put-CBOT U.S. Treasury Note December Futures
Strike @ 104.000 Exp. 11/23/2002	400		205		13
		$	3,415	$	8,492

(d) Securities with an aggregate market value of $23,321 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation/(Depreciation)
U.S. Treasury 5 Year Note (12/2002)	41	$	(6	)
U.S. Treasury 10 Year Note (12/2002)	2,417		4,973
U.S. Treasury 30 Year Bond (12/2002)	4,672		16,186
Eurodollar December Futures (12/2003)	375		272
Eurodollar March Futures (03/2004)	164		128
		$	21,553

(e) Principal amount of security is adjusted for inflation.

(f) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
U.S. Treasury Notes	6.500	02/15/2010	$	20,000	$	24,142	$	23,623

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   127

Schedule of Investments (Cont.)

Long-Term U.S. Government Fund

September 30, 2002 (Unaudited)

(g) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized (Depreciation)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs
Exp. 12/18/2004	$	24,400	$	(282	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 3.000%.
Broker: UBS—Warburg
Exp. 12/18/2004		40,000		(247	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 3.000%.
Broker: Lehman Brothers, Inc.
Exp. 12/18/2004		10,000		(81	)
Receive a fixed rate equal to 0.230% and the Fund will pay to the counterparty at par in the event of default of Associates Corp. 6.000% due 04/15/2003.
Broker: UBS—Warburg
Exp. 01/14/2003		3,000		(2	)
			$	(612	)

(h) Subsequent to September 30, 2002, the issuer declared bankruptcy.

128   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

Investment Grade Corporate Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 83.8%
Banking & Finance 17.9%
Bank One Corp.
9.875% due 03/01/2009	$	180	$	236
Bowater Canada Finance
7.950% due 11/15/2011		100		100
Deutsche Telekom International Finance BV
8.000% due 06/15/2010		200		220
8.750% due 06/15/2030		250		269
Dime Bancorp, Inc.
9.000% due 12/19/2002		50		51
Gemstone Investors Ltd.
7.710% due 10/31/2004		50		40
General Electric Capital Corp.
6.000% due 06/15/2012		350		378
General Motors Acceptance Corp.
7.250% due 03/02/2011		100		100
Golden State Holdings
7.000% due 08/01/2003		100		103
Goldman Sachs Group, Inc.
6.600% due 01/15/2012		100		110
Household Finance Corp.
8.000% due 07/15/2010		75		78
J.P. Morgan Chase & Co.
6.750% due 02/01/2011		200		219
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		200		90
				1,994
Industrials 46.3%
Ahold Finance USA, Inc.
8.250% due 07/15/2010		100		115
Ahold Lease USA, Inc.
7.820% due 01/02/2020		100		123
Allied Waste North America, Inc.
7.375% due 01/01/2004		100		99
American Airlines, Inc.
10.180% due 01/02/2013		75		73
AOL Time Warner, Inc.
6.750% due 04/15/2011		75		69
6.875% due 05/01/2012		200		182
Archstone-Smith Trust
7.900% due 02/15/2016		100		118
BB&T Corp.
6.500% due 08/01/2011		120		137
Beckman Coulter, Inc.
6.875% due 11/15/2011		100		112
Boise Cascade Corp.
7.500% due 02/01/2008		50		52
Centex Corp.
7.500% due 01/15/2012		100		111
Cox Communications, Inc.
6.150% due 08/01/2003 (a)		100		98
7.750% due 11/01/2010		100		104
Cyprus Amax Minerals Co.
7.375% due 05/15/2007		100		106
DaimlerChrysler North America Holding Corp.
7.300% due 01/15/2012		100		111
Delta Air Lines, Inc.
6.299% due 09/18/2006		100		99
10.500% due 04/30/2016		50		42
Federated Department Stores
6.625% due 04/01/2011		85		92
Harrahs Operating Co., Inc.
7.500% due 01/15/2009		100		111
HEALTHSOUTH Corp.
8.500% due 02/01/2008		100		75
Hilton Hotel Corp.
8.250% due 02/15/2011		100		104
International Business Machines Corp.
8.375% due 11/01/2019		100		123
ITT Destinations, Inc.
6.750% due 11/15/2005		100		96
Jupiters Ltd.
8.500% due 03/01/2006		100		101
Midwest Generation LLC
8.560% due 01/02/2016		100		72
Northwest Airlines, Inc.
8.520% due 04/07/2004		50		33
Park Place Entertainment Corp.
7.950% due 08/01/2003		215		219
Public Service of Colorado
7.875% due 10/01/2012		1,500		1,504
Qwest Corp.
6.875% due 09/15/2033		100		68
RJ Reynolds Tobacco Holdings, Inc.
7.625% due 09/15/2003		100		104
Sonat, Inc.
6.750% due 10/01/2007		100		67
System Energy Resources, Inc.
7.430% due 01/15/2011		68		74
Telus Corp.
8.000% due 06/01/2011		100		77
United Air Lines, Inc.
10.125% due 03/22/2015		100		82
Waste Management, Inc.
7.375% due 08/01/2010		200		211
7.100% due 08/01/2026		40		41
7.750% due 05/15/2032		120		122
Williams Cos., Inc.
7.125% due 09/01/2011		50		31
				5,158
Utilities 19.6%
AT&T Corp.
8.000% due 11/15/2031		300		278
AT&T Wireless Services, Inc.
7.875% due 03/01/2011		100		77
CenturyTel, Inc.
7.750% due 10/15/2002		100		100
CMS Panhandle Holding Co.
6.125% due 03/15/2004		100		96
Duke Energy Corp.
6.250% due 01/15/2012		100		108
Dynegy Holdings, Inc.
6.875% due 04/01/2011		40		12
El Paso Corp.
7.800% due 08/01/2031		400		253
France Telecom SA
9.250% due 03/01/2011		200		219
10.000% due 03/01/2031		200		222
Mirant Americas Generation LLC
8.300% due 05/01/2011		100		51
Niagara Mohawk Power Co.
7.750% due 05/15/2006		100		114
Pinnacle Partners
8.830% due 08/15/2004		200		190
PSEG Energy Holdings, Inc.
8.500% due 06/15/2011		100		77
South Point Energy
8.400% due 05/30/2012		91		61
Sprint Capital Corp.
6.875% due 11/15/2028		200		115
Transcontinental Gas Pipe Line
8.875% due 07/15/2012		100		95
Verizon Wireless, Inc.
2.220% due 12/17/2003 (a)		100		96
WorldCom, Inc.
7.550% due 04/01/2004 (b)		100		12
				2,176
Total Corporate Bonds & Notes (Cost $9,712)				9,328

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   129

Schedule of Investments (Cont.)

Investment Grade Corporate Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
SOVEREIGN ISSUES 2.1%
Republic of South Africa
9.125% due 05/19/2009	$	100	$	116
United Mexican States
9.750% due 04/06/2005		100		112
Total Sovereign Issues (Cost $210)				228
CONVERTIBLE BONDS & NOTES 1.8%
Banking & Finance 1.8%
Verizon Global Funding Corp.
4.250% due 09/15/2005		200		201
Total Convertible Bonds & Notes (Cost $201)				201
SHORT-TERM INSTRUMENTS 11.8%
Commercial Paper 10.8%
Freddie Mac
1.710% due 10/31/2002		100		100
GlaxoSmithKline PLC
1.680% due 11/13/2002		900		898
Svenska Handelsbank
1.750% due 10/30/2002		200		200
				1,198
Repurchase Agreement 0.8%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collaterized by Fannie Mae 0.00% due 10/10/2002 valued at $90. Repurchase proceeds are $87.)		87		87
U.S. Treasury Bills 0.2%
1.590% due 11/14/2002 (c)		25		25
Total Short-Term Instruments (Cost $1,310)				1,310
Total Investments 99.5% (Cost $11,433)			$	11,067
Written Options (d) (0.3%) (Premiums $25)				(38	)
Other Assets and Liabilities (Net) 0.8%				99
Net Assets 100.0%			$	11,128

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

(c) Securities with an aggregate market value of $25 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
EuroBond 10 Year Note (12/2002)	2	$	3
10 Year Interest Rate Swap Future (12/2002)	1		3
Eurodollar December Futures (12/2002)	11		65
Eurodollar March Futures (03/2003)	2		(11	)
		$	60

(d) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/19/2004	100,000	$	4	$	3
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/19/2004	100,000		4		9
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.500 Exp. 01/07/2005	300,000		7		21
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 7.000 Exp. 01/07/2005	300,000		10		5
		$	25	$	38

(e) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
U.S. Treasury Notes	4.375	08/15/2012	$	1,600	$	1,702	$	1,678

(f) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: CITIBANK N.A., London
Exp. 06/17/2012	EC	200	$	(10	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: Bank of America
Exp. 12/18/2007	$	100		8
			$	(2	)

130   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

High Yield Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 72.2%
Banking & Finance 8.5%
Arvin Capital
9.500% due 02/01/2027	$	14,500	$	14,656
Beaver Valley Funding Corp.
8.625% due 06/01/2007		15,323		15,761
9.000% due 06/01/2017		9,432		9,985
Bluewater Finance Ltd.
10.250% due 02/15/2012		21,770		20,573
Case Credit Corp.
6.125% due 02/15/2003		6,479		6,389
Cedar Brakes II, LLC.
9.875% due 09/01/2013		17,757		13,052
Choctaw Resort Development Enterprise
9.250% due 04/01/2009		5,575		5,798
Credit & Repackaged Securities Ltd.
11.100% due 12/19/2004		3,000		2,997
10.250% due 10/30/2006		10,150		10,954
8.500% due 11/09/2006		3,000		3,240
8.900% due 04/01/2007		5,000		5,000
Credit Links
9.400% due 06/14/2005		15,900		16,710
Deutsche Telekom International Finance BV
8.250% due 06/15/2030		11,750		12,892
Finova Group, Inc.
7.500% due 11/15/2009 (a)		42,225		13,090
Gemstone Investors Ltd.
7.710% due 10/31/2004		32,550		26,073
Golden State Holdings
7.000% due 08/01/2003		725		746
7.125% due 08/01/2005		24,797		27,038
JET Equipment Trust
10.000% due 06/15/2012		8,680		4,259
7.630% due 08/15/2012		2,820		1,735
MDP Acquisition PLC
9.625% due 10/01/2012		11,100		11,017
Morgan Stanley, Dean Witter & Co.
1.277% due 05/01/2012		5,992		5,394
Presidential Life Insurance Corp.
7.875% due 02/15/2009		7,451		8,049
Pride Credit Linked
8.850% due 04/02/2007		5,000		5,000
Qwest Capital Funding, Inc.
7.900% due 08/15/2010		6,930		3,153
7.250% due 02/15/2011		75,150		33,817
7.750% due 02/15/2031		5,730		2,321
Reliance Group Holdings, Inc.
9.000% due 11/15/2049 (a)		3,769		188
Rotech Healthcare, Inc.
9.500% due 04/01/2012		7,050		6,645
Steers Credit Backed Trust
7.464% due 05/27/2003 (b)		12,500		12,500
Ventas Capital Corp.
8.750% due 05/01/2009		14,150		14,574
				313,606
Industrials 49.9%
Allied Waste North America, Inc.
7.375% due 01/01/2004		1,850		1,841
8.875% due 04/01/2008		7,129		6,951
8.500% due 12/01/2008		26,920		25,709
7.875% due 01/01/2009		36,145		33,796
10.000% due 08/01/2009		15,420		14,263
American Airlines, Inc.
10.610% due 03/04/2010		650		647
American Cellular Corp.
9.500% due 10/15/2009		21,975		2,967
American Media Operation, Inc.
10.250% due 05/01/2009		16,294		16,946
AmeriGas Partners LP
10.000% due 04/15/2006		8,500		8,882
10.125% due 04/15/2007		3,562		3,651
8.830% due 04/19/2010		18,815		20,195
AM-FM, Inc.
8.125% due 12/15/2007		2,100		2,163
Amphenol Corp.
9.875% due 05/15/2007		5,174		5,420
AOL Time Warner, Inc.
6.125% due 04/15/2006		26,160		24,646
Arco Chemical Co.
9.375% due 12/15/2005		9,825		9,334
10.250% due 11/01/2010		6,000		5,505
Armkel LLC
9.500% due 08/15/2009		3,015		3,196
Avecia Group PLC
11.000% due 07/01/2009		21,075		20,337
Barrett Resources Corp.
7.550% due 02/01/2007		8,407		7,901
Beverly Enterprises, Inc.
9.000% due 02/15/2006		19,870		16,691
9.625% due 04/15/2009		12,400		10,416
British Sky Broadcasting Group PLC
6.875% due 02/23/2009		4,630		4,475
8.200% due 07/15/2009		13,999		14,231
BRL Universal Equipment
8.875% due 02/15/2008		5,150		5,279
Building Materials Corp.
7.750% due 07/15/2005		1,121		960
8.000% due 10/15/2007		1,007		822
8.000% due 12/01/2008		10,351		8,345
Cadmus Communications Corp.
9.750% due 06/01/2009		6,600		6,641
Canwest Media, Inc.
10.625% due 05/15/2011		13,075		13,696
Case Corp.
6.250% due 12/01/2003		16,660		16,166
Century Aluminum Co.
11.750% due 04/15/2008		7,425		7,165
CF Cable TV, Inc.
9.125% due 07/15/2007		7,549		7,991
Charter Communications Holdings LLC
8.250% due 04/01/2007		11,845		7,344
8.625% due 04/01/2009		6,409		3,974
10.000% due 04/01/2009		19,297		12,061
10.750% due 10/01/2009		10,560		6,706
9.625% due 11/15/2009		26,775		16,467
9.920% due 04/01/2011 (c)		10,250		4,817
Chesapeake Energy Corp.
9.000% due 08/15/2012		15,600		16,107
CMS Panhandle Holding Co.
6.500% due 07/15/2009		4,450		3,847
7.000% due 07/15/2029		3,415		2,555
Coastal Corp.
7.750% due 06/15/2010		3,500		2,489
9.625% due 05/15/2012		2,550		1,877
Community Health Systems, Inc.
10.000% due 03/13/2007		3,500		3,745
Compass Minerals Group, Inc.
10.000% due 08/15/2011		4,275		4,553
Continental Airlines, Inc.
7.033% due 06/15/2011		1,970		1,502
7.461% due 04/01/2015		3,507		3,293
7.373% due 12/15/2015		10,000		7,858
Continental Cablevision
9.500% due 08/01/2013		7,900		7,668
Crown Castle International Corp.
0.000% due 11/15/2007		4,615		3,161
10.750% due 08/01/2011		21,640		14,607
CSC Holdings, Inc.
8.125% due 07/15/2009		4,790		3,952
8.125% due 08/15/2009		4,275		3,527
7.625% due 04/01/2011		39,750		31,800
7.625% due 07/15/2018		16,900		12,928
DaVita, Inc.
4.780% due 04/30/2009		829		831
4.798% due 04/30/2009		14		14

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   131

Schedule of Investments (Cont.)

High Yield Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
4.812% due 04/30/2009	$	653	$	654
5.075% due 04/30/2009		829		831
5.160% due 04/30/2009		653		654
Delta Air Lines, Inc.
9.450% due 02/14/2006		200		185
9.300% due 01/02/2010		1,800		1,472
Dimon, Inc.
6.250% due 03/31/2007		29,531		25,157
9.625% due 10/15/2011		2,775		2,917
Dresser, Inc.
9.375% due 04/15/2011		30,945		30,171
Dunlop Stand Aerospace Holdings
11.875% due 05/15/2009		9,575		9,766
Dynegy Danskammer & Roseton LLC
7.670% due 11/08/2016		2,500		1,252
Echostar Communications Corp.
9.250% due 02/01/2006 (b)		21,577		20,822
9.375% due 02/01/2009 (b)		23,346		22,529
Equistar Chemical/Funding
10.125% due 09/01/2008		16,695		15,025
Equistar Chemicals LP
8.750% due 02/15/2009		9,050		7,748
Extended Stay America, Inc.
9.875% due 06/15/2011		17,150		16,635
Extendicare Health Services
9.350% due 12/15/2007		10,050		9,108
Extendicare Health Services, Inc.
9.500% due 07/01/2010		1,200		1,218
Fairpoint Communications, Inc.
6.358% due 05/01/2008 (b)		2,000		1,110
9.500% due 05/01/2008		5,912		3,281
12.500% due 05/01/2010		150		91
Ferrellgas Partners LP
6.990% due 08/01/2005		7,000		7,181
7.120% due 08/01/2008		5,000		5,243
7.240% due 08/01/2010		10,000		11,026
8.750% due 06/15/2012		17,040		17,466
Fisher Scientific International
9.000% due 02/01/2008		19,764		20,406
Flag Ltd.
8.250% due 01/30/2008 (a)		19,741		592
Foamex International, Inc.
10.750% due 04/01/2009 (d)		11,865		10,738
Fort James Corp.
6.700% due 11/15/2003		15,850		15,221
Fresenius Medical Care
7.875% due 06/15/2011		18,995		15,576
Gap, Inc.
5.625% due 05/01/2003		4,605		4,583
Garden State Newspapers
8.750% due 10/01/2009		12,365		12,272
8.625% due 07/01/2011 (b)		10,876		10,686
Georgia-Pacific Corp.
8.125% due 05/15/2011		5,150		4,301
9.875% due 11/01/2021		900		731
9.625% due 03/15/2022		5,000		4,009
9.500% due 05/15/2022		12,659		9,833
9.125% due 07/01/2022		5,710		4,350
8.250% due 03/01/2023		3,100		2,191
8.125% due 06/15/2023		11,600		7,907
8.875% due 05/15/2031		3,835		2,787
Giant Industries, Inc.
11.000% due 05/15/2012		7,825		5,517
Golden Northwest Aluminum
12.000% due 12/15/2006		950		366
Gray Television, Inc.
9.250% due 12/15/2011		15,170		15,549
Greif Bros. Corp.
8.875% due 08/01/2012		11,505		11,505
H&E Equipment Services LLC
11.125% due 06/15/2012		17,320		13,769
HEALTHSOUTH Corp.
8.500% due 02/01/2008		9,480		7,157
8.375% due 10/01/2011		19,600		14,406
Hercules, Inc.
11.125% due 11/15/2007		11,625		12,729
HMH Properties, Inc.
7.875% due 08/01/2005		4,110		3,987
Hollinger International Publishing
9.250% due 02/01/2006		15,725		15,961
9.250% due 03/15/2007		7,835		7,992
Hollinger Participation Trust
12.125% due 11/15/2010 (e)		16,364		14,319
Host Marriott LP
8.375% due 02/15/2006 (b)		12,712		12,331
9.500% due 01/15/2007		19,885		19,935
9.250% due 10/01/2007		4,710		4,686
Ingles Markets, Inc.
8.875% due 12/01/2011		12,075		11,049
Insight Midwest/Insight Capital
9.750% due 10/01/2009		1,000		885
10.500% due 11/01/2010		19,586		17,529
SP Chemco, Inc.
10.250% due 07/01/2011		24,105		24,105
ISP Holdings, Inc.
10.625% due 12/15/2009		10,854		9,823
Johnsondiversey, Inc.
9.625% due 05/15/2012		9,195		9,218
Jupiters Ltd.
8.500% due 03/01/2006		12,725		12,852
Kmart Corp.
12.350% due 01/01/2008 (d)		3,435		958
Leviathan Gas Corp.
10.375% due 06/01/2009		6,548		6,712
Limestone Electron Trust
8.625% due 03/15/2003		14,925		13,295
Lyondell Chemical Co.
9.625% due 05/01/2007 (b)		10,774		9,993
9.500% due 12/15/2008		6,100		5,536
11.125% due 07/15/2012		5,600		5,404
Lyondell Petroleum
6.280% due 06/30/2006		147		147
Mail-Well Corp.
9.625% due 03/15/2012		17,535		12,187
Mandalay Resort Group
6.750% due 07/15/2003		18,232		18,414
7.625% due 07/15/2013		680		639
6.700% due 11/15/2096		3,450		3,463
Marsh Supermarkets, Inc.
8.875% due 08/01/2007		6,616		6,285
Mediacom Broadband LLC
11.000% due 07/15/2013		25,015		23,139
Midwest Generation LLC
8.300% due 07/02/2009		1,750		1,275
8.560% due 01/02/2016		7,600		5,478
Newpark Resources, Inc.
8.625% due 12/15/2007		10,645		10,006
NMHG Holding Co.
10.000% due 05/15/2009		2,382		2,418
OM Group, Inc.
9.250% due 12/15/2011		13,395		13,261
PacifiCare Health Systems, Inc.
10.750% due 06/01/2009		20,770		20,614
PanAmSat Corp.
8.500% due 02/01/2012		51,633		41,565
Park Place Entertainment Corp.
8.875% due 09/15/2008		8,855		9,320
Premcor USA, Inc.
4.687% due 11/15/2004		2,000		1,790
Pride International, Inc.
9.375% due 05/01/2007		17,446		18,318
PSS World Medical, Inc.
8.500% due 10/01/2007		17,075		16,819

132   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Quebecor Media, Inc.
11.125% due 07/15/2011	$	36,234	$	29,168
Qwest Corp.
6.375% due 10/15/2002		250		250
4.370% due 05/03/2003		9,889		8,999
7.625% due 06/09/2003		7,950		7,672
7.200% due 11/01/2004		7,150		6,542
7.250% due 11/01/2008 (b)		4,170		1,647
7.500% due 11/01/2008		3,900		1,541
8.875% due 03/15/2012		21,710		18,996
6.875% due 09/15/2033		1,100		753
R.H. Donnelley, Inc.
9.125% due 06/01/2008		1,525		1,609
Racers
8.375% due 10/01/2007		19,631		15,650
Renaissance Media Group
8.375% due 04/15/2008		15,960		13,327
Riggs Capital Trust
8.625% due 12/31/2026		12,250		10,503
Rogers Cablesystems, Inc.
10.000% due 03/15/2005		4,000		4,000
10.000% due 12/01/2007		2,250		2,250
Rogers Cantel, Inc.
8.300% due 10/01/2007		4,324		3,113
8.800% due 10/01/2007 (b)		2,555		1,392
9.375% due 06/01/2008		31,599		23,225
Rural Cellular Corp.
9.625% due 05/15/2008		12,408		6,638
Safety-Kleen Corp.
9.250% due 06/01/2008 (a)		22,459		449
9.250% due 05/15/2009 (a)		11,042		442
SC International Services, Inc.
9.250% due 09/01/2007		15,230		10,356
Service Corp. International
7.200% due 06/01/2006		3,720		3,181
6.875% due 10/01/2007		12,585		10,446
Sinclair Broadcast Group, Inc.
9.000% due 07/15/2007		1,597		1,653
8.750% due 12/15/2011		10,635		11,034
Sonat, Inc.
7.625% due 07/15/2011		6,852		4,496
Station Casinos, Inc.
9.750% due 04/15/2007		3,853		4,018
Stone Container Corp.
11.500% due 08/15/2006 (d)		1,000		1,053
Telecorp PCS, Inc.
10.625% due 07/15/2010		5,061		4,479
TELUS Corp.
7.500% due 06/01/2007		21,260		17,433
Time Warner Entertainment Co. L.P.
7.975% due 08/15/2004		250		248
Time Warner Telecom, Inc.
10.125% due 02/01/2011		5,975		2,539
Time Warner, Inc.
8.110% due 08/15/2006		15,860		15,296
9.750% due 07/15/2008		6,515		2,834
9.125% due 01/15/2013		8,245		8,144
Tritel PCS, Inc.
12.750% due 05/15/2009 (c)		13,399		9,982
10.375% due 01/15/2011		23,036		20,157
Turner Broadcasting System, Inc.
7.400% due 02/01/2004		4,700		4,642
Tyco International Group SA
6.250% due 06/15/2003		25,169		23,915
U.S. Airways, Inc.
9.625% due 09/01/2003		18,718		10,819
9.330% due 01/01/2006		3,244		1,856
United Air Lines, Inc.
2.120% due 12/02/2002 (b)		2,560		2,310
6.201% due 09/01/2008		2,300		1,904
9.410% due 06/15/2010		1,195		574
7.730% due 07/01/2010		27,485		23,021
7.186% due 04/01/2011		3,779		3,166
6.602% due 09/01/2013		6,300		5,088
7.783% due 01/01/2014		846		709
8.360% due 01/20/2019		1,935		1,716
Vintage Petroleum, Inc.
9.000% due 12/15/2005		7,403		7,588
8.625% due 02/01/2009 (b)		5,200		5,122
7.875% due 05/15/2011		7,250		6,924
8.250% due 05/01/2012		25,800		26,445
VoiceStream Wireless Corp.
10.375% due 11/15/2009		7,394		7,615
Williams Communications Group, Inc.
10.700% due 10/01/2007 (a)		3,493		367
10.875% due 10/01/2009 (a)		2,292		241
Williams Cos., Inc.
9.250% due 03/15/2004		57,945		44,328
7.625% due 07/15/2019		4,910		2,725
7.875% due 09/01/2021		25,075		14,167
7.500% due 01/15/2031		7,725		4,210
7.750% due 06/15/2031		9,740		5,308
8.750% due 03/15/2032		2,000		1,170
Young Broadcasting, Inc.
9.000% due 01/15/2006		12,786		11,955
8.750% due 06/15/2007		4,320		3,910
8.500% due 12/15/2008		2,950		2,972
10.000% due 03/01/2011		9,018		8,161
				1,853,785
Utilities 13.8%
AES Corp.
8.750% due 12/15/2002		3,000		2,775
9.500% due 06/01/2009		15,694		8,239
9.375% due 09/15/2010		10,545		5,536
8.875% due 02/15/2011		2,425		1,249
AT&T Canada, Inc.
0.000% due 06/15/2008 (a)(c)		22,094		2,541
10.625% due 11/01/2008 (b)		4,572		572
AT&T Corp.
1.000% due 11/15/2031		13,325		12,365
AT&T Wireless Services, Inc.
8.125% due 05/01/2012		16,375		12,632
Calpine Corp.
7.625% due 04/15/2006		6,225		2,708
8.750% due 07/15/2007		24,241		10,545
7.875% due 04/01/2008		9,898		4,058
8.500% due 05/01/2008		14,650		6,080
8.625% due 08/15/2010		6,010		2,434
Chesapeake Energy Corp.
8.375% due 11/01/2008		2,900		2,933
CMS Energy Corp.
8.375% due 07/01/2003		4,000		3,401
6.750% due 01/15/2004		2,755		2,260
7.000% due 01/15/2005		8,827		6,889
8.900% due 07/15/2008		8,600		6,716
7.500% due 01/15/2009		12,325		9,442
8.500% due 04/15/2011		4,175		3,199
Dynegy Holdings, Inc.
6.875% due 04/01/2011		8,990		2,652
8.750% due 02/15/2012		14,400		4,536
Edison International, Inc.
6.875% due 09/15/2004		730		639
Edison Mission Energy
10.000% due 08/15/2008		5,925		2,755
9.875% due 04/15/2011		7,225		3,287
El Paso Corp.
6.750% due 05/15/2009		3,400		2,213
7.000% due 05/15/2011		2,900		1,917
7.875% due 06/15/2012		24,550		16,724
7.800% due 08/01/2031		1,500		947
7.750% due 01/15/2032		26,150		16,777
El Paso Energy Partners
8.500% due 06/01/2011		12,900		12,320
8.500% due 06/01/2011		5,584		5,333
El Paso Natural Gas Co.
8.625% due 01/15/2022		7,000		5,981

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   133

Schedule of Investments (Cont.)

High Yield Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
France Telecom SA
7.750% due 03/01/2011	$	34,590	$	37,800
8.500% due 03/01/2031		15,660		17,370
Hanover Equipment Trust
8.500% due 09/01/2008		14,475		13,534
IPALCO Enterprises, Inc.
7.375% due 11/14/2008		1,300		1,177
7.625% due 11/14/2011		13,525		11,683
Niagara Mohawk Power Co.
8.500% due 07/01/2010 (c)		7,900		8,305
Pinnacle Partners
8.830% due 08/15/2004		17,460		16,590
PSEG Energy Holdings, Inc.
10.000% due 10/01/2009		14,330		11,623
8.500% due 06/15/2011		13,925		10,740
Rocky River Realty
8.810% due 04/14/2007		2,240		2,607
Rogers Communication, Inc.
9.125% due 01/15/2006		4,010		3,469
8.875% due 07/15/2007		3,335		2,718
Rural Cellular Corp.
9.750% due 01/15/2010		2,945		1,576
SESI, LLC
8.875% due 05/15/2011		16,109		16,310
South Point Energy
8.400% due 05/30/2012		29,899		20,032
Southern California Edsion Co.
4.812% due 03/01/2005		3,000		2,994
Sprint Capital Corp.
6.125% due 11/15/2008		11,300		7,509
6.375% due 05/01/2009		1,000		665
7.625% due 01/30/2011		31,700		21,442
8.375% due 03/15/2012		22,645		15,850
6.900% due 05/01/2019		12,300		7,206
6.875% due 11/15/2028		35,290		20,382
8.750% due 03/15/2032		38,500		25,830
TeleCorp PCS, Inc.
1.000% due 04/15/2009 (c)		9,444		6,941
Tesoro Petroleum Corp.
9.625% due 04/01/2012		28,070		15,860
TSI Telecommunication Services, Inc.
12.750% due 02/01/2009		11,050		9,448
US Unwired, Inc.
1.000% due 11/01/2009 (c)		7,190		395
Williams Cos., Inc.
7.375% due 11/15/2006		3,600		3,258
Wilmington Trust Co.—Tucson Electric
10.210% due 01/01/2009 (d)		500		500
10.732% due 01/01/2013 (d)		7,490		7,225
WorldCom, Inc.—WorldCom Group
7.750% due 04/01/2007 (a)		10,000		1,250
7.500% due 05/15/2011 (a)		8,000		1,000
6.950% due 08/15/2028 (a)		12,700		1,588
8.250% due 05/15/2031 (a)		43,450		5,431
				512,963
Total Corporate Bonds & Notes (Cost $3,207,267)				2,680,354
MUNICIPAL BONDS & NOTES 0.3%
California 0.3%
Los Angeles, California Community Redevelopment
Agency Revenue Bonds, Series 2002
8.250% due 09/01/2007		855		913
9.000% due 09/01/2012		725		794
9.750% due 09/01/2017		1,160		1,280
9.750% due 09/01/2022		1,375		1,503
9.750% due 09/01/2027		2,170		2,379
9.750% due 09/01/2032		3,480		3,827
Total Municipal Bonds & Notes (Cost $9,929)				10,696
MORTGAGE-BACKED SECURITIES 0.2%
Collateralized Mortgage Obligations 0.1%
Red Mountain Funding Corp.
9.150% due 11/28/2027		4,517		3,287
Stripped Mortgage-Backed Securities 0.1%
Airtrust (PO)
0.990% due 06/01/2013		10,954		3,629
Total Mortgage-Backed Securities (Cost $8,813)				6,916
ASSET-BACKED SECURITIES 1.6%
American Cellular
4.360% due 03/31/2007 (b)		4,675		3,025
Centennial Cellular
4.760% due 05/31/2007 (b)		3,341		2,306
4.820% due 05/31/2007 (b)		1,027		706
5.070% due 11/30/2007 (b)		184		126
5.050% due 01/04/2008 (b)		918		630
5.060% due 01/04/2008 (b)		918		630
5.070% due 01/04/2008 (b)		918		630
Centennial Puerto Rico
4.740% due 05/31/2007		752		517
4.820% due 05/31/2007 (b)		126		87
5.070% due 01/04/2008 (b)		1,038		713
Charter Commercial Holdings LLC
4.610% due 03/31/2008 (b)		11,949		10,486
Hercules Revolver
1.000% due 10/15/2003		59		59
Huntsman Corp.
9.571% due 06/30/2005		102		87
Insight Midwest
4.562% due 12/15/2009 (b)		9,500		9,099
Island Inland Co.
9.508% due 07/09/2003		3,000		2,992
Lyondell Petroleum
6.250% due 06/30/2006		29		28
Mission Energy
9.360% due 07/25/2006 (b)		6,500		2,356
Nextel Communications, Inc.
4.812% due 03/31/2008 (b)		9,169		7,745
Nextel Partners, Inc.
5.187% due 06/30/2008 (b)		5,000		4,310
5.437% due 12/31/2008 (b)		5,000		4,310
Rural Cellular Corp.
5.040% due 04/03/2009 (b)		3,001		2,411
5.290% due 04/03/2009 (b)		3,001		2,411
Stone Container Corp.
4.375% due 06/30/2009 (b)		5,000		4,983
Total Asset-Backed Securities (Cost $70,504)				60,647
SOVEREIGN ISSUES 4.8%
Republic of Brazil
3.062% due 04/15/2006 (b)		43,808		28,861
7.375% due 04/15/2006 (b)		38,080		25,087
11.500% due 03/12/2008		10,000		5,225
11.000% due 01/11/2012		17,100		7,738
8.000% due 04/15/2014		38,420		18,780
11.000% due 08/17/2040		10,525		4,657
Republic of Panama
8.250% due 04/22/2008		2,000		1,925
9.625% due 02/08/2011		8,000		7,940
9.375% due 07/23/2012		6,000		5,829
4.750% due 07/17/2014		3,333		2,700
1.000% due 07/17/2016 (b)		5,727		3,923
10.750% due 05/15/2020		3,250		3,274
Republic of Peru
9.125% due 02/21/2012		22,400		18,312

134   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Republic of Peru—Regs
9.125% due 02/21/2012	$	6,700	$	5,477
Russian Federation
8.250% due 03/31/2010		3,400		3,397
11.000% due 07/24/2018		5,000		5,445
5.000% due 03/31/2030		20,500		14,504
United Mexican States
6.250% due 12/31/2019		9,800		9,481
8.000% due 09/24/2022		7,950		7,582
Total Sovereign Issues (Cost $226,004)				180,137
FOREIGN CURRENCY-DENOMINATED ISSUES (i)(j) 1.5%
Fort James Corp.
4.750% due 06/29/2004	EC	5,700		4,805
Fresenius Medical Care
7.375% due 06/15/2011		6,000		4,401
Johnsondiversey, Inc.
9.625% due 05/15/2012		2,500		2,487
Kronos International, Inc.
8.875% due 06/30/2009		7,865		7,476
MDP Acquisition PLC
10.125% due 10/01/2012		22,600		22,335
Remy Cointreau S.A.
10.000% due 07/30/2005		4,900		5,116
Tyco International Group SA
4.375% due 11/19/2004		12,000		10,204
Total Foreign Currency-Denominated Issues (Cost $56,537)				56,824
PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 92.750 Exp. 12/16/2002	$	30,857,000		193
Total Purchased Put Options (Cost $327)				193
CONVERTIBLE BONDS & NOTES 4.9%
Banking & Finance 0.7%
Verizon Global Funding Corp.
4.250% due 09/15/2005		25,000		25,375
Healthcare 0.7%
HEALTHSOUTH Corp.
3.250% due 04/01/2003		5,300		4,883
Total Renal Care Holdings
7.000% due 05/15/2009		20,953		20,534
				25,417
Industrials 3.2%
Clear Channel Communications, Inc.
1.500% due 12/01/2002		1,800		1,791
Elan Finance Corp. Ltd.
0.000% due 12/14/2018		26,850		8,122
Jacor Communications, Inc.
0.000% due 02/09/2018		25,000		12,000
Mail-Well, Inc.
5.000% due 11/01/2002		18,950		18,500
Pride International, Inc.
0.000% due 04/24/2018		36,200		17,466
Roundy‘s, Inc.
8.875% due 06/15/2012		13,998		13,718
Tyco International Group SA
0.000% due 02/12/2021		62,150		45,525
				117,122
Technology 0.1%
Solectron Corp.
0.000% due 05/08/2020		9,599		5,603
Utilities 0.2%
Rogers Communication, Inc.
2.000% due 11/26/2005		10,500		7,337
Total Convertible Bonds & Notes (Cost $183,491)				180,854
PREFERRED STOCK 1.1%
	Shares
CSC Holdings, Inc.
11.125% due 04/01/2008		179,322		11,791
Fresenius Medical Care
7.780% due 02/01/2008		34,345		28,678
Total Preferred Stock (Cost $53,106)				40,469
SHORT-TERM INSTRUMENTS 12.9%
	Principal Amount (000s)
Commercial Paper 11.1%
Abbey National North America
1.760% due 12/10/2002	$	3,700		3,696
Federal Home Loan Bank
1.680% due 10/28/2002		2,500		2,497
Freddie Mac
1.710% due 10/31/2002		40,000		39,943
HBOS Treasury Services PLC
1.740% due 10/23/2002		17,100		17,082
1.735% due 10/24/2002		14,475		14,459
1.735% due 10/29/2002		14,475		14,455
1.735% due 10/30/2002		14,475		14,455
1.735% due 10/31/2002		14,475		14,454
Pfizer, Inc.
1.730% due 10/21/2002		25,000		24,976
1.720% due 10/22/2002		50,000		49,950
1.720% due 10/23/2002		50,000		49,947
1.730% due 10/28/2002		25,000		24,968
Svenska Handelsbank, Inc.
1.750% due 12/18/2002		10,000		9,962
TotalFinaElf SA
1.740% due 10/31/2002		110,000		109,840
UBS Finance, Inc.
1.750% due 12/18/2002		20,000		19,958
Westpac Banking Corp.
1.755% due 10/22/2002		3,000		2,997
				413,639
Repurchase Agreements 0.8%
Lehman Brothers, Inc.
1.375% due 10/01/2002 (Dated 09/30/2002. Collaterized by XTO Energy, Inc. 7.500% due 04/15/2012 valued at $7,385. Repurchase proceeds are $7,280.)		5,740		6,038
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Federal Home Loan Bank 2.000% due 09/19/2003 valued at $17,286. Repurchase proceeds are $16,946.)		16,945		16,945
UBS—Warburg
1.400% due 10/01/2002 (Dated 09/30/2002. Collateralized by Tembec Industries, Inc. 8.500% due 02/05/2011 valued at $4,200. Repurchase proceeds are $4,200.)		5,740		6,038
				29,021

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   135

Schedule of Investments (Cont.)

High Yield Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
U.S. Treasury Bills 1.0%
1.591% due 11/14/2002-11/29/2002 (f)	$	37,890	$	37,806
Total Short-Term Instruments (Cost $479,869)				480,466
Total Investments 99.5% (Cost $4,295,847)			$	3,697,556
Written Options (g) (0.4%) (Premiums $16,419)				(13,517	)
Other Assets and Liabilities (Net) 0.8%				30,936
Net Assets 100.0%			$	3,714,975

Notes to Schedule of Investments (amounts in thousands):

(a) Security is in default.

(b) Variable rate security. The rate listed is as of September 30, 2002.

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

(d) Restricted security.

(e) Payment in-kind bond security.

(f) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(g) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put-OTC 3 Month LIBOR Interest Rate Swap
Strike @ 7.000 Exp. 01/07/2005	117,800,000	$	2,462	$	2,009
Call-OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.500 Exp. 01/07/2005	76,500,000		1,581		5,297
Call-OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.000 Exp. 01/07/2005	117,800,000		2,780		6,018
Put-CME Eurodollar December Futures
Strike @ 96.500 Exp. 12/16/2002	30,857		9,596		193
		$	16,419	$	13,517

(h) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized (Depreciation)
Sell	EC	62,598	11/2002	$	(448	)

(i) Principal amount denoted in indicated currency:

EC—Euro

(j) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
Republic of Venezuela	2.875	12/18/2007	$	98,343	$	74,249	$	76,833
Tembec Industries, Inc.	8.500	02/01/2011		4,200		4,200		4,253
XTO Energy, Inc.	7.500	04/15/2012		7,000		7,385		7,185
					$	85,834	$	88,271

(k) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 7.000% and the Fund will pay to the counterparty at par in the event of default of Williams Cos., Inc. 7.125% due 09/01/2011.
Broker: Goldman Sachs
Exp. 12/01/2002	$	7,000	$	1
Receive a fixed rate equal to 6.000% and the Fund will pay to the counterparty at par in the event of default of Sprint Corp. 6.375% due 05/01/2009.
Broker: Morgan Stanley
Exp. 12/15/2002		10,000		(87	)
Receive a fixed rate equal to 3.600% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 8.750% due 02/15/2012.
Broker: J.P. Morgan Chase & Co.
Exp. 03/12/2007		5,000		(2,887	)
Receive a fixed rate equal to 3.500% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 6.875% due 04/01/2011.
Broker: Goldman Sachs
Exp. 03/12/2007		5,000		(3,345	)
Receive a fixed rate equal to 1.750% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: J.P. Morgan Chase & Co.
Exp. 05/24/2003		5,000		(88	)
Receive a fixed rate equal to 1.200% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 2.750% due 07/17/2016.
Broker: J.P. Morgan Chase & Co.
Exp. 05/24/2003		7,000		(29	)
Receive a fixed rate equal to 3.000% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 6.875% due 04/01/2011.
Broker: Merrill Lynch
Exp. 05/15/2003		8,000		(3,660	)
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 4.500% due 03/07/2017.
Broker: J.P. Morgan Chase & Co.
Exp. 05/28/2003		10,000		(197	)
Receive a fixed rate equal to 0.900% and the Fund will pay to the counterparty at par in the event of default of Republic of Bulgaria 2.688% due 07/28/2011.
Broker: J.P. Morgan Chase & Co.
Exp. 05/28/2003		7,000		(20	)

136   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Receive a fixed rate equal to 1.570% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Goldman Sachs Exp. 05/29/2003	$	7,000	$	(19	)
Receive a fixed rate equal to 1.820% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 11/30/2003		9,000		(81	)
Receive a fixed rate equal to 2.100% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Goldman Sachs Exp. 11/30/2003		7,000		(112	)
Receive a fixed rate equal to 1.770% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 11/30/2003		9,000		(86	)
Receive a fixed rate equal to 3.550% and the Fund will pay to the counterparty at par in the event of default of France Telecom SA 4.576% due 03/14/2003.
Broker: ABN AMRO Bank N.V. Exp. 06/03/2003		17,500		2
Receive a fixed rate equal to 7.500% and the Fund will pay to the counterparty at par in the event of default of Qwest Corp. 8.875% due 03/15/2012.
Broker: Morgan Stanley Exp. 06/05/2003		6,500		(309	)
Receive a fixed rate equal to 7.250% and the Fund will pay to the counterparty at par in the event of default of Qwest Corp. 7.625% due 06/09/2003.
Broker: Merrill Lynch Exp. 06/03/2003		10,000		(1,506	)
Receive a fixed rate equal to 3.700% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 8.375% due 03/15/2012.
Broker: UBS—Warburg Exp. 06/09/2003		25,000		(1,665	)
Receive a fixed rate equal to 3.700% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 8.375% due 03/15/2012.
Broker: UBS—Warburg Exp. 11/15/2002		10,000		(133	)
Receive a fixed rate equal to 3.450% and the Fund will pay to the counterparty at par in the event of default of France Telecom SA 5.750% due 04/25/2007.
Broker: Goldman Sachs Exp. 06/05/2003		25,000		3
Receive a fixed rate equal to 3.950% and the Fund will pay to the counterparty at par in the event of default of France Telecom SA 5.700% due 07/25/2010.
Broker: Morgan Stanley Exp. 06/14/2003		4,000		(56	)
Receive a fixed rate equal to 1.250% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Credit Suisse First Boston Exp. 06/14/2003		20,000		(70	)
Receive a fixed rate equal to 1.300% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Credit Suisse First Boston Exp. 06/14/2003		10,000		(114	)
Receive a fixed rate equal to 2.000% and the Fund will pay to the counterparty at par in the event of default of Deutsche Telekom AG 5.250% due 05/20/2008.
Broker: UBS—Warburg Exp. 06/14/2003		41,500		(209	)
Receive a fixed rate equal to 4.250% and the Fund will pay to the counterparty at par in the event of default of Sprint Corp. 6.875% due 11/15/2028.
Broker: Credit Suisse First Boston Exp. 06/14/2003		2,500		(35	)
Receive a fixed rate equal to 7.750% and the Fund will pay to the counterparty at par in the event of default of Williams Cos., Inc. 8.125% due 03/15/2012.
Broker: Morgan Stanley Exp. 06/14/2003		2,800		(574	)
Receive a fixed rate equal to 7.500% and the Fund will pay to the counterparty at par in the event of default of CIT Group, Inc. 7.750% due 04/02/2012.
Broker: Morgan Stanley Exp. 06/19/2003		20,000		761
Receive a fixed rate equal to 5.000% and the Fund will pay to the counterparty at par in the event of default of CIT Group, Inc. 7.750% due 04/02/2012.
Broker: Credit Suisse First Boston Exp. 06/30/2003		5,000		91
			$	(14,424	)

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   137

Schedule of Investments

Total Return Mortgage Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
U.S. TREASURY OBLIGATIONS 4.9%
U.S. Treasury Bonds
6.250% due 08/15/2023	$	8,400	$	10,020
Total U.S. Treasury Obligations (Cost $9,252)				10,020
MORTGAGE-BACKED SECURITIES 131.6%
Collateralized Mortgage Obligations 22.1%
Bank of America Mortgage Securities, Inc.
5.819% due 10/20/2032 (a)		2,000		2,033
Bank Trust Mortgage
5.700% due 12/01/2023		630		632
Chase Mortgage Finance Corp.
6.550% due 08/25/2028		138		138
Countrywide Alternative Loan Trust
6.750% due 08/25/2028		24		25
Countrywide Home Loans
6.500% due 03/25/2029		100		103
CS First Boston Mortgage Securities Corp.
2.478% due 03/25/2032 (a)		939		935
2.360% due 08/25/2033 (a)		2,000		2,000
DLJ Mortgage Acceptance Corp.
7.000% due 06/25/2028		23		23
E-Trade Bank Mortgage-Backed Securities Trust
7.055% due 09/25/2031		574		588
Fannie Mae
6.900% due 08/25/2011		100		105
7.750% due 08/25/2022		74		75
2.812% due 04/25/2023 (a)		25		26
6.750% due 09/25/2023		60		62
7.000% due 09/25/2023		19		20
6.500% due 10/25/2023		217		236
6.500% due 12/25/2023		194		209
2.160% due 02/25/2025 (a)		1,000		1,002
2.220% due 04/18/2028 (a)		56		56
Fannie Mae—ZA
6.500% due 09/25/2023		195		219
Fannie Mae—ZB
6.500% due 09/25/2023		41		44
Freddie Mac
6.000% due 06/15/2008		285		299
4.500% due 03/15/2021		23		23
3.500% due 12/15/2022		10		10
6.500% due 12/15/2023		53		56
6.500% due 03/15/2024		121		129
8.000% due 06/15/2026		82		91
6.500% due 05/15/2027		73		76
General Electric Capital Mortgage Services, Inc.
6.750% due 06/25/2028 (a)		200		211
Government National Mortgage Association
2.023% due 02/16/2032 (a)		4,115		4,137
2.073% due 08/16/2032 (a)		7,751		7,730
GSR Mortgage Loan Trust
5.575% due 10/25/2031 (a)		884		905
Mellon Residential Funding Corp.
6.580% due 07/25/2029 (a)		338		339
Norwest Asset Securities Corp.
6.250% due 09/25/2028		372		384
6.250% due 01/25/2029		82		84
Prudential Home Mortgage Securities
6.750% due 09/25/2008		268		271
Salomon Brothers Mortgage Securities VII, Inc.
2.130% due 06/25/2032 (a)		934		932
Sequoia Mortgage Trust
2.200% due 10/20/2027 (a)		1,000		1,000
2.160% due 05/20/2032 (a)		964		945
2.120% due 08/20/2032 (a)		993		993
Structured Asset Mortgage Investments, Inc.
2.154% due 09/19/2032 (a)		1,498		1,498
Structured Asset Securities Corp.
2.110% due 10/25/2027 (a)		1,728		1,727
2.290% due 03/25/2031 (a)		309		311
2.100% due 02/25/2032 (a)		927		924
2.100% due 07/25/2032 (a)		972		968
2.500% due 08/25/2032 (a)		1,978		1,978
Superannuation Members Home Loans Global Fund
2.141% due 06/15/2026 (a)		180		180
Washington Mutual Mortgage Securities Corp.
6.010% due 04/25/2031 (a)		3,115		3,169
5.240% due 10/25/2032 (a)		4,941		5,053
Washington Mutual, Inc.
5.530% due 07/25/2032 (a)		1,894		1,935
				44,889
Fannie Mae 75.6%
2.780% due 07/01/2011 (a)		982		977
2.830% due 07/01/2011 (a)		2,357		2,348
2.856% due 07/01/2008 (a)		4,900		4,886
3.950% due 04/01/2007		1,691		1,691
4.453% due 10/01/2011		981		1,002
5.000% due 04/01/2026 (a)		18		19
5.234% due 11/01/2018 (a)		25		26
5.500% due 05/01/2006-11/14/2032 (b)		33,898		29,006
5.750% due 01/01/2021 (a)		123		127
5.812% due 10/01/2028 (a)		190		197
6.000% due 10/21/2017-10/15/2032 (b)		21,000		21,587
6.155% due 05/01/2032 (a)		1,901		1,966
6.500% due 10/15/2032 (a)		28,000		29,006
6.511% due 08/01/2026 (a)		96		99
6.920% due 05/01/2003		896		901
7.000% due 10/01/2029-10/15/2032 (b)		48,173		50,300
7.009% due 05/01/2023 (a)		111		115
7.500% due 10/15/2032		3,000		3,166
9.000% due 01/01/2020		106		117
				153,329
Federal Housing Administration 3.0%
7.430% due 06/01/2019-10/25/2022 (b)		5,763		6,111
Freddie Mac 3.4%
4.022% due 02/01/2018 (a)		118		120
6.000% due 10/01/2024		115		119
6.500% due 10/15/2032 (a)		5,000		5,184
6.930% due 07/01/2030 (a)		1,186		1,250
7.309% due 11/01/2028 (a)		48		51
7.378% due 08/01/2025		87		91
				6,815
Government National Mortgage Association 27.2%
5.375% due 03/20/2016-03/20/2027 (a)(b)		754		781
6.000% due 12/15/2028		5,000		5,175
6.500% due 04/15/2031-10/23/2032 (b)		33,249		34,714
6.625% due 12/20/2021-11/20/2026 (a)(b)		3,952		4,088
6.750% due 07/20/2022-08/20/2026 (b)		325		336
7.000% due 12/15/2029-10/23/2032 (b)		9,558		10,047
7.500% due 05/15/2027-08/15/2027 (b)		51		54
				55,195
Stripped Mortgage-Backed Securities 0.2%
CS First Boston Mortgage Securities Corp. (IO)
7.000% due 08/25/2004		2,638		143
Fannie Mae (IO)
6.500% due 11/25/2022		903		84
Fannie Mae (PO)
0.000% due 07/25/2022		156		136
				363
Total Mortgage-Backed Securities (Cost $264,611)				266,702
ASSET-BACKED SECURITIES 7.8%
Ace Securities Corp.
2.150% due 06/25/2032 (a)		976		974
Asset-Backed Securities Home Equity Corp.
2.243% due 03/15/2032 (a)		1,987		1,988
Bayview Financial Acquisition Trust
2.200% due 07/25/2030 (a)		107		107
CDC Mortgage Capital Trust
2.100% due 08/25/2032 (a)		1,377		1,370

138   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Centex Home Equity Loan Trust
2.140% due 01/25/2032 (a)	$	857	$	855
2.070% due 04/25/2032 (a)		1,373		1,369
Chase Funding Loan Acquisition Trust
2.050% due 04/25/2031 (a)		1,162		1,154
CIT Group Home Equity Loan Trust
2.080% due 06/25/2033 (a)		1,875		1,872
Countrywide Asset-Backed Certificates
2.070% due 05/25/2032 (a)		963		959
CS First Boston Mortgage Securities Corp.
2.170% due 03/25/2032 (a)		963		959
2.000% due 06/25/2032 (a)		1,036		1,029
Home Equity Asset Trust
2.110% due 11/25/2032 (a)		975		972
Household Mortgage Loan Trust
2.097% due 05/20/2032 (a)		926		926
Irwin Home Equity Loan Trust
2.100% due 06/25/2029 (a)		943		940
MLCC Mortgage Investors, Inc.
2.203% due 03/15/2025 (a)		155		155
Option One Mortgage Loan Trust
2.140% due 04/25/2030 (a)		86		85
Total Asset-Backed Securities
(Cost $15,757)				15,714
PURCHASED CALL OPTIONS 0.1%
Eurodollar March Futures (CME)
Strike @ 95.500 Exp. 03/17/2003		36,000		269
Total Purchased Call Options
(Cost $49)				269
CONVERTIBLE BONDS & NOTES 0.0%
Industrials 0.0%
Clear Channel Communications, Inc.
1.500% due 12/01/2002		10		10
Total Convertible Bonds & Notes				10
(Cost $10)
SHORT-TERM INSTRUMENTS 30.1%
Commercial Paper 27.4%
Abbey National North America
1.760% due 12/10/2002		900		899
Danske Corp.
1.770% due 12/19/2002		500		500
Federal Home Loan Bank
1.658% due 10/23/2002		3,400		3,397
1.680% due 10/25/2002		2,500		2,497
1.680% due 10/28/2002		4,500		4,494
1.700% due 10/30/2002		1,700		1,698
1.725% due 10/30/2002		3,700		3,695
1.690% due 11/01/2002		2,067		2,064
GlaxoSmithKline PLC
1.760% due 10/18/2002		2,300		2,298
1.680% due 11/13/2002		3,500		3,493
HBOS Treasury Services PLC
1.700% due 10/07/2002		4,300		4,299
1.770% due 10/16/2002		2,500		2,498
Svenska Handelsbank, Inc.
1.760% due 11/20/2002		3,000		2,993
1.750% due 12/18/2002		800		797
UBS Finance, Inc.
1.970% due 12/18/2002		9,500		9,500
Westpac Capital Corp.
1.730% due 11/26/2002		4,500		4,488
Westpac Trust Securities NZ Ltd.
1.755% due 10/22/2002		600		599
1.750% due 12/12/2002		5,300		5,281
				55,490
Repurchase Agreement 1.9%
State Street Bank
1.550% due 10/01/2002 (Dated 0 9/30/2002 Collaterized by Fannie Mae 3.550% due 11/26/2004 valued at $3,854. Repurchase proceeds are $3,778.)	$	3,778	$	3,778
U.S. Treasury Bills 0.8%
1.639% due 11/14/2002-11/29/2002 (b)(c)		1,685		1,681
Total Short-Term Instruments (Cost $60,949)				60,949
Total Investments 174.5% (Cost $350,628)			$	353,662
Other Assets and Liabilities (Net) (74.5%)				(150,993	)
Net Assets 100.0%			$	202,671

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(c) Securities with an aggregate market value of $683 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized (Depreciation)
Eurodollar March Futures (03/2003)	36	$	(150	)

(d) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
Fannie Mae	6.500	10/15/2032	$	15,000	$	15,539	$	15,496
Fannie Mae	7.000	10/15/2032		35,000		36,542		36,421
Government National Mortgage Association	6.500	10/23/2032		14,000		14,591		14,599
					$	66,672	$	66,516

(e) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America
Exp. 12/18/2022	$	9,200	$	(941	)
Receive floating rate based on 3-month LIBORand pay a fixed amount equal to $119.
Broker: Lehman Brothers, Inc.
Exp. 07/01/2011		3,000		10
			$	(931	)

Type	Fixed Spread (%)	Notional Amount		Unrealized (Depreciation)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Bank of America
Exp. 11/15/2002	0.571	$	24,700	$	(216	)

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   139

Schedule of Investments

GNMA Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
U.S. GOVERNMENT AGENCIES 0.7%
Federal Farm Credit Bank
5.750% due 01/18/2011	$	1,000	$	1,118
Small Business Administration
7.449% due 08/01/2010		453		518
Total U.S. Government Agencies (Cost $1,451)				1,636
U.S. TREASURY OBLIGATIONS 4.8%
U.S. Treasury Bonds
6.250% due 08/15/2023		9,500		11,332
Total U.S. Treasury Obligations (Cost $10,464)				11,332
MORTGAGE-BACKED SECURITIES 109.1%
Collateralized Mortgage Obligations 26.8%
Bank of America Mortgage Securities, Inc.
5.820% due 10/20/2032 (a)		6,000		6,100
Bear Stearns Adjustable Rate Mortgage Trust
7.490% due 12/25/2030 (a)		272		274
CS First Boston Mortgage Securities Corp.
2.810% due 08/25/2031 (a)		700		700
2.478% due 03/25/2032 (a)		1,502		1,496
2.360% due 08/25/2033 (a)		2,000		2,000
Fannie Mae
6.000% due 11/18/2017		18		18
6.500% due 09/25/2023		55		55
2.160% due 02/25/2025 (a)		1,000		1,002
Freddie Mac
6.500% due 11/25/2023		142		143
General Electric Capital Mortgage Services, Inc.
6.750% due 06/25/2028		50		53
Government National Mortgage Association
7.500% due 01/16/2027		12,022		12,256
2.223% due 06/16/2027 (a)		9,608		9,626
7.300% due 09/20/2028		258		259
2.123% due 08/16/2031 (a)		635		637
2.023% due 02/16/2032 (a)		8,230		8,274
2.323% due 04/16/2032		3,986		3,997
2.073% due 08/16/2032 (a)		4,709		4,696
Salomon Brothers Mortgage Securities VII, Inc.
2.130% due 06/25/2032 (a)		934		932
Sequoia Mortgage Trust
2.160% due 05/20/2032 (a)		964		945
Structured Asset Mortgage Investments, Inc.
2.154% due 09/19/2032 (a)		1,498		1,498
Structured Asset Securities Corp.
2.110% due 10/25/2027 (a)		1,728		1,727
2.290% due 03/25/2031 (a)		309		311
2.100% due 02/25/2032 (a)		1,855		1,848
2.100% due 07/25/2032 (a)		1,458		1,452
2.470% due 08/25/2032 (a)		1,978		1,978
Washington Mutual Mortgage Securities Corp.
6.010% due 04/25/2031 (a)		1,385		1,408
				63,685
Fannie Mae 11.5%
2.865% due 07/01/2011 (a)		2,601		2,588
2.917% due 07/01/2011 (a)		6,221		6,198
5.500% due 10/21/2017-11/14/2032 (a)(b)		3,000		3,021
6.000% due 10/15/2032 (a)		7,000		7,188
6.500% due 10/15/2032 (a)		8,000		8,287
7.284% due 03/01/2018 (a)		30		31
9.000% due 07/01/2018		22		25
				27,338
Federal Housing Administration 0.2%
7.430% due 03/01/2022		48		49
8.137% due 09/01/2040		472		508
				557
Freddie Mac 2.6%
4.859% due 05/01/2019 (a)		32		33
5.105% due 06/01/2030 (a)		71		73
6.000% due 11/14/2032		4,000		4,100
7.193% due 05/01/2031		1,858		1,939
				6,145
Government National Mortgage Association 67.9%
5.375% due 05/20/2016-02/20/2026 (a)(b)		514		533
5.500% due 07/20/2029-05/20/2031 (a)(b)		4,012		4,117
6.000% due 12/15/2028-11/20/2032 (b)		36,000		37,204
6.500% due 10/20/2030-10/23/2032 (a)(b)		67,697		70,682
6.625% due 12/20/2017 (a)		53		55
6.750% due 07/20/2018-08/20/2025 (a)(b)		120		124
7.000% due 12/15/2029-10/23/2032 (b)		46,393		48,754
11.250% due 07/20/2015		112		131
				161,600
Stripped Mortgage-Backed Securities 0.1%
CS First Boston Mortgage Securities Corp. (IO)
7.000% due 08/25/2004		2,638		143
Fannie Mae (IO)
7.000% due 09/25/2021		666		9
Freddie Mac (IO)
6.225% due 07/15/2020 (a)		702		7
7.500% due 08/15/2029		639		88
				247
Total Mortgage-Backed Securities (Cost $258,385)				259,572
ASSET-BACKED SECURITIES 8.7%
Ace Securities Corp.
2.150% due 06/25/2032 (a)		976		974
Advanta Business Card Master Trust
3.270% due 04/20/2008 (a)		100		101
Asset-Backed Securities Home Equity Corp.
2.243% due 03/15/2032 (a)		1,325		1,325
Centex Home Equity Loan Trust
2.140% due 01/25/2032 (a)		857		856
2.070% due 04/25/2032 (a)		1,831		1,825
Chase Funding Loan Acquisition Trust
2.050% due 04/25/2031 (a)		1,162		1,154
CIT Group Home Equity Loan Trust
2.080% due 06/25/2033 (a)		1,875		1,872
Conseco Finance
9.290% due 12/15/2029 (c)		500		530
Countrywide Asset-Backed Certificates
2.070% due 05/25/2032 (a)		1,444		1,438
CS First Boston Mortgage Securities Corp.
2.170% due 03/25/2032 (a)		1,155		1,150
2.000% due 06/25/2032 (a)		1,722		1,712
General Electric Capital Mortgage Services, Inc.
7.200% due 04/25/2029		284		303
Home Equity Asset Trust
2.110% due 11/25/2032 (a)		975		972
Household Mortgage Loan Trust
2.120% due 05/20/2032 (a)		926		926
Indymac Home Equity Loan Asset-Backed Trust
2.883% due 12/25/2031 (a)		200		198
Irwin Home Equity Loan Trust
2.100% due 06/25/2029 (a)		943		940
NPF XII, Inc.
2.540% due 10/01/2003 (a)(g)		300		300
Saxon Asset Securities Trust
2.070% due 11/25/2033 (a)		972		972
Sequoia Mortgage Trust
2.150% due 10/25/2024 (a)		2,189		2,170
WFS Financial Owner Trust
2.060% due 10/20/2008 (a)		1,000		1,001
Total Asset-Backed Securities (Cost $20,718)				20,719

140   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
PURCHASED CALL OPTIONS 0.1%
Eurodollar March Futures (CME)
Strike @ 95.500 Exp. 03/17/2003	$	42,000	$	315
Total Purchased Call Options (Cost $59)				315
SHORT-TERM INSTRUMENTS 26.6%
Commercial Paper 25.3%
Abbey National North America
1.750% due 12/10/2002		3,200		3,189
BP America, Inc.
1.750% due 12/09/2002		5,500		5,481
BP Amoco Capital PLC
1.740% due 10/01/2002		2,500		2,497
Danske Corp.
1.750% due 12/19/2002		3,000		2,988
Fannie Mae
1.710% due 11/20/2002		500		499
Federal Home Loan Bank
1.658% due 10/23/2002		2,000		1,998
GlaxoSmithKline PLC
1.680% due 10/18/2002		3,500		3,493
1.760% due 11/13/2002		3,600		3,597
HBOS Treasury Services PLC
1.770% due 10/16/2002		4,600		4,597
1.780% due 10/28/2002		6,000		5,992
Svenska Handelsbank, Inc.
1.750% due 11/20/2002		8,000		7,986
TotalFinaElf SA
1.970% due 10/01/2002		1,400		1,400
1.750% due 11/20/2002		5,500		5,487
UBS Finance, Inc.
1.750% due 12/18/2002		11,000		10,958
				60,162
Repurchase Agreement 0.4%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Freddie Mac 3.250% due 12/15/2003 valued at $1,023. Repurchase proceeds are $1,000.)		1,000		1,000
U.S. Treasury Bills 0.9%
1.639% due 11/14/2002-11/29/2002 (b)(d)		2,030		2,026
Total Short-Term Instruments (Cost $63,188)				63,188
Total Investments 150.0% (Cost $354,265)			$	356,762
Other Assets and Liabilities (Net) (50.0%)				(118,888	)
Net Assets 100.0%			$	237,874

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(c) Security is in default.

(d) Securities with an aggregate market value of $778 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized (Depreciation)
Eurodollar March Futures (03/2003)	42	$	(202	)

(e) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2022	$	10,400	$	(1,064	)
Receive floating rate based on 3-month LIBOR and pay a fixed amount equal to $316.
Broker: Lehman Brothers, Inc. Exp. 07/01/2011		8,000		27
			$	(1,037	)

Type	Fixed Spread (%)	Notional Amount		Unrealized (Depreciation)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Bank of America Exp. 11/15/2002	0.571	$	27,800	$	(243	)

(f) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
Fannie Mae	6.000	10/15/2032	$	6,000	$	6,161	$	6,139

(g) Subsequent to September 30, 2002, the issuer declared bankruptcy.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   141

Schedule of Investments

Real Return Fund

September 30, 2002 (unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 8.2%
Banking & Finance 6.4%
Allstate Financial Global Funding
7.125% due 09/26/2005	$	5,000	$	5,598
Atlas Reinsurance PLC
4.563% due 04/04/2003 (a)		6,700		6,725
5.563% due 10/04/2004 (a)		4,400		4,433
4.387% due 01/07/2005 (a)		1,250		1,260
8.650% due 04/07/2005 (a)		8,250		8,250
Bear Stearns Cos., Inc.
2.210% due 12/01/2003 (a)		500		501
2.400% due 09/21/2004 (a)		1,000		999
Boeing Capital Corp.
5.650% due 05/15/2006		5,000		5,242
CIT Group, Inc.
2.325% due 04/07/2003 (a)		300		299
5.625% due 05/17/2004		1,000		1,024
Export-Import Bank Korea
6.500% due 11/15/2006		2,500		2,776
Finova Group, Inc.
7.500% due 11/15/2009		840		260
Ford Motor Credit Co.
2.550% due 04/17/2003 (a)		36,000		35,560
2.040% due 11/24/2003 (a)		3,000		2,910
2.236% due 01/26/2004 (a)		8,200		7,882
2.690% due 03/08/2004 (a)		1,000		957
2.070% due 04/26/2004 (a)		2,000		1,889
6.700% due 07/16/2004		300		302
3.675% due 10/25/2004 (a)		18,000		17,175
2.305% due 06/30/2005 (a)		3,100		2,804
2.295% due 07/18/2005 (a)		44,750		40,393
General Motors Acceptance Corp.
2.121% due 12/09/2002 (a)		2,000		1,997
5.875% due 01/22/2003		2,550		2,571
2.071% due 03/10/2003 (a)		2,800		2,782
2.410% due 05/16/2003 (a)		19,925		19,780
2.223% due 07/21/2003 (a)		6,500		6,422
2.250% due 08/04/2003 (a)		5,000		4,935
2.580% due 01/20/2004 (a)		2,400		2,357
2.110% due 04/05/2004 (a)		700		678
2.612% due 05/04/2004 (a)		19,600		19,122
2.457% due 05/17/2004 (a)		3,100		3,022
2.150% due 05/28/2004 (a)		2,000		1,930
2.210% due 07/21/2004 (a)		46,400		44,717
Goldman Sachs Group
2.297% due 12/01/2004 (a)		1,600		1,598
Heller Financial, Inc.
2.188% due 04/28/2003 (a)		3,000		3,005
Korea Development Bank
5.878% due 06/16/2003 (a)		500		510
Merrill Lynch & Co.
2.120% due 02/04/2003 (a)		2,000		2,001
2.140% due 08/01/2003 (a)		4,000		4,007
Merrill Lynch & Co., Inc.
2.201% due 05/21/2004 (a)		2,100		2,100
Morgan Stanley, Dean Witter & Co.
2.101% due 02/21/2003 (a)		1,500		1,501
2.006% due 03/11/2003 (a)		2,000		2,001
National Australia Bank Ltd.
2.535% due 05/19/2010 (a)		1,500		1,507
National Rural Utilities Cooperative Finance Corp.
2.010% due 07/17/2003 (a)		10,000		9,957
NeHi, Inc.
6.196% due 06/09/2003 (a)		3,000		3,046
Pemex Finance Ltd.
6.125% due 11/15/2003		167		172
Premium Asset Trust
2.105% due 11/27/2004 (a)		5,000		5,015
Protective Life Funding Trust
2.320% due 01/17/2003 (a)		1,000		1,001
Prudential Funding Corp.
6.375% due 07/23/2006		7,000		7,699
Redwood Capital I Ltd.
7.360% due 01/01/2003 (a)		17,000		16,927
Redwood Capital II Ltd.
4.860% due 01/01/2004 (a)		33,000		32,870
Residential Reinsurance Ltd.
6.887% due 06/01/2004 (a)		4,500		4,574
6.797% due 06/01/2005 (a)		15,900		15,940
Salomon, Smith Barney Holdings
2.120% due 02/18/2003 (a)		1,000		1,001
2.178% due 04/28/2003 (a)		3,000		3,003
Textron Financial Corp.
2.240% due 12/09/2002 (a)		1,000		999
Trinom Ltd.
5.895% due 12/18/2004 (a)		6,500		6,546
Wachovia Bank North America
2.010% due 02/20/2004 (a)		2,250		2,256
Wachovia Corp.
7.550% due 08/18/2005		12,500		14,088
Washington Mutual Bank
2.070% due 05/14/2004 (a)		1,700		1,704
2.220% due 05/17/2004 (a)		17,900		17,936
Western Capital
7.021% due 01/07/2003 (a)		5,000		5,000
				425,516
Industrials 1.1%
AIC Corp.
2.187% due 10/02/2002 (a)		250		250
American Airlines, Inc.
6.978% due 04/01/2011		2,992		3,103
Coastal Corp.
2.460% due 07/21/2003 (a)		9,000		8,553
Conoco, Inc.
2.596% due 10/15/2002 (a)		8,000		8,002
Cox Enterprises, Inc.
2.812% due 05/01/2033 (a)		2,000		1,981
DaimlerChrysler North America Holding Corp.
2.656% due 12/16/2002 (a)		4,193		4,198
2.230% due 08/16/2004 (a)		5,000		4,931
Delta Air Lines, Inc.
8.540% due 01/02/2007		3,541		3,137
Fred Meyer, Inc.
7.375% due 03/01/2005		2,000		2,195
Petroleos Mexicanos
9.500% due 09/15/2027		14,350		15,785
SR Wind Ltd.
6.992% due 05/18/2005 (a)		2,000		2,004
7.492% due 05/18/2005 (a)		3,500		3,567
United Air Lines, Inc.
2.301% due 12/02/2002 (a)		1,109		1,001
Walt Disney Co.
4.500% due 09/15/2004		15,000		15,227
Waste Management, Inc.
7.100% due 08/01/2026		1,500		1,522
				75,456
Utilities 0.7%
ALLETE, Inc.
2.798% due 10/20/2003 (a)		2,500		2,494
British Telecom PLC
3.181% due 12/15/2003 (a)		6,200		6,189
7.875% due 12/15/2005		10,750		12,007
Deutsche Telekom International Finance BV
7.750% due 06/15/2005		10,000		10,733
Dominion Resources, Inc.
7.600% due 07/15/2003		5,000		5,160
Entergy Gulf States, Inc.
3.097% due 06/02/2003 (a)		5,500		5,499
Hawaiian Electric Industries, Inc.
2.876% due 04/15/2003 (a)		2,000		2,003
WorldCom, Inc.
7.375% due 01/15/2003 (b)		1,000		125
				44,210
Total Corporate Bonds & Notes (Cost $545,907)				545,182

142   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
U.S. TREASURY OBLIGATIONS 97.2%
Treasury Inflation Protected Securities (e)
3.375% due 01/15/2007 (c)	$	474,159	$	516,611
3.625% due 01/15/2008 (d)		1,339,074		1,477,585
3.875% due 01/15/2009 (d)		9,032		10,158
4.250% due 01/15/2010 (d)		1,219,662		1,405,851
3.500% due 01/15/2011		263,861		292,556
3.375% due 01/15/2012		99,396		109,972
3.000% due 07/15/2012		69,112		74,404
3.625% due 04/15/2028		759,721		894,453
3.875% due 04/15/2029 (d)		1,299,768		1,599,529
3.375% due 04/15/2032		63,616		74,073
Total U.S. Treasury Obligations (Cost $6,023,797)				6,455,192
MORTGAGE-BACKED SECURITIES 0.1%
Collateralized Mortgage Obligations 0.1%
Bear Stearns Adjustable Rate Mortgage Trust
5.174% due 11/25/2030 (a)		2,547		2,632
Freddie Mac
6.500% due 01/25/2028		100		107
7.000% due 10/15/2030		3,000		3,204
Mellon Residential Funding Corp.
2.700% due 10/20/2029 (a)		800		808
				6,751
Fannie Mae 0.0%
6.066% due 10/01/2024 (a)		191		202
Federal Housing Administration 0.0%
7.430% due 12/01/2020		115		119
Total Mortgage-Backed Securities (Cost $6,997)				7,072
ASSET-BACKED SECURITIES 0.2%
AFC Home Equity Loan Trust
2.070% due 03/25/2027 (a)		98		98
American Residential Eagle Trust
2.190% due 07/25/2029 (a)		1,793		1,792
Asset Backed Securities Corp. Home Equity
2.210% due 06/21/2029 (a)		727		728
Conseco Finance
7.890% due 07/15/2018 (b)		1,176		1,198
8.170% due 12/15/2025 (b)		2,000		2,129
Conseco Finance Home Loan Trust
8.880% due 06/15/2024 (b)		750		799
Conseco Finance Securitizations Corp.
8.480% due 12/01/2031 (b)		3,000		3,208
EQCC Home Equity Loan Trust
2.088% due 03/20/2030 (a)		108		107
SLM Student Loan Trust
2.369% due 04/25/2006 (a)		251		252
4.373% due 01/25/2007 (a)		84		84
Total Asset-Backed Securities (Cost $10,263)				10,395
SOVEREIGN ISSUES 0.0%
United Mexican States Value Recovery Right
0.000% due 06/30/2003 (a)		718		2
0.000% due 06/30/2004 (a)		718		1
0.000% due 06/30/2005 (a)		718		0
Total Sovereign Issues (Cost $0)				3
FOREIGN CURRENCY-DENOMINATED ISSUES (h)(i) 0.8%
Caisse D’amort Dette Soc
3.800% due 07/25/2006 (e)		EC    5,244		5,422
Commonwealth of New Zealand
4.500% due 02/15/2016		N$  34,200		18,848
Republic of France
3.000% due 07/25/2012 (e)		EC  28,034	$	28,597
Total Foreign Currency-Denominated Issues (Cost $45,315)				52,867
CONVERTIBLE & BONDS NOTES 0.5%
Banking & Finance 0.4%
Verizon Global Funding Corp.
5.750% due 04/01/2003	$	10,000		10,120
5.750% due 04/01/2003		3,000		3,019
4.250% due 09/15/2005		13,250		13,449
				26,588
Industrials 0.1%
Nabors Industries Ltd.
0.000% due 06/20/2020		5,000		3,256
Total Convertible Bonds & Notes (Cost $29,648)				29,844
SHORT-TERM INSTRUMENTS 3.2%
Commercial Paper 2.6%
Federal Home Loan Bank
1.680% due 10/25/2002		20,000		19,977
Freddie Mac
1.650% due 10/18/2002		7,500		7,494
1.700% due 10/31/2002 (c)		70		70
1.710% due 10/31/2002		25,000		24,964
TotalFinaElf SA
1.745% due 10/23/2002		20,000		19,979
1.770% due 10/24/2002		40,000		39,955
UBS Finance, Inc.
1.970% due 12/18/2002		64,000		64,000
				176,439
Repurchase Agreement 0.5%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Federal Home Loan Bank 1.970% due 10/08/2003 valued at $8,191 and 1.900% due 09/23/2003 valued at $25,501. Repurchase proceeds are $33,028.)		33,027		33,027
U.S. Treasury Bills 0.1%
1.602% due 11/14/2002-11/29/2002 (f)		4,245		4,235
Total Short-Term Instruments (Cost $213,701)				213,701
Total Investments 110.2% (Cost $6,875,628)			$	7,314,256
Other Assets and Liabilities (Net) (10.2%)				(675,920	)
Net Assets 100.0%			$	6,638,336

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   143

Schedule of Investments (Cont.)

Real Return Fund

September 30, 2002 (Unaudited)

(c) Securities with an aggregate market value of $1,282 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
U.S. Treasury 5 Year Note (12/2002)	24	$	(60	)
U.S. Treasury 10 Year Note (12/2002)	345		(135	)
U.S. Treasury 30 Year Bond (12/2002)	9		(31	)
		$	(226	)

(d) Security, or portion thereof, subject to financing transaction.

(e) Principal amount of security is adjusted for inflation.

(f) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(g) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
U.S. Treasury Bonds	6.250	05/15/2030	$	14,400	$	17,574	$	17,308
U.S. Treasury Notes	5.250	08/15/2003		73,100		75,527		75,341
U.S. Treasury Notes	3.875	01/15/2009		232,542		261,537		257,311
U.S. Treasury Notes	4.625	05/15/2006		8,600		9,311		9,189
U.S. Treasury Notes	4.375	05/15/2007		25,000		26,991		26,407
					$	390,940	$	385,556

(h) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Sell	EC	24,713	11/2002	$	(156	)
Sell	N$	36,053	10/2002		0
				$	(156	)

(i) Principal amount denoted in indicated currency:

(j) Swap agreements outstanding at September 30, 2002:

EC—Euro

N$—New Zealand Dollar

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive floating rate based on 3-month LIBOR plus 0.470% and pay a fixed rate equal to 7.750%.
Broker: Morgan Stanley Exp. 06/15/2005	$	10,000	$	(1,233	)
Receive floating rate based on 3-month LIBOR plus 0.500% and pay a fixed rate equal to 7.600%.
Broker: Lehman Brothers, Inc. Exp. 07/15/2003		5,000		(211	)
Receive floating rate based on 3-month LIBOR plus 1.000% and pay a fixed rate equal to 0.000%.
Broker: Morgan Stanley Exp. 06/2 0/2003		3,042		(112	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 06/15/2003	$	15,900	$	(103	)
Receive a fixed rate equal to 0.410% and the Fund will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.750% due 06/15/2005.
Broker: Goldman Sachs Exp. 11/10/2002		1,000		(8	)
Receive a fixed rate equal to 0.200% and the Fund will pay to the counterparty at par in the event of default of Fannie Mae 5.375% due 10/15/2011.
Broker: Morgan Stanley Exp. 05/03/2005		80,000		41
Receive a fixed rate equal to 5.000% and the Fund will pay to the counterparty at par in the event of default of El Paso Corp. 7.000% due 05/15/2011.
Broker: Merrill Lynch Exp. 09/15/2003		15,000		(2,424	)
			$	(4,050	)

Type	Fixed Spread (%)	Notional Amount		Unrealized (Depreciation)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Bank of America Exp. 11/15/2002	0.571	$	75,000	$	(656	)

144   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

Real Return II Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
U.S. TREASURY OBLIGATIONS 80.4%
Treasury Inflation Protected Securities (a)
4.250% due 01/15/2010	$	5,887	$	6,786
3.875% due 04/15/2029		6,573		8,089
Total U.S. Treasury Obligations (Cost $13,591)				14,875
SHORT-TERM INSTRUMENTS 18.7%
Commercial Paper 18.1%
Fannie Mae
1.715% due 10/30/2002		1,000		999
1.720% due 11/06/2002		1,200		1,198
Pfizer, Inc.
1.730% due 10/28/2002		300		300
Svenska Handelsbank, Inc.
1.750% due 12/18/2002		455		453
UBS Finance, Inc.
1.750% due 12/18/2002		400		398
				3,348
Repurchase Agreement 0.6%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Fannie Mae 0.000% due 10/10/2002 valued at $125. Repurchase proceeds are $118.)		118		118
Total Short-Term Instruments (Cost $3,466)				3,466
Total Investments 99.1% (Cost $17,057)			$	18,341
Other Assets and Liabilities (Net) 0.9%				165
Net Assets 100.0%			$	18,506

Notes to Schedule of Investments (amounts in thousands):

(a) Principal amount of security is adjusted for inflation.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   145

Schedule of Investments

Real Return Asset Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 4.1%
Banking & Finance 2.3%
Atlas Reinsurance PLC
8.762% due 04/07/2005 (a)	$	250	$	250
Ford Motor Credit Co.
2.295% due 07/18/2005 (a)		500		451
				701
Industrials 1.8%
Petroleos Mexicanos
9.500% due 09/15/2027		500		550
Total Corporate Bonds & Notes (Cost $1,279)				1,251
U.S. TREASURY OBLIGATIONS 106.9%
Treasury Inflation Protected Securities (c)
3.375% due 01/15/2007		1,421		1,548
3.625% due 01/15/2008		1,672		1,845
3.000% due 07/15/2012		501		539
3.625% due 04/15/2028 (b)		17,816		20,975
3.875% due 04/15/2029 (b)		6,299		7,752
Total U.S. Treasury Obligations (Cost $29,318)				32,659
CONVERTIBLE BONDS & NOTES 0.9%
Banking & Finance 0.9%
Verizon Global Funding Corp.
4.250% due 09/15/2005		250		254
Total Convertible Bonds & Notes (Cost $252)				254
SHORT-TERM INSTRUMENTS 5.9%
Commercial Paper 4.9%
Fannie Mae
1.710% due 12/18/2002		700		698
HBOS Treasury Services PLC
1.700% due 11/20/2002		300		300
UBS Finance, Inc.
1.750% due 12/18/2002		500		498
				1,496
Repurchase Agreement 1.0%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Fannie Mae 0.000% due 05/02/2003 valued at $326. Repurchase proceeds are $315.)		315		315
Total Short-Term Instruments (Cost $1,810)				1,811
Total Investments 117.8% (Cost $32,659)			$	35,975
Other Assets and Liabilities (Net) (17.8%)				(5,423	)
Net Assets 100.0%			$	30,552

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security, or a portion thereof, subject to financing transaction.

(c) Principal amount of security is adjusted for inflation.

146   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

CommodityRealReturn Strategy Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
U.S. TREASURY OBLIGATIONS 110.2%
Treasury Inflation Protected Securities (b)
3.375% due 01/15/2007	$	284	$	310
3.625% due 01/15/2008		418		461
4.250% due 01/15/2010 (a)		696		802
3.375% due 01/15/2012 (a)		2,282		2,525
3.000% due 07/15/2012		501		539
3.625% due 04/15/2028		713		839
Total U.S. Treasury Obligations (Cost $5,154)				5,476
SHORT-TERM INSTRUMENTS 3.8%
Commercial Paper 2.0%
Svenska Handelsbank, Inc.
1.760% due 12/18/2002		100		100
Repurchase Agreement 1.8%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Fannie Mae 0.000% due 10/10/2002 valued at $95. Repurchase proceeds are $89.)		89		89
Total Short-Term Instruments (Cost $189)				189
Total Investments 114.0% (Cost $5,343)			$	5,665
Other Assets and Liabilities (Net) (14.0%)				(697	)
Net Assets 100.0%			$	4,968

Notes to Schedule of Investments (amounts in thousands):

(a) Security, or a portion thereof, subject to financing transaction.

(b) Principal amount of security is adjusted for inflation.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   147

Schedule of Investments

Foreign Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
AUSTRALIA (h)(i) 1.1%
Commonwealth of Australia
10.000% due 10/15/2007 (a)	A$	750	$	495
Crusade Global Trust
2.230% due 02/15/2030 (b)	$	6,495		6,509
Homeside Mortgage Securities Trust
2.050% due 01/20/2027 (b)		1,558		1,557
Medallion Trust
2.210% due 07/12/2031 (b)		3,026		3,030
Torrens Trust
2.040% due 07/15/2031 (b)		1,499		1,500
Total Australia (Cost $13,041)				13,091
BELGIUM (h)(i) 1.7%
Kingdom of Belgium
9.000% due 03/28/2003	EC	5		5
6.750% due 11/21/2004	BF	183,200		4,819
6.250% due 03/28/2007	EC	1,400		1,526
7.500% due 07/29/2008		10,500		12,257
Total Belgium (Cost $18,463)				18,607
CANADA (h)(i) 0.3%
Commonwealth of Canada
5.250% due 09/01/2003	C$	640		412
5.500% due 06/01/2010		1,800		1,191
Newcourt Credit Group, Inc.
7.125% due 12/17/2003	$	2,000		2,048
Total Canada (Cost $3,689)				3,651
CAYMAN ISLANDS (h)(i) 1.0%
International Credit Recovery-Japan
0.495% due 08/25/2005 (b)	JY	36,539		299
MBNA Master Credit Card Trust
3.637% due 05/19/2004 (b)	EC	8,100		8,005
Redwood Capital II Ltd.
4.860% due 01/01/2004 (b)	$	2,500		2,490
SHL Corp. Ltd.
0.765% due 12/25/2024 (b)	JY	72,078		592
Total Cayman Islands (Cost $12,031)				11,386
DENMARK (h)(i) 0.7%
Nykredit
6.000% due 10/01/2029	DK	29,012		3,880
Unikredit Realkredit
6.000% due 07/01/2029		26,222		3,517
Total Denmark (Cost $6,121)				7,397
FRANCE (h)(i) 8.7%
Axa SA
3.750% due 01/01/2017	EC	828		727
France Telecom SA
0.466% due 06/19/2003 (b)	JY	700,000		5,580
1.022% due 07/16/2003 (b)		270,000		2,151
Republic of France
5.250% due 04/25/2008	EC	47,000		49,722
4.000% due 04/25/2009		8,250		8,161
4.000% due 10/25/2009		30,070		29,613
Total France (Cost $85,349)				95,954
GERMANY (h)(i) 43.6%
Commerzbank AG
3.852% due 10/25/2032 (b)	EC	6,200		6,150
Depfa Pfandbriefbank
4.750% due 07/15/2008		3,590		3,681
5.750% due 03/04/2009		3,560		3,833
Deutsche Telekom AG
1.673% due 03/10/2004 (b)	JY	200,000		1,625
DSL Bank AG
7.250% due 08/07/2007 (b)	BP	3,000		5,225
Eurohypo AG
3.500% due 07/03/2006	EC	7,000		6,897
Hypothekenbank in Essen AG
5.500% due 02/20/2007		1,690		1,779
Landesbank Baden-Wuerttemberg AG
5.500% due 04/02/2007		440		464
Landesbank NRW
4.750% due 09/28/2007		1,630		1,670
Landesbank Rheinland-Pfalz
4.750% due 04/04/2008		1,430		1,468
Republic of Germany
4.250% due 03/14/2003		7,370		7,320
6.500% due 10/14/2005 (a)		105,200		113,373
6.000% due 01/05/2006 (a)		38,400		41,004
5.000% due 02/17/2006		4,000		4,155
6.250% due 04/26/2006 (a)		35,400		38,255
4.500% due 08/18/2006 (a)(b)		28,800		29,529
4.125% due 07/04/2008 (a)(b)		1,950		1,962
4.500% due 07/04/2009 (a)(b)		5,785		5,894
5.250% due 07/04/2010 (a)		30,000		31,856
5.250% due 01/04/2011 (a)		23,300		24,719
6.250% due 01/04/2024 (a)		11,180		12,971
6.500% due 07/04/2027 (a)		75,260		90,850
5.625% due 01/04/2028 (a)		8,400		9,127
6.250% due 01/04/2030 (a)		19,700		23,372
5.500% due 01/04/2031 (a)		13,900		15,049
Total Germany (Cost $436,127)				482,228
GREECE (h)(i) 0.2%
Hellenic Republic
4.700% due 05/19/2003 (b)	EC	293		281
5.220% due 06/17/2003 (b)		315		316
5.240% due 10/23/2003 (b)		1,103		1,098
Total Greece (Cost $2,221)				1,695
IRELAND (h)(i) 0.3%
Emerald Mortgages PLC
3.573% due 04/30/2028 (b)	EC	3,777		3,732
Total Ireland (Cost $3,321)				3,732
ITALY (h)(i) 8.3%
First Italian Auto Transaction
3.720% due 07/01/2008 (b)	EC	10,030		9,860
Republic of Italy
7.750% due 11/01/2006 (a)		5,700		6,499
4.500% due 05/01/2009 (a)		69,210		70,127
5.250% due 08/01/2011		3,400		3,568
Siena Mortgage SpA
3.651% due 02/07/2037 (b)		1,500		1,483
Upgrade SpA
3.703% due 12/31/2035 (b)		1,000		988
Total Italy (Cost $81,260)				92,525

148   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
JAPAN (h)(i) 0.1%
Government of Japan
1.900% due 12/21/2009	JY	110,000	$	979
Total Japan (Cost $966)				979
LUXEMBOURG (h)(i) 0.2%
Hellenic Finance
2.000% due 07/15/2003 (b)	EC	1,600		1,639
Tyco International Group SA
6.750% due 02/15/2011	$	8		7
Total Luxembourg (Cost $1,695)				1,646
MEXICO (h)(i) 0.5%
Bancomext Trust
8.000% due 08/05/2003	$	390		407
Petroleos Mexicanos
8.850% due 09/15/2007		1,040		1,123
9.375% due 12/02/2008		1,290		1,390
United Mexican States
10.375% due 01/29/2003	EC	2,575		1,323
4.000% due 03/11/2004	JY	130,000		1,107
Total Mexico (Cost $5,351)				5,350
NETHERLANDS (h)(i) 1.3%
Deutsche Telekom International Finance BV
7.750% due 06/15/2005	$	1,700		1,825
Kingdom of Netherlands
6.000% due 01/15/2006	EC	12,000		12,790
Total Netherlands (Cost $13,613)				14,615
NEW ZEALAND (h)(i) 0.3%
Commonwealth of New Zealand
4.500% due 02/15/2016	N$	5,130		2,827
Total New Zealand (Cost $3,128)				2,827
PANAMA 0.2%
Republic of Panama
9.625% due 02/08/2011	$	1,600		1,582
9.375% due 07/23/2012		200		199
4.750% due 07/17/2014		889		720
Total Panama (Cost $2,639)				2,501
PERU 0.6%
Republic of Peru
9.125% due 02/21/2012	$	5,900		4,823
4.500% due 03/07/2017		2,058		1,389
Total Peru (Cost $7,316)				6,212
SPAIN (h)(i) 5.2%
Hipotebansa Mortgage Securitization Fund
3.566% due 01/18/2018 (b)	EC	3,346		3,313
3.576% due 07/18/2022 (b)		3,447		3,394
Kingdom of Spain
5.150% due 07/30/2009 (a)(b)		37,730		39,561
5.350% due 10/31/2011 (a)		11,100		11,722
Total Spain (Cost $55,155)				57,990
SUPRANATIONAL (h)(i) 1.5%
Eurofima
4.750% due 07/07/2004	SK	60,900		6,575
European Investment Bank
6.000% due 05/07/2003	BP	3,250		5,175
8.000% due 06/10/2003		3,250		5,254
Total Supranational (Cost $16,365)				17,004
SWEDEN (h)(i) 0.3%
Kingdom of Sweden
5.000% due 01/28/2009	SK	27,000		2,959
Total Sweden (Cost $2,668)				2,959
UNITED KINGDOM (h)(i) 9.2%
Abbey National Treasury Service PLC
5.250% due 01/21/2004	BP	2,670		4,262
Bauhaus Securities Ltd.
3.701% due 10/30/2052 (b)	EC	5,874		5,799
British Telecom PLC
3.121% due 12/15/2003 (b)	$	12,380		12,357
Core
2.081% due 03/17/2009 (b)		1,505		1,500
Haus Ltd.
3.612% due 12/14/2037 (b)	EC	8,789		8,703
Lloyds TSB Capital I
7.375% due 02/07/2049 (b)		500		554
Originated Mortgage Loans PLC
3.863% due 12/15/2031 (b)		597		592
United Kingdom Gilt
7.250% due 12/07/2007 (a)	BP	38,000		68,185
Total United Kingdom (Cost $99,743)				101,952
UNITED STATES (h)(i) 83.7%
Asset-Backed Securities 7.7%
Ace Securities Corp.
2.133% due 11/25/2028 (b)	$	109		109
AFC Home Equity Loan Trust
2.033% due 03/25/2027 (b)		393		392
AMRESCO Residential Securities Mortgage Loan Trust
2.280% due 06/25/2029 (b)		4,347		4,352
Asset-Backed Securities Home Equity Corp.
2.200% due 03/15/2032 (b)		1,788		1,789
Bayview Financial Acquisition Trust
2.203% due 11/25/2030 (b)		6,000		6,016
Bear Stearns Asset-Backed Securities, Inc.
2.140% due 10/25/2032 (b)		1,204		1,203
2.213% due 10/25/2032 (b)		1,400		1,399
CDC Mortgage Capital Trust
2.153% due 01/10/2032 (b)		7,386		7,354
2.103% due 08/25/2032 (b)		1,180		1,174
Conseco Finance Securitizations Corp.
2.193% due 10/15/2031 (b)(c)		374		372
CS First Boston Mortgage Securities Corp.
2.083% due 12/15/2030 (b)		5,059		5,054
2.163% due 08/25/2031 (b)		224		223
2.153% due 07/25/2032 (b)		2,553		2,546
2.263% due 10/25/2032 (b)		4,181		4,189
EQCC Home Equity Loan Trust
2.070% due 03/20/2030 (b)		215		214
First Alliance Mortgage Loan Trust
2.050% due 12/20/2027 (b)		108		108
GMAC Mortgage Corp. Loan Trust
6.998% due 11/25/2030 (b)		76		74
Irwin Home Equity Loan Trust
2.030% due 11/25/2011 (b)		33		33
Long Beach Auto Receivables Trust
3.114% due 03/13/2005 (b)		3,154		3,166

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   149

Schedule of Investments (Con’t.)

Foreign Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Mesa Trust Asset Backed Certificates
2.113% due 11/25/2031 (b)	$	4,568	$	4,571
MLCC Mortgage Investors, Inc.
2.203% due 03/15/2025 (b)		2,447		2,445
Novastar Home Equity Loan
2.093% due 01/25/2031 (b)		1,387		1,381
Option One Mortgage Loan Trust
2.143% due 04/25/2030 (b)		109		108
Provident Bank Equipment Lease Trust
2.136% due 11/25/2011 (b)		676		678
Providian Gateway Master Trust
2.043% due 03/15/2007 (b)		13,300		13,309
Providian Home Equity Loan Trust
2.103% due 06/25/2025 (b)		1,580		1,583
Residential Asset Securities Corp.
2.063% due 07/25/2032 (b)		7,792		7,739
Residential Funding Mortgage Securities II, Inc.
2.003% due 08/25/2014 (b)		282		282
Salomon Brothers Mortgage Securities VII, Inc.
2.243% due 11/15/2029 (b)		609		609
2.153% due 12/25/2029 (b)		2,435		2,429
Washington Mutual Mortgage Securities Corp.
5.240% due 10/25/2032 (b)		9,981		10,207
				85,108
Convertible Bonds & Notes 0.2%
Verizon Global Funding Corp.
5.750% due 04/01/2003		2,200		2,214
Corporate Bonds & Notes 7.7%
Ahold Finance USA, Inc.
6.875% due 05/01/2029		2,200		2,106
AOL Time Warner, Inc.
5.625% due 05/01/2005		5,100		4,861
AT&T Corp.
5.360% due 11/21/2003 (b)	EC	10,600		10,030
CIT Group, Inc.
2.310% due 04/07/2003 (b)	$	638		637
7.500% due 11/14/2003		1,400		1,454
Coastal Corp.
7.750% due 10/15/2035		700		442
Conoco Funding Co.
7.250% due 10/15/2031		400		476
Conoco, Inc.
2.710% due 04/15/2003 (b)		1,200		1,204
El Paso Corp.
7.125% due 05/06/2009	EC	3,500		2,819
Ford Motor Credit Co.
2.110% due 06/20/2003 (b)	$	5,200		5,084
1.000% due 12/22/2003	JY	107,000		864
5.750% due 02/23/2004	$	1,000		998
2.210% due 07/19/2004 (b)		2,800		2,650
3.726% due 10/25/2004 (b)		2,800		2,672
General Electric Capital Corp.
6.125% due 02/22/2011		2,500		2,719
General Electric Finance Assurance
1.600% due 06/20/2011	JY	520,000		4,180
General Motors Acceptance Corp.
1.910% due 02/14/2003 (b)	$	3,900		3,880
1.857% due 08/18/2003 (b)		4,790		4,716
2.210% due 07/21/2004 (b)		5,100		4,915
General Motors Corp.
1.250% due 12/20/2004	JY	208,000		1,688
J.P. Morgan & Co., Inc.
3.123% due 02/15/2012 (b)	$	4,670		4,717
Kinder Morgan, Inc.
6.450% due 03/01/2003		1,000		1,012
Limestone Electron Trust
8.625% due 03/15/2003		2,500		2,227
Merrill Lynch & Co., Inc.
2.070% due 05/21/2004 (b)		6,710		6,710
MGM Mirage, Inc.
6.950% due 02/01/2005		180		184
Morgan Stanley TRACERS
4.869% due 09/15/2011 (b)		256		278
Pfizer, Inc.
0.800% due 03/18/2008	JY	637,000		5,308
Protective Life Funding Trust
2.210% due 01/17/2003 (b)	$	1,200		1,201
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		8		4
Salomon Smith Barney Holdings, Inc.
1.962% due 02/11/2003 (b)		400		400
Sprint Capital Corp.
5.875% due 05/01/2004		690		597
Verizon Global Funding Corp.
5.750% due 04/01/2003		3,090		3,127
Verizon Wireless, Inc.
2.286% due 12/17/2003 (b)		500		479
WorldCom, Inc.—WorldCom Group
7.500% due 05/15/2011 (c)		8		1
				84,640
Mortgage-Backed Securities 30.0%
Amortizing Residential Collateral Trust
2.073% due 09/25/2030 (b)		491		490
Bank of America Mortgage Securities, Inc.
6.500% due 05/25/2029		266		282
Bear Stearns Adjustable Rate Mortgage Trust
6.999% due 02/25/2031 (b)		1,666		1,697
6.128% due 12/25/2031 (b)		2,058		2,112
6.258% due 01/25/2032 (b)		6,562		6,647
Chase Mortgage Finance Corp.
6.550% due 08/25/2028		457		458
Citicorp Mortgage Securities, Inc.
6.500% due 07/25/2028-03/25/2029 (b)		522		531
CS First Boston Mortgage Securities Corp.
2.360% due 08/25/2033 (b)		5,600		5,600
Fannie Mae
4.653% due 07/01/2021 (b)		180		185
6.345% due 11/01/2022 (b)		337		346
6.218% due 01/01/2023 (b)		390		402
5.231% due 08/01/2023 (b)		567		583
6.676% due 12/01/2030 (b)		1,178		1,232
6.000% due 10/15/2032 (b)		15,800		16,225
5.500% due 10/21/2017-11/14/2032 (b)(d)		79,000		79,654
Freddie Mac
5.125% due 01/15/2012	EC	1,700		1,738
9.050% due 06/15/2019	$	31		31
4.673% due 06/01/2022 (b)		855		879
5.821% due 08/01/2022 (b)		191		196
5.500% due 05/15/2012-11/14/2032 (d)		68,536		69,114
General Electric Capital Mortgage Services, Inc.
6.250% due 07/25/2029 (b)		500		514
Government National Mortgage Association
7.375% due 05/20/2022 (b)		27		28
6.625% due 11/20/2021-12/20/2025 (b)(d)		1,628		1,684
6.750% due 07/20/2022-08/20/2027 (b)(d)		4,474		4,613
5.375% due 05/20/2023-05/20/2028 (b)(d)		2,933		3,029
6.000% due 12/15/2028		82,000		84,870
4.250% due 04/20/2030-05/20/2030 (b)(d)		6,821		6,964
5.000% due 04/20/2030-05/20/2030 (b)(d)		2,679		2,752
6.500% due 10/23/2032 (b)		1,000		1,042
J.P. Morgan Chase Commercial Mortgage Finance Corp.
6.465% due 11/15/2035		10,100		11,375
Prudential Home Mortgage Securities
7.000% due 01/25/2008		3,198		3,194
6.800% due 05/25/2024		531		580
Residential Funding Mortgage Securities I
6.500% due 05/25/2029		1,452		1,477
1.000% due 09/25/2032		4,900		4,989
Residential Funding Mortgage Securities, Inc.
2.112% due 05/12/2032 (b)		4,455		4,462
Structured Asset Mortgage Investments, Inc.
6.523% due 06/25/2029 (b)		1,890		1,958

150   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Structured Asset Securities Corp.
2.113% due 10/25/2027 (b)	$	1,901	$	1,900
Washington Mutual Mortgage Securities Corp.
6.010% due 04/25/2031 (b)		900		915
Washington Mutual, Inc.
4.053% due 12/25/2040 (b)		1,564		1,585
Wells Fargo Mortgage-Backed Securities Trust
4.972% due 09/25/2032 (b)		5,900		5,986
				332,319
Municipal Bonds & Notes 0.1%
Chicago, Illinois Board of Education General Obligation Bonds, (FSA Insured), Series 2001
5.000% due 12/01/2031		300		307
Chicago, Illinois Water Revenue Bonds, (AMBAC Insured), Series 2001
5.000% due 11/01/2026		200		205
Louisville and Jefferson County, Kentucky Metro Sewer and Drain District Revenue Bonds, (MBIA Insured), Series 2001
5.000% due 05/15/2036		200		205
Maryland State Health and Education Facilities Authority Revenue Bonds, Series 2001
5.000% due 07/01/2041		300		307
				1,024
	Shares
Preferred Security 0.6%
DG Funding Trust
4.105% due 12/29/2049 (b)		640		6,592
	Principal Amount (000s)
U.S. Government Agencies 8.3%
Fannie Mae
4.250% due 10/25/2004	$	800		811
Federal Home Loan Bank
6.750% due 12/20/2004		600		607
6.250% due 02/14/2006		500		508
5.665% due 03/22/2006		3,200		3,516
5.660% due 04/26/2006		1,200		1,319
4.375% due 08/15/2007		8,500		8,627
Freddie Mac
4.500% due 04/15/2005		7,000		7,088
5.750% due 09/15/2010	EC	1,600		1,712
4.750% due 01/15/2013		5,360		5,298
Resolution Funding Corp.
0.000% due 10/15/2020	$	16,100		6,093
0.000% due 01/15/2021		29,000		10,828
Small Business Administration
6.640% due 02/01/2011		4,257		4,705
6.344% due 08/10/2011		5,903		6,425
5.980% due 11/01/2022		5,000		5,423
Tennessee Valley Authority
4.875% due 12/15/2016		16,050		17,258
5.880% due 04/01/2036		10,000		11,579
				91,797
U.S. Treasury Obligations 29.1%
Treasury Inflation Protected Securities (f)
3.625% due 01/15/2008		65,327		72,084
3.875% due 01/15/2009		2,416		2,717
3.625% due 04/15/2028		4,899		5,768
3.875% due 04/15/2029		3,615		4,449
U.S. Treasury Bonds
11.250% due 02/15/2015		24,400		41,329
8.125% due 08/15/2019		69,400		98,093
U.S. Treasury Notes
4.750% due 11/15/2008 (a)		52,000		56,155
5.500% due 05/15/2009 (a)		11,400		13,017
6.500% due 02/15/2010		23,500		28,367
				321,979
Total United States (Cost $891,356)				925,673
PURCHASED CALL OPTIONS 0.0%
U.S. Treasury Note November Futures (CBOT)
Strike @ 127.000 Exp. 11/23/2002	$	15,000		2
U.S. Treasury Notes (OTC)
5.500% due 05/15/2009
Strike @ 126.000 Exp. 12/02/2002		150,000		0
Total Purchased Call Options (Cost $26)				2
PURCHASED PUT OPTIONS 0.0%
Euribor December Futures (OTC)
Strike @ 92.000 Exp. 12/03/2002	EC	101,000		0
Eurodollar December Futures (CME)
Strike @ 96.000 Exp. 12/16/2002	$	542,000		7
Fannie Mae (OTC)
5.500% due 12/12/2032
Strike @ 88.880 Exp. 12/05/2002		94,800		6
Government National Mortgage Association (OTC)
6.000% due 12/19/2032
Strike @ 91.910 Exp. 12/12/2002		83,000		6
Japanese Government Bond December Futures (OTC)
Strike @ 120.000 Exp. 12/03/2002	JY	17,320,000		6
Kingdom of Spain (OTC)
5.150% due 07/30/2009
Strike @ 89.500 Exp. 10/03/2002	EC	28,430		0
Republic of France (OTC)
5.250% due 04/25/2008
Strike @ 93.000 Exp. 10/03/2002		85,320		0
Republic of Germany (OTC)
4.500% due 08/18/2006
Strike @ 90.500 Exp. 10/03/2002		171,175		0
Republic of Germany (OTC)
6.000% due 12/31/2002
Strike @ 100.000 Exp. 10/03/2002		36,600		4
Republic of Germany (OTC)
6.000% due 01/05/2006
Strike @ 96.000 Exp. 10/03/2002		116,000		0
Republic of Germany (OTC)
6.000% due 07/04/2007
Strike @ 98.000 Exp. 12/03/2002		226,900		0
Republic of Germany (OTC)
6.250% due 04/26/2006
Strike @ 98.000 Exp. 10/03/2002		69,400		0
Republic of Italy (OTC)
4.500% due 05/01/2009
Strike @ 86.000 Exp. 10/03/2002		47,400		0
U.S. Treasury Note November Futures (CBOT)
Strike @ 94.000 Exp. 11/23/2002		216,300		34
Total Purchased Put Options (Cost $163)				63
SHORT-TERM INSTRUMENTS 12.0%
Commercial Paper 6.0%
Fannie Mae
1.860% due 10/01/2002	$	5,000		5,000
1.730% due 11/29/2002 (e)		255		254
Federal Home Loan Bank
1.658% due 10/23/2002		4,000		3,996
Freddie Mac
1.700% due 10/31/2002 (e)		275		275
HBOS Treasury Services PLC
1.770% due 11/20/2002		1,800		1,799

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   151

Schedule of Investments (Cont.)

Foreign Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Pfizer, Inc.
1.730% due 10/21/2002	$	14,500	$	14,486
1.720% due 10/22/2002		25,000		24,975
1.730% due 10/28/2002		14,500		14,481
Westpac Trust Securities NZ Ltd.
1.755% due 12/05/2002		1,300		1,299
				66,565
Repurchase Agreement 0.4%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Fannie Mae 2.430% due 08/20/2004 valued at $3,868. Repurchase proceeds are $3,790.)		3,790		3,790
U.S. Treasury Bills 5.6%
1.602% due 11/14/2002-11/29/2002 (d)(e)		61,985		61,829
Total Short-Term Instruments (Cost $132,184)				132,184
Total Investments 181.0% (Cost $1,893,991)			$	2,002,223
Written Options (g) (1.6%)				(17,399	)
(Premiums $7,712)
Other Assets and Liabilities (Net) (79.4%)				(878,528	)
Net Assets 100.0%			$	1,106,296

Notes to Schedule of Investments (amounts in thousands):

(a) Security, or portion thereof, subject to financing transaction.

(b) Variable rate security. The rate listed is as of September 30, 2002.

(c) Security is in default.

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Securities with an aggregate market value of $16,225 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euro-Bobl 5 Year Note (12/2002)	2,329	$	4,577
EuroBond 10 Year Note (12/2002)	366		982
Euribor Options March Futures (03/2003)	25		0
Government of Japan 10 Year Note (12/2002)	193		(48	)
U.S. Treasury 2 Year Note (12/2002)	103		(160	)
U.S. Treasury 5 Year Note (12/2002)	36		64
U.S. Treasury 10 Year Note (12/2002)	1,553		5,547
U.S. Treasury 30 Year Bond (12/2002)	463		1,763
Eurodollar September Futures (09/2003)	284		426
		$	13,151

(f) Principal amount of security is adjusted for inflation.

(g) Premiums received on written options:

Type	# of Contracts	Premium		Value
Call-OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.970 Exp. 10/04/2004	700,000	$	23	$	64
Put-OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.970 Exp. 10/04/2004	700,000		31		18
Call-OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.175 Exp. 10/04/2004	84,000,000		2,493		4,963
Call-OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.130 Exp. 11/10/2003	2,100,000		32		135
Call-OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/20/2003	18,800,000		874		2,183
Put-OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/20/2003	18,800,000		874		322
Put-OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.130 Exp. 11/10/2003	2,100,000		89		35
Call-OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.650 Exp. 11/19/2003	30,700,000		1,042		2,862
Call-OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.500 Exp. 01/07/2005	51,200,000		1,130		3,545
Call-OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.480 Exp. 04/03/2006	10,000,000		297		852
Put-OTC 3 Month LIBOR Interest Rate Swap
Strike @ 7.000 Exp. 01/07/2005	2,500,000		60		43
Call-OTC 3 Month LIBOR Interest Rate Swap
Strike @ 4.375 Exp. 12/15/2006	2,900,000		38		79
Call-OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.300 Exp. 12/11/2002	4,300,000		69		348
Call-OTC 3 Month LIBOR Interest Rate Swap
Strike @ 3.500 Exp. 03/24/2003	49,240,000		384		253
Call-CBOT U.S. Treasury Note December Futures
Strike @ 108.000 Exp. 11/23/2002	144		184		1,154
Call-CBOT U.S. Treasury Note December Futures
Strike @ 111.000 Exp. 11/23/2002	104		92		543
		$	7,712	$	17,399

(h) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Sell	A$	1,115	10/2002	$	9
Buy		896	11/2002		(2	)
Buy	BP	1,615	10/2002		15
Sell		13,760	10/2002		(533	)
Buy	C$	4,115	10/2002		(107	)
Sell		5,775	10/2002		28
Sell	DK	62,831	12/2002		(122	)
Buy	EC	1,817	11/2002		18
Sell		316,112	11/2002		(2,011	)
Buy	H$	45,306	10/2002		(1	)
Buy	JY	747,435	12/2002		17
Sell		4,189,600	12/2002		894
Sell	N$	6,872	10/2002		0
Buy	SK	2,509	12/2002		5
Sell		90,622	12/2002		(163	)
				$	(1,953	)

(i) Principal amount denoted in indicated currency:

A$—Australian Dollar

BF—Belgian Franc

BP—British Pound

C$—Canadian Dollar

DK—Danish Krone

EC—Euro

H$—Hong Kong Dollar

JY—Japanese Yen

N$—New Zealand Dollar

SK—Swedish Krona

152   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

(j) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: Morgan Stanley Exp. 03/15/2032	EC	15,800	$	342
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Lehman Brothers, Inc. Exp. 12/15/2031		8,000		(459	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Morgan Stanley Exp. 12/15/2031		20,300		(1,508	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 6.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2031		4,000		(619	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032		49,500		1,009
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: CITIBANK N.A., London Exp. 06/17/2012		89,700		(4,626	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley Exp. 03/15/2031		14,100		(2,040	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2017		21,600		263
Receive a fixed rate equal to 5.500% and pay floating rate based on 6-month BP-LIBOR.
Broker: Morgan Stanley Exp. 03/15/2008	BP	5,500		389
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Morgan Stanley Exp. 03/15/2032		10,500		(448	)
Receive a fixed rate equal to 5.500% and pay floating rate based on 6-month BP-LIBOR.
Broker: Goldman Sachs Exp. 03/15/2008		6,100		433
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032	BP	28,600	$	(590	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2017		13,400		(104	)
Receive a fixed rate equal to 5.250% and pay floating rate based on 6-month BP-LIBOR.
Broker: Morgan Stanley Exp. 03/15/2004		3,900		146
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Morgan Stanley Exp. 03/15/2016		25,900		(403	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Lehman Brothers, Inc. Exp. 03/15/2016		30,200		(360	)
Receive a fixed rate equal to 6.949% and pay floating rate based on 6-month BP-LIBOR.
Broker: Merrill Lynch Exp. 08/06/2003		4,500		180
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.550%.
Broker: Goldman Sachs Exp. 03/16/2006	H$	86,600		(867	)
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.906%.
Broker: Goldman Sachs Exp. 07/11/2006		427,000		(5,494	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.660%.
Broker: UBS—Warburg Exp. 06/17/2007	JY	6,240,000		(755	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.020%.
Broker: Goldman Sachs Exp. 05/18/2010		1,776,000		(1,384	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.300%.
Broker: Goldman Sachs Exp. 09/21/2011		2,820,000		(626	)
Receive a fixed rate equal to 5.710% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs Exp. 07/11/2006		53,700		5,509

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   153

Schedule of Investments (Cont.)

Foreign Bond Fund

September 30, 2002 (Unaudited)

Receive a fixed rate equal to 5.440% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs Exp. 03/19/2006	$	11,100	$	917
Receive floating rate based on 1-month LIBOR less 0.250% and pay total return on Lehman Brothers Intermediate Government Bond Index.
Broker: Lehman Brothers, Inc. Exp. 10/01/2002		51,300		0
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2012		39,700		(119	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2022		138,700		(16,889	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: UBS—Warburg Exp. 12/18/2004		12,300		335
Receive a fixed rate equal to 3.000% and pay floating rate based on 3-month LIBOR.
Broker: Bank of America Exp. 06/18/2004		8,800		52
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Lehman Brothers, Inc. Exp. 12/18/2012		15,200		(70	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of Vodafone Group PLC 7.750% due 02/15/2010.
Broker: Lehman Brothers, Inc. Exp. 09/10/2003		6,700		(58	)
Receive a fixed rate equal to 1.160% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: J.P. Morgan Chase & Co. Exp. 12/17/2002		3,200		6
Receive a fixed rate equal to 1.080% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2006.
Broker: J.P. Morgan Chase & Co. Exp. 12/18/2002		2,400		4
Receive a fixed rate equal to 7.100% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 11.125% due 09/30/2004.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2004		5,400		(2,130	)
Pay a fixed rate equal to 3.600% and the Fund will receive from the counterparty at par in the event of default of Federative Republic of Brazil 11.125% due 09/30/2004.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2003		5,400		853
Receive a fixed rate equal to 1.080% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: J.P. Morgan Chase & Co. Exp. 12/18/2002		200		0
Receive a fixed rate equal to 1.550% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 2.750% due 07/17/2016.
Broker: J.P. Morgan Chase & Co. Exp. 03/21/2003		6,100		(5	)
Receive a fixed rate equal to 7.100% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 8.000% due 04/15/2014.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2004		400		(79	)
Pay a fixed rate equal to 3.600% and the Fund will receive from the counterparty at par in the event of default of Federative Republic of Brazil 8.000% due 04/15/2014.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2003		400		26
			$	(29,169	)

Type	Fixed Spread (%)	Notional Amount		Unrealized (Depreciation)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Morgan Stanley Exp. 11/15/2002	0.516	$	195,900	$	(2,220	)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Bank of America Exp. 11/15/2002	0.655		37,600		(261	)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Morgan Stanley Exp. 11/15/2002	0.560		103,700		(751	)
				$	(3,232	)

154   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

(k) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
Republic of Venezuela	2.875	12/18/2007	$	5,500	$	4,152	$	4,337
U.S. Treasury Notes	5.625	05/15/2008		33,200		37,947		36,937
U.S. Treasury Notes	4.750	11/15/2008		52,000		56,154		55,932
U.S. Treasury Notes	5.500	05/15/2009		174,000		198,686		193,214
U.S. Treasury Notes	5.000	08/15/2011		32,600		36,215		35,690
U.S. Treasury Notes	3.500	11/15/2006		47,900		49,951		49,428
U.S. Treasury Notes	4.875	02/15/2012		3,300		3,637		3,561
U.S. Treasury Notes	4.375	05/15/2007		83,200		89,827		87,881
U.S. Treasury Notes	6.000	08/15/2009		6,000		7,027		6,933
					$	483,596	$	473,913

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   155

Schedule of Investments

Global Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)	Value (000s)
AUSTRALIA (g)(h) 2.2%
Asian Development Bank
5.375% due 09/15/2003	A$         2,300	$1,252
Crusade Global Trust
2.080% due 02/15/2030 (a)	$         3,157	3,164
Homeside Mortgage Securities Trust
2.050% due 01/20/2027 (a)	806	805
Medallion Trust
2.061% due 07/12/2031 (a)	1,693	1,695
Superannuation Members Home Loans Global Fund
2.141% due 06/15/2026 (a)	959	960
Torrens Trust
2.040% due 07/15/2031 (a)	750	750
Total Australia (Cost $8,797)		8,626
AUSTRIA (g)(h) 1.0%
Republic of Austria
5.000% due 01/15/2008	EC        3,000	3,131
5.500% due 01/15/2010	600	641
Total Austria (Cost $3,510)		3,772
BELGIUM (g)(h) 1.3%
Kingdom of Belgium
7.000% due 11/21/2004	BF      95,900	2,523
6.250% due 03/28/2007	EC        1,200	1,308
7.500% due 07/29/2008	900	1,051
Total Belgium (Cost $5,297)		4,882
BRAZIL 0.1%
Republic of Brazil
3.062% due 04/15/2006 (a)	$            877	578
Total Brazil (Cost $724)		578
CANADA (g)(h) 0.4%
Commonwealth of Canada
5.500% due 06/01/2010	C$        1,100	728
Newcourt Credit Group, Inc.
7.125% due 12/17/2003	$           800	819
Total Canada (Cost $1,552)		1,547
CAYMAN ISLANDS (g)(h) 1.2%
International Credit Recovery-Japan
0.467% due 08/25/2005 (a)	JY     14,616	120
0.816% due 05/10/2006 (a)	300,000	2,466
Redwood Capital II Ltd.
4.860% due 01/01/2004 (a)	1,000	996
SHL Corp. Ltd.
0.765% due 12/25/2024 (a)	97,685	802
Total Cayman Islands (Cost $4,402)		4,384
DENMARK (g)(h) 0.6%
Nykredit
6.000% due 10/01/2029	DK     14,543	1,945
Unikredit Realkredit
6.000% due 07/01/2029	3,398	456
Total Denmark (Cost $1,961)		2,401
FINLAND (g)(h) 0.3%
Republic of Finland
5.000% due 07/04/2007	EC       1,000	1,043
Total Finland (Cost $1,000)		1,043
FRANCE (g)(h) 6.1%
Auto Asset-Backed Securities Compartment
3.622% due 10/28/2011 (a)	EC       3,000	2,968
Axa SA
3.750% due 01/01/2017	397	349
France Telecom SA
9.000% due 03/01/2031	$        2,200	2,440
Republic of France
4.000% due 04/25/2009	EC          ,260	2,236
4.000% due 10/25/2009 (b)	16,080	15,835
Total France (Cost $20,743)		23,828
GERMANY (g)(h) 49.9%
Commerzbank AG
3.852% due 10/25/2032 (a)	EC       3,700	3,670
Depfa Pfandbriefbank
4.750% due 07/15/2008	860	882
5.750% due 03/04/2009	860	926
Eurohypo AG
3.500% due 07/03/2006	4,000	3,941
Hypothekenbank in Essen AG
5.500% due 02/20/2007	1,350	1,421
Landesbank Baden-Wuerttemberg AG
5.500% due 04/02/2007	520	548
Landesbank NRW
4.750% due 09/28/2007	860	881
Landesbank Rheinland-Pfalz
4.750% due 04/04/2008	530	544
Republic of Germany
4.250% due 03/14/2003	3,230	3,208
6.500% due 10/14/2005 (b)	56,900	61,320
6.000% due 01/05/2006 (b)	16,000	17,085
6.250% due 04/26/2006 (b)	15,700	16,966
6.000% due 07/04/2007 (b)	18,000	19,647
5.375% due 01/04/2010	100	107
5.250% due 07/04/2010	5,000	5,309
5.250% due 01/04/2011 (b)	2,300	2,440
6.250% due 01/04/2024 (b)	4,000	4,641
6.500% due 07/04/2027 (b)	24,130	29,128
5.625% due 01/04/2028 (b)	3,600	3,912
6.250% due 01/04/2030 (b)	8,400	9,966
5.500% due 01/04/2031 (b)	7,200	7,795
Total Germany (Cost $177,018)		194,337
GREECE (g)(h) 0.6%
Hellenic Republic
4.700% due 05/19/2003 (a)	EC          440	421
5.220% due 06/17/2003 (a)	346	347
5.240% due 10/23/2003 (a)	1,595	1,586
Total Greece (Cost $2,783)		2,354
IRELAND (g)(h) 0.8%
Diageo Enterprises PLC
3.515% due 12/19/2002 (a)	EC       3,100	3,057
Total Ireland (Cost $2,637)		3,057

156   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
ITALY (g)(h) 6.4%
First Italian Auto Transaction
3.730% due 07/01/2008 (a)	EC	4,600	$	4,522
Republic of Italy
4.750% due 07/01/2005 (b)		6,690		6,859
7.750% due 11/01/2006 (b)		3,100		3,534
4.500% due 05/01/2009 (b)		4,150		4,205
4.250% due 11/01/2009 (b)		2,470		2,454
Siena Mortgages SPA
3.571% due 11/07/2011 (a)		3,000		2,919
Total Italy Cost ($21,098)				24,493
LUXEMBOURG (g)(h) 0.1%
Hellenic Finance
2.000% due 07/15/2003 (a)	EC	500		512
Total Luxembourg (Cost $527)				512
MEXICO (g)(h) 0.9%
Bancomext Trust
8.000% due 08/05/2003	$	180		188
Petroleos Mexicanos
8.850% due 09/15/2007		480		518
9.375% due 12/02/2008		650		700
United Mexican States
10.375% due 01/29/2003	DM	3,654		1,877
United Mexican States—8BR
4.000% due 03/11/2004	JY	48,000		408
United Mexican States—8RG
4.000% due 03/11/2004		25,000		214
Total Mexico (Cost $4,028)				3,905
NETHERLANDS (g)(h) 4.4%
Delphinus BV
3.658% due 11/28/2031 (a)	EC	3,000		2,970
Deutsche Telekom International Finance BV
7.750% due 06/15/2005	$	700		751
Dutch MBS BV
3.588% due 07/02/2077 (a)	EC	2,148		2,124
Kingdom of Netherlands
6.000% due 01/15/2006		10,700		11,404
WestLB Finance Curacao NV
8.500% due 06/02/2003	BP	110		178
Total Netherlands (Cost $15,922)				17,427
NEW ZEALAND (g)(h) 0.6%
Commonwealth of New Zealand
5.500% due 04/15/2003	N$	1,900		891
4.500% due 02/15/2016		2,307		1,271
Total New Zealand (Cost $2,084)				2,162
PANAMA 0.6%
Republic of Panama
9.375% due 07/23/2012	$	1,400		1,358
4.750% due 07/17/2014		1,244		1,008
Total Panama (Cost $2,485)				2,366
PERU 0.8%
Republic of Peru
9.125% due 02/21/2012	$	1,600		1,308
4.500% due 03/07/2017		1,666		1,125
Republic of Peru—REGS
9.125% due 02/21/2012		850		695
Total Peru (Cost $3,708)				3,128
SPAIN (g)(h) 4.4%
Hipotebansa Mortgage Securitization Fund
3.566% due 01/18/2018 (a)	EC	2,894		2,865
Kingdom of Spain
4.950% due 07/30/2005		6,480		6,679
5.150% due 07/30/2009 (a)		6,140		6,438
4.000% due 01/31/2010		980		955
Total Spain (Cost $14,597)				16,937
SUPRANATIONAL (g)(h) 1.2%
Eurofima
4.750% due 07/07/2004	SK	4,700		507
European Investment Bank
6.000% due 05/07/2003	BP	1,600		2,548
8.000% due 06/10/2003		1,000		1,617
Total Supranational (Cost $4,306)				4,672
SWEDEN (g)(h) 0.6%
Kingdom of Sweden
5.000% due 01/28/2009	SK	20,200		2,214
Total Sweden (Cost $1,996)				2,214
UNITED KINGDOM (g)(h) 12.5%
Abbey National Treasury Service PLC
7.625% due 12/30/2002	BP	250		396
5.250% due 01/21/2004		150		239
Bauhaus Securities Ltd.
3.701% due 10/30/2052 (a)	EC	6,364		6,283
BG Transco Holdings PLC
5.306% due 12/14/2009 (a)	BP	1,060		1,659
British Telecom PLC
3.121% due 12/15/2003 (a)	$	2,600		2,595
Core
2.081% due 03/17/2009 (a)		148		147
Haus Ltd.
3.612% due 12/14/2037 (a)	EC	3,927		3,889
Holmes Funding PLC
3.574% due 12/15/2025 (a)		264		258
Lloyds TSB Bank PLC
5.625% due 07/15/2049 (a)		2,410		2,423
Originated Mortgage Loans PLC
3.863% due 12/15/2031 (a)		647		641
United Kingdom Gilt
7.250% due 12/07/2007 (b)	BP	16,900		30,324
Total United Kingdom (Cost $47,244)				48,854
UNITED STATES (g)(h) 107.2%
Asset-Backed Securities 7.7%
AFC Home Equity Loan Trust
2.120% due 12/22/2027 (a)	$	320		319
AMRESCO Residential Securities
Mortgage Loan Trust
2.280% due 06/25/2029 (a)		1,057		1,059
Bayview Financial Acquisition Trust
2.200% due 11/25/2030 (a)		2,100		2,106
Bear Stearns Asset-Backed Securities, Inc.
2.140% due 10/25/2032 (a)		556		555
2.210% due 10/25/2032 (a)		700		700

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   157

Schedule of Investment (Cont.)

Global Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CDC Mortgage Capital Trust
2.150% due 01/10/2032 (a)	$	2,649	$	2,638
2.100% due 08/25/2032 (a)		492		489
Citibank Credit Card Master Trust
5.750% due 07/16/2007	DM	1,000		538
Conseco Finance Securitizations Corp.
2.193% due 10/15/2031 (a)(c)	$	288		286
First Boston Mortgage Securities Corp.
2.083% due 12/15/2030 (a)		1,361		1,359
2.260% due 10/25/2032 (a)		1,806		1,809
First Franklin Mortgage Loan Trust
Asset-Backed Certificates
2.160% due 09/25/2032 (a)		1,300		1,301
GMAC Mortgage Corp. Loan Trust
2.180% due 11/18/2025 (a)		1,207		1,207
Irwin Home Equity Loan Trust
2.030% due 11/25/2011 (a)		14		14
Marriott Vacation Club Owner Trust
2.047% due 09/20/2017 (a)		1,782		1,781
Novastar Home Equity Loan
2.085% due 04/25/2028 (a)		1,214		1,209
1.990% due 08/25/2028 (a)		599		600
Option One Mortgage Loan Trust
2.060% due 10/12/2032 (a)		2,285		2,267
Provident Bank Equipment Lease Trust
2.110% due 11/25/2011 (a)		338		339
Provident Bank Home Equity Loan Trust
2.030% due 04/25/2029 (a)		281		278
Providian Gateway Master Trust
2.046% due 03/15/2007 (a)		4,900		4,903
Providian Home Equity Loan Trust
2.130% due 06/25/2025 (a)		150		151
Residential Asset Securities Corp.
2.090% due 07/25/2032 (a)		3,255		3,233
Residential Funding Mortgage Securities II, Inc.
2.000% due 08/25/2014 (a)		235		235
Sand Trust
2.120% due 08/25/2032 (a)		677		676
				30,052
Convertible Bonds & Notes 0.4%
Verizon Global Funding Corp.
5.750% due 04/01/2003		530		536
Verizon Global Funding Corp. - REGS
5.750% due 04/01/2003		1,000		1,006
				1,542
Corporate Bonds & Notes 7.6%
AOL Time Warner, Inc.
5.625% due 05/01/2005		2,200		2,097
Associates Corp. of North America
3.500% due 06/30/2003 (a)	EC	800		790
AT&T Corp.
5.360% due 11/21/2003 (a)		4,400		4,197
CIT Group, Inc.
2.310% due 04/07/2003 (a)	$	700		699
7.500% due 11/14/2003		500		519
El Paso Corp.
7.125% due 05/06/2009	EC	1,300		1,047
Ford Motor Credit Co.
2.170% due 06/20/2003 (a)	$	700		684
1.000% due 12/22/2003	JY	55,000		444
5.750% due 02/23/2004	$	500		499
2.210% due 07/19/2004 (a)		300		284
3.726% due 10/25/2004 (a)		1,400		1,336
2.295% due 07/18/2005 (a)		2,400		2,166
General Motors Acceptance Corp.
9.000% due 10/15/2002		640		641
2.110% due 04/05/2004 (a)		1,200		1,162
6.875% due 09/09/2004	BP	730		1,178
5.000% due 01/18/2005	EC	800		815
5.500% due 02/02/2005		2,500		2,484
7.430% due 12/01/2021	$	197		200
General Motors Acceptance Corp. - MTN
2.010% due 04/05/2004 (a)		1,210		1,172
Household Finance Corp.
3.051% due 03/11/2004 (a)		900		887
J.P. Morgan & Co., Inc.
3.123% due 02/15/2012 (a)		760		768
Kinder Morgan, Inc.
6.450% due 03/01/2003		2,000		2,025
Merrill Lynch & Co., Inc.
2.070% due 05/21/2004 (a)		700		700
MGM Mirage, Inc.
6.950% due 02/01/2005		80		82
Pfizer, Inc.
0.800% due 03/18/2008	JY	171,000		1,425
Protective Life Funding Trust
2.120% due 01/17/2003 (a)	$	600		601
Salomon Smith Barney Holdings, Inc.
4.361% due 10/21/2002 (a)	BP	90		142
Sprint Capital Corp.
5.875% due 05/01/2004	$	280		242
Verizon Wireless, Inc.
2.286% due 12/17/2003 (a)		500		479
				29,765
Mortgage-Backed Securities 35.1%
Bear Stearns Adjustable Rate Mortgage Trust
6.184% due 12/25/2031 (a)		882		905
6.299% due 01/25/2032 (a)		2,596		2,629
Chase Mortgage Finance Corp.
6.550% due 08/25/2028		302		303
Citicorp Mortgage Securities, Inc.
7.430% due 01/01/2024		187		192
6.500% due 07/25/2028-03/25/2029 (a)(d)		596		600
Credit-Based Asset Servicing & Securitization LLC
2.150% due 01/25/2032 (a)		503		503
Fannie Mae
7.000% due 01/01/2005		170		173
15.750% due 12/01/2011		4		5
9.000% due 04/01/2016		135		148
6.526% due 11/01/2023 (a)		68		70
5.743% due 03/01/2024 (a)		62		64
6.000% due 10/15/2032 (a)		9,700		9,961
5.500% due 10/21/2017-11/14/2032 (a)(d)		32,500		32,829
Federal Housing Administration
7.400% due 02/01/2021		961		973
Freddie Mac
5.125% due 01/15/2012	EC	2,800		2,863
4.750% due 01/15/2013		2,240		2,214
5.161% due 05/01/2023 (a)	$	227		234
5.500% due 11/14/2032 (a)		28,700		28,931
General Electric Capital Mortgage Services, Inc.
6.250% due 07/25/2029 (a)		450		463
Government National Mortgage Association
13.500% due 02/15/2011		9		11
5.375% due 02/20/2024 (a)		820		845
6.750% due 07/20/2022-09/20/2026 (a)(d)		1,056		1,090
6.625% due 12/20/2023-12/20/2026 (a)(d)		560		581
6.375% due 05/20/2022-05/20/2028 (a)(d)		714		738
2.423% due 02/16/2030 (a)		2,185		2,210
5.250% due 01/20/2030-05/20/2030 (a)(d)		1,483		1,517
6.000% due 12/15/2028-05/20/2030 (a)(d)		27,499		28,454
8.500% due 12/15/2029-03/15/2031 (d)		3,070		3,326
6.500% due 10/23/2032 (a)		2,000		2,084
Independent National Mortgage Corp.
3.410% due 07/25/2025 (a)		55		55
J.P. Morgan Chase Commercial Mortgage Finance Corp.
2.103% due 04/15/2010 (a)		200		200
6.465% due 11/15/2035		2,100		2,365
Residential Accredit Loans, Inc.
7.500% due 11/25/2029		407		409
Residential Funding Mortgage Securities I
5.691% due 09/25/2032		1,400		1,425
Structured Asset Mortgage Investments, Inc.
6.576% due 06/25/2029 (a)		991		1,027

158   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Structured Asset Securities Corp.
2.110% due 10/25/2027 (a)	$	2,592	$	2,591
Washington Mutual Mortgage Securities Corp.
6.010% due 04/25/2031 (a)		485		493
5.243% due 10/25/2032 (a)		2,900		2,942
Wells Fargo Mortgage-Backed Securities Trust
5.221% due 09/25/2032 (a)		400		406
				136,829
Municipal Bonds & Notes 0.2%
Chicago, Illinois Board of Education General Obligation Bonds, (FSA Insured), Series 2001
5.000% due 12/01/2031		200		205
Chicago, Illinois Water Revenue Bonds, (AMBAC Insured), Series 2001
5.000% due 11/01/2026		100		103
Louisville and Jefferson County, Kentucky Metro Sewer and Drain District Revenue Bonds, (MBIA Insured), Series 2001
5.000% due 05/15/2036		100		103
Maryland State Health and Education Facilities Authority Revenue Bonds, Series 2001
5.000% due 07/01/2041		200		204
				615
	Shares
Preferred Security 0.6%
DG Funding Trust
4.105% due 12/29/2049 (a)		130		1,339
Pinto Totta International Finance
7.770% due 12/31/2049 (a)		1,000		1,024
				2,363
	Principal Amount (000s)
U.S. Government Agencies 12.1%
Fannie Mae
3.810% due 04/30/2004	$	3,200		3,237
4.250% due 10/25/2004		3,500		3,548
0.000% due 06/01/2017		30,300		13,747
Federal Home Loan Bank
6.250% due 02/14/2006		500		508
Resolution Funding Corp.
0.000% due 10/15/2020		23,400		8,855
0.000% due 01/15/2021		4,900		1,830
Small Business Administration
7.640% due 03/10/2010		889		1,022
6.640% due 02/01/2011		2,225		2,459
Tennessee Valley Authority
4.875% due 12/15/2016		6,700		7,204
5.880% due 04/01/2036		3,900		4,516
				46,926
U.S. Treasury Obligations 43.5%
Treasury Inflation Protected Securities (j)
3.625% due 01/15/2008 (b)		21,850		24,107
3.500% due 01/15/2011		4,242		4,704
3.625% due 04/15/2028		557		655
3.875% due 04/15/2029		3,725		4,584
U.S. Treasury Bonds
11.250% due 02/15/2015		3,100		5,251
7.500% due 11/15/2016 (b)		29,600		39,252
8.875% due 08/15/2017 (b)		20,600		30,543
8.125% due 08/15/2019 (b)		23,550		33,286
8.125% due 08/15/2021		700		1,000
6.625% due 02/15/2027 (b)		7,800		9,812
U.S. Treasury Notes
5.500% due 05/15/2009 (b)		4,700		5,367
6.500% due 02/15/2010 (b)		8,900		10,743
				169,304
Total United States (Cost $396,664)				417,396
PURCHASED CALL OPTIONS 0.0%
U.S. Dollar vs. Japanese Yen (OTC)
Strike @ 157.000 Exp. 01/08/2003		75,000		0
U.S. Treasury Note November Futures (CBOT)
Strike @ 127.000 Exp. 11/23/2002		7,400		1
U.S. Treasury Notes (OTC)
5.500% due 05/15/2009
Strike @ 126.000 Exp. 12/02/2002		35,000		0
Total Purchased Call Options (Cost $14)				1
PURCHASED PUT OPTIONS 0.0%
EuroBund December Futures (OTC)
Strike @ 97.000 Exp. 12/03/2002	EC	11,000		0
Eurodollar December Futures (CME)
Strike @ 96.000 Exp. 12/16/2002	$	309,000		4
Fannie Mae (OTC)
5.500% due 12/12/2032
Strike @ 88.875 Exp. 12/05/2002		45,200		3
Freddie Mac (OTC)
5.500% due 12/12/2032
Strike @ 89.000 Exp. 12/05/2002		28,700		0
Government National Mortgage Association (OTC)
6.000% due 09/23/2032
Strike @ 92.500 Exp. 11/13/2002		46,000		4
Japanese Government Bond December Futures (OTC)
Strike @ 125.000 Exp. 12/03/2002	JY	5,600,000		2
Kingdom of Spain (OTC)
5.150% due 07/30/2009
Strike @ 89.500 Exp. 10/03/2002	EC	13,600		0
Republic of France (OTC)
4.000% due 10/25/2009
Strike @ 83.000 Exp. 10/03/2002		18,340		0
Republic of Germany (OTC)
6.000% due 01/05/2006
Strike @ 96.000 Exp. 10/03/2002		80,000		0
Republic of Germany (OTC)
6.000% due 07/04/2007
Strike @ 98.000 Exp. 12/03/2002		49,200		0
Republic of Germany (OTC)
6.500% due 10/14/2005
Strike @ 98.000 Exp. 10/03/2002		72,930		0
Republic of Italy (OTC)
4.500% due 05/01/2009
Strike @ 86.000 Exp. 10/03/2002		9,720		0
U.S. Treasury Bond November Futures (CBOT)
Strike @ 98.000 Exp. 11/23/2002	$	20,000		3
U.S. Treasury Note November Futures (CBOT)
Strike @ 94.000 Exp. 11/23/2002		77,000		12
U.S. Treasury Note November Futures (CBOT)
Strike @ 95.000 Exp. 11/23/2002		55,500		9
Total Purchased Put Options (Cost $78)				37
SHORT-TERM INSTRUMENTS 11.1%
Commercial Paper 3.3%
Fannie Mae
1.860% due 10/01/2002	$	5,000		5,000
2.100% due 11/29/2002 (e)		20		20
UBS Finance, Inc.
1.970% due 12/18/2002		8,000		8,000
				13,020

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   159

Schedule of Investments (Cont.)

Global Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Repurchase Agreement 0.9%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Fannie Mae 2.430% due 08/20/2004 valued at $3,359. Repurchase proceeds are $3,289.)	$	3,289	$	3,289
U.S. Treasury Bills 6.9%
1.602% due 11/14/2002—11/29/2002 (d)(e)		26,900		26,834
Total Short-Term Instruments (Cost $43,143)				43,143
Total Investments 215.3% (Cost $788,318)			$	838,056
Written Options (f) (1.9%) (Premiums $3,194)				(7,233	)
Other Assets and Liabilities (Net) (113.4%)				(441,534	)
Net Assets 100.0%			$	389,289

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security, or a portion thereof, subject to financing transaction.

(c) Security is in default.

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Securities with an aggregate market value of $4,410 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euro-Bobl 5 Year Note (12/2002)	521	$	936
EuroBond 10 Year Note (12/2002)	110		259
Government of Japan 10 Year Note (12/2002)	58		(27	)
U.S. Treasury 2 Year Note (12/2002)	34		(53	)
U.S. Treasury 10 Year Note (12/2002)	802		2,703
Eurodollar September Futures (09/2003)	104		156
Euribor Options Futures (03/2003)	25		0
		$	3,974

(f) Premiums received on written options:

Type	# of Contracts	Premium		Value
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.175 Exp. 10/04/2004	40,000,000	$	1,242	$	2,363
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/20/2003	5,100,000		237		592
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/20/2003	5,100,000		237		87
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.650 Exp. 11/19/2003	19,500,000		662		1,818
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.500 Exp. 01/07/2005	19,200,000		423		1,330
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.480 Exp. 04/03/2006	3,900,000		116		333
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 3.500 Exp. 03/24/2003	23,305,000		182		120
Call—CBOT U.S. Treasury Note December Futures
Strike @ 108.000 Exp. 11/23/2002	58		74		465
Call—CBOT U.S. Treasury Note December Futures
Strike @ 111.000 Exp. 11/23/2002	24		21		125
		$	3,194	$	7,233

(g) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Buy	A$	453	10/2002	$	(4	)
Buy	BP	7,641	10/2002		289
Buy	C$	16,183	10/2002		(421	)
Sell		2,180	10/2002		11
Buy	DK	1,059	12/2002		2
Buy	EC	22,440	11/2002		156
Buy	H$	21,353	10/2002		0
Buy	JY	6,087,069	03/2003		3,534
Buy		6,528,810	12/2002		(1,512	)
Sell		588,413	12/2002		(44	)
Sell	N$	5,954	10/2002		0
Buy	SK	3,118	12/2002		5
				$	2,016

(h) Principal amount denoted in indicated currency:

A$—Australian Dollar

BF—Belgian Franc

BP—British Pound

C$—Canadian Dollar

DK—Danish Krone

EC—Euro

H$—Hong Kong Dollar

JY—Japanese Yen

N$—New Zealand Dollar

SK—Swedish Krona

160   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

(i) Swap agreements outstanding at September 30, 2002:

Type		Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 4.500% and pay floating rate based on 6-month EC-LIBOR.
Broker: Merrill Lynch Exp. 03/19/2004	EC		21,100	$	37
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 4.500%.
Broker: Merrill Lynch Exp. 09/19/2003			21,100		(38	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: UBS—Warburg Exp. 03/15/2017			3,900		27
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: Morgan Stanley Exp. 03/15/2032			7,100		154
Receive a fixed rate equal to 4.500% and pay floating rate based on 6-month EC-LIBOR.
Broker: Merrill Lynch Exp. 03/19/2004			21,100		147
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Goldman Sachs Exp. 06/17/2012			800		(29	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Lehman Brothers, Inc. Exp. 12/15/2031			1,000		(57	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Morgan Stanley Exp. 12/15/2031			10,700		(815	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 6.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2031			5,400		(836	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032			12,400		350
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Salomon Brothers, Inc. Exp. 06/17/2012			40,500		(2,089	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley Exp. 03/15/2031			7,200		(1,041	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2017			4,200		51
Receive a fixed rate equal to 5.500% and pay floating rate based on 6-month BP-LIBOR.
Broker: Morgan Stanley Exp. 03/15/2008	BP		4,500		319
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Morgan Stanley Exp. 0./15/2032			4,700		(200	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032			6,900		(156	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2017			2,600		(20	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: UBS—Warburg Exp. 03/15/2017			2,600		(18	)
Receive a fixed rate equal to 5.500% and pay floating rate based on 6-month BP-LIBOR.
Broker: Merrill Lynch Exp. 03/15/2004			7,300		357
Receive a fixed rate equal to 5.250% and pay floating rate based on 6-month BP-LIBOR.
Broker: Goldman Sachs Exp. 03/15/2006			2,300		133
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Morgan Stanley Exp. 03/15/2016			10,940		(163	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Lehman Brothers, Inc. Exp. 03/15/2016			15,000		(179	)
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.550%.
Broker: Goldman Sachs Exp. 03/16/2006	H$		6,000		(66	)

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   161

Schedule of Investments (Cont.)

Global Bond Fund

September 30, 2002 (Unaudited)

Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.906%.
Broker: Goldman Sachs Exp. 07/11/2006	H$	221,000	$	(2,879	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.660%.
Broker: UBS—Warburg Exp. 06/17/2007	JY	2,590,000		(313	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.310%.
Broker: Goldman Sachs Exp. 07/14/2005		693,000		(178	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.035%.
Broker: Goldman Sachs Exp. 05/18/2010		1,160,000		(914	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.300%.
Broker: Goldman Sachs Exp. 09/21/2011		1,040,000		(231	)
Receive a fixed rate equal to 5.710% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs Exp. 07/11/2006	$	28,300		2,903
Receive a fixed rate equal to 5.440% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs Exp. 03/19/2006		800		72
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley Exp. 12/17/2031		5,500		(1,106	)
Pay total return on Lehman Brothers Intermediate Government Bond Index and receive floating rate based on 1-month LIBOR less 0.250%.
Broker: Lehman Brothers, Inc. Exp. 10/01/2002		5,500		0
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs Exp. 12/17/2031		13,400		(2,176	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2012		22,000		(66	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2022		58,800		(7,163	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: UBS—Warburg Exp. 12/18/2004		9,900		270
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Lehman Brothers, Inc. Exp. 12/18/2012		9,000		(42	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of Vodafone Group PLC 7.750% due 02/15/2010.
Broker: Lehman Brothers, Inc. Exp. 09/10/2003		3,300		(29	)
Receive a fixed rate equal to 1.160% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: J.P. Morgan Chase & Co. Exp. 12/17/2002		1,200		2
Receive a fixed rate equal to 1.080% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2006.
Broker: J.P. Morgan Chase & Co. Exp. 12/18/2002		1,100		2
Receive a fixed rate equal to 7.100% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 11.125% due 09/30/2004.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2004		1,700		(658	)
Pay a fixed rate equal to 3.600% and the Fund will receive from the counterparty at par in the event of default of Federative Republic of Brazil 11.125% due 09/30/2004.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2003		1,700		265
Receive a fixed rate equal to 1.550% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 2.750% due 07/17/2016.
Broker: J.P. Morgan Chase & Co. Exp. 03/21/2003		2,000		(2	)

162   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Receive a fixed rate equal to 7.100% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 8.000% due 04/15/2014.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2004	$	200	$	(39	)
Pay a fixed rate equal to 3.600% and the Fund will receive from the counterparty at par in the event of default of Federative Republic of Brazil 8.000% due 04/15/2004.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2003		200		13
			$	(16,401	)

Type	Fixed Spread (%)	Notional Amount		Unrealized (Depreciation)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Morgan Stanley Exp. 11/15/2002	0.516	$	119,900	$	(1,359	)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Bank of America Exp. 11/15/2002	0.655		35,900		(249	)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Morgan Stanley Exp. 11/15/2002	0.560		35,900		(260	)
				$	(1,868	)

(j) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
Fannie Mae	6.000	10/21/2017	$	3,000	$	3,114	$	3,105
Republic of Venezuela	2.875	12/18/2007		2,357		1,780		1,857
U.S. Treasury Notes	5.500	05/15/2009		43,500		49,672		48,303
U.S. Treasury Notes	6.000	08/15/2009		2,000		2,342		2,311
U.S. Treasury Notes	5.000	08/15/2011		9,400		10,442		10,291
U.S. Treasury Notes	3.500	11/15/2006		3,500		3,650		3,612
U.S. Treasury Notes	4.875	02/15/2012		1,300		1,433		1,403
U.S. Treasury Notes	4.375	05/15/2007		34,900		37,680		36,863
					$	110,113	$	107,745

(k) Principal amount of security is adjusted for inflation.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   163

Schedule of Investments

Global Bond Fund II

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
AUSTRALIA (i)(j) 2.6%
Asian Development Bank
5.375% due 09/15/2003	A$	600	$	326
5.250% due 09/15/2004		600		328
Crusade Global Trust
2.230% due 02/15/2030 (a)	$	695		696
Homeside Mortgage Securities Trust
2.580% due 01/20/2027 (a)		161		161
Medallion Trust
2.210% due 07/12/2031 (a)		513		514
Superannuation Members Home Loans Global Fund
2.141% due 06/15/2026 (a)		240		240
Torrens Trust
2.040% due 07/15/2031 (a)		220		221
Total Australia (Cost $2,584)				2,486
BELGIUM (i)(j) 1.8%
Kingdom of Belgium
7.000% due 11/21/2004	BF	5,800		153
6.250% due 03/28/2007	EC	500		545
7.500% due 07/29/2008		900		1,051
Total Belgium (Cost $1,636)				1,749
CANADA (i)(j) 0.6%
Commonwealth of Canada
5.500% due 06/01/2010	C$	800		529
Total Canada (Cost $533)				529
CAYMAN ISLANDS (i)(j) 0.7%
International Credit Recovery—Japan
0.470% due 08/25/2005 (a)	JY	7,308		60
MBNA Master Credit Card Trust
3.478% due 05/19/2004 (a)	EC	280		277
Redwood Capital II Ltd.
5.018% due 01/01/2004 (a)	$	300		299
SHL Corp. Ltd.
0.768% due 12/25/2024 (a)	JY	4,742		39
Total Cayman Islands (Cost $701)				675
DENMARK (i)(j) 0.7%
Nykredit
6.000% due 10/01/2029	DK	3,868		517
Unikredit Realkredit
6.000% due 07/01/2029		967		130
Total Denmark (Cost $528)				647
FRANCE (i)(j) 4.6%
Axa SA
3.750% due 01/01/2017	EC	50		44
Compagnie Financiere de CIC-UE
3.173% due 10/29/2049 (a)	$	300		297
France Telecom SA
0.466% due 06/19/2003 (a)	JY	100,000		797
Republic of France
4.000% due 04/25/2009 (b)	EC	1,170		1,157
4.000% due 10/25/2009		2,260		2,226
Total France (Cost $3,998)				4,521
GERMANY (i)(j) 49.1%
Commerzbank AG
3.842% due 10/25/2032 (a)	EC	800		794
Depfa Pfandbriefbank
4.750% due 07/15/2008		130		133
5.750% due 03/04/2009		130		140
Landesbank Baden-Wuerttemberg AG
5.500% due 04/02/2007		90		95
Landesbank NRW
4.750% due 09/28/2007		190		195
Landesbank Rheinland-Pfalz
4.750% due 04/04/2008		210		215
Republic of Germany
6.500% due 10/14/2005 (b)		16,200		17,458
6.000% due 01/05/2006 (b)		2,600		2,776
6.250% due 04/26/2006 (b)		5,000		5,403
4.500% due 08/18/2006 (a)(b)		3,600		3,691
6.000% due 07/04/2007 (b)		2,000		2,183
5.250% due 01/04/2011 (b)		3,000		3,183
6.500% due 07/04/2027 (b)		5,000		6,036
5.625% due 01/04/2028 (b)		1,000		1,087
6.250% due 01/04/2030 (b)		2,000		2,373
5.500% due 01/04/2031 (b)		1,500		1,624
Total Germany (Cost $43,408)				47,386
GREECE (i)(j) 0.1%
Hellenic Republic
5.580% due 06/17/2003 (a)	EC	22		22
5.240% due 10/23/2003 (a)		99		98
Total Greece (Cost $156)				120
IRELAND (i)(j) 0.6%
Diageo Enterprises PLC
3.358% due 12/19/2002 (a)	EC	600		592
Total Ireland (Cost $537)				592
ITALY (i)(j) 6.0%
Findomestic Securitisation Vehicle SRL
3.608% due 12/20/2008 (a)	EC	900		891
First Italian Auto Transaction
3.730% due 07/01/2008 (a)		1,090		1,071
Republic of Italy
4.750% due 07/01/2005 (b)		1,680		1,722
7.750% due 11/01/2006 (b)		700		798
4.500% due 05/01/2009 (b)		1,280		1,297
Total Italy (Cost $4,964)				5,779
MEXICO (i)(j) 0.8%
Bancomext Trust
8.000% due 08/05/2003	$	70		73
Petroleos Mexicanos
8.850% due 09/15/2007		140		151
9.375% due 12/02/2008		190		205
United Mexican States
10.375% due 01/29/2003	DM	200		103
United Mexican States—8BR
4.000% due 03/11/2004	JY	13,000		110
United Mexican States—8RG
4.000% due 03/11/2004		7,000		60
Total Mexico (Cost $694)				702

164   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
NETHERLANDS (i)(j) 1.3%
Deutsche Telekom International Finance BV
7.750% due 06/15/2005	$	200	$	215
8.250% due 06/15/2030		200		219
Kingdom of Netherlands
6.000% due 01/15/2006	EC	800		853
Total Netherlands (Cost $1,190)				1,287
NEW ZEALAND (i)(j) 0.2%
Commonwealth of New Zealand
4.500% due 02/15/2016	N$	430		237
Total New Zealand (Cost $239)				237
PANAMA 0.6%
Republic of Panama
9.375% due 07/23/2012	$	300		291
4.750% due 07/17/2014		311		252
Total Panama (Cost $573)				543
PERU 0.9%
Republic of Peru
9.125% due 02/21/2012	$	200		163
4.000% due 03/07/2017		250		150
4.500% due 03/07/2017		294		198
Republic of Peru—REGS
9.125% due 02/21/2012		400		327
Total Peru (Cost $958)				838
SPAIN (i)(j) 5.7%
Hipotebansa Mortgage Securitization Fund
3.496% due 01/18/2018 (a)	EC	271		269
3.506% due 07/18/2022 (a)	SP	638		629
Kingdom of Spain
4.950% due 07/30/2005	EC	1,620		1,670
5.150% due 07/30/2009 (a)		1,990		2,087
5.350% due 10/31/2011 (b)		800		845
Total Spain (Cost $4,872)				5,500
SUPRANATIONAL (i)(j) 1.6%
Eurofima
4.750% due 07/07/2004	SK	7,200		777
European Investment Bank
6.000% due 05/07/2003	BP	250		398
8.000% due 06/10/2003		250		404
Total Supranational (Cost $1,544)				1,579
SWEDEN (i)(j) 0.3%
Kingdom of Sweden
5.000% due 01/28/2009	SK	2,300		252
Total Sweden (Cost $227)				252
UNITED KINGDOM (i)(j) 10.7%
Abbey National Treasury Service PLC
7.625% due 12/30/2002	BP	280		444
Bauhaus Securities Ltd.
3.712% due 10/30/2052 (a)	EC	734		725
British Telecom PLC
3.121% due 12/15/2003 (a)	$	1,200		1,198
Core
2.185% due 03/17/2009 (a)		207		206
Haus Ltd.
3.612% due 12/14/2037 (a)	EC	1,402		1,389
Lloyds TSB Bank PLC
5.625% due 07/15/2049 (a)		590		593
Originated Mortgage Loans PLC
3.893% due 12/15/2031 (a)		50		49
United Kingdom Gilt
7.500% due 12/07/2006	BP	250		444
7.250% due 12/07/2007 (b)		3,000		5,383
Total United Kingdom (Cost $10,138)				10,431
UNITED STATES (i)(j) 97.6%
Asset-Backed Securities 8.5%
AFC Home Equity Loan Trust
2.120% due 12/22/2027 (a)	$	157		156
AMRESCO Residential Securities Mortgage Loan Trust
2.306% due 06/25/2029 (a)		171		172
Bayview Financial Acquisition Trust
2.200% due 11/25/2030 (a)		800		802
Bear Stearns Asset-Backed Securities, Inc.
2.170% due 10/25/2032 (a)		93		92
CDC Mortgage Capital Trust
2.180% due 01/10/2032 (a)		642		639
2.100% due 08/25/2032 (a)		98		98
Citibank Credit Card Master Trust
4.875% due 04/07/2005	DM	800		416
Conseco Finance Securitizations Corp.
2.193% due 10/15/2031 (a)(c)	$	201		200
Countrywide Asset-Backed Certificates
2.100% due 08/25/2032 (a)		989		982
CS First Boston Mortgage Securities Corp.
2.083% due 12/15/2030 (a)		298		297
2.288% due 10/25/2032 (a)		380		381
First Alliance Mortgage Loan Trust
2.050% due 12/20/2027 (a)		290		290
First Franklin Mortgage Loan Trust Asset-Backed Certificates
2.160% due 09/25/2032 (a)		300		300
Irwin Home Equity Loan Trust
1.980% due 11/25/2011 (a)		3		3
MLCC Mortgage Investors, Inc.
2.203% due 03/15/2025 (a)		255		255
Providian Gateway Master Trust
2.043% due 03/15/2007 (a)		1,600		1,601
Providian Home Equity Loan Trust
2.130% due 06/25/2025 (a)		226		226
Residential Asset Securities Corp.
2.086% due 07/25/2032 (a)		888		882
Residential Funding Mortgage Securities II, Inc.
2.000% due 08/25/2014 (a)		376		376
Salomon Brothers Mortgage Securities VII, Inc.
2.243% due 11/15/2029 (a)		35		35
				8,203
Convertible Bonds & Notes 0.5%
Verizon Global Funding Corp.
5.750% due 04/01/2003		190		192
Verizon Global Funding Corp.—REGS
5.750% due 04/01/2003		300		302
				494
Corporate Bonds & Notes 7.7%
Ahold Finance USA, Inc.
6.875% due 05/01/2029		100		96
AOL Time Warner, Inc.
5.625% due 05/01/2005		600		572
AT&T Corp.
4.852% due 11/21/2003 (a)	EC	1,100		1,041
CIT Group, Inc.
2.462% due 04/07/2003 (a)	$	50		50
5.625% due 05/17/2004		420		430

Schedule of Investments (Cont.)

Global Bond Fund II

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
El Paso Corp.
7.125% due 05/06/2009	EC	300	$	242
Ford Motor Credit Co.
1.000% due 12/22/2003 (a)	JY	14,000		113
5.750% due 02/23/2004	$	150		150
3.726% due 10/25/2004 (a)		400		382
General Electric Finance Assurance
1.600% due 06/20/2011	JY	90,000		723
General Motors Acceptance Corp.
2.250% due 08/04/2003 (a)	$	300		296
2.200% due 08/18/2003 (a)		340		335
J.P. Morgan & Co., Inc.
3.123% due 02/15/2012 (a)		100		101
Kinder Morgan, Inc.
6.450% due 03/01/2003		400		405
Limestone Electron Trust
8.625% due 03/15/2003		500		445
MGM Mirage, Inc.
6.950% due 02/01/2005		10		10
Norfolk Southern Corp.
2.621% due 02/28/2005 (a)		300		300
Pfizer, Inc.
0.800% due 03/18/2008	JY	69,000		575
Salomon Smith Barney Holdings, Inc.
4.720% due 10/21/2002 (a)	BP	200		315
Sprint Capital Corp.
5.875% due 05/01/2004	$	50		43
Walt Disney Co.
3.900% due 09/15/2003		800		801
				7,425
Mortgage-Backed Securities 31.1%
Chase Mortgage Finance Corp.
6.550% due 08/25/2028		101		101
Citicorp Mortgage Securities, Inc.
6.500% due 07/25/2028-03/25/2029 (a)(d)		65		66
Fannie Mae
6.000% due 10/15/2032 (a)		2,600		2,670
5.500% due 10/21/2017-11/14/2032 (a)(d)	$	6,000		6,095
Freddie Mac
5.125% due 01/15/2012	EC	300		307
4.750% due 01/15/2013		720		712
5.500% due 11/14/2032 (a)	$	5,300		5,343
GMAC Commercial Mortgage Securities, Inc.
3.970% due 09/11/2006 (a)		500		480
Government National Mortgage Association
6.750% due 07/20/2022-07/20/2025 (a)(d)		579		597
7.750% due 09/20/2025-09/20/2026 (a)(d)		24		25
6.630% due 11/20/2021-11/20/2026 (a)(d)		199		206
7.625% due 12/20/2025-12/20/2026 (a)(d)		124		128
5.380% due 05/20/2028 (a)		93		96
6.000% due 08/15/2028-12/15/2028 (d)		5,539		5,732
5.250% due 01/20/2030 (a)		386		395
2.423% due 02/16/2030 (a)		624		631
2.473% due 02/16/2030 (a)		723		732
5.000% due 04/20/2030-05/20/2030 (a)(d)		838		860
4.250% due 06/20/2030 (a)		559		570
6.500% due 10/23/2032 (a)		500		521
J.P. Morgan Chase Commercial Mortgage Finance Corp.
6.465% due 11/15/2035		600		676
Puma Finance Ltd.
2.220% due 04/15/2031 (a)(e)		115		116
Residential Accredit Loans, Inc.
7.500% due 11/25/2029		163		164
Residential Funding Mortgage Securities I
5.691% due 09/25/2032 (a)		300		305
Residential Funding Mortgage Securities I, Inc.
6.250% due 02/25/2032		151		152
Residential Funding Mortgage Securities, Inc.
2.285% due 05/12/2032 (a)		781		782
Structured Asset Mortgage Investments, Inc.
6.534% due 06/25/2029 (a)		132		136
Washington Mutual Mortgage Securities Corp.
6.010% due 04/25/2031 (a)		138		141
5.240% due 10/25/2032 (a)		692		707
Wells Fargo Mortgage-Backed Securities Trust
4.972% due 09/25/2032 (a)		500		507
				29,953
Municipal Bonds & Notes 0.2%
Chicago, Illinois Water Revenue Bonds, (AMBAC Insured), Series 2001
5.000% due 11/01/2026		100		103
Louisville and Jefferson County, Kentucky Metro Sewer and Drain District Revenue Bonds, (MBIA Insured), Series 2001
5.000% due 05/15/2036		100		103
				206
	Shares
Preferred Security 0.8%
DG Funding Trust
4.105% due 12/29/2049 (a)		70		721
	Principal Amount (000s)
U.S. Government Agencies 8.8%
Fannie Mae
3.810% due 04/30/2004	$	900		911
4.250% due 10/25/2004		900		912
Federal Home Loan Bank
4.375% due 08/15/2007		900		913
Freddie Mac
4.500% due 04/15/2005		1,000		1,013
Resolution Funding Corp.
0.000% due 10/15/2020		1,500		568
0.000% due 01/15/2021		5,300		1,979
Small Business Administration
6.640% due 02/01/2011		581		642
Tennessee Valley Authority
4.875% due 12/15/2016		400		430
5.880% due 04/01/2036		1,000		1,158
				8,526
U.S. Treasury Obligations 40.0%
Treasury Inflation Protected Securities (g)
3.375% due 01/15/2007 (f)		455		495
3.625% due 01/15/2008 (b)		4,348		4,797
3.875% due 04/15/2029		329		404
U.S. Treasury Bonds
11.250% due 02/15/2015		700		1,186
7.500% due 11/15/2016 (b)		2,400		3,183
8.875% due 08/15/2017		1,400		2,076
8.125% due 08/15/2019 (b)		6,600		9,329
8.125% due 08/15/2021		200		286
6.250% due 08/15/2023 (b)		5,600		6,680
6.625% due 02/15/2027		300		377
U.S. Treasury Notes
5.500% due 05/15/2009 (b)		700		799
6.000% due 08/15/2009		600		703
6.500% due 02/15/2010 (b)		6,800		8,208
				38,523
Total United States (Cost $89,904)				94,051
PURCHASED PUT OPTIONS 0.0%
Euribor June Futures (OTC)
Strike @ 93.500 Exp. 12/02/2002	EC	80,000		1
Eurodollar December Futures (CME)
Strike @ 95.750 Exp. 12/16/2002	$	134,000		0
Freddie Mac (OTC)
6.500% due 12/12/2032
Strike @ 87.656 Exp. 12/05/2002		5,300		0

166   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Government National Mortgage Association (OTC)
6.000% due 12/19/2032
Strike @ 94.313 Exp. 12/12/2002		5,500		0
Japanese Government Bond December Futures (OTC)
Strike @ 125.000 Exp. 12/03/2002	JY	1,300,000		1
Republic of Germany (OTC)
6.000% due 01/05/2006
Strike @ 95.000 Exp. 10/03/2002	EC	2,000		0
Republic of Germany (OTC)
6.000% due 01/05/2006
Strike @ 96.000 Exp. 10/03/2002		12,000		0
Republic of Germany (OTC)
6.000% due 07/04/2007
Strike @ 98.000 Exp. 12/03/2002		17,600		0
Republic of Germany (OTC)
6.500% due 10/14/2005
Strike @ 98.000 Exp. 10/03/2002		16,500		0
U.S. Treasury Bond November Futures (CBOT)
Strike @ 92.000 Exp. 11/23/2002	$	10,600		2
U.S. Treasury Note November Futures (CBOT)
Strike @ 94.000 Exp. 11/23/2002		35,000		6
Total Purchased Put Options (Cost $19)				10
SHORT-TERM INSTRUMENTS 8.0%
Commercial Paper 0.1%
Fannie Mae
1.730% due 12/05/2002 (f)	$	35		35
Freddie Mac
1.700% due 10/31/2002 (f)		30		30
				65
Repurchase Agreement 2.4%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Fannie Mae 2.700% due 09/06/2004 valued at $2,333. Repurchase proceeds are $2,283.)		2,283		2,283
U.S. Treasury Bills 5.5%
1.604% due 11/14/2002—11/29/2002 (d)(f)		5,335		5,321
Total Short-Term Instruments (Cost $7,669)				7,669
Total Investments 194.5% (Cost $177,072)			$	187,583
Written Options (h) (1.7%)				(1,663	)
(Premiums $776)
Other Assets and Liabilities (Net) (92.8%)				(89,507	)
Net Assets 100.0%			$	96,413

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security, or portion thereof, subject to financing transaction.

(c) Security is in default.

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Restricted security.

(f) Securities with an aggregate market value of $1,144 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euro-Bobl 5 Year Note (12/2002)	133	$	191
EuroBond 10 Year Note (12/2002)	24		(35	)
Euribor September Futures (09/2003)	7		(10	)
Government of Japan 10 Year Note (12/2002)	14		(9	)
U.S. Treasury 10 Year Note (12/2002)	129		363
		$	500

(g) Principal amount of security is adjusted for inflation.

(h) Premiums received on written options:

Type	# of Contracts	Premium		Value
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.175 Exp. 10/04/2004	8,000,000	$	248	$	474
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/20/2003	2,200,000		102		255
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/20/2003	2,200,000		102		38
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.650 Exp. 11/19/2003	3,200,000		109		298
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.500 Exp. 01/07/2005	5,200,000		114		360
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.480 Exp. 04/03/2006	1,000,000		30		85
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 3.500 Exp. 03/24/2003	6,495,000		51		33
Call—CBOT U.S. Treasury Note December Futures
Strike @ 108.000 Exp. 11/23/2002	15		20		120
		$	776	$	1,663

(i) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Sell	A$	1,103	10/2002	$	9
Sell		268	11/2002		0
Buy	BP	100	10/2002		0
Sell		1,319	10/2002		(51	)
Sell	C$	747	10/2002		5
Sell	DK	6,896	12/2002		(13	)
Buy	EC	530	11/2002		5
Sell		27,290	11/2002		(165	)
Buy	H$	5,088	10/2002		0
Buy	JY	38,268	12/2002		0
Sell		433,021	12/2002		112
Sell	N$	664	10/2002		0
Sell	SK	10,307	12/2002		(19	)
				$	(117	)

(j) Principal amount denoted in indicated currency:

A$—Australian Dollar

BP—British Pound

C$—Canadian Dollar

DK—Danish Krone

EC—Euro

H$—Hong Kong Dollar

JY—Japanese Yen

N$—New Zealand Dollar

SP—Spanish Peseta

SK—Swedish Krona

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   167

Schedule of Investments (Cont.)

Global Bond Fund II

September 30, 2002 (Unaudited)

(k) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 4.500% and pay floating rate based on 6-month EC-LIBOR.
Broker: Merrill Lynch Exp. 03/19/2004	EC	5,000	$	9
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 4.500%.
Broker: Merrill Lynch Exp. 09/19/2003		5,000		(9	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: Morgan Stanley Exp. 03/15/2032		1,400		30
Receive a fixed rate equal to 4.500% and pay floating rate based on 6-month EC-LIBOR.
Broker: Merrill Lynch Exp. 03/19/2004		5,000		52
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Morgan Stanley Exp. 12/15/2031		2,900		(220	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032		3,800		106
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: CITIBANK N.A., London Exp. 06/17/2012		3,700		(172	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley Exp. 03/15/2031		1,500		(217	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2017		1,300		16
Receive a fixed rate equal to 5.500% and pay floating rate based on 6-month BP-LIBOR.
Broker: Morgan Stanley Exp. 03/15/2008	BP	900		64
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Morgan Stanley Exp. 03/15/2032		1,000		(43	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032	BP	2,100		(47	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2017		800		(6	)
Receive a fixed rate equal to 5.500% and pay floating rate based on 6-month BP-LIBOR.
Broker: Merrill Lynch Exp. 03/15/2004		1,700		83
Receive a fixed rate equal to 5.250% and pay floating rate based on 6-month BP-LIBOR.
Broker: Goldman Sachs Exp. 03/15/2006		400		23
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Morgan Stanley Exp. 03/15/2016		2,680		(41	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Lehman Brothers, Inc. Exp. 03/15/2016		3,500		(42	)
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.550%.
Broker: Goldman Sachs Exp. 03/16/2003	H$	4,300		(47	)
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.906%.
Broker: Goldman Sachs Exp. 07/11/2006		50,000		(651	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.660%.
Broker: UBS—Warburg Exp. 06/17/2007	JY	660,000		(80	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.310%.
Broker: Goldman Sachs Exp. 07/14/2005		232,000		(59	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.020%.
Broker: Goldman Sachs Exp. 05/18/2010		226,000		(176	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.300%.
Broker: Goldman Sachs Exp. 09/21/2011		340,000		(75	)

168   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Receive a fixed rate equal to 5.710% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs Exp. 07/11/2006	$	6,400	$	657
Receive a fixed rate equal to 5.440% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs Exp. 03/19/2006		600		54
Pay total return on Lehman Brothers Intermediate Government Bond Index and receive floating rate based on 1-month LIBOR less 0.250%.
Broker: Lehman Brothers, Inc. Exp. 10/01/2002		1,600		0
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2012		3,500		(11	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2022		11,700		(1,415	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: UBS—Warburg Exp. 12/18/2004		7,300		199
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Lehman Brothers, Inc. Exp. 12/18/2012		2,300		(11	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of Vodafone Group PLC 7.750% due 02/15/2010.
Broker: Lehman Brothers, Inc. Exp. 09/10/2003		800		(7	)
Receive a fixed rate equal to 1.160% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: J.P. Morgan Chase & Co. Exp. 12/17/2002		300		1
Receive a fixed rate equal to 1.080% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: J.P. Morgan Chase & Co. Exp. 12/18/2002		500		1
Receive a fixed rate equal to 7.100% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 11.125% due 09/30/2004.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2004		400		(155	)
Pay a fixed rate equal to 3.600% and the Fund will receive from the counterparty at par in the event of default of Federative Republic of Brazil 11.125% due 09/30/2004.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2003		400		62
Receive a fixed rate equal to 1.550% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 2.750% due 07/17/2016.
Broker: J.P. Morgan Chase & Co. Exp. 03/21/2003		600		0
			$	(2,127	)

Type	Fixed Spread (%)	Notional Amount		Unrealized (Depreciation)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Morgan Stanley Exp. 11/15/2002	0.516	$	1,600	$	(18	)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Bank of America Exp. 11/15/2002	0.655		22,900		(159	)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Morgan Stanley Exp. 11/15/2002	0.560		22,900		(166	)
				$	(343	)

(l) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
Republic of Venezuela	2.875	12/18/2007	$	917	$	692	$	718
U.S. Treasury Notes	5.500	05/15/2009		10,600		12,104		11,771
U.S. Treasury Notes	6.000	08/15/2009		1,600		1,874		1,849
U.S. Treasury Notes	5.000	08/15/2011		3,300		3,666		3,613
U.S. Treasury Notes	4.375	05/15/2007		4,800		5,182		5,070
					$	23,518	$	23,020

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   169

Schedule of Investments

Emerging Markets Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
BERMUDA 0.0%
IMEXA Export Trust
10.125% due 05/31/2003	$	42	$	16
Total Bermuda (Cost $42)				16
BRAZIL 19.7%
Republic of Brazil
3.062% due 04/15/2006 (a)	$	16,506		10,874
11.500% due 03/12/2008		500		261
3.125% due 04/15/2009 (a)		3,853		1,926
11.000% due 01/11/2012		210		95
8.000% due 04/15/2014		22,074		10,790
3.062% due 04/15/2024 (a)		1,100		597
6.000% due 04/15/2024		1,250		712
8.875% due 04/15/2024 (b)		3,850		1,540
11.000% due 05/15/2027 (b)		5,900		2,404
12.250% due 03/06/2030 (b)		2,000		940
Republic of Brazil (BR)
14.500% due 10/15/2009		500		274
11.000% due 08/17/2040 (b)		9,600		4,166
Republic of Brazil (US)
14.500% due 10/15/2009		40		22
11.000% due 08/17/2040 (b)		37,794		16,724
Total Brazil (Cost $74,596)				51,325
BULGARIA 3.2%
Republic of Bulgaria
2.812% due 07/28/2011 (a)	$	6,829		6,009
2.687% due 07/28/2012 (a)		1,448		1,306
2.687% due 07/28/2024 (a)		1,050		945
Total Bulgaria (Cost $8,156)				8,260
CHILE 0.4%
Republic of Chile
5.625% due 07/23/2007	$	250		263
7.125% due 01/11/2012		740		807
Total Chile (Cost $1,022)				1,070
CROATIA 0.2%
Republic of Croatia
2.687% due 07/31/2010 (a)	$	640		635
Total Croatia (Cost $638)				635
ECUADOR 2.4%
Republic of Ecuador
12.000% due 11/15/2012	$	1,380		724
5.000% due 08/15/2030		5,200		1,924
6.000% due 08/15/2030 (b)		10,185		3,733
Total Ecuador (Cost $8,916)				6,381
MALAYSIA 4.9%
Republic of Malaysia
7.500% due 07/15/2011 (b)	$	10,990		12,745
Total Malaysia (Cost $11,598)				12,745
MEXICO 21.9%
Telefonos de Mexico S.A.
8.250% due 01/26/2006	$	1,000		1,046
United Mexican States
9.750% due 04/06/2005		250		279
8.500% due 02/01/2006		1,000		1,085
8.500% due 02/01/2006		500		548
9.875% due 02/01/2010		2,020		2,293
7.500% due 01/14/2012		2,790		2,828
8.125% due 12/30/2019 (b)		1,770		1,730
6.250% due 12/31/2019 (b)		9,675		9,361
8.000% due 09/24/2022		8,900		8,488
8.300% due 08/15/2031 (b)		14,450		14,053
United Mexican States (MX)
10.375% due 02/17/2009		585		679
8.375% due 01/14/2011 (b)		4,600		4,842
11.375% due 09/15/2016		1,450		1,787
11.500% due 05/15/2026 (b)		3,800		4,775
United Mexican States (US)
10.375% due 02/17/2009		250		291
8.375% due 01/14/2011 (b)		1,370		1,445
11.375% due 09/15/2016		1,030		1,269
11.500% due 05/15/2026 (b)		255		322
United Mexican States Value Recovery Right
0.000% due 06/30/2003 (a)		9,712		29
Total Mexico (Cost $57,111)				57,150
MOROCCO 0.7%
Kingdom of Morocco
2.750% due 01/05/2009 (a)	$	150		133
Morroco Restructured Tranche A
2.687% due 01/01/2009 (a)		2,080		1,841
Total Morocco (Cost $2,016)				1,974
NIGERIA 0.6%
Central Bank of Nigeria
6.250% due 11/15/2020	$	2,750		1,609
Central Bank of Nigeria—Warrant
0.000% due 11/15/2020 (a)		1		0
Total Nigeria (Cost $1,720)				1,609
PANAMA 5.0%
Republic of Panama
8.250% due 04/22/2008	$	890		857
9.375% due 07/23/2012		4,720		4,578
4.750% due 07/17/2014		5,480		4,439
2.625% due 07/17/2016 (a)		23		16
8.875% due 09/30/2027		30		28
9.375% due 04/01/2029		175		178
Republic of Panama (PA)
9.625% due 02/08/2011		250		247
Republic of Panama (US)
9.625% due 02/08/2011		2,620		2,600
Total Panama (Cost $13,180)				12,943
PERU 6.1%
Republic of Peru
9.125% due 02/21/2012	$	17,671		14,446
4.000% due 03/07/2017		1,969		1,179
4.500% due 03/07/2017		368		248
Total Peru (Cost $17,483)				15,873

170   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
PHILIPPINES 0.2%
Republic of Philippines
6.500% due 12/01/2017	$	500	$	465
Total Philippines (Cost $402)				465
POLAND 1.0%
Republic of Poland
6.000% due 10/27/2014	$	1,534		1,540
3.750% due 10/27/2024 (b)		1,190		980
Total Poland (Cost $2,350)				2,520
QATAR 1.6%
State of Qatar (QA)
9.750% due 06/15/2030 (b)	$	1,930		2,388
State of Qatar (US)
9.750% due 06/15/2030		1,425		1,763
Total Qatar (Cost $3,789)				4,151
RUSSIA 22.9%
Republic of Ukraine
11.000% due 03/15/2007	$	2,016		2,104
Russian Federation
11.750% due 06/10/2003 (b)		1,380		1,452
8.750% due 07/24/2005		20		21
10.000% due 06/26/2007		1,200		1,299
8.250% due 03/31/2010		1,653		1,652
11.000% due 07/24/2018		1,950		2,124
12.750% due 06/24/2028 (b)		2,100		2,552
5.000% due 03/31/2030		68,471		48,440
Total Russia (Cost $56,545)				59,644
SOUTH AFRICA 0.6%
Republic of South Africa
7.375% due 04/25/2012	$	1,415		1,495
Total South Africa (Cost $1,400)				1,495
SOUTH KOREA 0.2%
Korea Deposit Insurance
2.500% due 12/11/2005	$	500		541
Total South Korea (Cost $526)				541
TUNISIA 1.6%
Banque Centrale De Tunisie
7.375% due 04/25/2012	$	4,090		4,080
Total Tunisia (Cost $4,040)				4,080
UNITED STATES 0.7%
Corporate Bonds & Notes 0.7%
Pemex Project Funding Master Trust
8.000% due 11/15/2011	$	1,750		1,761
Total United States (Cost $1,761)				1,761
VENEZUELA 0.0%
Republic of Venezuela Oil Linked Payment Obligation
0.000% due 04/15/2020 (a)	$	4		0
Total Venezuela (Cost $0)				0
SHORT-TERM INSTRUMENTS 55.2%
Commercial Paper 49.7%
Abbey National North America
1.750% due 12/12/2002	$	13,000		12,956
BP Amoco Capital PLC
1.970% due 10/01/2002		7,000		7,000
CBA (de) Finance
1.750% due 11/27/2002		11,000		10,970
Danske Corp.
1.750% due 10/15/2002		5,000		4,997
1.750% due 12/19/2002		6,500		6,489
Fannie Mae
1.710% due 11/20/2002		8,000		7,981
Federal Home Loan Bank
1.658% due 10/23/2002		13,000		12,987
1.700% due 10/30/2002		5,000		4,993
1.725% due 10/30/2002		5,800		5,792
1.695% due 11/01/2002		8,000		7,988
Freddie Mac
1.720% due 10/22/2002		8,000		7,992
HBOS Treasury Services PLC
1.770% due 11/20/2002		3,500		3,498
Pfizer, Inc.
1.730% due 10/28/2002		4,000		3,997
Rabobank Nederland NV
1.920% due 10/01/2002		7,000		7,000
TotalFinaElf SA
1.740% due 10/31/2002		13,000		12,981
UBS AG
1.970% due 10/01/2002		12,000		12,000
				129,621
Repurchase Agreement 2.4%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Federal Home Loan Bank 2.770% due 08/19/2004 valued at $6,285. Repurchase proceeds are $6,158)		6,158		6,158
U.S. Treasury Bills 3.1%
1.608% due 11/14/2002-11/29/2002 (g)		8,000		7,981
Total Short-Term Instruments (Cost $143,760)				143,760
Total Investments 149.1% (Cost $411,051)			$	388,398
Other Assets and Liabilities (Net) (49.1%)				(127,919	)
Net Assets 100.0%			$	260,479

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security, or a portion thereof, subject to financing transaction.

(c) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation
Buy	EC	2,800	11/2002	$21

(d) Principal amount denoted in indicated currency:

EC—Euro

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   171

Schedule of Investments (Cont.)

Emerging Markets Bond Fund

September 30, 2002 (Unaudited)

(e) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 9.050% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 8.000% due 04/15/2014.
Broker: Goldman Sachs Exp. 04/15/2014	$	2,000	$	(574	)
Receive a fixed rate equal to 1.160% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: J.P. Morgan Chase & Co. Exp. 12/17/2002		1,500		3
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 8.875% due 09/30/2027.
Broker: Credit Suisse First Boston Exp. 09/30/2027		2,500		1
Receive a fixed rate equal to 8.250% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 10.125% due 05/15/2027.
Broker: Credit Suisse First Boston Exp. 03/11/2009		14,000		(7,115	)
Receive a fixed rate equal to 1.250% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 8.000% due 04/15/2014.
Broker: J.P. Morgan Chase & Co. Exp. 10/23/2002		4,000		(126	)
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Credit Suisse First Boston Exp. 04/24/2003		2,500		(13	)
Receive a fixed rate equal to 1.900% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 4.500% due 03/07/2017.
Broker: J.P. Morgan Chase & Co. Exp. 05/01/2003		2,000		(30	)
Receive a fixed rate equal to 7.850% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 3.063% due 04/15/2006.
Broker: Goldman Sachs Exp. 05/09/2004		3,000		(1,162	)
Receive a fixed rate equal to 1.750% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: J.P. Morgan Chase & Co. Exp. 05/24/2003		5,000		(88	)
Receive a fixed rate equal to 1.200% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 2.750% due 07/17/2016.
Broker: J.P. Morgan Chase & Co. Exp. 05/24/2003		3,000		(13	)
Receive a fixed rate equal to 1.570% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Goldman Sachs Exp. 05/29/2003		1,500		(4	)
Receive a fixed rate equal to 1.820% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 11/30/2003		3,000		(27	)
Receive a fixed rate equal to 0.700% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 8.500% due 02/01/2006.
Broker: Merrill Lynch Exp. 11/08/2002		2,000		0
			$	(9,148	)

(f) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
Republic of Venezuela	2.875	12/18/2007	$	13,357	$	10,084	$	10,437

(g) Securities are grouped by coupon or range of coupons and represent a range of maturities.

172   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

Strategic Balanced Fund

September 30, 2002 (Unaudited)

	Shares	Value (000s)
PIMCO FUNDS (a) 100.1%
StocksPLUS	3,974,815	$	29,135
Total Return	2,023,937		22,021
Total Investments 100.1%		$	51,156
(Cost $65,229)
Other Assets and Liabilities (Net) (0.1%)			(59	)
Net Assets 100.0%		$	51,097

Notes to Schedule of Investments (amounts in thousands):

(a) Institutional Class of each PIMCO Fund.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   173

Schedule of Investments

All Asset Fund

September 30, 2002 (Unaudited)

	Shares	Value (000s)
PIMCO FUNDS (a) 88.4%
CommodityRealReturn Strategy	53,531	$	626
Emerging Markets Bond	100,843		836
Global Bond	16,659		156
Long-Term U.S. Government	41,618		482
Low Duration	37,135		382
Real Return	44,525		510
Real Return Asset	174,184		1,932
StocksPLUS Total Return	40,081		340
Total Return	7,709		84
Total Investments 88.4%		$	5,348
(Cost $5,178)
Other Assets and Liabilities (Net) 11.6%			699
Net Assets 100.0%		$	6,047

Notes to Schedule of Investments (amounts in thousands):

(a) Institutional Class of each PIMCO fund.

174   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

Convertible Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 4.0%
Banking & Finance 4.0%
Citigroup, Inc.
5.625% due 08/27/2012	$	1,000	$	1,046
Total Corporate Bonds & Notes (Cost $993)				1,046
U.S. TREASURY OBLIGATIONS 2.3%
U.S. Treasury Notes
6.500% due 02/15/2010		500		604
Total U.S. Treasury Obligations (Cost $552)				604
PURCHASED PUT OPTIONS 0.0%
EchoStar Communications Corp.
Strike @ 10.000 Exp. 01/18/2003		10		4
Total Purchased Put Options (Cost $14)				4
CONVERTIBLE BONDS & NOTES 62.2%
Banking & Finance 18.1%
American International Group, Inc.
0.000% due 11/09/2031		1,000		626
Countrywide Credit Industries, Inc.
0.000% due 02/08/2031		700		555
Korea Deposit Insurance
2.500% due 12/11/2005		1,250		1,353
PMI Group, Inc.
2.500% due 07/15/2021		300		310
Swiss Life Finance Ltd.
2.000% due 05/20/2003	EC	600		578
Verizon Global Funding Corp.
5.750% due 04/01/2003	$	800		805
0.000% due 05/15/2021		1,000		547
				4,774
Energy 1.7%
Transocean, Inc.
1.500% due 05/15/2021		500		455
Healthcare 12.8%
Allergan, Inc.
0.000% due 11/01/2020		450		288
Amgen, Inc.
0.000% due 03/01/2032		500		354
Lifepoint Hospitals, Inc.
4.500% due 06/01/2009		500		482
Medtronic, Inc.
1.250% due 09/15/2021		500		517
Roche Holdings, Inc.
0.010% due 01/19/2015		550		394
Total Renal Care Holdings
7.000% due 05/15/2009		500		490
Universal Health Services
0.426% due 06/23/2020		500		333
WellPoint Health Networks, Inc.
0.000% due 07/02/2019		500		497
				3,355
Industrials 17.4%
Brinker International, Inc.
0.000% due 10/10/2021		350		222
Costco Wholesale Corp.
0.000% due 08/19/2017		250		191
DDI Corp.
6.250% due 04/01/2007		500		113
EchoStar Communications Corp.
4.875% due 01/01/2007		500		379
Elan Finance Corp. Ltd.
0.000% due 12/14/2018		500		151
Kohl’s Corp.
0.000% due 06/12/2020		1,000		624
L-3 Communications Holdings, Inc.
4.000% due 09/15/2011	$	400		484
Lowe’s Cos., Inc.
0.000% due 02/16/2021		500		391
Pride International, Inc.
0.000% due 04/24/2018		1,254		605
Tech Data Corp.
2.000% due 12/15/2021		500		416
Tyco International Group SA
0.000% due 02/12/2021		900		659
Vivendi Universal SA
2.000% due 03/08/2006	EC	363		348
				4,583
Technology 6.7%
Advanced Micro Devices, Inc.
4.750% due 02/01/2022	$	600		356
First Data Corp.
2.000% due 03/01/2008		700		739
Siebel Systems, Inc.
5.500% due 09/15/2006		400		358
STMicroelectronics NV
0.000% due 09/22/2009		400		319
				1,772
Utilities 5.5%
Adelphia Communications Corp.
6.000% due 02/15/2006 (a)		500		38
Charter Communications, Inc.
4.750% due 06/01/2006		850		369
Liberty Media Corp.
4.000% due 11/15/2029		1,000		500
Telefonos de Mexico SA
4.250% due 06/15/2004		500		551
				1,458
Total Convertible Bonds & Notes (Cost $17,828)				16,397
CONVERTIBLE PREFERRED STOCK 21.8%
	Shares
Banking & Finance 9.2%
Equity Office Properties Trust
5.250% due 02/15/2008		8,000		344
Equity Residentials Properties Trust
7.250% due 12/31/2049		15,200		356
Ford Motor Co. Capital Trust II
6.500% due 01/15/2032		13,400		540
Travelers Property Casualty Corp.
4.500% due 04/15/2032		30,000		642
Washington Mutual, Inc.
5.375% due 05/03/2041		11,300,000		550
				2,432
Energy 3.3%
Kerr-McGee Corp.
5.500% due 08/02/2004		13,900		615
Valero Energy
7.750% due 08/18/2003		11,000		249
				864
Industrials 8.5%
Coltec Capital Trust
5.250% due 04/15/2028		15,000		444
Electronic Data Systems Corp.
7.625% due 08/17/2004		6,000		109
General Motors Corp.
4.500% due 03/06/2032		27,000		637
5.250% due 03/06/2032		27,000		604
Tribune Co.
2.000% due 05/15/2029		6,600		441
				2,235
Utilities 0.8%
TXU Corp.
8.125% due 05/16/2006		5,000		218
Total Convertible Preferred Stock (Cost $7,088)			$	5,749

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   175

Schedule of Investments (Cont.)

Convertible Fund

September 30, 2002 (Unaudited)

	Shares		Value (000s)
COMMON STOCKS 0.0%
Healthcare 0.0%
Elan Corp. PLC SP—ADR (b)		1	$	0
Total Common Stocks (Cost $0)				0
PREFERRED SECURITY 2.3%
Golden State Bancorp. 9.125% due 12/31/2049		23,000		607
Total Preferred Security (Cost $596)				607
SHORT-TERM INSTRUMENTS 7.1%
	Principal Amount (000s)
Commercial Paper 6.1%
Svenska Handelsbank, Inc. 1.750% due 12/18/2002	$	500		498
UBS Finance, Inc.
1.970% due 10/01/2002		600		600
1.750% due 12/18/2002		500		498
				1,596
Repurchase Agreement 1.0%
State Street Bank
1.550% due 10/01/2002
(Dated 09/30/2002. Collateralized by Federal Home Loan Bank 2.000% due 10/08/2003 valued at $275. Repurchase proceeds are $269.)		269		269
Total Short-Term Instruments (Cost $1,865)				1,865
Total Investments 99.7% (Cost $28,936)			$	26,272
Other Assets and Liabilities (Net) 0.3%				69
Net Assets 100.0%			$	26,341

Notes to Schedule of Investments (amounts in thousands):

(a) Security is in default.

(b) Non-income producing security

(c) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation
Buy	EC	123	11/2002	$	1

(d) Principal amount denoted in indicated currency:

EC—Euro

176   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

European Convertible Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CONVERTIBLE BONDS & NOTES 87.6%
Banking & Finance 49.3%
Axa SA
3.750% due 01/01/2017	EC	166	$	145
BCP Finance Bank Ltd.
4.750% due 06/20/2011		200		178
Belgelectric Finance SA
0.000% due 08/04/2004		168		168
CIBA Specialty Chemical Investments Ltd.
1.250% due 07/24/2003	$	200		197
Fortis (NL) NV
1.500% due 07/29/2004	EC	200		208
Fosters Finance Corp.
4.750% due 10/05/2003	$	200		207
Hellenic Exchangeable Finance
2.000% due 08/02/2005	EC	150		156
Korea Deposit Insurance
2.500% due 12/11/2005	$	250		271
Parmalat Finanziaria SpA
0.875% due 06/30/2021	EC	150		151
Swiss Re America
2.250% due 06/10/2004	$	150		151
Verizon Global Funding Corp.
4.250% due 09/15/2005		150		151
				1,983
Healthcare 4.0%
Roche Holdings, Inc.
0.000% due 04/20/2010		200		122
0.010% due 01/19/2015		50		36
				158
Industrials 15.4%
British Aerospace
3.750% due 07/21/2006	BP	100		159
Siemens Nederland NV
1.000% due 08/10/2005	EC	100		95
Tyco International Group SA
0.000% due 02/12/2021	$	200		147
Vivendi Universal SA
2.000% due 03/08/2006	EC	84		80
WPP Group PLC
2.000% due 04/11/2007	BP	100		138
				619
Technology 7.9%
STMicroelectronics NV
0.000% due 09/22/2009	$	150		120
Thales SA
0.000% due 01/01/2007	EC	204		197
				317
Utilities 11.0%
France Telecom SA
4.125% due 11/29/2004		250		225
Korea Telecom Corp.
0.250% due 01/04/2007	$	200		218
				443
Total Convertible Bonds & Notes (Cost $3,550)				3,520
SHORT-TERM INSTRUMENTS 35.8%
Repurchase Agreement 35.8%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Freddie Mac 3.250% due 12/15/2003 valued at $1,470. Repurchase proceeds are $1,440.)	$	1,440		1,440
Total Short-Term Instruments (Cost $1,440)				1,440
Total Investments 123.4% (Cost $4,990)			$	4,960
Other Assets and Liabilities (Net) (23.4%)				(940	)
Net Assets 100.0%			$	4,020

Notes to Schedule of Investments (amounts in thousands):

(a) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Buy	BP	117	10/2002	$	2
Sell		129	10/2002		(5	)
Buy	EC	2,201	11/2002		18
				$	15

(b) Principal amount denoted in indicated currency:

BP—British Pound

EC—Euro

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   177

Schecule of Investments

StocksPLUS Fund

September 30, 2002

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 27.7%
Banking & Finance 16.3%
Atlas Reinsurance PLC
5.740% due 10/04/2004 (a)	$	7,000	$	7,052
Bear Stearns Cos., Inc.
6.125% due 02/01/2003		1,100		1,114
2.380% due 05/24/2004 (a)		21,600		21,705
Beaver Valley Funding Corp.
8.250% due 06/01/2003		114		114
Capital One Bank
2.770% due 06/23/2003 (a)		5,400		5,366
Chrysler Financial Co. LLC
1.975% due 02/10/2003 (a)		9,600		9,584
CIT Group, Inc.
2.250% due 02/28/2003 (a)		2,600		2,596
7.375% due 03/15/2003		4,200		4,287
5.625% due 05/17/2004		1,900		1,946
7.125% due 10/15/2004		2,000		2,122
Ford Motor Credit Co.
2.660% due 04/17/2003 (a)		4,200		4,149
2.340% due 06/23/2003 (a)		2,100		2,063
6.700% due 07/16/2004		3,400		3,418
General Motors Acceptance Corp.
2.457% due 05/17/2004 (a)		5,800		5,655
Golden State Holdings
2.822% due 08/01/2003 (a)		6,000		5,981
Heller Financial, Inc.
2.188% due 04/28/2003 (a)		1,800		1,803
National Australia Bank Ltd.
2.382% due 05/19/2010 (a)		11,700		11,757
National Rural Utilities Cooperative Finance Corp.
2.820% due 04/26/2004 (a)		8,000		8,024
Popular North America, Inc.
3.510% due 10/15/2003 (a)		4,700		4,746
Republic New York Corp.
5.000% due 10/28/2002 (a)		100		100
Trinom Ltd.
5.879% due 12/18/2004 (a)		1,200		1,209
Western Capital
7.021% due 01/07/2003 (a)		7,300		7,300
				112,091
Industrials 7.4%
Air Canada
2.662% due 07/31/2005 (a)		6,545		5,228
Conoco, Inc.
2.750% due 10/15/2002 (a)		6,000		6,001
Enron Corp.
8.000% due 08/15/2005 (b)		1,100		226
Kroger Co.
7.150% due 03/01/2003		12,115		12,336
Limestone Electron Trust
8.625% due 03/15/2003		3,200		2,851
R.J. Reynolds Tobacco Holdings, Inc.
7.375% due 05/15/2003		2,400		2,452
TCI Communications, Inc.
2.520% due 03/11/2003 (a)		4,000		3,970
Walt Disney Co.
3.900% due 09/15/2003		4,700		4,708
Waste Management, Inc.
7.700% due 10/01/2002		9,200		9,200
7.000% due 10/01/2004		1,000		1,031
Weyerhaeuser Co.
3.045% due 09/15/2003 (a)		3,200		3,203
				51,206
Utilities 4.0%
Entergy Arkansas, Inc.
7.720% due 03/01/2003		3,700		3,770
France Telecom SA
4.576% due 03/14/2003 (a)		9,200		9,083
Georgia Power Co.
5.250% due 05/08/2003		3,800		3,857
Niagara Mohawk Power Co.
7.375% due 07/01/2003		1,815		1,874
Sprint Capital Corp.
5.700% due 11/15/2003		3,800		3,461
5.875% due 05/01/2004		5,250		4,540
7.900% due 03/15/2005		1,500		1,219
				27,804
Total Corporate Bonds & Notes (Cost $193,722)				191,101
U.S. TREASURY OBLIGATIONS 2.2%
Treasury Inflation Protected Securities (f)
3.625% due 01/15/2008 (c)		13,711		15,130
Total U.S. Treasury Obligations (Cost $13,832)				15,130
MORTGAGE-BACKED SECURITIES 40.3%
Collateralized Mortgage Obligations 16.9%
Bank Mart
6.883% due 03/01/2019 (a)(d)		2,489		2,522
Bank of America Mortgage Securities, Inc.
6.069% due 06/25/2031 (a)		151		151
Bear Stearns Adjustable Rate Mortgage Trust
6.184% due 12/25/2031 (a)		5,410		5,552
6.299% due 01/25/2032 (a)		930		942
Citicorp Mortgage Securities, Inc.
5.500% due 09/25/2031		8,729		8,981
Countrywide Home Loans, Inc.
6.050% due 04/25/2029		805		808
CS First Boston Mortgage Securities Corp.
6.960% due 06/20/2029		190		192
2.310% due 11/25/2031 (a)		6,359		6,373
2.250% due 02/25/2032 (a)		5,234		5,227
2.478% due 03/25/2032 (a)		9,950		9,910
DLJ Acceptance Trust
5.970% due 10/17/2020 (a)		64		65
Fannie Mae
6.260% due 04/25/2020		15		15
First Horizon Asset Securities, Inc.
7.000% due 05/25/2030		2,186		2,264
Freddie Mac
6.200% due 08/15/2021		972		979
5.500% due 11/15/2024		16,466		16,681
Fund America Investors Corp. II
7.184% due 06/25/2023 (a)		58		60
General Electric Capital Mortgage Services, Inc.
6.300% due 09/25/2023		265		268
6.250% due 10/25/2028		80		80
6.250% due 12/25/2028		1,435		1,502
Government National Mortgage Association
2.257% due 09/20/2030 (a)		79		79
Housing Securities, Inc.
4.505% due 07/25/2032 (a)		194		194
PNC Mortgage Securities Corp.
7.480% due 05/25/2040 (a)		883		892
Resecuritization Mortgage Trust
2.175% due 04/26/2021 (a)		49		49
Residential Funding Mortgage Securities, Inc.
6.599% due 03/25/2018 (a)		603		602
Salomon Brothers Mortgage Securities VII
6.951% due 12/25/2030 (a)		7,870		8,016
Structured Asset Mortgage Investments, Inc.
7.000% due 07/28/2028		4,545		4,554
9.066% due 06/25/2029 (a)		7,519		8,533
Structured Asset Securities Corp.
2.157% due 10/25/2027 (a)		4,062		4,058
2.410% due 03/25/2031 (a)		3,833		3,851
4.916% due 09/25/2036 (a)		338		338
TMA Mortgage Funding Trust
2.140% due 01/25/2029 (a)		1,952		1,952

178   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Washington Mutual Mortgage Securities Corp.
6.010% due 04/25/2031 (a)	$	3,115	$	3,169
Washington Mutual, Inc.
6.500% due 10/19/2029		17,385		17,927
				116,786
Fannie Mae 19.0%
6.000% due 04/01/2016—10/21/2017 (e)		95,505		99,191
6.252% due 12/01/2023 (a)		14		14
6.328% due 11/01/2027—04/01/2028 (a)(e)		317		324
6.446% due 07/01/2018—08/01/2029 (a)(e)		1,140		1,166
6.500% due 09/01/2005		1,858		1,908
6.764% due 02/01/2027 (a)		23		23
6.867% due 04/01/2018 (a)		83		85
7.000% due 02/01/2015—03/01/2015 (e)		12,735		13,481
7.500% due 09/01/2015—05/01/2016 (e)		10,986		11,684
7.900% due 05/01/2022 (a)		84		84
8.000% due 03/01/2030—07/01/2031 (e)		2,927		3,131
				131,091
Freddie Mac 0.3%
4.610% due 06/01/2022 (a)		181		186
5.540% due 07/01/2019 (a)		1,723		1,769
5.890% due 12/01/2022 (a)		294		301
8.500% due 04/01/2025—06/01/2025 (e)		55		59
				2,315
Government National Mortgage Association 4.1%
5.375% due 02/20/2026—02/20/2028 (a)(e)		6,882		7,093
6.625% due 12/20/2022—12/20/2027 (a)(e)		2,836		2,933
6.750% due 07/20/2018—07/20/2027 (a)(e)		12,271		12,653
7.000% due 10/23/2032 (a)		2,000		2,099
8.000% due 04/20/2030		3,080		3,293
				28,071
Stripped Mortgage-Backed Securities 0.0%
Fannie Mae (IO)
6.500% due 09/25/2008		45		5
6.500% due 02/25/2021		61		0
6.500% due 03/25/2023		1,214		138
7.000% due 07/25/2021		252		9
				152
Total Mortgage-Backed Securities (Cost $275,764)				278,415
ASSET-BACKED SECURITIES 7.2%
ABSC Long Beach Home Equity Loan Trust
2.100% due 08/21/2030 (a)		2,120		2,116
AFC Home Equity Loan Trust
1.910% due 06/25/2028 (a)		3,054		3,030
Ameriquest Mortgage Securities, Inc.
2.110% due 08/25/2032 (a)		6,146		6,130
Amresco Residential Securities Mortgage Loan Trust
2.851% due 07/25/2027 (a)		15		15
Countrywide Asset-Backed Certificates
2.070% due 05/25/2029 (a)		2,663		2,654
Cross Country Master Credit Card Trust II
2.323% due 06/15/2006 (a)		15,400		15,463
Green Tree Financial Corp.
6.970% due 04/01/2031		2,900		2,967
Green Tree Home Improvement Loan Trust
2.043% due 11/15/2029 (a)		2,765		2,765
Home Equity Mortgage Trust
6.007% due 06/25/2032 (a)		2,176		2,234
6.177% due 06/25/2032 (a)		5,572		5,718
Novastar Home Equity Loan
2.695% due 04/25/2028 (a)		1,247		1,241
SLM Student Loan Trust
2.282% due 10/25/2005 (a)		682		684
2.158% due 04/25/2006 (a)		486		486
Starwood Hotel & Resorts
2.656% due 02/23/2003 (a)		1,682		1,681
USAA Auto Loan Grantor Trust
6.100% due 02/15/2006		2,627		2,666
Total Asset-Backed Securities (Cost $49,766)				49,850
SOVEREIGN ISSUES 1.5%
Korea Development Bank
6.625% due 11/21/2003		2,500		2,615
Province of Quebec
1.937% due 09/29/2049 (a)		1,200		1,059
Republic of Brazil
3.062% due 04/15/2006 (a)		9,120		6,008
3.250% due 04/15/2009 (a)		906		453
Total Sovereign Issues (Cost $13,072)				10,135
FOREIGN CURRENCY-DENOMINATED ISSUES (h)(i) 1.3%
Commonwealth of New Zealand
4.500% due 02/15/2016	N$	9,750		5,373
United Mexican States
7.000% due 06/02/2003	C$	6,000		3,817
Total Foreign Currency-Denominated Issues (Cost $10,665)				9,190
PURCHASED PUT OPTIONS 0.0%
Euribor March Futures (OTC)
Strike @ 92.000 Exp. 03/03/2003	EC	165,000		0
Eurodollar December Futures (CME)
Strike @ 93.500 Exp. 12/16/2002	$	120,000		1
Strike @ 93.250 Exp. 12/16/2002		1,680,000		11
Fannie Mae
6.000% due 10/21/2017
Strike @ 87.000 Exp. 10/14/2002		23,500		0
PNC Mortgage Securities Corp. (OTC)
7.440% due 05/25/2040
Strike @ 100.000 Exp. 04/01/2005		6,200		0
S&P 500 Index Futures (CME)
Strike @ 450.000 Exp. 12/20/2002		25		26
Total Purchased Put Options (Cost $49)				38
CONVERTIBLE BONDS & NOTES 3.7%
Banking & Finance 3.7%
Verizon Global Funding Corp.
5.750% due 04/01/2003		3,500		3,542
4.250% due 09/15/2005		19,500		19,693
0.000% due 05/15/2021		4,600		2,518
Total Convertible Bonds & Notes (Cost $25,534)				25,753
PREFERRED SECURITY 0.2%
	Shares
DG Funding Trust
4.105% due 12/29/2049 (a)		110		1,133
Total Preferred Security (Cost $1,103)				1,133
SHORT-TERM INSTRUMENTS 30.1%
	Principal Amount (000s)
Commercial Paper 20.8%
AT&T Corp.
3.720% due 04/18/2003	$	14,900		14,022
CBA (de) Finance
1.750% due 11/27/2002		6,000		5,983

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   179

Schedule of Investments (Cont.)

StocksPLUS Fund

September 30, 2002

	Principal Amount (000s)			Value (000s)
Danske Corp.
1.750% due 10/15/2002	$	18,000		$	17,988
1.750% due 12/19/2002		14,000			13,946
Fannie Mae
1.860% due 10/01/2002		5,000			5,000
1.715% due 10/30/2002		10,000			9,986
Freddie Mac
1.710% due 10/31/2002		25,000			24,890
HBOS Treasury Services PLC
1.780% due 11/20/2002		18,000			17,976
Pfizer, Inc.
1.730% due 10/18/2002		10,000			9,992
Svenska Handelsbank, Inc.
1.760% due 11/20/2002		2,000			1,995
UBS Finance, Inc.
1.750% due 12/18/2002		22,000			21,917
					143,695
Repurchase Agreement 0.8%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Federal Home Loan Bank 2.770% due 08/19/2004 valued at $5,867. Repurchase Proceeds are $5,751.)		5,751			5,751
U.S. Treasury Bills 8.5%
1.620% due 11/14/2002-11/29/2002 (c)(e)		58,629			58,481
Total Short-Term Instruments (Cost $208,804)					207,927
Total Investments (Cost $792,311)		114.2	%	$	788,672
Written Options (g) (Premiums $910)		0.0	%		(352	)
Other Assets and Liabilities (Net)		(14.2	%)		(97,882	)
Net Assets		100.0	%	$	690,438

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

(c) Securities with an aggregate market value of $58,413 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euribor Futures (03/2003)	215	$	644
Euribor Futures (06/2003)	40		27
S&P 500 Index (12/2002)	1,805		(30,932	)
S&P 500 Index (03/2003)	775		(1,575	)
Eurodollar December Futures (12/2002)	24		62
Eurodollar June Futures (06/2003)	79		299
		$	(31,475	)

(d) Restricted security.

(e) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(f) Principal amount of security is adjusted for inflation.

(g) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—CME Eurodollar December Futures
Strike @ 96.000 Exp. 12/16/2002	149	$	66	$	2
Put—CME Eurodollar December Futures
Strike @ 96.500 Exp. 12/16/2002	351		279		2
Put—CME Eurodollar December Futures
Strike @ 97.000 Exp. 12/16/2002	631		300		4
Put—CME S&P December Futures
Strike @ 800.000 Exp. 12/20/2002	29		265		344
		$	910	$	352

(h) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Sell	C$	7,054	10/2002	$	183
Sell	EC	1,885	11/2002		(12	)
Sell	N$	11,997	10/2002		0
				$	171

(i) Principal amount denoted in indicated currency:

C$—Canadian Dollar

EC—Euro

N$—New Zealand Dollar

(j) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive total return on S&P 500 Index and pay floating rate based on 1-month LIBOR plus 0.100%.
Broker: J.P. Morgan Chase & Co.
Exp. 10/02/2003	$	45,081	$	0
Receive total return on S&P 500 Index and pay floating rate based on 1-month LIBOR plus 0.140%.
Broker: J.P. Morgan Chase & Co.
Exp. 05/03/2003		17,643		0
Receive total return on S&P 500 Index and pay floating rate based on 1-month LIBOR plus 0.100%.
Broker: J.P. Morgan Chase & Co.
Exp. 09/23/2003		39,462		0
Receive total return on S&P 500 Index and pay floating rate based on 1-month LIBOR plus 0.140%.
Broker: J.P. Morgan Chase & Co.
Exp. 03/26/2003		89,635		0
Receive a fixed rate equal to 4.250% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 8.125% due 03/15/2005.
Broker: Merrill Lynch
Exp. 05/31/2003		5,500		(3,339	)

180   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Receive a fixed rate equal to 5.300% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 6.875% due 10/15/2028.
Broker: Goldman Sachs Exp. 09/15/2003	$	25,000	$	(966	)
Receive a fixed rate equal to 2.000% and the Fund will pay to the counterparty at par in the event of default of Deutsche Telekom AG 5.250% due 05/20/2008.
Broker: Morgan Stanley Exp. 05/29/2003		16,000		(62	)
Receive a fixed rate equal to 2.000% and the Fund will pay to the counterparty at par in the event of default of France Telecom SA 5.700% due 07/25/2010.
Broker: Morgan Stanley Exp. 05/30/2003		13,100		(202	)
Receive a fixed rate equal to 1.770% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 11/30/2003		5,000		(48	)
Receive a fixed rate equal to 0.340% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.750% due 04/06/2004.
Broker: Citibank N.A., London Exp. 06/13/2003		10,500		1
Receive a fixed rate equal to 7.000% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 6.000% due 01/15/2007.
Broker: Merrill Lynch Exp. 04/04/2003		5,000		(136	)
			$	(4,752	)

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   181

Schedule of Investments

StocksPLUS Total Return Fund

September 30, 2002 (Unaudited)

	Principal Amount ( 000s)			Value (000s)
CORPORATE BONDS & NOTES 10.3%
Banking & Finance 4.8%
CIT Group, Inc.
2.310% due 04/07/2003 (a)	$	10		$	10
Verizon Global Funding Corp.
6.125% due 06/15/2007		10			10
					20
Industrials 3.3%
Limestone Electron Trust
8.625% due 03/15/2003		4			4
Walt Disney Co.
3.900% due 09/15/2003		10			10
					14
Utilities 2.2%
Sprint Capital Corp.
5.700% due 11/15/2003		10			9
Total Corporate Bonds & Notes (Cost $43)					43
U.S. TREASURY OBLIGATIONS 28.0%
Treasury Inflation Protected Securities (c)
3.625% due 01/15/2008	$	106		$	117
Total U.S. Treasury Obligations (Cost $110)					117
MORTGAGE-BACKED SECURITIES 30.4%
Fannie Mae 25.6%
7.000% due 09/01/2013		66			70
8.000% due 12/01/2030		35			37
					107
Government National Mortgage Association 4.8%
8.000% due 02/15/2030		18			20
Total Mortgage-Backed Securities (Cost $126)					127
SHORT-TERM INSTRUMENTS 32.0%
Repurchase Agreement 8.1%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Fannie Mae 3.300% due 02/25/2004 valued at $35. Repurchase proceeds are $34.)		34			34
U.S. Treasury Bills 23.9%
1.586% due 10/24/2002—11/29/2002 (b)(d)		100			100
Total Short-Term Instruments (Cost $134)					134
Total Investments		100.7	%	$	421
(Cost $413)
Other Assets and Liabilities (Net)		(0.7	%)		(3	)
Net Assets		100.0	%	$	418

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(c) Principal amount of security is adjusted for inflation.

(d) Securities with an aggregate market value of $50 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized (Depreciation)
S&P 500 Index (12/2002)	1	$	(18	)
E-Mini S&P 500 Index (12/2002)	5		(18	)
		$	(36	)

182   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
MUNICIPAL BONDS & NOTES 96.5%
Alabama 0.7%
Alabama 21st Century Settlement Authority Revenue Bonds, Series 2001
5.750% due 12/01/2018	$	2,295	$	2,384
Alaska 0.1%
Alaska State Housing Finance Corp. Revenue Bonds, (MBIA Insured), Series 2002
5.250% due 06/01/2032		540		551
Arizona 1.4%
Phoenix Industrial Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2000-1A
5.875% due 06/01/2016		650		686
Pima County, Arizona Industrial Development Authority Multi-Family Revenue Bonds, (HUD SECT 8 Insured), Series 1998
5.375% due 06/01/2010 (a)		1,210		1,349
Salt River Project Agricultural Import & Power District Revenue Bonds, Series 2002
4.750% due 01/01/2032		2,000		2,005
Scottsdale, Arizona Industrial Development Authority Hospital Revenue Bonds, (AMBAC Insured), Series 1997-A
6.500% due 09/01/2004		880		960
				5,000
California 5.6%
Alameda, California Harbor Bay Business Park Assessment Revenue Bonds, Series 1998
5.000% due 09/02/2006		360		369
California State General Obligation Bonds, (MBIA-IBC Insured), Series 1992
6.250% due 09/01/2012		800		1,000
California State General Obligation Bonds, Series 2002
5.250% due 04/01/2030		1,000		1,058
California State Inverse-Floater Bonds, Series 1992
11.044% due 09/01/2012 (a)		100		148
California Statewide Communities Development Authority Revenue Bonds, (CA Mortgage Insured), Series 2001
5.000% due 10/01/2018		1,500		1,586
Capistrano, California Unified School District Special Tax Bonds, Series 1999
5.000% due 09/01/2008		350		373
Foothill Eastern Transportation Corridor Agency California Toll Road Revenue Bonds, (MBIA-IBC Insured), Series 1999
5.875% due 01/15/2026		1,565		1,146
5.875% due 01/15/2027		1,500		1,097
Foothill Eastern Transportation Corridor Agency California Toll Road Revenue Bonds, Series 1995
0.000% due 01/01/2026		1,000		319
Irvine, California Special Assessment Bonds, (MBIA-IBC Insured), Series 1998
4.800% due 09/02/2004		150		156
4.900% due 09/02/2005		150		156
4.900% due 09/02/2005		160		166
5.000% due 09/02/2006		150		156
Lake Elsinore, California School Refunding Bonds, Series 1998
5.000% due 09/01/2006		350		377
Los Angeles, California Community Redevelopment Agency Certificates of Participation Bonds, Series 1984
7.550% due 11/01/2008		1,000		1,067
Los Angeles, California Unified School District General Obligation Bonds, (MBIA Insured), Series 2002
5.125% due 01/01/2027		3,000		3,166
Oceanside, California Unified School District General Obligation Bonds, (MBIA Insured), Series 2002
5.250% due 08/01/2032		2,095		2,255
Orange County, California Improvement Bonds, Series 1998-A
4.900% due 09/02/2005		200		208
Pittsburg, California Infrastructure Refunding Bonds, Series 1998-A
4.900% due 09/02/2003		150		154
5.000% due 09/02/2004		150		159
Riverside County, California Special Tax Refunding Bonds, Series 1999
4.700% due 09/01/2005		170		178
Roseville, California Special Tax Bonds, Series 1999
5.000% due 09/01/2004 (a)		345		355
San Juan, California M.S.R. Public Power Project Revenue Bonds, (MBIA Insured), Series 2001
5.000% due 07/01/2012		1,000		1,136
South Tahoe, California Joint Powers Financing Authority Revenue Bonds, Series 1999-A
7.300% due 10/01/2007		350		369
Southern California Public Power Authority Power Project Revenue Bonds, (FSA Insured), Series 2002
5.375% due 01/01/2012		1,100		1,295
West Sacramento, California Financing Authority Revenue Bonds, (FGIC Insured), Series 2002
5.000% due 08/01/2032		1,000		1,056
West Sacramento, California Refunding Bonds, Series 1998
4.900% due 09/02/2005		295		307
5.000% due 09/02/2004		350		360
				20,172
Colorado 1.5%
Colorado Housing & Finance Authority Revenue Bonds, (FHA/VA Mortgages Insured), Series 2000-C3
5.700% due 10/01/2022		610		646
Colorado Housing & Finance Authority Revenue Bonds, Series 2000-B3
6.700% due 10/01/2016		195		208
Colorado Housing & Finance Authority Revenue Bonds, Series 2000-D3
6.750% due 04/01/2015		250		271

183

Schedule of Investments (Cont.)

Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Colorado Housing & Financial Authority Revenue Bonds, Series 2000-E3
5.150% due 08/01/2007	$	45	$	46
Denver, Colorado Health & Hospital Revenue Bonds, Series 1998-A
5.000% due 12/01/2009		1,390		1,468
Larimer County, Colorado Sales & Use Tax Revenue Bonds, (MBIA Insured), Series 2002
4.625% due 12/15/2012		1,325		1,465
Meridian Metro District of Colorado General Obligation Bonds, (Asset Guaranty Insured), Series 2001
4.125% due 12/01/2009		1,075		1,134
				5,238
Connecticut 3.0%
Connecticut State General Obligation Bonds, Series 2001
7.010% due 12/15/2012 (a)		5,000		6,873
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2001
2.000% due 07/01/2036 (a)		1,500		1,500
University of Connecticut General Obligation Bonds, Series 2002
5.375% due 04/01/2019		2,230		2,457
				10,830
Florida 1.7%
Gainesville, Florida Revenue Bonds, Series 1979
6.200% due 10/01/2002		105		105
Orange County, Florida Health Facilities Authority Revenue Bonds, (MBIA Insured), Series 1996
6.250% due 10/01/2011		290		355
Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2002
5.625% due 11/15/2032		5,000		5,108
Orlando, Florida Waste Water System Revenue Bonds, Series 1997-A
3.973% due 10/01/2015 (a)		500		501
				6,069
Georgia 2.4%
Georgia Municipal Electric Authority Revenue Bonds, (FGIC-TCRS Insured), Series 1993
5.500% due 01/01/2012		1,255		1,444
Georgia Municipal Electric Authority Revenue Bonds, (MBIA-IBC Insured), Series 1997
6.500% due 01/01/2012		200		240
Georgia State General Obligation Bonds, Series 1991
6.300% due 11/01/2009		1,500		1,820
Georgia State General Obligation Bonds, Series 2002
5.000% due 05/01/2021		5,000		5,276
				8,780
Hawaii 0.7%
Hawaii State Housing Financial & Development Corporation Single Family Mortgage Pure Revenue Bonds, Series 1998
4.850% due 07/01/2029		1,330		1,356
Honolulu Hawaii City & County General Obligation Bonds, (MBIA-IBC Insured), Series 1993
5.450% due 09/11/2008		1,000		1,144
				2,500
Illinois 8.0%
Chicago, Illinois Board of Education General Obligation Bonds, (FGIC Insured), Series 1998
0.000% due 12/01/2020		1,000		421
Chicago, Illinois Board of Education General Obligation Bonds, (MBIA Insured), Series 2002
5.000% due 12/01/2021		3,000		3,126
Chicago, Illinois Board of Education General Obligaton Bonds, Series 1999
0.000% due 12/01/2031		1,000		226
Chicago, Illinois General Obligation Bonds, (MBIA Insured), Series 2001
0.000% due 01/01/2020		1,290		920
Chicago, Illinois O’Hare International Airport Revenue Bonds, Series 2002
5.375% due 01/01/2032		2,500		2,610
Cook County, Illinois Community School District No. 097 Oak Park General Obligation Bonds, (FGIC Insured), Series 1999
9.000% due 12/01/2012		1,000		1,467
Cook County, Illinois High School District No. 225 Northfield General Obligation Ltd. Bonds, Series 2002
0.000% due 12/01/2011		125		89
0.000% due 12/01/2012		135		92
0.000% due 12/01/2014		255		156
0.000% due 12/01/2015		1,885		1,084
4.400% due 12/01/2012		1,365		1,475
4.400% due 12/01/2013		1,740		1,862
Fox Lake, Illinois Water & Sewer Revenue Bonds, (AMBAC Insured), Series 1996
5.750% due 05/01/2013		1,135		1,254
Illinois Educational Facilities Authority Revenue Bonds, Series 1993
9.620% due 07/01/2012 (a)		2,000		2,130
Illinois Health Facilities Authority Revenue Bonds, Series 1998
5.500% due 11/15/2019		1,000		860
Lake County, Illinois Community High School District No. 127 Grayslake General Obligation Bonds, (FGIC Insured), Series 2002
0.000% due 02/01/2017		5,420		2,857
9.000% due 02/01/2009		650		870
9.000% due 02/01/2011		690		965
9.000% due 02/01/2012		1,065		1,526
Metropolitan Pier & Exposition Authority Ill Dedicated State Tax Revenue Bonds, (MBIA Insured), Series 2002
5.000% due 12/15/2028		3,470		3,592
Palatine, Illinois Tax Increment Revenue Bonds, (AMBAC Insured), Series 1998
5.250% due 01/01/2017		1,000		1,064
				28,646
Indiana 8.4%
Baugo, Indiana School Building Corp. Revenue Bonds, (AMBAC Insured), Series 2002
5.125% due 01/15/2025		2,225		2,309

184   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Brownsburg, Indiana 1999 School Building Corp. General Obligation Bonds, (AMBAC Insured), Series 2002
5.375% due 02/01/2023	$	1,395	$	1,482
Carmel, Indiana School Building Corp. Revenue Bonds, (MBIA Insured), Series 2002
5.000% due 07/15/2020		5,795		6,064
Danville, Indiana Multi-School Building General Obligation Bonds, (FSA Insured), Series 2001
3.900% due 07/15/2008		485		513
4.250% due 07/15/2011		290		308
4.400% due 01/15/2012		170		181
4.500% due 01/15/2013		190		202
4.650% due 01/15/2014		210		223
4.750% due 07/15/2009		200		221
4.750% due 01/15/2015		235		249
4.850% due 01/15/2016		295		312
5.000% due 07/15/2010		180		201
East Washington, Indiana Multi-School Building Corp. Revenue Bonds, (FGIC Insured), Series 2002
5.375% due 07/15/2028		2,560		2,715
Goshen-Chandler, Indiana School Building Corp. Revenue Bonds, (FGIC Insured), Series 2002
4.000% due 07/10/2007		860		916
4.125% due 01/10/2009		1,075		1,141
4.250% due 01/10/2010		950		1,011
Hamilton Southeastern Indiana Construction School Building Revenue Bonds, (FSA State Aid Withholding Insured), Series 2001
5.000% due 07/15/2010		760		851
Indianapolis, Indiana Local Public Improvement Bonds Bank Transportation Revenue Bonds, Series 1992
6.750% due 02/01/2014		1,000		1,249
La Porte Indiana Multi-School Building Revenue Bonds, (MBIA Insured), Series 2001
5.250% due 01/15/2013		1,000		1,143
Pike, Indiana Multi-School Building Corp. Revenue Bonds, (FGIC Insured), Series 2002
5.000% due 01/15/2011		7,245		8,097
South Bend, Indiana Redevelopment Authority Lease Revenue Bonds, Series 2000
5.100% due 02/01/2011		405		450
5.200% due 02/01/2012		230		256
5.500% due 02/01/2015		180		200
				30,294
Kentucky 1.5%
Kentucky State Turnpike Authority Economic Development Road Revenue Bonds, Series 1993
9.320% due 06/06/2012 (a)		5,000		5,481
Louisiana 1.8%
Louisiana Local Government Revenue Bonds, (MBIA Insured), Series 2000
5.700% due 01/01/2010		250		280
Louisiana State General Obligation Bonds, (FGIC Insured), Series 2002
7.990% due 04/01/2019 (a)		2,850		3,258
Louisiana Tobacco Settlement Financing Corporate Revenue Bonds, Series 2001
5.780% due 05/15/2039 (a)		3,215		2,869
				6,407
Maryland 1.0%
Baltimore, Maryland Project Revenue Bonds, (FGIC Insured), Series 2002
5.125% due 07/01/2042		3,500		3,648
Massachusetts 1.1%
Massachusetts Housing Finance Agency Revenue Bonds, (AMBAC Insured), Series 1993
5.950% due 10/01/2008		1,500		1,560
Massachusetts State Development Finance Agency Revenue Bonds, (ACA Insured), Series 1999
4.600% due 03/01/2009 (a)		400		421
Massachusetts State Development Finance Agency Revenue Bonds, Series 1998
4.700% due 11/01/2007		210		222
4.800% due 11/01/2008		90		95
Massachusetts State General Obligation Ltd. Bonds, (MBIA-IBC Insured), Series 1993
5.500% due 02/01/2011		1,000		1,034
Massachusetts State Health & Educational Facilities Authority Revenue Bonds, Series 2001
6.000% due 07/01/2014		500		571
Massachusetts State Health Facilities Authority Revenue Bonds, Series 1993
5.500% due 10/01/2002		140		140
				4,043
Michigan 5.2%
Detroit, Michigan City School District General Obligation Bonds, (FSA Q-SBLF Insured), Series 2001
5.125% due 05/01/2031		750		778
Detroit, Michigan General Obligation Ltd. Bonds, (MBIA Insured), Series 2002
5.000% due 04/01/2005		2,500		2,697
Lake Fenton, Michigan Community Schools General Obligation Bonds, (SBLF Insured), Series 2002
5.000% due 05/01/2022		2,720		2,825
Michigan Public Power Agency Revenue Bonds, (AMBAC Insured), Series 2001
5.250% due 01/01/2015		1,000		1,117
Michigan State Environmental Protection General Obligation Bonds, Series 1992
6.250% due 11/01/2012		1,100		1,330
Michigan State General Obligation Bonds, Series 2002
5.000% due 12/01/2008		1,000		1,128
Michigan State Strategic Fund Ltd. Obligation Revenue Bonds, Series 2001
5.450% due 09/01/2029		2,000		2,041
Mount Clemens, Michigan Community School District General Obligation Bonds, (Q-SBLF Insured), Series 2001
5.000% due 05/01/2031		3,000		3,079

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   185

Schedule of Investments (Cont.)

Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Western Michigan University Revenue Bonds, (AMBAC Insured), Series 2001
5.000% due 07/15/2021	$	3,500	$	3,667
				18,662
Minnesota 0.8%
Dakota County, Minnesota Community Development Agency Multi-Family Housing Revenue Bonds, (GNMA Insured), Series 2002
4.750% due 07/20/2015		385		409
5.400% due 07/20/2028		1,265		1,323
New Richland, Minnesota Revenue Bonds, Series 1998
4.500% due 08/01/2004		1,000		1,043
				2,775
Mississippi 0.7%
Mississippi State General Obligation Bonds, (FSA Insured), Series 2001
6.000% due 09/01/2011		2,000		2,421
Missouri 0.3%
Missouri State Housing Development Community Revenue Bonds, (FHA Insured), Series 2001
5.250% due 12/01/2016		1,000		1,060
Nevada 1.5%
Nevada State General Obligation Bonds, (FGIC Insured), Series 1998
5.000% due 05/15/2028		1,000		1,025
Nevada State General Obligation Ltd. Bonds, Series 2002
4.900% due 11/01/2016		790		842
Washoe County, Nevada School District General Obligation Ltd. Bonds, (FSA Insured), Series 1999
5.750% due 06/01/2013		3,000		3,539
				5,406
New Hampshire 0.9%
New Hampshire Health & Educational Facilities Authority Revenue Bonds, (AMBAC Insured), Series 2002
5.125% due 07/01/2016		2,980		3,268
New Jersey 7.4%
New Jersey Economic Development Authority Revenue Bonds, (GTY AGMT Insured), Series 1998
6.000% due 11/01/2028		5,000		5,080
New Jersey Economic Development Authority Revenue Bonds, Series 1998
0.000% due 04/01/2013		1,595		1,062
5.600% due 01/01/2012		1,000		975
6.375% due 04/01/2018		1,500		1,881
6.375% due 04/01/2031		10,000		12,539
6.500% due 04/01/2031		2,115		2,358
6.800% due 04/01/2018		250		269
New Jersey Economic Development Authority Revenue Bonds, Series 1999
6.625% due 09/15/2012		3,500		2,487
				26,651
New Mexico 0.1%
Santa Fe County, New Mexico El Castillo Retirement Nursing Home Bonds, Series 1998-A
5.250% due 05/15/2007		315		307
New York 9.5%
Nassau County, New York Tobacco Settlement Corp. Revenue Bonds, Series 1999
5.250% due 07/15/2011		1,000		1,023
New York City, New York Transitional Finance Authority Revenue Bonds, Series 1998
5.000% due 11/15/2026		2,500		2,576
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2002
5.250% due 02/01/2029		5,275		5,937
New York State Dormitory Authority Revenue Bonds, (ACA Insured), Series 2000
5.850% due 07/01/2010		1,000		1,112
New York State Dormitory Authority Revenue Bonds, Series 2002
6.000% due 11/15/2029		3,800		4,472
New York State Triborough Bridge and Tunnel Authority Revenue Bonds, (FGIC Insured), Series 2001
5.000% due 01/01/2032		3,550		3,650
New York, New York General Obligation Bonds, Series 2002
5.750% due 08/01/2014		5,000		5,705
Port Authority New York & New Jersey Revenue Bonds, (FGIC Insured), Series 2002
5.125% due 11/15/2028		3,860		4,044
Schenectady, New York Industrial Development Agency Civic Facility Revenue Bonds, Series 2001
5.500% due 07/01/2016		1,640		1,883
TSASC Inc. Revenue Bonds, Series 1999
5.400% due 07/15/2012		3,550		3,802
				34,204
North Carolina 0.4%
Durham County, North Carolina General Obligation Revenue Bonds, Series 2002
8.020% due 04/01/2021 (a)		275		311
North Carolina Eastern Municipal Power Agency Power Systems Revenue Bonds, Series 1993
7.000% due 01/01/2008		1,000		1,162
				1,473
Ohio 0.9%
Ohio State Water Development Authority Revenue Bonds, Series 2002
5.375% due 12/01/2020		1,100		1,201
5.375% due 12/01/2021		1,750		1,897
				3,098
Oklahoma 0.3%
Oklahoma Housing Finance Agency Single Family Revenue Bonds, Series 2001 0.000% due 09/01/2032
0.000% due 09/01/2032		6,710		1,199
Pennsylvania 0.9%
Delaware County, Pennsylvania Hospital Revenue Bonds, Series 1998
4.900% due 12/01/2008		100		102
Delaware County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 1997
6.500% due 01/01/2008		725		777
Pennsylvania Convention Center Revenue Bonds, (MBIA-IBC Insured), Series 1994
6.750% due 09/01/2019		2,000		2,211
				3,090

186   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Puerto Rico 0.3%
Childrens Trust Fund Tobacco Settlement Revenue Bonds, Series 2000
5.750% due 07/01/2010	$	750	$	829
6.000% due 07/01/2026		150		159
				988
Rhode Island 3.3%
Rhode Island Tobacco Settlement Financing Corp. Revenue Bonds, Series 2002
6.125% due 06/01/2032		3,800		3,801
Rhode Island Tobacco Settlement Financing Corporate Revenue Bonds, Series 2002
6.250% due 06/01/2042		8,000		7,918
				11,719
South Carolina 0.8%
Medical University South Carolina Hospital Facilities Revenue Bonds, Series 1999
5.700% due 07/01/2012 (a)		1,000		1,170
South Carolina State Public Service Authority Revenue Bonds, Series 1993
9.138% due 06/28/2013 (a)		1,700		1,808
				2,978
South Dakota 0.1%
South Dakota Housing Development Authority, (FHA/VA Insured), Series 2000
5.050% due 05/01/2010		225		243
Tennessee 1.1%
Knox County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2002
6.375% due 04/15/2022		1,000		1,047
Nashville & Davidson County, Tennessee Revenue Bonds, Series 1998
4.450% due 08/01/2007		1,000		1,071
Sullivan County, Tennessee Health, Educational & Housing Facilities Board Revenue Bonds, Series 2002
6.250% due 09/01/2022		1,000		1,046
Sullivan County, Tennessee Industrial Development Revenue Bonds, (GNMA Insured), Series 1995
6.250% due 07/20/2015		750		805
				3,969
Texas 15.9%
Bastrop, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2002
1.000% due 02/15/2035		2,765		2,776
Bexar County, Texas Housing Finance Corporate Multi-Family Revenue Bonds, (FNMA Insured), Series 2001
4.875% due 06/15/2011		900		973
Bexar, Texas Metro Water District Waterworks System Revenue Bonds, (MBIA Insured), Series 1998
0.000% due 05/01/2035		2,190		381
Brazos River Authority Texas Revenue Bonds, (MBIA Insured), Series 1998
4.900% due 10/01/2015 (a)		1,500		1,663
Del Rio, Texas Waterworks & Sewer System Revenue Bonds, (MBIA Insured), Series 1993
5.500% due 06/01/2015		2,400		2,457
Denton, Texas Utility System Revenue Bonds, (FSA Insured), Series 2002
5.250% due 12/01/2016		1,690		1,875
Duncanville, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2001
5.250% due 02/15/2032		2,000		2,093
Harris County, Texas General Obligation Bonds, Series 1997
5.100% due 08/15/2015		250		267
Houston, Texas Airport System Revenue Bonds, Series 2001
6.750% due 07/01/2029		1,000		582
Houston, Texas Airport Systems Revenue Bonds, (FGIC Insured), Series 2000
7.890% due 07/01/2025 (a)		2,500		2,557
Houston, Texas Independent School District General Obligation Ltd. Bonds, (PSF-GTD Insured), Series 1999
5.250% due 02/15/2018		355		381
Houston, Texas Water & Sewer System Revenue Bonds, (FSA Insured), Series 2001
5.500% due 12/01/2017		1,000		1,122
Houston, Texas Water Conveyance System Contract Certificates of Participation Bonds, (AMBAC Insured), Series 1993
6.250% due 12/15/2012		5,000		6,214
Katy, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 1998
4.750% due 02/15/2024		1,500		1,508
Lamar, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 1998
4.750% due 02/15/2020		1,750		1,784
Lower Colorado River, Texas Authority Revenue Bonds, (FSA Insured), Series 1998
4.750% due 01/01/2028		3,000		3,094
Lower Colorado River, Texas Authority Revenue Bonds, (FSA Insured), Series 2001
5.000% due 05/15/2026		2,000		2,046
Midlothian, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 1999
0.010% due 02/15/2018		1,000		416
North Texas Health Facilities Development Corp. Revenue Bonds, (AMBAC Insured), Series 2002
5.500% due 08/15/2016		2,905		3,302
5.500% due 08/15/2017		1,000		1,128
North Texas State University Revenue Bonds, (FSA Insured), Series 1999
5.375% due 04/15/2014		250		275
Pasadena, Texas General Obligation Bonds, (FGIC Insured), Series 2002
5.125% due 04/01/2024		1,750		1,809

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   187

Schedule of Investments (Cont.)

Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Peaster, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2002
5.000% due 08/15/2031	$	430	$	439
Quinlan, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2002
5.000% due 02/15/2027		1,000		1,025
Red River, Texas Educational Finance Revenue Bonds, Series 2000
5.750% due 05/15/2017		750		844
Rio Grande City, Texas Construction Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2000
5.875% due 08/15/2018		1,825		2,110
Sabine River, Texas Pollution Control Authority Revenue Bonds, Series 2001
5.500% due 05/01/2022		1,000		1,043
San Antonio, Texas Electric and Gas Systems Revenue Bonds, Series 1997
5.500% due 02/01/2015		975		1,088
San Antonio, Texas Water Revenue Bonds, (FSA Insured), Series 2002
5.000% due 05/15/2032		1,050		1,073
San Jacinto, Texas Community College District General Obligation Ltd. Bonds, (FGIC Insured), Series 2001
5.000% due 02/15/2021		225		233
Texas State Affordable Mulit-Family Housing Revenue Bonds, (MBIA Insured), Series 2002
4.850% due 09/01/2012		2,000		2,148
4.850% due 09/01/2012		1,335		1,449
Texas State Turnpike Systems Authority Revenue Bonds, Series 2002
5.000% due 06/01/2008		5,000		5,553
Travis County, Texas Health Facilities Development Hospital Revenue Bonds, Series 1993
6.000% due 11/15/2022		1,400		1,514
				57,222
Utah 0.6%
Utah State General Obligation Bonds, Series 2002
5.375% due 07/01/2009		2,000		2,291
Virginia 0.6%
Virginia Polytechnic Institute & State University Revenue Bonds, Series 1996
5.400% due 06/01/2012		1,000		1,090
Virginia State Housing Development Authority Revenue Bonds, (MBIA Insured), Series 2001
5.350% due 07/01/2031		1,000		1,034
				2,124
Washington 1.6%
University of Washington Revenue Bonds, (AMBAC Insured), Series 2002
5.125% due 12/01/2017		2,715		2,944
5.250% due 12/01/2023		2,595		2,737
				5,681
Washington, D.C. 0.6%
Metropolitan Washington D.C. Airport Systems Authority Revenue Bonds, Series 2002
5.250% due 10/01/2032		2,000		2,076
West Virginia 0.4%
West Virginia State Parkways Economic Development & Tourism Authority Revenue Bonds, (FGIC Insured), Series 1993
10.049% due 05/16/2019 (a)		425		462
10.049% due 05/16/2019 (a)		775		833
				1,295
Wisconsin 3.4%
Hudson, Wisconsin School District General Obligation Bonds, (FGIC Insured), Series 2002
5.000% due 10/01/2017		1,420		1,522
5.000% due 10/01/2019		1,040		1,097
South Milwaukee, Wisconsin School District General Obligation Bonds, (FGIC Insured), Series 2002
3.750% due 04/01/2011		385		397
4.000% due 04/01/2013		415		429
4.375% due 04/01/2014		565		594
Wisconsin Housing & Economic Development Authority Housing Revenue Bonds, (MBIA Insured), Series 2002
4.700% due 05/01/2012		1,170		1,231
4.700% due 11/01/2012		1,555		1,636
Wisconsin Housing & Economic Development Authority Housing Revenue Bonds, Series 2002
4.700% due 05/01/2012		1,640		1,725
Wisconsin State Clean Water Revenue Bonds, Series 2002
8.200% due 06/01/2023 (a)		350		403
Wisconsin State General Obligation Bonds, Series 2001
5.250% due 05/01/2020		3,000		3,234
				12,268
Total Municipal Bonds & Notes (Cost $326,636)				346,511
U.S. TREASURY OBLIGATIONS 0.1%
Treasury Inflation Protected Securities
3.375% due 01/15/2007 (b)(d)		284		310
Total U.S. Treasury Obligations (Cost $288)				310
SHORT-TERM INSTRUMENTS 1.0%
Money Market Fund 0.6%
SSgA Tax Free Money Market
1.250% due 10/01/2002		2,314		2,314
U.S. Treasury Bills 0.4%
1.593% due 11/14/2002-11/29/2002 (b)(c)		1,540		1,537
Total Short-Term Instruments (Cost $3,851)				3,851
Total Investments 97.6% (Cost $330,775)			$	350,672
Other Assets and Liabilities (Net) 2.4%				8,456
Net Assets 100.0%			$	359,128

188   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities with an aggregate market value of $1,847 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 30 Year Bond (12/2002)	442	$	(1,519	)

(c) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(d) Principal amount of security is adjusted for inflation.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   189

Schedule of Investments

Short Duration Municipal Income Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
MUNICIPAL BONDS & NOTES 92.5%
Alaska 1.3%
Valdez, Alaska Marine Terminal Revenue Bonds, Series 1985
1.800% due 10/01/2025 (a)	$	500	$	500
Valdez, Alaska Marine Terminal Revenue Bonds, Series 1993
1.800% due 12/01/2033 (a)		2,000		2,000
				2,500
Arizona 1.7%
Arizona State Transportation Board of Excise Tax Revenue Bonds, Series 2002
5.000% due 12/15/2005		3,000		3,293
California 2.2%
California Statewide Communities Development Authority Revenue Bonds, Series 2002
3.700% due 11/01/2029		1,000		1,027
East Bay, California Municipal Utility District Water System Revenue Bonds, (MBIA Insured), Series 1993
5.200% due 06/01/2008		1,000		1,046
Sacramento, California Municipal Utility District Revenue Bonds, (FSA Insured), Series 1993
1.670% due 11/15/2006		2,000		2,134
				4,207
Colorado 5.8%
Arapahoe County, Colorado Capital Improvement Highway Revenue Bonds, Series 1986
0.000% due 08/31/2026		2,000		394
Arapahoe County, Colorado Capital Trust Fund Highway Revenue Bonds, (MBIA Insured), Series 1986
6.150% due 08/31/2026		3,000		3,464
Colorado Health Facilities Authority Revenue Bonds, (KBC Bank NV Insured), Series 2000
1.750% due 03/01/2025 (a)		700		700
Colorado Regional Transportation District Sales Tax Revenue Bonds, (AMBAC Insured), Series 2002
5.000% due 11/01/2005		4,210		4,608
Denver, Colorado City & County General Obligation Bonds, Series 1998
5.250% due 08/01/2004		350		373
Denver, Colorado Health & Hospital Revenue Bonds, Series 1998-A
5.000% due 12/01/2002		500		502
Smith Creek, Colorado Metropolitan District, (Bank of America Insured), Series 1997
1.750% due 10/01/2035 (a)		500		500
South Metro, Colorado Fire Rescue Finance Corporate Certificate of Participation Bonds, Series 2002
2.750% due 12/01/2004		695		712
				11,253
Connecticut 2.1%
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2001
1.800% due 07/01/2036 (a)		4,000		4,000
Florida 6.0%
Collier County, Florida Multi-Family Housing Finance Authority Revenue Bonds, (LIQ FAC-Fannie Mae Insured), Series 2002
4.600% due 08/15/2011		665		709
Florida State Board of Education General Obligation Bonds, Series 2002
5.375% due 01/01/2010		3,000		3,419
Gulf Breeze Florida Revenue Bonds, (MBIA Insured), Series 1997
4.840% due 12/01/2017 (a)		500		483
Hillsborough County, Florida Utility Revenue Bonds, Series 1978
6.200% due 12/01/2008		505		562
Jacksonville, Florida Electric Authority Revenue Bonds, Series 2000
1.900% due 10/01/2010 (a)		1,000		1,000
Orange County, Florida School Board Certificate of Participation Bonds, (AMBAC Insured), Series 2000
1.800% due 08/01/2025 (a)		500		500
Orlando, Florida Waste Water System Revenue Bonds, Series 1997-A
4.143% due 10/01/2015 (a)		750		752
Palm Beach County, Florida Health Facilities Authority Revenue Bonds, (MBIA-IBC Insured), Series 1993
6.300% due 10/01/2022		500		534
St. John’s River Power Park Revenue Bonds, Series 2002
5.000% due 10/01/2005		3,325		3,621
				11,580
Georgia 2.7%
Coweta County, Georgia School District General Obligation Bonds, (State Aid Witholding Insured), Series 2002
3.250% due 08/01/2004		560		577
Georgia State General Obligation Bonds, Series 1994
6.750% due 12/01/2006		3,890		4,600
				5,177
Illinois 10.3%
Chicago, Illinois Board of Education Certificate Participation Bonds, (MBIA Insured), Series 1992
6.250% due 01/01/2011		3,000		3,615
Chicago, Illinois General Obligation Bonds, (AMBAC Insured), Series 2002
4.000% due 01/01/2005		1,000		1,047
Chicago, Illinois Public Building Community Revenue Bonds, (FGIC Government of Board Insured), Series 1999
5.500% due 02/01/2006		1,000		1,105
Cook County, Illinois General Obligation Bonds, (FGIC Insured), Series 1996
5.875% due 11/15/2022		1,000		1,156
Cook County, Illinois High School District No. 205, (FSA Insured), Series 2002
0.000% due 12/01/2004		2,600		2,489
0.000% due 06/01/2005		500		470

190   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Illinois Educational Facilities Authority Revenue Bonds, Series 1993
6.520% due 07/01/2012 (a)	$	300	$	319
Illinois Health Facilities Authority Revenue Bonds, Series 1977
6.700% due 10/01/2005		480		514
Illinois Health Facilities Authority Revenue Bonds, Series 1978
6.250% due 07/01/2006		355		387
Illinois Healthy Facilities Authority Revenue Bonds, Series 1995
1.850% due 08/15/2025 (a)		1,000		1,000
Illinois Metropolitan Pier & Exposition Dedicated State Tax Revenue Bonds, (AMBAC Insured), Series 1996
6.000% due 12/15/2006		3,740		4,286
Illinois State General Obligation Bonds, (MBIA Insured), Series 1995
5.750% due 02/01/2008		300		333
Illinois State General Obligation Bonds, (MBIA Insured), Series 2000
5.500% due 12/01/2007		1,800		2,057
Lake County, Illinois Community High School District No. 127, (FGIC Insured), Series 2002
9.000% due 02/01/2005		1,000		1,160
				19,938
Iowa 0.1%
Iowa Hospital Facilities Financing Authority Revenue Bonds, (AMBAC Insured), Series 1992
5.900% due 11/15/2004		105		115
Kansas 0.3%
Burlington, Kansas Pollution Control Revenue Bonds, (MBIA Insured), Series 1991
7.000% due 06/01/2031		500		512
Maine 0.1%
Eastport, Maine Industrial Development Revenue Bonds, (Wachovia Bank Insured), Series 1989
5.100% due 11/15/2003		300		301
Maryland 2.9%
Maryland State General Obligation Bonds, Series 2002
5.000% due 02/01/2007		5,000		5,536
Massachusetts 4.4%
Massachusetts Housing Finance Agency Revenue Bonds, (AMBAC Insured), Series 1993
5.950% due 10/01/2008		250		260
Massachusetts Municipal Wholesale Electric Company Power Supply System Revenue Bonds, (AMBAC Insured), Series 1993
5.450% due 07/01/2018		3,200		3,345
Massachusetts State General Obligation Bonds, (FGIC Government of Commonwealth Insured), Series 2002
5.500% due 11/01/2014		2,000		2,352
Massachusetts State General Obligation Bonds, Series 1998
5.250% due 04/01/2011		1,000		1,141
Massachusetts State General Obligation Bonds, Series 2001
5.250% due 12/01/2007		1,000		1,134
Massachusetts State Health & Educational Facilities Authority Revenue Bonds, Series 1999
1.850% due 07/01/2039 (a)		400		400
				8,632
Michigan 6.4%
Detroit, Michigan General Obligation Bonds, (MBIA Insured), Series 2002
5.000% due 04/01/2006		4,000		4,383
Kalamazoo, Michigan Hospital Financing Authority Revenue Bonds, Series 1977
6.750% due 04/01/2003		210		216
Michigan State Comprehensive Transportation Revenue Bonds, (FSA Insured), Series 2002
5.000% due 05/15/2005		2,000		2,163
Michigan State Hospital Financing Authority Revenue Bonds, Series 1992
5.750% due 09/01/2017		260		263
Michigan State Strategic Fund Ltd. Obligation Revenue Bonds, (Michigan National Bank Insured), Series 1997
1.700% due 11/01/2027 (a)		500		500
Michigan State Strategic Funding Ltd. Obligation Revenue Bonds, Series 1991
7.100% due 02/01/2006		2,500		2,778
Michigan State University Revenue Bonds, Series 2002
1.800% due 08/15/2032 (a)		1,200		1,200
Milan, Michigan Area Schools General Obligation Bonds, Series 2002
1.500% due 05/01/2030 (a)		1,000		1,000
				12,503
Missouri 1.6%
Missouri Financial Board of Development of Cultural Facilities Revenue Bonds, Series 2001
1.850% due 12/01/2031 (a)		2,000		2,000
Missouri State Health & Educational Facilities Authority Revenue Bonds, (SPA-JP Morgan Chase & Co. Insured), Series 1996
1.850% due 09/01/2030 (a)		1,000		1,000
Missouri State Housing Development Community Mortgage Revenue Bonds, (GNMA/FNMA Insured), Series 1996
7.100% due 09/01/2027		120		127
				3,127
Nevada 0.3%
Clark County, Nevada Improvement District Special Assessment, Series 2001
2.000% due 02/01/2021 (a)		600		600
New Jersey 6.4%
New Jersey Economic Development Authority Revenue Bonds, Series 1998
6.375% due 04/01/2018		500		627
6.375% due 04/01/2031		1,000		1,254

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   191

Schedule of Investments (Cont.)

Short Duration Municipal Income Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
New Jersey State Transportation Trust Fund Authority Revenue Bonds, Series 1999
5.500% due 06/15/2008	$	5,000	$	5,732
5.625% due 06/15/2013		3,000		3,553
New Jersey Wastewater Treatment Trust Revenue Bonds, (MBIA Insured), Series 1997
7.000% due 05/15/2009		1,020		1,261
				12,427
New Mexico 0.6%
New Mexico State Severance Special Tax, Series 2001
5.000% due 07/01/2007		1,000		1,112
New York 10.5%
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2002
5.250% due 02/01/2029		2,000		2,251
New York State Dormitory Authority Revenue Bonds, Series 2002
6.000% due 11/15/2029		800		941
New York State Thruway Authority Revenue Bonds, (MBIA Insured), Series 2002
5.250% due 04/01/2007		3,000		3,355
New York State Thruway Service Contract Revenue Bonds, Series 2002
5.250% due 04/01/2010		3,000		3,390
New York State Urban Development Revenue Bonds, (FSA Insured), Series 1994
6.500% due 01/01/2011		4,000		4,920
New York, New York General Obligation Bonds, Series 2002
5.750% due 08/01/2014		1,425		1,626
TSASC Inc. Revenue Bonds, Series 1999
5.400% due 07/15/2012		1,700		1,821
TSASC Inc. Revenue Bonds, Series 2002
5.000% due 07/15/2014		2,000		2,056
				20,360
North Carolina 1.1%
North Carolina Eastern Municipal Power Agency Power Systems Revenue Bonds, Series 1993
7.000% due 01/01/2008		1,000		1,162
North Carolina Municipal Power Agency No. 1 Catawba Electric Revenue Bonds, (MBIA Insured), Series 1993
7.920% due 01/01/2020 (a)		1,000		1,059
				2,221
Oklahoma 0.2%
Tulsa, Oklahoma Apartments Improvement Trust General Revenue Bonds, (FGIC Insured), Series 1978
6.400% due 06/01/2006		320		351
Pennsylvania 0.1%
Deer Lakes, Pennsylvania School District, (MBIA State Aid Witholding Insured), Series 1995
6.000% due 01/15/2006		150		158
Puerto Rico 2.7%
Childrens Trust Fund Tobacco Settlement Revenue Bonds, Series 2000
5.750% due 07/01/2010		250		276
Puerto Rico Commonwealth Revenue Notes, Series 2003
2.500% due 07/30/2003		5,000		5,042
				5,318
Tennessee 3.1%
Metropolitan Government of Nashville & Davidson County Tennessee General Obligation Bonds, Series 1993
5.250% due 05/15/2006		3,000		3,324
Nashville & Davidson County, Tennessee Health & Educational Facilities Revenue Bonds, Series 1977
6.100% due 07/01/2010		465		529
Shelby County, Tennessee General Obligation Bonds, Series 2001
4.500% due 11/01/2004		2,000		2,116
				5,969
Texas 8.4%
Dallas, Texas General Obligation Bonds, Series 2001
3.000% due 08/15/2004		300		308
Denton, Texas Utility System Revenue Bonds, (FSA Insured), Series 2002
4.250% due 12/01/2004		800		845
Harris County, Texas Flood Control General Obligation Bonds, Series 2002
3.200% due 10/01/2006		940		975
Harris County, Texas Health Facilities Development Hospital Revenue Bonds, (Morgan Guaranty Trust Insured), Series 1994
1.850% due 12/01/2025 (a)		700		700
Harris County, Texas Health Facilities Development Revenue Bonds, (MBIA Insured), Series 1999
1.850% due 10/01/2029 (a)		55		55
Harris County, Texas Municipal Utility District No. 203, (MBIA Insured), Series 1990
0.000% due 09/01/2015		285		127
Houston, Texas Water Conveyance System Certificates of Participation Bonds, (AMBAC Insured), Series 1993
6.125% due 12/15/2009		1,000		1,199
6.800% due 12/15/2011		3,000		3,816
Hurst Euless Bedford, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 1994
6.500% due 08/15/2024		1,000		1,080
Laredo, Texas General Obligation Bonds, (FGIC Insured), Series 1996
5.250% due 02/15/2009		400		438
Odessa, Texas Junior College District Revenue Bonds, Series 1995
8.125% due 12/01/2018		270		318
Sabine River, Texas Pollution Control Authority Revenue Bonds, Series 2001
4.000% due 05/01/2028		500		506
San Antonio, Texas Airport System Revenue Bonds, (AMBAC Insured), Series 1991
7.375% due 07/01/2012		425		452

192   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Southeast Texas Hospital Financing Agency Revenue Bonds, Series 1979
7.500% due 12/01/2009	$	1,030	$	1,198
Texas State General Obligation Bonds, Series 2002
5.250% due 08/01/2010		1,050		1,192
Texas State Turnpike Systems Authority Revenue Bonds, Series 2002
5.000% due 06/01/2007		2,000		2,211
Texas State Water Financial Assistance, Series 2002
5.000% due 08/01/2009		685		766
				16,186
Utah 0.9%
Utah Sales Tax Transportation Authority Revenue Bonds, Series 2002
1.650% due 09/01/2032 (a)		1,000		1,000
Utah Water Financing Agency Revenue Bonds, (AMBAC Insured), Series 2002
4.000% due 07/01/2004		425		442
Utah Water Financing Agency Revenue Bonds, (AMBAC Insured), Series 2002
3.500% due 07/01/2005		300		313
				1,755
Virginia 0.8%
Virginia Polytechnic Institute & State University Revenue Bonds, Series 1996
5.400% due 06/01/2012		1,400		1,525
Washington 1.8%
Washington State Public Power Supply System & Nuclear Project No. 1 Revenue Bonds, (AMBAC Insured), Series 1996
6.000% due 07/01/2007		1,000		1,148
Washington State Public Power Supply System & Nuclear Project No. 2 Revenue Bonds, (MBIA-IBC Insured), Series 1993
5.500% due 07/01/2006		2,100		2,341
				3,489
West Virginia 0.1%
Kanawha County, West Virginia Residential Mortgage Revenue Bonds, (FGIC Insured), Series 1979
7.375% due 09/01/2010		160		192
Wisconsin 7.6%
Badger Tobacco Asset Securitization Corporation Revenue Bonds, Series 2002
5.000% due 06/01/2008		2,240		2,345
5.500% due 06/01/2005		5,635		6,030
Marshfield, Wisconsin Hospital Facilities Revenue Bonds, Series 1978
6.625% due 04/01/2006		705		765
South Milwaukee, Wisconsin School District General Obligation Bonds, (FGIC Insured), Series 2002
3.000% due 04/01/2007		275		281
3.750% due 04/01/2009		240		250
South Milwaukee, Wisconsin School District, (FGIC Insured), Series 2002
3.750% due 04/01/2010		275		284
Two Rivers, Wisconsin Public School District General Obligation Bonds, (FSA Insured), Series 2002
4.250% due 03/01/2013		1,255		1,322
Wisconsin Housing and Economic Development Revenue Bonds, (MBIA Government of Authority Insured), Series 2002
4.500% due 05/01/2010		1,095		1,146
Wisconsin State Clean Water Revenue Bonds, Series 1998
5.500% due 06/01/2014		2,000		2,338
				14,761
Total Municipal Bonds & Notes (Cost $174,604)				179,098
SHORT-TERM INSTRUMENTS 6.6%
Money Market Fund 6.0%
Reich & Tang New York Money Market
1.090% due 10/01/2002		2,111		2,111
SSgA Tax Free Money Market
1.250% due 10/01/2002		9,439		9,439
				11,550
U.S. Treasury Bills 0.6%
1.574% due 11/14/2002-11/29/2002 (b)(c)		1,255		1,252
Total Short-Term Instruments (Cost $12,802)				12,802
Total Investments 99.1% (Cost $187,406)			$	191,900
Other Assets and Liabilities (Net) 0.9%				1,776
Net Assets 100.0%			$	193,676

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities with an aggregate market value of $1,252 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 5 Year Note (12/2002)	320	$	(906	)
U.S. Treasury 10 Year Note (12/2002)	280		(784	)
		$	(1,690	)

(c) Securities are grouped by coupon or range of coupons and represent a range of maturities.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   193

Schedule of Investments

California Intermediate Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
MUNICIPAL BONDS & NOTES 94.1%
California 77.8%
A B C California Unified School District General Obligation Bonds, (FGIC Insured), Series 2001
0.000% due 08/01/2030	$	1,850	$	454
0.000% due 08/01/2031		1,285		300
0.000% due 08/01/2032		1,965		436
0.000% due 08/01/2033		1,670		352
0.000% due 08/01/2034		1,755		352
Alameda, California Harbor Bay Business Park Assessment Revenue Bonds, Series 1998
5.500% due 09/02/2012		3,500		3,728
Anaheim, California Public Financing Authority Revenue Bonds, (AMBAC Insured), Series 1999
4.625% due 10/01/2027 (a)		150		163
Antioch, California Public Financing Authority Reassessment Revenue Bonds, Series 1998-B
5.500% due 09/02/2008		475		509
Association of Bay Area Governments Financing Authority for Non-Profit Corporations Revenue Bonds, (California Mtg. Insured), Series 2001
5.250% due 04/01/2026		2,000		2,089
Bay Area Toll Authority California Toll Bridge Revenue Bonds, Series 2001
1.550% due 04/01/2029 (a)		400		400
California Educational Facilities Authority Revenue Bonds, Series 1997-A
5.700% due 10/01/2015		135		158
California Health Facilities Financing Authority Revenue Bonds, (CA MTG Insured), Series 2000
5.000% due 09/01/2010		350		388
California Housing Financial Agency Revenue Bonds, (AMBAC FHA Insured), Series 1996
5.950% due 02/01/2011		100		109
California Infrastructure & Economic Development Bank Insured Revenue Bonds, Series 2002
1.950% due 04/01/2042 (a)		1,000		1,000
California Pollution Control Financing Authority Revenue Bonds, Series 1999-A
4.500% due 08/01/2003		150		154
California State General Obligation Bonds, (FGIC Insured), Series 1997
5.000% due 10/01/2004		325		348
California State General Obligation Bonds, (MBIA Insured), Series 1991
6.600% due 02/01/2011		1,000		1,248
California State General Obligation Bonds, (MBIA Insured), Series 1992
7.500% due 10/01/2007		400		498
California State General Obligation Bonds, Series 1991
6.500% due 09/01/2010		1,730		2,109
California State General Obligation Bonds, Series 1997-BL
5.300% due 12/01/2012		400		423
California State General Obligation Bonds, Series 2000
5.250% due 03/01/2005		100		108
5.250% due 03/01/2013		300		337
5.700% due 12/01/2032		250		258
California State General Obligation Bonds, Series 2002
5.250% due 04/01/2030		3,000		3,175
California State Inverse-Floater Bonds, Series 1992
10.850% due 09/01/2012 (a)		5,000		7,400
California State Public Works Board Lease Revenue Bonds, Series 1994-A
6.375% due 11/01/2014		500		561
California Statewide Communities Development Authority Apartment Development Revenue Bonds, Series 1998-A-3
5.100% due 05/15/2025		2,000		2,133
California Statewide Communities Development Authority Certificates of Participation Bonds, Series 1994
6.500% due 07/01/2015		1,000		1,110
California Statewide Communities Development Authority Revenue Bonds, (CA Mortgage Insured), Series 2001
5.000% due 10/01/2018		2,000		2,115
California Statewide Communities Development Authority Revenue Bonds, Series 2002
5.500% due 08/15/2034		1,000		1,037
6.750% due 07/01/2032 (b)		2,705		2,807
California Statewide Financing Authority Tobacco Settlement Revenue Bonds, Series 2002
4.600% due 05/01/2012		1,030		1,054
California Tobacco Securitization Agency Revenue Bonds, Series 2002
6.125% due 06/01/2043		1,000		1,022
Capistrano, California Unified School District Community Facilities Special Tax Bonds, Series 1997
7.100% due 09/01/2021		1,950		2,354
Capistrano, California Unified School District Community Facilities Special Tax Bonds, Series 1999
5.700% due 09/01/2020		1,500		1,546
Chico, California Public Financing Authority Revenue Bonds, (FSA Insured), Series 1996
5.200% due 04/01/2011		485		523
Chula Vista, California Special Tax Bonds, Series 2000-1
6.350% due 09/01/2017		230		248
6.400% due 09/01/2018		120		128
Corona, California Community Facilities District Special Tax Bonds, Series 1998
5.875% due 09/01/2023		1,000		1,038
East Bay, California Municipal Utility District Wastewater Treatment System Revenue Bonds, (AMBAC Insured), Series 1993
9.170% due 06/01/2020 (a)		6,000		6,443

194   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
East Bay, California Municipal Utility District Water System Revenue Bonds, (MBIA Insured), Series 1993
9.070% due 06/01/2013 (a)	$	3,450	$	3,728
Elsinore Valley, California Municipal Water District Certificates of Participation Bonds, (FGIC Insured), Series 2000
1.550% due 07/01/2029 (a)		1,000		1,000
Evergreen, California School District General Obligation Bonds, (FGIC Insured), Series 2000-C
10.000% due 09/01/2005		465		576
10.000% due 09/01/2006		380		496
Foothill Eastern Transportation Corridor Agency California Toll Road Revenue Bonds, (MBIA-IBC Insured), Series 1999
5.875% due 01/15/2027		2,500		1,828
Foothill Eastern Transportation Corridor Agency California Toll Road Revenue Bonds, Series 1995
0.000% due 01/01/2026		1,000		319
Fresno, California Special Tax Bonds, Series 1998
4.750% due 09/01/2005		885		894
Healdsburg, California Community Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 2002
5.000% due 08/01/2022		2,530		2,671
Irvine Ranch California Water District General Obligation Bonds, (Helaba Insured), Series 1985
2.000% due 10/01/2009 (a)		1,200		1,200
Irvine Ranch, California Water District General Obligation Bonds, Series 1989
1.450% due 06/01/2015 (a)		800		800
Irvine Ranch, California Water District Revenue Bonds, Series 1993
1.700% due 05/01/2009 (a)		500		500
Irvine, California Import Bond Act of 1915 Special Assessment Bonds, Series 1998
1.550% due 09/02/2023 (a)		1,500		1,500
Irvine, California Improvement Bond Act of 1915 Special Assessment Bonds, (KBC Bank N.V. Insured), Series 1999
1.850% due 09/02/2024 (a)		669		669
Long Beach, California Harbor Revenue Bonds, (MBIA Insured), Series 1995
6.500% due 05/15/2005		220		246
Long Beach, California Harbor Revenue Bonds, Series 1993
4.700% due 05/15/2004		150		157
Los Altos, California School District General Obligation Bonds, Series 2001
5.000% due 08/01/2016		200		219
Los Angeles County, California Transportation Commission Certificate of Participation Bonds, Series 1992-B
6.250% due 07/01/2004		500		516
Los Angeles, California Community Redevelopment Agency Certificates of Participation Bonds, Series 1984
7.550% due 11/01/2008		365		389
Los Angeles, California Department of Water & Power Revenue Bonds, (MBIA Insured), Series 2001
5.250% due 07/01/2013		1,500		1,727
Los Angeles, California Department of Water & Power Revenue Bonds, (SPA-Dexia Public Finance Insured), Series 2001
1.550% due 07/01/2035 (a)		5,300		5,300
Los Angeles, California General Obligation Bonds, Series 2002
4.000% due 09/01/2012		2,525		2,706
Los Angeles, California State Building Authority Lease Revenue Bonds, Series 1999-A
4.600% due 10/01/2007		150		167
Los Angeles, California Unified School District General Obligation Bonds, (MBIA Insured), Series 1999-C
4.750% due 07/01/2010		30		34
Lucia Mar Unified School District, California General Obligation Bonds, (FSA Insured), Series 2002
5.000% due 08/01/2022		1,215		1,288
Manhattan Beach, California Unified School District General Obligation Bonds, (FGIC Insured), Series 2002
0.000% due 09/01/2025		1,400		445
Metropolitan Water District Southern California General Obligation Bonds, Series 1993-A1
7.250% due 03/01/2007		150		183
Metropolitan Water District Southern California Revenue Bonds, (SPA-Westdeutsche Landesbank Insured), Series 2000
1.800% due 07/01/2035 (a)		1,250		1,250
Metropolitan Water District Southern California Revenue Bonds, Series 1993
9.062% due 10/30/2020 (a)		600		659
Metropolitan Water District Southern California Waterworks Revenue Bonds, (Lloyds TSB Bank PLC Insured), Series 2001
1.950% due 07/01/2036 (a)		1,200		1,200
Murrieta Valley, California Unified School District Special Tax Bonds, (Keybank N.A. Insured), Series 2001
6.350% due 09/01/2025		580		593
6.400% due 09/01/2031		700		715
Newport Beach, California Revenue Bonds, Series 1992
1.480% due 10/01/2022 (a)		1,500		1,500
Oakland-Alameda County, California Coliseum Authority Lease Revenue Bonds, Series 2000
1.450% due 02/01/2025 (a)		200		200

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   195

Schedule of Investments (Cont.)

California Intermediate Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Orange County, California Community Facilities District Special Tax Bonds, Series 2000
5.600% due 08/15/2011	$	455	$	479
5.700% due 08/15/2012		485		508
5.800% due 08/15/2013		600		627
6.200% due 08/15/2018		1,025		1,068
Orange County, California Local Transportation Authority Sales Tax Revenue Bonds, (AMBAC-TCRS Insured), Series 1992
6.200% due 02/14/2011		3,250		3,984
Orange County, California Revenue Bonds, (MBIA Insured), Series 1995-A
6.000% due 06/01/2010		1,000		1,210
Orange County, California Sanitation District Certificates of Participation Bonds, (SPA-Dexia Public Finance Bank Insured), Series 2000
1.850% due 08/01/2029 (a)		1,580		1,580
Orange County, California Sanitation District Certificates of Participation Bonds, (SPA-DEXIA Public Finance Insured), Series 2000
1.850% due 08/01/2030 (a)		1,090		1,090
Orange County, California Sanitation Districts Certificates of Participation Bonds, (AMBAC Go of Dist Insured), Series 1993
1.850% due 08/01/2016 (a)		1,200		1,200
Orange County, California Special Financing Authority Teeter Plan Revenue Bonds, Series 1995
1.550% due 11/01/2014 (a)		1,300		1,300
1.550% due 11/01/2014 (a)		3,200		3,200
Orange County, California State Pipeline Financing Authority Teeter Plan Revenue Bonds, Series 1995 xxx% due 11/01/2014
1.550% due 11/01/2014 (a)		2,800		2,800
Oxnard, California Improvement Bond Act 1915 Special Assessment Bonds, Series 1997
5.500% due 09/02/2004		1,175		1,217
Pacific Housing & Finance Agency, California Revenue Bonds, (MBIA Insured), Series 1999
4.625% due 12/01/2004		250		258
Pleasant Valley, California School District Ventura County General Obligation Bonds, (MBIA Insured), Series 2002
5.850% due 08/01/2031		2,500		3,047
Port of Oakland, California Revenue Bonds, (FGIC Insured), Series 2000
5.500% due 11/01/2009		500		580
Redding, California Electric System Revenue Certificates of Participation, (FGIC Insured), Series 1993
5.684% due 06/28/2019		500		518
Riverside County, California Asset Leasing Corp. Revenue Bonds, (MBIA Insured), Series 2000
5.200% due 11/01/2010		250		293
Sacramento, California Municipal Utility District Revenue Bonds, Series 1983-M
9.000% due 04/01/2013		960		1,311
San Bernardino County, California Certificates of Participation Bonds, (MBIA Insured), Series 2002
5.000% due 07/01/2015		2,365		2,696
San Diego, California Unified School District General Obligation Bonds, (FSA Insured), Series 2001
5.000% due 07/01/2026		1,000		1,050
San Francisco, California City & County Airport Commission International Airport Revenue Bonds, (FGIC Insured), Series 1996-12-A
5.625% due 05/01/2005		400		438
San Francisco, California City & County Airport Commission International Airport Revenue Bonds, (FSA Insured), Series 1998-16A
5.500% due 05/01/2015		300		334
San Francisco, California City & County Airport Commission International Airport Revenue Bonds, (MBIA Insured), Series 1996-14A
8.000% due 05/01/2005		500		574
San Jose, California Multifamily Housing Revenue Bonds, (Bay View Bank & Federal Home Loan Bank Insured), Series 1999
4.950% due 06/01/2039		990		1,082
San Jose, California Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 1993
6.000% due 08/01/2010		600		728
San Jose, California Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 2002
5.000% due 08/01/2022		2,000		2,102
San Pablo, California Redevelopment Agency Revenue Bonds, Series 1979
8.000% due 10/01/2011		130		156
Santa Margarita/Dana Point Authority, California Revenue Bonds, (MBIA Insured), Series 1994-A
7.250% due 08/01/2006		150		180
South Tahoe, California Joint Powers Financing Authority Revenue Bonds, Series 1999-A
7.300% due 10/01/2007		150		158
Stockton, California Certificates of Participation, Series 1999
4.750% due 08/01/2006		120		131
Tulare County, California Certificates of Participation Bonds, (MBIA Insured), Series 1998
5.000% due 08/15/2013		3,225		3,722
West Sacramento, California Financing Authority Revenue Bonds, (FGIC Insured), Series 2002
5.000% due 08/01/2032		2,675		2,824
				128,735
Illinois 0.9%
Illinois Educational Facilities Authority Revenue Bonds, Series 1993
9.620% due 07/01/2012 (a)		1,400		1,491
Louisiana 1.1%
Louisiana Tobacco Settlement Financing Corporate Revenue Bonds, Series 2001
5.875% due 05/15/2039		2,000		1,892

196   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
New Hampshire 1.9%
New Hampshire Health & Educational Facilities Authority Revenue Bonds, (AMBAC Insured), Series 2002
5.250% due 07/01/2014	$	2,690	$	3,054
New Jersey 1.7%
New Jersey Economic Development Authority Revenue Bonds, Series 1998
6.375% due 04/01/2031		2,000		2,508
6.800% due 04/01/2018		250		269
				2,777
Puerto Rico 7.5%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue Bonds, (FSA Surety Bond Insured), Series 1985-A
9.000% due 07/01/2009		3,835		4,451
Puerto Rico Commonwealth General Obligation Bonds, (MBIA Insured), Series 1995
5.200% due 07/01/2006		410		456
Puerto Rico Commonwealth Highway & Transportation Authority Highway Revenue Bonds, Series 1993-X
5.200% due 07/01/2003		500		514
5.350% due 07/01/2005		5,000		5,218
Puerto Rico Commonwealth Infrastructure Financing Authority Revenue Bonds, (AMBAC Insured), Series 1998-A
5.250% due 07/01/2010		150		170
Puerto Rico Electric Power Authority Revenue Bonds, Series 1995-X
6.125% due 07/01/2021		500		571
Puerto Rico Industrial Tourist Educational, Medical & Environmental Control Facilities Revenue Bonds, Series 2000
5.300% due 11/15/2005		250		271
Puerto Rico Industrial Tourist Environmental Central Facilities Revenue Bonds, Series 2000
5.300% due 11/15/2004		150		160
Puerto Rico Public Finance Corp. Revenue Bonds, (AMBAC Insured), Series 1998-A
5.000% due 06/01/2007		500		560
				12,371
Texas 0.2%
Arlington, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2000
7.940% due 02/15/2024 (a)		250		260
Virgin Islands 3.0%
Virgin Islands Public Finance Authority Revenue Bonds, Series 1998-C
5.500% due 10/01/2007		1,500		1,654
5.500% due 10/01/2008		3,000		3,317
				4,971
Total Municipal Bonds & Notes (Cost $146,355)				155,551
SHORT-TERM INSTRUMENTS 3.1%
Commercial Paper 0.1%
Fannie Mae
1.730% due 11/29/2002 (c)		200		199
Money Market Fund 2.9%
Reich & Tang New York Money Market
1.010% due 10/01/2002		4,769		4,769
U.S. Treasury Bills 0.1%
1.590% due 11/14/2002 (c)(d)		235		235
Total Short-Term Instruments (Cost $5,203)				5,203
Total Investments 97.2% (Cost $151,558)			$	160,754
Other Assets and Liabilities (Net) 2.8%				4,632
Net Assets 100.0%			$	165,386

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Restricted security.

(c) Securities with an aggregate market value of $434 have been segregated with

the custodian to cover margin requirements for the following open futures contracts

at September 30, 2002:

Type	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 30 Year Bond (12/2002)	122	$	(419	)

(d) Securities are grouped by coupon or range of coupons and represent a range of

maturities.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   197

Schedule of Investments

California Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
MUNICIPAL BONDS & NOTES 95.4%
California 82.3%
Anaheim, California Public Financing Authority Revenue Bonds, (FSA Insured), Series 2002
3.900% due 10/01/2012	$	500	$	532
California Infrastructure & Economic Development Bank Insured Revenue Bonds, Series 2002
1.450% due 04/01/2042 (a)		400		400
California State Department Water Center Revenue Bonds, Series 1993
8.375% due 12/01/2003		150		162
California State General Obligation Bonds, Series 2001
5.125% due 03/01/2031		625		650
California State Inverse-Floater Bonds, Series 1992
11.044% due 09/01/2012 (a)		500		740
California Statewide Communities Development Authority Revenue Bonds, Series 2001
5.125% due 10/01/2030		400		412
California Statewide Communities Development Authority Revenue Bonds, Series 2002
6.750% due 07/01/2032 (b)		400		415
California Statewide Tobacco Settlement Financing Authority Revenue Bonds, Series 2002
4.875% due 05/01/2014		295		303
Capistrano, California Unified School District Community Facilities Special Tax Bonds, Series 1999
5.700% due 09/01/2020		400		412
Chula Vista, California Special Tax Bonds, Series 2000-1
6.400% due 09/01/2018		125		134
Corona, California Community Facilities District Special Tax Bonds, Series 1998
5.875% due 09/01/2023		150		156
East Bay, California Municipal Utility District Water System Revenue Bonds, (MBIA Insured), Series 1993
8.720% due 06/01/2013 (a)		400		432
Foothill Eastern Transportation Corridor Agency California Toll Road Revenue Bonds, (MBIA-IBC Insured), Series 1999
5.875% due 01/15/2027		500		366
Irvine Ranch California Water District Certificate Participation, (LOC-Toronto Dominio Bank Insured), Series 1986
1.500% due 08/01/2016		400		400
Irvine, California Import Bond Act of 1915 Special Assessment Bonds, Series 1998
1.450% due 09/02/2023 (a)		300		300
Irvine, California Improvement Bond Act of 1915 Special Assessment Bonds, (KBC Bank N.V. Insured), Series 1999
1.450% due 09/02/2024 (a)		278		278
Livermore, California Certificates of Participation Bonds, (AMBAC Insured), Series 2002
1.400% due 05/01/2027 (a)		300		300
Livermore-Amador Water Management Agency California Revenue Bonds, (AMBAC Insured), Series 2001
5.000% due 08/01/2031		200		209
Los Angeles County, California Transportation Commission Certificate of Participation Bonds, Series 1992-B
6.250% due 07/01/2004		500		516
Los Angeles, California Department of Water & Power Revenue Bonds, (SPA-Dexia Public Finance Insured), Series 2001
1.400% due 07/01/2035 (a)		500		500
Los Angeles, California Department of Water & Power Waterworks Revenue Bonds, (MBIA Insured), Series 1994
6.375% due 07/01/2034		350		385
Los Angeles, California General Obligation Bonds, Series 2002
4.000% due 09/01/2012		500		536
Los Angeles, California Water and Power Revenue Bonds, Series 2001
1.600% due 07/01/2034 (a)		400		400
Manhattan Beach, California Unified School District General Obligation Bonds, (FGIC Insured), Series 2002
0.000% due 09/01/2025		3,100		984
Metropolitan Water District Southern California Revenue Bonds, Series 1993
8.798% due 10/30/2020 (a)		200		220
Murrieta Valley, California Unified School District Special Tax Bonds, (Keybank N.A. Insured), Series 2001
6.350% due 09/01/2025		55		56
Newport Beach, California Revenue Bonds, Series 1992
1.550% due 10/01/2022 (a)		400		400
Oakland-Alameda County, California Coliseum Authority Lease Revenue Bonds, Series 2000
1.450% due 02/01/2025 (a)		200		200
Orange County, California Local Transportation Authority Sales Tax Revenue Bonds, (AMBAC-TCRS Insured), Series 1992
6.200% due 02/14/2011		750		920
Orange County, California Revenue Bonds, (MBIA Insured), Series 1995-A
6.000% due 06/01/2010		400		484
Orange County, California Sanitation District Certificates of Participation Bonds, (SPA-DEXIA Public Finance Insured), Series 2000
1.450% due 08/01/2030 (a)		500		500
Pioneers Memorial Healthcare District, California General Obligation Bonds, (AMBAC Insured), Series 1998
5.125% due 10/01/2024		400		419

198   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Placer, California Unified High School District General Obligation Bonds, (FGIC Insured), Series 2000
0.000% due 08/01/2018	$	1,450	$	711
Pleasant Valley, California School District Ventura County General Obligation Bonds, (MBIA Insured), Series 2002
5.850% due 08/01/2031		1,500		1,828
San Bernardino County, California Certificate Participation, (MBIA Insured), Series 2001
4.000% due 11/01/2012		50		53
San Diego, California Unified School District General Obligation Bonds, (FSA Insured), Series 2001
5.000% due 07/01/2026		1,000		1,050
San Joaquin Hills, California Transportation Corridor Agency Toll Road Revenue Bonds, (MBIA Insured), Series 1997
0.000% due 01/15/2032		500		114
San Jose, California Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 1993
6.000% due 08/01/2010		300		364
Southern California Public Power Authority Revenue Bonds, (FSA-CR Insured), Series 1993
5.000% due 07/01/2015		110		113
				17,354
Connecticut 2.8%
Connecticut State Development Authority Revenue Bonds, (Radian Insured) Series 2002
4.750% due 08/01/2032		600		587
Louisiana 4.5%
Louisiana Tobacco Settlement Financing Corporate Revenue Bonds, Series 2001
5.875% due 05/15/2039		1,000		946
New Jersey 2.6%
New Jersey Economic Development Authority Revenue Bonds, Series 1998
6.500% due 04/01/2018		500		540
Puerto Rico 1.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue Bonds, (FSA Surety Bond Insured), Series 1985-A
9.000% due 07/01/2009		205		238
Virgin Islands 2.1%
Virgin Islands Public Finance Authority Revenue Bonds, Series 1998-C
5.500% due 10/01/2008		405		448
Total Municipal Bonds & Notes (Cost $19,183)				20,113
SHORT-TERM INSTRUMENTS 9.5%
Money Market Fund 9.2%
Reich & Tang New York Money Market
1.090% due 10/01/2002		1,047		1,047
SSgA Tax Free Money Market
1.250% due 10/01/2002		887		887
				1,934
U.S. Treasury Bills 0.3%
1.596% due 11/14/2002-11/29/2002 (c)		60		60
Total Short-Term Instruments (Cost $1,994)				1,994
Total Investments 104.9% (Cost $21,177)			$	22,107
Other Assets and Liabilities (Net) (4.9%)				(1,033	)
Net Assets 100.0%			$	21,074

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Restricted security.

(c) Securities are grouped by coupon or range of coupons and represent a range of maturities.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   199

Schedule of Investments

New York Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
MUNICIPAL BONDS & NOTES 85.1%
Arizona 7.1%
Salt River Project Agricultural Import & Power District Revenue Bonds, Series 2002
4.750% due 01/01/2032	$	750	$	752
New York 77.0%
Amherst, New York General Obligation Bonds, (FGIC Insured), Series 1999-A
5.500% due 12/01/2008		150		172
Edmeston, New York Central School District General Obligation Bonds, (MBIA Insured), Series 1999
5.100% due 06/15/2007		150		169
Nassau County, New York Tobacco Settlement Corp. Revenue Bonds, Series 1999
5.250% due 07/15/2011		150		153
New York City, New York General Obligation Bonds, (FSA Insured), Series 1994
1.750% due 08/01/2023 (a)		200		200
New York City, New York General Obligation Bonds, (MBIA Insured), Series 1994
1.800% due 08/15/2003 (a)		70		70
New York City, New York Individual Development Agency Civic Facility Revenue Bonds, Series 2002
6.450% due 07/01/2032		250		253
New York City, New York Individual Development Agency Special Facilities Revenue Bonds, Series 1998
5.250% due 12/01/2032		150		89
New York City, New York Individual Development Revenue Bonds, Series 1997
5.650% due 10/01/2028		150		152
New York City, New York Industrial Development Agency Pipeline Airport Facility Revenue Bonds, Series 2001
5.500% due 07/01/2028		250		240
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2002
5.250% due 02/01/2029		1,000		1,125
New York City, New York Water & Sewer System Revenue Bonds, (Bank of New York Insured), Series 2002
1.750% due 06/15/2018 (a)		200		200
New York State Dormitory Authority Revenue Bonds, (FSA Insured), Series 1998
4.750% due 07/01/2008		150		166
New York State Dormitory Authority Revenue Bonds, (MBIA Insured), Series 2000
7.910% due 08/15/2022 (a)		250		256
New York State Dormitory Authority Revenue Bonds, Series 2000
6.000% due 07/01/2010		150		165
New York State Dormitory Authority Revenue Bonds, Series 2001
5.500% due 07/01/2030		200		207
New York State Dormitory Authority Revenue Bonds, Series 2002
6.000% due 11/15/2029		400		471
New York State General Obligation Bonds, Series 1997-D
5.250% due 08/01/2021		100		104
New York State Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 1997
1.600% due 11/15/2019 (a)		450		450
New York State Local Government Assistance Corporate Revenue Bonds, (Landesbank Hessen & Societe Generale Insured), Series 1995
1.700% due 04/01/2025 (a)		100		100
New York State Local Government Assistance Corporate Revenue Bonds, (MBIA Insured), Series 1997-B
5.125% due 04/01/2013		150		164
New York State Power Authority Revenue & General Purpose Bonds, Series 1972-E
5.500% due 01/01/2010		115		129
New York State Triborough Bridge and Tunnel Authority Revenue Bonds, (FGIC Insured), Series 2001
5.000% due 01/01/2032		400		411
New York State Urban Development Corporate Revenue Bonds, Series 1999
5.000% due 01/01/2005		150		160
Oneida County, New York Individual Development Agency Revenue Bonds, (MBIA Insured), Series 2002
1.700% due 09/15/2032(a)		420		420
Rockland County, New York Solid Waste Management Authority Revenue Bonds, Series 1999-A
4.800% due 12/15/2005		145		156
Schenectady, New York Industrial Development Agency Civic Facility Revenue Bonds, Series 2001
5.500% due 07/01/2016		500		574
Troy, New York Industrial Development Agency Civic Facility Revenue Bonds, Series 2002
5.500% due 09/01/2015		500		573
TSASC Inc. Revenue Bonds, Series 1999
5.400% due 07/15/2012		300		321
TSASC Inc. Revenue Bonds, Series 2002
5.000% due 07/15/2014		500		514
				8,164
Puerto Rico 1.0%
Childrens Trust Fund Tobacco Settlement Revenue Bonds, Series 2000
6.000% due 07/01/2026		100		106
Total Municipal Bonds & Notes (Cost $8,676)				9,022

200   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
SHORT-TERM INSTRUMENTS 7.7%
Money Market Fund 7.2%
Reich & Tang New York Money Market
1.100% due 10/01/2002	$	527	$	527
SSgA Tax Free Money Market
1.250% due 10/01/2002		244		244
				771
U.S. Treasury Bills 0.5%
1.603% due 11/14/2002-11/29/2002 (b)		50		50
Total Short-Term Instruments (Cost $821)				821
Total Investments 92.8% (Cost $9,497)			$	9,843
Other Assets and Liabilities (Net) 7.2%				764
Net Assets 100.0%			$	10,607

Notes to Schedule of Investments (amounts in thousands)

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

See accompanying notes  I   9.30.02   I  PIMCO Funds Semi-Annual Report   201

Notes to Financial Statements

September 30, 2002 (Unaudited)

1. Organization

PIMCO Funds: Pacific Investment Management Series (the “Trust”) was established as a Massachusetts business trust on February 19, 1987. The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment management company. The Trust currently consists of 48 separate investment funds (the “Funds”). The Trust may offer up to six classes of shares: Institutional, Administrative, A, B, C and D. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Institutional and Administrative Classes (the “Institutional Classes”) of the Trust. Certain detailed financial information for the A, B, C and D Classes (the “Other Classes”) is provided separately and is available upon request.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. Fixed income securities, including those to be purchased under firm commitment agreements, are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Certain fixed income securities for which daily market quotations are not readily available may be valued, pursuant to guidelines established by the Board of Trustees, with reference to fixed income securities whose prices are more readily obtainable. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Funds may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Effective April 1, 2001, the accounting method relating to the amortization of premiums and discounts changed to the interest method, which did not materially affect the Funds’ financial statements.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, of each Fund, except the Strategic Balanced, Convertible, European Convertible and StocksPLUS Funds, are declared on each day the Trust is open for business and are distributed to shareholders monthly. Dividends from net investment income, if any, of the Strategic Balanced, Convertible, European Convertible and StocksPLUS Funds are declared and distributed to shareholders quarterly. Net realized capital gains earned by a Fund, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.

Distributions reflected as a tax basis return of capital in the accompanying Statements of Changes in Net Assets have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and paid in capital to more appropriately conform financial accounting to tax characterizations of dividends and distributions.

Foreign Currency. The accounting records of the Funds are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities

202   PIMCO Funds Semi-Annual Report  I  9.30.02

are translated to U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses). Realized gains (losses) and unrealized appreciation (depreciation) on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statements of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets and voting privileges. Income and non-class specific expenses of each Fund, except the CommodityRealReturn Strategy, All Asset, Strategic Balanced, Convertible, European Convertible, StocksPLUS and StocksPLUS Total Return Funds, are allocated daily to each class of shares based on the relative value of settled shares. Income and non-class specific expenses of the Strategic Balanced, Convertible, European Convertible and StocksPLUS Funds are allocated daily to each class of shares based on the relative net assets of each class. Realized and unrealized capital gains and losses of each Fund are allocated daily to each class of shares based on the relative net assets of each class.

Federal Income Taxes. Each Fund intends to qualify as a regulated investment company 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.

Financing Transactions. Certain Funds may enter into financing transactions consisting of the sale by the Fund of securities, together with a commitment to repurchase similar securities at a future date. The difference between the selling price and the future purchase price is an adjustment to interest income in the Statement of Operations. If the counterparty to whom the Fund sells the security becomes insolvent, a Fund’s right to repurchase the security may be restricted; the value of the security may change over the term of the financing transaction; and the return earned by a Fund with the proceeds of a financing transaction may not exceed transaction costs. The Fund will segregate assets determined to be liquid by PIMCO or otherwise cover its obligations under financing transactions.

Futures Contracts. Certain Funds are authorized to enter into futures contracts. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Funds may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Funds. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statements of Assets and Liabilities.

Options Contracts. Certain Funds may write call and put options on futures, securities or currencies it owns or in which it may invest. Writing put options tends to increase the Fund’s exposure to the underlying instrument. Writing call options tends to decrease the Fund’s exposure to the underlying instrument. When the Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, security or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying future, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, security or currency underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

Certain Funds may also purchase put and call options. Purchasing call options tends to increase the Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease the Fund’s exposure to the underlying instrument. The Fund pays a premium which is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call

9.30.02   I  PIMCO Funds Semi-Annual Report   203

options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, security or currency transaction to determine the realized gain or loss.

Forward Currency Transactions. Certain Funds may enter into forward currency contracts and forward cross-currency contracts in connection with settling planned purchases or sales of securities or to hedge the currency exposure associated with some or all of the Fund’s portfolio securities. A forward currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Fund’s Statement of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

Swaps. Certain Funds may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Fund may enter into interest rate, total return, forward swap spread lock and credit default swap agreements to manage its exposure to interest rates and credit risk. Interest rate swap agreements involve the exchange by the Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Forward swap spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically an emerging country, on its obligation. The Fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Termination payments, or payments received or made at the end of the measurement period, are recorded as realized gain or loss in the Statement of Operations. Net periodic payments are included as part of miscellaneous income in the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

Loan Agreements. Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. The Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt by the lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When the Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan.

Short Sales. Certain Funds have entered into short sales transactions during the fiscal year. A short sale is a transaction in which a Fund sells securities it does not own in anticipation of a decline in the market price of the securities. The Fund is obligated to deliver securities at the

204   PIMCO Funds Semi-Annual Report  I  9.30.02

market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

Stripped Mortgage-Backed Securities (SMBS). SMBS represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (IOs), which receive all of the interest, and principal-only securities (POs), which receive all of the principal. If the underlying mortgage assets experience greater than anticipated payments of principal, a Fund may fail to recoup some or all of its initial investment in these securities. The market value of these securities is highly sensitive to changes in interest rates.

Delayed-Delivery Transactions. Certain Funds may purchase or sell securities on a when-issued or delayed-delivery basis. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, a Fund will set aside and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains and losses with respect to the security. Forward sales commitments are accounted for by the Fund in the same manner as forward currency contracts discussed above.

Inflation-Indexed Bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be considered interest income, even though investors do not receive their principal until maturity.

Repurchase Agreements. Each Fund may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Fund takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred.

Reverse Repurchase Agreements. Certain Funds are authorized to enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells to a financial institution a security that it holds with an agreement to repurchase the same security at an agreed-upon price and date. A reverse repurchase agreement involves the risk that the market value of the security sold by the Fund may decline below the repurchase price of the security. The Fund will segregate assets determined to be liquid by PIMCO or otherwise cover its obligations under reverse repurchase agreements.

Restricted Securities. Certain Funds are permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (PIMCO) is a majority-owned subsidiary of Allianz Dresdner Asset Management of America L.P. (formerly PIMCO Advisors L.P.) and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund, except the Strategic Balanced Fund, at an annual rate based on average daily net assets of the Fund. The Advisory Fee is charged at an annual rate of 0.15% for the Money Market Fund, 0.20% for the All Asset and Short Duration Municipal Income Funds, 0.50% for the Real Return Asset, Convertible and StocksPLUS Funds, 0.45% for the Emerging Markets Bond Fund, 0.49% for the CommodityRealReturn Strategy and StocksPLUS Total Return Funds, 0.50% for the European Convertible Fund and 0.25% for all other Funds.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives from each Fund a monthly administrative fee based on each share class’ average daily net assets. The Administration Fee for the Institutional

9.30.02   I  PIMCO Funds Semi-Annual Report   205

Notes to Financial Statements (Cont.)

September 30, 2002 (Unaudited)

Classes is charged at the annual rate of 0.18% for the Total Return and Low Duration Funds; 0.19% for the Short Duration Municipal Income Fund; 0.20% for the Moderate Duration, Short-Term, Money Market, Real Return¹ and Real Return II Funds; 0.22% for the California Intermediate Municipal Bond, California Municipal Bond and New York Municipal Bond Funds²; 0.24% for the Municipal Bond Fund³; 0.30% for the Global Bond and Global Bond II Funds; 0.40% for the Emerging Markets Bond Fund; and 0.25% for all other Funds. The Administration Fee for the A, B and C Classes is charged at an annual rate of 0.35% for the Short-Term, Money Market, Municipal Bond, California Intermediate Municipal Bond, California Municipal Bond and New York Municipal Bond Funds; 0.45% for the Foreign Bond and Global Bond II Funds; 0.50% for the GNMA Fund; 0.55% for the Emerging Markets Bond Fund; and 0.40% for all other Funds. The Administration Fee for Class D is charged at the annual rate of 0.25% for the Low Duration, Short-Term and Total Return Funds; 0.35% for the California Intermediate Municipal Bond, California Municipal Bond, Municipal Bond, New York Municipal Bond and Short Duration Municipal Income Funds; 0.45% for the Foreign Bond Fund; 0.50% for the GNMA Fund; 0.55% for the Emerging Markets Bond Fund; and 0.40% for all other Funds.

¹ On October 1, 2001, the Fund’s Administrative Fee was reduced by 0.05%, to 0.20% per annum.

² On October 1, 2001, the Funds’ Administrative Fees were reduced by 0.02%, to 0.22% per annum.

³ On October 1, 2001, the Fund’s Administrative Fee was reduced by 0.01%, to 0.24% per annum.

Strategic Balanced Fund Fees. Effective September 29, 2000, the Strategic Balanced Fund changed investment objectives to a “fund of funds” and as such does not pay any fees to PIMCO under the Trust’s investment advisory agreement in return for the advisory and asset allocation services provided by PIMCO. The Fund does, however, indirectly pay its proportionate share of the advisory fees paid to PIMCO by the Underlying Funds in which the Fund invests.

The Fund pays administrative fees to PIMCO at an annual rate of 0.05% based on the average daily net assets attributable in the aggregate to the Fund’s Institutional Class and Administrative Class shares. The Fund also indirectly pays its proportionate share of the administrative fees charged by PIMCO to the Underlying Funds in which the Fund invests.

Distribution and Servicing Fees. PIMCO Advisors Distributors LLC (“PFD”), is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse, out of the Administrative Class assets of each Fund offering Administrative Class shares in an amount up to 0.25% on an annual basis of the average daily net assets of that class, financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Fund shares as their funding medium. The effective rate paid to PFD was 0.25% during the current fiscal year.

Pursuant to the Distribution and Servicing Plans adopted by the A, B, C and D Classes of the Trust, the Trust compensates PFD or an affiliate with respect to Class D for services provided and expenses incurred in connection with assistance rendered in the sale of shares and services rendered to shareholders and for maintenance of shareholder accounts of the A, B, C and D Classes. The Trust paid PFD distribution and servicing fees at an effective rate as set forth below (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Distribution Fee (%)	Servicing Fee (%)
Class A
Money Market Fund	—	0.10
All other Funds	—	0.25
Class B
All Funds	0.75	0.25
Class C
Low Duration, Real Return, StocksPLUS and Municipal Bond Funds	0.50	0.25
Short-Term and Short-Duration Municipal Income Funds	0.30	0.25
Money Market Fund	—	0.10
All other Funds	0.75	0.25
Class D
All Funds	—	0.25

PFD also receives the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the Money Market Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of A, B and C Class shares. For the period ended September 30, 2002 PFD received $30,043,469 representing commissions (sales charges) and contingent deferred sales charges.

Expenses. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money,

206   PIMCO Funds Semi-Annual Report  I  9.30.02

including interest expenses; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class shares and may include certain other expenses as permitted by the Trust’s Multiple Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed in the Financial Highlights, may differ from the annual fund operating expenses per share class as disclosed in the Prospectus for the reasons set forth above. PIMCO has agreed to waive a portion of Investment Grade Corporate Bond, Real Return II, Real Return Asset, Convertible, European Convertible, Short Duration Municipal Income, California Intermediate Municipal Bond, California Municipal Bond and New York Municipal Bond Funds administrative fees to the extent that the payment of each Fund’s pro rata share of Trustee fees and organizational (including offering) expenses cause the actual expense ratios to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Inst’l. Class		Admn. Class		Class A		Class B		Class C		Class D
Investment Grade Corporate Bond Fund	0.50	%	0.75	%	—		—		—		—
Real Return Fund II	0.45	%	—		—		—		—		—
Real Return Asset Fund	0.75	%	—		—		—		—		—
CommodityRealReturn Strategy Fund	0.74	%	—		—		—		—		—
All Asset Fund	0.25	%	—		—		—		—		—
Convertible Fund	0.65	%	0.90	%	1.05	%	1.80	%	1.80	%	1.05	%
European Convertible Fund	0.75	%	—		—		—		—		—
StocksPLUS Total Return Fund	0.74	%	—		—		—		—		—
Short Duration Municipal Income Fund	0.39	%	—		0.80	%	—		1.10	%	0.80	%
California Intermediate Municipal Bond Fund	0.47	%	0.72	%	0.85	%	—		—		0.85	%
California Municipal Bond Fund	0.47	%	—		0.85	%	—		—		0.85	%
New York Municipal Bond Fund	0.47	%	—		0.85	%	—		—		0.85	%

PIMCO may be reimbursed for these waived amounts in future periods. Each unaffiliated Trustee receives an annual retainer of $60,000, plus $3,000 for each Board of Trustees meeting attended in person and $500 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an annual retainer of $1,500. These expenses are allocated to the Funds of the Trust according to their respective net assets.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2002, were as follows (amounts in thousands):

	U.S Government/Agency
	Purchases		Sales		Purchases		Sales
Total Return Fund	$	57,660,192	$	59,827,426	$	13,611,291	$	11,125,516
Total Return Fund II		2,137,913		1,929,532		311,138		403,243
Total Return Fund III		690,020		743,398		240,920		248,197
Moderate Duration Fund		1,510,805		1,276,938		197,268		160,499
Low Duration Fund		7,051,221		5,040,385		1,461,981		564,253
Low Duration Fund II		485,769		262,186		124,352		93,481
Low Duration Fund III		46,249		44,887		4,598		2,248
Short-Term Fund		249,314		198,363		1,005,802		487,947
Long-Term U.S. Government Fund		1,495,820		1,670,959		121,704		69,935
Investment Grade Corporate Bond Fund		10,534		10,853		35,427		31,247
High Yield Fund		58,758		274,447		2,837,233		3,104,316
Total Return Mortgage Fund		923,988		641,483		135,363		88,776
GNMA Fund		1,063,227		815,891		35,321		1,295
Real Return Fund		6,346,929		3,587,474		222,692		120,190
Real Return Fund II		12,835		17,016		0		0
Real Return Asset Fund		21,637		15,797		805		0
CommodityRealReturn Strategy Fund		5,691		544		0		0
Foreign Bond Fund		3,661,042		3,453,751		605,605		200,967
Global Bond Fund		1,040,914		993,300		284,162		139,857
Global Bond Fund II		221,254		210,598		70,114		23,980
Emerging Markets Bond Fund		4,977		4,994		557,110		508,078
Strategic Balanced Fund		0		0		7,420		13,858
All Asset Fund		0		0		6,549		1,384
Convertible Fund		1,661		1,157		28,004		34,304
European Convertible Fund		498		499		4,092		4,834
StocksPLUS Fund		421,983		467,386		160,449		106,624
StocksPLUS Total Return Fund		529		290		52		10
Municipal Bond Fund		15,768		31,496		339,219		213,596
Short Duration Municipal Bond Fund		0		0		264,983		118,077
California Intermediate Municipal Bond Fund		9,556		19,089		73,589		37,256
California Municipal Bond Fund		0		112		15,270		7,594
New York Municipal Bond Fund		0		0		12,980		8,945

9.30.02   I  PIMCO Funds Semi-Annual Report   207

Notes to Financial Statements (Cont.)

September 30, 2002 (Unaudited)

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

	Total Return Fund			Total Return Fund II			Total Return Fund III			Moderate Duration Fund			Low Duration Fund			Low Duration Fund II			Low Duration Fund III
	Premium
Balance at 03/31/2002	$	316,125		$	14,098		$	7,011		$	3,301		$	25,640		$	362		$	184
Sales		57,137			1,737			1,263			1,811			199			11			1
Closing Buys		(26,365	)		(747	)		(584	)		(2,626	)		(5,473	)		(6	)		(25	)
Expirations		(225,725	)		(9,190	)		(4,918	)		(2,118	)		(13,020	)		(10	)		(103	)
Exercised		0			0			0			0			0			0			0
Balance at 09/30/2002	$	121,172		$	5,898		$	2,772		$	368		$	7,346		$	357		$	57

	Short-Term Fund			Long-Term U.S. Government Fund			Investment Grade Corporate Bond Fund			High Yield Fund			Total Return Mortgage Fund			GNMA Fund			Foreign Bond Fund
	Premium
Balance at 03/31/2002	$	1,213		$	186		$	47		$	1,149		$	26		$	26		$	8,915
Sales		18,744			4,662			0			16,419			25			28			4,038
Closing Buys		(8,328	)		(630	)		(1	)		(1,149	)		0			0			(3,609	)
Expirations		0			(803	)		(21	)		0			(51	)		(54	)		(1,632	)
Exercised		0			0			0			0			0			0			0
Balance at 09/30/2002	$	11,629		$	3,415		$	25		$	16,419		$	0		$	0		$	7,712

	Global Bond Fund			Global Bond Fund II			StocksPLUS Fund
	Premium
Balance at 03/31/2002	$	3,815		$	871		$	2,886
Sales		1,649			453			1,761
Closing Buys		(1,633	)		(387	)		(177	)
Expirations		(637	)		(161	)		(3,560	)
Exercised		0			0			0
Balance at 09/30/2002	$	3,194		$	776		$	910

208   PIMCO Funds Semi-Annual Report  I  9.30.02

6. Federal Income Tax Matters

At September 30, 2002, the net unrealized appreciation (depreciation) of investments securities for federal income tax purposes were as follows (amounts in thousands):

	Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Total Return Fund	$	1,545,825	$	(1,385,834	)	$	159,991
Total Return Fund II		44,302		(33,013	)		11,289
Total Return Fund III		21,391		(25,935	)		(4,544	)
Moderate Duration Fund		20,673		(16,332	)		4,341
Low Duration Fund		114,757		(116,648	)		(1,891	)
Low Duration Fund II		8,190		(656	)		7,534
Low Duration Fund III		980		(433	)		547
Short-Term Fund		16,690		(35,813	)		(19,123	)
Long-Term U.S. Government Fund		22,310		(1,220	)		21,090
Investment Grade Corporate Bond Fund		333		(699	)		(366	)
High Yield Fund		35,403		(633,694	)		(598,291	)
Total Return Mortgage Fund		3,129		(221	)		2,908
GNMA Fund		2,787		(290	)		2,497
Real Return Fund		445,812		(7,184	)		438,628
Real Return Fund II		1,284		0			1,284
Real Return Asset Fund		3,343		(27	)		3,316
CommodityRealReturn Strategy Fund		322		0			322
Foreign Bond Fund		115,002		(6,770	)		108,232
Global Bond Fund		53,418		(3,680	)		49,738
Global Bond Fund II		11,125		(614	)		10,511
Emerging Markets Bond Fund		5,925		(28,578	)		(22,653	)
Strategic Balanced Fund		833		(14,906	)		(14,073	)
All Asset Fund		202		(32	)		170
Convertible Fund		588		(3,252	)		(2,664	)
European Convertible Fund		47		(77	)		(30	)
StocksPLUS Fund		5,789		(9,428	)		(3,639	)
StocksPLUS Total Return Fund		8		0			8
Municipal Bond Fund		21,657		(1,760	)		19,897
Short Duration Municipal Income Fund		4,548		(54	)		4,494
California Intermediate Municipal Bond Fund		9,323		(127	)		9,196
California Municipal Bond Fund		982		(52	)		930
New York Municipal Bond Fund		389		(43	)		346

9.30.02   I  PIMCO Funds Semi-Annual Report   209

Notes to Financial Statements (Cont.)

September 30, 2002

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Total Return Fund										Total Return Fund II										Total Return Fund III
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	742,614		$	7,933,887		1,152,256		$	12,210,173		36,445		$	377,408		50,201		$	517,374		17,291		$	162,226		14,157		$	133,009
Administrative Class	369,369			3,947,600		482,744			5,123,488		2,321			24,062		6,286			65,036		112			1,049		135			1,252
Other Classes	452,265			4,830,684		550,922			5,843,216		0			0		0			0		0			0		0			0
Issued as reinvestment of distributions
Institutional Class	66,139			707,194		221,968			2,341,040		2,935			30,477		11,322			116,001		1,946			18,341		5,786			53,795
Administrative Class	16,579			177,355		43,806			462,124		198			2,054		749			7,675		3			25		56			518
Other Classes	11,552			123,598		29,649			312,614		0			0		0			0		0			0		0			0
Cost of shares redeemed
Institutional Class	(566,421	)		(6,051,716	)	(1,009,152	)		(10,701,797	)	(30,256	)		(311,718	)	(42,208	)		(434,820	)	(12,574	)		(118,172	)	(23,067	)		(214,489	)
Administrative Class	(105,776	)		(1,129,156	)	(180,769	)		(1,915,219	)	(3,114	)		(32,196	)	(3,552	)		(36,732	)	(32	)		(303	)	(1,287	)		(11,864	)
Other Classes	(147,218	)		(1,573,414	)	(222,348	)		(2,358,005	)	0			0		0			0		0			0		0			0
Net increase (decrease) resulting from Fund share transactions	839,103		$	8,966,032		1,069,076		$	11,317,634		8,529		$	90,087		22,798		$	234,534		6,746		$	63,166		(4,220	)	$	(37,779	)

	Short-Term Fund										Money Market Fund										Long-Term U.S. Government Fund
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	88,820		$	886,439		121,344		$	1,218,044		118,000		$	118,000		172,703		$	172,703		14,195		$	154,474		15,622		$	168,745
Administrative Class	10,056			100,182		32,592			326,512		41,504			41,504		61,315			61,315		8,038			88,038		6,443			69,020
Other Classes	74,959			747,226		158,246			1,588,251		572,884			572,884		916,321			916,321		17,467			188,862		23,831			252,472
Issued as reinvestment of distributions
Institutional Class	1,731			17,236		2,554			25,628		811			811		4,385			4,385		581			6,237		1,962			20,428
Administrative Class	418			4,158		201			2,016		230			230		391			391		179			1,925		596			6,224
Other Classes	1,145			11,392		1,348			13,523		1,047			1,047		4,002			4,002		343			3,676		1,180			12,297
Cost of shares redeemed
Institutional Class	(70,641	)		(702,919	)	(70,862	)		(710,987	)	(129,568	)		(129,568	)	(208,710	)		(208,710	)	(5,495	)		(59,154	)	(14,850	)		(156,445	)
Administrative Class	(8,416	)		(83,710	)	(4,227	)		(42,322	)	(35,840	)		(35,840	)	(55,511	)		(55,511	)	(1,869	)		(19,967	)	(7,759	)		(83,717	)
Other Classes	(59,708	)		(594,427	)	(61,277	)		(614,934	)	(449,944	)		(449,944	)	(960,207	)		(960,207	)	(11,349	)		(122,053	)	(18,864	)		(199,216	)
Net increase (decrease) resulting from Fund share transactions	38,364		$	385,577		179,919		$	1,805,731		119,124		$	119,124		(65,311	)	$	(65,311	)	22,090		$	242,038		8,161		$	89,808

210   PIMCO Funds Semi-Annual Report  I  9.30.02

	Moderate Duration Fund										Low Duration Fund										Low Duration Fund II										Low Duration Fund III
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	28,115		$	287,513		27,295		$	277,410		203,468		$	2,077,553		271,724		$	2,746,458		25,513		$	254,075		15,377		$	152,623		524		$	5,328		1,820		$	18,296
Administrative Class	0			0		0			0		10,129			103,492		18,459			186,711		47			467		58			567		0			4		1			5
Other Classes	0			0		0			0		157,470			1,608,132		164,152			1,665,238		0			0		0			0		0			0		0			0
Issued as reinvestment of distributions
Institutional Class	1,542			15,787		3,918			39,583		8,264			84,434		20,135			203,560		647			6,442		2,939			29,336		105			1,070		237			2,370
Administrative Class	0			0		0			0		362			3,700		850			8,594		1			11		1			5		0			0		0			1
Other Classes	0			0		0			0		2,150			21,976		2,537			25,669		0			0		0			0		0			0		0			0
Cost of shares redeemed
Institutional Class	(21,142	)		(215,515	)	(12,425	)		(125,254	)	(127,516	)		(1,301,021	)	(265,102	)		(2,679,138	)	(14,654	)		(145,469	)	(45,261	)		(453,578	)	(1,688	)		(17,047	)	(675	)		(6,758	)
Administrative Class	0			0		0			0		(5,438	)		(55,456	)	(8,480	)		(86,011	)	(14	)		(144	)	(3	)		(26	)	0			(3	)	0			0
Other Classes	0			0		0			0		(46,032	)		(469,771	)	(60,606	)		(614,010	)	0			0		0			0		0			0		0			0
Net increase (decrease) resulting from Fund share transactions	8,515		$	87,785		18,788		$	191,739		202,857		$	2,073,039		143,669		$	1,457,071		11,540		$	115,382		(26,889	)	$	(271,073	)	(1,059	)	$	(10,648	)	1,383		$	13,914

	Investment Grade Corporate Bond Fund										High Yield Fund										Total Return Mortgage Fund										GNMA Fund
	Period Ended 09/30/2002					Year Ended 3/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	1,350		$	13,767		0		$	0		63,841		$	545,303		131,747		$	1,242,136		2,326		$	24,901		882		$	9,237		2,160		$	23,754		4,943		$	53,099
Administrative Class	0			0		0			0		15,983			135,480		40,597			383,346		19			200		815			8,400		0			0		0			0
Other Classes	0			0		0			0		60,609			524,137		118,206			1,111,997		11,585			124,295		6,054			63,840		14,760			163,314		6,937			74,554
Issued as reinvestment of distributions
Institutional Class	37			381		67			695		7,036			59,793		9,541			90,010		40			433		148			1,548		42			468		109			1,168
Administrative Class	0			0		0			0		2,436			20,794		4,561			43,040		11			113		8			83		0			0		0			0
Other Classes	0			0		0			0		4,249			36,114		5,010			47,213		78			844		154			1,607		59			651		77			824
Cost of shares redeemed
Institutional Class	(913	)		(9,548	)	(2	)		(20	)	(59,546	)		(503,735	)	(57,600	)		(542,560	)	(291	)		(3,115	)	(985	)		(10,470	)	(687	)		(7,522	)	(2,714	)		(29,128	)
Administrative Class	0			0		0			0		(34,507	)		(300,123	)	(22,312	)		(209,851	)	(7	)		(73	)	(4	)		(35	)	0			0		0			0
Other Classes	0			0		0			0		(48,548	)		(414,482	)	(44,887	)		(423,188	)	(2,920	)		(31,470	)	(1,707	)		(18,132	)	(4,366	)		(48,453	)	(1,075	)		(11,492	)
Net increase (decrease) resulting from Fund share transactions	474		$	4,600		65		$	675		11,553		$	103,281		184,863		$	1,742,143		10,841		$	116,128		5,365		$	56,078		11,968		$	132,212		8,277		$	89,025

9.30.02   I  PIMCO Funds Semi-Annual Report   211

Notes to Financial Statements (Cont.)

September 30, 2002

Shares of Beneficial Interest (Cont.)

	Real Return Fund										Real Return Fund II								Real Return Asset Fund
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Period from 02/28/2002 to 03/31/2002			Period Ended 09/30/2002					Period from 11/12/2001 to 03/31/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares	Amount		Shares		Amount			Shares	Amount
Receipts for shares sold
Institutional Class	84,190		$	914,377		87,805		$	912,609		118		$	1,251		1,600	$	16,000	524		$	5,506		2,176	$	21,061
Administrative Class	14,089			151,882		29,126			303,160		0			0		0		0	0			0		0		0
Other Classes	211,900			2,314,015		195,004			2,034,105		0			0		0		0	0			0		0		0
Issued as reinvestment of distributions
Institutional Class	3,672			39,821		3,916			40,497		47			494		8		76	71			723		9		83
Administrative Class	865			9,351		599			6,188		0			0		0		0	0			0		0		0
Other Classes	3,833			41,606		3,011			31,101		0			0		0		0	0			0		0		0
Cost of shares redeemed
Institutional Class	(20,638	)		(223,838	)	(23,824	)		(247,011	)	(101	)		(1,095	)	0		0	(26	)		(270	)	0		0
Administrative Class	(9,387	)		(101,891	)	(5,671	)		(59,738	)	0			0		0		0	0			0		0		0
Other Classes	(33,149	)		(361,459	)	(51,833	)		(536,568	)	0			0		0		0	0			0		0		0
Net increase resulting from Fund share transactions	255,375		$	2,783,864		238,133		$	2,484,343		64		$	650		1,608	$	16,076	569		$	5,959		2,185	$	21,144

	Emerging Markets Bond Fund										Strategic Balanced Fund										All Asset Fund
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period from 07/31/2002 to 09/30/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares	Amount
Receipts for shares sold
Institutional Class	15,179		$	135,806		17,325		$	159,605		141		$	1,376		353		$	3,726		572	$	5,829
Administrative Class	375			3,554		1,303			12,302		31			304		134			1,409		0		0
Other Classes	9,511			86,223		7,365			69,095		438			4,200		873			9,166		0		0
Issued as reinvestment of distributions
Institutional Class	711			6,268		1,210			11,037		30			284		149			1,546		2		16
Administrative Class	37			328		130			1,181		2			14		4			39		0		0
Other Classes	222			1,959		129			1,198		10			91		47			487		0		0
Cost of shares redeemed
Institutional Class	(13,773	)		(122,063	)	(5,555	)		(50,301	)	(174	)		(1,683	)	(2,093	)		(22,018	)	0		0
Administrative Class	(785	)		(7,348	)	(1,142	)		(10,725	)	(16	)		(155	)	(34	)		(335	)	0		0
Other Classes	(6,624	)		(58,513	)	(1,043	)		(9,795	)	(526	)		(4,964	)	(715	)		(7,472	)	0		0
Net increase (decrease) resulting from Fund share transactions	4,853		$	46,214		19,722		$	183,597		(64	)	$	(533	)	(1,282	)	$	(13,452	)	574	$	5,845

212   PIMCO Funds Semi-Annual Report  I  9.30.02

	CommodityRealReturn Strategy Fund					Foreign Bond Fund										Global Bond Fund										Global Bond Fund II
	Period from 06/28/2002 to 09/30/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	424		$	4,361		25,095		$	264,413		18,659		$	194,705		10,978		$	101,493		4,694		$	39,724		103		$	988		536		$	5,057
Administrative Class	0			0		1,269			13,382		1,076			11,206		3,245			29,936		993			8,527		0			0		0			0
Other Classes	0			0		15,550			163,470		13,733			142,837		0			0		0			0		1,425			13,706		986			9,512
Issued as reinvestment of distributions
Institutional Class	3			40		903			9,511		2,102			21,851		737			6,704		1,411			11,983		131			1,265		486			4,667
Administrative Class	0			0		40			417		81			843		38			354		19			157		0			0		0			0
Other Classes	0			0		350			3,682		697			7,259		0			0		0			0		28			268		83			792
Cost of shares redeemed
Institutional Class	(2	)		(19	)	(8,183	)		(86,140	)	(18,309	)		(190,979	)	(9,252	)		(85,484	)	(6,451	)		(54,609	)	(483	)		(4,628	)	(560	)		(5,435	)
Administrative Class	0			0		(668	)		(7,033	)	(734	)		(7,612	)	(1,073	)		(9,794	)	(552	)		(4,727	)	0			0		0			0
Other Classes	0			0		(5,590	)		(58,847	)	(7,595	)		(79,054	)	0			0		0			0		(394	)		(3,802	)	(455	)		(4,344	)
Net increase resulting from Fund share transactions	425		$	4,382		28,766		$	302,855		9,710		$	101,056		4,673		$	43,209		114		$	1,055		810		$	7,797		1,076		$	10,249

	Convertible Fund										European Convertible Fund								StocksPlus Fund										StocksPlus Total Return Fund
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002			Period Ended 09/30/2002					Year Ended 03/31/2002					Period from 06/28/2002 to 09/30/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares	Amount		Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	75		$	722		134		$	1,509		0		$	0		0	$	0	3,402		$	28,552		7,781		$	79,926		112		$	1,075
Administrative Class	0			0		0			0		0			0		0		0	8,441			70,125		4,895			49,369		0			0
Other Classes	314			3,062		872			9,807		0			0		0		0	5,210			42,929		8,342			83,448		0			0
Issued as reinvestment of distributions
Institutional Class	15			140		84			888		2			21		31		304	0			0		946			9,837		0			3
Administrative Class	0			0		0			0		0			0		0		0	0			0		129			1,306		0			0
Other Classes	7			70		70			734		0			0		0		1	0			0		744			7,611		0			0
Cost of shares redeemed
Institutional Class	(129	)		(1,275	)	(4,623	)		(50,424	)	(106	)		(1,010	)	0		0	(5,551	)		(45,979	)	(9,324	)		(97,615	)	(63	)		(592	)
Administrative Class	0			0		(27	)		(293	)	0			0		0		0	(1,839	)		(14,958	)	(423	)		(4,295	)	0			0
Other Classes	(833	)		(8,408	)	(1,217	)		(13,550	)	(1	)		(10	)	0		0	(12,891	)		(107,255	)	(14,699	)		(146,106	)	0			0
Net increase (decrease) resulting from Fund share transactions	(551	)	$	(5,689	)	(4,707	)	$	(51,329	)	(105	)	$	(999	)	31	$	305	(3,228	)	$	(26,586	)	(1,609	)	$	(16,519	)	49		$	486

9.30.02   I  PIMCO Funds Semi-Annual Report   213

Notes to Financial Statements (Cont.)

September 30, 2002

Shares of Beneficial Interest (Cont.)

	Municipal Bond Fund										Short Duration Municipal Income Fund										California Intermediate Municipal Bond Fund
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	6,097		$	62,831		4,122		$	41,696		3,198		$	32,709		2,123		$	21,629		2,553		$	26,397		5,454		$	57,076
Administrative Class	3,211			32,998		3,958			39,822		0			0		0			0		523			5,413		0			0
Other Classes	12,143			125,027		7,699			78,014		15,545			159,013		45			460		3,434			35,541		2,353			24,544
Issued as reinvestment of distributions
Institutional Class	105			1,079		178			1,794		54			556		63			640		188			1,953		542			5,621
Administrative Class	108			1,109		37			370		0			0		0			0		4			45		13			132
Other Classes	152			1,569		220			2,222		57			585		0			1		49			511		112			1,166
Cost of shares redeemed
Institutional Class	(3,004	)		(31,111	)	(1,498	)		(15,142	)	(436	)		(4,460	)	(489	)		(4,993	)	(709	)		(7,333	)	(6,021	)		(63,750	)
Administrative Class	(1,194	)		(12,303	)	(307	)		(3,126	)	0			0		0			0		(484	)		(5,018	)	(16	)		(171	)
Other Classes	(2,048	)		(21,086	)	(3,642	)		(36,801	)	(2,558	)		(26,182	)	0			0		(634	)		(6,588	)	(2,833	)		(30,316	)
Net increase (decrease) resulting from     Fund share transactions	15,570		$	160,113		10,767		$	108,849		15,860		$	162,221		1,742		$	17,737		4,924		$	50,921		(396	)	$	(5,698	)

	California Municipal Bond Fund										New York Municipal Bond Fund
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	84		$	863		796		$	8,220		179		$	1,913		53		$	575
Administrative Class	293			3,028		0			0		0			0		0			0
Other Classes	463			4,805		662			7,047		494			5,292		436			4,542
Issued as reinvestment of distributions
Institutional Class	22			230		81			835		4			41		28			294
Administrative Class	2			18		0			0		0			0		0			0
Other Classes	5			51		27			275		5			60		11			111
Cost of shares redeemed
Institutional Class	0			(2	)	(1,066	)		(11,071	)	(195	)		(2,078	)	(156	)		(1,680	)
Administrative Class	0			0		0			0		0			0		0			0
Other Classes	(55	)		(571	)	(554	)		(5,637	)	(14	)		(147	)	(255	)		(2,635	)
Net increase (decrease) resulting from     Fund share transactions	814		$	8,422		(54	)	$	(331	)	473		$	5,081		117		$	1,207

214   PIMCO Funds Semi-Annual Report  I  9.30.02

Pacific Investment Management Company LLC (PIMCO) is responsible for the management and administration of the PIMCO Funds: Pacific Investment Management Series. Founded in 1971, PIMCO currently manages assets in excess of $301 billion on behalf of mutual fund and institutional clients located around the world. Renowned for its fixed income management expertise, PIMCO manages assets for many of the largest corporations, foundations, endowments, and governmental bodies in the United States and the world.

Trustees and Officers

Brent R. Harris Chairman and Trustee

R. Wesley Burns President and Trustee

Guilford C. Babcock Trustee

E. Philip Cannon Trustee

Vern O. Curtis Trustee

J. Michael Hagan Trustee

Thomas P. Kemp Trustee

William J. Popejoy Trustee

Garlin G. Flynn Secretary

John P. Hardaway Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, CA 92660

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, MO 64105

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, MO 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, MO 64105

This report is submitted for the general information of the shareholders of the PIMCO Funds. It is not authorized for distribution to prospective investors unless accompanied or preceded by an effective prospectus for the PIMCO Funds, which contains information covering its investment policies as well as other pertinent information.

P I M C O

FUNDS

All Funds distributed by PIMCO ADVISORS DISTRIBUTORS LLC, member NASD

840 Newport Center Drive

Newport Beach, CA 92660

800.927.4648

www.pimcoadvisors.com

www.pimco.com

15-21331-02

Semi-Annual Report

9.30.02

PIMCO Bond Funds

Receive this report electronically and eliminate paper mailings. See back cover for details.

Pacific Investment

Management Series

Share Classes

A    B    C

SHORT DURATION BOND FUNDS

Money Market Fund

Short-Term Fund

Low Duration Fund

LONG DURATION BOND FUND

Long-Term

U.S. Government Fund

INTERNATIONAL BOND FUNDS

Global Bond Fund II

Foreign Bond Fund

Emerging Markets Bond Fund

HIGH YIELD BOND FUND

High Yield Fund

MORTGAGE-BACKED BOND FUNDS

GNMA Fund

Total Return Mortgage Fund

REAL RETURN BOND FUND

Real Return Fund

CONVERTIBLE FUND

Convertible Fund

BALANCED FUND

Strategic Balanced Fund

EQUITY-RELATED FUND

StocksPLUS Fund

Semi-Annual Reports for the PIMCO Total Return Fund and

the PIMCO Municipal Bond Funds are printed separately.

PIMCO

ADVISORS

Table of Contents

Chairman’s Letter	3
Fund Summaries
Convertible Fund	4
Emerging Markets Bond Fund	6
Foreign Bond Fund	8
Global Bond Fund II	10
GNMA Fund	12
High Yield Fund	14
Long-Term U.S. Government Fund	16
Low Duration Fund	18
Money Market Fund	20
Real Return Fund	22
Short-Term Fund	24
StocksPLUS Fund	26
Strategic Balanced Fund	28
Total Return Mortgage Fund	30
Schedules of Investments
Convertible Fund	33
Emerging Markets Bond Fund	35
Foreign Bond Fund	38
Global Bond Fund II	46
GNMA Fund	52
High Yield Fund	54
Long-Term U.S. Government Fund	61
Low Duration Fund	65
Money Market Fund	72
Real Return Fund	73
Short-Term Fund	76
StocksPLUS Fund	82
Strategic Balanced Fund	86
Total Return Mortgage Fund	87
Financial Highlights	90-101
Statements of Assets and Liabilities	102-103
Statements of Operations	104-105
Statements of Changes in Net Assets	106-109
Statements of Cash Flows	110
Notes to Financial Statements	112-119

Dear Fellow Shareholder:

The past six months have brought an onslaught of disheartening financial news. Despite the market’s recent upswing, disappointing corporate earnings and talk of a double-dip recession have left many stock investors wondering where we’re headed next.

In the world of bonds, however, bad economic news can actually be good news, as investors flee stocks and riskier securities and flock instead to the relative stability offered by U.S. Treasuries and other high-quality areas of fixed income.

This seemingly paradoxical relationship between bonds and the economy helps explain why most bond sectors have continued their strong run over the past six months. I am pleased to report that the PIMCO Bond Funds have followed suit, with most of the funds in this report continuing to deliver strong relative performance. PIMCO’s bond fund managers have achieved these results by adhering to the firm’s time-tested total return philosophy.

Of course, we cannot predict what the next few months and years hold for bonds, stocks or these funds. But, as always, we stand behind a few tried-and-true investment strategies, such as maintaining a well-diversified portfolio and investing for the long term. Although bonds have performed well in recent years, remember that a diversified portfolio includes a variety of investments. Holding a large position in just one or two asset classes is not a sound plan for any investor.

If you have questions concerning this report or your investment, please contact your financial advisor. You can also call PIMCO Advisors at 1-800-426-0107 or visit our web site at www.pimcoadvisors.com. Once again, thank you for choosing PIMCO Funds. We highly value your business.

Sincerely,

Brent R. Harris

Chairman of the Board

October 31, 2002

Past performance is no guarantee of future results. There is no guarantee that these or any other investment techniques will be effective under all market conditions. The credit quality of the investment in the portfolio does not apply to the stability or safety of the fund. Diversification does not guarantee against loss.

9.30.02   I  PIMCO Bond Funds Semi-Annual Report   3

A CONVERTIBLE FUND

PIMCO Convertible Fund

OBJECTIVE: Seeks maximum total return,
consistent with prudent investment
management. PORTFOLIO: Convertible securities. DURATION RANGE: N/A FUND INCEPTION DATE: 3/31/99 TOTAL NET ASSETS: $26.3 million PORTFOLIO MANAGER: Yuri P. Garbuzov

Yuri P. Garbuzov

Fund Manager

Mr. Garbuzov is a financial engineer involved in the development of quantitative analytics. He has six years of investment experience.

Fund outperformed the benchmark

For the six-month period ended September 30, 2002, the Fund’s Class A shares fell –10.14%, outperforming both the Merrill Lynch All Convertible Index and the Lipper Convertible Securities Fund Average, which returned –13.91% and –13.68% respectively.

Bond properties mitigated convertible market’s downside

Bolstered by cheap mortgage rates, zero-interest car loans, and rising real wages, American consumers remained the only significant source of demand in the global economy. In these volatile times, strong demand for safe, stable and liquid assets allowed Treasuries to outpace both other domestic sectors and international bonds. Due to uncertainty over the health of corporate America, stocks suffered, with the S&P 500 Index falling over 28% for the period. Subsequently, convertible securities, which are hybrid securities that can be converted to equity at a preset price, suffered along with stocks. However, their bond properties provided considerable downside protection.

Active management limited portfolio’s losses

In the face of weak equity markets, the Fund’s below benchmark delta, or sensitivity to underlying equity values, enhanced performance. An underweight to telecommunications credits helped returns because several leaders of this sector suffered credit downgrades. Due to the “flight to quality” phenomenon currently influencing the markets, our higher average credit quality also helped the Fund. Finally, the Fund benefited from a small out-of-index allocation to Treasuries as interest rates fell.

A modest economic recovery leaves portfolio defensively positioned

We believe the moderate economic recovery from 2001’s recession should continue, as the consumer/housing sector holds fast and the battered business sector slowly heals. A potential war with Iraq could stifle growth because a spike in oil prices would have a deflationary impact on the economy. An accommodating Fed, in conjunction with a stimulative fiscal policy, should help to offset deflation. Tepid growth, acting as a constraint, will likely keep a lid on interest rates, leaving them range bound.

In this economic environment, we expect to remain defensively positioned by maintaining our emphasis on high quality and by employing our proprietary model to identify securities that stand to benefit as equity volatility continues. We plan to continue to underweight technology and telecom, two sectors that will suffer should capital spending remain weak.

“When equities suffered, convertible bonds found considerable downside protection in their bond properties.”

4   PIMCO Bond Funds Semi-Annual Report  I  9.30.02

PIMCO Convertible Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN For periods ended 9/30/02

	6 months	1 year	3 year	5 year	10 year	Inception (3/31/99)
PIMCO Convertible Fund A Shares	–10.14%	–3.85%	–1.46%	—	—	2.37	%
PIMCO Convertible Fund A Shares (adjusted)	–14.19%	–8.18%	–2.96%	—	—	1.03	%
PIMCO Convertible Fund B Shares	–10.24%	–4.29%	–2.19%	—	—	1.63	%
PIMCO Convertible Fund B Shares (adjusted)	–14.70%	–8.85%	–3.05%	—	—	0.86	%
PIMCO Convertible Fund C Shares (adjusted)	–11.03%	–5.14%	–2.16%	—	—	1.68	%
Merrill Lynch All Convertible Index	–13.91%	–8.76%	–2.90%	—	—	—
First Boston Convertible Bond Index	–16.22%	–9.94%	–2.53%	—	—	—
Lipper Convertible Securities Fund Average	–13.68%	–6.42%	–1.35%	—	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	23%	Convertible Bonds & Notes	62.4%	AAA	8.9%
1–5 years	11%	Convertible Preferred Stock	21.9%	AA	10.4%
5–10 years	12%	Short-Term Instruments	7.1%	A	36.3%
10–20 years	43%	Other	8.6%	BBB	22.9%
20–30 years	8%			BB	9.7%
Over 30 years	3%			B	10.7%
Duration	2.5 years			CCC	1.0%
				CC	0.1%

CHANGE IN VALUE For periods ended 9/30/02 Investment Process The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. The portfolio’s risk/reward profile is then dynamically managed in order to modestly participate with rising equity prices while protecting again declines. Disciplined company/credit analysis maximizes the portfolio’s capital appreciation potential.

Past performance is no guarantee of future results. This Fund invests at least 80% of its assets in convertible securities. The Fund may invest up to 40% of its assets in high-yield (lower-rated) securities, which generally involves greater risk to principal than an investment in higher-rated bonds. The Fund may invest 20% in foreign currencies which can involve special risks due to foreign economic and political developments, which may be enhanced when investing in emerging markets. The Fund may invest in smaller companies, which may entail greater risk than larger companies, including higher volatility. The Fund may have to convert securities before it would otherwise choose to, which may have an adverse effect on the Fund’s ability to achieve its investment objective. Please see page 32 for additional information.

9.30.02   I  PIMCO Bond Funds Semi-Annual Report   5

AN INTERNATIONAL BOND FUND

PIMCO Emerging Markets Bond Fund

OBJECTIVE:	DURATION RANGE:	TOTAL NET ASSETS:
Seeks maximum total return, consistent with preservation of capital and prudent investment management.	0–8 years	$260.5 million
PORTFOLIO:	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
Emerging market fixed income securities.	7/31/97	Mohamed El-Erian

Mohamed El-Erian

Fund Manager

Dr. El-Erian is a managing director and head of the firm’s emerging markets portfolio management team. His past experience includes 15 years with the IMF leading policy work on debt and country issues.

Fund performance reflected emerging markets volatility

During a difficult six-month period for emerging markets, the Fund’s Class A shares returned –10.37%. These results underperformed the J.P. Morgan Emerging Markets Bond Index Plus, which returned –6.42%, and the Lipper Emerging Markets Debt Fund Average, which returned –8.30%. Since inception, the Fund has gained 8.24% annually, strongly outperforming the 3.85% return of the Index for the same period.

Risk-averse investors favored developed economies

Sluggish global growth, turbulent equity markets and heightened geopolitical risk fueled a flight to quality in the global bond markets during the past six months. As a result, emerging markets debt lagged that of developed markets during the period. Regional performance within the asset class was mixed as Asia and Emerging Europe decoupled from the volatility in Latin America.

Country allocations had mixed results

The Fund’s Asian exposure via Malaysia was positive for performance due to favorable credit upgrades. An underweight exposure to fundamentally weaker countries, such as Argentina and Turkey, also aided results. Yet the Fund’s overweight to Brazil was the primary detractor from performance. Election concerns and the pullback of banks from the credit markets weighed heavily on the market despite Brazil’s sound economic fundamentals and significant external assistance. Modest overweights to smaller credits in Latin America, such as Panama and Ecuador, also hurt returns as volatility pervaded the region.

We anticipate volatility in the months ahead

We expect the global economy to remain weak, with the U.S. as the primary driver of global aggregate demand. Emerging markets should continue to be volatile in the months ahead as sound economic fundamentals compete with political uncertainty, challenging technical factors and general global risk aversion. Within this environment, we intend to continue to overweight Brazil, as current spreads reflect extreme pessimism despite solid economic fundamentals. We plan to maintain our underweight positions in Argentina and Emerging Asia. Overall, we will continue to position the Fund to take advantage of the continuing themes of economic decoupling and credit differentiation. We expect the sector to benefit, over time, from an increasing investor base, progressing structural reforms, and the strengthening of economic and financial anchors

“We will continue to position the Fund to take advantage of the continuing themes of economic decoupling and credit differentiation.”

6   PIMCO Bond Funds Semi-Annual Report  I  9.30.02

PIMCO Emerging Markets Bond Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN For periods ended 9/30/02

	6 months		1 year		3 year		5 year		10 year	Inception (7/31/97)
PIMCO Emerging Markets Bond Fund A Shares	–10.37	%	8.59	%	15.80	%	8.20	%	—	8.24	%
PIMCO Emerging Markets Bond Fund A Shares (adjusted)	–14.40	%	3.70	%	14.04	%	7.21	%	—	7.28	%
PIMCO Emerging Markets Bond Fund B Shares	–10.71	%	7.78	%	14.93	%	7.38	%	—	7.41	%
PIMCO Emerging Markets Bond Fund B Shares (adjusted)	–15.03	%	3.01	%	14.17	%	7.13	%	—	7.29	%
PIMCO Emerging Markets Bond Fund C Shares (adjusted)	–11.57	%	6.82	%	14.99	%	7.42	%	—	7.45	%
J.P. Morgan Emerging Markets Bond Index Plus	–6.42	%	–1.12	%	8.81	%	3.44	%	—	—
Lipper Emerging Markets Debt Fund Average	–8.30	%	7.26	%	10.89	%	1.86	%	—	—

MATURITY PROFILE		COUNTRY ALLOCATION		QUALITY BREAKDOWN
Less than 1 year	18%	Short-Term Instruments	37.0%	AAA	35.4%
1–5 years	3%	Russia	15.4%	A	3.3%
5–10 years	31%	Mexico	14.7%	BBB	20.4%
10–20 years	29%	Brazil	13.2%	BB	25.0%
20–30 years	11%	Other	19.7%	B	14.3%
Over 30 years	8%			CCC	1.6%
Duration	6.0 years

CHANGE IN VALUE For periods ended 9/30/02 Investment Process The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. The manager is guided by risk-adjusted real yields. His goal is to identify not only which countries to overweight or underweight, but where on each country’s yield curve the Fund should take an exposure.

Past performance is no guarantee of future results. This Fund invests at least 80% of its assets in issuers that economically are tied to countries with emerging securities markets. Investing in foreign securities may entail greater risk due to foreign economic and political developments, this risk may be enhanced when investing in emerging markets. The Fund may also invest substantially all of its assets in high-yield (lower-rated) securities, which generally involves greater risk to principal than investments in higher-rated securities and may at times invest in derivatives. This Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund. Please see page 32 for additional information.

9.30.02   I  PIMCO Bond Funds Semi-Annual Report   7

AN INTERNATIONAL BOND FUND

PIMCO Foreign Bond Fund

OBJECTIVE: Seeks maximum total return, consistent
with preservation of capital and prudent
investment management. PORTFOLIO: Intermediate maturity, hedged non-U.S.
fixed income securities. DURATION RANGE: 3–7 years FUND INCEPTION DATE: 12/02/92 TOTAL NET ASSETS: $1.1 billion PORTFOLIO MANAGER: Sudi Mariappa

Sudi Mariappa

Fund Manager

Mr. Mariappa is lead portfolio manager of PIMCO Foreign Bond and Global Bond II Funds and oversees the firm’s Asian trading and portfolio management group in Japan. He has 12 years of investment experience.

Long-term track record remains solid

For the six-month period ended September 30, 2002, the Fund’s Class A shares returned 4.14%. Although these results were respectable on an absolute basis, the Fund underperformed its benchmark, the J.P. Morgan Non-U.S. Index (Hedged), which returned 5.66%. Longer term, the Fund continued to outperform, returning 8.94% annually since inception compared to 8.71% and 6.97% for its benchmark and Lipper average, respectively.

Global bond markets rallied in flight to quality

Global bond markets rallied during the past six months, as turbulent equity markets, an uncertain economic outlook, and heightened geopolitical risk fueled a flight to quality. U.S. Treasuries led the way, followed by Europe and Japan. Most global central banks sat on the sidelines, although Australia, Canada, and New Zealand enacted rate hikes, reflecting more robust growth and potential for inflation in those economies. Towards the end of the period, however, most central banks acknowledged the impact of sluggish growth and negative equity performance on their economies. Notably, the Bank of Japan announced that it would begin to support equity markets in an effort to aid the troubled banking sector.

Exposure to short/intermediate maturities enhanced returns

Focusing on short and intermediate maturities in Europe was positive for performance as their yields fell further than longer term issues. An underweight position in Japan further boosted returns, as Japanese debt underperformed. Exposure to global mortgage issues also helped as investors were attracted to their high relative yields. However, the Fund’s below benchmark duration was negative as rates generally declined worldwide. Emerging market bonds also hurt returns in the face of Brazil’s presidential election worries and general risk aversion among investors.

U.S. consumers will be key to global economic recovery

We expect a modest global recovery, driven by the consumer. The United States is likely to be the primary driver of global demand, since the U.S. consumer is better supported relative to consumers in Europe and Japan. Given our range-bound interest rate forecast, we intend to target duration near the benchmark and to emphasize mortgages for incremental yield. In the U.K, we plan to underweight longer maturities as growth and inflation should be higher relative to Europe. Finally, we intend to maintain our underweight exposure to Japan, as we expect the government to issue more debt to support its increased spending.

“We expect the modest global recovery to continue, with the consumer as a critical component of growth.”

8   PIMCO Bond Funds Semi-Annual Report  I  9.30.02

PIMCO Foreign Bond Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN    For periods ended 9/30/02

	6 months		1 year		3 year		5 year		10 year	Inception (12/02/92)
PIMCO Foreign Bond Fund A Shares	4.14	%	6.03	%	7.89	%	6.84	%	—	8.94	%
PIMCO Foreign Bond Fund A Shares (adjusted)	–0.55	%	1.26	%	6.24	%	5.86	%	—	8.43	%
PIMCO Foreign Bond Fund B Shares	3.82	%	5.31	%	7.08	%	6.06	%	—	8.29	%
PIMCO Foreign Bond Fund B Shares (adjusted)	–1.18	%	0.31	%	6.20	%	5.75	%	—	8.29	%
PIMCO Foreign Bond Fund C Shares (adjusted)	2.79	%	4.27	%	7.08	%	6.04	%	—	8.14	%
J.P. Morgan Non-U.S. Index (Hedged)	5.66	%	5.92	%	7.42	%	7.65	%	—	—
Lipper International Income Fund Average	11.67	%	9.50	%	4.21	%	4.02	%	—	—

MATURITY PROFILE		COUNTRY ALLOCATION		QUALITY BREAKDOWN
1–5 years	30%	United States	46.2%	AAA	88.0%
10–20 years	51%	Germany	24.1%	AA	6.4%
20–30 years	19%	Short-Term Instruments	6.6%	A	3.0%
Duration	4.8 years	United Kingdom	5.1%	BBB	2.1%
		Other	18.0%	BB	0.5%

CHANGE IN VALUE For periods ended 9/30/02 Investment Process The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. The manager then uses a top-down country bond allocation model to determine the countries with the best risk-adjusted yields. Bottom-up strategies, including sector rotation and credit research, aid in issue selection.

Past performance is no guarantee of future results. This Fund invests at least 80% of its assets in foreign securities, which may entail greater risk due to foreign economic and political developments, may at times invest in derivatives and mortgage related securities. The Fund may invest up to 10% in high-yield (lower-rated) securities, which generally involves greater risk to principal than investments in higher-rated securities. This Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund. Please see page 32 for additional information.

9.30.02   I  PIMCO Bond Funds Semi-Annual Report   9

AN INTERNATIONAL BOND FUND

PIMCO Global Bond Fund II

OBJECTIVE: Seeks maximum total return, consistent
with preservation of capital. PORTFOLIO: U.S. and hedged foreign intermediate
maturity fixed income securities. DURATION RANGE: 3–7 years FUND INCEPTION DATE: 10/02/95 TOTAL NET ASSETS: $96.4 million PORTFOLIO MANAGER: Sudi Mariappa

Sudi Mariappa

Fund Manager

Mr. Mariappa is lead portfolio manager of PIMCO Foreign Bond and Global Bond II Funds and oversees the firm’s Asian trading and portfolio management group in Japan. He has 12 years of investment experience.

Fund maintained its strong long-term performance

The Fund’s Class A shares returned 6.27% for the six-month period ended September 30, 2002. These results trailed those of the Fund’s benchmark, the J.P. Morgan Global Index (Hedged), which returned 7.53%, and its Lipper average, which returned 7.17%. Longer term, the Fund maintained its consistent outperformance, beating its average Lipper peer over the 1-, 3- and 5-year periods.

Global bonds rallied, led by U.S. Treasuries

Global bond markets rallied during the period, driven by turbulent equity markets, an uncertain economic outlook, and heightened geopolitical risk. U.S. Treasuries led the way, followed by Europe and Japan. Most global central banks sat on the sidelines, although Australia, Canada, and New Zealand enacted rate hikes, reflecting more robust growth and potential for inflation in those economies. Towards the end of the period, however, most central banks acknowledged the impact of sluggish growth and negative equity performance on their economies. Notably, Japan’s economy remained moribund; the Bank of Japan announced that it would begin to support equity markets in an effort to aid the troubled banking sector.

Short/intermediate maturity issues performed strongly

Focusing on short and intermediate maturities in the U.S. and Europe contributed to returns as their yields fell the furthest. An underweight to Japan was another positive. Also, global mortgage exposure aided results as investors were attracted to their relatively high yields. Still, the Fund’s below benchmark duration was negative as rates generally declined worldwide. An overweight to core Europe vs. the U.S. further detracted from returns as Treasuries outperformed. Emerging market bonds also hurt results as Brazil presidential election worries and general risk aversion impacted the sector.

Consumer should drive a moderate global recovery

We expect a modest global recovery, driven by the consumer. The United States is likely to be the primary driver of global demand, since the U.S. consumer is better supported relative to consumers in Europe and Japan. Given our range-bound interest rate forecast, we intend to target duration near the benchmark. We plan to emphasize mortgages for their premium yields that should offset duration extension should mortgage rates rise. In the U.K, we plan to underweight longer maturities as growth and inflation are expected to be higher relative to Europe. Finally, we intend to maintain our underweight exposure to Japan, since increased government spending requires further debt issuance.

“Global growth in the quarters ahead should be moderate, and mainly consumer driven, while the corporate sector continues its rehabilitation.”

10   PIMCO Bond Funds Semi-Annual Report  I  9.30.02

PIMCO Global Bond Fund II Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN For periods ended 9/30/02

	6 months		1 year		3 year		5 year		10 year	Inception (10/02/95)
PIMCO Global Bond Fund II A Shares	6.27	%	7.84	%	8.62	%	6.57	%	—	8.54	%
PIMCO Global Bond Fund II A Shares (adjusted)	1.49	%	2.98	%	6.96	%	5.60	%	—	7.82	%
PIMCO Global Bond Fund II B Shares	5.88	%	7.03	%	7.81	%	5.78	%	—	7.71	%
PIMCO Global Bond Fund II B Shares (adjusted)	0.88	%	2.03	%	6.94	%	5.50	%	—	7.71	%
PIMCO Global Bond Fund II C Shares (adjusted)	4.88	%	6.03	%	7.81	%	5.77	%	—	7.71	%
J.P. Morgan Global Index (Hedged)	7.53	%	7.15	%	8.22	%	7.82	%	—	—
Lipper Global Income Fund Average	7.17	%	6.28	%	4.10	%	3.38	%	—	—

MATURITY PROFILE		COUNTRY ALLOCATION		QUALITY BREAKDOWN
1–5 years	42%	United States	50.1%	AAA	87.7%
10–20 years	39%	Germany	25.3%	AA	5.9%
20–30 years	19%	United Kingdom	5.6%	A	2.5%
Duration	5.3 years	Other	19.0%	BBB	3.2%
				BB	0.7%

CHANGE IN VALUE For periods ended 9/30/02 Investment Process The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. The manager then uses a top-down country bond allocation model to determine the countries with the best risk-adjusted yields. Bottom-up strategies, including sector rotation and credit research, aid in issue selection.

Past performance is no guarantee of future results. The Fund invests at least 65% of its assets in three countries (one of which may be the U.S.), which may entail greater risk due to foreign economic and political developments. The Fund may also invest 10% in high-yield (lower-rated) securities, which generally involves greater risk to principal than investments in higher-rated securities and may at times invest in derivatives and mortgage-related securities. This Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund. Please see page 32 for additional information.

9.30.02   I  PIMCO Bond Funds Semi-Annual Report   11

A MORTGAGE-BACKED BOND FUND

PIMCO GNMA Fund

OBJECTIVE: Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Short to intermediate maturity mortgage-related fixed income securities. DURATION RANGE: 1–7 years FUND INCEPTION DATE: 7/31/97 TOTAL NET ASSETS: $237.9 million PORTFOLIO MANAGER: Scott Simon

Scott Simon

Fund Manager

An acclaimed expert in his field, Mr. Simon is head of mortgage securities at PIMCO and is a senior member of its portfolio management and investment strategy groups. He has 19 years of investment experience.

Fund outpaced its benchmark for the period

For the six-month period ended September 30, 2002, PIMCO GNMA Fund’s Class A shares returned 6.12%, outpacing the Lehman Brothers GNMA Index, which returned 6.05%, but slightly underperforming the Lipper GNMA Fund Average, which returned 6.29%.

GNMAs outperformed other mortgage issues

Interest rates continued to fall in the past six months as investors sought safety in high-quality assets. The mortgage-backed securities market performed well in this environment, although the asset class underperformed Treasuries on a risk-adjusted basis. Within the mortgage market, GNMAs outperformed their conventional (FNMA & FHLMC) counterparts as investors preferred the higher security offered by paper with an explicit government guarantee. Also, lower coupon bonds performed better than higher coupon issues due to slower prepayment rates.

Extended duration benefited the portfolio

A longer-than-benchmark duration worked to the Fund’s advantage late in the period as yields declined across the maturity spectrum. Also, a focus in lower coupon issues helped performance as these issues outperformed higher coupon bonds by a large margin, particularly in the third quarter. Buying mortgages in the forward market and investing the purchase amount at relatively high short-term rates further added to returns. Exposure to Collateralized Mortgage Obligations (CMOs) augmented portfolio yield while providing protection against rapid prepayment rates. However, modest holdings of asset-backed securities (ABSs) slightly detracted from performance late in the period as investors moved into “safer” government guaranteed assets.

Moderate U.S. recovery should continue

We expect the modest U.S. recovery to continue, propelled by the consumer and housing sectors. We believe that the risk of deflation has been averted and anticipate a range-bound interest rate environment. As a result, prepayment risk continues to be a concern for mortgage investors. We intend to target duration near the benchmark and anticipate emphasizing the short end of the yield curve, which will be less vulnerable to increasing interest rates than longer maturities. Also, we expect to favor the enhanced prepayment protection found in lower coupon mortgages. We will seek to capitalize on crossover demand from investors wary of corporate bonds through small positions in high quality CMOs. Finally, we expect to invest in GNMA TBAs (forwards) in order to take advantage of attractive implied financing rates, but taking delivery of underlying mortgage pools if financing rates become less attractive.

“We expect to favor the enhanced prepayment protection found in lower coupon mortgages.”

12   PIMCO Bond Funds Semi-Annual Report  I  9.30.02

PIMCO GNMA Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN For periods ended 9/30/02

	6 months	1 year	3 year	5 year	10 year	Inception (7/31/97)
PIMCO GNMA Fund A Shares	6.12%	7.43%	9.79%	8.01%	—	8.19	%
PIMCO GNMA Fund A Shares (adjusted)	1.37%	2.58%	8.11%	7.01%	—	7.23	%
PIMCO GNMA Fund B Shares	5.72%	6.61%	8.92%	7.17%	—	7.35	%
PIMCO GNMA Fund B Shares (adjusted)	0.72%	1.61%	8.07%	6.86%	—	7.20	%
PIMCO GNMA Fund C Shares (adjusted)	4.71%	5.61%	8.93%	7.18%	—	7.36	%
Lehman Brothers GNMA Index	6.05%	7.38%	8.98%	7.51%	—	—
Lipper GNMA Fund Average	6.29%	6.81%	8.22%	6.70%	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	20%	Mortgage-Backed Securities	72.8%	AAA	96.8%
1–5 years	75%	Short-Term Instruments	17.7%	AA	2.9%
20–30 years	5%	Asset-Backed Securities	5.8%	A	0.3%
Duration	1.5 years	Other	3.7%

CHANGE IN VALUE For periods ended 9/30/02 Investment Process The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. While the Fund invests primarily in Government National Mortgage Association (GNMA) insured bonds, the manager takes advantage of opportunities throughout the mortgage market to add diversification and spread risk. Interest rate strategies and PIMCO’s advanced proprietary analytics are also emphasized to add value.

Past performance is no guarantee of future results. The Fund invests up to 80% of its assets in GNMA securities. The Fund can invest a small portion of its assets in foreign securities, which can entail special risks due to foreign economic and political developments and may at times invest in derivatives. Even though government bond funds may invest their assets in U.S. government securities, the government does not guarantee the Fund’s shares and they will fluctuate in value as market conditions change. The government guarantee is to timely repayment of interest and does not eliminate market risk. GNMA’s are a type of mortgage-backed security and may be sensitive to changes in prevailing interest rates and therefore may entail risk. Please see page 32 for additional information.

9.30.02   I  PIMCO Bond Funds Semi-Annual Report   13

A HIGH YIELD BOND FUND

PIMCO High Yield Fund

OBJECTIVE: Seeks maximum total return, consistent
with preservation of capital and prudent
investment management. PORTFOLIO: Higher yielding fixed income
securities. DURATION RANGE: 2–6 years FUND INCEPTION DATE: 12/15/92 TOTAL NET ASSETS: $3.7 billion PORTFOLIO MANAGERS Ben Trosky Raymond Kennedy

Ben Trosky

Fund Manager

Mr. Trosky is Managing Director and a senior member of PIMCO’s portfolio management and investment strategy groups. He has over 20 years of investment experience.

Raymond Kennedy

Fund Manager

Effective December 1, 2002, Ray Kennedy, a Managing Director and a senior member of PIMCO’s portfolio management and investment strategy groups, has assumed management responsibilities for the High Yield Fund. Mr. Kennedy joined PIMCO in 1996, and has 15 years of investment experience.

Fund returns reflected problems in the high yield market

For the six-month period ending September 30, 2002, the Fund’s Class A shares fell –9.18%, underperforming both the Merrill Lynch U.S. High Yield BB-B Rated Index (–8.44%) and the Lipper High Current Yield Fund Average (–8.10%).

High yield market hurt by slumping economy, investor anxiety

Bad news from high profile issuers and an onslaught of reports of questionable corporate accounting practices led investors to flee from corporate bonds and to flock instead to the relative safety of Treasuries. Since the start of the year, the high yield market has absorbed a record number of issues that have been downgraded from investment grade to non-investment grade. These “fallen angels”—along with historically high default levels—have caused the below-investment grade bond market to underperform the higher-quality debt market significantly.

Security selection hurt Fund

The Fund’s position in large-cap telecom and energy pipeline companies and its overweight to the cable/pay TV sector detracted from performance. Because consumer spending remained stronger than expected, the Fund’s underweighting in consumer cyclicals, specifically retailers, hurt returns. Finally, missing out on the gaming sector’s continued strong performance negatively affected performance.

The Fund’s underweight exposure to the transportation sector, which performed poorly, contributed to returns. An emphasis on the BBB Index helped returns because it limited the Fund’s exposure to the “fallen angels.”

Volatility in high yield market leads us to proceed with caution

While we believe the modest U.S. recovery will continue and the risk of deflation will be averted, the extreme levels of volatility in the high yield market are likely to continue for the near term. Asset flows and the “fallen angels” will continue to cause increased uncertainty, leading us to remain cautious going forward. We expect to maintain an above-benchmark average credit quality, with an emphasis on BBB rated credits with attractive valuations. We intend to retain our focus on telecom and energy pipeline companies, while looking to avoid exposure to consumer related sectors, which often have appreciated to levels that do not offer value. We anticipate continuing to overweight the cable sector and to maintain a modest exposure to emerging market debt.

“The extreme levels of volatility in the high yield market are likely to continue for the near term.”

14   PIMCO Bond Funds Semi-Annual Report  I  9.30.02

PIMCO High Yield Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN For periods ended 9/30/02

	6 months	1 year	3 year	5 year	10 year	Inception     (12/15/92)
PIMCO High Yield Fund A Shares	–9.18%	–5.73%	–1.42%	0.89%	—	6.59%
PIMCO High Yield Fund A Shares (adjusted)	–13.27%	–9.97%	–2.92%	–0.03%	—	6.09%
PIMCO High Yield Fund B Shares	–9.52%	–6.43%	–2.15%	0.14%	—	5.95%
PIMCO High Yield Fund B Shares (adjusted)	–13.88%	–10.79%	–2.94%	–0.14%	—	5.95%
PIMCO High Yield Fund C Shares (adjusted)	–10.40%	–7.30%	–2.16%	0.14%	—	5.82%
Lehman Brothers Intermediate BB U.S. High Yield Index	–7.82%	–1.17%	2.93%	3.44%	—	—
Merrill Lynch U.S. High Yield BB-B Rated Index	–8.44%	–1.57%	–1.40%	0.60%	—	—
Lipper High Current Yield Fund Average	–8.10%	–2.17%	–3.83%	–2.30%	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	23%	Corporate Bonds & Notes	72.5%	AAA	12.3%
1–5 years	20%	Short-Term Instruments	13.0%	AA	0.5%
5–10 years	44%	Other	14.5%	A	1.2%
10–20 years	9%			BBB	18.8%
20–30 years	4%			BB	31.9%
Duration	3.6 years			B	33.0%
				CCC	1.6%
				CC	0.7%

CHANGE IN VALUE For periods ended 9/30/02 Investment Process The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. The Fund focuses on upper-tier credits of the high yield market because historically they have delivered the best risk-return profile. Importantly, income, capital appreciation and capital preservation are all considered in structuring the portfolio.

Past performance is no guarantee of future results. This Fund invests at least 80% of its assets in high-yield securities rated below investment grade but rated at least B by Moody’s or S&P, lower-rated securities generally involves greater risk to principal than an investment in higher-rated bonds. This Fund may also invest 15% in euro-denominated securities and may invest without limit in U.S. dollar-denominated securities of foreign issuers, which may entail greater risk due to foreign economic and political developments, and may at times invest in derivatives and mortgage-related securities. Please see page 32 for additional information.

9.30.02   I  PIMCO Bond Funds Semi-Annual Report   15

A LONG DURATION BOND FUND

PIMCO Long-Term U.S. Government Fund

OBJECTIVE: Seeks maximum total return, consistent
with preservation of capital and prudent
investment management. PORTFOLIO: Long-term maturity fixed income
securities. DURATION RANGE: ³ 8 years FUND INCEPTION DATE: 7/01/91 TOTAL NET ASSETS: $874.1 million PORTFOLIO MANAGER: Jim Keller

Jim Keller

Fund Manager

Mr. Keller is the Treasury/futures specialist at PIMCO. He currently serves on the U.S. Treasury Borrowing Advisory Committee and has 15 years of investment experience.

Fund returned a strong 19.01% in the past six months

For the six-month period ended September 30, 2002, the Fund’s Class A shares returned 19.01%, outpacing the Fund’s benchmark, the Lehman Long-Term Treasury Index, which returned 18.78%. In addition, the Fund handily outperformed the Lipper General U.S. Government Fund Average, which returned 9.33% for the same time period.

Investors continued to favor Treasuries

Treasuries reigned supreme in the past six months, as investor demand drove yields to their lowest levels in 40 years. Concerns over corporate governance abuses, accounting scandals, sluggish economic growth, and potential conflict with Iraq all contributed to the flight to quality. Mortgage-backed securities trailed Treasury issues, but performed better than corporate bonds, while non-U.S. developed market bonds also lagged Treasuries. Risks during the period centered on a potential ‘double-dip’ recession, driven by the potential for the weakness in the corporate sector to infect consumer confidence. The consumer and the housing sectors were the primary sources of strength in the economy, bolstered by low mortgage rates, zero percent auto loans, and rising real wages.

Shorter maturity and real return issues boosted results

A number of factors contributed to the Fund’s outperformance. In particular, an overweight position in short/intermediate maturities was positive as rates declined the most among these issues. Modest allocations to real return bonds also contributed to returns as real yields fell significantly. The Fund’s below-benchmark duration, implemented to align the Fund with PIMCO’s secular outlook, was negative for Fund performance.

Consumer and housing sectors should help fuel recovery

In our view, the U.S. economic recovery is likely to continue, bolstered by the consumer and housing sectors, while the battered business sector heals itself. While we believe that a war with Iraq would initially drag down growth and cause a shock to consumer and business confidence, monetary and fiscal stimulus could offset this occurrence. We anticipate interest rates to be range-bound, as muted economic growth constrains upward pressure on interest rates. Given this forecast, we expect to target duration near the benchmark, and will look to add value by capturing attractive yields in non-Treasury markets.

“We anticipate interest rates to be range-bound, as muted economic growth constrains upward pressure on interest rates.”

16   PIMCO Bond Funds Semi-Annual Report  I  9.30.02

PIMCO Long-Term U.S. Gov’t. Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN For periods ended 9/30/02

	6 months	1 year	3 year	5 year	10 year	Inception (7/01/91)
PIMCO Long-Term U.S. Government Fund A Shares	19.01%	15.00%	13.32%	10.27%	9.82%	11.27%
PIMCO Long-Term U.S. Government Fund A Shares (adjusted)	13.66%	9.82%	11.59%	9.26%	9.32%	10.81%
PIMCO Long-Term U.S. Government Fund B Shares	18.57%	14.14%	12.48%	9.45%	9.17%	10.68%
PIMCO Long-Term U.S. Government Fund B Shares (adjusted)	13.57%	9.14%	11.68%	9.17%	9.17%	10.68%
PIMCO Long-Term U.S. Government Fund C Shares (adjusted)	17.57%	13.12%	12.47%	9.45%	9.02%	10.46%
Lehman Long-Term Treasury Index	18.78%	14.51%	12.75%	10.07%	9.47%	—
Lipper General U.S. Government Fund Average	9.33%	8.21%	8.81%	7.07%	6.52%	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
10–20 years	19%	Short-Term Instruments	37.3%	AAA	94.1%
20–30 years	81%	Mortgage-Backed Securities	26.0%	AA	1.6%
Duration	11.0 years	U.S. Treasury Obligations	14.8%	A	4.0%
		U.S. Government Agencies	8.0%	BBB	0.3%
		Asset-Backed Securities	7.1%
		Corporate Bonds & Notes	6.7%
		Other	0.1%

CHANGE IN VALUE For periods ended 9/30/02 Investment Process The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. Rather than react to short-term events with extreme duration shifts, the Fund operates within a moderate duration range in accordance with the firm’s long-term outlook. PIMCO’s interest rate volatility forecast is key and guides sector and security decisions.

Past performance is no guarantee of future results. The Fund invests at least 80% of its assets in securities that are issued or guaranteed by the U.S. Government or agencies. The Fund is not guaranteed by the U.S. Government. The Fund’s net asset value and yield are not guaranteed by the U.S. Government nor its agencies. The guarantee involves timely repayment of principal and interest of the securities held by the Fund. This guarantee does not eliminate market risk. The Fund may at times invest in derivatives and mortgage-related securities. Please see page 32 for additional information.

9.30.02   I  PIMCO Bond Funds Semi-Annual Report   17

A SHORT DURATION BOND FUND

PIMCO Low Duration Fund

OBJECTIVE: Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Short maturity fixed income securities. DURATION RANGE: 1–3 years FUND INCEPTION DATE: 5/11/87 TOTAL NET ASSETS: $8.3 billion PORTFOLIO MANAGER: Bill Gross

Bill Gross

Fund Manager

Managing Director and co-founder of PIMCO, Mr. Gross is widely regarded as the world’s foremost fixed income authority. He has over 30 years of investment experience. In recognition of his investment skill, Morningstar named Mr. Gross and the PIMCO bond team “Fixed Income Manager of the Year” for 1998 and 2000.

Fund bested its peer group in the past six months

For the six-month period ended September 30, 2002, PIMCO Low Duration Fund’s Class A shares returned 4.22%, substantially outperforming the Lipper Short Investment Grade Debt Fund Average, which returned 3.36%, but trailing the Fund’s benchmark, the Merrill Lynch 1–3 Year Treasury Bill Index, which returned 4.84% over the same time period. The Fund’s longer term performance remained strong, returning 7.30% annually since inception compared to 7.08% for the benchmark over the same time period.

Demand for Treasuries remained strong

Treasury bonds performed extremely well over the past 6 months. Investor demand for the high credit quality of these issues drove yields to 40-year lows, with short and intermediate maturities falling the furthest. Concerns over corporate governance abuses, accounting scandals, sluggish economic growth and a potential conflict with Iraq all contributed to the flight to quality. Mortgages trailed Treasuries but performed better than corporate bonds. Developed market non-U.S. bonds also lagged Treasury issues. While the Fed remained on the sidelines, leaving the Fed Funds rate unchanged, they indicated that there was uncertainty regarding the size and strength of the economic recovery, and that they stood to be responsive should the economy further deteriorate.

Duration strategy, yield curve mix aided Fund results

The Fund maintained an above-benchmark duration for most of the period, which enhanced returns as yields fell. In addition, the Fund’s broad yield curve mix was positive for performance, as a modest exposure to maturities outside the benchmark worked to the Fund’s advantage. Corporate exposure, especially holdings of telecom and energy/pipeline companies, detracted from returns amid concerns of weaker profits and credit downgrades. Modest allocations to high yield bonds also hurt returns as the sector suffered due to investor anxiety over weak profits and corporate scandals.

Outlook for a moderate U.S. recovery is unchanged

Looking ahead, we expect the modest U.S. economic recovery to continue, bolstered by the consumer and housing sectors, while the battered business sector heals itself. Given our projection for range-bound interest rates, we intend to add value by capturing attractive spreads in non-Treasury markets, particularly mortgages. In addition, we plan to target duration slightly above benchmark to take advantage of incrementally higher yields in slightly-longer-than-benchmark maturities.

“We intend to add value by capturing attractive spreads in non-Treasury markets, particularly mortgages.”

18   PIMCO Bond Funds Semi-Annual Report  I  9.30.02

PIMCO Low Duration Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN For periods ended 9/30/02

	6 months	1 year	3 year	5 year	10 year	Inception (5/11/87)
PIMCO Low Duration Fund A Shares	4.22%	5.10%	6.94%	6.14%	6.19%	7.30%
PIMCO Low Duration Fund A Shares (adjusted)	1.10%	1.95%	5.86%	5.49%	5.87%	7.08%
PIMCO Low Duration Fund B Shares	3.83%	4.32%	6.14%	5.35%	5.55%	6.88%
PIMCO Low Duration Fund B Shares (adjusted)	–1.17%	–0.68%	5.24%	5.02%	5.55%	6.88%
PIMCO Low Duration Fund C Shares (adjusted)	2.96%	3.58%	6.40%	5.62%	5.67%	6.77%
Merrill Lynch 1–3 Year Treasury Bill Index	4.84%	5.64%	7.25%	6.58%	5.96%	—
Lipper Short Investment Grade Debt Fund Average	3.36%	3.59%	6.27%	5.66%	5.48%	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	32%	Mortgage-Backed Securities	50.4%	AAA	82.4%
1–5 years	58%	Short-Term Instruments	27.6%	AA	0.8%
5–10 years	1%	Corporate Bonds & Notes	16.5%	A	8.9%
10–20 years	9%	Other	5.5%	BBB	6.3%
Duration	1.7 years			BB	1.1%
				CCC	0.1%
				D	0.4%

CHANGE IN VALUE For periods ended 9/30/02 Investment Process The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. The manager then employs a number of value-adding strategies, including duration management, sector allocation and liquidity management. Investment in a wide range of short-term instruments further enhances total return potential.

Past performance is no guarantee of future results. The Fund may invest up to 20% in securities denominated in foreign currencies, which may entail greater risk due to foreign economic and political developments. The Fund may invest up to 10% in high-yield (lower-rated) securities, which generally involves greater risk to principal than investments in higher-rated securities. The Fund may at times invest in derivatives and mortgage-related securities. Please see page 32 for additional information.

9.30.02   I  PIMCO Bond Funds Semi-Annual Report   19

A SHORT DURATION BOND FUND

PIMCO Money Market Fund

OBJECTIVE: Seeks maximum current income, consistent with preservation of capital and daily liquidity. PORTFOLIO: Money market instruments. DURATION RANGE: <90 days dollar-weighted average maturity FUND INCEPTION DATE: 3/01/91 TOTAL NET ASSETS: $402.7 million PORTFOLIO MANAGER: Paul McCulley

Paul McCulley

Fund Manager

Mr. McCulley is Managing Director responsible for supervising short-term investment strategies at PIMCO. He has 20 years of investment experience.

Fund slightly underperformed its benchmark

For the six-month period ended September 30, 2002, the Fund’s Class A shares returned 0.65%, outperforming the Lipper Money Market Fund Average, which returned 0.52%, but underperforming the Salomon 3-Month Treasury Bill Index, which returned 0.87%.

Treasuries gained as investor worries mounted

Investors fled to safer assets during the period, driving Treasury yields to their lowest levels in 40 years. Worries about sluggish growth, corporate scandals and a potential war with Iraq all helped to fuel a flight to quality. U.S. consumers, bolstered by cheap mortgage rates, zero interest car loans and rising real wages, remained the only significant source of demand in the global economy. High quality (A1/P1) commercial paper yields fell approximately 0.20% for three-month maturities, reflecting a continued sluggish economic growth. Yet three-month commercial paper yields relative to Treasuries widened by 0.04% to approximately 0.20% at the end of the period.

High quality holdings boosted performance

The Fund, maintained a AAA credit rating by investing in high quality short-term securities with strong liquid, attractive yields and limited credit risk. The emphasis on strong liquidity helped protect principal. Holdings of top quality commercial paper and short-term corporate and agency securities offered relatively attractive yields and boosted performance.

High quality short-term issues remain our focus

Moving forward, we believe the modest U.S. recovery will continue and the risk of deflation will be averted. The consumer/housing sectors should continue to support economic growth while the battered business sector heals. Interest rates should be range-bound around their current low levels. In light of this forecast, we intend to generate attractive yields by holding high-quality domestic and yankee commercial paper as core investments. We anticipate retaining a modest allocation to short maturity corporate issues and floating rate notes, which pose minimal interest rate and credit risk while enhancing portfolio yield. We intend to continue to invest in liquid securities that provide principal protection for the Fund. Finally, we expect to maintain an average portfolio maturity of approximately one month to ensure sufficient liquidity.

“We intend to continue to invest in liquid securities that provide principal protection for the Fund.”

20   PIMCO Bond Funds Semi-Annual Report  I  9.30.02

PIMCO Money Market Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN For periods ended 9/30/02

	6 months		1 year		3 year		5 year		10 year		Inception (3/01/91)		7-Day Yield		30-Day Yield
PIMCO Money Market Fund A Shares	0.65	%	1.48	%	3.95	%	4.28	%	4.28	%	4.30	%	1.9	%	1.22	%
PIMCO Money Market Fund B Shares	0.20	%	0.58	%	3.04	%	3.40	%	3.57	%	3.67	%	0.29	%	0.31	%
PIMCO Money Market Fund C Shares	0.65	%	1.48	%	3.96	%	4.31	%	4.30	%	4.32	%	1.20	%	1.22	%
Salomon Brothers 3-Month Treasury Bill Index	0.87	%	1.97	%	4.19	%	4.49	%	4.55	%	—		—		—
Lipper Money Market Fund Average	0.52	%	1.26	%	3.73	%	4.12	%	4.24	%	—		—		—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	100%	Short-Term Instruments	94.6%	AAA	89.6%
Duration	25.6 days	Corporate Bonds & Notes	5.0%	AA	9.1%
		Other	0.4%	A	1.3%

CHANGE IN VALUE For periods ended 9/30/02 Investment Process The Fund emphasizes current income and preservation of capital by applying PIMCO’s analytical, research and trading skills. Although the Fund is largely restricted to investing in traditional money market instruments of the highest quality, there is some scope for performance enhancement through modest shifts in duration, yield curve and sector exposure as well as through intensive bottom-up credit and quantitative research.

Past performance is no guarantee of future results. Money market funds are neither insured nor guaranteed by FDIC or any other government agency and there can be no assurance that any money market fund will be able to maintain a net asset value of $1.00 per share. Please see page 32 for additional information.

9.30.02   I  PIMCO Bond Funds Semi-Annual Report   21

AN INFLATION-INDEXED BOND FUND

PIMCO Real Return Fund

OBJECTIVE: Seeks maximum real return, consistent with preservation of real capital and prudent investment management PORTFOLIO: Inflation-indexed fixed income securities. DURATION RANGE: N/A FUND INCEPTION DATE: 1/29/97 TOTAL NET ASSETS: $6.6 billion PORTFOLIO MANAGER: John Brynjolfsson

John Brynjolfsson

Fund Manager

A renowned expert in his field, Mr. Brynjolfsson is co-author of Inflation-Protection Bonds and co-editor of The Handbook of Inflation-Indexed Bonds. He has 16 years of investment experience.

Fund delivered strong returns for shareholders

PIMCO Real Return Fund performed strongly over the past six months, with Class A shares returning 14.15%. These results were in line with the Fund’s benchmark, which returned 14.25%, and topped those of its Lipper category average, which returned 13.30% for the same period.

Real return bonds rallied as Treasury yields fell

Investors flocked to Treasuries in the past six months as concerns over sluggish economic growth, corporate scandals, and a potential war with Iraq fueled a flight to safety. As a result of heightened demand, yields on Treasury issues fell to 40-year lows. The U.S. economy grew modestly during the period, driven mainly by the consumer and housing sectors. While inflation remained contained, TIPS gained along with conventional Treasuries as real yields fell along with nominal yields.

Extended duration, yield curve positioning aided results

PIMCO Real Return Fund benefited from this favorable market climate. An above-benchmark duration enhanced returns as rates declined. In addition, exposure to shorter maturity TIPS was positive for performance as rates fell sharply in this part of the yield curve. However, a slight exposure to corporate issues detracted from returns as the sector suffered due to investor concerns over weaker profits and credit rating downgrades.

Reflation appears likely over the longer term

We expect the U.S. economic recovery to continue at a modest pace, driven by the consumer and housing sectors. In our view, the 20-year era of disinflation is over. After uncertainty in the near term, reflation should dominate over the next several years, with inflation peaking at 3–4%. While TIPS should provide compelling performance relative to Treasuries, tactical exposure needs to be managed carefully. For now, we intend to implement a barbell approach to yield curve structure, while keeping duration close to the benchmark. We expect to overweight longer-maturities, which offer modestly higher yields. Finally, we hope to opportunistically add small allocations of out-of-index assets that offer compelling risk/reward profiles.

“TIPS should continue to meet investors’ needs for long-term growth of purchasing power.”

22   PIMCO Bond Funds Semi-Annual Report  I  9.30.02

PIMCO Real Return Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN For periods ended 9/30/02

	6 months		1 year		3 year		5 year		10 year	Inception (1/29/97)
PIMCO Real Return Fund A Shares	14.15	%	14.02	%	12.35	%	9.56	%	—	8.85	%
PIMCO Real Return Fund A Shares (adjusted)	10.72	%	10.60	%	11.22	%	8.89	%	—	8.27	%
PIMCO Real Return Fund B Shares	13.72	%	13.17	%	11.51	%	8.75	%	—	8.05	%
PIMCO Real Return Fund B Shares (adjusted)	8.72	%	8.17	%	10.70	%	8.46	%	—	7.93	%
PIMCO Real Return Fund C Shares (adjusted)	12.87	%	12.45	%	11.80	%	9.02	%	—	8.31	%
Lehman Global Real: U.S. TIPS Index	14.25	%	14.69	%	12.29	%	8.79	%	—	—
Lipper Intermediate U.S. Treasury Fund Average	13.30	%	12.19	%	10.75	%	8.28	%	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	4%	U.S. Treasury Obligations	88.3%	AAA	91.9%
1–5 years	9%	Corporate Bonds & Notes	7.5%	AA	0.7%
5–10 years	47%	Other	4.2%	A	4.9%
20–30 years	40%			BBB	1.6%
Duration	6.0 years			BB	0.9%

CHANGE IN VALUE For periods ended 9/30/02 Investment Process The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. The manager focuses on duration management and manages yield curve exposure based on the firm’s outlook for real yields. Although the Fund is mainly invested in U.S. Treasury-Inflation Protection Securities (TIPS), sector rotation allows the manager to invest in other areas where he finds value on an inflation-adjusted basis.

Past performance is no guarantee of future results. The Fund may invest up to 20% in securities denominated in foreign securities, which may entail greater risk due to foreign economic and political developments. This Fund may invest up to 10% in high-yield (lower-rated) securities, which generally involves greater risk to principal than investment in higher-rated securities. Please see page 32 for additional information.

9.30.02   I  PIMCO Bond Funds Semi-Annual Report   23

A SHORT DURATION BOND FUND

PIMCO Short-Term Fund

OBJECTIVE: Seeks maximum current income, consistent with preservation of capital and daily liquidity. PORTFOLIO: Money market instruments and short maturity fixed income securities. DURATION RANGE: 0–1 year FUND INCEPTION DATE: 10/07/87 TOTAL NET ASSETS: $2.8 billion PORTFOLIO MANAGER: Paul McCulley

Paul McCulley

Fund Manager

Mr. McCulley is Managing Director responsible for supervising short-term investment strategies at PIMCO. He has 20 years of investment experience.

Fund slightly trailed its benchmark for the period

PIMCO Short-Term Fund Class A shares returned 0.72% in the past six months, trailing both the Lipper Ultra-Short Obligations Fund Average and the Salomon Brothers 3-Month Treasury Bill Index, which returned 1.57% and 0.87%, respectively, over the same time period.

Investors favored Treasuries as corporate woes infected the markets

Most bonds gained during the period as investors sought safety amid turbulent financial markets. Treasuries were by far the best-performing sector of the bond market, with yields falling to their lowest levels in 40 years. Corporate bonds lagged Treasuries as the economic environment and a stream of bad news from high profile issuers reinforced investor risk aversion. Although the corporate sector took steps to trim costs and boost cash flow, such efforts did very little to reassure corporate bond investors. The U.S. economy experienced modest economic growth during the period, driven mainly by the consumer and housing sectors.

Sector strategy had mixed results

Within this environment, the Fund’s above-benchmark duration boosted returns as interest rates fell during the period. Our emphasis on mortgages was modestly positive, since the Fund was able to capture attractive yields that offset market volatility. Asset-backed bonds also contributed to returns as investors sought their strong collateral protection and premium yields. Still, the Fund’s corporate exposure, especially in the energy/pipeline and telecom sectors, detracted from returns amid concerns over weak profits and credit rating downgrades. An allocation to emerging market bonds also hurt returns as uncertainty surrounding Brazil’s presidential election and general investor risk aversion impacted the sector.

Fund will seek opportunities for incremental yield

We expect the U.S. recovery to continue, albeit at a modest pace, bolstered by the consumer and housing sectors and with interest rates range bound around current levels. Given this environment, we plan to maintain modestly extended duration to take advantage of incremental yield among (relatively) longer-term securities. Mortgages remain a focus given their attractive yields and strong credit profiles. Finally, we will look to selectively add short-maturity corporate issues; we anticipate that this sector could benefit as corporate balance sheets improve and lenders’ appetite for risk is restored.

“Should economic growth continue to be sluggish, the Federal Reserve could be inclined to ease further.”

24   PIMCO Bond Funds Semi-Annual Report  I  9.30.02

PIMCO Short-Term Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN For periods ended 9/30/02

	6 months	1 year	3 year	5 year		10 year		Inception (10/07/87)
PIMCO Short-Term Fund A Shares	0.72%	1.69%	4.80%	4.88	%	5.16	%	5.76	%
PIMCO Short-Term Fund A Shares (adjusted)	–1.29%	–0.35%	4.10%	4.46	%	4.95	%	5.62	%
PIMCO Short-Term Fund B Shares	0.35%	0.94%	4.03%	4.11	%	4.55	%	5.34	%
PIMCO Short-Term Fund B Shares (adjusted)	–4.62%	–4.00%	3.10%	3.77	%	4.55	%	5.34	%
PIMCO Short-Term Fund C Shares (adjusted)	–0.43%	0.39%	4.49%	4.57	%	4.85	%	5.45	%
Salomon Brothers 3-Month Treasury Bill Index	0.87%	1.97%	4.19%	4.49	%	4.55	%	—
Lipper Ultra-Short Obligations Fund Average	1.57%	2.50%	5.03%	5.04	%	4.93	%	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	91%	Corporate Bonds & Notes	45.3%	AAA	52.0%
1-5 years	7%	Short-Term Instruments	28.7%	AA	1.2%
10–20 years	2%	Mortgage-Backed Securities	19.9%	A	22.2%
Duration	0.8 years	Other	6.1%	BBB	20.4%
				BB	3.1%
				B	0.9%
				CCC	0.1%
				C	0.1%

CHANGE IN VALUE For periods ended 9/30/02

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. The Fund then employs a variety of value-added strategies geared to enhance yield, including duration extension, credit quality positioning, cost-effective trading and investment in an expanded set of financial instruments.

Past performance is no guarantee of future results. The Fund may invest up to 5% in securities denominated in foreign currencies, which may entail greater risk due to foreign economic and political developments. This Fund may invest 10% in high-yield (lower-rated) securities, which generally involves greater risk to principal than investment in higher-rated securities. Please see page 32 for additional information.

9.30.02   I  PIMCO Bond Funds Semi-Annual Report   25

AN ENHANCED INDEX STOCK FUND

PIMCO StocksPLUS Fund

OBJECTIVE: Seeks total return which exceeds that of the S&P 500. PORTFOLIO: S&P 500 stock index derivatives backed by a portfolio of short-term fixed income securities. DURATION RANGE: 0–1 year FUND INCEPTION DATE: 5/13/93 TOTAL NET ASSETS: $690.4 million PORTFOLIO MANAGER: Bill Gross

Bill Gross

Fund Manager

Managing Director and co-founder of PIMCO, Mr. Gross is widely regarded as the world’s foremost fixed income authority. He has over 30 years of investment experience. In recognition of his investment skill, Morningstar named Mr. Gross and the PIMCO bond team “Fixed Income Manager of the Year” for 1998 and 2000.

Fund outpaced S&P 500 Index during a difficult period

For the six-month period ended September 30, 2002, the PIMCO StocksPLUS Fund’s Class A shares returned –27.68%, outperforming the –28.36% return of the S&P 500 Index and the –27.94% return of the Lipper Large-Cap Core Fund Average. These results were consistent with the Fund’s objective of providing incremental returns above the performance of the Index.

Stocks fell substantially as investors favored bonds

The U.S. financial markets were extremely volatile during the past six months, as investors worried about the state of the economy, corporate accounting and governance practices and heightened geopolitical conflict. Treasuries rallied during the period as investors gravitated to safer assets. Conversely, equity markets suffered significant weakness, with the S&P 500 Index falling over 28% during the period. The U.S. economy grew at a moderate pace, as low mortgage rates, zero interest car loans, and rising real wages helped fuel consumer spending.

Bond portfolio’s extended duration helped results

The Fund’s longer duration in the short-term bond portfolio backing the equity exposure was positive for performance as interest rates fell. Holdings of mortgage-backed securities and corporate bonds provided incremental yield, but suffered price erosion amid market volatility. Rising prepayment speeds adversely impacted the mortgage sector, while earnings concerns and credit downgrades plagued corporates. Of course, the steep decline of the S&P 500 Index had the greatest impact on the portfolio’s overall returns.

Moderate U.S. recovery should continue

We expect the U.S. economy to continue its modest recovery, driven by the consumer and housing sectors. While a potential war with Iraq would likely be damaging at first, U.S. monetary and fiscal policy should help counter any economic impact. Given an environment of mild growth, interest rates should stay range-bound around current levels. With this forecast in mind, we plan to maintain a modestly extended duration to capture opportunities for additional yield. We intend to keep a slight exposure to intermediate maturities to take advantage of attractive income found in the steeper portion of the yield curve. Finally, we plan to continue our emphasis on mortgages, as the incremental yield offered by these issues should help offset duration extension risk if interest rates rise.

“We plan to maintain a modestly extended duration to capture opportunities for additional yield.”

26   PIMCO Bond Funds Semi-Annual Report  I  9.30.02

PIMCO StocksPLUS Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN For periods ended 9/30/02

	6 months	1 year	3 year	5 year	10 year	Inception (5/13/93)
PIMCO StocksPLUS Fund A Shares	–27.68%	–9.30%	–12.54%	–1.72%	—	9.08	%
PIMCO StocksPLUS Fund A Shares (adjusted)	–29.85%	–21.72%	–13.42%	–2.31%	—	8.73	%
PIMCO StocksPLUS Fund B Shares	–27.98%	–19.97%	–13.20%	–2.45%	—	8.40	%
PIMCO StocksPLUS Fund B Shares (adjusted)	–31.58%	–23.93%	–13.87%	–2.67%	—	8.40	%
PIMCO StocksPLUS Fund C Shares (adjusted)	–28.66%	–20.66%	–13.02%	–2.22%	—	8.52	%
S&P 500 Index	–28.36%	–20.48%	–12.89%	–1.63%	—	—
Lipper Large-Cap Core Fund Average	–27.94%	–20.41%	–12.79%	–2.88%	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	72%	Mortgage-Backed Securities	35.3%	AAA	67.6%
1–5 years	23%	Short-Term Instruments	26.4%	AA	2.9%
10–20 years	5%	Corporate Bonds & Notes	24.2%	A	16.1%
Duration	0.8 years	Asset-Backed Securities	6.3%	BBB	9.9%
		Other	7.8%	BB	2.0%
				B	1.5%

CHANGE IN VALUE For periods ended 9/30/02

Investment Process

Taking an innovative approach, the Fund combines a non-leveraged position in S&P 500 Index futures with an actively managed, short duration fixed-income portfolio. In doing so, the Fund seeks to capture the performance of the S&P 500 Index plus an incremental return based on the fixed income component. The manager adds value primarily through duration management, credit risk management and investment in a variety of high quality, short-term securities.

Past performance is no guarantee of future results. This Fund invests substantially all of its assets in S&P 500 derivatives, backed by a portfolio of Fixed Income Instruments. The Fund may invest up to 20% in securities denominated in foreign currencies, which may entail greater risk due to foreign economic and political developments. The Fund may invest up to 10% in high-yield (lower-rated) securities, which generally involves greater risk to principal than investment in higher-rated securities. The Fund may at times invest in derivatives and mortgage related securities. Please see page 32 for additional information.

9.30.02   I  PIMCO Bond Funds Semi-Annual Report   27

A STOCK AND BOND FUND

PIMCO Strategic Balanced Fund

OBJECTIVE: Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: 45–75% PIMCO StocksPLUS Fund; 25–55% PIMCO Total Return Fund. DURATION RANGE (OF UNDERLYING FUNDS): 0–6 years FUND INCEPTION DATE: 6/28/96 TOTAL NET ASSETS: $51.1 million PORTFOLIO MANAGER: Bill Gross

Bill Gross

Fund Manager

Managing Director and co-founder of PIMCO, Mr. Gross is widely regarded as the world’s foremost fixed income authority. He has over 30 years of investment experience. In recognition of his investment skill, Morningstar named Mr. Gross and the PIMCO bond team “Fixed Income Manager of the Year” for 1998 and 2000.

Fund performed in line with its benchmark

PIMCO Strategic Balanced Fund’s Class A shares returned –15.22% for the past six months, outperforming the –15.69% return for the Lipper Balanced Fund Average. The Fund slightly underperformed its benchmark, a 60%/40% blend of the S&P 500 Index and Lehman Brothers Aggregate Bond Index (LBAG), which returned –15.03% for the same period.

Stock and bond returns were polarized

Stocks and bonds experienced drastically different returns during the period. Investor concerns over sluggish economic growth, corporate governance and accounting malfeasances and heightened geopolitical risk fueled a flight to safety. As investors favored the stability of higher quality assets, equity markets fell sharply and bond prices surged. Treasuries were the top-performing sector of the bond market, followed by mortgages. For the period, the S&P 500 Index fell –28.36% while the LBAG rose 8.45%.

Extended duration was an overall positive

The enhanced index equity portion of the portfolio, consisting of PIMCO StocksPLUS Fund, outperformed the S&P 500 Index due to an above-benchmark duration, which boosted performance as interest rates fell. The fixed income portion of the portfolio, comprised of PIMCO Total Return Fund, benefited from similar positioning.

However, widening mortgage spreads in the bonds backing the enhanced index equity portion detracted from performance. Exposure to corporate bonds in the fixed-income portion also hurt returns, as credit downgrades and corporate earnings uncertainty punished the sector.

Muted U.S. recovery should continue

Looking ahead, we expect the modest U.S. economic recovery to continue, bolstered by the consumer and housing sectors. While a potential war with Iraq could cause an initial shock to business and consumer confidence, we believe that U.S. fiscal and monetary stimulus could help mitigate any impact. Muted economic growth should constrain any upward pressure on interest rates, causing them to be range-bound around current levels. Given this forecast, we intend to maintain modestly extended duration within the enhanced index equity portion to pick up incremental yield. Exposure to mortgages should complement this strategy, as the attractive yields offered by these securities more than compensate for duration risk should interest rates rise. Within the fixed income portion, we plan to target duration near the benchmark while seeking to add value by capturing attractive, high quality yield in non-Treasury sectors.

“We expect the modest U.S. economic recovery to continue, bolstered by the consumer and housing sectors.”

28   PIMCO Bond Funds Semi-Annual Report  I  9.30.02

PIMCO Strategic Balanced Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN For periods ended 9/30/02

	6 months	1 year	3 year	5 year	10 year	Inception (6/28/96)
PIMCO Strategic Balanced Fund A Shares	–15.22%	–9.18%	–4.29%	1.87%	—	6.17%
PIMCO Strategic Balanced Fund A Shares (adjusted)	–19.03%	–13.27%	–5.75%	0.94%	—	5.39%
PIMCO Strategic Balanced Fund B Shares	–15.48%	–9.79%	–5.04%	1.12%	—	5.38%
PIMCO Strategic Balanced Fund B Shares (adjusted)	–19.69%	–14.23%	–5.82%	0.84%	—	5.38%
PIMCO Strategic Balanced Fund C Shares (adjusted)	–16.34%	–10.68%	–5.01%	1.10%	—	5.37%
60% S&P 500 Index and 40% Lehman Brothers Aggregate Bond Index	–15.03%	–9.36%	–4.06%	2.53%	—	—
S&P 500 Index	–28.36%	–20.48%	–12.89%	–1.63%	—	—
Lipper Balanced Fund Average	–15.69%	–9.93%	–3.97%	0.69%	—	—

ASSET ALLOCATION

StocksPLUS	57.0%
Total Return	43.0%

CHANGE IN VALUE For periods ended 9/30/02	Investment Process
	The Strategic Balanced Fund seeks to provide broad exposure to both equity and fixed income classes. The Fund’s equity exposure is achieved by investment in the PIMCO StocksPLUS Fund and the fixed income exposure is obtained by investment in the PIMCO Total Return Fund. Allocation decisions are based on PIMCO’s consensus economic forecasts of business cycle phases.

Past performance is no guarantee of future results. The Portfolio’s investment performance depends on how its assets are allocated and reallocated among particular underlying Funds. The portfolio’s allocation among the underlying Funds will vary, the investment may be subject to any and all of the underlying Funds risks at different times and to different degrees. Please see page 32 for additional information.

9.30.02   I  PIMCO Bond Funds Semi-Annual Report   29

A MORTGAGE-BACKED BOND FUND

PIMCO Total Return Mortgage Fund

OBJECTIVE: Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Short to intermediate maturity mortgage-related fixed-income securities. DURATION RANGE: 1–7 years FUND INCEPTION DATE: 7/31/97 TOTAL NET ASSETS: $202.7 million PORTFOLIO MANAGER: Scott Simon

Scott Simon

Fund Manager

An acclaimed expert in his field, Mr. Simon is head of mortgage securities at PIMCO and is a senior member of its portfolio management and investment strategy groups. He has 19 years of investment experience.

Fund outperformed its benchmark and peer group

PIMCO Total Return Mortgage Fund Class A shares returned 6.48% for the six-month period ended September 30, 2002, outpacing both the Lehman Brothers Mortgage Index and the Lipper U.S. Mortgage Fund Average, which returned 6.23% and 6.16%, respectively.

Mortgages benefited from a flight to quality

Investors sought safety in high-quality assets during the reporting period, causing interest rates to fall among these issues. The mortgage-backed securities market performed well in this environment, although the asset class underperformed Treasuries on a risk-adjusted basis. Within the mortgage market, GNMAs outperformed their conventional (FNMA & FHLMC) counterparts as investors preferred the higher security offered by paper with an explicit government guarantee. Also, lower coupon bonds performed better than higher coupon issues due to slower prepayment rates.

Extended duration contributed to performance

Late in the period, slightly longer-than-benchmark duration added to returns as interest rates fell. Exposure to GNMA II Adjustable Rate Mortgages (ARMs) provided attractive yield despite their relatively short durations. Also, our strategy of buying mortgages in the forward market and investing the purchase amount at relatively high short-term rates added to returns. Our exposure to Collateralized Mortgage Obligations (CMOs) further aided results by augmenting portfolio yield while providing protection against rapid prepayment rates. An underweight position in 15-year pass through issues was negative for performance as heavy investor demand caused these issues to outperform.

Yield-enhancing strategies will remain our focus

Looking ahead, we expect the modest U.S. recovery to continue, the risk of deflation to be averted and interest rates to be range-bound. In this environment, yield-enhancing strategies should play a prominent role as we look to add value to the portfolio. We intend to target duration near the benchmark and anticipate emphasizing the short end of the yield curve, which will be less vulnerable to increasing interest rates than longer maturities. We continue to emphasize GNMA issues in the 30-year sector, due to their relatively attractive yields and explicit government guarantee. Also, we expect to favor the enhanced prepayment protection found in lower coupon mortgages. Finally, we plan to continue to hold small amounts of high quality CMOs to capitalize on crossover demand from investors wary of corporate bonds.

“Yield-enhancing strategies should play a prominent role as we look to add value to the portfolio.”

30   PIMCO Bond Funds Semi-Annual Report  I  9.30.02

PIMCO Total Return Mortgage Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN For periods ended 9/30/02

	6 months		1 year		3 year		5 year		10 year	Inception (7/31/97)
PIMCO Total Return Mortgage Fund A Shares	6.48	%	8.09	%	9.85	%	8.14	%	—	8.20	%
PIMCO Total Return Mortgage Fund A Shares (adjusted)	1.67	%	3.21	%	8.18	%	7.15	%	—	7.24	%
PIMCO Total Return Mortgage Fund B Shares	6.08	%	7.28	%	9.02	%	7.33	%	—	7.39	%
PIMCO Total Return Mortgage Fund B Shares (adjusted)	1.08	%	2.28	%	8.18	%	7.02	%	—	7.25	%
PIMCO Total Return Mortgage Fund C Shares (adjusted)	5.08	%	6.29	%	9.02	%	7.33	%	—	7.39	%
Lehman Brothers Mortgage Index	6.23	%	7.35	%	9.01	%	7.55	%	—	—
Lipper U.S. Mortgage Fund Average	6.16	%	6.92	%	8.26	%	6.73	%	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	30%	Mortgage-Backed Securities	75.4%	AAA	98.1%
1–5 years	65%	Short-Term Instruments	17.2%	AA	1.9%
10–20 years	5%	Other	7.4%
Duration	1.5 years

CHANGE IN VALUE For periods ended 9/30/02 Investment Process The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. The manager then seeks to add value primarily through interest rate strategies and by exploiting many areas of the mortgage market. PIMCO’s advanced proprietary analytics are critical to issue selection and risk management.

Past performance is no guarantee of future results. This Fund invests at least 80% of its assets in a diversified portfolio of mortgage-related fixed-income instruments, which may entail greater risk than a fully diversified fund. The Fund may invest in U.S. dollar-denominated securities of foreign issuers, which may entail greater risk due to foreign economic and political developments. The Fund may invest in derivative instruments. Please see page 32 for additional information.

9.30.02   I  PIMCO Bond Funds Semi-Annual Report   31

Footnotes

Past performance is no guarantee of future results. Investment return will fluctuate and the value of an investor’s shares will fluctuate and may be worth more or less than original cost when redeemed. The average annual total return measures performance assuming that all dividend and capital gain distributions were reinvested. Returns shown do not reflect the deduction of taxes that a shareholder would pay (i) on fund distributions or (ii) the redemption of fund shares. Emerging Markets Bond, Global Bond II & Real Return Bond Fund Instl shares and retail shares commenced operations on the same day but for the rest of the PIMS Funds the returns represent the blended performance of the Fund’s retail shares (Class A, B or C) and the prior performance of the Fund’s Institutional shares, adjusted, as necessary, to reflect retail share current sales charges and different operating expenses. The retail shares were first offered in January 1997 for the PIMS Funds except Convertible on 5/99, Strategic Balanced on 5/99 & Total Return Mortgage on 8/00. Returns for Class A shares adjusted include the effect of the 4.5% maximum initial sales charge for the PIMS Funds except for Low Duration, Real Return & StocksPLUS which includes a 3% maximum initial sales charge and Short-Term Bond Fund which includes a 2% maximum initial sales charge. Returns for Class B shares include the effect of paying the contingent deferred sales charge (CDSC), which declines from 5% in the first year to 0% at the beginning of the seventh year. Returns for Class C shares have a 1% CDSC, which may apply in the first year of ownership. The credit quality of the investment in the portfolio does not apply to the stability or safety of the fund. Duration is a measure of the Fund’s price sensitivity expressed in years. The Growth of $10,000 does include the effect of the maximum initial sales charge only associated with class A shares. Money market funds are neither insured nor guaranteed by FDIC or any other government agency and there can be no assurance that any money market fund will be able to maintain a net asset value of $1.00 per share. Savings accounts & CD’s are guaranteed as to repayment of principal and interest by an agency of the U.S. government. However, the investment return and principal value of bonds and bond funds will fluctuate. The Lipper Averages are calculated by Lipper, Inc. It is the total return performance average of funds that are tracked by Lipper that have the same Fund Classification. Lipper does not take into account sales charges. First Boston Convertible Bond Index is an unmanaged market index comprised of convertible bonds. J.P. Morgan Emerging Markets Bond Index tracks total returns for Brady Bonds. Countries covered are Argentina, Brazil, Bulgaria, Ecuador, Mexico, Nigeria, Panama, Peru, Poland and Venezuela. J.P. Morgan Non-U.S. (Hedged) is an unmanaged market index representative of the total return performance in U.S. dollars of major non-U.S. bond markets. J.P. Morgan Global (Hedged) is an unmanaged market index representative of the total return performance in U.S. dollars on a hedged basis of major world bond markets. Lehman Intermediate BB High Yield is an unmanaged market index comprised of various fixed income securities rated BB. Lehman Long Term Treasury is an unmanaged index comprised of various fixed income maturities greater than 10 years. Merrill Lynch 1–3 Yr Treasury Bill Index is an unmanaged market index made up of U.S. Treasury issues with maturities from 1–3 years. Salomon Brothers 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3-month Treasury Bill issues. Lehman Brothers Inflation Linked Treasury is an unmanaged market index comprised of all U.S. Inflation Linked Treasuries. S&P 500 Index is an unmanaged market index generally considered to be representative of the stock market as a whole. 60% S&P/40% LBAG is an unmanaged index comprised of 60% of the return of the S&P 500 Index and 40% of the Lehman Brothers Aggregate Bond Index. Lehman Brothers Aggregate Bond is an unmanaged market index representative of the U.S. Taxable fixed income universe. Lehman Brothers Mortgage is an unmanaged market index representing fixed rate mortgage issued by GNMA, FNMA and FHLMC. It is not possible to invest directly in an unmanaged index. The funds also offer other share classes, which are subject to different fees and expenses (which may affect performance), have different minimum investment requirements and are entitled to different services. Information regarding such classes may be obtained by calling 1-888-87-PIMCO. An investment in a (the) fund is not a deposit of a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. In addition, it is possible to lose money on investments in a (the) fund. For additional details on the Funds, contact your financial advisor to receive a current prospectus that contains more complete information, including charges and expenses. Please read the prospectus carefully before you invest or send money. PIMCO Advisors Distributors LLC, 2187 Atlantic Street, Stamford, CT, 06902, www.pimcoadvisors.com, 1-888-87-PIMCO.

32   PIMCO Bond Funds Semi-Annual Report  I  9.30.02

Schedule of Investments

Convertible Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 4.0%
Banking & Finance 4.0%
Citigroup, Inc.
5.625% due 08/27/2012	$	1,000	$	1,046
Total Corporate Bonds & Notes (Cost $993)				1,046
U.S. TREASURY OBLIGATIONS 2.3%
U.S. Treasury Notes
6.500% due 02/15/2010		500		604
Total U.S. Treasury Obligations (Cost $552)				604
PURCHASED PUT OPTIONS 0.0%
EchoStar Communications Corp.
Strike @ 10.000 Exp. 01/18/2003		10		4
Total Purchased Put Options (Cost $14)				4
CONVERTIBLE BONDS & NOTES 62.2%
Banking & Finance 18.1%
American International Group, Inc.
0.000% due 11/09/2031		1,000		626
Countrywide Credit Industries, Inc.
0.000% due 02/08/2031		700		555
Korea Deposit Insurance
2.500% due 12/11/2005		1,250		1,353
PMI Group, Inc.
2.500% due 07/15/2021		300		310
Swiss Life Finance Ltd.
2.000% due 05/20/2003	EC	600		578
Verizon Global Funding Corp.
5.750% due 04/01/2003	$	800		805
0.000% due 05/15/2021		1,000		547
				4,774
Energy 1.7%
Transocean, Inc.
1.500% due 05/15/2021		500		455
Healthcare 12.8%
Allergan, Inc.
0.000% due 11/01/2020		450		288
Amgen, Inc.
0.000% due 03/01/2032		500		354
Lifepoint Hospitals, Inc.
4.500% due 06/01/2009		500		482
Medtronic, Inc.
1.250% due 09/15/2021		500		517
Roche Holdings, Inc.
0.010% due 01/19/2015		550		394
Total Renal Care Holdings
7.000% due 05/15/2009		500		490
Universal Health Services
0.426% due 06/23/2020		500		333
WellPoint Health Networks, Inc.
0.000% due 07/02/2019		500		497
				3,355
Industrials 17.4%
Brinker International, Inc.
0.000% due 10/10/2021		350		222
Costco Wholesale Corp.
0.000% due 08/19/2017		250		191
DDI Corp.
6.250% due 04/01/2007		500		113
EchoStar Communications Corp.
4.875% due 01/01/2007		500		379
Elan Finance Corp. Ltd.
0.000% due 12/14/2018		500		151
Kohl’s Corp.
0.000% due 06/12/2020		1,000		624
L-3 Communications Holdings, Inc.
4.000% due 09/15/2011		400		484
Lowe’s Cos., Inc.
0.000% due 02/16/2021		500		391
Pride International, Inc.
0.000% due 04/24/2018		1,254		605
Tech Data Corp.
2.000% due 12/15/2021		500		416
Tyco International Group SA
0.000% due 02/12/2021		900		659
Vivendi Universal SA
2.000% due 03/08/2006	EC	363		348
				4,583
Technology 6.7%
Advanced Micro Devices, Inc.
4.750% due 02/01/2022	$	600		356
First Data Corp.
2.000% due 03/01/2008		700		739
Siebel Systems, Inc.
5.500% due 09/15/2006		400		358
STMicroelectronics NV
0.000% due 09/22/2009		400		319
				1,772
Utilities 5.5%
Adelphia Communications Corp.
6.000% due 02/15/2006 (a)		500		38
Charter Communications, Inc.
4.750% due 06/01/2006		850		369
Liberty Media Corp.
4.000% due 11/15/2029		1,000		500
Telefonos de Mexico SA
4.250% due 06/15/2004		500		551
				1,458
Total Convertible Bonds & Notes (Cost $17,828)				16,397
CONVERTIBLE PREFERRED STOCK 21.8%
	Shares
Banking & Finance 9.2%
Equity Office Properties Trust
5.250% due 02/15/2008		8,000		344
Equity Residentials Properties Trust
7.250% due 12/31/2049		15,200		356
Ford Motor Co. Capital Trust II
6.500% due 01/15/2032		13,400		540
Travelers Property Casualty Corp.
4.500% due 04/15/2032		30,000		642
Washington Mutual, Inc.
5.375% due 05/03/2041		11,300,000		550
				2,432
Energy 3.3%
Kerr-McGee Corp.
5.500% due 08/02/2004		13,900		615
Valero Energy
7.750% due 08/18/2003		11,000		249
				864
Industrials 8.5%
Coltec Capital Trust
5.250% due 04/15/2028		15,000		444
Electronic Data Systems Corp.
7.625% due 08/17/2004		6,000		109
General Motors Corp.
4.500% due 03/06/2032		27,000		637
5.250% due 03/06/2032		27,000		604
Tribune Co.
2.000% due 05/15/2029		6,600		441
				2,235

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   33

Schedule of Investments (Cont.)

Convertible Fund

September 30, 2002 (Unaudited)

	Shares		Value (000s)
Utilities 0.8%
TXU Corp.
8.125% due 05/16/2006		5,000	$	218
Total Convertible Preferred Stock (Cost $7,088)			$	5,749
COMMON STOCKS 0.0%
Healthcare 0.0%
Elan Corp. PLC SP—ADR (b)		1		0
Total Common Stocks (Cost $0)				0
PREFERRED SECURITY 2.3%
Golden State Bancorp.
9.125% due 12/31/2049		23,000		607
Total Preferred Security (Cost $596)				607
SHORT-TERM INSTRUMENTS 7.1%
	Principal Amount (000s)
Commercial Paper 6.1%
Svenska Handelsbank, Inc.
1.750% due 12/18/2002	$	500		498
UBS Finance, Inc.
1.970% due 10/01/2002		600		600
1.750% due 12/18/2002		500		498
				1,596
Repurchase Agreement 1.0%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Federal Home Loan Bank 2.000% due 10/08/2003 valued at $275. Repurchase proceeds are $269.)		269		269
Total Short-Term Instruments (Cost $1,865)				1,865
Total Investments 99.7% (Cost $28,936)			$	26,272
Other Assets and Liabilities (Net) 0.3%				69
Net Assets 100.0%			$	26,341

Notes to Schedule of Investments (amounts in thousands):

(a) Security is in default.

(b) Non-income producing security

(c) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation
Buy	EC	123	11/2002	$        1

(d) Principal amount denoted in indicated currency:

EC—Euro

34   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

Emerging Markets Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
BERMUDA 0.0%
IMEXA Export Trust
10.125% due 05/31/2003	$	42	$	16
Total Bermuda (Cost $42)				16
BRAZIL 19.7%
Republic of Brazil
3.062% due 04/15/2006 (a)	$	16,506		10,874
11.500% due 03/12/2008		500		261
3.125% due 04/15/2009 (a)		3,853		1,926
11.000% due 01/11/2012		210		95
8.000% due 04/15/2014		22,074		10,790
3.062% due 04/15/2024 (a)		1,100		597
6.000% due 04/15/2024		1,250		712
8.875% due 04/15/2024 (b)		3,850		1,540
11.000% due 05/15/2027 (b)		5,900		2,404
12.250% due 03/06/2030 (b)		2,000		940
Republic of Brazil (BR)
14.500% due 10/15/2009		500		274
11.000% due 08/17/2040 (b)		9,600		4,166
Republic of Brazil (US)
14.500% due 10/15/2009		40		22
11.000% due 08/17/2040 (b)		37,794		16,724
Total Brazil (Cost $74,596)				51,325
BULGARIA 3.2%
Republic of Bulgaria
2.812% due 07/28/2011 (a)	$	6,829		6,009
2.687% due 07/28/2012 (a)		1,448		1,306
2.687% due 07/28/2024 (a)		1,050		945
Total Bulgaria (Cost $8,156)				8,260
CHILE 0.4%
Republic of Chile
5.625% due 07/23/2007	$	250		263
7.125% due 01/11/2012		740		807
Total Chile (Cost $1,022)				1,070
CROATIA 0.2%
Republic of Croatia
2.687% due 07/31/2010 (a)	$	640		635
Total Croatia (Cost $638)				635
ECUADOR 2.4%
Republic of Ecuador
12.000% due 11/15/2012	$	1,380		724
5.000% due 08/15/2030		5,200		1,924
6.000% due 08/15/2030 (b)		10,185		3,733
Total Ecuador (Cost $8,916)				6,381
MALAYSIA 4.9%
Republic of Malaysia
7.500% due 07/15/2011 (b)	$	10,990		12,745
Total Malaysia (Cost $11,598)				12,745
MEXICO 21.9%
Telefonos de Mexico S.A.
8.250% due 01/26/2006	$	1,000		1,046
United Mexican States
9.750% due 04/06/2005		250		279
8.500% due 02/01/2006		1,000		1,085
8.500% due 02/01/2006		500		548
9.875% due 02/01/2010		2,020		2,293
7.500% due 01/14/2012		2,790		2,828
8.125% due 12/30/2019 (b)		1,770		1,730
6.250% due 12/31/2019 (b)		9,675		9,361
8.000% due 09/24/2022		8,900		8,488
8.300% due 08/15/2031 (b)		14,450		14,053
United Mexican States (MX)
10.375% due 02/17/2009		585		679
8.375% due 01/14/2011 (b)		4,600		4,842
11.375% due 09/15/2016		1,450		1,787
11.500% due 05/15/2026 (b)		3,800		4,775
United Mexican States (US)
10.375% due 02/17/2009		250		291
8.375% due 01/14/2011 (b)		1,370		1,445
11.375% due 09/15/2016		1,030		1,269
11.500% due 05/15/2026 (b)		255		322
United Mexican States Value Recovery Right
0.000% due 06/30/2003 (a)		9,712		29
Total Mexico (Cost $57,111)				57,150
MOROCCO 0.7%
Kingdom of Morocco
2.750% due 01/05/2009 (a)	$	150		133
Morroco Restructured Tranche A
2.687% due 01/01/2009 (a)		2,080		1,841
Total Morocco (Cost $2,016)				1,974
NIGERIA 0.6%
Central Bank of Nigeria
6.250% due 11/15/2020	$	2,750		1,609
Central Bank of Nigeria—Warrant
0.000% due 11/15/2020 (a)		1		0
Total Nigeria (Cost $1,720)				1,609
PANAMA 5.0%
Republic of Panama
8.250% due 04/22/2008	$	890		857
9.375% due 07/23/2012		4,720		4,578
4.750% due 07/17/2014		5,480		4,439
2.625% due 07/17/2016 (a)		23		16
8.875% due 09/30/2027		30		28
9.375% due 04/01/2029		175		178
Republic of Panama (PA)
9.625% due 02/08/2011		250		247
Republic of Panama (US)
9.625% due 02/08/2011		2,620		2,600
Total Panama (Cost $13,180)				12,943
PERU 6.1%
Republic of Peru
9.125% due 02/21/2012	$	17,671		14,446
4.000% due 03/07/2017		1,969		1,179
4.500% due 03/07/2017		368		248
Total Peru (Cost $17,483)				15,873

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   35

Schedule of Investments (Cont.)

Emerging Markets Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
PHILIPPINES 0.2%
Republic of Philippines
6.500% due 12/01/2017	$	500	$	465
Total Philippines (Cost $402)				465
POLAND 1.0%
Republic of Poland
6.000% due 10/27/2014	$	1,534		1,540
3.750% due 10/27/2024 (b)		1,190		980
Total Poland (Cost $2,350)				2,520
QATAR 1.6%
State of Qatar (QA)
9.750% due 06/15/2030 (b)	$	1,930		2,388
State of Qatar (US)
9.750% due 06/15/2030		1,425		1,763
Total Qatar (Cost $3,789)				4,151
RUSSIA 22.9%
Republic of Ukraine
11.000% due 03/15/2007	$	2,016		2,104
Russian Federation
11.750% due 06/10/2003 (b)		1,380		1,452
8.750% due 07/24/2005		20		21
10.000% due 06/26/2007		1,200		1,299
8.250% due 03/31/2010		1,653		1,652
11.000% due 07/24/2018		1,950		2,124
12.750% due 06/24/2028 (b)		2,100		2,552
5.000% due 03/31/2030		68,471		48,440
Total Russia (Cost $56,545)				59,644
SOUTH AFRICA 0.6%
Republic of South Africa
7.375% due 04/25/2012	$	1,415		1,495
Total South Africa (Cost $1,400)
SOUTH KOREA 0.2%
Korea Deposit Insurance
2.500% due 12/11/2005	$	500		541
Total South Korea (Cost $526)				541
TUNISIA 1.6%
Banque Centrale De Tunisie
7.375% due 04/25/2012	$	4,090		4,080
Total Tunisia (Cost $4,040)				4,080
UNITED STATES 0.7%
Corporate Bonds & Notes 0.7%
Pemex Project Funding Master Trust
8.000% due 11/15/2011	$	1,750		1,761
Total United States (Cost $1,761)				1,761
VENEZUELA 0.0%
Republic of Venezuela Oil Linked Payment Obligation
0.000% due 04/15/2020 (a)	$	4		0
Total Venezuela (Cost $0)				0
SHORT-TERM INSTRUMENTS 55.2%
Commercial Paper 49.7%
Abbey National North America
1.750% due 12/12/2002		13,000		12,956
BP Amoco Capital PLC
1.970% due 10/01/2002		7,000		7,000
CBA (de) Finance
1.750% due 11/27/2002		11,000		10,970
Danske Corp.
1.750% due 10/15/2002		5,000		4,997
1.750% due 12/19/2002		6,500		6,489
Fannie Mae
1.710% due 11/20/2002		8,000		7,981
Federal Home Loan Bank
1.658% due 10/23/2002		13,000		12,987
1.700% due 10/30/2002		5,000		4,993
1.725% due 10/30/2002		5,800		5,792
1.695% due 11/01/2002		8,000		7,988
Freddie Mac
1.720% due 10/22/2002		8,000		7,992
HBOS Treasury Services PLC
1.770% due 11/20/2002		3,500		3,498
Pfizer, Inc.
1.730% due 10/28/2002		4,000		3,997
Rabobank Nederland NV
1.920% due 10/01/2002		7,000		7,000
TotalFinaElf SA
1.740% due 10/31/2002		13,000		12,981
UBS AG
1.970% due 10/01/2002		12,000		12,000
				129,621
Repurchase Agreement 2.4%
State Street Bank
1.550% due 10/01/2002		6,158		6,158
(Dated 09/30/2002. Collateralized by Federal Home Loan Bank 2.770% due 08/19/2004 valued at $6,285. Repurchase proceeds are $6,158)
U.S. Treasury Bills 3.1%
1.608% due 11/14/2002-11/29/2002 (g)		8,000		7,981
Total Short-Term Instruments
(Cost $143,760)				143,760
Total Investments 149.1%
(Cost $411,051)			$	388,398
Other Assets and Liabilities (Net) (49.1%)				(127,919	)
Net Assets 100.0%			$	260,479

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security, or a portion thereof, subject to financing transaction.

(c) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation
Buy	EC	2,800	11/2002	$	21

(d) Principal amount denoted in indicated currency:

EC—Euro

36   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

(e) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 9.050% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 8.000% due 04/15/2014.
Broker: Goldman Sachs Exp. 04/15/2014	$	2,000	$	(574	)
Receive a fixed rate equal to 1.160% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: J.P. Morgan Chase & Co. Exp. 12/17/2002		1,500		3
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 8.875% due 09/30/2027.
Broker: Credit Suisse First Boston Exp. 09/30/2027		2,500		1
Receive a fixed rate equal to 8.250% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 10.125% due 05/15/2027.
Broker: Credit Suisse First Boston Exp. 03/11/2009		14,000		(7,115	)
Receive a fixed rate equal to 1.250% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 8.000% due 04/15/2014.
Broker: J.P. Morgan Chase & Co. Exp. 10/23/2002		4,000		(126	)
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012
Broker: Credit Suisse First Boston Exp. 04/24/2003		2,500		(13	)
Receive a fixed rate equal to 1.900% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 4.500% due 03/07/2017.
Broker: J.P. Morgan Chase & Co. Exp. 05/01/2003		2,000		(30	)
Receive a fixed rate equal to 7.850% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 3.063% due 04/15/2006.
Broker: Goldman Sachs Exp. 05/09/2004		3,000		(1,162	)
Receive a fixed rate equal to 1.750% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: J.P. Morgan Chase & Co. Exp. 05/24/2003		5,000		(88	)
Receive a fixed rate equal to 1.200% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 2.750% due 07/17/2016.
Broker: J.P. Morgan Chase & Co. Exp. 05/24/2003		3,000		(13	)
Receive a fixed rate equal to 1.570% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Goldman Sachs Exp. 05/29/2003		1,500		(4	)
Receive a fixed rate equal to 1.820% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 11/30/2003		3,000		(27	)
Receive a fixed rate equal to 0.700% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 8.500% due 02/01/2006.
Broker: Merrill Lynch Exp. 11/08/2002		2,000		0
			$	(9,148	)

(f) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
Republic of Venezuela	2.875	12/18/2007	$	13,357	$	10,084	$	10,437

(g) Securities are grouped by coupon or range of coupons and represent a range of maturities.

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   37

Schedule of Investments

Foreign Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
AUSTRALIA (h)(i) 1.1%
Commonwealth of Australia
10.000% due 10/15/2007 (a)	A$	750	$	495
Crusade Global Trust
2.230% due 02/15/2030 (b)	$	6,495		6,509
Homeside Mortgage Securities Trust
2.050% due 01/20/2027 (b)		1,558		1,557
Medallion Trust
2.210% due 07/12/2031 (b)		3,026		3,030
Torrens Trust
2.040% due 07/15/2031 (b)		1,499		1,500
Total Australia (Cost $13,041)				13,091
BELGIUM (h)(i) 1.7%
Kingdom of Belgium
9.000% due 03/28/2003	EC	5		5
6.750% due 11/21/2004	BF	183,200		4,819
6.250% due 03/28/2007	EC	1,400		1,526
7.500% due 07/29/2008		10,500		12,257
Total Belgium (Cost $18,463)				18,607
CANADA (h)(i) 0.3%
Commonwealth of Canada
5.250% due 09/01/2003	C$	640		412
5.500% due 06/01/2010		1,800		1,191
Newcourt Credit Group, Inc.
7.125% due 12/17/2003	$	2,000		2,048
Total Canada (Cost $3,689)				3,651
CAYMAN ISLANDS (h)(i) 1.0%
International Credit Recovery-Japan
0.495% due 08/25/2005 (b)	JY	36,539		299
MBNA Master Credit Card Trust
3.637% due 05/19/2004 (b)	EC	8,100		8,005
Redwood Capital II Ltd.
4.860% due 01/01/2004 (b)	$	2,500		2,490
SHL Corp. Ltd.
0.765% due 12/25/2024 (b)	JY	72,078		592
Total Cayman Islands (Cost $12,031)				11,386
DENMARK (h)(i) 0.7%
Nykredit
6.000% due 10/01/2029	DK	29,012		3,880
Unikredit Realkredit
6.000% due 07/01/2029		26,222		3,517
Total Denmark (Cost $6,121)				7,397
FRANCE (h)(i) 8.7%
Axa SA
3.750% due 01/01/2017	EC	828		727
France Telecom SA
0.466% due 06/19/2003 (b)	JY	700,000		5,580
1.022% due 07/16/2003 (b)		270,000		2,151
Republic of France
5.250% due 04/25/2008	EC	47,000		49,722
4.000% due 04/25/2009		8,250		8,161
4.000% due 10/25/2009		30,070		29,613
Total France (Cost $85,349)				95,954
GERMANY (h)(i) 43.6%
Commerzbank AG
3.852% due 10/25/2032 (b)	EC	6,200	$	6,150
Depfa Pfandbriefbank
4.750% due 07/15/2008		3,590		3,681
5.750% due 03/04/2009		3,560		3,833
Deutsche Telekom AG
1.673% due 03/10/2004 (b)	JY	200,000		1,625
DSL Bank AG
7.250% due 08/07/2007 (b)	BP	3,000		5,225
Eurohypo AG
3.500% due 07/03/2006	EC	7,000		6,897
Hypothekenbank in Essen AG
5.500% due 02/20/2007		1,690		1,779
Landesbank Baden-Wuerttemberg AG
5.500% due 04/02/2007		440		464
Landesbank NRW
4.750% due 09/28/2007		1,630		1,670
Landesbank Rheinland-Pfalz
4.750% due 04/04/2008		1,430		1,468
Republic of Germany
4.250% due 03/14/2003		7,370		7,320
6.500% due 10/14/2005 (a)		105,200		113,373
6.000% due 01/05/2006 (a)		38,400		41,004
5.000% due 02/17/2006		4,000		4,155
6.250% due 04/26/2006 (a)		35,400		38,255
4.500% due 08/18/2006 (a)(b)		28,800		29,529
4.125% due 07/04/2008 (a)(b)		1,950		1,962
4.500% due 07/04/2009 (a)(b)		5,785		5,894
5.250% due 07/04/2010 (a)		30,000		31,856
5.250% due 01/04/2011 (a)		23,300		24,719
6.250% due 01/04/2024 (a)		11,180		12,971
6.500% due 07/04/2027 (a)		75,260		90,850
5.625% due 01/04/2028 (a)		8,400		9,127
6.250% due 01/04/2030 (a)		19,700		23,372
5.500% due 01/04/2031 (a)		13,900		15,049
Total Germany (Cost $436,127)				482,228
GREECE (h)(i) 0.2%
Hellenic Republic
4.700% due 05/19/2003 (b)	EC	293		281
5.220% due 06/17/2003 (b)		315		316
5.240% due 10/23/2003 (b)		1,103		1,098
Total Greece (Cost $2,221)				1,695
IRELAND (h)(i) 0.3%
Emerald Mortgages PLC
3.573% due 04/30/2028 (b)	EC	3,777		3,732
Total Ireland (Cost $3,321)				3,732
ITALY (h)(i) 8.3%
First Italian Auto Transaction
3.720% due 07/01/2008 (b)	EC	10,030		9,860
Republic of Italy
7.750% due 11/01/2006 (a)		5,700		6,499
4.500% due 05/01/2009 (a)		69,210		70,127
5.250% due 08/01/2011		3,400		3,568
Siena Mortgage SpA
3.651% due 02/07/2037 (b)		1,500		1,483
Upgrade SpA
3.703% due 12/31/2035 (b)		1,000		988
Total Italy (Cost $81,260)				92,525

38   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
JAPAN (h)(i) 0.1%
Government of Japan
1.900% due 12/21/2009	JY	110,000	$	979
Total Japan (Cost $966)				979
LUXEMBOURG (h)(i) 0.2%
Hellenic Finance
2.000% due 07/15/2003 (b)	EC	1,600		1,639
Tyco International Group SA
6.750% due 02/15/2011	$	8		7
Total Luxembourg (Cost $1,695)				1,646
MEXICO (h)(i) 0.5%
Bancomext Trust
8.000% due 08/05/2003	$	390		407
Petroleos Mexicanos
8.850% due 09/15/2007		1,040		1,123
9.375% due 12/02/2008		1,290		1,390
United Mexican States
10.375% due 01/29/2003	EC	2,575		1,323
4.000% due 03/11/2004	JY	130,000		1,107
Total Mexico (Cost $5,351)				5,350
NETHERLANDS (h)(i) 1.3%
Deutsche Telekom International Finance BV
7.750% due 06/15/2005	$	1,700		1,825
Kingdom of Netherlands
6.000% due 01/15/2006	EC	12,000		12,790
Total Netherlands (Cost $13,613)				14,615
NEW ZEALAND (h)(i) 0.3%
Commonwealth of New Zealand
4.500% due 02/15/2016	N$	5,130		2,827
Total New Zealand (Cost $3,128)				2,827
PANAMA 0.2%
Republic of Panama
9.625% due 02/08/2011	$	1,600		1,582
9.375% due 07/23/2012		200		199
4.750% due 07/17/2014		889		720
Total Panama (Cost $2,639)				2,501
PERU 0.6%
Republic of Peru
9.125% due 02/21/2012	$	5,900		4,823
4.500% due 03/07/2017		2,058		1,389
Total Peru (Cost $7,316)				6,212
SPAIN (h)(i) 5.2%
Hipotebansa Mortgage Securitization Fund
3.566% due 01/18/2018 (b)	EC	3,346		3,313
3.576% due 07/18/2022 (b)		3,447		3,394
Kingdom of Spain
5.150% due 07/30/2009 (a)(b)		37,730		39,561
5.350% due 10/31/2011 (a)		11,100		11,722
Total Spain (Cost $55,155)				57,990
SUPRANATIONAL (h)(i) 1.5%
Eurofima
4.750% due 07/07/2004	SK	60,900		6,575
European Investment Bank
6.000% due 05/07/2003	BP	3,250		5,175
8.000% due 06/10/2003		3,250		5,254
Total Supranational (Cost $16,365)				17,004
SWEDEN (h)(i) 0.3%
Kingdom of Sweden
5.000% due 01/28/2009	SK	27,000		2,959
Total Sweden (Cost $2,668)				2,959
UNITED KINGDOM (h)(i) 9.2%
Abbey National Treasury Service PLC
5.250% due 01/21/2004	BP	2,670		4,262
Bauhaus Securities Ltd.
3.701% due 10/30/2052 (b)	EC	5,874		5,799
British Telecom PLC
3.121% due 12/15/2003 (b)	$	12,380		12,357
Core
2.081% due 03/17/2009 (b)		1,505		1,500
Haus Ltd.
3.612% due 12/14/2037 (b)	EC	8,789		8,703
Lloyds TSB Capital I
7.375% due 02/07/2049 (b)		500		554
Originated Mortgage Loans PLC
3.863% due 12/15/2031 (b)		597		592
United Kingdom Gilt
7.250% due 12/07/2007 (a)	BP	38,000		68,185
Total United Kingdom (Cost $99,743)				101,952
UNITED STATES (h)(i) 83.7%
Asset-Backed Securities 7.7%
Ace Securities Corp.
2.133% due 11/25/2028 (b)	$	109		109
AFC Home Equity Loan Trust
2.033% due 03/25/2027 (b)		393		392
AMRESCO Residential Securities Mortgage Loan Trust
2.280% due 06/25/2029 (b)		4,347		4,352
Asset-Backed Securities Home Equity Corp.
2.200% due 03/15/2032 (b)		1,788		1,789
Bayview Financial Acquisition Trust
2.203% due 11/25/2030 (b)		6,000		6,016
Bear Stearns Asset-Backed Securities, Inc.
2.140% due 10/25/2032 (b)		1,204		1,203
2.213% due 10/25/2032 (b)		1,400		1,399
CDC Mortgage Capital Trust
2.153% due 01/10/2032 (b)		7,386		7,354
2.103% due 08/25/2032 (b)		1,180		1,174
Conseco Finance Securitizations Corp.
2.193% due 10/15/2031 (b)(c)		374		372
CS First Boston Mortgage Securities Corp.
2.083% due 12/15/2030 (b)		5,059		5,054
2.163% due 08/25/2031 (b)		224		223
2.153% due 07/25/2032 (b)		2,553		2,546
2.263% due 10/25/2032 (b)		4,181		4,189
EQCC Home Equity Loan Trust
2.070% due 03/20/2030 (b)		215		214
First Alliance Mortgage Loan Trust
2.050% due 12/20/2027 (b)		108		108
GMAC Mortgage Corp. Loan Trust
6.998% due 11/25/2030 (b)		76		74
Irwin Home Equity Loan Trust
2.030% due 11/25/2011 (b)		33		33
Long Beach Auto Receivables Trust
3.114% due 03/13/2005 (b)		3,154		3,166

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   39

Schedule of Investments (Cont.)

Foreign Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Mesa Trust Asset Backed Certificates
2.113% due 11/25/2031 (b)	$	4,568	$	4,571
MLCC Mortgage Investors, Inc.
2.203% due 03/15/2025 (b)		2,447		2,445
Novastar Home Equity Loan
2.093% due 01/25/2031 (b)		1,387		1,381
Option One Mortgage Loan Trust
2.143% due 04/25/2030 (b)		109		108
Provident Bank Equipment Lease Trust
2.136% due 11/25/2011 (b)		676		678
Providian Gateway Master Trust
2.043% due 03/15/2007 (b)		13,300		13,309
Providian Home Equity Loan Trust
2.103% due 06/25/2025 (b)		1,580		1,583
Residential Asset Securities Corp.
2.063% due 07/25/2032 (b)		7,792		7,739
Residential Funding Mortgage Securities II, Inc.
2.003% due 08/25/2014 (b)		282		282
Salomon Brothers Mortgage Securities VII, Inc.
2.243% due 11/15/2029 (b)		609		609
2.153% due 12/25/2029 (b)		2,435		2,429
Washington Mutual Mortgage Securities Corp.
5.240% due 10/25/2032 (b)		9,981		10,207
				85,108
Convertible Bonds & Notes 0.2%
Verizon Global Funding Corp.
5.750% due 04/01/2003		2,200		2,214
Corporate Bonds & Notes 7.7%
Ahold Finance USA, Inc.
6.875% due 05/01/2029		2,200		2,106
AOL Time Warner, Inc.
5.625% due 05/01/2005		5,100		4,861
AT&T Corp.
5.360% due 11/21/2003 (b)	EC	10,600		10,030
CIT Group, Inc.
q2.310% due 04/07/2003 (b)	$	638		637
7.500% due 11/14/2003		1,400		1,454
Coastal Corp.
7.750% due 10/15/2035		700		442
Conoco Funding Co.
7.250% due 10/15/2031		400		476
Conoco, Inc.
2.710% due 04/15/2003 (b)		1,200		1,204
El Paso Corp.
7.125% due 05/06/2009	EC	3,500		2,819
Ford Motor Credit Co.
2.110% due 06/20/2003 (b)	$	5,200		5,084
1.000% due 12/22/2003	JY	107,000		864
5.750% due 02/23/2004	$	1,000		998
2.210% due 07/19/2004 (b)		2,800		2,650
3.726% due 10/25/2004 (b)		2,800		2,672
General Electric Capital Corp.
6.125% due 02/22/2011		2,500		2,719
General Electric Finance Assurance
1.600% due 06/20/2011	JY	520,000		4,180
General Motors Acceptance Corp.
1.910% due 02/14/2003 (b)	$	3,900		3,880
1.857% due 08/18/2003 (b)		4,790		4,716
2.210% due 07/21/2004 (b)		5,100		4,915
General Motors Corp.
1.250% due 12/20/2004	JY	208,000		1,688
J.P. Morgan & Co., Inc.
3.123% due 02/15/2012 (b)	$	4,670		4,717
Kinder Morgan, Inc.
6.450% due 03/01/2003		1,000		1,012
Limestone Electron Trust
8.625% due 03/15/2003		2,500		2,227
Merrill Lynch & Co., Inc.
2.070% due 05/21/2004 (b)		6,710		6,710
MGM Mirage, Inc.
6.950% due 02/01/2005		180		184
Morgan Stanley TRACERS
4.869% due 09/15/2011 (b)		256		278
Pfizer, Inc.
0.800% due 03/18/2008	JY	637,000		5,308
Protective Life Funding Trust
2.210% due 01/17/2003 (b)	$	1,200		1,201
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		8		4
Salomon Smith Barney Holdings, Inc.
1.962% due 02/11/2003 (b)		400		400
Sprint Capital Corp.
5.875% due 05/01/2004		690		597
Verizon Global Funding Corp.
5.750% due 04/01/2003		3,090		3,127
Verizon Wireless, Inc.
2.286% due 12/17/2003 (b)		500		479
WorldCom, Inc.—WorldCom Group
7.500% due 05/15/2011 (c)		8		1
				84,640
Mortgage-Backed Securities 30.0%
Amortizing Residential Collateral Trust
2.073% due 09/25/2030 (b)		491		490
Bank of America Mortgage Securities, Inc.
6.500% due 05/25/2029		266		282
Bear Stearns Adjustable Rate Mortgage Trust
6.999% due 02/25/2031 (b)		1,666		1,697
6.128% due 12/25/2031 (b)		2,058		2,112
6.258% due 01/25/2032 (b)		6,562		6,647
Chase Mortgage Finance Corp.
6.550% due 08/25/2028		457		458
Citicorp Mortgage Securities, Inc.
6.500% due 07/25/2028-03/25/2029 (b)		522		531
CS First Boston Mortgage Securities Corp.
2.360% due 08/25/2033 (b)		5,600		5,600
Fannie Mae
4.653% due 07/01/2021 (b)		180		185
6.345% due 11/01/2022 (b)		337		346
6.218% due 01/01/2023 (b)		390		402
5.231% due 08/01/2023 (b)		567		583
6.676% due 12/01/2030 (b)		1,178		1,232
6.000% due 10/15/2032 (b)		15,800		16,225
5.500% due 10/21/2017-11/14/2032 (b)(d)		79,000		79,654
Freddie Mac
5.125% due 01/15/2012	EC	1,700		1,738
9.050% due 06/15/2019	$	31		31
4.673% due 06/01/2022 (b)		855		879
5.821% due 08/01/2022 (b)		191		196
5.500% due 05/15/2012-11/14/2032 (d)		68,536		69,114
General Electric Capital Mortgage Services, Inc.
6.250% due 07/25/2029 (b)		500		514
Government National Mortgage Association
7.375% due 05/20/2022 (b)		27		28
6.625% due 11/20/2021-12/20/2025 (b)(d)		1,628		1,684
6.750% due 07/20/2022-08/20/2027 (b)(d)		4,474		4,613
5.375% due 05/20/2023-05/20/2028 (b)(d)		2,933		3,029
6.000% due 12/15/2028		82,000		84,870
4.250% due 04/20/2030-05/20/2030 (b)(d)		6,821		6,964
5.000% due 04/20/2030-05/20/2030 (b)(d)		2,679		2,752
6.500% due 10/23/2032 (b)		1,000		1,042
J.P. Morgan Chase Commercial Mortgage Finance Corp.
6.465% due 11/15/2035		10,100		11,375
Prudential Home Mortgage Securities
7.000% due 01/25/2008		3,198		3,194
6.800% due 05/25/2024		531		580
Residential Funding Mortgage Securities I
6.500% due 05/25/2029		1,452		1,477
1.000% due 09/25/2032		4,900		4,989
Residential Funding Mortgage Securities, Inc.
2.112% due 05/12/2032 (b)		4,455		4,462
Structured Asset Mortgage Investments, Inc.
6.523% due 06/25/2029 (b)		1,890		1,958
Structured Asset Securities Corp.
2.113% due 10/25/2027 (b)		1,901		1,900

40   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Washington Mutual Mortgage Securities Corp.
6.010% due 04/25/2031 (b)	$	900	$	915
Washington Mutual, Inc.
4.053% due 12/25/2040 (b)		1,564		1,585
Wells Fargo Mortgage-Backed Securities Trust
4.972% due 09/25/2032 (b)		5,900		5,986
				332,319
Municipal Bonds & Notes 0.1%
Chicago, Illinois Board of Education General Obligation Bonds, (FSA Insured), Series 2001
5.000% due 12/01/2031		300		307
Chicago, Illinois Water Revenue Bonds, (AMBAC Insured), Series 2001
5.000% due 11/01/2026		200		205
Louisville and Jefferson County, Kentucky Metro Sewer and Drain District Revenue Bonds, (MBIA Insured), Series 2001
5.000% due 05/15/2036		200		205
Maryland State Health and Education Facilities Authority Revenue Bonds, Series 2001
5.000% due 07/01/2041		300		307
				1,024
		Shares
Preferred Security 0.6%
DG Funding Trust
4.105% due 12/29/2049 (b)		640		6,592
	Principal Amount (000s)
U.S. Government Agencies 8.3%
Fannie Mae
4.250% due 10/25/2004	$	800		811
Federal Home Loan Bank
6.750% due 12/20/2004		600		607
6.250% due 02/14/2006		500		508
5.665% due 03/22/2006		3,200		3,516
5.660% due 04/26/2006		1,200		1,319
4.375% due 08/15/2007		8,500		8,627
Freddie Mac
4.500% due 04/15/2005		7,000		7,088
5.750% due 09/15/2010	EC	1,600		1,712
4.750% due 01/15/2013		5,360		5,298
Resolution Funding Corp.
0.000% due 10/15/2020	$	16,100		6,093
0.000% due 01/15/2021		29,000		10,828
Small Business Administration
6.640% due 02/01/2011		4,257		4,705
6.344% due 08/10/2011		5,903		6,425
5.980% due 11/01/2022		5,000		5,423
Tennessee Valley Authority
4.875% due 12/15/2016		16,050		17,258
5.880% due 04/01/2036		10,000		11,579
				91,797
U.S. Treasury Obligations 29.1%
Treasury Inflation Protected Securities (f)
3.625% due 01/15/2008		65,327		72,084
3.875% due 01/15/2009		2,416		2,717
3.625% due 04/15/2028		4,899		5,768
3.875% due 04/15/2029		3,615		4,449
U.S. Treasury Bonds
11.250% due 02/15/2015		24,400		41,329
8.125% due 08/15/2019		69,400		98,093
U.S. Treasury Notes
4.750% due 11/15/2008 (a)		52,000		56,155
5.500% due 05/15/2009 (a)		11,400		13,017
6.500% due 02/15/2010		23,500		28,367
				321,979
Total United States (Cost $891,356)				925,673
PURCHASED CALL OPTIONS 0.0%
U.S. Treasury Note November Futures (CBOT)
Strike @ 127.000 Exp. 11/23/2002		15,000		2
U.S. Treasury Notes (OTC)
5.500% due 05/15/2009
Strike @ 126.000 Exp. 12/02/2002		150,000		0
Total Purchased Call Options (Cost $26)				2
PURCHASED PUT OPTIONS 0.0%
Euribor December Futures (OTC)
Strike @ 92.000 Exp. 12/03/2002		EC 101,000		0
Eurodollar December Futures (CME)
Strike @ 96.000 Exp. 12/16/2002	$	542,000		7
Fannie Mae (OTC)
5.500% due 12/12/2032
Strike @ 88.880 Exp. 12/05/2002		94,800		6
Government National Mortgage Association (OTC)
6.000% due 12/19/2032
Strike @ 91.910 Exp. 12/12/2002		83,000		6
Japanese Government Bond December Futures (OTC)
Strike @ 120.000 Exp. 12/03/2002	JY	17,320,000		6
Kingdom of Spain (OTC)
5.150% due 07/30/2009
Strike @ 89.500 Exp. 10/03/2002	EC	28,430		0
Republic of France (OTC)
5.250% due 04/25/2008
Strike @ 93.000 Exp. 10/03/2002		85,320		0
Republic of Germany (OTC)
4.500% due 08/18/2006
Strike @ 90.500 Exp. 10/03/2002		171,175		0
Republic of Germany (OTC)
6.000% due 12/31/2002
Strike @ 100.000 Exp. 10/03/2002		36,600		4
Republic of Germany (OTC)
6.000% due 01/05/2006
Strike @ 96.000 Exp. 10/03/2002		116,000		0
Republic of Germany (OTC)
6.000% due 07/04/2007
Strike @ 98.000 Exp. 12/03/2002		226,900		0
Republic of Germany (OTC)
6.250% due 04/26/2006
Strike @ 98.000 Exp. 10/03/2002		69,400		0
Republic of Italy (OTC)
4.500% due 05/01/2009
Strike @ 86.000 Exp. 10/03/2002		47,400		0
U.S. Treasury Note November Futures (CBOT)
Strike @ 94.000 Exp. 11/23/2002		216,300		34
Total Purchased Put Options (Cost $163)				63
SHORT-TERM INSTRUMENTS 12.0%
Commercial Paper 6.0%
Fannie Mae
1.860% due 10/01/2002	$	5,000		5,000
1.730% due 11/29/2002 (e)		255		254
Federal Home Loan Bank
1.658% due 10/23/2002		4,000		3,996
Freddie Mac
1.700% due 10/31/2002 (e)		275		275
HBOS Treasury Services PLC
1.770% due 11/20/2002		1,800		1,799
Pfizer, Inc.
1.730% due 10/21/2002		14,500		14,486
1.720% due 10/22/2002		25,000		24,975
1.730% due 10/28/2002		14,500		14,481
Westpac Trust Securities NZ Ltd.
1.755% due 12/05/2002		1,300		1,299
				66,565

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   41

Schedule of Investments (Cont.)

Foreign Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Repurchase Agreement 0.4%
State Street Bank
1.550% due 10/01/2002	$	3,790	$	3,790
(Dated 09/30/2002. Collateralized by Fannie Mae 2.430% due 08/20/2004 valued at $3,868. Repurchase proceeds are $3,790.)
U.S. Treasury Bills 5.6%
1.602% due 11/14/2002-11/29/2002 (d)(e)		61,985		61,829
Total Short-Term Instruments (Cost $132,184)				132,184
Total Investments 181.0% (Cost $1,893,991)			$	2,002,223
Written Options (g) (1.6%) (Premiums $7,712)				(17,399	)
Other Assets and Liabilities (Net) (79.4%)				(878,528	)
Net Assets 100.0%			$	1,106,296

Notes to Schedule of Investments (amounts in thousands):

(a) Security, or portion thereof, subject to financing transaction.

(b) Variable rate security. The rate listed is as of September 30, 2002.

(c) Security is in default.

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Securities with an aggregate market value of $16,225 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euro-Bobl 5 Year Note (12/2002)	2,329	$	4,577
EuroBond 10 Year Note (12/2002)	366		982
Euribor Options March Futures (03/2003)	25		0
Government of Japan 10 Year Note (12/2002)	193		(48	)
U.S. Treasury 2 Year Note (12/2002)	103		(160	)
U.S. Treasury 5 Year Note (12/2002)	36		64
U.S. Treasury 10 Year Note (12/2002)	1,553		5,547
U.S. Treasury 30 Year Bond (12/2002)	463		1,763
Eurodollar September Futures (09/2003)	284		426
		$	13,151

(f) Principal amount of security is adjusted for inflation.

(g) Premiums received on written options:

Type	# of Contracts	Premium		Value
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.970 Exp. 10/04/2004	700,000	$	23	$	64
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.970 Exp. 10/04/2004	700,000		31		18
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.175 Exp. 10/04/2004	84,000,000		2,493		4,963
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.130 Exp. 11/10/2003	2,100,000		32		135
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/20/2003	18,800,000		874		2,183
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/20/2003	18,800,000		874		322
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.130 Exp. 11/10/2003	2,100,000		89		35
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.650 Exp. 11/19/2003	30,700,000		1,042		2,862
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.500 Exp. 01/07/2005	51,200,000		1,130		3,545
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.480 Exp. 04/03/2006	10,000,000		297		852
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 7.000 Exp. 01/07/2005	2,500,000		60		43
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 4.375 Exp. 12/15/2006	2,900,000		38		79
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.300 Exp. 12/11/2002	4,300,000		69		348
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 3.500 Exp. 03/24/2003	49,240,000		384		253
Call—CBOT U.S. Treasury Note December Futures
Strike @ 108.000 Exp. 11/23/2002	144		184		1,154
Call—CBOT U.S. Treasury Note December Futures
Strike @ 111.000 Exp. 11/23/2002	104		92		543
		$	7,712	$	17,399

(h) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Sell	A$	1,115	10/2002	$	9
Buy		896	11/2002		(2	)
Buy	BP	1,615	10/2002		15
Sell		13,760	10/2002		(533	)
Buy	C$	4,115	10/2002		(107	)
Sell		5,775	10/2002		28
Sell	DK	62,831	12/2002		(122	)
Buy	EC	1,817	11/2002		18
Sell		316,112	11/2002		(2,011	)
Buy	H$	45,306	10/2002		(1	)
Buy	JY	747,435	12/2002		17
Sell		4,189,600	12/2002		894
Sell	N$	6,872	10/2002		0
Buy	SK	2,509	12/2002		5
Sell		90,622	12/2002		(163	)
				$	(1,953	)

(i) Principal amount denoted in indicated currency:

A$—Australian Dollar

BF—Belgian Franc

BP—British Pound

C$—Canadian Dollar

DK—Danish Krone

EC—Euro

H$—Hong Kong Dollar

JY—Japanese Yen

N$—New Zealand Dollar

SK—Swedish Krona

42   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

(j) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount	Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: Morgan Stanley Exp. 03/15/2032	EC       15,800	$	342
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Lehman Brothers, Inc. Exp. 12/15/2031	8,000		(459	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Morgan Stanley Exp. 12/15/2031	20,300		(1,508	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 6.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2031	4,000		(619	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032	49,500		1,009
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: CITIBANK N.A., London Exp. 06/17/2012	89,700		(4,626	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley Exp. 03/15/2031	14,100		(2,040	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2017	21,600		263
Receive a fixed rate equal to 5.500% and pay floating rate based on 6-month BP-LIBOR.
Broker: Morgan Stanley Exp. 03/15/2008	BP         5,500		389
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Morgan Stanley Exp. 03/15/2032	10,500		(448	)
Receive a fixed rate equal to 5.500% and pay floating rate based on 6-month BP-LIBOR.
Broker: Goldman Sachs Exp. 03/15/2008	6,100		433
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032	28,600		(590	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2017	13,400		(104	)
Receive a fixed rate equal to 5.250% and pay floating rate based on 6-month BP-LIBOR.
Broker: Morgan Stanley Exp. 03/15/2004	3,900		146
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Morgan Stanley Exp. 03/15/2016	25,900		(403	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Lehman Brothers, Inc. Exp. 03/15/2016	30,200		(360	)
Receive a fixed rate equal to 6.949% and pay floating rate based on 6-month BP-LIBOR.
Broker: Merrill Lynch Exp. 08/06/2003	4,500		180
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.550%.
Broker: Goldman Sachs Exp. 03/16/2006	H$        86,600		(867	)
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.906%.
Broker: Goldman Sachs Exp. 07/11/2006	427,000		(5,494	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.660%.
Broker: UBS—Warburg Exp. 06/17/2007	JY    6,240,000		(755	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.020%.
Broker: Goldman Sachs Exp. 05/18/2010	1,776,000		(1,384	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.300%.
Broker: Goldman Sachs Exp. 09/21/2011	2,820,000		(626	)
Receive a fixed rate equal to 5.710% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs Exp. 07/11/2006	53,700		5,509

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   43

Schedule of Investments (Cont.)

Foreign Bond Fund

September 30, 2002 (Unaudited)

Receive a fixed rate equal to 5.440% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs Exp. 03/19/2006	$	11,100	$	917
Receive floating rate based on 1-month LIBOR less 0.250% and pay total return on Lehman Brothers Intermediate Government Bond Index.
Broker: Lehman Brothers, Inc. Exp. 10/01/2002		51,300		0
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2012		39,700		(119	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2022		138,700		(16,889	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: UBS—Warburg Exp. 12/18/2004		12,300		335
Receive a fixed rate equal to 3.000% and pay floating rate based on 3-month LIBOR.
Broker: Bank of America Exp. 06/18/2004		8,800		52
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Lehman Brothers, Inc. Exp. 12/18/2012		15,200		(70	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of Vodafone Group PLC 7.750% due 02/15/2010.
Broker: Lehman Brothers, Inc. Exp. 09/10/2003		6,700		(58	)
Receive a fixed rate equal to 1.160% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: J.P. Morgan Chase & Co. Exp. 12/17/2002		3,200		6
Receive a fixed rate equal to 1.080% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2006.
Broker: J.P. Morgan Chase & Co. Exp. 12/18/2002		2,400		4
Receive a fixed rate equal to 7.100% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 11.125% due 09/30/2004.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2004		5,400		(2,130	)
Pay a fixed rate equal to 3.600% and the Fund will receive from the counterparty at par in the event of default of Federative Republic of Brazil 11.125% due 09/30/2004.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2003		5,400		853
Receive a fixed rate equal to 1.080% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: J.P. Morgan Chase & Co. Exp. 12/18/2002		200		0
Receive a fixed rate equal to 1.550% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 2.750% due 07/17/2016.
Broker: J.P. Morgan Chase & Co. Exp. 03/21/2003		6,100		(5	)
Receive a fixed rate equal to 7.100% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 8.000% due 04/15/2014.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2004		400		(79	)
Pay a fixed rate equal to 3.600% and the Fund will receive from the counterparty at par in the event of default of Federative Republic of Brazil 8.000% due 04/15/2014.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2003		400		26
			$	(29,169	)

Type	Fixed Spread (%)	Notional Amount		Unrealized (Depreciation)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Morgan Stanley Exp. 11/15/2002	0.516	$	195,900	$	(2,220	)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Bank of America Exp. 11/15/2002	0.655		37,600		(261	)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Morgan Stanley Exp. 11/15/2002	0.560		103,700		(751	)
				$	(3,232	)

44   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

(k) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
Republic of Venezuela	2.875	12/18/2007	$	5,500	$	4,152	$	4,337
U.S. Treasury Notes	5.625	05/15/2008		33,200		37,947		36,937
U.S. Treasury Notes	4.750	11/15/2008		52,000		56,154		55,932
U.S. Treasury Notes	5.500	05/15/2009		174,000		198,686		193,214
U.S. Treasury Notes	5.000	08/15/2011		32,600		36,215		35,690
U.S. Treasury Notes	3.500	11/15/2006		47,900		49,951		49,428
U.S. Treasury Notes	4.875	02/15/2012		3,300		3,637		3,561
U.S. Treasury Notes	4.375	05/15/2007		83,200		89,827		87,881
U.S. Treasury Notes	6.000	08/15/2009		6,000		7,027		6,933
					$	483,596	$	473,913

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   45

Schedule of Investments

Global Bond Fund II

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
AUSTRALIA (i)(j) 2.6%
Asian Development Bank
5.375% due 09/15/2003	A$	600	$	326
5.250% due 09/15/2004		600		328
Crusade Global Trust
2.230% due 02/15/2030 (a)	$	695		696
Homeside Mortgage Securities Trust
2.580% due 01/20/2027 (a)		161		161
Medallion Trust
2.210% due 07/12/2031 (a)		513		514
Superannuation Members Home Loans Global Fund
2.141% due 06/15/2026 (a)		240		240
Torrens Trust
2.040% due 07/15/2031 (a)		220		221
Total Australia (Cost $2,584)				2,486
BELGIUM (i)(j) 1.8%
Kingdom of Belgium
7.000% due 11/21/2004	BF	5,800		153
6.250% due 03/28/2007	EC	500		545
7.500% due 07/29/2008		900		1,051
Total Belgium (Cost $1,636)				1,749
CANADA (i)(j) 0.6%
Commonwealth of Canada
5.500% due 06/01/2010	C$	800		529
Total Canada (Cost $533)				529
CAYMAN ISLANDS (i)(j) 0.7%
International Credit Recovery-Japan
0.470% due 08/25/2005 (a)	JY	7,308		60
MBNA Master Credit Card Trust
3.478% due 05/19/2004 (a)	EC	280		277
Redwood Capital II Ltd.
5.018% due 01/01/2004 (a)	$	300		299
SHL Corp. Ltd.
0.768% due 12/25/2024 (a)	JY	4,742		39
Total Cayman Islands (Cost $701)				675
DENMARK (i)(j) 0.7%
Nykredit
6.000% due 10/01/2029	DK	3,868		517
Unikredit Realkredit
6.000% due 07/01/2029		967		130
Total Denmark (Cost $528)				647
FRANCE (i)(j) 4.6%
Axa SA
3.750% due 01/01/2017	EC	50		44
Compagnie Financiere de CIC-UE
3.173% due 10/29/2049 (a)	$	300		297
France Telecom SA
0.466% due 06/19/2003 (a)	JY	100,000		797
Republic of France
4.000% due 04/25/2009 (b)	EC	1,170		1,157
4.000% due 10/25/2009		2,260		2,226
Total France (Cost $3,998)				4,521
GERMANY (i)(j) 49.1%
Commerzbank AG
3.842% due 10/25/2032 (a)	EC	800		794
Depfa Pfandbriefbank
4.750% due 07/15/2008		130		133
5.750% due 03/04/2009		130		140
Landesbank Baden-Wuerttemberg AG
5.500% due 04/02/2007		90		95
Landesbank NRW
4.750% due 09/28/2007		190		195
Landesbank Rheinland-Pfalz
4.750% due 04/04/2008		210		215
Republic of Germany
6.500% due 10/14/2005 (b)		16,200		17,458
6.000% due 01/05/2006 (b)		2,600		2,776
6.250% due 04/26/2006 (b)		5,000		5,403
4.500% due 08/18/2006 (a)(b)		3,600		3,691
6.000% due 07/04/2007 (b)		2,000		2,183
5.250% due 01/04/2011 (b)		3,000		3,183
6.500% due 07/04/2027 (b)		5,000		6,036
5.625% due 01/04/2028 (b)		1,000		1,087
6.250% due 01/04/2030 (b)		2,000		2,373
5.500% due 01/04/2031 (b)		1,500		1,624
Total Germany (Cost $43,408)				47,386
GREECE (i)(j) 0.1%
Hellenic Republic
5.580% due 06/17/2003 (a)	EC	22		22
5.240% due 10/23/2003 (a)		99		98
Total Greece (Cost $156)				120
IRELAND (i)(j) 0.6%
Diageo Enterprises PLC
3.358% due 12/19/2002 (a)	EC	600		592
Total Ireland (Cost $537)				592
ITALY (i)(j) 6.0%
Findomestic Securitisation Vehicle SRL
3.608% due 12/20/2008 (a)	EC	900		891
First Italian Auto Transaction
3.730% due 07/01/2008 (a)		1,090		1,071
Republic of Italy
4.750% due 07/01/2005 (b)		1,680		1,722
7.750% due 11/01/2006 (b)		700		798
4.500% due 05/01/2009 (b)		1,280		1,297
Total Italy (Cost $4,964)				5,779
MEXICO (i)(j) 0.8%
Bancomext Trust
8.000% due 08/05/2003	$	70		73
Petroleos Mexicanos
8.850% due 09/15/2007		140		151
9.375% due 12/02/2008		190		205
United Mexican States
10.375% due 01/29/2003	DM	200		103
United Mexican States—8BR
4.000% due 03/11/2004	JY	13,000		110
United Mexican States—8RG
4.000% due 03/11/2004		7,000		60
Total Mexico (Cost $694)				702

46   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
NETHERLANDS (i)(j) 1.3%
Deutsche Telekom International Finance BV
7.750% due 06/15/2005	$	200	$	215
8.250% due 06/15/2030		200		219
Kingdom of Netherlands
6.000% due 01/15/2006	EC	800		853
Total Netherlands (Cost $1,190)				1,287
NEW ZEALAND (i)(j) 0.2%
Commonwealth of New Zealand
4.500% due 02/15/2016	N$	430		237
Total New Zealand (Cost $239)				237
PANAMA 0.6%
Republic of Panama
9.375% due 07/23/2012	$	300		291
4.750% due 07/17/2014		311		252
Total Panama (Cost $573)				543
PERU 0.9%
Republic of Peru
9.125% due 02/21/2012	$	200		163
4.000% due 03/07/2017		250		150
4.500% due 03/07/2017		294		198
Republic of Peru—REGS
9.125% due 02/21/2012		400		327
Total Peru (Cost $958)				838
SPAIN (i)(j) 5.7%
Hipotebansa Mortgage Securitization Fund
3.496% due 01/18/2018 (a)	EC	271		269
3.506% due 07/18/2022 (a)	SP	638		629
Kingdom of Spain
4.950% due 07/30/2005	EC	1,620		1,670
5.150% due 07/30/2009 (a)		1,990		2,087
5.350% due 10/31/2011 (b)		800		845
Total Spain (Cost $4,872)				5,500
SUPRANATIONAL (i)(j) 1.6%
Eurofima
4.750% due 07/07/2004	SK	7,200		777
European Investment Bank
6.000% due 05/07/2003	BP	250		398
8.000% due 06/10/2003		250		404
Total Supranational (Cost $1,544)				1,579
SWEDEN (i)(j) 0.3%
Kingdom of Sweden
5.000% due 01/28/2009	SK	2,300		252
Total Sweden (Cost $227)				252
UNITED KINGDOM (i)(j) 10.7%
Abbey National Treasury Service PLC
7.625% due 12/30/2002	BP	280		444
Bauhaus Securities Ltd.
3.712% due 10/30/2052 (a)	EC	734		725
British Telecom PLC
3.121% due 12/15/2003 (a)	$	1,200		1,198
Core
2.185% due 03/17/2009 (a)		207		206
Haus Ltd.
3.612% due 12/14/2037 (a)	EC	1,402		1,389
Lloyds TSB Bank PLC
5.625% due 07/15/2049 (a)		590		593
Originated Mortgage Loans PLC
3.893% due 12/15/2031 (a)		50		49
United Kingdom Gilt
7.500% due 12/07/2006	BP	250		444
7.250% due 12/07/2007 (b)		3,000		5,383
Total United Kingdom (Cost $10,138)				10,431
UNITED STATES (i)(j) 97.6%
Asset-Backed Securities 8.5%
AFC Home Equity Loan Trust
2.120% due 12/22/2027 (a)	$	157		156
AMRESCO Residential Securities Mortgage Loan Trust
2.306% due 06/25/2029 (a)		171		172
Bayview Financial Acquisition Trust
2.200% due 11/25/2030 (a)		800		802
Bear Stearns Asset-Backed Securities, Inc.
2.170% due 10/25/2032 (a)		93		92
CDC Mortgage Capital Trust
2.180% due 01/10/2032 (a)		642		639
2.100% due 08/25/2032 (a)		98		98
Citibank Credit Card Master Trust
4.875% due 04/07/2005	DM	800		416
Conseco Finance Securitizations Corp.
2.193% due 10/15/2031 (a)(c)	$	201		200
Countrywide Asset-Backed Certificates
2.100% due 08/25/2032 (a)		989		982
CS First Boston Mortgage Securities Corp.
2.083% due 12/15/2030 (a)		298		297
2.288% due 10/25/2032 (a)		380		381
First Alliance Mortgage Loan Trust
2.050% due 12/20/2027 (a)		290		290
First Franklin Mortgage Loan Trust Asset-Backed Certificates
2.160% due 09/25/2032 (a)		300		300
Irwin Home Equity Loan Trust
1.980% due 11/25/2011 (a)		3		3
MLCC Mortgage Investors, Inc.
2.203% due 03/15/2025 (a)		255		255
Providian Gateway Master Trust
2.043% due 03/15/2007 (a)		1,600		1,601
Providian Home Equity Loan Trust
2.130% due 06/25/2025 (a)		226		226
Residential Asset Securities Corp.
2.086% due 07/25/2032 (a)		888		882
Residential Funding Mortgage Securities II, Inc.
2.000% due 08/25/2014 (a)		376		376
Salomon Brothers Mortgage Securities VII, Inc.
2.243% due 11/15/2029 (a)		35		35
				8,203
Convertible Bonds & Notes 0.5%
Verizon Global Funding Corp.
5.750% due 04/01/2003		190		192
Verizon Global Funding Corp.—REGS
5.750% due 04/01/2003		300		302
				494
Corporate Bonds & Notes 7.7%
Ahold Finance USA, Inc.
6.875% due 05/01/2029		100		96
AOL Time Warner, Inc.
5.625% due 05/01/2005		600		572
AT&T Corp.
4.852% due 11/21/2003 (a)	EC	1,100		1,041
CIT Group, Inc.
2.462% due 04/07/2003 (a)	$	50		50
5.625% due 05/17/2004		420		430

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   47

Schedule of Investments (Cont.)

Global Bond Fund II

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
El Paso Corp.
7.125% due 05/06/2009	EC	300		242
Ford Motor Credit Co.
1.000% due 12/22/2003 (a)	JY	14,000		113
5.750% due 02/23/2004	$	150		150
3.726% due 10/25/2004 (a)		400		382
General Electric Finance Assurance
1.600% due 06/20/2011	JY	90,000		723
General Motors Acceptance Corp.
2.250% due 08/04/2003 (a)	$	300		296
2.200% due 08/18/2003 (a)		340		335
J.P. Morgan & Co., Inc.
3.123% due 02/15/2012 (a)		100		101
Kinder Morgan, Inc.
6.450% due 03/01/2003		400		405
Limestone Electron Trust
8.625% due 03/15/2003		500		445
MGM Mirage, Inc.
6.950% due 02/01/2005		10		10
Norfolk Southern Corp.
2.621% due 02/28/2005 (a)		300		300
Pfizer, Inc.
0.800% due 03/18/2008	JY	69,000		575
Salomon Smith Barney Holdings, Inc.
4.720% due 10/21/2002 (a)	BP	200		315
Sprint Capital Corp.
5.875% due 05/01/2004	$	50		43
Walt Disney Co.
3.900% due 09/15/2003		800		801
				7,425
Mortgage-Backed Securities 31.1%
Chase Mortgage Finance Corp.
6.550% due 08/25/2028		101		101
Citicorp Mortgage Securities, Inc.
6.500% due 07/25/2028-03/25/2029 (a)(d)		65		66
Fannie Mae
6.000% due 10/15/2032 (a)		2,600		2,670
5.500% due 10/21/2017-11/14/2032 (a)(d)	$	6,000		6,095
Freddie Mac
5.125% due 01/15/2012	EC	300		307
4.750% due 01/15/2013		720		712
5.500% due 11/14/2032 (a)	$	5,300		5,343
GMAC Commercial Mortgage Securities, Inc
3.970% due 09/11/2006 (a)		500		480
Government National Mortgage Association
6.750% due 07/20/2022-07/20/2025 (a)(d)		579		597
7.750% due 09/20/2025-09/20/2026 (a)(d)		24		25
6.630% due 11/20/2021-11/20/2026 (a)(d)		199		206
7.625% due 12/20/2025-12/20/2026 (a)(d)		124		128
5.380% due 05/20/2028 (a)		93		96
6.000% due 08/15/2028-12/15/2028 (d)		5,539		5,732
5.250% due 01/20/2030 (a)		386		395
2.423% due 02/16/2030 (a)		624		631
2.473% due 02/16/2030 (a)		723		732
5.000% due 04/20/2030-05/20/2030 (a)(d)		838		860
4.250% due 06/20/2030 (a)		559		570
6.500% due 10/23/2032 (a)		500		521
J.P. Morgan Chase Commercial Mortgage Finance Corp.
6.465% due 11/15/2035		600		676
Puma Finance Ltd.
2.220% due 04/15/2031 (a)(e)		115		116
Residential Accredit Loans, Inc.
7.500% due 11/25/2029		163		164
Residential Funding Mortgage Securities I
5.691% due 09/25/2032 (a)		300		305
Residential Funding Mortgage Securities I, Inc.
6.250% due 02/25/2032		151		152
Residential Funding Mortgage Securities, Inc.
2.285% due 05/12/2032 (a)		781		782
Structured Asset Mortgage Investments, Inc.
6.534% due 06/25/2029 (a)		132		136
Washington Mutual Mortgage Securities Corp.
6.010% due 04/25/2031 (a)	$	138	$	141
5.240% due 10/25/2032 (a)		692		707
Wells Fargo Mortgage-Backed Securities Trust
4.972% due 09/25/2032 (a)		500		507
				29,953
Municipal Bonds & Notes 0.2%
Chicago, Illinois Water Revenue Bonds, (AMBAC Insured), Series 2001
5.000% due 11/01/2026		100		103
Louisville and Jefferson County, Kentucky Metro Sewer and Drain District Revenue Bonds, (MBIA Insured), Series 2001
5.000% due 05/15/2036		100		103
				206
	Shares
Preferred Security 0.8%
DG Funding Trust
4.105% due 12/29/2049 (a)		70		721
	Principal Amount (000s)
U. S. Government Agencies 8.8%
Fannie Mae
3.810% due 04/30/2004	$	900		911
4.250% due 10/25/2004		900		912
Federal Home Loan Bank
4.375% due 08/15/2007		900		913
Freddie Mac
4.500% due 04/15/2005		1,000		1,013
Resolution Funding Corp.
0.000% due 10/15/2020		1,500		568
0.000% due 01/15/2021		5,300		1,979
Small Business Administration
6.640% due 02/01/2011		581		642
Tennessee Valley Authority
4.875% due 12/15/2016		400		430
5.880% due 04/01/2036		1,000		1,158
				8,526
U.S. Treasury Obligations 40.0%
Treasury Inflation Protected Securities (g)
3.375% due 01/15/2007 (f)		455		495
3.625% due 01/15/2008 (b)		4,348		4,797
3.875% due 04/15/2029		329		404
U.S. Treasury Bonds
11.250% due 02/15/2015		700		1,186
7.500% due 11/15/2016 (b)		2,400		3,183
8.875% due 08/15/2017		1,400		2,076
8.125% due 08/15/2019 (b)		6,600		9,329
8.125% due 08/15/2021		200		286
6.250% due 08/15/2023 (b)		5,600		6,680
6.625% due 02/15/2027		300		377
U.S. Treasury Notes
5.500% due 05/15/2009 (b)		700		799
6.000% due 08/15/2009		600		703
6.500% due 02/15/2010 (b)		6,800		8,208
				38,523
Total United States (Cost $89,904)				94,051
PURCHASED PUT OPTIONS 0.0%
Euribor June Futures (OTC)
Strike @ 93.500 Exp. 12/02/2002	EC	80,000		1
Eurodollar December Futures (CME)
Strike @ 95.750 Exp. 12/16/2002	$	134,000		0

48   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Freddie Mac (OTC)
6.500% due 12/12/2032
Strike @ 87.656 Exp. 12/05/2002	$	5,300	$	0
Government National Mortgage Association (OTC)
6.000% due 12/19/2032
Strike @ 94.313 Exp. 12/12/2002		5,500		0
Japanese Government Bond December Futures (OTC)
Strike @ 125.000 Exp. 12/03/2002	JY	1,300,000		1
Republic of Germany (OTC)
6.000% due 01/05/2006
Strike @ 95.000 Exp. 10/03/2002	EC	2,000		0
Republic of Germany (OTC)
6.000% due 01/05/2006
Strike @ 96.000 Exp. 10/03/2002		12,000		0
Republic of Germany (OTC)
6.000% due 07/04/2007
Strike @ 98.000 Exp. 12/03/2002		17,600		0
Republic of Germany (OTC)
6.500% due 10/14/2005
Strike @ 98.000 Exp. 10/03/2002		16,500		0
U.S. Treasury Bond November Futures (CBOT)
Strike @ 92.000 Exp. 11/23/2002	$	10,600		2
U.S. Treasury Note November Futures (CBOT)
Strike @ 94.000 Exp. 11/23/2002		35,000		6
Total Purchased Put Options (Cost $19)				10
SHORT-TERM INSTRUMENTS 8.0%
Commercial Paper 0.1%
Fannie Mae
1.730% due 12/05/2002 (f)	$	35		35
Freddie Mac
1.700% due 10/31/2002 (f)		30		30
				65
Repurchase Agreement 2.4%
State Street Bank
1.550% due 10/01/2002		2,283		2,283
(Dated 09/30/2002. Collateralized by Fannie Mae 2.700% due 09/06/2004 valued at $2,333 Repurchase proceeds are $2,283.)
U.S. Treasury Bills 5.5%
1.604% due 11/14/2002-11/29/2002 (d)(f)		5,335		5,321
Total Short-Term Instruments (Cost $7,669)				7,669
Total Investments 194.5% (Cost $177,072)			$	187,583
Written Options (h) (1.7%)				(1,663	)
(Premiums $776)
Other Assets and Liabilities (Net) (92.8%)				(89,507	)
Net Assets 100.0%			$	96,413

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security, or portion thereof, subject to financing transaction.

(c) Security is in default.

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Restricted security.

(f) Securities with an aggregate market value of $1,144 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euro-Bobl 5 Year Note (12/2002)	133	$	191
EuroBond 10 Year Note (12/2002)	24		(35	)
Euribor September Futures (09/2003)	7		(10	)
Government of Japan 10 Year Note (12/2002)	14		(9	)
U.S. Treasury 10 Year Note (12/2002)	129		363
		$	500

(g) Principal amount of security is adjusted for inflation.

(h) Premiums received on written options:

Type	# of Contracts	Premium		Value
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.175 Exp. 10/04/2004	8,000,000	$	248	$	474
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/20/2003	2,200,000		102		255
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/20/2003	2,200,000		102		38
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.650 Exp. 11/19/2003	3,200,000		109		298
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.500 Exp. 01/07/2005	5,200,000		114		360
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.480 Exp. 04/03/2006	1,000,000		30		85
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 3.500 Exp. 03/24/2003	6,495,000		51		33
Call—CBOT U.S. Treasury Note December Futures
Strike @ 108.000 Exp. 11/23/2002	15		20		120
		$	776	$	1,663

(i) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Sell	A$	1,103	10/2002	$	9
Sell		268	11/2002		0
Buy	BP	100	10/2002		0
Sell		1,319	10/2002		(51	)
Sell	C$	747	10/2002		5
Sell	DK	6,896	12/2002		(13	)
Buy	EC	530	11/2002		5
Sell		27,290	11/2002		(165	)
Buy	H$	5,088	10/2002		0
Buy	JY	38,268	12/2002		0
Sell		433,021	12/2002		112
Sell	N$	664	10/2002		0
Sell	SK	10,307	12/2002		(19	)
				$	(117	)

(j) Principal amount denoted in indicated currency:

A$—Australian Dollar

BP—British Pound

C$—Canadian Dollar

DK—Danish Krone

EC—Euro

H$—Hong Kong Dollar

JY—Japanese Yen

N$—New Zealand Dollar

SP—Spanish Peseta

SK—Swedish Krona

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   49

Schedule of Investments (Cont.)

Global Bond Fund II

September 30, 2002 (Unaudited)

(k) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount	Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 4.500% and pay floating rate based on 6-month EC-LIBOR.
Broker: Merrill Lynch Exp. 03/19/2004	EC         5,000	$	9
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 4.500%.
Broker: Merrill Lynch Exp. 09/19/2003	5,000		(9	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: Morgan Stanley Exp. 03/15/2032	1,400		30
Receive a fixed rate equal to 4.500% and pay floating rate based on 6-month EC-LIBOR.
Broker: Merrill Lynch Exp. 03/19/2004	5,000		52
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Morgan Stanley Exp. 12/15/2031	2,900		(220	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032	3,800		106
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: CITIBANK N.A., London Exp. 06/17/2012	3,700		(172	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley Exp. 03/15/2031	1,500		(217	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2017	1,300		16
Receive a fixed rate equal to 5.500% and pay floating rate based on 6-month BP-LIBOR.
Broker: Morgan Stanley Exp. 03/15/2008	BP            900		64
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Morgan Stanley Exp. 03/15/2032	1,000		(43	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032	2,100		(47	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2017	800		(6	)
Receive a fixed rate equal to 5.500% and pay floating rate based on 6-month BP-LIBOR.
Broker: Merrill Lynch Exp. 03/15/2004	1,700		83
Receive a fixed rate equal to 5.250% and pay floating rate based on 6-month BP-LIBOR.
Broker: Goldman Sachs Exp. 03/15/2006	400		23
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Morgan Stanley Exp. 03/15/2016	2,680		(41	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Lehman Brothers, Inc. Exp. 03/15/2016	3,500		(42	)
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.550%.
Broker: Goldman Sachs Exp. 03/16/2003	H$         4,300		(47	)
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.906%.
Broker: Goldman Sachs Exp. 07/11/2006	50,000		(651	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.660%.
Broker: UBS-Warburg Exp. 06/17/2007	JY     660,000		(80	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.310%.
Broker: Goldman Sachs Exp. 07/14/2005	232,000		(59	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.020%.
Broker: Goldman Sachs Exp. 05/18/2010	226,000		(176	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.300%.
Broker: Goldman Sachs Exp. 09/21/2011	340,000		(75	)

50   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Receive a fixed rate equal to 5.710% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs Exp. 07/11/2006	$	6,400	$	657
Receive a fixed rate equal to 5.440% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs Exp. 03/19/2006		600		54
Pay total return on Lehman Brothers Intermediate Government Bond Index and receive floating rate based on 1-month LIBOR less 0.250%.
Broker: Lehman Brothers, Inc. Exp. 10/01/2002		1,600		0
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2012		3,500		(11	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2022		11,700		(1,415	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: UBS—Warburg Exp. 12/18/2004		7,300		199
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Lehman Brothers, Inc. Exp. 12/18/2012		2,300		(11	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of Vodafone Group PLC 7.750% due 02/15/2010.
Broker: Lehman Brothers, Inc. Exp. 09/10/2003		800		(7	)
Receive a fixed rate equal to 1.160% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: J.P. Morgan Chase & Co. Exp. 12/17/2002		300		1
Receive a fixed rate equal to 1.080% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: J.P. Morgan Chase & Co. Exp. 12/18/2002		500		1
Receive a fixed rate equal to 7.100% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 11.125% due 09/30/2004.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2004		400		(155	)
Pay a fixed rate equal to 3.600% and the Fund will receive from the counterparty at par in the event of default of Federative Republic of Brazil 11.125% due 09/30/2004.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2003		400		62
Receive a fixed rate equal to 1.550% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 2.750% due 07/17/2016.
Broker: J.P. Morgan Chase & Co. Exp. 03/21/2003		600		0
			$	(2,127	)

Type	Fixed Spread (%)	Notional Amount		Unrealized (Depreciation)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Morgan Stanley Exp. 11/15/2002	0.516	$	1,600	$	(18	)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Bank of America Exp. 11/15/2002	0.655		22,900		(159	)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Morgan Stanley Exp. 11/15/2002	0.560		22,900		(166	)
				$	(343	)

(l) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
Republic of Venezuela	2.875	12/18/2007	$	917	$	692	$	718
U.S. Treasury Notes	5.500	05/15/2009		10,600		12,104		11,771
U.S. Treasury Notes	6.000	08/15/2009		1,600		1,874		1,849
U.S. Treasury Notes	5.000	08/15/2011		3,300		3,666		3,613
U.S. Treasury Notes	4.375	05/15/2007		4,800		5,182		5,070
					$	23,518	$	23,020

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   51

Schedule of Investments

GNMA Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
U.S. GOVERNMENT AGENCIES 0.7%
Federal Farm Credit Bank
5.750% due 01/18/2011	$	1,000	$	1,118
Small Business Administration
7.449% due 08/01/2010		453		518
Total U.S. Government Agencies (Cost $1,451)				1,636
U.S. TREASURY OBLIGATIONS 4.8%
U.S. Treasury Bonds
6.250% due 08/15/2023		9,500		11,332
Total U.S. Treasury Obligations (Cost $10,464)				11,332
MORTGAGE-BACKED SECURITIES 109.1%
Collateralized Mortgage Obligations 26.8%
Bank of America Mortgage Securities, Inc.
5.820% due 10/20/2032 (a)		6,000		6,100
Bear Stearns Adjustable Rate Mortgage Trust
7.490% due 12/25/2030 (a)		272		274
CS First Boston Mortgage Securities Corp.
2.810% due 08/25/2031 (a)		700		700
2.478% due 03/25/2032 (a)		1,502		1,496
2.360% due 08/25/2033 (a)		2,000		2,000
Fannie Mae
6.000% due 11/18/2017		18		18
6.500% due 09/25/2023		55		55
2.160% due 02/25/2025 (a)		1,000		1,002
Freddie Mac
6.500% due 11/25/2023		142		143
General Electric Capital Mortgage Services, Inc.
6.750% due 06/25/2028		50		53
Government National Mortgage Association
7.500% due 01/16/2027		12,022		12,256
2.223% due 06/16/2027 (a)		9,608		9,626
7.300% due 09/20/2028		258		259
2.123% due 08/16/2031 (a)		635		637
2.023% due 02/16/2032 (a)		8,230		8,274
2.323% due 04/16/2032		3,986		3,997
2.073% due 08/16/2032 (a)		4,709		4,696
Salomon Brothers Mortgage Securities VII, Inc.
2.130% due 06/25/2032 (a)		934		932
Sequoia Mortgage Trust
2.160% due 05/20/2032 (a)		964		945
Structured Asset Mortgage Investments, Inc.
2.154% due 09/19/2032 (a)		1,498		1,498
Structured Asset Securities Corp.
2.110% due 10/25/2027 (a)		1,728		1,727
2.290% due 03/25/2031 (a)		309		311
2.100% due 02/25/2032 (a)		1,855		1,848
2.100% due 07/25/2032 (a)		1,458		1,452
2.470% due 08/25/2032 (a)		1,978		1,978
Washington Mutual Mortgage Securities Corp.
6.010% due 04/25/2031 (a)		1,385		1,408
				63,685
Fannie Mae 11.5%
2.865% due 07/01/2011 (a)		2,601		2,588
2.917% due 07/01/2011 (a)		6,221		6,198
5.500% due 10/21/2017-11/14/2032 (a)(b)		3,000		3,021
6.000% due 10/15/2032 (a)		7,000		7,188
6.500% due 10/15/2032 (a)		8,000		8,287
7.284% due 03/01/2018 (a)		30		31
9.000% due 07/01/2018		22		25
				27,338
Federal Housing Administration 0.2%
7.430% due 03/01/2022		48		49
8.137% due 09/01/2040		472		508
				557
Freddie Mac 2.6%
4.859% due 05/01/2019 (a)		32		33
5.105% due 06/01/2030 (a)		71		73
6.000% due 11/14/2032		4,000		4,100
7.193% due 05/01/2031		1,858		1,939
				6,145
Government National Mortgage Association 67.9%
5.375% due 05/20/2016-02/20/2026 (a)(b)		514		533
5.500% due 07/20/2029-05/20/2031 (a)(b)		4,012		4,117
6.000% due 12/15/2028-11/20/2032 (b)		36,000		37,204
6.500% due 10/20/2030-10/23/2032 (a)(b)		67,697		70,682
6.625% due 12/20/2017 (a)		53		55
6.750% due 07/20/2018-08/20/2025 (a)(b)		120		124
7.000% due 12/15/2029-10/23/2032 (b)		46,393		48,754
11.250% due 07/20/2015		112		131
				161,600
Stripped Mortgage-Backed Securities 0.1%
CS First Boston Mortgage Securities Corp. (IO)
7.000% due 08/25/2004		2,638		143
Fannie Mae (IO)
7.000% due 09/25/2021		666		9
Freddie Mac (IO)
6.225% due 07/15/2020 (a)		702		7
7.500% due 08/15/2029		639		88
				247
Total Mortgage-Backed Securities (Cost $258,385)				259,572
ASSET-BACKED SECURITIES 8.7%
Ace Securities Corp.
2.150% due 06/25/2032 (a)		976		974
Advanta Business Card Master Trust
3.270% due 04/20/2008 (a)		100		101
Asset-Backed Securities Home Equity Corp.
2.243% due 03/15/2032 (a)		1,325		1,325
Centex Home Equity Loan Trust
2.140% due 01/25/2032 (a)		857		856
2.070% due 04/25/2032 (a)		1,831		1,825
Chase Funding Loan Acquisition Trust
2.050% due 04/25/2031 (a)		1,162		1,154
CIT Group Home Equity Loan Trust
2.080% due 06/25/2033 (a)		1,875		1,872
Conseco Finance
9.290% due 12/15/2029 (c)		500		530
Countrywide Asset-Backed Certificates
2.070% due 05/25/2032 (a)		1,444		1,438
CS First Boston Mortgage Securities Corp.
2.170% due 03/25/2032 (a)		1,155		1,150
2.000% due 06/25/2032 (a)		1,722		1,712
General Electric Capital Mortgage Services, Inc.
7.200% due 04/25/2029		284		303
Home Equity Asset Trust
2.110% due 11/25/2032 (a)		975		972
Household Mortgage Loan Trust
2.120% due 05/20/2032 (a)		926		926
Indymac Home Equity Loan Asset-Backed Trust
2.883% due 12/25/2031 (a)		200		198
Irwin Home Equity Loan Trust
2.100% due 06/25/2029 (a)		943		940
NPF XII, Inc.
2.540% due 10/01/2003 (a)(g)		300		300
Saxon Asset Securities Trust
2.070% due 11/25/2033 (a)		972		972
Sequoia Mortgage Trust
2.150% due 10/25/2024 (a)		2,189		2,170
WFS Financial Owner Trust
2.060% due 10/20/2008 (a)		1,000		1,001
Total Asset-Backed Securities (Cost $20,718)				20,719

52   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
PURCHASED CALL OPTIONS 0.1%
Eurodollar March Futures (CME)
Strike @ 95.500 Exp. 03/17/2003	$	42,000	$	315
Total Purchased Call Options (Cost $59)				315
SHORT-TERM INSTRUMENTS 26.6%
Commercial Paper 25.3%
Abbey National North America
1.750% due 12/10/2002		3,200		3,189
BP America, Inc.
1.750% due 12/09/2002		5,500		5,481
BP Amoco Capital PLC
1.740% due 10/01/2002		2,500		2,497
Danske Corp.
1.750% due 12/19/2002		3,000		2,988
Fannie Mae
1.710% due 11/20/2002		500		499
Federal Home Loan Bank
1.658% due 10/23/2002		2,000		1,998
GlaxoSmithKline PLC
1.680% due 10/18/2002		3,500		3,493
1.760% due 11/13/2002		3,600		3,597
HBOS Treasury Services PLC
1.770% due 10/16/2002		4,600		4,597
1.780% due 10/28/2002		6,000		5,992
Svenska Handelsbank, Inc.
1.750% due 11/20/2002		8,000		7,986
TotalFinaElf SA
1.970% due 10/01/2002		1,400		1,400
1.750% due 11/20/2002		5,500		5,487
UBS Finance, Inc.
1.750% due 12/18/2002		11,000		10,958
				60,162
Repurchase Agreement 0.4%
State Street Bank
1.550% due 10/01/2002		1,000		1,000
(Dated 09/30/2002. Collateralized by Freddie Mac 3.250% due 12/15/2003 valued at $1,023. Repurchase proceeds are $1,000.)
U.S. Treasury Bills 0.9%
1.639% due 11/14/2002-11/29/2002 (b)(d)		2,030		2,026
Total Short-Term Instruments (Cost $63,188)				63,188
Total Investments 150.0% (Cost $354,265)			$	356,762
Other Assets and Liabilities (Net) (50.0%)				(118,888	)
Net Assets 100.0%			$	237,874

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(c) Security is in default.

(d) Securities with an aggregate market value of $778 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation
Eurodollar March Futures (03/2003)	42	$	(202	)

(e) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2022	$	10,400	$	(1,064	)
Receive floating rate based on 3-month LIBOR and pay a fixed amount equal to $316.
Broker: Lehman Brothers, Inc. Exp. 07/01/2011		8,000		27
			$	(1,037	)

Type	Fixed Spread (%)	Notional Amount		Unrealized (Depreciation)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Bank of America Exp. 11/15/2002	0.571	$	27,800	$	(243	)

(f) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par	Value	Proceeds
Fannie Mae	6.000	10/15/2032	$6,000	$6,161	$6,139

(g) Subsequent to September 30, 2002, the issuer declared bankruptcy.

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   53

Schedule of Investments

High Yield Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 72.2%
Banking & Finance 8.5%
Arvin Capital
9.500% due 02/01/2027	$	14,500	$	14,656
Beaver Valley Funding Corp.
8.625% due 06/01/2007		15,323		15,761
9.000% due 06/01/2017		9,432		9,985
Bluewater Finance Ltd.
10.250% due 02/15/2012		21,770		20,573
Case Credit Corp.
6.125% due 02/15/2003		6,479		6,389
Cedar Brakes II, LLC.
9.875% due 09/01/2013		17,757		13,052
Choctaw Resort Development Enterprise
9.250% due 04/01/2009		5,575		5,798
Credit & Repackaged Securities Ltd.
11.100% due 12/19/2004		3,000		2,997
10.250% due 10/30/2006		10,150		10,954
8.500% due 11/09/2006		3,000		3,240
8.900% due 04/01/2007		5,000		5,000
Credit Links
9.400% due 06/14/2005		15,900		16,710
Deutsche Telekom International Finance BV
8.250% due 06/15/2030		11,750		12,892
Finova Group, Inc.
7.500% due 11/15/2009 (a)		42,225		13,090
Gemstone Investors Ltd.
7.710% due 10/31/2004		32,550		26,073
Golden State Holdings
7.000% due 08/01/2003		725		746
7.125% due 08/01/2005		24,797		27,038
JET Equipment Trust
10.000% due 06/15/2012		8,680		4,259
7.630% due 08/15/2012		2,820		1,735
MDP Acquisition PLC
9.625% due 10/01/2012		11,100		11,017
Morgan Stanley, Dean Witter & Co.
1.277% due 05/01/2012		5,992		5,394
Presidential Life Insurance Corp.
7.875% due 02/15/2009		7,451		8,049
Pride Credit Linked
8.850% due 04/02/2007		5,000		5,000
Qwest Capital Funding, Inc.
7.900% due 08/15/2010		6,930		3,153
7.250% due 02/15/2011		75,150		33,817
7.750% due 02/15/2031		5,730		2,321
Reliance Group Holdings, Inc.
9.000% due 11/15/2049 (a)		3,769		188
Rotech Healthcare, Inc.
9.500% due 04/01/2012		7,050		6,645
Steers Credit Backed Trust
7.464% due 05/27/2003 (b)		12,500		12,500
Ventas Capital Corp.
8.750% due 05/01/2009		14,150		14,574
				313,606
Industrials 49.9%
Allied Waste North America, Inc.
7.375% due 01/01/2004		1,850		1,841
8.875% due 04/01/2008		7,129		6,951
8.500% due 12/01/2008		26,920		25,709
7.875% due 01/01/2009		36,145		33,796
10.000% due 08/01/2009		15,420		14,263
American Airlines, Inc.
10.610% due 03/04/2010		650		647
American Cellular Corp.
9.500% due 10/15/2009		21,975		2,967
American Media Operation, Inc.
10.250% due 05/01/2009		16,294		16,946
AmeriGas Partners LP
10.000% due 04/15/2006		8,500		8,882
10.125% due 04/15/2007		3,562		3,651
8.830% due 04/19/2010		18,815		20,195
AM-FM, Inc.
8.125% due 12/15/2007		2,100		2,163
Amphenol Corp.
9.875% due 05/15/2007		5,174		5,420
AOL Time Warner, Inc.
6.125% due 04/15/2006		26,160		24,646
Arco Chemical Co.
9.375% due 12/15/2005		9,825		9,334
10.250% due 11/01/2010		6,000		5,505
Armkel LLC
9.500% due 08/15/2009		3,015		3,196
Avecia Group PLC
11.000% due 07/01/2009		21,075		20,337
Barrett Resources Corp.
7.550% due 02/01/2007		8,407		7,901
Beverly Enterprises, Inc.
9.000% due 02/15/2006		19,870		16,691
9.625% due 04/15/2009		12,400		10,416
British Sky Broadcasting Group PLC
6.875% due 02/23/2009		4,630		4,475
8.200% due 07/15/2009		13,999		14,231
BRL Universal Equipment
8.875% due 02/15/2008		5,150		5,279
Building Materials Corp.
7.750% due 07/15/2005		1,121		960
8.000% due 10/15/2007		1,007		822
8.000% due 12/01/2008		10,351		8,345
Cadmus Communications Corp.
9.750% due 06/01/2009		6,600		6,641
Canwest Media, Inc.
10.625% due 05/15/2011		13,075		13,696
Case Corp.
6.250% due 12/01/2003		16,660		16,166
Century Aluminum Co.
11.750% due 04/15/2008		7,425		7,165
CF Cable TV, Inc.
9.125% due 07/15/2007		7,549		7,991
Charter Communications Holdings LLC
8.250% due 04/01/2007		11,845		7,344
8.625% due 04/01/2009		6,409		3,974
10.000% due 04/01/2009		19,297		12,061
10.750% due 10/01/2009		10,560		6,706
9.625% due 11/15/2009		26,775		16,467
9.920% due 04/01/2011 (c)		10,250		4,817
Chesapeake Energy Corp.
9.000% due 08/15/2012		15,600		16,107
CMS Panhandle Holding Co.
6.500% due 07/15/2009		4,450		3,847
7.000% due 07/15/2029		3,415		2,555
Coastal Corp.
7.750% due 06/15/2010		3,500		2,489
9.625% due 05/15/2012		2,550		1,877
Community Health Systems, Inc.
10.000% due 03/13/2007		3,500		3,745
Compass Minerals Group, Inc.
10.000% due 08/15/2011		4,275		4,553
Continental Airlines, Inc.
7.033% due 06/15/2011		1,970		1,502
7.461% due 04/01/2015		3,507		3,293
7.373% due 12/15/2015		10,000		7,858
Continental Cablevision
9.500% due 08/01/2013		7,900		7,668
Crown Castle International Corp.
0.000% due 11/15/2007		4,615		3,161
10.750% due 08/01/2011		21,640		14,607
CSC Holdings, Inc.
8.125% due 07/15/2009		4,790		3,952
8.125% due 08/15/2009		4,275		3,527
7.625% due 04/01/2011		39,750		31,800
7.625% due 07/15/2018		16,900		12,928
DaVita, Inc.
4.780% due 04/30/2009		829		831
4.798% due 04/30/2009		14		14

54   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
4.812% due 04/30/2009	$	653	$	654
5.075% due 04/30/2009		829		831
5.160% due 04/30/2009		653		654
Delta Air Lines, Inc.
9.450% due 02/14/2006		200		185
9.300% due 01/02/2010		1,800		1,472
Dimon, Inc.
6.250% due 03/31/2007		29,531		25,157
9.625% due 10/15/2011		2,775		2,917
Dresser, Inc.
9.375% due 04/15/2011		30,945		30,171
Dunlop Stand Aerospace Holdings
11.875% due 05/15/2009		9,575		9,766
Dynegy Danskammer & Roseton LLC
7.670% due 11/08/2016		2,500		1,252
Echostar Communications Corp.
9.250% due 02/01/2006 (b)		21,577		20,822
9.375% due 02/01/2009 (b)		23,346		22,529
Equistar Chemical/Funding
10.125% due 09/01/2008		16,695		15,025
Equistar Chemicals LP
8.750% due 02/15/2009		9,050		7,748
Extended Stay America, Inc.
9.875% due 06/15/2011		17,150		16,635
Extendicare Health Services
9.350% due 12/15/2007		10,050		9,108
Extendicare Health Services, Inc.
9.500% due 07/01/2010		1,200		1,218
Fairpoint Communications, Inc.
6.358% due 05/01/2008 (b)		2,000		1,110
9.500% due 05/01/2008		5,912		3,281
12.500% due 05/01/2010		150		91
Ferrellgas Partners LP
6.990% due 08/01/2005		7,000		7,181
7.120% due 08/01/2008		5,000		5,243
7.240% due 08/01/2010		10,000		11,026
8.750% due 06/15/2012		17,040		17,466
Fisher Scientific International
9.000% due 02/01/2008		19,764		20,406
Flag Ltd.
8.250% due 01/30/2008 (a)		19,741		592
Foamex International, Inc.
10.750% due 04/01/2009 (d)		11,865		10,738
Fort James Corp.
6.700% due 11/15/2003		15,850		15,221
Fresenius Medical Care
7.875% due 06/15/2011		18,995		15,576
Gap, Inc.
5.625% due 05/01/2003		4,605		4,583
Garden State Newspapers
8.750% due 10/01/2009		12,365		12,272
8.625% due 07/01/2011 (b)		10,876		10,686
Georgia-Pacific Corp.
8.125% due 05/15/2011		5,150		4,301
9.875% due 11/01/2021		900		731
9.625% due 03/15/2022		5,000		4,009
9.500% due 05/15/2022		12,659		9,833
9.125% due 07/01/2022		5,710		4,350
8.250% due 03/01/2023		3,100		2,191
8.125% due 06/15/2023		11,600		7,907
8.875% due 05/15/2031		3,835		2,787
Giant Industries, Inc.
11.000% due 05/15/2012		7,825		5,517
Golden Northwest Aluminum
12.000% due 12/15/2006		950		366
Gray Television, Inc.
9.250% due 12/15/2011		15,170		15,549
Greif Bros. Corp.
8.875% due 08/01/2012		11,505		11,505
H&E Equipment Services LLC
11.125% due 06/15/2012		17,320		13,769
HEALTHSOUTH Corp.
8.500% due 02/01/2008		9,480		7,157
8.375% due 10/01/2011		19,600		14,406
Hercules, Inc.
11.125% due 11/15/2007		11,625		12,729
HMH Properties, Inc.
7.875% due 08/01/2005		4,110		3,987
Hollinger International Publishing
9.250% due 02/01/2006		15,725		15,961
9.250% due 03/15/2007		7,835		7,992
Hollinger Participation Trust
12.125% due 11/15/2010 (e)		16,364		14,319
Host Marriott LP
8.375% due 02/15/2006 (b)		12,712		12,331
9.500% due 01/15/2007		19,885		19,935
9.250% due 10/01/2007		4,710		4,686
Ingles Markets, Inc.
8.875% due 12/01/2011		12,075		11,049
Insight Midwest/Insight Capital
9.750% due 10/01/2009		1,000		885
10.500% due 11/01/2010		19,586		17,529
SP Chemco, Inc
10.250% due 07/01/2011		24,105		24,105
ISP Holdings, Inc.
10.625% due 12/15/2009		10,854		9,823
Johnsondiversey, Inc.
9.625% due 05/15/2012		9,195		9,218
Jupiters Ltd.
8.500% due 03/01/2006		12,725		12,852
Kmart Corp.
12.350% due 01/01/2008 (d)		3,435		958
Leviathan Gas Corp.
10.375% due 06/01/2009		6,548		6,712
Limestone Electron Trust
8.625% due 03/15/2003		14,925		13,295
Lyondell Chemical Co.
9.625% due 05/01/2007 (b)		10,774		9,993
9.500% due 12/15/2008		6,100		5,536
11.125% due 07/15/2012		5,600		5,404
Lyondell Petroleum
6.280% due 06/30/2006		147		147
Mail-Well Corp.
9.625% due 03/15/2012		17,535		12,187
Mandalay Resort Group
6.750% due 07/15/2003		18,232		18,414
7.625% due 07/15/2013		680		639
6.700% due 11/15/2096		3,450		3,463
Marsh Supermarkets, Inc.
8.875% due 08/01/2007		6,616		6,285
Mediacom Broadband LLC
11.000% due 07/15/2013		25,015		23,139
Midwest Generation LLC
8.300% due 07/02/2009		1,750		1,275
8.560% due 01/02/2016		7,600		5,478
Newpark Resources, Inc.
8.625% due 12/15/2007		10,645		10,006
NMHG Holding Co.
10.000% due 05/15/2009		2,382		2,418
OM Group, Inc.
9.250% due 12/15/2011		13,395		13,261
PacifiCare Health Systems, Inc.
10.750% due 06/01/2009		20,770		20,614
PanAmSat Corp.
8.500% due 02/01/2012		51,633		41,565
Park Place Entertainment Corp.
8.875% due 09/15/2008		8,855		9,320
Premcor USA, Inc.
4.687% due 11/15/2004		2,000		1,790
Pride International, Inc.
9.375% due 05/01/2007		17,446		18,318
PSS World Medical, Inc.
8.500% due 10/01/2007		17,075		16,819

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   55

Schedule of Investments (Cont.)

High Yield Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Quebecor Media, Inc.
11.125% due 07/15/2011	$	36,234	$	29,168
Qwest Corp.
6.375% due 10/15/2002		250		250
4.370% due 05/03/2003		9,889		8,999
7.625% due 06/09/2003		7,950		7,672
7.200% due 11/01/2004		7,150		6,542
7.250% due 11/01/2008 (b)		4,170		1,647
7.500% due 11/01/2008		3,900		1,541
8.875% due 03/15/2012		21,710		18,996
6.875% due 09/15/2033		1,100		753
R.H. Donnelley, Inc.
9.125% due 06/01/2008		1,525		1,609
Racers
8.375% due 10/01/2007		19,631		15,650
Renaissance Media Group
8.375% due 04/15/2008		15,960		13,327
Riggs Capital Trust
8.625% due 12/31/2026		12,250		10,503
Rogers Cablesystems, Inc.
10.000% due 03/15/2005		4,000		4,000
10.000% due 12/01/2007		2,250		2,250
Rogers Cantel, Inc.
8.300% due 10/01/2007		4,324		3,113
8.800% due 10/01/2007 (b)		2,555		1,392
9.375% due 06/01/2008		31,599		23,225
Rural Cellular Corp.
9.625% due 05/15/2008		12,408		6,638
Safety-Kleen Corp.
9.250% due 06/01/2008 (a)		22,459		449
9.250% due 05/15/2009 (a)		11,042		442
SC International Services, Inc.
9.250% due 09/01/2007		15,230		10,356
Service Corp. International
7.200% due 06/01/2006		3,720		3,181
6.875% due 10/01/2007		12,585		10,446
Sinclair Broadcast Group, Inc.
9.000% due 07/15/2007		1,597		1,653
8.750% due 12/15/2011		10,635		11,034
Sonat, Inc.
7.625% due 07/15/2011		6,852		4,496
Station Casinos, Inc.
9.750% due 04/15/2007		3,853		4,018
Stone Container Corp.
11.500% due 08/15/2006 (d)		1,000		1,053
Telecorp PCS, Inc.
10.625% due 07/15/2010		5,061		4,479
TELUS Corp.
7.500% due 06/01/2007		21,260		17,433
Time Warner Entertainment Co. L.P.
7.975% due 08/15/2004		250		248
Time Warner Telecom, Inc.
10.125% due 02/01/2011		5,975		2,539
Time Warner, Inc.
8.110% due 08/15/2006		15,860		15,296
9.750% due 07/15/2008		6,515		2,834
9.125% due 01/15/2013		8,245		8,144
Tritel PCS, Inc.
12.750% due 05/15/2009 (c)		13,399		9,982
10.375% due 01/15/2011		23,036		20,157
Turner Broadcasting System, Inc.
7.400% due 02/01/2004		4,700		4,642
Tyco International Group SA
6.250% due 06/15/2003		25,169		23,915
U.S. Airways, Inc.
9.625% due 09/01/2003		18,718		10,819
9.330% due 01/01/2006		3,244		1,856
United Air Lines, Inc.
2.120% due 12/02/2002 (b)		2,560		2,310
6.201% due 09/01/2008		2,300		1,904
9.410% due 06/15/2010		1,195		574
7.730% due 07/01/2010		27,485		23,021
7.186% due 04/01/2011		3,779		3,166
6.602% due 09/01/2013		6,300		5,088
7.783% due 01/01/2014		846		709
8.360% due 01/20/2019		1,935		1,716
Vintage Petroleum, Inc.
9.000% due 12/15/2005		7,403		7,588
8.625% due 02/01/2009 (b)		5,200		5,122
7.875% due 05/15/2011		7,250		6,924
8.250% due 05/01/2012		25,800		26,445
VoiceStream Wireless Corp.
10.375% due 11/15/2009		7,394		7,615
Williams Communications Group, Inc.
10.700% due 10/01/2007 (a)		3,493		367
10.875% due 10/01/2009 (a)		2,292		241
Williams Cos., Inc.
9.250% due 03/15/2004		57,945		44,328
7.625% due 07/15/2019		4,910		2,725
7.875% due 09/01/2021		25,075		14,167
7.500% due 01/15/2031		7,725		4,210
7.750% due 06/15/2031		9,740		5,308
8.750% due 03/15/2032		2,000		1,170
Young Broadcasting, Inc.
9.000% due 01/15/2006		12,786		11,955
8.750% due 06/15/2007		4,320		3,910
8.500% due 12/15/2008		2,950		2,972
10.000% due 03/01/2011		9,018		8,161
				1,853,785
Utilities 13.8%
AES Corp.
8.750% due 12/15/2002		3,000		2,775
9.500% due 06/01/2009		15,694		8,239
9.375% due 09/15/2010		10,545		5,536
8.875% due 02/15/2011		2,425		1,249
AT&T Canada, Inc.
0.000% due 06/15/2008 (a)(c)		22,094		2,541
10.625% due 11/01/2008 (b)		4,572		572
AT&T Corp.
1.000% due 11/15/2031		13,325		12,365
AT&T Wireless Services, Inc.
8.125% due 05/01/2012		16,375		12,632
Calpine Corp.
7.625% due 04/15/2006		6,225		2,708
8.750% due 07/15/2007		24,241		10,545
7.875% due 04/01/2008		9,898		4,058
8.500% due 05/01/2008		14,650		6,080
8.625% due 08/15/2010		6,010		2,434
Chesapeake Energy Corp.
8.375% due 11/01/2008		2,900		2,933
CMS Energy Corp.
8.375% due 07/01/2003		4,000		3,401
6.750% due 01/15/2004		2,755		2,260
7.000% due 01/15/2005		8,827		6,889
8.900% due 07/15/2008		8,600		6,716
7.500% due 01/15/2009		12,325		9,442
8.500% due 04/15/2011		4,175		3,199
Dynegy Holdings, Inc.
6.875% due 04/01/2011		8,990		2,652
8.750% due 02/15/2012		14,400		4,536
Edison International, Inc.
6.875% due 09/15/2004		730		639
Edison Mission Energy
10.000% due 08/15/2008		5,925		2,755
9.875% due 04/15/2011		7,225		3,287
El Paso Corp.
6.750% due 05/15/2009		3,400		2,213
7.000% due 05/15/2011		2,900		1,917
7.875% due 06/15/2012		24,550		16,724
7.800% due 08/01/2031		1,500		947
7.750% due 01/15/2032		26,150		16,777
El Paso Energy Partners
8.500% due 06/01/2011		12,900		12,320
8.500% due 06/01/2011		5,584		5,333
El Paso Natural Gas Co.
8.625% due 01/15/2022		7,000		5,981

56   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
France Telecom SA
7.750% due 03/01/2011	$	34,590	$	37,800
8.500% due 03/01/2031		15,660		17,370
Hanover Equipment Trust
8.500% due 09/01/2008		14,475		13,534
IPALCO Enterprises, Inc.
7.375% due 11/14/2008		1,300		1,177
7.625% due 11/14/2011		13,525		11,683
Niagara Mohawk Power Co.
8.500% due 07/01/2010 (c)		7,900		8,305
Pinnacle Partners
8.830% due 08/15/2004		17,460		16,590
PSEG Energy Holdings, Inc.
10.000% due 10/01/2009		14,330		11,623
8.500% due 06/15/2011		13,925		10,740
Rocky River Realty
8.810% due 04/14/2007		2,240		2,607
Rogers Communication, Inc.
9.125% due 01/15/2006		4,010		3,469
8.875% due 07/15/2007		3,335		2,718
Rural Cellular Corp.
9.750% due 01/15/2010		2,945		1,576
SESI, LLC
8.875% due 05/15/2011		16,109		16,310
South Point Energy
8.400% due 05/30/2012		29,899		20,032
Southern California Edsion Co.
4.812% due 03/01/2005		3,000		2,994
Sprint Capital Corp.
6.125% due 11/15/2008		11,300		7,509
6.375% due 05/01/2009		1,000		665
7.625% due 01/30/2011		31,700		21,442
8.375% due 03/15/2012		22,645		15,850
6.900% due 05/01/2019		12,300		7,206
6.875% due 11/15/2028		35,290		20,382
8.750% due 03/15/2032		38,500		25,830
TeleCorp PCS, Inc.
1.000% due 04/15/2009 (c)		9,444		6,941
Tesoro Petroleum Corp.
9.625% due 04/01/2012		28,070		15,860
TSI Telecommunication Services, Inc.
12.750% due 02/01/2009		11,050		9,448
US Unwired, Inc.
1.000% due 11/01/2009 (c)		7,190		395
Williams Cos., Inc.
7.375% due 11/15/2006		3,600		3,258
Wilmington Trust Co.—Tucson Electric
10.210% due 01/01/2009 (d)		500		500
10.732% due 01/01/2013 (d)		7,490		7,225
WorldCom, Inc.—WorldCom Group
7.750% due 04/01/2007 (a)		10,000		1,250
7.500% due 05/15/2011 (a)		8,000		1,000
6.950% due 08/15/2028 (a)		12,700		1,588
8.250% due 05/15/2031 (a)		43,450		5,431
				512,963
Total Corporate Bonds & Notes (Cost $3,207,267)				2,680,354
MUNICIPAL BONDS & NOTES 0.3%
California 0.3%
Los Angeles, California Community Redevelopment Agency Revenue Bonds, Series 2002
8.250% due 09/01/2007		855		913
9.000% due 09/01/2012		725		794
9.750% due 09/01/2017		1,160		1,280
9.750% due 09/01/2022		1,375		1,503
9.750% due 09/01/2027		2,170		2,379
9.750% due 09/01/2032		3,480		3,827
Total Municipal Bonds & Notes (Cost $9,929)				10,696
MORTGAGE-BACKED SECURITIES 0.2%
Collateralized Mortgage Obligations 0.1%
Red Mountain Funding Corp.
9.150% due 11/28/2027		4,517		3,287
Stripped Mortgage-Backed Securities 0.1%
Airtrust (PO)
0.990% due 06/01/2013		10,954		3,629
Total Mortgage-Backed Securities (Cost $8,813)				6,916
ASSET-BACKED SECURITIES 1.6%
American Cellular
4.360% due 03/31/2007 (b)		4,675		3,025
Centennial Cellular
4.760% due 05/31/2007 (b)		3,341		2,306
4.820% due 05/31/2007 (b)		1,027		706
5.070% due 11/30/2007 (b)		184		126
5.050% due 01/04/2008 (b)		918		630
5.060% due 01/04/2008 (b)		918		630
5.070% due 01/04/2008 (b)		918		630
Centennial Puerto Rico
4.740% due 05/31/2007		752		517
4.820% due 05/31/2007 (b)		126		87
5.070% due 01/04/2008 (b)		1,038		713
Charter Commercial Holdings LLC
4.610% due 03/31/2008 (b)		11,949		10,486
Hercules Revolver
1.000% due 10/15/2003		59		59
Huntsman Corp.
9.571% due 06/30/2005		102		87
Insight Midwest
4.562% due 12/15/2009 (b)		9,500		9,099
Island Inland Co.
9.508% due 07/09/2003		3,000		2,992
Lyondell Petroleum
6.250% due 06/30/2006		29		28
Mission Energy
9.360% due 07/25/2006 (b)		6,500		2,356
Nextel Communications, Inc.
4.812% due 03/31/2008 (b)		9,169		7,745
Nextel Partners, Inc.
5.187% due 06/30/2008 (b)		5,000		4,310
5.437% due 12/31/2008 (b)		5,000		4,310
Rural Cellular Corp.
5.040% due 04/03/2009 (b)		3,001		2,411
5.290% due 04/03/2009 (b)		3,001		2,411
Stone Container Corp.
4.375% due 06/30/2009 (b)		5,000		4,983
Total Asset-Backed Securities (Cost $70,504)				60,647
SOVEREIGN ISSUES 4.8%
Republic of Brazil
3.062% due 04/15/2006 (b)		43,808		28,861
7.375% due 04/15/2006 (b)		38,080		25,087
11.500% due 03/12/2008		10,000		5,225
11.000% due 01/11/2012		17,100		7,738
8.000% due 04/15/2014		38,420		18,780
11.000% due 08/17/2040		10,525		4,657
Republic of Panama
8.250% due 04/22/2008		2,000		1,925
9.625% due 02/08/2011		8,000		7,940
9.375% due 07/23/2012		6,000		5,829
4.750% due 07/17/2014		3,333		2,700
1.000% due 07/17/2016 (b)		5,727		3,923
10.750% due 05/15/2020		3,250		3,274
Republic of Peru
9.125% due 02/21/2012		22,400		18,312

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   57

Schedule of Investments (Cont.)

High Yield Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Republic of Peru—Regs
9.125% due 02/21/2012	$	6,700	$	5,477
Russian Federation
8.250% due 03/31/2010		3,400		3,397
11.000% due 07/24/2018		5,000		5,445
5.000% due 03/31/2030		20,500		14,504
United Mexican States
6.250% due 12/31/2019		9,800		9,481
8.000% due 09/24/2022		7,950		7,582
Total Sovereign Issues (Cost $226,004)				180,137
FOREIGN CURRENCY-DENOMINATED ISSUES (i)(j) 1.5%
Fort James Corp.
4.750% due 06/29/2004		EC 5,700		4,805
Fresenius Medical Care
7.375% due 06/15/2011		6,000		4,401
Johnsondiversey, Inc.
9.625% due 05/15/2012		2,500		2,487
Kronos International, Inc.
8.875% due 06/30/2009		7,865		7,476
MDP Acquisition PLC
10.125% due 10/01/2012		22,600		22,335
Remy Cointreau S.A.
10.000% due 07/30/2005		4,900		5,116
Tyco International Group SA
4.375% due 11/19/2004		12,000		10,204
Total Foreign Currency-Denominated Issues (Cost $56,537)				56,824
PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 92.750 Exp. 12/16/2002	$	30,857,000		193
Total Purchased Put Options (Cost $327)				193
CONVERTIBLE BONDS & NOTES 4.9%
Banking & Finance 0.7%
Verizon Global Funding Corp.
4.250% due 09/15/2005		25,000		25,375
Healthcare 0.7%
HEALTHSOUTH Corp.
3.250% due 04/01/2003		5,300		4,883
Total Renal Care Holdings
7.000% due 05/15/2009		20,953		20,534
				25,417
Industrials 3.2%
Clear Channel Communications, Inc.
1.500% due 12/01/2002		1,800		1,791
Elan Finance Corp. Ltd.
0.000% due 12/14/2018		26,850		8,122
Jacor Communications, Inc.
0.000% due 02/09/2018		25,000		12,000
Mail-Well, Inc.
5.000% due 11/01/2002		18,950		18,500
Pride International, Inc.
0.000% due 04/24/2018		36,200		17,466
Roundy’s, Inc.
8.875% due 06/15/2012		13,998		13,718
Tyco International Group SA
0.000% due 02/12/2021		62,150		45,525
				117,122
Technology 0.1%
Solectron Corp.
0.000% due 05/08/2020		9,599		5,603
Utilities 0.2%
Rogers Communication, Inc.
2.000% due 11/26/2005		10,500		7,337
Total Convertible Bonds & Notes (Cost $183,491)				180,854
PREFERRED STOCK 1.1%
	Shares
CSC Holdings, Inc.
11.125% due 04/01/2008		179,322		11,791
Fresenius Medical Care
7.780% due 02/01/2008		34,345		28,678
Total Preferred Stock (Cost $53,106)				40,469
SHORT-TERM INSTRUMENTS 12.9%
	Principal Amount (000s)
Commercial Paper 11.1%
Abbey National North America
1.760% due 12/10/2002	$	3,700		3,696
Federal Home Loan Bank
1.680% due 10/28/2002		2,500		2,497
Freddie Mac
1.710% due 10/31/2002		40,000		39,943
HBOS Treasury Services PLC
1.740% due 10/23/2002		17,100		17,082
1.735% due 10/24/2002		14,475		14,459
1.735% due 10/29/2002		14,475		14,455
1.735% due 10/30/2002		14,475		14,455
1.735% due 10/31/2002		14,475		14,454
Pfizer, Inc.
1.730% due 10/21/2002		25,000		24,976
1.720% due 10/22/2002		50,000		49,950
1.720% due 10/23/2002		50,000		49,947
1.730% due 10/28/2002		25,000		24,968
Svenska Handelsbank, Inc.
1.750% due 12/18/2002		10,000		9,962
TotalFinaElf SA
1.740% due 10/31/2002		110,000		109,840
UBS Finance, Inc.
1.750% due 12/18/2002		20,000		19,958
Westpac Banking Corp.
1.755% due 10/22/2002		3,000		2,997
				413,639
Repurchase Agreements 0.8%
Lehman Brothers, Inc.
1.375% due 10/01/2002		5,740		6,038
(Dated 09/30/2002. Collaterized by XTO Energy, Inc. 7.500% due 04/15/2012 valued at $7,385. Repurchase proceeds are $7,280.)
State Street Bank
1.550% due 10/01/2002		16,945		16,945
(Dated 09/30/2002. Collateralized by Federal Home Loan Bank 2.000% due 09/19/2003 valued at $17,286. Repurchase proceeds are $16,946.)
UBS—Warburg
1.400% due 10/01/2002		5,740		6,038
(Dated 09/30/2002. Collateralized by Tembec Industries, Inc. 8.500% due 02/05/2011 valued at $4,200. Repurchase proceeds are $4,200.)				29,021

58   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
U.S. Treasury Bills 1.0%
1.591% due 11/14/2002-11/29/2002 (f)	$	37,890	$	37,806
Total Short-Term Instruments (Cost $479,869)				480,466
Total Investments 99.5% (Cost $4,295,847)			$	3,697,556
Written Options (g) (0.4%) (Premiums $16,419)				(13,517	)
Other Assets and Liabilities (Net) 0.8%				30,936
Net Assets 100.0%			$	3,714,975

Notes to Schedule of Investments (amounts in thousands):

(a) Security is in default.

(b) Variable rate security. The rate listed is as of September 30, 2002.

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

(d) Restricted security.

(e) Payment in-kind bond security.

(f) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(g) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 7.000 Exp. 01/07/2005	117,800,000	$	2,462	$	2,009
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.500 Exp. 01/07/2005	76,500,000		1,581		5,297
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.000 Exp. 01/07/2005	117,800,000		2,780		6,018
Put—CME Eurodollar December Futures
Strike @ 96.500 Exp. 12/16/2002	30,857		9,596		193
		$	16,419	$	13,517

(h) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized (Depreciation)
Sell	EC	62,598	11/2002	$	(448	)

(i) Principal amount denoted in indicated currency:

EC—Euro

(j) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
Republic of Venezuela	2.875	12/18/2007	$	98,343	$	74,249	$	76,833
Tembec Industries, Inc.	8.500	02/01/2011		4,200		4,200		4,253
XTO Energy, Inc.	7.500	04/15/2012		7,000		7,385		7,185
					$	85,834	$	88,271

(k) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 7.000% and the Fund will pay to the counterparty at par in the event of default of Williams Cos., Inc. 7.125% due 09/01/2011.
Broker: Goldman Sachs Exp. 12/01/2002	$	7,000	$	1
Receive a fixed rate equal to 6.000% and the Fund will pay to the counterparty at par in the event of default of Sprint Corp. 6.375% due 05/01/2009.
Broker: Morgan Stanley Exp. 12/15/2002		10,000		(87	)
Receive a fixed rate equal to 3.600% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 8.750% due 02/15/2012.
Broker: J.P. Morgan Chase & Co. Exp. 03/12/2007		5,000		(2,887	)
Receive a fixed rate equal to 3.500% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 6.875% due 04/01/2011.
Broker: Goldman Sachs Exp. 03/12/2007		5,000		(3,345	)
Receive a fixed rate equal to 1.750% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: J.P. Morgan Chase & Co. Exp. 05/24/2003		5,000		(88	)
Receive a fixed rate equal to 1.200% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 2.750% due 07/17/2016.
Broker: J.P. Morgan Chase & Co. Exp. 05/24/2003		7,000		(29	)
Receive a fixed rate equal to 3.000% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 6.875% due 04/01/2011.
Broker: Merrill Lynch Exp. 05/15/2003		8,000		(3,660	)
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 4.500% due 03/07/2017.
Broker: J.P. Morgan Chase & Co. Exp. 05/28/2003		10,000		(197	)
Receive a fixed rate equal to 0.900% and the Fund will pay to the counterparty at par in the event of default of Republic of Bulgaria 2.688% due 07/28/2011.
Broker: J.P. Morgan Chase & Co. Exp. 05/28/2003		7,000		(20	)

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   59

Schedule of Investments (Cont.)

High Yield Fund

September 30, 2002 (Unaudited)

Receive a fixed rate equal to 1.570% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Goldman Sachs Exp. 05/29/2003	$	7,000	$	(19	)
Receive a fixed rate equal to 1.820% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 11/30/2003		9,000		(81	)
Receive a fixed rate equal to 2.100% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Goldman Sachs Exp. 11/30/2003		7,000		(112	)
Receive a fixed rate equal to 1.770% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 11/30/2003		9,000		(86	)
Receive a fixed rate equal to 3.550% and the Fund will pay to the counterparty at par in the event of default of France Telecom SA 4.576% due 03/14/2003.
Broker: ABN AMRO Bank N.V. Exp. 06/03/2003		17,500		2
Receive a fixed rate equal to 7.500% and the Fund will pay to the counterparty at par in the event of default of Qwest Corp. 8.875% due 03/15/2012.
Broker: Morgan Stanley Exp. 06/05/2003		6,500		(309	)
Receive a fixed rate equal to 7.250% and the Fund will pay to the counterparty at par in the event of default of Qwest Corp. 7.625% due 06/09/2003.
Broker: Merrill Lynch Exp. 06/03/2003		10,000		(1,506	)
Receive a fixed rate equal to 3.700% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 8.375% due 03/15/2012.
Broker: UBS—Warburg Exp. 06/09/2003		25,000		(1,665	)
Receive a fixed rate equal to 3.700% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 8.375% due 03/15/2012.
Broker: UBS—Warburg Exp. 11/15/2002		10,000		(133	)
Receive a fixed rate equal to 3.450% and the Fund will pay to the counterparty at par in the event of default of France Telecom SA 5.750% due 04/25/2007.
Broker: Goldman Sachs Exp. 06/05/2003		25,000		3
Receive a fixed rate equal to 3.950% and the Fund will pay to the counterparty at par in the event of default of France Telecom SA 5.700% due 07/25/2010.
Broker: Morgan Stanley Exp. 06/14/2003		4,000		(56	)
Receive a fixed rate equal to 1.250% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Credit Suisse First Boston Exp. 06/14/2003		20,000		(70	)
Receive a fixed rate equal to 1.300% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Credit Suisse First Boston Exp. 06/14/2003		10,000		(114	)
Receive a fixed rate equal to 2.000% and the Fund will pay to the counterparty at par in the event of default of Deutsche Telekom AG 5.250% due 05/20/2008.
Broker: UBS—Warburg Exp. 06/14/2003		41,500		(209	)
Receive a fixed rate equal to 4.250% and the Fund will pay to the counterparty at par in the event of default of Sprint Corp. 6.875% due 11/15/2028.
Broker: Credit Suisse First Boston Exp. 06/14/2003		2,500		(35	)
Receive a fixed rate equal to 7.750% and the Fund will pay to the counterparty at par in the event of default of Williams Cos., Inc. 8.125% due 03/15/2012.
Broker: Morgan Stanley Exp. 06/14/2003		2,800		(574	)
Receive a fixed rate equal to 7.500% and the Fund will pay to the counterparty at par in the event of default of CIT Group, Inc. 7.750% due 04/02/2012.
Broker: Morgan Stanley Exp. 06/19/2003		20,000		761
Receive a fixed rate equal to 5.000% and the Fund will pay to the counterparty at par in the event of default of CIT Group, Inc. 7.750% due 04/02/2012.
Broker: Credit Suisse First Boston Exp. 06/30/2003		5,000		91
			$	(14,424	)

60   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

Long-Term U.S. Government Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 6.8%
Banking & Finance 4.6%
Bankunited FSB
5.400% due 02/02/2004	$	2,000	$	2,078
CIT Group, Inc.
1.880% due 08/14/2003 (a)		700		695
Ford Motor Credit Co.
2.076% due 06/02/2003 (a)		1,900		1,860
2.070% due 04/26/2004 (a)		6,000		5,666
General Electric Capital Corp.
6.750% due 03/15/2032		8,700		9,362
General Motors Acceptance Corp.
2.580% due 01/20/2004 (a)		6,000		5,892
Merrill Lynch & Co., Inc.
2.110% due 03/08/2004 (a)		600		601
Morgan Stanley
1.930% due 09/19/2003 (a)		1,600		1,601
National Rural Utilities Cooperative Finance Corp.
1.990% due 07/17/2003 (a)		5,000		4,979
2.820% due 04/26/2004 (a)		3,000		3,009
Postal Square LP
6.500% due 06/15/2022		1,819		2,077
Verizon Global Funding Corp.
7.750% due 12/01/2030		2,800		2,805
				40,625
Industrials 1.7%
Caterpillar, Inc.
7.300% due 05/01/2031		1,620		1,969
Continental Airlines, Inc.
6.320% due 11/01/2008		2,120		2,058
DaimlerChrysler North America Holding Corp.
7.750% due 05/27/2003		5,000		5,152
2.053% due 08/16/2004 (a)		3,000		2,958
Ford Motor Co.
7.450% due 07/16/2031		2,800		2,310
				14,447
Utilities 0.5%
BellSouth Corp.
6.875% due 10/15/2031		3,700		4,016
Total Corporate Bonds & Notes (Cost $57,851)				59,088
U.S. GOVERNMENT AGENCIES 8.1%
Fannie Mae
5.650% due 03/21/2006		500		509
6.320% due 03/03/2008		6,500		6,606
5.500% due 03/20/2009		3,630		3,681
7.125% due 01/15/2030		580		721
Federal Home Loan Bank
3.000% due 06/28/2004		5,000		5,059
5.560% due 10/30/2006		500		501
Freddie Mac
3.550% due 03/25/2004		4,000		4,033
5.125% due 07/15/2012		17,400		18,496
4.000% due 02/13/2017		4,800		4,981
6.750% due 03/15/2031		6,300		7,608
Resolution Funding Corp.
0.000% due 01/15/2030		5,000		1,170
Tennessee Valley Authority
7.140% due 05/23/2012		4,000		4,879
7.125% due 05/01/2030		10,000		12,520
Total U.S. Government Agencies (Cost $66,939)				70,764
U.S. TREASURY OBLIGATIONS 14.9%
Treasury Inflation Protected Securities (e)
3.875% due 04/15/2029		30,126		37,074
U.S. Treasury Bonds
10.625% due 08/15/2015		21,500		35,296
6.250% due 08/15/2023		35,900		42,822
5.250% due 11/15/2028		14,100		14,989
Total U.S. Treasury Obligations (Cost $123,691)				130,181
MORTGAGE-BACKED SECURITIES 26.3%
Collateralized Mortgage Obligations 18.3%
Bank of America Mortgage Securities, Inc.
5.819% due 10/20/2032 (a)		15,500		15,759
Bear Stearns Adjustable Rate Mortgage Trust
6.167% due 12/25/2031 (a)		2,683		2,753
6.264% due 01/25/2032 (a)		2,987		3,026
Bear Stearns Mortgage Securities, Inc.
7.100% due 06/25/2024		385		384
5.457% due 06/25/2030 (a)		456		454
California Federal Bank
5.209% due 08/25/2030 (a)		248		252
Chase Mortgage Finance Corp.
6.500% due 06/25/2028		222		222
6.750% due 08/25/2028		1,850		1,921
Chemical Mortgage Securities, Inc.
7.250% due 01/25/2026		1,148		1,146
Countrywide Funding Corp.
6.500% due 01/25/2009		53		53
Countrywide Home Loans
5.986% due 03/19/2032 (a)		882		905
CS First Boston Mortgage Securities Corp.
7.500% due 02/25/2031		232		239
Fannie Mae
6.250% due 12/25/2013		77		81
2.410% due 10/25/2017 (a)		1,521		1,535
6.950% due 07/25/2020		548		590
7.000% due 04/25/2022		1,011		1,109
7.000% due 06/25/2022		487		528
7.000% due 10/25/2022		1,884		2,065
7.800% due 10/25/2022		222		241
6.900% due 05/25/2023		755		848
7.000% due 05/25/2023		1,537		1,692
7.000% due 06/25/2023		648		723
7.000% due 07/25/2023		64		72
6.000% due 08/25/2023		159		172
6.500% due 08/25/2023		924		1,005
4.500% due 10/25/2023		305		251
6.500% due 11/25/2023		2,000		2,105
6.500% due 12/25/2023		123		131
6.500% due 12/25/2023		3,932		3,973
6.500% due 12/25/2023		328		354
6.500% due 01/25/2024		828		840
6.500% due 01/25/2024		239		263
6.500% due 02/25/2024		349		352
6.000% due 05/17/2027		2,500		2,656
7.000% due 05/18/2027		1,840		2,015
6.750% due 06/25/2032		4,045		4,442
Federal Agricultural Mortgage Corp.
7.238% due 07/25/2011		3,256		3,660
First Boston Mortgage Securities Corp.
7.300% due 07/25/2023		1,728		1,726
Freddie Mac
9.500% due 01/15/2005		4		5
8.000% due 02/15/2015		499		522
4.250% due 12/15/2021		66		66
7.000% due 07/15/2022		778		822
7.000% due 05/15/2023		311		346
7.000% due 08/15/2023		386		417
6.250% due 09/15/2023		5,000		5,533
7.000% due 09/15/2023		937		1,038
7.410% due 10/25/2023		597		627
6.000% due 11/15/2023		1,103		1,154
6.500% due 11/15/2023		172		183
6.500% due 11/15/2023		310		338

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   61

Schedule of Investments (Cont.)

Long-Term U.S. Government Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
6.500% due 11/15/2023	$	635	$	660
6.500% due 11/25/2023		688		734
6.250% due 12/15/2023		580		616
6.500% due 12/15/2023		1,196		1,276
7.000% due 01/15/2024		115		128
6.500% due 02/15/2024		223		247
6.500% due 03/15/2024		1,182		1,253
6.500% due 03/15/2024		290		299
6.500% due 11/15/2027		1,350		1,335
6.000% due 12/15/2028		2,491		2,512
6.500% due 03/15/2029		300		301
6.000% due 05/15/2029		122		119
6.500% due 06/15/2031		7,011		7,176
6.000% due 12/15/2031		2,092		2,131
6.000% due 08/15/2032		14,070		13,665
1.000% due 09/15/2032		5,000		4,536
6.000% due 09/15/2032		7,000		6,864
General Electric Capital Mortgage Services, Inc.
9.000% due 10/25/2023		33		34
6.500% due 11/25/2023		3,000		3,108
6.500% due 03/25/2024		600		607
6.650% due 05/25/2028		2,188		2,205
German American Capital Corp.
7.000% due 08/12/2010		3,000		3,368
Government National Mortgage Association
7.000% due 03/16/2029		319		344
6.000% due 05/20/2029		4,737		4,783
Merrill Lynch Mortgage Investors, Inc.
6.050% due 10/15/2008		1,165		1,186
Norwest Asset Securities Corp.
6.750% due 07/25/2028		3,000		3,023
6.750% due 10/25/2028		954		993
PNC Mortgage Securities Corp.
7.500% due 01/25/2015		1,791		1,927
7.500% due 02/25/2027		1,184		1,186
2.290% due 12/25/2030 (a)		1,336		1,338
Prudential Home Mortgage Securities
6.950% due 09/25/2023		81		82
5.900% due 12/25/2023		32		32
6.500% due 01/25/2024		1,000		1,039
8.000% due 06/25/2024		205		210
Residential Accredit Loans, Inc.
7.000% due 02/25/2028		1,994		2,044
Residential Funding Mortgage Securities I, Inc
7.500% due 04/25/2027		1,031		1,036
7.500% due 11/25/2030		1,148		1,149
Resolution Trust Corp.
5.225% due 05/25/2029 (a)		411		401
Sequoia Mortgage Trust
2.160% due 05/20/2032 (a)		4,048		3,969
Structured Asset Mortgage Investments, Inc.
7.140% due 02/25/2030 (a)		855		890
Structured Asset Securities Corp.
6.250% due 01/25/2032 (a)		319		328
2.310% due 07/25/2032 (a)		5,860		5,881
United Mortgage Securities Corp.
5.541% due 06/25/2032 (a)		2,233		2,276
Washington Mutual, Inc.
6.500% due 10/19/2029		1,144		1,180
				160,065
Fannie Mae 1.5%
4.470% due 08/01/2026 (a)		83		85
4.590% due 08/01/2026 (a)		78		80
5.257% due 11/01/2023 (a)		1,400		1,439
5.552% due 10/01/2024 (a)		921		951
5.949% due 02/01/2028 (a)		130		135
6.070% due 10/01/2024 (a)		24		25
6.500% due 05/01/2003-07/01/2005 (a)(b)		1,573		1,596
6.622% due 12/01/2027 (a)		928		955
6.805% due 04/01/2028 (a)		1,409		1,475
7.000% due 03/01/2004-05/01/2004 (a)(b)		2,440		2,476
7.342% due 01/01/2026 (a)		327		348
7.492% due 05/01/2025 (a)		544		574
7.500% due 02/01/2004-10/01/2004 (b)		826		850
8.500% due 04/01/2028		810		881
9.000% due 08/01/2021-06/01/2027 (b)		940		1,037
				12,907
Federal Housing Administration 2.7%
6.896% due 07/01/2020		2,354		2,343
7.000% due 11/25/2019		3,238		3,165
7.400% due 12/18/2018		1,477		1,518
7.421% due 11/01/2019		60		62
7.430% due 08/01/2019-06/01/2024 (b)		16,492		16,745
				23,833
Freddie Mac 0.8%
4.276% due 12/01/2024 (a)		543		555
4.822% due 06/01/2022 (a)		31		32
5.017% due 10/01/2026 (a)		180		185
6.098% due 05/01/2022 (a)		51		53
6.347% due 01/01/2028 (a)		1,131		1,169
6.634% due 09/01/2027 (a)		1,450		1,508
6.879% due 01/01/2028 (a)		702		733
7.450% due 03/25/2022		682		694
7.468% due 02/01/2028 (a)		979		1,042
7.500% due 06/01/2004-10/01/2004 (b)		859		880
8.000% due 05/01/2004		469		473
				7,324
Government National Mortgage Association 2.6%
4.500% due 05/20/2030 (a)		7,392		7,571
5.375% due 02/20/2017-01/20/2028 (a)(b)		6,597		6,801
6.625% due 12/20/2017-11/20/2027 (a)(b)		2,573		2,661
6.750% due 09/20/2017-09/20/2026 (a)(b)		3,088		3,183
6.800% due 05/15/2040		1,977		2,252
				22,468
Stripped Mortgage-Backed Securities 0.4%
Fannie Mae (IO)
6.500% due 08/25/2020		27		0
6.500% due 09/25/2021		156		10
1014.600% due 09/25/2007		2		25
1197.967% due 08/25/2007		3		50
Fannie Mae (PO)
0.000% due 03/25/2009		2,944		2,715
Freddie Mac (IO)
6.000% due 10/15/2007		18		0
6.500% due 11/15/2003		619		21
6.500% due 10/15/2007		192		11
6.500% due 11/15/2008		431		46
7.000% due 12/15/2023		699		86
7.500% due 06/15/2007		58		1
19.100% due 02/15/2007		2		16
Norwest Asset Securities Corp. (IO)
7.250% due 02/25/2012		42		1
				2,982
Total Mortgage-Backed Securities (Cost $220,232)				229,579
ASSET-BACKED SECURITIES 7.2%
Ace Securities Corp.
2.150% due 06/25/2032 (a)		5,855		5,845
AmeriCredit Automobile Receivables Trust
3.780% due 02/12/2007		3,600		3,686
Bayview Financial Acquisition Trust
2.220% due 02/25/2030 (a)		249		249
Bear Stearns Asset-Backed Securities, Inc.
2.140% due 10/25/2032 (a)		3,704		3,701
Countrywide Asset-Backed Certificates
2.070% due 05/25/2032 (a)		1,926		1,917
CS First Boston Mortgage Securities Corp.
2.083% due 12/15/2030 (a)		1,701		1,699
Household Automotive Trust
2.750% due 05/17/2005		8,700		8,780
Household Mortgage Loan Trust
2.097% due 05/20/2032 (a)		6,483		6,480

62   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
HPSC Equipment Receivables LLC
2.120% due 11/22/2007 (a)	$	5,216	$	5,219
IMC Home Equity Loan Trust
1.990% due 03/25/2027 (a)		125		125
Mellon Residential Funding Corp.
1.940% due 01/25/2008 (a)		953		953
Novastar Home Equity Loan
2.090% due 01/25/2031 (a)		4,062		4,045
NPF XII, Inc.
2.240% due 10/01/2003 (a)(h)		3,000		2,993
Provident Bank Equipment Lease Trust
2.110% due 11/25/2011 (a)		1,690		1,695
Residential Funding Mortgage Securities II, Inc.
4.130% due 07/25/2011		5,000		5,088
SLM Student Loan Trust
2.402% due 01/25/2007 (a)		167		167
2.276% due 10/27/2025 (a)		1,593		1,593
WFS Financial Owner Trust
2.820% due 05/20/2005		8,700		8,780
Total Asset-Backed Securities (Cost $62,690)				63,015
PURCHASED CALL OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 99.250 Exp. 12/16/2002		430,000		16
Total Purchased Call Options (Cost $7)				16
PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 95.750 Exp. 12/16/2002		330,000		2
U.S. Treasury Note (OTC)
6.000% due 12/31/2002
Strike @ 108.000 Exp. 11/23/2002		400,000		500
Total Purchased Put Options (Cost $645)				502
SHORT-TERM INSTRUMENTS 37.6%
Commercial Paper 33.7%
Fannie Mae
1.860% due 10/01/2002		120,000		119,999
Freddie Mac
1.860% due 10/01/2002		175,000		175,000
				294,999
Repurchase Agreement 0.7%
State Street Bank
1.550% due 10/01/2002		6,000		6,000
(Dated 09/30/2002. Collateralized by Federal Home Loan Bank 2.770% due 08/19/2004 valued at $6,124. Repurchase proceeds are $6,000.)
U.S. Treasury Bills 3.2%
1.607% due 11/14/2002-11/29/2002 (b)(d)		28,125		28,056
Total Short-Term Instruments (Cost $329,055)				329,055
Total Investments 100.9% (Cost $ 861,110)			$	882,200
Written Options (c) (1.0%) (Premiums $3,415)				(8,492	)
Other Assets and Liabilities (Net) 0.1%				367
Net Assets 100.0%			$	874,075

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(c) Premiums received on written options:

Type	# of Contracts	Premium		Value
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.250 Exp. 07/19/2004	40,000,000	$	1,052	$	2,666
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 3.500 Exp. 07/22/2003	50,000,000		277		928
Call—CME Eurodollar March Futures
Strike @ 98.000 Exp. 03/17/2003	346		143		504
Call—CME Eurodollar December Futures
Strike @ 98.500 Exp. 12/16/2002	769		267		317
Call—CBOT U.S. Treasury Note December Futures
Strike @ 110.000 Exp. 11/23/2002	170		148		1,041
Call—CBOT U.S. Treasury Note December Futures
Strike @ 109.000 Exp. 11/23/2002	172		160		1,212
Call—CBOT U.S. Treasury Note December Futures
Strike @ 116.000 Exp. 11/23/2002	422		502		686
Call—CBOT U.S. Treasury Note December Futures
Strike @ 114.000 Exp. 11/23/2002	400		661		1,125
Put—CBOT U.S. Treasury Note December Futures
Strike @ 104.000 Exp. 11/23/2002	400		205		13
		$	3,415	$	8,492

(d) Securities with an aggregate market value of $23,321 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
U.S. Treasury 5 Year Note (12/2002)	41	$	(6	)
U.S. Treasury 10 Year Note (12/2002)	2,417		4,973
U.S. Treasury 30 Year Bond (12/2002)	4,672		16,186
Eurodollar December Futures (12/2003)	375		272
Eurodollar March Futures (03/2004)	164		128
		$	21,553

(e) Principal amount of security is adjusted for inflation.

(f) Short sales open at September 30, 2002 were as follows:

Type	Coupon        (%)	Maturity	Par	Value	Proceeds
U.S. Treasury Notes	6.500	02/15/2010	$20,000	$24,142	$23,623

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   63

Schedule of Investments (Cont.)

Long-Term U.S. Government Fund

September 30, 2002 (Unaudited)

(g) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized (Depreciation)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs Exp. 12/18/2004	$	24,400	$	(282	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 3.000%.
Broker: UBS—Warburg Exp. 12/18/2004		40,000		(247	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 3.000%.
Broker: Lehman Brothers, Inc. Exp. 12/18/2004		10,000		(81	)
Receive a fixed rate equal to 0.230% and the Fund will pay to the counterparty at par in the event of default of Associates Corp. 6.000% due 04/15/2003.
Broker: UBS—Warburg Exp. 01/14/2003		3,000		(2	)
			$	(612	)

(h) Subsequent to September 30, 2002, the issuer declared bankruptcy.

64   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

Low Duration Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 19.9%
Banking & Finance 8.6%
Banco Nacional de Comercio Exterior
7.250% due 02/02/2004	$	1,800	$	1,890
Bank of America Corp.
7.875% due 12/01/2002		100		101
6.625% due 06/15/2004		1,000		1,074
Bear Stearns Cos., Inc.
6.125% due 02/01/2003		3,000		3,038
6.200% due 03/30/2003		9,700		9,890
2.380% due 05/24/2004 (a)		2,000		2,010
2.317% due 06/01/2004 (a)		3,000		3,005
Beaver Valley Funding Corp.
8.250% due 06/01/2003		318		319
Beneficial Corp.
6.575% due 12/16/2002		5,440		5,475
Capital One Bank
2.770% due 06/23/2003 (a)		1,100		1,093
CIT Group, Inc.
2.210% due 10/01/2002 (a)		10,000		10,000
2.310% due 04/07/2003 (a)		2,900		2,895
Conoco Funding Co.
6.350% due 10/15/2011		950		1,071
Credit Asset Receivable LLC
6.274% due 10/31/2003		13,032		13,112
Export-Import Bank Korea
6.500% due 11/15/2006		6,700		7,440
7.100% due 03/15/2007		6,700		7,630
Finova Group, Inc.
7.500% due 11/15/2009 (b)		2,100		651
Ford Motor Credit Co.
6.000% due 01/14/2003		15,000		15,048
1.877% due 02/13/2003 (a)		2,000		1,978
2.076% due 03/17/2003 (a)		3,000		2,963
6.125% due 04/28/2003		14,000		14,106
2.076% due 06/02/2003 (a)		600		588
2.530% due 06/23/2003 (a)		9,800		9,630
7.375% due 10/28/2009		100		95
7.875% due 06/15/2010		1,860		1,837
7.375% due 02/01/2011		580		548
Gemstone Investors Ltd.
7.710% due 10/31/2004		21,400		17,142
General Motors Acceptance Corp.
1.842% due 11/12/2002 (a)		17,400		17,374
5.875% due 01/22/2003		500		504
6.750% due 03/15/2003		3,700		3,758
1.820% due 07/20/2003 (a)		3,451		3,451
2.223% due 07/21/2003 (a)		200		198
2.142% due 08/04/2003 (a)		98,420		97,139
5.550% due 09/15/2003		3,000		3,047
5.750% due 11/10/2003		5,000		5,099
2.668% due 01/20/2004 (a)		41,720		40,965
2.670% due 03/22/2004 (a)		5,000		4,894
2.010% due 04/05/2004 (a)		1,700		1,647
2.680% due 05/04/2004 (a)		3,700		3,610
2.442% due 05/10/2004 (a)		600		584
2.620% due 05/17/2004 (a)		1,300		1,267
7.625% due 06/15/2004		1,000		1,048
6.850% due 06/17/2004		1,000		1,036
2.298% due 07/21/2004 (a)		600		578
2.321% due 07/30/2004 (a)		400		386
7.430% due 12/01/2021		395		400
Heller Financial, Inc.
2.087% due 04/28/2003 (a)		20,000		20,032
Household Finance Corp.
7.625% due 01/15/2003		10,849		10,975
6.125% due 02/27/2003		1,500		1,518
2.060% due 06/24/2003 (a)		1,500		1,485
2.146% due 05/28/2004 (a)		500		484
7.125% due 09/01/2005		50		51
7.200% due 07/15/2006		290		296
J.P. Morgan Chase & Co.
7.625% due 09/15/2004		100		109
Korea Development Bank
7.625% due 10/01/2002		21,200		21,200
6.500% due 11/15/2002		6,698		6,733
5.878% due 06/16/2003 (a)		3,500		3,570
6.625% due 11/21/2003		20,300		21,260
Lehman Brothers Holdings, Inc.
8.250% due 06/15/2007		100		117
Marsh & McLennan Cos., Inc.
6.625% due 06/15/2004		1,000		1,077
Merrill Lynch & Co.
6.130% due 04/07/2003		7,770		7,930
6.550% due 08/01/2004		100		107
Metropolitan Life Insurance Co.
6.300% due 11/01/2003		17,850		18,572
Middletown Trust
11.750% due 07/15/2010		811		836
National Rural Utilities Cooperative Finance Corp.
2.820% due 04/26/2004 (a)		1,000		1,003
6.125% due 05/15/2005		75		80
Pemex Finance Ltd.
6.125% due 11/15/2003		6,333		6,548
Pemex Project Funding Master Trust
3.360% due 01/07/2005 (a)		46,000		46,048
Rothmans Holdings
6.500% due 05/06/2003		14,000		14,350
Salomon Smith Barney Holdings, Inc.
2.142% due 05/04/2004 (a)		32,760		32,871
Salomon, Inc.
7.500% due 02/01/2003		3,000		3,055
Sears Roebuck Acceptance Corp.
6.900% due 08/01/2003		50		52
Shopping Center Associates
6.750% due 01/15/2004		11,725		12,179
Spieker Properties, Inc.
6.800% due 05/01/2004		2,000		2,107
Trinom Ltd.
5.879% due 12/18/2004 (a)		5,700		5,740
Verizon Global Funding Corp.
6.125% due 06/15/2007		136,600		142,391
Wells Fargo & Co.
6.625% due 07/15/2004		1,000		1,077
Wells Fargo Financial, Inc.
5.450% due 05/03/2004		6,250		6,570
				712,037
Industrials 5.3%
Allied Waste North America, Inc.
7.375% due 01/01/2004		5,000		4,975
Atlas Air, Inc.
8.010% due 01/02/2010		8,651		3,995
Coastal Corp.
6.500% due 05/15/2006		10,000		7,507
Conoco, Inc.
5.900% due 04/15/2004		3,100		3,255
Cox Enterprises, Inc.
2.722% due 05/01/2033 (a)		2,000		1,981
CSX Corp.
6.250% due 10/15/2008		1,197		1,322
DaimlerChrysler North America Holding Corp.
2.596% due 12/16/2002 (a)		13,900		13,915
2.132% due 08/21/2003 (a)		900		896
2.220% due 08/16/2004 (a)		1,000		986
6.900% due 09/01/2004		1,000		1,060
Eastman Chemical Co.
6.375% due 01/15/2004		250		261
Electric Lightwave, Inc.
6.050% due 05/15/2004		3,000		2,823
Enron Corp.
6.500% due 08/01/2002 (b)		13,700		1,473
6.750% due 09/01/2004 (b)		1,545		209
7.625% due 09/10/2004 (b)		2,400		324
8.375% due 05/23/2005 (b)		7,355		993
8.000% due 08/15/2005 (b)		8,300		1,702

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   65

Schedule of Investments (Cont.)

Low Duration Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Federal-Mogul Corp.
7.500% due 07/01/2004 (b)	$	28,600	$	5,863
General Motors Corp.
6.250% due 05/01/2005		7,000		7,184
General Motors Nova Scotia Finance
6.850% due 10/15/2008		20,500		21,171
HCA, Inc.
8.130% due 08/04/2003		5,000		5,172
IMEXA Export Trust
10.125% due 05/31/2003		2,491		915
International Game Technology
7.875% due 05/15/2004		500		523
International Paper Co.
8.000% due 07/08/2003		10,000		10,395
ITT Destinations, Inc.
6.750% due 11/15/2005		2,000		1,930
Kellogg Co.
6.600% due 04/01/2011		290		332
Kroger Co.
7.150% due 03/01/2003		13,500		13,746
Limestone Electron Trust
8.625% due 03/15/2003		8,100		7,216
MGM Mirage, Inc.
8.500% due 09/15/2010		55		59
Nabisco, Inc.
6.125% due 02/01/2033		6,600		6,672
NWA Trust
10.230% due 06/21/2014		588		557
Occidental Petroleum Corp.
6.400% due 04/01/2003 (a)		27,945		28,494
Park Place Entertainment Corp.
7.950% due 08/01/2003		15,955		16,226
Petroleos Mexicanos
9.375% due 12/02/2008		5,500		5,926
Philip Morris Cos., Inc.
7.250% due 01/15/2003 (a)		4,050		4,100
8.250% due 10/15/2003		1,000		1,055
6.950% due 06/01/2006		25,000		27,710
Phillips Petroleum Co.
8.500% due 05/25/2005		2,000		2,291
Qwest Capital Funding, Inc.
5.875% due 08/03/2004		6,000		4,080
Qwest Corp.
5.650% due 11/01/2004		9,250		8,001
6.125% due 11/15/2005		2,330		1,992
R.J. Reynolds Holdings, Inc.
7.750% due 05/15/2006		990		1,095
Raytheon Co.
6.500% due 07/15/2005		170		181
Rollins Truck Leasing Co.
8.000% due 02/15/2003		3,000		3,054
Sonat, Inc.
7.625% due 07/15/2011		1,340		879
SR Wind Ltd.
6.992% due 05/18/2005 (a)		6,000		6,013
7.492% due 05/18/2005 (a)		3,000		3,057
System Energy Resources, Inc.
7.430% due 01/15/2011		1,195		1,302
TCI Communications, Inc.
2.520% due 03/11/2003 (a)		3,000		2,978
Time Warner Entertainment Co. L.P.
7.975% due 08/15/2004		1,950		1,936
Time Warner, Inc.
8.110% due 08/15/2006		100		96
TTX Co.
7.820% due 07/21/2003		61,000		63,610
Union Pacific Corp.
6.650% due 01/15/2011		90		101
Waste Management, Inc.
6.500% due 05/15/2004		59,000		60,131
6.500% due 11/15/2008		550		564
7.375% due 08/01/2010		1,810		1,909
Weyerhaeuser Co.
5.500% due 03/15/2005		34,200		35,554
6.125% due 03/15/2007		26,060		27,784
Williams Cos., Inc.
6.250% due 02/01/2006		110		70
7.625% due 07/15/2019		200		111
				439,712
Utilities 6.0%
ALLETE, Inc.
2.798% due 10/20/2003 (a)		100		100
Appalachian Power Co.
4.800% due 06/15/2005		34,040		34,164
Arizona Public Service Co.
5.875% due 02/15/2004		5,600		5,791
Arkansas Power & Light
6.000% due 10/01/2003		450		452
AT&T Corp.
5.625% due 03/15/2004		20,000		19,858
6.500% due 11/15/2006		5,000		4,930
British Telecom PLC
3.121% due 12/15/2003 (a)		8,900		8,884
7.875% due 12/15/2005		73,400		81,981
8.375% due 12/15/2010		285		335
CenturyTel, Inc.
7.750% due 10/15/2002		32,000		32,043
Cleveland Electric Illuminating Co.
9.500% due 05/15/2005		9,000		9,053
CMS Energy Corp.
8.375% due 07/01/2003		7,750		6,589
DTE Energy Co.
7.110% due 11/15/2038 (a)		21,000		21,584
Entergy Louisiana, Inc.
8.500% due 06/01/2003		4,000		4,140
Entergy Mississippi, Inc.
7.750% due 02/15/2003		35,000		35,593
France Telecom SA
2.665% due 07/16/2003 (a)		12,200		12,207
8.700% due 03/01/2006 (a)		35,000		37,267
Hydro-Quebec
6.300% due 05/11/2011		100		115
Illinois Power Co.
6.000% due 09/15/2003		12,500		10,875
Jersey Central Power & Light Co.
7.125% due 10/01/2004		500		501
Niagara Mohawk Power Co.
7.250% due 10/01/2002		16,634		16,634
7.375% due 08/01/2003		145		150
7.750% due 10/01/2008		2,270		2,668
NorAm Energy Corp.
6.375% due 11/01/2003		2,000		1,741
Ohio Edison Co.
8.625% due 09/15/2003		5,000		5,177
Pacific Gas & Electric Co.
7.583% due 10/31/2049 (a)(b)		46,700		43,898
Progress Energy, Inc.
7.100% due 03/01/2011		550		602
Reliant Energy Resources Corp.
8.125% due 07/15/2005		3,300		2,982
Sprint Capital Corp.
9.500% due 04/01/2003		5,800		5,456
5.700% due 11/15/2003		4,000		3,644
5.875% due 05/01/2004		8,800		7,610
7.900% due 03/15/2005		4,000		3,250
6.000% due 01/15/2007		21,000		14,449
6.125% due 11/15/2008		63,571		42,244
6.875% due 11/15/2028		30		17
Texas Utilities Corp.
9.700% due 02/28/2003		4,695		4,830
6.750% due 04/01/2003		3,875		3,956
6.875% due 08/01/2005		2,000		2,130
TXU Electric Co.
6.750% due 03/01/2003		925		941

66   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
United Illuminating Co.
6.000% due 12/15/2003	$	13,000	$	13,489
				502,330
Total Corporate Bonds & Notes (Cost $1,699,865)				1,654,079
U.S. GOVERNMENT AGENCIES 0.1%
Federal Farm Credit Bank
5.150% due 01/07/2003		1,000		1,010
Federal Home Loan Bank
4.125% due 08/15/2003		2,000		2,045
Freddie Mac
7.000% due 02/15/2003		1,240		1,265
Small Business Administration
4.000% due 01/25/2013 (a)		228		233
3.500% due 02/25/2014 (a)		434		440
Total U.S. Government Agencies (Cost $4,957)				4,993
U.S. TREASURY OBLIGATIONS 0.3%
Treasury Inflation Protected Securities (h)
3.375% due 01/15/2007		21,711		23,655
Total U.S. Treasury Obligations (Cost $23,351)				23,655
MORTGAGE-BACKED SECURITIES 60.9%
Collateralized Mortgage Obligations 15.3%
Amortizing Residential Collateral Trust
2.073% due 09/25/2030 (a)		5,388		5,375
Bank of America Mortgage Securities, Inc.
5.819% due 10/20/2032 (a)		44,300		45,041
Bank of America Mortgage Securities, Inc.—2A1
5.819% due 10/20/2032 (a)		44,300		45,041
Bear Stearns Adjustable Rate Mortgage Trust
6.750% due 03/25/2028		25,791		26,854
7.451% due 12/25/2030 (a)		1,715		1,722
7.491% due 12/25/2030 (a)		2,336		2,346
6.340% due 09/25/2031 (a)		19,455		19,683
6.102% due 12/25/2031 (a)		6,737		6,914
6.160% due 12/25/2031 (a)		12,771		13,106
6.247% due 01/25/2032 (a)		15,181		15,377
5.439% due 10/25/2032 (a)		9,800		9,935
Cendant Mortgage Corp.
7.217% due 03/18/2028		27,039		27,275
6.750% due 04/25/2031		3,289		3,505
Chase Commercial Mortgage Securities Corp.
7.600% due 12/18/2005		49		50
Chase Mortgage Finance Corp.
6.500% due 06/25/2013 (a)		1,249		1,256
6.750% due 06/25/2028		11,250		11,659
6.350% due 07/25/2029		2,118		2,160
Citicorp Mortgage Securities, Inc.
5.338% due 12/01/2019 (a)		171		170
6.750% due 05/25/2028		6,266		6,624
CMC Securities Corp. IV
7.250% due 10/25/2027 (a)		4,034		4,104
7.250% due 11/25/2027		3,392		3,444
CNL Commercial Loan Trust
2.464% due 10/20/2027 (a)		56,119		56,119
Commercial Trust
6.670% due 12/15/2003 (a)		2,098		1,986
Countrywide Alternative Loan Trust
8.000% due 07/25/2030		19		19
Countrywide Home Loans, Inc.
6.500% due 08/25/2032 (a)		6,876		7,052
Criimi Mae Financial Corp.
7.000% due 01/01/2033		6,200		6,696
CS First Boston Mortgage Securities Corp.
6.960% due 06/20/2029		14		14
7.500% due 02/25/2031		23,547		24,234
7.500% due 03/25/2031		9,750		10,133
2.500% due 03/25/2032 (a)		62,328		62,078
5.781% due 10/25/2032		66,792		68,250
2.360% due 08/25/2033 (a)		1,900		1,900
6.400% due 01/17/2035		71		73
1.000% due 12/19/2039		7		7
DLJ Commercial Mortgage Corp.
7.300% due 06/10/2032		195		228
DLJ Mortgage Acceptance Corp.
11.000% due 08/01/2019		413		475
6.540% due 05/25/2024 (a)		511		514
2.313% due 06/25/2026 (a)		4,347		4,358
6.850% due 12/17/2027		150		155
Drexel Burnham Lambert Trust
2.625% due 05/01/2016 (a)		13		13
Enterprise Mortgage Acceptance Co.
6.110% due 01/15/2025		40		41
E-Trade Bank Mortgage-Backed Securities Trust
7.037% due 09/25/2031		2,211		2,266
Fannie Mae
8.950% due 05/25/2003		0		0
9.000% due 07/25/2003		5		5
9.400% due 07/25/2003		1		1
6.875% due 06/25/2009		105		105
9.250% due 10/25/2018		35		40
9.500% due 03/25/2020		2,995		3,374
9.500% due 05/25/2020		574		647
9.000% due 03/25/2021		1,742		1,958
9.000% due 04/25/2021		57		64
8.000% due 12/25/2021		1,987		2,101
2.443% due 04/25/2022 (a)		100		100
Federal Housing Administration
7.430% due 10/01/2020		4,098		4,150
First Horizon Asset Securities, Inc.
6.750% due 02/25/2031		10,411		10,748
First Nationwide Trust
7.750% due 10/25/2030		5,787		5,852
Freddie Mac
8.000% due 07/01/2006		18		19
8.500% due 01/01/2007		32		34
5.750% due 01/15/2008		1		1
9.500% due 07/01/2010		38		41
6.500% due 08/15/2011		8,550		8,958
8.000% due 01/01/2012		69		74
12.500% due 09/30/2013		311		336
11.750% due 02/01/2014		1		1
10.000% due 07/15/2019		124		129
10.000% due 05/15/2020		90		94
9.000% due 12/15/2020		1,218		1,244
9.500% due 01/15/2021		484		511
8.000% due 04/15/2021		572		594
9.500% due 09/01/2021		15		16
8.000% due 04/01/2022		205		221
8.000% due 11/01/2022		144		155
8.500% due 08/01/2024		61		66
8.500% due 11/01/2024		483		521
6.250% due 04/15/2028		3,364		3,467
7.500% due 07/15/2030		5,486		5,846
2.273% due 11/15/2030 (a)		246		247
4.617% due 08/15/2032 (a)		3,453		3,410
Freddie Mac—1082C
9.000% due 05/15/2021		39		43
Freddie Mac—130E
9.000% due 05/15/2021		49		51
German American Capital Corp.
7.000% due 08/12/2010		6,800		7,634
Glendale Federal Savings & Loan
11.000% due 03/01/2010		12		12
GMAC Commercial Mortgage Corp.
2.270% due 02/20/2003 (a)		573		574
2.200% due 09/20/2005 (a)		200		200

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   67

Schedule of Investments (Cont.)

Low Duration Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Golden Mortgage Loan
7.875% due 02/25/2031 (a)	$	7,298	$	7,260
Goldman Sachs Mortgage Securities Corp.
2.882% due 10/25/2032		89,100		89,100
Government National Mortgage Association
2.373% due 12/16/2025 (a)		1,375		1,379
Home Savings of America
4.274% due 05/25/2027 (a)		728		734
Impac Secured Assets CMN Owner Trust
8.000% due 07/25/2030		25,832		26,448
Imperial Savings Association
8.871% due 07/25/2017 (a)		19		19
9.900% due 02/25/2018		197		198
International Mortgage Acceptance Corp.
12.250% due 03/01/2014		66		71
LB Commercial Conduit Mortgage Trust
6.330% due 11/18/2004		74		76
Mellon Residential Funding Corp.
6.400% due 06/25/2028		16,661		16,829
6.580% due 07/25/2029 (a)		14,348		14,397
Morgan Stanley Capital I
7.328% due 01/16/2006		113		116
7.460% due 02/15/2020		11,503		11,596
10.030% due 08/15/2023		35		35
Mortgage Capital Funding, Inc.
6.325% due 10/18/2007		15,839		16,898
Nationslink Funding Corp.
6.297% due 11/10/2002		5,000		5,141
2.160% due 04/10/2007 (a)		1,804		1,809
Norwest Asset Securities Corp.
6.500% due 04/25/2028		578		587
6.500% due 01/25/2029		6,000		6,298
PHH Mortgage Services Corp.
7.315% due 02/18/2028		21,426		21,533
PNC Mortgage Securities Corp.
6.500% due 12/25/2028		11,392		11,567
6.300% due 06/25/2029		19,210		19,738
7.430% due 05/25/2040 (a)		43		43
Prudential Home Mortgage Securities
7.500% due 09/25/2007		398		414
7.000% due 01/25/2008		6,553		6,544
6.750% due 11/25/2008		5,745		5,833
7.000% due 08/25/2009		1,492		1,501
Prudential-Bache Trust
8.400% due 03/20/2021		1,763		1,863
Resecuritization Mortgage Trust
6.060% due 04/26/2021 (a)		1,567		1,567
6.500% due 04/19/2029		15,320		15,659
Residential Accredit Loans, Inc.
6.500% due 02/25/2029 (a)		8,329		8,389
7.000% due 07/25/2029		143		145
Residential Asset Securitization Trust
6.500% due 09/25/2014 (a)		215		225
2.043% due 06/25/2031		96		96
Residential Funding Mortgage Securities I
7.500% due 12/25/2025		703		711
7.500% due 07/25/2027		2,842		2,843
7.000% due 10/25/2027 (a)		6,754		6,855
6.250% due 11/25/2028		6,000		6,269
5.691% due 09/25/2032		28,100		28,609
Resolution Trust Corp.
7.039% due 10/25/2021 (a)		30		31
8.625% due 10/25/2021		5,088		5,082
9.059% due 10/25/2021		125		125
6.811% due 05/25/2029 (a)		1,394		1,405
Ryland Acceptance Corp.
11.500% due 12/25/2016		7		7
Salomon Brothers Mortgage Securities VII
6.987% due 12/25/2017 (a)		846		857
Salomon Brothers Mortgage Securities VII, Inc.
6.354% due 03/25/2024 (a)		399		400
6.551% due 10/25/2024 (a)		90		90
2.213% due 09/25/2029 (a)		60		60
7.606% due 11/25/2030		823		829
2.133% due 06/25/2032 (a)		7,189		7,174
Sears Mortgage Securities
12.000% due 02/25/2014		36		36
7.431% due 10/25/2022 (a)		786		952
Sequoia Mortgage Trust
2.120% due 08/20/2032 (a)		35,305		35,305
SLH Mortgage Trust
9.600% due 03/25/2021		307		307
Structured Asset Mortgage Investments, Inc.
6.871% due 06/25/2028 (a)		1,972		2,090
6.523% due 06/25/2029 (a)		18,690		19,362
9.180% due 06/25/2029 (a)		3,441		3,905
6.750% due 05/02/2030		1,280		1,309
2.140% due 09/19/2032 (a)		64,934		64,934
Structured Asset Securities Corp.
6.750% due 07/25/2029		8,601		8,781
2.263% due 05/25/2031 (a)		2,076		2,082
2.363% due 05/25/2031 (a)		9,743		9,518
6.250% due 01/25/2032 (a)		14,670		15,066
2.100% due 02/25/2032 (a)		16,230		16,168
2.100% due 07/25/2032 (a)		56,975		56,737
6.150% due 07/25/2032 (a)		11,685		11,991
TMA Mortgage Funding Trust
2.193% due 01/25/2029 (a)		4,528		4,528
Torrens Trust
2.040% due 07/15/2031 (a)		4,895		4,898
Union Planters Mortgage Finance Corp.
6.600% due 01/25/2028		10,248		10,371
Washington Mutual Mortgage Securities Corp.
6.196% due 07/25/2032		27,551		28,274
Wells Fargo Mortgage-Backed Securities Trust
7.000% due 02/25/2016		26,246		27,067
6.125% due 07/25/2031		9,944		10,120
6.201% due 01/25/2032 (a)		2,369		2,402
5.221% due 09/25/2032 (a)		16,000		16,253
				1,269,807
Fannie Mae 36.8%
3.875% due 07/01/2017 (a)		206		210
3.990% due 06/01/2017 (a)		52		53
4.070% due 08/01/2017 (a)		25		25
4.073% due 07/01/2018 (a)		27		27
4.657% due 04/01/2018 (a)		4,522		4,672
4.837% due 11/01/2017 (a)		211		213
4.858% due 01/01/2021 (a)		167		167
4.998% due 12/01/2023 (a)		147		151
5.248% due 11/01/2017 (a)		98		101
5.249% due 07/25/2017 (a)		1,446		1,449
5.500% due 04/01/2009-10/21/2017 (c)		1,164,263		1,198,729
5.568% due 02/01/2028 (a)		1,742		1,804
5.626% due 07/01/2017 (a)		248		253
5.721% due 04/01/2024 (a)		941		971
5.795% due 10/01/2030-11/01/2039 (a)(c)		8,293		8,515
5.912% due 07/01/2023 (a)		293		299
5.995% due 12/01/2017 (a)		72		73
6.000% due 10/01/2003-06/01/2032 (c)		1,601,060		1,663,871
6.121% due 10/01/2024 (a)		1,550		1,606
6.203% due 11/01/2018 (a)		67		67
6.248% due 01/01/2024 (a)		40		41
6.281% due 08/01/2029 (a)		11,481		11,992
6.498% due 01/01/2024 (a)		729		757
6.500% due 09/01/2005-06/01/2008 (c)		276		283
7.000% due 12/01/2006-07/01/2012 (c)		87,359		92,569
8.000% due 02/01/2027-11/01/2031 (c)		53,431		57,144
8.500% due 03/01/2008-01/01/2026 (c)		1,504		1,627
9.000% due 01/01/2025		1		2
9.500% due 07/01/2024-11/01/2025 (c)		1,776		1,966
10.000% due 02/01/2004-01/01/2025 (c)		445		498
10.500% due 06/01/2005-12/01/2024 (c)		57		61
11.000% due 11/01/2020		25		28
11.250% due 10/01/2015		20		23
11.500% due 12/01/2008-02/01/2020 (c)		30		34

68   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
11.750% due 02/01/2016	$	32	$	38
12.000% due 01/01/2015		4		4
13.000% due 07/01/2015		5		5
13.250% due 09/01/2011		9		11
15.500% due 10/01/2012-12/01/2012 (c)		4		4
15.750% due 12/01/2011		16		19
16.000% due 09/01/2012-12/01/2012 (c)		7		9
				3,050,371
Federal Housing Administration 0.5%
6.950% due 04/01/2014		1,879		1,891
7.000% due 08/01/2022		2,887		2,908
7.400% due 02/01/2019		30		30
7.421% due 11/01/2019		265		274
7.430% due 10/01/2019-11/01/2025 (c)		36,452		37,037
				42,140
Freddie Mac 0.3%
4.375% due 03/01/2017 (a)		125		126
5.625% due 01/01/2017 (a)		21		21
6.000% due 09/01/2006-03/01/2011 (c)		4,881		5,048
6.048% due 06/01/2024 (a)		334		343
6.073% due 02/01/2020 (a)		1,402		1,452
6.307% due 09/01/2023 (a)		107		111
6.336% due 11/01/2022 (a)		891		913
6.355% due 12/01/2022 (a)		296		306
6.365% due 11/01/2023 (a)		245		251
6.383% due 10/01/2023 (a)		503		515
6.389% due 03/01/2024 (a)		34		35
6.462% due 01/01/2024 (a)		902		929
6.529% due 07/01/2018 (a)		190		196
6.617% due 01/01/2024 (a)		391		406
6.828% due 10/01/2027 (a)		537		561
7.500% due 09/01/2006		20		21
8.000% due 03/01/2007-12/01/2024 (c)		1,710		1,839
8.250% due 10/01/2007-01/01/2009 (c)		48		52
8.500% due 10/01/2002-11/01/2025 (c)		4,957		5,344
9.000% due 07/01/2004-08/01/2022 (c)		1,465		1,621
9.500% due 12/01/2004-02/01/2025 (c)		143		156
9.750% due 11/01/2008		303		335
10.000% due 04/01/2015-10/01/2019 (c)		49		55
10.500% due 10/01/2010-02/01/2016 (c)		14		16
10.750% due 09/01/2009-08/01/2011 (c)		195		222
11.500% due 10/01/2015-01/01/2016 (c)		36		41
11.750% due 11/01/2010-08/01/2015 (c)		4		4
12.000% due 09/01/2013		1		2
14.000% due 09/01/2012-04/01/2016 (c)		7		8
14.500% due 12/01/2010		2		2
15.000% due 08/01/2011-12/01/2011 (c)		2		3
				20,934
Government National Mortgage Association 8.0%
4.500% due 05/20/2030 (a)		184		188
5.000% due 01/20/2032-02/20/2032 (a)(c)		62,367		63,823
5.375% due 03/20/2019-06/20/2027 (a)(c)		21,112		21,788
6.000% due 07/20/2030 (a)		222		225
6.375% due 04/20/2016-03/20/2017 (a)(c)		77		79
6.500% due 05/15/2023-10/15/2023 (c)		377		396
6.625% due 10/20/2023-12/20/2027 (a)(c)		21,906		22,666
6.750% due 08/20/2022-07/20/2027 (a)(c)		28,870		29,766
7.000% due 03/15/2011-10/23/2032 (c)		470,239		493,900
7.500% due 03/15/2022-11/15/2026 (c)		2,905		3,107
7.750% due 09/20/2026 (a)		41		42
8.000% due 11/15/2006-12/15/2024 (c)		14,601		15,887
8.500% due 12/15/2021-04/15/2022 (c)		21		23
9.000% due 06/20/2016-12/15/2030 (c)		8,861		9,705
9.500% due 10/15/2016-06/15/2025 (c)		62		70
9.750% due 07/15/2017-10/15/2017 (c)		207		235
10.000% due 10/15/2013-11/15/2025 (c)		44		50
10.500% due 11/15/2019-02/15/2021 (c)		12		14
11.000% due 09/15/2010		4		4
11.500% due 08/15/2018		22		26
11.750% due 08/15/2013-08/15/2015 (c)		36		42
12.000% due 06/20/2015		5		6
13.000% due 10/15/2013		5		6
13.500% due 05/15/2011-11/15/2012 (c)		19		23
16.000% due 12/15/2011-02/15/2012 (c)		19		24
				662,095
Stripped Mortgage-Backed Securities 0.0%
Fannie Mae (IO)
0.950% due 03/25/2009 (a)		7,034		123
6.000% due 02/25/2008		60		0
6.500% due 03/25/2009		471		47
6.500% due 03/25/2009		1,145		110
6.500% due 05/25/2019		1,566		20
6.500% due 04/25/2020		758		9
6.500% due 03/25/2023		1,251		142
6.600% due 03/25/2024 (a)		1,817		47
7.000% due 05/25/2021		678		13
256.000% due 11/01/2008		11		42
859.771% due 02/25/2022		6		68
Fannie Mae (PO)
0.000% due 09/25/2022		8		7
Freddie Mac (IO)
4.000% due 01/15/2024		20,281		2,415
6.000% due 02/15/2008		12		0
6.500% due 05/15/2019		79		0
6.500% due 06/15/2019		120		0
6.500% due 04/15/2022		883		71
7.000% due 05/15/2023		140		14
1049.625% due 04/15/2021		1		3
Prudential Home Mortgage Securities (IO)
0.262% due 04/25/2009 (a)		24,550		69
				3,200
Total Mortgage-Backed Securities (Cost $4,982,918)				5,048,547
ASSET-BACKED SECURITIES 5.6%
Ace Securities Corp.
2.153% due 06/25/2032 (a)		13,954		13,931
Advanta Mortgage Loan Trust
7.760% due 05/25/2018		22,700		23,518
Ameriquest Mortgage Securities, Inc.
2.143% due 06/15/2030 (a)		95		95
2.123% due 07/15/2030 (a)		190		190
2.120% due 05/25/2032 (a)		11,087		11,079
2.080% due 08/25/2032 (a)		30,540		30,459
Amresco Residential Securities Mortgage Loan Trust
2.040% due 07/25/2027 (a)		85		85
Asset-Backed Securities Home Equity Corp.
2.083% due 06/15/2031 (a)		260		260
Capital Asset Research Funding LP
6.400% due 12/15/2004		37		38
Champion Home Equity Loan Trust
6.737% due 05/25/2028 (a)		1,733		1,768
CIT Group Home Equity Loan Trust
2.083% due 06/25/2033 (a)		47,500		47,422
CIT Marine Trust
5.800% due 04/15/2010		59		60
Community Program Loan Trust
4.500% due 10/01/2018		13,151		13,341
Compucredit Credit Card Master Trust
2.043% due 03/15/2007 (a)		32,000		32,020
Countrywide Asset-Backed Certificates
2.043% due 06/25/2031 (a)		24,309		24,286
CS First Boston Mortgage Securities Corp.
2.083% due 12/15/2030 (a)		340		340
2.170% due 03/25/2032 (a)		34,940		34,800
Embarcadero Aircraft Securitization Trust
2.303% due 08/15/2025 (a)		4,900		4,018
EQCC Home Equity Loan Trust
1.983% due 10/15/2027 (a)		134		134
Equity One ABS, Inc.
7.325% due 03/25/2014		736		737
2.090% due 11/25/2032 (a)		58,499		58,110
GF Funding Corp.
6.890% due 01/20/2006		5,738		5,676

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   69

Schedule of Investments (Cont.)

Low Duration Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Green Tree Financial Corp.
6.550% due 02/15/2027	$	988	$	996
7.400% due 06/15/2027		9,399		9,782
Green Tree Home Improvement Loan Trust
1.993% due 08/15/2029 (a)		283		282
Home Equity Mortgage Trust
6.177% due 06/25/2032 (a)		35,618		36,553
Household Mortgage Loan Trust
2.120% due 05/20/2032 (a)		13,799		13,792
IMC Home Equity Loan Trust
2.035% due 10/20/2027 (a)		1,552		1,550
Irwin Home Equity Loan Trust
7.460% due 09/25/2014		3,224		3,236
2.188% due 06/25/2021 (a)		91		91
2.100% due 06/25/2029 (a)		12,727		12,695
Marriott Vacation Club Owner Trust
2.170% due 09/20/2017 (a)		5,286		5,284
Merrill Lynch Mortgage Investors, Inc.
0.000% due 07/25/2004		32,600		2,791
Morgan Stanley Dean Witter Capital I
2.143% due 07/25/2032 (a)		14,585		14,544
Oakwood Mortgage Investors, Inc.
2.123% due 03/15/2014 (a)		12,734		12,740
Ocwen Mortgage Loan Trust
2.122% due 10/25/2029 (a)		93		92
Option One Mortgage Loan Trust
2.103% due 09/25/2030 (a)		1,189		1,187
Pacificamerica Home Equity Loan
2.033% due 04/25/2028 (a)		64		64
Renaissance Home Equity Loan Trust
2.160% due 08/25/2032 (a)		14,756		14,781
Saxon Asset Securities Trust
7.205% due 01/25/2019		65		66
SLM Student Loan Trust
2.342% due 04/25/2006 (a)		1,318		1,320
Vanderbilt Acquisition Loan Trust
3.280% due 01/07/2013		27,220		27,474
WMC Mortgage Loan
2.163% due 05/15/2030 (a)		3,121		3,115
Total Asset-Backed Securities (Cost $463,545)				464,802
SOVEREIGN ISSUES 0.6%
Republic of Brazil
3.062% due 04/15/2006 (a)		64,512		42,501
3.125% due 04/15/2009 (a)		2,306		1,153
11.000% due 01/11/2012		3,000		1,357
Republic of Panama
8.250% due 04/22/2008		5,500		5,294
Total Sovereign Issues (Cost $69,020)				50,305
PURCHASED PUT OPTIONS 0.0%
PNC Mortgage Securities Corp. (OTC)
7.430% due 05/25/2040
Strike @ 100.000 Exp. 04/01/2005		300		0
Total Purchased Put Options (Cost $0)				0
PREFERRED STOCK 0.0%
		Shares
Home Ownership Funding
13.331% due 12/31/2049		3,000		1,942
Rhone-Poulenc SA
8.125% due 12/31/2049		13,000		334
Total Preferred Stock (Cost $3,213)				2,276
		Principal Amount (000s)
SHORT-TERM INSTRUMENTS 33.3%
Commercial Paper 32.9%
AT&T Corp.
3.720% due 04/18/2003	$	62,300		58,630
BP Amoco Capital PLC
1.970% due 10/01/2002		290,000		290,000
CDC
1.750% due 11/04/2002		250,000		249,477
Fannie Mae
1.860% due 10/01/2002		23,000		23,000
1.720% due 11/27/2002		315,000		314,142
1.710% due 12/18/2002		108,100		107,690
Federal Home Loan Bank
1.680% due 10/17/2002		182,000		181,864
1.680% due 10/23/2002		100,000		99,897
Freddie Mac
1.700% due 10/31/2002 (d)		500		499
1.710% due 10/31/2002		150,000		149,786
HBOS Treasury Services PLC
1.740% due 10/23/2002		53,600		53,543
1.730% due 11/20/2002		150,000		149,640
Rabobank Nederland NV
1.920% due 10/01/2002		290,000		290,000
Shell Finance (UK) PLC
1.700% due 11/19/2002		80,000		79,815
TotalFinaElf SA
1.970% due 10/31/2002		280,000		280,000
UBS Finance, Inc.
1.970% due 12/18/2002		400,000		400,000
				2,727,983
Repurchase Agreement 0.2%
State Street Bank
1.550% due 10/01/2002		18,000		18,000
(Dated 09/30/2002. Collateralized by Federal Farm Credit Bank 3.125% due 10/01/2003 valued at $18,363. Repurchase proceeds are $18,000.)
U.S. Treasury Bills 0.2%
1.618% due 11/14/2002-11/29/2002 (c)(d)		16,175		16,139
Total Short-Term Instruments (Cost $2,765,801)				2,762,122
Total Investments 120.7% (Cost $10,012,670)			$	10,010,779
Written Options (e) (0.0%) (Premiums $7,346)				(113	)
Other Assets and Liabilities (Net) (20.7%)				(1,717,148	)
Net Assets 100.0%			$	8,293,518

70   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

(c) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(d) Securities with an aggregate market value of $13,146 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation
Euro-Bobl 5 Year Note (12/2002)	6,959	$	14,135
Euribor March Futures (03/2003)	2,285		6,115
Euribor June Futures (06/2003)	412		274
Eurodollar June Futures (06/2003)	2,468		7,288
Euribor Option March Futures (03/2003)	1,139		262
		$	28,074

(e) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—CME Eurodollar December Futures Strike @ 96.000 Exp. 12/16/2002	6,533	$	3,640	$	82
Put—CME Eurodollar December Futures Strike @ 96.500 Exp. 12/16/2002	4,944		3,706		31
		$	7,346	$	113

(f) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation
Buy	EC	34,882	11/2002	$	229
Sell	JY	2,357,726	12/2002		556
				$	785

(g) Principal amount denoted in indicated currency:

EC—Euro

JY—Japanese Yen

(h) Principal amount of security is adjusted for inflation.

(i) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032	EC	148,500	$	3,939
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Morgan Stanley Exp. 03/15/2032	BP	95,800		(4,721	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.390%.
Broker: Goldman Sachs Exp. 06/18/2007	JY	4,481,100		45
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.805%.
Broker: Morgan Stanley Exp. 01/11/2011		3,285,600		(2,062	)
Receive a fixed rate equal to 0.430% and the Fund will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.750% due 06/15/2005.
Broker: Lehman Brothers, Inc. Exp. 07/11/2003	$	20,000		(826	)
Receive a fixed rate equal to 0.230% and the Fund will pay to the counterparty at par in the event of default of Associates Corp. 6.000% due 04/15/2003.
Broker: UBS—Warburg Exp. 01/14/2003		43,000		(21	)
Receive a fixed rate equal to 0.510% and the Fund will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.750% due 06/15/2005.
Broker: Lehman Brothers, Inc. Exp. 01/25/2005		5,000		(172	)
Receive a fixed rate equal to 0.810% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding 6.750% due 12/01/2005.
Broker: Goldman Sachs Exp. 06/15/2004		50,000		(2,130	)
Receive a fixed rate equal to 0.850% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding 6.750% due 12/01/2005.
Broker: J.P. Morgan Chase & Co. Exp. 06/12/2004		30,000		(1,411	)
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Credit Suisse First Boston Exp. 04/24/2003		10,000		(51	)
Receive a fixed rate equal to 1.200% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Credit Suisse First Boston Exp. 06/03/2003		5,000		(18	)
Receive a fixed rate equal to 5.500% and the Fund will pay to the counterparty at par in the event of default of CIT Group, Inc. 7.750% due 04/02/2012.
Broker: Morgan Stanley Exp. 06/20/2003		10,000		240
			$	(7,188	)

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   71

Schedule of Investments

Money Market Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 5.0%
Banking & Finance 3.7%
Associates Corp. of North America
6.375% due 10/15/2002	$	200	$	200
Bank of America Corp.
10.000% due 02/01/2003		200		205
Bank One North America
7.375% due 12/01/2002		40		40
Bear Stearns Cos., Inc.
2.148% due 03/28/2003 (a)		5,000		5,007
General Electric Capital Corp.
6.520% due 10/08/2002		865		866
5.930% due 01/17/2003		5,000		5,052
7.000% due 02/03/2003		2,325		2,360
8.700% due 02/15/2003		250		256
Heller Financial, Inc.
6.400% due 01/15/2003		566		573
Merrill Lynch & Co., Inc.
6.000% due 02/12/2003		100		101
Morgan Stanley, Dean Witter, Discover & Co.
6.875% due 03/01/2003		125		127
Paine Webber Group, Inc.
7.020% due 02/14/2003		100		102
Wells Fargo Financial, Inc.
6.250% due 11/01/2002		100		100
				14,989
Industrials 0.0%
E.I. du Pont de Nemours & Co.
6.750% due 10/15/2002		60		60
Utilities 1.3%
Southwestern Bell Telephone Co.
6.250% due 10/15/2002		5,000		5,007
Total Corporate Bonds & Notes (Cost $20,056)				20,056
U.S. GOVERNMENT AGENCIES 0.4%
Fannie Mae
4.020% due 10/04/2004		1,500		1,501
Total U.S. Government Agencies (Cost $1,501)				1,501
SHORT-TERM INSTRUMENTS 94.0%
Commercial Paper 93.5%
Abbey National North America
1.750% due 12/12/2002		8,000		7,972
Electricite De France
1.740% due 10/31/2002		3,000		2,996
Fannie Mae
1.860% due 10/01/2002		79,800		79,800
1.690% due 10/23/2002		21,500		21,478
1.715% due 10/30/2002		5,000		4,993
1.720% due 11/06/2002		16,000		15,973
1.710% due 11/20/2002		13,400		13,368
Federal Home Loan Bank
1.658% due 10/23/2002		13,000		12,987
1.680% due 10/28/2002		21,500		21,473
Freddie Mac
1.860% due 10/01/2002		63,000		63,000
1.650% due 10/24/2002		13,000		12,986
1.710% due 10/31/2002		1,000		999
GlaxoSmithKline PLC
1.680% due 11/13/2002		17,700		17,665
HBOS Treasury Services PLC
1.700% due 10/07/2002		1,000		1,000
1.730% due 10/15/2002		4,000		3,997
1.700% due 11/14/2002		6,000		5,988
Pfizer, Inc.
1.730% due 10/28/2002		12,000		11,984
Shell Finance
1.750% due 12/10/2002		15,000		14,949
Svenska Handelsbank
1.730% due 10/30/2002		17,000		16,976
Swedbank Forenings PLC
1.760% due 11/12/2002		10,000		9,979
TotalFinaElf SA
1.740% due 10/31/2002		14,200		14,179
UBS Finance, Inc.
1.750% due 12/18/2002		16,000		15,939
Westpac Trust Securities NZ Ltd.
1.710% due 12/05/2002		6,000		5,981
				376,662
Repurchase Agreement 0.5%
State Street Bank
1.550% due 10/01/2002		2,000		2,000
(Dated 09/30/2002. Collateralized by Federal Farm Credit Bank 3.125% due 10/01/2003 valued at $2,043. Repurchase proceeds are $2,000.)
Total Short-Term Instruments (Cost $378,662)				378,662
Total Investments 99.4% (Cost $400,219)			$	400,219
Other Assets and Liabilities (Net) 0.6%				2,521
Net Assets 100.0%			$	402,740

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

72   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

Real Return Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 8.2%
Banking & Finance 6.4%
Allstate Financial Global Funding
7.125% due 09/26/2005	$	5,000	$	5,598
Atlas Reinsurance PLC
4.563% due 04/04/2003 (a)		6,700		6,725
5.563% due 10/04/2004 (a)		4,400		4,433
4.387% due 01/07/2005 (a)		1,250		1,260
8.650% due 04/07/2005 (a)		8,250		8,250
Bear Stearns Cos., Inc.
2.210% due 12/01/2003 (a)		500		501
2.400% due 09/21/2004 (a)		1,000		999
Boeing Capital Corp.
5.650% due 05/15/2006		5,000		5,242
CIT Group, Inc.
2.325% due 04/07/2003 (a)		300		299
5.625% due 05/17/2004		1,000		1,024
Export-Import Bank Korea
6.500% due 11/15/2006		2,500		2,776
Finova Group, Inc.
7.500% due 11/15/2009		840		260
Ford Motor Credit Co.
2.550% due 04/17/2003 (a)		36,000		35,560
2.040% due 11/24/2003 (a)		3,000		2,910
2.236% due 01/26/2004 (a)		8,200		7,882
2.690% due 03/08/2004 (a)		1,000		957
2.070% due 04/26/2004 (a)		2,000		1,889
6.700% due 07/16/2004		300		302
3.675% due 10/25/2004 (a)		18,000		17,175
2.305% due 06/30/2005 (a)		3,100		2,804
2.295% due 07/18/2005 (a)		44,750		40,393
General Motors Acceptance Corp.
2.121% due 12/09/2002 (a)		2,000		1,997
5.875% due 01/22/2003		2,550		2,571
2.071% due 03/10/2003 (a)		2,800		2,782
2.410% due 05/16/2003 (a)		19,925		19,780
2.223% due 07/21/2003 (a)		6,500		6,422
2.250% due 08/04/2003 (a)		5,000		4,935
2.580% due 01/20/2004 (a)		2,400		2,357
2.110% due 04/05/2004 (a)		700		678
2.612% due 05/04/2004 (a)		19,600		19,122
2.457% due 05/17/2004 (a)		3,100		3,022
2.150% due 05/28/2004 (a)		2,000		1,930
2.210% due 07/21/2004 (a)		46,400		44,717
Goldman Sachs Group
2.297% due 12/01/2004 (a)		1,600		1,598
Heller Financial, Inc.
2.188% due 04/28/2003 (a)		3,000		3,005
Korea Development Bank
5.878% due 06/16/2003 (a)		500		510
Merrill Lynch & Co.
2.120% due 02/04/2003 (a)		2,000		2,001
2.140% due 08/01/2003 (a)		4,000		4,007
Merrill Lynch & Co., Inc.
2.201% due 05/21/2004 (a)		2,100		2,100
Morgan Stanley, Dean Witter & Co.
2.101% due 02/21/2003 (a)		1,500		1,501
2.006% due 03/11/2003 (a)		2,000		2,001
National Australia Bank Ltd.
2.535% due 05/19/2010 (a)		1,500		1,507
National Rural Utilities Cooperative Finance Corp.
2.010% due 07/17/2003 (a)		10,000		9,957
NeHi, Inc.
6.196% due 06/09/2003 (a)		3,000		3,046
Pemex Finance Ltd.
6.125% due 11/15/2003		167		172
Premium Asset Trust
2.105% due 11/27/2004 (a)		5,000		5,015
Protective Life Funding Trust
2.320% due 01/17/2003 (a)		1,000		1,001
Prudential Funding Corp.
6.375% due 07/23/2006		7,000		7,699
Redwood Capital I Ltd.
7.360% due 01/01/2003 (a)		17,000		16,927
Redwood Capital II Ltd.
4.860% due 01/01/2004 (a)		33,000		32,870
Residential Reinsurance Ltd.
6.887% due 06/01/2004 (a)		4,500		4,574
6.797% due 06/01/2005 (a)		15,900		15,940
Salomon, Smith Barney Holdings
2.120% due 02/18/2003 (a)		1,000		1,001
2.178% due 04/28/2003 (a)		3,000		3,003
Textron Financial Corp.
2.240% due 12/09/2002 (a)		1,000		999
Trinom Ltd.
5.895% due 12/18/2004 (a)		6,500		6,546
Wachovia Bank North America
2.010% due 02/20/2004 (a)		2,250		2,256
Wachovia Corp.
7.550% due 08/18/2005		12,500		14,088
Washington Mutual Bank
2.070% due 05/14/2004 (a)		1,700		1,704
2.220% due 05/17/2004 (a)		17,900		17,936
Western Capital
7.021% due 01/07/2003 (a)		5,000		5,000
				425,516
Industrials 1.1%
AIC Corp.
2.187% due 10/02/2002 (a)		250		250
American Airlines, Inc.
6.978% due 04/01/2011		2,992		3,103
Coastal Corp.
2.460% due 07/21/2003 (a)		9,000		8,553
Conoco, Inc.
2.596% due 10/15/2002 (a)		8,000		8,002
Cox Enterprises, Inc.
2.812% due 05/01/2033 (a)		2,000		1,981
DaimlerChrysler North America Holding Corp.
2.656% due 12/16/2002 (a)		4,193		4,198
2.230% due 08/16/2004 (a)		5,000		4,931
Delta Air Lines, Inc.
8.540% due 01/02/2007		3,541		3,137
Fred Meyer, Inc.
7.375% due 03/01/2005		2,000		2,195
Petroleos Mexicanos
9.500% due 09/15/2027		14,350		15,785
SR Wind Ltd.
6.992% due 05/18/2005 (a)		2,000		2,004
7.492% due 05/18/2005 (a)		3,500		3,567
United Air Lines, Inc.
2.301% due 12/02/2002 (a)		1,109		1,001
Walt Disney Co.
4.500% due 09/15/2004		15,000		15,227
Waste Management, Inc.
7.100% due 08/01/2026		1,500		1,522
				75,456
Utilities 0.7%
ALLETE, Inc.
2.798% due 10/20/2003 (a)		2,500		2,494
British Telecom PLC
3.181% due 12/15/2003 (a)		6,200		6,189
7.875% due 12/15/2005		10,750		12,007
Deutsche Telekom International Finance BV
7.750% due 06/15/2005		10,000		10,733
Dominion Resources, Inc.
7.600% due 07/15/2003		5,000		5,160
Entergy Gulf States, Inc.
3.097% due 06/02/2003 (a)		5,500		5,499
Hawaiian Electric Industries, Inc.
2.876% due 04/15/2003 (a)		2,000		2,003
WorldCom, Inc.
7.375% due 01/15/2003 (b)		1,000		125
				44,210
Total Corporate Bonds & Notes (Cost $545,907)				545,182

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   73

Schedule of Investments (Cont.)

Real Return Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
U.S. TREASURY OBLIGATIONS 97.2%
Treasury Inflation Protected Securities (e)
3.375% due 01/15/2007 (c)	$	474,159	$	516,611
3.625% due 01/15/2008 (d)		1,339,074		1,477,585
3.875% due 01/15/2009 (d)		9,032		10,158
4.250% due 01/15/2010 (d)		1,219,662		1,405,851
3.500% due 01/15/2011		263,861		292,556
3.375% due 01/15/2012		99,396		109,972
3.000% due 07/15/2012		69,112		74,404
3.625% due 04/15/2028		759,721		894,453
3.875% due 04/15/2029 (d)		1,299,768		1,599,529
3.375% due 04/15/2032		63,616		74,073
Total U.S. Treasury Obligations (Cost $6,023,797)				6,455,192
MORTGAGE-BACKED SECURITIES 0.1%
Collateralized Mortgage Obligations 0.1%
Bear Stearns Adjustable Rate Mortgage Trust
5.174% due 11/25/2030 (a)		2,547		2,632
Freddie Mac
6.500% due 01/25/2028		100		107
7.000% due 10/15/2030		3,000		3,204
Mellon Residential Funding Corp.
2.700% due 10/20/2029 (a)		800		808
				6,751
Fannie Mae 0.0%
6.066% due 10/01/2024 (a)		191		202
Federal Housing Administration 0.0%
7.430% due 12/01/2020		115		119
Total Mortgage-Backed Securities (Cost $6,997)				7,072
ASSET-BACKED SECURITIES 0.2%
AFC Home Equity Loan Trust
2.070% due 03/25/2027 (a)		98		98
American Residential Eagle Trust
2.190% due 07/25/2029 (a)		1,793		1,792
Asset Backed Securities Corp. Home Equity
2.210% due 06/21/2029 (a)		727		728
Conseco Finance
7.890% due 07/15/2018 (b)		1,176		1,198
8.170% due 12/15/2025 (b)		2,000		2,129
Conseco Finance Home Loan Trust
8.880% due 06/15/2024 (b)		750		799
Conseco Finance Securitizations Corp.
8.480% due 12/01/2031 (b)		3,000		3,208
EQCC Home Equity Loan Trust
2.088% due 03/20/2030 (a)		108		107
SLM Student Loan Trust
2.369% due 04/25/2006 (a)		251		252
4.373% due 01/25/2007 (a)		84		84
Total Asset-Backed Securities (Cost $10,263)				10,395
SOVEREIGN ISSUES 0.0%
United Mexican States Value Recovery Right
0.000% due 06/30/2003 (a)		718		2
0.000% due 06/30/2004 (a)		718		1
0.000% due 06/30/2005 (a)		718		0
Total Sovereign Issues (Cost $0)				3
FOREIGN CURRENCY-DENOMINATED ISSUES (h)(i) 0.8%
Caisse D’amort Dette Soc
3.800% due 07/25/2006 (e)	EC	5,244		5,422
Commonwealth of New Zealand
4.500% due 02/15/2016	N$	34,200		18,848
Republic of France
3.000% due 07/25/2012 (e)	EC	28,034		28,597
Total Foreign Currency-Denominated Issues (Cost $45,315)				52,867
CONVERTIBLE BONDS & NOTES 0.5%
Banking & Finance 0.4%
Verizon Global Funding Corp.
5.750% due 04/01/2003		10,000		10,120
5.750% due 04/01/2003		3,000		3,019
4.250% due 09/15/2005		13,250		13,449
				26,588
Industrials 0.1%
Nabors Industries Ltd.
0.000% due 06/20/2020		5,000		3,256
Total Convertible Bonds & Notes (Cost $29,648)				29,844
SHORT-TERM INSTRUMENTS 3.2%
Commercial Paper 2.6%
Federal Home Loan Bank
1.680% due 10/25/2002		20,000		19,977
Freddie Mac
1.650% due 10/18/2002		7,500		7,494
1.700% due 10/31/2002 (c)		70		70
1.710% due 10/31/2002		25,000		24,964
TotalFinaElf SA
1.745% due 10/23/2002		20,000		19,979
1.770% due 10/24/2002		40,000		39,955
UBS Finance, Inc.
1.970% due 12/18/2002		64,000		64,000
				176,439
Repurchase Agreement 0.5%
State Street Bank
1.550% due 10/01/2002		33,027		33,027
(Dated 09/30/2002. Collateralized by Federal Home Loan Bank 1.970% due 10/08/2003 valued at $8,191 and 1.900% due 09/23/2003 valued at $25,501. Repurchase proceeds are $33,028.)
U.S. Treasury Bills 0.1%
1.602% due 11/14/2002-11/29/2002 (f)		4,245		4,235
Total Short-Term Instruments (Cost $213,701)				213,701
Total Investments 110.2% (Cost $6,875,628)			$	7,314,256
Other Assets and Liabilities (Net) (10.2%)				(675,920	)
Net Assets 100.0%			$	6,638,336

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

74   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

(c) Securities with an aggregate market value of $1,282 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
U.S. Treasury 5 Year Note (12/2002)	24	$	(60	)
U.S. Treasury 10 Year Note (12/2002)	345		(135	)
U.S. Treasury 30 Year Bond (12/2002)	9		(31	)
		$	(226	)

(d) Security, or portion thereof, subject to financing transaction.

(e) Principal amount of security is adjusted for inflation.

(f) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(g) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
U.S. Treasury Bonds	6.250	05/15/2030	$	14,400	$	17,574	$	17,308
U.S. Treasury Notes	5.250	08/15/2003		73,100		75,527		75,341
U.S. Treasury Notes	3.875	01/15/2009		232,542		261,537		257,311
U.S. Treasury Notes	4.625	05/15/2006		8,600		9,311		9,189
U.S. Treasury Notes	4.375	05/15/2007		25,000		26,991		26,407
					$	390,940	$	385,556

(h) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Sell	EC	24,713	11/2002	$	(156	)
Sell	N$	36,053	10/2002		0
				$	(156	)

(i) Principal amount denoted in indicated currency:

EC - Euro

N$ - New Zealand Dollar

(j) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive floating rate based on 3-month LIBOR plus 0.470% and pay a fixed rate equal to 7.750%.
Broker: Morgan Stanley Exp. 06/15/2005	$	10,000	$	(1,233	)
Receive floating rate based on 3-month LIBOR plus 0.500% and pay a fixed rate equal to 7.600%.
Broker: Lehman Brothers, Inc. Exp. 07/15/2003		5,000		(211	)
Receive floating rate based on 3-month LIBOR plus 1.000% and pay a fixed rate equal to 0.000%.
Broker: Morgan Stanley Exp. 06/20/2003		3,042		(112	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 06/15/2003		15,900		(103	)
Receive a fixed rate equal to 0.410% and the Fund will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.750% due 06/15/2005.
Broker: Goldman Sachs Exp. 11/10/2002		1,000		(8	)
Receive a fixed rate equal to 0.200% and the Fund will pay to the counterparty at par in the event of default of Fannie Mae 5.375% due 10/15/2011.
Broker: Morgan Stanley Exp. 05/03/2005		80,000		41
Receive a fixed rate equal to 5.000% and the Fund will pay to the counterparty at par in the event of default of El Paso Corp. 7.000% due 05/15/2011.
Broker: Merrill Lynch Exp. 09/15/2003		15,000		(2,424	)
			$	(4,050	)

Type	Fixed Spread (%)	Notional Amount		Unrealized (Depreciation)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Bank of America Exp. 11/15/2002	0.571	$	75,000	$	(656	)

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   75

Schedule of Investments

Short-Term Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 46.1%
Banking & Finance 18.2%
Banco Nacional Obra Services
9.625% due 11/15/2003 (a)	$	3,900	$	4,183
Bankunited FSB
5.400% due 02/02/2004		4,000		4,157
Bear Stearns Cos., Inc.
5.125% due 02/22/2004 (a)		4,200		4,137
2.210% due 09/21/2004 (a)		900		899
2.410% due 07/15/2005 (a)		5,000		5,005
2.130% due 09/16/2005 (a)		5,000		4,930
Chrysler Financial Co. LLC
1.990% due 02/05/2003 (a)		1,000		998
CIT Group, Inc.
5.920% due 11/08/2002		1,000		1,003
7.375% due 03/15/2003		5,550		5,665
7.500% due 11/14/2003		6,900		7,166
5.625% due 05/17/2004		5,200		5,327
7.125% due 10/15/2004		9,890		10,492
Citigroup, Inc.
5.500% due 08/19/2003 (a)		11,040		11,145
Countrywide Home Loans
2.056% due 06/03/2003 (a)		2,800		2,794
Deutsche Telekom International Finance BV
7.750% due 06/15/2005		54,960		58,986
EOP Operating LP
6.375% due 02/15/2003		10,780		10,927
Ford Motor Credit Co.
7.500% due 01/15/2003		2,450		2,468
6.125% due 04/28/2003		2,000		2,015
2.110% due 06/20/2003 (a)		900		880
2.690% due 03/08/2004 (a)		43,800		41,898
2.070% due 04/26/2004 (a)		17,400		16,432
2.210% due 07/19/2004 (a)		6,700		6,341
3.726% due 10/25/2004 (a)		10,500		10,019
2.295% due 07/18/2005 (a)		10,000		9,026
Gemstone Investors Ltd.
7.710% due 10/31/2004		3,000		2,403
General Motors Acceptance Corp.
2.160% due 10/07/2002 (a)		625		625
2.090% due 12/09/2002 (a)		3,300		3,294
5.920% due 12/16/2002		5,000		5,023
5.800% due 03/12/2003		1,500		1,517
5.950% due 03/14/2003		1,700		1,721
1.857% due 08/18/2003 (a)		16,575		16,318
2.070% due 11/07/2003 (a)		10,000		9,817
2.580% due 01/20/2004 (a)		14,040		13,786
2.612% due 05/04/2004 (a)		23,050		22,488
2.210% due 07/21/2004 (a)		9,300		8,963
Golden State Holdings
2.822% due 08/01/2003 (a)		14,900		14,852
7.000% due 08/01/2003		30,845		31,717
7.125% due 08/01/2005		425		463
Household Finance Corp.
2.120% due 08/07/2003 (a)		17,950		17,759
3.140% due 03/11/2004 (a)		6,650		6,554
5.750% due 01/30/2007		23,000		22,403
Korea Development Bank
7.625% due 10/01/2002		2,500		2,500
Merrill Lynch & Co.
2.102% due 08/01/2003 (a)		4,000		4,007
National Rural Utilities Cooperative Finance Corp.
7.375% due 02/10/2003		3,065		3,114
1.990% due 07/17/2003 (a)		17,200		17,127
2.820% due 04/26/2004 (a)		13,963		14,005
5.250% due 07/15/2004		9,595		9,960
6.500% due 03/01/2007		20,000		21,536
Protective Life Funding Trust
2.210% due 01/17/2003 (a)		2,000		2,002
Racers
2.147% due 03/03/2003 (a)		10,000		10,005
Salomon Smith Barney Holdings, Inc.
2.135% due 07/18/2007 (a)		5,000		5,009
Security Capital Group, Inc.
7.750% due 11/15/2003		7,695		8,158
U.S. Bancorp
2.052% due 02/03/2003 (a)		3,700		3,702
USAA Capital Corp.
7.050% due 11/08/2006		445		505
Verizon Global Funding Corp.
6.750% due 12/01/2005		3,000		3,165
				511,391
Industrials 19.5%
Air Canada
2.475% due 07/31/2005 (a)		1,091		871
Allied Waste Industries, Inc.
6.100% due 01/15/2003		9,474		9,476
Allied Waste North America, Inc.
7.375% due 01/01/2004		2,275		2,264
American Standard Cos., Inc.
7.125% due 02/15/2003		3,300		3,337
AOL Time Warner, Inc.
6.125% due 04/15/2006		3,000		2,826
Appalachian Power Co.
2.460% due 08/20/2003 (a)		4,000		4,007
BHP Finance USA Ltd.
6.420% due 03/01/2026		27,850		29,367
Clear Channel Communications, Inc.
7.250% due 09/15/2003		8,000		8,138
Coastal Corp.
2.422% due 07/21/2003 (a)		5,000		4,751
Conagra Foods, Inc.
7.500% due 09/15/2005		7,470		8,386
Cox Communications, Inc.
6.500% due 11/15/2002		1,800		1,800
6.150% due 08/01/2003 (a)		8,200		8,037
7.170% due 10/01/2003		5,043		5,075
Cox Enterprises, Inc.
2.722% due 05/01/2033 (a)		9,200		9,114
DaimlerChrysler North America Holding Corp.
6.840% due 10/15/2002		3,000		3,004
7.750% due 05/27/2003		2,000		2,061
2.322% due 08/01/2003 (a)		2,800		2,792
2.053% due 08/16/2004 (a)		47,540		46,880
7.750% due 06/15/2005		2,287		2,499
HCA, Inc.
8.120% due 08/04/2003		800		824
6.870% due 09/15/2003		10,000		10,266
6.730% due 07/15/2045		8,170		8,285
Hilton Hotels Corp.
7.000% due 07/15/2004		8,324		8,413
Ingersoll-Rand Co.
5.750% due 02/14/2003		13,140		13,305
International Game Technology
7.875% due 05/15/2004		10,000		10,450
International Paper Co.
8.000% due 07/08/2003		42,335		44,009
Kerr-McGee Corp.
2.600% due 06/28/2004 (a)		13,740		13,733
Kinder Morgan, Inc.
6.450% due 03/01/2003		24,100		24,401
Kroger Co.
7.150% due 03/01/2003		11,500		11,709
Mandalay Resort Group
6.750% due 07/15/2003		9,400		9,494
Martin Marietta Corp.
6.500% due 04/15/2003		24,300		24,769
Norfolk Southern Corp.
2.510% due 02/28/2005 (a)		7,700		7,704
7.050% due 05/01/2037		20,975		22,385
PanAmSat Corp.
6.000% due 01/15/2003		13,405		13,295
Park Place Entertainment Corp.
7.950% due 08/01/2003		1,464		1,489

76   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Pioneer National Resources Co.
8.875% due 04/15/2005	$	4,000	$	4,196
Qwest Capital Funding, Inc.
5.875% due 08/03/2004		4,900		3,332
R.J. Reynolds Tobacco Holdings, Inc.
7.375% due 05/15/2003		35,925		36,701
Raytheon Co.
7.900% due 03/01/2003		13,100		13,317
5.700% due 11/01/2003		6,785		6,933
Safeway, Inc.
6.050% due 11/15/2003		12,405		12,866
TCI Communications, Inc.
8.250% due 01/15/2003		4,300		4,282
6.375% due 05/01/2003		11,160		11,008
Time Warner Entertainment Co. L.P.
7.975% due 08/15/2004		8,425		8,364
Turner Broadcasting System, Inc.
7.400% due 02/01/2004		2,200		2,173
United Air Lines, Inc.
2.117% due 12/02/2002 (a)		9,311		8,400
Waste Management, Inc.
6.500% due 12/15/2002		11,200		11,236
Weyerhaeuser Co.
9.050% due 02/01/2003		8,015		8,153
2.951% due 09/15/2003 (a)		35,100		35,135
Willamette Industries, Inc.
9.125% due 02/15/2003		2,000		2,039
				547,351
Utilities 8.4%
ALLETE, Inc.
2.710% due 10/20/2003 (a)		8,800		8,778
AT&T Corp.
6.500% due 11/15/2006		11,000		10,846
British Telecom PLC
3.121% due 12/15/2003 (a)		52,200		52,105
7.875% due 12/15/2005		3,000		3,351
CenturyTel, Inc.
7.750% due 10/15/2002		2,000		2,003
Commonwealth Edison Co.
2.423% due 09/30/2003 (a)		3,000		2,983
DTE Energy Co.
7.110% due 11/15/2038 (a)		1,500		1,542
Entergy Gulf States, Inc.
8.250% due 04/01/2004		10,000		10,724
3.197% due 09/01/2004 (a)		10,000		9,973
France Telecom SA
2.457% due 03/14/2003 (a)		22,200		21,917
2.465% due 07/16/2003 (a)		6,600		6,604
Jersey Central Power & Light Co.
6.375% due 05/01/2003		5,150		5,178
Kinder Morgan, Inc.
2.810% due 10/10/2002 (a)		17,200		17,201
Niagara Mohawk Power Co.
7.250% due 10/01/2002		756		756
7.375% due 07/01/2003		11,655		12,035
Pacific Gas & Electric Co.
7.575% due 10/31/2049 (a)(b)		1,900		1,786
Sprint Capital Corp.
9.500% due 04/01/2003		500		470
5.700% due 11/15/2003		18,480		16,833
Texas Utilities Corp.
6.750% due 04/01/2003		1,665		1,700
Transocean, Inc.
6.500% due 04/15/2003		3,985		4,057
TXU Electric Co.
2.426% due 06/15/2003 (a)		19,300		19,184
Verizon Wireless, Inc.
2.220% due 12/17/2003 (a)		27,300		26,177
WorldCom, Inc.—WorldCom Group
7.375% due 01/15/2003 (b)		11,600		1,450
				237,653
Total Corporate Bonds & Notes (Cost $1,307,078)				1,296,395
U.S. GOVERNMENT AGENCIES 0.1%
Fannie Mae
5.750% due 04/15/2003		850		869
4.625% due 05/15/2003		500		510
3.300% due 10/10/2003		650		650
Federal Home Loan Bank
6.375% due 11/15/2002		600		604
5.000% due 02/14/2003		880		891
3.125% due 11/14/2003		500		508
Total U.S. Government Agencies (Cost $3,999)				4,032
U.S. TREASURY OBLIGATIONS 0.2%
Treasury Inflation Protected Securities (e)
3.375% due 01/15/2007 (c)		3,694		4,025
3.875% due 01/15/2009		1,647		1,853
U.S. Treasury Notes
5.125% due 12/31/2002		500		504
Total U.S. Treasury Obligations (Cost $6,171)				6,382
MORTGAGE-BACKED SECURITIES 20.3%
Collateralized Mortgage Obligations 13.0%
Bank of America Mortgage Securities, Inc.
6.500% due 05/25/2029		834		882
6.359% due 07/25/2032 (a)		18,990		19,489
5.819% due 10/20/2032 (a)		41,900		42,600
Bear Stearns Adjustable Rate Mortgage Trust
7.491% due 12/25/2030 (a)		195		195
6.247% due 01/25/2032 (a)		11,704		11,855
6.912% due 01/25/2032 (a)		1,136		1,166
5.439% due 10/25/2032 (a)		2,600		2,636
Chase Mortgage Finance Corp.
6.500% due 06/25/2028		256		256
6.550% due 08/25/2028		136		136
Citicorp Mortgage Securities, Inc.
5.900% due 05/25/2029		655		657
Countrywide Home Loans
6.500% due 07/25/2013		800		838
6.050% due 04/25/2029		2,326		2,413
6.500% due 08/25/2032 (a)		4,465		4,579
Credit-Based Asset Servicing & Securitization LLC
2.150% due 01/25/2032 (a)		838		838
CS First Boston Mortgage Securities Corp.
6.750% due 01/15/2008		4,507		4,548
2.163% due 08/25/2031 (a)		896		891
2.478% due 03/25/2032 (a)		939		935
2.360% due 08/25/2033 (a)		34,300		34,300
DLJ Acceptance Trust
6.359% due 10/17/2020 (a)		224		230
E-Trade Bank Mortgage-Backed Securities Trust
7.034% due 09/25/2031		861		883
Fannie Mae
6.000% due 02/25/2008		389		406
2.143% due 10/25/2017 (a)		2,325		2,345
6.250% due 05/25/2019		114		114
8.939% due 06/25/2032 (a)		4,683		5,185
Federal Housing Administration
7.350% due 04/01/2019		1,259		1,305
FFCA Secured Lending Corp.
7.850% due 10/18/2017		1,000		1,134
First Republic Mortgage Loan Trust
2.123% due 08/15/2032 (a)		33,675		33,675
Freddie Mac
7.000% due 08/15/2006		164		164
6.000% due 12/15/2009		3,500		3,555
6.000% due 09/15/2011		6,000		6,197
4.500% due 11/15/2018		22,018		22,516
5.500% due 02/15/2020		158		158
6.000% due 09/15/2022		3,500		3,537

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   77

Schedule of Investments (Cont.)

Short-Term Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
General Electric Capital Mortgage Services, Inc.
6.500% due 04/25/2024	$	476	$	484
Government National Mortgage Association
7.500% due 02/20/2030		1,000		1,079
Headlands Mortgage Securities, Inc.
7.250% due 11/25/2012		196		196
IMPAC CMB Trust
2.093% due 11/25/2031 (a)		3,542		3,532
Independent National Mortgage Corp.
7.250% due 11/25/2010		1,147		1,146
Mellon Residential Funding Corp.
2.310% due 10/20/2029 (a)		10,000		10,099
PNC Mortgage Securities Corp.
6.500% due 12/25/2028		2,998		3,188
7.500% due 02/25/2031		176		180
Prudential Home Mortgage Securities
6.950% due 11/25/2022		233		233
Residential Funding Mortgage Securities I, Inc.
7.500% due 12/25/2030		1,412		1,428
Resolution Trust Corp.
5.224% due 05/25/2029 (a)		309		301
Sequoia Mortgage Trust
2.200% due 10/20/2027 (a)		16,500		16,500
Small Business Administration
7.540% due 08/10/2009		1,329		1,523
Structured Asset Mortgage Investments, Inc.
2.170% due 09/19/2032 (a)		999		999
Structured Asset Securities Corp.
8.000% due 07/25/2030		1,000		1,050
6.500% due 09/25/2031 (a)		9,013		9,186
6.296% due 02/25/2032 (a)		18,311		18,663
2.100% due 07/25/2032 (a)		972		968
6.150% due 07/25/2032 (a)		19,074		19,574
TMA Mortgage Funding Trust
2.193% due 01/25/2029 (a)		3,877		3,877
Vendee Mortgage Trust
6.500% due 05/15/2025 (a)		1,300		1,424
Washington Mutual Mortgage Securities Corp.
5.243% due 10/25/2032 (a)		32,126		32,854
Washington Mutual, Inc.
6.006% due 10/19/2039 (a)		2,000		2,054
6.583% due 10/19/2039 (a)		8,031		7,859
4.598% due 01/25/2041 (a)		1,314		1,336
Wells Fargo Mortgage-Backed Securities Trust
6.125% due 07/25/2031		1,492		1,518
6.634% due 10/25/2031 (a)		10,956		11,243
6.151% due 01/25/2032		2,969		3,013
				366,125
Fannie Mae 3.1%
4.020% due 02/01/2018 (a)		65		67
4.022% due 05/01/2021-04/01/2029 (a)(d)		1,276		1,304
4.049% due 01/01/2029 (a)		97		99
4.227% due 11/01/2025 (a)		98		100
4.320% due 05/01/2036 (a)		56,544		57,862
4.490% due 05/01/2036 (a)		753		772
5.493% due 01/01/2032 (a)		9,387		9,681
5.555% due 08/01/2029 (a)		10,583		10,913
6.000% due 01/01/2004		65		66
6.500% due 12/01/2003		686		686
6.555% due 07/01/2029 (a)		2,497		2,620
7.000% due 01/01/2003-03/01/2013 (d)		2,702		2,744
8.500% due 01/01/2026		918		994
				87,908
Federal Housing Administration 0.0%
7.435% due 02/01/2019		358		368
Freddie Mac 0.3%
2.223% due 06/15/2031 (a)		6,659		6,677
Government National Mortgage Association 3.9%
4.250% due 06/20/2029-05/20/2030 (a)(d)		20,276		20,732
4.500% due 04/20/2030 (a)		9,251		9,479
5.000% due 08/20/2029-02/20/2032 (a)(d)		35,273		35,909
5.250% due 03/20/2029-03/20/2030 (a)(d)		10,478		10,726
5.375% due 02/20/2024-06/20/2027 (a)(d)		12,853		13,250
6.625% due 11/20/2026-10/20/2027 (a)(d)		7,975		8,246
6.750% due 09/20/2023-09/20/2027 (a)(d)		4,637		4,778
8.000% due 07/15/2030-05/15/2032 (d)		4,000		4,295
8.500% due 06/20/2027		1,968		2,132
				109,547
Stripped Mortgage-Backed Securities 0.0%
ABN AMRO Mortgage Corp. (IO)
6.750% due 08/25/2029		224		8
Fannie Mae (IO)
6.500% due 06/25/2017		0		0
6.500% due 10/25/2023		559		61
Freddie Mac (IO)
6.500% due 11/15/2007		1,772		103
7.000% due 06/15/2019		47		0
				172
Total Mortgage-Backed Securities (Cost $567,190)				570,797
ASSET-BACKED SECURITIES 4.9%
Advanta Revolving Home Equity Loan Trust
2.183% due 01/25/2024 (a)		93		93
American Residential Eagle Trust
2.153% due 07/25/2029 (a)		478		478
Bayview Financial Acquisition Trust
2.193% due 02/25/2030 (a)		1,044		1,043
Bear Stearns Asset Backed Securities, Inc.
2.003% due 06/15/2016 (a)		13,138		13,147
2.170% due 10/25/2032 (a)		15,023		15,011
Brazos Student Loan Finance Co.
2.620% due 06/01/2023 (a)		18,442		18,485
Capital Asset Research Funding LP
6.400% due 12/15/2004		962		982
5.905% due 12/15/2005		215		215
Conseco Finance
7.350% due 10/15/2030 (b)		1,169		1,259
Countrywide Home Equity Loan Trust
2.063% due 08/15/2025 (a)		531		527
CS First Boston Mortgage Securities Corp.
2.083% due 12/15/2030 (a)		4,252		4,248
2.150% due 02/25/2032 (a)		9,566		9,559
Delta Funding Home Equity Loan Trust
2.233% due 09/15/2029 (a)		723		723
First Franklin Mortgage Loan Trust Asset-Backed Certificates
2.160% due 09/25/2032 (a)		26,300		26,321
GMAC Mortgage Corp. Loan Trust
2.127% due 06/18/2027 (a)		888		885
Green Tree Home Improvement Loan Trust
1.993% due 08/15/2029 (a)		1,274		1,271
Irwin Whole Loan Home Equity Trust
2.080% due 07/25/2032 (a)		5,574		5,574
MLCC Mortgage Investors, Inc.
2.203% due 03/15/2025 (a)		2,702		2,699
New York City Tax Lien
5.590% due 09/10/2014		2,841		2,879
North Carolina State Education Authority
2.057% due 06/01/2009 (a)		5,366		5,377
Onyx Acceptance Auto Trust
7.160% due 09/15/2004		9,970		10,079
Premier Auto Trust
6.430% due 03/08/2004		466		473
Salomon Brothers Mortgage Securities VII
2.163% due 07/25/2029 (a)		221		218
2.243% due 11/15/2029 (a)		352		352
2.403% due 12/15/2029 (a)		2,000		1,999
2.176% due 12/25/2029 (a)		3,695		3,686
Saxon Asset Securities Trust
6.170% due 08/25/2021		91		91
Structured Product Asset Trust
3.160% due 06/20/2004 (a)		5,400		5,373

78   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
SVO Timeshare Mortgage Corporation
5.470% due 12/20/2006	$	1,042	$	1,088
UAF Auto Grantor Trust
6.100% due 06/15/2004		140		140
WFS Financial Owner Trust
5.700% due 11/20/2003		1,359		1,367
6.420% due 07/20/2004		214		217
7.750% due 11/20/2004		3,452		3,505
Total Asset-Backed Securities (Cost $139,101)				139,364
SOVEREIGN ISSUES 0.9%
Republic of Brazil
3.062% due 04/15/2006 (a)		34,656		22,831
11.500% due 03/12/2008		2,600		1,359
Total Sovereign Issues (Cost $33,036)				24,190
PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 96.000 Exp. 12/16/2002		790,000		10
Total Purchased Put Options (Cost $12)				10
SHORT-TERM INSTRUMENTS 29.2%
Commercial Paper 27.3%
Abbey National North America
1.750% due 12/10/2002		20,000		19,932
AT&T Corp.
3.605% due 04/18/2003		67,000		63,053
CDC
1.750% due 11/04/2002		85,000		84,859
Fannie Mae
1.860% due 10/01/2002		5,000		5,000
1.715% due 10/30/2002		21,000		20,971
Federal Home Loan Bank
1.658% due 10/23/2002		100,000		99,899
1.680% due 10/28/2002		9,000		8,989
HBOS Treasury Services PLC
1.730% due 11/20/2002		120,000		119,712
National Australia Funding, Inc.
1.750% due 10/03/2002		15,200		15,198
Pfizer, Inc.
1.730% due 10/21/2002		15,000		14,986
1.720% due 10/22/2002		50,000		49,950
1.730% due 10/28/2002		15,000		14,981
TotalFinaElf SA
1.970% due 10/31/2002		125,000		125,000
UBS Finance, Inc.
1.970% due 12/18/2002		125,000		125,000
				767,530
Repurchase Agreement 0.5%
State Street Bank
1.550% due 10/01/2002		14,838		14,838
(Dated 09/30/2002. Collateralized by Fannie Mae 5.000% due 02/03/2003 valued at $15,139. Repurchase proceeds are $14,839.)
U.S. Treasury Bills 1.4%
1.613% due 11/14/2002-11/29/2002 (c)(d)		39,245		39,148
Total Short-Term Instruments (Cost $825,222)				821,516
Total Investments 101.7% (Cost $ 2,881,809)			$	2,862,686
Written Options (f) (0.3%) (Premiums $11,629)				(8,797	)
Other Assets and Liabilities (Net) (1.4%)				(39,717	)
Net Assets 100.0%			$	2,814,172

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

(c) Securities with an aggregate market value of $18,579 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation
United Kingdom 90 Day LIBOR Futures (12/2002)	60	$	205
Euribor Options March Futures (03/2003)	7,967		1,837
Euribor Options March Futures (03/2003)	11,988		0
Euribor Options March Futures (03/2003)	2,800		0
Euribor Options December Futures (12/2003)	6,790		1,026
U.S. Treasury 10 Year Note (12/2002)	230		850
Eurodollar December Futures (12/2002)	144		826
Eurodollar June Futures (06/2003)	211		1,335
		$	6,079

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Principal amount of security is adjusted for inflation.

(f) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 7.000 Exp. 01/07/2005	55,570,000	$	1,225	$	948
Call—OTC Broken Hill Proprietary Ltd.
6.420% due 03/01/2026 Strike @ 100.000 Exp. 03/01/2003	27,850,000		0		1,204
Call—OTC Norfolk Southern Corp.
7.050% due 05/01/2037 Strike @ 100.000 Exp. 05/01/2004	20,975,000		0		1,143
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.000 Exp. 01/07/2005	55,570,000		1,089		2,839
Put—CME Eurodollar March Futures
Strike @ 96.750 Exp. 03/17/2003	2,580		2,551		48
Call—CME Eurodollar June Futures
Strike @ 98.750 Exp. 06/16/2003	4,157		1,336		2,130
Put—CME Eurodollar June Futures
Strike @ 96.750 Exp. 06/16/2003	5,000		4,969		469
Put—CME Eurodollar December Futures
Strike @ 96.500 Exp. 12/16/2002	2,610		459		16
		$	11,629	$	8,797

(g) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
U.S. Treasury Note	5.500	05/15/2009	$	26,500	$	30,260	$	29,426

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   79

Schedule of Investments (Cont.)

Short-Term Fund

September 30, 2002 (Unaudited)

(h) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized (Depreciation)
Sell	BP	368	10/2002	$	(10	)
Sell	EC	1,014	11/2002		(1	)
				$	(11	)

(i) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Received a fixed amount equal to $73 and pay floating rate based on 3-month EC-LIBOR with 3.250% interest rate cap.
Broker: Salomon Brothers, Inc. Exp. 06/19/2003		EC 20,000	$	40
Receive floating rate based on 3-month LIBOR plus 0.470% and pay a fixed rate equal to 7.750%.
Broker: Morgan Stanley Exp. 06/15/2005	$	5,000		(617	)
Receive floating rate based on 3-month LIBOR plus 0.700% and pay a fixed rate equal to 6.420%.
Broker: Morgan Stanley Exp. 03/01/2003		27,850		(469	)
Receive floating rate based on 3-month LIBOR plus 1.150% and pay a fixed rate equal to 7.050%.
Broker: Morgan Stanley Exp. 05/01/2004		20,975		(1,299	)
Receive floating rate based on 3-month LIBOR plus 1.150% and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs Exp. 12/18/2004		233,600		(8,019	)
Receive a fixed rate equal to 0.430% and the Fund will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.750% due 06/15/2005.
Broker: Lehman Brothers, Inc. Exp. 07/11/2003		5,000		(206	)
Receive a fixed rate equal to 0.230% and the Fund will pay to the counterparty at par in the event of default of Associates Corp. 6.000% due 04/15/2003.
Broker: UBS—Warburg Exp. 01/14/2003		4,000		(2	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of Vodafone Group PLC 7.750% due 02/15/2010.
Broker: Lehman Brothers, Inc. Exp. 09/10/2003		13,300		(116	)
Receive a fixed rate equal to 2.700% and the Fund will pay to the counterparty at par in the event of default of El Paso Corp. 7.000% due 05/15/2011.
Broker: Credit Suisse First Boston Exp. 04/30/2005		5,000		(715	)
Receive a fixed rate equal to 1.150% and the Fund will pay to the counterparty at par in the event of default of United Mexican State 9.750% due 04/06/2006.
Broker: J.P. Morgan Chase & Co. Exp. 12/14/2002		5,000		9
Receive a fixed rate equal to 1.100% and the Fund will pay to the counterparty at par in the event of default of Republic of South Africa 9.125% due 05/19/2009.
Broker: J.P. Morgan Chase & Co. Exp. 07/28/2003		9,600		(3	)
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 8.875% due 09/30/2027.
Broker: Credit Suisse First Boston Exp. 03/08/2003		8,300		4
Receive a fixed rate equal to 1.450% and the Fund will pay to the counterparty at par in the event of default of Republic of Bulgaria 2.688% due 07/28/2011.
Broker: Goldman Sachs Exp. 04/15/2004		19,300		(207	)
Pay a Fixed rate equal to 0.880% and the Fund will receive from to the counterparty at par in the event of default of Republic of Bulgaria 2.688% due 07/28/2011.
Broker: Goldman Sachs Exp. 04/15/2003		19,300		61
Receive a fixed rate equal to 1.300% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 07/28/2011.
Broker: Goldman Sachs Exp. 04/15/2003		9,050		5
Receive a fixed rate equal to 0.950% and the Fund will pay to the counterparty at par in the event of default of Republic of South Africa 9.125% due 05/19/2009.
Broker: Goldman Sachs Exp. 04/15/2003		6,250		(2	)
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/28/2011.
Broker: Credit Suisse First Boston Exp. 03/08/2003		2,400		(12	)
Receive a fixed rate equal to 0.410% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.875% due 02/15/2012.
Broker: Goldman Sachs Exp. 06/07/2004		21,100		12

80   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Receive a fixed rate equal to 0.400% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.875% due 02/15/2012.
Broker: Goldman Sachs Exp. 06/07/2004	$	17,000	$	(70	)
Receive a fixed rate equal to 0.400% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.875% due 02/15/2012.
Broker: ABN AMRO Bank N.V. Exp. 07/11/2003		16,150		2
Receive floating rate based on 3-month LIBOR and Pay a fixed rate equal to 6.000%
Broker: Morgan Stanley Exp. 12/18/2007		7,900		(671	)
			$	(12,275	)

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   81

Schedule of Investments

StocksPLUS Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 27.7%
Banking & Finance 16.3%
Atlas Reinsurance PLC
5.740% due 10/04/2004 (a)	$	7,000	$	7,052
Bear Stearns Cos., Inc.
6.125% due 02/01/2003		1,100		1,114
2.380% due 05/24/2004 (a)		21,600		21,705
Beaver Valley Funding Corp.
8.250% due 06/01/2003		114		114
Capital One Bank
2.770% due 06/23/2003 (a)		5,400		5,366
Chrysler Financial Co. LLC
1.975% due 02/10/2003 (a)		9,600		9,584
CIT Group, Inc.
2.250% due 02/28/2003 (a)		2,600		2,596
7.375% due 03/15/2003		4,200		4,287
5.625% due 05/17/2004		1,900		1,946
7.125% due 10/15/2004		2,000		2,122
Ford Motor Credit Co.
2.660% due 04/17/2003 (a)		4,200		4,149
2.340% due 06/23/2003 (a)		2,100		2,063
6.700% due 07/16/2004		3,400		3,418
General Motors Acceptance Corp.
2.457% due 05/17/2004 (a)		5,800		5,655
Golden State Holdings
2.822% due 08/01/2003 (a)		6,000		5,981
Heller Financial, Inc.
2.188% due 04/28/2003 (a)		1,800		1,803
National Australia Bank Ltd.
2.382% due 05/19/2010 (a)		11,700		11,757
National Rural Utilities Cooperative Finance Corp.
2.820% due 04/26/2004 (a)		8,000		8,024
Popular North America, Inc.
3.510% due 10/15/2003 (a)		4,700		4,746
Republic New York Corp.
5.000% due 10/28/2002 (a)		100		100
Trinom Ltd.
5.879% due 12/18/2004 (a)		1,200		1,209
Western Capital
7.021% due 01/07/2003 (a)		7,300		7,300
				112,091
Industrials 7.4%
Air Canada
2.662% due 07/31/2005 (a)		6,545		5,228
Conoco, Inc.
2.750% due 10/15/2002 (a)		6,000		6,001
Enron Corp.
8.000% due 08/15/2005 (b)		1,100		226
Kroger Co.
7.150% due 03/01/2003		12,115		12,336
Limestone Electron Trust
8.625% due 03/15/2003		3,200		2,851
R.J. Reynolds Tobacco Holdings, Inc.
7.375% due 05/15/2003		2,400		2,452
TCI Communications, Inc.
2.520% due 03/11/2003 (a)		4,000		3,970
Walt Disney Co.
3.900% due 09/15/2003		4,700		4,708
Waste Management, Inc.
7.700% due 10/01/2002		9,200		9,200
7.000% due 10/01/2004		1,000		1,031
Weyerhaeuser Co.
3.045% due 09/15/2003 (a)		3,200		3,203
				51,206
Utilities 4.0%
Entergy Arkansas, Inc.
7.720% due 03/01/2003		3,700		3,770
France Telecom SA
4.576% due 03/14/2003 (a)		9,200		9,083
Georgia Power Co.
5.250% due 05/08/2003		3,800		3,857
Niagara Mohawk Power Co.
7.375% due 07/01/2003		1,815		1,874
Sprint Capital Corp.
5.700% due 11/15/2003		3,800		3,461
5.875% due 05/01/2004		5,250		4,540
7.900% due 03/15/2005		1,500		1,219
				27,804
Total Corporate Bonds & Notes (Cost $ 193,722)				191,101
U.S. TREASURY OBLIGATIONS 2.2%
Treasury Inflation Protected Securities (f)
3.625% due 01/15/2008 (c)		13,711		15,130
Total U.S. Treasury Obligations (Cost $13,832)				15,130
MORTGAGE-BACKED SECURITIES 40.3%
Collateralized Mortgage Obligations 16.9%
Bank Mart
6.883% due 03/01/2019 (a)(d)		2,489		2,522
Bank of America Mortgage Securities, Inc.
6.069% due 06/25/2031 (a)		151		151
Bear Stearns Adjustable Rate Mortgage Trust
6.184% due 12/25/2031 (a)		5,410		5,552
6.299% due 01/25/2032 (a)		930		942
Citicorp Mortgage Securities, Inc.
5.500% due 09/25/2031		8,729		8,981
Countrywide Home Loans, Inc.
6.050% due 04/25/2029		805		808
CS First Boston Mortgage Securities Corp.
6.960% due 06/20/2029		190		192
2.310% due 11/25/2031 (a)		6,359		6,373
2.250% due 02/25/2032 (a)		5,234		5,227
2.478% due 03/25/2032 (a)		9,950		9,910
DLJ Acceptance Trust
5.970% due 10/17/2020 (a)		64		65
Fannie Mae
6.260% due 04/25/2020		15		15
First Horizon Asset Securities, Inc.
7.000% due 05/25/2030		2,186		2,264
Freddie Mac
6.200% due 08/15/2021		972		979
5.500% due 11/15/2024		16,466		16,681
Fund America Investors Corp. II
7.184% due 06/25/2023 (a)		58		60
General Electric Capital Mortgage Services, Inc.
6.300% due 09/25/2023		265		268
6.250% due 10/25/2028		80		80
6.250% due 12/25/2028		1,435		1,502
Government National Mortgage Association
2.257% due 09/20/2030 (a)		79		79
Housing Securities, Inc.
4.505% due 07/25/2032 (a)		194		194
PNC Mortgage Securities Corp.
7.480% due 05/25/2040 (a)		883		892
Resecuritization Mortgage Trust
2.175% due 04/26/2021 (a)		49		49
Residential Funding Mortgage Securities, Inc.
6.599% due 03/25/2018 (a)		603		602
Salomon Brothers Mortgage Securities VII
6.951% due 12/25/2030 (a)		7,870		8,016
Structured Asset Mortgage Investments, Inc.
7.000% due 07/28/2028		4,545		4,554
9.066% due 06/25/2029 (a)		7,519		8,533
Structured Asset Securities Corp.
2.157% due 10/25/2027 (a)		4,062		4,058
2.410% due 03/25/2031 (a)		3,833		3,851
4.916% due 09/25/2036 (a)		338		338
TMA Mortgage Funding Trust
2.140% due 01/25/2029 (a)		1,952		1,952

82   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)			Value (000s)
Washington Mutual Mortgage Securities Corp.
6.010% due 04/25/2031 (a)	$	3,115		$	3,169
Washington Mutual, Inc.
6.500% due 10/19/2029		17,385			17,927
					116,786
Fannie Mae 19.0%
6.000% due 04/01/2016-10/21/2017 (e)		95,505			99,191
6.252% due 12/01/2023 (a)		14			14
6.328% due 11/01/2027-04/01/2028 (a)(e)		317			324
6.446% due 07/01/2018-08/01/2029 (a)(e)		1,140			1,166
6.500% due 09/01/2005		1,858			1,908
6.764% due 02/01/2027 (a)		23			23
6.867% due 04/01/2018 (a)		83			85
7.000% due 02/01/2015-03/01/2015 (e)		12,735			13,481
7.500% due 09/01/2015-05/01/2016 (e)		10,986			11,684
7.900% due 05/01/2022 (a)		84			84
8.000% due 03/01/2030-07/01/2031 (e)		2,927			3,131
					131,091
Freddie Mac 0.3%
4.610% due 06/01/2022 (a)		181			186
5.540% due 07/01/2019 (a)		1,723			1,769
5.890% due 12/01/2022 (a)		294			301
8.500% due 04/01/2025-06/01/2025 (e)		55			59
					2,315
Government National Mortgage Association 4.1%
5.375% due 02/20/2026-02/20/2028 (a)(e)		6,882			7,093
6.625% due 12/20/2022-12/20/2027 (a)(e)		2,836			2,933
6.750% due 07/20/2018-07/20/2027 (a)(e)		12,271			12,653
7.000% due 10/23/2032 (a)		2,000			2,099
8.000% due 04/20/2030		3,080			3,293
					28,071
Stripped Mortgage-Backed Securities 0.0%
Fannie Mae (IO)
6.500% due 09/25/2008		45			5
6.500% due 02/25/2021		61			0
6.500% due 03/25/2023		1,214			138
7.000% due 07/25/2021		252			9
					152
Total Mortgage-Backed Securities (Cost $275,764)					278,415
ASSET-BACKED SECURITIES 7.2%
ABSC Long Beach Home Equity Loan Trust
2.100% due 08/21/2030 (a)		2,120			2,116
AFC Home Equity Loan Trust
1.910% due 06/25/2028 (a)		3,054			3,030
Ameriquest Mortgage Securities, Inc.
2.110% due 08/25/2032 (a)		6,146			6,130
Amresco Residential Securities Mortgage Loan Trust
2.851% due 07/25/2027 (a)		15			15
Countrywide Asset-Backed Certificates
2.070% due 05/25/2029 (a)		2,663			2,654
Cross Country Master Credit Card Trust II
2.323% due 06/15/2006 (a)		15,400			15,463
Green Tree Financial Corp.
6.970% due 04/01/2031		2,900			2,967
Green Tree Home Improvement Loan Trust
2.043% due 11/15/2029 (a)		2,765			2,765
Home Equity Mortgage Trust
6.007% due 06/25/2032 (a)		2,176			2,234
6.177% due 06/25/2032 (a)		5,572			5,718
Novastar Home Equity Loan
2.695% due 04/25/2028 (a)		1,247			1,241
SLM Student Loan Trust
2.282% due 10/25/2005 (a)		682			684
2.158% due 04/25/2006 (a)		486			486
Starwood Hotel & Resorts
2.656% due 02/23/2003 (a)		1,682			1,681
USAA Auto Loan Grantor Trust
6.100% due 02/15/2006		2,627			2,666
Total Asset-Backed Securities (Cost $49,766)					49,850
SOVEREIGN ISSUES 1.5%
Korea Development Bank
6.625% due 11/21/2003		2,500			2,615
Province of Quebec
1.937% due 09/29/2049 (a)		1,200			1,059
Republic of Brazil
3.062% due 04/15/2006 (a)		9,120			6,008
3.250% due 04/15/2009 (a)		906			453
Total Sovereign Issues (Cost $13,072)					10,135
FOREIGN CURRENCY-DENOMINATED ISSUES (h)(i) 1.3%
Commonwealth of New Zealand
4.500% due 02/15/2016		N$                            9,750			5,373
United Mexican States
7.000% due 06/02/2003		C$                            6,000			3,817
Total Foreign Currency-Denominated Issues (Cost $10,665)					9,190
PURCHASED PUT OPTIONS 0.0%
Euribor March Futures (OTC)
Strike @ 92.000 Exp. 03/03/2003		EC                       165,000			0
Eurodollar December Futures (CME)
Strike @ 93.500 Exp. 12/16/2002		$                        120,000			1
Strike @ 93.250 Exp. 12/16/2002		1,680,000			11
Fannie Mae
6.000% due 10/21/2017
Strike @ 87.000 Exp. 10/14/2002		23,500			0
PNC Mortgage Securities Corp. (OTC)
7.440% due 05/25/2040
Strike @ 100.000 Exp. 04/01/2005		6,200			0
S&P 500 Index Futures (CME)
Strike @ 450.000 Exp. 12/20/2002		25			26
Total Purchased Put Options (Cost $49)					38
CONVERTIBLE BONDS & NOTES 3.7%
Banking & Finance 3.7%
Verizon Global Funding Corp.
5.750% due 04/01/2003		3,500			3,542
4.250% due 09/15/2005		19,500			19,693
0.000% due 05/15/2021		4,600			2,518
Total Convertible Bonds & Notes (Cost $25,534)					25,753
PREFERRED SECURITY 0.2%
		Shares
DG Funding Trust
4.105% due 12/29/2049 (a)		110			1,133
Total Preferred Security (Cost $1,103)					1,133
SHORT-TERM INSTRUMENTS 30.1%
		Principal Amount (000	)
Commercial Paper 20.8%
AT&T Corp.
3.720% due 04/18/2003	$	14,900			14,022
CBA (de) Finance
1.750% due 11/27/2002		6,000			5,983

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   83

Schedule of Investments (Cont.)

StocksPLUS Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Danske Corp.
1.750% due 10/15/2002	$	18,000	$	17,988
1.750% due 12/19/2002		14,000		13,946
Fannie Mae
1.860% due 10/01/2002		5,000		5,000
1.715% due 10/30/2002		10,000		9,986
Freddie Mac
1.710% due 10/31/2002		25,000		24,890
HBOS Treasury Services PLC
1.780% due 11/20/2002		18,000		17,976
Pfizer, Inc.
1.730% due 10/18/2002		10,000		9,992
Svenska Handelsbank, Inc.
1.760% due 11/20/2002		2,000		1,995
UBS Finance, Inc.
1.750% due 12/18/2002		22,000		21,917
				143,695
Repurchase Agreement 0.8%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Federal Home Loan Bank 2.770% due 08/19/2004 valued at $5,867. Repurchase Proceeds are $5,751.)		5,751		5,751
U.S. Treasury Bills 8.5%
1.620% due 11/14/2002-11/29/2002 (c)(e)		58,629		58,481
Total Short-Term Instruments (Cost $208,804)				207,927
Total Investments 114.2% (Cost $792,311)			$	788,672
Written Options (g) 0.0% (Premiums $910)				(352	)
Other Assets and Liabilities (Net) (14.2%)				(97,882	)
Net Assets 100.0%			$	690,438

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

(c) Securities with an aggregate market value of $58,413 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euribor Futures (03/2003)	215	$	644
Euribor Futures (06/2003)	40		27
S&P 500 Index (12/2002)	1,805		(30,932	)
S&P 500 Index (03/2003)	775		(1,575	)
Eurodollar December Futures (12/2002)	24		62
Eurodollar June Futures (06/2003)	79		299
		$	(31,475	)

(d) Restricted security.

(e) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(f) Principal amount of security is adjusted for inflation.

(g) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—CME Eurodollar December Futures Strike @ 96.000 Exp. 12/16/2002	149	$	66	$	2
Put—CME Eurodollar December Futures Strike @ 96.500 Exp. 12/16/2002	351		279		2
Put—CME Eurodollar December Futures Strike @ 97.000 Exp. 12/16/2002	631		300		4
Put—CME S&P December Futures Strike @ 800.000 Exp. 12/20/2002	29		265		344
		$	910	$	352

(h) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Sell	C$	7,054	10/2002	$183
Sell	EC	1,885	11/2002	(12)
Sell	N$	11,997	10/2002	0
				$171

(i) Principal amount denoted in indicated currency:

C$ - Canadian Dollar

EC - Euro

N$ - New Zealand Dollar

(j) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive total return on S&P 500 Index and pay floating rate based on 1-month LIBOR plus 0.100%.
Broker: J.P. Morgan Chase & Co. Exp. 10/02/2003	$	45,081	$	0
Receive total return on S&P 500 Index and pay floating rate based on 1-month LIBOR plus 0.140%.
Broker: J.P. Morgan Chase & Co. Exp. 05/03/2003		17,643		0
Receive total return on S&P 500 Index and pay floating rate based on 1-month LIBOR plus 0.100%.
Broker: J.P. Morgan Chase & Co. Exp. 09/23/2003		39,462		0
Receive total return on S&P 500 Index and pay floating rate based on 1-month LIBOR plus 0.140%.
Broker: J.P. Morgan Chase & Co. Exp. 03/26/2003		89,635		0
Receive a fixed rate equal to 4.250% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 8.125% due 03/15/2005.
Broker: Merrill Lynch Exp. 05/31/2003		5,500		(3,339	)

84   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Receive a fixed rate equal to 5.300% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 6.875% due 10/15/2028.
Broker: Goldman Sachs Exp. 09/15/2003	$	25,000	$	(966	)
Receive a fixed rate equal to 2.000% and the Fund will pay to the counterparty at par in the event of default of Deutsche Telekom AG 5.250% due 05/20/2008.
Broker: Morgan Stanley Exp. 05/29/2003		16,000		(62	)
Receive a fixed rate equal to 2.000% and the Fund will pay to the counterparty at par in the event of default of France Telecom SA 5.700% due 07/25/2010.
Broker: Morgan Stanely Exp. 05/30/2003		13,100		(202	)
Receive a fixed rate equal to 1.770% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 11/30/2003		5,000		(48	)
Receive a fixed rate equal to 0.340% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.750% due 04/06/2004.
Broker: Citibank N.A., London Exp. 06/13/2003		10,500		1
Receive a fixed rate equal to 7.000% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 6.000% due 01/15/2007.
Broker: Merrill Lynch Exp. 04/04/2003		5,000		(136	)
			$	(4,752	)

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   85

Schedule of Investments

Strategic Balanced Fund

September 30, 2002 (Unaudited)

	Shares	Value (000s)
PIMCO FUNDS (a) 100.1%
StocksPLUS	3,974,815	$	29,135
Total Return	2,023,937		22,021
Total Investments 100.1% (Cost $ 65,229)		$	51,156
Other Assets and Liabilities (Net) (0.1%)			(59	)
Net Assets 100.0%		$	51,097

Notes to Schedule of Investments (amounts in thousands):

(a) Institutional Class of each PIMCO Fund.

86   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

Total Return Mortgage Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
U.S. TREASURY OBLIGATIONS 4.9%
U.S. Treasury Bonds
6.250% due 08/15/2023	$	8,400	$	10,020
Total U.S. Treasury Obligations (Cost $9,252)				10,020
MORTGAGE-BACKED SECURITIES 131.6%
Collateralized Mortgage Obligations 22.1%
Bank of America Mortgage Securities, Inc.
5.819% due 10/20/2032 (a)		2,000		2,033
Bank Trust Mortgage
5.700% due 12/01/2023		630		632
Chase Mortgage Finance Corp.
6.550% due 08/25/2028		138		138
Countrywide Alternative Loan Trust
6.750% due 08/25/2028		24		25
Countrywide Home Loans
6.500% due 03/25/2029		100		103
CS First Boston Mortgage Securities Corp.
2.478% due 03/25/2032 (a)		939		935
2.360% due 08/25/2033 (a)		2,000		2,000
DLJ Mortgage Acceptance Corp.
7.000% due 06/25/2028		23		23
E-Trade Bank Mortgage-Backed Securities Trust
7.055% due 09/25/2031		574		588
Fannie Mae
6.900% due 08/25/2011		100		105
7.750% due 08/25/2022		74		75
2.812% due 04/25/2023 (a)		25		26
6.750% due 09/25/2023		60		62
7.000% due 09/25/2023		19		20
6.500% due 10/25/2023		217		236
6.500% due 12/25/2023		194		209
2.160% due 02/25/2025 (a)		1,000		1,002
2.220% due 04/18/2028 (a)		56		56
Fannie Mae—ZA
6.500% due 09/25/2023		195		219
Fannie Mae—ZB
6.500% due 09/25/2023		41		44
Freddie Mac
6.000% due 06/15/2008		285		299
4.500% due 03/15/2021		23		23
3.500% due 12/15/2022		10		10
6.500% due 12/15/2023		53		56
6.500% due 03/15/2024		121		129
8.000% due 06/15/2026		82		91
6.500% due 05/15/2027		73		76
General Electric Capital Mortgage Services, Inc.
6.750% due 06/25/2028 (a)		200		211
Government National Mortgage Association
2.023% due 02/16/2032 (a)		4,115		4,137
2.073% due 08/16/2032 (a)		7,751		7,730
GSR Mortgage Loan Trust
5.575% due 10/25/2031 (a)		884		905
Mellon Residential Funding Corp.
6.580% due 07/25/2029 (a)		338		339
Norwest Asset Securities Corp.
6.250% due 09/25/2028		372		384
6.250% due 01/25/2029		82		84
Prudential Home Mortgage Securities
6.750% due 09/25/2008		268		271
Salomon Brothers Mortgage Securities VII, Inc.
2.130% due 06/25/2032 (a)		934		932
Sequoia Mortgage Trust
2.200% due 10/20/2027 (a)		1,000		1,000
2.160% due 05/20/2032 (a)		964		945
2.120% due 08/20/2032 (a)		993		993
Structured Asset Mortgage Investments, Inc.
2.154% due 09/19/2032 (a)		1,498		1,498
Structured Asset Securities Corp.
2.110% due 10/25/2027 (a)		1,728		1,727
2.290% due 03/25/2031 (a)		309		311
2.100% due 02/25/2032 (a)		927		924
2.100% due 07/25/2032 (a)		972		968
2.500% due 08/25/2032 (a)		1,978		1,978
Superannuation Members Home Loans Global Fund
2.141% due 06/15/2026 (a)		180		180
Washington Mutual Mortgage Securities Corp.
6.010% due 04/25/2031 (a)		3,115		3,169
5.240% due 10/25/2032 (a)		4,941		5,053
Washington Mutual, Inc.
5.530% due 07/25/2032 (a)		1,894		1,935
				44,889
Fannie Mae 75.6%
2.780% due 07/01/2011 (a)		982		977
2.830% due 07/01/2011 (a)		2,357		2,348
2.856% due 07/01/2008 (a)		4,900		4,886
3.950% due 04/01/2007		1,691		1,691
4.453% due 10/01/2011		981		1,002
5.000% due 04/01/2026 (a)		18		19
5.234% due 11/01/2018 (a)		25		26
5.500% due 05/01/2006-11/14/2032 (b)		33,898		34,799
5.750% due 01/01/2021 (a)		123		127
5.812% due 10/01/2028 (a)		190		197
6.000% due 10/21/2017-10/15/2032 (b)		21,000		21,587
6.155% due 05/01/2032 (a)		1,901		1,966
6.500% due 10/15/2032 (a)		28,000		29,006
6.511% due 08/01/2026 (a)		96		99
6.920% due 05/01/2003		896		901
7.000% due 10/01/2029-10/15/2032 (b)		48,173		50,300
7.009% due 05/01/2023 (a)		111		115
7.500% due 10/15/2032		3,000		3,166
9.000% due 01/01/2020		106		117
				153,329
Federal Housing Administration 3.0%
7.430% due 06/01/2019-10/25/2022 (b)		5,763		6,111
Freddie Mac 3.4%
4.022% due 02/01/2018 (a)		118		120
6.000% due 10/01/2024		115		119
6.500% due 10/15/2032 (a)		5,000		5,184
6.930% due 07/01/2030 (a)		1,186		1,250
7.309% due 11/01/2028 (a)		48		51
7.378% due 08/01/2025		87		91
				6,815
Government National Mortgage Association 27.2%
5.375% due 03/20/2016-03/20/2027 (a)(b)		754		781
6.000% due 12/15/2028		5,000		5,175
6.500% due 04/15/2031-10/23/2032 (b)		33,249		34,714
6.625% due 12/20/2021-11/20/2026 (a)(b)		3,952		4,088
6.750% due 07/20/2022-08/20/2026 (b)		325		336
7.000% due 12/15/2029-10/23/2032 (b)		9,558		10,047
7.500% due 05/15/2027-08/15/2027 (b)		51		54
				55,195
Stripped Mortgage-Backed Securities 0.2%
CS First Boston Mortgage Securities Corp. (IO)
7.000% due 08/25/2004		2,638		143
Fannie Mae (IO)
6.500% due 11/25/2022		903		84
Fannie Mae (PO)
0.000% due 07/25/2022		156		136
				363
Total Mortgage-Backed Securities (Cost $264,611)				266,702
ASSET-BACKED SECURITIES 7.8%
Ace Securities Corp.
2.150% due 06/25/2032 (a)		976		974
Asset-Backed Securities Home Equity Corp.
2.243% due 03/15/2032 (a)		1,987		1,988
Bayview Financial Acquisition Trust
2.200% due 07/25/2030 (a)		107		107

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   87

Schedule of Investments (Cont.)

Total Return Mortgage Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CDC Mortgage Capital Trust
2.100% due 08/25/2032 (a)	$	1,377	$	1,370
Centex Home Equity Loan Trust
2.140% due 01/25/2032 (a)		857		855
2.070% due 04/25/2032 (a)		1,373		1,369
Chase Funding Loan Acquisition Trust
2.050% due 04/25/2031 (a)		1,162		1,154
CIT Group Home Equity Loan Trust
2.080% due 06/25/2033 (a)		1,875		1,872
Countrywide Asset-Backed Certificates
2.070% due 05/25/2032 (a)		963		959
CS First Boston Mortgage Securities Corp.
2.170% due 03/25/2032 (a)		963		959
2.000% due 06/25/2032 (a)		1,036		1,029
Home Equity Asset Trust
2.110% due 11/25/2032 (a)		975		972
Household Mortgage Loan Trust
2.097% due 05/20/2032 (a)		926		926
Irwin Home Equity Loan Trust
2.100% due 06/25/2029 (a)		943		940
MLCC Mortgage Investors, Inc.
2.203% due 03/15/2025 (a)		155		155
Option One Mortgage Loan Trust
2.140% due 04/25/2030 (a)		86		85
Total Asset-Backed Securities (Cost $15,757)				15,714
PURCHASED CALL OPTIONS 0.1%
Eurodollar March Futures (CME)
Strike @ 95.500 Exp. 03/17/2003		36,000		269
Total Purchased Call Options (Cost $49)				269
CONVERTIBLE BONDS & NOTES 0.0%
Industrials 0.0%
Clear Channel Communications, Inc.
1.500% due 12/01/2002		10		10
Total Convertible Bonds & Notes (Cost $10)				10
SHORT-TERM INSTRUMENTS 30.1%
Commercial Paper 27.4%
Abbey National North America
1.760% due 12/10/2002		900		899
Danske Corp.
1.770% due 12/19/2002		500		500
Federal Home Loan Bank
1.658% due 10/23/2002		3,400		3,397
1.680% due 10/25/2002		2,500		2,497
1.680% due 10/28/2002		4,500		4,494
1.700% due 10/30/2002		1,700		1,698
1.725% due 10/30/2002		3,700		3,695
1.690% due 11/01/2002		2,067		2,064
GlaxoSmithKline PLC
1.760% due 10/18/2002		2,300		2,298
1.680% due 11/13/2002		3,500		3,493
HBOS Treasury Services PLC
1.700% due 10/07/2002		4,300		4,299
1.770% due 10/16/2002		2,500		2,498
Svenska Handelsbank, Inc.
1.760% due 11/20/2002		3,000		2,993
1.750% due 12/18/2002		800		797
UBS Finance, Inc.
1.970% due 12/18/2002		9,500		9,500
Westpac Capital Corp.
1.730% due 11/26/2002		4,500		4,488
Westpac Trust Securities NZ Ltd.
1.755% due 10/22/2002		600		599
1.750% due 12/12/2002		5,300		5,281
				55,490
Repurchase Agreement 1.9%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002 Collaterized by Fannie Mae 3.550% due 11/26/2004 valued at $ 3,854. Repurchase proceeds are $3,778.)		3,778		3,778
U.S. Treasury Bills 0.8%
1.639% due 11/14/2002-11/29/2002 (b)(c)		1,685		1,681
Total Short-Term Instruments (Cost $60,949)				60,949
Total Investments 174.5% (Cost $350,628)			$	353,664
Other Assets and Liabilities (Net) (74.5%)				(150,993	)
Net Assets 100.0%			$	202,671

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(c) Securities with an aggregate market value of $683 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized (Depreciation)
Eurodollar March Futures (03/2003)	36	$	(150	)

(d) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
Fannie Mae	6.500	10/15/2032	$	15,000	$	15,539	$	15,496
Fannie Mae	7.000	10/15/2032		35,000		36,542		36,421
Government National
Mortgage Association	6.500	10/23/2032		14,000		14,591		14,599
					$	66,672	$	66,516

(e) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2022	$	9,200	$	(941	)
Receive floating rate based on 3-month LIBOR and pay a fixed amount equal to $119.
Broker: Lehman Brothers, Inc. Exp. 07/01/2011		3,000		10
			$	(931	)

Type	Fixed Spread (%)	Notional Amount		Unrealized (Depreciation)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Bank of America Exp. 11/15/2002	0.571	$	24,700	$	(216	)

88   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

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PIMCO Financial Highlights A, B, and C Classes

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized/ Unrealized Gain (Loss) on Investments
Convertible Fund
Class A
09/30/2002 +	$	10.51	$	0.10	(a)	$	(1.16	)(a)
03/31/2002		11.41		0.15	(a)		(0.44	)(a)
03/31/2001		15.76		0.00	(a)		(3.45	)(a)
05/28/1999-03/31/2000		10.67		0.00	(a)		5.35	(a)
Class B
09/30/2002 +		10.43		0.07	(a)		(1.14	)(a)
03/31/2002		11.34		0.07	(a)		(0.44	)(a)
03/31/2001		15.68		(0.16	)(a)		(3.36	)(a)
05/28/1999-03/31/2000		10.67		(0.07	)(a)		5.29	(a)
Class C
09/30/2002 +		10.46		0.07	(a)		(1.13	)(a)
03/31/2002		11.37		0.07	(a)		(0.45	)(a)
03/31/2001		15.71		(0.15	)(a)		(3.38	)(a)
05/28/1999-03/31/2000		10.67		(0.07	)(a)		5.31	(a)
Emerging Markets Bond Fund
Class A
09/30/2002 +	$	9.60	$	0.32	(a)	$	(1.30	)(a)
03/31/2002		8.40		0.69	(a)		1.75	(a)
03/31/2001		8.61		0.77	(a)		0.21	(a)
03/31/2000		7.51		0.84	(a)		1.10	(a)
03/31/1999		9.67		0.83	(a)		(2.11	)(a)
07/31/1997-03/31/1998		10.00		0.44	(a)		(0.18	)(a)
Class B
09/30/2002 +		9.60		0.29	(a)		(1.30	)(a)
03/31/2002		8.40		0.64	(a)		1.74	(a)
03/31/2001		8.61		0.73	(a)		0.19	(a)
03/31/2000		7.51		0.77	(a)		1.11	(a)
03/31/1999		9.67		0.77	(a)		(2.11	)(a)
07/31/1997-03/31/1998		10.00		0.40	(a)		(0.20	)(a)
Class C
09/30/2002 +		9.60		0.29	(a)		(1.30	)(a)
03/31/2002		8.40		0.61	(a)		1.77	(a)
03/31/2001		8.61		0.72	(a)		0.21	(a)
03/31/2000		7.51		0.78	(a)		1.10	(a)
03/31/1999		9.67		0.77	(a)		(2.11	)(a)
07/31/1997-03/31/1998		10.00		0.38	(a)		(0.18	)(a)
Foreign Bond Fund
Class A
09/30/2002 +	$	10.39	$	0.16	(a)	$	0.27	(a)
03/31/2002		10.32		0.43	(a)		0.09	(a)
03/31/2001		10.03		0.54	(a)		0.50	(a)
03/31/2000		10.63		0.59	(a)		(0.45	)(a)
03/31/1999		10.74		0.53	(a)		0.24	(a)
03/31/1998		10.41		0.61	(a)		0.62	(a)

* Annualized

+ Unaudited

(a) Per share amounts based on average number of shares outstanding during the period.

(b) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 1.08%.

(c) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 1.83%.

(d) Ratio of expenses to average net assets excluding interest expense is 1.25%.

90   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Selected Per Share Data for the Year or Period Ended:	Total Income from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
Convertible Fund
Class A
09/30/2002 +	$	(1.06	)	$	(0.10	)	$	0.00		$	(0.10	)	$	9.35	(10.14	)%	$	2,561	1.08	%*(f)	2.04	%*	108	%
03/31/2002		(0.29	)		(0.61	)		0.00			(0.61	)		10.51	(2.57	)		4,258	1.12	(f)	1.46		307
03/31/2001		(3.45	)		(0.20	)		(0.70	)		(0.90	)		11.41	(22.68	)		6,426	1.06	(f)	(0.35	)	225
05/28/1999-03/31/2000		5.35			(0.17	)		(0.09	)		(0.26	)		15.76	50.36			5,327	1.05	*(b)	0.15	*	247
Class B
09/30/2002 +		(1.07	)		(0.06	)		0.00			(0.06	)		9.30	(10.24	)		5,500	1.83	*(g)	1.35	*	108
03/31/2002		(0.37	)		(0.54	)		0.00			(0.54	)		10.43	(3.32	)		6,204	1.87	(g)	0.69		307
03/31/2001		(3.52	)		(0.12	)		(0.70	)		(0.82	)		11.34	(23.24	)		5,705	1.81	(g)	(1.13	)	225
05/28/1999-03/31/2000		5.22			(0.12	)		(0.09	)		(0.21	)		15.68	49.18			2,437	1.80	*(c)	(0.58	)*	247
Class C
09/30/2002 +		(1.06	)		(0.06	)		0.00			(0.06	)		9.34	(10.13	)		5,415	1.83	*(g)	1.33	*	108
03/31/2002		(0.38	)		(0.53	)		0.00			(0.53	)		10.46	(3.40	)		10,009	1.88	(g)	0.68		307
03/31/2001		(3.53	)		(0.11	)		(0.70	)		(0.81	)		11.37	(23.21	)		13,249	1.80		(1.11	)	225
05/28/1999-03/31/2000		5.24			(0.11	)		(0.09	)		(0.20	)		15.71	49.33			7,924	1.80	*(c)	(0.59	)*	247
Emerging Markets Bond Fund
Class A
09/30/2002 +	$	(0.98	)	$	(0.33	)	$	0.00		$	(0.33	)	$	8.29	(10.37	)%	$	28,792	1.28	%*(d)	7.20	%*	215	%
03/31/2002		2.44			(0.74	)		(0.50	)		(1.24	)		9.60	30.88			15,589	1.27	(d)	7.47		620
03/31/2001		0.98			(0.79	)		(0.40	)		(1.19	)		8.40	12.46			1,143	1.34	(d)	9.08		902
03/31/2000		1.94			(0.84	)		0.00			(0.84	)		8.61	27.39			316	1.29	(d)	10.59		328
03/31/1999		(1.28	)		(0.83	)		(0.05	)		(0.88	)		7.51	(12.90	)		172	1.25		10.26		315
07/31/1997-03/31/1998		0.26			(0.44	)		(0.15	)		(0.59	)		9.67	2.84			317	1.26	*(d)	6.93	*	695
Class B
09/30/2002 +		(1.01	)		(0.30	)		0.00			(0.30	)		8.29	(10.71	)		17,689	2.04	*(e)	6.52	*	215
03/31/2002		2.38			(0.68	)		(0.50	)		(1.18	)		9.60	29.93			10,844	2.04	(e)	6.99		620
03/31/2001		0.92			(0.73	)		(0.40	)		(1.13	)		8.40	11.59			1,620	2.09	(e)	8.58		902
03/31/2000		1.88			(0.78	)		0.00			(0.78	)		8.61	26.43			1,168	2.04	(e)	9.57		328
03/31/1999		(1.34	)		(0.77	)		(0.05	)		(0.82	)		7.51	(13.58	)		398	2.00		9.68		315
07/31/1997-03/31/1998		0.20			(0.38	)		(0.15	)		(0.53	)		9.67	2.29			304	2.01	*(e)	6.33	*	695
Class C
09/30/2002 +		(1.01	)		(0.30	)		0.00			(0.30	)		8.29	(10.71	)		19,169	2.04	*(e)	6.48	*	215
03/31/2002		2.38			(0.68	)		(0.50	)		(1.18	)		9.60	29.91			12,580	2.00		6.62		620
03/31/2001		0.93			(0.74	)		(0.40	)		(1.14	)		8.40	11.74			792	2.08	(e)	8.52		902
03/31/2000		1.88			(0.78	)		0.00			(0.78	)		8.61	26.49			249	2.04	(e)	9.87		328
03/31/1999		(1.34	)		(0.77	)		(0.05	)		(0.82	)		7.51	(13.57	)		229	2.00		9.79		315
07/31/1997-03/31/1998		0.20			(0.38	)		(0.15	)		(0.53	)		9.67	2.29			136	2.01	*(e)	6.11	*	695
Foreign Bond Fund
Class A
09/30/2002 +	$	0.43		$	(0.17	)	$	0.00		$	(0.17	)	$	10.65	4.14	%	$	161,647	0.96	%*(h)	3.08	%*	263	%
03/31/2002		0.52			(0.43	)		(0.02	)		(0.45	)		10.39	5.21			112,047	0.96	(h)	4.12		434
03/31/2001		1.04			(0.54	)		(0.21	)		(0.75	)		10.32	10.82			84,631	0.99	(h)	5.28		417
03/31/2000		0.14			(0.59	)		(0.15	)		(0.74	)		10.03	1.50			54,299	1.19	(h)	5.75		330
03/31/1999		0.77			(0.53	)		(0.35	)		(0.88	)		10.63	7.43			29,009	0.95		4.87		376
03/31/1998		1.23			(0.59	)		(0.31	)		(0.90	)		10.74	12.14			9,582	0.95		5.88		280

(e) Ratio of expenses to average net assets excluding interest expense is 2.00%.

(f) Ratio of expenses to average net assets excluding interest expense is 1.05%.

(g) Ratio of expenses to average net assets excluding interest expense is 1.80%.

(h) Ratio of expenses to average net assets excluding interest expense is 0.95%.

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   91

PIMCO Financial Highlights A, B, and C Classes (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized/ Unrealized Gain (Loss) on Investments
Foreign Bond Fund (Cont.)
Class B
09/30/2002 +	$	10.39	$	0.12	(a)	$	0.28	(a)
03/31/2002		10.32		0.35	(a)		0.10	(a)
03/31/2001		10.03		0.46	(a)		0.50	(a)
03/31/2000		10.63		0.51	(a)		(0.45	)(a)
03/31/1999		10.74		0.46	(a)		0.24	(a)
03/31/1998		10.41		0.53	(a)		0.61	(a)
Class C
09/30/2002 +		10.39		0.12	(a)		0.27	(a)
03/31/2002		10.32		0.35	(a)		0.10	(a)
03/31/2001		10.03		0.46	(a)		0.50	(a)
03/31/2000		10.63		0.51	(a)		(0.45	)(a)
03/31/1999		10.74		0.45	(a)		0.24	(a)
03/31/1998		10.41		0.52	(a)		0.62	(a)
Global Bond Fund II
Class A
09/30/2002 +	$	9.42	$	0.17	(a)	$	0.42	(a)
03/31/2002		9.61		0.38	(a)		0.13	(a)
03/31/2001		9.41		0.52	(a)		0.50	(a)
03/31/2000		9.89		0.52	(a)		(0.46	)(a)
03/31/1999		9.92		0.48	(a)		0.06	(a)
03/31/1998		10.84		0.64	(a)		0.51	(a)
Class B
09/30/2002 +		9.42		0.14	(a)		0.41	(a)
03/31/2002		9.61		0.32	(a)		0.12	(a)
03/31/2001		9.41		0.45	(a)		0.50	(a)
03/31/2000		9.89		0.45	(a)		(0.46	)(a)
03/31/1999		9.92		0.41	(a)		0.06	(a)
03/31/1998		10.84		0.66	(a)		0.41	(a)
Class C
09/30/2002 +		9.42		0.14	(a)		0.41	(a)
03/31/2002		9.61		0.32	(a)		0.12	(a)
03/31/2001		9.41		0.45	(a)		0.50	(a)
03/31/2000		9.89		0.45	(a)		(0.46	)(a)
03/31/1999		9.92		0.41	(a)		0.06	(a)
03/31/1998		10.84		0.55	(a)		0.52	(a)
GNMA Fund
Class A
09/30/2002 +	$	10.67	$	0.11	(a)	$	0.54	(a)
03/31/2002		10.44		0.25	(a)		0.56	(a)
11/30/2000—03/31/2001		10.13		0.21	(a)		0.31	(a)
Class B
09/30/2002 +		10.67		0.07	(a)		0.54	(a)
05/31/2001—03/31/2002		10.43		0.12	(a)		0.51	(a)
Class C
09/30/2002 +		10.67		0.07	(a)		0.54	(a)
05/31/2001—03/31/2002		10.43		0.13	(a)		0.50	(a)

* Annualized

+ Unaudited

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 0.95%.

(c) Ratio of expenses to average net assets excluding interest expense is 1.70%.

92   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Selected Per Share Data for the Year or Period Ended:	Total Income from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
Foreign Bond Fund (Cont.)
Class B
09/30/2002+	$	0.40		$	(0.14	)	$	0.00		$	(0.14	)	$	10.65	3.82	%	$	41,478	1.71	%*(c)	2.37	%*	263	%
03/31/2002		0.45			(0.36	)		(0.02	)		(0.38	)		10.39	4.42			34,602	1.71	(c)	3.38		434
03/31/2001		0.96			(0.46	)		(0.21	)		(0.67	)		10.32	9.94			28,747	1.74	(c)	4.57		417
03/31/2000		0.06			(0.51	)		(0.15	)		(0.66	)		10.03	0.72			24,402	1.91	(c)	5.00		330
03/31/1999		0.70			(0.46	)		(0.35	)		(0.81	)		10.63	6.69			21,256	1.70		4.14		376
03/31/1998		1.14			(0.50	)		(0.31	)		(0.81	)		10.74	11.29			10,631	1.70		5.13		280
Class C
09/30/2002+		0.39			(0.13	)		0.00			(0.13	)		10.65	3.79			64,075	1.71	*(c)	2.34	*	263
03/31/2002		0.45			(0.36	)		(0.02	)		(0.38	)		10.39	4.42			47,725	1.71	(c)	3.37		434
03/31/2001		0.96			(0.46	)		(0.21	)		(0.67	)		10.32	9.96			35,337	1.74	(c)	4.57		417
03/31/2000		0.06			(0.51	)		(0.15	)		(0.66	)		10.03	0.73			30,214	1.91	(c)	5.01		330
03/31/1999		0.69			(0.45	)		(0.35	)		(0.80	)		10.63	6.63			29,584	1.70		4.16		376
03/31/1998		1.14			(0.50	)		(0.31	)		(0.81	)		10.74	11.29			17,080	1.70		5.13		280
Global Bond Fund II
Class A
09/30/2002+	$	0.59		$	(0.18	)	$	0.00		$	(0.18	)	$	9.83	6.27	%	$	8,999	0.96	%*(b)	3.59	%*	167	%
03/31/2002		0.51			(0.39	)		(0.31	)		(0.70	)		9.42	5.42			5,262	0.96	(b)	3.99		373
03/31/2001		1.02			(0.52	)		(0.30	)		(0.82	)		9.61	11.43			2,747	0.98	(b)	5.46		422
03/31/2000		0.06			(0.52	)		(0.02	)		(0.54	)		9.41	0.71			2,279	0.98	(b)	5.45		290
03/31/1999		0.54			(0.48	)		(0.09	)		(0.57	)		9.89	5.65			2,728	0.95		5.07		236
03/31/1998		1.15			(0.54	)		(1.53	)		(2.07	)		9.92	11.21			6,816	0.95		5.88		369
Class B
09/30/2002+		0.55			(0.14	)		0.00			(0.14	)		9.83	5.88			8,880	1.71	*(c)	2.91	*	167
03/31/2002		0.44			(0.32	)		(0.31	)		(0.63	)		9.42	4.63			6,586	1.71	(c)	3.30		373
03/31/2001		0.95			(0.45	)		(0.30	)		(0.75	)		9.61	10.60			5,243	1.73	(c)	4.73		422
03/31/2000		(0.01	)		(0.45	)		(0.02	)		(0.47	)		9.41	(0.05	)		4,590	1.73	(c)	4.72		290
03/31/1999		0.47			(0.41	)		(0.09	)		(0.50	)		9.89	4.85			4,909	1.70		4.16		236
03/31/1998		1.07			(0.46	)		(1.53	)		(1.99	)		9.92	10.39			4,473	1.70		5.12		369
Class C
09/30/2002+		0.55			(0.14	)		0.00			(0.14	)		9.83	5.88			12,078	1.71	*(c)	2.88	*	167
03/31/2002		0.44			(0.32	)		(0.31	)		(0.63	)		9.42	4.63			6,890	1.71	(c)	3.29		373
03/31/2001		0.95			(0.45	)		(0.30	)		(0.75	)		9.61	10.60			5,208	1.73	(c)	4.75		422
03/31/2000		(0.01	)		(0.45	)		(0.02	)		(0.47	)		9.41	(0.05	)		5,254	1.73	(c)	4.71		290
03/31/1999		0.47			(0.41	)		(0.09	)		(0.50	)		9.89	4.82			5,863	1.70		4.16		236
03/31/1998		1.07			(0.46	)		(1.53	)		(1.99	)		9.92	10.39			6,096	1.70		5.12		369
GNMA Fund
Class A
09/30/2002+	$	0.65		$	(0.10	)	$	0.00		$	(0.10	)	$	11.22	6.12	%	$	69,416	1.01	%*(d)	2.01	%*	373	%
03/31/2002		0.81			(0.46	)		(0.12	)		(0.58	)		10.67	7.92			31,836	1.01	(d)	2.32		1292
11/30/2000—03/31/2001		0.52			(0.21	)		0.00			(0.21	)		10.44	5.68			11	0.65	*(f)	6.11	*	808
Class B
09/30/2002+		0.61			(0.06	)		0.00			(0.06	)		11.22	5.72			47,407	1.76	*(e)	1.28	*	373
05/31/2001—03/31/2002		0.63			(0.27	)		(0.12	)		(0.39	)		10.67	6.62			13,063	1.76	*(e)	1.41	*	1292
Class C
09/30/2002 +		0.61			(0.06	)		0.00			(0.06	)		11.22	5.71			61,359	1.76	*(e)	1.29	*	373
05/31/2001—03/31/2002		0.63			(0.27	)		(0.12	)		(0.39	)		10.67	6.66			17,521	1.76	*(e)	1.45	*	1292

(d) Ratio of expenses to average net assets excluding interest expense is 1.00%.

(e) Ratio of expenses to average net assets excluding interest expense is 1.75%.

(f) The accrual of expenses reflect Advisory fees of 0.25% and Administrative fees of 0.40%.

93

PIMCO Financial Highlights A, B, and C Classes (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss)		Net Realized/ Unrealized Gain (Loss) on Investments
High Yield Fund
Class A
09/30/2002 +	$	9.19	$	0.35 (a)	$	(1.18)(a)
03/31/2002		9.88		0.74 (a)		(0.68)(a)
03/31/2001		10.22		0.87 (a)		(0.34)(a)
03/31/2000		11.23		0.89 (a)		(1.01)(a)
03/31/1999		11.66		0.91 (a)		(0.43)(a)
03/31/1998		11.10		0.93 (a)		0.66 (a)
Class B
09/30/2002 +		9.19		0.32 (a)		(1.18)(a)
03/31/2002		9.88		0.68 (a)		(0.69)(a)
03/31/2001		10.22		0.79 (a)		(0.33)(a)
03/31/2000		11.23		0.81 (a)		(1.01)(a)
03/31/1999		11.66		0.82 (a)		(0.43)(a)
03/31/1998		11.10		0.84 (a)		0.66 (a)
Class C
09/30/2002 +		9.19		0.32 (a)		(1.18)(a)
03/31/2002		9.88		0.67 (a)		(0.68)(a)
03/31/2001		10.22		0.79 (a)		(0.33)(a)
03/31/2000		11.23		0.81 (a)		(1.01)(a)
03/31/1999		11.66		0.82 (a)		(0.43)(a)
03/31/1998		11.10		0.85 (a)		0.65 (a)
Long-Term U.S. Government Fund
Class A
09/30/2002 +	$	9.96	$	0.24(a)	$	1.63 (a)
03/31/2002		10.65		0.62 (a)		(0.39)(a)
03/31/2001		9.79		0.34 (a)		1.09 (a)
03/31/2000		10.30		0.58 (a)		(0.51)(a)
03/31/1999		10.57		0.59 (a)		0.20 (a)
03/31/1998		9.39		0.48 (a)		1.34 (a)
Class B
09/30/2002 +		9.96		0.19 (a)		1.64 (a)
03/31/2002		10.65		0.54 (a)		(0.39)(a)
03/31/2001		9.79		0.65 (a)		0.71 (a)
03/31/2000		10.30		0.50 (a)		(0.50)(a)
03/31/1999		10.57		0.51 (a)		0.20 (a)
03/31/1998		9.39		0.39 (a)		1.35 (a)
Class C
09/30/2002 +		9.96		0.19 (a)		1.64 (a)
03/31/2002		10.65		0.54 (a)		(0.39)(a)
03/31/2001		9.79		0.92 (a)		0.44 (a)
03/31/2000		10.30		0.51 (a)		(0.51)(a)
03/31/1999		10.57		0.50 (a)		0.21 (a)
03/31/1998		9.39		0.39 (a)		1.35 (a)

* Annualized

+ Unaudited

(a) Per share amounts based on average number of shares outstanding during the period.

94   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Selected Per Share Data for the Year or Period Ended:	Total Income from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
High Yield Fund
Class A
09/30/2002 +	$	(0.83	)	$	(0.35	)	$	0.00		$	(0.35	)	$	8.01	(9.18	)%	$	522,205	0.90	%*	8.06	%*	79	%
03/31/2002		0.06			(0.75	)		0.00			(0.75	)		9.19	0.67			539,679	0.90		7.83		96
03/31/2001		0.53			(0.87	)		0.00			(0.87	)		9.88	5.44			262,572	0.90		8.62		53
03/31/2000		(0.12	)		(0.89	)		0.00			(0.89	)		10.22	(1.15	)		187,039	0.90		8.23		39
03/31/1999		0.48			(0.91	)		0.00			(0.91	)		11.23	4.32			155,466	0.90		7.94		39
03/31/1998		1.59			(0.94	)		(0.09	)		(1.03	)		11.66	14.80			70,858	0.90		8.02		37
Class B
09/30/2002 +		(0.86	)		(0.32	)		0.00			(0.32	)		8.01	(9.52	)		414,841	1.65	*	7.32	*	79
03/31/2002		(0.01	)		(0.68	)		0.00			(0.68	)		9.19	(0.07	)		447,674	1.65		7.14		96
03/31/2001		0.46			(0.80	)		0.00			(0.80	)		9.88	4.66			327,367	1.65		7.90		53
03/31/2000		(0.20	)		(0.81	)		0.00			(0.81	)		10.22	(1.89	)		303,333	1.65		7.48		39
03/31/1999		0.39			(0.82	)		0.00			(0.82	)		11.23	3.54			286,198	1.65		7.21		39
03/31/1998		1.50			(0.85	)		(0.09	)		(0.94	)		11.66	13.94			156,099	1.65		7.27		37
Class C
09/30/2002 +		(0.86	)		(0.32	)		0.00			(0.32	)		8.01	(9.52	)		516,022	1.65	*	7.31	*	79
03/31/2002		(0.01	)		(0.68	)		0.00			(0.68	)		9.19	(0.07	)		537,595	1.65		7.13		96
03/31/2001		0.46			(0.80	)		0.00			(0.80	)		9.88	4.66			373,530	1.65		7.90		53
03/31/2000		(0.20	)		(0.81	)		0.00			(0.81	)		10.22	(1.89	)		341,953	1.65		7.49		39
03/31/1999		0.39			(0.82	)		0.00			(0.82	)		11.23	3.55			370,861	1.65		7.24		39
03/31/1998		1.50			(0.85	)		(0.09	)		(0.94	)		11.66	13.95			284,836	1.65		7.36		37
Long-Term U.S. Government Fund
Class A
09/30/2002 +	$	1.87		$	(0.24	)	$	0.00		$	(0.24	)	$	11.59	19.01	%	$	155,663	0.90	%*	4.38	%*	276	%
03/31/2002		0.23			(0.62	)		(0.30	)		(0.92	)		9.96	2.11			110,780	0.92	(b)	5.89		682
03/31/2001		1.43			(0.57	)		0.00			(0.57	)		10.65	15.07			79,477	0.97	(b)	3.36		1046
03/31/2000		0.07			(0.58	)		0.00			(0.58	)		9.79	0.86			42,773	0.99	(b)	5.96		320
03/31/1999		0.79			(0.60	)		(0.46	)		(1.06	)		10.30	7.34			29,809	1.34	(b)	5.33		364
03/31/1998		1.82			(0.58	)		(0.06	)		(0.64	)		10.57	19.78			6,161	0.91	(b)	4.49		177
Class B
09/30/2002 +		1.83			(0.20	)		0.00			(0.20	)		11.59	18.57			105,691	1.65	*	3.57	*	276
03/31/2002		0.15			(0.54	)		(0.30	)		(0.84	)		9.96	1.35			67,302	1.67	(c)	5.14		682
03/31/2001		1.36			(0.50	)		0.00			(0.50	)		10.65	14.22			54,374	1.70	(c)	6.40		1046
03/31/2000		0.00			(0.51	)		0.00			(0.51	)		9.79	0.11			34,301	1.72	(c)	5.16		320
03/31/1999		0.71			(0.52	)		(0.46	)		(0.98	)		10.30	6.51			37,946	2.13	(c)	4.53		364
03/31/1998		1.74			(0.50	)		(0.06	)		(0.56	)		10.57	18.85			7,516	1.66	(c)	4.64		177
Class C
09/30/2002 +		1.83			(0.20	)		0.00			(0.20	)		11.59	18.57			69,236	1.65	*	3.53	*	276
03/31/2002		0.15			(0.54	)		(0.30	)		(0.84	)		9.96	1.33			41,830	1.67	(c)	5.14		682
03/31/2001		1.36			(0.50	)		0.00			(0.50	)		10.65	14.24			35,675	1.71	(c)	9.01		1046
03/31/2000		(0.00	)		(0.51	)		0.00			(0.51	)		9.79	0.11			20,955	1.71	(c)	5.16		320
03/31/1999		0.71			(0.52	)		(0.46	)		(0.98	)		10.30	6.52			31,653	2.16	(c)	4.50		364
03/31/1998		1.74			(0.50	)		(0.06	)		(0.56	)		10.57	18.86			7,258	1.66	(c)	4.64		177

(b) Ratio of expenses to average net assets excluding interest expense is 0.90%.

(c) Ratio of expenses to average net assets excluding interest expense is 1.65%.

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   95

PIMCO Financial Highlights A, B, and C Classes (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized/ Unrealized Gain (Loss) on Investments
Low Duration Fund
Class A
09/30/2002 +	$	10.06	$	0.18	(a)	$	0.24	(a)
03/31/2002		10.03		0.46	(a)		0.07	(a)
03/31/2001		9.81		0.60	(a)		0.25	(a)
03/31/2000		10.10		0.59	(a)		(0.29	)(a)
03/31/1999		10.18		0.60	(a)		(0.02	)(a)
03/31/1998		9.98		0.60	(a)		0.23	(a)
Class B
09/30/2002 +		10.06		0.14	(a)		0.24	(a)
03/31/2002		10.03		0.39	(a)		0.06	(a)
03/31/2001		9.81		0.53	(a)		0.24	(a)
03/31/2000		10.10		0.51	(a)		(0.29	)(a)
03/31/1999		10.18		0.52	(a)		(0.02	)(a)
03/31/1998		9.98		0.53	(a)		0.22	(a)
Class C
09/30/2002 +		10.06		0.15	(a)		0.25	(a)
03/31/2002		10.03		0.40	(a)		0.08	(a)
03/31/2001		9.81		0.55	(a)		0.25	(a)
03/31/2000		10.10		0.54	(a)		(0.29	)(a)
03/31/1999		10.18		0.55	(a)		(0.02	)(a)
03/31/1998		9.98		0.55	(a)		0.23	(a)
Money Market Fund
Class A
09/30/2002 +	$	1.00	$	0.01	(a)	$	0.00	(a)
03/31/2002		1.00		0.03	(a)		0.00	(a)
03/31/2001		1.00		0.06	(a)		0.00	(a)
03/31/2000		1.00		0.05	(a)		0.00	(a)
03/31/1999		1.00		0.05	(a)		0.00	(a)
03/31/1998		1.00		0.05	(a)		0.00	(a)
Class B
09/30/2002 +		1.00		0.00	(a)		0.00	(a)
03/31/2002		1.00		0.02	(a)		0.00	(a)
03/31/2001		1.00		0.05	(a)		0.00	(a)
03/31/2000		1.00		0.04	(a)		0.00	(a)
03/31/1999		1.00		0.04	(a)		0.00	(a)
03/31/1998		1.00		0.04	(a)		0.00	(a)
Class C
09/30/2002 +		1.00		0.01	(a)		0.00	(a)
03/31/2002		1.00		0.03	(a)		0.00	(a)
03/31/2001		1.00		0.06	(a)		0.00	(a)
03/31/2000		1.00		0.05	(a)		0.00	(a)
03/31/1999		1.00		0.05	(a)		0.00	(a)
03/31/1998		1.00		0.05	(a)		0.00	(a)

* Annualized

+ Unaudited

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 0.90%.

96   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Selected Per Share Data for the Year or Period Ended:	Total Income from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
Low Duration Fund
Class A
09/30/2002 +	$	0.42	$	(0.18	)	$	0.00		$	(0.18	)	$	10.30	4.22	%	$	1,395,829	0.90	%*	3.49	%*	95	%
03/31/2002		0.53		(0.49	)		(0.01	)		(0.50	)		10.06	5.41			829,238	0.90		4.51		569
03/31/2001		0.85		(0.63	)		0.00			(0.63	)		10.03	8.93			273,994	0.96	(b)	6.07		348
03/31/2000		0.30		(0.59	)		0.00			(0.59	)		9.81	3.07			235,413	0.98	(b)	5.91		82
03/31/1999		0.58		(0.60	)		(0.06	)		(0.66	)		10.10	5.86			191,727	0.90		5.85		245
03/31/1998		0.83		(0.60	)		(0.03	)		(0.63	)		10.18	8.49			109,531	0.90		5.93		309
Class B
09/30/2002 +		0.38		(0.14	)		0.00			(0.14	)		10.30	3.83			350,551	1.65	*	2.74	*	95
03/31/2002		0.45		(0.41	)		(0.01	)		(0.42	)		10.06	4.63			203,092	1.65		3.87		569
03/31/2001		0.77		(0.55	)		0.00			(0.55	)		10.03	8.12			88,585	1.71	(c)	5.32		348
03/31/2000		0.22		(0.51	)		0.00			(0.51	)		9.81	2.30			73,121	1.73	(c)	5.16		82
03/31/1999		0.50		(0.52	)		(0.06	)		(0.58	)		10.10	5.07			65,160	1.65		5.03		245
03/31/1998		0.75		(0.52	)		(0.03	)		(0.55	)		10.18	7.68			17,624	1.65		5.16		309
Class C
09/30/2002 +		0.40		(0.16	)		0.00			(0.16	)		10.30	3.96			790,901	1.40	*	2.98	*	95
03/31/2002		0.48		(0.44	)		(0.01	)		(0.45	)		10.06	4.89			429,436	1.40		3.99		569
03/31/2001		0.80		(0.58	)		0.00			(0.58	)		10.03	8.39			119,062	1.46	(d)	5.58		348
03/31/2000		0.25		(0.54	)		0.00			(0.54	)		9.81	2.55			110,447	1.48	(d)	5.42		82
03/31/1999		0.53		(0.55	)		(0.06	)		(0.61	)		10.10	5.33			112,229	1.40		5.35		245
03/31/1998		0.78		(0.55	)		(0.03	)		(0.58	)		10.18	8.01			68,766	1.40		5.46		309
Money Market Fund
Class A
09/30/2002 +	$	0.01	$	(0.01	)	$	0.00		$	(0.01	)	$	1.00	0.65	%	$	89,921	0.60	%*	1.29	%*	0	%
03/31/2002		0.03		(0.03	)		0.00			(0.03	)		1.00	2.65			46,077	0.60		2.59		0
03/31/2001		0.06		(0.06	)		0.00			(0.06	)		1.00	5.94			58,940	0.60		5.85		0
03/31/2000		0.05		(0.05	)		0.00			(0.05	)		1.00	4.92			101,734	0.60		4.90		0
03/31/1999		0.05		(0.05	)		0.00			(0.05	)		1.00	4.76			105,200	0.60		4.78		0
03/31/1998		0.05		(0.05	)		0.00			(0.05	)		1.00	5.10			41,375	0.60		5.02		0
Class B
09/30/2002 +		0.00		0.00			0.00			0.00			1.00	0.20			69,669	1.50	*	0.38	*	0
03/31/2002		0.02		(0.02	)		0.00			(0.02	)		1.00	1.73			39,283	1.50		1.63		0
03/31/2001		0.05		(0.05	)		0.00			(0.05	)		1.00	5.02			38,286	1.50		4.87		0
03/31/2000		0.04		(0.04	)		0.00			(0.04	)		1.00	3.99			25,507	1.50		4.05		0
03/31/1999		0.04		(0.04	)		0.00			(0.04	)		1.00	4.03			14,968	1.50		3.79		0
03/31/1998		0.04		(0.04	)		0.00			(0.04	)		1.00	4.21			2,937	1.50		4.15		0
Class C
09/30/2002 +		0.01		(0.01	)		0.00			(0.01	)		1.00	0.65			130,285	0.60	*	1.29	*	0
03/31/2002		0.03		(0.03	)		0.00			(0.03	)		1.00	2.65			80,530	0.60		2.71		0
03/31/2001		0.06		(0.06	)		0.00			(0.06	)		1.00	5.94			108,549	0.60		5.77		0
03/31/2000		0.05		(0.05	)		0.00			(0.05	)		1.00	4.95			99,475	0.60		4.78		0
03/31/1999		0.05		(0.05	)		0.00			(0.05	)		1.00	4.85			86,159	0.60		4.79		0
03/31/1998		0.05		(0.05	)		0.00			(0.05	)		1.00	5.14			55,696	0.60		5.05		0

(c) Ratio of expenses to average net assets excluding interest expense is 1.65%.

(d) Ratio of expenses to average net assets excluding interest expense is 1.40%.

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   97

PIMCO Financial Highlights A, B, and C Classes (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized/ Unrealized Gain (Loss) on Investments
Real Return Fund
Class A
09/30/2002 +	$	10.29		$0.25(a)		$	1.19	(a)
03/31/2002		10.40		0.31(a)			0.13	(a)
03/31/2001		9.92		0.71(a)			0.61	(a)
03/31/2000		9.83		0.64(a)			0.11	(a)
03/31/1999		9.77		0.43(a)			0.14	(a)
03/31/1998		9.93		0.40(a)			0.03	(a)
Class B
09/30/2002 +		10.29		0.21(a)			1.19	(a)
03/31/2002		10.40		0.23(a)			0.13	(a)
03/31/2001		9.92		0.64(a)			0.60	(a)
03/31/2000		9.83		0.57(a)			0.11	(a)
03/31/1999		9.77		0.37(a)			0.12	(a)
03/31/1998		9.93		0.33(a)			0.03	(a)
Class C
09/30/2002 +		10.29		0.22(a)			1.19	(a)
03/31/2002		10.40		0.25(a)			0.13	(a)
03/31/2001		9.92		0.68(a)			0.59	(a)
03/31/2000		9.83		0.58(a)			0.12	(a)
03/31/1999		9.77		0.44(a)			0.08	(a)
03/31/1998		9.93		0.35(a)			0.04	(a)
Short-Term Fund
Class A
09/30/2002 +	$	10.00	$	0.13(a)		$	(0.06	)(a)
03/31/2002		10.03		0.31(a)			0.06	(a)
03/31/2001		9.95		0.60(a)			0.10	(a)
03/31/2000		10.03		0.55(a)			(0.09	)(a)
03/31/1999		10.06		0.53(a)			(0.02	)(a)
03/31/1998		10.00		0.55(a)			0.09	(a)
Class B
09/30/2002 +		10.00		0.10(a)			(0.07	)(a)
03/31/2002		10.03		0.28(a)			0.01	(a)
03/31/2001		9.95		0.53(a)			0.10	(a)
03/31/2000		10.03		0.48(a)			(0.09	)(a)
03/31/1999		10.06		0.45(a)			(0.02	)(a)
03/31/1998		10.00		0.50(a)			0.08	(a)
Class C
09/30/2002 +		10.00		0.12(a)			(0.06	)(a)
03/31/2002		10.03		0.27(a)			0.07	(a)
03/31/2001		9.95		0.57(a)			0.10	(a)
03/31/2000		10.03		0.52(a)			(0.09	)(a)
03/31/1999		10.06		0.50(a)			(0.02	)(a)
03/31/1998		10.00		0.54	(a)		0.07	(a)

* Annualized

+ Unaudited

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 0.90%.

(c) Ratio of expenses to average net assets excluding interest expense is 1.65%.

98   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Selected Per Share Data for the Year or Period Ended:	Total Income from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
Real Return Fund
Class A
09/30/2002 +	$	1.44	$	(0.28	)	$	0.00		$	(0.28	)	$	11.45	14.15	%	$	1,272,252	0.93	%*(b)	4.59	%*	63	%
03/31/2002		0.44		(0.45	)		(0.10	)		(0.55	)		10.29	4.22			527,616	0.90		3.03		237
03/31/2001		1.32		(0.76	)		(0.08	)		(0.84	)		10.40	13.97			95,899	0.94	(b)	7.03		202
03/31/2000		0.75		(0.64	)		(0.02	)		(0.66	)		9.92	7.93			17,676	0.93	(b)	6.57		253
03/31/1999		0.57		(0.51	)		0.00			(0.51	)		9.83	5.99			6,250	0.92	(b)	4.40		438
03/31/1998		0.43		(0.45	)		(0.14	)		(0.59	)		9.77	4.12			370	0.92	(b)	4.06		967
Class B
09/30/2002 +		1.40		(0.24	)		0.00			(0.24	)		11.45	13.72			774,766	1.68	*(c)	3.93	*	63
03/31/2002		0.36		(0.37	)		(0.10	)		(0.47	)		10.29	3.44			367,369	1.65		2.17		237
03/31/2001		1.24		(0.68	)		(0.08	)		(0.76	)		10.40	13.12			54,875	1.69	(c)	6.33		202
03/31/2000		0.68		(0.57	)		(0.02	)		(0.59	)		9.92	7.16			11,463	1.68	(c)	5.82		253
03/31/1999		0.49		(0.43	)		0.00			(0.43	)		9.83	5.19			3,646	1.68	(c)	3.72		438
03/31/1998		0.36		(0.38	)		(0.14	)		(0.52	)		9.77	3.50			1,496	1.67	(c)	3.32		967
Class C
09/30/2002 +		1.41		(0.25	)		0.00			(0.25	)		11.45	13.87			1,226,391	1.43	*(d)	4.07	*	63
03/31/2002		0.38		(0.39	)		(0.10	)		(0.49	)		10.29	3.70			516,693	1.40		2.43		237
03/31/2001		1.27		(0.71	)		(0.08	)		(0.79	)		10.40	13.42			81,407	1.44	(d)	6.69		202
03/31/2000		0.70		(0.59	)		(0.02	)		(0.61	)		9.92	7.40			17,336	1.43	(d)	5.90		253
03/31/1999		0.52		(0.46	)		0.00			(0.46	)		9.83	5.46			2,534	1.43	(d)	4.49		438
03/31/1998		0.39		(0.41	)		(0.14	)		(0.55	)		9.77	3.73			490	1.42	(d)	3.56		967
Short-Term Fund
Class A
09/30/2002 +	$	0.07	$	(0.13	)	$	0.00		$	(0.13	)	$	9.94	0.72	%	$	802,187	0.85	%*	2.63	%*	30	%
03/31/2002		0.37		(0.38	)		(0.02	)		(0.40	)		10.00	3.68			756,465	0.92	(e)	3.04		131
03/31/2001		0.70		(0.60	)		(0.02	)		(0.62	)		10.03	7.23			84,342	1.41	(e)	6.03		121
03/31/2000		0.46		(0.54	)		0.00			(0.54	)		9.95	4.76			75,671	1.03	(e)	5.45		38
03/31/1999		0.51		(0.53	)		(0.01	)		(0.54	)		10.03	5.21			80,787	0.85		5.15		47
03/31/1998		0.64		(0.57	)		(0.01	)		(0.58	)		10.06	6.64			24,182	0.85		5.48		48
Class B
09/30/2002 +		0.03		(0.09	)		0.00			(0.09	)		9.94	0.35			16,834	1.60	*	1.91	*	30
03/31/2002		0.29		(0.30	)		(0.02	)		(0.32	)		10.00	2.93			11,277	1.74	(f)	2.80		131
03/31/2001		0.63		(0.53	)		(0.02	)		(0.55	)		10.03	6.44			6,954	2.15	(f)	5.28		121
03/31/2000		0.39		(0.47	)		0.00			(0.47	)		9.95	4.00			6,694	1.80	(f)	4.77		38
03/31/1999		0.43		(0.45	)		(0.01	)		(0.46	)		10.03	4.43			3,813	1.60		4.45		47
03/31/1998		0.58		(0.51	)		(0.01	)		(0.52	)		10.06	5.96			1,258	1.60		4.97		48
Class C
09/30/2002 +		0.06		(0.12	)		0.00			(0.12	)		9.94	0.57			329,326	1.15	*	2.33	*	30
03/31/2002		0.34		(0.35	)		(0.02	)		(0.37	)		10.00	3.37			254,809	1.22	(g)	2.68		131
03/31/2001		0.67		(0.57	)		(0.02	)		(0.59	)		10.03	6.91			23,961	1.70	(g)	5.72		121
03/31/2000		0.43		(0.51	)		0.00			(0.51	)		9.95	4.45			18,935	1.34	(g)	5.17		38
03/31/1999		0.48		(0.50	)		(0.01	)		(0.51	)		10.03	4.91			15,589	1.15		4.92		47
03/31/1998		0.61		(0.54	)		(0.01	)		(0.55	)		10.06	6.33			6,763	1.15		5.33		48

(d) Ratio of expenses to average net assets excluding interest expense is 1.40%.

(e) Ratio of expenses to average net assets excluding interest expense is 0.85%.

(f) Ratio of expenses to average net assets excluding interest expense is 1.60%.

(g) Ratio of expenses to average net assets excluding interest expense is 1.15%.

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   99

PIMCO Financial Highlights A, B, and C Classes (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized/ Unrealized Gain (Loss) on Investments
StocksPLUS Fund
Class A
09/30/2002 +	$	9.97	$	(0.52	)(a)	$	(2.24	)(a)
03/31/2002		10.10		0.31	(a)		(0.22	)(a)
03/31/2001		14.06		(0.01	)(a)		(2.80	)(a)
03/31/2000		14.26		1.05	(a)		1.27	(a)
03/31/1999		14.06		0.93	(a)		1.29	(a)
03/31/1998		11.46		1.66	(a)		3.41	(a)
Class B
09/30/2002 +		9.83		(0.57	)(a)		(2.18	)(a)
03/31/2002		9.98		0.24	(a)		(0.22	)(a)
03/31/2001		13.96		(0.09	)(a)		(2.79	)(a)
03/31/2000		14.18		0.90	(a)		1.30	(a)
03/31/1999		14.01		0.84	(a)		1.26	(a)
03/31/1998		11.44		1.61	(a)		3.35	(a)
Class C
09/30/2002 +		9.88		(0.56	)(a)		(2.20	)(a)
03/31/2002		10.03		0.26	(a)		(0.22	)(a)
03/31/2001		14.00		(0.07	)(a)		(2.79	)(a)
03/31/2000		14.21		0.94	(a)		1.30	(a)
03/31/1999		14.03		0.86	(a)		1.28	(a)
03/31/1998		11.45		1.64	(a)		3.35	(a)
Strategic Balanced Fund
Class A
09/30/2002 +	$	10.47	$	0.06	(a)	$	(1.65	)(a)
03/31/2002		10.42		0.39	(a)		(0.03	)(a)
03/31/2001		12.74		0.89	(a)		(1.90	)(a)
05/28/1999-03/31/2000		12.80		0.64	(a)		0.48	(a)
Class B
09/30/2002 +		10.44		0.02	(a)		(1.63	)(a)
03/31/2002		10.40		0.31	(a)		(0.04	)(a)
03/31/2001		12.72		0.81	(a)		(1.90	)(a)
05/28/1999-03/31/2000		12.80		0.60	(a)		0.45	(a)
Class C
09/30/2002 +		10.42		0.02	(a)		(1.63	)(a)
03/31/2002		10.37		0.31	(a)		(0.03	)(a)
03/31/2001		12.70		0.82	(a)		(1.92	)(a)
05/28/1999-03/31/2000		12.80		0.61	(a)		0.42	(a)
Total Return Mortgage Fund
Class A
09/30/2002 +	$	10.35	$	0.13	(a)	$	0.54	(a)
03/31/2002		10.42		0.41	(a)		0.35	(a)
07/31/2000-03/31/2001		10.02		0.39	(a)		0.57	(a)
Class B
09/30/2002 +		10.35		0.09	(a)		0.56	(a)
03/31/2002		10.42		0.31	(a)		0.43	(a)
07/31/2000-03/31/2001		10.02		0.34	(a)		0.59	(a)
Class C
09/30/2002 +		10.35		0.09	(a)		0.54	(a)
03/31/2002		10.42		0.31	(a)		0.37	(a)
07/31/2000-03/31/2001		10.02		0.34	(a)		061	(a)

* Annualized

+ Unaudited

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 1.05%.

(c) Ratio of expenses to average net assets excluding interest expense is 0.90%.

100   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Selected Per Share Data for the Year or Period Ended:	Total Income from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
Stocks PLUS Fund
Class A
09/30/2002 +	$	(2.76	)	$	0.00		$	0.00		$	0.00		$	7.21	(27.68	)%	$	68,260	1.05	%*	(12.08	)%*	89	%
03/31/2002		0.09			(0.22	)		0.00			(0.22	)		9.97	0.86			107,085	1.06	(b)	3.10		455
03/31/2001		(2.81	)		(0.24	)		(0.91	)		(1.15	)		10.10	(21.31	)		108,332	1.05		(0.05	)	270
03/31/2000		2.32			(1.04	)		(1.48	)		(2.52	)		14.06	17.26			160,847	1.05		7.21		92
03/31/1999		2.22			(0.78	)		(1.24	)		(2.02	)		14.26	17.07			148,748	1.05		6.66		81
03/31/1998		5.07			(1.38	)		(1.09	)		(2.47	)		14.06	47.07			62,970	1.05		13.34		30
Class B
09/30/2002 +		(2.75	)		0.00			0.00			0.00			7.08	(27.98	)		120,860	1.80	*	(13.38*	)	89
03/31/2002		0.02			(0.17	)		0.00			(0.17	)		9.83	0.13			200,010	1.81	(e)	2.42		455
03/31/2001		(2.88	)		(0.19	)		(0.91	)		(1.10	)		9.98	(21.91	)		240,913	1.80		(0.74	)	270
03/31/2000		2.20			(0.94	)		(1.48	)		(2.42	)		13.96	16.40			374,171	1.80		6.27		92
03/31/1999		2.10			(0.69	)		(1.24	)		(1.93	)		14.18	16.21			281,930	1.80		6.05		81
03/31/1998		4.96			(1.30	)		(1.09	)		(2.39	)		14.01	(46.11	)		99,039	1.80		12.60		30
Class C
09/30/2002 +		(2.76	)		0.00			0.00			0.00			7.12	(27.93	)		112,438	1.55	*	(13.12*	)	89
03/31/2002		0.04			(0.19	)		0.00			(0.19	)		9.88	0.31			187,100	1.56	(f)	2.60		455
03/31/2001		(2.86	)		(0.20	)		(0.91	)		(1.11	)		10.03	(21.66	)		207,945	1.55		(0.59	)	270
03/31/2000		2.24			(0.97	)		(1.48	)		(2.45	)		14.00	16.69			311,942	1.55		6.47		92
03/31/1999		2.14			(0.72	)		(1.24	)		(1.96	)		14.21	16.48			245,088	1.55		6.19		81
03/31/1998		4.99			(1.32	)		(1.09	)		(2.41	)		14.03	46.38			96,960	1.55		12.85		30
Strategic Balanced Fund
Class A
09/30/2002 +	$	(1.59	)	$	(0.07	)	$	0.00		$	(0.07	)	$	8.81	(15.22	)%	$	2,994	0.65	%*	1.17	%*	13	%
03/31/2002		0.36			(0.31	)		0.00			(0.31	)		10.47	3.48			4,049	0.65	(g)	3.70		35
03/31/2001		(1.01	)		(0.62	)		(0.69	)		(1.31	)		10.42	(8.58	)		3,660	0.86	(g)	7.44		651
05/28/1999-03/31/2000		1.12			(0.87	)		(0.31	)		(1.18	)		12.74	9.34			4,468	1.05	*	5.99	*	176
Class B
09/30/2002 +		(1.61	)		(0.04	)		0.00			(0.04	)		8.79	(15.48	)		6,201	1.40	*	0.42	*	13
03/31/2002		0.27			(0.23	)		0.00			(0.23	)		10.44	2.60			7,984	1.40	(g)	2.90		35
03/31/2001		(1.09	)		(0.54	)		(0.69	)		(1.23	)		10.40	(9.28	)		8,484	1.57	(g)	6.59		651
05/28/1999-03/31/2000		1.05			(0.82	)		(0.31	)		(1.13	)		12.72	8.61			11,604	1.80	*(g)	5.61	*	176
Class C
09/30/2002 +		(1.61	)		(0.04	)		0.00			(0.04	)		8.77	(15.50	)		12,569	1.40	*	0.42	*	13
03/31/2002		0.28			(0.23	)		0.00			(0.23	)		10.42	2.73			15,235	1.40	(g)	2.91		35
03/31/2001		1.10			(0.54	)		(0.69	)		(1.23	)		10.37	(9.32	)		14,004	1.58	(g)	6.76		651
05/28/1999-03/31/2000		1.03			(0.82	)		(0.31	)		(1.13	)		12.70	8.47			13,116	1.80	*	5.66	*	176
Total Return Mortgage Fund
Class A
09/30/2002 +	$	0.67		$	(0.13	)	$	0.00		$	(0.13	)	$	10.89	6.48	%	$	21,879	0.91	%*(c)	2.46	%*	405	%
03/31/2002		0.76			(0.43	)		(0.40	)		(0.83	)		10.35	7.43			7,010	0.90		3.88		1193
07/31/2000-03/31/2001		0.96			(0.38	)		(0.18	)		(0.56	)		10.42	10.58			769	0.90	*	5.68	*	848
Class B
09/30/2002 +		0.65			(0.11	)		0.00			(0.11	)		10.89	6.08			12,692	1.67	*(d)	1.71	*	405
03/31/2002		0.74			(0.41	)		(0.40	)		(0.81	)		10.35	6.61			5,787	1.65		2.92		1193
07/31/2000-03/31/2001		0.93			(0.35	)		(0.18	)		(0.53	)		10.42	9.95			816	1.65	*	4.89	*	848
Class C
09/30/2002 +		0.63			(0.09	)		0.00			(0.09	)		10.89	6.08			24,294	1.66	*(d)	1.73	*	405
03/31/2002		0.68			(0.35	)		(0.40	)		(0.75	)		10.35	6.62			9,585	1.65		2.91		1193
07/31/2000-03/31/2001		0.95			(0.37	)		(0.18	)		(0.55	)		10.42	9.94			1,908	1.65	*	4.94	*	848

(d) Ratio of expenses to average net assets excluding interest expense is 1.65%.

(e) Ratio of expenses to average net assets excluding interest expense is 1.80%.

(f) Ratio of expenses to average net assets excluding interest expense is 1.55%.

(g) Effective September 29, 2000, the Strategic Balanced Fund did not incur advisory fee expenses.

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   101

PIMCO Statements of Assets and Liabilities A, B, and C Classes

September 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts	Convertible Fund			Emerging Markets Bond Fund			Foreign Bond Fund			Global Bond Fund II			GNMA Fund
Assets:
Investments, at value	$	26,272		$	388,398		$	2,002,223		$	187,583		$	356,762
Cash		5			4,843			248			7			480
Foreign currency, at value		132			0			28,875			2,481			0
Receivable for investments sold and forward foreign currency contracts		1			10,458			1,040,308			71,510			115,907
Receivable for Fund shares sold		25			690			3,897			476			4,633
Variation margin receivable		0			0			4,078			188			0
Interest and dividends receivable		176			5,287			30,119			3,299			1,178
		26,611			409,676			3,109,748			265,544			478,960
Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	0		$	63,629		$	420,562		$	29,174		$	230,550
Payable for financing transactions		0			64,178			1,032,311			110,610			0
Payable for short sale		0			10,084			483,596			23,518			6,161
Due to Custodian		0			0			0			0			0
Written options outstanding		0			0			17,399			1,663			0
Payable for Fund shares redeemed		245			1,280			1,212			128			2,582
Dividends payable		0			177			227			31			90
Accrued investment advisory fee		8			92			210			18			43
Accrued administration fee		6			91			265			25			76
Accrued distribution fee		6			24			65			12			0
Accrued servicing fee		3			16			68			5			91
Variation margin payable		0			0			541			0			9
Recoupment payable to Manager		2			0			0			0			0
Net payable for swap agreements		0			9,148			32,401			2,470			1,280
Other liabilities		0			478			14,595			1,477			204
		270			149,197			2,003,452			169,131			241,086
Net Assets	$	26,341		$	260,479		$	1,106,296		$	96,413		$	237,874
Net Assets Consist of:
Paid in capital	$	53,138		$	285,590		$	1,084,767		$	94,734		$	230,710
Undistributed (overdistributed) net investment income		902			6,324			29,418			578			136
Accumulated undistributed net realized gain (loss)		(25,038	)		(8	)		(67,880	)		(5,331	)		6,046
Net unrealized appreciation (depreciation)		(2,661	)		(31,427	)		59,991			6,432			982
	$	26,341		$	260,479		$	1,106,296		$	96,413		$	237,874
Net Assets:
Class A	$	2,561		$	28,792		$	161,647		$	8,999		$	69,416
Class B		5,500			17,689			41,478			8,880			47,407
Class C		5,415			19,169			64,075			12,078			61,359
Other Classes		12,865			194,829			839,096			66,456			59,692
Shares Issued and Outstanding:
Class A		274			3,473			15,173			915			6,187
Class B		591			2,134			3,893			904			4,225
Class C		580			2,312			6,015			1,228			5,469
Net Asset Value and Redemption Price * Per Share
(Net Assets Per Share Outstanding)
Class A	$	9.35		$	8.29		$	10.65		$	9.83		$	11.22
Class B		9.30			8.29			10.65			9.83			11.22
Class C		9.34			8.29			10.65			9.83			11.22
Cost of Investments Owned	$	28,936		$	411,051		$	1,893,991		$	177,072		$	354,265
Cost of Foreign Currency Held	$	130		$	0		$	28,613		$	2,474		$	0

* With respect to the Retail Classes, the redemption price varies by the length of time the shares are held.

102   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Amounts in thousands, except per share amounts	High Yield Fund			Long-Term U.S. Gov’t Fund		Low Duration Fund		Money Market Fund			Real Return Fund		Short-Term Fund			StocksPLUS Fund			Strategic Balanced Fund			Total Return Mortgage Fund
Assets:
Investments, at value	$	3,697,556		$	882,200	$	10,010,779	$	400,219		$	7,314,256	$	2,862,686		$	788,672		$	51,156		$	353,664
Cash		3,535			1,619		152		880			0		113			110			1			0
Foreign currency, at value		0			0		71,616		0			856		1,286			2,802			0			0
Receivable for investments sold and forward foreign currency contracts		105,462			23,591		919		0			385,556		38,766			184			0			189,191
Receivable for Fund shares sold		16,147			12,193		122,393		3,609			101,864		14,193			1,866			102			1,984
Variation margin receivable		0			3,755		5,909		0			0		2,302			111			0			0
Interest and dividends receivable		86,055			4,192		46,162		274			67,429		18,032			3,645			69			767
		3,908,755			927,550		10,257,930		404,982			7,869,961		2,937,378			797,390			51,328			545,606
Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	49,465		$	15,782	$	1,917,478	$	0		$	99,472	$	44,189		$	74,602		$	72		$	274,477
Payable for financing transactions		0			0		0		0			693,351		0			0			0			0
Payable for short sale		85,834			24,142		0		0			390,940		30,260			0			0			66,672
Due to Custodian		4,921			0		0		0			13,719		0			0			0			22
Written options outstanding		13,517			8,492		113		0			0		8,797			352			0			0
Payable for Fund shares redeemed		14,845			1,707		31,960		2,025			20,314		14,716			3,712			134			241
Dividends payable		6,651			265		3,424		18			2,828		1,143			0			0			49
Accrued investment advisory fee		746			157		1,530		42			1,197		546			226			0			37
Accrued administration fee		932			193		1,521		87			1,537		573			179			9			53
Accrued distribution fee		631			141		532		42			921		140			142			11			1
Accrued servicing fee		310			60		505		28			725		242			63			5			47
Variation margin payable		0			0		0		0			236		0			6,667			0			8
Recoupment payable to Manager		0			0		0		0			0		0			0			0			0
Net payable for swap agreements		14,424			612		7,188		0			4,706		21,718			20,799			0			1,147
Other liabilities		1,504			1,924		161		0			1,679		882			210			0			181
		193,780			53,475		1,964,412		2,242			1,231,625		123,206			106,952			231			342,935
Net Assets	$	3,714,975		$	874,075	$	8,293,518	$	402,740		$	6,638,336	$	2,814,172		$	690,438		$	51,097		$	202,671
Net Assets Consist of:
Paid in capital	$	4,955,241		$	805,644	$	8,160,621	$	402,721		$	6,131,075	$	2,842,045		$	1,271,201		$	73,173		$	196,265
Undistributed (overdistributed) net investment income		(58	)		372		20,104		112			2,359		(317	)		(42,560	)		1,117			176
Accumulated undistributed net realized gain (loss)		(632,699	)		31,624		85,732		(93	)		76,739		(4,245	)		(499,076	)		(9,119	)		4,619
Net unrealized appreciation (depreciation)		(607,509	)		36,435		27,061		0			428,163		(23,311	)		(39,127	)		(14,074	)		1,611
	$	3,714,975		$	874,075	$	8,293,518	$	402,740		$	6,638,336	$	2,814,172		$	690,438		$	51,097		$	202,671
Net Assets:
Class A	$	522,205		$	155,663	$	1,395,829	$	89,921		$	1,272,252	$	802,187		$	68,260		$	2,994		$	21,879
Class B		414,841			105,691		350,551		69,669			774,766		16,834			120,860			6,201			12,692
Class C		516,022			69,236		790,901		130,285			1,226,391		329,326			112,438			12,569			24,294
Other Classes		2,261,907			543,485		5,756,237		112,865			3,364,927		1,665,825			388,880			29,333			143,806
Shares Issued and Outstanding:
Class A		65,218			13,434		135,575		89,921			111,152		80,733			9,474			340			2,009
Class B		51,811			9,121		34,048		69,669			67,688		1,694			17,079			706			1,167
Class C		64,446			5,975		76,819		130,285			107,144		33,144			15,785			1,434			2,231
Net Asset Value and Redemption Price * Per Share
(Net Assets Per Share Outstanding)
Class A	$	8.01		$	11.59	$	10.30	$	1.00		$	11.45	$	9.94		$	7.21		$	8.81		$	10.89
Class B		8.01			11.59		10.30		1.00			11.45		9.94			7.08			8.79			10.89
Class C		8.01			11.59		10.30		1.00			11.45		9.94			7.12			8.77			10.89
Cost of Investments Owned	$	4,295,847		$	861,110	$	10,012,670	$	400,219		$	6,875,628	$	2,881,809		$	792,311		$	65,229		$	350,628
Cost of Foreign Currency Held	$	0		$	0	$	71,568	$	0		$	851	$	1,264		$	2,789		$	0		$	0

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   103

PIMCO Statements of Operations A, B, and C Classes

For the period ended September 30, 2002 (Unaudited)

Amounts in thousands	Convertible Fund			Emerging Markets Bond Fund			Foreign Bond Fund			Global Bond Fund II			GNMA Fund
Investment Income:
Interest, net of foreign taxes	$	230		$	11,104		$	18,381		$	2,043		$	2,360
Dividends, net of foreign taxes		226			0			203			22			0
Miscellaneous income		0			0			0			0			0
Total Income		456			11,104			18,584			2,065			2,360
Expenses:
Investment advisory fees		58			584			1,143			112			195
Administration fees		47			580			1,448			152			334
Distribution fees—Class B		21			59			139			27			0
Distribution fees—Class C		22			68			209			34			0
Servicing fees—Class A		5			29			173			9			59
Servicing fees—Class B		7			20			46			9			130
Servicing fees—Class C		7			23			70			11			176
Distribution and/or servicing fees—Other Classes		0			40			122			0			4
Trustees’ fees		0			0			1			0			0
Organization costs		0			0			0			0			0
Interest expense		3			50			29			4			6
Miscellaneous expense		1			0			0			0			0
Total Expenses		171			1,453			3,380			358			904
Net Investment Income (Loss)		285			9,651			15,204			1,707			1,456
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		(961	)		(462	)		(33,933	)		(1,791	)		5,250
Net realized gain (loss) on futures contracts, written options and swaps		0			413			26,133			1,504			700
Net realized gain (loss) on foreign currency transactions		(9	)		620			(59,309	)		(4,654	)		0
Net change in unrealized appreciation (depreciation) on investments		(2,313	)		(32,112	)		139,662			13,273			2,595
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		0			(9,275	)		(37,227	)		(3,533	)		(1,485	)
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		8			31			(12,154	)		(964	)		0
Net Gain (Loss)		(3,275	)		(40,785	)		23,172			3,835			7,060
Net Increase (Decrease) in Assets Resulting from Operations	$	(2,990	)	$	(31,134	)	$	38,376		$	5,542		$	8,516

104   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Amounts in thousands	High Yield Fund			Long-Term U.S. Gov’t Fund		Low Duration Fund			Money Market Fund		Real Return Fund			Short-Term       Fund			StocksPLUS Fund			Strategic Balanced Fund			Total Return Mortgage Fund
Investment Income:
Interest, net of foreign taxes	$	175,419		$	16,926	$	156,110		$	3,292	$	132,863		$	49,478		$	16,250		$	0		$	2,224
Dividends, net of foreign taxes		2,456			0		213			0		0			0			35			517			0
Miscellaneous income		36			0		74			0		0			0			(64,732	)		0			0
Total Income		177,911			16,926		156,397			3,292		132,863			49,478			(48,447	)		517			2,224
Expenses:
Investment advisory fees		4,972			808		8,812			261		5,857			3,545			1,680			0			163
Administration fees		6,207			1,005		8,543			520		7,366			3,704			1,352			61			231
Distribution fees—Class B		1,659			303		1,002			193		1,936			51			600			27			0
Distribution fees—Class C		2,023			195		1,465			0		2,010			437			375			53			0
Servicing fees—Class A		684			161		1,369			36		1,030			1,021			113			4			16
Servicing fees—Class B		553			101		334			64		645			17			200			9			40
Servicing fees—Class C		674			65		732			53		1,005			364			188			18			75
Distribution and/or servicing fees—Other Classes		787			110		554			22		1,119			515			115			4			80
Trustees’ fees		5			1		7			1		3			2			1			0			0
Organization costs		0			0		0			0		1			0			0			0			0
Interest expense		0			11		0			1		795			6			2			0			7
Miscellaneous expense		0			0		0			0		0			0			0			0			0
Total Expenses		17,564			2,760		22,818			1,151		21,767			9,662			4,626			176			612
Net Investment Income (Loss)		160,347			14,166		133,579			2,141		111,096			39,816			(53,073	)		341			1,612
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		(172,529	)		6,462		32,459			0		72,793			(6,910	)		1,191			(2,699	)		4,044
Net realized gain (loss) on futures contracts, written options and swaps		5,580			46,878		36,791			0		5,994			3,903			(154,523	)		0			575
Net realized gain (loss) on foreign currency transactions		(2,451	)		0		14,339			0		(4,635	)		13			(67	)		0			0
Net change in unrealized appreciation (depreciation) on investments		(363,461	)		30,021		26,959			0		443,993			(17,363	)		(1,465	)		(6,958	)		2,787
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		(11,780	)		17,241		50,157			0		(2,708	)		1,504			(62,656	)		0			(1,305	)
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		554			0		(249	)		0		533			10			453			0			0
Net Gain (Loss)		(544,087	)		100,602		160,456			0		515,970			(18,843	)		(217,067	)		(9,657	)		6,101
Net Increase (Decrease) in Assets Resulting from Operations	$	(383,740	)	$	114,768	$	294,035		$	2,141	$	627,066		$	20,973		$	(270,140	)	$	(9,316	)	$	7,713

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   105

PIMCO Statements of Changes in Net Assets A, B, and C Classes

	Convertible Fund						Emerging Markets Bond Fund						Foreign Bond Fund
Amounts in thousands	Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002
	(Unaudited)						(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	285		$	576		$	9,651		$	8,688		$	15,204		$	32,280
Net realized gain (loss)		(970	)		(11,313	)		571			10,618			(67,109	)		39,346
Net change in unrealized appreciation (depreciation)		(2,305	)		7,790			(41,356	)		9,149			90,281			(33,033	)
Net increase (decrease) resulting from operations		(2,990	)		(2,947	)		(31,134	)		28,455			38,376			38,593
Distributions to Shareholders:
From net investment income
Class A		(30	)		(299	)		(866	)		(320	)		(2,149	)		(4,056	)
Class B		(35	)		(301	)		(514	)		(273	)		(472	)		(1,079	)
Class C		(35	)		(516	)		(596	)		(191	)		(682	)		(1,406	)
Other Classes		(161	)		(1,017	)		(7,726	)		(7,854	)		(11,995	)		(25,836	)
From net realized capital gains
Class A		0			0			0			(245	)		0			(230	)
Class B		0			0			0			(227	)		0			(75	)
Class C		0			0			0			(156	)		0			(100	)
Other Classes		0			0			0			(5,283	)		0			(1,345	)
Total Distributions		(261	)		(2,133	)		(9,702	)		(14,549	)		(15,298	)		(34,127	)
Fund Share Transactions:
Receipts for shares sold
Class A		621			2,171			43,202			17,761			80,836			78,394
Class B		1,048			2,908			10,703			8,795			9,762			10,254
Class C		1,393			4,728			16,136			11,971			20,904			17,448
Other Classes		722			1,509			155,542			202,475			329,763			242,652
Issued as reinvestment of distributions
Class A		23			253			506			247			1,730			3,527
Class B		25			166			290			250			358			856
Class C		22			315			413			208			546			1,221
Other Classes		140			888			7,346			12,711			10,976			24,349
Cost of shares redeemed
Class A		(1,908	)		(4,119	)		(26,708	)		(4,137	)		(36,454	)		(55,153	)
Class B		(1,131	)		(2,066	)		(1,754	)		(350	)		(4,170	)		(5,449	)
Class C		(5,369	)		(7,365	)		(7,002	)		(738	)		(6,503	)		(6,518	)
Other Classes		(1,275	)		(50,717	)		(152,460	)		(65,596	)		(104,893	)		(210,525	)
Net increase (decrease) resulting from Fund share transactions		(5,689	)		(51,329	)		46,214			183,597			302,855			101,056
Total Increase (Decrease) in Net Assets		(8,940	)		(56,409	)		5,378			197,503			325,933			105,522
Net Assets:
Beginning of period		35,281			91,690			255,101			57,598			780,363			674,841
End of period*	$	26,341		$	35,281		$	260,479		$	255,101		$	1,106,296		$	780,363
*Including net undistributed (overdistributed) investment income of:	$	902		$	878		$	6,324		$	6,375		$	29,418		$	29,512

106   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Global Bond Fund II						GNMA Fund						High Yield Fund						Long-Term U.S. Gov’t Fund
Amounts in thousands	Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002
	(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	1,707		$	3,398		$	1,456		$	1,318		$	160,347		$	253,870		$	14,166		$	31,644
Net realized gain (loss)		(4,941	)		3,636			5,950			848			(169,400	)		(160,982	)		53,340			(2,569	)
Net change in unrealized appreciation (depreciation)		8,776			(2,682	)		1,110			(332	)		(374,687	)		(67,205	)		47,262			(20,667	)
Net increase (decrease) resulting from operations		5,542			4,352			8,516			1,834			(383,740	)		25,683			114,768			8,408
Distributions to Shareholders:
From net investment income
Class A		(129	)		(157	)		(461	)		(337	)		(22,136	)		(27,505	)		(2,854	)		(6,077	)
Class B		(105	)		(193	)		(161	)		(67	)		(16,247	)		(26,546	)		(1,459	)		(3,317	)
Class C		(132	)		(206	)		(221	)		(90	)		(19,812	)		(30,307	)		(930	)		(2,087	)
Other Classes		(1,334	)		(2,843	)		(560	)		(879	)		(102,854	)		(169,127	)		(8,995	)		(20,099	)
From net realized capital gains
Class A		0			(137	)		0			(298	)		0			0			0			(3,307	)
Class B		0			(195	)		0			(82	)		0			0			0			(1,968	)
Class C		0			(218	)		0			(100	)		0			0			0			(1,203	)
Other Classes		0			(1,971	)		0			(431	)		0			0			0			(9,700	)
Total Distributions		(1,700	)		(5,920	)		(1,403	)		(2,284	)		(161,049	)		(253,485	)		(14,238	)		(47,758	)
Fund Share Transactions:
Receipts for shares sold
Class A		5,789			3,975			73,585			38,489			237,393			487,259			119,382			189,397
Class B		2,452			2,152			36,088			14,510			79,767			196,537			37,070			36,447
Class C		5,465			3,385			46,966			20,275			149,518			301,457			32,410			26,628
Other Classes		988			5,057			30,429			54,379			738,242			1,752,226			242,512			237,765
Issued as reinvestment of distributions
Class A		94			221			367			591			13,392			16,313			2,291			7,381
Class B		74			256			98			90			7,013			10,169			848			2,937
Class C		100			315			164			137			11,120			15,812			537			1,979
Other Classes		1,265			4,667			490			1,174			85,176			137,969			8,162			26,652
Cost of shares redeemed
Class A		(2,464	)		(1,556	)		(38,566	)		(6,947	)		(193,765	)		(202,204	)		(96,362	)		(157,963	)
Class B		(549	)		(923	)		(2,983	)		(1,459	)		(58,279	)		(59,749	)		(12,046	)		(21,739	)
Class C		(789	)		(1,865	)		(4,837	)		(2,793	)		(107,483	)		(122,660	)		(13,645	)		(19,514	)
Other Classes		(4,628	)		(5,435	)		(9,589	)		(29,421	)		(858,813	)		(790,986	)		(79,121	)		(240,162	)
Net increase (decrease) resulting from Fund share transactions		7,797			10,249			132,212			89,025			103,281			1,742,143			242,038			89,808
Total Increase (Decrease) in Net Assets		11,639			8,681			139,325			88,575			(441,508	)		1,514,341			342,568			50,458
Net Assets:
Beginning of period		84,774			76,093			98,549			9,974			4,156,483			2,642,142			531,507			481,049
End of period*	$	96,413		$	84,774		$	237,874		$	98,549		$	3,714,975		$	4,156,483		$	874,075		$	531,507
*Including net undistributed (overdistributed) investment income of:	$	578		$	571		$	136		$	83		$	(58	)	$	644		$	372		$	444

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   107

PIMCO Statements of Changes in Net Assets A, B, and C Classes (Cont.)

Amounts in thousands	Low Duration Fund						Money Market Fund						Real Return Fund
	Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002
	(Unaudited)						(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	133,579		$	269,366		$	2,141		$	9,494		$	111,096		$	67,329
Net realized gain (loss)		83,589			77,736			0			0			74,152			27,718
Net capital gain distributions received from underlying Funds		0			0			0			0			0			0
Net change in unrealized appreciation (depreciation)		76,867			(70,073	)		0			0			441,818			(47,485	)
Net increase (decrease) resulting from operations		294,035			277,029			2,141			9,494			627,066			47,562
Distributions to Shareholders:
From net investment income
Class A		(19,201	)		(22,081	)		(472	)		(1,435	)		(19,029	)		(9,214	)
Class B		(3,678	)		(5,082	)		(99	)		(647	)		(10,203	)		(4,654	)
Class C		(8,758	)		(9,068	)		(682	)		(2,651	)		(16,484	)		(6,868	)
Other Classes		(101,952	)		(233,116	)		(889	)		(4,763	)		(65,380	)		(46,768	)
From net realized capital gains
Class A		0			(922	)		0			0			0			(3,842	)
Class B		0			(223	)		0			0			0			(2,805	)
Class C		0			(418	)		0			0			0			(3,719	)
Other Classes		0			(6,446	)		0			0			0			(14,655	)
Total Distributions		(133,589	)		(277,356	)		(2,142	)		(9,496	)		(111,096	)		(92,525	)
Fund Share Transactions:
Receipts for shares sold
Class A		852,597			1,019,082			300,680			537,794			781,708			641,830
Class B		166,638			144,646			68,792			54,685			381,835			349,676
Class C		414,319			375,302			203,412			323,842			686,600			505,240
Other Classes		2,355,623			3,059,377			159,504			234,018			1,530,131			1,753,128
Issued as reinvestment of distributions
Class A		12,482			14,640			361			1,091			13,829			9,633
Class B		2,061			2,926			84			554			5,981			4,341
Class C		4,900			5,865			602			2,357			9,906			6,699
Other Classes		90,667			214,392			1,041			4,776			61,062			57,113
Cost of shares redeemed
Class A		(322,696	)		(473,627	)		(257,197	)		(551,747	)		(142,530	)		(212,194	)
Class B		(27,196	)		(32,360	)		(38,488	)		(54,243	)		(37,436	)		(36,378	)
Class C		(70,768	)		(68,299	)		(154,259	)		(354,217	)		(76,340	)		(69,209	)
Other Classes		(1,405,588	)		(2,804,873	)		(165,408	)		(264,221	)		(430,882	)		(525,536	)
Net increase (decrease) resulting from Fund share transactions		2,073,039			1,457,071			119,124			(65,311	)		2,783,864			2,484,343
Total Increase (Decrease) in Net Assets		2,233,485			1,456,744			119,123			(65,313	)		3,299,834			2,439,380
Net Assets:
Beginning of period		6,060,033			4,603,289			283,617			348,930			3,338,502			899,122
End of period*	$	8,293,518		$	6,060,033		$	402,740		$	283,617		$	6,638,336		$	3,338,502
*Including net undistributed (overdistributed) investment income of:	$	20,104		$	20,114		$	112		$	113		$	2,359		$	2,359

108   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Amounts in thousands	Short-Term Fund						StocksPLUS Fund						Strategic Balanced Fund						Total Return Mortgage Fund
	Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002
	(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	39,816		$	49,421		$	(53,073	)	$	30,350		$	341		$	2,896		$	1,612		$	1,837
Net realized gain (loss)		(2,994	)		3,678			(153,399	)		(66,413	)		(2,699	)		(4,259	)		4,619			1,637
Net capital gain distributions received from underlying Funds		0			0			0			0			0			239			0			0
Net change in unrealized appreciation (depreciation)		(15,849	)		(10,284	)		(63,668	)		45,453			(6,958	)		3,688			1,482			(498	)
Net increase (decrease) resulting from operations		20,973			42,815			(270,140	)		9,390			(9,316	)		2,564			7,713			2,976
Distributions to Shareholders:
From net investment income
Class A		(10,738	)		(12,869	)		0			(2,390	)		(25	)		(116	)		(153	)		(247	)
Class B		(129	)		(242	)		0			(3,662	)		(25	)		(180	)		(68	)		(100	)
Class C		(3,397	)		(3,231	)		0			(3,690	)		(53	)		(330	)		(129	)		(158	)
Other Classes		(25,553	)		(33,080	)		0			(11,448	)		(314	)		(1,627	)		(1,245	)		(1,347	)
From net realized capital gains
Class A		0			(847	)		0			0			0			0			0			(201	)
Class B		0			(17	)		0			0			0			0			0			(173	)
Class C		0			(295	)		0			0			0			0			0			(292	)
Other Classes		0			(1,699	)		0			0			0			0			0			(1,179	)
Total Distributions		(39,817	)		(52,280	)		0			(21,190	)		(417	)		(2,253	)		(1,595	)		(3,697	)
Fund Share Transactions:
Receipts for shares sold
Class A		513,715			1,204,450			28,503			37,265			705			1,371			15,937			12,310
Class B		9,084			10,278			5,933			18,893			902			1,356			7,770			5,751
Class C		139,932			263,130			8,152			26,431			1,661			4,813			15,569			8,867
Other Classes		1,071,116			1,654,949			99,018			130,154			2,612			6,761			110,120			54,549
Issued as reinvestment of distributions
Class A		8,082			10,204			0			1,780			24			96			88			296
Class B		81			161			0			2,702			20			135			40			153
Class C		1,910			2,003			0			3,078			32			216			87			343
Other Classes		22,713			28,799			0			11,194			313			1,625			1,175			2,446
Cost of shares redeemed
Class A		(470,708	)		(539,477	)		(39,434	)		(38,763	)		(1,163	)		(1,093	)		(1,725	)		(6,425	)
Class B		(3,534	)		(6,067	)		(33,251	)		(58,950	)		(1,482	)		(2,028	)		(1,288	)		(821	)
Class C		(65,635	)		(33,186	)		(34,346	)		(46,762	)		(1,913	)		(3,862	)		(1,643	)		(1,323	)
Other Classes		(841,179	)		(789,513	)		(61,161	)		(103,541	)		(2,244	)		(22,842	)		(30,002	)		(20,068	)
Net increase (decrease) resulting from Fund share transactions		385,577			1,805,731			(26,586	)		(16,519	)		(533	)		(13,452	)		116,128			56,078
Total Increase (Decrease) in Net Assets		366,733			1,796,266			(296,726	)		(28,319	)		(10,266	)		(13,141	)		122,246			55,357
Net Assets:
Beginning of period		2,447,439			651,173			987,164			1,015,483			61,363			74,504			80,425			25,068
End of period*	$	2,814,172		$	2,447,439		$	690,438		$	987,164		$	51,097		$	61,363		$	202,671		$	80,425
*Including net undistributed (overdistributed) investment income of:	$	(317	)	$	(316	)	$	(42,560	)	$	10,513		$	1,117		$	1,193		$	176		$	159

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   109

PIMCO Statements of Cash Flows A, B, and C Classes

For the period ended September 30, 2002 (Unaudited)

Amounts in thousands	Emerging Markets Bond Fund			Foreign Bond Fund			Global Bond Fund II			Real Return Fund
Increase (Decrease) in Cash and Foreign Currency from:
Financing Activities:
Sales of Fund shares	$	227,612		$	439,813		$	14,296		$	(45,348	)
Redemptions of Fund shares		(187,315	)		(152,876	)		(8,362	)		(3,989	)
Cash distributions paid		(1,087	)		(1,840	)		(160	)		(108,482	)
Proceeds from financing transactions		34,044			287,522			25,056			260,509
Net increase from financing activities		73,254			572,619			30,830			102,690
Operating Activities:
Purchases of long-term securities and foreign currency		(530,314	)		(4,019,885	)		(311,866	)		(6,505,231	)
Proceeds from sales of long-term securities and foreign currency		517,349			3,441,221			307,965			6,444,528
Purchases of short-term securities (net)		(63,201	)		(111,533	)		(8,921	)		(171,523	)
Net investment income		9,651			15,204			1,707			111,096
Changes in other receivables/payables (net)		(1,896	)		109,491			(19,913	)		9,725
Net (decrease) from operating activities		(68,411	)		(565,502	)		(31,028	)		(111,405	)
Net Increase (Decrease) in Cash and Foreign Currency		4,843			7,117			(198	)		(8,715	)
Cash and Foreign Currency
Beginning of period		0			22,006			2,686			9,571
End of period	$	4,843		$	29,123		$	2,488		$	856

110   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

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PIMCO Notes to Financial Statements A, B, and C Classes

September 30, 2002 (Unaudited)

1. Organization

PIMCO Funds: Pacific Investment Management Series (the “Trust”) was established as a Massachusetts business trust on February 19, 1987. The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment management company. The Trust currently consists of 48 separate investment funds (the “Funds”). The Trust may offer up to six classes of shares: Institutional, Administrative, A, B, C and D. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the A, B and C Classes (the “Retail Classes”) of the Trust. Certain detailed financial information for the Institutional, Administrative and D Classes (the “Other Classes”) is provided separately and is available upon request.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. Fixed income securities, including those to be purchased under firm commitment agreements, are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Certain fixed income securities for which daily market quotations are not readily available may be valued, pursuant to guidelines established by the Board of Trustees, with reference to fixed income securities whose prices are more readily obtainable. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Funds may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Effective April 1, 2001, the accounting method relating to the amortization of premiums and discounts changed to the interest method, which did not materially affect the Funds’ financial statements.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, of each Fund, except the Convertible, StocksPLUS and Strategic Balanced Funds, are declared on each day the Trust is open for business and are distributed to shareholders monthly. Dividends from net investment income, if any, of the Convertible, StocksPLUS and Strategic Balanced Funds are declared and distributed to shareholders quarterly. Net realized capital gains earned by a Fund, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.

Distributions reflected as a tax basis return of capital in the accompanying Statements of Changes in Net Assets have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and paid in capital to more appropriately conform financial accounting to tax characterizations of dividends and distributions.

Foreign Currency. The accounting records of the Funds are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated to U.S. dollars based on the current exchange

112   PIMCO Funds Semi-Annual Report  I  9.30.02

rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses). Realized gains (losses) and unrealized appreciation (depreciation) on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statements of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets and voting privileges. Income and non-class specific expenses of each Fund, except the Convertible, StocksPLUS and Strategic Balanced Funds, are allocated daily to each class of shares based on the relative value of settled shares. Income and non-class specific expenses of the Convertible, StocksPLUS and Strategic Balanced Funds are allocated daily to each class of shares based on the relative net assets of each class. Realized and unrealized capital gains and losses of each Fund are allocated daily to each class of shares based on the relative net assets of each class.

Federal Income Taxes. Each Fund intends to qualify as a regulated investment company 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.

Financing Transactions. Certain Funds may enter into financing transactions consisting of the sale by the Fund of securities, together with a commitment to repurchase similar securities at a future date. The difference between the selling price and the future purchase price is an adjustment to interest income in the Statements of Operations. If the counterparty to whom the Fund sells the security becomes insolvent, a Fund’s right to repurchase the security may be restricted; the value of the security may change over the term of the financing transaction; and the return earned by a Fund with the proceeds of a financing transaction may not exceed transaction costs. The Fund will segregate assets determined to be liquid by PIMCO or otherwise cover its obligations under financing transactions.

Futures Contracts. Certain Funds are authorized to enter into futures contracts. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Funds may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Funds. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statements of Assets and Liabilities.

Options Contracts. Certain Funds may write call and put options on futures, securities or currencies it owns or in which it may invest. Writing put options tends to increase the Fund’s exposure to the underlying instrument. Writing call options tends to decrease the Fund’s exposure to the underlying instrument. When the Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, security or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying future, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, security or currency underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

Certain Funds may also purchase put and call options. Purchasing call options tends to increase the Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease the Fund’s exposure to the underlying instrument. The Fund pays a premium which is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for

9.30.02   I  PIMCO Funds Semi-Annual Report   113

PIMCO Notes to Financial Statements A, B, and C Classes (Cont.)

September 30, 2002 (Unaudited)

purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, security or currency transaction to determine the realized gain or loss.

Forward Currency Transactions. Certain Funds may enter into forward currency contracts and forward cross-currency contracts in connection with settling planned purchases or sales of securities or to hedge the currency exposure associated with some or all of the Fund’s portfolio securities. A forward currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Fund’s Statement of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

Swaps. Certain Funds may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Fund may enter into interest rate, total return, forward swap spread lock and credit default swap agreements to manage its exposure to interest rates and credit risk. Interest rate swap agreements involve the exchange by the Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Forward swap spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically an emerging country, on its obligation. The Fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Termination payments, or payments received or made at the end of the measurement period, are recorded as realized gain or loss in the Statement of Operations. Net periodic payments are included as part of miscellaneous income in the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

Loan Agreements. Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. The Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt by the lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When the Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan.

Short Sales. Certain Funds have entered into short sales transactions during the fiscal year. A short sale is a transaction in which a Fund sells securities it does not own in anticipation of a decline in the market price of the

114   PIMCO Funds Semi-Annual Report  I  9.30.02

securities. The Fund is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

Stripped Mortgage-Backed Securities (SMBS). SMBS represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (IOs), which receive all of the interest, and principal-only securities (POs), which receive all of the principal. If the underlying mortgage assets experience greater than anticipated payments of principal, a Fund may fail to recoup some or all of its initial investment in these securities. The market value of these securities is highly sensitive to changes in interest rates.

Delayed-Delivery Transactions. Certain Funds may purchase or sell securities on a when-issued or delayed-delivery basis. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, a Fund will set aside and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains and losses with respect to the security. Forward sales commitments are accounted for by the Fund in the same manner as forward currency contracts discussed above.

Inflation-Indexed Bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be considered interest income, even though investors do not receive their principal until maturity.

Repurchase Agreements. Each Fund may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Fund takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred.

Reverse Repurchase Agreements. Certain Funds are authorized to enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells to a financial institution a security that it holds with an agreement to repurchase the same security at an agreed-upon price and date. A reverse repurchase agreement involves the risk that the market value of the security sold by the Fund may decline below the repurchase price of the security. The Fund will segregate assets determined to be liquid by PIMCO or otherwise cover its obligations under reverse repurchase agreements.

Restricted Securities. Certain Funds are permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (PIMCO) is a majority-owned subsidiary of Allianz Dresdner Asset Management of America L.P. (formerly PIMCO Advisors L.P.) and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund, except the Strategic Balanced Fund, at an annual rate based on average daily net assets of the Fund. The Advisory Fee is charged at an annual rate of 0.15% for the Money Market Fund, 0.40% for the Convertible and StocksPLUS Funds, 0.45% for the Emerging Markets Bond Fund and 0.25% for all other Funds.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives from each Fund a monthly administrative fee based on each share class’ average daily net assets. The Administration Fee for the Retail Classes is charged at an annual rate of 0.35% for the Money Market

9.30.02   I  PIMCO Funds Semi-Annual Report   115

PIMCO Notes to Financial Statements A, B, and C Classes (Cont.)

September 30, 2002 (Unaudited)

and Short-Term Funds; 0.45% for the Foreign Bond and Global Bond II Funds; 0.50% for the GNMA Fund; 0.55% for the Emerging Markets Bond Fund; and 0.40% for all other Funds. The Administration Fee for the Institutional and Administrative Classes is charged at the annual rate of 0.18% for the Total Return and Low Duration Funds; 0.19% for the Short Duration Municipal Income Fund; 0.20% for the Moderate Duration, Short-Term, Money Market, Real Return¹ and Real Return II Funds; 0.30% for the Global Bond and Global Bond II Funds; 0.40% for the Emerging Markets Bond Fund; and 0.25% for all other Funds. The Administration Fee for Class D is charged at the annual rate of 0.25% for the Low Duration, Short-Term and Total Return Funds; 0.45% for the Foreign Bond Fund; 0.50% for the GNMA Fund; 0.55% for the Emerging Markets Bond Fund; and 0.40% for all other Funds.

¹ On October 1, 2001, the Fund’s Administrative Fee was reduced by 0.05%, to 0.20% per annum.

Strategic Balanced Fund Fees. Effective September 29, 2000, the Strategic Balanced Fund changed investment objectives to a “fund of funds” and as such does not pay any fees to PIMCO under the Trust’s investment advisory agreement in return for the advisory and asset allocation services provided by PIMCO. The Fund does, however, indirectly pay its proportionate share of the advisory fees paid to PIMCO by the Underlying Funds in which the Fund invests.

The Fund pays administrative fees to PIMCO at an annual rate of 0.05% based on the average daily net assets attributable in the aggregate to the Fund’s Institutional Class and Administrative Class shares. The Fund also indirectly pays its proportionate share of the administrative fees charged by PIMCO to the Underlying Funds in which the Fund invests.

Distribution and Servicing Fees. PIMCO Advisors Distributors LLC (“PFD”), is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse, out of the Administrative Class assets of each Fund offering Administrative Class shares in an amount up to 0.25% on an annual basis of the average daily net assets of that class, financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Fund shares as their funding medium. The effective rate paid to PFD was 0.25% during the current fiscal year.

Pursuant to the Distribution and Servicing Plans adopted by the A, B, C and D Classes of the Trust, the Trust compensates PFD or an affiliate with respect to Class D for services provided and expenses incurred in connection with assistance rendered in the sale of shares and services rendered to shareholders and for maintenance of shareholder accounts of the A, B, C and D Classes. The Trust paid PFD distribution and servicing fees at an effective rate as set forth below (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Distribution Fee (%)	Servicing Fee (%)
Class A
Money Market Fund	—	0.10
All other Funds	—	0.25
Class B
All Funds	0.75	0.25
Class C
Low Duration, Real Return and StocksPLUS	0.50	0.25
Short-Term Fund	0.30	0.25
Money Market Fund	—	0.10
All other Funds	0.75	0.25
Class D
All Funds	—	0.25

PFD also receives the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the Money Market Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of A, B and C Class shares. For the period ended September 30, 2002 PFD received $14,333,700 representing commissions (sales charges) and contingent deferred sales charges.

Expenses. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class shares and may include certain other expenses as permitted by the Trust’s Multiple Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed in the Financial Highlights, may differ from the annual fund operating expenses per share class as disclosed in the Prospectus for the reasons set forth above. PIMCO has agreed to waive a portion of Investment Grade Corporate

116   PIMCO Funds Semi-Annual Report  I  9.30.02

Bond, Real Return II, Real Return Asset and Convertible Funds administrative fees to the extent that the payment of each Fund’s pro rata share of Trustee fees and organizational expenses cause the actual expense ratios to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Inst’l. Class		Admn. Class		Class A		Class B		Class C		Class D
California Intermediate Municipal Bond Fund	0.47	%	0.72	%	0.85	%	—		—		0.85	%
California Municipal Bond Fund	0.47	%	—		0.85	%	—		—		0.85	%
Convertible Fund	0.65	%	0.90	%	1.05	%	1.80	%	1.80	%	1.05	%
New York Municipal Bond Fund	0.47	%	—		0.85	%	—		—		0.85	%

PIMCO may be reimbursed for these waived amounts in future periods. Each unaffiliated Trustee receives an annual retainer of $60,000, plus $3,000 for each Board of Trustees meeting attended in person and $500 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an annual retainer of $1,500. These expenses are allocated to the Funds of the Trust according to their respective net assets.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2002, were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
Convertible Fund	$	1,661	$	1,157	$	28,004	$	34,304
Emerging Markets Bond Fund		4,977		4,994		557,110		508,078
Foreign Bond Fund		3,661,042		3,453,751		605,605		200,967
Global Bond Fund II		221,254		210,598		70,114		23,980
GNMA Fund		1,063,227		815,891		35,321		1,295
High Yield Fund		58,758		274,447		2,837,233		3,104,316
Long-Term U.S. Government Fund		1,495,820		1,670,959		121,704		69,935
Low Duration Fund		7,051,221		5,040,385		1,461,981		564,253
Real Return Fund		6,346,929		3,587,474		222,692		120,190
Short-Term Fund		249,314		198,363		1,005,802		487,947
StocksPLUS Fund		421,983		467,386		160,449		106,624
Strategic Balanced Fund		0		0		7,420		13,858
Total Return Mortgage Fund		923,988		641,483		135,363		88,776

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

	Foreign Bond Fund			Global Bond Fund II			GNMA Fund			High Yield Fund			Long-Term U.S. Government Fund			Low Duration Fund			Short-Term Fund			StocksPLUS Fund			Total Return Mortgage Fund
Balance at 03/31/2002	$	8,915		$	871		$	26		$	1,149		$	186		$	25,640		$	1,213		$	2,886		$	26
Sales		4,038			453			28			16,419			4,662			199			18,744			1,761			25
Closing Buys		(3,609	)		(387	)		0			(1,149	)		(630	)		(5,473	)		(8,328	)		(177	)		0
Expirations		(1,632	)		(161	)		(54	)		0			(803	)		(13,020	)		0			(3,560	)		(51	)
Exercised		0			0			0			0			0			0			0			0			0
Balance at 09/30/2002	$	7,712		$	776		$	0		$	16,419		$	3,415		$	7,346		$	11,629		$	910		$	0

6. Federal Income Tax Matters

At September 30, 2002, the net unrealized appreciation (depreciation) of investments securities for federal income tax purposes were as follows (amounts in thousands):

	Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Convertible Fund	$	588	$	(3,252	)	$	(2,664	)
Emerging Markets Bond Fund		5,925		(28,578	)		(22,653	)
Foreign Bond Fund		115,002		(6,770	)		108,232
Global Bond Fund II		11,125		(614	)		10,511
GNMA Fund		2,787		(290	)		2,497
High Yield Fund		35,403		(633,694	)		(598,291	)
Long-Term U.S. Government Fund		22,310		(1,220	)		21,090
Low Duration Fund		114,757		(116,648	)		(1,891	)
Real Return Fund		445,812		(7,184	)		438,628
Short-Term Fund		16,690		(35,813	)		(19,123	)
StocksPLUS Fund		5,789		(9,428	)		(3,639	)
Strategic Balanced Fund		833		(14,906	)		(14,073	)
Total Return Mortgage Fund		3,129		(221	)		2,908

9.30.02   I  PIMCO Funds Semi-Annual Report   117

PIMCO Notes to Financial Statements A, B, and C Classes (Cont.)

September 30, 2002 (Unaudited)

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Convertible Fund										Emerging Markets Bond Fund										Foreign Bond Fund
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class A	64		$	621		191		$	2,171		4,823		$	43,202		1,901		$	17,761		7,691		$	80,836		7,545		$	78,394
Class B	107			1,048		268			2,908		1,175			10,703		948			8,795		927			9,762		985			10,254
Class C	143			1,393		413			4,728		1,756			16,136		1,275			11,971		1,989			20,904		1,678			17,448
Other Classes	75			722		134			1,509		17,311			155,542		21,869			202,475		31,307			329,763		23,260			242,652
Issued as reinvestment of distributions
Class A	2			23		24			253		58			506		27			247		164			1,730		339			3,527
Class B	3			25		16			166		33			290		27			250		34			358		82			856
Class C	2			22		30			315		47			413		22			208		52			546		117			1,221
Other Classes	15			140		84			888		832			7,346		1,393			12,711		1,043			10,976		2,342			24,349
Cost of shares redeemed
Class A	(197	)		(1,908	)	(373	)		(4,119	)	(3,032	)		(26,708	)	(440	)		(4,137	)	(3,462	)		(36,454	)	(5,302	)		(55,153	)
Class B	(114	)		(1,131	)	(192	)		(2,066	)	(203	)		(1,754	)	(39	)		(350	)	(397	)		(4,170	)	(523	)		(5,449	)
Class C	(522	)		(5,369	)	(652	)		(7,365	)	(801	)		(7,002	)	(81	)		(738	)	(618	)		(6,503	)	(626	)		(6,518	)
Other Classes	(129	)		(1,275	)	(4,650	)		(50,717	)	(17,146	)		(152,460	)	(7,180	)		(65,596	)	(9,964	)		(104,893	)	(20,187	)		(210,525	)
Net increase (decrease) resulting from Fund share transactions	(551	)	$	(5,689	)	(4,707	)	$	(51,329	)	4,853		$	46,214		19,722		$	183,597		28,766		$	302,855		9,710		$	101,056

	Low Duration Fund										Money Market Fund										Real Return Fund
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class A	83,514		$	852,597		100,440		$	1,019,082		300,680		$	300,680		537,794		$	537,794		71,648		$	781,708		61,665		$	641,830
Class B	16,311			166,638		14,274			144,646		68,792			68,792		54,685			54,685		34,858			381,835		33,534			349,676
Class C	40,562			414,319		37,007			375,302		203,412			203,412		323,842			323,842		62,980			686,600		48,442			505,240
Other Classes	230,680			2,355,623		302,614			3,059,377		159,504			159,504		234,018			234,018		140,693			1,530,131		168,294			1,753,128
Issued as reinvestment of distributions
Class A	1,221			12,482		1,447			14,640		361			361		1,091			1,091		1,273			13,829		932			9,633
Class B	202			2,061		289			2,926		84			84		554			554		552			5,981		421			4,341
Class C	479			4,900		580			5,865		602			602		2,357			2,357		913			9,906		649			6,699
Other Classes	8,874			90,667		21,206			214,392		1,041			1,041		4,776			4,776		5,632			61,062		5,524			57,113
Cost of shares redeemed
Class A	(31,628	)		(322,696	)	(46,740	)		(473,627	)	(257,197	)		(257,197	)	(551,747	)		(551,747	)	(13,067	)		(142,530	)	(20,520	)		(212,194	)
Class B	(2,663	)		(27,196	)	(3,198	)		(32,360	)	(38,488	)		(38,488	)	(54,243	)		(54,243	)	(3,440	)		(37,436	)	(3,514	)		(36,378	)
Class C	(6,930	)		(70,768	)	(6,751	)		(68,299	)	(154,259	)		(154,259	)	(354,217	)		(354,217	)	(6,985	)		(76,340	)	(6,683	)		(69,209	)
Other Classes	(137,765	)		(1,405,588	)	(277,499	)		(2,804,873	)	(165,408	)		(165,408	)	(264,221	)		(264,221	)	(39,682	)		(430,882	)	(50,611	)		(525,536	)
Net increase (decrease) resulting from Fund share transactions	202,857		$	2,073,039		143,669		$	1,457,071		119,124		$	119,124		(65,311	)	$	(65,311	)	255,375		$	2,783,864		238,133		$	2,484,343

118   PIMCO Funds Semi-Annual Report  I  9.30.02

	Global Bond Fund II										GNMA Fund										High Yield Fund										Long-Term U.S. Government Fund
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares	Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class A	602	$	5,789		412		$	3,975		6,641		$	73,585		3,577		$	38,489		27,642		$	237,393		51,863		$	487,259		11,060		$	119,382		17,872		$	189,397
Class B	254		2,452		223			2,152		3,262			36,088		1,352			14,510		9,130			79,767		20,826			196,537		3,408			37,070		3,443			36,447
Class C	569		5,465		351			3,385		4,252			46,966		1,889			20,275		17,209			149,518		32,029			301,457		2,999			32,410		2,516			26,628
Other Classes	103		988		536			5,057		2,765			30,429		5,062			54,379		86,452			738,242		185,832			1,752,226		22,233			242,512		22,065			237,765
Issued as a reinvestment of distributions
Class A	10		94		23			221		33			367		55			591		1,575			13,392		1,733			16,313		214			2,291		708			7,381
Class B	8		74		27			256		9			98		8			90		826			7,013		1,077			10,169		79			848		282			2,937
Class C	10		100		33			315		15			164		13			137		1,309			11,120		1,676			15,812		50			537		190			1,979
Other Classes	131		1,265		486			4,667		44			490		110			1,174		10,011			85,176		14,626			137,969		760			8,162		2,558			26,652
Cost of shares redeemed
Class A	(255)		(2,464	)	(163	)		(1,556	)	(3,470	)		(38,566	)	(650	)		(6,947	)	(22,740	)		(193,765	)	(21,444	)		(202,204	)	(8,957	)		(96,362	)	(14,927	)		(157,963	)
Class B	(57)		(549	)	(97	)		(923	)	(270	)		(2,983	)	(136	)		(1,459	)	(6,872	)		(58,279	)	(6,326	)		(59,749	)	(1,120	)		(12,046	)	(2,078	)		(21,739	)
Class C	(82)		(789	)	(195	)		(1,865	)	(439	)		(4,837	)	(261	)		(2,793	)	(12,586	)		(107,483	)	(13,015	)		(122,660	)	(1,272	)		(13,645	)	(1,859	)		(19,514	)
Other Classes	(483)		(4,628	)	(560	)		(5,435	)	(874	)		(9,589	)	(2,742	)		(29,421	)	(100,403	)		(858,813	)	(84,014	)		(790,986	)	(7,364	)		(79,121	)	(22,609	)		(240,162	)
Net increase (decrease) resulting from Fund share transactions	810	$	7,797		1,076		$	10,249		11,968		$	132,212		8,277		$	89,025		11,553		$	103,281		184,863		$	1,742,143		22,090		$	242,038		8,161		$	89,808

	Short-Term Fund										StocksPLUS Fund										Strategic Balanced Fund										Total Return Mortgage Fund
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares	Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class A	51,525	$	513,715		120,012		$	1,204,450		3,545		$	28,503		3,711		$	37,265		72		$	705		130		$	1,371		1,484		$	15,937		1,173		$	12,310
Class B	913		9,084		1,024			10,278		686			5,933		1,914			18,893		96			902		129			1,356		724			7,770		544			5,751
Class C	14,046		139,932		26,211			263,130		939			8,152		2,632			26,431		174			1,661		461			4,813		1,451			15,569		837			8,867
Other Classes	107,351		1,071,116		164,935			1,654,949		11,883			99,018		12,761			130,154		268			2,612		640			6,761		10,271			110,120		5,197			54,549
Issued as reinvestment of distributions
Class A	812		8,082		1,017			10,204		0			0		173			1,780		3			24		9			96		8			88		28			296
Class B	8		81		16			161		0			0		265			2,702		2			20		13			135		4			40		15			153
Class C	192		1,910		200			2,003		0			0		301			3,078		3			32		21			216		8			87		33			343
Other Classes	2,282		22,713		2,870			28,799		0			0		1,080			11,194		34			313		157			1,625		109			1,175		234			2,446
Cost of shares redeemed
Class A	(47,286)		(470,708	)	(53,758	)		(539,477	)	(4,815	)		(39,434	)	(3,861	)		(38,763	)	(122	)		(1,163	)	(104	)		(1,093	)	(160	)		(1,725	)	(598	)		(6,425	)
Class B	(355)		(3,534	)	(606	)		(6,067	)	(3,958	)		(33,251	)	(5,956	)		(58,950	)	(156	)		(1,482	)	(194	)		(2,028	)	(120	)		(1,288	)	(78	)		(821	)
Class C	(6,587)		(65,635	)	(3,308	)		(33,186	)	(4,092	)		(34,346	)	(4,721	)		(46,762	)	(205	)		(1,913	)	(370	)		(3,862	)	(154	)		(1,643	)	(127	)		(1,323	)
Other Classes	(84,537)		(841,179	)	(78,694	)		(789,513	)	(7,416	)		(61,161	)	(9,908	)		(103,541	)	(233	)		(2,244	)	(2,174	)		(22,842	)	(2,784	)		(30,002	)	(1,893	)		(20,068	)
Net increase (decrease) resulting from Fund share transactions	38,364	$	385,577		179,919		$	1,805,731		(3,228	)	$	(26,586	)	(1,609	)	$	(16,519	)	(64	)	$	(533	)	(1,282	)	$	(13,452	)	10,841		$	116,128		5,365		$	56,078

119

PIMCO Funds: Pacific Investment Management Series

Manager	Pacific Investment Management Company LLC, 840 Newport Center Drive, Suite 300, Newport Beach, CA 92660
Distributor	PIMCO Advisors Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902
Custodian	State Street Bank & Trust Co., 801 Pennsylvania, Kansas City, MO 64105
Shareholder Servicing Agent and Transfer Agent	PFPC Global Fund Services, Inc., P.O. Box 9688, Providence, RI 02940-9688
Independent Accountant	PricewaterhouseCoopers LLP, 1055 Broadway, Kansas City, MO 64105
Legal Counsel	Dechert, 1775 Eye Street, Washington, DC 20006
For Account Information	For PIMCO Funds account information contact your financial advisor, or if you receive account statements directly from PIMCO Funds, you can also call 1-800-426-0107. Telephone representatives are available Monday–Friday 8:30 am to 8:00 pm Eastern Time. Or visit our Web site, www.pimcoadvisors.com.

120   PIMCO Funds Semi-Annual Report  I  9.30.02

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PIMCO Bond Funds

PIMCO Stock Funds

Short Duration Short-Term Fund Low Duration Fund Intermediate Duration Total Return Fund Long Duration U.S. Long-Term Government Fund International Global Bond Fund II Foreign Bond Fund Emerging Markets Bond Fund High Yield High Yield Fund Mortgage-Backed GNMA Fund Total Return Mortgage Fund Inflation-Indexed Real Return Fund Convertible Convertible Fund Tax-Exempt Municipal Bond Fund California Intermediate Municipal Bond Fund California Municipal Bond Fund New York Municipal Bond Fund Short-Duration Municipal Income Fund PIMCO Stock and Bond Funds Strategic Balanced Fund Asset Allocation Fund

Growth RCM Large-Cap Growth Fund PEA Growth Fund NACM Growth Fund PEA Target Fund RCM Mid-Cap Fund PEA Opportunity Fund Blend PEA Growth & Income Fund CCM Capital Appreciation Fund NACM Core Equity Fund CCM Mid-Cap Fund Value NFJ Equity Income Fund PEA Value Fund NACM Value Fund PEA Renaissance Fund NACM Flex-Cap Value Fund NFJ Small-Cap Value Fund Enhanced Index RCM Tax-Managed Growth Fund PPA Tax-Efficient Equity Fund StocksPLUS Fund International RCM Global Equity Fund NACM Global Fund RCM International Growth Equity Fund NACM International Fund RCM Global Small-Cap Fund RCM Europe Fund NACM Pacific Rim Fund RCM Emerging Markets Fund Sector-Related PEA Innovation Fund RCM Global Technology Fund RCM Global Healthcare Fund RCM Biotechnology Fund

The Affiliated Investment Firms of PIMCO Advisors

Cadence Capital Management (CCM) Combining the best of growth and value, CCM seeks to invest in reasonably priced companies that offer rapid earnings growth potential. Dresdner RCM Global Investors (RCM) With a worldwide presence, RCM’s growth specialists bring a global perspective to domestic and international stock investing. NFJ Investment Group (NFJ) Pure, deep value investors, NFJ emphasizes risk management by investing primarily in dividend-paying stocks and imposing strict diversification guidelines. Nicholas-Applegate Capital Management (NACM) NACM employs a bottom-up, research driven approach to identify financially strong companies poised to benefit from change. Pacific Investment Management Company (PIMCO) Under the direction of its renowned founder and Chief Investment Officer, Bill Gross, PIMCO has become one of the most respected names in fixed-income management. PIMCO Equity Advisors (PEA) Across its varied products, PEA relies on in-depth research and competitive analysis to identify the companies most likely to deliver long-term capital appreciation.

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PZ013.10/02

PIMCO

ADVISORS

Semi-Annual Report

9. 30. 02

PIMCO Bond Funds

Share Class D

SHORT DURATION BOND FUNDS Short-Term Fund Low Duration Fund INTERNATIONAL BOND FUNDS Foreign Bond Fund Emerging Markets Bond Fund HIGH YIELD BOND FUND High Yield Fund MORTGAGE-BACKED BOND FUNDS GNMA Fund Total Return Mortgage Fund REAL RETURN BOND FUND Real Return Fund CONVERTIBLE FUND Convertible Fund TAX-EXEMPT BOND FUNDS Short Duration Municipal Income Fund Municipal Bond Fund California Intermediate Municipal Bond Fund California Municipal Bond Fund New York Municipal Bond Fund BALANCED FUND Strategic Balanced Fund EQUITY RELATED FUND StocksPLUS Fund

The Semi-Annual Report for the

PIMCO Total Return Fund is

printed separately.

PIMCO

ADVISORS

Table of Contents

Chairman’s Letter	3
Fund Summaries
California Inter. Muni. Bond Fund	4
California Municipal Bond Fund	6
Convertible Fund	8
Emerging Markets Bond Fund	10
Foreign Bond Fund	12
GNMA Fund	14
High Yield Fund	16
Low Duration Fund	18
Municipal Bond Fund	20
New York Municipal Bond Fund	22
Real Return Fund	24
Short-Duration Municipal Bond Fund	26
Short-Term Fund	28
StocksPLUS Fund	30
Strategic Balanced Fund	32
Total Return Mortgage Fund	34
Schedules of Investments
California Inter. Muni. Bond Fund	37
California Municipal Bond Fund	41
Convertible Fund	43
Emerging Markets Bond Fund	45
Foreign Bond Fund	48
GNMA Fund	56
High Yield Fund	58
Low Duration Fund	65
Municipal Bond Fund	72
New York Municipal Bond Fund	79
Real Return Fund	81
Short-Duration Municipal Bond Fund	84
Short-Term Fund	88
StocksPLUS Fund	94
Strategic Balanced Fund	98
Total Return Mortgage Fund	99
Financial Highlights	102–105
Statements of Assets and Liabilities	106–107
Statements of Operations	108–109
Statements of Changes in Net Assets	110–113
Statements of Cash Flows	114
Notes to Financial Statements	115–123

Dear Fellow Shareholder:

The past six months have brought an onslaught of disheartening financial news. Despite the market’s recent upswing, disappointing corporate earnings and talk of a double-dip recession have left many stock investors wondering where we’re headed next.

In the world of bonds, however, bad economic news can actually be good news, as investors flee stocks and riskier securities and flock instead to the relative stability offered by U.S. Treasuries and other high-quality areas of fixed income.

This seemingly paradoxical relationship between bonds and the economy helps explain why most bond sectors have continued their strong run over the past six months. I am pleased to report that the PIMCO Bond Funds have followed suit, with most of the funds in this report continuing to deliver strong relative performance. PIMCO’s bond fund managers have achieved these results by adhering to the firm’s time-tested total return philosophy.

Of course, we cannot predict what the next few months and years hold for bonds, stocks or these funds. But, as always, we stand behind a few tried-and-true investment strategies, such as maintaining a well-diversified portfolio and investing for the long term. Although bonds have performed well in recent years, remember that a diversified portfolio includes a variety of investments. Holding a large position in just one or two asset classes is not a sound plan for any investor.

If you have questions concerning this report or your investment, please contact your financial advisor. You can also call PIMCO Advisors at 1-800-426-0107 or visit our web site at www.pimcoadvisors.com. Once again, thank you for choosing PIMCO Funds. We highly value your business.

Sincerely,

Brent R. Harris

Chairman of the Board

October 31, 2002

Past performance is no guarantee of future results. There is no guarantee that these or any other investment techniques will be effective under all market conditions. The credit quality of the investment in the portfolio does not apply to the stability or safety of the fund. Diversification does not guarantee against loss.

09.30.02   I  PIMCO Bond Funds Semi-Annual Report  

A STATE-SPECIFIC TAX-EXEMPT BOND FUND

PIMCO CA Intermediate Municipal Bond Fund

OBJECTIVE:	PORTFOLIO:	DURATION RANGE:
Seeks high current income exempt from Federal and California income tax. Capital appreciation is a secondary objective.	Intermediate maturity municipal securities (exempt from Federal and California income tax). FUND INCEPTION DATE: 8/31/99	3–7 years TOTAL NET ASSETS: $165.4 million PORTFOLIO MANAGER: Mark McCray

Mark McCray

Fund Manager

Mr. McCray is responsible for municipal bond portfolios at PIMCO. Previously Co-Head of Municipal Bond Trading at Goldman Sachs & Co., he has over 10 years of investment experience.

“California intermediate maturity municipal bonds have continued to outperform many taxable debt sectors, including the national municipal market.”

Fund delivered solid absolute returns

The Fund’s Class D shares returned a solid 5.76% for the six-month period ended September 30, 2002. Nonetheless, the Fund underperformed both the Lehman Brothers California Intermediate Municipal Bond Index and the Lipper California Intermediate Municipal Debt Fund Average, which returned 9.42% and 7.76% respectively.

Increased investor demand caused Treasury and municipal yields to drop

In the past six months, concerns over sluggish economic growth, corporate scandals, and potential war with Iraq led investors to seek the safety of Treasuries, subsequently driving yields to their lowest levels in 40 years. Municipal yields slid to a 34-year low as equity markets reacted to broader economic factors, including desultory economic recovery and increased geo-political risk. Within this climate, California intermediate maturity municipal bonds outperformed many taxable debt sectors, including the national municipal market.

Higher quality bias and issue selection aided performance

The portfolio’s emphasis on high-quality revenue bonds enhanced returns. As investors continued to flock to relatively safer assets, the portfolio’s exposure to insured credits also contributed to performance. However, our yield curve strategy, which focused on longer maturities within the intermediate space, contributed negatively to returns. Below-benchmark duration combined with interest rate hedging also hurt performance as municipal yields declined.

Municipal bonds should remain attractive to investors

Given the current environment, investors may continue to seek the appealing after-tax yield potential and relative stability of municipal bonds—even though a slow and gradual economic recovery could eventually challenge municipal credits as tax revenues lag behind the economy. Increased supply in California leads us to limit positions in state-specific credits for now. We intend to focus on high-quality California revenue bonds and select non-California issues to enhance portfolio yield and diversification. We also plan on maintaining high average credit quality as yield premiums on lower quality issues do not presently compensate for their higher credit and liquidity risks. Additionally, we expect to keep duration near the benchmark as interest rates should remain relatively steady for the near future.

4   PIMCO Bond Funds Semi-Annual Report  I  09.30.02

PIMCO CA Interm. Municipal Bond Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN    For periods ended 9/30/02

	6 months		1 year		3 year		5 year	10 year	Inception (8/31/99)
PIMCO California Intermediate Municipal Bond Fund Class D Shares	5.76	%	5.81	%	7.33	%	—	—	7.36	%
Lehman Brothers California Intermediate Municipal Bond Index	9.42	%	9.08	%	7.98	%	—	—	—
Lipper California Intermediate Municipal Debt Fund Average	7.76	%	7.71	%	7.34	%	—	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	38%	Municipal Bonds & Notes	96.8%	AAA	64.2%
1–5 years	12%	Other	3.2%	AA	7.8%
5–10 years	31%			A	13.8%
10–20 years	18%			BBB	7.7%
Over 30 years	1%			BB	6.5%
Duration	5.3 years

CHANGE IN VALUE    For periods ended 9/30/02

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. Rather than stretch for maximum yield, PIMCO’s municipal bond team seeks to maximize after-tax total return. The portfolio is scrutinized using a process that models the potential changes in yield and price as the underlying variables of the CA municipal marketplace change.

Past performance is no guarantee of future results. The Fund invests at least 80% of its assets in debt securities exempt from federal income tax. The Fund invests at least 80% of its assets in bond issuers whose interest is exempt from regular federal income tax and California income tax. The Fund may invest up to 10% of its assets in high yield (lower-rated) securities, which generally involve greater risk to principal than investments in higher-rated securities. The Fund may at times invest in derivatives and mortgage-related securities. The Fund may realize gains and shareholders will incur a tax liability from time to time. Income from the Fund is subject to state and local taxes and may at times be subject to the alternative minimum tax. It is important to note that a fund concentrating in a single state is subject to greater risk of adverse economic conditions and regulatory changes than a fund with broader geographical diversification. The Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund. Please see page 36 for additional information.

09.30.02   I  PIMCO Bond Funds Semi-Annual Report   5

A STATE-SPECIFIC TAX-EXEMPT BOND FUND

PIMCO CA Municipal Bond Fund

OBJECTIVE:	PORTFOLIO:	DURATION RANGE:
Seeks high current income exempt from Federal and California income tax. Capital appreciation is a secondary objective.	Intermediate to long-term maturity municipal securities(exempt from Federal and California income tax). FUND INCEPTION DATE: 5/16/00	3–12 years TOTAL NET ASSETS: $21.1 million PORTFOLIO MANAGER: Mark McCray

Mark McCray

Fund Manager

Mr. McCray is responsible for municipal bond portfolios at PIMCO. Previously Co-Head of Municipal Bond Trading at Goldman Sachs & Co., he has over 10 years of investment experience.

“A focus on high-quality revenue bonds and select non-California issues should enhance portfolio yield and diversification.”

Fund delivered solid absolute returns

For the six-month period ended September 30, 2002, the Fund’s Class D shares returned a solid 8.14%. Nonetheless, the Fund underperformed both the Lehman Brothers California Insured Municipal Index and the Lipper California Municipal Debt Fund Average, which returned 9.25% and 8.79%, respectively.

Treasuries and municipal bonds continued their strong run

Sluggish economic growth, corporate accounting scandals, and rumors of war with Iraq led investors to seek out the safety of Treasury bonds, driving yields to their lowest level in 40 years. Municipal yields slid to a 34-year low, and muni bonds outperformed many taxable debt sectors. The Lehman Municipal Bond Index returned slightly more than the Lehman Brothers Aggregate Bond Index. Additionally, the California municipal market outperformed the national market during the period.

High-quality bias and issue selection aided performance

An overweight exposure to longer intermediate term maturities, rather than the longest municipal maturities, contributed to returns as yields in this area fell further. An emphasis on high-quality California paper was also positive for returns because investors flocked to the stability of higher-rated bonds. Due to pre-refundings and reduced credit premiums, exposure to non-California bonds—many of which qualified for California income tax exemption—also increased returns. The Fund’s underperformance can be attributed primarily to its below-benchmark duration positioning over the time period.

Going forward, municipal bonds should remain attractive

Given the current environment, investors may continue to seek the appealing after-tax yield potential and relative stability of municipal bonds, even though a slow and gradual economic recovery could challenge municipal credits as tax revenues lag behind the economy. In addition, it is likely that California will issue more general obligation and revenue debt to pay for power costs and to balance the state’s budget.

For now, we intend to focus on high-quality California revenue bonds and select non-California issues to enhance portfolio yield and diversification. Maintaining high average credit quality may help counter the risk of rising credit premiums for lower-rated debt in the face of lower tax and fee collections. Finally, we expect to keep duration near the benchmark as interest rates should remain relatively steady for the near future.

6   PIMCO Bond Funds Semi-Annual Report  I  09.30.02

PIMCO CA Municipal Bond Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN    For periods ended 9/30/02

	6 months		1 year		3 year	5 year	10 year	Inception (5/16/00)
PIMCO California Municipal Bond Fund Class D Shares	8.14	%	7.13	%	—	—	—	10.20	%
Lehman California Insured Municipal Index	9.25	%	8.99	%	—	—	—	—
Lipper California Municipal Debt Fund Average	8.79	%	7.57	%	—	—	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	24%	Municipal Bonds & Notes	91.0%	AAA	68.6%
1–5 years	5%	Short-Term Instruments	9.0%	AA	8.8%
5–10 years	20%			A	12.8%
10–20 years	29%			BBB	4.5%
20–30 years	17%			BB	5.3%
Over 30 years	5%
Duration	8.7 years

CHANGE IN VALUE    For periods ended 9/30/02

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. Rather than stretch for maximum yield, PIMCO’s municipal bond team seeks to maximize after-tax total return. The portfolio is scrutinized using a process that models the potential changes in yield and price as the underlying variables of the CA municipal marketplace change.

Past performance is no guarantee of future results. The Fund invests at least 80% of its assets in debt securities exempt from federal income tax. The Fund invests at least 80% of its assets in bond issuers whose interest is exempt from regular federal income tax and California income tax. The Fund may invest up to 10% of its assets in high yield (lower-rated) securities, which generally involve greater risk to principal than investments in higher-rated securities. The Fund may at times invest in derivatives and mortgage-related securities. The Fund may realize gains and shareholders will incur a tax liability from time to time. Income from the Fund is subject to state and local taxes and may at times be subject to the alternative minimum tax. It is important to note that a fund concentrating in a single state is subject to greater risk of adverse economic conditions and regulatory changes than a fund with broader geographical diversification. The Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund. Please see page 36 for additional information.

09.30.02   I  PIMCO Bond Funds Semi-Annual Report   7

A CONVERTIBLE FUND

PIMCO Convertible Fund

OBJECTIVE:	DURATION RANGE:	TOTAL NET ASSETS:
Seeks maximum total return, consistent with prudent investment management.	N/A	$26.3 million
PORTFOLIO:	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
Convertible securities.	3/31/99	Yuri P. Garbuzov

Yuri P. Garbuzov

Fund Manager

Mr. Garbuzov is a financial engineer involved in the development of quantitative analytics. He has six years of investment experience.

“When equities suffered, convertible bonds found considerable downside protection in their bond properties.”

Fund outperformed the benchmark

For the six-month period ended September 30, 2002, the Fund’s Class D shares fell –9.91%, outperforming both the Merrill Lynch All Convertible Index and the Lipper Convertible Securities Fund Average, which returned –13.91% and –13.68% respectively.

Bond properties mitigated convertible market’s downside

Bolstered by cheap mortgage rates, zero-interest car loans, and rising real wages, American consumers remained the only significant source of demand in the global economy. In these volatile times, strong demand for safe, stable and liquid assets allowed Treasuries to outpace both other domestic sectors and international bonds. Due to uncertainty over the health of corporate America, stocks suffered, with the S&P 500 Index falling over 28% for the period. Subsequently, convertible securities, which are hybrid securities that can be converted to equity at a preset price, suffered along with stocks. However, their bond properties provided considerable downside protection.

Active management limited portfolio’s losses

In the face of weak equity markets, the Fund’s below benchmark delta, or sensitivity to underlying equity values, enhanced performance. An underweight to telecommunications credits helped returns because several leaders of this sector suffered credit downgrades. Due to the “flight to quality” phenomenon currently influencing the markets, our higher average credit quality also helped the Fund. Finally, the Fund benefited from a small out-of-index allocation to Treasuries as interest rates fell.

A modest economic recovery leaves portfolio defensively positioned

We believe the moderate economic recovery from 2001’s recession should continue, as the consumer/housing sector holds fast and the battered business sector slowly heals. A potential war with Iraq could stifle growth because a spike in oil prices would have a deflationary impact on the economy. An accommodating Fed, in conjunction with a stimulative fiscal policy, should help to offset deflation. Tepid growth, acting as a constraint, will likely keep a lid on interest rates, leaving them range bound.

In this economic environment, we expect to remain defensively positioned by maintaining our emphasis on high quality and by employing our proprietary model to identify securities that stand to benefit as equity volatility continues. We plan to continue to underweight technology and telecom, two sectors that will suffer should capital spending remain weak.

8   PIMCO Bond Funds Semi-Annual Report  I  09.30.02

PIMCO Convertible Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN    For periods ended 9/30/02

	6 months		1 year		3 year		5 year	10 year	Inception (3/31/99)
PIMCO Convertible Fund Class D Shares	–9.91	%	–3.58	%	–1.43	%	—	—	2.40	%
First Boston Convertible Bond Index	–16.22	%	–9.94	%	–2.53	%	—	—	—
Lipper Convertible Securities Fund Average	–13.68	%	–6.42	%	–1.35	%	—	—	—
Merrill Lynch All Convertible Index	–13.91	%	–8.76	%	–2.90	%	—	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	23%	Convertible Bonds & Notes	62.4%	AAA	8.9%
1–5 years	11%	Convertible Preferred Stock	21.9%	AA	10.4%
5–10 years	12%	Short-Term Instruments	7.1%	A	36.3%
10–20 years	43%	Other	8.6%	BBB	22.9%
20–30 years	8%			BB	9.7%
Over 30 years	3%			B	10.7%
Duration	2.5 years			CCC	1.0%
				CC	0.1%

CHANGE IN VALUE    For periods ended 9/30/02

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. The portfolio’s risk/reward profile is then dynamically managed in order to modestly participate with rising equity prices while protecting again declines. Disciplined company/credit analysis maximizes the portfolio’s capital appreciation potential.

Past performance is no guarantee of future results. This Fund invests at least 80% of its assets in convertible securities. The Fund may invest up to 40% of its assets in high-yield (lower-rated) securities, which generally involves greater risk to principal than an investment in higher-rated bonds. The Fund may invest 20% in foreign currencies which can involve special risks due to foreign economic and political developments, which may be enhanced when investing in emerging markets. The Fund may invest in smaller companies,which may entail greater risk than larger companies, including higher volatility. The Fund may have to convert securities before it would otherwise choose to, which may have an adverse effect on the Fund’s ability to achieve its investment objective. Please see page 36 for additional information.

09.30.02   I  PIMCO Bond Funds Semi-Annual Report   9

AN INTERNATIONAL BOND FUND

PIMCO Emerging Markets Bond Fund

OBJECTIVE:	DURATION RANGE:	TOTAL NET ASSETS:
Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Emerging market fixed income securities.	0–8 years FUND INCEPTION DATE: 7/31/97	$260.5 million PORTFOLIO MANAGER: Mohamed El-Erian

Mohamed El-Erian

Fund Manager

Dr. El-Erian is a managing director and head of the firm’s emerging markets portfolio management team. His past experience includes 15 years with the IMF leading policy work on debt and country issues.

“We will continue to position the Fund to take advantage of the continuing themes of economic decoupling and credit differentiation.”

Fund performance reflected emerging markets volatility

During a difficult six-month period for emerging markets, the Fund’s Class D shares returned –10.37%. These results underperformed the J.P. Morgan Emerging Markets Bond Index Plus, which returned –6.42%, and the Lipper Emerging Markets Debt Fund Average, which returned –8.30%. Since inception, the Fund has gained 8.27% annually, strongly outperforming the 3.85% return of the Index for the same period.

Risk-averse investors favored developed economies

Sluggish global growth, turbulent equity markets and heightened geopolitical risk fueled a flight to quality in the global bond markets during the past six months. As a result, emerging markets debt lagged that of developed markets during the period. Regional performance within the asset class was mixed as Asia and Emerging Europe decoupled from the volatility in Latin America.

Country allocations had mixed results

The Fund’s Asian exposure via Malaysia was positive for performance due to favorable credit upgrades. An underweight exposure to fundamentally weaker countries, such as Argentina and Turkey, also aided results. Yet the Fund’s overweight to Brazil was the primary detractor from performance. Election concerns and the pullback of banks from the credit markets weighed heavily on the market despite Brazil’s sound economic fundamentals and significant external assistance. Modest overweights to smaller credits in Latin America, such as Panama and Ecuador, also hurt returns as volatility pervaded the region.

We anticipate volatility in the months ahead

We expect the global economy to remain weak, with the U.S. as the primary driver of global aggregate demand. Emerging markets should continue to be volatile in the months ahead as sound economic fundamentals compete with political uncertainty, challenging technical factors and general global risk aversion. Within this environment, we intend to continue to overweight Brazil, as current spreads reflect extreme pessimism despite solid economic fundamentals. We plan to maintain our underweight positions in Argentina and Emerging Asia. Overall, we will continue to position the Fund to take advantage of the continuing themes of economic decoupling and credit differentiation. We expect the sector to benefit, over time, from an increasing investor base, progressing structural reforms, and the strengthening of economic and financial anchors.

10   PIMCO Bond Funds Semi-Annual Report  I  09.30.02

PIMCO Emerging Markets Bond Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN    For periods ended 9/30/02

	6 months		1 year		3 year		5 year		10 year	Inception (7/31/97)
PIMCO Emerging Markets Bond Fund Class D Shares	–10.37	%	8.62	%	15.86	%	8.23	%	—	8.27	%
J.P. Morgan Emerging Markets Bond Index Plus	–6.42	%	–1.12	%	8.81	%	3.44	%	—	—
Lipper Emerging Markets Debt Fund Average	–8.30	%	7.26	%	10.89	%	1.86	%	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	18%	Short-Term Instruments	37.0%	AAA	35.4%
1–5 years	3%	Russia	15.4%	A	3.3%
5–10 years	31%	Mexico	14.7%	BBB	20.4%
10–20 years	29%	Brazil	13.2%	BB	25.0%
20–30 years	11%	Other	19.7%	B	14.3%
Over 30 years	8%			CCC	1.6%
Duration	6.0 years

CHANGE IN VALUE    For periods ended 9/30/02

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. The manager is guided by risk-adjusted real yields. His goal is to identify not only which countries to overweight or underweight, but where on each country’s yield curve the Fund should take an exposure.

Past performance is no guarantee of future results. This Fund invests at least 80% of its assets in issuers that economically are tied to countries with emerging securities markets. Investing in foreign securities may entail greater risk due to foreign economic and political developments, this risk may be enhanced when investing in emerging markets. The Fund may also invest substantially all of its assets in high-yield (lower-rated) securities, which generally involves greater risk to principal than investments in higher-rated securities. The Fund may at times invest in derivatives. This Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund. Please see page 36 for additional information.

09.30.02   I  PIMCO Bond Funds Semi-Annual Report   11

AN INTERNATIONAL BOND FUND

PIMCO Foreign Bond Fund

OBJECTIVE:	DURATION RANGE:	TOTAL NET ASSETS:
Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Intermediate maturity hedged non-U.S. fixed income securities.	3–7 years FUND INCEPTION DATE: 12/02/92	$1.1 billion PORTFOLIO MANAGER: Sudi Mariappa

Sudi Mariappa

Fund Manager

Mr. Mariappa is lead portfolio manager of PIMCO Foreign Bond and Global Bond II Funds and oversees the firm’s Asian trading and portfolio management group in Japan. He has 12 years of investment experience.

“We expect the modest global recovery to continue, with the consumer as a critical component of growth.”

Long-term track record remains solid

For the six-month period ended September 30, 2002, the Fund’s Class D shares returned 4.17%. Although these results were respectable on an absolute basis, the Fund underperformed its benchmark, the J.P. Morgan Non-U.S. Index (Hedged), which returned 5.66%. Longer term, the Fund continued to outperform, returning 8.96% annually since inception compared to 8.71% and 6.97% for its benchmark and Lipper average, respectively.

Global bond markets rallied in flight to quality

Global bond markets rallied during the past six months, as turbulent equity markets, an uncertain economic outlook, and heightened geopolitical risk fueled a flight to quality. U.S. Treasuries led the way, followed by Europe and Japan. Most global central banks sat on the sidelines, although Australia, Canada, and New Zealand enacted rate hikes, reflecting more robust growth and potential for inflation in those economies. Towards the end of the period, however, most central banks acknowledged the impact of sluggish growth and negative equity performance on their economies. Notably, the Bank of Japan announced that it would begin to support equity markets in an effort to aid the troubled banking sector.

Exposure to short/intermediate maturities enhanced returns

Focusing on short and intermediate maturities in Europe was positive for performance as their yields fell further than longer term issues. An underweight position in Japan further boosted returns, as Japanese debt underperformed. Exposure to global mortgage issues also helped as investors were attracted to their high relative yields. However, the Fund’s below benchmark duration was negative as rates generally declined worldwide. Emerging market bonds also hurt returns in the face of Brazil’s presidential election worries and general risk aversion among investors.

U.S. consumers will be key to global economic recovery

We expect a modest global recovery, driven by the consumer. The United States is likely to be the primary driver of global demand, since the U.S. consumer is better supported relative to consumers in Europe and Japan. Given our range-bound interest rate forecast, we intend to target duration near the benchmark and to emphasize mortgages for incremental yield. In the U.K, we plan to underweight longer maturities as growth and inflation should be higher relative to Europe. Finally, we intend to maintain our underweight exposure to Japan, as we expect the government to issue more debt to support its increased spending.

12   PIMCO Bond Funds Semi-Annual Report  I  09.30.02

PIMCO Foreign Bond Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN    For periods ended 9/30/02

	6 months		1 year		3 year		5 year		10 year	Inception (12/2/92)
PIMCO Foreign Bond Fund Class D Shares	4.17	%	6.05	%	7.90	%	6.86	%	—	8.96	%
J.P. Morgan Non-U.S. Index (Hedged)	5.66	%	5.92	%	7.42	%	7.65	%	—	—
Lipper International Income Fund Average	11.67	%	9.50	%	4.21	%	4.02	%	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
1–5 years	30%	United States	46.2%	AAA	88.0%
10–20 years	51%	Germany	24.1%	AA	6.4%
20–30 years	19%	Short-Term Instruments	6.6%	A	3.0%
Duration	4.8 years	United Kingdom	5.1%	BBB	2.1%
		Other	18.0%	BB	0.5%

CHANGE IN VALUE    For periods ended 9/30/02

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. The manager then uses a top-down country bond allocation model to determine the countries with the best risk-adjusted yields. Bottom-up strategies, including sector rotation and credit research, aid in issue selection.

Past performance is no guarantee of future results. This Fund invests at least 80% of its assets in foreign securities, which may entail greater risk due to foreign economic and political developments, may at times invest in derivatives and mortgage related securities. The Fund may invest up to 10% in high-yield (lower-rated) securities, which generally involves greater risk to principal than investments in higher-rated securities. This Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund. Please see page 36 for additional information.

09.30.02   I  PIMCO Bond Funds Semi-Annual Report   13

A MORTGAGE-BACKED BOND FUND

PIMCO GNMA Fund

OBJECTIVE:	DURATION RANGE:	TOTAL NET ASSETS:
Seeks maximum total return, consistent with preservation of capital and prudent investment management.	1–7 years	$237.9 million
	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
	7/31/97	Scott Simon
PORTFOLIO:
Short to intermediate maturity mortgage-related fixed income securities.

Scott Simon

Fund Manager

An acclaimed expert in his field, Mr. Simon is head of mortgage securities at PIMCO and is a senior member of its portfolio management and investment strategy groups. He has 19 years of investment experience.

“We expect to favor the enhanced prepayment protection found in lower coupon mortgages.”

Fund outpaced its benchmark for the period

For the six-month period ended September 30, 2002, PIMCO GNMA Fund’s Class D shares returned 6.11%, outpacing the Lehman Brothers GNMA Index, which returned 6.05%, but slightly underperforming the Lipper GNMA Fund Average, which returned 6.29%.

GNMAs outperformed other mortgage issues

Interest rates continued to fall in the past six months as investors sought safety in high-quality assets. The mortgage-backed securities market performed well in this environment, although the asset class underperformed Treasuries on a risk-adjusted basis. Within the mortgage market, GNMAs outperformed their conventional (FNMA & FHLMC) counterparts as investors preferred the higher security offered by paper with an explicit government guarantee. Also, lower coupon bonds performed better than higher coupon issues due to slower prepayment rates.

Extended duration benefited the portfolio

A longer-than-benchmark duration worked to the Fund’s advantage late in the period as yields declined across the maturity spectrum. Also, a focus in lower coupon issues helped performance as these issues outperformed higher coupon bonds by a large margin, particularly in the third quarter. Buying mortgages in the forward market and investing the purchase amount at relatively high short-term rates further added to returns. Exposure to Collateralized Mortgage Obligations (CMOs) augmented portfolio yield while providing protection against rapid prepayment rates. However, modest holdings of asset-backed securities (ABSs) slightly detracted from performance late in the period as investors moved into “safer” government guaranteed assets.

Moderate U.S. recovery should continue

We expect the modest U.S. recovery to continue, propelled by the consumer and housing sectors. We believe that the risk of deflation has been averted and anticipate a range-bound interest rate environment. As a result, prepayment risk continues to be a concern for mortgage investors. We intend to target duration near the benchmark and anticipate emphasizing the short end of the yield curve, which will be less vulnerable to increasing interest rates than longer maturities. Also, we expect to favor the enhanced prepayment protection found in lower coupon mortgages. We will seek to capitalize on crossover demand from investors wary of corporate bonds through small positions in high quality CMOs. Finally, we expect to invest in GNMA TBAs (forwards) in order to take advantage of attractive implied financing rates, but taking delivery of underlying mortgage pools if financing rates become less attractive.

14   PIMCO Bond Funds Semi-Annual Report  I  09.30.02

PIMCO GNMA Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN    For periods ended 9/30/02

	6 months		1 year		3 year		5 year		10 year	Inception (7/31/97)
PIMCO GNMA Fund Class D Shares	6.11	%	7.41	%	9.75	%	7.98	%	—	8.16	%
Lehman Brothers GNMA Index	6.05	%	7.38	%	8.98	%	7.51	%	—	—
Lipper GNMA Fund Average	6.29	%	6.81	%	8.22	%	6.70	%	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	20%	Mortgage-Backed Securities	72.8%	AAA	96.8%
1–5 years	75%	Short-Term Instruments	17.7%	AA	2.9%
20–30 years	5%	Asset-Backed Securities	5.8%	A	0.3%
Duration	1.5 years	Other	3.7%

CHANGE IN VALUE    For periods ended 9/30/02

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. While the Fund invests primarily in Government National Mortgage Association (GNMA) insured bonds, the manager takes advantage of opportunities throughout the mortgage market to add diversification and spread risk. Interest rate strategies and PIMCO’s advanced proprietary analytics are also emphasized to add value.

Past performance is no guarantee of future results. The Fund invests up to 80% of its assets in GNMA securities. The Fund can invest a small portion of its assets in foreign securities, which can entail special risks due to foreign economic and political developments and may at times invest in derivatives. Even though government bond funds may invest their assets in U.S. government securities, the government does not guarantee the Fund’s shares and they will fluctuate in value as market conditions change. The government guarantee is to timely repayment of interest and does not eliminate market risk. GNMA’s are a type of mortgage-backed security and may be sensitive to changes in prevailing interest rates and therefore may entail risk. Please see page 36 for additional information.

09.30.02   I  PIMCO Bond Funds Semi-Annual Report   15

A HIGH YIELD BOND FUND

PIMCO High Yield Fund

OBJECTIVE:	DURATION RANGE:	TOTAL NET ASSETS:
Seeks maximum total return, consistent with preservation of capital and prudent investment management.	2–6 years	$3.7 billion
	FUND INCEPTION DATE:	PORTFOLIO MANAGERS:
	12/15/92	Ben Trosky
PORTFOLIO:		Raymond Kennedy
Higher yielding fixed income securities.

Ben Trosky

Fund Manager

Mr. Trosky is Managing Director and a senior member of PIMCO’s portfolio management and investment strategy groups. He has over 20 years of investment experience.

Ray Kennedy

Fund Manager

Effective December 1, 2002, Ray Kennedy, a Managing Director and a senior member of PIMCO’s portfolio management and investment strategy groups, has assumed management responsibilities for the High Yield Fund. Mr. Kennedy joined PIMCO in 1996, and has 15 years of investment experience.

“The extreme levels of volatility in the high yield market are likely to continue for the near term.”

Fund returns reflected problems in the high yield market

For the six-month period ending September 30, 2002, the Fund’s Class D shares fell –9.18%, underperforming both the Merrill Lynch U.S. High Yield BB-B Rated Index (–8.44%) and the Lipper High Current Yield Fund Average (–8.10%).

High yield market hurt by slumping economy, investor anxiety

Bad news from high profile issuers and an onslaught of reports of questionable corporate accounting practices led investors to flee from corporate bonds and to flock instead to the relative safety of Treasuries. Since the start of the year, the high yield market has absorbed a record number of issues that have been downgraded from investment grade to non-investment grade. These “fallen angels”—along with historically high default levels—have caused the below-investment grade bond market to underperform the higher-quality debt market significantly.

Security selection hurt Fund

The Fund’s position in large-cap telecom and energy pipeline companies and its overweight to the cable/pay TV sector detracted from performance. Because consumer spending remained stronger than expected, the Fund’s underweighting in consumer cyclicals, specifically retailers, hurt returns. Finally, missing out on the gaming sector’s continued strong performance negatively affected performance.

The Fund’s underweight exposure to the transportation sector, which performed poorly, contributed to returns. An emphasis on the BBB Index helped returns because it limited the Fund’s exposure to the “fallen angels.”

Volatility in high yield market leads us to proceed with caution

While we believe the modest U.S. recovery will continue and the risk of deflation will be averted, the extreme levels of volatility in the high yield market are likely to continue for the near term. Asset flows and the “fallen angels” will continue to cause increased uncertainty, leading us to remain cautious going forward. We expect to maintain an above-benchmark average credit quality, with an emphasis on BBB rated credits with attractive valuations. We intend to retain our focus on telecom and energy pipeline companies, while looking to avoid exposure to consumer related sectors, which often have appreciated to levels that do not offer value. We anticipate continuing to overweight the cable sector and to maintain a modest exposure to emerging market debt.

16   PIMCO Bond Funds Semi-Annual Report  I  09.30.02

PIMCO High Yield Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN    For periods ended 9/30/02

	6 months		1 year		3 year		5 year		10 year	Inception (12/15/92)
PIMCO High Yield Fund Class D Shares	–9.18	%	–5.72	%	–1.43	%	0.90	%	—	6.60	%
Lehman Brothers BB U.S. High Yield Index	–7.82	%	–1.17	%	2.93	%	3.44	%	—	—
Merrill Lynch U.S. High Yield Index BB-B Rated Index	–8.44	%	–1.57	%	–1.40	%	0.60	%	—	—
Lipper High Current Yield Fund Average	–8.10	%	–2.17	%	–3.83	%	–2.30	%	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	23%	Corporate Bonds & Notes	72.5%	AAA	12.3%
1–5 years	20%	Short-Term Instruments	13.0%	AA	0.5%
5–10 years	44%	Other	14.5%	A	1.2%
10–20 years	9%			BBB	18.8%
20–30 years	4%			BB	31.9%
Duration	3.6 years			B	33.0%
				CCC	1.6%
				CC	0.7%

CHANGE IN VALUE     For periods ended 9/30/02

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. The Fund focuses on upper-tier credits of the high yield market because historically they have delivered the best risk-return profile. Importantly, income, capital appreciation and capital preservation are all considered in structuring the portfolio.

Past performance is no guarantee of future results. This Fund invests at least 80% of its assets in high-yield securities rated below investment grade but rated at least B by Moody’s or S&P, lower-rated securities generally involves greater risk to principal than an investment in higher-rated bonds. This Fund may also invest 15% in euro-denominated securities and may invest without limit in U.S. dollar-denominated securities of foreign issuers, which may entail greater risk due to foreign economic and political developments, and may at times invest in derivatives and mortgage-related securities. Please see page 36 for additional information.

09.30.02   I  PIMCO Bond Funds Semi-Annual Report   17

A SHORT DURATION BOND FUND

PIMCO Low Duration Fund

OBJECTIVE:	DURATION RANGE:	TOTAL NET ASSETS:
Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Short maturity fixed income securities.	1–3 years FUND INCEPTION DATE: 5/11/87	$8.3 billion PORTFOLIO MANAGER: Bill Gross

Bill Gross

Fund Manager

Managing Director and co-founder of PIMCO, Mr. Gross is widely regarded as the world’s foremost fixed income authority. He has over 30 years of investment experience. In recognition of his investment skill, Morningstar named Mr. Gross and the PIMCO bond team “Fixed Income Manager of the Year” for 1998 and 2000.

“We intend to add value by capturing attractive spreads in non-Treasury markets, particularly mortgages.”

Fund bested its peer group in the past six months

For the six-month period ended September 30, 2002, PIMCO Low Duration Fund’s Class D shares returned 4.31%, substantially outperforming the Lipper Short Investment Grade Debt Fund Average, which returned 3.36%, but trailing the Fund’s benchmark, the Merrill Lynch 1–3 Year Treasury Bill Index, which returned 4.84% over the same time period. The Fund’s longer term performance remained strong, returning 7.46% annually since inception compared to 7.08% for the benchmark over the same time period.

Demand for Treasuries remained strong

Treasury bonds performed extremely well over the past 6 months. Investor demand for the high credit quality of these issues drove yields to 40-year lows, with short and intermediate maturities falling the furthest. Concerns over corporate governance abuses, accounting scandals, sluggish economic growth and a potential conflict with Iraq all contributed to the flight to quality. Mortgages trailed Treasuries but performed better than corporate bonds. Developed market non-U.S. bonds also lagged Treasury issues. While the Fed remained on the sidelines, leaving the Fed Funds rate unchanged, they indicated that there was uncertainty regarding the size and strength of the economic recovery, and that they stood to be responsive should the economy further deteriorate.

Duration strategy, yield curve mix aided Fund results

The Fund maintained an above-benchmark duration for most of the period, which enhanced returns as yields fell. In addition, the Fund’s broad yield curve mix was positive for performance, as a modest exposure to maturities outside the benchmark worked to the Fund’s advantage. Corporate exposure, especially holdings of telecom and energy/pipeline companies, detracted from returns amid concerns of weaker profits and credit downgrades. Modest allocations to high yield bonds also hurt returns as the sector suffered due to investor anxiety over weak profits and corporate scandals.

Outlook for a moderate U.S. recovery is unchanged

Looking ahead, we expect the modest U.S. economic recovery to continue, bolstered by the consumer and housing sectors, while the battered business sector heals itself. Given our projection for range-bound interest rates, we intend to add value by capturing attractive spreads in non-Treasury markets, particularly mortgages. In addition, we plan to target duration slightly above benchmark to take advantage of incrementally higher yields in slightly-longer-than-benchmark maturities.

18   PIMCO Bond Funds Semi-Annual Report  I  09.30.02

PIMCO Low Duration Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN    For periods ended 9/30/02

	6 months		1 year		3 year		5 year		10 year		Inception (5/11/87)
PIMCO Low Duration Fund Class D Shares	4.31	%	5.27	%	7.10	%	6.30	%	6.35	%	7.46	%
Merrill Lynch 1–3 Year Treasury Bill Index	4.84	%	5.64	%	7.25	%	6.58	%	5.96	%	—
Lipper Short Investment Grade Debt Fund Average	3.36	%	3.59	%	6.27	%	5.66	%	5.48	%	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than one year	32%	Mortgage-Backed Securities	50.4%	AAA	82.4%
1–5 years	58%	Short-Term Instruments	27.6%	AA	0.8%
5–10 years	1%	Corporate Bonds & Notes	16.5%	A	8.9%
10–20 years	9%	Other	5.5%	BBB	6.3%
Duration	1.7 years			BB	1.1%
				CCC	0.1%
				D	0.4%

CHANGE IN VALUE    For periods ended 9/30/02

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for 5 the global economy and interest rates. This helps set the basic portfolio parameters. The manager then employs a number of value-adding strategies, including duration management, sector allocation and liquidity management. Investment in a wide range of short-term instruments further enhances total return potential.

Past performance is no guarantee of future results. The Fund may invest up to 20% in securities denominated in foreign currencies, which may entail greater risk due to foreign economic and political developments. The Fund may invest up to 10% in high-yield (lower-rated) securities, which generally involves greater risk to principal than investments in higher-rated securities. The Fund may at times invest in derivatives and mortgage-related securities. Please see page 36 for additional information.

09.30.02   I  PIMCO Bond Funds Semi-Annual Report   19

A TAX-EXEMPT BOND FUND

PIMCO Municipal Bond Fund

OBJECTIVE:	PORTFOLIO:	DURATION RANGE:
Seeks high current income exempt from Federal income tax, consistent with preservation of capital. Capital appreciation is a secondary objective.	Intermediate to long-term maturity municipal securities (exempt from Federal income tax). FUND INCEPTION DATE: 12/31/97	3–10 years TOTAL NET ASSETS: $359.1 million PORTFOLIO MANAGER: Mark McCray

Mark McCray

Fund Manager

Mr. McCray is responsible for municipal bond portfolios at PIMCO. Previously Co-Head of Municipal Bond Trading at Goldman Sachs & Co., he has over 10 years of investment experience.

“The attractive after-tax yield and the relative stability of high municipal credit quality should continue to appeal to investors.”

Fund posted solid returns

For the six-month period ended September 30, 2002, the Fund’s Class D shares returned a solid 6.46%. However, the Fund underperformed both the Lehman Brothers General Municipal Bond Index and the Lipper General Municipal Debt Fund Average, which returned 8.58% and 7.96% respectively.

Treasuries and municipal bonds continued their strong run

Delayed economic recovery, corporate fraud, and potential war with Iraq led investors to seek out the safety of Treasury bonds, subsequently driving yields to their lowest level in 40 years. As equity markets reacted to economic volatility and increased geopolitical turmoil, municipal yields slid to a 34-year low. Over the time period, municipal bonds outperformed many taxable debt sectors. For example, before taxes, the Lehman Municipal Bond Index returned slightly more than the Lehman Brothers Aggregate Bond Index.

Yield curve positioning, emphasis on quality contributed to performance

The Fund’s emphasis on high-quality revenue bonds, which offered attractive credit premiums and advanced refundings, contributed to performance. An overweighting in longer intermediate term maturities, as opposed to the longest municipal maturities, also enhanced returns because yields in this area fell more than those further out on the yield curve. Insured bonds added to performance as investors expressed demand for higher-quality credits. However, the Fund’s below-benchmark duration positioning, in conjunction with interest rate hedging, created problems for the Fund as municipal yields fell over the time period.

Demand for municipals will remain strong in the near term

Although municipal bonds could potentially face a challenge if a slower-than-expected economic recovery leads to lagging tax revenues, their attractive after-tax yield potential and relative stability may continue to appeal to investors in this period of macroeconomic conflict.

In this setting, we expect to target durations near the benchmark and continue our limited hedging strategies to control interest rate risk. Because an increase in the supply of state specific bonds in upcoming months could increase their premiums, we plan to limit our positions in state credits, as opposed to local municipality credits. Our intent to overweight higher-quality revenue bonds should allow us to take advantage of the attractive risk-adjusted yields and potential price appreciation from tightening credit premiums. We expect to maintain our focus on high average credit quality.

20   PIMCO Bond Funds Semi-Annual Report  I  09.30.02

PIMCO Municipal Bond Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN    For periods ended 9/30/02

	6 months		1 year		3 year		5 year	10 year	Inception (12/31/97)
PIMCO Municipal Bond Fund Class D Shares	6.46	%	8.12	%	8.18	%	—	—	5.69	%
Lehman Brothers General Municipal Bond Index	8.58	%	8.94	%	8.49	%	—	—	—
Lipper General Municipal Debt Fund Average	7.96	%	7.59	%	7.23	%	—	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	18%	Municipal Bonds & Notes	98.8%	AAA	68.9%
1–5 years	7%	Other	1.2%	AA	13.9%
5–10 years	35%			A	10.0%
0–20 years	37%			BBB	4.1%
Over 30 years	3%			BB	2.2%
Duration	8.0 years			B	0.9%

CHANGE IN VALUE    For periods ended 9/30/02

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. Rather than stretch for maximum yield, PIMCO’s municipal bond team seeks to maximize after-tax total return. The portfolio is scrutinized using a process that models the potential changes in yield and price as the underlying variables of the overall municipal marketplace change.

Past performance is no guarantee of future results. The Fund invests at least 80% of its assets in debt securities exempt from federal income tax. The Fund may invest up to 10% of its assets in high yield (lower-rated) securities, which generally involve greater risk to principal than investments in higher-rated securities. The Fund may at times invest in derivatives and mortgage-related securities. The Fund may invest more than 25% of its assets in bond issuers of California and New York. The Fund may realize gains and shareholders will incur a tax liability from time to time. Income from the Fund is subject to state and local taxes and may at times be subject to the alternative minimum tax. Please see page 36 for additional information.

09.30.02   I  PIMCO Bond Funds Semi-Annual Report   21

A STATE-SPECIFIC TAX-EXEMPT BOND FUND

PIMCO NY Municipal Bond Fund

OBJECTIVE:	PORTFOLIO:	DURATION RANGE:
Seeks high current income exempt from Federal and New York income tax. Capital appreciation is a secondary objective.	Intermediate to long-term maturity municipal securities(exempt from Federal and New York income tax).	3–12 years
		TOTAL NET ASSETS:
		$10.6 million
	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
	8/31/99	Mark McCray

Mark McCray

Fund Manager

Mr. McCray is responsible for municipal bond portfolios at PIMCO. Previously Co-Head of Municipal Bond Trading at Goldman Sachs & Co., he has over 10 years of investment experience.

“We plan to target durations near the benchmark as opportunities to add value will present themselves in yield curve positioning, sector allocations, and security selection.”

Fund slightly trailed its benchmark

For the six-month period ended September 30, 2002, the Fund’s Class D shares returned a solid 7.72%. However, the Fund underperformed both the Lehman Brothers New York Insured Municipal Index and the Lipper New York Municipal Debt Fund Average, which returned 9.46% and 8.09% respectively.

Treasury and muni yields reached extreme lows

Treasury yields slid to their lowest level in over 40 years, fueled by investors’ increased demand for safer assets in a period of sluggish economic growth, corporate accounting scandals, and talk of impending war with Iraq. Slow economic recovery and rising geopolitical tension dealt a blow to the equity markets, driving muni yields to a 34-year low. Over the time period, New York munis outperformed many taxable debt sectors as well as the national municipal market.

Security selection sustained performance

An emphasis on revenue bonds, specifically industrial revenue issues, bolstered relative returns. The persistence of the “flight to quality” syndrome made the portfolio’s allocations to insured municipal bonds a positive for performance. Below-the-benchmark duration, juxtaposed with interest rate hedging strategies, detracted from relative returns as yields fell.

We plan to take advantage of high demand for munis

Lagging tax revenues, caused by the slow rate of economic recovery, could pose a challenge to municipal markets, including New York’s. However, in the current economic environment, support for municipal bonds should remain strong among investors, who are attracted to the appealing after-tax yield potential and the relative stability of municipal bonds. New York’s issuance is likely to increase given both the passage of the state budget amendment and the financing needs of state and local authorities.

Taking these factors into account, we plan to target duration near the benchmark as opportunities to add value should present themselves in yield curve positioning, sector allocations, and security selection. In anticipation of New York’s increase in supply, we expect to emphasize intermediate maturities. Allocations to high-quality New York revenue bonds should help us enhance portfolio yield and diversification. Because yield premiums on lower quality issues could rise as investors demand greater credit and liquidity premiums, we intend to maintain high average credit quality.

22   PIMCO Bond Funds Semi-Annual Report  I  09.30.02

PIMCO NY Municipal Bond Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN    For periods ended 9/30/02

	6 months		1 year		3 year		5 year	10 year	Inception (8/31/99)
PIMCO New York Municipal Bond Fund Class D Shares	7.72	%	10.16	%	9.19	%	—	—	9.06	%
Lehman Brothers New York Insured Municipal Bond Index	9.46	%	10.31	%	8.73	%	—	—	—
Lipper New York Municipal Debt Fund Average	8.09	%	8.16	%	7.68	%	—	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	27%	Municipal Bonds & Notes	91.7%	AAA	44.7%
1–5 years	6%	Other	8.3%	AA	35.6%
5–10 years	33%			A	10.6%
10–20 years	27%			BBB	9.1%
20–30 years	7%
Duration	7.2 years

CHANGE IN VALUE    For periods ended 9/30/02

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. Rather than stretch for maximum yield, PIMCO’s municipal bond team seeks to maximize after-tax total return. The portfolio is scrutinized using a process that models the potential changes in yield and price as the underlying variables of the NY municipal marketplace change.

Past performance is no guarantee of future results. The Fund invests at least 80% of its assets in debt securities exempt from federal income tax. The Fund invests at least 80% of its assets in bond issuers whose interest is exempt from regular federal income tax and New York income tax. The Fund may invest up to 10% of its assets in high yield (lower-rated) securities, which generally involve greater risk to principal than investments in higher-rated securities. The Fund may at times invest in derivatives and mortgage-related securities. The Fund may realize gains and shareholders will incur a tax liability from time to time. Income from the Fund is subject to state and local taxes and may at times be subject to the alternative minimum tax. It is important to note that a fund concentrating in a single state is subject to greater risk of adverse economic conditions and regulatory changes than a fund with broader geographical diversification. The Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund. Please see page 36 for additional information.

09.30.02   I  PIMCO Bond Funds Semi-Annual Report   23

AN INFLATION-INDEXED BOND FUND

PIMCO Real Return Fund

OBJECTIVE:	DURATION RANGE:	TOTAL NET ASSETS:
Seeks maximum real return, consistent with preservation of real capital and prudent investment management.	N/A	$6.6 billion
	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
	1/29/97	John Brynjolfsson
PORTFOLIO:
Inflation-indexed fixed income securities.

John Brynjolfsson

Fund Manager

A renowned expert in his field, Mr. Brynjolfsson is co-author of Inflation-Protection Bonds and co-editor of The Handbook of Inflation-Indexed Bonds. He has 16 years of investment experience.

“TIPS should continue to meet investors’ needs for long-term growth of purchasing power.”

Fund delivered strong returns for shareholders

PIMCO Real Return Fund performed strongly over the past six months, with Class D shares returning 14.15%. These results were in line with the Fund’s benchmark, which returned 14.25%, and topped those of its Lipper category average, which returned 13.30% for the same period.

Real return bonds rallied as Treasury yields fell

Investors flocked to Treasuries in the past six months as concerns over sluggish economic growth, corporate scandals, and a potential war with Iraq fueled a flight to safety. As a result of heightened demand, yields on Treasury issues fell to 40-year lows. The U.S. economy grew modestly during the period, driven mainly by the consumer and housing sectors. While inflation remained contained, TIPS gained along with conventional Treasuries as real yields fell along with nominal yields.

Extended duration, yield curve positioning aided results

PIMCO Real Return Fund benefited from this favorable market climate. An above-benchmark duration enhanced returns as rates declined. In addition, exposure to shorter maturity TIPS was positive for performance as rates fell sharply in this part of the yield curve. However, a slight exposure to corporate issues detracted from returns as the sector suffered due to investor concerns over weaker profits and credit rating downgrades.

Reflation appears likely over the longer term

We expect the U.S. economic recovery to continue at a modest pace, driven by the consumer and housing sectors. In our view, the 20-year era of disinflation is over. After uncertainty in the near term, reflation should dominate over the next several years, with inflation peaking at 3–4%. While TIPS should provide compelling performance relative to Treasuries, tactical exposure needs to be managed carefully. For now, we intend to implement a barbell approach to yield curve structure, while keeping duration close to the benchmark. We expect to overweight longer-maturities, which offer modestly higher yields. Finally, we hope to opportunistically add small allocations of out-of-index assets that offer compelling risk/reward profiles.

24   PIMCO Bond Funds Semi-Annual Report  I  09.30.02

PIMCO Real Return Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN    For periods ended 9/30/02

	6 months		1 year		3 year		5 year		10 year	Inception (1/29/97)
PIMCO Real Return Fund Class D Shares	14.15	%	14.03	%	12.36	%	9.57	%	—	8.86	%
Lehman Global Real: U.S. TIPS Index	14.25	%	14.69	%	12.29	%	8.79	%	—	—
Lipper Intermediate U.S. Treasury Fund Average	13.30	%	12.19	%	10.75	%	8.28	%	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	4%	U.S. Treasury Obligations	88.3%	AAA	91.9%
1–5 years	9%	Corporate Bonds & Notes	7.5%	AA	0.7%
5–10 years	47%	Other	4.2%	A	4.9%
20–30 years	40%			BBB	1.6%
Duration	6.0 years			BB	0.9%

CHANGE IN VALUE    For periods ended 9/30/02

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. The manager focuses on duration management and manages yield curve exposure based on the firm’s outlook for real yields. Although the Fund is mainly invested in U.S. Treasury-Inflation Protection Securities (TIPS), sector rotation allows the manager to invest in other areas where he finds value on an inflation-adjusted basis.

Past performance is no guarantee of future results. The Fund may invest up to 20% in securities denominated in foreign securities, which may entail greater risk due to foreign economic and political developments. This Fund may invest up to 10% in high-yield (lower-rated) securities, which generally involves greater risk to principal than investment in higher-rated securities. Please see page 36 for additional information.

09.30.02   I  PIMCO Bond Funds Semi-Annual Report   25

A NATIONAL SHORT DURATION TAX-EXEMPT BOND FUND

PIMCO Short-Duration Municipal Income Fund

OBJECTIVE:	PORTFOLIO:	DURATION RANGE:
Seeks high current income exempt from Federal income tax, consistent with preservation of capital.	Short and intermediate maturity municipal securities (exempt from Federal income tax). FUND INCEPTION DATE: 8/31/99	0–3 years TOTAL NET ASSETS: $193.7 million PORTFOLIO MANAGER: Mark McCray

Mark McCray

Fund Manager

Mr. McCray is responsible for municipal bond portfolios at PIMCO. Previously Co-Head of Municipal Bond Trading at Goldman Sachs & Co., he has over 10 years of investment experience.

“After-tax yields remain attractive among municipals.”

Fund trailed its Benchmark

For the six-month period ended September 30, 2002, the Fund’s Class D shares returned a respectable 1.56%. Still, the Fund underperformed both the Lehman Brothers 1-Year Municipal Bond Index and the Lipper Short Municipal Debt Fund Average, which returned 2.64% and 2.91% respectively.

Heightened investor demand augmented short-term muni market

Municipal bonds benefited from a “flight to quality,” as anxious investors reacted to falling equity prices and news of accounting and corporate governance scandals. Shorter-term municipal bonds rallied when it began to seem increasingly unlikely to investors that the Fed would raise rates in 2002. Short-term municipal yields fell by up to 40 basis points. Because Treasury yields typically decline more than municipals during bond market rallies, shorter-term munis underperformed similar-maturity treasuries on a pre-tax basis.

Extended duration contributed to results for the past six months

The Fund’s longer-than-benchmark duration positioning helped relative performance as yields fell across the curve. As the period progressed, broader-than-index yield curve positioning contributed to returns due to the curve’s steepness. However, interest rate hedging strategies hindered the Fund’s performance as interest rates declined; and, in addition, exposure to short-term revenue bonds, including healthcare and education issues, hurt returns early in the period when credit premiums on these issues widened.

Demand for short-term muni bonds could continue in the near future

Although lagging tax revenues resulting from a slow-paced economic recovery could challenge municipal credits, demand will likely remain strong as investors are likely to continue to seek the attractive after-tax yield potential and relative stability of municipal bonds.

In this environment, we intend to keep duration modestly extended, and we expect to continue to take prudent credit risk in order to achieve yields greater than those of money market funds. Holding broader-than-benchmark maturities should help us to pick up substantial yield with minimal increase in price volatility. We hope to enhance portfolio yield and diversification through allocations to high quality revenue bonds. Because weak economic and fiscal circumstances could cause premiums on lower quality issues to rise, we intend to maintain high average credit quality.

26   PIMCO Bond Funds Semi-Annual Report  I  09.30.02

PIMCO Short-Duration Muni. Income Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN    For periods ended 9/30/02

	6 months		1 year		3 year		5 year	10 year	Inception (8/31/99)
PIMCO Short Duration Municipal Income Fund Class D Shares	1.56	%	2.92	%	4.31	%	—	—	4.28	%
Lehman Brothers 1-Year Municipal Bond Index	2.64	%	3.92	%	4.95	%	—	—	—
Lipper Short Municipal Debt Fund Average	2.91	%	3.73	%	4.64	%	—	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	58%	Municipal Bonds & Notes	93.3%	AAA	63.4%
1–5 years	42%	Short-Term Instruments	6.7%	AA	28.7%
Duration	2.0 years			A	5.3%
				BBB	2.6%

CHANGE IN VALUE    For periods ended 9/30/02

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. Rather than stretch for maximum yield, PIMCO’s municipal bond team seeks to maximize after-tax total return. The portfolio is scrutinized using a process that models the potential changes in yield and price as the underlying variables of the overall municipal marketplace change.

Past performance is no guarantee of future results. The Fund invests at least 80% of its assets in debt securities exempt from federal income tax. The Fund may not invest in high yield (lower-rated) securities. The Fund may at times invest in derivatives and mortgage-related securities. The Fund may invest more than 25% of its assets in bond issuers of California and New York. The Fund may realize gains and shareholders will incur a tax liability from time to time. Income from the Fund is subject to state and local taxes and may at times be subject to the alternative minimum tax. Please see page 36 for additional information.

09.30.02   I  PIMCO Bond Funds Semi-Annual Report   27

A SHORT DURATION BOND FUND

PIMCO Short-Term Fund

OBJECTIVE:	DURATION RANGE:	TOTAL NET ASSETS:
Seeks maximum current income, consistent with preservation of capital and daily liquidity.	0–1 year	$2.8 billion
	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
	10/07/87	Paul McCulley
PORTFOLIO:
Money market instruments and short maturity fixed income securities.

Paul McCulley

Fund Manager

Mr. McCulley is Managing Director responsible for supervising short-term investment strategies at PIMCO. He has 20 years of investment experience.

“Should economic growth continue to be sluggish, the Federal Reserve could be inclined to ease further.”

Fund slightly trailed its benchmark for the period

PIMCO Short-Term Fund Class D shares returned 0.77% in the past six months, trailing both the Lipper Ultra-Short Obligations Fund Average and the Salomon Brothers 3-Month Treasury Bill Index, which returned 1.57% and 0.87%, respectively, over the same time period.

Investors favored Treasuries as corporate woes infected the markets

Most bonds gained during the period as investors sought safety amid turbulent financial markets. Treasuries were by far the best-performing sector of the bond market, with yields falling to their lowest levels in 40 years. Corporate bonds lagged Treasuries as the economic environment and a stream of bad news from high profile issuers reinforced investor risk aversion. Although the corporate sector took steps to trim costs and boost cash flow, such efforts did very little to reassure corporate bond investors. The U.S. economy experienced modest economic growth during the period, driven mainly by the consumer and housing sectors.

Sector strategy had mixed results

Within this environment, the Fund’s above-benchmark duration boosted returns as interest rates fell during the period. Our emphasis on mortgages was modestly positive, since the Fund was able to capture attractive yields that offset market volatility. Asset-backed bonds also contributed to returns as investors sought their strong collateral protection and premium yields. Still, the Fund’s corporate exposure, especially in the energy/pipeline and telecom sectors, detracted from returns amid concerns over weak profits and credit rating downgrades. An allocation to emerging market bonds also hurt returns as uncertainty surrounding Brazil’s presidential election and general investor risk aversion impacted the sector.

Fund will seek opportunities for incremental yield

We expect the U.S. recovery to continue, albeit at a modest pace, bolstered by the consumer and housing sectors and with interest rates range bound around current levels. Given this environment, we plan to maintain modestly extended duration to take advantage of incremental yield among (relatively) longer-term securities. Mortgages remain a focus given their attractive yields and strong credit profiles. Finally, we will look to selectively add short-maturity corporate issues; we anticipate that this sector could benefit as corporate balance sheets improve and lenders’ appetite for risk is restored.

28   PIMCO Bond Funds Semi-Annual Report  I  09.30.02

PIMCO Short-Term Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN    For periods ended 9/30/02

	6 months		1 year		3 year		5 year		10 year		Inception (10/7/87)
PIMCO Short-Term Fund Class D Shares	0.77	%	1.80	%	4.91	%	4.99	%	5.27	%	5.87	%
Salomon Brothers 3-Month Treasury Bill Index	0.87	%	1.97	%	4.19	%	4.49	%	4.55	%	—
Lipper Ultra-Short Obligations Fund Average	1.57	%	2.50	%	5.03	%	5.04	%	4.93	%	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	91%	Corporate Bonds & Notes	45.3%	AAA	52.0%
1–5 years	7%	Short-Term Instruments	28.7%	AA	1.2%
10–20 years	2%	Mortgage-Backed Securities	19.9%	A	22.2%
Duration	0.8 years	Other	6.1%	BBB	20.4%
				BB	3.1%
				B	0.9%
				CCC	0.1%
				C	0.1%

CHANGE IN VALUE    For periods ended 9/30/02

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. The Fund then employs a variety of value-added strategies geared to enhance yield, including duration extension, credit quality positioning, cost-effective trading and investment in an expanded set of financial instruments.

Past performance is no guarantee of future results. The Fund may invest up to 5% in securities denominated in foreign currencies, which may entail greater risk due to foreign economic and political developments. This Fund may invest 10% in high-yield, lower-rated securities which generally involves greater risk to principal than investment in higher-rated securities. Please see page 36 for additional information.

09.30.02   I  PIMCO Bond Funds Semi-Annual Report   29

AN ENHANCED INDEX STOCK FUND

PIMCO StocksPLUS Fund

OBJECTIVE:	DURATION RANGE:	TOTAL NET ASSETS:
Seeks total return which exceeds that of the S&P 500. PORTFOLIO: S&P 500 stock index derivatives backed by a portfolio of short-term fixed income securities.	0–1 year FUND INCEPTION DATE: 5/13/93	$690.4 million PORTFOLIO MANAGER: Bill Gross

Bill Gross

Fund Manager

Managing Director and co-founder of PIMCO, Mr. Gross is widely regarded as the world’s foremost fixed income authority. He has over 30 years of investment experience. In recognition of his investment skill, Morningstar named Mr. Gross and the PIMCO bond team “Fixed Income Manager of the Year” for 1998 and 2000.

“We plan to maintain a modestly extended duration to capture opportunities for additional yield.”

Fund outpaced S&P 500 Index during a difficult period

For the six-month period ended September 30, 2002, the PIMCO StocksPLUS Fund’s Class D shares returned –27.69%, outperforming the –28.36% return of the S&P 500 Index and the –27.94% return of the Lipper Large-Cap Core Fund Average. These results were consistent with the Fund’s objective of providing incremental returns above the performance of the Index.

Stocks fell substantially as investors favored bonds

The U.S. financial markets were extremely volatile during the past six months, as investors worried about the state of the economy, corporate accounting and governance practices and heightened geopolitical conflict. Treasuries rallied during the period as investors gravitated to safer assets. Conversely, equity markets suffered significant weakness, with the S&P 500 Index falling over 28% during the period. The U.S. economy grew at a moderate pace, as low mortgage rates, zero interest car loans, and rising real wages helped fuel consumer spending.

Bond portfolio’s extended duration helped results

The Fund’s longer duration in the short-term bond portfolio backing the equity exposure was positive for performance as interest rates fell. Holdings of mortgage-backed securities and corporate bonds provided incremental yield, but suffered price erosion amid market volatility. Rising prepayment speeds adversely impacted the mortgage sector, while earnings concerns and credit downgrades plagued corporates. Of course, the steep decline of the S&P 500 Index had the greatest impact on the portfolio’s overall returns.

Moderate U.S. recovery should continue

We expect the U.S. economy to continue its modest recovery, driven by the consumer and housing sectors. While a potential war with Iraq would likely be damaging at first, U.S. monetary and fiscal policy should help counter any economic impact. Given an environment of mild growth, interest rates should stay range-bound around current levels. With this forecast in mind, we plan to maintain a modestly extended duration to capture opportunities for additional yield. We intend to keep a slight exposure to intermediate maturities to take advantage of attractive income found in the steeper portion of the yield curve. Finally, we plan to continue our emphasis on mortgages, as the incremental yield offered by these issues should help offset duration extension risk if interest rates rise.

30   PIMCO Bond Funds Semi-Annual Report  I  09.30.02

PIMCO StocksPLUS Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN    For periods ended 9/30/02

	6 months		1 year		3 year		5 year		10 year	Inception (12/31/97)
PIMCO StocksPLUS Fund Class D Shares	–27.69	%	–19.84	%	–12.72	%	–1.83	%	—	9.01	%
S&P 500 Index	–28.36	%	–20.48	%	–12.89	%	–1.63	%	—	—
Lipper Large-Cap Core Fund Average	–27.94	%	–20.41	%	–12.79	%	–2.88	%	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	72%	Mortgage-Backed Securities	35.3%	AAA	67.6%
1–5 years	23%	Short-Term Instruments	26.4%	AA	2.9%
10–20 years	5%	Corporate Bonds & Notes	24.2%	A	16.1%
Duration	0.8 years	Asset-Backed Securities	6.3%	BBB	9.9%
		Other	7.8%	BB	2.0%
				B	1.5%

CHANGE IN VALUE    For periods ended 9/30/02

Investment Process

Taking an innovative approach, the Fund combines a non-leveraged position in S&P 500 Index futures with an actively managed, short duration fixed-income portfolio. In doing so, the Fund seeks to capture the performance of the S&P 500 Index plus an incremental return based on the fixed income component. The manager adds value primarily through duration management, credit risk management and investment in a variety of high quality, short-term securities.

Past performance is no guarantee of future results. This Fund invests substantially all of its assets in S&P 500 derivatives, backed by a portfolio of Fixed Income Instruments. The Fund may invest up to 20% in securities denominated in foreign currencies, which may entail greater risk due to foreign economic and political developments. The Fund may invest up to 10% in high-yield (lower-rated) securities, which generally involves greater risk to principal than investment in higher-rated securities. The Fund may at times invest in derivatives and mortgage related securities. Please see page 36 for additional information.

09.30.02   I  PIMCO Bond Funds Semi-Annual Report   31

A STOCK AND BOND FUND

PIMCO Strategic Balanced Fund

OBJECTIVE:	DURATION RANGE (OF UNDERLYING FUNDS): 0–6 years	TOTAL NET ASSETS:
Seeks maximum total return consistent with preservation of capital and prudent investment management.		$51.1 million
	FUND INCEPTION DATE:	PORTFOLIO MANAGER:
PORTFOLIO:	6/28/96	Bill Gross
45–75% PIMCO StocksPLUS Fund;
25–55% PIMCO Total Return Fund.

Bill Gross

Fund Manager

Managing Director and co-founder of PIMCO, Mr. Gross is widely regarded as the world’s foremost fixed income authority. He has over 30 years of investment experience. In recognition of his investment skill, Morningstar named Mr. Gross and the PIMCO bond team “Fixed Income Manager of the Year” for 1998 and 2000.

“We expect the modest U.S. economic recovery to continue, bolstered by the consumer and housing sectors.”

Fund performed in line with its benchmark

PIMCO Strategic Balanced Fund’s Class D shares returned –14.99% for the past six months, outperforming the –15.69% return for the Lipper Balanced Fund Average. The Fund slightly under-performed its benchmark, a 60%/40% blend of the S&P 500 Index and Lehman Brothers Aggregate Bond Index (LBAG), which returned –15.03% for the same period.

Stock and bond returns were polarized

Stocks and bonds experienced drastically different returns during the period. Investor concerns over sluggish economic growth, corporate governance and accounting malfeasances and heightened geopolitical risk fueled a flight to safety. As investors favored the stability of higher quality assets, equity markets fell sharply and bond prices surged. Treasuries were the top-performing sector of the bond market, followed by mortgages. For the period, the S&P 500 Index fell –28.36% while the LBAG rose 8.45%.

Extended duration was an overall positive

The enhanced index equity portion of the portfolio, consisting of PIMCO StocksPLUS Fund, outperformed the S&P 500 Index due to an above-benchmark duration, which boosted performance as interest rates fell. The fixed income portion of the portfolio, comprised of PIMCO Total Return Fund, benefited from similar positioning. However, widening mortgage spreads in the bonds backing the enhanced index equity portion detracted from performance. Exposure to corporate bonds in the fixed-income portion also hurt returns, as credit downgrades and corporate earnings uncertainty punished the sector.

Muted U.S. recovery should continue

Looking ahead, we expect the modest U.S. economic recovery to continue, bolstered by the consumer and housing sectors. While a potential war with Iraq could cause an initial shock to business and consumer confidence, we believe that U.S. fiscal and monetary stimulus could help mitigate any impact. Muted economic growth should constrain any upward pressure on interest rates, causing them to be range-bound around current levels. Given this forecast, we intend to maintain modestly extended duration within the enhanced index equity portion to pick up incremental yield. Exposure to mortgages should complement this strategy, as the attractive yields offered by these securities more than compensate for duration risk should interest rates rise. Within the fixed income portion, we plan to target duration near the benchmark while seeking to add value by capturing attractive, high quality yield in non-Treasury sectors.

32   PIMCO Bond Funds Semi-Annual Report  I  09.30.02

PIMCO Strategic Balanced Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN    For periods ended 9/30/02

	6 months		1 year		3 year		5 year		10 year	Inception (12/31/97)
PIMCO Strategic Balanced Fund Class D Shares	–14.99	%	–8.92	%	–4.24	%	1.94	%	—	6.22	%
60% S&P 500 Index and 40% Lehman Brothers Aggregate Bond Index	–15.03	%	–9.36	%	–4.06	%	2.53	%	—	—
S&P 500 Index	–28.36	%	–20.48	%	–12.89	%	–1.63	%	—	—
Lipper Balanced Fund Average	–15.69	%	–9.93	%	–3.97	%	0.69	%	—	—

FUND ALLOCATION
StocksPLUS Fund	57.0	%
Total Return Fund	43.0	%

CHANGE IN VALUE    For periods ended 9/30/02

Investment Process

The Strategic Balanced Fund seeks to provide broad exposure to both equity and fixed income classes. The Fund’s equity exposure is achieved by investment in the PIMCO StocksPLUS Fund and the fixed income exposure is obtained by investment in the PIMCO Total Return Fund. Allocation decisions are based on PIMCO’s consensus economic forecasts of business cycle phases.

Past performance is no guarantee of future results. The Portfolio’s investment performance depends on how its assets are allocated and reallocated among particular underlying Funds. The portfolio’s allocation among the underlying Funds will vary, the investment may be subject to any and all of the underlying Funds risks at different times and to different degrees. Please see page 36 for additional information.

09.30.02   I  PIMCO Bond Funds Semi-Annual Report   33

A MORTGAGE-BACKED BOND FUND

PIMCO Total Return Mortgage Fund

OBJECTIVE:	DURATION RANGE:	TOTAL NET ASSETS:
Seeks maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO: Short to intermediate maturity mortgage-related fixed income securities.	1–7 years FUND INCEPTION DATE: 7/31/97	$202.7 million PORTFOLIO MANAGER: Scott Simon

Scott Simon

Fund Manager

An acclaimed expert in his field, Mr. Simon is head of mortgage securities at PIMCO and is a senior member of its portfolio management and investment strategy groups. He has 19 years of investment experience.

“Yield-enhancing strategies should play a prominent role as we look to add value to the portfolio.”

Fund outperformed its benchmark and peer group

PIMCO Total Return Mortgage Fund Class D shares returned 6.48% for the six-month period ended September 30, 2002, outpacing both the Lehman Brothers Mortgage Index and the Lipper U.S. Mortgage Fund Average, which returned 6.23% and 6.16%, respectively.

Mortgages benefited from a flight to quality

Investors sought safety in high-quality assets during the reporting period, causing interest rates to fall among these issues. The mortgage-backed securities market performed well in this environment, although the asset class underperformed Treasuries on a risk-adjusted basis. Within the mortgage market, GNMAs outperformed their conventional (FNMA & FHLMC) counterparts as investors preferred the higher security offered by paper with an explicit government guarantee. Also, lower coupon bonds performed better than higher coupon issues due to slower prepayment rates.

Extended duration contributed to performance

Late in the period, slightly longer-than-benchmark duration added to returns as interest rates fell. Exposure to GNMA II Adjustable Rate Mortgages (ARMs) provided attractive yield despite their relatively short durations. Also, our strategy of buying mortgages in the forward market and investing the purchase amount at relatively high short-term rates added to returns. Our exposure to Collateralized Mortgage Obligations (CMOs) further aided results by augmenting portfolio yield while providing protection against rapid prepayment rates. An underweight position in 15-year pass through issues was negative for performance as heavy investor demand caused these issues to outperform.

Yield-enhancing strategies will remain our focus

Looking ahead, we expect the modest U.S. recovery to continue, the risk of deflation to be averted and interest rates to be range-bound. In this environment, yield-enhancing strategies should play a prominent role as we look to add value to the portfolio. We intend to target duration near the benchmark and anticipate emphasizing the short end of the yield curve, which will be less vulnerable to increasing interest rates than longer maturities. We continue to emphasize GNMA issues in the 30-year sector, due to their relatively attractive yields and explicit government guarantee. Also, we expect to favor the enhanced prepayment protection found in lower coupon mortgages. Finally, we plan to continue to hold small amounts of high quality CMOs to capitalize on crossover demand from investors wary of corporate bonds.

34   PIMCO Bond Funds Semi-Annual Report  I  09.30.02

PIMCO Total Return Mortgage Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN    For periods ended 9/30/02

	6 months		1 year		3 year		5 year		10 year	Inception (12/31/97)
PIMCO Total Return Mortgage Fund Class D Shares	6.48	%	8.09	%	9.85	%	8.14	%	—	8.20	%
Lehman Brothers Mortgage Index	6.23	%	7.35	%	9.01	%	7.55	%	—	—
Lipper U.S. Mortgage Fun d Average	6.16	%	6.92	%	8.26	%	6.73	%	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	30%	Mortgage-Backed Securities	75.4%	AAA	98.1%
1–5 years	65%	Short-Term Instruments	17.2%	AA	1.9%
10–20 years	5%	Other	7.4%
Duration	1.5 years

CHANGE IN VALUE    For periods ended 9/30/02

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. The manager then seeks to add value primarily through interest rate strategies and by exploiting many areas of the mortgage market. PIMCO’s advanced proprietary analytics are critical to issue selection and risk management.

Past performance is no guarantee of future results. This Fund invests at least 80% of its assets in a diversified portfolio of mortgage-related fixed-income instruments, which may entail greater risk than a fully diversified fund. The Fund may invest in U.S. dollar-denominated securities of foreign issuers, which may entail greater risk due to foreign economic and political developments. The Fund may invest in derivative instruments. See page 36 for additional information.

09.30.02   I  PIMCO Bond Funds Semi-Annual Report   35

Footnotes

Past performance is no guarantee of future results. Investment return will fluctuate and the value of an investor’s shares will fluctuate and may be worth more or less than original cost when redeemed. The average annual total return measures performance assuming that all dividend and capital gain distributions were reinvested. Returns shown do not reflect the deduction of taxes that a shareholder would pay (i) on fund distributions or (ii) the redemption of fund shares. Emerging Markets Bond, Global Bond II & Real Return Bond Fund Instl shares and retail shares commenced operations on the same day but for the rest of the PIMS Funds the returns represent the blended performance of the Fund’s D shares and the prior performance of the Fund’s Institutional shares, adjusted, as necessary, to reflect retail share current sales charges and different operating expenses. The D shares were first offered in April 1998 for the PIMS Funds except CA Intermediate Municipal, NY Municipal and Short Duration D on 1/00 , CA Muni D on 5/00, NY Municipal D on 1/00, Convertible and Emerging Markets D on 3/00, GNMA D on 5/01. The credit quality of the investment in the portfolio does not apply to the stability or safety of the fund. Duration is a measure of the Fund’s price sensitivity expressed in years. The Growth of $10,000 does include the effect of the maximum initial sales charge only associated with class A shares. Savings accounts & CD’s are guaranteed as to repayment of principal and interest by an agency of the US government. However, the investment return and principal value of bonds and bond funds will fluctuate. The Lipper Averages are calculated by Lipper, Inc. It is the total return performance average of funds that are tracked by Lipper that have the same Fund Classification. Lipper does not take into account sales charges. The GNMA Lipper Rankings are based on the oldest share class, Institutional shares. Class D shares were first offered 5/01 and have not yet been ranked by Lipper. Lehman CA Intermediate Index is an unmanaged index comprised of California Municipal Bond issues with a maturity range of 5-10 Years. The Lehman Brothers CA Insured Municipal Index is an unmanaged index comprised of insured California Municipal Bond Issues. First Boston Convertible Bond Index is an unmanaged market index comprised of convertible bonds. J.P. Morgan Emerging Markets Bond Index tracks total returns for Brady Bonds. Countries covered are Argentina, Brazil, Bulgaria, Ecuador, Mexico, Nigeria, Panama, Peru, Poland and Venezuela. J.P. Morgan Non-U.S. (Hedged) is an unmanaged market index representative of the total return performance in U.S. dollars of major non-U.S. bond markets. J.P. Morgan Global (Hedged) is an unmanaged market index representative of the total return performance in U.S. dollars on a hedged basis of major world bond markets. Lehman Intermediate BB High Yield is an unmanaged market index comprised of various fixed income securities rated BB. Lehman Long Term Treasury is an unmanaged index comprised of various fixed income maturities greater than 10 years. Merrill Lynch 1-3 Yr Treasury Bill Index is an unmanaged market index made up of U.S. Treasury issues with maturities from 1-3 years. Salomon 3-month T-bill is an unmanaged index representing monthly return equivalents of yield averages of the last 3-month Treasury Bill issues. Lehman General Municipal is an unmanaged index representative of the tax-exempt bond market. The index is made up of all investment grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one-year. Lehman NY Insured Muni is an unmanaged index comprised of insured New York Municipal Bond issues. Lehman Inflation Linked Treasury is an unmanaged market index comprised of all U.S. Inflation Linked Treasuries. S&P 500 Index is an unmanaged market index generally considered to be representative of the stock market as a whole. 60% S&P/ 40% LBAG is an unmanaged index comprised of 60% of the return of the S&P 500 Index and 40% of the Lehman Brothers Aggregate Bond Index. Lehman Aggregate Bond is an unmanaged market index representative of the U.S. Taxable fixed Income universe. Lehman Mortgage is an unmanaged market index representing fixed rate mortgage issued by GNMA, FNMA and FHLMC. It is not possible to invest directly in an unmanaged index. The funds also offer other share classes, which are subject to different fees and expenses (which may affect performance), have different minimum investment requirements and are entitled to different services. Information regarding such classes may be obtained by calling 1-888-87-PIMCO. An investment in a (the) fund is not a deposit of a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. In addition, it is possible to lose money on investments in a (the) fund. For additional details on the Funds, contact your financial advisor to receive a current prospectus that contains more complete information, including charges and expenses. Please read the prospectus carefully before you invest or send money. PIMCO Advisors Distributors LLC, 2187 Atlantic Street, Stamford, CT, 06902, www.pimcoadvisors.com, 1-888-87-PIMCO.

36   PIMCO Bond Funds Semi-Annual Report  I  09.30.02

Schedule of Investments

California Intermediate Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
MUNICIPAL BONDS & NOTES 94.1%
California 77.8%
A B C California Unified School District General Obligation Bonds, (FGIC Insured), Series 2001
0.000% due 08/01/2030	$	1,850	$	454
0.000% due 08/01/2031		1,285		300
0.000% due 08/01/2032		1,965		436
0.000% due 08/01/2033		1,670		352
0.000% due 08/01/2034		1,755		352
Alameda, California Harbor Bay Business Park Assessment Revenue Bonds, Series 1998
5.500% due 09/02/2012		3,500		3,728
Anaheim, California Public Financing Authority Revenue Bonds, (AMBAC Insured), Series 1999
4.625% due 10/01/2027 (a)		150		163
Antioch, California Public Financing Authority Reassessment Revenue Bonds, Series 1998-B
5.500% due 09/02/2008		475		509
Association of Bay Area Governments Financing Authority for Non-Profit Corporations Revenue Bonds, (California Mtg. Insured), Series 2001
5.250% due 04/01/2026		2,000		2,089
Bay Area Toll Authority California Toll Bridge Revenue Bonds, Series 2001
1.550% due 04/01/2029 (a)		400		400
California Educational Facilities Authority Revenue Bonds, Series 1997-A
5.700% due 10/01/2015		135		158
California Health Facilities Financing Authority Revenue Bonds, (CA MTG Insured), Series 2000
5.000% due 09/01/2010		350		388
California Housing Financial Agency Revenue Bonds, (AMBAC FHA Insured), Series 1996
5.950% due 02/01/2011		100		109
California Infrastructure & Economic Development Bank Insured Revenue Bonds, Series 2002
1.950% due 04/01/2042 (a)		1,000		1,000
California Pollution Control Financing Authority Revenue Bonds, Series 1999-A
4.500% due 08/01/2003		150		154
California State General Obligation Bonds, (FGIC Insured), Series 1997
5.000% due 10/01/2004		325		348
California State General Obligation Bonds, (MBIA Insured), Series 1991
6.600% due 02/01/2011		1,000		1,248
California State General Obligation Bonds, (MBIA Insured), Series 1992
7.500% due 10/01/2007		400		498
California State General Obligation Bonds, Series 1991
6.500% due 09/01/2010		1,730		2,109
California State General Obligation Bonds, Series 1997-BL
5.300% due 12/01/2012		400		423
California State General Obligation Bonds, Series 2000
5.250% due 03/01/2005		100		108
5.250% due 03/01/2013		300		337
5.700% due 12/01/2032		250		258
California State General Obligation Bonds, Series 2002
5.250% due 04/01/2030		3,000		3,175
California State Inverse-Floater Bonds, Series 1992
10.850% due 09/01/2012 (a)		5,000		7,400
California State Public Works Board Lease Revenue Bonds, Series 1994-A
6.375% due 11/01/2014		500		561
California Statewide Communities Development Authority Apartment Development Revenue Bonds, Series 1998-A-3
5.100% due 05/15/2025		2,000		2,133
California Statewide Communities Development Authority Certificates of Participation Bonds, Series 1994
6.500% due 07/01/2015		1,000		1,110
California Statewide Communities Development Authority Revenue Bonds, (CA Mortgage Insured), Series 2001
5.000% due 10/01/2018		2,000		2,115
California Statewide Communities Development Authority Revenue Bonds, Series 2002
5.500% due 08/15/2034		1,000		1,037
6.750% due 07/01/2032 (b)		2,705		2,807
California Statewide Financing Authority Tobacco Settlement Revenue Bonds, Series 2002
4.600% due 05/01/2012		1,030		1,054
California Tobacco Securitization Agency Revenue Bonds, Series 2002
6.125% due 06/01/2043		1,000		1,022
Capistrano, California Unified School District Community Facilities Special Tax Bonds, Series 1997
7.100% due 09/01/2021		1,950		2,354
Capistrano, California Unified School District Community Facilities Special Tax Bonds, Series 1999
5.700% due 09/01/2020		1,500		1,546
Chico, California Public Financing Authority Revenue Bonds, (FSA Insured), Series 1996
5.200% due 04/01/2011		485		523
Chula Vista, California Special Tax Bonds, Series 2000-1
6.350% due 09/01/2017		230		248
6.400% due 09/01/2018		120		128
Corona, California Community Facilities District Special Tax Bonds, Series 1998
5.875% due 09/01/2023		1,000		1,038
East Bay, California Municipal Utility District Wastewater Treatment System Revenue Bonds, (AMBAC Insured), Series 1993
9.170% due 06/01/2020 (a)		6,000		6,443

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   37

Schedule of Investments (Cont.)

California Intermediate Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
East Bay, California Municipal Utility District Water System Revenue Bonds, (MBIA Insured), Series 1993
9.070% due 06/01/2013 (a)	$	3,450	$	3,728
Elsinore Valley, California Municipal Water District Certificates of Participation Bonds, (FGIC Insured), Series 2000
1.550% due 07/01/2029 (a)		1,000		1,000
Evergreen, California School District General Obligation Bonds, (FGIC Insured), Series 2000-C
10.000% due 09/01/2005		465		576
10.000% due 09/01/2006		380		496
Foothill Eastern Transportation Corridor Agency California Toll Road Revenue Bonds, (MBIA-IBC Insured), Series 1999
5.875% due 01/15/2027		2,500		1,828
Foothill Eastern Transportation Corridor Agency California Toll Road Revenue Bonds, Series 1995
0.000% due 01/01/2026		1,000		319
Fresno, California Special Tax Bonds, Series 1998
4.750% due 09/01/2005		885		894
Healdsburg, California Community Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 2002
5.000% due 08/01/2022		2,530		2,671
Irvine Ranch California Water District General Obligation Bonds, (Helaba Insured), Series 1985
2.000% due 10/01/2009 (a)		1,200		1,200
Irvine Ranch, California Water District General Obligation Bonds, Series 1989
1.450% due 06/01/2015 (a)		800		800
Irvine Ranch, California Water District Revenue Bonds, Series 1993
1.700% due 05/01/2009 (a)		500		500
Irvine, California Import Bond Act of 1915 Special Assessment Bonds, Series 1998
1.550% due 09/02/2023 (a)		1,500		1,500
Irvine, California Improvement Bond Act of 1915 Special Assessment Bonds, (KBC Bank N.V. Insured), Series 1999
1.850% due 09/02/2024 (a)		669		669
Long Beach, California Harbor Revenue Bonds, (MBIA Insured), Series 1995
6.500% due 05/15/2005		220		246
Long Beach, California Harbor Revenue Bonds, Series 1993
4.700% due 05/15/2004		150		157
Los Altos, California School District General Obligation Bonds, Series 2001
5.000% due 08/01/2016		200		219
Los Angeles County, California Transportation Commission Certificate of Participation Bonds, Series 1992-B
6.250% due 07/01/2004		500		516
Los Angeles, California Community Redevelopment Agency Certificates of Participation Bonds, Series1984
7.550% due 11/01/2008		365		389
Los Angeles, California Department of Water & Power Revenue Bonds, (MBIA Insured), Series 2001
5.250% due 07/01/2013		1,500		1,727
Los Angeles, California Department of Water & Power Revenue Bonds, (SPA-Dexia Public Finance Insured), Series 2001
1.550% due 07/01/2035 (a)		5,300		5,300
Los Angeles, California General Obligation Bonds, Series 2002
4.000% due 09/01/2012		2,525		2,706
Los Angeles, California State Building Authority Lease Revenue Bonds, Series 1999-A
4.600% due 10/01/2007		150		167
Los Angeles, California Unified School District General Obligation Bonds, (MBIA Insured), Series 1999-C
4.750% due 07/01/2010		30		34
Lucia Mar Unified School District, California General Obligation Bonds, (FSA Insured), Series 2002
5.000% due 08/01/2022		1,215		1,288
Manhattan Beach, California Unified School District General Obligation Bonds, (FGIC Insured), Series 2002
0.000% due 09/01/2025		1,400		445
Metropolitan Water District Southern California General Obligation Bonds, Series 1993-A1
7.250% due 03/01/2007		150		183
Metropolitan Water District Southern California Revenue Bonds, (SPA-Westdeutsche Landesbank Insured), Series 2000
1.800% due 07/01/2035 (a)		1,250		1,250
Metropolitan Water District Southern California Revenue Bonds, Series 1993
9.062% due 10/30/2020 (a)		600		659
Metropolitan Water District Southern California Waterworks Revenue Bonds, (Lloyds TSB Bank PLC Insured), Series 2001
1.950% due 07/01/2036 (a)		1,200		1,200
Murrieta Valley, California Unified School District Special Tax Bonds, (Keybank N.A. Insured), Series 2001
6.350% due 09/01/2025		580		593
6.400% due 09/01/2031		700		715
Newport Beach, California Revenue Bonds, Series 1992
1.480% due 10/01/2022 (a)		1,500		1,500
Oakland-Alameda County, California Coliseum Authority Lease Revenue Bonds, Series 2000
1.450% due 02/01/2025 (a)		200		200

38   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Orange County, California Community Facilities District Special Tax Bonds, Series 2000
5.600% due 08/15/2011	$	455	$	479
5.700% due 08/15/2012		485		508
5.800% due 08/15/2013		600		627
6.200% due 08/15/2018		1,025		1,068
Orange County, California Local Transportation Authority Sales Tax Revenue Bonds, (AMBAC-TCRS Insured), Series 1992
6.200% due 02/14/2011		3,250		3,984
Orange County, California Revenue Bonds, (MBIA Insured), Series 1995-A
6.000% due 06/01/2010		1,000		1,210
Orange County, California Sanitation District Certificates of Participation Bonds, (SPA-Dexia Public Finance Bank Insured), Series 2000
1.850% due 08/01/2029 (a)		1,580		1,580
Orange County, California Sanitation District Certificates of Participation Bonds, (SPA-DEXIA Public Finance Insured), Series 2000
1.850% due 08/01/2030 (a)		1,090		1,090
Orange County, California Sanitation Districts Certificates of Participation Bonds, (AMBAC Go of Dist Insured), Series 1993
1.850% due 08/01/2016 (a)		1,200		1,200
Orange County, California Special Financing Authority Teeter Plan Revenue Bonds, Series 1995
1.550% due 11/01/2014 (a)		1,300		1,300
1.550% due 11/01/2014 (a)		3,200		3,200
Orange County, California State Pipeline Financing Authority Teeter Plan Revenue Bonds, Series 1995 xxx% due 11/01/2014
1.550% due 11/01/2014 (a)		2,800		2,800
Oxnard, California Improvement Bond Act 1915 Special Assessment Bonds, Series 1997
5.500% due 09/02/2004		1,175		1,217
Pacific Housing & Finance Agency, California Revenue Bonds, (MBIA Insured), Series 1999
4.625% due 12/01/2004		250		258
Pleasant Valley, California School District Ventura County General Obligation Bonds, (MBIA Insured), Series 2002
5.850% due 08/01/2031		2,500		3,047
Port of Oakland, California Revenue Bonds, (FGIC Insured), Series 2000
5.500% due 11/01/2009		500		580
Redding, California Electric System Revenue Certificates of Participation, (FGIC Insured), Series 1993
5.684% due 06/28/2019		500		518
Riverside County, California Asset Leasing Corp. Revenue Bonds, (MBIA Insured), Series 2000
5.200% due 11/01/2010		250		293
Sacramento, California Municipal Utility District Revenue Bonds, Series 1983-M
9.000% due 04/01/2013		960		1,311
San Bernardino County, California Certificates of Participation Bonds, (MBIA Insured), Series 2002
5.000% due 07/01/2015		2,365		2,696
San Diego, California Unified School District General Obligation Bonds, (FSA Insured), Series 2001
5.000% due 07/01/2026		1,000		1,050
San Francisco, California City & County Airport Commission International Airport Revenue Bonds, (FGIC Insured), Series 1996-12-A
5.625% due 05/01/2005		400		438
San Francisco, California City & County Airport Commission International Airport Revenue Bonds, (FSA Insured), Series 1998-16A
5.500% due 05/01/2015		300		334
San Francisco, California City & County Airport Commission International Airport Revenue Bonds, (MBIA Insured), Series 1996-14A
8.000% due 05/01/2005		500		574
San Jose, California Multifamily Housing Revenue Bonds, (Bay View Bank & Federal Home Loan Bank Insured), Series 1999
4.950% due 06/01/2039		990		1,082
San Jose, California Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 1993
6.000% due 08/01/2010		600		728
San Jose, California Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 2002
5.000% due 08/01/2022		2,000		2,102
San Pablo, California Redevelopment Agency Revenue Bonds, Series 1979
8.000% due 10/01/2011		130		156
Santa Margarita/Dana Point Authority, California Revenue Bonds, (MBIA Insured), Series 1994-A
7.250% due 08/01/2006		150		180
South Tahoe, California Joint Powers Financing Authority Revenue Bonds, Series 1999-A
7.300% due 10/01/2007		150		158
Stockton, California Certificates of Participation, Series 1999
4.750% due 08/01/2006		120		131
Tulare County, California Certificates of Participation Bonds, (MBIA Insured), Series 1998
5.000% due 08/15/2013		3,225		3,722
West Sacramento, California Financing Authority Revenue Bonds, (FGIC Insured), Series 2002
5.000% due 08/01/2032		2,675		2,824
				128,735
Illinois 0.9%
Illinois Educational Facilities Authority Revenue Bonds, Series 1993
9.620% due 07/01/2012 (a)		1,400		1,491
Louisiana 1.1%
Louisiana Tobacco Settlement Financing Corporate Revenue Bonds, Series 2001
5.875% due 05/15/2039		2,000		1,892

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   39

Schedule of Investments (Cont.)

California Intermediate Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
New Hampshire 1.9%
New Hampshire Health & Educational Facilities Authority Revenue Bonds, (AMBAC Insured), Series 2002
5.250% due 07/01/2014	$	2,690	$	3,054
New Jersey 1.7%
New Jersey Economic Development Authority Revenue Bonds, Series 1998
6.375% due 04/01/2031		2,000		2,508
6.800% due 04/01/2018		250		269
				2,777
Puerto Rico 7.5%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue Bonds, (FSA Surety Bond Insured), Series 1985-A
9.000% due 07/01/2009		3,835		4,451
Puerto Rico Commonwealth General Obligation Bonds, (MBIA Insured), Series 1995
5.200% due 07/01/2006		410		456
Puerto Rico Commonwealth Highway & Transportation Authority Highway Revenue Bonds, Series 1993-X
5.200% due 07/01/2003		500		514
5.350% due 07/01/2005		5,000		5,218
Puerto Rico Commonwealth Infrastructure Financing Authority Revenue Bonds, (AMBAC Insured), Series 1998-A
5.250% due 07/01/2010		150		170
Puerto Rico Electric Power Authority Revenue Bonds, Series 1995-X
6.125% due 07/01/2021		500		571
Puerto Rico Industrial Tourist Educational, Medical & Environmental Control Facilities Revenue Bonds, Series 2000
5.300% due 11/15/2005		250		271
Puerto Rico Industrial Tourist Environmental Central Facilities Revenue Bonds, Series 2000
5.300% due 11/15/2004		150		160
Puerto Rico Public Finance Corp. Revenue Bonds, (AMBAC Insured), Series 1998-A
5.000% due 06/01/2007		500		560
				12,371
Texas 0.2%
Arlington, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2000
7.940% due 02/15/2024 (a)		250		260
Virgin Islands 3.0%
Virgin Islands Public Finance Authority Revenue Bonds, Series 1998-C
5.500% due 10/01/2007		1,500		1,654
5.500% due 10/01/2008		3,000		3,317
				4,971
Total Municipal Bonds & Notes (Cost $146,355)				155,551
SHORT-TERM INSTRUMENTS 3.1%
Commercial Paper 0.1%
Fannie Mae
1.730% due 11/29/2002 (c)		200		199
Money Market Fund 2.9%
Reich & Tang New York Money Market
1.010% due 10/01/2002		4,769		4,769
U.S. Treasury Bills 0.1%
1.590% due 11/14/2002 (c)(d)		235		235
Total Short-Term Instruments (Cost $5,203)				5,203
Total Investments 97.2% (Cost $151,558)			$	160,754
Other Assets and Liabilities (Net) 2.8%				4,632
Net Assets 100.0%			$	165,386

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Restricted security.

(c) Securities with an aggregate market value of $434 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 30 Year Bond (12/2002)	122	$	(419)

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

40   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

Schedule of Investments

California Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
MUNICIPAL BONDS & NOTES 95.4%
California 82.3%
Anaheim, California Public Financing Authority Revenue Bonds, (FSA Insured), Series 2002
3.900% due 10/01/2012	$	500	$	532
California Infrastructure & Economic Development Bank Insured Revenue Bonds, Series 2002
1.450% due 04/01/2042 (a)		400		400
California State Department Water Center Revenue Bonds, Series 1993
8.375% due 12/01/2003		150		162
California State General Obligation Bonds, Series 2001
5.125% due 03/01/2031		625		650
California State Inverse-Floater Bonds, Series 1992
11.044% due 09/01/2012 (a)		500		740
California Statewide Communities Development Authority Revenue Bonds, Series 2001
5.125% due 10/01/2030		400		412
California Statewide Communities Development Authority Revenue Bonds, Series 2002
6.750% due 07/01/2032 (b)		400		415
California Statewide Tobacco Settlement Financing Authority Revenue Bonds, Series 2002
4.875% due 05/01/2014		295		303
Capistrano, California Unified School District Community Facilities Special Tax Bonds, Series 1999
5.700% due 09/01/2020		400		412
Chula Vista, California Special Tax Bonds, Series 2000-1
6.400% due 09/01/2018		125		134
Corona, California Community Facilities District Special Tax Bonds, Series 1998
5.875% due 09/01/2023		150		156
East Bay, California Municipal Utility District Water System Revenue Bonds, (MBIA Insured), Series 1993
8.720% due 06/01/2013 (a)		400		432
Foothill Eastern Transportation Corridor Agency California Toll Road Revenue Bonds, (MBIA-IBC Insured), Series 1999
5.875% due 01/15/2027		500		366
Irvine Ranch California Water District Certificate Participation, (LOC-Toronto Dominion Bank Insured), Series 1986
1.500% due 08/01/2016		400		400
Irvine, California Import Bond Act of 1915 Special Assessment Bonds, Series 1998
1.450% due 09/02/2023 (a)		300		300
Irvine, California Improvement Bond Act of 1915 Special Assessment Bonds, (KBC Bank N.V. Insured), Series 1999
1.450% due 09/02/2024 (a)		278		278
Livermore, California Certificates of Participation Bonds, (AMBAC Insured), Series 2002
1.400% due 05/01/2027 (a)		300		300
Livermore-Amador Water Management Agency California Revenue Bonds, (AMBAC Insured), Series 2001
5.000% due 08/01/2031		200		209
Los Angeles County, California Transportation Commission Certificate of Participation Bonds, Series 1992-B
6.250% due 07/01/2004		500		516
Los Angeles, California Department of Water & Power Revenue Bonds, (SPA-Dexia Public Finance Insured), Series 2001
1.400% due 07/01/2035 (a)		500		500
Los Angeles, California Department of Water& Power Waterworks Revenue Bonds, (MBIA Insured), Series 1994
6.375% due 07/01/2034		350		385
Los Angeles, California General Obligation Bonds, Series 2002
4.000% due 09/01/2012		500		536
Los Angeles, California Water and Power Revenue Bonds, Series 2001
1.600% due 07/01/2034 (a)		400		400
Manhattan Beach, California Unified School District General Obligation Bonds, (FGIC Insured), Series 2002
0.000% due 09/01/2025		3,100		984
Metropolitan Water District Southern California Revenue Bonds, Series 1993
8.798% due 10/30/2020 (a)		200		220
Murrieta Valley, California Unified School District Special Tax Bonds, (Keybank N.A. Insured), Series 2001
6.350% due 09/01/2025		55		56
Newport Beach, California Revenue Bonds, Series 1992
1.550% due 10/01/2022 (a)		400		400
Oakland-Alameda County, California Coliseum Authority Lease Revenue Bonds, Series 2000
1.450% due 02/01/2025 (a)		200		200
Orange County, California Local Transportation Authority Sales Tax Revenue Bonds, (AMBAC-TCRS Insured), Series 1992
6.200% due 02/14/2011		750		920
Orange County, California Revenue Bonds, (MBIA Insured), Series 1995-A
6.000% due 06/01/2010		400		484
Orange County, California Sanitation District Certificates of Participation Bonds, (SPA-DEXIA Public Finance Insured), Series 2000
1.450% due 08/01/2030 (a)		500		500
Pioneers Memorial Healthcare District, California General Obligation Bonds, (AMBAC Insured), Series 1998
5.125% due 10/01/2024		400		419

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   41

Schedule of Investments (Cont.)

California Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Placer, California Unified High School District General Obligation Bonds, (FGIC Insured), Series 2000
0.000% due 08/01/2018	$	1,450	$	711
Pleasant Valley, California School District Ventura County General Obligation Bonds, (MBIA Insured), Series 2002
5.850% due 08/01/2031		1,500		1,828
San Bernardino County, California Certificate Participation, (MBIA Insured), Series 2001
4.000% due 11/01/2012		50		53
San Diego, California Unified School District General Obligation Bonds, (FSA Insured), Series 2001
5.000% due 07/01/2026		1,000		1,050
San Joaquin Hills, California Transportation Corridor Agency Toll Road Revenue Bonds, (MBIA Insured), Series 1997
0.000% due 01/15/2032		500		114
San Jose, California Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 1993
6.000% due 08/01/2010		300		364
Southern California Public Power Authority Revenue Bonds, (FSA-CR Insured), Series 1993
5.000% due 07/01/2015		110		113
				17,354
Connecticut 2.8%
Connecticut State Development Authority Revenue Bonds, (Radian Insured) Series 2002
4.750% due 08/01/2032		600		587
Louisiana 4.5%
Louisiana Tobacco Settlement Financing Corporate Revenue Bonds, Series 2001
5.875% due 05/15/2039		1,000		946
New Jersey 2.6%
New Jersey Economic Development Authority Revenue Bonds, Series 1998
6.500% due 04/01/2018		500		540
Puerto Rico 1.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue Bonds, (FSA Surety Bond Insured), Series 1985-A
9.000% due 07/01/2009		205		238
Virgin Islands 2.1%
Virgin Islands Public Finance Authority Revenue Bonds, Series 1998-C
5.500% due 10/01/2008		405		448
Total Municipal Bonds & Notes (Cost $19,183)				20,113
SHORT-TERM INSTRUMENTS 9.5%
Money Market Fund 9.2%
Reich & Tang New York Money Market
1.090% due 10/01/2002		1,047		1,047
SSgA Tax Free Money Market
1.250% due 10/01/2002		887		887
				1,934
U.S. Treasury Bills 0.3%
1.596% due 11/14/2002-11/29/2002 (c)		60		60
Total Short-Term Instruments (Cost $1,994)				1,994
Total Investments 104.9% (Cost $21,177)			$	22,107
Other Assets and Liabilities (Net) (4.9%)				(1,033	)
Net Assets 100.0%			$	21,074

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Restricted security.

(c) Securities are grouped by coupon or range of coupons and represent a range of maturities.

42   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

Schedule of Investments

Convertible Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 4.0%
Banking & Finance 4.0%
Citigroup, Inc.
5.625% due 08/27/2012	$	1,000	$	1,046
Total Corporate Bonds & Notes (Cost $993)				1,046
U.S. TREASURY OBLIGATIONS 2.3%
U.S. Treasury Notes
6.500% due 02/15/2010		500		604
Total U.S. Treasury Obligations (Cost $552)				604
PURCHASED PUT OPTIONS 0.0%
EchoStar Communications Corp.
Strike @ 10.000 Exp. 01/18/2003		10		4
Total Purchased Put Options (Cost $14)				4
CONVERTIBLE BONDS & NOTES 62.2%
Banking & Finance 18.1%
American International Group, Inc.
0.000% due 11/09/2031		1,000		626
Countrywide Credit Industries, Inc.
0.000% due 02/08/2031		700		555
Korea Deposit Insurance
2.500% due 12/11/2005		1,250		1,353
PMI Group, Inc.
2.500% due 07/15/2021		300		310
Swiss Life Finance Ltd.
2.000% due 05/20/2003		EC 600		578
Verizon Global Funding Corp.
5.750% due 04/01/2003	$	800		805
0.000% due 05/15/2021		1,000		547
				4,774
Energy 1.7%
Transocean, Inc.
1.500% due 05/15/2021		500		455
Healthcare 12.8%
Allergan, Inc.
0.000% due 11/01/2020		450		288
Amgen, Inc.
0.000% due 03/01/2032		500		354
Lifepoint Hospitals, Inc.
4.500% due 06/01/2009		500		482
Medtronic, Inc.
1.250% due 09/15/2021		500		517
Roche Holdings, Inc.
0.010% due 01/19/2015		550		394
Total Renal Care Holdings
7.000% due 05/15/2009		500		490
Universal Health Services
0.426% due 06/23/2020		500		333
WellPoint Health Networks, Inc.
0.000% due 07/02/2019		500		497
				3,355
Industrials 17.4%
Brinker International, Inc.
0.000% due 10/10/2021		350		222
Costco Wholesale Corp.
0.000% due 08/19/2017		250		191
DDI Corp.
6.250% due 04/01/2007		500		113
EchoStar Communications Corp.
4.875% due 01/01/2007		500		379
Elan Finance Corp. Ltd.
0.000% due 12/14/2018		500		151
Kohl’s Corp.
0.000% due 06/12/2020		1,000		624
L-3 Communications Holdings, Inc.
4.000% due 09/15/2011	$	400	$	484
Lowe’s Cos., Inc.
0.000% due 02/16/2021		500		391
Pride International, Inc.
0.000% due 04/24/2018		1,254		605
Tech Data Corp.
2.000% due 12/15/2021		500		416
Tyco International Group SA
0.000% due 02/12/2021		900		659
Vivendi Universal SA
2.000% due 03/08/2006		EC 363		348
				4,583
Technology 6.7%
Advanced Micro Devices, Inc.
4.750% due 02/01/2022	$	600		356
First Data Corp.
2.000% due 03/01/2008		700		739
Siebel Systems, Inc.
5.500% due 09/15/2006		400		358
STMicroelectronics NV
0.000% due 09/22/2009		400		319
				1,772
Utilities 5.5%
Adelphia Communications Corp.
6.000% due 02/15/2006 (a)		500		38
Charter Communications, Inc.
4.750% due 06/01/2006		850		369
Liberty Media Corp.
4.000% due 11/15/2029		1,000		500
Telefonos de Mexico SA
4.250% due 06/15/2004		500		551
				1,458
Total Convertible Bonds & Notes (Cost $17,828)				16,397
CONVERTIBLE PREFERRED STOCK 21.8%
	Shares
Banking & Finance 9.2%
Equity Office Properties Trust
5.250% due 02/15/2008		8,000		344
Equity Residentials Properties Trust
7.250% due 12/31/2049		15,200		356
Ford Motor Co. Capital Trust II
6.500% due 01/15/2032		13,400		540
Travelers Property Casualty Corp.
4.500% due 04/15/2032		30,000		642
Washington Mutual, Inc.
5.375% due 05/03/2041		11,300,000		550
				2,432
Energy 3.3%
Kerr-McGee Corp.
5.500% due 08/02/2004		13,900		615
Valero Energy
7.750% due 08/18/2003		11,000		249
				864
Industrials 8.5%
Coltec Capital Trust
5.250% due 04/15/2028		15,000		444
Electronic Data Systems Corp.
7.625% due 08/17/2004		6,000		109
General Motors Corp.
4.500% due 03/06/2032		27,000		637
5.250% due 03/06/2032		27,000		604
Tribune Co.
2.000% due 05/15/2029		6,600		441
				2,235
Utilities 0.8%
TXU Corp.
8.125% due 05/16/2006		5,000		218
Total Convertible Preferred Stock (Cost $7,088)			$	5,749

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   43

Schedule of Investments (Cont.)

Convertible Fund

September 30, 2002 (Unaudited)

	Shares		Value (000s)
COMMON STOCKS 0.0%
Healthcare 0.0%
Elan Corp. PLC SP—ADR (b)		1	$	0
Total Common Stocks (Cost $0)				0
PREFERRED SECURITY 2.3%
Golden State Bancorp.
9.125% due 12/31/2049		23,000		607
Total Preferred Security (Cost $596)				607
SHORT-TERM INSTRUMENTS 7.1%
	Principal Amount (000s)
Commercial Paper 6.1%
Svenska Handelsbank, Inc.
1.750% due 12/18/2002	$	500		498
UBS Finance, Inc.
1.970% due 10/01/2002		600		600
1.750% due 12/18/2002		500		498
				1,596
Repurchase Agreement 1.0%
State Street Bank
1.550% due 10/01/2002		269		269
(Dated 09/30/2002. Collateralized by Federal Home Loan Bank 2.000% due 10/08/2003 valued at $275. Repurchase proceeds are $269.)
Total Short-Term Instruments (Cost $1,865)				1,865
Total Investments 99.7% (Cost $28,936)			$	26,272
Other Assets and Liabilities (Net) 0.3%				69
Net Assets 100.0%			$	26,341

Notes to Schedule of Investments (amounts in thousands):

(a) Security is in default.

(b) Non-income producing security.

(c) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal       Amount       Covered by       Contract	Settlement    Month	Unrealized      Appreciation
Buy	EC	123	11/2002	$         1

(d) Principal amount denoted in indicated currency:

EC—Euro

44   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

Schedule of Investments

Emerging Markets Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
BERMUDA 0.0%
IMEXA Export Trust
10.125% due 05/31/2003	$	42	$	16
Total Bermuda (Cost $42)				16
BRAZIL 19.7%
Republic of Brazil
3.062% due 04/15/2006 (a)	$	16,506		10,874
11.500% due 03/12/2008		500		261
3.125% due 04/15/2009 (a)		3,853		1,926
11.000% due 01/11/2012		210		95
8.000% due 04/15/2014		22,074		10,790
3.062% due 04/15/2024 (a)		1,100		597
6.000% due 04/15/2024		1,250		712
8.875% due 04/15/2024 (b)		3,850		1,540
11.000% due 05/15/2027 (b)		5,900		2,404
12.250% due 03/06/2030 (b)		2,000		940
Republic of Brazil (BR)
14.500% due 10/15/2009		500		274
11.000% due 08/17/2040 (b)		9,600		4,166
Republic of Brazil (US)
14.500% due 10/15/2009		40		22
11.000% due 08/17/2040 (b)		37,794		16,724
Total Brazil (Cost $74,596)				51,325
BULGARIA 3.2%
Republic of Bulgaria
2.812% due 07/28/2011 (a)	$	6,829		6,009
2.687% due 07/28/2012 (a)		1,448		1,306
2.687% due 07/28/2024 (a)		1,050		945
Total Bulgaria (Cost $8,156)				8,260
CHILE 0.4%
Republic of Chile
5.625% due 07/23/2007	$	250		263
7.125% due 01/11/2012		740		807
Total Chile (Cost $1,022)				1,070
CROATIA 0.2%
Republic of Croatia
2.687% due 07/31/2010 (a)	$	640		635
Total Croatia (Cost $638)				635
ECUADOR 2.4%
Republic of Ecuador
12.000% due 11/15/2012	$	1,380		724
5.000% due 08/15/2030		5,200		1,924
6.000% due 08/15/2030 (b)		10,185		3,733
Total Ecuador (Cost $8,916)				6,381
MALAYSIA 4.9%
Republic of Malaysia
7.500% due 07/15/2011 (b)	$	10,990		12,745
Total Malaysia (Cost $11,598)				12,745
MEXICO 21.9%
Telefonos de Mexico S.A.
8.250% due 01/26/2006	$	1,000		1,046
United Mexican States
9.750% due 04/06/2005		250		279
8.500% due 02/01/2006		1,000		1,085
8.500% due 02/01/2006		500		548
9.875% due 02/01/2010		2,020		2,293
7.500% due 01/14/2012		2,790		2,828
8.125% due 12/30/2019 (b)		1,770		1,730
6.250% due 12/31/2019 (b)		9,675		9,361
8.000% due 09/24/2022		8,900		8,488
8.300% due 08/15/2031 (b)		14,450		14,053
United Mexican States (MX)
10.375% due 02/17/2009		585		679
8.375% due 01/14/2011 (b)		4,600		4,842
11.375% due 09/15/2016		1,450		1,787
11.500% due 05/15/2026 (b)		3,800		4,775
United Mexican States (US)
10.375% due 02/17/2009		250		291
8.375% due 01/14/2011 (b)		1,370		1,445
11.375% due 09/15/2016		1,030		1,269
11.500% due 05/15/2026 (b)		255		322
United Mexican States Value Recovery Right
0.000% due 06/30/2003 (a)		9,712		29
Total Mexico (Cost $57,111)				57,150
MOROCCO 0.7%
Kingdom of Morocco
2.750% due 01/05/2009 (a)	$	150		133
Morroco Restructured Tranche A
2.687% due 01/01/2009 (a)		2,080		1,841
Total Morocco (Cost $2,016)				1,974
NIGERIA 0.6%
Central Bank of Nigeria
6.250% due 11/15/2020	$	2,750		1,609
Central Bank of Nigeria—Warrant
0.000% due 11/15/2020 (a)		1		0
Total Nigeria (Cost $1,720)				1,609
PANAMA 5.0%
Republic of Panama
8.250% due 04/22/2008	$	890		857
9.375% due 07/23/2012		4,720		4,578
4.750% due 07/17/2014		5,480		4,439
2.625% due 07/17/2016 (a)		23		16
8.875% due 09/30/2027		30		28
9.375% due 04/01/2029		175		178
Republic of Panama (PA)
9.625% due 02/08/2011		250		247
Republic of Panama (US)
9.625% due 02/08/2011		2,620		2,600
Total Panama (Cost $13,180)				12,943
PERU 6.1%
Republic of Peru
9.125% due 02/21/2012	$	17,671		14,446
4.000% due 03/07/2017		1,969		1,179
4.500% due 03/07/2017		368		248
Total Peru (Cost $17,483)				15,873

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   45

Schedule of Investments (Cont.)

Emerging Markets Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
PHILIPPINES 0.2%
Republic of Philippines
6.500% due 12/01/2017	$	500	$	465
Total Philippines (Cost $402)				465
POLAND 1.0%
Republic of Poland
6.000% due 10/27/2014	$	1,534		1,540
3.750% due 10/27/2024 (b)		1,190		980
Total Poland (Cost $2,350)				2,520
QATAR 1.6%
State of Qatar (QA)
9.750% due 06/15/2030 (b)	$	1,930		2,388
State of Qatar (US)
9.750% due 06/15/2030		1,425		1,763
Total Qatar (Cost $3,789)				4,151
RUSSIA 22.9%
Republic of Ukraine
11.000% due 03/15/2007	$	2,016		2,104
Russian Federation
11.750% due 06/10/2003 (b)		1,380		1,452
8.750% due 07/24/2005		20		21
10.000% due 06/26/2007		1,200		1,299
8.250% due 03/31/2010		1,653		1,652
11.000% due 07/24/2018		1,950		2,124
12.750% due 06/24/2028 (b)		2,100		2,552
5.000% due 03/31/2030		68,471		48,440
Total Russia (Cost $56,545)				59,644
SOUTH AFRICA 0.6%
Republic of South Africa
7.375% due 04/25/2012	$	1,415		1,495
Total South Africa (Cost $1,400)				1,495
SOUTH KOREA 0.2%
Korea Deposit Insurance
2.500% due 12/11/2005	$	500		541
Total South Korea (Cost $526)				541
TUNISIA 1.6%
Banque Centrale De Tunisie
7.375% due 04/25/2012	$	4,090		4,080
Total Tunisia (Cost $4,040)				4,080
UNITED STATES 0.7%
Corporate Bonds & Notes 0.7%
Pemex Project Funding Master Trust
8.000% due 11/15/2011	$	1,750		1,761
Total United States (Cost $1,761)				1,761
VENEZUELA 0.0%
Republic of Venezuela Oil Linked Payment Obligation
0.000% due 04/15/2020 (a)	$	4		0
Total Venezuela (Cost $0)				0
SHORT-TERM INSTRUMENTS 55.2%
Commercial Paper 49.7%
Abbey National North America
1.750% due 12/12/2002		13,000		12,956
BP Amoco Capital PLC
1.970% due 10/01/2002		7,000		7,000
CBA (de) Finance
1.750% due 11/27/2002		11,000		10,970
Danske Corp.
1.750% due 10/15/2002		5,000		4,997
1.750% due 12/19/2002		6,500		6,489
Fannie Mae
1.710% due 11/20/2002		8,000		7,981
Federal Home Loan Bank
1.658% due 10/23/2002		13,000		12,987
1.700% due 10/30/2002		5,000		4,993
1.725% due 10/30/2002		5,800		5,792
1.695% due 11/01/2002		8,000		7,988
Freddie Mac
1.720% due 10/22/2002		8,000		7,992
HBOS Treasury Services PLC
1.770% due 11/20/2002		3,500		3,498
Pfizer, Inc.
1.730% due 10/28/2002		4,000		3,997
Rabobank Nederland NV
1.920% due 10/01/2002		7,000		7,000
TotalFinaElf SA
1.740% due 10/31/2002		13,000		12,981
UBS AG
1.970% due 10/01/2002		12,000		12,000
				129,621
Repurchase Agreement 2.4%
State Street Bank
1.550% due 10/01/2002		6,158		6,158
(Dated 09/30/2002. Collateralized by Federal Home Loan Bank 2.770% due 08/19/2004 valued at $6,285. Repurchase proceeds are $ 6,158)
U.S. Treasury Bills 3.1%
1.608% due 11/14/2002-11/29/2002 (g)		8,000		7,981
Total Short-Term Instruments (Cost $143,760)				143,760
Total Investments 149.1% (Cost $411,051)			$	388,398
Other Assets and Liabilities (Net) (49.1%)				(127,919	)
Net Assets 100.0%			$	260,479

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security, or a portion thereof, subject to financing transaction.

(c) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation
Buy	EC	2,800	11/2002	$	21

(d) Principal amount denoted in indicated currency:

EC—Euro

46   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

(e) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 9.050% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 8.000% due 04/15/2014.
Broker: Goldman Sachs Exp. 04/15/2014	$	2,000	$	(574	)
Receive a fixed rate equal to 1.160% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: J.P. Morgan Chase & Co. Exp. 12/17/2002		1,500		3
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 8.875% due 09/30/2027.
Broker: Credit Suisse First Boston Exp. 09/30/2027		2,500		1
Receive a fixed rate equal to 8.250% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 10.125% due 05/15/2027.
Broker: Credit Suisse First Boston Exp. 03/11/2009		14,000		(7,115	)
Receive a fixed rate equal to 1.250% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 8.000% due 04/15/2014.
Broker: J.P. Morgan Chase & Co. Exp. 10/23/2002		4,000		(126	)
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Credit Suisse First Boston Exp. 04/24/2003		2,500		(13	)
Receive a fixed rate equal to 1.900% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 4.500% due 03/07/2017.
Broker: J.P. Morgan Chase & Co. Exp. 05/01/2003		2,000		(30	)
Receive a fixed rate equal to 7.850% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 3.063% due 04/15/2006.
Broker: Goldman Sachs Exp. 05/09/2004		3,000		(1,162	)
Receive a fixed rate equal to 1.750% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: J.P. Morgan Chase & Co. Exp. 05/24/2003		5,000		(88	)
Receive a fixed rate equal to 1.200% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 2.750% due 07/17/2016.
Broker: J.P. Morgan Chase & Co. Exp. 05/24/2003		3,000		(13	)
Receive a fixed rate equal to 1.570% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Goldman Sachs Exp. 05/29/2003		1,500		(4	)
Receive a fixed rate equal to 1.820% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 11/30/2003		3,000		(27	)
Receive a fixed rate equal to 0.700% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 8.500% due 02/01/2006.
Broker: Merrill Lynch Exp. 11/08/2002		2,000		0
			$	(9,148	)

(f) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par	Value	Proceeds
Republic of Venezuela	2.875	12/18/2007	$13,357	$10,084	$10,437

(g) Securities are grouped by coupon or range of coupons and represent a range of maturities.

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   47

Schedule of Investments

Foreign Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
AUSTRALIA (h)(i) 1.1%
Commonwealth of Australia
10.000% due 10/15/2007 (a)	A$	750	$	495
Crusade Global Trust
2.230% due 02/15/2030 (b)	$	6,495		6,509
Homeside Mortgage Securities Trust
2.050% due 01/20/2027 (b)		1,558		1,557
Medallion Trust
2.210% due 07/12/2031 (b)		3,026		3,030
Torrens Trust
2.040% due 07/15/2031 (b)		1,499		1,500
Total Australia (Cost $13,041)				13,091
BELGIUM (h)(i) 1.7%
Kingdom of Belgium
9.000% due 03/28/2003	EC	5		5
6.750% due 11/21/2004	BF	183,200		4,819
6.250% due 03/28/2007	EC	1,400		1,526
7.500% due 07/29/2008		10,500		12,257
Total Belgium (Cost $18,463)				18,607
CANADA (h)(i) 0.3%
Commonwealth of Canada
5.250% due 09/01/2003	C$	640		412
5.500% due 06/01/2010		1,800		1,191
Newcourt Credit Group, Inc.
7.125% due 12/17/2003	$	2,000		2,048
Total Canada (Cost $3,689)				3,651
CAYMAN ISLANDS (h)(i) 1.0%
International Credit Recovery-Japan
0.495% due 08/25/2005 (b)	JY	36,539		299
MBNA Master Credit Card Trust
3.637% due 05/19/2004 (b)	EC	8,100		8,005
Redwood Capital II Ltd.
4.860% due 01/01/2004 (b)	$	2,500		2,490
SHL Corp. Ltd.
0.765% due 12/25/2024 (b)	JY	72,078		592
Total Cayman Islands (Cost $12,031)				11,386
DENMARK (h)(i) 0.7%
Nykredit
6.000% due 10/01/2029	DK	29,012		3,880
Unikredit Realkredit
6.000% due 07/01/2029		26,222		3,517
Total Denmark (Cost $6,121)				7,397
FRANCE (h)(i) 8.7%
Axa SA
3.750% due 01/01/2017	EC	828		727
France Telecom SA
0.466% due 06/19/2003 (b)	JY	700,000		5,580
1.022% due 07/16/2003 (b)		270,000		2,151
Republic of France
5.250% due 04/25/2008	EC	47,000		49,722
4.000% due 04/25/2009		8,250		8,161
4.000% due 10/25/2009		30,070		29,613
Total France (Cost $85,349)				95,954
GERMANY (h)(i) 43.6%
Commerzbank AG
3.852% due 10/25/2032 (b)	EC	6,200	$	6,150
Depfa Pfandbriefbank
4.750% due 07/15/2008		3,590		3,681
5.750% due 03/04/2009		3,560		3,833
Deutsche Telekom AG
1.673% due 03/10/2004 (b)	JY	200,000		1,625
DSL Bank AG
7.250% due 08/07/2007 (b)	BP	3,000		5,225
Eurohypo AG
3.500% due 07/03/2006	EC	7,000		6,897
Hypothekenbank in Essen AG
5.500% due 02/20/2007		1,690		1,779
Landesbank Baden-Wuerttemberg AG
5.500% due 04/02/2007		440		464
Landesbank NRW
4.750% due 09/28/2007		1,630		1,670
Landesbank Rheinland-Pfalz
4.750% due 04/04/2008		1,430		1,468
Republic of Germany
4.250% due 03/14/2003		7,370		7,320
6.500% due 10/14/2005 (a)		105,200		113,373
6.000% due 01/05/2006 (a)		38,400		41,004
5.000% due 02/17/2006		4,000		4,155
6.250% due 04/26/2006 (a)		35,400		38,255
4.500% due 08/18/2006 (a)(b)		28,800		29,529
4.125% due 07/04/2008 (a)(b)		1,950		1,962
4.500% due 07/04/2009 (a)(b)		5,785		5,894
5.250% due 07/04/2010 (a)		30,000		31,856
5.250% due 01/04/2011 (a)		23,300		24,719
6.250% due 01/04/2024 (a)		11,180		12,971
6.500% due 07/04/2027 (a)		75,260		90,850
5.625% due 01/04/2028 (a)		8,400		9,127
6.250% due 01/04/2030 (a)		19,700		23,372
5.500% due 01/04/2031 (a)		13,900		15,049
Total Germany (Cost $436,127)				482,228
GREECE (h)(i) 0.2%
Hellenic Republic
4.700% due 05/19/2003 (b)	EC	293		281
5.220% due 06/17/2003 (b)		315		316
5.240% due 10/23/2003 (b)		1,103		1,098
Total Greece (Cost $2,221)				1,695
IRELAND (h)(i) 0.3%
Emerald Mortgages PLC
3.573% due 04/30/2028 (b)	EC	3,777		3,732
Total Ireland (Cost $3,321)				3,732
ITALY (h)(i) 8.3%
First Italian Auto Transaction
3.720% due 07/01/2008 (b)	EC	10,030		9,860
Republic of Italy
7.750% due 11/01/2006 (a)		5,700		6,499
4.500% due 05/01/2009 (a)		69,210		70,127
5.250% due 08/01/2011		3,400		3,568
Siena Mortgage SpA
3.651% due 02/07/2037 (b)		1,500		1,483
Upgrade SpA
3.703% due 12/31/2035 (b)		1,000		988
Total Italy (Cost $81,260)				92,525

48   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
JAPAN (h)(i) 0.1%
Government of Japan
1.900% due 12/21/2009		JY110,000	$	979
Total Japan (Cost $966)				979
LUXEMBOURG (h)(i) 0.2%
Hellenic Finance
2.000% due 07/15/2003 (b)		EC 1,600		1,639
Tyco International Group SA
6.750% due 02/15/2011	$	8		7
Total Luxembourg (Cost $1,695)				1,646
MEXICO (h)(i) 0.5%
Bancomext Trust
8.000% due 08/05/2003	$	390		407
Petroleos Mexicanos
8.850% due 09/15/2007		1,040		1,123
9.375% due 12/02/2008		1,290		1,390
United Mexican States
10.375% due 01/29/2003		EC 2,575		1,323
4.000% due 03/11/2004		JY130,000		1,107
Total Mexico (Cost $5,351)				5,350
NETHERLANDS (h)(i) 1.3%
Deutsche Telekom International Finance BV
7.750% due 06/15/2005	$	1,700		1,825
Kingdom of Netherlands
6.000% due 01/15/2006		EC 12,000		12,790
Total Netherlands (Cost $13,613)				14,615
NEW ZEALAND (h)(i) 0.3%
Commonwealth of New Zealand
4.500% due 02/15/2016	N$	5,130		2,827
Total New Zealand (Cost $3,128)				2,827
PANAMA 0.2%
Republic of Panama
9.625% due 02/08/2011	$	1,600		1,582
9.375% due 07/23/2012		200		199
4.750% due 07/17/2014		889		720
Total Panama (Cost $2,639)				2,501
PERU 0.6%
Republic of Peru
9.125% due 02/21/2012	$	5,900		4,823
4.500% due 03/07/2017		2,058		1,389
Total Peru (Cost $7,316)				6,212
SPAIN (h)(i) 5.2%
Hipotebansa Mortgage Securitization Fund
3.566% due 01/18/2018 (b)		EC 3,346		3,313
3.576% due 07/18/2022 (b)		3,447		3,394
Kingdom of Spain
5.150% due 07/30/2009 (a)(b)		37,730		39,561
5.350% due 10/31/2011 (a)		11,100		11,722
Total Spain (Cost $55,155)				57,990
SUPRANATIONAL (h)(i) 1.5%
Eurofima
4.750% due 07/07/2004		SK 60,900	$	6,575
European Investment Bank
6.000% due 05/07/2003		BP 3,250		5,175
8.000% due 06/10/2003		3,250		5,254
Total Supranational (Cost $16,365)				17,004
SWEDEN (h)(i) 0.3%
Kingdom of Sweden
5.000% due 01/28/2009		SK 27,000		2,959
Total Sweden (Cost $2,668)				2,959
UNITED KINGDOM (h)(i) 9.2%
Abbey National Treasury Service PLC
5.250% due 01/21/2004		BP 2,670		4,262
Bauhaus Securities Ltd.
3.701% due 10/30/2052 (b)		EC 5,874		5,799
British Telecom PLC
3.121% due 12/15/2003 (b)	$	12,380		12,357
Core
2.081% due 03/17/2009 (b)		1,505		1,500
Haus Ltd.
3.612% due 12/14/2037 (b)		EC 8,789		8,703
Lloyds TSB Capital I
7.375% due 02/07/2049 (b)		500		554
Originated Mortgage Loans PLC
3.863% due 12/15/2031 (b)		597		592
United Kingdom Gilt
7.250% due 12/07/2007 (a)		BP 38,000		68,185
Total United Kingdom (Cost $99,743)				101,952
UNITED STATES (h)(i) 83.7%
Asset-Backed Securities 7.7%
Ace Securities Corp.
2.133% due 11/25/2028 (b)	$	109		109
AFC Home Equity Loan Trust
2.033% due 03/25/2027 (b)		393		392
AMRESCO Residential Securities Mortgage Loan Trust
2.280% due 06/25/2029 (b)		4,347		4,352
Asset-Backed Securities Home Equity Corp.
2.200% due 03/15/2032 (b)		1,788		1,789
Bayview Financial Acquisition Trust
2.203% due 11/25/2030 (b)		6,000		6,016
Bear Stearns Asset-Backed Securities, Inc.
2.140% due 10/25/2032 (b)		1,204		1,203
2.213% due 10/25/2032 (b)		1,400		1,399
CDC Mortgage Capital Trust
2.153% due 01/10/2032 (b)		7,386		7,354
2.103% due 08/25/2032 (b)		1,180		1,174
Conseco Finance Securitizations Corp.
2.193% due 10/15/2031 (b)(c)		374		372
CS First Boston Mortgage Securities Corp.
2.083% due 12/15/2030 (b)		5,059		5,054
2.163% due 08/25/2031 (b)		224		223
2.153% due 07/25/2032 (b)		2,553		2,546
2.263% due 10/25/2032 (b)		4,181		4,189
EQCC Home Equity Loan Trust
2.070% due 03/20/2030 (b)		215		214
First Alliance Mortgage Loan Trust
2.050% due 12/20/2027 (b)		108		108
GMAC Mortgage Corp. Loan Trust
6.998% due 11/25/2030 (b)		76		74
Irwin Home Equity Loan Trust
2.030% due 11/25/2011 (b)		33		33
Long Beach Auto Receivables Trust
3.114% due 03/13/2005 (b)		3,154		3,166

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   49

Schedule of Investments (Cont.)

Foreign Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Mesa Trust Asset Backed Certificates
2.113% due 11/25/2031 (b)	$	4,568	$	4,571
MLCC Mortgage Investors, Inc.
2.203% due 03/15/2025 (b)		2,447		2,445
Novastar Home Equity Loan
2.093% due 01/25/2031 (b)		1,387		1,381
Option One Mortgage Loan Trust
2.143% due 04/25/2030 (b)		109		108
Provident Bank Equipment Lease Trust
2.136% due 11/25/2011 (b)		676		678
Providian Gateway Master Trust
2.043% due 03/15/2007 (b)		13,300		13,309
Providian Home Equity Loan Trust
2.103% due 06/25/2025 (b)		1,580		1,583
Residential Asset Securities Corp.
2.063% due 07/25/2032 (b)		7,792		7,739
Residential Funding Mortgage Securities II, Inc.
2.003% due 08/25/2014 (b)		282		282
Salomon Brothers Mortgage Securities VII, Inc.
2.243% due 11/15/2029 (b)		609		609
2.153% due 12/25/2029 (b)		2,435		2,429
Washington Mutual Mortgage Securities Corp.
5.240% due 10/25/2032 (b)		9,981		10,207
				85,108
Convertible Bonds & Notes 0.2%
Verizon Global Funding Corp.
5.750% due 04/01/2003		2,200		2,214
Corporate Bonds & Notes 7.7%
Ahold Finance USA, Inc.
6.875% due 05/01/2029		2,200		2,106
AOL Time Warner, Inc.
5.625% due 05/01/2005		5,100		4,861
AT&T Corp.
5.360% due 11/21/2003 (b)	EC	10,600		10,030
CIT Group, Inc.
q2.310% due 04/07/2003 (b)	$	638		637
7.500% due 11/14/2003		1,400		1,454
Coastal Corp.
7.750% due 10/15/2035		700		442
Conoco Funding Co.
7.250% due 10/15/2031		400		476
Conoco, Inc.
2.710% due 04/15/2003 (b)		1,200		1,204
El Paso Corp.
7.125% due 05/06/2009	EC	3,500		2,819
Ford Motor Credit Co.
2.110% due 06/20/2003 (b)	$	5,200		5,084
1.000% due 12/22/2003	JY	107,000		864
5.750% due 02/23/2004	$	1,000		998
2.210% due 07/19/2004 (b)		2,800		2,650
3.726% due 10/25/2004 (b)		2,800		2,672
General Electric Capital Corp.
6.125% due 02/22/2011		2,500		2,719
General Electric Finance Assurance
1.600% due 06/20/2011	JY	520,000		4,180
General Motors Acceptance Corp.
1.910% due 02/14/2003 (b)	$	3,900		3,880
1.857% due 08/18/2003 (b)		4,790		4,716
2.210% due 07/21/2004 (b)		5,100		4,915
General Motors Corp.
1.250% due 12/20/2004	JY	208,000		1,688
J.P. Morgan & Co., Inc.
3.123% due 02/15/2012 (b)	$	4,670		4,717
Kinder Morgan, Inc.
6.450% due 03/01/2003		1,000		1,012
Limestone Electron Trust
8.625% due 03/15/2003		2,500		2,227
Merrill Lynch & Co., Inc.
2.070% due 05/21/2004 (b)		6,710		6,710
MGM Mirage, Inc.
6.950% due 02/01/2005		180		184
Morgan Stanley TRACERS
4.869% due 09/15/2011 (b)	$	256	$	278
Pfizer, Inc.
0.800% due 03/18/2008	JY	637,000		5,308
Protective Life Funding Trust
2.210% due 01/17/2003 (b)	$	1,200		1,201
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		8		4
Salomon Smith Barney Holdings, Inc.
1.962% due 02/11/2003 (b)		400		400
Sprint Capital Corp.
5.875% due 05/01/2004		690		597
Verizon Global Funding Corp.
5.750% due 04/01/2003		3,090		3,127
Verizon Wireless, Inc.
2.286% due 12/17/2003 (b)		500		479
WorldCom, Inc.—WorldCom Group
7.500% due 05/15/2011 (c)		8		1
				84,640
Mortgage-Backed Securities 30.0%
Amortizing Residential Collateral Trust
2.073% due 09/25/2030 (b)		491		490
Bank of America Mortgage Securities, Inc.
6.500% due 05/25/2029		266		282
Bear Stearns Adjustable Rate Mortgage Trust
6.999% due 02/25/2031 (b)		1,666		1,697
6.128% due 12/25/2031 (b)		2,058		2,112
6.258% due 01/25/2032 (b)		6,562		6,647
Chase Mortgage Finance Corp.
6.550% due 08/25/2028		457		458
Citicorp Mortgage Securities, Inc.
6.500% due 07/25/2028-03/25/2029 (b)		522		531
CS First Boston Mortgage Securities Corp.
2.360% due 08/25/2033 (b)		5,600		5,600
Fannie Mae
4.653% due 07/01/2021 (b)		180		185
6.345% due 11/01/2022 (b)		337		346
6.218% due 01/01/2023 (b)		390		402
5.231% due 08/01/2023 (b)		567		583
6.676% due 12/01/2030 (b)		1,178		1,232
6.000% due 10/15/2032 (b)		15,800		16,225
5.500% due 10/21/2017-11/14/2032 (b)(d)		79,000		79,654
Freddie Mac
5.125% due 01/15/2012	EC	1,700		1,738
9.050% due 06/15/2019	$	31		31
4.673% due 06/01/2022 (b)		855		879
5.821% due 08/01/2022 (b)		191		196
5.500% due 05/15/2012-11/14/2032 (d)		68,536		69,114
General Electric Capital Mortgage Services, Inc.
6.250% due 07/25/2029 (b)		500		514
Government National Mortgage Association
7.375% due 05/20/2022 (b)		27		28
6.625% due 11/20/2021-12/20/2025 (b)(d)		1,628		1,684
6.750% due 07/20/2022-08/20/2027 (b)(d)		4,474		4,613
5.375% due 05/20/2023-05/20/2028 (b)(d)		2,933		3,029
6.000% due 12/15/2028		82,000		84,870
4.250% due 04/20/2030-05/20/2030 (b)(d)		6,821		6,964
5.000% due 04/20/2030-05/20/2030 (b)(d)		2,679		2,752
6.500% due 10/23/2032 (b)		1,000		1,042
J.P. Morgan Chase Commercial Mortgage Finance Corp.
6.465% due 11/15/2035		10,100		11,375
Prudential Home Mortgage Securities
7.000% due 01/25/2008		3,198		3,194
6.800% due 05/25/2024		531		580
Residential Funding Mortgage Securities I
6.500% due 05/25/2029		1,452		1,477
1.000% due 09/25/2032		4,900		4,989
Residential Funding Mortgage Securities, Inc.
2.112% due 05/12/2032 (b)		4,455		4,462
Structured Asset Mortgage Investments, Inc.
6.523% due 06/25/2029 (b)		1,890		1,958

50   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Structured Asset Securities Corp.
2.113% due 10/25/2027 (b)	$	1,901	$	1,900
Washington Mutual Mortgage Securities Corp.
6.010% due 04/25/2031 (b)		900		915
Washington Mutual, Inc.
4.053% due 12/25/2040 (b)		1,564		1,585
Wells Fargo Mortgage-Backed Securities Trust
4.972% due 09/25/2032 (b)		5,900		5,986
				332,319
Municipal Bonds & Notes 0.1%
Chicago, Illinois Board of Education General Obligation Bonds, (FSA Insured), Series 2001
5.000% due 12/01/2031		300		307
Chicago, Illinois Water Revenue Bonds, (AMBAC Insured), Series 2001
5.000% due 11/01/2026		200		205
Louisville and Jefferson County, Kentucky Metro Sewer and Drain District Revenue Bonds, (MBIA Insured), Series 2001
5.000% due 05/15/2036		200		205
Maryland State Health and Education Facilities Authority Revenue Bonds, Series 2001
5.000% due 07/01/2041		300		307
				1,024
	Shares
Preferred Security 0.6%
DG Funding Trust
4.105% due 12/29/2049 (b)		640		6,592
	Principal Amount (000s)
U.S. Government Agencies 8.3%
Fannie Mae
4.250% due 10/25/2004	$	800		811
Federal Home Loan Bank
6.750% due 12/20/2004		600		607
6.250% due 02/14/2006		500		508
5.665% due 03/22/2006		3,200		3,516
5.660% due 04/26/2006		1,200		1,319
4.375% due 08/15/2007		8,500		8,627
Freddie Mac
4.500% due 04/15/2005		7,000		7,088
5.750% due 09/15/2010	EC	1,600		1,712
4.750% due 01/15/2013		5,360		5,298
Resolution Funding Corp.
0.000% due 10/15/2020	$	16,100		6,093
0.000% due 01/15/2021		29,000		10,828
Small Business Administration
6.640% due 02/01/2011		4,257		4,705
6.344% due 08/10/2011		5,903		6,425
5.980% due 11/01/2022		5,000		5,423
Tennessee Valley Authority
4.875% due 12/15/2016		16,050		17,258
5.880% due 04/01/2036		10,000		11,579
				91,797
U.S. Treasury Obligations 29.1%
Treasury Inflation Protected Securities (f)
3.625% due 01/15/2008		65,327		72,084
3.875% due 01/15/2009		2,416		2,717
3.625% due 04/15/2028		4,899		5,768
3.875% due 04/15/2029		3,615		4,449
U.S. Treasury Bonds
11.250% due 02/15/2015		24,400		41,329
8.125% due 08/15/2019		69,400		98,093
U.S. Treasury Notes
4.750% due 11/15/2008 (a)		52,000		56,155
5.500% due 05/15/2009 (a)		11,400		13,017
6.500% due 02/15/2010		23,500		28,367
				321,979
Total United States (Cost $ 891,356)				925,673
PURCHASED CALL OPTIONS 0.0%
U.S. Treasury Note November Futures (CBOT) Strike @ 127.000 Exp. 11/23/2002		15,000		2
U.S. Treasury Notes (OTC)
5.500% due 05/15/2009
Strike @ 126.000 Exp. 12/02/2002		150,000		0
Total Purchased Call Options (Cost $ 26)				2
PURCHASED PUT OPTIONS 0.0%
Euribor December Futures (OTC)
Strike @ 92.000 Exp. 12/03/2002	EC	101,000		0
Eurodollar December Futures (CME)
Strike @ 96.000 Exp. 12/16/2002	$	542,000		7
Fannie Mae (OTC)
5.500% due 12/12/2032
Strike @ 88.880 Exp. 12/05/2002		94,800		6
Government National Mortgage Association (OTC)
6.000% due 12/19/2032
Strike @ 91.910 Exp. 12/12/2002		83,000		6
Japanese Government Bond December Futures (OTC)
Strike @ 120.000 Exp. 12/03/2002	JY	17,320,000		6
Kingdom of Spain (OTC)
5.150% due 07/30/2009
Strike @ 89.500 Exp. 10/03/2002	EC	28,430		0
Republic of France (OTC)
5.250% due 04/25/2008
Strike @ 93.000 Exp. 10/03/2002		85,320		0
Republic of Germany (OTC)
4.500% due 08/18/2006
Strike @ 90.500 Exp. 10/03/2002		171,175		0
Republic of Germany (OTC)
6.000% due 12/31/2002
Strike @ 100.000 Exp. 10/03/2002		36,600		4
Republic of Germany (OTC)
6.000% due 01/05/2006
Strike @ 96.000 Exp. 10/03/2002		116,000		0
Republic of Germany (OTC)
6.000% due 07/04/2007
Strike @ 98.000 Exp. 12/03/2002		226,900		0
Republic of Germany (OTC)
6.250% due 04/26/2006
Strike @ 98.000 Exp. 10/03/2002		69,400		0
Republic of Italy (OTC)
4.500% due 05/01/2009
Strike @ 86.000 Exp. 10/03/2002		47,400		0
U.S. Treasury Note November Futures (CBOT)
Strike @ 94.000 Exp. 11/23/2002		216,300		34
Total Purchased Put Options (Cost $163)				63
SHORT-TERM INSTRUMENTS 12.0%
Commercial Paper 6.0%
Fannie Mae
1.860% due 10/01/2002	$	5,000		5,000
1.730% due 11/29/2002 (e)		255		254
Federal Home Loan Bank
1.658% due 10/23/2002		4,000		3,996
Freddie Mac
1.700% due 10/31/2002 (e)		275		275
HBOS Treasury Services PLC
1.770% due 11/20/2002		1,800		1,799

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   51

Schedule of Investments (Cont.)

Foreign Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Pfizer, Inc.
1.730% due 10/21/2002	$	14,500	$	14,486
1.720% due 10/22/2002		25,000		24,975
1.730% due 10/28/2002		14,500		14,481
Westpac Trust Securities NZ Ltd.
1.755% due 12/05/2002		1,300		1,299
				66,565
Repurchase Agreement 0.4%
State Street Bank
1.550% due 10/01/2002		3,790		3,790
(Dated 09/30/2002. Collateralized by Fannie Mae 2.430% due 08/20/2004 valued at $3,868. Repurchase proceeds are $3,790.)
U.S. Treasury Bills 5.6%
1.602% due 11/14/2002-11/29/2002 (d)(e)		61,985		61,829
Total Short-Term Instruments (Cost $132,184)				132,184
Total Investments 181.0% (Cost $1,893,991)			$	2,002,223
Written Options (g) (1.6%) (Premiums $7,712)				(17,399	)
Other Assets and Liabilities (Net) (79.4%)				(878,528	)
Net Assets 100.0%			$	1,106,296

Notes to Schedule of Investments (amounts in thousands):

(a) Security, or portion thereof, subject to financing transaction.

(b) Variable rate security. The rate listed is as of September 30, 2002.

(c) Security is in default.

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Securities with an aggregate market value of $16,225 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euro-Bobl 5 Year Note (12/2002)	2,329	$	4,577
EuroBond 10 Year Note (12/2002)	366		982
Euribor Options March Futures (03/2003)	25		0
Government of Japan 10 Year Note (12/2002)	193		(48	)
U.S. Treasury 2 Year Note (12/2002)	103		(160	)
U.S. Treasury 5 Year Note (12/2002)	36		64
U.S. Treasury 10 Year Note (12/2002)	1,553		5,547
U.S. Treasury 30 Year Bond (12/2002)	463		1,763
Eurodollar September Futures (09/2003)	284		426
		$	13,151

(f) Principal amount of security is adjusted for inflation.

(g) Premiums received on written options:

Type	# of Contracts	Premium		Value
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.970 Exp. 10/04/2004	700,000	$	23	$	64
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.970 Exp. 10/04/2004	700,000		31		18
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.175 Exp. 10/04/2004	84,000,000		2,493		4,963
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.130 Exp. 11/10/2003	2,100,000		32		135
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 6.000 Exp. 10/20/2003	18,800,000	$	874	$	2,183
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 6.000 Exp. 10/20/2003	18,800,000		874		322
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 6.130 Exp. 11/10/2003	2,100,000		89		35
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.650 Exp. 11/19/2003	30,700,000		1,042		2,862
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.500 Exp. 01/07/2005	51,200,000		1,130		3,545
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.480 Exp. 04/03/2006	10,000,000		297		852
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 7.000 Exp. 01/07/2005	2,500,000		60		43
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 4.375 Exp. 12/15/2006	2,900,000		38		79
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.300 Exp. 12/11/2002	4,300,000		69		348
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 3.500 Exp. 03/24/2003	49,240,000		384		253
Call—CBOT U.S. Treasury Note December Futures Strike @ 108.000 Exp. 11/23/2002	144		184		1,154
Call—CBOT U.S. Treasury Note December Futures Strike @ 111.000 Exp. 11/23/2002	104		92		543
		$	7,712	$	17,399

(h) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Sell	A$	1,115	10/2002	$	9
Buy		896	11/2002		(2	)
Buy	BP	1,615	10/2002		15
Sell		13,760	10/2002		(533	)
Buy	C$	4,115	10/2002		(107	)
Sell		5,775	10/2002		28
Sell	DK	62,831	12/2002		(122	)
Buy	EC	1,817	11/2002		18
Sell		316,112	11/2002		(2,011	)
Buy	H$	45,306	10/2002		(1	)
Buy	JY	747,435	12/2002		17
Sell		4,189,600	12/2002		894
Sell	N$	6,872	10/2002		0
Buy	SK	2,509	12/2002		5
Sell		90,622	12/2002		(163	)
				$	(1,953	)

(i) Principal amount denoted in indicated currency:

A$—Australian Dollar

BF—Belgian Franc

BP—British Pound

C$—Canadian Dollar

DK—Danish Krone

EC—Euro

H$—Hong Kong Dollar

JY—Japanese Yen

N$—New Zealand Dollar

SK—Swedish Krona

52   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

(j)  Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: Morgan Stanley Exp. 03/15/2032	EC	15,800	$	342
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Lehman Brothers, Inc. Exp. 12/15/2031		8,000		(459	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Morgan Stanley Exp. 12/15/2031		20,300		(1,508	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 6.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2031		4,000		(619	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032		49,500		1,009
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: CITIBANK N.A., London Exp. 06/17/2012		89,700		(4,626	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley Exp. 03/15/2031		14,100		(2,040	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2017		21,600		263
Receive a fixed rate equal to 5.500% and pay floating rate based on 6-month BP-LIBOR.
Broker: Morgan Stanley Exp. 03/15/2008	BP	5,500		389
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Morgan Stanley Exp. 03/15/2032		10,500		(448	)
Receive a fixed rate equal to 5.500% and pay floating rate based on 6-month BP-LIBOR.
Broker: Goldman Sachs Exp. 03/15/2008		6,100		433
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032	BP	28,600	$	(590	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2017		13,400		(104	)
Receive a fixed rate equal to 5.250% and pay floating rate based on 6-month BP-LIBOR.
Broker: Morgan Stanley Exp. 03/15/2004		3,900		146
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Morgan Stanley Exp. 03/15/2016		25,900		(403	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Lehman Brothers, Inc. Exp. 03/15/2016		30,200		(360	)
Receive a fixed rate equal to 6.949% and pay floating rate based on 6-month BP-LIBOR.
Broker: Merrill Lynch Exp. 08/06/2003		4,500		180
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.550%.
Broker: Goldman Sachs Exp. 03/16/2006	H$	86,600		(867	)
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.906%.
Broker: Goldman Sachs Exp. 07/11/2006		427,000		(5,494	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.660%.
Broker: UBS-Warburg Exp. 06/17/2007	JY	6,240,000		(755	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.020%.
Broker: Goldman Sachs Exp. 05/18/2010		1,776,000		(1,384	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.300%.
Broker: Goldman Sachs Exp. 09/21/2011		2,820,000		(626	)
Receive a fixed rate equal to 5.710% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs Exp. 07/11/2006		53,700		5,509

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   53

Schedule of Investments (Cont.)

Foreign Bond Fund

September 30, 2002 (Unaudited)

Receive a fixed rate equal to 5.440% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs Exp. 03/19/2006	$	11,100	$	917
Receive floating rate based on 1-month LIBOR less 0.250% and pay total return on Lehman Brothers Intermediate Government Bond Index.
Broker: Lehman Brothers, Inc. Exp. 10/01/2002		51,300		0
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2012		39,700		(119	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2022		138,700		(16,889	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: UBS-Warburg Exp. 12/18/2004		12,300		335
Receive a fixed rate equal to 3.000% and pay floating rate based on 3-month LIBOR.
Broker: Bank of America Exp. 06/18/2004		8,800		52
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Lehman Brothers, Inc. Exp. 12/18/2012		15,200		(70	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of Vodafone Group PLC 7.750% due 02/15/2010.
Broker: Lehman Brothers, Inc. Exp. 09/10/2003		6,700		(58	)
Receive a fixed rate equal to 1.160% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: J.P. Morgan Chase & Co. Exp. 12/17/2002		3,200		6
Receive a fixed rate equal to 1.080% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2006.
Broker: J.P. Morgan Chase & Co. Exp. 12/18/2002		2,400		4
Receive a fixed rate equal to 7.100% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 11.125% due 09/30/2004.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2004		5,400		(2,130	)
Pay a fixed rate equal to 3.600% and the Fund will receive from the counterparty at par in the event of default of Federative Republic of Brazil 11.125% due 09/30/2004.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2003		5,400		853
Receive a fixed rate equal to 1.080% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: J.P. Morgan Chase & Co. Exp. 12/18/2002		200		0
Receive a fixed rate equal to 1.550% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 2.750% due 07/17/2016.
Broker: J.P. Morgan Chase & Co. Exp. 03/21/2003		6,100		(5	)
Receive a fixed rate equal to 7.100% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 8.000% due 04/15/2014.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2004		400		(79	)
Pay a fixed rate equal to 3.600% and the Fund will receive from the counterparty at par in the event of default of Federative Republic of Brazil 8.000% due 04/15/2014.
Broker: J.P. Morgan Chase & Co. Exp. 02/14/2003		400		26
			$	(29,169	)

Type	Fixed Spread (%)	Notional Amount		Unrealized (Depreciation)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Morgan Stanley Exp. 11/15/2002	0.516	$	195,900	$	(2,220	)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Bank of America Exp. 11/15/2002	0.655		37,600		(261	)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Morgan Stanley Exp. 11/15/2002	0.560		103,700		(751	)
				$	(3,232	)

54   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

(k) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
Republic of Venezuela	2.875	12/18/2007	$	5,500	$	4,152	$	4,337
U.S. Treasury Notes	5.625	05/15/2008		33,200		37,947		36,937
U.S. Treasury Notes	4.750	11/15/2008		52,000		56,154		55,932
U.S. Treasury Notes	5.500	05/15/2009		174,000		198,686		193,214
U.S. Treasury Notes	5.000	08/15/2011		32,600		36,215		35,690
U.S. Treasury Notes	3.500	11/15/2006		47,900		49,951		49,428
U.S. Treasury Notes	4.875	02/15/2012		3,300		3,637		3,561
U.S. Treasury Notes	4.375	05/15/2007		83,200		89,827		87,881
U.S. Treasury Notes	6.000	08/15/2009		6,000		7,027		6,933
					$	483,596	$	473,913

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   55

Schedule of Investments

GNMA Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
U.S. GOVERNMENT AGENCIES 0.7%
Federal Farm Credit Bank
5.750% due 01/18/2011	$	1,000	$	1,118
Small Business Administration
7.449% due 08/01/2010		453		518
Total U.S. Government Agencies
(Cost $1,451)				1,636
U.S. TREASURY OBLIGATIONS 4.8%
U.S. Treasury Bonds
6.250% due 08/15/2023		9,500		11,332
Total U.S. Treasury Obligations
(Cost $10,464)				11,332
MORTGAGE-BACKED SECURITIES 109.1%
Collateralized Mortgage Obligations 26.8%
Bank of America Mortgage Securities, Inc.
5.820% due 10/20/2032 (a)		6,000		6,100
Bear Stearns Adjustable Rate Mortgage Trust
7.490% due 12/25/2030 (a)		272		274
CS First Boston Mortgage Securities Corp.
2.810% due 08/25/2031 (a)		700		700
2.478% due 03/25/2032 (a)		1,502		1,496
2.360% due 08/25/2033 (a)		2,000		2,000
Fannie Mae
6.000% due 11/18/2017		18		18
6.500% due 09/25/2023		55		55
2.160% due 02/25/2025 (a)		1,000		1,002
Freddie Mac
6.500% due 11/25/2023		142		143
General Electric Capital Mortgage Services, Inc.
6.750% due 06/25/2028		50		53
Government National Mortgage Association
7.500% due 01/16/2027		12,022		12,256
2.223% due 06/16/2027 (a)		9,608		9,626
7.300% due 09/20/2028		258		259
2.123% due 08/16/2031 (a)		635		637
2.023% due 02/16/2032 (a)		8,230		8,274
2.323% due 04/16/2032		3,986		3,997
2.073% due 08/16/2032 (a)		4,709		4,696
Salomon Brothers Mortgage Securities VII, Inc.
2.130% due 06/25/2032 (a)		934		932
Sequoia Mortgage Trust
2.160% due 05/20/2032 (a)		964		945
Structured Asset Mortgage Investments, Inc.
2.154% due 09/19/2032 (a)		1,498		1,498
Structured Asset Securities Corp.
2.110% due 10/25/2027 (a)		1,728		1,727
2.290% due 03/25/2031 (a)		309		311
2.100% due 02/25/2032 (a)		1,855		1,848
2.100% due 07/25/2032 (a)		1,458		1,452
2.470% due 08/25/2032 (a)		1,978		1,978
Washington Mutual Mortgage Securities Corp.
6.010% due 04/25/2031 (a)		1,385		1,408
				63,685
Fannie Mae 11.5%
2.865% due 07/01/2011 (a)		2,601		2,588
2.917% due 07/01/2011 (a)		6,221		6,198
5.500% due 10/21/2017-11/14/2032 (a)(b)		3,000		3,021
6.000% due 10/15/2032 (a)		7,000		7,188
6.500% due 10/15/2032 (a)		8,000		8,287
7.284% due 03/01/2018 (a)		30		31
9.000% due 07/01/2018		22		25
				27,338
Federal Housing Administration 0.2%
7.430% due 03/01/2022		48		49
8.137% due 09/01/2040		472		508
				557
Freddie Mac 2.6%
4.859% due 05/01/2019 (a)		32		33
5.105% due 06/01/2030 (a)		71		73
6.000% due 11/14/2032		4,000		4,100
7.193% due 05/01/2031		1,858		1,939
				6,145
Government National Mortgage Association 67.9%
5.375% due 05/20/2016-02/20/2026 (a)(b)		514		533
5.500% due 07/20/2029-05/20/2031 (a)(b)		4,012		4,117
6.000% due 12/15/2028-11/20/2032 (b)		36,000		37,204
6.500% due 10/20/2030-10/23/2032 (a)(b)		67,697		70,682
6.625% due 12/20/2017 (a)		53		55
6.750% due 07/20/2018-08/20/2025 (a)(b)		120		124
7.000% due 12/15/2029-10/23/2032 (b)		46,393		48,754
11.250% due 07/20/2015		112		131
				161,600
Stripped Mortgage-Backed Securities 0.1%
CS First Boston Mortgage Securities Corp. (IO)
7.000% due 08/25/2004		2,638		143
Fannie Mae (IO)
7.000% due 09/25/2021		666		9
Freddie Mac (IO)
6.225% due 07/15/2020 (a)		702		7
7.500% due 08/15/2029		639		88
				247
Total Mortgage-Backed Securities
(Cost $258,385)				259,572
ASSET-BACKED SECURITIES 8.7%
Ace Securities Corp.
2.150% due 06/25/2032 (a)		976		974
Advanta Business Card Master Trust
3.270% due 04/20/2008 (a)		100		101
Asset-Backed Securities Home Equity Corp.
2.243% due 03/15/2032 (a)		1,325		1,325
Centex Home Equity Loan Trust
2.140% due 01/25/2032 (a)		857		856
2.070% due 04/25/2032 (a)		1,831		1,825
Chase Funding Loan Acquisition Trust
2.050% due 04/25/2031 (a)		1,162		1,154
CIT Group Home Equity Loan Trust
2.080% due 06/25/2033 (a)		1,875		1,872
Conseco Finance
9.290% due 12/15/2029 (c)		500		530
Countrywide Asset-Backed Certificates
2.070% due 05/25/2032 (a)		1,444		1,438
CS First Boston Mortgage Securities Corp.
2.170% due 03/25/2032 (a)		1,155		1,150
2.000% due 06/25/2032 (a)		1,722		1,712
General Electric Capital Mortgage Services, Inc.
7.200% due 04/25/2029		284		303
Home Equity Asset Trust
2.110% due 11/25/2032 (a)		975		972
Household Mortgage Loan Trust
2.120% due 05/20/2032 (a)		926		926
Indymac Home Equity Loan Asset-Backed Trust
2.883% due 12/25/2031 (a)		200		198
Irwin Home Equity Loan Trust
2.100% due 06/25/2029 (a)		943		940
NPF XII, Inc.
2.540% due 10/01/2003 (a)(g)		300		300
Saxon Asset Securities Trust
2.070% due 11/25/2033 (a)		972		972
Sequoia Mortgage Trust
2.150% due 10/25/2024 (a)		2,189		2,170
WFS Financial Owner Trust
2.060% due 10/20/2008 (a)		1,000		1,001
Total Asset-Backed Securities
(Cost $20,718)				20,719

56   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
PURCHASED CALL OPTIONS 0.1%
Eurodollar March Futures (CME)
Strike @ 95.500 Exp. 03/17/2003	$	42,000	$	315
Total Purchased Call Options (Cost $ 59)				315
SHORT-TERM INSTRUMENTS 26.6%
Commercial Paper 25.3%
Abbey National North America
1.750% due 12/10/2002		3,200		3,189
BP America, Inc.
1.750% due 12/09/2002		5,500		5,481
BP Amoco Capital PLC
1.740% due 10/01/2002		2,500		2,497
Danske Corp.
1.750% due 12/19/2002		3,000		2,988
Fannie Mae
1.710% due 11/20/2002		500		499
Federal Home Loan Bank
1.658% due 10/23/2002		2,000		1,998
GlaxoSmithKline PLC
1.680% due 10/18/2002		3,500		3,493
1.760% due 11/13/2002		3,600		3,597
HBOS Treasury Services PLC
1.770% due 10/16/2002		4,600		4,597
1.780% due 10/28/2002		6,000		5,992
Svenska Handelsbank, Inc.
1.750% due 11/20/2002		8,000		7,986
TotalFinaElf SA
1.970% due 10/01/2002		1,400		1,400
1.750% due 11/20/2002		5,500		5,487
UBS Finance, Inc.
1.750% due 12/18/2002		11,000		10,958
				60,162
Repurchase Agreement 0.4%
State Street Bank
1.550% due 10/01/2002		1,000		1,000
(Dated 09/30/2002. Collateralized by Freddie Mac 3.250% due 12/15/2003 valued at $1,023. Repurchase proceeds are $1,000.)
U.S. Treasury Bills 0.9%
1.639% due 11/14/2002-11/29/2002 (b)(d)		2,030		2,026
Total Short-Term Instruments (Cost $ 63,188)				63,188
Total Investments 150.0% (Cost $ 354,265)			$	356,762
Other Assets and Liabilities (Net) (50.0%)				(118,888	)
Net Assets 100.0%			$	237,874

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(c) Security is in default.

(d) Securities with an aggregate market value of $778 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized (Depreciation)
Eurodollar March Futures (03/2003)	42	$	(202	)

(e) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2022	$	10,400	$	(1,064	)
Receive floating rate based on 3-month LIBOR and pay a fixed amount equal to $316.
Broker: Lehman Brothers, Inc. Exp. 07/01/2011		8,000		27
			$	(1,037	)

Type	Fixed Spread (%)	Notional Amount		Unrealized (Depreciation)
Receive a fixed spread and pay the 5-year Swap
Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Bank of America Exp. 11/15/2002	0.571	$	27,800	$	(243	)

(f) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
Fannie Mae	6.000	10/15/2032	$	6,000	$	6,161	$	6,139

(g) Subsequent to September 30, 2002, the issuer declared bankruptcy.

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   57

Schedule of Investments

High Yield Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 72.2%
Banking & Finance 8.5%
Arvin Capital
9.500% due 02/01/2027	$	14,500	$	14,656
Beaver Valley Funding Corp.
8.625% due 06/01/2007		15,323		15,761
9.000% due 06/01/2017		9,432		9,985
Bluewater Finance Ltd.
10.250% due 02/15/2012		21,770		20,573
Case Credit Corp.
6.125% due 02/15/2003		6,479		6,389
Cedar Brakes II, LLC.
9.875% due 09/01/2013		17,757		13,052
Choctaw Resort Development Enterprise
9.250% due 04/01/2009		5,575		5,798
Credit & Repackaged Securities Ltd.
11.100% due 12/19/2004		3,000		2,997
10.250% due 10/30/2006		10,150		10,954
8.500% due 11/09/2006		3,000		3,240
8.900% due 04/01/2007		5,000		5,000
Credit Links
9.400% due 06/14/2005		15,900		16,710
Deutsche Telekom International Finance BV
8.250% due 06/15/2030		11,750		12,892
Finova Group, Inc.
7.500% due 11/15/2009 (a)		42,225		13,090
Gemstone Investors Ltd.
7.710% due 10/31/2004		32,550		26,073
Golden State Holdings
7.000% due 08/01/2003		725		746
7.125% due 08/01/2005		24,797		27,038
JET Equipment Trust
10.000% due 06/15/2012		8,680		4,259
7.630% due 08/15/2012		2,820		1,735
MDP Acquisition PLC
9.625% due 10/01/2012		11,100		11,017
Morgan Stanley, Dean Witter & Co.
1.277% due 05/01/2012		5,992		5,394
Presidential Life Insurance Corp.
7.875% due 02/15/2009		7,451		8,049
Pride Credit Linked
8.850% due 04/02/2007		5,000		5,000
Qwest Capital Funding, Inc.
7.900% due 08/15/2010		6,930		3,153
7.250% due 02/15/2011		75,150		33,817
7.750% due 02/15/2031		5,730		2,321
Reliance Group Holdings, Inc.
9.000% due 11/15/2049 (a)		3,769		188
Rotech Healthcare, Inc.
9.500% due 04/01/2012		7,050		6,645
Steers Credit Backed Trust
7.464% due 05/27/2003 (b)		12,500		12,500
Ventas Capital Corp.
8.750% due 05/01/2009		14,150		14,574
				313,606
Industrials 49.9%
Allied Waste North America, Inc.
7.375% due 01/01/2004		1,850		1,841
8.875% due 04/01/2008		7,129		6,951
8.500% due 12/01/2008		26,920		25,709
7.875% due 01/01/2009		36,145		33,796
10.000% due 08/01/2009		15,420		14,263
American Airlines, Inc.
10.610% due 03/04/2010		650		647
American Cellular Corp.
9.500% due 10/15/2009		21,975		2,967
American Media Operation, Inc.
10.250% due 05/01/2009		16,294		16,946
AmeriGas Partners LP
10.000% due 04/15/2006		8,500		8,882
10.125% due 04/15/2007		3,562		3,651
8.830% due 04/19/2010		18,815		20,195
AM-FM, Inc.
8.125% due 12/15/2007		2,100		2,163
Amphenol Corp.
9.875% due 05/15/2007		5,174		5,420
AOL Time Warner, Inc.
6.125% due 04/15/2006		26,160		24,646
Arco Chemical Co.
9.375% due 12/15/2005		9,825		9,334
10.250% due 11/01/2010		6,000		5,505
Armkel LLC
9.500% due 08/15/2009		3,015		3,196
Avecia Group PLC
11.000% due 07/01/2009		21,075		20,337
Barrett Resources Corp.
7.550% due 02/01/2007		8,407		7,901
Beverly Enterprises, Inc.
9.000% due 02/15/2006		19,870		16,691
9.625% due 04/15/2009		12,400		10,416
British Sky Broadcasting Group PLC
6.875% due 02/23/2009		4,630		4,475
8.200% due 07/15/2009		13,999		14,231
BRL Universal Equipment
8.875% due 02/15/2008		5,150		5,279
Building Materials Corp.
7.750% due 07/15/2005		1,121		960
8.000% due 10/15/2007		1,007		822
8.000% due 12/01/2008		10,351		8,345
Cadmus Communications Corp.
9.750% due 06/01/2009		6,600		6,641
Canwest Media, Inc.
10.625% due 05/15/2011		13,075		13,696
Case Corp.
6.250% due 12/01/2003		16,660		16,166
Century Aluminum Co.
11.750% due 04/15/2008		7,425		7,165
CF Cable TV, Inc.
9.125% due 07/15/2007		7,549		7,991
Charter Communications Holdings LLC
8.250% due 04/01/2007		11,845		7,344
8.625% due 04/01/2009		6,409		3,974
10.000% due 04/01/2009		19,297		12,061
10.750% due 10/01/2009		10,560		6,706
9.625% due 11/15/2009		26,775		16,467
9.920% due 04/01/2011 (c)		10,250		4,817
Chesapeake Energy Corp.
9.000% due 08/15/2012		15,600		16,107
CMS Panhandle Holding Co.
6.500% due 07/15/2009		4,450		3,847
7.000% due 07/15/2029		3,415		2,555
Coastal Corp.
7.750% due 06/15/2010		3,500		2,489
9.625% due 05/15/2012		2,550		1,877
Community Health Systems, Inc.
10.000% due 03/13/2007		3,500		3,745
Compass Minerals Group, Inc.
10.000% due 08/15/2011		4,275		4,553
Continental Airlines, Inc.
7.033% due 06/15/2011		1,970		1,502
7.461% due 04/01/2015		3,507		3,293
7.373% due 12/15/2015		10,000		7,858
Continental Cablevision
9.500% due 08/01/2013		7,900		7,668
Crown Castle International Corp.
0.000% due 11/15/2007		4,615		3,161
10.750% due 08/01/2011		21,640		14,607
CSC Holdings, Inc.
8.125% due 07/15/2009		4,790		3,952
8.125% due 08/15/2009		4,275		3,527
7.625% due 04/01/2011		39,750		31,800
7.625% due 07/15/2018		16,900		12,928
DaVita, Inc.
4.780% due 04/30/2009		829		831
4.798% due 04/30/2009		14		14

58   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
4.812% due 04/30/2009	$	653	$	654
5.075% due 04/30/2009		829		831
5.160% due 04/30/2009		653		654
Delta Air Lines, Inc.
9.450% due 02/14/2006		200		185
9.300% due 01/02/2010		1,800		1,472
Dimon, Inc.
6.250% due 03/31/2007		29,531		25,157
9.625% due 10/15/2011		2,775		2,917
Dresser, Inc.
9.375% due 04/15/2011		30,945		30,171
Dunlop Stand Aerospace Holdings
11.875% due 05/15/2009		9,575		9,766
Dynegy Danskammer & Roseton LLC
7.670% due 11/08/2016		2,500		1,252
Echostar Communications Corp.
9.250% due 02/01/2006 (b)		21,577		20,822
9.375% due 02/01/2009 (b)		23,346		22,529
Equistar Chemical/Funding
10.125% due 09/01/2008		16,695		15,025
Equistar Chemicals LP
8.750% due 02/15/2009		9,050		7,748
Extended Stay America, Inc.
9.875% due 06/15/2011		17,150		16,635
Extendicare Health Services
9.350% due 12/15/2007		10,050		9,108
Extendicare Health Services, Inc.
9.500% due 07/01/2010		1,200		1,218
Fairpoint Communications, Inc.
6.358% due 05/01/2008 (b)		2,000		1,110
9.500% due 05/01/2008		5,912		3,281
12.500% due 05/01/2010		150		91
Ferrellgas Partners LP
6.990% due 08/01/2005		7,000		7,181
7.120% due 08/01/2008		5,000		5,243
7.240% due 08/01/2010		10,000		11,026
8.750% due 06/15/2012		17,040		17,466
Fisher Scientific International
9.000% due 02/01/2008		19,764		20,406
Flag Ltd.
8.250% due 01/30/2008 (a)		19,741		592
Foamex International, Inc.
10.750% due 04/01/2009 (d)		11,865		10,738
Fort James Corp.
6.700% due 11/15/2003		15,850		15,221
Fresenius Medical Care
7.875% due 06/15/2011		18,995		15,576
Gap, Inc.
5.625% due 05/01/2003		4,605		4,583
Garden State Newspapers
8.750% due 10/01/2009		12,365		12,272
8.625% due 07/01/2011 (b)		10,876		10,686
Georgia-Pacific Corp.
8.125% due 05/15/2011		5,150		4,301
9.875% due 11/01/2021		900		731
9.625% due 03/15/2022		5,000		4,009
9.500% due 05/15/2022		12,659		9,833
9.125% due 07/01/2022		5,710		4,350
8.250% due 03/01/2023		3,100		2,191
8.125% due 06/15/2023		11,600		7,907
8.875% due 05/15/2031		3,835		2,787
Giant Industries, Inc.
11.000% due 05/15/2012		7,825		5,517
Golden Northwest Aluminum
12.000% due 12/15/2006		950		366
Gray Television, Inc.
9.250% due 12/15/2011		15,170		15,549
Greif Bros. Corp.
8.875% due 08/01/2012		11,505		11,505
H&E Equipment Services LLC
11.125% due 06/15/2012		17,320		13,769
HEALTHSOUTH Corp.
8.500% due 02/01/2008		9,480		7,157
8.375% due 10/01/2011		19,600		14,406
Hercules, Inc.
11.125% due 11/15/2007		11,625		12,729
HMH Properties, Inc.
7.875% due 08/01/2005		4,110		3,987
Hollinger International Publishing
9.250% due 02/01/2006		15,725		15,961
9.250% due 03/15/2007		7,835		7,992
Hollinger Participation Trust
12.125% due 11/15/2010 (e)		16,364		14,319
Host Marriott LP
8.375% due 02/15/2006 (b)		12,712		12,331
9.500% due 01/15/2007		19,885		19,935
9.250% due 10/01/2007		4,710		4,686
Ingles Markets, Inc.
8.875% due 12/01/2011		12,075		11,049
Insight Midwest/Insight Capital
9.750% due 10/01/2009		1,000		885
10.500% due 11/01/2010		19,586		17,529
SP Chemco, Inc.
10.250% due 07/01/2011		24,105		24,105
ISP Holdings, Inc.
10.625% due 12/15/2009		10,854		9,823
Johnsondiversey, Inc.
9.625% due 05/15/2012		9,195		9,218
Jupiters Ltd.
8.500% due 03/01/2006		12,725		12,852
Kmart Corp.
12.350% due 01/01/2008 (d)		3,435		958
Leviathan Gas Corp.
10.375% due 06/01/2009		6,548		6,712
Limestone Electron Trust
8.625% due 03/15/2003		14,925		13,295
Lyondell Chemical Co.
9.625% due 05/01/2007 (b)		10,774		9,993
9.500% due 12/15/2008		6,100		5,536
11.125% due 07/15/2012		5,600		5,404
Lyondell Petroleum
6.280% due 06/30/2006		147		147
Mail-Well Corp.
9.625% due 03/15/2012		17,535		12,187
Mandalay Resort Group
6.750% due 07/15/2003		18,232		18,414
7.625% due 07/15/2013		680		639
6.700% due 11/15/2096		3,450		3,463
Marsh Supermarkets, Inc.
8.875% due 08/01/2007		6,616		6,285
Mediacom Broadband LLC
11.000% due 07/15/2013		25,015		23,139
Midwest Generation LLC
8.300% due 07/02/2009		1,750		1,275
8.560% due 01/02/2016		7,600		5,478
Newpark Resources, Inc.
8.625% due 12/15/2007		10,645		10,006
NMHG Holding Co.
10.000% due 05/15/2009		2,382		2,418
OM Group, Inc.
9.250% due 12/15/2011		13,395		13,261
PacifiCare Health Systems, Inc.
10.750% due 06/01/2009		20,770		20,614
PanAmSat Corp.
8.500% due 02/01/2012		51,633		41,565
Park Place Entertainment Corp.
8.875% due 09/15/2008		8,855		9,320
Premcor USA, Inc.
4.687% due 11/15/2004		2,000		1,790
Pride International, Inc.
9.375% due 05/01/2007		17,446		18,318
PSS World Medical, Inc.
8.500% due 10/01/2007		17,075		16,819

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   59

Schedule of Investments (Cont.)

High Yield Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Quebecor Media, Inc.
11.125% due 07/15/2011	$	36,234	$	29,168
Qwest Corp.
6.375% due 10/15/2002		250		250
4.370% due 05/03/2003		9,889		8,999
7.625% due 06/09/2003		7,950		7,672
7.200% due 11/01/2004		7,150		6,542
7.250% due 11/01/2008 (b)		4,170		1,647
7.500% due 11/01/2008		3,900		1,541
8.875% due 03/15/2012		21,710		18,996
6.875% due 09/15/2033		1,100		753
R.H. Donnelley, Inc.
9.125% due 06/01/2008		1,525		1,609
Racers
8.375% due 10/01/2007		19,631		15,650
Renaissance Media Group
8.375% due 04/15/2008		15,960		13,327
Riggs Capital Trust
8.625% due 12/31/2026		12,250		10,503
Rogers Cablesystems, Inc.
10.000% due 03/15/2005		4,000		4,000
10.000% due 12/01/2007		2,250		2,250
Rogers Cantel, Inc.
8.300% due 10/01/2007		4,324		3,113
8.800% due 10/01/2007 (b)		2,555		1,392
9.375% due 06/01/2008		31,599		23,225
Rural Cellular Corp.
9.625% due 05/15/2008		12,408		6,638
Safety-Kleen Corp.
9.250% due 06/01/2008 (a)		22,459		449
9.250% due 05/15/2009 (a)		11,042		442
SC International Services, Inc.
9.250% due 09/01/2007		15,230		10,356
Service Corp. International
7.200% due 06/01/2006		3,720		3,181
6.875% due 10/01/2007		12,585		10,446
Sinclair Broadcast Group, Inc.
9.000% due 07/15/2007		1,597		1,653
8.750% due 12/15/2011		10,635		11,034
Sonat, Inc.
7.625% due 07/15/2011		6,852		4,496
Station Casinos, Inc.
9.750% due 04/15/2007		3,853		4,018
Stone Container Corp.
11.500% due 08/15/2006 (d)		1,000		1,053
Telecorp PCS, Inc.
10.625% due 07/15/2010		5,061		4,479
TELUS Corp.
7.500% due 06/01/2007		21,260		17,433
Time Warner Entertainment Co. L.P.
7.975% due 08/15/2004		250		248
Time Warner Telecom, Inc.
10.125% due 02/01/2011		5,975		2,539
Time Warner, Inc.
8.110% due 08/15/2006		15,860		15,296
9.750% due 07/15/2008		6,515		2,834
9.125% due 01/15/2013		8,245		8,144
Tritel PCS, Inc.
12.750% due 05/15/2009 (c)		13,399		9,982
10.375% due 01/15/2011		23,036		20,157
Turner Broadcasting System, Inc.
7.400% due 02/01/2004		4,700		4,642
Tyco International Group SA
6.250% due 06/15/2003		25,169		23,915
U.S. Airways, Inc.
9.625% due 09/01/2003		18,718		10,819
9.330% due 01/01/2006		3,244		1,856
United Air Lines, Inc.
2.120% due 12/02/2002 (b)		2,560		2,310
6.201% due 09/01/2008		2,300		1,904
9.410% due 06/15/2010		1,195		574
7.730% due 07/01/2010		27,485		23,021
7.186% due 04/01/2011		3,779		3,166
6.602% due 09/01/2013		6,300		5,088
7.783% due 01/01/2014		846		709
8.360% due 01/20/2019		1,935		1,716
Vintage Petroleum, Inc.
9.000% due 12/15/2005		7,403		7,588
8.625% due 02/01/2009 (b)		5,200		5,122
7.875% due 05/15/2011		7,250		6,924
8.250% due 05/01/2012		25,800		26,445
VoiceStream Wireless Corp.
10.375% due 11/15/2009		7,394		7,615
Williams Communications Group, Inc.
10.700% due 10/01/2007 (a)		3,493		367
10.875% due 10/01/2009 (a)		2,292		241
Williams Cos., Inc.
9.250% due 03/15/2004		57,945		44,328
7.625% due 07/15/2019		4,910		2,725
7.875% due 09/01/2021		25,075		14,167
7.500% due 01/15/2031		7,725		4,210
7.750% due 06/15/2031		9,740		5,308
8.750% due 03/15/2032		2,000		1,170
Young Broadcasting, Inc.
9.000% due 01/15/2006		12,786		11,955
8.750% due 06/15/2007		4,320		3,910
8.500% due 12/15/2008		2,950		2,972
10.000% due 03/01/2011		9,018		8,161
				1,853,785
Utilities 13.8%
AES Corp.
8.750% due 12/15/2002		3,000		2,775
9.500% due 06/01/2009		15,694		8,239
9.375% due 09/15/2010		10,545		5,536
8.875% due 02/15/2011		2,425		1,249
AT&T Canada, Inc.
0.000% due 06/15/2008 (a)(c)		22,094		2,541
10.625% due 11/01/2008 (b)		4,572		572
AT&T Corp.
1.000% due 11/15/2031		13,325		12,365
AT&T Wireless Services, Inc.
8.125% due 05/01/2012		16,375		12,632
Calpine Corp.
7.625% due 04/15/2006		6,225		2,708
8.750% due 07/15/2007		24,241		10,545
7.875% due 04/01/2008		9,898		4,058
8.500% due 05/01/2008		14,650		6,080
8.625% due 08/15/2010		6,010		2,434
Chesapeake Energy Corp.
8.375% due 11/01/2008		2,900		2,933
CMS Energy Corp.
8.375% due 07/01/2003		4,000		3,401
6.750% due 01/15/2004		2,755		2,260
7.000% due 01/15/2005		8,827		6,889
8.900% due 07/15/2008		8,600		6,716
7.500% due 01/15/2009		12,325		9,442
8.500% due 04/15/2011		4,175		3,199
Dynegy Holdings, Inc.
6.875% due 04/01/2011		8,990		2,652
8.750% due 02/15/2012		14,400		4,536
Edison International, Inc.
6.875% due 09/15/2004		730		639
Edison Mission Energy
10.000% due 08/15/2008		5,925		2,755
9.875% due 04/15/2011		7,225		3,287
El Paso Corp.
6.750% due 05/15/2009		3,400		2,213
7.000% due 05/15/2011		2,900		1,917
7.875% due 06/15/2012		24,550		16,724
7.800% due 08/01/2031		1,500		947
7.750% due 01/15/2032		26,150		16,777
El Paso Energy Partners
8.500% due 06/01/2011		12,900		12,320
8.500% due 06/01/2011		5,584		5,333
El Paso Natural Gas Co.
8.625% due 01/15/2022		7,000		5,981

60   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
France Telecom SA
7.750% due 03/01/2011	$	34,590	$	37,800
8.500% due 03/01/2031		15,660		17,370
Hanover Equipment Trust
8.500% due 09/01/2008		14,475		13,534
IPALCO Enterprises, Inc.
7.375% due 11/14/2008		1,300		1,177
7.625% due 11/14/2011		13,525		11,683
Niagara Mohawk Power Co.
8.500% due 07/01/2010 (c)		7,900		8,305
Pinnacle Partners
8.830% due 08/15/2004		17,460		16,590
PSEG Energy Holdings, Inc.
10.000% due 10/01/2009		14,330		11,623
8.500% due 06/15/2011		13,925		10,740
Rocky River Realty
8.810% due 04/14/2007		2,240		2,607
Rogers Communication, Inc.
9.125% due 01/15/2006		4,010		3,469
8.875% due 07/15/2007		3,335		2,718
Rural Cellular Corp.
9.750% due 01/15/2010		2,945		1,576
SESI, LLC
8.875% due 05/15/2011		16,109		16,310
South Point Energy
8.400% due 05/30/2012		29,899		20,032
Southern California Edsion Co.
4.812% due 03/01/2005		3,000		2,994
Sprint Capital Corp.
6.125% due 11/15/2008		11,300		7,509
6.375% due 05/01/2009		1,000		665
7.625% due 01/30/2011		31,700		21,442
8.375% due 03/15/2012		22,645		15,850
6.900% due 05/01/2019		12,300		7,206
6.875% due 11/15/2028		35,290		20,382
8.750% due 03/15/2032		38,500		25,830
TeleCorp PCS, Inc.
1.000% due 04/15/2009 (c)		9,444		6,941
Tesoro Petroleum Corp.
9.625% due 04/01/2012		28,070		15,860
TSI Telecommunication Services, Inc.
12.750% due 02/01/2009		11,050		9,448
US Unwired, Inc.
1.000% due 11/01/2009 (c)		7,190		395
Williams Cos., Inc.
7.375% due 11/15/2006		3,600		3,258
Wilmington Trust Co.—Tucson Electric
10.210% due 01/01/2009 (d)		500		500
10.732% due 01/01/2013 (d)		7,490		7,225
WorldCom, Inc.—WorldCom Group
7.750% due 04/01/2007 (a)		10,000		1,250
7.500% due 05/15/2011 (a)		8,000		1,000
6.950% due 08/15/2028 (a)		12,700		1,588
8.250% due 05/15/2031 (a)		43,450		5,431
				512,963
Total Corporate Bonds & Notes (Cost $ 3,207,267)				2,680,354
MUNICIPAL BONDS & NOTES 0.3%
California 0.3%
Los Angeles, California Community Redevelopment
Agency Revenue Bonds, Series 2002
8.250% due 09/01/2007		855		913
9.000% due 09/01/2012		725		794
9.750% due 09/01/2017		1,160		1,280
9.750% due 09/01/2022		1,375		1,503
9.750% due 09/01/2027		2,170		2,379
9.750% due 09/01/2032		3,480		3,827
Total Municipal Bonds & Notes (Cost $ 9,929)				10,696
MORTGAGE-BACKED SECURITIES 0.2%
Collateralized Mortgage Obligations 0.1%
Red Mountain Funding Corp.
9.150% due 11/28/2027		4,517		3,287
Stripped Mortgage-Backed Securities 0.1%
Airtrust (PO)
0.990% due 06/01/2013		10,954		3,629
Total Mortgage-Backed Securities (Cost $ 8,813)				6,916
ASSET-BACKED SECURITIES 1.6%
American Cellular
4.360% due 03/31/2007 (b)		4,675		3,025
Centennial Cellular
4.760% due 05/31/2007 (b)		3,341		2,306
4.820% due 05/31/2007 (b)		1,027		706
5.070% due 11/30/2007 (b)		184		126
5.050% due 01/04/2008 (b)		918		630
5.060% due 01/04/2008 (b)		918		630
5.070% due 01/04/2008 (b)		918		630
Centennial Puerto Rico
4.740% due 05/31/2007		752		517
4.820% due 05/31/2007 (b)		126		87
5.070% due 01/04/2008 (b)		1,038		713
Charter Commercial Holdings LLC
4.610% due 03/31/2008 (b)		11,949		10,486
Hercules Revolver
1.000% due 10/15/2003		59		59
Huntsman Corp.
9.571% due 06/30/2005		102		87
Insight Midwest
4.562% due 12/15/2009 (b)		9,500		9,099
Island Inland Co.
9.508% due 07/09/2003		3,000		2,992
Lyondell Petroleum
6.250% due 06/30/2006		29		28
Mission Energy
9.360% due 07/25/2006 (b)		6,500		2,356
Nextel Communications, Inc.
4.812% due 03/31/2008 (b)		9,169		7,745
Nextel Partners, Inc.
5.187% due 06/30/2008 (b)		5,000		4,310
5.437% due 12/31/2008 (b)		5,000		4,310
Rural Cellular Corp.
5.040% due 04/03/2009 (b)		3,001		2,411
5.290% due 04/03/2009 (b)		3,001		2,411
Stone Container Corp.
4.375% due 06/30/2009 (b)		5,000		4,983
Total Asset-Backed Securities (Cost $ 70,504)				60,647
SOVEREIGN ISSUES 4.8%
Republic of Brazil
3.062% due 04/15/2006 (b)		43,808		28,861
7.375% due 04/15/2006 (b)		38,080		25,087
11.500% due 03/12/2008		10,000		5,225
11.000% due 01/11/2012		17,100		7,738
8.000% due 04/15/2014		38,420		18,780
11.000% due 08/17/2040		10,525		4,657
Republic of Panama
8.250% due 04/22/2008		2,000		1,925
9.625% due 02/08/2011		8,000		7,940
9.375% due 07/23/2012		6,000		5,829
4.750% due 07/17/2014		3,333		2,700
1.000% due 07/17/2016 (b)		5,727		3,923
10.750% due 05/15/2020		3,250		3,274
Republic of Peru
9.125% due 02/21/2012		22,400		18,312

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   61

Schedule of Investments (Cont.)

High Yield Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Republic of Peru—Regs
9.125% due 02/21/2012	$	6,700	$	5,477
Russian Federation
8.250% due 03/31/2010		3,400		3,397
11.000% due 07/24/2018		5,000		5,445
5.000% due 03/31/2030		20,500		14,504
United Mexican States
6.250% due 12/31/2019		9,800		9,481
8.000% due 09/24/2022		7,950		7,582
Total Sovereign Issues (Cost $226,004)				180,137
FOREIGN CURRENCY-DENOMINATED ISSUES (i)(j) 1.5%
Fort James Corp.
4.750% due 06/29/2004	EC	5,700		4,805
Fresenius Medical Care
7.375% due 06/15/2011		6,000		4,401
Johnsondiversey, Inc.
9.625% due 05/15/2012		2,500		2,487
Kronos International, Inc.
8.875% due 06/30/2009		7,865		7,476
MDP Acquisition PLC
10.125% due 10/01/2012		22,600		22,335
Remy Cointreau S.A.
10.000% due 07/30/2005		4,900		5,116
Tyco International Group SA
4.375% due 11/19/2004		12,000		10,204
Total Foreign Currency-Denominated Issues (Cost $56,537)				56,824
PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 92.750 Exp. 12/16/2002	$	30,857,000		193
Total Purchased Put Options (Cost $327)				193
CONVERTIBLE BONDS & NOTES 4.9%
Banking & Finance 0.7%
Verizon Global Funding Corp.
4.250% due 09/15/2005		25,000		25,375
Healthcare 0.7%
HEALTHSOUTH Corp.
3.250% due 04/01/2003		5,300		4,883
Total Renal Care Holdings
7.000% due 05/15/2009		20,953		20,534
				25,417
Industrials 3.2%
Clear Channel Communications, Inc.
1.500% due 12/01/2002		1,800		1,791
Elan Finance Corp. Ltd.
0.000% due 12/14/2018		26,850		8,122
Jacor Communications, Inc.
0.000% due 02/09/2018		25,000		12,000
Mail-Well, Inc.
5.000% due 11/01/2002		18,950		18,500
Pride International, Inc.
0.000% due 04/24/2018		36,200		17,466
Roundy’s, Inc.
8.875% due 06/15/2012		13,998		13,718
Tyco International Group SA
0.000% due 02/12/2021		62,150		45,525
				117,122
Technology 0.1%
Solectron Corp.
0.000% due 05/08/2020		9,599		5,603
Utilities 0.2%
Rogers Communication, Inc.
2.000% due 11/26/2005		10,500		7,337
Total Convertible Bonds & Notes (Cost $183,491)				180,854
PREFERRED STOCK 1.1%
	Shares
CSC Holdings, Inc.
11.125% due 04/01/2008		179,322		11,791
Fresenius Medical Care
7.780% due 02/01/2008		34,345		28,678
Total Preferred Stock (Cost $53,106)				40,469
SHORT-TERM INSTRUMENTS 12.9%
	Principal Amount (000s)
Commercial Paper 11.1%
Abbey National North America
1.760% due 12/10/2002	$	3,700		3,696
Federal Home Loan Bank
1.680% due 10/28/2002		2,500		2,497
Freddie Mac
1.710% due 10/31/2002		40,000		39,943
HBOS Treasury Services PLC
1.740% due 10/23/2002		17,100		17,082
1.735% due 10/24/2002		14,475		14,459
1.735% due 10/29/2002		14,475		14,455
1.735% due 10/30/2002		14,475		14,455
1.735% due 10/31/2002		14,475		14,454
Pfizer, Inc.
1.730% due 10/21/2002		25,000		24,976
1.720% due 10/22/2002		50,000		49,950
1.720% due 10/23/2002		50,000		49,947
1.730% due 10/28/2002		25,000		24,968
Svenska Handelsbank, Inc.
1.750% due 12/18/2002		10,000		9,962
TotalFinaElf SA
1.740% due 10/31/2002		110,000		109,840
UBS Finance, Inc.
1.750% due 12/18/2002		20,000		19,958
Westpac Banking Corp.
1.755% due 10/22/2002		3,000		2,997
				413,639
Repurchase Agreements 0.8%
Lehman Brothers, Inc.
1.375% due 10/01/2002		5,740		6,038
(Dated 09/30/2002. Collaterized by XTO Energy, Inc. 7.500% due 04/15/2012 valued at $7,385. Repurchase proceeds are $7,280.)
State Street Bank
1.550% due 10/01/2002		16,945		16,945
(Dated 09/30/2002. Collateralized by Federal Home Loan Bank 2.000% due 09/19/2003 valued at $17,286. Repurchase proceeds are $16,946.)
UBS - Warburg
1.400% due 10/01/2002		5,740		6,038
(Dated 09/30/2002. Collateralized by Tembec Industries, Inc. 8.500% due 02/05/2011 valued at $4,200. Repurchase proceeds are $4,200.)				29,021

62   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
U.S. Treasury Bills 1.0%
1.591% due 11/14/2002-11/29/2002 (f)	$	37,890	$	37,806
Total Short-Term Instruments (Cost $479,869)				480,466
Total Investments 99.5% (Cost $4,295,847)			$	3,697,556
Written Options (g) (0.4%) (Premiums $16,419)				(13,517	)
Other Assets and Liabilities (Net) 0.8%				30,936
Net Assets 100.0%			$	3,714,975

Notes to Schedule of Investments (amounts in thousands):

(a) Security is in default.

(b) Variable rate security. The rate listed is as of September 30, 2002.

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

(d) Restricted security.

(e) Payment in-kind bond security.

(f) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(g) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 7.000 Exp. 01/07/2005	117,800,000	$	2,462	$	2,009
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.500 Exp. 01/07/2005	76,500,000		1,581		5,297
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.000 Exp. 01/07/2005	117,800,000		2,780		6,018
Put—CME Eurodollar December Futures Strike @ 96.500 Exp. 12/16/2002	30,857		9,596		193
		$	16,419	$	13,517

(h) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized (Depreciation)
Sell	EC	62,598	11/2002	$(448)

(i) Principal amount denoted in indicated currency:

EC—Euro

(j) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
Republic of Venezuela	2.875	12/18/2007	$	98,343	$	74,249	$	76,833
Tembec Industries, Inc.	8.500	02/01/2011		4,200		4,200		4,253
XTO Energy, Inc.	7.500	04/15/2012		7,000		7,385		7,185
					$	85,834	$	88,271

(k) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 7.000% and the Fund will pay to the counterparty at par in the event of default of Williams Cos., Inc. 7.125% due 09/01/2011.
Broker: Goldman Sachs Exp. 12/01/2002	$	7,000	$	1
Receive a fixed rate equal to 6.000% and the Fund will pay to the counterparty at par in the event of default of Sprint Corp. 6.375% due 05/01/2009.
Broker: Morgan Stanley Exp. 12/15/2002		10,000		(87	)
Receive a fixed rate equal to 3.600% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 8.750% due 02/15/2012.
Broker: J.P. Morgan Chase & Co. Exp. 03/12/2007		5,000		(2,887	)
Receive a fixed rate equal to 3.500% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 6.875% due 04/01/2011.
Broker: Goldman Sachs Exp. 03/12/2007		5,000		(3,345	)
Receive a fixed rate equal to 1.750% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: J.P. Morgan Chase & Co. Exp. 05/24/2003		5,000		(88	)
Receive a fixed rate equal to 1.200% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 2.750% due 07/17/2016.
Broker: J.P. Morgan Chase & Co. Exp. 05/24/2003		7,000		(29	)
Receive a fixed rate equal to 3.000% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 6.875% due 04/01/2011.
Broker: Merrill Lynch Exp. 05/15/2003		8,000		(3,660	)
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 4.500% due 03/07/2017.
Broker: J.P. Morgan Chase & Co. Exp. 05/28/2003		10,000		(197	)
Receive a fixed rate equal to 0.900% and the Fund will pay to the counterparty at par in the event of default of Republic of Bulgaria 2.688% due 07/28/2011.
Broker: J.P. Morgan Chase & Co. Exp. 05/28/2003		7,000		(20	)

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   63

Schedule of Investments (Cont.)

High Yield Fund

September 30, 2002 (Unaudited)

Receive a fixed rate equal to 1.570% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Goldman Sachs Exp. 05/29/2003	$	7,000	$	(19	)
Receive a fixed rate equal to 1.820% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 11/30/2003		9,000		(81	)
Receive a fixed rate equal to 2.100% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Goldman Sachs Exp. 11/30/2003		7,000		(112	)
Receive a fixed rate equal to 1.770% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 11/30/2003		9,000		(86	)
Receive a fixed rate equal to 3.550% and the Fund will pay to the counterparty at par in the event of default of France Telecom SA 4.576% due 03/14/2003.
Broker: ABN AMRO Bank N.V. Exp. 06/03/2003		17,500		2
Receive a fixed rate equal to 7.500% and the Fund will pay to the counterparty at par in the event of default of Qwest Corp. 8.875% due 03/15/2012.
Broker: Morgan Stanley Exp. 06/05/2003		6,500		(309	)
Receive a fixed rate equal to 7.250% and the Fund will pay to the counterparty at par in the event of default of Qwest Corp. 7.625% due 06/09/2003.
Broker: Merrill Lynch Exp. 06/03/2003		10,000		(1,506	)
Receive a fixed rate equal to 3.700% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 8.375% due 03/15/2012.
Broker: UBS - Warburg Exp. 06/09/2003		25,000		(1,665	)
Receive a fixed rate equal to 3.700% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 8.375% due 03/15/2012.
Broker: UBS - Warburg Exp. 11/15/2002		10,000		(133	)
Receive a fixed rate equal to 3.450% and the Fund will pay to the counterparty at par in the event of default of France Telecom SA 5.750% due 04/25/2007.
Broker: Goldman Sachs Exp. 06/05/2003		25,000		3
Receive a fixed rate equal to 3.950% and the Fund will pay to the counterparty at par in the event of default of France Telecom SA 5.700% due 07/25/2010.
Broker: Morgan Stanley Exp. 06/14/2003		4,000		(56	)
Receive a fixed rate equal to 1.250% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Credit Suisse First Boston Exp. 06/14/2003		20,000		(70	)
Receive a fixed rate equal to 1.300% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Credit Suisse First Boston Exp. 06/14/2003		10,000		(114	)
Receive a fixed rate equal to 2.000% and the Fund will pay to the counterparty at par in the event of default of Deutsche Telekom AG 5.250% due 05/20/2008.
Broker: UBS - Warburg Exp. 06/14/2003		41,500		(209	)
Receive a fixed rate equal to 4.250% and the Fund will pay to the counterparty at par in the event of default of Sprint Corp. 6.875% due 11/15/2028.
Broker: Credit Suisse First Boston Exp. 06/14/2003		2,500		(35	)
Receive a fixed rate equal to 7.750% and the Fund will pay to the counterparty at par in the event of default of Williams Cos., Inc. 8.125% due 03/15/2012.
Broker: Morgan Stanley Exp. 06/14/2003		2,800		(574	)
Receive a fixed rate equal to 7.500% and the Fund will pay to the counterparty at par in the event of default of CIT Group, Inc. 7.750% due 04/02/2012.
Broker: Morgan Stanley Exp. 06/19/2003		20,000		761
Receive a fixed rate equal to 5.000% and the Fund will pay to the counterparty at par in the event of default of CIT Group, Inc. 7.750% due 04/02/2012.
Broker: Credit Suisse First Boston Exp. 06/30/2003		5,000		91
			$	(14,424	)

64   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

Schedule of Investments

Low Duration Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 19.9%
Banking & Finance 8.6%
Banco Nacional de Comercio Exterior
7.250% due 02/02/2004	$	1,800	$	1,890
Bank of America Corp.
7.875% due 12/01/2002		100		101
6.625% due 06/15/2004		1,000		1,074
Bear Stearns Cos., Inc.
6.125% due 02/01/2003		3,000		3,038
6.200% due 03/30/2003		9,700		9,890
2.380% due 05/24/2004 (a)		2,000		2,010
2.317% due 06/01/2004 (a)		3,000		3,005
Beaver Valley Funding Corp.
8.250% due 06/01/2003		318		319
Beneficial Corp.
6.575% due 12/16/2002		5,440		5,475
Capital One Bank
2.770% due 06/23/2003 (a)		1,100		1,093
CIT Group, Inc.
2.210% due 10/01/2002 (a)		10,000		10,000
2.310% due 04/07/2003 (a)		2,900		2,895
Conoco Funding Co.
6.350% due 10/15/2011		950		1,071
Credit Asset Receivable LLC
6.274% due 10/31/2003		13,032		13,112
Export-Import Bank Korea
6.500% due 11/15/2006		6,700		7,440
7.100% due 03/15/2007		6,700		7,630
Finova Group, Inc.
7.500% due 11/15/2009 (b)		2,100		651
Ford Motor Credit Co.
6.000% due 01/14/2003		15,000		15,048
1.877% due 02/13/2003 (a)		2,000		1,978
2.076% due 03/17/2003 (a)		3,000		2,963
6.125% due 04/28/2003		14,000		14,106
2.076% due 06/02/2003 (a)		600		588
2.530% due 06/23/2003 (a)		9,800		9,630
7.375% due 10/28/2009		100		95
7.875% due 06/15/2010		1,860		1,837
7.375% due 02/01/2011		580		548
Gemstone Investors Ltd.
7.710% due 10/31/2004		21,400		17,142
General Motors Acceptance Corp.
1.842% due 11/12/2002 (a)		17,400		17,374
5.875% due 01/22/2003		500		504
6.750% due 03/15/2003		3,700		3,758
1.820% due 07/20/2003 (a)		3,451		3,451
2.223% due 07/21/2003 (a)		200		198
2.142% due 08/04/2003 (a)		98,420		97,139
5.550% due 09/15/2003		3,000		3,047
5.750% due 11/10/2003		5,000		5,099
2.668% due 01/20/2004 (a)		41,720		40,965
2.670% due 03/22/2004 (a)		5,000		4,894
2.010% due 04/05/2004 (a)		1,700		1,647
2.680% due 05/04/2004 (a)		3,700		3,610
2.442% due 05/10/2004 (a)		600		584
2.620% due 05/17/2004 (a)		1,300		1,267
7.625% due 06/15/2004		1,000		1,048
6.850% due 06/17/2004		1,000		1,036
2.298% due 07/21/2004 (a)		600		578
2.321% due 07/30/2004 (a)		400		386
7.430% due 12/01/2021		395		400
Heller Financial, Inc.
2.087% due 04/28/2003 (a)		20,000		20,032
Household Finance Corp.
7.625% due 01/15/2003		10,849		10,975
6.125% due 02/27/2003		1,500		1,518
2.060% due 06/24/2003 (a)		1,500		1,485
2.146% due 05/28/2004 (a)		500		484
7.125% due 09/01/2005		50		51
7.200% due 07/15/2006		290		296
J.P. Morgan Chase & Co.
7.625% due 09/15/2004		100		109
Korea Development Bank
7.625% due 10/01/2002	$	21,200	$	21,200
6.500% due 11/15/2002		6,698		6,733
5.878% due 06/16/2003 (a)		3,500		3,570
6.625% due 11/21/2003		20,300		21,260
Lehman Brothers Holdings, Inc.
8.250% due 06/15/2007		100		117
Marsh & McLennan Cos., Inc.
6.625% due 06/15/2004		1,000		1,077
Merrill Lynch & Co.
6.130% due 04/07/2003		7,770		7,930
6.550% due 08/01/2004		100		107
Metropolitan Life Insurance Co.
6.300% due 11/01/2003		17,850		18,572
Middletown Trust
11.750% due 07/15/2010		811		836
National Rural Utilities Cooperative Finance Corp.
2.820% due 04/26/2004 (a)		1,000		1,003
6.125% due 05/15/2005		75		80
Pemex Finance Ltd.
6.125% due 11/15/2003		6,333		6,548
Pemex Project Funding Master Trust
3.360% due 01/07/2005 (a)		46,000		46,048
Rothmans Holdings
6.500% due 05/06/2003		14,000		14,350
Salomon Smith Barney Holdings, Inc.
2.142% due 05/04/2004 (a)		32,760		32,871
Salomon, Inc.
7.500% due 02/01/2003		3,000		3,055
Sears Roebuck Acceptance Corp.
6.900% due 08/01/2003		50		52
Shopping Center Associates
6.750% due 01/15/2004		11,725		12,179
Spieker Properties, Inc.
6.800% due 05/01/2004		2,000		2,107
Trinom Ltd.
5.879% due 12/18/2004 (a)		5,700		5,740
Verizon Global Funding Corp.
6.125% due 06/15/2007		136,600		142,391
Wells Fargo & Co.
6.625% due 07/15/2004		1,000		1,077
Wells Fargo Financial, Inc.
5.450% due 05/03/2004		6,250		6,570
				712,037
Industrials 5.3%
Allied Waste North America, Inc.
7.375% due 01/01/2004		5,000		4,975
Atlas Air, Inc.
8.010% due 01/02/2010		8,651		3,995
Coastal Corp.
6.500% due 05/15/2006		10,000		7,507
Conoco, Inc.
5.900% due 04/15/2004		3,100		3,255
Cox Enterprises, Inc.
2.722% due 05/01/2033 (a)		2,000		1,981
CSX Corp.
6.250% due 10/15/2008		1,197		1,322
DaimlerChrysler North America Holding Corp.
2.596% due 12/16/2002 (a)		13,900		13,915
2.132% due 08/21/2003 (a)		900		896
2.220% due 08/16/2004 (a)		1,000		986
6.900% due 09/01/2004		1,000		1,060
Eastman Chemical Co.
6.375% due 01/15/2004		250		261
Electric Lightwave, Inc.
6.050% due 05/15/2004		3,000		2,823
Enron Corp.
6.500% due 08/01/2002 (b)		13,700		1,473
6.750% due 09/01/2004 (b)		1,545		209
7.625% due 09/10/2004 (b)		2,400		324
8.375% due 05/23/2005 (b)		7,355		993
8.000% due 08/15/2005 (b)		8,300		1,702

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   65

Schedule of Investments (Cont.)

Low Duration Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Federal-Mogul Corp.
7.500% due 07/01/2004 (b)	$	28,600	$	5,863
General Motors Corp.
6.250% due 05/01/2005		7,000		7,184
General Motors Nova Scotia Finance
6.850% due 10/15/2008		20,500		21,171
HCA, Inc.
8.130% due 08/04/2003		5,000		5,172
IMEXA Export Trust
10.125% due 05/31/2003		2,491		915
International Game Technology
7.875% due 05/15/2004		500		523
International Paper Co.
8.000% due 07/08/2003		10,000		10,395
ITT Destinations, Inc.
6.750% due 11/15/2005		2,000		1,930
Kellogg Co.
6.600% due 04/01/2011		290		332
Kroger Co.
7.150% due 03/01/2003		13,500		13,746
Limestone Electron Trust
8.625% due 03/15/2003		8,100		7,216
MGM Mirage, Inc.
8.500% due 09/15/2010		55		59
Nabisco, Inc.
6.125% due 02/01/2033		6,600		6,672
NWA Trust
10.230% due 06/21/2014		588		557
Occidental Petroleum Corp.
6.400% due 04/01/2003 (a)		27,945		28,494
Park Place Entertainment Corp.
7.950% due 08/01/2003		15,955		16,226
Petroleos Mexicanos
9.375% due 12/02/2008		5,500		5,926
Philip Morris Cos., Inc.
7.250% due 01/15/2003 (a)		4,050		4,100
8.250% due 10/15/2003		1,000		1,055
6.950% due 06/01/2006		25,000		27,710
Phillips Petroleum Co.
8.500% due 05/25/2005		2,000		2,291
Qwest Capital Funding, Inc.
5.875% due 08/03/2004		6,000		4,080
Qwest Corp.
5.650% due 11/01/2004		9,250		8,001
6.125% due 11/15/2005		2,330		1,992
R.J. Reynolds Holdings, Inc.
7.750% due 05/15/2006		990		1,095
Raytheon Co.
6.500% due 07/15/2005		170		181
Rollins Truck Leasing Co.
8.000% due 02/15/2003		3,000		3,054
Sonat, Inc.
7.625% due 07/15/2011		1,340		879
SR Wind Ltd.
6.992% due 05/18/2005 (a)		6,000		6,013
7.492% due 05/18/2005 (a)		3,000		3,057
System Energy Resources, Inc.
7.430% due 01/15/2011		1,195		1,302
TCI Communications, Inc.
2.520% due 03/11/2003 (a)		3,000		2,978
Time Warner Entertainment Co. L.P.
7.975% due 08/15/2004		1,950		1,936
Time Warner, Inc.
8.110% due 08/15/2006		100		96
TTX Co.
7.820% due 07/21/2003		61,000		63,610
Union Pacific Corp.
6.650% due 01/15/2011		90		101
Waste Management, Inc.
6.500% due 05/15/2004		59,000		60,131
6.500% due 11/15/2008		550		564
7.375% due 08/01/2010		1,810		1,909
Weyerhaeuser Co.
5.500% due 03/15/2005		34,200		35,554
6.125% due 03/15/2007		26,060		27,784
Williams Cos., Inc.
6.250% due 02/01/2006		110		70
7.625% due 07/15/2019		200		111
				439,712
Utilities 6.0%
ALLETE, Inc.
2.798% due 10/20/2003 (a)		100		100
Appalachian Power Co.
4.800% due 06/15/2005		34,040		34,164
Arizona Public Service Co.
5.875% due 02/15/2004		5,600		5,791
Arkansas Power & Light
6.000% due 10/01/2003		450		452
AT&T Corp.
5.625% due 03/15/2004		20,000		19,858
6.500% due 11/15/2006		5,000		4,930
British Telecom PLC
3.121% due 12/15/2003 (a)		8,900		8,884
7.875% due 12/15/2005		73,400		81,981
8.375% due 12/15/2010		285		335
CenturyTel, Inc.
7.750% due 10/15/2002		32,000		32,043
Cleveland Electric Illuminating Co.
9.500% due 05/15/2005		9,000		9,053
CMS Energy Corp.
8.375% due 07/01/2003		7,750		6,589
DTE Energy Co.
7.110% due 11/15/2038 (a)		21,000		21,584
Entergy Louisiana, Inc.
8.500% due 06/01/2003		4,000		4,140
Entergy Mississippi, Inc.
7.750% due 02/15/2003		35,000		35,593
France Telecom SA
2.665% due 07/16/2003 (a)		12,200		12,207
8.700% due 03/01/2006 (a)		35,000		37,267
Hydro-Quebec
6.300% due 05/11/2011		100		115
Illinois Power Co.
6.000% due 09/15/2003		12,500		10,875
Jersey Central Power & Light Co.
7.125% due 10/01/2004		500		501
Niagara Mohawk Power Co.
7.250% due 10/01/2002		16,634		16,634
7.375% due 08/01/2003		145		150
7.750% due 10/01/2008		2,270		2,668
NorAm Energy Corp.
6.375% due 11/01/2003		2,000		1,741
Ohio Edison Co.
8.625% due 09/15/2003		5,000		5,177
Pacific Gas & Electric Co.
7.583% due 10/31/2049 (a)(b)		46,700		43,898
Progress Energy, Inc.
7.100% due 03/01/2011		550		602
Reliant Energy Resources Corp.
8.125% due 07/15/2005		3,300		2,982
Sprint Capital Corp.
9.500% due 04/01/2003		5,800		5,456
5.700% due 11/15/2003		4,000		3,644
5.875% due 05/01/2004		8,800		7,610
7.900% due 03/15/2005		4,000		3,250
6.000% due 01/15/2007		21,000		14,449
6.125% due 11/15/2008		63,571		42,244
6.875% due 11/15/2028		30		17
Texas Utilities Corp.
9.700% due 02/28/2003		4,695		4,830
6.750% due 04/01/2003		3,875		3,956
6.875% due 08/01/2005		2,000		2,130
TXU Electric Co.
6.750% due 03/01/2003		925		941

66   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
United Illuminating Co.
6.000% due 12/15/2003	$	13,000	$	13,489
				502,330
Total Corporate Bonds & Notes
(Cost $1,699,865)				1,654,079
U.S. GOVERNMENT AGENCIES 0.1%
Federal Farm Credit Bank
5.150% due 01/07/2003		1,000		1,010
Federal Home Loan Bank
4.125% due 08/15/2003		2,000		2,045
Freddie Mac
7.000% due 02/15/2003		1,240		1,265
Small Business Administration
4.000% due 01/25/2013 (a)		228		233
3.500% due 02/25/2014 (a)		434		440
Total U.S. Government Agencies
(Cost $4,957)				4,993
U.S. TREASURY OBLIGATIONS 0.3%
Treasury Inflation Protected Securities (h)
3.375% due 01/15/2007		21,711		23,655
Total U.S. Treasury Obligations
(Cost $23,351)				23,655
MORTGAGE-BACKED SECURITIES 60.9%
Collateralized Mortgage Obligations 15.3%
Amortizing Residential Collateral Trust
2.073% due 09/25/2030 (a)		5,388		5,375
Bank of America Mortgage Securities, Inc.
5.819% due 10/20/2032 (a)		44,300		45,041
Bank of America Mortgage Securities, Inc.—2A1
5.819% due 10/20/2032 (a)		44,300		45,041
Bear Stearns Adjustable Rate Mortgage Trust
6.750% due 03/25/2028		25,791		26,854
7.451% due 12/25/2030 (a)		1,715		1,722
7.491% due 12/25/2030 (a)		2,336		2,346
6.340% due 09/25/2031 (a)		19,455		19,683
6.102% due 12/25/2031 (a)		6,737		6,914
6.160% due 12/25/2031 (a)		12,771		13,106
6.247% due 01/25/2032 (a)		15,181		15,377
5.439% due 10/25/2032 (a)		9,800		9,935
Cendant Mortgage Corp.
7.217% due 03/18/2028		27,039		27,275
6.750% due 04/25/2031		3,289		3,505
Chase Commercial Mortgage Securities Corp.
7.600% due 12/18/2005		49		50
Chase Mortgage Finance Corp.
6.500% due 06/25/2013 (a)		1,249		1,256
6.750% due 06/25/2028		11,250		11,659
6.350% due 07/25/2029		2,118		2,160
Citicorp Mortgage Securities, Inc.
5.338% due 12/01/2019 (a)		171		170
6.750% due 05/25/2028		6,266		6,624
CMC Securities Corp. IV
7.250% due 10/25/2027 (a)		4,034		4,104
7.250% due 11/25/2027		3,392		3,444
CNL Commercial Loan Trust
2.464% due 10/20/2027 (a)		56,119		56,119
Commercial Trust
6.670% due 12/15/2003 (a)		2,098		1,986
Countrywide Alternative Loan Trust
8.000% due 07/25/2030		19		19
Countrywide Home Loans, Inc.
6.500% due 08/25/2032 (a)		6,876		7,052
Criimi Mae Financial Corp.
7.000% due 01/01/2033		6,200		6,696
CS First Boston Mortgage Securities Corp.
6.960% due 06/20/2029		14		14
7.500% due 02/25/2031		23,547		24,234
7.500% due 03/25/2031		9,750		10,133
2.500% due 03/25/2032 (a)		62,328		62,078
5.781% due 10/25/2032		66,792		68,250
2.360% due 08/25/2033 (a)		1,900		1,900
6.400% due 01/17/2035		71		73
1.000% due 12/19/2039		7		7
DLJ Commercial Mortgage Corp.
7.300% due 06/10/2032		195		228
DLJ Mortgage Acceptance Corp.
11.000% due 08/01/2019		413		475
6.540% due 05/25/2024 (a)		511		514
2.313% due 06/25/2026 (a)		4,347		4,358
6.850% due 12/17/2027		150		155
Drexel Burnham Lambert Trust
2.625% due 05/01/2016 (a)		13		13
Enterprise Mortgage Acceptance Co.
6.110% due 01/15/2025		40		41
E-Trade Bank Mortgage-Backed Securities Trust
7.037% due 09/25/2031		2,211		2,266
Fannie Mae
8.950% due 05/25/2003		0		0
9.000% due 07/25/2003		5		5
9.400% due 07/25/2003		1		1
6.875% due 06/25/2009		105		105
9.250% due 10/25/2018		35		40
9.500% due 03/25/2020		2,995		3,374
9.500% due 05/25/2020		574		647
9.000% due 03/25/2021		1,742		1,958
9.000% due 04/25/2021		57		64
8.000% due 12/25/2021		1,987		2,101
2.443% due 04/25/2022 (a)		100		100
Federal Housing Administration
7.430% due 10/01/2020		4,098		4,150
First Horizon Asset Securities, Inc.
6.750% due 02/25/2031		10,411		10,748
First Nationwide Trust
7.750% due 10/25/2030		5,787		5,852
Freddie Mac
8.000% due 07/01/2006		18		19
8.500% due 01/01/2007		32		34
5.750% due 01/15/2008		1		1
9.500% due 07/01/2010		38		41
6.500% due 08/15/2011		8,550		8,958
8.000% due 01/01/2012		69		74
12.500% due 09/30/2013		311		336
11.750% due 02/01/2014		1		1
10.000% due 07/15/2019		124		129
10.000% due 05/15/2020		90		94
9.000% due 12/15/2020		1,218		1,244
9.500% due 01/15/2021		484		511
8.000% due 04/15/2021		572		594
9.500% due 09/01/2021		15		16
8.000% due 04/01/2022		205		221
8.000% due 11/01/2022		144		155
8.500% due 08/01/2024		61		66
8.500% due 11/01/2024		483		521
6.250% due 04/15/2028		3,364		3,467
7.500% due 07/15/2030		5,486		5,846
2.273% due 11/15/2030 (a)		246		247
4.617% due 08/15/2032 (a)		3,453		3,410
Freddie Mac — 1082C
9.000% due 05/15/2021		39		43
Freddie Mac — 130E
9.000% due 05/15/2021		49		51
German American Capital Corp.
7.000% due 08/12/2010		6,800		7,634
Glendale Federal Savings & Loan
11.000% due 03/01/2010		12		12
GMAC Commercial Mortgage Corp.
2.270% due 02/20/2003 (a)		573		574
2.200% due 09/20/2005 (a)		200		200
Golden Mortgage Loan
7.875% due 02/25/2031 (a)		7,298		7,260

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   67

Schedule of Investments (Cont.)

Low Duration Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Goldman Sachs Mortgage Securities Corp.
2.882% due 10/25/2032	$	89,100	$	89,100
Government National Mortgage Association
2.373% due 12/16/2025 (a)		1,375		1,379
Home Savings of America
4.274% due 05/25/2027 (a)		728		734
Impac Secured Assets CMN Owner Trust
8.000% due 07/25/2030		25,832		26,448
Imperial Savings Association
8.871% due 07/25/2017 (a)		19		19
9.900% due 02/25/2018		197		198
International Mortgage Acceptance Corp.
12.250% due 03/01/2014		66		71
LB Commercial Conduit Mortgage Trust
6.330% due 11/18/2004		74		76
Mellon Residential Funding Corp.
6.400% due 06/25/2028		16,661		16,829
6.580% due 07/25/2029 (a)		14,348		14,397
Morgan Stanley Capital I
7.328% due 01/16/2006		113		116
7.460% due 02/15/2020		11,503		11,596
10.030% due 08/15/2023		35		35
Mortgage Capital Funding, Inc.
6.325% due 10/18/2007		15,839		16,898
Nationslink Funding Corp.
6.297% due 11/10/2002		5,000		5,141
2.160% due 04/10/2007 (a)		1,804		1,809
Norwest Asset Securities Corp.
6.500% due 04/25/2028		578		587
6.500% due 01/25/2029		6,000		6,298
PHH Mortgage Services Corp.
7.315% due 02/18/2028		21,426		21,533
PNC Mortgage Securities Corp.
6.500% due 12/25/2028		11,392		11,567
6.300% due 06/25/2029		19,210		19,738
7.430% due 05/25/2040 (a)		43		43
Prudential Home Mortgage Securities
7.500% due 09/25/2007		398		414
7.000% due 01/25/2008		6,553		6,544
6.750% due 11/25/2008		5,745		5,833
7.000% due 08/25/2009		1,492		1,501
Prudential-Bache Trust
8.400% due 03/20/2021		1,763		1,863
Resecuritization Mortgage Trust
6.060% due 04/26/2021 (a)		1,567		1,567
6.500% due 04/19/2029		15,320		15,659
Residential Accredit Loans, Inc.
6.500% due 02/25/2029 (a)		8,329		8,389
7.000% due 07/25/2029		143		145
Residential Asset Securitization Trust
6.500% due 09/25/2014 (a)		215		225
2.043% due 06/25/2031		96		96
Residential Funding Mortgage Securities I
7.500% due 12/25/2025		703		711
7.500% due 07/25/2027		2,842		2,843
7.000% due 10/25/2027 (a)		6,754		6,855
6.250% due 11/25/2028		6,000		6,269
5.691% due 09/25/2032		28,100		28,609
Resolution Trust Corp.
7.039% due 10/25/2021 (a)		30		31
8.625% due 10/25/2021		5,088		5,082
9.059% due 10/25/2021		125		125
6.811% due 05/25/2029 (a)		1,394		1,405
Ryland Acceptance Corp.
11.500% due 12/25/2016		7		7
Salomon Brothers Mortgage Securities VII
6.987% due 12/25/2017 (a)		846		857
Salomon Brothers Mortgage Securities VII, Inc.
6.354% due 03/25/2024 (a)		399		400
6.551% due 10/25/2024 (a)		90		90
2.213% due 09/25/2029 (a)		60		60
7.606% due 11/25/2030		823		829
2.133% due 06/25/2032 (a)		7,189		7,174
Sears Mortgage Securities
12.000% due 02/25/2014		36		36
7.431% due 10/25/2022 (a)		786		952
Sequoia Mortgage Trust
2.120% due 08/20/2032 (a)		35,305		35,305
SLH Mortgage Trust
9.600% due 03/25/2021		307		307
Structured Asset Mortgage Investments, Inc.
6.871% due 06/25/2028 (a)		1,972		2,090
6.523% due 06/25/2029 (a)		18,690		19,362
9.180% due 06/25/2029 (a)		3,441		3,905
6.750% due 05/02/2030		1,280		1,309
2.140% due 09/19/2032 (a)		64,934		64,934
Structured Asset Securities Corp.
6.750% due 07/25/2029		8,601		8,781
2.263% due 05/25/2031 (a)		2,076		2,082
2.363% due 05/25/2031 (a)		9,743		9,518
6.250% due 01/25/2032 (a)		14,670		15,066
2.100% due 02/25/2032 (a)		16,230		16,168
2.100% due 07/25/2032 (a)		56,975		56,737
6.150% due 07/25/2032 (a)		11,685		11,991
TMA Mortgage Funding Trust
2.193% due 01/25/2029 (a)		4,528		4,528
Torrens Trust
2.040% due 07/15/2031 (a)		4,895		4,898
Union Planters Mortgage Finance Corp.
6.600% due 01/25/2028		10,248		10,371
Washington Mutual Mortgage Securities Corp.
6.196% due 07/25/2032		27,551		28,274
Wells Fargo Mortgage-Backed Securities Trust
7.000% due 02/25/2016		26,246		27,067
6.125% due 07/25/2031		9,944		10,120
6.201% due 01/25/2032 (a)		2,369		2,402
5.221% due 09/25/2032 (a)		16,000		16,253
				1,269,807
Fannie Mae 36.8%
3.875% due 07/01/2017 (a)		206		210
3.990% due 06/01/2017 (a)		52		53
4.070% due 08/01/2017 (a)		25		25
4.073% due 07/01/2018 (a)		27		27
4.657% due 04/01/2018 (a)		4,522		4,672
4.837% due 11/01/2017 (a)		211		213
4.858% due 01/01/2021 (a)		167		167
4.998% due 12/01/2023 (a)		147		151
5.248% due 11/01/2017 (a)		98		101
5.249% due 07/25/2017 (a)		1,446		1,449
5.500% due 04/01/2009-10/21/2017 (c)		1,164,263		1,198,729
5.568% due 02/01/2028 (a)		1,742		1,804
5.626% due 07/01/2017 (a)		248		253
5.721% due 04/01/2024 (a)		941		971
5.795% due 10/01/2030-11/01/2039 (a)(c)		8,293		8,515
5.912% due 07/01/2023 (a)		293		299
5.995% due 12/01/2017 (a)		72		73
6.000% due 10/01/2003-06/01/2032 (c)		1,601,060		1,663,871
6.121% due 10/01/2024 (a)		1,550		1,606
6.203% due 11/01/2018 (a)		67		67
6.248% due 01/01/2024 (a)		40		41
6.281% due 08/01/2029 (a)		11,481		11,992
6.498% due 01/01/2024 (a)		729		757
6.500% due 09/01/2005-06/01/2008 (c)		276		283
7.000% due 12/01/2006-07/01/2012 (c)		87,359		92,569
8.000% due 02/01/2027-11/01/2031 (c)		53,431		57,144
8.500% due 03/01/2008-01/01/2026 (c)		1,504		1,627
9.000% due 01/01/2025		1		2
9.500% due 07/01/2024-11/01/2025 (c)		1,776		1,966
10.000% due 02/01/2004-01/01/2025 (c)		445		498
10.500% due 06/01/2005-12/01/2024 (c)		57		61
11.000% due 11/01/2020		25		28
11.250% due 10/01/2015		20		23
11.500% due 12/01/2008-02/01/2020 (c)		30		34
11.750% due 02/01/2016		32		38
12.000% due 01/01/2015		4		4
13.000% due 07/01/2015		5		5

68   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
13.250% due 09/01/2011	$	9	$	11
15.500% due 10/01/2012-12/01/2012 (c)		4		4
15.750% due 12/01/2011		16		19
16.000% due 09/01/2012-12/01/2012 (c)		7		9
				3,050,371
Federal Housing Administration 0.5%
6.950% due 04/01/2014		1,879		1,891
7.000% due 08/01/2022		2,887		2,908
7.400% due 02/01/2019		30		30
7.421% due 11/01/2019		265		274
7.430% due 10/01/2019-11/01/2025 (c)		36,452		37,037
				42,140
Freddie Mac 0.3%
4.375% due 03/01/2017 (a)		125		126
5.625% due 01/01/2017 (a)		21		21
6.000% due 09/01/2006-03/01/2011 (c)		4,881		5,048
6.048% due 06/01/2024 (a)		334		343
6.073% due 02/01/2020 (a)		1,402		1,452
6.307% due 09/01/2023 (a)		107		111
6.336% due 11/01/2022 (a)		891		913
6.355% due 12/01/2022 (a)		296		306
6.365% due 11/01/2023 (a)		245		251
6.383% due 10/01/2023 (a)		503		515
6.389% due 03/01/2024 (a)		34		35
6.462% due 01/01/2024 (a)		902		929
6.529% due 07/01/2018 (a)		190		196
6.617% due 01/01/2024 (a)		391		406
6.828% due 10/01/2027 (a)		537		561
7.500% due 09/01/2006		20		21
8.000% due 03/01/2007-12/01/2024 (c)		1,710		1,839
8.250% due 10/01/2007-01/01/2009 (c)		48		52
8.500% due 10/01/2002-11/01/2025 (c)		4,957		5,344
9.000% due 07/01/2004-08/01/2022 (c)		1,465		1,621
9.500% due 12/01/2004-02/01/2025 (c)		143		156
9.750% due 11/01/2008		303		335
10.000% due 04/01/2015-10/01/2019 (c)		49		55
10.500% due 10/01/2010-02/01/2016 (c)		14		16
10.750% due 09/01/2009-08/01/2011 (c)		195		222
11.500% due 10/01/2015-01/01/2016 (c)		36		41
11.750% due 11/01/2010-08/01/2015 (c)		4		4
12.000% due 09/01/2013		1		2
14.000% due 09/01/2012-04/01/2016 (c)		7		8
14.500% due 12/01/2010		2		2
15.000% due 08/01/2011-12/01/2011 (c)		2		3
				20,934
Government National Mortgage Association 8.0%
4.500% due 05/20/2030 (a)		184		188
5.000% due 01/20/2032-02/20/2032 (a)(c)		62,367		63,823
5.375% due 03/20/2019-06/20/2027 (a)(c)		21,112		21,788
6.000% due 07/20/2030 (a)		222		225
6.375% due 04/20/2016-03/20/2017 (a)(c)		77		79
6.500% due 05/15/2023-10/15/2023 (c)		377		396
6.625% due 10/20/2023-12/20/2027 (a)(c)		21,906		22,666
6.750% due 08/20/2022-07/20/2027 (a)(c)		28,870		29,766
7.000% due 03/15/2011-10/23/2032 (c)		470,239		493,900
7.500% due 03/15/2022-11/15/2026 (c)		2,905		3,107
7.750% due 09/20/2026 (a)		41		42
8.000% due 11/15/2006-12/15/2024 (c)		14,601		15,887
8.500% due 12/15/2021-04/15/2022 (c)		21		23
9.000% due 06/20/2016-12/15/2030 (c)		8,861		9,705
9.500% due 10/15/2016-06/15/2025 (c)		62		70
9.750% due 07/15/2017-10/15/2017 (c)		207		235
10.000% due 10/15/2013-11/15/2025 (c)		44		50
10.500% due 11/15/2019-02/15/2021 (c)		12		14
11.000% due 09/15/2010		4		4
11.500% due 08/15/2018		22		26
11.750% due 08/15/2013-08/15/2015 (c)		36		42
12.000% due 06/20/2015		5		6
13.000% due 10/15/2013		5		6
13.500% due 05/15/2011-11/15/2012 (c)		19		23
16.000% due 12/15/2011-02/15/2012 (c)		19		24
				662,095
Stripped Mortgage-Backed Securities 0.0%
Fannie Mae (IO)
0.950% due 03/25/2009 (a)		7,034		123
6.000% due 02/25/2008		60		0
6.500% due 03/25/2009		471		47
6.500% due 03/25/2009		1,145		110
6.500% due 05/25/2019		1,566		20
6.500% due 04/25/2020		758		9
6.500% due 03/25/2023		1,251		142
6.600% due 03/25/2024 (a)		1,817		47
7.000% due 05/25/2021		678		13
256.000% due 11/01/2008		11		42
859.771% due 02/25/2022		6		68
Fannie Mae (PO)
0.000% due 09/25/2022		8		7
Freddie Mac (IO)
4.000% due 01/15/2024		20,281		2,415
6.000% due 02/15/2008		12		0
6.500% due 05/15/2019		79		0
6.500% due 06/15/2019		120		0
6.500% due 04/15/2022		883		71
7.000% due 05/15/2023		140		14
1049.625% due 04/15/2021		1		3
Prudential Home Mortgage Securities (IO)
0.262% due 04/25/2009 (a)		24,550		69
				3,200
Total Mortgage-Backed Securities (Cost $ 4,982,918)				5,048,547
ASSET-BACKED SECURITIES 5.6%
Ace Securities Corp.
2.153% due 06/25/2032 (a)		13,954		13,931
Advanta Mortgage Loan Trust
7.760% due 05/25/2018		22,700		23,518
Ameriquest Mortgage Securities, Inc.
2.143% due 06/15/2030 (a)		95		95
2.123% due 07/15/2030 (a)		190		190
2.120% due 05/25/2032 (a)		11,087		11,079
2.080% due 08/25/2032 (a)		30,540		30,459
Amresco Residential Securities Mortgage Loan Trust
2.040% due 07/25/2027 (a)		85		85
Asset-Backed Securities Home Equity Corp.
2.083% due 06/15/2031 (a)		260		260
Capital Asset Research Funding LP
6.400% due 12/15/2004		37		38
Champion Home Equity Loan Trust
6.737% due 05/25/2028 (a)		1,733		1,768
CIT Group Home Equity Loan Trust
2.083% due 06/25/2033 (a)		47,500		47,422
CIT Marine Trust
5.800% due 04/15/2010		59		60
Community Program Loan Trust
4.500% due 10/01/2018		13,151		13,341
Compucredit Credit Card Master Trust
2.043% due 03/15/2007 (a)		32,000		32,020
Countrywide Asset-Backed Certificates
2.043% due 06/25/2031 (a)		24,309		24,286
CS First Boston Mortgage Securities Corp.
2.083% due 12/15/2030 (a)		340		340
2.170% due 03/25/2032 (a)		34,940		34,800
Embarcadero Aircraft Securitization Trust
2.303% due 08/15/2025 (a)		4,900		4,018
EQCC Home Equity Loan Trust
1.983% due 10/15/2027 (a)		134		134
Equity One ABS, Inc.
7.325% due 03/25/2014		736		737
2.090% due 11/25/2032 (a)		58,499		58,110
GF Funding Corp.
6.890% due 01/20/2006		5,738		5,676
Green Tree Financial Corp.
6.550% due 02/15/2027		988		996
7.400% due 06/15/2027		9,399		9,782

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   69

Schedule of Investments (Cont.)

Low Duration Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Green Tree Home Improvement Loan Trust
1.993% due 08/15/2029 (a)	$	283	$	282
Home Equity Mortgage Trust
6.177% due 06/25/2032 (a)		35,618		36,553
Household Mortgage Loan Trust
2.120% due 05/20/2032 (a)		13,799		13,792
IMC Home Equity Loan Trust
2.035% due 10/20/2027 (a)		1,552		1,550
Irwin Home Equity Loan Trust
7.460% due 09/25/2014		3,224		3,236
2.188% due 06/25/2021 (a)		91		91
2.100% due 06/25/2029 (a)		12,727		12,695
Marriott Vacation Club Owner Trust
2.170% due 09/20/2017 (a)		5,286		5,284
Merrill Lynch Mortgage Investors, Inc.
0.000% due 07/25/2004		32,600		2,791
Morgan Stanley Dean Witter Capital I
2.143% due 07/25/2032 (a)		14,585		14,544
Oakwood Mortgage Investors, Inc.
2.123% due 03/15/2014 (a)		12,734		12,740
Ocwen Mortgage Loan Trust
2.122% due 10/25/2029 (a)		93		92
Option One Mortgage Loan Trust
2.103% due 09/25/2030 (a)		1,189		1,187
Pacificamerica Home Equity Loan
2.033% due 04/25/2028 (a)		64		64
Renaissance Home Equity Loan Trust
2.160% due 08/25/2032 (a)		14,756		14,781
Saxon Asset Securities Trust
7.205% due 01/25/2019		65		66
SLM Student Loan Trust
2.342% due 04/25/2006 (a)		1,318		1,320
Vanderbilt Acquisition Loan Trust
3.280% due 01/07/2013		27,220		27,474
WMC Mortgage Loan
2.163% due 05/15/2030 (a)		3,121		3,115
Total Asset-Backed Securities (Cost $463,545)				464,802
SOVEREIGN ISSUES 0.6%
Republic of Brazil
3.062% due 04/15/2006 (a)		64,512		42,501
3.125% due 04/15/2009 (a)		2,306		1,153
11.000% due 01/11/2012		3,000		1,357
Republic of Panama
8.250% due 04/22/2008		5,500		5,294
Total Sovereign Issues (Cost $69,020)				50,305
PURCHASED PUT OPTIONS 0.0%
PNC Mortgage Securities Corp. (OTC)
7.430% due 05/25/2040 Strike @ 100.000 Exp. 04/01/2005		300		0
Total Purchased Put Options (Cost $0)				0
PREFERRED STOCK 0.0%
	Shares
Home Ownership Funding
13.331% due 12/31/2049		3,000		1,942
Rhone-Poulenc SA
8.125% due 12/31/2049		13,000		334
Total Preferred Stock (Cost $3,213)				2,276
SHORT-TERM INSTRUMENTS 33.3%
Commercial Paper 32.9%
AT&T Corp.
3.720% due 04/18/2003		62,300		58,630
BP Amoco Capital PLC
1.970% due 10/01/2002		290,000		290,000
CDC
1.750% due 11/04/2002		250,000		249,477
Fannie Mae
1.860% due 10/01/2002		23,000		23,000
1.720% due 11/27/2002		315,000		314,142
1.710% due 12/18/2002		108,100		107,690
Federal Home Loan Bank
1.680% due 10/17/2002		182,000		181,864
1.680% due 10/23/2002		100,000		99,897
Freddie Mac
1.700% due 10/31/2002 (d)		500		499
1.710% due 10/31/2002		150,000		149,786
HBOS Treasury Services PLC
1.740% due 10/23/2002		53,600		53,543
1.730% due 11/20/2002		150,000		149,640
Rabobank Nederland NV
1.920% due 10/01/2002		290,000		290,000
Shell Finance (UK) PLC
1.700% due 11/19/2002		80,000		79,815
TotalFinaElf SA
1.970% due 10/31/2002		280,000		280,000
UBS Finance, Inc.
1.970% due 12/18/2002		400,000		400,000
				2,727,983
Repurchase Agreement 0.2%
State Street Bank
1.550% due 10/01/2002		18,000		18,000
(Dated 09/30/2002. Collateralized by Federal Farm Credit Bank 3.125% due 10/01/2003 valued at $18,363. Repurchase proceeds are $18,000.)
U.S. Treasury Bills 0.2%
1.618% due 11/14/2002-11/29/2002 (c)(d)		16,175		16,139
Total Short-Term Instruments (Cost $2,765,801)				2,762,122
Total Investments 120.7% (Cost $10,012,670)			$	10,010,779
Written Options (e) (0.0%) (Premiums $7,346)				(113	)
Other Assets and Liabilities (Net) (20.7%)				(1,717,148	)
Net Assets 100.0%			$	8,293,518

70   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

(c) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(d) Securities with an aggregate market value of $13,146 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation
Euro-Bobl 5 Year Note (12/2002)	6,959	$	14,135
Euribor March Futures (03/2003)	2,285		6,115
Euribor June Futures (06/2003)	412		274
Eurodollar June Futures (06/2003)	2,468		7,288
Euribor Option March Futures (03/2003)	1,139		262
		$	28,074

(e) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—CME Eurodollar December Futures Strike @ 96.000 Exp. 12/16/2002	6,533	$	3,640	$	82
Put—CME Eurodollar December Futures Strike @ 96.500 Exp. 12/16/2002	4,944		3,706		31
		$	7,346	$	113

(f) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation
Buy	EC	34,882	11/2002	$	229
Sell	JY	2,357,726	12/2002		556
				$	785

(g) Principal amount denoted in indicated currency:

EC—Euro

JY—Japanese Yen

(h) Principal amount of security is adjusted for inflation.

(i) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032	EC	148,500	$	3,939
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Morgan Stanley Exp. 03/15/2032	BP	95,800		(4,721	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.390%.
Broker: Goldman Sachs Exp. 06/18/2007	JY	4,481,100	$	45
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.805%.
Broker: Morgan Stanley Exp. 01/11/2011		3,285,600		(2,062	)
Receive a fixed rate equal to 0.430% and the Fund will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.750% due 06/15/2005.
Broker: Lehman Brothers, Inc. Exp. 07/11/2003	$	20,000		(826	)
Receive a fixed rate equal to 0.230% and the Fund will pay to the counterparty at par in the event of default of Associates Corp. 6.000% due 04/15/2003.
Broker: UBS - Warburg Exp. 01/14/2003		43,000		(21	)
Receive a fixed rate equal to 0.510% and the Fund will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.750% due 06/15/2005.
Broker: Lehman Brothers, Inc. Exp. 01/25/2005		5,000		(172	)
Receive a fixed rate equal to 0.810% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding 6.750% due 12/01/2005.
Broker: Goldman Sachs Exp. 06/15/2004		50,000		(2,130	)
Receive a fixed rate equal to 0.850% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding 6.750% due 12/01/2005.
Broker: J.P. Morgan Chase & Co. Exp. 06/12/2004		30,000		(1,411	)
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Credit Suisse First Boston Exp. 04/24/2003		10,000		(51	)
Receive a fixed rate equal to 1.200% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Credit Suisse First Boston Exp. 06/03/2003		5,000		(18	)
Receive a fixed rate equal to 5.500% and the Fund will pay to the counterparty at par in the event of default of CIT Group, Inc. 7.750% due 04/02/2012.
Broker: Morgan Stanley Exp. 06/20/2003		10,000		240
			$	(7,188	)

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   71

Schedule of Investments

Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
MUNICIPAL BONDS & NOTES 96.5%
Alabama 0.7%
Alabama 21st Century Settlement Authority Revenue Bonds, Series 2001
5.750% due 12/01/2018	$	2,295	$	2,384
Alaska 0.1%
Alaska State Housing Finance Corp. Revenue Bonds, (MBIA Insured), Series 2002
5.250% due 06/01/2032		540		551
Arizona 1.4%
Phoenix Industrial Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2000-1A
5.875% due 06/01/2016		650		686
Pima County, Arizona Industrial Development Authority Multi-Family Revenue Bonds, (HUD SECT 8 Insured), Series 1998
5.375% due 06/01/2010 (a)		1,210		1,349
Salt River Project Agricultural Import & Power District Revenue Bonds, Series 2002
4.750% due 01/01/2032		2,000		2,005
Scottsdale, Arizona Industrial Development Authority Hospital Revenue Bonds, (AMBAC Insured), Series 1997-A
6.500% due 09/01/2004		880		960
				5,000
California 5.6%
Alameda, California Harbor Bay Business Park Assessment Revenue Bonds, Series 1998
5.000% due 09/02/2006		360		369
California State General Obligation Bonds, (MBIA-IBC Insured), Series 1992
6.250% due 09/01/2012		800		1,000
California State General Obligation Bonds, Series 2002
5.250% due 04/01/2030		1,000		1,058
California State Inverse-Floater Bonds, Series 1992
11.044% due 09/01/2012 (a)		100		148
California Statewide Communities Development Authority Revenue Bonds, (CA Mortgage Insured), Series 2001
5.000% due 10/01/2018		1,500		1,586
Capistrano, California Unified School District Special Tax Bonds, Series 1999
5.000% due 09/01/2008		350		373
Foothill Eastern Transportation Corridor Agency California Toll Road Revenue Bonds, (MBIA-IBC Insured), Series 1999
5.875% due 01/15/2026		1,565		1,146
5.875% due 01/15/2027		1,500		1,097
Foothill Eastern Transportation Corridor Agency California Toll Road Revenue Bonds, Series 1995
0.000% due 01/01/2026		1,000		319
Irvine, California Special Assessment Bonds, (MBIA-IBC Insured), Series 1998
4.800% due 09/02/2004		150		156
4.900% due 09/02/2005		150		156
4.900% due 09/02/2005		160		166
5.000% due 09/02/2006		150		156
Lake Elsinore, California School Refunding Bonds, Series 1998
5.000% due 09/01/2006		350		377
Los Angeles, California Community Redevelopment Agency Certificates of Participation Bonds, Series 1984
7.550% due 11/01/2008		1,000		1,067
Los Angeles, California Unified School District General Obligation Bonds, (MBIA Insured), Series 2002
5.125% due 01/01/2027		3,000		3,166
Oceanside, California Unified School District General Obligation Bonds, (MBIA Insured), Series 2002
5.250% due 08/01/2032		2,095		2,255
Orange County, California Improvement Bonds, Series 1998-A
4.900% due 09/02/2005		200		208
Pittsburg, California Infrastructure Refunding Bonds, Series 1998-A
4.900% due 09/02/2003		150		154
5.000% due 09/02/2004		150		159
Riverside County, California Special Tax Refunding Bonds, Series 1999
4.700% due 09/01/2005		170		178
Roseville, California Special Tax Bonds, Series 1999
5.000% due 09/01/2004 (a)		345		355
San Juan, California M.S.R. Public Power Project Revenue Bonds, (MBIA Insured), Series 2001
5.000% due 07/01/2012		1,000		1,136
South Tahoe, California Joint Powers Financing Authority Revenue Bonds, Series 1999-A
7.300% due 10/01/2007		350		369
Southern California Public Power Authority Power Project Revenue Bonds, (FSA Insured), Series 2002
5.375% due 01/01/2012		1,100		1,295
West Sacramento, California Financing Authority Revenue Bonds, (FGIC Insured), Series 2002
5.000% due 08/01/2032		1,000		1,056
West Sacramento, California Refunding Bonds, Series 1998
4.900% due 09/02/2005		295		307
5.000% due 09/02/2004		350		360
				20,172
Colorado 1.5%
Colorado Housing & Finance Authority Revenue Bonds, (FHA/VA Mortgages Insured), Series 2000-C3
5.700% due 10/01/2022		610		646
Colorado Housing & Finance Authority Revenue Bonds, Series 2000-B3
6.700% due 10/01/2016		195		208
Colorado Housing & Finance Authority Revenue Bonds, Series 2000-D3
6.750% due 04/01/2015		250		271

72   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Colorado Housing & Financial Authority Revenue Bonds, Series 2000-E3
5.150% due 08/01/2007	$	45	$	46
Denver, Colorado Health & Hospital Revenue Bonds, Series 1998-A
5.000% due 12/01/2009		1,390		1,468
Larimer County, Colorado Sales & Use Tax Revenue Bonds, (MBIA Insured), Series 2002
4.625% due 12/15/2012		1,325		1,465
Meridian Metro District of Colorado General Obligation Bonds, (Asset Guaranty Insured), Series 2001
4.125% due 12/01/2009		1,075		1,134
				5,238
Connecticut 3.0%
Connecticut State General Obligation Bonds, Series 2001
7.010% due 12/15/2012 (a)		5,000		6,873
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2001
2.000% due 07/01/2036 (a)		1,500		1,500
University of Connecticut General Obligation Bonds, Series 2002
5.375% due 04/01/2019		2,230		2,457
				10,830
Florida 1.7%
Gainesville, Florida Revenue Bonds, Series 1979
6.200% due 10/01/2002		105		105
Orange County, Florida Health Facilities Authority Revenue Bonds, (MBIA Insured), Series 1996
6.250% due 10/01/2011		290		355
Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2002
5.625% due 11/15/2032		5,000		5,108
Orlando, Florida Waste Water System Revenue Bonds, Series 1997-A
3.973% due 10/01/2015 (a)		500		501
				6,069
Georgia 2.4%
Georgia Municipal Electric Authority Revenue Bonds, (FGIC-TCRS Insured), Series 1993
5.500% due 01/01/2012		1,255		1,444
Georgia Municipal Electric Authority Revenue Bonds, (MBIA-IBC Insured), Series 1997
6.500% due 01/01/2012		200		240
Georgia State General Obligation Bonds, Series 1991
6.300% due 11/01/2009		1,500		1,820
Georgia State General Obligation Bonds, Series 2002
5.000% due 05/01/2021		5,000		5,276
				8,780
Hawaii 0.7%
Hawaii State Housing Financial & Development Corporation Single Family Mortgage Pure Revenue Bonds, Series 1998
4.850% due 07/01/2029		1,330		1,356
Honolulu Hawaii City & County General Obligation Bonds, (MBIA-IBC Insured), Series 1993
5.450% due 09/11/2008		1,000		1,144
				2,500
Illinois 8.0%
Chicago, Illinois Board of Education General Obligation Bonds, (FGIC Insured), Series 1998
0.000% due 12/01/2020		1,000		421
Chicago, Illinois Board of Education General Obligation Bonds, (MBIA Insured), Series 2002
5.000% due 12/01/2021		3,000		3,126
Chicago, Illinois Board of Education General Obligation Bonds, Series 1999
0.000% due 12/01/2031		1,000		226
Chicago, Illinois General Obligation Bonds, (MBIA Insured), Series 2001
0.000% due 01/01/2020		1,290		920
Chicago, Illinois O’Hare International Airport Revenue Bonds, Series 2002
5.375% due 01/01/2032		2,500		2,610
Cook County, Illinois Community School District No. 097 Oak Park General Obligation Bonds, (FGIC Insured), Series 1999
9.000% due 12/01/2012		1,000		1,467
Cook County, Illinois High School District No. 225 Northfield General Obligation Ltd. Bonds, Series 2002
0.000% due 12/01/2011		125		89
0.000% due 12/01/2012		135		92
0.000% due 12/01/2014		255		156
0.000% due 12/01/2015		1,885		1,084
4.400% due 12/01/2012		1,365		1,475
4.400% due 12/01/2013		1,740		1,862
Fox Lake, Illinois Water & Sewer Revenue Bonds, (AMBAC Insured), Series 1996
5.750% due 05/01/2013		1,135		1,254
Illinois Educational Facilities Authority Revenue Bonds, Series 1993
9.620% due 07/01/2012 (a)		2,000		2,130
Illinois Health Facilities Authority Revenue Bonds, Series 1998
5.500% due 11/15/2019		1,000		860
Lake County, Illinois Community High School District No. 127 Grayslake General Obligation Bonds, (FGIC Insured), Series 2002
0.000% due 02/01/2017		5,420		2,857
9.000% due 02/01/2009		650		870
9.000% due 02/01/2011		690		965
9.000% due 02/01/2012		1,065		1,526
Metropolitan Pier & Exposition Authority Ill Dedicated State Tax Revenue Bonds, (MBIA Insured), Series 2002
5.000% due 12/15/2028		3,470		3,592
Palatine, Illinois Tax Increment Revenue Bonds, (AMBAC Insured), Series 1998
5.250% due 01/01/2017		1,000		1,064
				28,646
Indiana 8.4%
Baugo, Indiana School Building Corp. Revenue Bonds, (AMBAC Insured), Series 2002
5.125% due 01/15/2025		2,225		2,309

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   73

Schedule of Investments (Cont.)

Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Brownsburg, Indiana 1999 School Building Corp. General Obligation Bonds, (AMBAC Insured), Series 2002
5.375% due 02/01/2023	$	1,395	$	1,482
Carmel, Indiana School Building Corp. Revenue Bonds, (MBIA Insured), Series 2002
5.000% due 07/15/2020		5,795		6,064
Danville, Indiana Multi-School Building General Obligation Bonds, (FSA Insured), Series 2001
3.900% due 07/15/2008		485		513
4.250% due 07/15/2011		290		308
4.400% due 01/15/2012		170		181
4.500% due 01/15/2013		190		202
4.650% due 01/15/2014		210		223
4.750% due 07/15/2009		200		221
4.750% due 01/15/2015		235		249
4.850% due 01/15/2016		295		312
5.000% due 07/15/2010		180		201
East Washington, Indiana Multi-School Building Corp. Revenue Bonds, (FGIC Insured), Series 2002
5.375% due 07/15/2028		2,560		2,715
Goshen-Chandler, Indiana School Building Corp. Revenue Bonds, (FGIC Insured), Series 2002
4.000% due 07/10/2007		860		916
4.125% due 01/10/2009		1,075		1,141
4.250% due 01/10/2010		950		1,011
Hamilton Southeastern Indiana Construction School Building Revenue Bonds, (FSA State Aid Withholding Insured), Series 2001
5.000% due 07/15/2010		760		851
Indianapolis, Indiana Local Public Improvement Bonds Bank Transportation Revenue Bonds, Series 1992
6.750% due 02/01/2014		1,000		1,249
La Porte Indiana Multi-School Building Revenue Bonds, (MBIA Insured), Series 2001
5.250% due 01/15/2013		1,000		1,143
Pike, Indiana Multi-School Building Corp. Revenue Bonds, (FGIC Insured), Series 2002
5.000% due 01/15/2011		7,245		8,097
South Bend, Indiana Redevelopment Authority Lease Revenue Bonds, Series 2000
5.100% due 02/01/2011		405		450
5.200% due 02/01/2012		230		256
5.500% due 02/01/2015		180		200
				30,294
Kentucky 1.5%
Kentucky State Turnpike Authority Economic Development Road Revenue Bonds, Series 1993
9.320% due 06/06/2012 (a)		5,000		5,481
Louisiana 1.8%
Louisiana Local Government Revenue Bonds, (MBIA Insured), Series 2000
5.700% due 01/01/2010		250		280
Louisiana State General Obligation Bonds, (FGIC Insured), Series 2002
7.990% due 04/01/2019 (a)		2,850		3,258
Louisiana Tobacco Settlement Financing Corporate Revenue Bonds, Series 2001
5.780% due 05/15/2039 (a)		3,215		2,869
				6,407
Maryland 1.0%
Baltimore, Maryland Project Revenue Bonds, (FGIC Insured), Series 2002
5.125% due 07/01/2042		3,500		3,648
Massachusetts 1.1%
Massachusetts Housing Finance Agency Revenue Bonds, (AMBAC Insured), Series 1993
5.950% due 10/01/2008		1,500		1,560
Massachusetts State Development Finance Agency Revenue Bonds, (ACA Insured), Series 1999
4.600% due 03/01/2009 (a)		400		421
Massachusetts State Development Finance Agency Revenue Bonds, Series 1998
4.700% due 11/01/2007		210		222
4.800% due 11/01/2008		90		95
Massachusetts State General Obligation Ltd. Bonds, (MBIA-IBC Insured), Series 1993
5.500% due 02/01/2011		1,000		1,034
Massachusetts State Health & Educational Facilities Authority Revenue Bonds, Series 2001
6.000% due 07/01/2014		500		571
Massachusetts State Health Facilities Authority Revenue Bonds, Series 1993
5.500% due 10/01/2002		140		140
				4,043
Michigan 5.2%
Detroit, Michigan City School District General Obligation Bonds, (FSA Q-SBLF Insured), Series 2001
5.125% due 05/01/2031		750		778
Detroit, Michigan General Obligation Ltd. Bonds, (MBIA Insured), Series 2002
5.000% due 04/01/2005		2,500		2,697
Lake Fenton, Michigan Community Schools General Obligation Bonds, (SBLF Insured), Series 2002
5.000% due 05/01/2022		2,720		2,825
Michigan Public Power Agency Revenue Bonds, (AMBAC Insured), Series 2001
5.250% due 01/01/2015		1,000		1,117
Michigan State Environmental Protection General Obligation Bonds, Series 1992
6.250% due 11/01/2012		1,100		1,330
Michigan State General Obligation Bonds, Series 2002
5.000% due 12/01/2008		1,000		1,128
Michigan State Strategic Fund Ltd. Obligation Revenue Bonds, Series 2001
5.450% due 09/01/2029		2,000		2,041
Mount Clemens, Michigan Community School District General Obligation Bonds, (Q-SBLF Insured), Series 2001
5.000% due 05/01/2031		3,000		3,079

74   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Western Michigan University Revenue Bonds, (AMBAC Insured), Series 2001
5.000% due 07/15/2021	$	3,500	$	3,667
				18,662
Minnesota 0.8%
Dakota County, Minnesota Community Development Agency Multi-Family Housing Revenue Bonds, (GNMA Insured), Series 2002
4.750% due 07/20/2015		385		409
5.400% due 07/20/2028		1,265		1,323
New Richland, Minnesota Revenue Bonds, Series 1998
4.500% due 08/01/2004		1,000		1,043
				2,775
Mississippi 0.7%
Mississippi State General Obligation Bonds, (FSA Insured), Series 2001
6.000% due 09/01/2011		2,000		2,421
Missouri 0.3%
Missouri State Housing Development Community Revenue Bonds, (FHA Insured), Series 2001
5.250% due 12/01/2016		1,000		1,060
Nevada 1.5%
Nevada State General Obligation Bonds, (FGIC Insured), Series 1998
5.000% due 05/15/2028		1,000		1,025
Nevada State General Obligation Ltd. Bonds, Series 2002
4.900% due 11/01/2016		790		842
Washoe County, Nevada School District General Obligation Ltd. Bonds, (FSA Insured), Series 1999
5.750% due 06/01/2013		3,000		3,539
				5,406
New Hampshire 0.9%
New Hampshire Health & Educational Facilities Authority Revenue Bonds, (AMBAC Insured), Series 2002
5.125% due 07/01/2016		2,980		3,268
New Jersey 7.4%
New Jersey Economic Development Authority Revenue Bonds, (GTY AGMT Insured), Series 1998
6.000% due 11/01/2028		5,000		5,080
New Jersey Economic Development Authority Revenue Bonds, Series 1998
0.000% due 04/01/2013		1,595		1,062
5.600% due 01/01/2012		1,000		975
6.375% due 04/01/2018		1,500		1,881
6.375% due 04/01/2031		10,000		12,539
6.500% due 04/01/2031		2,115		2,358
6.800% due 04/01/2018		250		269
New Jersey Economic Development Authority Revenue Bonds, Series 1999
6.625% due 09/15/2012		3,500		2,487
				26,651
New Mexico 0.1%
Santa Fe County, New Mexico El Castillo Retirement Nursing Home Bonds, Series 1998-A
5.250% due 05/15/2007		315		307
New York 9.5%
Nassau County, New York Tobacco Settlement Corp. Revenue Bonds, Series 1999
5.250% due 07/15/2011		1,000		1,023
New York City, New York Transitional Finance Authority Revenue Bonds, Series 1998
5.000% due 11/15/2026		2,500		2,576
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2002
5.250% due 02/01/2029		5,275		5,937
New York State Dormitory Authority Revenue Bonds, (ACA Insured), Series 2000
5.850% due 07/01/2010		1,000		1,112
New York State Dormitory Authority Revenue Bonds, Series 2002
6.000% due 11/15/2029		3,800		4,472
New York State Triborough Bridge and Tunnel Authority Revenue Bonds, (FGIC Insured), Series 2001
5.000% due 01/01/2032		3,550		3,650
New York, New York General Obligation Bonds, Series 2002
5.750% due 08/01/2014		5,000		5,705
Port Authority New York & New Jersey Revenue Bonds, (FGIC Insured), Series 2002
5.125% due 11/15/2028		3,860		4,044
Schenectady, New York Industrial Development Agency Civic Facility Revenue Bonds, Series 2001
5.500% due 07/01/2016		1,640		1,883
TSASC Inc. Revenue Bonds, Series 1999
5.400% due 07/15/2012		3,550		3,802
				34,204
North Carolina 0.4%
Durham County, North Carolina General Obligation Revenue Bonds, Series 2002
8.020% due 04/01/2021 (a)		275		311
North Carolina Eastern Municipal Power Agency Power Systems Revenue Bonds, Series 1993
7.000% due 01/01/2008		1,000		1,162
				1,473
Ohio 0.9%
Ohio State Water Development Authority Revenue Bonds, Series 2002
5.375% due 12/01/2020		1,100		1,201
5.375% due 12/01/2021		1,750		1,897
				3,098
Oklahoma 0.3%
Oklahoma Housing Finance Agency Single Family Revenue Bonds, Series 2001
0.000% due 09/01/2032		6,710		1,199
Pennsylvania 0.9%
Delaware County, Pennsylvania Hospital Revenue Bonds, Series 1998
4.900% due 12/01/2008		100		102
Delaware County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 1997
6.500% due 01/01/2008		725		777
Pennsylvania Convention Center Revenue Bonds, (MBIA-IBC Insured), Series 1994
6.750% due 09/01/2019		2,000		2,211
				3,090

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   75

Schedule of Investments (Cont.)

Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Puerto Rico 0.3%
Childrens Trust Fund Tobacco Settlement Revenue Bonds, Series 2000
5.750% due 07/01/2010	$	750	$	829
6.000% due 07/01/2026		150		159
				988
Rhode Island 3.3%
Rhode Island Tobacco Settlement Financing Corp. Revenue Bonds, Series 2002
6.125% due 06/01/2032		3,800		3,801
Rhode Island Tobacco Settlement Financing Corporate Revenue Bonds, Series 2002
6.250% due 06/01/2042		8,000		7,918
				11,719
South Carolina 0.8%
Medical University South Carolina Hospital Facilities Revenue Bonds, Series 1999
5.700% due 07/01/2012 (a)		1,000		1,170
South Carolina State Public Service Authority Revenue Bonds, Series 1993
9.138% due 06/28/2013 (a)		1,700		1,808
				2,978
South Dakota 0.1%
South Dakota Housing Development Authority, (FHA/VA Insured), Series 2000
5.050% due 05/01/2010		225		243
Tennessee 1.1%
Knox County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2002
6.375% due 04/15/2022		1,000		1,047
Nashville & Davidson County, Tennessee Revenue Bonds, Series 1998
4.450% due 08/01/2007		1,000		1,071
Sullivan County, Tennessee Health, Educational & Housing Facilities Board Revenue Bonds, Series 2002
6.250% due 09/01/2022		1,000		1,046
Sullivan County, Tennessee Industrial Development Revenue Bonds, (GNMA Insured), Series 1995
6.250% due 07/20/2015		750		805
				3,969
Texas 15.9%
Bastrop, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2002
1.000% due 02/15/2035		2,765		2,776
Bexar County, Texas Housing Finance Corporate Multi-Family Revenue Bonds, (FNMA Insured), Series 2001
4.875% due 06/15/2011		900		973
Bexar, Texas Metro Water District Waterworks System Revenue Bonds, (MBIA Insured), Series 1998
0.000% due 05/01/2035		2,190		381
Brazos River Authority Texas Revenue Bonds, (MBIA Insured), Series 1998
4.900% due 10/01/2015 (a)		1,500		1,663
Del Rio, Texas Waterworks & Sewer System Revenue Bonds, (MBIA Insured), Series 1993
5.500% due 06/01/2015		2,400		2,457
Denton, Texas Utility System Revenue Bonds, (FSA Insured), Series 2002
5.250% due 12/01/2016		1,690		1,875
Duncanville, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2001
5.250% due 02/15/2032		2,000		2,093
Harris County, Texas General Obligation Bonds, Series 1997
5.100% due 08/15/2015		250		267
Houston, Texas Airport System Revenue Bonds, Series 2001
6.750% due 07/01/2029		1,000		582
Houston, Texas Airport Systems Revenue Bonds, (FGIC Insured), Series 2000
7.890% due 07/01/2025 (a)		2,500		2,557
Houston, Texas Independent School District General Obligation Ltd. Bonds, (PSF-GTD Insured), Series 1999
5.250% due 02/15/2018		355		381
Houston, Texas Water & Sewer System Revenue Bonds, (FSA Insured), Series 2001
5.500% due 12/01/2017		1,000		1,122
Houston, Texas Water Conveyance System Contract Certificates of Participation Bonds, (AMBAC Insured), Series 1993
6.250% due 12/15/2012		5,000		6,214
Katy, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 1998
4.750% due 02/15/2024		1,500		1,508
Lamar, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 1998
4.750% due 02/15/2020		1,750		1,784
Lower Colorado River, Texas Authority Revenue Bonds, (FSA Insured), Series 1998
4.750% due 01/01/2028		3,000		3,094
Lower Colorado River, Texas Authority Revenue Bonds, (FSA Insured), Series 2001
5.000% due 05/15/2026		2,000		2,046
Midlothian, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 1999
0.010% due 02/15/2018		1,000		416
North Texas Health Facilities Development Corp. Revenue Bonds, (AMBAC Insured), Series 2002
5.500% due 08/15/2016		2,905		3,302
5.500% due 08/15/2017		1,000		1,128
North Texas State University Revenue Bonds, (FSA Insured), Series 1999
5.375% due 04/15/2014		250		275
Pasadena, Texas General Obligation Bonds, (FGIC Insured), Series 2002
5.125% due 04/01/2024		1,750		1,809

76   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Peaster, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2002
5.000% due 08/15/2031	$	430	$	439
Quinlan, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2002
5.000% due 02/15/2027		1,000		1,025
Red River, Texas Educational Finance Revenue Bonds, Series 2000
5.750% due 05/15/2017		750		844
Rio Grande City, Texas Construction Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2000
5.875% due 08/15/2018		1,825		2,110
Sabine River, Texas Pollution Control Authority Revenue Bonds, Series 2001
5.500% due 05/01/2022		1,000		1,043
San Antonio, Texas Electric and Gas Systems Revenue Bonds, Series 1997
5.500% due 02/01/2015		975		1,088
San Antonio, Texas Water Revenue Bonds, (FSA Insured), Series 2002
5.000% due 05/15/2032		1,050		1,073
San Jacinto, Texas Community College District General Obligation Ltd. Bonds, (FGIC Insured), Series 2001
5.000% due 02/15/2021		225		233
Texas State Affordable Mulit-Family Housing Revenue Bonds, (MBIA Insured), Series 2002
4.850% due 09/01/2012		2,000		2,148
4.850% due 09/01/2012		1,335		1,449
Texas State Turnpike Systems Authority Revenue Bonds, Series 2002
5.000% due 06/01/2008		5,000		5,553
Travis County, Texas Health Facilities Development Hosiptal Revenue Bonds, Series 1993
6.000% due 11/15/2022		1,400		1,514
				57,222
Utah 0.6%
Utah State General Obligation Bonds, Series 2002
5.375% due 07/01/2009		2,000		2,291
Virginia 0.6%
Virginia Polytechnic Institute & State University Revenue Bonds, Series 1996
5.400% due 06/01/2012		1,000		1,090
Virginia State Housing Development Authority Revenue Bonds, (MBIA Insured), Series 2001
5.350% due 07/01/2031		1,000		1,034
				2,124
Washington 1.6%
University of Washington Revenue Bonds, (AMBAC Insured), Series 2002
5.125% due 12/01/2017		2,715		2,944
5.250% due 12/01/2023		2,595		2,737
				5,681
Washington, D.C. 0.6%
Metropolitan Washington D.C. Airport Systems Authority Revenue Bonds, Series 2002
5.250% due 10/01/2032		2,000		2,076
West Virginia 0.4%
West Virginia State Parkways Economic Development & Tourism Authority Revenue Bonds, (FGIC Insured), Series 1993
10.049% due 05/16/2019 (a)	$	425	$	462
10.049% due 05/16/2019 (a)		775		833
				1,295
Wisconsin 3.4%
Hudson, Wisconsin School District General Obligation Bonds, (FGIC Insured), Series 2002
5.000% due 10/01/2017		1,420		1,522
5.000% due 10/01/2019		1,040		1,097
South Milwaukee, Wisconsin School District General Obligation Bonds, (FGIC Insured), Series 2002
3.750% due 04/01/2011		385		397
4.000% due 04/01/2013		415		429
4.375% due 04/01/2014		565		594
Wisconsin Housing & Economic Development Authority Housing Revenue Bonds, (MBIA Insured), Series 2002
4.700% due 05/01/2012		1,170		1,231
4.700% due 11/01/2012		1,555		1,636
Wisconsin Housing & Economic Development Authority Housing Revenue Bonds, Series 2002
4.700% due 05/01/2012		1,640		1,725
Wisconsin State Clean Water Revenue Bonds, Series 2002
8.200% due 06/01/2023 (a)		350		403
Wisconsin State General Obligation Bonds, Series 2001
5.250% due 05/01/2020		3,000		3,234
				12,268
Total Municipal Bonds & Notes				346,511
(Cost $326,636)
U.S. TREASURY OBLIGATIONS 0.1%
Treasury Inflation Protected Securities (b)(d)
3.375% due 01/15/2007		284		310
Total U.S. Treasury Obligations				310
(Cost $288)
SHORT-TERM INSTRUMENTS 1.0%
Money Market Fund 0.6%
SSgA Tax Free Money Market
1.250% due 10/01/2002		2,314		2,314
U.S. Treasury Bills 0.4%
1.593% due 11/14/2002-11/29/2002 (b)(c)		1,540		1,537
Total Short-Term Instruments				3,851
(Cost $3,851)
Total Investments 97.6%			$	350,672
(Cost $ 330,775)
Other Assets and Liabilities (Net) 2.4%				8,456
Net Assets 100.0%			$	359,128

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   77

Schedule of Investments (Cont.)

Municipal Bond Fund

September 30, 2002 (Unaudited)

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities with an aggregate market value of $1,847 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 30 Year Bond (12/2002)	442	$	(1,519	)

(c) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(d) Principal amount of security is adjusted for inflation.

78   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

Schedule of Investments

New York Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
MUNICIPAL BONDS & NOTES 85.1%
Arizona 7.1%
Salt River Project Agricultural Import & Power District Revenue Bonds, Series 2002
4.750% due 01/01/2032	$	750	$	752
New York 77.0%
Amherst, New York General Obligation Bonds, (FGIC Insured), Series 1999-A
5.500% due 12/01/2008		150		172
Edmeston, New York Central School District General Obligation Bonds, (MBIA Insured), Series 1999
5.100% due 06/15/2007		150		169
Nassau County, New York Tobacco Settlement Corp. Revenue Bonds, Series 1999
5.250% due 07/15/2011		150		153
New York City, New York General Obligation Bonds, (FSA Insured), Series 1994
1.750% due 08/01/2023 (a)		200		200
New York City, New York General Obligation Bonds, (MBIA Insured), Series 1994
1.800% due 08/15/2003 (a)		70		70
New York City, New York Individual Development Agency Civic Facility Revenue Bonds, Series 2002
6.450% due 07/01/2032		250		253
New York City, New York Individual Development Agency Special Facilities Revenue Bonds, Series 1998
5.250% due 12/01/2032		150		89
New York City, New York Individual Development Revenue Bonds, Series 1997
5.650% due 10/01/2028		150		152
New York City, New York Industrial Development Agency Pipeline Airport Facility Revenue Bonds, Series 2001
5.500% due 07/01/2028		250		240
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2002
5.250% due 02/01/2029		1,000		1,125
New York City, New York Water & Sewer System Revenue Bonds, (Bank of New York Insured), Series 2002
1.750% due 06/15/2018 (a)		200		200
New York State Dormitory Authority Revenue Bonds, (FSA Insured), Series 1998
4.750% due 07/01/2008		150		166
New York State Dormitory Authority Revenue Bonds, (MBIA Insured), Series 2000
7.910% due 08/15/2022 (a)		250		256
New York State Dormitory Authority Revenue Bonds, Series 2000
6.000% due 07/01/2010		150		165
New York State Dormitory Authority Revenue Bonds, Series 2001
5.500% due 07/01/2030		200		207
New York State Dormitory Authority Revenue Bonds, Series 2002
6.000% due 11/15/2029		400		471
New York State General Obligation Bonds, Series 1997-D
5.250% due 08/01/2021		100		104
New York State Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 1997
1.600% due 11/15/2019 (a)		450		450
New York State Local Government Assistance Corporate Revenue Bonds, (Landesbank Hessen & Societe Generale Insured), Series 1995
1.700% due 04/01/2025 (a)		100		100
New York State Local Government Assistance Corporate Revenue Bonds, (MBIA Insured), Series 1997-B
5.125% due 04/01/2013		150		164
New York State Power Authority Revenue & General Purpose Bonds, Series 1972-E
5.500% due 01/01/2010		115		129
New York State Triborough Bridge and Tunnel Authority Revenue Bonds, (FGIC Insured), Series 2001
5.000% due 01/01/2032		400		411
New York State Urban Development Corporate Revenue Bonds, Series 1999
5.000% due 01/01/2005		150		160
Oneida County, New York Individual Development Agency Revenue Bonds, (MBIA Insured), Series 2002
1.700% due 09/15/2032 (a)		420		420
Rockland County, New York Solid Waste Management Authority Revenue Bonds, Series 1999-A
4.800% due 12/15/2005		145		156
Schenectady, New York Industrial Development Agency Civic Facility Revenue Bonds, Series 2001
5.500% due 07/01/2016		500		574
Troy, New York Industrial Development Agency Civic Facility Revenue Bonds, Series 2002
5.500% due 09/01/2015		500		573
TSASC Inc. Revenue Bonds, Series 1999
5.400% due 07/15/2012		300		321
TSASC Inc. Revenue Bonds, Series 2002
5.000% due 07/15/2014		500		514
				8,164
Puerto Rico 1.0%
Childrens Trust Fund Tobacco Settlement Revenue Bonds, Series 2000
6.000% due 07/01/2026		100		106
Total Municipal Bonds & Notes (Cost $8,676)				9,022

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   79

Schedule of Investments

New York Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
SHORT-TERM INSTRUMENTS 7.7%
Money Market Fund 7.2%
Reich & Tang New York Money Market
1.100% due 10/01/2002	$	527	$	527
SSgA Tax Free Money Market
1.250% due 10/01/2002		244		244
				771
U.S. Treasury Bills 0.5%
1.603% due 11/14/2002-11/29/2002 (b)		50		50
Total Short-Term Instruments				821
(Cost $821)
Total Investments 92.8%			$	9,843
(Cost $9,497)
Other Assets and Liabilities (Net) 7.2%				764
Net Assets 100.0%			$	10,607

Notes to Schedule of Investments (amounts in thousands)

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

80   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

Schedule of Investments

Real Return Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)	Value (000s)
CORPORATE BONDS & NOTES 8.2%
Banking & Finance 6.4%
Allstate Financial Global Funding
7.125% due 09/26/2005	$        5,000	$        5,598
Atlas Reinsurance PLC
4.563% due 04/04/2003 (a)	6,700	6,725
5.563% due 10/04/2004 (a)	4,400	4,433
4.387% due 01/07/2005 (a)	1,250	1,260
8.650% due 04/07/2005 (a)	8,250	8,250
Bear Stearns Cos., Inc.
2.210% due 12/01/2003 (a)	500	501
2.400% due 09/21/2004 (a)	1,000	999
Boeing Capital Corp.
5.650% due 05/15/2006	5,000	5,242
CIT Group, Inc.
2.325% due 04/07/2003 (a)	300	299
5.625% due 05/17/2004	1,000	1,024
Export-Import Bank Korea
6.500% due 11/15/2006	2,500	2,776
Finova Group, Inc.
7.500% due 11/15/2009	840	260
Ford Motor Credit Co.
2.550% due 04/17/2003 (a)	36,000	35,560
2.040% due 11/24/2003 (a)	3,000	2,910
2.236% due 01/26/2004 (a)	8,200	7,882
2.690% due 03/08/2004 (a)	1,000	957
2.070% due 04/26/2004 (a)	2,000	1,889
6.700% due 07/16/2004	300	302
3.675% due 10/25/2004 (a)	18,000	17,175
2.305% due 06/30/2005 (a)	3,100	2,804
2.295% due 07/18/2005 (a)	44,750	40,393
General Motors Acceptance Corp.
2.121% due 12/09/2002 (a)	2,000	1,997
5.875% due 01/22/2003	2,550	2,571
2.071% due 03/10/2003 (a)	2,800	2,782
2.410% due 05/16/2003 (a)	19,925	19,780
2.223% due 07/21/2003 (a)	6,500	6,422
2.250% due 08/04/2003 (a)	5,000	4,935
2.580% due 01/20/2004 (a)	2,400	2,357
2.110% due 04/05/2004 (a)	700	678
2.612% due 05/04/2004 (a)	19,600	19,122
2.457% due 05/17/2004 (a)	3,100	3,022
2.150% due 05/28/2004 (a)	2,000	1,930
2.210% due 07/21/2004 (a)	46,400	44,717
Goldman Sachs Group
2.297% due 12/01/2004 (a)	1,600	1,598
Heller Financial, Inc.
2.188% due 04/28/2003 (a)	3,000	3,005
Korea Development Bank
5.878% due 06/16/2003 (a)	500	510
Merrill Lynch & Co.
2.120% due 02/04/2003 (a)	2,000	2,001
2.140% due 08/01/2003 (a)	4,000	4,007
Merrill Lynch & Co., Inc.
2.201% due 05/21/2004 (a)	2,100	2,100
Morgan Stanley, Dean Witter & Co.
2.101% due 02/21/2003 (a)	1,500	1,501
2.006% due 03/11/2003 (a)	2,000	2,001
National Australia Bank Ltd.
2.535% due 05/19/2010 (a)	1,500	1,507
National Rural Utilities Cooperative Finance Corp.
2.010% due 07/17/2003 (a)	10,000	9,957
NeHi, Inc.
6.196% due 06/09/2003 (a)	3,000	3,046
Pemex Finance Ltd.
6.125% due 11/15/2003	167	172
Premium Asset Trust
2.105% due 11/27/2004 (a)	5,000	5,015
Protective Life Funding Trust
2.320% due 01/17/2003 (a)	1,000	1,001
Prudential Funding Corp.
6.375% due 07/23/2006	7,000	7,699
Redwood Capital I Ltd.
7.360% due 01/01/2003 (a)	17,000	16,927
Redwood Capital II Ltd.
4.860% due 01/01/2004 (a)	33,000	32,870
Residential Reinsurance Ltd.
6.887% due 06/01/2004 (a)	4,500	4,574
6.797% due 06/01/2005 (a)	15,900	15,940
Salomon, Smith Barney Holdings
2.120% due 02/18/2003 (a)	1,000	1,001
2.178% due 04/28/2003 (a)	3,000	3,003
Textron Financial Corp.
2.240% due 12/09/2002 (a)	1,000	999
Trinom Ltd.
5.895% due 12/18/2004 (a)	6,500	6,546
Wachovia Bank North America
2.010% due 02/20/2004 (a)	2,250	2,256
Wachovia Corp.
7.550% due 08/18/2005	12,500	14,088
Washington Mutual Bank
2.070% due 05/14/2004 (a)	1,700	1,704
2.220% due 05/17/2004 (a)	17,900	17,936
Western Capital
7.021% due 01/07/2003 (a)	5,000	5,000
		425,516
Industrials 1.1%
AIC Corp.
2.187% due 10/02/2002 (a)	250	250
American Airlines, Inc.
6.978% due 04/01/2011	2,992	3,103
Coastal Corp.
2.460% due 07/21/2003 (a)	9,000	8,553
Conoco, Inc.
2.596% due 10/15/2002 (a)	8,000	8,002
Cox Enterprises, Inc.
2.812% due 05/01/2033 (a)	2,000	1,981
DaimlerChrysler North America Holding Corp.
2.656% due 12/16/2002 (a)	4,193	4,198
2.230% due 08/16/2004 (a)	5,000	4,931
Delta Air Lines, Inc.
8.540% due 01/02/2007	3,541	3,137
Fred Meyer, Inc.
7.375% due 03/01/2005	2,000	2,195
Petroleos Mexicanos
9.500% due 09/15/2027	14,350	15,785
SR Wind Ltd.
6.992% due 05/18/2005 (a)	2,000	2,004
7.492% due 05/18/2005 (a)	3,500	3,567
United Air Lines, Inc.
2.301% due 12/02/2002 (a)	1,109	1,001
Walt Disney Co.
4.500% due 09/15/2004	15,000	15,227
Waste Management, Inc.
7.100% due 08/01/2026	1,500	1,522
		75,456
Utilities 0.7%
ALLETE, Inc.
2.798% due 10/20/2003 (a)	2,500	2,494
British Telecom PLC
3.181% due 12/15/2003 (a)	6,200	6,189
7.875% due 12/15/2005	10,750	12,007
Deutsche Telekom International Finance BV
7.750% due 06/15/2005	10,000	10,733
Dominion Resources, Inc.
7.600% due 07/15/2003	5,000	5,160
Entergy Gulf States, Inc.
3.097% due 06/02/2003 (a)	5,500	5,499
Hawaiian Electric Industries, Inc.
2.876% due 04/15/2003 (a)	2,000	2,003
WorldCom, Inc.
7.375% due 01/15/2003 (b)	1,000	125
		44,210
Total Corporate Bonds & Notes		545,182
(Cost $545,907)

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   81

Schedule of Investments

Real Return Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
U.S. TREASURY OBLIGATIONS 97.2%
Treasury Inflation Protected Securities (e)
3.375% due 01/15/2007 (c)	$	474,159	$	516,611
3.625% due 01/15/2008 (d)		1,339,074		1,477,585
3.875% due 01/15/2009 (d)		9,032		10,158
4.250% due 01/15/2010 (d)		1,219,662		1,405,851
3.500% due 01/15/2011		263,861		292,556
3.375% due 01/15/2012		99,396		109,972
3.000% due 07/15/2012		69,112		74,404
3.625% due 04/15/2028		759,721		894,453
3.875% due 04/15/2029 (d)		1,299,768		1,599,529
3.375% due 04/15/2032		63,616		74,073
Total U.S. Treasury Obligations (Cost $6,023,797)				6,455,192
MORTGAGE-BACKED SECURITIES 0.1%
Collateralized Mortgage Obligations 0.1%
Bear Stearns Adjustable Rate Mortgage Trust
5.174% due 11/25/2030 (a)		2,547		2,632
Freddie Mac
6.500% due 01/25/2028		100		107
7.000% due 10/15/2030		3,000		3,204
Mellon Residential Funding Corp.
2.700% due 10/20/2029 (a)		800		808
				6,751
Fannie Mae 0.0%
6.066% due 10/01/2024 (a)		191		202
Federal Housing Administration 0.0%
7.430% due 12/01/2020		115		119
Total Mortgage-Backed Securities (Cost $6,997)				7,072
ASSET-BACKED SECURITIES 0.2%
AFC Home Equity Loan Trust
2.070% due 03/25/2027 (a)		98		98
American Residential Eagle Trust
2.190% due 07/25/2029 (a)		1,793		1,792
Asset Backed Securities Corp. Home Equity
2.210% due 06/21/2029 (a)		727		728
Conseco Finance
7.890% due 07/15/2018 (b)		1,176		1,198
8.170% due 12/15/2025 (b)		2,000		2,129
Conseco Finance Home Loan Trust
8.880% due 06/15/2024 (b)		750		799
Conseco Finance Securitizations Corp.
8.480% due 12/01/2031 (b)		3,000		3,208
EQCC Home Equity Loan Trust
2.088% due 03/20/2030 (a)		108		107
SLM Student Loan Trust
2.369% due 04/25/2006 (a)		251		252
4.373% due 01/25/2007 (a)		84		84
Total Asset-Backed Securities (Cost $10,263)				10,395
SOVEREIGN ISSUES 0.0%
United Mexican States Value Recovery Right
0.000% due 06/30/2003 (a)		718		2
0.000% due 06/30/2004 (a)		718		1
0.000% due 06/30/2005 (a)		718		0
Total Sovereign Issues (Cost $0)				3
FOREIGN CURRENCY—DENOMINATED ISSUES (h)(i) 0.8%
Caisse D’amort Dette Soc
3.800% due 07/25/2006 (e)	EC	5,244		5,422
Commonwealth of New Zealand
4.500% due 02/15/2016	N$	34,200		18,848
Republic of France
3.000% due 07/25/2012 (e)	EC	28,034		28,597
Total Foreign Currency-Denominated Issues (Cost $45,315)				52,867
CONVERTIBLE BONDS & NOTES 0.5%
Banking & Finance 0.4%
Verizon Global Funding Corp.
5.750% due 04/01/2003	$	10,000		10,120
5.750% due 04/01/2003		3,000		3,019
4.250% due 09/15/2005		13,250		13,449
				26,588
Industrials 0.1%
Nabors Industries Ltd.
0.000% due 06/20/2020		5,000		3,256
Total Convertible Bonds & Notes (Cost $29,648)				29,844
SHORT-TERM INSTRUMENTS 3.2%
Commercial Paper 2.6%
Federal Home Loan Bank
1.680% due 10/25/2002		20,000		19,977
Freddie Mac
1.650% due 10/18/2002		7,500		7,494
1.700% due 10/31/2002 (c)		70		70
1.710% due 10/31/2002		25,000		24,964
TotalFinaElf SA
1.745% due 10/23/2002		20,000		19,979
1.770% due 10/24/2002		40,000		39,955
UBS Finance, Inc.
1.970% due 12/18/2002		64,000		64,000
				176,439
Repurchase Agreement 0.5%
State Street Bank
1.550% due 10/01/2002		33,027		33,027
(Dated 09/30/2002. Collateralized by Federal Home Loan Bank 1.970% due 10/08/2003 valued at $8,191 and 1.900% due 09/23/2003 valued at $25,501. Repurchase proceeds are $33,028.)
U.S. Treasury Bills 0.1%
1.602% due 11/14/2002-11/29/2002 (f)		4,245		4,235
Total Short-Term Instruments (Cost $213,701)				213,701
Total Investments 110.2% (Cost $6,875,628)			$	7,314,256
Other Assets and Liabilities (Net) (10.2%)				(675,920	)
Net Assets 100.0%			$	6,638,336

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

82   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

(c) Securities with an aggregate market value of $1,282 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 5 Year Note (12/2002)	24	$	(60	)
U.S. Treasury 10 Year Note (12/2002)	345		(135	)
U.S. Treasury 30 Year Bond (12/2002)	9		(31	)
		$	(226	)

(d) Security, or portion thereof, subject to financing transaction.

(e) Principal amount of security is adjusted for inflation.

(f) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(g) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
U.S. Treasury Bonds	6.250	05/15/2030	$	14,400	$	17,574	$	17,308
U.S. Treasury Notes	5.250	08/15/2003		73,100		75,527		75,341
U.S. Treasury Notes	3.875	01/15/2009		232,542		261,537		257,311
U.S. Treasury Notes	4.625	05/15/2006		8,600		9,311		9,189
U.S. Treasury Notes	4.375	05/15/2007		25,000		26,991		26,407
					$	390,940	$	385,556

(h) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Sell	EC	24,713	11/2002	$	(156	)
Sell	N$	36,053	10/2002		0
				$	(156	)

(i) Principal amount denoted in indicated currency:

EC—Euro

N$—New Zealand Dollar

(j) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive floating rate based on 3-month LIBOR plus 0.470% and pay a fixed rate equal to 7.750%.
Broker: Morgan Stanley Exp. 06/15/2005	$	10,000	$	(1,233	)
Receive floating rate based on 3-month LIBOR plus 0.500% and pay a fixed rate equal to 7.600%.
Broker: Lehman Brothers, Inc. Exp. 07/15/2003		5,000		(211	)
Receive floating rate based on 3-month LIBOR plus 1.000% and pay a fixed rate equal to 0.000%.
Broker: Morgan Stanley Exp. 06/20/2003		3,042		(112	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 06/15/2003		15,900		(103	)
Receive a fixed rate equal to 0.410% and the Fund will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.750% due 06/15/2005.
Broker: Goldman Sachs Exp. 11/10/2002		1,000		(8	)
Receive a fixed rate equal to 0.200% and the Fund will pay to the counterparty at par in the event of default of Fannie Mae 5.375% due 10/15/2011.
Broker: Morgan Stanley Exp. 05/03/2005		80,000		41
Receive a fixed rate equal to 5.000% and the Fund will pay to the counterparty at par in the event of default of El Paso Corp. 7.000% due 05/15/2011.
Broker: Merrill Lynch Exp. 09/15/2003		15,000		(2,424	)
			$	(4,050	)

Type	Fixed Spread (%)	Notional Amount		Unrealized (Depreciation)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Bank of America Exp. 11/15/2002	0.571	$	75,000	$	(656	)

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   83

Schedule of Investments

Short Duration Municipal Income Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
MUNICIPAL BONDS & NOTES 92.5%
Alaska 1.3%
Valdez, Alaska Marine Terminal Revenue Bonds, Series 1985
1.800% due 10/01/2025 (a)	$	500	$	500
Valdez, Alaska Marine Terminal Revenue Bonds, Series 1993
1.800% due 12/01/2033 (a)		2,000		2,000
				2,500
Arizona 1.7%
Arizona State Transportation Board of Excise Tax Revenue Bonds, Series 2002
5.000% due 12/15/2005		3,000		3,293
California 2.2%
California Statewide Communities Development Authority Revenue Bonds, Series 2002
3.700% due 11/01/2029		1,000		1,027
East Bay, California Municipal Utility District Water System Revenue Bonds, (MBIA Insured), Series 1993
5.200% due 06/01/2008		1,000		1,046
Sacramento, California Municipal Utility District Revenue Bonds, (FSA Insured), Series 1993
1.670% due 11/15/2006		2,000		2,134
				4,207
Colorado 5.8%
Arapahoe County, Colorado Capital Improvement Highway Revenue Bonds, Series 1986
0.000% due 08/31/2026		2,000		394
Arapahoe County, Colorado Capital Trust Fund Highway Revenue Bonds, (MBIA Insured), Series 1986
6.150% due 08/31/2026		3,000		3,464
Colorado Health Facilities Authority Revenue Bonds, (KBC Bank NV Insured), Series 2000
1.750% due 03/01/2025 (a)		700		700
Colorado Regional Transportation District Sales Tax Revenue Bonds, (AMBAC Insured), Series 2002
5.000% due 11/01/2005		4,210		4,608
Denver, Colorado City & County General Obligation Bonds, Series 1998
5.250% due 08/01/2004		350		373
Denver, Colorado Health & Hospital Revenue Bonds, Series 1998-A
5.000% due 12/01/2002		500		502
Smith Creek, Colorado Metropolitan District, (Bank of America Insured), Series 1997
1.750% due 10/01/2035 (a)		500		500
South Metro, Colorado Fire Rescue Finance Corporate Certificate of Participation Bonds, Series 2002
2.750% due 12/01/2004		695		712
				11,253
Connecticut 2.1%
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2001
1.800% due 07/01/2036 (a)		4,000		4,000
Florida 6.0%
Collier County, Florida Multi-Family Housing Finance Authority Revenue Bonds, (LIQ FAC-Fannie Mae Insured), Series 2002
4.600% due 08/15/2011		665		709
Florida State Board of Education General Obligation Bonds, Series 2002
5.375% due 01/01/2010		3,000		3,419
Gulf Breeze Florida Revenue Bonds, (MBIA Insured), Series 1997
4.840% due 12/01/2017 (a)		500		483
Hillsborough County, Florida Utility Revenue Bonds, Series 1978
6.200% due 12/01/2008		505		562
Jacksonville, Florida Electric Authority Revenue Bonds, Series 2000
1.900% due 10/01/2010 (a)		1,000		1,000
Orange County, Florida School Board Certificate of Participation Bonds, (AMBAC Insured), Series 2000
1.800% due 08/01/2025 (a)		500		500
Orlando, Florida Waste Water System Revenue Bonds, Series 1997-A
4.143% due 10/01/2015 (a)		750		752
Palm Beach County, Florida Health Facilities Authority Revenue Bonds, (MBIA-IBC Insured), Series 1993
6.300% due 10/01/2022		500		534
St. John’s River Power Park Revenue Bonds, Series 2002
5.000% due 10/01/2005		3,325		3,621
				11,580
Georgia 2.7%
Coweta County, Georgia School District General Obligation Bonds, (State Aid Withholding Insured), Series 2002
3.250% due 08/01/2004		560		577
Georgia State General Obligation Bonds, Series 1994
6.750% due 12/01/2006		3,890		4,600
				5,177
Illinois 10.3%
Chicago, Illinois Board of Education Certificate Participation Bonds, (MBIA Insured), Series 1992
6.250% due 01/01/2011		3,000		3,615
Chicago, Illinois General Obligation Bonds, (AMBAC Insured), Series 2002
4.000% due 01/01/2005		1,000		1,047
Chicago, Illinois Public Building Community Revenue Bonds, (FGIC Government of Board Insured), Series 1999
5.500% due 02/01/2006		1,000		1,105
Cook County, Illinois General Obligation Bonds, (FGIC Insured), Series 1996
5.875% due 11/15/2022		1,000		1,156
Cook County, Illinois High School District No. 205, (FSA Insured), Series 2002
0.000% due 12/01/2004		2,600		2,489
0.000% due 06/01/2005		500		470

84   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Illinois Educational Facilities Authority Revenue Bonds, Series 1993
6.520% due 07/01/2012 (a)	$	300	$	319
Illinois Health Facilities Authority Revenue Bonds, Series 1977
6.700% due 10/01/2005		480		514
Illinois Health Facilities Authority Revenue Bonds, Series 1978
6.250% due 07/01/2006		355		387
Illinois Healthy Facilities Authority Revenue Bonds, Series 1995
1.850% due 08/15/2025 (a)		1,000		1,000
Illinois Metropolitan Pier & Exposition Dedicated State Tax Revenue Bonds, (AMBAC Insured), Series 1996
6.000% due 12/15/2006		3,740		4,286
Illinois State General Obligation Bonds, (MBIA Insured), Series 1995
5.750% due 02/01/2008		300		333
Illinois State General Obligation Bonds, (MBIA Insured), Series 2000
5.500% due 12/01/2007		1,800		2,057
Lake County, Illinois Community High School District No. 127, (FGIC Insured), Series 2002
9.000% due 02/01/2005		1,000		1,160
				19,938
Iowa 0.1%
Iowa Hospital Facilities Financing Authority Revenue Bonds, (AMBAC Insured), Series 1992
5.900% due 11/15/2004		105		115
Kansas 0.3%
Burlington, Kansas Pollution Control Revenue Bonds, (MBIA Insured), Series 1991
7.000% due 06/01/2031		500		512
Maine 0.1%
Eastport, Maine Industrial Development Revenue Bonds, (Wachovia Bank Insured), Series 1989
5.100% due 11/15/2003		300		301
Maryland 2.9%
Maryland State General Obligation Bonds, Series 2002
5.000% due 02/01/2007		5,000		5,536
Massachusetts 4.4%
Massachusetts Housing Finance Agency Revenue Bonds, (AMBAC Insured), Series 1993
5.950% due 10/01/2008		250		260
Massachusetts Municipal Wholesale Electric Company Power Supply System Revenue Bonds, (AMBAC Insured), Series 1993
5.450% due 07/01/2018		3,200		3,345
Massachusetts State General Obligation Bonds, (FGIC Government of Commonwealth Insured), Series 2002
5.500% due 11/01/2014		2,000		2,352
Massachusetts State General Obligation Bonds, Series 1998
5.250% due 04/01/2011		1,000		1,141
Massachusetts State General Obligation Bonds, Series 2001
5.250% due 12/01/2007		1,000		1,134
Massachusetts State Health & Educational Facilities Authority Revenue Bonds, Series 1999
1.850% due 07/01/2039 (a)		400		400
				8,632
Michigan 6.4%
Detroit, Michigan General Obligation Bonds, (MBIA Insured), Series 2002
5.000% due 04/01/2006		4,000		4,383
Kalamazoo, Michigan Hospital Financing Authority Revenue Bonds, Series 1977
6.750% due 04/01/2003		210		216
Michigan State Comprehensive Transportation Revenue Bonds, (FSA Insured), Series 2002
5.000% due 05/15/2005		2,000		2,163
Michigan State Hospital Financing Authority Revenue Bonds, Series 1992
5.750% due 09/01/2017		260		263
Michigan State Strategic Fund Ltd. Obligation Revenue Bonds, (Michigan National Bank Insured), Series 1997
1.700% due 11/01/2027 (a)		500		500
Michigan State Strategic Funding Ltd. Obligation Revenue Bonds, Series 1991
7.100% due 02/01/2006		2,500		2,778
Michigan State University Revenue Bonds, Series 2002
1.800% due 08/15/2032 (a)		1,200		1,200
Milan, Michigan Area Schools General Obligation Bonds, Series 2002
1.500% due 05/01/2030 (a)		1,000		1,000
				12,503
Missouri 1.6%
Missouri Financial Board of Development of Cultural Facilities Revenue Bonds, Series 2001
1.850% due 12/01/2031 (a)		2,000		2,000
Missouri State Health & Educational Facilities Authority Revenue Bonds, (SPA-JP Morgan Chase & Co. Insured), Series 1996
1.850% due 09/01/2030 (a)		1,000		1,000
Missouri State Housing Development Community Mortgage Revenue Bonds, (GNMA/FNMA Insured), Series 1996
7.100% due 09/01/2027		120		127
				3,127
Nevada 0.3%
Clark County, Nevada Improvement District Special Assessment, Series 2001
2.000% due 02/01/2021 (a)		600		600
New Jersey 6.4%
New Jersey Economic Development Authority Revenue Bonds, Series 1998
6.375% due 04/01/2018		500		627
6.375% due 04/01/2031		1,000		1,254

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   85

Schedule of Investments (Cont.)

Short Duration Municipal Income Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
New Jersey State Transportation Trust Fund Authority Revenue Bonds, Series 1999
5.500% due 06/15/2008	$	5,000	$	5,732
5.625% due 06/15/2013		3,000		3,553
New Jersey Wasterwater Treatment Trust Revenue Bonds, (MBIA Insured), Series 1997
7.000% due 05/15/2009		1,020		1,261
				12,427
New Mexico 0.6%
New Mexico State Severance Special Tax, Series 2001
5.000% due 07/01/2007		1,000		1,112
New York 10.5%
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2002
5.250% due 02/01/2029		2,000		2,251
New York State Dormitory Authority Revenue Bonds, Series 2002
6.000% due 11/15/2029		800		941
New York State Thruway Authority Revenue Bonds, (MBIA Insured), Series 2002
5.250% due 04/01/2007		3,000		3,355
New York State Thruway Service Contract Revenue Bonds, Series 2002
5.250% due 04/01/2010		3,000		3,390
New York State Urban Development Revenue Bonds, (FSA Insured), Series 1994
6.500% due 01/01/2011		4,000		4,920
New York, New York General Obligation Bonds, Series 2002
5.750% due 08/01/2014		1,425		1,626
TSASC Inc. Revenue Bonds, Series 1999
5.400% due 07/15/2012		1,700		1,821
TSASC Inc. Revenue Bonds, Series 2002
5.000% due 07/15/2014		2,000		2,056
				20,360
North Carolina 1.1%
North Carolina Eastern Municipal Power Agency Power Systems Revenue Bonds, Series 1993
7.000% due 01/01/2008		1,000		1,162
North Carolina Municipal Power Agency No. 1 Catawba Electric Revenue Bonds, (MBIA Insured), Series 1993
7.920% due 01/01/2020 (a)		1,000		1,059
				2,221
Oklahoma 0.2%
Tulsa, Oklahoma Apartments Improvement Trust General Revenue Bonds, (FGIC Insured), Series 1978
6.400% due 06/01/2006		320		351
Pennsylvania 0.1%
Deer Lakes, Pennsylvania School District, (MBIA State Aid Witholding Insured), Series 1995
6.000% due 01/15/2006		150		158
Puerto Rico 2.7%
Childrens Trust Fund Tobacco Settlement Revenue Bonds, Series 2000
5.750% due 07/01/2010		250		276
Puerto Rico Commonwealth Revenue Notes, Series 2003
2.500% due 07/30/2003		5,000		5,042
				5,318
Tennessee 3.1%
Metropolitan Government of Nashville & Davidson County Tennessee General Obligation Bonds, Series 1993
5.250% due 05/15/2006		3,000		3,324
Nashville & Davidson County, Tennessee Health & Educational Facilities Revenue Bonds, Series 1977
6.100% due 07/01/2010		465		529
Shelby County, Tennessee General Obligation Bonds, Series 2001
4.500% due 11/01/2004		2,000		2,116
				5,969
Texas 8.4%
Dallas, Texas General Obligation Bonds, Series 2001
3.000% due 08/15/2004		300		308
Denton, Texas Utility System Revenue Bonds, (FSA Insured), Series 2002
4.250% due 12/01/2004		800		845
Harris County, Texas Flood Control General Obligation Bonds, Series 2002
3.200% due 10/01/2006		940		975
Harris County, Texas Health Facilities Development Hospital Revenue Bonds, (Morgan Guaranty Trust Insured), Series 1994
1.850% due 12/01/2025 (a)		700		700
Harris County, Texas Health Facilities Development Revenue Bonds, (MBIA Insured), Series 1999
1.850% due 10/01/2029 (a)		55		55
Harris County, Texas Municipal Utility District No. 203, (MBIA Insured), Series 1990
0.000% due 09/01/2015		285		127
Houston, Texas Water Conveyance System Certificates of Participation Bonds, (AMBAC Insured), Series 1993
6.125% due 12/15/2009		1,000		1,199
6.800% due 12/15/2011		3,000		3,816
Hurst Euless Bedford, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 1994
6.500% due 08/15/2024		1,000		1,080
Laredo, Texas General Obligation Bonds, (FGIC Insured), Series 1996
5.250% due 02/15/2009		400		438
Odessa, Texas Junior College District Revenue Bonds, Series 1995
8.125% due 12/01/2018		270		318
Sabine River, Texas Pollution Control Authority Revenue Bonds, Series 2001
4.000% due 05/01/2028		500		506
San Antonio, Texas Airport System Revenue Bonds, (AMBAC Insured), Series 1991
7.375% due 07/01/2012		425		452

86   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Southeast Texas Hospital Financing Agency Revenue Bonds, Series 1979
7.500% due 12/01/2009	$	1,030	$	1,198
Texas State General Obligation Bonds, Series 2002
5.250% due 08/01/2010		1,050		1,192
Texas State Turnpike Systems Authority Revenue Bonds, Series 2002
5.000% due 06/01/2007		2,000		2,211
Texas State Water Financial Assistance, Series 2002
5.000% due 08/01/2009		685		766
				16,186
Utah 0.9%
Utah Sales Tax Tranportation Authority Revenue Bonds, Series 2002
1.650% due 09/01/2032 (a)		1,000		1,000
Utah Water Financing Agency Revenue Bonds, (AMBAC Insured), Series 2002
4.000% due 07/01/2004		425		442
Utah Water Financing Agency Revenue Bonds, (AMBAC Insured), Series 2002
3.500% due 07/01/2005		300		313
				1,755
Virginia 0.8%
Virginia Polytechnic Institute & State University Revenue Bonds, Series 1996
5.400% due 06/01/2012		1,400		1,525
Washington 1.8%
Washington State Public Power Supply System & Nuclear Project No. 1 Revenue Bonds, (AMBAC Insured), Series 1996
6.000% due 07/01/2007		1,000		1,148
Washington State Public Power Supply System & Nuclear Project No. 2 Revenue Bonds, (MBIA-IBC Insured), Series 1993
5.500% due 07/01/2006		2,100		2,341
				3,489
West Virginia 0.1%
Kanawha County, West Virginia Residential Mortgage Revenue Bonds, (FGIC Insured), Series 1979
7.375% due 09/01/2010		160		192
Wisconsin 7.6%
Badger Tobacco Asset Securitization Corporation Revenue Bonds, Series 2002
5.000% due 06/01/2008		2,240		2,345
5.500% due 06/01/2005		5,635		6,030
Marshfield, Wisconsin Hospital Facilities Revenue Bonds, Series 1978
6.625% due 04/01/2006		705		765
South Milwaukee, Wisconsin School District General Obligation Bonds, (FGIC Insured), Series 2002
3.000% due 04/01/2007		275		281
3.750% due 04/01/2009		240		250
South Milwaukee, Wisconsin School District, (FGIC Insured), Series 2002
3.750% due 04/01/2010		275		284
Two Rivers, Wisconsin Public School District General Obligation Bonds, (FSA Insured), Series 2002
4.250% due 03/01/2013		1,255		1,322
Wisconsin Housing and Economic Development Revenue Bonds, (MBIA Government of Authority Insured), Series 2002
4.500% due 05/01/2010		1,095		1,146
Wisconsin State Clean Water Revenue Bonds, Series 1998
5.500% due 06/01/2014		2,000		2,338
				14,761
Total Municipal Bonds & Notes (Cost $174,604)				179,098
SHORT-TERM INSTRUMENTS 6.6%
Money Market Fund 6.0%
Reich & Tang New York Money Market
1.090% due 10/01/2002		2,111		2,111
SSgA Tax Free Money Market
1.250% due 10/01/2002		9,439		9,439
				11,550
U.S. Treasury Bills 0.6%
1.574% due 11/14/2002-11/29/2002 (b)(c)		1,255		1,252
Total Short-Term Instruments (Cost $12,802)				12,802
Total Investments 99.1% (Cost $187,406)			$	191,900
Other Assets and Liabilities (Net) 0.9%				1,776
Net Assets 100.0%			$	193,676

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities with an aggregate market value of $1,252 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 5 Year Note (12/2002)	320	$	(906	)
U.S. Treasury 10 Year Note (12/2002)	280		(784	)
		$	(1,690	)

(c) Securities are grouped by coupon or range of coupons and represent a range of maturities.

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   87

Schedule of Investments

Short-Term Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)	Value (000s)
CORPORATE BONDS & NOTES 46.1%
Banking & Finance 18.2%
Banco Nacional Obra Services
9.625% due 11/15/2003 (a)	$        3,900	$        4,183
Bankunited FSB
5.400% due 02/02/2004	4,000	4,157
Bear Stearns Cos., Inc.
5.125% due 02/22/2004 (a)	4,200	4,137
2.210% due 09/21/2004 (a)	900	899
2.410% due 07/15/2005 (a)	5,000	5,005
2.130% due 09/16/2005 (a)	5,000	4,930
Chrysler Financial Co. LLC
1.990% due 02/05/2003 (a)	1,000	998
CIT Group, Inc.
5.920% due 11/08/2002	1,000	1,003
7.375% due 03/15/2003	5,550	5,665
7.500% due 11/14/2003	6,900	7,166
5.625% due 05/17/2004	5,200	5,327
7.125% due 10/15/2004	9,890	10,492
Citigroup, Inc.
5.500% due 08/19/2003 (a)	11,040	11,145
Countrywide Home Loans
2.056% due 06/03/2003 (a)	2,800	2,794
Deutsche Telekom International Finance BV
7.750% due 06/15/2005	54,960	58,986
EOP Operating LP
6.375% due 02/15/2003	10,780	10,927
Ford Motor Credit Co.
7.500% due 01/15/2003	2,450	2,468
6.125% due 04/28/2003	2,000	2,015
2.110% due 06/20/2003 (a)	900	880
2.690% due 03/08/2004 (a)	43,800	41,898
2.070% due 04/26/2004 (a)	17,400	16,432
2.210% due 07/19/2004 (a)	6,700	6,341
3.726% due 10/25/2004 (a)	10,500	10,019
2.295% due 07/18/2005 (a)	10,000	9,026
Gemstone Investors Ltd.
7.710% due 10/31/2004	3,000	2,403
General Motors Acceptance Corp.
2.160% due 10/07/2002 (a)	625	625
2.090% due 12/09/2002 (a)	3,300	3,294
5.920% due 12/16/2002	5,000	5,023
5.800% due 03/12/2003	1,500	1,517
5.950% due 03/14/2003	1,700	1,721
1.857% due 08/18/2003 (a)	16,575	16,318
2.070% due 11/07/2003 (a)	10,000	9,817
2.580% due 01/20/2004 (a)	14,040	13,786
2.612% due 05/04/2004 (a)	23,050	22,488
2.210% due 07/21/2004 (a)	9,300	8,963
Golden State Holdings
2.822% due 08/01/2003 (a)	14,900	14,852
7.000% due 08/01/2003	30,845	31,717
7.125% due 08/01/2005	425	463
Household Finance Corp.
2.120% due 08/07/2003 (a)	17,950	17,759
3.140% due 03/11/2004 (a)	6,650	6,554
5.750% due 01/30/2007	23,000	22,403
Korea Development Bank
7.625% due 10/01/2002	2,500	2,500
Merrill Lynch & Co.
2.102% due 08/01/2003 (a)	4,000	4,007
National Rural Utilities Cooperative Finance Corp.
7.375% due 02/10/2003	3,065	3,114
1.990% due 07/17/2003 (a)	17,200	17,127
2.820% due 04/26/2004 (a)	13,963	14,005
5.250% due 07/15/2004	9,595	9,960
6.500% due 03/01/2007	20,000	21,536
Protective Life Funding Trust
2.210% due 01/17/2003 (a)	2,000	2,002
Racers
2.147% due 03/03/2003 (a)	10,000	10,005
Salomon Smith Barney Holdings, Inc.
2.135% due 07/18/2007 (a)	5,000	5,009
Security Capital Group, Inc.
7.750% due 11/15/2003	7,695	8,158
U.S. Bancorp
2.052% due 02/03/2003 (a)	3,700	3,702
USAA Capital Corp.
7.050% due 11/08/2006	445	505
Verizon Global Funding Corp.
6.750% due 12/01/2005	3,000	3,165
		511,391
Industrials 19.5%
Air Canada
2.475% due 07/31/2005 (a)	1,091	871
Allied Waste Industries, Inc.
6.100% due 01/15/2003	9,474	9,476
Allied Waste North America, Inc.
7.375% due 01/01/2004	2,275	2,264
American Standard Cos., Inc.
7.125% due 02/15/2003	3,300	3,337
AOL Time Warner, Inc.
6.125% due 04/15/2006	3,000	2,826
Appalachian Power Co.
2.460% due 08/20/2003 (a)	4,000	4,007
BHP Finance USA Ltd.
6.420% due 03/01/2026	27,850	29,367
Clear Channel Communications, Inc.
7.250% due 09/15/2003	8,000	8,138
Coastal Corp.
2.422% due 07/21/2003 (a)	5,000	4,751
Conagra Foods, Inc.
7.500% due 09/15/2005	7,470	8,386
Cox Communications, Inc.
6.500% due 11/15/2002	1,800	1,800
6.150% due 08/01/2003 (a)	8,200	8,037
7.170% due 10/01/2003	5,043	5,075
Cox Enterprises, Inc.
2.722% due 05/01/2033 (a)	9,200	9,114
DaimlerChrysler North America Holding Corp.
6.840% due 10/15/2002	3,000	3,004
7.750% due 05/27/2003	2,000	2,061
2.322% due 08/01/2003 (a)	2,800	2,792
2.053% due 08/16/2004 (a)	47,540	46,880
7.750% due 06/15/2005	2,287	2,499
HCA, Inc.
8.120% due 08/04/2003	800	824
6.870% due 09/15/2003	10,000	10,266
6.730% due 07/15/2045	8,170	8,285
Hilton Hotels Corp.
7.000% due 07/15/2004	8,324	8,413
Ingersoll-Rand Co.
5.750% due 02/14/2003	13,140	13,305
International Game Technology
7.875% due 05/15/2004	10,000	10,450
International Paper Co.
8.000% due 07/08/2003	42,335	44,009
Kerr-McGee Corp.
2.600% due 06/28/2004 (a)	13,740	13,733
Kinder Morgan, Inc.
6.450% due 03/01/2003	24,100	24,401
Kroger Co.
7.150% due 03/01/2003	11,500	11,709
Mandalay Resort Group
6.750% due 07/15/2003	9,400	9,494
Martin Marietta Corp.
6.500% due 04/15/2003	24,300	24,769
Norfolk Southern Corp.
2.510% due 02/28/2005 (a)	7,700	7,704
7.050% due 05/01/2037	20,975	22,385
PanAmSat Corp.
6.000% due 01/15/2003	13,405	13,295
Park Place Entertainment Corp.
7.950% due 08/01/2003	1,464	1,489

88   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Pioneer National Resources Co.
8.875% due 04/15/2005	$	4,000	$	4,196
Qwest Capital Funding, Inc.
5.875% due 08/03/2004		4,900		3,332
R.J. Reynolds Tobacco Holdings, Inc.
7.375% due 05/15/2003		35,925		36,701
Raytheon Co.
7.900% due 03/01/2003		13,100		13,317
5.700% due 11/01/2003		6,785		6,933
Safeway, Inc.
6.050% due 11/15/2003		12,405		12,866
TCI Communications, Inc.
8.250% due 01/15/2003		4,300		4,282
6.375% due 05/01/2003		11,160		11,008
Time Warner Entertainment Co. L.P.
7.975% due 08/15/2004		8,425		8,364
Turner Broadcasting System, Inc.
7.400% due 02/01/2004		2,200		2,173
United Air Lines, Inc.
2.117% due 12/02/2002 (a)		9,311		8,400
Waste Management, Inc.
6.500% due 12/15/2002		11,200		11,236
Weyerhaeuser Co.
9.050% due 02/01/2003		8,015		8,153
2.951% due 09/15/2003 (a)		35,100		35,135
Willamette Industries, Inc.
9.125% due 02/15/2003		2,000		2,039
				547,351
Utilities 8.4%
ALLETE, Inc.
2.710% due 10/20/2003 (a)		8,800		8,778
AT&T Corp.
6.500% due 11/15/2006		11,000		10,846
British Telecom PLC
3.121% due 12/15/2003 (a)		52,200		52,105
7.875% due 12/15/2005		3,000		3,351
CenturyTel, Inc.
7.750% due 10/15/2002		2,000		2,003
Commonwealth Edison Co.
2.423% due 09/30/2003 (a)		3,000		2,983
DTE Energy Co.
7.110% due 11/15/2038 (a)		1,500		1,542
Entergy Gulf States, Inc.
8.250% due 04/01/2004		10,000		10,724
3.197% due 09/01/2004 (a)		10,000		9,973
France Telecom SA
2.457% due 03/14/2003 (a)		22,200		21,917
2.465% due 07/16/2003 (a)		6,600		6,604
Jersey Central Power & Light Co.
6.375% due 05/01/2003		5,150		5,178
Kinder Morgan, Inc.
2.810% due 10/10/2002 (a)		17,200		17,201
Niagara Mohawk Power Co.
7.250% due 10/01/2002		756		756
7.375% due 07/01/2003		11,655		12,035
Pacific Gas & Electric Co.
7.575% due 10/31/2049 (a)(b)		1,900		1,786
Sprint Capital Corp.
9.500% due 04/01/2003		500		470
5.700% due 11/15/2003		18,480		16,833
Texas Utilities Corp.
6.750% due 04/01/2003		1,665		1,700
Transocean, Inc.
6.500% due 04/15/2003		3,985		4,057
TXU Electric Co.
2.426% due 06/15/2003 (a)		19,300		19,184
Verizon Wireless, Inc.
2.220% due 12/17/2003 (a)		27,300		26,177
WorldCom, Inc. — WorldCom Group
7.375% due 01/15/2003 (b)		11,600		1,450
				237,653
Total Corporate Bonds & Notes				1,296,395
(Cost $1,307,078)
U.S. GOVERNMENT AGENCIES 0.1%
Fannie Mae
5.750% due 04/15/2003		850		869
4.625% due 05/15/2003		500		510
3.300% due 10/10/2003		650		650
Federal Home Loan Bank
6.375% due 11/15/2002		600		604
5.000% due 02/14/2003		880		891
3.125% due 11/14/2003		500		508
Total U.S. Government Agencies				4,032
(Cost $3,999)
U.S. TREASURY OBLIGATIONS 0.2%
Treasury Inflation Protected Securities (e)
3.375% due 01/15/2007 (c)		3,694		4,025
3.875% due 01/15/2009		1,647		1,853
U.S. Treasury Notes
5.125% due 12/31/2002		500		504
Total U.S. Treasury Obligations				6,382
(Cost $6,171)
MORTGAGE-BACKED SECURITIES 20.3%
Collateralized Mortgage Obligations 13.0%
Bank of America Mortgage Securities, Inc.
6.500% due 05/25/2029		834		882
6.359% due 07/25/2032 (a)		18,990		19,489
5.819% due 10/20/2032 (a)		41,900		42,600
Bear Stearns Adjustable Rate Mortgage Trust
7.491% due 12/25/2030 (a)		195		195
6.247% due 01/25/2032 (a)		11,704		11,855
6.912% due 01/25/2032 (a)		1,136		1,166
5.439% due 10/25/2032 (a)		2,600		2,636
Chase Mortgage Finance Corp.
6.500% due 06/25/2028		256		256
6.550% due 08/25/2028		136		136
Citicorp Mortgage Securities, Inc.
5.900% due 05/25/2029		655		657
Countrywide Home Loans
6.500% due 07/25/2013		800		838
6.050% due 04/25/2029		2,326		2,413
6.500% due 08/25/2032 (a)		4,465		4,579
Credit-Based Asset Servicing & Securitization LLC
2.150% due 01/25/2032 (a)		838		838
CS First Boston Mortgage Securities Corp.
6.750% due 01/15/2008		4,507		4,548
2.163% due 08/25/2031 (a)		896		891
2.478% due 03/25/2032 (a)		939		935
2.360% due 08/25/2033 (a)		34,300		34,300
DLJ Acceptance Trust
6.359% due 10/17/2020 (a)		224		230
E-Trade Bank Mortgage-Backed Securities Trust
7.034% due 09/25/2031		861		883
Fannie Mae
6.000% due 02/25/2008		389		406
2.143% due 10/25/2017 (a)		2,325		2,345
6.250% due 05/25/2019		114		114
8.939% due 06/25/2032 (a)		4,683		5,185
Federal Housing Administration
7.350% due 04/01/2019		1,259		1,305
FFCA Secured Lending Corp.
7.850% due 10/18/2017		1,000		1,134
First Republic Mortgage Loan Trust
2.123% due 08/15/2032 (a)		33,675		33,675
Freddie Mac
7.000% due 08/15/2006		164		164
6.000% due 12/15/2009		3,500		3,555
6.000% due 09/15/2011		6,000		6,197
4.500% due 11/15/2018		22,018		22,516
5.500% due 02/15/2020		158		158
6.000% due 09/15/2022		3,500		3,537

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   89

Schedule of Investments (Cont.)

Short-Term Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
General Electric Capital Mortgage Services, Inc.
6.500% due 04/25/2024	$	476	$	484
Government National Mortgage Association
7.500% due 02/20/2030		1,000		1,079
Headlands Mortgage Securities, Inc.
7.250% due 11/25/2012		196		196
IMPAC CMB Trust
2.093% due 11/25/2031 (a)		3,542		3,532
Independent National Mortgage Corp.
7.250% due 11/25/2010		1,147		1,146
Mellon Residential Funding Corp.
2.310% due 10/20/2029 (a)		10,000		10,099
PNC Mortgage Securities Corp.
6.500% due 12/25/2028		2,998		3,188
7.500% due 02/25/2031		176		180
Prudential Home Mortgage Securities
6.950% due 11/25/2022		233		233
Residential Funding Mortgage Securities I, Inc.
7.500% due 12/25/2030		1,412		1,428
Resolution Trust Corp.
5.224% due 05/25/2029 (a)		309		301
Sequoia Mortgage Trust
2.200% due 10/20/2027 (a)		16,500		16,500
Small Business Administration
7.540% due 08/10/2009		1,329		1,523
Structured Asset Mortgage Investments, Inc.
2.170% due 09/19/2032 (a)		999		999
Structured Asset Securities Corp.
8.000% due 07/25/2030		1,000		1,050
6.500% due 09/25/2031 (a)		9,013		9,186
6.296% due 02/25/2032 (a)		18,311		18,663
2.100% due 07/25/2032 (a)		972		968
6.150% due 07/25/2032 (a)		19,074		19,574
TMA Mortgage Funding Trust
2.193% due 01/25/2029 (a)		3,877		3,877
Vendee Mortgage Trust
6.500% due 05/15/2025 (a)		1,300		1,424
Washington Mutual Mortgage Securities Corp.
5.243% due 10/25/2032 (a)		32,126		32,854
Washington Mutual, Inc.
6.006% due 10/19/2039 (a)		2,000		2,054
6.583% due 10/19/2039 (a)		8,031		7,859
4.598% due 01/25/2041 (a)		1,314		1,336
Wells Fargo Mortgage-Backed Securities Trust
6.125% due 07/25/2031		1,492		1,518
6.634% due 10/25/2031 (a)		10,956		11,243
6.151% due 01/25/2032		2,969		3,013
				366,125
Fannie Mae 3.1%
4.020% due 02/01/2018 (a)		65		67
4.022% due 05/01/2021-04/01/2029 (a)(d)		1,276		1,304
4.049% due 01/01/2029 (a)		97		99
4.227% due 11/01/2025 (a)		98		100
4.320% due 05/01/2036 (a)		56,544		57,862
4.490% due 05/01/2036 (a)		753		772
5.493% due 01/01/2032 (a)		9,387		9,681
5.555% due 08/01/2029 (a)		10,583		10,913
6.000% due 01/01/2004		65		66
6.500% due 12/01/2003		686		686
6.555% due 07/01/2029 (a)		2,497		2,620
7.000% due 01/01/2003-03/01/2013 (d)		2,702		2,744
8.500% due 01/01/2026		918		994
				87,908
Federal Housing Administration 0.0%
7.435% due 02/01/2019		358		368
Freddie Mac 0.3%
2.223% due 06/15/2031 (a)		6,659		6,677
Government National Mortgage Association 3.9%
4.250% due 06/20/2029-05/20/2030 (a)(d)		20,276		20,732
4.500% due 04/20/2030 (a)		9,251		9,479
5.000% due 08/20/2029-02/20/2032 (a)(d)		35,273		35,909
5.250% due 03/20/2029-03/20/2030 (a)(d)		10,478		10,726
5.375% due 02/20/2024-06/20/2027 (a)(d)		12,853		13,250
6.625% due 11/20/2026-10/20/2027 (a)(d)		7,975		8,246
6.750% due 09/20/2023-09/20/2027 (a)(d)		4,637		4,778
8.000% due 07/15/2030-05/15/2032 (d)		4,000		4,295
8.500% due 06/20/2027		1,968		2,132
				109,547
Stripped Mortgage-Backed Securities 0.0%
ABN AMRO Mortgage Corp. (IO)
6.750% due 08/25/2029		224		8
Fannie Mae (IO)
6.500% due 06/25/2017		0		0
6.500% due 10/25/2023		559		61
Freddie Mac (IO)
6.500% due 11/15/2007		1,772		103
7.000% due 06/15/2019		47		0
				172
Total Mortgage-Backed Securities				570,797
(Cost $ 567,190)
ASSET-BACKED SECURITIES 4.9%
Advanta Revolving Home Equity Loan Trust
2.183% due 01/25/2024 (a)		93		93
American Residential Eagle Trust
2.153% due 07/25/2029 (a)		478		478
Bayview Financial Acquisition Trust
2.193% due 02/25/2030 (a)		1,044		1,043
Bear Stearns Asset Backed Securities, Inc.
2.003% due 06/15/2016 (a)		13,138		13,147
2.170% due 10/25/2032 (a)		15,023		15,011
Brazos Student Loan Finance Co.
2.620% due 06/01/2023 (a)		18,442		18,485
Capital Asset Research Funding LP
6.400% due 12/15/2004		962		982
5.905% due 12/15/2005		215		215
Conseco Finance
7.350% due 10/15/2030 (b)		1,169		1,259
Countrywide Home Equity Loan Trust
2.063% due 08/15/2025 (a)		531		527
CS First Boston Mortgage Securities Corp.
2.083% due 12/15/2030 (a)		4,252		4,248
2.150% due 02/25/2032 (a)		9,566		9,559
Delta Funding Home Equity Loan Trust
2.233% due 09/15/2029 (a)		723		723
First Franklin Mortgage Loan Trust Asset-Backed Certificates
2.160% due 09/25/2032 (a)		26,300		26,321
GMAC Mortgage Corp. Loan Trust
2.127% due 06/18/2027 (a)		888		885
Green Tree Home Improvement Loan Trust
1.993% due 08/15/2029 (a)		1,274		1,271
Irwin Whole Loan Home Equity Trust
2.080% due 07/25/2032 (a)		5,574		5,574
MLCC Mortgage Investors, Inc.
2.203% due 03/15/2025 (a)		2,702		2,699
New York City Tax Lien
5.590% due 09/10/2014		2,841		2,879
North Carolina State Education Authority
2.057% due 06/01/2009 (a)		5,366		5,377
Onyx Acceptance Auto Trust
7.160% due 09/15/2004		9,970		10,079
Premier Auto Trust
6.430% due 03/08/2004		466		473
Salomon Brothers Mortgage Securities VII
2.163% due 07/25/2029 (a)		221		218
2.243% due 11/15/2029 (a)		352		352
2.403% due 12/15/2029 (a)		2,000		1,999
2.176% due 12/25/2029 (a)		3,695		3,686
Saxon Asset Securities Trust
6.170% due 08/25/2021		91		91
Structured Product Asset Trust
3.160% due 06/20/2004 (a)		5,400		5,373

90   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
SVO Timeshare Mortgage Corporation
5.470% due 12/20/2006	$	1,042	$	1,088
UAF Auto Grantor Trust
6.100% due 06/15/2004		140		140
WFS Financial Owner Trust
5.700% due 11/20/2003		1,359		1,367
6.420% due 07/20/2004		214		217
7.750% due 11/20/2004		3,452		3,505
Total Asset-Backed Securities (Cost $139,101)				139,364
SOVEREIGN ISSUES 0.9%
Republic of Brazil
3.062% due 04/15/2006 (a)		34,656		22,831
11.500% due 03/12/2008		2,600		1,359
Total Sovereign Issues (Cost $33,036)				24,190
PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 96.000 Exp. 12/16/2002		790,000		10
Total Purchased Put Options (Cost $12)				10
SHORT-TERM INSTRUMENTS 29.2%
Commercial Paper 27.3%
Abbey National North America
1.750% due 12/10/2002		20,000		19,932
AT&T Corp.
3.605% due 04/18/2003		67,000		63,053
CDC
1.750% due 11/04/2002		85,000		84,859
Fannie Mae
1.860% due 10/01/2002		5,000		5,000
1.715% due 10/30/2002		21,000		20,971
Federal Home Loan Bank
1.658% due 10/23/2002		100,000		99,899
1.680% due 10/28/2002		9,000		8,989
HBOS Treasury Services PLC
1.730% due 11/20/2002		120,000		119,712
National Australia Funding, Inc.
1.750% due 10/03/2002		15,200		15,198
Pfizer, Inc.
1.730% due 10/21/2002		15,000		14,986
1.720% due 10/22/2002		50,000		49,950
1.730% due 10/28/2002		15,000		14,981
TotalFinaElf SA
1.970% due 10/31/2002		125,000		125,000
UBS Finance, Inc.
1.970% due 12/18/2002		125,000		125,000
				767,530
Repurchase Agreement 0.5%
State Street Bank
1.550% due 10/01/2002		14,838		14,838
(Dated 09/30/2002. Collateralized by Fannie Mae 5.000% due 02/03/2003 valued at $15,139. Repurchase proceeds are $14,839.)
U.S. Treasury Bills 1.4%
1.613% due 11/14/2002—11/29/2002 (c)(d)		39,245		39,148
Total Short-Term Instruments (Cost $825,222)				821,516
Total Investments 101.7% (Cost $2,881,809)			$	2,862,686
Written Options (f) (0.3%) (Premiums $11,629)				(8,797	)
Other Assets and Liabilities (Net) (1.4%)				(39,717	)
Net Assets 100.0%			$	2,814,172

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

(c) Securities with an aggregate market value of $18,579 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation
United Kingdom 90Day LIBOR Futures (12/2002)	60	$	205
Euribor Options March Futures (03/2003)	7,967		1,837
Euribor Options March Futures (03/2003)	11,988		0
Euribor Options March Futures (03/2003)	2,800		0
Euribor Options DecemberFutures (12/2003)	6,790		1,026
U.S. Treasury 10 Year Note (12/2002)	230		850
Eurodollar December Futures (12/2002)	144		826
Eurodollar June Futures (06/2003)	211		1,335
		$	6,079

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Principal amount of security is adjusted for inflation.

(f) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 7.000 Exp. 01/07/2005	55,570,000	$	1,225	$	948
Call—OTC Broken Hill Proprietary Ltd. 6.420% due 03/01/2026 Strike @ 100.000 Exp. 03/01/2003	27,850,000		0		1,204
Call—OTC Norfolk Southern Corp. 7.050% due 05/01/2037 Strike @ 100.000 Exp. 05/01/2004	20,975,000		0		1,143
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.000 Exp. 01/07/2005	55,570,000		1,089		2,839
Put—CME Eurodollar March Futures Strike @ 96.750 Exp. 03/17/2003	2,580		2,551		48
Call—CME Eurodollar June Futures Strike @ 98.750 Exp. 06/16/2003	4,157		1,336		2,130
Put—CME Eurodollar June Futures Strike @ 96.750 Exp. 06/16/2003	5,000		4,969		469
Put—CME Eurodollar December Futures Strike @ 96.500 Exp. 12/16/2002	2,610		459		16
		$	11,629	$	8,797

(g) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
U.S. Treasury Note	5.500	05/15/2009	$	26,500	$	30,260	$	29,426

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   91

Schedule of Investments (Cont.)

Short-Term Fund

September 30, 2002 (Unaudited)

(h) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized (Depreciation)
Sell	BP	368	10/2002	$	(10	)
Sell	EC	1,014	11/2002		(1	)
				$	(11	)

(i) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount	Unrealized Appreciation/ (Depreciation)
Received a fixed amount equal to $73 and pay floating rate based on 3-month EC-LIBOR with 3.250% interest rate cap.
Broker: Salomon Brothers, Inc. Exp. 06/19/2003	EC      20,000	$	40
Receive floating rate based on 3-month LIBOR plus 0.470% and pay a fixed rate equal to 7.750%.
Broker: Morgan Stanley Exp. 06/15/2005	$        5,000		(617	)
Receive floating rate based on 3-month LIBOR plus 0.700% and pay a fixed rate equal to 6.420%.
Broker: Morgan Stanley Exp. 03/01/2003	27,850		(469	)
Receive floating rate based on 3-month LIBOR plus 1.150% and pay a fixed rate equal to 7.050%.
Broker: Morgan Stanley Exp. 05/01/2004	20,975		(1,299	)
Receive floating rate based on 3-month LIBOR plus 1.150% and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs Exp. 12/18/2004	233,600		(8,019	)
Receive a fixed rate equal to 0.430% and the Fund will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.750% due 06/15/2005.
Broker: Lehman Brothers, Inc. Exp. 07/11/2003	5,000		(206	)
Receive a fixed rate equal to 0.230% and the Fund will pay to the counterparty at par in the event of default of Associates Corp. 6.000% due 04/15/2003.
Broker: UBS—Warburg Exp. 01/14/2003	4,000		(2	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of Vodafone Group PLC 7.750% due 02/15/2010.
Broker: Lehman Brothers, Inc. Exp. 09/10/2003	13,300		(116	)
Receive a fixed rate equal to 2.700% and the Fund will pay to the counterparty at par in the event of default of El Paso Corp. 7.000% due 05/15/2011.
Broker: Credit Suisse First Boston Exp. 04/30/2005	5,000		(715	)
Receive a fixed rate equal to 1.150% and the Fund will pay to the counterparty at par in the event of default of United Mexican State 9.750% due 04/06/2006.
Broker: J.P. Morgan Chase & Co. Exp. 12/14/2002	5,000		9
Receive a fixed rate equal to 1.100% and the Fund will pay to the counterparty at par in the event of default of Republic of South Africa 9.125% due 05/19/2009.
Broker: J.P. Morgan Chase & Co. Exp. 07/28/2003	9,600		(3	)
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 8.875% due 09/30/2027.
Broker: Credit Suisse First Boston Exp. 03/08/2003	8,300		4
Receive a fixed rate equal to 1.450% and the Fund will pay to the counterparty at par in the event of default of Republic of Bulgaria 2.688% due 07/28/2011.
Broker: Goldman Sachs Exp. 04/15/2004	19,300		(207	)
Pay a Fixed rate equal to 0.880% and the Fund will receive from to the counterparty at par in the event of default of Republic of Bulgaria 2.688% due 07/28/2011.
Broker: Goldman Sachs Exp. 04/15/2003	19,300		61
Receive a fixed rate equal to 1.300% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 07/28/2011.
Broker: Goldman Sachs Exp. 04/15/2003	9,050		5
Receive a fixed rate equal to 0.950% and the Fund will pay to the counterparty at par in the event of default of Republic of South Africa 9.125% due 05/19/2009.
Broker: Goldman Sachs Exp. 04/15/2003	6,250		(2	)
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/28/2011.
Broker: Credit Suisse First Boston Exp. 03/08/2003	2,400		(12	)
Receive a fixed rate equal to 0.410% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.875% due 02/15/2012.
Broker: Goldman Sachs Exp. 06/07/2004	21,100		12

92   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

Receive a fixed rate equal to 0.400% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.875% due 02/15/2012.
Broker: Goldman Sachs Exp. 06/07/2004	$	17,000	$	(70	)
Receive a fixed rate equal to 0.400% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.875% due 02/15/2012.
Broker: ABN AMRO Bank N.V. Exp. 07/11/2003		16,150		2
Receive floating rate based on 3-month LIBOR and Pay a fixed rate equal to 6.000%
Broker: Morgan Stanley Exp. 12/18/2007		7,900		(671	)
			$	(12,275	)

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   93

Schedule of Investments

StocksPLUS Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 27.7%
Banking & Finance 16.3%
Atlas Reinsurance PLC
5.740% due 10/04/2004 (a)	$	7,000	$	7,052
Bear Stearns Cos., Inc.
6.125% due 02/01/2003		1,100		1,114
2.380% due 05/24/2004 (a)		21,600		21,705
Beaver Valley Funding Corp.
8.250% due 06/01/2003		114		114
Capital One Bank
2.770% due 06/23/2003 (a)		5,400		5,366
Chrysler Financial Co. LLC
1.975% due 02/10/2003 (a)		9,600		9,584
CIT Group, Inc.
2.250% due 02/28/2003 (a)		2,600		2,596
7.375% due 03/15/2003		4,200		4,287
5.625% due 05/17/2004		1,900		1,946
7.125% due 10/15/2004		2,000		2,122
Ford Motor Credit Co.
2.660% due 04/17/2003 (a)		4,200		4,149
2.340% due 06/23/2003 (a)		2,100		2,063
6.700% due 07/16/2004		3,400		3,418
General Motors Acceptance Corp.
2.457% due 05/17/2004 (a)		5,800		5,655
Golden State Holdings
2.822% due 08/01/2003 (a)		6,000		5,981
Heller Financial, Inc.
2.188% due 04/28/2003 (a)		1,800		1,803
National Australia Bank Ltd.
2.382% due 05/19/2010 (a)		11,700		11,757
National Rural Utilities Cooperative Finance Corp.
2.820% due 04/26/2004 (a)		8,000		8,024
Popular North America, Inc.
3.510% due 10/15/2003 (a)		4,700		4,746
Republic New York Corp.
5.000% due 10/28/2002 (a)		100		100
Trinom Ltd.
5.879% due 12/18/2004 (a)		1,200		1,209
Western Capital
7.021% due 01/07/2003 (a)		7,300		7,300
				112,091
Industrials 7.4%
Air Canada
2.662% due 07/31/2005 (a)		6,545		5,228
Conoco, Inc.
2.750% due 10/15/2002 (a)		6,000		6,001
Enron Corp.
8.000% due 08/15/2005 (b)		1,100		226
Kroger Co.
7.150% due 03/01/2003		12,115		12,336
Limestone Electron Trust
8.625% due 03/15/2003		3,200		2,851
R.J. Reynolds Tobacco Holdings, Inc.
7.375% due 05/15/2003		2,400		2,452
TCI Communications, Inc.
2.520% due 03/11/2003 (a)		4,000		3,970
Walt Disney Co.
3.900% due 09/15/2003		4,700		4,708
Waste Management, Inc.
7.700% due 10/01/2002		9,200		9,200
7.000% due 10/01/2004		1,000		1,031
Weyerhaeuser Co.
3.045% due 09/15/2003 (a)		3,200		3,203
				51,206
Utilities 4.0%
Entergy Arkansas, Inc.
7.720% due 03/01/2003		3,700		3,770
France Telecom SA
4.576% due 03/14/2003 (a)		9,200		9,083
Georgia Power Co.
5.250% due 05/08/2003		3,800		3,857
Niagara Mohawk Power Co.
7.375% due 07/01/2003		1,815		1,874
Sprint Capital Corp.
5.700% due 11/15/2003		3,800		3,461
5.875% due 05/01/2004		5,250		4,540
7.900% due 03/15/2005		1,500		1,219
				27,804
Total Corporate Bonds & Notes (Cost $193,722)				191,101
U.S. TREASURY OBLIGATIONS 2.2%
Treasury Inflation Protected Securities (f)
3.625% due 01/15/2008 (c)		13,711		15,130
Total U.S. Treasury Obligations (Cost $13,832)				15,130
MORTGAGE-BACKED SECURITIES 40.3%
Collateralized Mortgage Obligations 16.9%
Bank Mart
6.883% due 03/01/2019 (a)(d)		2,489		2,522
Bank of America Mortgage Securities, Inc.
6.069% due 06/25/2031 (a)		151		151
Bear Stearns Adjustable Rate Mortgage Trust
6.184% due 12/25/2031 (a)		5,410		5,552
6.299% due 01/25/2032 (a)		930		942
Citicorp Mortgage Securities, Inc.
5.500% due 09/25/2031		8,729		8,981
Countrywide Home Loans, Inc.
6.050% due 04/25/2029		805		808
CS First Boston Mortgage Securities Corp.
6.960% due 06/20/2029		190		192
2.310% due 11/25/2031 (a)		6,359		6,373
2.250% due 02/25/2032 (a)		5,234		5,227
2.478% due 03/25/2032 (a)		9,950		9,910
DLJ Acceptance Trust
5.970% due 10/17/2020 (a)		64		65
Fannie Mae
6.260% due 04/25/2020		15		15
First Horizon Asset Securities, Inc.
7.000% due 05/25/2030		2,186		2,264
Freddie Mac
6.200% due 08/15/2021		972		979
5.500% due 11/15/2024		16,466		16,681
Fund America Investors Corp. II
7.184% due 06/25/2023 (a)		58		60
General Electric Capital Mortgage Services, Inc.
6.300% due 09/25/2023		265		268
6.250% due 10/25/2028		80		80
6.250% due 12/25/2028		1,435		1,502
Government National Mortgage Association
2.257% due 09/20/2030 (a)		79		79
Housing Securities, Inc.
4.505% due 07/25/2032 (a)		194		194
PNC Mortgage Securities Corp.
7.480% due 05/25/2040 (a)		883		892
Resecuritization Mortgage Trust
2.175% due 04/26/2021 (a)		49		49
Residential Funding Mortgage Securities, Inc.
6.599% due 03/25/2018 (a)		603		602
Salomon Brothers Mortgage Securities VII
6.951% due 12/25/2030 (a)		7,870		8,016
Structured Asset Mortgage Investments, Inc.
7.000% due 07/28/2028		4,545		4,554
9.066% due 06/25/2029 (a)		7,519		8,533
Structured Asset Securities Corp.
2.157% due 10/25/2027 (a)		4,062		4,058
2.410% due 03/25/2031 (a)		3,833		3,851
4.916% due 09/25/2036 (a)		338		338
TMA Mortgage Funding Trust
2.140% due 01/25/2029 (a)		1,952		1,952

94   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

		Principal Amount (000s)		Value (000s)
Washington Mutual Mortgage Securities Corp.
6.010% due 04/25/2031 (a)		$	3,115	$	3,169
Washington Mutual, Inc.
6.500% due 10/19/2029			17,385		17,927
					116,786
Fannie Mae 19.0%
6.000% due 04/01/2016-10/21/2017 (e)			95,505		99,191
6.252% due 12/01/2023 (a)			14		14
6.328% due 11/01/2027-04/01/2028 (a)(e)			317		324
6.446% due 07/01/2018-08/01/2029 (a)(e)			1,140		1,166
6.500% due 09/01/2005			1,858		1,908
6.764% due 02/01/2027 (a)			23		23
6.867% due 04/01/2018 (a)			83		85
7.000% due 02/01/2015-03/01/2015 (e)			12,735		13,481
7.500% due 09/01/2015-05/01/2016 (e)			10,986		11,684
7.900% due 05/01/2022 (a)			84		84
8.000% due 03/01/2030-07/01/2031 (e)			2,927		3,131
					131,091
Freddie Mac 0.3%
4.610% due 06/01/2022 (a)			181		186
5.540% due 07/01/2019 (a)			1,723		1,769
5.890% due 12/01/2022 (a)			294		301
8.500% due 04/01/2025-06/01/2025 (e)			55		59
					2,315
Government National Mortgage Association 4.1%
5.375% due 02/20/2026-02/20/2028 (a)(e)			6,882		7,093
6.625% due 12/20/2022-12/20/2027 (a)(e)			2,836		2,933
6.750% due 07/20/2018-07/20/2027 (a)(e)			12,271		12,653
7.000% due 10/23/2032 (a)			2,000		2,099
8.000% due 04/20/2030			3,080		3,293
					28,071
Stripped Mortgage-Backed Securities 0.0%
Fannie Mae (IO)
6.500% due 09/25/2008			45		5
6.500% due 02/25/2021			61		0
6.500% due 03/25/2023			1,214		138
7.000% due 07/25/2021			252		9
					152
Total Mortgage-Backed Securities (Cost $275,764)					278,415
ASSET-BACKED SECURITIES 7.2%
ABSC Long Beach Home Equity Loan Trust
2.100% due 08/21/2030 (a)			2,120		2,116
AFC Home Equity Loan Trust
1.910% due 06/25/2028 (a)			3,054		3,030
Ameriquest Mortgage Securities, Inc.
2.110% due 08/25/2032 (a)			6,146		6,130
Amresco Residential Securities Mortgage Loan Trust
2.851% due 07/25/2027 (a)			15		15
Countrywide Asset-Backed Certificates
2.070% due 05/25/2029 (a)			2,663		2,654
Cross Country Master Credit Card Trust II
2.323% due 06/15/2006 (a)			15,400		15,463
Green Tree Financial Corp.
6.970% due 04/01/2031			2,900		2,967
Green Tree Home Improvement Loan Trust
2.043% due 11/15/2029 (a)			2,765		2,765
Home Equity Mortgage Trust
6.007% due 06/25/2032 (a)			2,176		2,234
6.177% due 06/25/2032 (a)			5,572		5,718
Novastar Home Equity Loan
2.695% due 04/25/2028 (a)			1,247		1,241
SLM Student Loan Trust
2.282% due 10/25/2005 (a)			682		684
2.158% due 04/25/2006 (a)			486		486
Starwood Hotel & Resorts
2.656% due 02/23/2003 (a)			1,682		1,681
USAA Auto Loan Grantor Trust
6.100% due 02/15/2006			2,627		2,666
Total Asset-Backed Securities (Cost $49,766)					49,850
SOVEREIGN ISSUES 1.5%
Korea Development Bank
6.625% due 11/21/2003			2,500		2,615
Province of Quebec
1.937% due 09/29/2049 (a)			1,200		1,059
Republic of Brazil
3.062% due 04/15/2006 (a)			9,120		6,008
3.250% due 04/15/2009 (a)			906		453
Total Sovereign Issues (Cost $13,072)					10,135
FOREIGN CURRENCY-DENOMINATED ISSUES (h)(i) 1.3%
Commonwealth of New Zealand
4.500% due 02/15/2016	N$		9,750		5,373
United Mexican States
7.000% due 06/02/2003	C$		6,000		3,817
Total Foreign Currency-Denominated Issues (Cost $10,665)					9,190
PURCHASED PUT OPTIONS 0.0%
Euribor March Futures (OTC)
Strike @ 92.000 Exp. 03/03/2003	EC		165,000		0
Eurodollar December Futures (CME)
Strike @ 93.500 Exp. 12/16/2002		$	120,000		1
Strike @ 93.250 Exp. 12/16/2002			1,680,000		11
Fannie Mae
6.000% due 10/21/2017
Strike @ 87.000 Exp. 10/14/2002			23,500		0
PNC Mortgage Securities Corp. (OTC)
7.440% due 05/25/2040
Strike @ 100.000 Exp. 04/01/2005			6,200		0
S&P 500 Index Futures (CME)
Strike @ 450.000 Exp. 12/20/2002			25		26
Total Purchased Put Options (Cost $49)					38
CONVERTIBLE BONDS & NOTES 3.7%
Banking & Finance 3.7%
Verizon Global Funding Corp.
5.750% due 04/01/2003			3,500		3,542
4.250% due 09/15/2005			19,500		19,693
0.000% due 05/15/2021			4,600		2,518
Total Convertible Bonds & Notes (Cost $25,534)					25,753
PREFERRED SECURITY 0.2%
		Shares
DG Funding Trust
4.105% due 12/29/2049 (a)			110		1,133
Total Preferred Security (Cost $1,103)					1,133
SHORT-TERM INSTRUMENTS 30.1%
		Principal Amount (000s)
Commercial Paper 20.8%
AT&T Corp.
3.720% due 04/18/2003		$	14,900		14,022
CBA (de) Finance
1.750% due 11/27/2002			6,000		5,983

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   95

Schedule of Investments (Cont.)

StocksPLUS Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)			Value (000s)
Danske Corp.
1.750% due 10/15/2002	$	18,000		$	17,988
1.750% due 12/19/2002		14,000			13,946
Fannie Mae
1.860% due 10/01/2002		5,000			5,000
1.715% due 10/30/2002		10,000			9,986
Freddie Mac
1.710% due 10/31/2002		25,000			24,890
HBOS Treasury Services PLC
1.780% due 11/20/2002		18,000			17,976
Pfizer, Inc.
1.730% due 10/18/2002		10,000			9,992
Svenska Handelsbank, Inc.
1.760% due 11/20/2002		2,000			1,995
UBS Finance, Inc.
1.750% due 12/18/2002		22,000			21,917
					143,695
Repurchase Agreement 0.8%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Federal Home Loan Bank 2.770% due 08/19/2004 valued at $5,867. Repurchase Proceeds are $5,751.)		5,751			5,751
U.S. Treasury Bills 8.5%
1.620% due 11/14/2002-11/29/2002 (c)(e)		58,629			58,481
Total Short-Term Instruments (Cost $208,804)					207,927
Total Investments		114.2	%	$	788,672
(Cost $792,311)
Written Options (g)		0.0	%		(352	)
(Premiums $910)
Other Assets and Liabilities (Net)		(14.2	%)		(97,882	)
Net Assets		100.0	%	$	690,438

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

(c) Securities with an aggregate market value of $58,413 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euribor Futures (03/2003)	215	$	644
Euribor Futures (06/2003)	40		27
S&P 500 Index (12/2002)	1,805		(30,932	)
S&P 500 Index (03/2003)	775		(1,575	)
Eurodollar December Futures (12/2002)	24		62
Eurodollar June Futures (06/2003)	79		299
		$	(31,475	)

(d) Restricted security.

(e) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(f) Principal amount of security is adjusted for inflation.

(g) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—CME Eurodollar December Futures Strike @ 96.000 Exp. 12/16/2002	149	$	66	$	2
Put—CME Eurodollar December Futures Strike @ 96.500 Exp. 12/16/2002	351		279		2
Put—CME Eurodollar December Futures Strike @ 97.000 Exp. 12/16/2002	631		300		4
Put—CME S&P December Futures Strike @ 800.000 Exp. 12/20/2002	29		265		344
		$	910	$	352

(h) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Sell	C$	7,054	10/2002	$	183
Sell	EC	1,885	11/2002		(12	)
Sell	N$	11,997	10/2002		0
				$	171

(i) Principal amount denoted in indicated currency:

C$ — Canadian Dollar

EC — Euro

N$ — New Zealand Dollar

(j) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount	Unrealized Appreciation/ (Depreciation)
Receive total return on S&P 500 Index and pay floating rate based on 1-month LIBOR plus 0.100%. Broker: J.P. Morgan Chase & Co. Exp. 10/02/2003	$45,081	$	0
Receive total return on S&P 500 Index and pay floating rate based on 1-month LIBOR plus 0.140%. Broker: J.P. Morgan Chase & Co. Exp. 05/03/2003	17,643		0
Receive total return on S&P 500 Index and pay floating rate based on 1-month LIBOR plus 0.100%. Broker: J.P. Morgan Chase & Co. Exp. 09/23/2003	39,462		0
Receive total return on S&P 500 Index and pay floating rate based on 1-month LIBOR plus 0.140%. Broker: J.P. Morgan Chase & Co. Exp. 03/26/2003	89,635		0
Receive a fixed rate equal to 4.250% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 8.125% due 03/15/2005. Broker: Merrill Lynch Exp. 05/31/2003	5,500		(3,339	)

96   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

Receive a fixed rate equal to 5.300% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 6.875% due 10/15/2028.
Broker: Goldman Sachs Exp. 09/15/2003	$	25,000	$	(966	)
Receive a fixed rate equal to 2.000% and the Fund
will pay to the counterparty at par in the event of default of Deutsche Telekom AG 5.250% due 05/20/2008.
Broker: Morgan Stanley Exp. 05/29/2003		16,000		(62	)
Receive a fixed rate equal to 2.000% and the Fund will pay to the counterparty at par in the event of default of France Telecom SA 5.700% due 07/25/2010.
Broker: Morgan Stanley Exp. 05/30/2003		13,100		(202	)
Receive a fixed rate equal to 1.770% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 11/30/2003		5,000		(48	)
Receive a fixed rate equal to 0.340% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.750% due 04/06/2004.
Broker: Citibank N.A., London Exp. 06/13/2003		10,500		1
Receive a fixed rate equal to 7.000% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 6.000% due 01/15/2007.
Broker: Merrill Lynch Exp. 04/04/2003		5,000		(136	)
			$	(4,752	)

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   97

Schedule of Investments

Strategic Balanced Fund

September 30, 2002 (Unaudited)

	Shares	Value (000s)
PIMCO FUNDS (a) 100.1%
StocksPLUS	3,974,815	$	29,135
Total Return	2,023,937		22,021
Total Investments 100.1% (Cost $65,229)		$	51,156
Other Assets and Liabilities (Net) (0.1%)			(59	)
Net Assets 100.0%		$	51,097

Notes to Schedule of Investments (amounts in thousands):

(a) Institutional Class of each PIMCO Fund.

98   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

Schedule of Investments

Total Return Mortgage Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
U.S. TREASURY OBLIGATIONS 4.9%
U.S. Treasury Bonds
6.250% due 08/15/2023	$	8,400	$	10,020
Total U.S. Treasury Obligations (Cost $ 9,252)				10,020
MORTGAGE-BACKED SECURITIES 131.6%
Collateralized Mortgage Obligations 22.1%
Bank of America Mortgage Securities, Inc.
5.819% due 10/20/2032 (a)		2,000		2,033
Bank Trust Mortgage
5.700% due 12/01/2023		630		632
Chase Mortgage Finance Corp.
6.550% due 08/25/2028		138		138
Countrywide Alternative Loan Trust
6.750% due 08/25/2028		24		25
Countrywide Home Loans
6.500% due 03/25/2029		100		103
CS First Boston Mortgage Securities Corp.
2.478% due 03/25/2032 (a)		939		935
2.360% due 08/25/2033 (a)		2,000		2,000
DLJ Mortgage Acceptance Corp.
7.000% due 06/25/2028		23		23
E-Trade Bank Mortgage-Backed Securities Trust
7.055% due 09/25/2031		574		588
Fannie Mae
6.900% due 08/25/2011		100		105
7.750% due 08/25/2022		74		75
2.812% due 04/25/2023 (a)		25		26
6.750% due 09/25/2023		60		62
7.000% due 09/25/2023		19		20
6.500% due 10/25/2023		217		236
6.500% due 12/25/2023		194		209
2.160% due 02/25/2025 (a)		1,000		1,002
2.220% due 04/18/2028 (a)		56		56
Fannie Mae—ZA
6.500% due 09/25/2023		195		219
Fannie Mae—ZB
6.500% due 09/25/2023		41		44
Freddie Mac
6.000% due 06/15/2008		285		299
4.500% due 03/15/2021		23		23
3.500% due 12/15/2022		10		10
6.500% due 12/15/2023		53		56
6.500% due 03/15/2024		121		129
8.000% due 06/15/2026		82		91
6.500% due 05/15/2027		73		76
General Electric Capital Mortgage Services, Inc.
6.750% due 06/25/2028 (a)		200		211
Government National Mortgage Association
2.023% due 02/16/2032 (a)		4,115		4,137
2.073% due 08/16/2032 (a)		7,751		7,730
GSR Mortgage Loan Trust
5.575% due 10/25/2031 (a)		884		905
Mellon Residential Funding Corp.
6.580% due 07/25/2029 (a)		338		339
Norwest Asset Securities Corp.
6.250% due 09/25/2028		372		384
6.250% due 01/25/2029		82		84
Prudential Home Mortgage Securities
6.750% due 09/25/2008		268		271
Salomon Brothers Mortgage Securities VII, Inc.
2.130% due 06/25/2032 (a)		934		932
Sequoia Mortgage Trust
2.200% due 10/20/2027 (a)		1,000		1,000
2.160% due 05/20/2032 (a)		964		945
2.120% due 08/20/2032 (a)		993		993
Structured Asset Mortgage Investments, Inc.
2.154% due 09/19/2032 (a)		1,498		1,498
Structured Asset Securities Corp.
2.110% due 10/25/2027 (a)		1,728		1,727
2.290% due 03/25/2031 (a)		309		311
2.100% due 02/25/2032 (a)		927		924
2.100% due 07/25/2032 (a)		972		968
2.500% due 08/25/2032 (a)		1,978		1,978
Superannuation Members Home Loans Global Fund
2.141% due 06/15/2026 (a)		180		180
Washington Mutual Mortgage Securities Corp.
6.010% due 04/25/2031 (a)		3,115		3,169
5.240% due 10/25/2032 (a)		4,941		5,053
Washington Mutual, Inc.
5.530% due 07/25/2032 (a)		1,894		1,935
				44,889
Fannie Mae 75.6%
2.780% due 07/01/2011 (a)		982		977
2.830% due 07/01/2011 (a)		2,357		2,348
2.856% due 07/01/2008 (a)		4,900		4,886
3.950% due 04/01/2007		1,691		1,691
4.453% due 10/01/2011		981		1,002
5.000% due 04/01/2026 (a)		18		19
5.234% due 11/01/2018 (a)		25		26
5.500% due 05/01/2006-11/14/2032 (b)		33,898		34,799
5.750% due 01/01/2021 (a)		123		127
5.812% due 10/01/2028 (a)		190		197
6.000% due 10/21/2017-10/15/2032 (b)		21,000		21,587
6.155% due 05/01/2032 (a)		1,901		1,966
6.500% due 10/15/2032 (a)		28,000		29,006
6.511% due 08/01/2026 (a)		96		99
6.920% due 05/01/2003		896		901
7.000% due 10/01/2029-10/15/2032 (b)		48,173		50,300
7.009% due 05/01/2023 (a)		111		115
7.500% due 10/15/2032		3,000		3,166
9.000% due 01/01/2020		106		117
				153,329
Federal Housing Administration 3.0%
7.430% due 06/01/2019-10/25/2022 (b)		5,763		6,111
Freddie Mac 3.4%
4.022% due 02/01/2018 (a)		118		120
6.000% due 10/01/2024		115		119
6.500% due 10/15/2032 (a)		5,000		5,184
6.930% due 07/01/2030 (a)		1,186		1,250
7.309% due 11/01/2028 (a)		48		51
7.378% due 08/01/2025		87		91
				6,815
Government National Mortgage Association 27.2%
5.375% due 03/20/2016-03/20/2027 (a)(b)		754		781
6.000% due 12/15/2028		5,000		5,175
6.500% due 04/15/2031-10/23/2032 (b)		33,249		34,714
6.625% due 12/20/2021-11/20/2026 (a)(b)		3,952		4,088
6.750% due 07/20/2022-08/20/2026 (b)		325		336
7.000% due 12/15/2029-10/23/2032 (b)		9,558		10,047
7.500% due 05/15/2027-08/15/2027 (b)		51		54
				55,195
Stripped Mortgage-Backed Securities 0.2%
CS First Boston Mortgage Securities Corp. (IO)
7.000% due 08/25/2004		2,638		143
Fannie Mae (IO)
6.500% due 11/25/2022		903		84
Fannie Mae (PO)
0.000% due 07/25/2022		156		136
				363
Total Mortgage-Backed Securities (Cost $ 264,611)				266,702
ASSET-BACKED SECURITIES 7.8%
Ace Securities Corp.
2.150% due 06/25/2032 (a)		976		974
Asset-Backed Securities Home Equity Corp.
2.243% due 03/15/2032 (a)		1,987		1,988
Bayview Financial Acquisition Trust
2.200% due 07/25/2030 (a)		107		107
CDC Mortgage Capital Trust
2.100% due 08/25/2032 (a)		1,377		1,370

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   99

Schedule of Investments (Cont.)

Total Return Mortgage Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Centex Home Equity Loan Trust
2.140% due 01/25/2032 (a)	$	857	$	855
2.070% due 04/25/2032 (a)		1,373		1,369
Chase Funding Loan Acquisition Trust
2.050% due 04/25/2031 (a)		1,162		1,154
CIT Group Home Equity Loan Trust
2.080% due 06/25/2033 (a)		1,875		1,872
Countrywide Asset-Backed Certificates
2.070% due 05/25/2032 (a)		963		959
CS First Boston Mortgage Securities Corp.
2.170% due 03/25/2032 (a)		963		959
2.000% due 06/25/2032 (a)		1,036		1,029
Home Equity Asset Trust
2.110% due 11/25/2032 (a)		975		972
Household Mortgage Loan Trust
2.097% due 05/20/2032 (a)		926		926
Irwin Home Equity Loan Trust
2.100% due 06/25/2029 (a)		943		940
MLCC Mortgage Investors, Inc.
2.203% due 03/15/2025 (a)		155		155
Option One Mortgage Loan Trust
2.140% due 04/25/2030 (a)		86		85
Total Asset-Backed Securities (Cost $15,757)				15,714
PURCHASED CALL OPTIONS 0.1%
Eurodollar March Futures (CME)
Strike @ 95.500 Exp. 03/17/2003		36,000		269
Total Purchased Call Options (Cost $49)				269
CONVERTIBLE BONDS & NOTES 0.0%
Industrials 0.0%
Clear Channel Communications, Inc.
1.500% due 12/01/2002		10		10
Total Convertible Bonds & Notes (Cost $10)				10
SHORT-TERM INSTRUMENTS 30.1%
Commercial Paper 27.4%
Abbey National North America
1.760% due 12/10/2002		900		899
Danske Corp.
1.770% due 12/19/2002		500		500
Federal Home Loan Bank
1.658% due 10/23/2002		3,400		3,397
1.680% due 10/25/2002		2,500		2,497
1.680% due 10/28/2002		4,500		4,494
1.700% due 10/30/2002		1,700		1,698
1.725% due 10/30/2002		3,700		3,695
1.690% due 11/01/2002		2,067		2,064
GlaxoSmithKline PLC
1.760% due 10/18/2002		2,300		2,298
1.680% due 11/13/2002		3,500		3,493
HBOS Treasury Services PLC
1.700% due 10/07/2002		4,300		4,299
1.770% due 10/16/2002		2,500		2,498
Svenska Handelsbank, Inc.
1.760% due 11/20/2002		3,000		2,993
1.750% due 12/18/2002		800		797
UBS Finance, Inc.
1.970% due 12/18/2002		9,500		9,500
Westpac Capital Corp.
1.730% due 11/26/2002		4,500		4,488
Westpac Trust Securities NZ Ltd.
1.755% due 10/22/2002		600		599
1.750% due 12/12/2002		5,300		5,281
				55,490
Repurchase Agreement 1.9%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002 Collaterized by Fannie Mae 3.550% due 11/26/2004 valued at $3,854. Repurchase proceeds are $3,778.)	$	3,778	$	3,778
U.S. Treasury Bills 0.8%
1.639% due 11/14/2002-11/29/2002 (b)(c)		1,685		1,681
Total Short-Term Instruments (Cost $60,949)				60,949
Total Investments 174.5% (Cost $350,628)			$	353,664
Other Assets and Liabilities (Net) (74.5%)				(150,993	)
Net Assets 100.0%			$	202,671

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(c) Securities with an aggregate market value of $683 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized (Depreciation)
Eurodollar March Futures (03/2003)	36	$	(150	)

(d) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
Fannie Mae	6.500	10/15/2032	$	15,000	$	15,539	$	15,496
Fannie Mae	7.000	10/15/2032		35,000		36,542		36,421
Government National
Mortgage Association	6.500	10/23/2032		14,000		14,591		14,599
					$	66,672	$	66,516

(e) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2022	$	9,200	$	(941	)
Receive floating rate based on 3-month LIBOR and pay a fixed amount equal to $119.
Broker: Lehman Brothers, Inc. Exp. 07/01/2011		3,000		10
			$	(931	)

Type	Fixed Spread (%)	Notional Amount		Unrealized (Depreciation)
Receive a fixed spread and pay the 5-year Swap Spread. The 5-year Swap Spread is the difference between the 5-year Swap Rate and the 5-year Treasury Rate.
Broker: Bank of America Exp. 11/15/2002	0.571	$	24,700	$	(216	)

100   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

(This Page Intentionally Left Blank)

PIMCO Financial Highlights Class D

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized/ Unrealized Gain (Loss) on Investments
California Intermediate Municipal Bond Fund
09/30/2002 +	$	10.16	$	0.20	(a)	$	0.38	(a)
03/31/2002		10.60		0.46	(a)		(0.07	)(a)
03/31/2001		10.05		0.45	(a)		0.55	(a)
01/31/2000—03/31/2000		9.88		0.06	(a)		0.18	(a)
California Municipal Bond Fund
09/30/2002 +	$	10.02	$	0.21	(a)	$	0.60	(a)
03/31/2002		10.35		0.36	(a)		0.04	(a)
07/31/2000—03/31/2001		10.35		0.31	(a)		0.43	(a)
Convertible Fund
09/30/2002 +	$	10.52	$	0.11	(a)	$	(1.15	)(a)
03/31/2002		11.43		0.16	(a)		(0.46	)(a)
08/01/2000—03/31/2001		15.77		(0.05	)(a)		(3.39	)(a)
Emerging Markets Bond Fund
09/30/2002 +	$	9.60	$	0.33	(a)	$	(1.31	)(a)
03/31/2002		8.40		0.67	(a)		1.78	(a)
03/31/2001		8.61		0.79	(a)		0.20	(a)
Foreign Bond Fund
09/30/2002 +	$	10.39	$	0.16	(a)	$	0.27	(a)
03/31/2002		10.32		0.43	(a)		0.09	(a)
03/31/2001		10.03		0.53	(a)		0.51	(a)
03/31/2000		10.63		0.59	(a)		(0.45	)(a)
04/08/1998—03/31/1999		10.83		0.53	(a)		0.15	(a)
GNMA Fund
09/30/2002 +	$	10.67	$	0.11	(a)	$	0.54	(a)
05/31/2001—03/31/2002		10.43		0.18	(a)		0.52	(a)
High Yield Fund
09/30/2002 +	$	9.19	$	0.35	(a)	$	(1.18	)(a)
03/31/2002		9.88		0.74	(a)		(0.68	)(a)
03/31/2001		10.22		1.52	(a)		(0.99	)(a)
03/31/2000		11.23		0.89	(a)		(1.01	)(a)
04/08/1998—03/31/1999		11.68		0.89	(a)		(0.45	)(a)
Low Duration Fund
09/30/2002 +	$	10.06	$	0.19	(a)	$	0.24	(a)
03/31/2002		10.03		0.46	(a)		0.08	(a)
03/31/2001		9.81		0.62	(a)		0.24	(a)
03/31/2000		10.10		0.61	(a)		(0.29	)(a)
04/08/1998—03/31/1999		10.19		0.60	(a)		(0.03	)(a)

* Annualized

+ Unaudited

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 0.75%.

(c) Ratio of expenses to average net assets excluding interest expense is 0.95%.

(d) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 1.74%.

102   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

Selected Per Share Data for the Year or Period Ended:	Total Income from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
California Intermediate Municipal Bond Fund
09/30/2002 +	$	0.58		$	(0.21	)	$	0.00		$	(0.21	)	$	10.53	5.76	%	$	4,142	0.85	%*	3.92	%*	41	%
03/31/2002		0.39			(0.43	)		(0.40	)		(0.83	)		10.16	3.77			1,444	0.87	(e)	4.41		94
03/31/2001		1.00			(0.42	)		(0.03	)		(0.45	)		10.60	10.21			181	0.86	(e)	4.26		257
01/31/2000—03/31/2000		0.24			(0.07	)		0.00			(0.07	)		10.05	2.39			10	0.85	*(d)	3.88	*	357
California Municipal Bond Fund
09/30/2002 +	$	0.81		$	(0.21	)	$	0.00		$	(0.21	)	$	10.62	8.14	%	$	12	0.88	%*(e)	4.05	%*	47	%
03/31/2002		0.40			(0.34	)		(0.39	)		(0.73	)		10.02	3.81			11	0.87	(e)	3.44		164
07/31/2000—03/31/2001		0.74			(0.31	)		(0.43	)		(0.74	)		10.35	7.82			10	0.85	*	4.47	*	338
Convertible Fund
09/30/2002 +	$	(1.04	)	$	(0.10	)	$	0.00		$	(0.10	)	$	9.38	(9.91	)%	$	7	1.08	%*(h)	2.12	%*	108	%
03/31/2002		(0.30	)		(0.61	)		0.00			(0.61	)		10.52	(2.60	)		8	1.11	(h)	1.46		307
08/01/2000—03/31/2001		(3.44	)		(0.20	)		(0.70	)		(0.90	)		11.43	(22.62	)		8	1.05	*	(0.35	)*	225
Emerging Markets Bond Fund
09/30/2002 +	$	(0.98	)	$	(0.33	)	$	0.00		$	(0.33	)	$	8.29	(10.37	)%	$	17,122	1.30	%*(f)	7.26	%*	215	%
03/31/2002		2.45			(0.75	)		(0.50	)		(1.25	)		9.60	30.94			27,004	1.26	(f)	7.05		620
03/31/2001		0.99			(0.80	)		(0.40	)		(1.20	)		8.40	12.58			11	1.33	(f)	9.33		902
Foreign Bond Fund
09/30/2002 +	$	0.43		$	(0.17	)	$	0.00		$	(0.17	)	$	10.65	4.17	%	$	96,375	0.96	%*(c)	3.09	%*	263	%
03/31/2002		0.52			(0.43	)		(0.02	)		(0.45	)		10.39	5.21			53,177	0.96	(c)	4.09		434
03/31/2001		1.04			(0.54	)		(0.21	)		(0.75	)		10.32	10.84			26,590	0.99	(c)	5.26		417
03/31/2000		0.14			(0.59	)		(0.15	)		(0.74	)		10.03	1.51			9,955	1.16	(c)	5.77		330
04/08/1998—03/31/1999		0.68			(0.53	)		(0.35	)		(0.88	)		10.63	6.46			8,513	0.95	*	4.82	*	376
GNMA Fund
09/30/2002 +	$	0.65		$	(0.10	)	$	0.00		$	(0.10	)	$	11.22	6.11	%	$	5,742	1.01	%*(g)	1.99	%*	373	%
05/31/2001—03/31/2002		0.70			(0.34	)		(0.12	)		(0.46	)		10.67	7.40			985	1.01	*(g)	2.03	*	1292
High Yield Fund
09/30/2002 +	$	(0.83	)	$	(0.35	)	$	0.00		$	(0.35	)	$	8.01	(9.18	)%	$	112,500	0.90	%*	8.06	%*	79	%
03/31/2002		0.06			(0.75	)		0.00			(0.75	)		9.19	0.68			121,572	0.90		7.86		96
03/31/2001		0.53			(0.87	)		0.00			(0.87	)		9.88	5.40			32,820	0.90		15.06		53
03/31/2000		(0.12	)		(0.89	)		0.00			(0.89	)		10.22	(1.14	)		23,601	0.90		8.29		39
04/08/1998—03/31/1999		0.44			(0.89	)		0.00			(0.89	)		11.23	4.00			9,065	0.90	*	8.07	*	39
Low Duration Fund
09/30/2002 +	$	0.43		$	(0.19	)	$	0.00		$	(0.19	)	$	10.30	4.31	%	$	238,634	0.75	%*	3.64	%*	95	%
03/31/2002		0.54			(0.50	)		(0.01	)		(0.51	)		10.06	5.57			107,165	0.75		4.59		569
03/31/2001		0.86			(0.64	)		0.00			(0.64	)		10.03	9.10			19,282	0.82	(b)	6.23		348
03/31/2000		0.32			(0.61	)		0.00			(0.61	)		9.81	3.22			12,018	0.83	(b)	6.11		82
04/08/1998—03/31/1999		0.57			(0.60	)		(0.06	)		(0.66	)		10.10	5.77			6,481	0.75	*	5.81	*	245

* Annualized

+ Unaudited

(e) Ratio of expenses to average net assets excluding interest expense is 0.85%.

(f) Ratio of expenses to average net assets excluding interest expense is 1.25%.

(g) Ratio of expenses to average net assets excluding interest expense is 1.00%.

(h) Ratio of expenses to average net assets excluding interest expense is 1.05%.

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   103

PIMCO Financial Highlights Class D (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized/ Unrealized Gain (Loss) on Investments
Municipal Bond Fund
09/30/2002 +	$	10.03	$	0.21	(a)	$	0.43	(a)
03/31/2002		10.02		0.47	(a)		0.12	(a)
03/31/2001		9.47		0.43	(a)		0.56	(a)
03/31/2000		10.12		0.42	(a)		(0.64	)(a)
04/08/1998—03/31/1999		9.98		0.40	(a)		0.14	(a)
New York Municipal Bond Fund
09/30/2002 +	$	10.35	$	0.17	(a)	$	0.62	(a)
03/31/2002		10.64		0.45	(a)		0.17	(a)
03/31/2001		9.94		0.44	(a)		0.77	(a)
01/31/2000—03/31/2000		9.79		0.07	(a)		0.15	(a)
Real Return Fund
09/30/2002 +	$	10.29	$	0.25	(a)	$	1.19	(a)
03/31/2002		10.40		0.32	(a)		0.12	(a)
03/31/2001		9.92		0.72	(a)		0.60	(a)
03/31/2000		9.83		0.63	(a)		0.12	(a)
04/08/1998—03/31/1999		9.77		0.47	(a)		0.09	(a)
Short Duration Municipal Income Fund
09/30/2002 +	$	10.17	$	0.11	(a)	$	0.04	(a)
03/31/2002		10.16		0.30	(a)		0.09	(a)
03/31/2001		9.98		0.41	(a)		0.17	(a)
01/31/2000—03/31/2000		9.99		0.06	(a)		(0.01	)(a)
Short-Term Fund
09/30/2002 +	$	10.00	$	0.14	(a)	$	(0.06	)(a)
03/31/2002		10.03		0.32	(a)		0.06	(a)
03/31/2001		9.95		0.62	(a)		0.09	(a)
03/31/2000		10.03		0.55	(a)		(0.08	)(a)
04/08/1998—03/31/1999		10.07		0.53	(a)		(0.03	)(a)
StocksPLUS Fund
09/30/2002 +	$	9.93	$	(0.53	)(a)	$	(2.22	)(a)
03/31/2002		10.12		0.32	(a)		(0.29	)(a)
03/31/2001		14.08		(0.05	)(a)		(2.76	)(a)
03/31/2000		14.27		1.04	(a)		1.29	(a)
04/08/1998—03/31/1999		14.13		0.79	(a)		1.38	(a)
Strategic Balanced Fund
09/30/2002 +	$	10.48	$	0.06	(a)	$	(1.63	)(a)
03/31/2002		10.44		0.42	(a)		(0.07	)(a)
03/31/2001		12.78		1.47	(a)		(2.49	)(a)
03/31/2000		12.75		0.71	(a)		0.47	(a)
04/08/1998—03/31/1999		12.65		0.79	(a)		0.60	(a)
Total Return Mortgage Fund
09/30/2002 +	$	10.35	$	0.13	(a)	$	0.52	(a)
03/31/2002		10.42		0.35	(a)		0.35	(a)
03/31/2001		9.97		0.59	(a)		0.63	(a)
03/31/2000		10.19		0.54	(a)		(0.20	)(a)
04/08/1998—03/31/1999		10.27		0.53	(a)		0.02	(a)

* Annualized

+ Unaudited

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 0.75%.

(c) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 1.29%.

(d) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 2.52%.

104   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

Selected Per Share Data for the Year or Period Ended:	Total Income from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
Municipal Bond Fund
09/30/2002 +	$	0.64		$	(0.21	)	$	0.00		$	(0.21	)	$	10.46	6.46	%	$	25,460	0.85	%*	3.98	%*	89	%
03/31/2002		0.59			(0.47	)		(0.11	)		(0.58	)		10.03	5.95			6,738	0.85		4.61		231
03/31/2001		0.99			(0.44	)		0.00			(0.44	)		10.02	10.74			1,414	0.85		4.41		306
03/31/2000		(0.22	)		(0.43	)		0.00			(0.43	)		9.47	(2.16	)		1,104	0.85		4.46		145
04/08/1998—03/31/1999		0.54			(0.40	)		0.00			(0.40	)		10.12	5.47			242	0.85	*	3.99	*	70
New York Municipal Bond Fund
09/30/2002 +	$	0.79		$	(0.21	)	$	0.00		$	(0.21	)	$	10.93	7.72	%	$	171	0.86	%*(e)	3.15	%*	106	%
03/31/2002		0.62			(0.45	)		(0.46	)		(0.91	)		10.35	6.08			66	0.87	(e)	4.19		204
03/31/2001		1.21			(0.42	)		(0.09	)		(0.51	)		10.64	12.44			113	0.90	(e)	4.23		973
01/31/2000—03/31/2000		0.22			(0.07	)		0.00			(0.07	)		9.94	2.21			10	0.87	*(d)(e)	4.02	*	270
Real Return Fund
09/30/2002 +	$	1.44		$	(0.28	)	$	0.00		$	(0.28	)	$	11.45	14.15	%	$	808,773	0.93	%*(f)	4.67	%*	63	%
03/31/2002		0.44			(0.45	)		(0.10	)		(0.55	)		10.29	4.22			378,576	0.90		3.10		237
03/31/2001		1.32			(0.76	)		(0.08	)		(0.84	)		10.40	13.99			57,696	0.94	(f)	7.14		202
03/31/2000		0.75			(0.64	)		(0.02	)		(0.66	)		9.92	7.93			15,560	0.93	(f)	6.44		253
04/08/1998—03/31/1999		0.56			(0.50	)		0.00			(0.50	)		9.83	5.89			193	0.92	*(f)	4.75	*	438
Short Duration Municipal Income Fund
09/30/2002 +	$	0.15		$	(0.10	)	$	0.00		$	(0.10	)	$	10.22	1.56	%	$	5,457	0.80	%*	2.19	%*	103	%
03/31/2002		0.39			(0.34	)		(0.04	)		(0.38	)		10.17	3.88			470	0.80		2.93		107
03/31/2001		0.58			(0.40	)		0.00			(0.40	)		10.16	5.78			11	0.81	(g)	4.05		208
01/31/2000—03/31/2000		0.05			(0.06	)		0.00			(0.06	)		9.98	0.47			10	0.80	*(c)	3.51	*	171
Short-Term Fund
09/30/2002 +	$	0.08		$	(0.14	)	$	0.00		$	(0.14	)	$	9.94	0.77	%	$	112,242	0.75	%*	2.74	%*	30	%
03/31/2002		0.38			(0.39	)		(0.02	)		(0.41	)		10.00	3.80			81,643	0.82	(b)	3.17		131
03/31/2001		0.71			(0.61	)		(0.02	)		(0.63	)		10.03	7.33			6,613	1.31	(b)	6.15		121
03/31/2000		0.47			(0.55	)		0.00			(0.55	)		9.95	4.87			3,361	0.93	(b)	5.54		38
04/08/1998—03/31/1999		0.50			(0.53	)		(0.01	)		(0.54	)		10.03	5.10			2,278	0.75	*	5.05	*	47
StocksPLUS Fund
09/30/2002 +	$	(2.75	)	$	0.00		$	0.00		$	0.00		$	7.18	(27.69	)%	$	1,542	1.05	%*	(12.42	)%*	89	%
03/31/2002		0.03			(0.22	)		0.00			(0.22	)		9.93	0.22			1,998	1.06	(h)	3.14		455
03/31/2001		(2.81	)		(0.24	)		(0.91	)		(1.15	)		10.12	(21.27	)		2,769	1.05		(0.43	)	270
03/31/2000		2.33			(2.01	)		(0.51	)		(2.52	)		14.08	17.32			3,288	1.05		7.16		92
04/08/1998—03/31/1999		2.17			(0.79	)		(1.24	)		(2.03	)		14.27	16.69			1,721	1.05	*	8.12	*	81
Strategic Balanced Fund
09/30/2002 +	$	(1.57	)	$	(0.07	)	$	0.00		$	(0.07	)	$	8.84	(14.99	)%	$	2,002	0.65	%*	1.16	%*	13	%
03/31/2002		0.35			(0.31	)		0.00			(0.31	)		10.48	3.46			1,789	0.65		3.98		35
03/31/2001		(1.02	)		(0.63	)		(0.69	)		(1.32	)		10.44	(8.65	)		632	0.76	(i)	12.67		651
03/31/2000		1.18			(0.69	)		(0.46	)		(1.15	)		12.78	9.55			167	1.05		5.49		176
04/08/1998—03/31/1999		1.39			(0.62	)		(0.67	)		(1.29	)		12.75	11.45			173	1.05	*	6.41	*	82
Total Return Mortgage Fund
09/30/2002 +	$	0.65		$	(0.11	)	$	0.00		$	(0.11	)	$	10.89	6.48	%	$	90,316	0.91	%*(f)	2.49	%*	405	%
03/31/2002		0.70			(0.37	)		(0.40	)		(0.77	)		10.35	7.43			28,929	0.90		3.37		1193
03/31/2001		1.22			(0.59	)		(0.18	)		(0.77	)		10.42	12.69			1,261	0.90		5.78		848
03/31/2000		0.34			(0.56	)		0.00			(0.56	)		9.97	3.47			166	0.90		5.38		1476
04/08/1998—03/31/1999		0.55			(0.53	)		(0.10	)		(0.63	)		10.19	5.41			183	0.90	*	5.15	*	158

* Annualized

+ Unaudited

(e) Ratio of expenses to average net assets excluding interest expense is 0.85%.

(f) Ratio of expenses to average net assets excluding interest expense is 0.90%.

(g) Ratio of expenses to average net assets excluding interest expense is 0.80%.

(h) Ratio of expenses to average net assets excluding interest expense is 1.05%.

(i) Effective September 29, 2000, the Strategic Balanced Fund did not incur advisory fee expenses.

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   105

PIMCO Statements of Assets and Liabilities Class D

September 30, 2002 (Unaudited)

Amounts in thousands,  except per share amounts

	California Intermediate Municipal Bond Fund			California Municipal Bond Fund			Convertible Fund			Emerging Markets Bond Fund			Foreign Bond Fund			GNMA Fund		High Yield Fund
Assets:
Investments, at value	$	160,754		$	22,107		$	26,272		$	388,398		$	2,002,223		$	356,762	$	3,697,556
Cash		0			1			5			4,843			248			480		3,535
Foreign currency, at value		0			0			132			0			28,875			0		0
Receivable for investments sold and forward foreign currency contracts		6,445			2,530			1			10,458			1,040,308			115,907		105,462
Receivable for Fund shares sold		1,237			77			25			690			3,897			4,633		16,147
Variation margin receivable		0			0			0			0			4,078			0		0
Interest and dividends receivable		2,045			212			176			5,287			30,119			1,178		86,055
		170,481			24,927			26,611			409,676			3,109,748			478,960		3,908,755
Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	3,370		$	3,840		$	0		$	63,629		$	420,562		$	230,550	$	49,465
Payable for financing transactions		0			0			0			64,178			1,032,311			0		0
Payable for short sale		0			0			0			10,084			483,596			6,161		85,834
Due to Custodian		1,487			0			0			0			0			0		4,921
Written options outstanding		0			0			0			0			17,399			0		13,517
Payable for Fund shares redeemed		21			0			245			1,280			1,212			2,582		14,845
Dividends payable		72			2			0			177			227			90		6,651
Accrued investment advisory fee		31			4			8			92			210			43		746
Accrued administration fee		32			4			6			91			265			76		932
Accrued distribution fee		0			1			6			24			65			0		631
Accrued servicing fee		10			1			3			16			68			91		310
Variation margin payable		65			0			0			0			541			9		0
Recoupment payable to Manager		7			1			2			0			0			0		0
Net payable for swap agreements		0			0			0			9,148			32,401			1,280		14,424
Other liabilities		0			0			0			478			14,595			204		1,504
		5,095			3,853			270			149,197			2,003,452			241,086		193,780
Net Assets	$	165,386		$	21,074		$	26,341		$	260,479		$	1,106,296		$	237,874	$	3,714,975
Net Assets Consist of:
Paid in capital	$	157,449		$	20,157		$	53,138		$	285,590		$	1,084,767		$	230,710	$	4,955,241
Undistributed (overdistributed) net investment income		636			8			902			6,324			29,418			136		(58	)
Accumulated undistributed net realized gain (loss)		(1,472	)		(19	)		(25,038	)		(8	)		(67,880	)		6,046		(632,699	)
Net unrealized appreciation (depreciation)		8,773			928			(2,661	)		(31,427	)		59,991			982		(607,509	)
	$	165,386		$	21,074		$	26,341		$	260,479		$	1,106,296		$	237,874	$	3,714,975
Net Assets:
Class D	$	4,142		$	12		$	7		$	17,122		$	96,375		$	5,742	$	112,500
Other Classes		161,244			21,062			26,334			243,357			1,009,921			232,132		3,602,475
Shares Issued and Outstanding:
Class D		393			1			1			2,065			9,046			512		14,050
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Class D	$	10.53		$	10.62		$	9.38		$	8.29		$	10.65		$	11.22	$	8.01
Cost of Investments Owned	$	151,558		$	21,177		$	28,936		$	411,051		$	1,893,991		$	354,265	$	4,295,847
Cost of Foreign Currency Held	$	0		$	0		$	130		$	0		$	28,613		$	0	$	0

106   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Low Duration Fund		Municipal Bond Fund			New York Municipal Bond Fund			Real Return Fund		Short Duration Municipal Income Fund			Short-Term Fund			StocksPLUS Fund			Strategic Balanced Fund			Total Return Mortgage Fund
Assets:
Investments, at value	$	10,010,779	$	350,672		$	9,843		$	7,314,256	$	191,900		$	2,862,686		$	788,672		$	51,156		$	353,664
Cash		152		0			0			0		0			113			110			1			0
Foreign currency, at value		71,616		0			0			856		0			1,286			2,802			0			0
Receivable for investments sold and forward foreign currency contracts		919		21,782			1,020			385,556		1,001			38,766			184			0			189,191
Receivable for Fund shares sold		122,393		4,922			215			101,864		7,316			14,193			1,866			102			1,984
Variation margin receivable		5,909		0			0			0		0			2,302			111			0			0
Interest and dividends receivable		46,162		4,777			72			67,429		2,084			18,032			3,645			69			767
		10,257,930		382,153			11,150			7,869,961		202,301			2,937,378			797,390			51,328			545,606
Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	1,917,478	$	21,757		$	520		$	99,472	$	5,042		$	44,189		$	74,602		$	72		$	274,477
Payable for financing transactions		0		0			0			693,351		0			0			0			0			0
Payable for short sale		0		0			0			390,940		0			30,260			0			0			66,672
Due to Custodian		0		16			10			13,719		2,470			0			0			0			22
Written options outstanding		113		0			0			0		0			8,797			352			0			0
Payable for Fund shares redeemed		31,960		481			0			20,314		594			14,716			3,712			134			241
Dividends payable		3,424		286			8			2,828		42			1,143			0			0			49
Accrued investment advisory fee		1,530		67			2			1,197		27			546			226			0			37
Accrued administration fee		1,521		81			2			1,537		40			573			179			9			53
Accrued distribution fee		532		64			0			921		4			140			142			11			1
Accrued servicing fee		505		38			1			725		23			242			63			5			47
Variation margin payable		0		235			0			236		380			0			6,667			0			8
Recoupment payable to Manager		0		0			0			0		3			0			0			0			0
Net payable for swap agreements		7,188		0			0			4,706		0			21,718			20,799			0			1,147
Other liabilities		161		0			0			1,679		0			882			210			0			181
		1,964,412		23,025			543			1,231,625		8,625			123,206			106,952			231			342,935
Net Assets	$	8,293,518	$	359,128		$	10,607		$	6,638,336	$	193,676		$	2,814,172		$	690,438		$	51,097		$	202,671
Net Assets Consist of:
Paid in capital	$	8,160,621	$	346,294		$	10,129		$	6,131,075	$	193,396		$	2,842,045		$	1,271,201		$	73,173		$	196,265
Undistributed (overdistributed) net investment income		20,104		583			(8	)		2,359		3			(317	)		(42,560	)		1,117			176
Accumulated undistributed net realized gain (loss)		85,732		(6,129	)		140			76,739		(2,527	)		(4,245	)		(499,076	)		(9,119	)		4,619
Net unrealized appreciation (depreciation)		27,061		18,380			346			428,163		2,804			(23,311	)		(39,127	)		(14,074	)		1,611
	$	8,293,518	$	359,128		$	10,607		$	6,638,336	$	193,676		$	2,814,172		$	690,438		$	51,097		$	202,671
Net Assets:
Class D	$	238,634	$	25,460		$	171		$	808,773	$	5,457		$	112,242		$	1,542		$	2,002		$	90,316
Other Classes		8,054,884		333,668			10,436			5,829,563		188,219			2,701,930			688,896			49,095			112,355
Shares Issued and Outstanding:
Class D		23,178		2,434			16			70,659		534			11,296			215			226			8,293
Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding)
Class D	$	10.30	$	10.46		$	10.93		$	11.45	$	10.22		$	9.94		$	7.18		$	8.84		$	10.89
Cost of Investments Owned	$	10,012,670	$	330,775		$	9,497		$	6,875,628	$	187,406		$	2,881,809		$	792,311		$	65,229		$	350,628
Cost of Foreign Currency Held	$	71,568	$	0		$	0		$	851	$	0		$	1,264		$	2,789		$	0		$	0

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   107

PIMCO Statements of Operations Class D

For the period ended September 30, 2002 (Unaudited)

Amounts in thousands	California Intermediate Municipal Bond Fund			California Municipal Bond Fund			Convertible Fund			Emerging Markets Bond Fund			Foreign Bond Fund			GNMA Fund			High Yield Fund
Investment Income:
Interest, net of foreign taxes	$	3,358		$	351		$	230		$	11,104		$	18,381		$	2,360		$	175,419
Dividends, net of foreign taxes		0			0			226			0			203			0			2,456
Miscellaneous income		0			0			0			0			0			0			36
Total Income		3,358			351			456			11,104			18,584			2,360			177,911
Expenses:
Investment advisory fees		173			18			58			584			1,143			195			4,972
Administration fees		178			18			47			580			1,448			334			6,207
Servicing fees—Class D		3			0			0			29			92			4			148
Distribution and/or servicing fees—Other Classes		49			5			62			210			667			365			6,232
Trustees’ fees		0			0			0			0			1			0			5
Organization costs		0			0			0			0			0			0			0
Interest expense		2			2			3			50			29			6			0
Miscellaneous expense		4			0			1			0			0			0			0
Total Expenses		409			43			171			1,453			3,380			904			17,564
Net Investment Income (Loss)		2,949			308			285			9,651			15,204			1,456			160,347
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		(48	)		201			(961	)		(462	)		(33,933	)		5,250			(172,529	)
Net realized gain (loss) on futures contracts, written options and swaps		(1,555	)		(3	)		0			413			26,133			700			5,580
Net realized gain (loss) on foreign currency transactions		0			0			(9	)		620			(59,309	)		0			(2,451	)
Net change in unrealized appreciation (depreciation) on investments		7,243			772			(2,313	)		(32,112	)		139,662			2,595			(363,461	)
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		(715	)		(37	)		0			(9,275	)		(37,227	)		(1,485	)		(11,780	)
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		0			0			8			31			(12,154	)		0			554
Net Gain (Loss)		4,925			933			(3,275	)		(40,785	)		23,172			7,060			(544,087	)
Net Increase (Decrease) in Assets Resulting from Operations	$	7,874		$	1,241		$	(2,990	)	$	(31,134	)	$	38,376		$	8,516		$	(383,740	)

108   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

Amounts in thousands	Low Duration Fund			Municipal Bond Fund			New York Municipal Bond Fund			Real Return Fund			Short Duration Municipal Income Fund			Short-Term Fund			StocksPLUS Fund			Strategic Balanced Fund			Total Return Mortgage Fund
Investment Income:
Interest, net of foreign taxes	$	156,110		$	6,621		$	154		$	132,863		$	1,671		$	49,478		$	16,250		$	0		$	2,224
Dividends, net of foreign taxes		213			0			0			0			0			0			35			517			0
Miscellaneous income		74			1			0			0			1			0			(64,732	)		0			0
Total Income		156,397			6,622			154			132,863			1,672			49,478			(48,447	)		517			2,224
Expenses:
Investment advisory fees		8,812			336			8			5,857			113			3,545			1,680			0			163
Administration fees		8,543			403			11			7,366			163			3,704			1,352			61			231
Servicing fees—Class D		198			20			0			670			3			134			2			2			69
Distribution and/or servicing fees—Other Classes		5,258			489			5			7,075			96			2,271			1,589			113			142
Trustees’ fees		7			0			0			3			0			2			1			0			0
Organization costs		0			0			0			1			0			0			0			0			0
Interest expense		0			0			0			795			0			6			2			0			7
Miscellaneous expense		0			0			0			0			3			0			0			0			0
Total Expenses		22,818			1,248			24			21,767			378			9,662			4,626			176			612
Net Investment Income (Loss)		133,579			5,374			130			111,096			1,294			39,816			(53,073	)		341			1,612
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		32,459			240			170			72,793			(61	)		(6,910	)		1,191			(2,699	)		4,044
Net realized gain (loss) on futures contracts, written options and swaps		36,791			(6,457	)		66			5,994			(2,464	)		3,903			(154,523	)		0			575
Net realized gain (loss) on foreign currency transactions		14,339			0			0			(4,635	)		0			13			(67	)		0			0
Net change in unrealized appreciation (depreciation) on investments		26,959			18,890			227			443,993			4,282			(17,363	)		(1,465	)		(6,958	)		2,787
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		50,157			(1,959	)		(95	)		(2,708	)		(1,690	)		1,504			(62,656	)		0			(1,305	)
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		(249	)		0			0			533			0			10			453			0			0
Net Gain (Loss)		160,456			10,714			368			515,970			67			(18,843	)		(217,067	)		(9,657	)		6,101
Net Increase (Decrease) in Assets Resulting from Operations	$	294,035		$	16,088		$	498		$	627,066		$	1,361		$	20,973		$	(270,140	)	$	(9,316	)	$	7,713

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   109

PIMCO Statements of Changes in Net Assets Class D

Amounts in thousands

	California Intermediate Municipal Bond Fund						California Municipal Bond Fund						Convertible Fund
	Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002
Increase (Decrease) in Net Assets from:		(Unaudited	)					(Unaudited	)					(Unaudited	)
Operations:
Net investment income	$	2,949		$	4,536		$	308		$	566		$	285		$	576
Net realized gain (loss)		(1,603	)		2,479			198			213			(970	)		(11,313	)
Net change in unrealized appreciation (depreciation)		6,528			(2,953	)		735			(235	)		(2,305	)		7,790
Net increase (decrease) resulting from operations		7,874			4,062			1,241			544			(2,990	)		(2,947	)
Distributions to Shareholders:
From net investment income
Class D		(52	)		(32	)		0			0			0			0
Other Classes		(2,897	)		(4,203	)		(307	)		(534	)		(261	)		(2,133	)
From net realized capital gains
Class D		0			(47	)		0			0			0			0
Other Classes		0			(3,006	)		0			(618	)		0			0
Total Distributions		(2,949	)		(7,288	)		(307	)		(1,152	)		(261	)		(2,133	)
Fund Share Transactions:
Receipts for shares sold
Class D		2,902			1,716			0			0			0			0
Other Classes		64,449			79,904			8,696			15,267			3,784			11,316
Issued as reinvestment of distributions
Class D		52			78			0			1			0			0
Other Classes		2,457			6,841			299			1,109			210			1,622
Cost of shares redeemed
Class D		(348	)		(459	)		0			0			0			0
Other Classes		(18,591	)		(93,778	)		(573	)		(16,708	)		(9,683	)		(64,267	)
Net increase (decrease) resulting from Fund share transactions		50,921			(5,698	)		8,422			(331	)		(5,689	)		(51,329	)
Total Increase (Decrease) in Net Assets		55,846			(8,924	)		9,356			(939	)		(8,940	)		(56,409	)
Net Assets:
Beginning of period		109,540			118,464			11,718			12,657			35,281			91,690
End of period*	$	165,386		$	109,540		$	21,074		$	11,718		$	26,341		$	35,281
*Including net undistributed (overdistributed) investment income of:	$	636		$	636		$	8		$	7		$	902		$	878

110   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Emerging Markets Bond Fund						Foreign Bond Fund						GNMA Fund						High Yield Fund						Low Duration Fund
	Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002
Increase (Decrease) in Net Assets from:		(Unaudited	)					(Unaudited	)					(Unaudited	)					(Unaudited	)					(Unaudited	)
Operations:
Net investment income	$	9,651		$	8,688		$	15,204		$	32,280		$	1,456		$	1,318		$	160,347		$	253,870		$	133,579		$	269,366
Net realized gain (loss)		571			10,618			(67,109	)		39,346			5,950			848			(169,400	)		(160,982	)		83,589			77,736
Net change in unrealized appreciation (depreciation)		(41,356	)		9,149			90,281			(33,033	)		1,110			(332	)		(374,687	)		(67,205	)		76,867			(70,073	)
Net increase (decrease) resulting from operations		(31,134	)		28,455			38,376			38,593			8,516			1,834			(383,740	)		25,683			294,035			277,029
Distributions to Shareholders:
From net investment income
Class D		(836	)		(322	)		(1,149	)		(1,593	)		(31	)		(4	)		(4,797	)		(5,108	)		(2,904	)		(2,542	)
Other Classes		(8,866	)		(8,316	)		(14,149	)		(30,784	)		(1,372	)		(1,369	)		(156,252	)		(248,377	)		(130,685	)		(266,805	)
From net realized capital gains
Class D		0			(198	)		0			(100	)		0			(2	)		0			0			0			(115	)
Other Classes		0			(5,713	)		0			(1,650	)		0			(909	)		0			0			0			(7,894	)
Total Distributions		(9,702	)		(14,549	)		(15,298	)		(34,127	)		(1,403	)		(2,284	)		(161,049	)		(253,485	)		(133,589	)		(277,356	)
Fund Share Transactions:
Receipts for shares sold
Class D		16,182			30,568			51,968			36,741			6,675			1,280			57,459			126,744			174,578			126,208
Other Classes		209,401			210,434			389,297			312,007			180,393			126,373			1,147,461			2,610,735			3,614,599			4,472,199
Issued as reinvestment of distributions
Class D		750			493			1,048			1,655			22			6			4,589			4,919			2,533			2,238
Other Classes		7,805			12,923			12,562			28,298			1,097			1,986			112,112			175,344			107,577			235,585
Cost of shares redeemed
Class D		(23,049	)		(4,570	)		(11,720	)		(11,934	)		(2,067	)		(293	)		(54,955	)		(38,575	)		(49,111	)		(39,724	)
Other Classes		(164,875	)		(66,251	)		(140,300	)		(265,711	)		(53,908	)		(40,327	)		(1,163,385	)		(1,137,024	)		(1,777,137	)		(3,339,435	)
Net increase (decrease) resulting from Fund share transactions		46,214			183,597			302,855			101,056			132,212			89,025			103,281			1,742,143			2,073,039			1,457,071
Total Increase (Decrease) in Net Assets		5,378			197,503			325,933			105,522			139,325			88,575			(441,508	)		1,514,341			2,233,485			1,456,744
Net Assets:
Beginning of period		255,101			57,598			780,363			674,841			98,549			9,974			4,156,483			2,642,142			6,060,033			4,603,289
End of period*	$	260,479		$	255,101		$	1,106,296		$	780,363		$	237,874		$	98,549		$	3,714,975		$	4,156,483		$	8,293,518		$	6,060,033
*Including net undistributed (overdistributed) investment income of:	$	6,324		$	6,375		$	29,418		$	29,512		$	136		$	83		$	(58	)	$	644		$	20,104		$	20,114

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   111

PIMCO Statements of Changes in Net Assets Class D (Cont.)

Amounts in thousands

	Municipal Bond Fund						New York Municipal Bond Fund						Real Return Fund
	Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002
	(Unaudited)						(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	5,374		$	4,866		$	130		$	228		$	111,096		$	67,329
Net realized gain (loss)		(6,217	)		1,501			236			22			74,152			27,718
Net capital gain (loss) distributions received from underlying Funds		0			0			0			0			0			0
Net change in unrealized appreciation (depreciation)		16,931			(979	)		132			100			441,818			(47,485	)
Net increase (decrease) resulting from operations		16,088			5,388			498			350			627,066			47,562
Distributions to Shareholders:
From net investment income
Class D		(317	)		(145	)		(1	)		(4	)		(12,576	)		(8,019	)
Other Classes		(5,027	)		(4,751	)		(129	)		(221	)		(98,520	)		(59,485	)
From net realized capital gains
Class D		0			(31	)		0			(3	)		0			(3,555	)
Other Classes		0			(1,175	)		0			(223	)		0			(21,466	)
Total Distributions		(5,344	)		(6,102	)		(130	)		(451	)		(111,096	)		(92,525	)
Fund Share Transactions:
Receipts for shares sold
Class D		24,480			10,396			168			6			463,872			537,359
Other Classes		196,376			149,136			7,037			5,111			2,916,402			2,712,515
Issued as reinvestment of distributions
Class D		283			165			1			7			11,890			10,428
Other Classes		3,474			4,221			100			398			78,888			67,358
Cost of shares redeemed
Class D		(6,622	)		(5,217	)		(67	)		(58	)		(105,153	)		(218,787	)
Other Classes		(57,878	)		(49,852	)		(2,158	)		(4,257	)		(582,035	)		(624,530	)
Net increase (decrease) resulting from Fund share transactions		160,113			108,849			5,081			1,207			2,783,864			2,484,343
Total Increase (Decrease) in Net Assets		170,857			108,135			5,449			1,106			3,299,834			2,439,380
Net Assets:
Beginning of period		188,271			80,136			5,158			4,052			3,338,502			899,122
End of period*	$	359,128		$	188,271		$	10,607		$	5,158		$	6,638,336		$	3,338,502
*Including net undistributed (overdistributed) investment income of:	$	583		$	553		$	(8	)	$	(8	)	$	2,359		$	2,359

112   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

Amounts in thousands

	Short Duration Municipal Income Fund						Short-Term Fund						StocksPLUS Fund						Strategic Balanced Fund						Total Return Mortgage Fund
	Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002
	(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	1,294		$	591		$	39,816		$	49,421		$	(53,073	)	$	30,350		$	341		$	2,896		$	1,612		$	1,837
Net realized gain (loss)		(2,525	)		14			(2,994	)		3,678			(153,399	)		(66,413	)		(2,699	)		(4,259	)		4,619			1,637
Net capital gain (loss) distributions received from underlying Funds		0			0			0			0			0			0			0			239			0			0
Net change in unrealized appreciation (depreciation)		2,592			24			(15,849	)		(10,284	)		(63,668	)		45,453			(6,958	)		3,688			1,482			(498	)
Net increase (decrease) resulting from operations		1,361			629			20,973			42,815			(270,140	)		9,390			(9,316	)		2,564			7,713			2,976
Distributions to Shareholders:
From net investment income
Class D		(23	)		(1	)		(1,471	)		(1,228	)		0			(52	)		(15	)		(40	)		(685	)		(361	)
Other Classes		(1,259	)		(591	)		(38,346	)		(48,194	)		0			(21,138	)		(402	)		(2,213	)		(910	)		(1,491	)
From net realized capital gains
Class D		0			0			0			(88	)		0			0			0			0			0			(498	)
Other Classes		0			(54	)		0			(2,770	)		0			0			0			0			0			(1,347	)
Total Distributions		(1,282	)		(646	)		(39,817	)		(52,280	)		0			(21,190	)		(417	)		(2,253	)		(1,595	)		(3,697	)
Fund Share Transactions:
Receipts for shares sold
Class D		5,395			460			84,495			110,393			341			859			932			1,626			85,019			36,912
Other Classes		186,327			21,629			1,649,352			3,022,414			141,265			211,884			4,948			12,675			64,377			44,565
Issued as reinvestment of distributions
Class D		23			1			1,319			1,155			0			51			15			40			629			815
Other Classes		1,118			640			31,467			40,012			0			18,703			374			2,032			761			2,423
Cost of shares redeemed
Class D		(422	)		0			(54,550	)		(36,204	)		(224	)		(1,631	)		(406	)		(489	)		(26,814	)		(9,563	)
Other Classes		(30,220	)		(4,993	)		(1,326,506	)		(1,332,039	)		(167,968	)		(246,385	)		(6,396	)		(29,336	)		(7,844	)		(19,074	)
Net increase (decrease) resulting from Fund share transactions		162,221			17,737			385,577			1,805,731			(26,586	)		(16,519	)		(533	)		(13,452	)		116,128			56,078
Total Increase (Decrease) in Net Assets		162,300			17,720			366,733			1,796,266			(296,726	)		(28,319	)		(10,266	)		(13,141	)		122,246			55,357
Net Assets:
Beginning of period		31,376			13,656			2,447,439			651,173			987,164			1,015,483			61,363			74,504			80,425			25,068
End of period*	$	193,676		$	31,376		$	2,814,172		$	2,447,439		$	690,438		$	987,164		$	51,097		$	61,363		$	202,671		$	80,425
*Including net undistributed (overdistributed) investment income of:	$	3		$	(9	)	$	(317	)	$	(316	)	$	(42,579	)	$	10,513		$	1,117		$	1,193		$	176		$	159

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   113

PIMCO Statement of Cash Flows Class D

For the period ended September 30, 2002 (Unaudited)

Amounts in thousands

	Emerging Markets Bond Fund			Foreign Bond Fund			Real Return Fund
Increase (Decrease) in Cash and Foreign Currency from:
Financing Activities:
Sales of Fund shares	$	227,612		$	439,813		$	(45,348	)
Redemptions of Fund shares		(187,315	)		(152,876	)		(3,989	)
Cash distributions paid		(1,087	)		(1,840	)		(108,482	)
Proceeds from financing transactions		34,044			287,522			260,509
Net increase from financing activities		73,254			572,619			102,690
Operating Activities:
Purchases of long-term securities and foreign currency		(530,314	)		(4,019,885	)		(6,505,231	)
Proceeds from sales of long-term securities and foreign currency		517,349			3,441,221			6,444,528
Purchases of short-term securities (net)		(63,201	)		(111,533	)		(171,523	)
Net investment income		9,651			15,204			111,096
Changes in other receivables/payables (net)		(1,896	)		109,491			9,725
Net (decrease) from operating activities		(68,411	)		(565,502	)		(112,261	)
Net Increase (Decrease) in Cash and Foreign Currency		4,843			7,117			(9,571	)
Cash and Foreign Currency:
Beginning of period		0			22,006			9,571
End of period	$	4,843		$	29,123		$	856

114   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

PIMCO Notes to Financial Statements Class D

September 30, 2002 (Unaudited)

1. Organization

PIMCO Funds: Pacific Investment Management Series (the “Trust”) was established as a Massachusetts business trust on February 19, 1987. The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment management company. The Trust currently consists of 48 separate investment funds (the “Funds”). The Trust may offer up to six classes of shares: Institutional, Administrative, A, B, C and D. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Class D shares of the Trust. Certain detailed financial information for the Institutional, Administrative, A, B and C Classes (the “Other Classes”) is provided separately and is available upon request.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. Fixed income securities, including those to be purchased under firm commitment agreements, are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Certain fixed income securities for which daily market quotations are not readily available may be valued, pursuant to guidelines established by the Board of Trustees, with reference to fixed income securities whose prices are more readily obtainable. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Funds may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Effective April 1, 2001, the accounting method relating to the amortization of premiums and discounts changed to the interest method, which did not materially affect the Funds’ financial statements.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, of each Fund, except the Convertible, StocksPLUS and Strategic Balanced Funds, are declared on each day the Trust is open for business and are distributed to shareholders monthly. Dividends from net investment income, if any, of the Convertible, StocksPLUS and Strategic Balanced Funds are declared and distributed to shareholders quarterly. Net realized capital gains earned by a Fund, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.

Distributions reflected as a tax basis return of capital in the accompanying Statements of Changes in Net Assets have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and paid in capital to more appropriately conform financial accounting to tax characterizations of dividends and distributions.

Foreign Currency. The accounting records of the Funds are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated to U.S. dollars based on the current exchange

09.30.02   I  PIMCO Funds Semi-Annual Report   115

PIMCO Notes to Financial Statements Class D (Cont.)

September 30, 2002 (Unaudited)

rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses). Realized gains (losses) and unrealized appreciation (depreciation) on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statements of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets and voting privileges. Income and non-class specific expenses of each Fund, except the Convertible, StocksPLUS and Strategic Balanced Funds, are allocated daily to each class of shares based on the relative value of settled shares. Income and non-class specific expenses of the Convertible, StocksPLUS and Strategic Balanced Funds are allocated daily to each class of shares based on the relative net assets of each class. Realized and unrealized capital gains and losses of each Fund are allocated daily to each class of shares based on the relative net assets of each class.

Federal Income Taxes. Each Fund intends to qualify as a regulated investment company 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.

Financing Transactions. Certain Funds may enter into financing transactions consisting of the sale by the Fund of securities, together with a commitment to repurchase similar securities at a future date. The difference between the selling price and the future purchase price is an adjustment to interest income in the Statement of Operations. If the counterparty to whom the Fund sells the security becomes insolvent, a Fund’s right to repurchase the security may be restricted; the value of the security may change over the term of the financing transaction; and the return earned by a Fund with the proceeds of a financing transaction may not exceed transaction costs. The Fund will segregate assets determined to be liquid by PIMCO or otherwise cover its obligations under financing transactions.

Futures Contracts. Certain Funds are authorized to enter into futures contracts. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Funds may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. government and agency obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Funds. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statements of Assets and Liabilities.

Options Contracts. Certain Funds may write call and put options on futures, securities or currencies it owns or in which it may invest. Writing put options tends to increase the Fund’s exposure to the underlying instrument. Writing call options tends to decrease the Fund’s exposure to the underlying instrument. When the Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, security or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying future, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, security or currency underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

Certain Funds may also purchase put and call options. Purchasing call options tends to increase the Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease the Fund’s exposure to the underlying instrument. The Fund pays a premium which is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for

116   PIMCO Funds Semi-Annual Report  I  09.30.02

purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, security or currency transaction to determine the realized gain or loss.

Forward Currency Transactions. Certain Funds may enter into forward currency contracts and forward cross-currency contracts in connection with settling planned purchases or sales of securities or to hedge the currency exposure associated with some or all of the Fund’s portfolio securities. A forward currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Fund’s Statement of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

Swaps. Certain Funds may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Fund may enter into interest rate, total return, forward swap spread lock and credit default swap agreements to manage its exposure to interest rates and credit risk. Interest rate swap agreements involve the exchange by the Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Forward swap spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically an emerging country, on its obligation. The Fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Termination payments, or payments received or made at the end of the measurement period, are recorded as realized gain or loss in the Statement of Operations. Net periodic payments are included as part of miscellaneous income in the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

Loan Agreements. Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. The Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt by the lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When the Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan.

Short Sales. Certain Funds have entered into short sales transactions during the fiscal year. A short sale is a transaction in which a Fund sells securities it does not own in anticipation of a decline in the market price of the

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PIMCO Notes to Financial Statements Class D (Cont.)

September 30, 2002 (Unaudited)

securities. The Fund is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

Stripped Mortgage-Backed Securities (SMBS). SMBS represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (IOs), which receive all of the interest, and principal-only securities (POs), which receive all of the principal. If the underlying mortgage assets experience greater than anticipated payments of principal, a Fund may fail to recoup some or all of its initial investment in these securities. The market value of these securities is highly sensitive to changes in interest rates.

Delayed-Delivery Transactions. Certain Funds may purchase or sell securities on a when-issued or delayed-delivery basis. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, a Fund will set aside and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains and losses with respect to the security. Forward sales commitments are accounted for by the Fund in the same manner as forward currency contracts discussed above.

Inflation-Indexed Bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be considered interest income, even though investors do not receive their principal until maturity.

Repurchase Agreements. Each Fund may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Fund takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred.

Reverse Repurchase Agreements. Certain Funds are authorized to enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells to a financial institution a security that it holds with an agreement to repurchase the same security at an agreed-upon price and date. A reverse repurchase agreement involves the risk that the market value of the security sold by the Fund may decline below the repurchase price of the security. The Fund will segregate assets determined to be liquid by PIMCO or otherwise cover its obligations under reverse repurchase agreements.

Restricted Securities. Certain Funds are permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (PIMCO) is a majority-owned subsidiary of Allianz Dresdner Asset Management of America L.P. (formerly PIMCO Advisors L.P.) and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund, except the Strategic Balanced Fund, at an annual rate based on average daily net assets of the Fund. The Advisory Fee is charged at an annual rate of 0.20% for the Short Duration Municipal Income Fund; 0.40% for the Convertible and StocksPLUS Funds, 0.45% for the Emerging Markets Bond Fund and 0.25% for all other Funds.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives from each Fund a monthly administrative fee based on each share class’ average daily net assets. The Administration Fee for Class D is charged at the annual rate of 0.25% for the Low Duration, Short-Term

118   PIMCO Funds Semi-Annual Report  I  09.30.02

and Total Return Funds; 0.35% for the California Intermediate Municipal Bond, California Municipal Bond, Municipal Bond, New York Municipal Bond and Short Duration Municipal Income Funds; 0.45% for the Foreign Bond Fund; 0.50% for the GNMA Fund; 0.55% for the Emerging Markets Bond Fund; and 0.40% for all other Funds. The Administration Fee for the Institutional and Administrative Classes is charged at the annual rate of 0.18% for the Total Return and Low Duration Funds; 0.19% for the Short Duration Municipal Income Fund; 0.20% for the Moderate Duration, Short-Term, Money Market, Real Return¹ and Real Return II Funds; 0.22% for the California Intermediate Municipal Bond, California Municipal Bond and New York Municipal Bond Funds²; 0.24% for the Municipal Bond Fund³; 0.30% for the Global Bond and Global Bond II Funds; 0.40% for the Emerging Markets Bond Fund; and 0.25% for all other Funds. The Administration Fee for the Retail Classes is charged at an annual rate of 0.35% for the California Intermediate Municipal Bond, California Municipal Bond, Money Market, Municipal Bond, New York Municipal Bond and Short-Term Funds; 0.45% for the Foreign Bond and Global Bond II Funds; 0.50% for the GNMA Fund; 0.55% for the Emerging Markets Bond Fund; and 0.40% for all other Funds.

1 On October 1, 2001, the Fund’s Administrative Fee was reduced by 0.05%, to 0.20% per annum.

2 On October 1, 2001, the Funds’ Administrative Fees were reduced by 0.02%, to 0.22% per annum.

3 On October 1, 2001, the Fund’s Administrative Fee was reduced by 0.01%, to 0.24% per annum.

Strategic Balanced Fund Fees. Effective September 29, 2000, the Strategic Balanced Fund changed investment objectives to a “fund of funds” and as such does not pay any fees to PIMCO under the Trust’s investment advisory agreement in return for the advisory and asset allocation services provided by PIMCO. The Fund does, however, indirectly pay its proportionate share of the advisory fees paid to PIMCO by the Underlying Funds in which the Fund invests.

The Fund pays administrative fees to PIMCO at an annual rate of 0.05% based on the average daily net assets attributable in the aggregate to the Fund’s Institutional Class and Administrative Class shares. The Fund also indirectly pays its proportionate share of the administrative fees charged by PIMCO to the Underlying Funds in which the Fund invests.

Distribution and Servicing Fees. PIMCO Advisors Distributors LLC (“PFD”), is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse, out of the Administrative Class assets of each Fund offering Administrative Class shares in an amount up to 0.25% on an annual basis of the average daily net assets of that class, financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Fund shares as their funding medium. The effective rate paid to PFD was 0.25% during the current fiscal year.

Pursuant to the Distribution and Servicing Plans adopted by the A, B, C and D Classes of the Trust, the Trust compensates PFD or an affiliate with respect to Class D for services provided and expenses incurred in connection with assistance rendered in the sale of shares and services rendered to shareholders and for maintenance of shareholder accounts of the A, B, C and D Classes. The Trust paid PFD distribution and servicing fees at an effective rate as set forth below (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Distribution Fee (%)	Servicing Fee (%)
Class A
Money Market Fund	—	0.10
All other Funds	—	0.25
Class B
All Funds	0.75	0.25
Class C
Low Duration, Real Return, StocksPLUS and Municipal Bond Funds	0.50	0.25
Short-Term and Short-Duration Municipal Income Funds	0.30	0.25
Money Market Fund	—	0.10
All other Funds	0.75	0.25
Class D
All Funds	—	0.25

PFD also receives the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the Money Market Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of A, B and C Class shares. For the period ended September 30, 2002 PFD received $28,435,159 representing commissions (sales charges) and contingent deferred sales charges.

Expenses. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio

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PIMCO Notes to Financial Statements Class D (Cont.)

September 30, 2002 (Unaudited)

transaction expenses; (iv) the costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class shares and may include certain other expenses as permitted by the Trust’s Multiple Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed in the Financial Highlights, may differ from the annual fund operating expenses per share class as disclosed in the Prospectus for the reasons set forth above. PIMCO has agreed to waive a portion of Convertible, Short Duration Municipal Income, California Intermediate Municipal Bond, California Municipal Bond and New York Municipal Bond Funds administrative fees to the extent that the payment of each Fund’s pro rata share of Trustee fees and organizational expenses cause the actual expense ratios to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Inst’l. Class		Admn. Class		Class A		Class B		Class C		Class D
California Intermediate Municipal Bond Fund	0.47	%	0.72	%	0.85	%	—		—		0.85	%
California Municipal Bond Fund	0.47	%	—		0.85	%	—		—		0.85	%
Convertible Fund	0.65	%	0.90	%	1.05	%	1.80	%	1.80	%	1.05	%
New York Municipal Bond Fund	0.47	%	—		0.85	%	—		—		0.85	%
Short Duration Municipal Income Fund	0.39	%	—		0.80	%	—		1.10	%	0.80	%

PIMCO may be reimbursed for these waived amounts in future periods. Each unaffiliated Trustee receives an annual retainer of $60,000, plus $3,000 for each Board of Trustees meeting attended in person and $500 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an annual retainer of $1,500. These expenses are allocated to the Funds of the Trust according to their respective net assets.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2002, were as follows (amounts in thousands):

	U.S. Government/Agency				All Others
	Purchases		Sales		Purchases		Sales
California Intermediate Municipal Bond Fund	$	9,556	$	19,089	$	73,589	$	37,256
California Municipal Bond Fund		0		112		15,270		7,594
Convertible Fund		1,661		1,157		28,004		34,304
Emerging Markets Bond Fund		4,977		4,994		557,110		508,078
Foreign Bond Fund		3,661,042		3,453,751		605,605		200,967
GNMA Fund		1,063,227		815,891		35,321		1,295
High Yield Fund		58,758		274,447		2,837,233		3,104,316
Low Duration Fund		7,051,221		5,040,385		1,461,981		564,253
Municipal Bond Fund		15,768		31,496		339,219		213,596
New York Municipal Bond Fund		0		0		12,980		8,945
Real Return Fund		6,346,929		3,587,474		222,692		120,190
Short Duration Municipal Income Fund		0		0		264,983		118,077
Short-Term Fund		249,314		198,363		1,005,802		487,947
StocksPLUS Fund		421,983		467,386		160,449		106,624
Strategic Balanced Fund		0		0		7,420		13,858
Total Return Mortgage Fund		923,988		641,483		135,363		88,776

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

	Foreign Bond Fund			GNMA Fund			High Yield Fund			Low Duration Fund			Short-Term Fund			StocksPLUS Fund			Total Return Mortgage Fund
Balance at 03/31/2002	$	8,915		$	26		$	1,149		$	25,640		$	1,213		$	2,886		$	26
Sales		4,038			28			16,419			199			18,744			1,761			25
Closing Buys		(3,609	)		0			(1,149	)		(5,473	)		(8,328	)		(177	)		0
Expirations		(1,632	)		(54	)		0			(13,020	)		0			(3,560	)		(51	)
Exercised		0			0			0			0			0			0			0
Balance at 09/30/2002	$	7,712		$	0		$	16,419		$	7,346		$	11,629		$	910		$	0

120   PIMCO Funds Semi-Annual Report  I  09.30.02

6. Federal Income Tax Matters

At September 30, 2002, the net realized appreciation (depreciation) of investments securities for federal income tax purposes were as follows (amounts in thousands):

	Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
California Intermediate Municipal Bond Fund	$	9,323	$	(127	)	$	9,196
California Municipal Bond Fund		982		(52	)		930
Convertible Fund		588		(3,252	)		(2,664	)
Emerging Markets Bond Fund		5,925		(28,578	)		(22,653	)
Foreign Bond Fund		115,002		(6,770	)		108,232
GNMA Fund		2,787		(290	)		2,497
High Yield Fund		35,403		(633,694	)		(598,291	)
Low Duration Fund		114,757		(116,648	)		(1,891	)
Municipal Bond Fund		21,657		(1,760	)		19,897
New York Municipal Bond Fund		389		(43	)		346
Real Return Fund		445,812		(7,184	)		438,628
Short Duration Municipal Income Fund		4,548		(54	)		4,494
Short-Term Fund		16,690		(35,813	)		(19,123	)
StocksPLUS Fund		5,789		(9,428	)		(3,639	)
Strategic Balanced Fund		833		(14,906	)		(14,073	)
Total Return Mortgage Fund		3,129		(221	)		2,908

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PIMCO Notes to Financial Statements Class D (Cont.)

September 30, 2002 (Unaudited)

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	California Intermediate Municipal Bond Fund										California Municipal Bond Fund										Convertible Fund
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class D	280		$	2,902		163		$	1,716		0		$	0		0		$	0		0		$	0		0		$	0
Other Classes	6,230			64,449		7,644			79,904		840			8,696		1,458			15,267		389			3,784		1,006			11,316
Issued as reinvestment of distributions
Class D	5			52		8			78		0			0		0			1		0			0		0			0
Other Classes	236			2,457		659			6,841		29			299		108			1,109		22			210		154			1,622
Cost of shares redeemed
Class D	(34	)		(348	)	(46	)		(459	)	0			0		0			0		0			0		0			0
Other Classes	(1,793	)		(18,591	)	(8,824	)		(93,778	)	(55	)		(573	)	(1,620	)		(16,708	)	(962	)		(9,683	)	(5,867	)		(64,267	)
Net increase (decrease) resulting from Fund share transactions	4,924		$	50,921		(396	)	$	(5,698	)	814		$	8,422		(54	)	$	(331	)	(551	)	$	(5,689	)	(4,707	)	$	(51,329	)

	Low Duration Fund										Municipal Bond Fund										New York Municipal Bond Fund
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class D	17,083		$	174,578		12,431		$	126,208		2,378		$	24,480		1,030		$	10,396		16		$	168		1		$	6
Other Classes	353,984			3,614,599		441,904			4,472,199		19,073			196,376		14,749			149,136		657			7,037		488			5,111
Issued as reinvestment of distributions
Class D	248			2,533		221			2,238		27			283		16			165		0			1		1			7
Other Classes	10,528			107,577		23,301			235,585		338			3,474		419			4,221		9			100		38			398
Cost of shares redeemed
Class D	(4,811	)		(49,111	)	(3,917	)		(39,724	)	(643	)		(6,622	)	(515	)		(5,217	)	(6	)		(67	)	(7	)		(58	)
Other Classes	(174,175	)		(1,777,137	)	(330,271	)		(3,339,435	)	(5,603	)		(57,878	)	(4,932	)		(49,852	)	(203	)		(2,158	)	(404	)		(4,257	)
Net increase (decrease) resulting from Fund share transactions	202,857		$	2,073,039		143,669		$	1,457,071		15,570		$	160,113		10,767		$	108,849		473		$	5,081		117		$	1,207

	Strategic Balanced Fund										Total Return Mortgage Fund
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class D	96		$	932		153		$	1,626		7,926		$	85,019		3,500		$	36,912
Other Classes	514			4,948		1,207			12,675		6,004			64,377		4,251			44,565
Issued as reinvestment of distributions
Class D	2			15		4			40		58			629		78			815
Other Classes	40			374		196			2,032		71			761		232			2,423
Cost of shares redeemed
Class D	(43	)		(406	)	(47	)		(489	)	(2,486	)		(26,814	)	(904	)		(9,563	)
Other Classes	(673	)		(6,396	)	(2,793	)		(29,336	)	(732	)		(7,844	)	(1,792	)		(19,074	)
Net increase (decrease) resulting from Fund share transactions	(64	)	$	(533	)	(1,282	)	$	(13,452	)	10,841		$	116,128		5,365		$	56,078

122   PIMCO Funds Semi-Annual Report  I  09.30.02

Emerging Markets Bond Fund									Foreign Bond Fund										GNMA Fund										High Yield Fund
Period Ended 09/30/2002				Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
Shares	Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
1,757	$	16,182		3,241		$	30,568		4,943		$	51,968		3,525		$	36,741		605		$	6,675		119		$	1,280		6,628		$	57,459		13,488		$	126,744
23,308		209,401		22,752			210,434		36,971			389,297		29,943			312,007		16,315			180,393		11,761			126,373		133,805			1,147,461		277,062			2,610,735
84		750		53			493		100			1,048		159			1,655		2			22		1			6		539			4,589		524			4,919
886		7,805		1,416			12,923		1,193			12,562		2,721			28,298		99			1,097		185			1,986		13,182			112,112		18,588			175,344
(2,588)		(23,049	)	(483	)		(4,570	)	(1,113	)		(11,720	)	(1,144	)		(11,934	)	(187	)		(2,067	)	(28	)		(293	)	(6,350	)		(54,955	)	(4,102	)		(38,575	)
(18,594)		(164,875	)	(7,257	)		(66,251	)	(13,328	)		(140,300	)	(25,494	)		(265,711	)	(4,866	)		(53,908	)	(3,761	)		(40,327	)	(136,251	)		(1,163,385	)	(120,697	)		(1,137,024	)
4,853	$	46,214		19,722		$	183,597		28,766		$	302,855		9,710		$	101,056		11,968		$	132,212		8,277		$	89,025		11,553		$	103,281		184,863		$	1,742,143
Real Return Fund									Short Duration Municipal Income Fund										Short-Term Fund										StocksPLUS Fund
Period Ended 09/30/2002				Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
Shares	Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
42,414	$	463,872		51,363		$	537,359		527		$	5,395		45		$	460		8,475		$	84,495		10,999		$	110,393		40		$	341		85		$	859
267,765		2,916,402		260,572			2,712,515		18,216			186,327		2,123			21,629		165,360			1,649,352		301,183			3,022,414		17,013			141,265		20,933			211,884
1,095		11,890		1,009			10,428		2			23		0			1		133			1,319		115			1,155		0			0		5			51
7,275		78,888		6,517			67,358		109			1,118		63			640		3,161			31,467		3,988			40,012		0			0		1,814			18,703
(9,657)		(105,153	)	(21,116	)		(218,787	)	(41	)		(422	)	0			0		(5,480	)		(54,550	)	(3,605	)		(36,204	)	(26	)		(224	)	(161	)		(1,631	)
(53,517)		(582,035	)	(60,212	)		(624,530	)	(2,953	)		(30,220	)	(489	)		(4,993	)	(133,285	)		(1,326,506	)	(132,761	)		(1,332,039	)	(20,255	)		(167,968	)	(24,285	)		(246,385	)
255,375	$	2,783,864		238,133		$	2,484,343		15,860		$	162,221		1,742		$	17,737		38,364		$	385,577		179,919		$	1,805,731		(3,228	)	$	(26,586	)	(1,609	)	$	(16,519	)

09.30.02   I  PIMCO Funds Semi-Annual Report   123

PIMCO Funds: Pacific Investment Management Series

Manager	Pacific Investment Management Company LLC, 840 Newport Center Drive, Suite 300, Newport Beach, CA 92660
Distributor	PIMCO Advisors Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902
Custodian	State Street Bank & Trust Co., 801 Pennsylvania, Kansas City, MO 64105
Shareholder Servicing Agent and Transfer Agent	PFPC Global Fund Services, Inc., P.O. Box 9688, Providence, RI 02940-9688
Independent Accountant	PricewaterhouseCoopers LLP, 1055 Broadway, Kansas City, MO 64105
Legal Counsel	Dechert, 1775 Eye Street, Washington, DC 20006
For Account Information	For PIMCO Funds account information contact your financial advisor, or if you receive account statements directly from PIMCO Funds, you can also call 1-800-426-0107. Telephone representatives are available Monday–Friday 8:30 am to 8:00 pm Eastern Time. Or visit our Web site, www.pimcoadvisors.com.

124   PIMCO Funds Semi-Annual Report  I  09.30.02

The PIMCO Funds: A Diverse Fund Family

PIMCO Advisors provides access to the specialized equity and fixed-income expertise of its affiliated institutional investment firms. Together these firms manage over $350 billion and have a client list that includes over half of the 100 largest corporations in America. This expertise is available to financial advisors and their clients through the PIMCO Funds, a diverse family of stock and bond funds.

PIMCO Bond Funds

PIMCO Stock Funds

Short Duration Short-Term Fund Low Duration Fund Intermediate Duration Total Return Fund International Foreign Bond Fund Emerging Markets Bond Fund High Yield High Yield Fund Mortgage-Backed GNMA Fund Total Return Mortgage Fund Inflation-Indexed Real Return Fund Convertible Convertible Fund Tax-Exempt Municipal Bond Fund California Intermediate Municipal Bond Fund California Municipal Bond Fund New York Municipal Bond Fund Short-Duration Municipal Income Fund PIMCO Stock and Bond Funds Strategic Balanced Fund

Growth RCM Large-Cap Growth Fund PEA Growth Fund NACM Growth Fund PEA Target Fund RCM Mid-Cap Fund PEA Opportunity Fund Blend PEA Growth & Income Fund CCM Capital Appreciation Fund NACM Core Equity Fund CCM Mid-Cap Fund Value NFJ Equity Income Fund PEA Value Fund NACM Value Fund PEA Renaissance Fund NACM Flex-Cap Value Fund NFJ Small-Cap Value Fund Enhanced Index RCM Tax-Managed Growth Fund PPA Tax-Efficient Equity Fund StocksPLUS Fund International RCM Global Equity Fund NACM Global Fund RCM International Growth Equity Fund NACM International Fund RCM Global Small-Cap Fund RCM Europe Fund NACM Pacific Rim Fund RCM Emerging Markets Fund Sector-Related PEA Innovation Fund RCM Global Technology Fund RCM Global Healthcare Fund RCM Biotechnology Fund

One Fund Family, A Choice of Specialized

Investment Firms

The PIMCO Funds are managed by the affiliated institutional investment firms of PIMCO Advisors. Each firm specializes in a specific asset class and investment style. So whether you’re looking for a small-cap value manager, a large-cap growth manager or a core bond manager, the PIMCO Funds provide you with access to a highly qualified expert.

Cadence Capital Management (CCM)

Combining the best of growth and value, CCM seeks to invest in reasonably priced companies that offer rapid earnings growth potential.

Dresdner RCM Global Investors (RCM)

With a worldwide presence, RCM’s growth specialists bring a global perspective to domestic and international stock investing.

NFJ Investment Group (NFJ)

Pure, deep value investors, NFJ emphasizes risk management by investing primarily in dividend-paying stocks and imposing strict diversification guidelines.

Nicholas-Applegate Capital Management (NACM)

NACM employs a bottom-up, research-driven approach to identify financially strong companies poised to benefit from change.

Pacific Investment Management Company (PIMCO)

Under the direction of its renowned founder and Chief Investment Officer, Bill Gross, PIMCO has become one of the most respected names in fixed-income management.

PIMCO Equity Advisors (PEA)

Across its varied products, PEA relies on in-depth research and competitive analysis to identify the companies most likely to deliver long-term capital appreciation.

PZ017.10/02

PIMCO

ADVISORS

Semi-Annual Report

9 . 3 0 . 0 2

PIMCO Municipal Bond Funds

Receive this report electronically and eliminate paper mailings. To enroll, go to www.pimcoadvisors.com/edelivery.

Share Classes

A B C

Share Classes

A C

Share Class

A

NATIONAL TAX-EXEMPT BOND FUND

Municipal Bond Fund

NATIONAL SHORT DURATION TAX-EXEMPT BOND FUND

Short Duration Municipal Income Fund

STATE-SPECIFIC TAX-EXEMPT BOND FUNDS

California Intermediate Municipal Bond Fund

California Municipal Bond Fund

New York Municipal Bond Fund

PIMCO

ADVISORS

Table of Contents

Chairman’s Letter	3
Fund Summaries
CA Intermediate Municipal Bond Fund	4
CA Municipal Bond Fund	6
Municipal Bond Fund	8
New York Municipal Bond Fund	10
Short Duration Municipal Income Fund	12
Schedule of Investments
CA Intermediate Municipal Bond Fund	15
CA Municipal Bond Fund	19
Municipal Bond Fund	21
New York Municipal Bond Fund	28
Short Duration Municipal Income Fund	30
Financial Highlights	34–35
Statements of Assets and Liabilities	36
Statements of Operations	37
Statements of Changes in Net Assets	38–39
Notes to Financial Statements	40–44

Dear Fellow Shareholder:

The past six months have brought an onslaught of disheartening financial news. Despite the market’s recent upswing, disappointing corporate earnings and talk of a double-dip recession have left many stock investors wondering where we’re headed next.

In the world of bonds, however, bad economic news can actually be good news, as investors flee stocks and riskier securities and flock instead to the relative stability offered by U.S. Treasuries and other high-quality areas of fixed income. This seemingly paradoxical relationship between bonds and the economy helps explain why most bond sectors have continued their strong run over the past six months.

Municipal bonds fared particularly well in this environment, outperforming many taxable bond sectors. In fact, the Lehman Brothers General Municipal Bond Index (8.58%) outpaced the Lehman Brothers Aggregate Bond Index (8.45%) before taxes during the reporting period. Accordingly, I am pleased to report that the PIMCO Municipal Bond Funds delivered solid absolute performance. PIMCO’s bond fund managers have achieved these results by adhering to the firm’s time-tested total return philosophy.

Of course, we cannot predict what the next few months and years hold for bonds, stocks or these funds. But, as always, we stand behind a few tried-and-true investment strategies, such as maintaining a well-diversified portfolio and investing for the long term.

If you have questions concerning this report or your investment, please contact your financial advisor. You can also call PIMCO Advisors at 1-800-426-0107 or visit our web site at www.pimcoadvisors.com. Once again, thank you for choosing PIMCO Funds. We highly value your business.

Sincerely,

Brent R. Harris

Chairman of the Board

October 31, 2002

Past performance is no guarantee of future results. There is no guarantee that these investment strategies will work under all market conditions and investors should evaluate their ability to invest, for the long-term, especially during periods of downturn in the market. Diversification does not guarantee against loss. The Lehman Brothers General Municipal Index is an unmanaged index that represents the tax-exempt bond market. The index is made up of all investment grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one-year. The Lehman Brothers Aggregate Bond Index is composed of securities from Lehman Brothers Government/Credit Bond Index, Mortgage-Backed Securities Index, and Asset-Backed Securities Index.

09.30.02   I  PIMCO Municipal Bond Funds Semi-Annual Report   3

A STATE-SPECIFIC TAX-EXEMPT BOND FUND

PIMCO CA Intermediate Municipal Bond Fund

OBJECTIVE:	PORTFOLIO:	DURATION RANGE:
Seeks high current income exempt from Federal and California income tax. Capital appreciation is a secondary objective.	Intermediate maturity municipal securities (exempt from Federal and California income tax). FUND INCEPTION DATE: 8/31/99	3–7 years TOTAL NET ASSETS: $165.4 million PORTFOLIO MANAGER: Mark McCray

Mark McCray

Fund Manager

Mr. McCray is responsible for municipal bond portfolios at PIMCO. Previously Co-Head of Municipal Bond Trading at Goldman Sachs & Co., he has over 10 years of investment experience.

“California intermediate maturity municipal bonds have continued to outperform many taxable debt sectors, including the national municipal market.”

Fund delivered solid absolute returns

The Fund’s Class A shares returned a solid 5.76% for the six-month period ended September 30, 2002. Nonetheless, the Fund underperformed both the Lehman Brothers California Intermediate Municipal Bond Index and the Lipper California Intermediate Municipal Debt Fund Average, which returned 9.42% and 7.76% respectively.

Increased investor demand caused Treasury and municipal yields to drop

In the past six months, concerns over sluggish economic growth, corporate scandals, and potential war with Iraq led investors to seek the safety of Treasuries, subsequently driving yields to their lowest levels in 40 years. Municipal yields slid to a 34-year low as equity markets reacted to broader economic factors, including desultory economic recovery and increased geopolitical risk. Within this climate, California intermediate maturity municipal bonds outperformed many taxable debt sectors, including the national municipal market.

Higher quality bias and issue selection aided performance

The portfolio’s emphasis on high-quality revenue bonds enhanced returns. As investors continued to flock to relatively safer assets, the portfolio’s exposure to insured credits also contributed to performance. However, our yield curve strategy, which focused on longer maturities within the intermediate space, contributed negatively to returns. Below-benchmark duration combined with interest rate hedging also hurt performance as municipal yields declined.

Municipal bonds should remain attractive to investors

Given the current environment, investors may continue to seek the appealing after-tax yield potential and relative stability of municipal bonds—even though a slow and gradual economic recovery could eventually challenge municipal credits as tax revenues lag behind the economy. Increased supply in California leads us to limit positions in state-specific credits for now. We intend to focus on high-quality California revenue bonds and select non-California issues to enhance portfolio yield and diversification. We also plan on maintaining high average credit quality as yield premiums on lower quality issues do not presently compensate for their higher credit and liquidity risks. Additionally, we expect to keep duration near the benchmark as interest rates should remain relatively steady for the near future.

4   PIMCO Municipal Bond Funds Semi-Annual Report  I  09.30.02

PIMCO CA Interm. Municipal Bond Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN    For periods ended 9/30/02

	6 months	1 year	3 year	5 year	10 year	Inception (8/31/99)
PIMCO CA Intermediate Municipal Bond Fund A Shares	5.76%	5.80%	7.33%	—	—	7.36%
PIMCO CA Intermediate Municipal Bond Fund A Shares (adjusted)	2.58%	2.62%	6.24%	—	—	6.30%
Lehman Brothers CA Intermediate Municipal Bond Index	9.42%	9.08%	7.98%	—	—	—
Lipper CA Intermediate Municipal Debt Fund Average	7.76%	7.71%	7.34%	—	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	38%	Municipal Bonds & Notes	96.8%	AAA	64.2%
1–5 years	12%	Other	3.2%	AA	7.8%
5–10 years	31%			A	13.8%
10–20 years	18%			BBB	7.7%
Over 30 years	1%			BB	6.5%
Duration	5.3 years

CHANGE IN VALUE    For periods ended 9/30/02

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. Rather than stretch for maximum yield, PIMCO’s municipal bond team seeks to maximize after-tax total return. The portfolio is scrutinized using a process that models the potential changes in yield and price as the underlying variables of the CA municipal marketplace change.

Past performance is no guarantee of future results. The Fund invests at least 80% of its assets in debt securities exempt from federal income tax. The Fund invests at least 80% of its assets in bond issuers whose interest is exempt from regular federal income tax and California income tax. The Fund may invest up to 10% of its assets in high yield (lower-rated) securities, which generally involve greater risk to principal than investments in higher-rated securities. The Fund may at times invest in derivatives and mortgage-related securities. The Fund may realize gains and shareholders will incur a tax liability from time to time. Income from the Fund is subject to state and local taxes and may at times be subject to the alternative minimum tax. It is important to note that a fund concentrating in a single state is subject to greater risk of adverse economic conditions and regulatory changes than a fund with broader geographical diversification. The Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund. Please see page 14 for additional information.

09.30.02   I  PIMCO Municipal Bond Funds Semi-Annual Report   5

A STATE-SPECIFIC TAX-EXEMPT BOND FUND

PIMCO CA Municipal Bond Fund

OBJECTIVE:	PORTFOLIO:	DURATION RANGE:
Seeks high current income exempt from Federal and California income tax. Capital appreciation is a secondary objective.	Intermediate to long-term maturity municipal securities (exempt from Federal and California income tax). FUND INCEPTION DATE: 5/16/00	3–12 years TOTAL NET ASSETS: $21.1 million PORTFOLIO MANAGER: Mark McCray

Mark McCray

Fund Manager

Mr. McCray is responsible for municipal bond portfolios at PIMCO. Previously Co-Head of Municipal Bond Trading at Goldman Sachs & Co., he has over 10 years of investment experience.

“A focus on high-quality revenue bonds and select non-California issues should enhance portfolio yield and diversification.”

Fund delivered solid absolute returns

For the six-month period ended September 30, 2002, the Fund’s Class A shares returned a solid 8.15%. Nonetheless, the Fund underperformed both the Lehman Brothers California Insured Municipal Index and the Lipper California Municipal Debt Fund Average, which returned 9.25% and 8.79%, respectively.

Treasuries and municipal bonds continued their strong run

Sluggish economic growth, corporate accounting scandals, and rumors of war with Iraq led investors to seek out the safety of Treasury bonds, driving yields to their lowest level in 40 years. Municipal yields slid to a 34-year low, and muni bonds outperformed many taxable debt sectors. The Lehman Municipal Bond Index returned slightly more than the Lehman Brothers Aggregate Bond Index. Additionally, the California municipal market outperformed the national market during the period.

High-quality bias and issue selection aided performance

An overweight exposure to longer intermediate term maturities, rather than the longest municipal maturities, contributed to returns as yields in this area fell further. An emphasis on high-quality California paper was also positive for returns because investors flocked to the stability of higher-rated bonds. Due to pre-refundings and reduced credit premiums, exposure to non-California bonds—many of which qualified for California income tax exemption—also increased returns. The Fund’s underperformance can be attributed primarily to its below-benchmark duration positioning over the time period.

Going forward, municipal bonds should remain attractive

Given the current environment, investors may continue to seek the appealing after-tax yield potential and relative stability of municipal bonds, even though a slow and gradual economic recovery could challenge municipal credits as tax revenues lag behind the economy. In addition, it is likely that California will issue more general obligation and revenue debt to pay for power costs and to balance the state’s budget.

For now, we intend to focus on high-quality California revenue bonds and select non-California issues to enhance portfolio yield and diversification. Maintaining high average credit quality may help counter the risk of rising credit premiums for lower-rated debt in the face of lower tax and fee collections. Finally, we expect to keep duration near the benchmark as interest rates should remain relatively steady for the near future.

6   PIMCO Municipal Bond Funds Semi-Annual Report  I  09.30.02

PIMCO CA Municipal Bond Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN For periods ended 9/30/02

	6 months		1 year		3 year	5 year	10 year	Inception (5/16/00)
PIMCO CA Municipal Bond Fund A Shares	8.15	%	7.13	%	—	—	—	10.16	%
PIMCO CA Municipal Bond Fund A Shares (adjusted)	4.90	%	3.92	%	—	—	—	8.75	%
Lehman Brothers CA Insured Municipal Index	9.25	%	8.99	%	—	—	—	—
Lipper CA Municipal Debt Fund Average	8.79	%	7.57	%	—	—	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	24%	Municipal Bonds & Notes	91.0%	AAA	68.6%
1–5 years	5%	Other	9.0%	AA	8.8%
5–10 years	20%			A	12.8%
10–20 years	29%			BBB	4.5%
20–30 years	17%			BB	5.3%
Over 30 years	5%
Duration	8.7 years

CHANGE IN VALUE For periods ended 9/30/02

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. Rather than stretch for maximum yield, PIMCO’s municipal bond team seeks to maximize after-tax total return. The portfolio is scrutinized using a process that models the potential changes in yield and price as the underlying variables of the CA municipal marketplace change.

Past performance is no guarantee of future results. The Fund invests at least 80% of its assets in debt securities exempt from federal income tax. The Fund invests at least 80% of its assets in bond issuers whose interest is exempt from regular federal income tax and California income tax. The Fund may invest up to 10% of its assets in high yield (lower-rated) securities, which generally involve greater risk to principal than investments in higher-rated securities. The Fund may at times invest in derivatives and mortgage-related securities. The Fund may realize gains and shareholders will incur a tax liability from time to time. Income from the Fund is subject to state and local taxes and may at times be subject to the alternative minimum tax. It is important to note that a fund concentrating in a single state is subject to greater risk of adverse economic conditions and regulatory changes than a fund with broader geographical diversification. The Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund. Please see page 14 for additional information.

09.30.02   I  PIMCO Municipal Bond Funds Semi-Annual Report   7

A NATIONAL TAX-EXEMPT BOND FUND

PIMCO Municipal Bond Fund

OBJECTIVE:	PORTFOLIO:	DURATION RANGE:
Seeks high current income exempt from Federal income tax, consistent with preservation of capital. Capital appreciation is a secondary objective.	Intermediate to long-term maturity municipal securities (exempt from Federal income tax). FUND INCEPTION DATE: 12/31/97	3–10 years TOTAL NET ASSETS: $359.1 million PORTFOLIO MANAGER: Mark McCray

Mark McCray

Fund Manager

Mr. McCray is responsible for municipal bond portfolios at PIMCO. Previously Co-Head of Municipal Bond Trading at Goldman Sachs & Co., he has over 10 years of investment experience.

“The attractive after-tax yield and the relative stability of high municipal credit quality should continue to appeal to investors.”

Fund posted solid returns

For the six-month period ended September 30, 2002, the Fund’s Class A shares returned a solid 6.46%. However, the Fund underperformed both the Lehman Brothers General Municipal Bond Index and the Lipper General Municipal Debt Fund Average, which returned 8.58% and 7.96% respectively.

Treasuries and municipal bonds continued their strong run

Delayed economic recovery, corporate fraud, and potential war with Iraq led investors to seek out the safety of Treasury bonds, subsequently driving yields to their lowest level in 40 years. As equity markets reacted to economic volatility and increased geopolitical turmoil, municipal yields slid to a 34-year low. Over the time period, municipal bonds outperformed many taxable debt sectors. For example, before taxes, the Lehman Municipal Bond Index returned slightly more than the Lehman Brothers Aggregate Bond Index.

Yield curve positioning, emphasis on quality contributed to performance

The Fund’s emphasis on high-quality revenue bonds, which offered attractive credit premiums and advanced refundings, contributed to performance. An overweighting in longer intermediate term maturities, as opposed to the longest municipal maturities, also enhanced returns because yields in this area fell more than those further out on the yield curve. Insured bonds added to performance as investors expressed demand for higher-quality credits.

However, the Fund’s below-benchmark duration positioning, in conjunction with interest rate hedging, created problems for the Fund as municipal yields fell over the time period.

Demand for municipals will remain strong in the near term

Although municipal bonds could potentially face a challenge if a slower-than-expected economic recovery leads to lagging tax revenues, their attractive after-tax yield potential and relative stability may continue to appeal to investors in this period of macroeconomic conflict.

In this setting, we expect to target durations near the benchmark and continue our limited hedging strategies to control interest rate risk. Because an increase in the supply of state specific bonds in upcoming months could increase their premiums, we plan to limit our positions in state credits, as opposed to local municipality credits. Our intent to overweight higher-quality revenue bonds should allow us to take advantage of the attractive risk-adjusted yields and potential price appreciation from tightening credit premiums. We expect to maintain our focus on high average credit quality.

8   PIMCO Municipal Bond Funds Semi-Annual Report  I  09.30.02

PIMCO Municipal Bond Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN For periods ended 9/30/02

	6 months	1 year	3 year	5 year	10 year	Inception (12/31/97)
PIMCO Municipal Bond Fund A Shares	6.46%	8.11%	8.18%	—	—	5.69%
PIMCO Municipal Bond Fund A Shares (adjusted)	3.26%	4.87%	7.09%	—	—	5.01%
PIMCO Municipal Bond Fund B Shares	6.06%	7.30%	7.38%	—	—	4.90%
PIMCO Municipal Bond Fund B Shares (adjusted)	1.06%	2.30%	6.50%	—	—	4.55%
PIMCO Municipal Bond Fund C Shares (adjusted)	5.19%	6.58%	7.65%	—	—	5.16%
Lehman Brothers General Municipal Bond Index	8.58%	8.94%	8.49%	—	—	—
Lipper General Municipal Debt Fund Average	7.96%	7.59%	7.23%	—	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	18%	Municipal Bonds & Notes	98.8%	AAA	68.9%
1–5 years	7%	Other	1.2%	AA	13.9%
5–10 years	35%			A	10.0%
0–20 years	37%			BBB	4.1%
Over 30 years	3%			BB	2.2%
Duration	8.0 years			B	0.9%

CHANGE IN VALUE For periods ended 9/30/01

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. Rather than stretch for maximum yield, PIMCO’s municipal bond team seeks to maximize after-tax total return. The portfolio is scrutinized using a process that models the potential changes in yield and price as the underlying variables of the overall municipal marketplace change.

Past performance is no guarantee of future results. The Fund invests at least 80% of its assets in debt securities exempt from federal income tax. The Fund may invest up to 10% of its assets in high yield (lower-rated) securities, which generally involve greater risk to principal than investments in higher-rated securities. The Fund may at times invest in derivatives and mortgage-related securities. The Fund may invest more than 25% of its assets in bond issuers of California and New York. The Fund may realize gains and shareholders will incur a tax liability from time to time. Income from the Fund is subject to state and local taxes and may at times be subject to the alternative minimum tax. Please see page 14 for additional information.

09.30.02   I  PIMCO Municipal Bond Funds Semi-Annual Report   9

A STATE-SPECIFIC TAX-EXEMPT BOND FUND

PIMCO NY Municipal Bond Fund

OBJECTIVE:	PORTFOLIO:	DURATION RANGE:
Seeks high current income exempt from Federal and New York income tax. Capital appreciation is a secondary objective.	Intermediate to long-term maturity municipal securities (exempt from federal and New York income tax). FUND INCEPTION DATE: 8/31/99	3–12 years TOTAL NET ASSETS: $10.6 million PORTFOLIO MANAGER: Mark McCray

Mark McCray

Fund Manager

Mr. McCray is responsible for municipal bond portfolios at PIMCO. Previously Co-Head of Municipal Bond Trading at Goldman Sachs & Co., he has over 10 years of investment experience.

“We plan to target durations near the benchmark as opportunities to add value will present themselves in yield curve positioning, sector allocations, and security selection.”

Fund slightly trailed its benchmark

For the six-month period ended September 30, 2002, the Fund’s Class A shares returned a solid 7.73%. However, the Fund underperformed both the Lehman Brothers New York Insured Municipal Index and the Lipper New York Municipal Debt Fund Average, which returned 9.46% and 8.09% respectively.

Treasury and muni yields reached extreme lows

Treasury yields slid to their lowest level in over 40 years, fueled by investors’ increased demand for safer assets in a period of sluggish economic growth, corporate accounting scandals, and talk of impending war with Iraq. Slow economic recovery and rising geopolitical tension dealt a blow to the equity markets, driving muni yields to a 34-year low. Over the time period, New York munis outperformed many taxable debt sectors as well as the national municipal market.

Security selection sustained performance

An emphasis on revenue bonds, specifically industrial revenue issues, bolstered relative returns. The persistence of the “flight to quality” syndrome made the portfolio’s allocations to insured municipal bonds a positive for performance. Below-the-benchmark duration, juxtaposed with interest rate hedging strategies, detracted from relative returns as yields fell.

We plan to take advantage of high demand for munis

Lagging tax revenues, caused by the slow rate of economic recovery, could pose a challenge to municipal markets, including New York’s. However, in the current economic environment, support for municipal bonds should remain strong among investors, who are attracted to the appealing after-tax yield potential and the relative stability of municipal bonds. New York’s issuance is likely to increase given both the passage of the state budget amendment and the financing needs of state and local authorities.

Taking these factors into account, we plan to target duration near the benchmark as opportunities to add value should present themselves in yield curve positioning, sector allocations, and security selection. In anticipation of New York’s increase in supply, we expect to emphasize intermediate maturities. Allocations to high-quality New York revenue bonds should help us enhance portfolio yield and diversification. Because yield premiums on lower quality issues could rise as investors demand greater credit and liquidity premiums, we intend to maintain high average credit quality.

10   PIMCO Municipal Bond Funds Semi-Annual Report  I  09.30.02

PIMCO NY Municipal Bond Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN    For periods ended 9/30/02

	6 months		1 year		3 year		5 year	10 year	Inception (8/31/99)
PIMCO New York Municipal Bond Fund A Shares	7.73	%	10.17	%	9.18	%	—	—	9.06	%
PIMCO New York Municipal Bond Fund A Shares (adjusted)	4.50	%	6.86	%	8.08	%	—	—	7.98	%
Lehman Brothers New York Insured Municipal Bond Index	9.46	%	10.31	%	8.73	%	—	—	—
Lipper New York Municipal Debt Fund Average	8.09	%	8.16	%	7.68	%	—	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	27%	Municipal Bonds & Notes	91.7%	AAA	44.7%
1–5 years	6%	Other	8.3%	AA	35.6%
5–10 years	33%			A	10.6%
10–20 years	27%			BBB	9.1%
20–30 years	7%
Duration	7.2 years

CHANGE IN VALUE    For periods ended 9/30/02

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. Rather than stretch for maximum yield, PIMCO’s municipal bond team seeks to maximize after-tax total return. The portfolio is scrutinized using a process that models the potential changes in yield and price as the underlying variables of the NY municipal marketplace change.

Past performance is no guarantee of future results. The Fund invests at least 80% of its assets in debt securities exempt from federal income tax. The Fund invests at least 80% of its assets in bond issuers whose interest is exempt from regular federal income tax and New York income tax. The Fund may invest up to 10% of its assets in high yield (lower-rated) securities, which generally involve greater risk to principal than investments in higher-rated securities. The Fund may at times invest in derivatives and mortgage-related securities. The Fund may realize gains and shareholders will incur a tax liability from time to time. Income from the Fund is subject to state and local taxes and may at times be subject to the alternative minimum tax. It is important to note that a fund concentrating in a single state is subject to greater risk of adverse economic conditions and regulatory changes than a fund with broader geographical diversification. The Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund. Please see page 14 for additional information.

09.30.02   I  PIMCO Municipal Bond Funds Semi-Annual Report   11

A NATIONAL SHORT DURATION TAX-EXEMPT BOND FUND

PIMCO Short Duration Municipal Income Fund

OBJECTIVE:	PORTFOLIO:	DURATION RANGE:
Seeks high current income exempt from Federal income tax, consistent with preservation of capital.	Short and intermediate maturity municipal securities (exempt from Federal income tax). FUND INCEPTION DATE: 8/31/99	0–3 years TOTAL NET ASSETS: $193.7 million PORTFOLIO MANAGER: Mark McCray

Mark McCray

Fund Manager

Mr. McCray is responsible for municipal bond portfolios at PIMCO. Previously Co-Head of Municipal Bond Trading at Goldman Sachs & Co., he has over 10 years of investment experience.

“After-tax yields remain attractive among municipals.”

Fund trailed its Benchmark

For the six-month period ended September 30, 2002, the Fund’s Class A shares returned a respectable 1.55%. Still, the Fund underperformed both the Lehman Brothers 1-Year Municipal Bond Index and the Lipper Short Municipal Debt Fund Average, which returned 2.64% and 2.91% respectively.

Heightened investor demand augmented short-term muni market

Municipal bonds benefited from a “flight to quality,” as anxious investors reacted to falling equity prices and news of accounting and corporate governance scandals. Shorter-term municipal bonds rallied when it began to seem increasingly unlikely to investors that the Fed would raise rates in 2002. Short-term municipal yields fell by up to 40 basis points. Because Treasury yields typically decline more than municipals during bond market rallies, shorter-term munis underperformed similar-maturity treasuries on a pre-tax basis.

Extended duration contributed to results for the past six months

The Fund’s longer-than-benchmark duration positioning helped relative performance as yields fell across the curve. As the period progressed, broader-than-index yield curve positioning contributed to returns due to the curve’s steepness. However, interest rate hedging strategies hindered the Fund’s performance as interest rates declined; and, in addition, exposure to short-term revenue bonds, including healthcare and education issues, hurt returns early in the period when credit premiums on these issues widened.

Demand for short-term muni bonds could continue in the near future

Although lagging tax revenues resulting from a slow-paced economic recovery could challenge municipal credits, demand will likely remain strong as investors are likely to continue to seek the attractive after-tax yield potential and relative stability of municipal bonds.

In this environment, we intend to keep duration modestly extended, and we expect to continue to take prudent credit risk in order to achieve yields greater than those of money market funds. Holding broader-than-benchmark maturities should help us to pick up substantial yield with minimal increase in price volatility. We hope to enhance portfolio yield and diversification through allocations to high quality revenue bonds. Because weak economic and fiscal circumstances could cause premiums on lower quality issues to rise, we intend to maintain high average credit quality.

12   PIMCO Municipal Bond Funds Semi-Annual Report  I  09.30.02

PIMCO Short Duration Muni. Income Fund Performance & Statistics

AVERAGE ANNUAL TOTAL RETURN  For periods ended 9/30/02

	6 months	1 year	3 year	5 year	10 year	Inception (8/31/99)
PIMCO Short Duration Municipal Income Fund A Shares	1.55%	2.91%	4.31%	—	—	4.28%
PIMCO Short Duration Municipal Income Fund A Shares (adjusted)	–0.50%	0.85%	3.62%	—	—	3.61%
PIMCO Short Duration Municipal Income Fund C Shares (adjusted)	0.40%	1.39%	3.61%	—	—	3.58%
Lehman Brothers 1-Year Municipal Bond Index	2.64%	3.92%	4.95%	—	—	—
Lipper Short Municipal Debt Fund Average	2.91%	3.73%	4.64%	—	—	—

MATURITY PROFILE		SECTOR BREAKDOWN		QUALITY BREAKDOWN
Less than 1 year	58%	Municipal Bond & Notes	93.3%	AAA	63.4%
1–5 years	42%	Short-Term Instruments	6.7%	AA	28.7%
Duration	2.0 years			A	5.3%
				BBB	2.6%

CHANGE IN VALUE For periods ended 9/30/02

Investment Process

The top-down investment process starts with an annual secular forum at which PIMCO develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters. Rather than stretch for maximum yield, PIMCO’s municipal bond team seeks to maximize after-tax total return. The portfolio is scrutinized using a process that models the potential changes in yield and price as the underlying variables of the overall municipal marketplace change.

Past performance is no guarantee of future results. The Fund invests at least 80% of its assets in debt securities exempt from federal income tax. The Fund may not invest in high yield (lower-rated) securities. The Fund may at times invest in derivatives and mortgage-related securities. The Fund may invest more than 25% of its assets in bond issuers of California and New York. The Fund may realize gains and shareholders will incur a tax liability from time to time. Income from the Fund is subject to state and local taxes and may at times be subject to the alternative minimum tax. Please see page 14 for additional information.

09.30.02   I  PIMCO Municipal Bond Funds Semi-Annual Report   13

Footnotes

Past performance is no guarantee of future results. Investment return will fluctuate and the value of an investor’s shares will fluctuate and may be worth more or less than original cost when redeemed. The average annual total return measures performance assuming that all dividend and capital gain distributions were reinvested. Returns shown do not reflect the deduction of taxes that a shareholder would pay (i) on fund distributions or (ii) the redemption of fund shares. The returns represent the blended performance of the Fund’s retail shares (Class A, B or C) and the prior performance of the Fund’s Institutional shares, adjusted, as necessary, to reflect retail share current sales charges and different operating expenses. The retail shares were first offered for the CA Intermediate Municipal on 10/99, CA Municipal on 8/00, NY Municipal on 10/99, Municipal Bond on 4/98, and for Short Duration Municipal on 4/02. Returns for Class A shares adjusted include the effect of the 3% maximum initial sales charge except for the Short Duration Municipal which includes a 2% maximum initial sales charge. Returns for Class B shares (Municipal Bond Only) include the effect of paying the contingent deferred sales charge (CDSC), which declines from 5% in the first year to 0% at the beginning of the seventh year. Returns for Class C shares have a 1% CDSC, which may apply in the first year of ownership. The credit quality of the investment in the portfolio does not apply to the stability or safety of the Fund. Duration is a measure of the Fund’s price sensitivity expressed in years. The Growth of $10,000 does include the effect of the maximum initial sales charge only associated with class A shares. The Lipper Averages are calculated by Lipper, Inc. It is the total return performance average of funds that are tracked by Lipper that have the same Fund Classification. Lipper does not take into account sales charges. The Lehman Brothers CA Intermediate Municipal Bond Index is an unmanaged index comprised of California Municipal Bond issues with a maturity range of 5–10 Years. The Lehman Brothers CA Insured Municipal Index is an unmanaged index comprised of insured California Municipal Bond Issues. The Lehman Brothers 1-Year Municipal Bond Index is an unmanaged index comprised of National Municipal Bond issues with a maturity range of 1–2 years. The Lehman Brothers General Municipal Bond Index is an unmanaged index representative of the tax-exempt bond market. The index is made up of all investment grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one-year. The Lehman Brothers New York Insured Municipal Bond Index is an unmanaged index comprised of insured New York Municipal Bond issues. S&P 500 Index is an unmanaged market index generally considered to be representative of the stock market as a whole. 60% S&P/ 40% LBAG is an unmanaged index comprised of 60% of the return of the S&P 500 Index and 40% of the Lehman Brothers Aggregate Bond Index. The Lehman Brothers Aggregate Bond Index is an unmanaged market index representative of the U.S. Taxable fixed income universe. It is not possible to invest directly in an unmanaged index. The Funds also offer other share classes, which are subject to different fees and expenses (which may affect performance), have different minimum investment requirements and are entitled to different services. Information regarding such classes may be obtained by calling 1-888-87-PIMCO. An investment in a (the) Fund is not a deposit of a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. In addition, it is possible to lose money on investments in a (the) Fund. For additional details on the Funds, contact your financial advisor to receive a current prospectus that contains more complete information, including charges and expenses. Please read the prospectus carefully before you invest or send money. PIMCO Advisors Distributors LLC, 2187 Atlantic Street, Stamford, CT, 06902, www.pimcoadvisors.com, 1-888-87-PIMCO.

14   PIMCO Municipal Bond Funds Semi-Annual Report  I  09.30.02

Schedule of Investments

California Intermediate Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
MUNICIPAL BONDS & NOTES 94.1%
California 77.8%
A B C California Unified School District General Obligation Bonds, (FGIC Insured), Series 2001
0.000% due 08/01/2030	$	1,850	$	454
0.000% due 08/01/2031		1,285		300
0.000% due 08/01/2032		1,965		436
0.000% due 08/01/2033		1,670		352
0.000% due 08/01/2034		1,755		352
Alameda, California Harbor Bay Business Park Assessment Revenue Bonds, Series 1998
5.500% due 09/02/2012		3,500		3,728
Anaheim, California Public Financing Authority Revenue Bonds, (AMBAC Insured), Series 1999
4.625% due 10/01/2027 (a)		150		163
Antioch, California Public Financing Authority Reassessment Revenue Bonds, Series 1998-B
5.500% due 09/02/2008		475		509
Association of Bay Area Governments Financing Authority for Non-Profit Corporations Revenue Bonds, (California Mtg. Insured), Series 2001
5.250% due 04/01/2026		2,000		2,089
Bay Area Toll Authority California Toll Bridge Revenue Bonds, Series 2001
1.550% due 04/01/2029 (a)		400		400
California Educational Facilities Authority Revenue Bonds, Series 1997-A
5.700% due 10/01/2015		135		158
California Health Facilities Financing Authority Revenue Bonds, (CA MTG Insured), Series 2000
5.000% due 09/01/2010		350		388
California Housing Financial Agency Revenue Bonds, (AMBAC FHA Insured), Series 1996
5.950% due 02/01/2011		100		109
California Infrastructure & Economic Development Bank Insured Revenue Bonds, Series 2002
1.950% due 04/01/2042 (a)		1,000		1,000
California Pollution Control Financing Authority Revenue Bonds, Series 1999-A
4.500% due 08/01/2003		150		154
California State General Obligation Bonds, (FGIC Insured), Series 1997
5.000% due 10/01/2004		325		348
California State General Obligation Bonds, (MBIA Insured), Series 1991
6.600% due 02/01/2011		1,000		1,248
California State General Obligation Bonds, (MBIA Insured), Series 1992
7.500% due 10/01/2007		400		498
California State General Obligation Bonds, Series 1991
6.500% due 09/01/2010		1,730		2,109
California State General Obligation Bonds, Series 1997-BL
5.300% due 12/01/2012		400		423
California State General Obligation Bonds, Series 2000
5.250% due 03/01/2005		100		108
5.250% due 03/01/2013		300		337
5.700% due 12/01/2032		250		258
California State General Obligation Bonds, Series 2002
5.250% due 04/01/2030		3,000		3,175
California State Inverse-Floater Bonds, Series 1992
10.850% due 09/01/2012 (a)		5,000		7,400
California State Public Works Board Lease Revenue Bonds, Series 1994-A
6.375% due 11/01/2014		500		561
California Statewide Communities Development Authority Apartment Development Revenue Bonds, Series 1998-A-3
5.100% due 05/15/2025		2,000		2,133
California Statewide Communities Development Authority Certificates of Participation Bonds, Series 1994
6.500% due 07/01/2015		1,000		1,110
California Statewide Communities Development Authority Revenue Bonds, (CA Mortgage Insured), Series 2001
5.000% due 10/01/2018		2,000		2,115
California Statewide Communities Development Authority Revenue Bonds, Series 2002
5.500% due 08/15/2034		1,000		1,037
6.750% due 07/01/2032 (b)		2,705		2,807
California Statewide Financing Authority Tobacco Settlement Revenue Bonds, Series 2002
4.600% due 05/01/2012		1,030		1,054
California Tobacco Securitization Agency Revenue Bonds, Series 2002
6.125% due 06/01/2043		1,000		1,022
Capistrano, California Unified School District Community Facilities Special Tax Bonds, Series 1997
7.100% due 09/01/2021		1,950		2,354
Capistrano, California Unified School District Community Facilities Special Tax Bonds, Series 1999
5.700% due 09/01/2020		1,500		1,546
Chico, California Public Financing Authority Revenue Bonds, (FSA Insured), Series 1996
5.200% due 04/01/2011		485		523
Chula Vista, California Special Tax Bonds, Series 2000-1
6.350% due 09/01/2017		230		248
6.400% due 09/01/2018		120		128
Corona, California Community Facilities District Special Tax Bonds, Series 1998
5.875% due 09/01/2023		1,000		1,038
East Bay, California Municipal Utility District Wastewater Treatment System Revenue Bonds, (AMBAC Insured), Series 1993
9.170% due 06/01/2020 (a)		6,000		6,443

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   15

Schedule of Investments (Cont.)

California Intermediate Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
East Bay, California Municipal Utility District Water System Revenue Bonds, (MBIA Insured), Series 1993
9.070% due 06/01/2013 (a)	$	3,450	$	3,728
Elsinore Valley, California Municipal Water District Certificates of Participation Bonds, (FGIC Insured), Series 2000
1.550% due 07/01/2029 (a)		1,000		1,000
Evergreen, California School District General Obligation Bonds, (FGIC Insured), Series 2000-C
10.000% due 09/01/2005		465		576
10.000% due 09/01/2006		380		496
Foothill Eastern Transportation Corridor Agency California Toll Road Revenue Bonds, (MBIA-IBC Insured), Series 1999
5.875% due 01/15/2027		2,500		1,828
Foothill Eastern Transportation Corridor Agency California Toll Road Revenue Bonds, Series 1995
0.000% due 01/01/2026		1,000		319
Fresno, California Special Tax Bonds, Series 1998
4.750% due 09/01/2005		885		894
Healdsburg, California Community Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 2002
5.000% due 08/01/2022		2,530		2,671
Irvine Ranch California Water District General Obligation Bonds, (Helaba Insured), Series 1985
2.000% due 10/01/2009 (a)		1,200		1,200
Irvine Ranch, California Water District General Obligation Bonds, Series 1989
1.450% due 06/01/2015 (a)		800		800
Irvine Ranch, California Water District Revenue Bonds, Series 1993
1.700% due 05/01/2009 (a)		500		500
Irvine, California Import Bond Act of 1915 Special Assessment Bonds, Series 1998
1.550% due 09/02/2023 (a)		1,500		1,500
Irvine, California Improvement Bond Act of 1915 Special Assessment Bonds, (KBC Bank N.V. Insured), Series 1999
1.850% due 09/02/2024 (a)		669		669
Long Beach, California Harbor Revenue Bonds, (MBIA Insured), Series 1995
6.500% due 05/15/2005		220		246
Long Beach, California Harbor Revenue Bonds, Series 1993
4.700% due 05/15/2004		150		157
Los Altos, California School District General Obligation Bonds, Series 2001
5.000% due 08/01/2016		200		219
Los Angeles County, California Transportation Commission Certificate of Participation Bonds, Series 1992-B
6.250% due 07/01/2004		500		516
Los Angeles, California Community Redevelopment Agency Certificates of Participation Bonds, Series 1984
7.550% due 11/01/2008		365		389
Los Angeles, California Department of Water & Power Revenue Bonds, (MBIA Insured), Series 2001
5.250% due 07/01/2013		1,500		1,727
Los Angeles, California Department of Water & Power Revenue Bonds, (SPA-Dexia Public Finance Insured), Series 2001
1.550% due 07/01/2035 (a)		5,300		5,300
Los Angeles, California General Obligation Bonds, Series 2002
4.000% due 09/01/2012		2,525		2,706
Los Angeles, California State Building Authority Lease Revenue Bonds, Series 1999-A
4.600% due 10/01/2007		150		167
Los Angeles, California Unified School District General Obligation Bonds, (MBIA Insured), Series 1999-C
4.750% due 07/01/2010		30		34
Lucia Mar Unified School District, California General Obligation Bonds, (FSA Insured), Series 2002
5.000% due 08/01/2022		1,215		1,288
Manhattan Beach, California Unified School District General Obligation Bonds, (FGIC Insured), Series 2002
0.000% due 09/01/2025		1,400		445
Metropolitan Water District Southern California General Obligation Bonds, Series 1993-A1
7.250% due 03/01/2007		150		183
Metropolitan Water District Southern California Revenue Bonds, (SPA-Westdeutsche Landesbank Insured), Series 2000
1.800% due 07/01/2035 (a)		1,250		1,250
Metropolitan Water District Southern California Revenue Bonds, Series 1993
9.062% due 10/30/2020 (a)		600		659
Metropolitan Water District Southern California Waterworks Revenue Bonds, (Lloyds TSB Bank PLC Insured), Series 2001
1.950% due 07/01/2036 (a)		1,200		1,200
Murrieta Valley, California Unified School District Special Tax Bonds, (Keybank N.A. Insured), Series 2001
6.350% due 09/01/2025		580		593
6.400% due 09/01/2031		700		715
Newport Beach, California Revenue Bonds, Series 1992
1.480% due 10/01/2022 (a)		1,500		1,500
Oakland-Alameda County, California Coliseum Authority Lease Revenue Bonds, Series 2000
1.450% due 02/01/2025 (a)		200		200

16   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Orange County, California Community Facilities District Special Tax Bonds, Series 2000
5.600% due 08/15/2011	$	455	$	479
5.700% due 08/15/2012		485		508
5.800% due 08/15/2013		600		627
6.200% due 08/15/2018		1,025		1,068
Orange County, California Local Transportation Authority Sales Tax Revenue Bonds, (AMBAC-TCRS Insured), Series 1992
6.200% due 02/14/2011		3,250		3,984
Orange County, California Revenue Bonds, (MBIA Insured), Series 1995-A
6.000% due 06/01/2010		1,000		1,210
Orange County, California Sanitation District Certificates of Participation Bonds, (SPA-Dexia Public Finance Bank Insured), Series 2000
1.850% due 08/01/2029 (a)		1,580		1,580
Orange County, California Sanitation District Certificates of Participation Bonds, (SPA-DEXIA Public Finance Insured), Series 2000
1.850% due 08/01/2030 (a)		1,090		1,090
Orange County, California Sanitation Districts Certificates of Participation Bonds, (AMBAC Go of Dist Insured), Series 1993
1.850% due 08/01/2016 (a)		1,200		1,200
Orange County, California Special Financing Authority Teeter Plan Revenue Bonds, Series 1995
1.550% due 11/01/2014 (a)		1,300		1,300
1.550% due 11/01/2014 (a)		3,200		3,200
Orange County, California State Pipeline Financing Authority Teeter Plan Revenue Bonds, Series 1995 xxx% due 11/01/2014
1.550% due 11/01/2014 (a)		2,800		2,800
Oxnard, California Improvement Bond Act 1915 Special Assessment Bonds, Series 1997
5.500% due 09/02/2004		1,175		1,217
Pacific Housing & Finance Agency, California Revenue Bonds, (MBIA Insured), Series 1999
4.625% due 12/01/2004		250		258
Pleasant Valley, California School District Ventura County General Obligation Bonds, (MBIA Insured), Series 2002
5.850% due 08/01/2031		2,500		3,047
Port of Oakland, California Revenue Bonds, (FGIC Insured), Series 2000
5.500% due 11/01/2009		500		580
Redding, California Electric System Revenue Certificates of Participation, (FGIC Insured), Series 1993
5.684% due 06/28/2019		500		518
Riverside County, California Asset Leasing Corp. Revenue Bonds, (MBIA Insured), Series 2000
5.200% due 11/01/2010		250		293
Sacramento, California Municipal Utility District Revenue Bonds, Series 1983-M
9.000% due 04/01/2013		960		1,311
San Bernardino County, California Certificates of Participation Bonds, (MBIA Insured), Series 2002
5.000% due 07/01/2015		2,365		2,696
San Diego, California Unified School District General Obligation Bonds, (FSA Insured), Series 2001
5.000% due 07/01/2026		1,000		1,050
San Francisco, California City & County Airport Commission International Airport Revenue Bonds, (FGIC Insured), Series 1996-12-A
5.625% due 05/01/2005		400		438
San Francisco, California City & County Airport Commission International Airport Revenue Bonds, (FSA Insured), Series 1998-16A
5.500% due 05/01/2015		300		334
San Francisco, California City & County Airport Commission International Airport Revenue Bonds, (MBIA Insured), Series 1996-14A
8.000% due 05/01/2005		500		574
San Jose, California Multifamily Housing Revenue Bonds, (Bay View Bank & Federal Home Loan Bank Insured), Series 1999
4.950% due 06/01/2039		990		1,082
San Jose, California Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 1993
6.000% due 08/01/2010		600		728
San Jose, California Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 2002
5.000% due 08/01/2022		2,000		2,102
San Pablo, California Redevelopment Agency Revenue Bonds, Series 1979
8.000% due 10/01/2011		130		156
Santa Margarita/Dana Point Authority, California Revenue Bonds, (MBIA Insured), Series 1994-A
7.250% due 08/01/2006		150		180
South Tahoe, California Joint Powers Financing Authority Revenue Bonds, Series 1999-A
7.300% due 10/01/2007		150		158
Stockton, California Certificates of Participation, Series 1999
4.750% due 08/01/2006		120		131
Tulare County, California Certificates of Participation Bonds, (MBIA Insured), Series 1998
5.000% due 08/15/2013		3,225		3,722
West Sacramento, California Financing Authority Revenue Bonds, (FGIC Insured), Series 2002
5.000% due 08/01/2032		2,675		2,824
				128,735
Illinois 0.9%
Illinois Educational Facilities Authority Revenue Bonds, Series 1993
9.620% due 07/01/2012 (a)		1,400		1,491
Louisiana 1.1%
Louisiana Tobacco Settlement Financing Corporate Revenue Bonds, Series 2001
5.875% due 05/15/2039		2,000		1,892

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   17

Schedule of Investments (Cont.)

California Intermediate Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
New Hampshire 1.9%
New Hampshire Health & Educational Facilities Authority Revenue Bonds, (AMBAC Insured), Series 2002
5.250% due 07/01/2014	$	2,690	$	3,054
New Jersey 1.7%
New Jersey Economic Development Authority Revenue Bonds, Series 1998
6.375% due 04/01/2031		2,000		2,508
6.800% due 04/01/2018		250		269
				2,777
Puerto Rico 7.5%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue Bonds, (FSA Surety Bond Insured), Series 1985-A
9.000% due 07/01/2009		3,835		4,451
Puerto Rico Commonwealth General Obligation Bonds, (MBIA Insured), Series 1995
5.200% due 07/01/2006		410		456
Puerto Rico Commonwealth Highway & Transportation Authority Highway Revenue Bonds, Series 1993-X
5.200% due 07/01/2003		500		514
5.350% due 07/01/2005		5,000		5,218
Puerto Rico Commonwealth Infrastructure Financing Authority Revenue Bonds, (AMBAC Insured), Series 1998-A
5.250% due 07/01/2010		150		170
Puerto Rico Electric Power Authority Revenue Bonds, Series 1995-X
6.125% due 07/01/2021		500		571
Puerto Rico Industrial Tourist Educational, Medical & Environmental Control Facilities Revenue Bonds, Series 2000
5.300% due 11/15/2005		250		271
Puerto Rico Industrial Tourist Environmental Central Facilities Revenue Bonds, Series 2000
5.300% due 11/15/2004		150		160
Puerto Rico Public Finance Corp. Revenue Bonds, (AMBAC Insured), Series 1998-A
5.000% due 06/01/2007		500		560
				12,371
Texas 0.2%
Arlington, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2000
7.940% due 02/15/2024 (a)		250		260
Virgin Islands 3.0%
Virgin Islands Public Finance Authority Revenue Bonds, Series 1998-C
5.500% due 10/01/2007		1,500		1,654
5.500% due 10/01/2008		3,000		3,317
				4,971
Total Municipal Bonds & Notes				155,551
(Cost $146,355)
SHORT-TERM INSTRUMENTS 3.1%
Commercial Paper 0.1%
Fannie Mae
1.730% due 11/29/2002 (c)		200		199
Money Market Fund 2.9%
Reich & Tang New York Money Market
1.010% due 10/01/2002		4,769		4,769
U.S. Treasury Bills 0.1%
1.590% due 11/14/2002 (c)(d)		235		235
Total Short-Term Instruments (Cost $5,203)				5,203
Total Investments 97.2% (Cost $151,558)			$	160,754
Other Assets and Liabilities (Net) 2.8%				4,632
Net Assets 100.0%			$	165,386

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Restricted security.

(c) Securities with an aggregate market value of $434 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 30 Year Bond (12/2002)	122	$	(419	)

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

18   PIMCO Funds Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

California Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
MUNICIPAL BONDS & NOTES 95.4%
California 82.3%
Anaheim, California Public Financing Authority Revenue Bonds, (FSA Insured), Series 2002
3.900% due 10/01/2012	$	500	$	532
California Infrastructure & Economic Development Bank Insured Revenue Bonds, Series 2002
1.450% due 04/01/2042 (a)		400		400
California State Department Water Center Revenue Bonds, Series 1993
8.375% due 12/01/2003		150		162
California State General Obligation Bonds, Series 2001
5.125% due 03/01/2031		625		650
California State Inverse-Floater Bonds, Series 1992
11.044% due 09/01/2012 (a)		500		740
California Statewide Communities Development Authority Revenue Bonds, Series 2001
5.125% due 10/01/2030		400		412
California Statewide Communities Development Authority Revenue Bonds, Series 2002
6.750% due 07/01/2032 (b)		400		415
California Statewide Tobacco Settlement Financing Authority Revenue Bonds, Series 2002
4.875% due 05/01/2014		295		303
Capistrano, California Unified School District Community Facilities Special Tax Bonds, Series 1999
5.700% due 09/01/2020		400		412
Chula Vista, California Special Tax Bonds, Series 2000-1
6.400% due 09/01/2018		125		134
Corona, California Community Facilities District Special Tax Bonds, Series 1998
5.875% due 09/01/2023		150		156
East Bay, California Municipal Utility District Water System Revenue Bonds, (MBIA Insured), Series 1993
8.720% due 06/01/2013 (a)		400		432
Foothill Eastern Transportation Corridor Agency California Toll Road Revenue Bonds, (MBIA-IBC Insured), Series 1999
5.875% due 01/15/2027		500		366
Irvine Ranch California Water District Certificate Participation, (LOC-Toronto Dominio Bank Insured), Series 1986
1.500% due 08/01/2016		400		400
Irvine, California Import Bond Act of 1915 Special Assessment Bonds, Series 1998
1.450% due 09/02/2023 (a)		300		300
Irvine, California Improvement Bond Act of 1915 Special Assessment Bonds, (KBC Bank N.V. Insured), Series 1999
1.450% due 09/02/2024 (a)		278		278
Livermore, California Certificates of Participation Bonds, (AMBAC Insured), Series 2002
1.400% due 05/01/2027 (a)		300		300
Livermore-Amador Water Management Agency California Revenue Bonds, (AMBAC Insured), Series 2001
5.000% due 08/01/2031		200		209
Los Angeles County, California Transportation Commission Certificate of Participation Bonds, Series 1992-B
6.250% due 07/01/2004		500		516
Los Angeles, California Department of Water & Power Revenue Bonds, (SPA-Dexia Public Finance Insured), Series 2001
1.400% due 07/01/2035 (a)		500		500
Los Angeles, California Department of Water & Power Waterworks Revenue Bonds, (MBIA Insured), Series 1994
6.375% due 07/01/2034		350		385
Los Angeles, California General Obligation Bonds, Series 2002
4.000% due 09/01/2012		500		536
Los Angeles, California Water and Power Revenue Bonds, Series 2001
1.600% due 07/01/2034 (a)		400		400
Manhattan Beach, California Unified School District General Obligation Bonds, (FGIC Insured), Series 2002
0.000% due 09/01/2025		3,100		984
Metropolitan Water District Southern California Revenue Bonds, Series 1993
8.798% due 10/30/2020 (a)		200		220
Murrieta Valley, California Unified School District Special Tax Bonds, (Keybank N.A. Insured), Series 2001
6.350% due 09/01/2025		55		56
Newport Beach, California Revenue Bonds, Series 1992
1.550% due 10/01/2022 (a)		400		400
Oakland-Alameda County, California Coliseum Authority Lease Revenue Bonds, Series 2000
1.450% due 02/01/2025 (a)		200		200
Orange County, California Local Transportation Authority Sales Tax Revenue Bonds, (AMBAC-TCRS Insured), Series 1992
6.200% due 02/14/2011		750		920
Orange County, California Revenue Bonds, (MBIA Insured), Series 1995-A
6.000% due 06/01/2010		400		484
Orange County, California Sanitation District Certificates of Participation Bonds, (SPA-DEXIA Public Finance Insured), Series 2000
1.450% due 08/01/2030 (a)		500		500
Pioneers Memorial Healthcare District, California General Obligation Bonds, (AMBAC Insured), Series 1998
5.125% due 10/01/2024		400		419

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   19

Schedule of Investments (Cont.)

California Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Placer, California Unified High School District General Obligation Bonds, (FGIC Insured), Series 2000
0.000% due 08/01/2018	$	1,450	$	711
Pleasant Valley, California School District Ventura County General Obligation Bonds, (MBIA Insured), Series 2002
5.850% due 08/01/2031		1,500		1,828
San Bernardino County, California Certificate Participation, (MBIA Insured), Series 2001
4.000% due 11/01/2012		50		53
San Diego, California Unified School District General Obligation Bonds, (FSA Insured), Series 2001
5.000% due 07/01/2026		1,000		1,050
San Joaquin Hills, California Transportation Corridor Agency Toll Road Revenue Bonds, (MBIA Insured), Series 1997
0.000% due 01/15/2032		500		114
San Jose, California Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 1993
6.000% due 08/01/2010		300		364
Southern California Public Power Authority Revenue Bonds, (FSA-CR Insured), Series 1993
5.000% due 07/01/2015		110		113
				17,354
Connecticut 2.8%
Connecticut State Development Authority Revenue Bonds, (Radian Insured) Series 2002
4.750% due 08/01/2032		600		587
Louisiana 4.5%
Louisiana Tobacco Settlement Financing Corporate Revenue Bonds, Series 2001
5.875% due 05/15/2039		1,000		946
New Jersey 2.6%
New Jersey Economic Development Authority Revenue Bonds, Series 1998
6.500% due 04/01/2018		500		540
Puerto Rico 1.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue Bonds, (FSA Surety Bond Insured), Series 1985-A
9.000% due 07/01/2009		205		238
Virgin Islands 2.1%
Virgin Islands Public Finance Authority Revenue Bonds, Series 1998-C
5.500% due 10/01/2008		405		448
Total Municipal Bonds & Notes (Cost $19,183)				20,113
SHORT-TERM INSTRUMENTS 9.5%
Money Market Fund 9.2%
Reich & Tang New York Money Market
1.090% due 10/01/2002		1,047		1,047
SSgA Tax Free Money Market
1.250% due 10/01/2002		887		887
				1,934
U.S. Treasury Bills 0.3%
1.596% due 11/14/2002-11/29/2002 (c)		60		60
Total Short-Term Instruments (Cost $1,994)				1,994
Total Investments 104.9% (Cost $21,177)			$	22,107
Other Assets and Liabilities (Net) (4.9%)				(1,033	)
Net Assets 100.0%			$	21,074

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Restricted security.

(c) Securities are grouped by coupon or range of coupons and represent a range of maturities.

20   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

Schedule of Investments

Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
MUNICIPAL BONDS & NOTES 96.5%
Alabama 0.7%
Alabama 21st Century Settlement Authority Revenue Bonds, Series 2001
5.750% due 12/01/2018	$	2,295	$	2,384
Alaska 0.1%
Alaska State Housing Finance Corp. Revenue Bonds, (MBIA Insured), Series 2002
5.250% due 06/01/2032		540		551
Arizona 1.4%
Phoenix Industrial Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2000-1A
5.875% due 06/01/2016		650		686
Pima County, Arizona Industrial Development Authority Multi-Family Revenue Bonds, (HUD SECT 8 Insured), Series 1998
5.375% due 06/01/2010 (a)		1,210		1,349
Salt River Project Agricultural Import & Power District Revenue Bonds, Series 2002
4.750% due 01/01/2032		2,000		2,005
Scottsdale, Arizona Industrial Development Authority Hospital Revenue Bonds, (AMBAC Insured), Series 1997-A
6.500% due 09/01/2004		880		960
				5,000
California 5.6%
Alameda, California Harbor Bay Business Park Assessment Revenue Bonds, Series 1998
5.000% due 09/02/2006		360		369
California State General Obligation Bonds, (MBIA-IBC Insured), Series 1992
6.250% due 09/01/2012		800		1,000
California State General Obligation Bonds, Series 2002
5.250% due 04/01/2030		1,000		1,058
California State Inverse-Floater Bonds, Series 1992
11.044% due 09/01/2012 (a)		100		148
California Statewide Communities Development Authority Revenue Bonds, (CA Mortgage Insured), Series 2001
5.000% due 10/01/2018		1,500		1,586
Capistrano, California Unified School District Special Tax Bonds, Series 1999
5.000% due 09/01/2008		350		373
Foothill Eastern Transportation Corridor Agency California Toll Road Revenue Bonds, (MBIA-IBC Insured), Series 1999
5.875% due 01/15/2026		1,565		1,146
5.875% due 01/15/2027		1,500		1,097
Foothill Eastern Transportation Corridor Agency California Toll Road Revenue Bonds, Series 1995
0.000% due 01/01/2026		1,000		319
Irvine, California Special Assessment Bonds, (MBIA-IBC Insured), Series 1998
4.800% due 09/02/2004		150		156
4.900% due 09/02/2005		150		156
4.900% due 09/02/2005		160		166
5.000% due 09/02/2006		150		156
Lake Elsinore, California School Refunding Bonds, Series 1998
5.000% due 09/01/2006		350		377
Los Angeles, California Community Redevelopment Agency Certificates of Participation Bonds, Series 1984
7.550% due 11/01/2008		1,000		1,067
Los Angeles, California Unified School District General Obligation Bonds, (MBIA Insured), Series 2002
5.125% due 01/01/2027		3,000		3,166
Oceanside, California Unified School District General Obligation Bonds, (MBIA Insured), Series 2002
5.250% due 08/01/2032		2,095		2,255
Orange County, California Improvement Bonds, Series 1998-A
4.900% due 09/02/2005		200		208
Pittsburg, California Infrastructure Refunding Bonds, Series 1998-A
4.900% due 09/02/2003		150		154
5.000% due 09/02/2004		150		159
Riverside County, California Special Tax Refunding Bonds, Series 1999
4.700% due 09/01/2005		170		178
Roseville, California Special Tax Bonds, Series 1999
5.000% due 09/01/2004 (a)		345		355
San Juan, California M.S.R. Public Power Project Revenue Bonds, (MBIA Insured), Series 2001
5.000% due 07/01/2012		1,000		1,136
South Tahoe, California Joint Powers Financing Authority Revenue Bonds, Series 1999-A
7.300% due 10/01/2007		350		369
Southern California Public Power Authority Power Project Revenue Bonds, (FSA Insured), Series 2002
5.375% due 01/01/2012		1,100		1,295
West Sacramento, California Financing Authority Revenue Bonds, (FGIC Insured), Series 2002
5.000% due 08/01/2032		1,000		1,056
West Sacramento, California Refunding Bonds, Series 1998
4.900% due 09/02/2005		295		307
5.000% due 09/02/2004		350		360
				20,172
Colorado 1.5%
Colorado Housing & Finance Authority Revenue Bonds, (FHA/VA Mortgages Insured), Series 2000-C3
5.700% due 10/01/2022		610		646
Colorado Housing & Finance Authority Revenue Bonds, Series 2000-B3
6.700% due 10/01/2016		195		208
Colorado Housing & Finance Authority Revenue Bonds, Series 2000-D3
6.750% due 04/01/2015		250		271

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   21

Schedule of Investments (Cont.)

Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Colorado Housing & Financial Authority Revenue Bonds, Series 2000-E3
5.150% due 08/01/2007	$	45	$	46
Denver, Colorado Health & Hospital Revenue Bonds, Series 1998-A
5.000% due 12/01/2009		1,390		1,468
Larimer County, Colorado Sales & Use Tax Revenue Bonds, (MBIA Insured), Series 2002
4.625% due 12/15/2012		1,325		1,465
Meridian Metro District of Colorado General Obligation Bonds, (Asset Guaranty Insured), Series 2001
4.125% due 12/01/2009		1,075		1,134
				5,238
Connecticut 3.0%
Connecticut State General Obligation Bonds, Series 2001
7.010% due 12/15/2012 (a)		5,000		6,873
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2001
2.000% due 07/01/2036 (a)		1,500		1,500
University of Connecticut General Obligation Bonds, Series 2002
5.375% due 04/01/2019		2,230		2,457
				10,830
Florida 1.7%
Gainesville, Florida Revenue Bonds, Series 1979
6.200% due 10/01/2002		105		105
Orange County, Florida Health Facilities Authority Revenue Bonds, (MBIA Insured), Series 1996
6.250% due 10/01/2011		290		355
Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2002
5.625% due 11/15/2032		5,000		5,108
Orlando, Florida Waste Water System Revenue Bonds, Series 1997-A
3.973% due 10/01/2015 (a)		500		501
				6,069
Georgia 2.4%
Georgia Municipal Electric Authority Revenue Bonds, (FGIC-TCRS Insured), Series 1993
5.500% due 01/01/2012		1,255		1,444
Georgia Municipal Electric Authority Revenue Bonds, (MBIA-IBC Insured), Series 1997
6.500% due 01/01/2012		200		240
Georgia State General Obligation Bonds, Series 1991
6.300% due 11/01/2009		1,500		1,820
Georgia State General Obligation Bonds, Series 2002
5.000% due 05/01/2021		5,000		5,276
				8,780
Hawaii 0.7%
Hawaii State Housing Financial & Development Corporation Single Family Mortgage Pure Revenue Bonds, Series 1998
4.850% due 07/01/2029		1,330		1,356
Honolulu Hawaii City & County General Obligation Bonds, (MBIA-IBC Insured), Series 1993
5.450% due 09/11/2008		1,000		1,144
				2,500
Illinois 8.0%
Chicago, Illinois Board of Education General Obligation Bonds, (FGIC Insured), Series 1998
0.000% due 12/01/2020		1,000		421
Chicago, Illinois Board of Education General Obligation Bonds, (MBIA Insured), Series 2002
5.000% due 12/01/2021		3,000		3,126
Chicago, Illinois Board of Education General Obligaton Bonds, Series 1999
0.000% due 12/01/2031		1,000		226
Chicago, Illinois General Obligation Bonds, (MBIA Insured), Series 2001
0.000% due 01/01/2020		1,290		920
Chicago, Illinois O’Hare International Airport Revenue Bonds, Series 2002
5.375% due 01/01/2032		2,500		2,610
Cook County, Illinois Community School District No. 097 Oak Park General Obligation Bonds, (FGIC Insured), Series 1999
9.000% due 12/01/2012		1,000		1,467
Cook County, Illinois High School District No. 225 Northfield General Obligation Ltd. Bonds, Series 2002
0.000% due 12/01/2011		125		89
0.000% due 12/01/2012		135		92
0.000% due 12/01/2014		255		156
0.000% due 12/01/2015		1,885		1,084
4.400% due 12/01/2012		1,365		1,475
4.400% due 12/01/2013		1,740		1,862
Fox Lake, Illinois Water & Sewer Revenue Bonds, (AMBAC Insured), Series 1996
5.750% due 05/01/2013		1,135		1,254
Illinois Educational Facilities Authority Revenue Bonds, Series 1993
9.620% due 07/01/2012 (a)		2,000		2,130
Illinois Health Facilities Authority Revenue Bonds, Series 1998
5.500% due 11/15/2019		1,000		860
Lake County, Illinois Community High School District No. 127 Grayslake General Obligation Bonds, (FGIC Insured), Series 2002
0.000% due 02/01/2017		5,420		2,857
9.000% due 02/01/2009		650		870
9.000% due 02/01/2011		690		965
9.000% due 02/01/2012		1,065		1,526
Metropolitan Pier & Exposition Authority Ill Dedicated State Tax Revenue Bonds, (MBIA Insured), Series 2002
5.000% due 12/15/2028		3,470		3,592
Palatine, Illinois Tax Increment Revenue Bonds, (AMBAC Insured), Series 1998
5.250% due 01/01/2017		1,000		1,064
				28,646
Indiana 8.4%
Baugo, Indiana School Building Corp. Revenue Bonds, (AMBAC Insured), Series 2002
5.125% due 01/15/2025		2,225		2,309

22   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Brownsburg, Indiana 1999 School Building Corp. General Obligation Bonds, (AMBAC Insured), Series 2002
5.375% due 02/01/2023	$	1,395	$	1,482
Carmel, Indiana School Building Corp. Revenue Bonds, (MBIA Insured), Series 2002
5.000% due 07/15/2020		5,795		6,064
Danville, Indiana Multi-School Building General Obligation Bonds, (FSA Insured), Series 2001
3.900% due 07/15/2008		485		513
4.250% due 07/15/2011		290		308
4.400% due 01/15/2012		170		181
4.500% due 01/15/2013		190		202
4.650% due 01/15/2014		210		223
4.750% due 07/15/2009		200		221
4.750% due 01/15/2015		235		249
4.850% due 01/15/2016		295		312
5.000% due 07/15/2010		180		201
East Washington, Indiana Multi-School Building Corp. Revenue Bonds, (FGIC Insured), Series 2002
5.375% due 07/15/2028		2,560		2,715
Goshen-Chandler, Indiana School Building Corp. Revenue Bonds, (FGIC Insured), Series 2002
4.000% due 07/10/2007		860		916
4.125% due 01/10/2009		1,075		1,141
4.250% due 01/10/2010		950		1,011
Hamilton Southeastern Indiana Construction School Building Revenue Bonds, (FSA State Aid Withholding Insured), Series 2001
5.000% due 07/15/2010		760		851
Indianapolis, Indiana Local Public Improvement Bonds Bank Transportation Revenue Bonds, Series 1992
6.750% due 02/01/2014		1,000		1,249
La Porte Indiana Multi-School Building Revenue Bonds, (MBIA Insured), Series 2001
5.250% due 01/15/2013		1,000		1,143
Pike, Indiana Multi-School Building Corp. Revenue Bonds, (FGIC Insured), Series 2002
5.000% due 01/15/2011		7,245		8,097
South Bend, Indiana Redevelopment Authority Lease Revenue Bonds, Series 2000
5.100% due 02/01/2011		405		450
5.200% due 02/01/2012		230		256
5.500% due 02/01/2015		180		200
				30,294
Kentucky 1.5%
Kentucky State Turnpike Authority Economic Development Road Revenue Bonds, Series 1993
9.320% due 06/06/2012 (a)		5,000		5,481
Louisiana 1.8%
Louisiana Local Government Revenue Bonds, (MBIA Insured), Series 2000
5.700% due 01/01/2010		250		280
Louisiana State General Obligation Bonds, (FGIC Insured), Series 2002
7.990% due 04/01/2019 (a)		2,850		3,258
Louisiana Tobacco Settlement Financing Corporate Revenue Bonds, Series 2001
5.780% due 05/15/2039 (a)		3,215		2,869
				6,407
Maryland 1.0%
Baltimore, Maryland Project Revenue Bonds, (FGIC Insured), Series 2002
5.125% due 07/01/2042		3,500		3,648
Massachusetts 1.1%
Massachusetts Housing Finance Agency Revenue Bonds, (AMBAC Insured), Series 1993
5.950% due 10/01/2008		1,500		1,560
Massachusetts State Development Finance Agency Revenue Bonds, (ACA Insured), Series 1999
4.600% due 03/01/2009 (a)		400		421
Massachusetts State Development Finance Agency Revenue Bonds, Series 1998
4.700% due 11/01/2007		210		222
4.800% due 11/01/2008		90		95
Massachusetts State General Obligation Ltd. Bonds, (MBIA-IBC Insured), Series 1993
5.500% due 02/01/2011		1,000		1,034
Massachusetts State Health & Educational Facilities Authority Revenue Bonds, Series 2001
6.000% due 07/01/2014		500		571
Massachusetts State Health Facilities Authority Revenue Bonds, Series 1993
5.500% due 10/01/2002		140		140
				4,043
Michigan 5.2%
Detroit, Michigan City School District General Obligation Bonds, (FSA Q-SBLF Insured), Series 2001
5.125% due 05/01/2031		750		778
Detroit, Michigan General Obligation Ltd. Bonds, (MBIA Insured), Series 2002
5.000% due 04/01/2005		2,500		2,697
Lake Fenton, Michigan Community Schools General Obligation Bonds, (SBLF Insured), Series 2002
5.000% due 05/01/2022		2,720		2,825
Michigan Public Power Agency Revenue Bonds, (AMBAC Insured), Series 2001
5.250% due 01/01/2015		1,000		1,117
Michigan State Environmental Protection General Obligation Bonds, Series 1992
6.250% due 11/01/2012		1,100		1,330
Michigan State General Obligation Bonds, Series 2002
5.000% due 12/01/2008		1,000		1,128
Michigan State Strategic Fund Ltd. Obligation Revenue Bonds, Series 2001
5.450% due 09/01/2029		2,000		2,041
Mount Clemens, Michigan Community School District General Obligation Bonds, (Q-SBLF Insured), Series 2001
5.000% due 05/01/2031		3,000		3,079

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   23

Schedule of Investments (Cont.)

Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Western Michigan University Revenue Bonds, (AMBAC Insured), Series 2001
5.000% due 07/15/2021	$	3,500	$	3,667
				18,662
Minnesota 0.8%
Dakota County, Minnesota Community Development Agency Multi-Family Housing Revenue Bonds, (GNMA Insured), Series 2002
4.750% due 07/20/2015		385		409
5.400% due 07/20/2028		1,265		1,323
New Richland, Minnesota Revenue Bonds, Series 1998
4.500% due 08/01/2004		1,000		1,043
				2,775
Mississippi 0.7%
Mississippi State General Obligation Bonds, (FSA Insured), Series 2001
6.000% due 09/01/2011		2,000		2,421
Missouri 0.3%
Missouri State Housing Development Community Revenue Bonds, (FHA Insured), Series 2001
5.250% due 12/01/2016		1,000		1,060
Nevada 1.5%
Nevada State General Obligation Bonds, (FGIC Insured), Series 1998
5.000% due 05/15/2028		1,000		1,025
Nevada State General Obligation Ltd. Bonds, Series 2002
4.900% due 11/01/2016		790		842
Washoe County, Nevada School District General Obligation Ltd. Bonds, (FSA Insured), Series 1999
5.750% due 06/01/2013		3,000		3,539
				5,406
New Hampshire 0.9%
New Hampshire Health & Educational Facilities Authority Revenue Bonds, (AMBAC Insured), Series 2002
5.125% due 07/01/2016		2,980		3,268
New Jersey 7.4%
New Jersey Economic Development Authority Revenue Bonds, (GTY AGMT Insured), Series 1998
6.000% due 11/01/2028		5,000		5,080
New Jersey Economic Development Authority Revenue Bonds, Series 1998
0.000% due 04/01/2013		1,595		1,062
5.600% due 01/01/2012		1,000		975
6.375% due 04/01/2018		1,500		1,881
6.375% due 04/01/2031		10,000		12,539
6.500% due 04/01/2031		2,115		2,358
6.800% due 04/01/2018		250		269
New Jersey Economic Development Authority Revenue Bonds, Series 1999
6.625% due 09/15/2012		3,500		2,487
				26,651
New Mexico 0.1%
Santa Fe County, New Mexico El Castillo Retirement Nursing Home Bonds, Series 1998-A
5.250% due 05/15/2007		315		307
New York 9.5%
Nassau County, New York Tobacco Settlement Corp. Revenue Bonds, Series 1999
5.250% due 07/15/2011		1,000		1,023
New York City, New York Transitional Finance Authority Revenue Bonds, Series 1998
5.000% due 11/15/2026		2,500		2,576
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2002
5.250% due 02/01/2029		5,275		5,937
New York State Dormitory Authority Revenue Bonds, (ACA Insured), Series 2000
5.850% due 07/01/2010		1,000		1,112
New York State Dormitory Authority Revenue Bonds, Series 2002
6.000% due 11/15/2029		3,800		4,472
New York State Triborough Bridge and Tunnel Authority Revenue Bonds, (FGIC Insured), Series 2001
5.000% due 01/01/2032		3,550		3,650
New York, New York General Obligation Bonds, Series 2002
5.750% due 08/01/2014		5,000		5,705
Port Authority New York & New Jersey Revenue Bonds, (FGIC Insured), Series 2002
5.125% due 11/15/2028		3,860		4,044
Schenectady, New York Industrial Development Agency Civic Facility Revenue Bonds, Series 2001
5.500% due 07/01/2016		1,640		1,883
TSASC Inc. Revenue Bonds, Series 1999
5.400% due 07/15/2012		3,550		3,802
				34,204
North Carolina 0.4%
Durham County, North Carolina General Obligation Revenue Bonds, Series 2002
8.020% due 04/01/2021 (a)		275		311
North Carolina Eastern Municipal Power Agency Power Systems Revenue Bonds, Series 1993
7.000% due 01/01/2008		1,000		1,162
				1,473
Ohio 0.9%
Ohio State Water Development Authority Revenue Bonds, Series 2002
5.375% due 12/01/2020		1,100		1,201
5.375% due 12/01/2021		1,750		1,897
				3,098
Oklahoma 0.3%
Oklahoma Housing Finance Agency Single Family Revenue Bonds, Series 2001 0.000% due 09/01/2032
0.000% due 09/01/2032		6,710		1,199
Pennsylvania 0.9%
Delaware County, Pennsylvania Hospital Revenue Bonds, Series 1998
4.900% due 12/01/2008		100		102
Delaware County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 1997
6.500% due 01/01/2008		725		777
Pennsylvania Convention Center Revenue Bonds, (MBIA-IBC Insured), Series 1994
6.750% due 09/01/2019		2,000		2,211
				3,090

24   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Puerto Rico 0.3%
Childrens Trust Fund Tobacco Settlement Revenue Bonds, Series 2000
5.750% due 07/01/2010	$	750	$	829
6.000% due 07/01/2026		150		159
				988
Rhode Island 3.3%
Rhode Island Tobacco Settlement Financing Corp. Revenue Bonds, Series 2002
6.125% due 06/01/2032		3,800		3,801
Rhode Island Tobacco Settlement Financing Corporate Revenue Bonds, Series 2002
6.250% due 06/01/2042		8,000		7,918
				11,719
South Carolina 0.8%
Medical University South Carolina Hospital Facilities Revenue Bonds, Series 1999
5.700% due 07/01/2012 (a)		1,000		1,170
South Carolina State Public Service Authority Revenue Bonds, Series 1993
9.138% due 06/28/2013 (a)		1,700		1,808
				2,978
South Dakota 0.1%
South Dakota Housing Development Authority, (FHA/VA Insured), Series 2000
5.050% due 05/01/2010		225		243
Tennessee 1.1%
Knox County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2002
6.375% due 04/15/2022		1,000		1,047
Nashville & Davidson County, Tennessee Revenue Bonds, Series 1998
4.450% due 08/01/2007		1,000		1,071
Sullivan County, Tennessee Health, Educational & Housing Facilities Board Revenue Bonds, Series 2002
6.250% due 09/01/2022		1,000		1,046
Sullivan County, Tennessee Industrial Development Revenue Bonds, (GNMA Insured), Series 1995
6.250% due 07/20/2015		750		805
				3,969
Texas 15.9%
Bastrop, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2002
1.000% due 02/15/2035		2,765		2,776
Bexar County, Texas Housing Finance Corporate Multi-Family Revenue Bonds, (FNMA Insured), Series 2001
4.875% due 06/15/2011		900		973
Bexar, Texas Metro Water District Waterworks System Revenue Bonds, (MBIA Insured), Series 1998
0.000% due 05/01/2035		2,190		381
Brazos River Authority Texas Revenue Bonds, (MBIA Insured), Series 1998
4.900% due 10/01/2015 (a)		1,500		1,663
Del Rio, Texas Waterworks & Sewer System Revenue Bonds, (MBIA Insured), Series 1993
5.500% due 06/01/2015		2,400		2,457
Denton, Texas Utility System Revenue Bonds, (FSA Insured), Series 2002
5.250% due 12/01/2016		1,690		1,875
Duncanville, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2001
5.250% due 02/15/2032		2,000		2,093
Harris County, Texas General Obligation Bonds, Series 1997
5.100% due 08/15/2015		250		267
Houston, Texas Airport System Revenue Bonds, Series 2001
6.750% due 07/01/2029		1,000		582
Houston, Texas Airport Systems Revenue Bonds, (FGIC Insured), Series 2000
7.890% due 07/01/2025 (a)		2,500		2,557
Houston, Texas Independent School District General Obligation Ltd. Bonds, (PSF-GTD Insured), Series 1999
5.250% due 02/15/2018		355		381
Houston, Texas Water & Sewer System Revenue Bonds, (FSA Insured), Series 2001
5.500% due 12/01/2017		1,000		1,122
Houston, Texas Water Conveyance System Contract Certificates of Participation Bonds, (AMBAC Insured), Series 1993
6.250% due 12/15/2012		5,000		6,214
Katy, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 1998
4.750% due 02/15/2024		1,500		1,508
Lamar, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 1998
4.750% due 02/15/2020		1,750		1,784
Lower Colorado River, Texas Authority Revenue Bonds, (FSA Insured), Series 1998
4.750% due 01/01/2028		3,000		3,094
Lower Colorado River, Texas Authority Revenue Bonds, (FSA Insured), Series 2001
5.000% due 05/15/2026		2,000		2,046
Midlothian, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 1999
0.010% due 02/15/2018		1,000		416
North Texas Health Facilities Development Corp. Revenue Bonds, (AMBAC Insured), Series 2002
5.500% due 08/15/2016		2,905		3,302
5.500% due 08/15/2017		1,000		1,128
North Texas State University Revenue Bonds, (FSA Insured), Series 1999
5.375% due 04/15/2014		250		275
Pasadena, Texas General Obligation Bonds, (FGIC Insured), Series 2002
5.125% due 04/01/2024		1,750		1,809

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   25

Schedule of Investments (Cont.)

Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Peaster, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2002
5.000% due 08/15/2031	$	430	$	439
Quinlan, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2002
5.000% due 02/15/2027		1,000		1,025
Red River, Texas Educational Finance Revenue Bonds, Series 2000
5.750% due 05/15/2017		750		844
Rio Grande City, Texas Construction Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2000
5.875% due 08/15/2018		1,825		2,110
Sabine River, Texas Pollution Control Authority Revenue Bonds, Series 2001
5.500% due 05/01/2022		1,000		1,043
San Antonio, Texas Electric and Gas Systems Revenue Bonds, Series 1997
5.500% due 02/01/2015		975		1,088
San Antonio, Texas Water Revenue Bonds, (FSA Insured), Series 2002
5.000% due 05/15/2032		1,050		1,073
San Jacinto, Texas Community College District General Obligation Ltd. Bonds, (FGIC Insured), Series 2001
5.000% due 02/15/2021		225		233
Texas State Affordable Mulit-Family Housing Revenue Bonds, (MBIA Insured), Series 2002
4.850% due 09/01/2012		2,000		2,148
4.850% due 09/01/2012		1,335		1,449
Texas State Turnpike Systems Authority Revenue Bonds, Series 2002
5.000% due 06/01/2008		5,000		5,553
Travis County, Texas Health Facilities Development Hosiptal Revenue Bonds, Series 1993
6.000% due 11/15/2022		1,400		1,514
				57,222
Utah 0.6%
Utah State General Obligation Bonds, Series 2002
5.375% due 07/01/2009		2,000		2,291
Virginia 0.6%
Virginia Polytechnic Institute & State University Revenue Bonds, Series 1996
5.400% due 06/01/2012		1,000		1,090
Virginia State Housing Development Authority Revenue Bonds, (MBIA Insured), Series 2001
5.350% due 07/01/2031		1,000		1,034
				2,124
Washington 1.6%
University of Washington Revenue Bonds, (AMBAC Insured), Series 2002
5.125% due 12/01/2017		2,715		2,944
5.250% due 12/01/2023		2,595		2,737
				5,681
Washington, D.C. 0.6%
Metropolitan Washington D.C. Airport Systems Authority Revenue Bonds, Series 2002
5.250% due 10/01/2032		2,000		2,076
West Virginia 0.4%
West Virginia State Parkways Economic Development & Tourism Authority Revenue Bonds, (FGIC Insured), Series 1993
10.049% due 05/16/2019 (a)		425		462
10.049% due 05/16/2019 (a)		775		833
				1,295
Wisconsin 3.4%
Hudson, Wisconsin School District General Obligation Bonds, (FGIC Insured), Series 2002
5.000% due 10/01/2017		1,420		1,522
5.000% due 10/01/2019		1,040		1,097
South Milwaukee, Wisconsin School District General Obligation Bonds, (FGIC Insured), Series 2002
3.750% due 04/01/2011		385		397
4.000% due 04/01/2013		415		429
4.375% due 04/01/2014		565		594
Wisconsin Housing & Economic Development Authority Housing Revenue Bonds, (MBIA Insured), Series 2002
4.700% due 05/01/2012		1,170		1,231
4.700% due 11/01/2012		1,555		1,636
Wisconsin Housing & Economic Development Authority Housing Revenue Bonds, Series 2002
4.700% due 05/01/2012		1,640		1,725
Wisconsin State Clean Water Revenue Bonds, Series 2002
8.200% due 06/01/2023 (a)		350		403
Wisconsin State General Obligation Bonds, Series 2001
5.250% due 05/01/2020		3,000		3,234
				12,268
Total Municipal Bonds & Notes (Cost $326,636)				346,511
U.S. TREASURY OBLIGATIONS 0.1%
Treasury Inflation Protected Securities
3.375% due 01/15/2007 (b)(d)		284		310
Total U.S. Treasury Obligations (Cost $288)				310
SHORT-TERM INSTRUMENTS 1.0%
Money Market Fund 0.6%
SSgA Tax Free Money Market
1.250% due 10/01/2002		2,314		2,314
U.S. Treasury Bills 0.4%
1.593% due 11/14/2002-11/29/2002 (b)(c)		1,540		1,537
Total Short-Term Instruments (Cost $3,851)				3,851
Total Investments 97.6%			$	350,672
(Cost $330,775)
Other Assets and Liabilities (Net) 2.4%				8,456
Net Assets 100.0%			$	359,128

26   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities with an aggregate market value of $1,847 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 30 Year Bond (12/2002)	442	$	(1,519	)

(c) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(d) Principal amount of security is adjusted for inflation.

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   27

Schedule of Investments

New York Municipal Bond Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
MUNICIPAL BONDS & NOTES 85.1%
Arizona 7.1%
Salt River Project Agricultural Import & Power District Revenue Bonds, Series 2002
4.750% due 01/01/2032	$	750	$	752
New York 77.0%
Amherst, New York General Obligation Bonds, (FGIC Insured), Series 1999-A
5.500% due 12/01/2008		150		172
Edmeston, New York Central School District General Obligation Bonds, (MBIA Insured), Series 1999
5.100% due 06/15/2007		150		169
Nassau County, New York Tobacco Settlement Corp. Revenue Bonds, Series 1999
5.250% due 07/15/2011		150		153
New York City, New York General Obligation Bonds, (FSA Insured), Series 1994
1.750% due 08/01/2023 (a)		200		200
New York City, New York General Obligation Bonds, (MBIA Insured), Series 1994
1.800% due 08/15/2003 (a)		70		70
New York City, New York Individual Development Agency Civic Facility Revenue Bonds, Series 2002
6.450% due 07/01/2032		250		253
New York City, New York Individual Development Agency Special Facilities Revenue Bonds, Series 1998
5.250% due 12/01/2032		150		89
New York City, New York Individual Development Revenue Bonds, Series 1997
5.650% due 10/01/2028		150		152
New York City, New York Industrial Development Agency Pipeline Airport Facility Revenue Bonds, Series 2001
5.500% due 07/01/2028		250		240
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2002
5.250% due 02/01/2029		1,000		1,125
New York City, New York Water & Sewer System Revenue Bonds, (Bank of New York Insured), Series 2002
1.750% due 06/15/2018 (a)		200		200
New York State Dormitory Authority Revenue Bonds, (FSA Insured), Series 1998
4.750% due 07/01/2008		150		166
New York State Dormitory Authority Revenue Bonds, (MBIA Insured), Series 2000
7.910% due 08/15/2022 (a)		250		256
New York State Dormitory Authority Revenue Bonds, Series 2000
6.000% due 07/01/2010		150		165
New York State Dormitory Authority Revenue Bonds, Series 2001
5.500% due 07/01/2030		200		207
New York State Dormitory Authority Revenue Bonds, Series 2002
6.000% due 11/15/2029		400		471
New York State General Obligation Bonds, Series 1997-D
5.250% due 08/01/2021		100		104
New York State Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 1997
1.600% due 11/15/2019 (a)		450		450
New York State Local Government Assistance Corporate Revenue Bonds, (Landesbank Hessen & Societe Generale Insured), Series 1995
1.700% due 04/01/2025 (a)		100		100
New York State Local Government Assistance Corporate Revenue Bonds, (MBIA Insured), Series 1997-B
5.125% due 04/01/2013		150		164
New York State Power Authority Revenue & General Purpose Bonds, Series 1972-E
5.500% due 01/01/2010		115		129
New York State Triborough Bridge and Tunnel Authority Revenue Bonds, (FGIC Insured), Series 2001
5.000% due 01/01/2032		400		411
New York State Urban Development Corporate Revenue Bonds, Series 1999
5.000% due 01/01/2005		150		160
Oneida County, New York Individual Development Agency Revenue Bonds, (MBIA Insured), Series 2002
1.700% due 09/15/2032 (a)		420		420
Rockland County, New York Solid Waste Management Authority Revenue Bonds, Series 1999-A
4.800% due 12/15/2005		145		156
Schenectady, New York Industrial Development Agency Civic Facility Revenue Bonds, Series 2001
5.500% due 07/01/2016		500		574
Troy, New York Industrial Development Agency Civic Facility Revenue Bonds, Series 2002
5.500% due 09/01/2015		500		573
TSASC Inc. Revenue Bonds, Series 1999
5.400% due 07/15/2012		300		321
TSASC Inc. Revenue Bonds, Series 2002
5.000% due 07/15/2014		500		514
				8,164
Puerto Rico 1.0%
Childrens Trust Fund Tobacco Settlement Revenue Bonds, Series 2000
6.000% due 07/01/2026		100		106
Total Municipal Bonds & Notes (Cost $8,676)				9,022

28   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)	Value (000s)
SHORT-TERM INSTRUMENTS 7.7%
Money Market Fund 7.2%
Reich & Tang New York Money Market
1.100% due 10/01/2002	527		527
SSgA Tax Free Money Market
1.250% due 10/01/2002	244		244
			771
U.S. Treasury Bills 0.5%
1.603% due 11/14/2002-11/29/2002 (b)	50		50
Total Short-Term Instruments (Cost $ 821)			821
Total Investments 92.8% (Cost $ 9,497)		$	9,843
Other Assets and Liabilities (Net) 7.2%			764
Net Assets 100.0%		$	10,607

Notes to Schedule of Investments (amounts in thousands)

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   29

Schedule of Investments

Short Duration Municipal Income Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
MUNICIPAL BONDS & NOTES 92.5%
Alaska 1.3%
Valdez, Alaska Marine Terminal Revenue Bonds, Series 1985
1.800% due 10/01/2025 (a)	$	500	$	500
Valdez, Alaska Marine Terminal Revenue Bonds, Series 1993
1.800% due 12/01/2033 (a)		2,000		2,000
				2,500
Arizona 1.7%
Arizona State Transportation Board of Excise Tax Revenue Bonds, Series 2002
5.000% due 12/15/2005		3,000		3,293
California 2.2%
California Statewide Communities Development Authority Revenue Bonds, Series 2002
3.700% due 11/01/2029		1,000		1,027
East Bay, California Municipal Utility District Water System Revenue Bonds, (MBIA Insured), Series 1993
5.200% due 06/01/2008		1,000		1,046
Sacramento, California Municipal Utility District Revenue Bonds, (FSA Insured), Series 1993
1.670% due 11/15/2006		2,000		2,134
				4,207
Colorado 5.8%
Arapahoe County, Colorado Capital Improvement Highway Revenue Bonds, Series 1986
0.000% due 08/31/2026		2,000		394
Arapahoe County, Colorado Capital Trust Fund Highway Revenue Bonds, (MBIA Insured), Series 1986
6.150% due 08/31/2026		3,000		3,464
Colorado Health Facilities Authority Revenue Bonds, (KBC Bank NV Insured), Series 2000
1.750% due 03/01/2025 (a)		700		700
Colorado Regional Transportation District Sales Tax Revenue Bonds, (AMBAC Insured), Series 2002
5.000% due 11/01/2005		4,210		4,608
Denver, Colorado City & County General Obligation Bonds, Series 1998
5.250% due 08/01/2004		350		373
Denver, Colorado Health & Hospital Revenue Bonds, Series 1998-A
5.000% due 12/01/2002		500		502
Smith Creek, Colorado Metropolitan District, (Bank of America Insured), Series 1997
1.750% due 10/01/2035 (a)		500		500
South Metro, Colorado Fire Rescue Finance Corporate Certificate of Participation Bonds, Series 2002
2.750% due 12/01/2004		695		712
				11,253
Connecticut 2.1%
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2001
1.800% due 07/01/2036 (a)		4,000		4,000
Florida 6.0%
Collier County, Florida Multi-Family Housing Finance Authority Revenue Bonds, (LIQ FAC-Fannie Mae Insured), Series 2002
4.600% due 08/15/2011		665		709
Florida State Board of Education General Obligation Bonds, Series 2002
5.375% due 01/01/2010		3,000		3,419
Gulf Breeze Florida Revenue Bonds, (MBIA Insured), Series 1997
4.840% due 12/01/2017 (a)		500		483
Hillsborough County, Florida Utility Revenue Bonds, Series 1978
6.200% due 12/01/2008		505		562
Jacksonville, Florida Electric Authority Revenue Bonds, Series 2000
1.900% due 10/01/2010 (a)		1,000		1,000
Orange County, Florida School Board Certificate of Participation Bonds, (AMBAC Insured), Series 2000
1.800% due 08/01/2025 (a)		500		500
Orlando, Florida Waste Water System Revenue Bonds, Series 1997-A
4.143% due 10/01/2015 (a)		750		752
Palm Beach County, Florida Health Facilities Authority Revenue Bonds, (MBIA-IBC Insured), Series 1993
6.300% due 10/01/2022		500		534
St. John’s River Power Park Revenue Bonds, Series 2002
5.000% due 10/01/2005		3,325		3,621
				11,580
Georgia 2.7%
Coweta County, Georgia School District General Obligation Bonds, (State Aid Witholding Insured), Series 2002
3.250% due 08/01/2004		560		577
Georgia State General Obligation Bonds, Series 1994
6.750% due 12/01/2006		3,890		4,600
				5,177
Illinois 10.3%
Chicago, Illinois Board of Education Certificate Participation Bonds, (MBIA Insured), Series 1992
6.250% due 01/01/2011		3,000		3,615
Chicago, Illinois General Obligation Bonds, (AMBAC Insured), Series 2002
4.000% due 01/01/2005		1,000		1,047
Chicago, Illinois Public Building Community Revenue Bonds, (FGIC Government of Board Insured), Series 1999
5.500% due 02/01/2006		1,000		1,105
Cook County, Illinois General Obligation Bonds, (FGIC Insured), Series 1996
5.875% due 11/15/2022		1,000		1,156
Cook County, Illinois High School District No. 205, (FSA Insured), Series 2002
0.000% due 12/01/2004		2,600		2,489
0.000% due 06/01/2005		500		470

30   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Illinois Educational Facilities Authority Revenue Bonds, Series 1993
6.520% due 07/01/2012 (a)	$	300	$	319
Illinois Health Facilities Authority Revenue Bonds, Series 1977
6.700% due 10/01/2005		480		514
Illinois Health Facilities Authority Revenue Bonds, Series 1978
6.250% due 07/01/2006		355		387
Illinois Healthy Facilities Authority Revenue Bonds, Series 1995
1.850% due 08/15/2025 (a)		1,000		1,000
Illinois Metropolitan Pier & Exposition Dedicated State Tax Revenue Bonds, (AMBAC Insured), Series 1996
6.000% due 12/15/2006		3,740		4,286
Illinois State General Obligation Bonds, (MBIA Insured), Series 1995
5.750% due 02/01/2008		300		333
Illinois State General Obligation Bonds, (MBIA Insured), Series 2000
5.500% due 12/01/2007		1,800		2,057
Lake County, Illinois Community High School District No. 127, (FGIC Insured), Series 2002
9.000% due 02/01/2005		1,000		1,160
				19,938
Iowa 0.1%
Iowa Hospital Facilities Financing Authority Revenue Bonds, (AMBAC Insured), Series 1992
5.900% due 11/15/2004		105		115
Kansas 0.3%
Burlington, Kansas Pollution Control Revenue Bonds, (MBIA Insured), Series 1991
7.000% due 06/01/2031		500		512
Maine 0.1%
Eastport, Maine Industrial Development Revenue Bonds, (Wachovia Bank Insured), Series 1989
5.100% due 11/15/2003		300		301
Maryland 2.9%
Maryland State General Obligation Bonds, Series 2002
5.000% due 02/01/2007		5,000		5,536
Massachusetts 4.4%
Massachusetts Housing Finance Agency Revenue Bonds, (AMBAC Insured), Series 1993
5.950% due 10/01/2008		250		260
Massachusetts Municipal Wholesale Electric Company Power Supply System Revenue Bonds, (AMBAC Insured), Series 1993
5.450% due 07/01/2018		3,200		3,345
Massachusetts State General Obligation Bonds, (FGIC Government of Commonwealth Insured), Series 2002
5.500% due 11/01/2014		2,000		2,352
Massachusetts State General Obligation Bonds, Series 1998
5.250% due 04/01/2011		1,000		1,141
Massachusetts State General Obligation Bonds, Series 2001
5.250% due 12/01/2007		1,000		1,134
Massachusetts State Health & Educational Facilities Authority Revenue Bonds, Series 1999
1.850% due 07/01/2039 (a)		400		400
				8,632
Michigan 6.4%
Detroit, Michigan General Obligation Bonds, (MBIA Insured), Series 2002
5.000% due 04/01/2006		4,000		4,383
Kalamazoo, Michigan Hospital Financing Authority Revenue Bonds, Series 1977
6.750% due 04/01/2003		210		216
Michigan State Comprehensive Transportation Revenue Bonds, (FSA Insured), Series 2002
5.000% due 05/15/2005		2,000		2,163
Michigan State Hospital Financing Authority Revenue Bonds, Series 1992
5.750% due 09/01/2017		260		263
Michigan State Strategic Fund Ltd. Obligation Revenue Bonds, (Michigan National Bank Insured), Series 1997
1.700% due 11/01/2027 (a)		500		500
Michigan State Strategic Funding Ltd. Obligation Revenue Bonds, Series 1991
7.100% due 02/01/2006		2,500		2,778
Michigan State University Revenue Bonds, Series 2002
1.800% due 08/15/2032 (a)		1,200		1,200
Milan, Michigan Area Schools General Obligation Bonds, Series 2002
1.500% due 05/01/2030 (a)		1,000		1,000
				12,503
Missouri 1.6%
Missouri Financial Board of Development of Cultural Facilities Revenue Bonds, Series 2001
1.850% due 12/01/2031 (a)		2,000		2,000
Missouri State Health & Educational Facilities Authority Revenue Bonds, (SPA-JP Morgan Chase & Co. Insured), Series 1996
1.850% due 09/01/2030 (a)		1,000		1,000
Missouri State Housing Development Community Mortgage Revenue Bonds, (GNMA/FNMA Insured), Series 1996
7.100% due 09/01/2027		120		127
				3,127
Nevada 0.3%
Clark County, Nevada Improvement District Special Assessment, Series 2001
2.000% due 02/01/2021 (a)		600		600
New Jersey 6.4%
New Jersey Economic Development Authority Revenue Bonds, Series 1998
6.375% due 04/01/2018		500		627
6.375% due 04/01/2031		1,000		1,254

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   31

Schedule of Investments (Cont.)

Short Duration Municipal Income Fund

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
New Jersey State Transportation Trust Fund Authority Revenue Bonds, Series 1999
5.500% due 06/15/2008	$	5,000	$	5,732
5.625% due 06/15/2013		3,000		3,553
New Jersey Wasterwater Treatment Trust Revenue Bonds, (MBIA Insured), Series 1997
7.000% due 05/15/2009		1,020		1,261
				12,427
New Mexico 0.6%
New Mexico State Severance Special Tax, Series 2001
5.000% due 07/01/2007		1,000		1,112
New York 10.5%
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2002
5.250% due 02/01/2029		2,000		2,251
New York State Dormitory Authority Revenue Bonds, Series 2002
6.000% due 11/15/2029		800		941
New York State Thruway Authority Revenue Bonds, (MBIA Insured), Series 2002
5.250% due 04/01/2007		3,000		3,355
New York State Thruway Service Contract Revenue Bonds, Series 2002
5.250% due 04/01/2010		3,000		3,390
New York State Urban Development Revenue Bonds, (FSA Insured), Series 1994
6.500% due 01/01/2011		4,000		4,920
New York, New York General Obligation Bonds, Series 2002
5.750% due 08/01/2014		1,425		1,626
TSASC Inc. Revenue Bonds, Series 1999
5.400% due 07/15/2012		1,700		1,821
TSASC Inc. Revenue Bonds, Series 2002
5.000% due 07/15/2014		2,000		2,056
				20,360
North Carolina 1.1%
North Carolina Eastern Municipal Power Agency Power Systems Revenue Bonds, Series 1993
7.000% due 01/01/2008		1,000		1,162
North Carolina Municipal Power Agency No. 1 Catawba Electric Revenue Bonds, (MBIA Insured), Series 1993
7.920% due 01/01/2020 (a)		1,000		1,059
				2,221
Oklahoma 0.2%
Tulsa, Oklahoma Apartments Improvement Trust General Revenue Bonds, (FGIC Insured), Series 1978
6.400% due 06/01/2006		320		351
Pennsylvania 0.1%
Deer Lakes, Pennsylvania School District, (MBIA State Aid Witholding Insured), Series 1995
6.000% due 01/15/2006		150		158
Puerto Rico 2.7%
Childrens Trust Fund Tobacco Settlement Revenue Bonds, Series 2000
5.750% due 07/01/2010		250		276
Puerto Rico Commonwealth Revenue Notes, Series 2003
2.500% due 07/30/2003		5,000		5,042
				5,318
Tennessee 3.1%
Metropolitan Government of Nashville & Davidson County Tennessee General Obligation Bonds, Series 1993
5.250% due 05/15/2006		3,000		3,324
Nashville & Davidson County, Tennessee Health & Educational Facilities Revenue Bonds, Series 1977
6.100% due 07/01/2010		465		529
Shelby County, Tennessee General Obligation Bonds, Series 2001
4.500% due 11/01/2004		2,000		2,116
				5,969
Texas 8.4%
Dallas, Texas General Obligation Bonds, Series 2001
3.000% due 08/15/2004		300		308
Denton, Texas Utility System Revenue Bonds, (FSA Insured), Series 2002
4.250% due 12/01/2004		800		845
Harris County, Texas Flood Control General Obligation Bonds, Series 2002
3.200% due 10/01/2006		940		975
Harris County, Texas Health Facilities Development Hospital Revenue Bonds, (Morgan Guaranty Trust Insured), Series 1994
1.850% due 12/01/2025 (a)		700		700
Harris County, Texas Health Facilities Development Revenue Bonds, (MBIA Insured), Series 1999
1.850% due 10/01/2029 (a)		55		55
Harris County, Texas Municipal Utility District No. 203, (MBIA Insured), Series 1990
0.000% due 09/01/2015		285		127
Houston, Texas Water Conveyance System Certificates of Participation Bonds, (AMBAC Insured), Series 1993
6.125% due 12/15/2009		1,000		1,199
6.800% due 12/15/2011		3,000		3,816
Hurst Euless Bedford, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 1994
6.500% due 08/15/2024		1,000		1,080
Laredo, Texas General Obligation Bonds, (FGIC Insured), Series 1996
5.250% due 02/15/2009		400		438
Odessa, Texas Junior College District Revenue Bonds, Series 1995
8.125% due 12/01/2018		270		318
Sabine River, Texas Pollution Control Authority Revenue Bonds, Series 2001
4.000% due 05/01/2028		500		506
San Antonio, Texas Airport System Revenue Bonds, (AMBAC Insured), Series 1991
7.375% due 07/01/2012		425		452

32   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Southeast Texas Hospital Financing Agency Revenue Bonds, Series 1979
7.500% due 12/01/2009	$	1,030	$	1,198
Texas State General Obligation Bonds, Series 2002
5.250% due 08/01/2010		1,050		1,192
Texas State Turnpike Systems Authority Revenue Bonds, Series 2002
5.000% due 06/01/2007		2,000		2,211
Texas State Water Financial Assistance, Series 2002
5.000% due 08/01/2009		685		766
				16,186
Utah 0.9%
Utah Sales Tax Transportation Authority Revenue Bonds, Series 2002
1.650% due 09/01/2032 (a)		1,000		1,000
Utah Water Financing Agency Revenue Bonds, (AMBAC Insured), Series 2002
4.000% due 07/01/2004		425		442
Utah Water Financing Agency Revenue Bonds, (AMBAC Insured), Series 2002
3.500% due 07/01/2005		300		313
				1,755
Virginia 0.8%
Virginia Polytechnic Institute & State University Revenue Bonds, Series 1996
5.400% due 06/01/2012		1,400		1,525
Washington 1.8%
Washington State Public Power Supply System & Nuclear Project No. 1 Revenue Bonds, (AMBAC Insured), Series 1996
6.000% due 07/01/2007		1,000		1,148
Washington State Public Power Supply System & Nuclear Project No. 2 Revenue Bonds, (MBIA-IBC Insured), Series 1993
5.500% due 07/01/2006		2,100		2,341
				3,489
West Virginia 0.1%
Kanawha County, West Virginia Residential Mortgage Revenue Bonds, (FGIC Insured), Series 1979
7.375% due 09/01/2010		160		192
Wisconsin 7.6%
Badger Tobacco Asset Securitization Corporation Revenue Bonds, Series 2002
5.000% due 06/01/2008		2,240		2,345
5.500% due 06/01/2005		5,635		6,030
Marshfield, Wisconsin Hospital Facilities Revenue Bonds, Series 1978
6.625% due 04/01/2006		705		765
South Milwaukee, Wisconsin School District General Obligation Bonds, (FGIC Insured), Series 2002
3.000% due 04/01/2007		275		281
3.750% due 04/01/2009		240		250
South Milwaukee, Wisconsin School District, (FGIC Insured), Series 2002
3.750% due 04/01/2010		275		284
Two Rivers, Wisconsin Public School District General Obligation Bonds, (FSA Insured), Series 2002
4.250% due 03/01/2013		1,255		1,322
Wisconsin Housing and Economic Development Revenue Bonds, (MBIA Government of Authority Insured), Series 2002
4.500% due 05/01/2010		1,095		1,146
Wisconsin State Clean Water Revenue Bonds, Series 1998
5.500% due 06/01/2014		2,000		2,338
				14,761
Total Municipal Bonds & Notes (Cost $174,604)				179,098
SHORT-TERM INSTRUMENTS 6.6%
Money Market Fund 6.0%
Reich & Tang New York Money Market
1.090% due 10/01/2002		2,111		2,111
SSgA Tax Free Money Market
1.250% due 10/01/2002		9,439		9,439
				11,550
U.S. Treasury Bills 0.6%
1.574% due 11/14/2002-11/29/2002 (b)(c)		1,255		1,252
Total Short-Term Instruments (Cost $12,802)				12,802
Total Investments 99.1% (Cost $187,406)			$	191,900
Other Assets and Liabilities (Net) 0.9%				1,776
Net Assets 100.0%			$	193,676

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities with an aggregate market value of $1,252 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 5 Year Note (12/2002)	320	$	(906	)
U.S. Treasury 10 Year Note (12/2002)	280		(784	)
		$	(1,690	)

(c) Securities are grouped by coupon or range of coupons and represent a range of maturities.

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   33

PIMCO Financial Highlights A, B, and C Classes

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized/ Unrealized Gain (Loss) on Investments			Total Income from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
California Intermediate Municipal Bond Fund
Class A
09/30/2002+	$	10.16	$	0.20	(a)	$	0.38	(a)	$	0.58		$	(0.21	)	$	0.00
03/31/2002		10.60		0.46	(a)		(0.07	)(a)		0.39			(0.43	)		(0.40	)
03/31/2001		10.05		0.43	(a)		0.57	(a)		1.00			(0.42	)		(0.03	)
10/19/1999—03/31/2000		9.94		0.18	(a)		0.12	(a)		0.30			(0.17	)		(0.02	)
California Municipal Bond Fund
Class A
09/30/2002+	$	10.02	$	0.22	(a)	$	0.59	(a)	$	0.81		$	(0.21	)	$	0.00
03/31/2002		10.35		0.32	(a)		0.08	(a)		0.40			(0.34	)		(0.39	)
07/31/2000—03/31/2001		10.35		0.27	(a)		0.46	(a)		0.73			(0.30	)		(0.43	)
Municipal Bond Fund
Class A
09/30/2002+	$	10.03	$	0.21	(a)	$	0.43	(a)	$	0.64		$	(0.21	)	$	0.00
03/31/2002		10.02		0.47	(a)		0.12	(a)		0.59			(0.47	)		(0.11	)
03/31/2001		9.47		0.44	(a)		0.55	(a)		0.99			(0.44	)		0.00
03/31/2000		10.12		0.43	(a)		(0.65	)(a)		(0.22	)		(0.43	)		0.00
03/31/1999		9.97		0.41	(a)		0.15	(a)		0.56			(0.41	)		0.00
Class B
09/30/2002+		10.03		0.17	(a)		0.43	(a)		0.60			(0.17	)		0.00
03/31/2002		10.02		0.39	(a)		0.12	(a)		0.51			(0.39	)		(0.11	)
03/31/2001		9.47		0.37	(a)		0.55	(a)		0.92			(0.37	)		0.00
03/31/2000		10.12		0.36	(a)		(0.65	)(a)		(0.29	)		(0.36	)		0.00
03/31/1999		9.97		0.34	(a)		0.14	(a)		0.48			(0.33	)		0.00
Class C
09/30/2002+		10.03		0.18	(a)		0.44	(a)		0.62			(0.19	)		0.00
03/31/2002		10.02		0.42	(a)		0.12	(a)		0.54			(0.42	)		(0.11	)
03/31/2001		9.47		0.39	(a)		0.55	(a)		0.94			(0.39	)		0.00
03/31/2000		10.12		0.38	(a)		(0.65	)(a)		(0.27	)		(0.38	)		0.00
03/31/1999		9.97		0.36	(a)		0.15	(a)		0.51			(0.36	)		0.00
New York Municipal Bond Fund
Class A
09/30/2002+	$	10.35	$	0.19	(a)	$	0.60	(a)	$	0.79		$	(0.21	)	$	0.00
03/31/2002		10.64		0.44	(a)		0.18	(a)		0.62			(0.45	)		(0.46	)
03/31/2001		9.94		0.43	(a)		0.77	(a)		1.20			(0.41	)		(0.09	)
10/19/1999—03/31/2000		9.90		0.16	(a)		0.07	(a)		0.23			(0.17	)		(0.02	)
Short Duration Municipal Income Fund
Class A
09/30/2002+	$	10.17	$	0.11	(a)	$	0.05	(a)	$	0.16		$	(0.11	)	$	0.00
Class C
09/30/2002+		10.17		0.11	(a)		0.04	(a)		0.15			(0.10	)		0.00

34   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

Selected Per Share Data for the Year or Period Ended:	Total Distributions			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
California Intermediate Municipal Bond Fund
Class A
09/30/2002+	$	(0.21	)	$	10.53	5.76	%	$	51,018	0.85	%*	3.88	%*	41	%
03/31/2002		(0.83	)		10.16	3.76			22,828	0.86	(b)	4.39		94
03/31/2001		(0.45	)		10.60	10.19			29,035	0.86	(b)	4.19		257
10/19/1999—03/31/2000		(0.19	)		10.05	2.94			1,793	0.85	*(c)	3.96	*	357
California Municipal Bond Fund
Class A
09/30/2002+	$	(0.21	)	$	10.62	8.15	%	$	6,547	0.85	%*	4.24	%*	47	%
03/31/2002		(0.73	)		10.02	3.81			2,037	0.87	(b)	3.10		164
07/31/2000—03/31/2001		(0.73	)		10.35	7.72			706	0.85	*(d)	3.89	*	338
Municipal Bond Fund
Class A
09/30/2002+	$	(0.21	)	$	10.46	6.46	%	$	59,274	0.85	%*	3.97	%*	89	%
03/31/2002		(0.58	)		10.03	5.94			21,295	0.85		4.60		231
03/31/2001		(0.44	)		10.02	10.74			11,381	0.85		4.52		306
03/31/2000		(0.43	)		9.47	(2.16	)		8,666	0.85		4.44		145
03/31/1999		(0.41	)		10.12	5.67			7,020	0.86	(b)	4.10		70
Class B
09/30/2002+		(0.17	)		10.46	6.06			36,072	1.60	*	3.29	*	89
03/31/2002		(0.50	)		10.03	5.15			18,535	1.60		3.85		231
03/31/2001		(0.37	)		10.02	9.92			8,513	1.60		3.79		306
03/31/2000		(0.36	)		9.47	(2.89	)		5,314	1.60		3.69		145
03/31/1999		(0.33	)		10.12	4.88			6,070	1.61	(e)	3.33		70
Class C
09/30/2002+		(0.19	)		10.46	6.19			85,233	1.35	*	3.56	*	89
03/31/2002		(0.53	)		10.03	5.42			48,265	1.35		4.10		231
03/31/2001		(0.39	)		10.02	10.20			30,539	1.35		4.06		306
03/31/2000		(0.38	)		9.47	(2.64	)		28,674	1.35		3.94		145
03/31/1999		(0.36	)		10.12	5.13			37,913	1.35		3.60		70
New York Municipal Bond Fund
Class A
09/30/2002+	$	(0.21	)	$	10.93	7.73	%	$	7,527	0.86	%*(b)	3.60	%*	106	%
03/31/2002		(0.91	)		10.35	6.09			2,210	0.87	(b)	4.22		204
03/31/2001		(0.50	)		10.64	12.38			186	0.86	(b)	4.15		973
10/19/1999—03/31/2000		(0.19	)		9.94	2.30			10	0.89	*(b)(f)	3.68	*	270
Short Duration Municipal Income Fund
Class A
09/30/2002+	$	(0.11	)	$	10.22	1.55	%	$	109,885	0.80	%*	2.13	%*	103	%
Class C
09/30/2002+		(0.10	)		10.22	1.40			18,472	1.10	*	1.91	*	103

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expenses is 0.85%.

(c) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 1.63%.

(d) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 2.43%.

(e) Ratio of expenses to average net assets excluding interest expense is 1.60%.

(f) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 1.88%.

See accompanying notes  I  9.30.02   I  PIMCO Funds Semi-Annual Report   35

PIMCO Statements of Assets and Liabilities A, B, and C Classes

September 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts	California Intermediate Municipal Bond Fund			California Municipal Bond Fund			Municipal Bond Fund			New York Municipal Bond Fund			Short Duration Municipal Income Fund
Assets:
Investments, at value	$	160,754		$	22,107		$	350,672		$	9,843		$	191,900
Cash		0			1			0			0			0
Receivable for investments sold		6,445			2,530			21,782			1,020			1,001
Receivable for Fund shares sold		1,237			77			4,922			215			7,316
Interest and dividends receivable		2,045			212			4,777			72			2,084
		170,481			24,927			382,153			11,150			202,301
Liabilities:
Payable for investments purchased	$	3,370		$	3,840		$	21,757		$	520		$	5,042
Due to Custodian		1,487			0			16			10			2,470
Payable for Fund shares redeemed		21			0			481			0			594
Dividends payable		72			2			286			8			42
Accrued investment advisory fee		31			4			67			2			27
Accrued administration fee		32			4			81			2			40
Accrued distribution fee		0			1			64			0			4
Accrued servicing fee		10			1			38			1			23
Variation margin payable		65			0			235			0			380
Recoupment payable to Manager		7			1			0			0			3
		5,095			3,853			23,025			543			8,625
Net Assets	$	165,386		$	21,074		$	359,128		$	10,607		$	193,676
Net Assets Consist of:
Paid in capital	$	157,449		$	20,157		$	346,294		$	10,129		$	193,396
Undistributed (overdistributed) net investment income		636			8			583			(8	)		3
Accumulated undistributed net realized gain (loss)		(1,472	)		(19	)		(6,129	)		140			(2,527	)
Net unrealized appreciation		8,773			928			18,380			346			2,804
	$	165,386		$	21,074		$	359,128		$	10,607		$	193,676
Net Assets:
Class A	$	51,018		$	6,547		$	59,274		$	7,527		$	109,885
Class B		0			0			36,072			0			0
Class C		0			0			85,233			0			18,472
Other Classes		114,368			14,527			178,549			3,080			65,319
Shares Issued and Outstanding:
Class A		4,845			616			5,667			689			10,749
Class B		0			0			3,449			0			0
Class C		0			0			8,149			0			1,807
Net Asset Value and Redemption Price* Per Share
(Net Assets Per Share Outstanding)
Class A	$	10.53		$	10.62		$	10.46		$	10.93		$	10.22
Class B		0.00			0.00			10.46			0.00			0.00
Class C		0.00			0.00			10.46			0.00			10.22
Cost of Investments Owned	$	151,558		$	21,177		$	330,775		$	9,497		$	187,406

*With respect to the Retail Classes, the redemption price varies by the length of time the shares are held.

36   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

PIMCO Statements of Operations A, B, and C Classes

For the period ended September 30, 2002 (Unaudited)

Amounts in thousands	California Intermediate Municipal Bond Fund			California Municipal Bond Fund			Municipal Bond Fund			New York Municipal Bond Fund			Short Duration Municipal Income Fund
Investment Income:
Interest	$	3,358		$	351		$	6,621		$	154		$	1,671
Miscellaneous income		0			0			1			0			1
Total Income		3,358			351			6,622			154			1,672
Expenses:
Investment advisory fees		173			18			336			8			113
Administration fees		178			18			403			11			163
Distribution fees—Class B		0			0			97			0			0
Distribution fees—Class C		0			0			163			0			12
Servicing fees—Class A		46			4			48			5			74
Servicing fees—Class B		0			0			32			0			0
Servicing fees—Class C		0			0			82			0			10
Distribution and/or servicing fees—Other Classes		6			1			87			0			3
Interest expense		2			2			0			0			0
Miscellaneous expense		4			0			0			0			3
Total Expenses		409			43			1,248			24			378
Net Investment Income		2,949			308			5,374			130			1,294
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		(48	)		201			240			170			(61	)
Net realized gain (loss) on futures contracts, written options and swaps		(1,555	)		(3	)		(6,457	)		66			(2,464	)
Net change in unrealized appreciation on investments		7,243			772			18,890			227			4,282
Net change in unrealized (depreciation) on futures contracts,
written options and swaps		(715	)		(37	)		(1,959	)		(95	)		(1,690	)
Net Gain		4,925			933			10,714			368			67
Net Increase in Assets Resulting from Operations	$	7,874		$	1,241		$	16,088		$	498		$	1,361

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   37

PIMCO Statements of Changes in Net Assets A, B, and C Classes

Amounts in thousands	California Intermediate Municipal Bond Fund						California Municipal Bond Fund
Increase (Decrease) in Net Assets from:	Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	2,949		$	4,536		$	308		$	566
Net realized gain (loss)		(1,603	)		2,479			198			213
Net change in unrealized appreciation (depreciation)		6,528			(2,953	)		735			(235	)
Net increase resulting from operations		7,874			4,062			1,241			544
Distributions to Shareholders:
From net investment income
Class A		(724	)		(865	)		(65	)		(87	)
Class B		0			0			0			0
Class C		0			0			0			0
Other Classes		(2,225	)		(3,370	)		(242	)		(447	)
From net realized capital gains
Class A		0			(462	)		0			(233	)
Class B		0			0			0			0
Class C		0			0			0			0
Other Classes		0			(2,591	)		0			(385	)
Total Distributions		(2,949	)		(7,288	)		(307	)		(1,152	)
Fund Share Transactions:
Receipts for shares sold
Class A		32,639			22,828			4,805			7,047
Class B		0			0			0			0
Class C		0			0			0			0
Other Classes		34,712			58,792			3,891			8,220
Issued as reinvestment of distributions
Class A		459			1,088			51			274
Class B		0			0			0			0
Class C		0			0			0			0
Other Classes		2,050			5,831			248			836
Cost of shares redeemed
Class A		(6,240	)		(29,857	)		(571	)		(5,637	)
Class B		0			0			0			0
Class C		0			0			0			0
Other Classes		(12,699	)		(64,380	)		(2	)		(11,071	)
Net increase (decrease) resulting from Fund share transactions		50,921			(5,698	)		8,422			(331	)
Total Increase (Decrease) in Net Assets		55,846			(8,924	)		9,356			(939	)
Net Assets:
Beginning of period		109,540			118,464			11,718			12,657
End of period*	$	165,386		$	109,540		$	21,074		$	11,718
*Including net undistributed (overdistributed) investment income of:	$	636		$	636		$	8		$	7

38   PIMCO Funds Semi-Annual Report  I  09.30.02I  See accompanying notes

Amounts in thousands	Municipal Bond Fund						New York Municipal Bond Fund						Short Duration Municipal Income Fund
Increase (Decrease) in Net Assets from:	Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002			Six Months Ended September 30, 2002			Year Ended March 31, 2002
	(Unaudited)						(Unaudited)						(Unaudited)
Operations:
Net investment income	$	5,374		$	4,866		$	130		$	228		$	1,294		$	591
Net realized gain (loss)		(6,217)			1,501			236			22			(2,525	)		14
Net change in unrealized appreciation (depreciation)		16,931			(979	)		132			100			2,592			24
Net increase resulting from operations		16,088			5,388			498			350			1,361			629
Distributions to Shareholders:
From net investment income
Class A		(757	)		(730	)		(74	)		(52	)		(622	)		0
Class B		(425	)		(478	)		0			0			0			0
Class C		(1,159	)		(1,574	)		0			0			(77	)		0
Other Classes		(3,003	)		(2,114	)		(56	)		(173	)		(583	)		(592	)
From net realized capital gains
Class A		0			(188	)		0			(69	)		0			0
Class B		0			(142	)		0			0			0			0
Class C		0			(430	)		0			0			0			0
Other Classes		0			(446	)		0			(157	)		0			(54	)
Total Distributions		(5,344)			(6,102	)		(130	)		(451	)		(1,282	)		(646	)
Fund Share Transactions:
Receipts for shares sold
Class A		43,143			30,765			5,124			4,536			130,405			0
Class B		19,416			12,917			0			0			0			0
Class C		37,988			23,936			0			0			23,213			0
Other Classes		120,309			91,914			2,081			581			38,104			22,089
Issued as reinvestment of distributions
Class A		441			502			59			104			506			0
Class B		188			284			0			0			0			0
Class C		657			1,271			0			0			56			0
Other Classes		2,471			2,329			42			301			579			641
Cost of shares redeemed
Class A		(7,079	)		(21,197	)		(80	)		(2,577	)		(20,968	)		0
Class B		(3,096	)		(3,083	)		0			0			0			0
Class C		(4,289	)		(7,304	)		0			0			(4,792	)		0
Other Classes		(50,036	)		(23,485	)		(2,145	)		(1,738	)		(4,882	)		(4,993	)
Net increase (decrease) resulting from Fund share transactions		160,113			108,849			5,081			1,207			162,221			17,737
Total Increase (Decrease) in Net Assets		170,857			108,135			5,449			1,106			162,300			17,720
Net Assets:
Beginning of period		188,271			80,136			5,158			4,052			31,376			13,656
End of period*	$	359,128		$	188,271		$	10,607		$	5,158		$	193,676		$	31,376
*Including net undistributed (overdistributed) investment income of:	$	583		$	553		$	(8	)	$	(8	)	$	3		$	(9	)

See accompanying notes  I  09.30.02   I  PIMCO Funds Semi-Annual Report   39

PIMCO Notes to Financial Statements A, B, and C Classes

September 30, 2002 (Unaudited)

1. Organization

PIMCO Funds: Pacific Investment Management Series (the “Trust”) was established as a Massachusetts business trust on February 19, 1987. The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment management company. The Trust currently consists of 48 separate investment funds (the “Funds”). The Trust may offer up to six classes of shares: Institutional, Administrative, A, B, C and D. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the A, B and C Classes (the “Retail Classes”) of the Municipal Bonds Funds. Certain detailed financial information for the Institutional, Administrative, A,B,C and D Classes (the “Other Classes”) is provided separately and is available upon request.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. Fixed income securities, including those to be purchased under firm commitment agreements, are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Certain fixed income securities for which daily market quotations are not readily available may be valued, pursuant to guidelines established by the Board of Trustees, with reference to fixed income securities whose prices are more readily obtainable. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Funds may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Effective April 1, 2001, the accounting method relating to the amortization of premiums and discounts changed to the interest method, which did not materially affect the Funds’ financial statements.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, of each Fund are declared on each day the Trust is open for business and are distributed to shareholders monthly. Net realized capital gains earned by a Fund, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.

Distributions reflected as a tax basis return of capital in the accompanying Statements of Changes in Net Assets have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and paid in capital to more appropriately conform financial accounting to tax characterizations of dividends and distributions.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets and voting privileges. Income and non-class specific expenses of each Fund are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of each Fund are allocated daily to each class of shares based on the relative net assets of each class.

Federal Income Taxes. Each Fund intends to qualify as a regulated investment company and distribute all of its

40   PIMCO Funds Semi-Annual Report  I  09.30.02

taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Financing Transactions. Certain Funds may enter into financing transactions consisting of the sale by the Fund of securities, together with a commitment to repurchase similar securities at a future date. The difference between the selling price and the future purchase price is an adjustment to interest income. If the counterparty to whom the Fund sells the security becomes insolvent, a Fund’s right to repurchase the security may be restricted; the value of the security may change over the term of the financing transaction; and the return earned by a Fund with the proceeds of a financing transaction may not exceed transaction costs.

Futures Contracts. Certain Funds are authorized to enter into futures contracts. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Funds may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. government and agency obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Funds. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statements of Assets and Liabilities.

Options Contracts. Certain Funds may write call and put options on futures, securities or currencies it owns or in which it may invest. Writing put options tends to increase the Fund’s exposure to the underlying instrument. Writing call options tends to decrease the Fund’s exposure to the underlying instrument. When the Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, security or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying future, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, security or currency underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

Certain Funds may also purchase put and call options. Purchasing call options tends to increase the Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease the Fund’s exposure to the underlying instrument. The Fund pays a premium which is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, security or currency transaction to determine the realized gain or loss.

Delayed-Delivery Transactions. Certain Funds may purchase or sell securities on a when-issued or delayed-delivery basis. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, a Fund will set aside and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains and losses with respect to the security. Forward sales commitments are accounted for by the Fund in the same manner as forward currency contracts discussed above.

Inflation-Indexed Bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted

09.30.02   I  PIMCO Funds Semi-Annual Report   41

PIMCO Notes to Financial Statements A, B, and C Classes (Cont.)

September 30, 2002 (Unaudited)

to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be considered interest income, even though investors do not receive their principal until maturity.

Repurchase Agreements. Each Fund may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Fund takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred.

Restricted Securities. Certain Funds are permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (PIMCO) is a majority-owned subsidiary of Allianz Dresdner Asset Management of America L.P. (formerly PIMCO Advisors L.P.) and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets of the Fund. The Advisory Fee is charged at an annual rate of 0.20% for the Short Duration Municipal Income Fund; and 0.25% for all other Funds.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives from each Fund a monthly administrative fee based on each share class’ average daily net assets. The Administration Fee for the Retail Classes is charged at an annual rate of 0.35% for all the Funds. The Administration Fee for the Institutional and Administrative Classes is charged at the annual rate of 0.19% for the Short Duration Municipal Income Fund; 0.22% for the California Intermediate Municipal Bond, California Municipal Bond and New York Municipal Bond Funds¹; and 0.24% for the Municipal Bond Fund². The Administration Fee for Class D is charged at the annual rate of 0.35% for the California Intermediate Municipal Bond, California Municipal Bond, Municipal Bond, New York Municipal Bond and Short Duration Municipal Income Funds.

¹ On October 1, 2001, the Funds’ Administrative Fees were reduced by 0.02%, to 0.22% per annum.

² On October 1, 2001, the Fund’s Administrative Fee was reduced by 0.01%, to 0.24% per annum.

Distribution and Servicing Fees. PIMCO Advisors Distributors LLC (“PFD”), is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse, out of the Administrative Class assets of each Fund offering Administrative Class shares in an amount up to 0.25% on an annual basis of the average daily net assets of that class, financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Fund shares as their funding medium. The effective rate paid to PFD was 0.25% during the current fiscal year.

Pursuant to the Distribution and Servicing Plans adopted by the A, B, C and D Classes of the Trust, the Trust compensates PFD or an affiliate with respect to Class D for services provided and expenses incurred in connection with assistance rendered in the sale of shares and services rendered to shareholders and for maintenance of shareholder accounts of the A, B, C and D Classes. The Trust paid PFD distribution and servicing fees at an effective rate as set forth below (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Distribution Fee (%)	Servicing Fee (%)
Class A	—	0.25
Class B	0.75	0.25
Class C
Municipal Bond Fund	0.50	0.25
Short Duration Municipal Income Fund	0.30	0.25
Class D	—	0.25

PFD also receives the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the Money Market Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of A, B and C Class shares. For the period ended September 30, 2002, PFD received $532,978 representing commissions (sales charges) and contingent deferred sales charges.

Expenses. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the

42   PIMCO Municipal Bond Funds Semi-Annual Report  I  09.30.02

Trust’s executive officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class shares and may include certain other expenses as permitted by the Trust’s Multiple Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed in the Financial Highlights, may differ from the annual fund operating expenses per share class as disclosed in the Prospectus for the reasons set forth above. PIMCO has agreed to waive a portion of Short Duration Municipal Income, California Intermediate Municipal Bond, California Municipal Bond and New York Municipal Bond Funds administrative fees to the extent that the payment of each Fund’s pro rata share of Trustee fees and organizational expenses cause the actual expense ratios to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points as set forth below (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Inst’l. Class		Admn. Class		Class A		Class B	Class C		Class D
California Intermediate Municipal Bond Fund	0.47	%	0.72	%	0.85	%	—	—		0.85	%
California Municipal Bond Fund	0.47	%	—		0.85	%	—	—		0.85	%
New York Municipal Bond Fund	0.47	%	—		0.85	%	—	—		0.85	%
Short Duration Municipal Income Fund	0.39	%	—		0.80	%	—	1.10	%	0.80	%

PIMCO may be reimbursed for these waived amounts in future periods. Each unaffiliated Trustee receives an annual retainer of $60,000, plus $3,000 for each Board of Trustees meeting attended in person and $500 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an annual retainer of $1,500. These expenses are allocated to the Funds of the Trust according to their respective net assets.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2002, were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
California Intermediate Municipal Bond Fund	$	9,556	$	19,089	$	73,589	$	37,256
California Municipal Bond Fund		0		112		15,270		7,594
Municipal Bond Fund		15,768		31,496		339,219		213,596
New York Municipal Bond Fund		0		0		12,980		8,945
Short Duration Municipal Income Fund		0		0		264,983		118,077

5. Federal Income Tax Matters

At September 30, 2002, the net unrealized appreciation (depreciation) of investments securities for federal income tax purposes were as follows (amounts in thousands):

	Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)			Net Unrealized Appreciation
California Intermediate Municipal Bond Fund	$	9,323	$	(127	)	$	9,196
California Municipal Bond Fund		982		(52	)		930
Municipal Bond Fund		21,657		(1,760	)		19,897
New York Municipal Bond Fund		389		(43	)		346
Short Duration Municipal Income Fund		4,548		(54	)		4,494

09.30.02   I  PIMCO Funds Semi-Annual Report   43

PIMCO Notes to Financial Statements A, B, and C Classes (Cont.)

September 30, 2002 (Unaudited)

6. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	California Intermediate Municipal Bond Fund										California Municipal Bond Fund										Municipal Bond Fund
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class A	3,154		$	32,639		2,190		$	22,828		463		$	4,805		662		$	7,047		4,189		$	43,143		3,035		$	30,765
Class B	0			0		0			0		0			0		0			0		1,886			19,416		1,274			12,917
Class C	0			0		0			0		0			0		0			0		3,690			37,988		2,360			23,936
Other Classes	3,356			34,712		5,617			58,792		377			3,891		796			8,220		11,686			120,309		9,110			91,914
Issued as reinvestment of distributions
Class A	44			459		104			1,088		5			51		27			274		43			441		50			502
Class B	0			0		0			0		0			0		0			0		18			188		28			284
Class C	0			0		0			0		0			0		0			0		64			657		126			1,271
Other Classes	197			2,050		563			5,831		24			248		81			836		240			2,471		231			2,329
Cost of shares redeemed
Class A	(600	)		(6,240	)	(2,787	)		(29,857	)	(55	)		(571	)	(554	)		(5,637	)	(687	)		(7,079	)	(2,099	)		(21,197	)
Class B	0			0		0			0		0			0		0			0		(302	)		(3,096	)	(305	)		(3,083	)
Class C	0			0		0			0		0			0		0			0		(416	)		(4,289	)	(723	)		(7,304	)
Other Classes	(1,227	)		(12,699	)	(6,083	)		(64,380	)	0			(2	)	(1,066	)		(11,071	)	(4,841	)		(50,036	)	(2,320	)		(23,485	)
Net increase (decrease) resulting from Fund
share transactions	4,924		$	50,921		(396	)	$	(5,698	)	814		$	8,422		(54	)	$	(331	)	15,570		$	160,113		10,767		$	108,849

	New York Municipal Bond Fund										Short Duration Municipal Income Fund
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class A	478		$	5,124		435		$	4,536		12,749		$	130,405		0		$	0
Class B	0			0		0			0		0			0		0			0
Class C	0			0		0			0		2,269			23,213		0			0
Other Classes	195			2,081		54			581		3,725			38,104		2,168			22,089
Issued as reinvestment of distributions
Class A	5			59		10			104		49			506		0			0
Class B	0			0		0			0		0			0		0			0
Class C	0			0		0			0		6			56		0			0
Other Classes	4			42		29			301		56			579		63			641
Cost of shares redeemed
Class A	(8	)		(80	)	(248	)		(2,577	)	(2,049	)		(20,968	)	0			0
Class B	0			0		0			0		0			0		0			0
Class C	0			0		0			0		(468	)		(4,792	)	0			0
Other Classes	(201	)		(2,145	)	(163	)		(1,738	)	(477	)		(4,882	)	(489	)		(4,993	)
Net increase resulting from Fund share transactions	473		$	5,081		117		$	1,207		15,860		$	162,221		1,742		$	17,737

44   PIMCO Funds Semi-Annual Report  I  09.30.02

PIMCO Funds: Pacific Investment Management Series

Manager	Pacific Investment Management Company LLC, 840 Newport Center Drive, Suite 300, Newport Beach, CA 92660
Distributor	PIMCO Funds Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902
Custodian	State Street Bank & Trust Co., 801 Pennsylvania, Kansas City, MO 64105
Shareholder Servicing Agent and Transfer Agent	PFPC Global Fund Services, Inc., P.O. Box 9688, Providence, RI 02940-9688
Independent Accountant	PricewaterhouseCoopers LLP, 1055 Broadway, Kansas City, MO 64105
Legal Counsel	Dechert, 1775 Eye Street, Washington, DC 20006
For Account Information	For PIMCO Funds account information contact your financial advisor, or if you receive account statements directly from PIMCO Funds, you can also call 1-800-426-0107. Telephone representatives are available Monday–Friday 8:30 am to 8:00 pm Eastern Time.

09.30.02   I  PIMCO Municipal Bond Funds Semi-Annual Report   45

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PZ052.10/02

PIMCO

ADVISORS

Semi-Annual Report

0 9 . 3 0 . 0 2

PIMCO Total Return Fund

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Share Classes

A B C

Contents

Chairman’s Letter	2
Management Review and Outlook	3–5
Performance Summary	6
Portfolio Statistics	7
Schedule of Investments	8–45
Financial Highlights	46–48
Statement of Assets and Liabilities	49
Statement of Operations	50
Statements of Changes in Net Assets	51
Notes to Financial Statements	52–57

P I M C O

A D V I S O R S

Letter to Shareholders

Brent Harris

Chairman of the Board

Dear Fellow Shareholder:

The past six months have brought an onslaught of disheartening financial news. Despite the market’s recent upswing, disappointing corporate earnings and talk of a double-dip recession have left many stock investors wondering where we’re headed next.

In the world of bonds, however, bad economic news can actually be good news, as investors flee stocks and riskier securities and flock instead to the relative stability offered by U.S. Treasuries and other high-quality areas of fixed income. This seemingly paradoxical relationship between bonds and the economy helps explain why most bond sectors have continued their strong run over the past six months. I am pleased to report that PIMCO Total Return Fund followed suit, with Class A shares returning 6.63% during the same period.

Of course, we cannot predict what the next few months and years hold for bonds, stocks or this fund. But, as always, we stand behind a few tried-and-true investment strategies, such as maintaining a well-diversified portfolio and investing for the long term.

If you have questions concerning this report or your investment, please contact your financial advisor. You can also call PIMCO Advisors at 1-800-426-0107 or visit our web site at www.pimcoadvisors.com. Once again, thank you for choosing PIMCO Funds. We highly value your business.

Sincerely,

Brent R. Harris

Chairman of the Board

October 31, 2002

Past performance is no guarantee of future results. There is no guarantee that these or any other investment techniques will be effective under all market conditions. The credit quality of the investment in the portfolio does not apply to the stability or safety of the fund. Diversification does not guarantee against loss.

2   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02

Management Review & Outlook

Bill Gross

Portfolio Manager

For the six-month period ended September 30, 2002, PIMCO Total Return Fund Class A shares returned 6.63%, outperforming the Lipper Intermediate Investment Grade Debt Fund Average, which returned 6.52%, but underperforming the Lehman Aggregate Bond Index, which returned 8.45%. Below, Bill Gross, the Fund’s portfolio manager, discusses these results and provides his outlook and strategy moving forward.

Q. What happened in the economy and the bond markets over the past six months?

A. Investors flocked to the safety of Treasury bonds amid anxiety about sluggish global growth, the integrity of corporate accounting and governance practices and a potential U.S. war with Iraq. While the Federal Reserve remained on the sidelines, leaving the Fed Funds rate unchanged, they indicated that there was uncertainty regarding the size and strength of the economic recovery, and that they stood ready to be responsive should the economy further deteriorate. The consumer and housing sectors have been the primary sources of strength in the economy, bolstered by low mortgage rates, zero percent auto loans, and rising real wages. Internationally, growth was weaker in Europe, and Japan’s economy remained moribund.

Q. What areas of the bond market performed the best in this environment?

A. Treasury bonds performed extremely well, as investors drove yields to their lowest levels in 40 years, with short and intermediate maturities falling the furthest. Mortgages trailed Treasuries, but performed better than corporate bonds. Within this sector, GNMAs, explicitly backed by the U.S. government, outperformed their conventional counterparts.

Q. How did other bond sectors fare?

A. Corporate bonds lagged well behind Treasuries, with higher rated issues outperforming lower rated debt. The high yield segment, heavily weighted with struggling telecom and energy/pipeline credits, posted a severe loss for the period.¹ Non-U.S. developed bond markets also lagged Treasuries, as U.S. interest rates fell more sharply than rates in other countries, such as Germany and the U.K. Emerging market bonds continued to lose ground, as sector returns were adversely affected by Brazil presidential election worries and an overall climate of risk aversion among investors worldwide.

1. The Lehman High Yield Index returned –9.16% for the six-month period ended 9/30/02.

09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   3

Q. What helped the Fund’s results during the period?

A. The Fund’s overweight exposure to short- and intermediate-term maturities contributed to returns as these yields fell the furthest. Duration management was also a positive. [Duration is a measure of a portfolio’s price sensitivity expressed in years.] Slightly below-benchmark duration early in the period was neutral, while extending duration later in the period was positive. Holdings of real return bonds also helped, as real yields fell during the period.

Q. What factors detracted from the Fund’s performance?

A. Although we were underweight corporate bonds, our industry selection in this area hurt returns, especially holdings of telecom and energy/pipeline companies. This is because the risks generally associated with owning stocks—in particular, the credibility of company financial statements—flowed into corporate bonds over the past six months due to heightened risk aversion. In turn, investor demand for corporates deteriorated. International exposure, including modest allocations to emerging market bonds, was also negative for performance as investors favored U.S. Treasuries.

Q. What is your current economic outlook?

A. In PIMCO’s view, the modest U.S. economic recovery should continue over the next year, with the consumer and housing sectors holding fast as the battered business sector heals itself. The wild card in our forecast is a potential war with Iraq. While we believe this would initially drag down growth and cause a shock to consumer and business confidence, monetary and fiscal stimulus could offset this occurrence. We anticipate interest rates to be range-bound, as muted economic growth constrains upward pressure on interest rates.

4   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02

Q. What is the biggest risk to your forecast?

A. The biggest risk to our forecast is that corporations will prolong their retrenchment, spreading an “infectious thrift” into the consumer sector. However, economic policymaking, especially by the Federal Reserve, should mitigate this risk. As we see it, the Fed will not take back its substantial easing of the past year and will cut the federal funds rate if necessary to sustain the recovery. At the same time, U.S. Fiscal policy should remain stimulative with existing tax cuts and deficit spending.

Q. How will you be positioning the Fund in this environment?

A. Given the expected range-bound interest rate environment, we intend to add value by capturing attractive spreads in non-Treasury markets. We plan to target duration near the benchmark, as we expect rates to shift modestly. Also, we will focus on intermediate maturities, which offer relatively higher yields given the steep yield curve environment. In terms of our sector strategy, we plan to overweight mortgages, which offer premium yields that compensate amply for the risk of duration extension should mortgage rates climb. We anticipate that our corporate exposure could improve, as lenders’ appetite for risk is restored by the rehabilitation of corporate balance sheets and liquidity returns to the marketplace.

Managing Director and co-founder of PIMCO, Mr. Gross is widely regarded as the world’s foremost fixed income authority. He has over 30 years of investment experience. In recognition of his investment skill, Morningstar named Mr. Gross and the PIMCO bond team “Fixed Income Fund Manager of the Year” for 1998 and 2000.

09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   5

PIMCO Total Return Fund Performance Summary

Objective: Seeks maximum total return, consistent with preservation of capital and prudent investment management.	Portfolio: Intermediate maturity fixed income securities.	Fund Inception Date: 5/11/87
	Duration Range: 3–6 years	Total Net Assets: $64.7 billion

Average Annual Total Return

For periods ended 9/30/02

	6-month	1 year	3 year	5 year	10 year	Inception
						(5/11/87)
Total Return Fund A	6.63%	7.31%	9.21%	7.74%	7.64%	8.83%
Total Return Fund A (adjusted)	1.83%	2.48%	7.55%	6.76%	7.15%	8.51%
Total Return Fund B	6.23%	6.51%	8.39%	6.94%	7.10%	8.47%
Total Return Fund B (adjusted)	1.23%	1.51%	7.54%	6.63%	7.10%	8.47%
Total Return Fund C (adjusted)	5.23%	5.50%	8.39%	6.94%	6.86%	8.04%
Lehman Brothers Aggregate Bond Index	8.45%	8.60%	9.48%	7.83%	7.37%	—
Lipper Interm. Inv. Grade Debt Fund Avg.	6.52%	6.20%	7.91%	6.51%	6.51%	—

Change in Value For periods ended 9/30/02

6   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02

PIMCO Total Return Fund Portfolio Statistics

Maturity Profile	% of Total Investments
Less than 1 year	6%
1–5 years	44%
5–10 years	6%
10–20 years	38%
20–30 years	6%
Sector Breakdown
Mortgage-Backed Securities	44.8%
Short-Term Instruments	24.2%
Corporate Bonds & Notes	17.8%
Other	13.2%

Quality Breakdown

Past performance is no guarantee of future results. Investment return will fluctuate and the value of an investor’s shares will fluctuate and may be worth more or less than original cost when redeemed. The average annual total return measures performance assuming that all dividend and capital gain distributions were reinvested. Returns shown do not reflect the deduction of taxes that a shareholder would pay (i) on fund distributions or (ii) the redemption of fund shares. The returns represent the blended performance of the Fund’s retail shares (Class A, B or C) and the prior performance of the Fund’s Institutional shares, adjusted, as necessary, to reflect retail share current sales charges and different operating expenses. The retail shares were first offered in January 1997. Returns for Class A shares (adjusted) include the effect of the 4.5% maximum initial sales charge. Returns for Class B shares include the effect of paying the contingent deferred sales charge (CDSC), which declines from 5% in the first year to 0% at the beginning of the seventh year. Returns for Class C shares have a 1% CDSC, which may apply in the first year of ownership. The credit quality of the investment in the portfolio does not apply to the stability or safety of the fund. Duration is a measure of the Fund’s price sensitivity expressed in years. The Growth of $10,000 does include the effect of the maximum initial sales charge only associated with class A shares. The Lipper Averages are calculated by Lipper, Inc. It is the total return performance average of funds that are tracked by Lipper that have the same Fund Classification. Lipper does not take into account sales charges. The Fund may invest up to 20% in securities denominated in foreign currencies and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers which may entail greater risk due to foreign economic and political developments. The Fund may invest 10% in high-yield, (lower-rated) securities, which generally involves greater risk to principal than investment in higher-rated securities. Mortgage-backed securities may be sensitive to changes in prevailing interest rates; their value generallly declines when interest rates rise. There is no assurance that the private guarantors or insurers will meet their obligations. The Lehman Brothers Aggregate Bond Index is an unmanaged market index representative of the U.S. taxable fixed income universe. It is not possible to invest directly in an unmanaged index. The fund also offers other share classes, which are subject to different fees and expenses (which may affect performance), have different minimum investment requirements and are entitled to different services. Information regarding such classes may be obtained by calling 1-888-87-PIMCO. An investment in a (the) fund is not a deposit of a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. In addition, it is possible to lose money on investments in a (the) fund. For additional details on the Funds, contact your financial advisor to receive a current prospectus that contains more complete information, including charges and expenses. Please read the prospectus carefully before you invest or send money. PIMCO Advisors Distributors LLC, 2187 Atlantic Street, Stamford, CT, 06902, www.pimcoadvisors.com, 1-888-87-PIMCO.

09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   7

PIMCO Total Return Fund Schedule of Investments

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 21.2%
Banking & Finance 11.7%
AB Spintab
6.800% due 12/29/2049 (a)	$	250	$	251
Abbey National PLC
6.700% due 06/29/2049 (a)		5,000		5,410
ABN AMRO Bank NV Chicago
7.250% due 05/31/2005		150		165
Air 2 U.S. Equipment Trust
8.027% due 10/01/2019		9,222		6,524
Allstate Corp.
7.875% due 05/01/2005		100		111
6.750% due 05/15/2018		280		301
Allstate Life Funding LLC
2.120% due 07/26/2004 (a)		9,600		9,587
AMERCO
7.135% due 10/15/2002		15,000		14,730
7.230% due 01/21/2027		1,250		1,114
American Express Credit Corp.
7.450% due 08/10/2005 (a)		1,000		1,126
American Express Travel
5.625% due 01/22/2004		22,700		23,699
American General Finance
6.250% due 12/18/2002		1,165		1,175
6.375% due 03/01/2003		350		356
6.170% due 05/06/2003		3,200		3,276
8.125% due 03/15/2046		270		327
Aon Capital Trust A
8.205% due 01/01/2027		725		514
Aristar, Inc.
7.375% due 09/01/2004		20,000		21,688
Associates Corp. of North America
6.000% due 12/01/2002		500		503
5.750% due 11/01/2003		5,425		5,660
5.800% due 04/20/2004		510		537
6.625% due 06/15/2005		4,830		5,281
Atlas Reinsurance PLC
4.560% due 04/04/2003 (a)		22,700		22,785
5.560% due 10/04/2004 (a)		3,000		3,023
Banc One Corp
7.000% due 07/15/2005		100		112
Banco Nacional de
Comercio Exterior
7.250% due 02/02/2004		29,323		30,768
Bank of America Corp.
7.500% due 10/15/2002		1,200		1,202
6.850% due 03/01/2003		65		66
9.200% due 05/15/2003		90		94
6.875% due 06/01/2003		100		103
6.500% due 08/15/2003		150		156
6.625% due 06/15/2004		40		43
6.125% due 07/15/2004		600		641
6.750% due 09/15/2005		200		223
5.250% due 02/01/2007		40		43
7.800% due 02/15/2010		300		363
8.570% due 11/15/2024		125		162
Bank One Corp.
2.029% due 09/26/2003 (a)		700		701
2.027% due 05/07/2004 (a)		8,200		8,214
6.500% due 02/01/2006		660		730
Bayerische Landesbank NY
6.200% due 02/09/2006 (a)		250		253
Bear Stearns Cos., Inc.
6.488% due 10/02/2002		5,000		5,000
6.125% due 02/01/2003		25		25
6.750% due 04/15/2003		105		108
2.120% due 05/06/2003 (a)		27,224		27,223
2.070% due 07/22/2003 (a)		25,500		25,444
6.700% due 08/01/2003		100		104
2.047% due 12/01/2003 (a)		107,100		107,283
6.625% due 01/15/2004		200		210
6.150% due 03/02/2004 (a)		200		210
8.750% due 03/15/2004		75		81
2.380% due 05/24/2004 (a)		29,300		29,443
2.226% due 06/01/2004 (a)		12,665		12,688
2.130% due 09/16/2005 (a)		16,000		15,776
Beaver Valley Funding Corp.
8.250% due 06/01/2003		39		39
Beneficial Corp.
6.030% due 01/14/2003		320		322
Bombardier Capital, Inc.
7.300% due 12/15/2002		9,000		8,896
Caterpillar Financial
Services Corp.
7.700% due 11/05/2003		600		636
Chase Manhanttan Corp.
5.750% due 04/15/2004 (a)		150		157
6.000% due 11/01/2005		50		53
6.125% due 11/01/2008		400		442
Chrysler Financial Co. LLC
1.990% due 02/10/2003 (a)		17,700		17,671
Chubb Capital Corp.
6.875% due 02/01/2003		100		102
Cincinnati Financial Corp.
6.900% due 05/15/2028		55,360		55,075
CIT Group, Inc.
2.210% due 10/01/2002 (a)		8,000		8,000
6.150% due 12/15/2002		20		20
7.375% due 03/15/2003		11,850		12,097
2.310% due 04/07/2003 (a)		19,277		19,244
5.625% due 10/15/2003		250		255
7.500% due 11/14/2003		35		36
5.625% due 05/17/2004		12,350		12,652
7.250% due 08/15/2005		90		95
7.625% due 08/16/2005		15		16
7.375% due 04/02/2007		30,295		32,457
7.750% due 04/02/2012		27,900		30,405
Citicorp
8.000% due 02/01/2003		250		255
CitiFinancial Credit Co.
7.750% due 03/01/2005		1,230		1,367
6.750% due 07/01/2007		450		509

8   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Citigroup, Inc.
5.800% due 03/15/2004	$	200	$	210
6.750% due 12/01/2005		100		111
7.250% due 10/01/2010		325		373
CNA Financial Corp.
6.250% due 11/15/2003		65		65
Comerica Bank
7.250% due 06/15/2007		200		230
Compagnie Financiere de CIC—UE
3.270% due 06/29/2049 (a)		1,500		1,485
Countrywide Home Loans, Inc.
6.250% due 04/15/2009 (a)		600		650
Credit Asset Receivable LLC
6.274% due 10/31/2003		13,342		13,424
DaimlerChrysler Financial Services North America LLC
2.000% due 02/03/2003 (a)		90,000		89,865
1.990% due 03/06/2003 (a)		35,000		34,926
1.980% due 03/10/2003 (a)		65,000		64,856
1.940% due 06/17/2003 (a)		1,200		1,195
1.940% due 06/18/2003 (a)		42,700		42,511
DBS Group Holdings Ltd.
7.875% due 08/10/2009		6,000		7,036
Deutsche Telekom International Finance BV
8.250% due 06/15/2005		113,600		121,923
8.500% due 06/15/2010		16,000		17,580
8.750% due 06/15/2030		169,700		182,485
Dow Capital BV
7.125% due 01/15/2003		100		101
Duke Capital Corp.
2.461% due 02/28/2003 (a)		2,000		1,985
7.250% due 10/01/2004		9,000		9,424
6.250% due 07/15/2005		325		334
Export-Import Bank Korea
6.500% due 11/15/2006		9,035		10,033
7.100% due 03/15/2007		31,900		36,330
Farmers Insurance
8.625% due 05/01/2024		275		210
Finova Group, Inc.
7.500% due 11/15/2009 (b)		27,255		8,449
First Chicago Corp.
4.250% due 07/28/2003 (a)		50		50
First National Bank Chicago
8.080% due 01/05/2018		250		315
First Security Corp.
5.875% due 11/01/2003		9,325		9,704
Ford Credit Canada
1.986% due 12/16/2002 (a)		95,600		95,362
Ford Motor Credit Co.
7.750% due 11/15/2002		5,730		5,750
6.000% due 01/14/2003		1,100		1,104
7.500% due 01/15/2003		250		252
1.963% due 02/03/2003 (a)		40,000		39,623
1.877% due 02/13/2003 (a)		276,185		273,094
2.010% due 03/17/2003 (a)		88,800		87,692
2.550% due 04/17/2003 (a)		71,180		70,310
6.125% due 04/28/2003		34,530		34,791
2.076% due 06/02/2003 (a)		89,300		87,441
1.982% due 06/06/2003 (a)		7,500		7,416
2.110% due 06/20/2003 (a)		43,000		42,044
2.340% due 06/23/2003 (a)		201,211		197,713
6.625% due 06/30/2003		825		834
2.040% due 11/24/2003 (a)		47,000		45,582
7.500% due 06/15/2004		100		102
6.700% due 07/16/2004		26,300		26,440
8.250% due 02/23/2005		2,500		2,564
7.600% due 08/01/2005		5,000		5,030
6.375% due 12/15/2005		100		97
7.200% due 06/15/2007		25		25
5.800% due 01/12/2009 (a)		655		592
7.375% due 10/28/2009		200		190
7.875% due 06/15/2010		295		291
7.375% due 02/01/2011		1,285		1,214
7.250% due 10/25/2011		69,250		64,118
Gemstone Investors Ltd.
7.710% due 10/31/2004		114,600		91,796
General Electric Capital Corp.
5.650% due 03/31/2003		125		127
6.800% due 11/01/2005		100		111
7.875% due 12/01/2006		30		35
8.500% due 07/24/2008		100		124
6.125% due 02/22/2011		74,050		80,537
6.900% due 09/15/2015		100		117
General Motors Acceptance Corp.
6.625% due 10/01/2002		5,000		5,000
9.000% due 10/15/2002		9,300		9,318
1.842% due 11/12/2002 (a)		10,200		10,185
1.980% due 12/09/2002 (a)		64,050		63,942
6.750% due 12/10/2002		500		503
6.200% due 12/15/2002		500		503
5.480% due 12/16/2002		150		151
2.170% due 12/19/2002 (a)		18,600		18,561
6.000% due 01/15/2003		990		998
5.875% due 01/22/2003		130,500		131,554
1.910% due 02/14/2003 (a)		12,600		12,535
1.925% due 03/10/2003 (a)		7,000		6,955
5.950% due 03/14/2003		12,400		12,550
6.750% due 03/15/2003		49,725		50,505
7.125% due 05/01/2003		36,000		36,646
2.233% due 05/16/2003 (a)		105,575		104,808
1.820% due 07/20/2003 (a)		5,754		5,754
2.135% due 07/21/2003 (a)		33,900		33,491
2.142% due 08/04/2003 (a)		214,595		211,801
1.857% due 08/18/2003 (a)		133,390		131,325
5.550% due 09/15/2003		37,000		37,582
6.625% due 10/20/2003		2,000		2,052

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   9

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
2.070% due 11/07/2003 (a)	$	16,100	$	15,805
5.750% due 11/10/2003		1,100		1,122
2.580% due 01/20/2004 (a)		390,435		383,372
6.380% due 01/30/2004		4,000		4,102
2.670% due 03/22/2004 (a)		128,600		125,878
2.010% due 04/05/2004 (a)		29,700		28,770
2.110% due 04/05/2004 (a)		67,047		64,948
2.442% due 05/10/2004 (a)		149,100		145,185
2.457% due 05/17/2004 (a)		79,800		77,802
2.070% due 05/28/2004 (a)		73,000		70,452
6.850% due 06/17/2004		1,200		1,243
2.290% due 07/20/2004 (a)		14,300		13,802
2.210% due 07/21/2004 (a)		35,300		34,020
2.210% due 07/30/2004 (a)		85,427		82,426
2.544% due 09/20/2004 (a)		10,068		10,055
6.625% due 10/15/2005		100		105
6.650% due 11/17/2005		500		522
6.750% due 01/15/2006		565		586
6.125% due 02/01/2007		2,535		2,567
6.150% due 04/05/2007		150		152
6.125% due 01/22/2008		500		499
8.950% due 07/02/2009		9,992		11,469
7.750% due 01/19/2010		40		41
7.250% due 03/02/2011		1,000		997
7.000% due 02/01/2012		2,000		1,955
7.430% due 12/01/2021		237		240
8.000% due 11/01/2031		57,340		55,731
Golden State Holdings
2.822% due 08/01/2003 (a)		500		498
Goldman Sachs Group LP
6.625% due 12/01/2004		275		297
2.460% due 02/09/2009 (a)		10,000		10,129
6.500% due 02/25/2009		140		154
Hartford Life, Inc.
6.900% due 06/15/2004		600		639
Heller Financial, Inc.
2.057% due 04/28/2003 (a)		26,000		26,037
2.087% due 04/28/2003 (a)		73,100		73,217
8.000% due 06/15/2005		700		794
Hertz Corp.
7.000% due 07/15/2003		13,300		13,334
Hitachi Credit America
2.193% due 10/15/2003 (a)		11,500		11,514
Household Bank
2.038% due 10/22/2003 (a)		18,000		17,795
Household Capital Trust III
2.205% due 06/26/2004 (a)		23,925		22,099
Household Finance Corp.
5.875% due 11/01/2002 (a)		200		200
6.125% due 02/27/2003		500		506
2.060% due 06/24/2003 (a)		32,900		32,577
2.146% due 05/28/2004 (a)		170,700		165,282
6.500% due 01/24/2006		65		66
7.200% due 07/15/2006		450		459
5.875% due 02/01/2009		70		66
Household Netherlands BV
6.125% due 03/01/2003		18,100		18,186
HSBC Capital Funding LP
9.547% due 12/31/2049 (a)		76,400		92,672
10.176% due 12/31/2049		46,160		61,750
10.176% due 12/31/2049 (a)		20,000		27,310
International Bank for Reconstruction & Development
7.000% due 01/27/2005		700		776
J.P. Morgan & Co., Inc.
6.700% due 11/01/2007		30		33
6.698% due 02/15/2012 (a)		600		606
JET Equipment Trust
10.000% due 06/15/2012		80		39
10.690% due 05/01/2015		100		15
John Hancock
7.375% due 02/15/2024		360		388
KBC Bank Fund Trust III
9.860% due 11/29/2049 (a)		5,700		6,907
Key Bank USA NA
7.550% due 09/15/2006		350		403
Korea Development Bank
7.625% due 10/01/2002		9,750		9,750
7.625% due 10/01/2002		7,370		7,370
6.500% due 11/15/2002		440		442
6.625% due 11/21/2003		2,090		2,189
7.125% due 04/22/2004 (a)		320		342
6.750% due 12/01/2005		55		60
7.250% due 05/15/2006		50		57
Landesbank Baden— Wuerttemberg AG
6.350% due 04/01/2012		60,000		67,929
LB Rheinland—PFALZ
6.875% due 02/23/2028		3,400		3,837
Lehman Brothers Holdings, Inc.
7.625% due 06/01/2006 (a)		350		395
8.250% due 06/15/2007		70		82
LG&E Capital Corp.
6.205% due 05/01/2004		1,000		1,046
6.460% due 01/15/2008 (a)		3,000		3,249
Liberty Mutual Insurance
8.200% due 05/04/2007		17,510		18,498
Lion Connecticut Holdings
6.375% due 08/15/2003		200		207
7.250% due 08/15/2023		50		56
Lloyds TSB Bank PLC
2.180% due 08/25/2010 (a)		3,000		3,005
MCN Investment Corp.
7.120% due 01/16/2004		7,500		7,734
Merrill Lynch & Co., Inc.
8.300% due 11/01/2002		700		703
6.000% due 02/12/2003		500		507
6.875% due 03/01/2003		140		143
6.550% due 08/01/2004		2,400		2,564

10   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
7.150% due 09/15/2004	$	360	$	390
4.540% due 03/08/2005		40		41
7.375% due 05/15/2006		565		635
7.000% due 04/27/2008		100		114
Metropolitan Life Insurance Co.
6.300% due 11/01/2003		6,800		7,075
MIC Financing Trust I
8.375% due 02/01/2027		36,000		35,960
Monumental Global Funding II
2.044% due 09/26/2003 (a)		8,500		8,522
Morgan Stanley Group, Inc.
6.375% due 12/15/2003		150		158
5.625% due 01/20/2004		1,200		1,250
Morgan Stanley TRACERS
6.977% due 09/15/2011 (a)		171,296		186,028
6.414% due 03/15/2012		81,250		82,699
National Rural Utilities
Cooperative Finance Corp.
6.250% due 04/15/2003		50,000		51,075
1.990% due 07/17/2003 (a)		10,000		9,957
2.820% due 04/26/2004 (a)		138,200		138,614
7.250% due 03/01/2012		65,000		72,331
8.000% due 03/01/2032		70,850		81,246
National Westminster Bank PLC
9.375% due 11/15/2003		200		216
Newcourt Credit Group, Inc.
6.875% due 02/16/2005		7,500		7,833
Nordbanken AB
8.950% due 11/29/2049		28,000		33,297
Osprey Trust
8.310% due 01/15/2003		76,155		14,089
Pacific Life Insurance Co.
7.900% due 12/30/2023		8,000		9,451
Parker Retirement Savings Plan
6.340% due 07/15/2008		640		706
Pemex Finance Ltd.
6.125% due 11/15/2003		8,666		8,961
Pemex Project Funding Master Trust
3.360% due 01/07/2005 (a)		152,300		152,457
7.875% due 02/01/2009		3,330		3,355
8.000% due 11/15/2011		100,500		101,128
PNC Funding Corp.
6.875% due 03/01/2003		100		102
7.000% due 09/01/2004 (a)		20,000		21,505
Popular, Inc.
6.625% due 01/15/2004		23,000		24,145
Premium Asset Trust
2.105% due 11/27/2004 (a)		48,900		49,049
2.160% due 10/06/2005 (a)		300		300
2.155% due 09/08/2007 (a)		25,200		25,200
Prime Property Funding II
7.000% due 08/15/2004		110		118
Protective Life Funding Trust
2.210% due 01/17/2003 (a)		22,000		22,021
Prudential Funding Corp.
6.375% due 07/23/2006		100		110
6.625% due 04/01/2009		17,000		18,471
Qwest Capital Funding, Inc.
7.000% due 08/03/2009		22,500		10,125
7.250% due 02/15/2011		31,868		14,341
7.750% due 02/15/2031		12,500		5,063
Racers
2.056% due 03/03/2003 (a)		282,400		282,530
2.510% due 04/01/2003 (a)		20,000		19,506
2.591% due 04/01/2003 (a)		20,000		19,500
5.560% due 04/28/2003 (a)		45,000		46,103
2.476% due 09/15/2005 (a)		45,000		40,860
Reliance Group Holdings, Inc.
9.750% due 11/15/2003 (b)		10,000		100
9.000% due 11/15/2049 (b)		19,000		570
Residential Reinsurance Ltd.
6.796% due 06/01/2004 (a)		88,200		89,651
Rothmans Holdings
6.500% due 05/06/2003		16,890		17,312
Royal Bank of Scotland Group PLC
8.817% due 03/31/2049		45,400		51,651
9.118% due 03/31/2049		92,400		116,415
Salomon Smith Barney Holdings, Inc.
6.125% due 01/15/2003 (a)		290		293
2.080% due 01/17/2003		15,000		15,010
6.750% due 02/15/2003		450		458
2.210% due 01/22/2004 (a)		10,000		10,000
7.000% due 03/15/2004		100		107
2.142% due 05/04/2004 (a)		10,020		10,054
Sears Roebuck Acceptance Corp.
6.720% due 10/23/2002		8,000		8,020
6.410% due 11/19/2002		5,235		5,264
6.000% due 03/20/2003		154,750		157,519
Societe Generale Real Estate LLC
7.640% due 12/29/2049 (a)		23,000		25,021
Spieker Properties, Inc.
6.950% due 12/15/2002		1,600		1,612
6.800% due 05/01/2004		1,100		1,159
Sun Life of Canada (U.S.)
8.526% due 05/29/2049		250		267
Targeted Return Index Securities Trust
6.708% due 01/15/2012 (a)		19,015		20,687
The Money Store, Inc.
7.300% due 12/01/2002		100		101
Transamerica Finance Corp.
7.500% due 03/15/2004		270		288
Trinom Ltd.
5.820% due 12/18/2004 (a)		48,700		49,046
U.S. Bancorp
2.022% due 03/06/2003		600		601
6.500% due 06/15/2004		600		643

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   11

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Verizon Global Funding Corp.
6.750% due 12/01/2005	$	16,135	$	17,024
7.600% due 03/15/2007		4,000		4,378
6.125% due 06/15/2007		12,490		13,020
7.250% due 12/01/2010		300		314
7.375% due 09/01/2012		1,050		1,108
7.750% due 12/01/2030		100		100
Wachovia Corp.
6.375% due 04/15/2003		200		205
4.950% due 11/01/2006		46,300		49,498
Wells Fargo & Co.
6.625% due 07/15/2004		6,500		7,002
7.250% due 08/24/2005		400		447
6.450% due 02/01/2011		375		424
Wells Fargo Financial, Inc.
6.250% due 11/01/2002		100		100
7.000% due 01/15/2003		380		385
6.000% due 02/01/2004		50		52
Western Capital
8.796% due 01/07/2003 (a)		15,600		15,600
				7,548,412
Industrials 4.4%
AIC Corp.
2.010% due 10/02/2002 (a)		42,250		42,250
Air Products & Chemicals, Inc.
6.250% due 06/15/2003		2,500		2,563
Akzo Nobel, Inc.
6.000% due 11/15/2003		32,000		33,251
Albertson’s, Inc.
6.550% due 08/01/2004		240		256
7.500% due 02/15/2011		75		87
Allied Waste Industries, Inc.
6.100% due 01/15/2003		6,000		6,001
Allied Waste North America, Inc.
7.375% due 01/01/2004		20,425		20,323
America West Airlines, Inc.
6.870% due 01/02/2017 (a)		1,767		1,507
American Airlines, Inc.
9.850% due 06/15/2008		1,572		1,542
9.850% due 06/15/2008		200		196
10.210% due 01/01/2010		12,500		12,261
10.610% due 03/04/2011 (a)		1,895		1,867
6.978% due 04/01/2011		40,788		42,310
7.024% due 04/15/2011		5,000		5,149
7.858% due 10/01/2011		86,200		91,710
9.780% due 11/26/2011		363		331
10.190% due 05/26/2016		3,661		3,699
Amoco Corp.
6.250% due 10/15/2004 (a)		1,000		1,079
Anadarko Petroleum Corp.
5.375% due 03/01/2007		2,250		2,411
Anheuser-Busch Cos., Inc.
6.750% due 08/01/2003		600		627
6.000% due 04/15/2011		95		107
AOL Time Warner, Inc.
6.125% due 04/15/2006		300		283
6.150% due 05/01/2007		290		268
6.875% due 05/01/2012		73,700		67,203
7.625% due 04/15/2031		27,800		23,250
7.700% due 05/01/2032		144,970		123,245
Baxter International, Inc.
9.500% due 06/15/2008		200		246
Bayer Corp.
6.500% due 10/01/2002 (a)		250		250
Boeing Co.
6.350% due 06/15/2003		750		767
6.625% due 02/15/2038		335		337
Campbell Soup Co.
4.750% due 10/01/2003 (a)		700		718
Canadian National Railway Co.
6.450% due 07/15/2006		550		609
6.375% due 10/15/2011		65		73
Cemex SA de CV
8.625% due 07/18/2003		36,050		37,537
Coastal Corp.
2.422% due 07/21/2003 (a)		7,700		7,317
6.200% due 05/15/2004		3,000		2,371
6.500% due 05/15/2006		110		83
7.500% due 08/15/2006		9,075		6,903
6.375% due 02/01/2009		9,000		5,858
7.750% due 06/15/2010		15,500		11,022
9.625% due 05/15/2012		9,000		6,626
6.700% due 02/15/2027		400		288
7.420% due 02/15/2037		9,000		5,685
Coca-Cola Enterprises, Inc.
6.000% due 07/15/2003 (a)		250		258
4.000% due 06/01/2005		65		68
5.750% due 11/01/2008		100		111
Colgate-Palmolive Co.
6.000% due 08/15/2003		45		46
ConAgra Foods, Inc.
2.475% due 09/10/2003 (a)		48,500		48,605
Conoco, Inc.
2.630% due 10/15/2002 (a)		15,000		15,003
6.950% due 04/15/2029		25		28
Continental Airlines, Inc.
6.410% due 04/15/2007		308		294
6.800% due 07/02/2007		21		17
6.954% due 08/02/2009		11,802		10,091
7.056% due 09/15/2009		40,409		39,543
7.487% due 10/02/2010		1,215		1,183
7.730% due 03/15/2011		2,171		1,699
6.503% due 06/15/2011		9,220		8,733
6.900% due 01/02/2018		1,393		1,291
6.820% due 05/01/2018		6,443		5,928
7.256% due 03/15/2020		26,001		25,158
7.707% due 04/02/2021		3,792		3,559
Cox Enterprises, Inc.
2.722% due 05/01/2033 (a)		1,100		1,090

12   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
DaimlerChrysler North America Holding Corp.
2.596% due 12/16/2002 (a)	$	85,200	$	85,293
7.750% due 05/27/2003		48,000		49,456
2.322% due 08/01/2003 (a)		19,600		19,544
2.000% due 08/21/2003 (a)		38,000		37,846
2.323% due 08/02/2004 (a)		3,400		3,364
2.053% due 08/16/2004 (a)		56,100		55,321
6.900% due 09/01/2004		30		32
7.300% due 01/15/2012		700		774
8.500% due 01/18/2031		2,000		2,385
Delta Air Lines Equipment Trust
9.550% due 01/02/2008 (c)		7,773		8,375
10.430% due 01/02/2011		3,755		3,047
10.140% due 08/14/2012		1,000		769
10.000% due 06/05/2013		10,828		8,767
10.060% due 01/02/2016		6,500		5,252
Delta Air Lines, Inc.
10.570% due 01/02/2007 (c)		13,889		14,370
7.379% due 05/18/2010		8,798		9,299
7.570% due 11/18/2010		41,250		43,948
7.111% due 03/18/2013		60,000		63,243
9.200% due 09/23/2014		6,000		4,206
10.000% due 12/05/2014		5,000		3,939
10.500% due 04/30/2016		27,950		23,499
Duke Energy Field Services
7.500% due 08/16/2005		6,600		6,805
Duty Free International, Inc.
7.000% due 01/15/2004		175		86
Eastman Chemical Co.
6.375% due 01/15/2004		5,750		6,012
Electric Lightwave, Inc.
6.050% due 05/15/2004		10,700		10,068
Eli Lilly & Co.
6.250% due 03/15/2003		100		102
5.500% due 07/15/2006		110		119
Enron Corp.
8.000% due 08/15/2005 (b)		3,200		656
Enterprise Products Partners LP
7.500% due 02/01/2011		35		39
Federal Express Corp.
6.845% due 01/15/2019 (a)		785		839
FMC Corp.
6.375% due 09/01/2003		4,000		3,836
Ford Capital BV
9.500% due 06/01/2010		200		214
Ford Motor Co.
7.250% due 10/01/2008		800		777
6.500% due 08/01/2018		50		39
7.450% due 07/16/2031		60,350		49,797
Fortune Brands, Inc.
8.500% due 10/01/2003		500		529
Fred Meyer, Inc.
7.375% due 03/01/2005		38,100		41,806
7.450% due 03/01/2008		100		115
General Motors Corp.
6.250% due 05/01/2005		300		308
General Motors Nova Scotia Finance
6.850% due 10/15/2008		19,240		19,870
Gillette Co.
6.250% due 08/15/2003 (a)		750		777
5.750% due 10/15/2005		1,500		1,640
Grupo Iusacell SA de CV
10.000% due 07/15/2004 (a)		4,882		3,051
Harrahs Operating Co., Inc.
7.875% due 12/15/2005		5,000		5,300
HCA, Inc.
8.130% due 08/04/2003		7,300		7,551
6.910% due 06/15/2005 (a)		9,500		9,945
6.730% due 07/15/2045		32,560		33,018
Heinz (H.J.) Co.
6.875% due 01/15/2003		100		101
Hershey Foods Corp.
7.200% due 08/15/2027		30		36
HNA Holdings, Inc.
6.125% due 02/01/2004		200		209
Honeywell International, Inc.
6.125% due 11/01/2011		650		711
IBM Corp.
7.250% due 11/01/2002		625		627
IMEXA Export Trust
10.125% due 05/31/2003		2,460		904
International Game Technology
7.875% due 05/15/2004		14,500		15,153
International Paper Co.
8.000% due 07/08/2003		300		312
Kerr-McGee Corp.
2.600% due 06/28/2004 (a)		85,100		85,056
Kinder Morgan, Inc.
6.450% due 03/01/2003		240		243
Kraft Foods, Inc.
4.625% due 11/01/2006		25		26
5.625% due 11/01/2011		655		709
Kroger Co.
7.150% due 03/01/2003		13,000		13,237
Limestone Electron Trust
8.625% due 03/15/2003		132,950		118,432
Mandalay Resort Group
6.750% due 07/15/2003		4,500		4,545
Martin Marietta Corp.
6.500% due 04/15/2003		50		51
Mazda Manufacturing Corp.
10.500% due 07/01/2008 (c)		1,797		2,063
Nabisco, Inc.
6.125% due 02/01/2033		34,745		35,125
News American Holdings, Inc.
7.750% due 01/20/2024		18,000		17,127
Noble Affiliates, Inc.
8.950% due 12/15/2004		11,500		12,274
Norfolk Southern Corp.
7.875% due 02/15/2004 (a)		50		54

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   13

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Northern National Gas Co.
6.875% due 05/01/2005	$	8,250	$	8,539
Northwest Airlines, Inc.
8.970% due 01/02/2015 (a)		1,486		1,405
Occidental Petroleum Corp.
6.400% due 04/01/2003 (a)		33,910		34,576
Park Place Entertainment Corp.
7.950% due 08/01/2003		18,500		18,814
Petroleos Mexicanos
8.850% due 09/15/2007		1,800		1,944
9.375% due 12/02/2008		49,650		53,374
9.500% due 09/15/2027		31,000		34,100
Pharmacia Corp.
5.750% due 12/01/2005		575		629
Philip Morris Cos., Inc.
7.250% due 01/15/2003 (a)		10,000		10,122
8.250% due 10/15/2003		1,000		1,055
6.800% due 12/01/2003		68,345		71,410
7.000% due 07/15/2005		15,125		16,604
6.950% due 06/01/2006		9,540		10,574
7.200% due 02/01/2007		39,000		43,459
Qwest Corp.
7.625% due 06/09/2003		25,400		24,511
5.650% due 11/01/2004		6,610		5,718
7.200% due 11/01/2004		5,200		4,758
7.500% due 11/01/2008		75		30
5.625% due 11/15/2008		5,000		3,825
8.875% due 03/15/2012		108,600		95,025
7.500% due 06/15/2023		25,000		17,125
7.250% due 09/15/2025		16,750		11,306
7.200% due 11/10/2026		2,150		1,430
8.875% due 06/01/2031		7,223		5,742
6.875% due 09/15/2033		22,950		15,721
7.250% due 10/15/2035		5,000		3,300
Safeway, Inc.
6.850% due 09/15/2004		250		267
Sara Lee Corp.
6.300% due 11/07/2005		500		554
SCL Terminal Aereo Santiago
6.950% due 07/01/2012		4,670		5,169
Scotia Pacific Co. LLC
7.710% due 01/20/2014		230		153
Sears Roebuck Acceptance Corp.
7.000% due 02/01/2011		630		683
6.500% due 12/01/2028		20		19
Singapore Telecommunications Ltd.
7.375% due 12/01/2031		12,500		13,832
SmithKline Beecham Corp.
7.375% due 04/15/2005		150		169
Sonat, Inc.
6.750% due 10/01/2007		2,000		1,342
7.625% due 07/15/2011		21,920		14,382
Southern National Gas Co.
7.350% due 02/15/2031		200		160
Southwestern Public Service Co.
5.125% due 11/01/2006		700		653
SR Wind Ltd.
6.992% due 05/18/2005 (a)		12,000		12,025
7.492% due 05/18/2005 (a)		13,000		13,249
Systems 2001 Asset Trust
7.156% due 12/15/2011		29,511		32,471
TCI Communications, Inc.
8.250% due 01/15/2003		43,125		42,943
2.520% due 03/11/2003 (a)		5,000		4,963
6.375% due 05/01/2003		8,280		8,167
8.650% due 09/15/2004		625		615
8.000% due 08/01/2005		450		435
Telus Corp.
8.000% due 06/01/2011		6,250		4,813
Tennessee Gas Pipeline Co.
7.000% due 10/15/2028		13,400		9,945
Texaco Capital, Inc.
8.500% due 02/15/2003		700		717
6.000% due 06/15/2005		400		437
Texas Eastern Transmission Corp.
7.300% due 12/01/2010		250		283
Time Warner Entertainment Co. LP
7.975% due 08/15/2004		15,032		14,923
7.250% due 09/01/2008		9,020		8,739
10.150% due 05/01/2012		250		258
6.875% due 06/15/2018		140		116
9.150% due 02/01/2023		475		442
8.375% due 03/15/2023		210		197
7.570% due 02/01/2024		10,130		8,317
6.950% due 01/15/2028		2,645		2,056
6.625% due 05/15/2029		130		99
TRW, Inc.
6.625% due 06/01/2004		3,925		4,096
TTX Co.
6.170% due 02/05/2003		10,000		10,117
Turner Broadcasting System, Inc.
7.400% due 02/01/2004		3,095		3,057
Tyco International Group SA
6.125% due 01/15/2009		100		83
UAL Equipment Trust
11.080% due 05/27/2006		10,249		8,801
Union Pacific Corp.
6.930% due 06/01/2003		1,000		1,028
6.625% due 02/01/2008		4,250		4,826
6.625% due 02/01/2029		50		55
Unisys Corp.
9.210% due 01/21/2017		15,900		12,416
United Air Lines, Inc.
2.026% due 12/02/2002 (a)		17,559		15,840
9.200% due 03/22/2008		3,380		2,388
6.201% due 09/01/2008		6,000		4,968
7.730% due 07/01/2010		5,000		4,188
7.186% due 04/01/2011		19,632		16,445

14   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
6.932% due 09/01/2011 (a)	$	10,500	$	6,363
10.360% due 11/13/2012		7,000		2,520
6.071% due 03/01/2013		4,493		3,715
10.020% due 03/22/2014		14,225		5,733
10.850% due 07/05/2014		34,111		15,434
10.850% due 02/19/2015		3,000		1,357
10.125% due 03/22/2015		14,300		11,734
9.060% due 06/17/2015		6,000		4,252
United Technologies Corp.
7.125% due 11/15/2010		450		530
6.350% due 03/01/2011		550		623
US Airways, Inc.
6.850% due 01/30/2018		136		120
Viacom, Inc.
6.750% due 01/15/2003		2,000		2,023
Wal-Mart Stores, Inc.
6.375% due 03/01/2003		50		51
6.500% due 06/01/2003		200		206
Walt Disney Co.
5.125% due 12/15/2003		500		511
5.500% due 12/29/2006		725		755
Waste Management, Inc.
6.500% due 12/15/2002		4,800		4,816
6.375% due 12/01/2003		11,900		11,953
8.000% due 04/30/2004		5,525		5,709
6.500% due 05/15/2004		94,000		95,802
7.375% due 08/01/2010		12,600		13,291
7.750% due 05/15/2032		1,255		1,272
Weyerhaeuser Co.
6.000% due 08/01/2006		30		32
Williams Cos., Inc.
6.500% due 08/01/2006		400		258
7.125% due 09/01/2011		5,000		3,125
7.625% due 07/15/2019		34,770		19,297
7.875% due 09/01/2021		74,985		42,367
7.500% due 01/15/2031		15,000		8,175
7.750% due 06/15/2031		21,150		11,527
8.750% due 03/15/2032		137,680		80,543
Witco Corp.
6.600% due 04/01/2003		100		99
				2,827,384
Utilities 5.1%
Alabama Power Co.
5.350% due 11/15/2003		1,600		1,646
ALLETE, Inc.
2.710% due 10/20/2003 (a)		79,700		79,498
Ashland, Inc.
2.380% due 03/07/2003 (a)		300		299
AT&T Canada, Inc.
10.750% due 11/01/2007 (a)(b)		11,000		1,265
AT&T Corp.
5.360% due 11/21/2003 (a)		1,400		1,325
5.625% due 03/15/2004		250		248
7.300% due 11/15/2011		87,300		84,406
7.300% due 11/15/2011		865		836
6.500% due 03/15/2029		1,690		1,407
8.000% due 11/15/2031		256,950		238,406
AT&T Wireless Services, Inc.
7.500% due 05/01/2007		130		111
7.875% due 03/01/2011		340		262
8.125% due 05/01/2012		48,515		37,424
8.750% due 03/01/2031		16,205		11,696
Baltimore Gas & Electric
6.125% due 07/01/2003		150		155
Bell Atlantic Maryland, Inc.
8.000% due 10/15/2029		1,125		1,289
Bell Atlantic Virginia, Inc.
5.625% due 03/01/2007		500		501
BellSouth Corp.
6.000% due 10/15/2011		50		54
BellSouth Telecommunications, Inc.
6.250% due 05/15/2003		100		102
British Telecom PLC
3.121% due 12/15/2003 (a)		191,460		191,111
7.875% due 12/15/2005		6,800		7,595
8.375% due 12/15/2010		86,200		101,454
8.875% due 12/15/2030		435		526
Carolina Power & Light, Inc.
7.875% due 04/15/2004		6,000		6,431
CE Electric Funding
6.853% due 12/30/2004		250		267
Central Maine Power Co.
7.430% due 08/25/2003		13,000		13,522
Cingular Wireless, Inc.
7.125% due 12/15/2031		10,000		8,828
Cleveland Electric Illuminating Co.
9.500% due 05/15/2005		33,500		33,697
CMS Energy Corp.
8.375% due 07/01/2003		15,000		12,752
6.750% due 01/15/2004		1,000		820
7.000% due 01/15/2005		41,325		32,252
Columbia Energy Group
6.610% due 11/28/2002		5,000		4,991
Columbus Southern Power Co.
6.850% due 10/03/2005		10,000		10,953
Comcast Cable Communications
8.375% due 05/01/2007		145		144
Commonwealth Edison Co.
6.625% due 07/15/2003		1,000		1,031
2.480% due 09/30/2003 (a)		40,000		39,775
Consolidated Edison, Inc.
6.375% due 04/01/2003		1,000		1,019
Consolidated Natural Gas Co.
7.250% due 10/01/2004		43,750		47,203
6.250% due 11/01/2011		15		16
Cox Communications, Inc.
2.470% due 11/07/2002 (a)		16,000		15,973
Dominion Resources, Inc.
6.000% due 01/31/2003		12,950		13,058

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   15

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
7.600% due 07/15/2003	$	35,000	$	36,122
DTE Energy Co.
7.110% due 11/15/2038 (a)		94,750		97,383
Dynegy Holdings, Inc.
8.750% due 02/15/2012		100,850		31,768
El Paso Corp.
6.950% due 12/15/2007		8,900		5,881
6.750% due 05/15/2009		16,069		10,460
7.000% due 05/15/2011		29,250		19,338
7.875% due 06/15/2012		37,100		25,273
8.050% due 10/15/2030		9,700		6,125
7.800% due 08/01/2031		4,500		2,842
7.750% due 01/15/2032		94,740		60,784
El Paso Electric Co.
9.400% due 05/01/2011		7,455		7,880
El Paso Natural Gas Co.
8.375% due 06/15/2032		21,420		17,475
Entergy Arkansas, Inc.
7.720% due 03/01/2003		1,300		1,325
Entergy Gulf States, Inc.
3.006% due 06/02/2003 (a)		7,000		6,999
3.106% due 09/01/2004 (a)		24,800		24,734
Entergy Louisiana, Inc.
8.500% due 06/01/2003		3,000		3,105
Entergy Mississippi, Inc.
2.472% due 05/03/2004 (a)		31,000		30,668
FirstEnergy Corp.
7.375% due 11/15/2031		18,800		16,559
Florida Power & Light
6.875% due 12/01/2005		4,000		4,457
FPL Group Capital, Inc.
7.625% due 09/15/2006		725		816
France Telecom SA
4.576% due 03/14/2003 (a)		247,905		244,740
2.465% due 07/16/2003 (a)		138,700		138,783
8.700% due 03/01/2006 (a)		22,500		23,957
9.250% due 03/01/2011		44,800		48,958
10.000% due 03/01/2031		125,720		139,449
GTE California, Inc.
5.500% due 01/15/2009		100		101
GTE Corp.
6.360% due 04/15/2006		550		581
6.940% due 04/15/2028		5,410		5,077
Hawaiian Electric Industries, Inc.
2.910% due 04/15/2003 (a)		2,400		2,404
Houston Lighting & Power Co.
8.750% due 03/01/2022		10,000		10,433
Idaho Power Corp.
6.850% due 10/01/2002		2,750		2,750
Indiana Bell Telephone Co., Inc.
5.500% due 04/01/2007		500		502
Indianapolis Power & Light Co.
7.375% due 08/01/2007		225		235
Korea Electric Power Corp.
7.000% due 10/01/2002		380		380
6.375% due 12/01/2003		220		230
Mirant Corp.
7.900% due 07/15/2009		175		86
Nevada Power Co.
6.200% due 04/15/2004 (a)		15,000		14,256
New England Telephone & Telegraph Co.
6.250% due 03/15/2003		50		51
New York Telephone Co.
6.250% due 02/15/2004		150		155
6.000% due 04/15/2008		45		47
Niagara Mohawk Power Co.
7.250% due 10/01/2002		24,783		24,783
7.375% due 07/01/2003		39,162		40,439
7.375% due 08/01/2003		1,645		1,707
NorAm Energy Corp.
6.375% due 11/01/2003		22,250		19,363
Nortel Networks Corp.
6.875% due 10/01/2002		200		200
Northern States Power Co.
8.000% due 08/28/2012		14,000		15,194
NRG Energy, Inc.
8.000% due 11/01/2003 (b)		6,000		1,410
NRG Northeast Generating LLC
8.065% due 12/15/2004 (b)		198		168
Ohio Bell Telephone Co.
5.375% due 03/01/2007		950		954
Ohio Power Co.
7.000% due 07/01/2004 (a)		24,000		24,871
Orange PLC
8.750% due 06/01/2006		360		397
Pacific Bell
7.000% due 07/15/2004		50		53
Pacific Gas & Electric Co.
5.875% due 10/01/2005 (b)		100		95
7.250% due 08/01/2026 (b)		10,000		9,150
7.057% due 10/31/2049 (a)(b)		33,700		31,678
PP&L, Inc.
6.550% due 03/01/2006 (a)		500		546
Progress Energy, Inc.
6.550% due 03/01/2004		12,400		12,921
7.100% due 03/01/2011		575		629
7.000% due 10/30/2031		600		601
PSE&G Energy Holdings, Inc.
9.125% due 02/10/2004		120		113
PSE&G Power LLC
7.750% due 04/15/2011		4,300		4,400
6.950% due 06/01/2012		35,000		33,975
8.625% due 04/15/2031		29,450		29,420
Public Service Co. of Colorado
6.000% due 04/15/2003		750		746
Public Service Electric & Gas Co.
6.250% due 01/01/2007		1,500		1,656
Ras Laffan Liquid Natural Gas
8.294% due 03/15/2014		145		163

16   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
South Point Energy
8.400% due 05/30/2012	$	21,814	$	14,615
Sprint Capital Corp.
9.500% due 04/01/2003		13,820		13,000
5.700% due 11/15/2003		32,700		29,786
5.875% due 05/01/2004		43,275		37,424
7.900% due 03/15/2005		24,000		19,499
7.125% due 01/30/2006		5,025		3,789
6.000% due 01/15/2007		140,030		96,346
6.125% due 11/15/2008		31,465		20,909
6.375% due 05/01/2009		5,000		3,327
7.625% due 01/30/2011		77,533		52,443
8.375% due 03/15/2012		350,225		245,132
6.900% due 05/01/2019		45,860		26,868
6.875% due 11/15/2028		68,415		39,514
8.750% due 03/15/2032		289,725		194,380
Telekomunikacja Polska SA
7.125% due 12/10/2003		12,200		12,068
7.750% due 12/10/2008		7,895		7,289
Toledo Edison Co.
7.850% due 03/31/2003		7,000		7,081
7.875% due 08/01/2004		500		527
TXU Corp.
6.375% due 06/15/2006		2,235		2,169
TXU Eastern Funding Co.
6.450% due 05/15/2005		15,270		15,205
TXU Electric Co.
6.750% due 03/01/2003		150		153
2.426% due 06/15/2003 (a)		17,500		17,395
8.250% due 04/01/2004		500		540
U.S. West Communications, Inc.
6.000% due 08/01/2007		2,070		1,728
Union Electric Co.
8.000% due 12/15/2022		1,000		1,043
United Telephone Company of the Northwest
6.890% due 07/01/2008 (c)		2,760		2,346
Verizon Florida, Inc.
6.125% due 01/15/2013		45,900		46,520
Verizon Maryland, Inc.
6.125% due 03/01/2012		11,720		11,927
Verizon New York, Inc.
6.875% due 04/01/2012		14,500		15,272
7.375% due 04/01/2032		25,500		25,625
Verizon Pennsylvania
5.650% due 11/15/2011		1,050		1,033
Verizon Wireless, Inc.
2.220% due 12/17/2003 (a)		16,000		15,342
5.375% due 12/15/2006		2,340		2,204
Virginia Electric and Power Co.
5.375% due 02/01/2007		700		748
Vodafone Group PLC
7.750% due 02/15/2010		500		566
Wilmington Trust Co.— Tucso Electric
10.370% due 01/02/2007		8,092		8,301
10.500% due 01/02/2007		6,636		6,745
10.500% due 07/01/2008		155		178
10.732% due 01/01/2013 (c)		991		1,037
WorldCom, Inc.—WorldCom Group
7.375% due 01/15/2003 (b)		21,150		2,644
7.875% due 05/15/2003 (b)		10,700		1,338
6.250% due 08/15/2003 (b)		7,500		938
6.400% due 08/15/2005 (b)		15,100		1,888
7.375% due 01/15/2006 (b)		46,800		5,850
7.750% due 04/01/2007 (b)		2,000		250
8.250% due 05/15/2010 (b)		11,500		1,438
7.500% due 05/15/2011 (b)		72,383		9,048
				3,326,617
Total Corporate Bonds & Notes (Cost $ 14,554,480)				13,702,413
MUNICIPAL BONDS & NOTES 0.2%
Alabama 0.1%
Alabama State General Obligation Bonds, Series 2001 7.150% due 09/01/2021		13,228		13,735
Birmingham, Alabama Water and Sewer System Revenue Bonds, (MBIA Insured), Series 2002 5.000% due 01/01/2043		12,350		12,597
				26,332
California 0.0%
California State Department of Water Resources Center Valley Project Revenue Bonds, Series 2000 8.190% due 12/01/2029 (a)		2,500		2,670
Illinois 0.0%
Chicago, Illinois Housing Authority Revenue Bonds, Series 2001 5.375% due 07/01/2016		500		538
Illinois State General Obligation Bonds, (MBIA Insured), Series 2002 4.750% due 10/01/2027		25,795		25,720
				26,258
Iowa 0.0%
University of Iowa Facilities Authority Revenue Bonds, (AMBAC Insured), Series 2002 4.750% due 06/01/2028		5,120		5,171
Massachusetts 0.1%
Southbridge Associations Limited Liability Corporation Massachusetts Revenue Bonds, (MBIA-Insured), Series 2000 7.590% due 02/01/2022		31,105		37,481

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   17

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Nevada 0.0%
Clark County, Neveda General Obligation Bonds, (FGIC Insured), Series 2001
5.000% due 06/01/2031	$	13,480	$	13,755
New Jersey 0.0%
Mercer County, New Jersey Important Authority Revenue Bonds, Series 2000
9.720% due 01/01/2018 (a)		2,990		3,962
Mercer County, New Jersey Improvement Authority Revenue Bonds, Series 1978
5.800% due 01/01/2018		55		64
				4,026
Ohio 0.0%
Ohio State Water Development Authority Revenue Bonds, Series 2002
4.750% due 12/01/2027		5,000		5,023
South Carolina 0.0%
South Carolina State Public Services Authority Revenue Bonds, (FSA Insured), Series 2002
5.125% due 01/01/2032		17,000		17,678
Texas 0.0%
Killeen, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2002
4.750% due 02/15/2028		12,000		12,017
Washington 0.0%
Washington State General Obligation Bonds, (MBIA Insured), Series 2002
5.000% due 07/01/2027		10,000		10,255
Total Municipal Bonds & Notes (Cost $150,333)				160,666
U.S. GOVERNMENT AGENCIES 0.6%
Fannie Mae
6.250% due 11/15/2002		50		50
5.750% due 04/15/2003		45		46
4.000% due 12/10/2004		300		305
4.375% due 10/15/2006		555		586
5.250% due 04/15/2007		1,611		1,758
6.250% due 02/01/2011		600		667
Federal Home Loan Bank
5.250% due 01/15/2006		165		171
Freddie Mac
9.000% due 09/15/2008		37		40
5.875% due 03/21/2011		500		545
6.375% due 08/01/2011		1,300		1,406
0.000% due 11/24/2014		150		82
Small Business Administration
7.640% due 03/10/2010		64,207		73,832
7.449% due 08/01/2010		112,286		128,383
6.344% due 08/10/2011		3,444		3,748
6.030% due 02/01/2012		34,665		37,506
7.700% due 07/01/2016		570		651
6.950% due 11/01/2016		3,604		4,049
6.700% due 12/01/2016		13,660		15,257
7.150% due 03/01/2017		6,446		7,338
7.500% due 04/01/2017		4,028		4,630
7.190% due 12/01/2019		430		496
7.630% due 06/01/2020		21,651		25,378
6.900% due 12/01/2020		9,362		10,660
6.340% due 03/01/2021		30,542		33,912
5.340% due 11/01/2021		15,742		16,675
Total U.S. Government Agencies (Cost $328,592)				368,171
U.S. TREASURY OBLIGATIONS 3.7%
Treasury Inflation Protected Securities (g)
3.375% due 01/15/2007		187,499		204,286
3.625% due 01/15/2008		446		492
3.875% due 01/15/2009		13,178		14,821
4.250% due 01/15/2010		12,096		13,942
3.500% due 01/15/2011		698		774
3.375% due 01/15/2012		11,461		12,680
3.000% due 07/15/2012		66,618		71,719
3.875% due 04/15/2029		195,109		240,106
3.375% due 04/15/2032		315		366
U.S. Treasury Bonds
7.250% due 05/15/2016		237,185		308,026
7.500% due 11/15/2016		905,286		1,200,494
8.750% due 05/15/2017		150,800		221,535
0.000% due 02/15/2027		147,800		42,296
0.000% due 11/15/2027		289,300		80,447
U.S. Treasury Notes
5.750% due 11/15/2005		1,005		1,117
6.500% due 10/15/2006		185		214
6.625% due 05/15/2007		340		400
4.875% due 02/15/2012		115		127
Total U.S. Treasury Obligations (Cost $2,389,209)				2,413,842
MORTGAGE-BACKED SECURITIES 53.3%
Collateralized Mortgage Obligations 20.4%
ABN AMRO Mortgage Corp.
6.750% due 09/25/2028		3,765		3,924
6.750% due 11/25/2028		600		616
6.500% due 06/25/2029 (a)		7,093		7,570

18   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
American Southwest Financial Securities Corp.
7.248% due 11/25/2038 (a)	$	63,351	$	71,097
Amresco Commercial Mortgage Funding I
7.180% due 06/17/2029		350		389
Aurora Loan Services
2.510% due 05/25/2030 (a)		14,378		14,422
Bank of America Funding Corp.
6.750% due 11/20/2032		17,000		17,411
Bank of America Mortgage Securities, Inc.
6.250% due 07/25/2014		9,010		9,534
6.250% due 08/25/2028		25,000		26,580
7.250% due 10/25/2029		11,984		12,311
6.630% due 02/25/2031		6,855		7,030
6.234% due 07/25/2031 (a)		677		690
6.750% due 08/25/2031		9,442		9,656
7.000% due 03/25/2032		53,400		55,086
6.373% due 07/25/2032 (a)		127,737		131,090
Bank of America Mortgage Securities, Inc.—A20
6.500% due 05/25/2029		5,837		6,177
Bank of America Mortgage Securities, Inc.—A4
6.500% due 05/25/2029 (a)		29,000		30,912
Bear Stearns Adjustable Rate Mortgage Trust
4.770% due 11/25/2030 (a)		75,499		78,017
7.465% due 12/25/2030 (a)		18,583		18,661
7.490% due 12/25/2030 (a)		20,891		20,981
6.912% due 02/25/2031 (a)		7,598		7,737
7.001% due 02/25/2031 (a)		10,328		10,599
6.952% due 06/25/2031 (a)		27,694		28,421
6.688% due 09/25/2031 (a)		21,272		21,652
6.552% due 10/25/2031 (a)		12,512		12,711
6.709% due 11/25/2031 (a)		16,371		16,800
6.823% due 11/25/2031 (a)		20,299		20,566
6.147% due 12/25/2031 (a)		78,971		81,044
6.184% due 12/25/2031 (a)		588		603
6.195% due 12/25/2031 (a)		124,650		127,922
6.295% due 12/25/2031 (a)		166,480		170,850
6.299% due 01/25/2032 (a)		285,988		289,676
6.759% due 01/25/2032 (a)		25,225		25,887
6.401% due 02/25/2032 (a)		71,721		73,604
5.439% due 10/25/2032 (a)		78,253		79,328
Bear Stearns Commercial Mortgage Securities, Inc.
5.910% due 05/14/2008		112		120
5.060% due 12/15/2010		32,164		33,867
Bear Stearns Commercial Mortgage Securities, Inc.—A3
7.000% due 05/20/2030 (a)		39,566		45,142
Bear Stearns Commercial Mortgage Securities, Inc.—A4
7.000% due 05/20/2030 (a)		10,732		12,355
Bear Stearns Mortgage Securities, Inc.
2.563% due 10/25/2023 (a)		1,512		1,513
7.000% due 03/25/2027		4,653		4,689
7.750% due 06/25/2027		228		232
8.125% due 09/25/2027		978		977
7.000% due 02/25/2028 (a)		8,109		8,257
6.750% due 04/30/2030		179		188
6.390% due 06/25/2030 (a)		3,423		3,405
Capco America Securitization Corp.
5.860% due 12/15/2007		38		41
Cendant Mortgage Corp.
6.501% due 11/18/2028 (a)		12,838		13,314
6.506% due 11/18/2028 (a)		6,776		7,062
2.463% due 08/25/2030 (a)		646		647
6.100% due 06/25/2031		24,239		24,976
Chase Commercial Mortgage Securities Corp.
7.600% due 12/18/2005		94		96
7.631% due 07/15/2032		275		328
Chase Mortgage Finance Corp.
7.000% due 08/25/2024 (a)		1,381		1,394
6.750% due 03/25/2025 (a)		13,098		13,590
6.500% due 06/25/2028		167		167
6.750% due 10/25/2028		39,000		40,813
6.500% due 02/25/2029		20,000		21,160
6.350% due 07/25/2029		31,515		32,147
6.190% due 12/25/2029 (a)		19,010		19,503
7.750% due 08/25/2030		11,141		11,390
6.221% due 07/25/2032 (a)		139,331		142,792
Chemical Mortgage Securities, Inc.
7.250% due 01/25/2026		6,946		6,935
Citicorp Mortgage Securities, Inc.
6.605% due 10/25/2022 (a)		5,485		5,558
6.250% due 04/25/2024		11,796		12,228
6.250% due 08/25/2024		105		108
7.250% due 10/25/2027		12,034		12,327
6.750% due 09/25/2028		9,137		9,438
6.500% due 10/25/2028		36,098		38,079
7.000% due 11/25/2028		11,000		12,103
7.000% due 09/25/2030		8,035		8,411
7.500% due 10/25/2030		12,385		12,562
7.000% due 02/25/2031		36,610		38,412
6.500% due 03/25/2031		4,405		4,578
6.000% due 11/25/2031		3,784		3,723
CMC Securities Corp. III
6.750% due 05/25/2028		5,000		5,218
CMC Securities Corp. IV—IA6
7.250% due 11/25/2027		404		410
CMC Securities Corp. IV—IIA6
7.250% due 11/25/2027		9,035		9,228
Collateralized Mortgage Obligation Trust
8.000% due 09/20/2021		3,490		3,499

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   19

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Collateralized Mortgage Securities Corp.
11.450% due 11/01/2015 (a)	$	75	$	75
8.750% due 04/20/2019		206		209
8.800% due 04/20/2019		141		143
COMM Mortgage Trust
6.145% due 02/15/2008		12,038		12,985
Commercial Mortgage Acceptance Corp.
7.030% due 05/15/2009		75		87
Commercial Mortgage Asset Trust
7.546% due 01/17/2010		500		591
6.975% due 04/17/2013		145		168
Countrywide Alternative Loan Trust
8.000% due 07/25/2030		533		532
7.000% due 10/25/2031		16,145		16,689
Countrywide Funding Corp.
6.750% due 03/25/2024		14,026		14,667
6.875% due 03/25/2024		9,080		9,271
Countrywide Funding Corp.—A11
6.625% due 02/25/2024		110		115
Countrywide Funding Corp.—A9
6.625% due 02/25/2024		33,827		34,998
Countrywide Home Loans, Inc.
6.500% due 07/25/2013		5,676		5,851
6.250% due 08/25/2014 (a)		3,412		3,613
6.750% due 11/25/2025		25,567		26,398
7.500% due 04/25/2027		1,078		1,076
7.500% due 06/25/2027		4,523		4,516
7.500% due 09/25/2027		6,823		6,813
7.250% due 12/25/2027		6,224		6,296
7.250% due 02/25/2028		59,054		59,922
6.750% due 06/25/2028		15,103		15,312
6.750% due 10/25/2028		15,567		15,846
6.750% due 11/25/2028		5,000		5,250
6.500% due 01/25/2029		24,978		26,305
6.500% due 03/25/2029 (a)		21,744		23,045
6.050% due 04/25/2029		1,180		1,184
7.250% due 08/25/2029		7,200		7,342
7.750% due 10/25/2030		29,364		29,883
7.750% due 12/25/2030		12,977		13,015
6.068% due 07/19/2031 (a)		7,268		7,459
6.050% due 10/25/2031		9,913		10,168
6.500% due 10/25/2031		12,735		12,841
2.313% due 06/25/2032 (a)		46,183		46,262
6.500% due 08/25/2032 (a)		70,444		72,253
Credit-Based Asset Servicing & Securitization LLC
2.193% due 10/25/2028 (a)		3,882		3,880
2.223% due 09/25/2029 (a)		576		575
2.133% due 02/25/2030 (a)		25,479		25,362
2.150% due 01/25/2032 (a)		42,748		42,718
Crusade Global Trust
2.080% due 02/15/2030 (a)		45,102		45,204
CS First Boston Mortgage Securities Corp.
6.750% due 01/15/2008		18,027		18,192
7.290% due 09/15/2009		335		393
6.750% due 09/25/2028		6,960		7,214
6.750% due 12/27/2028		14,504		15,123
6.960% due 06/20/2029		85		86
7.500% due 03/25/2031		30,503		31,702
2.413% due 06/25/2031 (a)		26,142		26,219
2.163% due 08/25/2031 (a)		4,794		4,766
2.363% due 11/25/2031 (a)		677		678
6.169% due 12/25/2031		61,138		60,895
2.213% due 02/25/2032 (a)		16,304		16,280
6.248% due 04/25/2032 (a)		100,437		103,074
2.200% due 05/25/2032 (a)		94,992		95,068
6.400% due 01/17/2035		136		140
DLJ Commercial Mortgage Corp.
2.080% due 05/05/2003 (a)		15,244		15,239
7.300% due 06/10/2032		515		602
DLJ Mortgage Acceptance Corp.
7.580% due 02/12/2006 (a)		4,000		4,216
6.445% due 08/01/2021 (a)(c)		2,517		2,554
8.000% due 03/25/2022		76		76
6.950% due 12/25/2022 (a)		580		580
6.836% due 03/25/2023 (a)		103		103
7.684% due 03/25/2024 (a)		105		106
7.557% due 05/25/2024 (a)		52		52
7.907% due 10/25/2024 (a)		208		210
2.313% due 06/25/2026 (a)		772		773
6.850% due 12/17/2027		6,297		6,499
Drexel Burnham Lambert CMO Trust
9.500% due 11/20/2017		308		309
DVI Business Credit Receivable Corp. III
2.503% due 10/15/2003 (a)		3,850		3,865
E-Trade Bank Mortgage-Backed Securities Trust
7.174% due 09/25/2031		32,076		32,865
Fannie Mae
7.500% due 05/25/2005		6,700		6,781
5.500% due 05/02/2006		500		539
7.000% due 05/25/2006		130		135
7.500% due 05/25/2007		266		273
6.000% due 07/25/2007		60		60
6.500% due 08/25/2007		2,371		2,448
6.740% due 08/25/2007		425		477
6.270% due 09/25/2007		3,000		3,201
7.000% due 10/25/2007		150		158
6.250% due 01/25/2008		50,000		54,601
6.500% due 05/25/2008		344		364
10.500% due 08/25/2008		3,783		3,908
13.661% due 09/25/2008 (a)		1,582		1,679
4.000% due 02/25/2009		98		99
6.000% due 02/25/2009		1,330		1,416
6.500% due 02/25/2009		40		42
6.500% due 03/25/2009		95		102
6.875% due 06/25/2009		10		10

20   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
6.500% due 08/25/2010	$	27	$	27
6.370% due 02/25/2013		28,500		31,363
6.500% due 04/25/2013		75		80
8.000% due 12/25/2016 (a)		98		109
11.000% due 11/25/2017		673		784
9.250% due 04/25/2018		93		105
9.300% due 05/25/2018		358		405
2.393% due 06/25/2018 (a)		2		2
9.500% due 06/25/2018		299		339
5.750% due 09/25/2018		200		206
9.500% due 11/25/2018		238		238
9.500% due 06/25/2019		736		830
7.500% due 12/25/2019		6,180		6,773
9.000% due 12/25/2019		2,955		3,301
7.000% due 03/25/2020		634		680
7.500% due 05/25/2020		1,433		1,554
6.000% due 07/25/2020		109		111
5.000% due 09/25/2020 (a)		163		164
9.000% due 09/25/2020		1,479		1,653
8.000% due 12/25/2020		15,166		15,658
8.750% due 01/25/2021		1,545		1,704
9.000% due 01/25/2021		2,561		2,844
5.750% due 02/18/2021 (a)		100		101
9.000% due 03/25/2021		254		285
7.000% due 05/25/2021		226		227
6.500% due 06/25/2021		3,667		3,877
8.000% due 07/25/2021		7,114		7,768
8.500% due 09/25/2021		2,487		2,743
7.000% due 10/25/2021		5,069		5,429
8.000% due 10/25/2021		91		91
7.000% due 11/25/2021		3,264		3,288
5.000% due 12/25/2021		500		508
4.000% due 01/25/2022		62		62
7.750% due 01/25/2022		11,329		12,323
8.000% due 01/25/2022		2,056		2,061
6.250% due 03/25/2022		6,626		6,844
6.550% due 03/25/2022		150		154
5.000% due 04/25/2022		38		38
7.000% due 04/25/2022		17,091		18,297
7.000% due 04/25/2022		155		171
7.375% due 05/25/2022		10,387		11,178
7.500% due 05/25/2022		1,980		2,114
7.000% due 06/25/2022		681		730
8.000% due 06/25/2022		4,529		5,057
7.000% due 07/25/2022		3,139		3,387
7.500% due 07/25/2022		806		862
8.000% due 07/25/2022		14,492		15,705
8.000% due 07/25/2022		24,851		27,247
6.500% due 10/25/2022		4,608		4,830
7.800% due 10/25/2022		1,651		1,788
6.500% due 03/25/2023		1,474		1,514
7.000% due 03/25/2023		32,138		33,072
6.900% due 05/25/2023		182		205
1.000% due 09/25/2023		73		72
6.750% due 09/25/2023		4,543		4,649
6.500% due 10/25/2023		9,804		10,531
6.750% due 10/25/2023		683		749
6.500% due 12/25/2023		176		187
5.000% due 01/25/2024		294		300
6.500% due 02/25/2024 (a)		5,150		5,635
7.000% due 03/25/2024 (a)		9,983		10,252
6.000% due 06/25/2024		340		355
6.500% due 08/17/2024		17,000		18,377
6.000% due 12/25/2024		711		722
4.750% due 01/25/2025		155		156
6.000% due 01/25/2025		130		136
2.163% due 02/25/2025 (a)		2,800		2,805
6.600% due 05/18/2025 (a)		219		221
7.500% due 11/17/2025 (a)		289		320
7.500% due 12/25/2025		184		187
7.000% due 02/15/2026		41		42
6.500% due 05/25/2026		150		156
7.000% due 07/18/2026		93		93
6.500% due 09/18/2026		91		93
7.000% due 12/18/2026		18,754		20,171
6.000% due 12/25/2026		170		178
8.500% due 02/17/2027		1,605		1,756
6.000% due 03/25/2027		320		336
5.000% due 04/18/2027		957		978
6.000% due 05/17/2027		5,470		5,812
7.000% due 06/18/2027		684		741
6.500% due 07/18/2027		197		212
8.000% due 08/18/2027		116		19
7.500% due 08/20/2027		2,925		3,174
5.750% due 12/20/2027		10,789		11,266
7.000% due 12/20/2027		14,224		15,527
6.000% due 02/25/2028		200		210
2.220% due 04/18/2028 (a)		1,446		1,461
6.500% due 06/25/2028		4,700		4,843
6.000% due 07/18/2028		9,748		10,172
6.500% due 07/18/2028		67,412		71,405
9.210% due 09/25/2028 (a)		7,974		9,125
6.500% due 10/25/2028		40,000		42,074
6.250% due 02/25/2029		3,500		3,677
6.000% due 04/25/2029		12,184		12,183
7.500% due 04/25/2029		879		951
7.500% due 06/19/2030		215		227
8.500% due 06/25/2030		12,185		13,972
2.313% due 08/25/2030 (a)		20,928		21,083
2.270% due 10/18/2030 (a)		16,262		16,364
7.000% due 11/25/2030		14,861		15,889
6.000% due 05/25/2031		11,875		11,849
6.000% due 05/25/2031		24,858		24,371
7.500% due 07/25/2031		843		913
6.750% due 08/21/2031		134,129		138,928
6.750% due 09/21/2031		142,172		147,809
2.363% due 09/25/2031 (a)		9,517		9,541
6.500% due 09/25/2031		12,873		13,464
6.500% due 10/03/2031		10,673		10,932
6.000% due 11/25/2031		37,929		37,197

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   21

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
6.500% due 11/25/2031	$	21,550	$	22,092
6.000% due 12/25/2031		34,162		34,754
5.500% due 09/25/2032		2,000		1,887
6.390% due 05/25/2036		35,025		37,130
7.349% due 01/17/2037		15,545		18,071
6.500% due 06/17/2038		5,000		5,342
6.500% due 09/17/2038		6,307		6,969
6.300% due 10/17/2038 (a)		18,365		19,880
4.500% due 08/25/2042		27,000		24,604
Fannie Mae—G
7.500% due 12/25/2019		36		39
Fannie Mae—PC
6.500% due 10/25/2031		460		485
Fannie Mae—PX
6.000% due 08/25/2023		12,536		13,551
6.500% due 01/25/2024		27,115		27,515
Fannie Mae—PZ
7.000% due 06/25/2023		849		947
Fannie Mae—XZ
6.500% due 10/25/2031		26,674		27,971
Fannie Mae—YZ
6.500% due 10/25/2031		30,975		32,511
Fannie Mae—Z
9.300% due 08/25/2019 (a)		36		41
7.000% due 06/25/2023		720		720
6.000% due 08/25/2023		1,324		1,364
6.500% due 01/25/2024		3,024		3,086
Fannie Mae—ZF
6.000% due 09/25/2032		10,720		10,281
Fannie Mae—ZL
6.000% due 09/25/2032		24,119		23,542
FDIC Remic Trust
6.750% due 05/25/2026		19		19
Federal Housing Administration
6.997% due 09/01/2019		2,014		2,031
7.430% due 01/01/2020		2,327		2,395
7.430% due 08/01/2020		651		669
7.430% due 10/01/2020		6,284		6,365
7.430% due 10/21/2021		1,450		1,496
7.430% due 12/01/2023		2,519		2,552
7.675% due 09/01/2030		5,837		6,707
FFCA Secured Lending Corp.
7.850% due 10/18/2017		29,600		33,570
First Chicago Lennar Trust
8.111% due 05/25/2008 (a)		275		275
First Commonwealth Savings & Loan Association
10.375% due 04/01/2005		11		12
First Horizon Asset Securities, Inc.
7.000% due 05/25/2030		192		199
6.750% due 02/25/2031		155,746		160,785
7.000% due 02/25/2031		20,818		21,184
First Interstate Bancorp
8.875% due 01/01/2009 (c)		93		101
9.125% due 01/01/2009 (a)(c)		4		4
First Nationwide Trust
6.500% due 03/25/2029		4,400		4,680
7.750% due 07/25/2030		7,002		7,124
8.000% due 10/25/2030		268		281
8.500% due 08/25/2031		241		255
2.413% due 09/25/2031 (a)		3,453		3,463
First Union Residential
Securitization, Inc.
7.000% due 04/25/2025		337		352
6.750% due 08/25/2028		9,048		9,256
Freddie Mac
6.750% due 10/15/2003 (a)		3,516		3,544
7.000% due 10/15/2003		1,273		1,304
7.000% due 12/15/2003		37		38
10.150% due 04/15/2006		2		2
6.500% due 07/15/2006		109		109
7.500% due 02/15/2007		352		369
7.500% due 04/01/2007		6		6
7.750% due 04/01/2007		6		6
8.000% due 10/01/2007		24		25
6.500% due 05/15/2008		173		173
12.550% due 06/15/2008 (a)		16		16
6.000% due 11/15/2008 (a)		225		238
6.200% due 12/15/2008		5,077		5,461
8.500% due 03/01/2009		88		94
7.000% due 06/01/2010		8		8
7.550% due 03/15/2012		136		138
11.875% due 06/15/2013		58		58
6.000% due 11/15/2014		400		420
6.000% due 06/15/2015		1,500		1,567
10.100% due 09/01/2016		222		256
7.500% due 11/15/2016		18,295		18,734
5.500% due 05/15/2018		225		229
10.000% due 11/15/2019		50		52
5.750% due 08/15/2020		494		497
9.000% due 09/15/2020		30		31
5.000% due 10/15/2020		672		683
8.900% due 11/15/2020		5,879		5,891
9.500% due 11/15/2020		1,747		1,751
6.000% due 12/15/2020		110		112
6.250% due 12/15/2020		145		149
8.750% due 12/15/2020		615		639
9.000% due 12/15/2020		1,004		1,041
9.000% due 12/15/2020		381		403
9.500% due 01/15/2021		1,016		1,073
6.000% due 04/15/2021		200		207
8.000% due 04/15/2021 (a)		46		47
6.500% due 05/15/2021		15		15
8.500% due 06/15/2021		8,894		9,341
8.500% due 06/15/2021		2,600		2,713
8.500% due 06/15/2021 (a)		400		453
5.500% due 07/15/2021		255		262
6.000% due 07/15/2021		135		139
6.950% due 07/15/2021		239		244
9.000% due 07/15/2021		1,197		1,283
6.200% due 08/15/2021		152		153
6.950% due 08/15/2021		71		74

22   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
9.500% due 08/15/2021	$	781	$	818
4.500% due 09/15/2021		148		149
6.000% due 09/15/2021		200		208
6.500% due 09/15/2021		455		465
7.000% due 09/15/2021		58		61
8.000% due 12/15/2021		11,806		12,554
6.850% due 01/15/2022		246		250
7.000% due 03/15/2022		540		552
8.250% due 06/15/2022		2,373		2,548
6.650% due 07/15/2022		746		767
8.500% due 10/15/2022		3,544		3,795
6.000% due 11/15/2022		220		230
6.250% due 11/15/2022		200		211
6.500% due 11/15/2022		100		106
7.000% due 12/15/2022		21,000		21,961
7.500% due 01/15/2023		20,601		22,499
6.500% due 02/15/2023		1,250		1,318
7.500% due 05/01/2023		460		490
5.750% due 06/15/2023		300		306
6.500% due 07/15/2023		970		996
7.000% due 07/15/2023		2,207		2,381
7.500% due 07/15/2023 (a)		395		417
6.500% due 08/15/2023		187		202
5.500% due 09/15/2023		150		155
5.840% due 10/25/2023 (a)		5,972		6,140
7.410% due 10/25/2023		1,194		1,254
6.500% due 11/15/2023		6,329		6,585
6.250% due 01/15/2024		100		102
6.500% due 01/15/2024		35		38
5.000% due 02/15/2024		116		118
6.500% due 02/15/2024		8		8
6.500% due 03/15/2024		364		387
7.499% due 03/15/2024		7,366		7,894
8.000% due 04/25/2024		404		458
6.250% due 05/15/2024		10,804		10,983
6.000% due 07/17/2024		195		196
8.500% due 08/01/2024		756		816
5.750% due 09/15/2024		200		205
6.500% due 09/15/2024		200		210
8.000% due 09/15/2024		1,900		2,062
8.000% due 09/15/2024		14,350		15,585
8.500% due 11/01/2024		308		333
5.500% due 11/15/2024		10,328		10,463
5.650% due 11/15/2024		133		135
6.000% due 11/15/2024		130		136
6.000% due 12/15/2024		220		230
5.750% due 01/15/2025		200		208
2.273% due 02/15/2025 (a)		2,800		2,820
6.000% due 02/15/2025		789		794
6.500% due 05/15/2025		305		311
5.750% due 06/15/2025		100		104
7.000% due 09/17/2025		15		15
6.000% due 12/15/2025		150		154
7.000% due 03/01/2026		51		53
6.500% due 03/15/2026		110		115
6.000% due 08/15/2026		2,400		2,495
1.953% due 09/15/2026 (a)		14,205		14,075
5.207% due 10/01/2026 (a)		1,473		1,516
6.000% due 11/15/2026		550		578
6.250% due 11/15/2026		700		731
6.000% due 12/15/2026		200		205
6.000% due 02/15/2027		250		262
6.250% due 02/15/2027		1,565		1,597
8.000% due 02/15/2027		40,580		44,523
6.500% due 03/15/2027		29,964		31,334
7.500% due 03/17/2027		20,000		21,479
4.890% due 05/01/2027 (a)		71		73
5.500% due 06/15/2027		150		156
6.000% due 06/15/2027		116		118
6.500% due 06/15/2027		11,571		12,310
7.500% due 06/20/2027		37,532		40,976
6.000% due 07/15/2027		100		104
6.500% due 08/15/2027		17,807		19,070
6.500% due 09/15/2027		73,000		76,977
6.500% due 10/15/2027		32,300		34,252
5.750% due 01/15/2028		185		189
6.500% due 01/25/2028		8,691		9,301
6.250% due 03/15/2028		10,000		10,585
6.500% due 06/15/2028		69,806		74,221
6.500% due 06/20/2028		26,630		28,293
6.500% due 07/15/2028		65,505		70,611
6.500% due 07/15/2028		14,683		15,598
6.100% due 08/15/2028		17		17
6.500% due 08/15/2028		369,672		389,516
7.000% due 11/15/2028		9,000		9,449
6.000% due 12/01/2028		526		543
6.250% due 12/15/2028		1,895		1,942
6.500% due 12/15/2028		8,034		8,458
6.000% due 01/15/2029		43,589		44,872
6.000% due 01/15/2029		3,736		3,705
6.500% due 01/15/2029		10,411		11,067
6.500% due 01/15/2029		16,932		17,698
6.000% due 02/15/2029 (a)		4,365		4,390
6.000% due 03/15/2029		1,850		1,822
6.500% due 03/15/2029		14,078		15,204
6.500% due 03/15/2029		5,214		5,246
6.500% due 03/15/2029 (a)		13,498		14,345
8.000% due 09/15/2029		8,892		9,812
2.173% due 12/15/2029 (a)		662		664
7.500% due 01/15/2030		7,572		8,236
7.500% due 02/01/2030		98		104
7.500% due 07/15/2030		1,000		1,066
7.000% due 08/15/2030		14,384		15,467
7.500% due 08/15/2030		23,371		25,116
7.500% due 08/15/2030		3,038		3,313
2.323% due 09/15/2030 (a)		3,443		3,456
7.000% due 09/15/2030 (a)		20,811		22,673
7.000% due 09/15/2030		12,935		14,001
7.000% due 10/15/2030		3,988		4,260
7.000% due 10/15/2030		12,994		14,165

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   23

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
7.000% due 10/15/2030	$	5,716	$	6,103
7.500% due 10/15/2030		31,564		34,904
2.273% due 11/15/2030 (a)		524		526
6.000% due 06/15/2031		8,190		8,074
6.000% due 12/15/2031		10,194		9,954
6.000% due 07/15/2032		32,018		31,190
6.500% due 07/15/2032		10,109		10,409
4.617% due 08/15/2032 (a)		20,568		20,315
6.000% due 09/15/2032		6,400		6,330
Freddie Mac—BE
6.000% due 11/15/2027		140		147
Freddie Mac—C
7.000% due 07/15/2022		40		41
Freddie Mac—CJ
6.500% due 04/15/2028		81,400		85,978
Freddie Mac—D
6.000% due 03/15/2009		153		153
Freddie Mac—G
6.500% due 04/15/2028		2,500		2,661
6.000% due 12/15/2028		11,995		12,482
Freddie Mac—H
6.000% due 03/15/2009		265		284
Freddie Mac—N
7.000% due 07/15/2022		610		653
Freddie Mac—PD
6.000% due 11/15/2027		525		552
Freddie Mac—PH
6.500% due 04/15/2028		50,000		52,621
Freddie Mac—TA
7.500% due 01/15/2027		4		4
Freddie Mac—TE
6.500% due 05/15/2028		48,000		51,063
Freddie Mac—Z
7.000% due 07/15/2022		6,127		6,474
7.500% due 01/15/2027		29,244		31,110
6.500% due 04/15/2028		30,497		32,863
6.000% due 08/15/2032		3,417		3,240
Freddie Mac—ZA
6.500% due 05/15/2028		17,124		18,277
6.500% due 07/15/2028		28,923		30,756
6.500% due 08/15/2028		23,455		25,245
6.000% due 08/15/2032		18,844		18,309
Freddie Mac—ZC
6.500% due 08/15/2028		26,061		28,050
Freddie Mac—ZM
6.000% due 12/15/2028		12,516		12,607
Fund America Investors Corp. II
6.307% due 06/25/2023 (a)		1,332		1,378
General Electric Capital Mortgage Services, Inc.
6.500% due 09/25/2023		1,175		1,199
6.500% due 12/25/2023 (a)		8,631		8,853
6.500% due 01/25/2024 (a)		3,895		4,008
6.000% due 02/25/2024		8,328		8,603
6.500% due 02/25/2024		13,565		14,163
6.500% due 04/25/2024		75,744		78,073
7.250% due 05/25/2026		2,837		2,892
7.500% due 06/25/2027		4,988		4,990
7.000% due 11/25/2027		41,216		41,782
6.650% due 05/25/2028		2,833		2,855
6.750% due 05/25/2028		23,934		24,349
6.500% due 06/25/2028		2,165		2,203
6.550% due 06/25/2028		9,565		9,591
6.750% due 06/25/2028		20,517		21,685
6.750% due 10/25/2028		11,942		12,518
6.250% due 12/25/2028		53,545		56,076
6.500% due 12/25/2028		19,500		20,451
6.350% due 05/25/2029		7,100		7,345
6.500% due 05/25/2029		9,858		10,410
6.750% due 05/25/2029		20,000		20,969
6.000% due 07/25/2029		145		145
6.250% due 07/25/2029 (a)		132,674		136,517
6.500% due 07/25/2029 (a)		95,240		100,891
7.000% due 09/25/2029		12,602		13,340
General Electric Capital Mortgage Services, Inc.—1A9
7.000% due 10/25/2027		6,426		6,495
General Electric Capital Mortgage Services, Inc.—2A1
7.000% due 10/25/2027		14,091		14,285
General Electric Capital Mortgage Services, Inc.—A10
6.500% due 03/25/2024		127		127
General Electric Capital Mortgage Services, Inc.—A22
6.500% due 03/25/2024		9,967		10,082
General Electric Capital Mortgage Services, Inc.—A23
6.500% due 03/25/2024		32,149		32,505
General Electric Capital Mortgage Services, Inc.—A24
6.500% due 03/25/2024 (a)		6,908		7,112
GMAC Commercial Mortgage Securities, Inc.
7.860% due 11/15/2006		250		260
6.150% due 11/15/2007		172		184
6.806% due 04/15/2008		1,000		1,094
6.974% due 05/15/2008		24,424		27,042
8.950% due 08/20/2017		319		344
6.700% due 05/15/2030		12,032		13,326
6.570% due 09/15/2033		31,710		34,507
GMAC Mortgage Corp. Loan Trust
7.000% due 08/25/2029		13,712		13,787
7.500% due 05/25/2030		12,000		12,405
7.198% due 11/25/2030 (a)		242		237
Goldman Sachs Mortgage Corp.
6.000% due 12/31/2007 (c)		6,692		7,412
Government Lease Trust
4.000% due 05/18/2011		3,000		2,814

24   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Government National Mortgage Association
8.000% due 06/20/2025	$	110	$	117
7.000% due 10/20/2025 (a)		7,000		7,417
2.373% due 12/16/2025 (a)		1,091		1,094
6.000% due 03/20/2026		1,500		1,545
7.000% due 03/20/2026		320		331
7.500% due 07/16/2027		34,744		37,493
6.500% due 04/20/2028		13,315		14,135
6.500% due 06/20/2028		41,732		44,895
6.750% due 06/20/2028		25,293		28,432
7.250% due 07/16/2028		30		33
6.500% due 07/20/2028		22,893		24,285
6.500% due 07/20/2028		48,146		52,869
6.500% due 09/20/2028		5,314		5,591
6.500% due 09/20/2028		1,685		1,774
6.500% due 09/20/2028		39,399		40,945
6.500% due 01/20/2029 (a)		31,708		33,620
7.000% due 02/16/2029		6,815		7,150
6.500% due 03/20/2029 (a)		16,259		17,289
8.000% due 03/20/2029		8,893		9,126
6.000% due 05/20/2029		12,208		12,327
7.500% due 11/20/2029		2,595		2,886
7.000% due 01/16/2030		7,424		7,672
2.323% due 02/16/2030 (a)		21,515		21,623
2.423% due 02/16/2030 (a)		21,776		22,027
2.473% due 02/16/2030 (a)		12,207		12,354
7.500% due 02/20/2030		6,634		7,444
7.500% due 02/20/2030		18,301		19,740
2.220% due 06/20/2030 (a)		4,177		4,186
7.500% due 08/20/2030		14,316		15,343
2.320% due 09/20/2030 (a)		3,104		3,116
7.500% due 09/20/2030		5,806		6,367
2.273% due 10/16/2030 (a)		19,023		19,035
7.000% due 10/16/2030		28,784		30,852
6.500% due 03/20/2031		6,613		6,882
6.000% due 06/16/2032		18,271		18,389
6.000% due 07/20/2032		8,722		8,665
6.500% due 07/20/2032		2,022		2,119
GS Mortgage Securities Corp.
6.526% due 08/15/2011		15,700		17,719
6.044% due 08/15/2018		22,353		24,820
G-Wing Ltd.
4.460% due 05/06/2004 (a)		35,500		35,358
Harborview Mortgage Loan Trust
7.470% due 08/19/2030		9,078		9,259
Headlands Mortgage Securities, Inc.
7.250% due 11/25/2012		401		401
7.155% due 12/25/2012 (a)		148		150
7.250% due 11/25/2027		3,872		3,878
Home Savings of America
8.464% due 08/01/2006 (a)		11		12
4.302% due 05/25/2027 (a)		1,601		1,614
6.613% due 08/20/2029 (a)		11,138		11,121
Housing Securities, Inc.
7.000% due 05/25/2008		443		446
7.000% due 05/25/2008		146		147
7.000% due 05/25/2023		5,056		5,159
ICI Funding Corp. Secured Assets Corp.
7.250% due 09/25/2027		9,470		9,663
7.750% due 03/25/2028 (a)		788		805
7.750% due 03/25/2028		919		934
IMPAC CMB Trust
2.233% due 12/15/2030 (a)		26,472		26,498
2.093% due 11/25/2031 (a)		24,570		24,500
Imperial CMB Trust
6.650% due 11/25/2029		388		388
Imperial Savings Association
8.230% due 01/25/2017 (a)		32		32
8.854% due 07/25/2017 (a)		134		133
Independent National Mortgage Corp.
8.250% due 05/25/2010		53		53
6.650% due 10/25/2024		207		207
3.413% due 07/25/2025 (a)		1,112		1,111
Indymac Adjustable Rate Mortgage Trust
6.568% due 08/25/2031 (a)		6,265		6,144
6.432% due 01/25/2032 (a)		70,660		71,861
6.446% due 01/25/2032 (a)		15,512		15,741
International Mortgage Acceptance Corp.
12.250% due 03/01/2014		185		200
J.P. Morgan Commercial Mortgage Finance Corp.
8.228% due 02/25/2028 (a)		1,615		1,837
7.069% due 09/15/2029		36		38
LB Commercial Conduit Mortgage Trust
6.330% due 11/18/2004		26		27
Lehman Large Loan Trust
6.790% due 06/12/2004		21		22
Long Beach Mortgage Loan Trust
8.396% due 01/20/2017 (a)		47,777		51,629
Mellon Residential Funding Corp.
6.500% due 02/25/2028		9,067		9,096
6.350% due 06/25/2028		22,000		22,035
6.600% due 06/26/2028		7,660		7,811
6.110% due 01/25/2029		18,347		18,716
6.580% due 07/25/2029 (a)		51,557		51,736
2.310% due 10/20/2029 (a)		15,358		15,510
Merrill Lynch Mortgage Investors, Inc.
6.439% due 06/15/2021 (a)		1,323		1,352
6.589% due 06/15/2021 (a)		3,346		3,516
6.849% due 06/15/2021 (a)		3,139		3,336

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   25

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
7.209% due 06/15/2021 (a)	$	697	$	737
6.950% due 06/18/2029 (a)		12,801		13,199
2.120% due 01/20/2030 (a)		1,317		1,310
5.650% due 12/15/2030		6,190		6,498
Midland Realty Acceptance Corp.
7.020% due 01/25/2029		1,531		1,559
MLCC Mortgage Investors, Inc.
2.073% due 09/15/2026 (a)		11,853		11,824
Morgan Stanley Capital I
5.990% due 03/15/2005		40		41
6.190% due 01/15/2007		14,354		15,347
6.170% due 10/03/2008		750		832
6.160% due 04/03/2009 (a)		10,964		11,768
7.460% due 02/15/2020		4,687		4,725
2.043% due 07/25/2027 (a)		182		181
6.860% due 07/15/2029 (a)		578		598
6.220% due 06/01/2030		57		61
6.590% due 10/03/2030 (a)		4,697		5,032
Mortgage Capital Funding, Inc.
7.800% due 04/15/2006 (a)		500		572
7.008% due 09/20/2006		15,545		17,357
6.001% due 11/18/2031		57		61
Mortgage Obligation Structured Trust
7.700% due 10/25/2018		13,140		13,213
NationsBanc Montgomery Funding Corp.
6.750% due 06/25/2028		10,000		10,633
6.500% due 07/25/2028		14,470		15,474
6.750% due 08/25/2028		20,009		20,839
6.250% due 10/25/2028		7,000		7,444
Nationslink Funding Corp.
6.654% due 02/10/2006		20,624		22,404
2.160% due 04/10/2007 (a)		12,024		12,063
6.096% due 11/10/2030 (a)		3,421		3,438
Nomura Asset Acceptance Corp.
7.000% due 02/19/2030		13,908		15,086
Nomura Asset Securities Corp.
7.120% due 04/13/2036		460		514
Norwest Asset Securities Corp.
6.750% due 12/25/2012 (a)		5,655		5,823
6.500% due 04/25/2013		17,770		18,522
6.500% due 06/25/2013		803		816
6.500% due 06/25/2013		9,229		9,682
7.500% due 03/25/2027		17,147		17,226
7.500% due 03/25/2027		1,025		1,032
6.750% due 05/25/2028		20,103		20,184
6.750% due 05/25/2028		13,000		13,209
6.750% due 07/25/2028		12,657		12,756
6.250% due 08/25/2028		129		129
6.250% due 09/25/2028		307		317
6.750% due 10/25/2028		20,000		21,036
6.750% due 10/25/2028		17,748		18,470
6.500% due 12/25/2028		39,751		41,147
6.000% due 01/25/2029		20,216		20,347
6.500% due 02/25/2029		144		146
6.500% due 02/25/2029		62,000		65,530
5.950% due 04/25/2029 (a)		13,810		13,828
6.200% due 04/25/2029 (a)		77,385		80,353
6.300% due 04/25/2029 (a)		1,177		1,178
6.500% due 04/25/2029		26,751		28,329
6.000% due 05/25/2029 (a)		3,266		3,267
6.250% due 05/25/2029		288		292
6.500% due 06/25/2029 (a)		46,178		47,752
6.500% due 10/25/2029		1,935		2,047
7.000% due 11/25/2029		14,541		15,174
7.250% due 02/25/2030		19,756		20,015
Norwest Integrated Structured Assets, Inc.
7.000% due 09/25/2029		3,968		4,112
Pacific Collateralized Mortgage Obligation Trust
8.000% due 03/20/2018		286		288
Paine Webber Mortgage Acceptance Corp.
6.000% due 04/25/2009		9,498		9,694
Patten Mortgage
7.250% due 08/01/2011 (a)		22		22
PHH Mortgage Services Corp.
7.177% due 11/18/2027 (a)		921		973
PNC Mortgage Securities Corp.
6.750% due 06/25/2016 (a)		1,748		1,755
7.000% due 10/25/2027		11,833		11,878
6.750% due 12/25/2027		7,230		7,419
6.976% due 02/25/2028		9,165		9,347
7.000% due 02/25/2028		24,905		25,416
7.000% due 05/25/2028		1,600		1,623
6.750% due 07/25/2028		3,525		3,719
6.750% due 09/25/2028		3,990		4,177
6.750% due 10/25/2028		19,256		19,941
6.750% due 10/25/2028		6,702		7,110
6.500% due 12/25/2028		5,000		5,135
6.750% due 12/25/2028		21,698		23,183
6.250% due 01/25/2029		9,257		9,468
6.500% due 01/25/2029		990		1,027
6.500% due 01/25/2029		465		475
6.300% due 03/25/2029		9,955		10,528
6.200% due 06/25/2029 (a)		26,345		27,212
6.200% due 06/25/2029 (a)		5,261		5,429
6.300% due 06/25/2029		30,400		31,235
6.500% due 06/25/2029 (a)		48,551		51,874
7.000% due 06/25/2030		11,303		12,165
2.263% due 12/25/2030 (a)		7,031		7,040
7.500% due 02/25/2031		16,589		16,932
7.500% due 05/25/2040 (a)		612		619
PNC Mortgage Trust
8.250% due 03/25/2030		18,513		19,240
Prudential Home Mortgage Securities
7.400% due 11/25/2007		686		714

26   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
7.000% due 01/25/2008	$	15,896	$	15,875
6.500% due 07/25/2008		5,250		5,321
6.750% due 07/25/2008		225		225
6.950% due 11/25/2022		222		222
6.750% due 10/25/2023		10,996		11,086
5.900% due 12/25/2023		672		678
6.500% due 01/25/2024		39		40
6.500% due 01/25/2024		1,518		1,578
6.250% due 04/25/2024		14,672		15,253
6.800% due 05/25/2024		12,563		13,734
6.450% due 11/25/2025		5,264		5,376
Prudential Securities Secured Financing Corp.
6.074% due 01/15/2008 (a)		9,828		10,568
Prudential-Bache Trust
8.400% due 03/20/2021		3,173		3,353
Regal Trust IV
4.347% due 09/29/2031 (a)		5,845		5,706
Resecuritization Mortgage Trust
2.060% due 04/26/2021 (a)		9		9
6.750% due 06/19/2028		17,742		19,142
6.500% due 04/19/2029		2,442		2,496
Residential Accredit Loans, Inc.
7.500% due 08/25/2027 (a)		7,248		7,455
7.000% due 02/25/2028		40,985		42,020
6.500% due 12/25/2028		400		418
6.500% due 05/25/2029		3,000		3,133
6.750% due 06/25/2029		496		501
7.000% due 07/25/2029		124		125
8.000% due 07/25/2030		5		5
7.000% due 08/25/2031		6,471		6,710
Residential Asset Securitization Trust
7.375% due 03/25/2027		3,119		3,164
7.000% due 10/25/2027		10,871		11,067
7.000% due 01/25/2028		16,271		16,627
6.500% due 12/25/2028		1,250		1,298
6.500% due 03/25/2029		126		127
6.500% due 03/25/2029		18,548		19,099
6.750% due 03/25/2029		194		198
7.875% due 01/25/2030		244		254
8.000% due 02/25/2030		14,035		14,543
2.513% due 09/25/2030 (a)		5,363		5,386
Residential Funding Mortgage Securities I, Inc.
7.500% due 09/25/2011 (a)		2,196		2,226
7.000% due 05/25/2012 (a)		306		308
6.500% due 12/25/2012		15,534		15,971
7.750% due 09/25/2022		17		17
8.000% due 01/25/2023		743		742
8.000% due 02/25/2023		2,285		2,282
6.500% due 11/25/2023		1,660		1,708
7.500% due 12/25/2025		703		711
7.750% due 11/25/2026		726		734
7.500% due 04/25/2027		1,971		1,980
7.500% due 06/25/2027		13,424		13,403
7.500% due 07/25/2027		8,448		8,451
7.250% due 08/25/2027		4,977		4,979
7.250% due 10/25/2027		20,994		21,174
7.000% due 11/25/2027		10,266		10,396
6.750% due 02/25/2028		843		843
6.750% due 02/25/2028		20,522		20,706
6.750% due 02/25/2028		6,424		6,609
6.750% due 05/25/2028		56,242		56,745
6.750% due 06/25/2028		25,600		26,151
6.750% due 06/25/2028		34,800		36,194
6.750% due 07/25/2028		13,292		13,808
6.750% due 08/25/2028		35,000		36,548
6.750% due 09/25/2028		65,993		68,931
6.750% due 09/25/2028		500		510
6.500% due 10/25/2028		52,000		54,210
6.250% due 11/25/2028		3,000		3,135
6.500% due 12/25/2028		23,400		24,670
6.500% due 01/25/2029		20,083		21,205
6.500% due 01/25/2029		52,231		55,229
6.500% due 03/25/2029		27,960		29,658
6.500% due 06/25/2029 (a)		12,903		13,129
6.750% due 07/25/2029 (a)		22,600		23,470
7.000% due 10/25/2029		25,260		26,429
7.500% due 11/25/2029		11,227		11,372
7.500% due 11/25/2030		3,444		3,447
7.500% due 12/25/2030		2,823		2,856
6.316% due 06/25/2031 (a)		16,342		16,514
6.250% due 02/25/2032		6,480		6,528
1.000% due 09/25/2032		224,195		226,465
Resolution Trust Corp.
5.608% due 10/25/2021 (a)		22		22
8.135% due 10/25/2021 (a)		70		69
8.625% due 10/25/2021		64		64
11.060% due 10/25/2021 (a)		35		35
8.000% due 06/25/2026		91		91
6.550% due 05/25/2029 (a)		1,897		1,914
7.141% due 05/25/2029 (a)		1,353		1,362
7.604% due 05/25/2029 (a)		1,361		1,382
RMF Commercial Mortgage Securities, Inc.
6.751% due 01/15/2019 (a)		205		219
Ryland Acceptance Corp.
11.500% due 12/25/2016		48		48
Ryland Mortgage Securities Corp.
8.200% due 06/25/2021		26		26
7.004% due 08/25/2022 (a)		946		969
Saco I, Inc.
7.997% due 07/25/2030 (a)		1,126		1,125
2.203% due 10/25/2030 (a)		10,231		10,231
2.243% due 09/25/2040 (a)		177		177
Salomon Brothers Mortgage Securities VII, Inc.
7.235% due 11/25/2022 (a)		175		175

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   27

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
6.684% due 10/25/2023 (a)	$	57	$	57
7.718% due 03/25/2024 (a)		132		133
7.879% due 07/01/2024 (a)		1,711		1,713
8.071% due 09/25/2024 (a)		103		104
8.151% due 10/25/2024 (a)		150		150
7.643% due 11/25/2024 (a)		201		202
2.153% due 04/25/2029 (a)		2,290		2,286
2.193% due 04/25/2029 (a)		972		972
2.113% due 06/25/2029 (a)		6,619		6,545
2.213% due 09/25/2029 (a)		33		33
7.599% due 11/25/2030		7,296		7,353
2.133% due 06/25/2032 (a)		54,198		54,085
Santa Barbara Savings & Loan Association
9.500% due 11/20/2018		1,128		1,133
Saxon Mortgage Securities Corp.
6.250% due 04/25/2009		252		252
7.375% due 09/25/2023		6,372		6,478
Sears Mortgage Securities
12.000% due 02/25/2014		373		375
6.120% due 11/25/2021 (a)		204		208
7.431% due 10/25/2022 (a)		904		1,096
5.489% due 12/25/2028 (a)		161		161
Securitized Asset Sales, Inc.
7.499% due 06/25/2023 (a)		145		146
6.510% due 10/25/2023 (a)		216		215
6.952% due 11/26/2023 (a)		356		355
7.410% due 09/25/2024 (a)		867		865
Security Pacific National Bank
6.870% due 03/25/2018 (a)		56		56
6.749% due 09/25/2019 (a)		234		234
Sequoia Mortgage Trust
3.520% due 10/25/2024 (a)		38,144		38,221
Small Business Administration
7.540% due 08/10/2009		78,432		89,856
8.017% due 02/10/2010		94,482		110,313
7.452% due 09/01/2010		15,334		17,513
Starwood Commercial Mortgage Trust
6.600% due 02/03/2009		9,382		10,208
Structured Asset Mortgage Investments, Inc.
5.462% due 05/25/2022		9,102		9,170
6.750% due 03/25/2028		20,798		20,908
6.911% due 06/25/2028 (a)		11,601		12,297
6.250% due 11/25/2028		14,878		15,824
6.750% due 01/25/2029		10,000		10,461
6.300% due 05/25/2029 (a)		6,502		6,511
6.576% due 06/25/2029 (a)		18,690		19,362
7.250% due 07/25/2029 (a)		1,681		1,680
7.203% due 02/25/2030 (a)		1,312		1,364
6.750% due 05/02/2030		25,000		26,186
7.275% due 04/25/2032		32,514		33,368
2.154% due 09/19/2032 (a)		125,136		125,136
Structured Asset Notes Transactions Ltd.
6.650% due 08/30/2005 (a)		11,678		11,506
Structured Asset Securities Corp.
7.000% due 02/25/2016		13,265		13,636
7.500% due 07/25/2016		25,782		26,514
7.000% due 12/25/2027 (a)		38,618		39,290
7.750% due 02/25/2028		2,402		2,510
6.750% due 07/25/2029		1,763		1,800
6.750% due 07/25/2029		355		359
2.413% due 11/25/2030 (a)		8,132		8,151
2.263% due 05/25/2031 (a)		5,328		5,344
5.800% due 09/25/2031		53,200		54,055
6.500% due 09/25/2031 (a)		102,364		104,332
6.250% due 01/25/2032 (a)		216,640		222,500
2.100% due 02/25/2032 (a)		141,898		141,351
6.320% due 02/25/2032 (a)		142,665		145,407
2.080% due 06/25/2032 (a)		2,381		2,380
6.150% due 07/25/2032 (a)		102,262		104,942
Structured Mortgage Asset Residential Trust
7.584% due 07/25/2024 (a)		47		50
Superannuation Members Home Loans Global Fund
2.081% due 06/15/2026 (a)		12,545		12,555
TMA Mortgage Funding Trust
2.193% due 01/25/2029 (a)		18,221		18,221
Torrens Trust
2.083% due 07/15/2031 (a)		22,577		22,594
Union Planters Mortgage Finance Corp.
6.750% due 01/25/2028		4,000		4,311
6.800% due 01/25/2028		15,000		16,437
United Mortgage Securities Corp.
6.530% due 06/25/2032 (a)		14,133		14,431
6.964% due 09/25/2033 (a)		683		699
Vendee Mortgage Trust
6.500% due 05/15/2020		32,730		35,271
6.835% due 01/15/2030 (a)		12,629		13,094
Washington Mutual Mortgage Securities Corp.
6.750% due 05/25/2031		99		99
5.240% due 10/25/2032 (a)		296,654		303,379
Washington Mutual, Inc.
7.500% due 11/19/2029		600		617
5.596% due 04/25/2032		2,000		2,011
6.013% due 10/19/2039 (a)		3,000		3,082
6.398% due 10/19/2039 (a)		165,452		169,023
6.601% due 10/19/2039 (a)		58,004		58,747
6.601% due 10/19/2039 (a)		32,132		31,444
5.277% due 12/25/2040 (a)		26,026		26,368
4.470% due 01/25/2041 (a)		49,539		50,367
Wells Fargo Mortgage-Backed Securities Trust
6.125% due 07/25/2031		11,992		12,204
6.633% due 10/25/2031 (a)		16,327		16,756
6.675% due 10/25/2031 (a)		25,095		25,753
6.706% due 10/25/2031 (a)		2,191		2,249
6.197% due 01/25/2032		26,981		27,382

28   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
6.251% due 01/25/2032 (a)	$	43,655	$	44,255
5.221% due 09/25/2032 (a)		124,200		126,160
Western Federal Savings &    Loan Association
6.387% due 06/25/2021 (a)		578		580
				13,205,528
Fannie Mae 22.9%
0.990% due 05/01/2017		78,570		81,656
3.884% due 09/01/2017 (a)		2,567		2,580
3.946% due 10/01/2040 (a)		12,472		12,801
3.953% due 10/01/2030- 09/01/2040 (a)(d)		30,912		31,730
3.956% due 10/01/2040 (a)		9,796		10,055
3.969% due 09/01/2024 (a)		902		919
3.973% due 03/01/2033 (a)		365		373
4.458% due 04/01/2027 (a)		46		47
4.500% due 09/01/2024 (a)		1,172		1,199
4.515% due 02/01/2028 (a)		131		134
4.625% due 05/01/2023 (a)		551		564
4.814% due 08/01/2027 (a)		13,416		13,765
4.944% due 07/01/2024 (a)		2,468		2,528
4.945% due 06/01/2024 (a)		370		383
5.000% due 04/01/2014		373		381
5.005% due 05/01/2024 (a)		1,356		1,407
5.031% due 10/01/2027 (a)		2,319		2,406
5.082% due 05/01/2026 (a)		222		230
5.090% due 09/01/2022 (a)		480		490
5.116% due 06/01/2023 (a)		880		901
5.163% due 01/01/2018 (a)		883		909
5.214% due 10/01/2024 (a)		226		233
5.282% due 11/01/2025 (a)		1,707		1,750
5.295% due 11/01/2023 (a)		112		113
5.324% due 05/01/2025 (a)		1,360		1,400
5.342% due 08/01/2025		4,610		4,752
5.372% due 09/01/2022 (a)		550		559
5.383% due 11/01/2025 (a)		740		761
5.435% due 08/01/2026 (a)		790		814
5.450% due 05/01/2022 (a)		254		254
5.453% due 04/01/2027 (a)		300		310
5.500% due 01/01/2004- 11/14/2032 (d)		3,494,727		3,598,267
5.568% due 02/01/2028 (a)		390		404
5.666% due 05/01/2030 (a)		127		131
5.690% due 09/01/2025 (a)		443		457
5.694% due 09/01/2023 (a)		1,007		1,035
5.705% due 11/01/2025 (a)		926		950
5.713% due 03/01/2025 (a)		3,327		3,425
5.758% due 10/01/2024 (a)		467		484
5.807% due 01/01/2026 (a)		373		386
5.874% due 11/01/2025 (a)		169		174
5.918% due 08/01/2023 (a)		147		150
5.937% due 12/01/2031		5,553		6,118
5.982% due 12/01/2023 (a)		450		460
6.000% due 11/01/2003- 01/01/2039 (d)		10,280,951		10,680,320
6.038% due 10/01/2023 (a)		361		371
6.048% due 01/01/2011		148		170
6.090% due 12/01/2008		48		54
6.200% due 12/01/2023 (a)		463		477
6.210% due 08/01/2010		49,827		56,563
6.250% due 09/01/2029 (a)		302		312
6.251% due 01/01/2024 (a)		329		339
6.255% due 09/01/2013		64,000		72,608
6.287% due 03/01/2026 (a)		468		485
6.315% due 01/01/2024 (a)		270		278
6.343% due 02/01/2026 (a)		255		265
6.351% due 01/01/2024 (a)		683		703
6.376% due 12/01/2023 (a)		95		98
6.381% due 11/01/2023 (a)		409		421
6.399% due 12/01/2023 (a)		312		322
6.420% due 12/01/2007		150		169
6.472% due 10/01/2023 (a)		138		143
6.500% due 04/01/2003- 10/15/2032 (d)		21,237		22,160
6.501% due 07/01/2019 (a)		379		396
6.530% due 10/01/2013		4,229		4,786
6.550% due 01/01/2008		922		1,043
6.555% due 08/01/2028		2,194		2,462
6.578% due 04/01/2026 (a)		443		462
6.594% due 12/01/2027 (a)		3,263		3,357
6.651% due 09/01/2027 (a)		284		296
6.710% due 11/01/2023 (a)		39		41
6.730% due 11/01/2007		1,104		1,257
6.750% due 08/01/2003		17		17
6.796% due 05/01/2023 (a)		1,471		1,526
6.811% due 08/01/2027 (a)		653		689
6.847% due 07/01/2003		54		55
6.900% due 06/01/2007		368		413
6.982% due 06/01/2007		451		508
7.000% due 07/01/2003- 10/15/2032 (a)(d)		44,953		46,359
7.040% due 03/01/2007		52		59
7.235% due 10/01/2003		52		53
7.250% due 01/01/2008- 01/01/2023 (d)		7,376		7,799
7.285% due 07/01/2003		108		109
7.391% due 06/01/2030 (a)		10,676		11,277
7.430% due 01/25/2023		1,621		1,671
7.460% due 08/01/2029		3,884		4,708
7.500% due 08/01/2003- 10/15/2032 (d)		15,808		17,206
7.750% due 06/01/2009		105		112
7.780% due 01/01/2018		2,200		2,775
7.850% due 07/01/2018		6,572		8,179
7.920% due 03/01/2018		2,712		3,461
7.980% due 05/01/2030		6,596		7,084
8.000% due 08/01/2003- 08/01/2031 (d)		14,662		15,675
8.060% due 04/01/2030		1,832		1,954
8.080% due 04/01/2030		1,003		1,071
8.250% due 10/01/2008- 03/01/2030 (d)		2,003		2,451

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   29

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
8.490% due 06/01/2025	$	973	$	1,054
8.500% due 11/01/2004- 10/01/2031 (d)		49,771		53,405
9.000% due 10/01/2004- 12/01/2027 (d)		4,414		4,858
9.500% due 12/01/2006- 07/01/2026 (d)		5,355		5,884
9.750% due 11/01/2008		7		8
10.000% due 09/01/2003- 05/01/2022 (d)		974		1,116
10.500% due 11/01/2013- 04/01/2022 (d)		312		354
10.750% due 03/01/2014		13		15
11.000% due 11/01/2013- 11/01/2020 (d)		139		160
11.500% due 08/20/2016- 11/01/2019 (d)		47		55
12.000% due 05/01/2016		5		6
12.500% due 10/01/2015		20		24
13.250% due 09/01/2011		9		10
14.500% due 06/01/2012- 01/01/2013 (d)		5		6
14.750% due 08/01/2012		111		136
15.000% due 10/01/2012 (a)		189		232
15.500% due 10/01/2012- 12/01/2012 (d)		11		14
15.750% due 12/01/2011- 08/01/2012 (d)		74		91
16.000% due 09/01/2012		73		91
				14,841,933
Federal Housing Administration 0.7%
6.000% due 03/20/2028		3,423		3,544
6.755% due 03/01/2041		16,079		17,498
6.780% due 07/25/2040		7,572		8,346
6.790% due 05/01/2039		10,716		11,109
6.830% due 12/01/2039		3,449		4,014
6.875% due 11/01/2015		2,757		2,771
6.880% due 10/01/2040- 02/01/2041 (d)		21,539		23,256
6.896% due 07/01/2020		15,188		15,112
6.900% due 12/01/2040		22,694		24,568
6.930% due 07/01/2014- 01/01/2036 (d)		22,215		24,339
6.960% due 05/01/2016		7,018		7,063
7.050% due 03/25/2040		530		581
7.110% due 05/01/2019		3,705		3,753
7.125% due 03/01/2034		4,344		4,601
7.211% due 12/01/2021		1,544		1,553
7.250% due 06/01/2040		8,222		9,606
7.310% due 06/01/2041		23,497		25,429
7.315% due 08/01/2019		26,155		26,858
7.350% due 11/01/2020- 11/01/2022 (d)		9,589		9,697
7.375% due 02/01/2018- 12/31/2022 (d)		10,642		10,877
7.400% due 01/25/2020- 02/01/2020 (d)		12,620		12,839
7.430% due 12/01/2016- 07/01/2025 (d)		89,303		90,753
7.450% due 05/01/2021- 10/01/2023 (d)		14,693		14,949
7.460% due 01/01/2023		1,628		1,657
7.465% due 11/01/2019		16,833		17,138
7.500% due 01/31/2031- 03/01/2032 (d)		3,995		4,207
7.580% due 12/01/2040		7,380		8,171
7.630% due 08/01/2041		17,679		17,635
7.650% due 11/01/2018		122		129
7.780% due 11/01/2040		7,373		8,265
7.880% due 03/01/2041		13,350		14,628
7.930% due 05/01/2016		1,770		1,859
8.250% due 10/29/2023- 01/01/2041 (d)		9,337		10,057
8.375% due 02/01/2012		336		349
				447,185
Freddie Mac 0.7%
2.223% due 06/15/2031 (a)		12,357		12,389
4.000% due 06/01/2017 (a)		11		11
4.250% due 04/01/2017 (a)		21		21
4.574% due 09/01/2023 (a)		1,274		1,311
4.589% due 07/01/2025 (a)		3,913		4,032
4.612% due 06/01/2022 (a)		250		257
4.625% due 08/01/2024 (a)		163		168
4.652% due 07/01/2022 (a)		365		375
4.716% due 08/01/2023 (a)		430		442
4.750% due 06/01/2024 (a)		886		915
4.781% due 08/01/2023 (a)		128		133
4.812% due 07/01/2023 (a)		296		304
4.823% due 06/01/2022 (a)		608		626
4.826% due 08/01/2023 (a)		2,800		2,884
4.918% due 10/01/2023 (a)		452		468
4.933% due 05/01/2023 (a)		917		946
5.255% due 11/01/2026 (a)		2,964		3,047
5.269% due 09/01/2023 (a)		4,731		4,891
5.430% due 07/01/2024 (a)		821		850
5.467% due 07/01/2023 (a)		801		818
5.481% due 10/01/2023 (a)		75		76
5.500% due 10/01/2008- 01/01/2014 (a)(d)		1,032		1,075
5.535% due 12/01/2022 (a)		147		150
5.550% due 05/01/2023 (a)		537		546
5.584% due 06/01/2024 (a)		1,871		1,920
5.621% due 09/01/2023 (a)		813		828
5.650% due 08/01/2023 (a)		4		5
5.678% due 04/01/2024 (a)		3,458		3,548
5.692% due 04/01/2023 (a)		168		171
5.795% due 12/01/2026 (a)		3,234		3,324

30   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
5.875% due 08/01/2023 (a)	$	4,403	$	4,534
5.900% due 11/01/2023 (a)		160		165
5.947% due 09/01/2023 (a)		759		778
5.981% due 10/01/2023 (a)		472		486
6.000% due 01/01/2011- 01/01/2029 (d)		227,729		236,435
6.183% due 10/01/2023 (a)		771		791
6.250% due 01/01/2019 (a)		3		4
6.256% due 04/01/2029 (a)		603		621
6.318% due 10/01/2023 (a)		384		394
6.365% due 11/01/2023 (a)		54		56
6.440% due 01/01/2024 (a)		196		203
6.462% due 01/01/2024 (a)		225		231
6.500% due 11/01/2002- 05/01/2026 (d)		18,247		19,055
6.635% due 12/01/2023 (a)		400		412
6.755% due 11/01/2028 (a)		9,613		10,044
6.775% due 11/01/2003		25		27
6.875% due 09/01/2018 (a)		377		391
7.000% due 10/01/2002- 01/01/2030 (a)(d)		93,456		99,549
7.250% due 11/01/2008		65		67
7.274% due 09/01/2027 (a)		980		1,037
7.500% due 09/01/2003- 10/01/2030 (a)(d)		5,227		5,417
7.645% due 05/01/2025		2,614		3,093
7.804% due 07/01/2030 (a)		24,166		25,042
8.000% due 12/01/2002- 09/01/2024 (d)		2,385		2,518
8.250% due 12/01/2002- 12/01/2009 (d)		115		121
8.500% due 09/01/2003- 06/01/2030 (d)		2,414		2,598
8.750% due 01/01/2007- 12/01/2010 (d)		25		27
9.000% due 07/01/2004- 07/01/2030 (d)		520		560
9.250% due 10/01/2009- 11/01/2013 (d)		11		12
9.500% due 01/01/2003- 12/01/2022 (a)(d)		836		916
9.750% due 11/01/2004- 05/01/2009 (d)		13		15
10.000% due 11/01/2002- 03/01/2021 (d)		569		634
10.250% due 04/01/2009- 07/01/2009 (d)		621		696
10.500% due 10/01/2017- 01/01/2021 (d)		201		234
10.750% due 09/01/2009- 12/01/2015 (a)(d)		240		269
11.000% due 11/01/2009- 05/01/2020 (d)		380		435
11.250% due 10/01/2009- 09/01/2015 (d)		13		14
11.500% due 01/01/2018		37		42
12.500% due 12/01/2012 (a)		11		13
13.250% due 10/01/2013		74		89
14.000% due 04/01/2016		11		14
15.500% due 08/01/2011- 11/01/2011 (d)		9		11
16.250% due 05/01/2011		1		2
				464,583
Government National Mortgage Association 8.6%
4.000% due 11/25/2032 (a)		5,000		5,037
4.500% due 05/20/2028- 05/20/2030 (a)(d)		25,622		26,338
4.875% due 02/20/2016 (a)		131		135
5.000% due 04/20/2028- 05/20/2030 (a)(d)		81,284		83,516
5.250% due 03/20/2030 (a)		466		476
5.375% due 05/20/2017- 05/20/2028 (a)(d)		342,806		353,455
5.500% due 08/20/2029- 11/20/2029 (a)(d)		36,545		37,364
5.650% due 10/15/2012		9		10
5.875% due 04/20/2023 (a)(d)		166		174
6.000% due 10/15/2008- 03/15/2032 (a)(d)		1,599,530		1,663,073
6.500% due 10/15/2008- 09/15/2040 (a)(d)		1,551,153		1,620,527
6.625% due 12/20/2015- 01/15/2040 (a)(d)		173,663		180,529
6.670% due 08/15/2040		952		1,076
6.750% due 01/15/2003- 07/15/2031 (a)(d)		225,643		233,272
6.800% due 05/15/2040		2,966		3,378
6.875% due 02/15/2040		987		1,129
7.000% due 10/15/2003- 01/03/2041 (a)(d)		1,220,122		1,282,608
7.250% due 12/15/2022- 08/20/2027 (a)(d)		596		633
7.500% due 01/15/2003- 01/15/2041 (d)		27,277		31,636
7.700% due 06/15/2031		6,715		8,012
8.000% due 08/15/2005- 05/20/2031 (a)(d)		8,150		8,745
8.250% due 08/15/2004- 05/15/2022 (d)		731		796
8.500% due 03/20/2006- 01/15/2031 (d)		6,128		6,651
8.750% due 03/15/2007- 07/15/2007 (d)		68		73
9.000% due 09/15/2003-
08/15/2030 (a)(d)		3,813		4,245
9.250% due 07/15/2003- 12/20/2016 (d)		64		69
9.500% due 12/15/2003- 07/15/2025 (a)(d)		3,630		4,080

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   31

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
9.750% due 07/15/2004	$	17	$	18
10.000% due 08/20/2004- 02/15/2025 (a)(d)		2,990		3,431
10.250% due 02/20/2019		11		13
10.500% due 06/15/2004- 09/15/2021 (a)(d)		372		431
11.000% due 05/15/2004- 04/20/2019 (d)		171		196
11.250% due 12/20/2015		11		13
11.500% due 10/15/2010- 10/15/2015 (a)(d)		74		85
12.000% due 11/15/2012- 05/15/2016 (d)		340		402
12.500% due 01/15/2011		1		1
13.000% due 12/15/2012		13		15
13.500% due 10/15/2012- 09/15/2014 (d)		63		77
15.000% due 08/15/2011- 11/15/2012 (a)(d)		136		168
16.000% due 10/15/2011- 05/15/2012 (a)(d)		115		141
17.000% due 11/15/2011- 12/15/2011(d)		51		64
				5,562,092
Stripped Mortgage-Backed Securities 0.0%
Bear Stearns Mortgage Securities, Inc. (IO)
7.200% due 07/25/2024		28		0
7.500% due 08/25/2024		197		9
Fannie Mae (IO)
0.950% due 03/25/2009 (a)		14,699		258
0.950% due 11/25/2021 (a)		10,312		79
6.500% due 05/25/2005		240		10
6.500% due 02/25/2007		34		0
6.500% due 09/25/2007		78		0
6.500% due 10/25/2007		1		0
6.500% due 09/25/2008		318		33
6.500% due 03/25/2020		13		0
6.500% due 08/25/2020		27		0
6.500% due 08/25/2020		422		5
6.500% due 10/25/2022		34		3
6.500% due 01/25/2023		1,633		183
6.500% due 01/25/2023		528		47
6.756% due 02/25/2023 (a)		6,592		754
7.500% due 04/25/2021		540		13
22.425% due 09/25/2008		2		38
903.213% due 08/25/2021		2		44
1000.000% due 04/25/2022		1		31
Fannie Mae (PO)
0.000% due 09/01/2007		379		372
0.000% due 01/25/2019		18		16
0.000% due 08/25/2023		208		191
Freddie Mac (IO)
6.000% due 10/15/2007		40		1
6.000% due 01/15/2008		1		0
6.400% due 10/15/2008		22		2
6.430% due 02/15/2008 (a)		257		21
6.500% due 11/15/2008		862		91
6.500% due 09/15/2023		119		13
6.680% due 12/15/2023 (a)		143		3
7.000% due 08/15/2008		1,134		104
7.000% due 04/15/2023		426		45
7.000% due 06/15/2023		2,745		333
7.000% due 06/15/2023		1,525		163
7.630% due 09/15/2007 (a)		2,381		232
9.000% due 05/15/2022		45		8
82.576% due 08/15/2007		5		64
884.500% due 01/15/2021		1		8
1007.500% due 02/15/2022		2		29
Government National Mortgage Association (PO)
0.000% due 02/26/2019		40		40
Paine Webber CMO Trust (IO)
1359.500% due 08/01/2019		1		20
Prudential Home Mortgage Securities (IO)
1007.071% due 10/25/2023		1		4
Vendee Mortgage Trust (IO)
0.456% due 06/15/2023 (a)		106,445		1,597
				4,864
Total Mortgage-Backed Securities (Cost $ 33,527,503)				34,526,186
ASSET-BACKED SECURITIES 3.6%
Aames Mortgage Trust
2.183% due 06/15/2027 (a)		324		324
7.589% due 10/15/2029		98		107
ABFS Equipment Contract Trust
6.100% due 10/15/2005		3		3
ABSC Long Beach Home Equity Loan Trust
2.420% due 07/21/2030 (a)		375		373
2.080% due 08/21/2030 (a)		23,243		23,204
Ace Securities Corp.
2.133% due 11/25/2028 (a)		259		259
2.153% due 06/25/2032 (a)		119,813		119,614
Advanta Mortgage Loan Trust
2.013% due 05/25/2027 (a)		667		660
2.188% due 11/25/2029 (a)		2,019		2,011
8.250% due 08/25/2030		7,954		9,060
Advanta Revolving Home Equity Loan Trust
2.183% due 01/25/2024 (a)		10,967		10,953
2.063% due 02/25/2025 (a)		7,101		7,064
Aerco Ltd.
2.783% due 07/15/2025 (a)		37,225		37,259
American Express Master Trust
7.850% due 08/15/2005		220		243

32   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
American Stores Corp.
2.610% due 08/30/2004 (a)	$	20,000	$	19,774
Americredit Automobile Receivable Trust
7.020% due 12/12/2005		29,373		30,457
2.290% due 09/05/2006 (a)		21,922		21,956
Ameriquest Mortgage Securities, Inc.
2.143% due 06/15/2030 (a)		3,334		3,332
2.123% due 07/15/2030 (a)		10,697		10,699
Amresco Residential Securities Mortgage Loan Trust
2.000% due 07/25/2027 (a)		1		1
Bank One Heloc Trust
2.080% due 04/20/2020 (a)		20,658		20,550
Bay View Auto Trust
7.640% due 11/25/2010		310		318
Bayview Financial Acquisition Trust
2.193% due 02/25/2030 (a)		12,430		12,422
2.203% due 07/25/2030 (a)		37,606		37,606
2.203% due 11/25/2030 (a)		74,800		74,999
2.213% due 04/25/2031 (a)		68,494		68,439
2.093% due 07/25/2031 (a)		29,305		29,241
2.193% due 11/25/2031 (a)		4,015		4,013
Bear Stearns Asset-Backed Securities, Inc.
2.310% due 04/25/2032 (a)		20,842		20,885
2.140% due 10/25/2032 (a)		89,027		88,957
2.213% due 10/25/2032 (a)		26,694		26,682
Brazos Student Loan Finance Co.
2.600% due 06/01/2023 (a)		51,360		51,480
2.090% due 12/01/2025 (a)		24,940		24,877
Capital Asset Research Funding LP
6.400% due 12/15/2004		202		206
5.905% due 12/15/2005		774		771
Champion Home Equity Loan Trust
2.073% due 03/25/2029 (a)		1,923		1,912
2.213% due 09/25/2029 (a)		9,490		9,456
Charming Shoppes Master Trust
2.273% due 08/15/2008 (a)		250		251
Chase Funding Mortgage Loan Asset-Backed Certificates
2.033% due 10/25/2030 (a)		21,534		21,514
Cityscape Home Equity Loan Trust
7.650% due 09/25/2025		180		188
Community Program Loan Trust
4.500% due 10/01/2018		20,039		20,329
4.500% due 04/01/2029		26,000		24,299
Compucredit Credit Card Master Trust
2.043% due 03/15/2007 (a)		32,000		32,020
Conseco Finance Corp.
7.890% due 07/15/2018 (b)		1,176		1,198
7.800% due 05/15/2020 (b)		167		179
Conseco Finance Home Loan Trust
8.080% due 02/15/2022 (b)		14,365		14,617
8.160% due 06/15/2024		2,000		2,082
Conseco Finance Securitizations Corp.
3.220% due 09/01/2023 (b)		1,137		1,143
2.193% due 10/15/2031 (a)(b)		8,631		8,586
7.970% due 05/01/2032 (b)		8,300		8,915
8.310% due 05/01/2032 (b)		12,400		13,124
ContiMortgage Home Equity Loan Trust
6.990% due 03/15/2021		62		62
6.930% due 11/25/2022 (a)		10,299		10,310
7.220% due 01/15/2028		80		81
2.033% due 08/15/2028 (a)		443		443
Cross Country Master Credit Card Trust II
2.323% due 06/15/2006 (a)		4,600		4,619
Delta Funding Home Equity Loan Trust
2.233% due 09/15/2029 (a)		4,503		4,502
2.143% due 06/15/2030 (a)		14,466		14,456
Denver Arena Trust
6.940% due 11/15/2019		4,044		4,448
Discover Card Master Trust I
6.850% due 07/17/2007		960		1,055
6.707% due 10/16/2013 (a)		400		404
Duck Auto Grantor Trust
7.260% due 05/15/2005		5,042		5,051
Embarcadero Aircraft Securitization Trust
2.303% due 08/15/2025 (a)		14,400		11,808
EQCC Home Equity Loan Trust
1.983% due 10/15/2027 (a)		376		375
7.448% due 08/25/2030		96		105
Equivantage Home Equity Loan Trust
6.550% due 10/25/2025		42		42
First Alliance Mortgage Loan Trust
2.250% due 01/25/2025 (a)		267		267
2.200% due 03/20/2031 (a)		12,811		12,789
Firstcity Auto Receivables Trust
7.400% due 12/15/2005		988		1,021
FMAC Loan Receivables Trust
7.900% due 04/15/2019		20		17
6.500% due 09/15/2020		177		191
6.830% due 09/15/2020		680		728
GE Capital Equipment Lease Trust
6.850% due 05/20/2008 (a)		120		124
GMAC Mortgage Corp. Loan Trust
7.950% due 03/25/2030		10,277		11,184
Green Tree Financial Corp.
6.240% due 11/01/2016		110		113
5.760% due 11/01/2018		145		150
8.300% due 05/15/2026		1,338		1,460
7.400% due 06/15/2027		1,983		2,063

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   33

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
6.870% due 02/01/2030	$	1,845	$	1,738
6.480% due 12/01/2030		55		58
Green Tree Home Improvement Loan Trust
1.993% due 08/15/2029 (a)		283		282
2.473% due 11/15/2029 (a)		1,273		1,268
Green Tree Recreational, Equipment, & Consumables
6.715% due 02/01/2009		34,367		37,796
6.490% due 02/15/2018		6		6
6.180% due 06/15/2019		13,002		13,363
Greenpoint Manufactured Housing
7.270% due 06/15/2029		110		118
Headlands Home Equity Loan Trust
2.473% due 12/15/2024 (a)		135		135
Home Equity Asset Trust
2.110% due 11/25/2032 (a)		58,606		58,408
Household Consumer Loan Trust
2.243% due 08/15/2006 (a)		10,067		9,625
Household Mortgage Loan Trust
2.120% due 05/20/2032 (a)		118,687		118,631
HPSC Equipment Receivables LLC
2.120% due 11/22/2007 (a)		574		574
IMC Home Equity Loan Trust
7.038% due 07/25/2026 (a)		298		305
1.980% due 08/20/2029 (a)		61		60
IMPAC Secured Assets CMN Owner Trust
7.770% due 07/25/2025 (a)		889		935
Indymac Home Equity Loan Asset-Backed Trust
2.083% due 10/25/2029 (a)		1,378		1,383
2.103% due 07/25/2030 (a)		5,150		5,148
Indymac Manufactured Housing Contract
6.170% due 12/25/2011		3,006		3,104
Irwin Home Equity Loan Trust
2.183% due 02/25/2012 (a)		5,508		5,508
2.188% due 06/25/2021 (a)		5,741		5,740
2.100% due 06/25/2029 (a)		111,995		111,713
Keystone Owner Trust
6.840% due 12/25/2018		372		380
Long Beach Auto Receivables Trust
6.940% due 09/19/2007		1,096		1,124
Long Beach Mortgage Loan Trust
2.093% due 11/25/2009 (a)		67,884		67,649
2.120% due 04/21/2031 (a)		6,078		6,059
Marriott Vacation Club Owner Trust
2.170% due 09/20/2017 (a)		48,286		48,268
Mellon Residential Funding Corp.
5.565% due 06/25/2009		20,000		20,283
Merit Securities Corp.
7.880% due 12/28/2033		34,400		36,562
Merrill Lynch Mortgage Investors, Inc.
2.183% due 04/25/2031 (a)		33,122		33,123
Mesa Trust Asset Backed Certificates
2.120% due 05/15/2033 (a)		3,933		3,933
Metropolitan Asset Funding, Inc.
2.273% due 04/25/2029 (a)		6,130		6,109
Mid-State Trust
8.330% due 04/01/2030		54,532		60,407
7.340% due 07/01/2035		1,920		2,121
6.340% due 10/15/2036		45,118		47,591
MLCC Mortgage Investors, Inc.
2.203% due 03/15/2025 (a)		255		255
Morgan Stanley ABS Capital, Inc.
2.113% due 08/25/2030 (a)		42,348		42,209
Morgan Stanley Dean Witter Capital I
2.143% due 07/25/2032 (a)		46,584		46,453
MPC Natural Gas Funding Trust
6.200% due 03/15/2013		8,113		9,267
Myra-Pemex Trust
2.687% due 10/20/2006 (a)		272		264
2.492% due 12/23/2006 (a)		5,068		4,916
2.672% due 12/23/2006 (a)		613		595
2.687% due 12/23/2006 (a)		7,033		6,822
National Medical Care, Inc.
2.937% due 09/30/2003 (a)		14,310		14,060
New Century Home Equity Loan Trust
7.540% due 06/25/2029		91		96
Novastar Home Equity Loan
2.088% due 04/25/2028 (a)		572		570
NPF XII, Inc.
2.470% due 11/01/2003 (a)(l)		49,000		49,000
Option One Mortgage Loan Trust
2.103% due 06/25/2030 (a)		661		658
2.103% due 09/25/2030 (a)		12,322		12,309
Provident Bank Equipment Lease Trust
2.110% due 11/25/2011 (a)		12,808		12,846
Provident Bank Home Equity Loan Trust
2.113% due 06/25/2021 (a)		12,384		12,358
Providian Gateway Master Trust
2.043% due 03/15/2007 (a)		28,900		28,920
Providian Master Trust
6.250% due 06/15/2007		25		25
Renaissance Home Equity Loan Trust
2.160% due 08/25/2032 (a)		38,562		38,628
Residential Asset Mortgage Products, Inc.
7.980% due 12/25/2030		24,463		27,139
Residential Asset Securitization Trust
6.750% due 03/25/2028		40,000		40,863

34   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Residential Funding Mortgage Securities II, Inc.
7.670% due 01/25/2020	$	1,040	$	1,105
Residential Mortgage Loan Trust
2.625% due 09/25/2029 (a)		210		211
RJR Nabisco
7.500% due 12/31/2003		19,948		19,948
Salomon Brothers Mortgage Securities VII, Inc.
2.043% due 12/25/2026 (a)		2		2
2.093% due 09/25/2028 (a)		13,755		13,737
2.243% due 11/15/2029 (a)		8,792		8,787
2.403% due 12/15/2029 (a)		31,857		31,848
2.153% due 12/25/2029 (a)		6,821		6,804
2.110% due 03/25/2032 (a)		14,316		14,266
Sand Trust
2.093% due 08/25/2032 (a)		9,377		9,361
Saxon Asset Securities Trust
2.073% due 11/25/2033 (a)		33,829		33,818
Sears Credit Account Master Trust
6.050% due 01/15/2008		354		364
SLM Student Loan Trust
2.099% due 10/25/2005 (a)		387		387
2.179% due 10/25/2005 (a)		2,348		2,355
2.239% due 04/25/2006 (a)		14,450		14,474
2.349% due 01/25/2007 (a)		251		251
2.389% due 10/25/2007 (a)		5,105		5,121
2.051% due 04/25/2011 (a)		15,899		15,931
Structured Product Asset Trust
2.942% due 02/12/2003 (a)		4,200		3,906
1.910% due 06/20/2004 (a)		825		821
Team Fleet Financing Corp.
7.350% due 05/15/2003		10		10
UCFC Home Equity Loan
6.755% due 11/15/2023		165		167
8.200% due 09/15/2027		70		72
6.870% due 07/15/2029		70		76
USAA Auto Loan Grantor Trust
6.100% due 02/15/2006		61		62
Vanderbilt Acquisition Loan Trust
3.280% due 01/07/2013		48,451		48,905
WFS Financial Owner Trust
6.920% due 01/20/2004 (a)		651		653
WMC Mortgage Loan
2.273% due 10/15/2029 (a)		26,580		26,544
2.163% due 05/15/2030 (a)		4,682		4,672
Total Asset-Backed Securities (Cost $2,307,196)				2,328,898
SOVEREIGN ISSUES 2.0%
Banco Vivienda del Peru
9.980% due 08/01/2008		660		766
Kingdom of Jordan
6.000% due 12/23/2023		4,100		3,416
Kingdom of Spain
7.000% due 07/19/2005		500		560
Kingdom of Sweden
10.250% due 11/01/2015		500		688
Manitoba Providence of Canada
7.500% due 02/22/2010		340		420
Province of New Brunswick
7.125% due 10/01/2002		1,700		1,700
Province of Newfoundland
9.000% due 06/01/2019		500		706
Province of Ontario
7.625% due 06/22/2004		1,000		1,093
7.000% due 08/04/2005		1,000		1,120
6.000% due 02/21/2006		1,800		1,985
5.500% due 10/01/2008		12,000		13,393
Province of Quebec
7.375% due 02/01/2003		150		153
8.800% due 04/15/2003		1,100		1,142
1.951% due 06/11/2004 (a)		15,500		15,509
6.500% due 01/17/2006		2,475		2,762
8.050% due 07/07/2024		800		1,084
6.620% due 04/09/2026		25,000		30,988
1.937% due 09/29/2049 (a)		5,600		4,942
Republic of Brazil
3.062% due 04/15/2006 (a)		206,420		135,990
3.062% due 04/15/2006 (a)		19,584		12,902
11.500% due 03/12/2008		26,700		13,951
3.125% due 04/15/2009 (a)		8,318		4,159
11.000% due 01/11/2012		28,350		12,828
8.000% due 04/15/2014		243,450		118,998
8.875% due 04/15/2024		4,000		1,536
10.125% due 05/15/2027		20,000		8,300
12.250% due 03/06/2030		8,000		3,760
11.000% due 08/17/2040		122,500		54,206
Republic of Croatia
2.687% due 07/31/2006 (a)		2,203		2,181
2.687% due 07/31/2010 (a)		32,582		32,337
Republic of France
5.000% due 01/12/2003		32		32
Republic of Italy
4.500% due 01/15/2003		32		32
Republic of Kazakhstan
8.375% due 10/02/2002		5,000		5,000
Republic of Panama
8.250% due 04/22/2008		60,950		58,664
9.625% due 02/08/2011		15,000		14,835
9.375% due 07/23/2012		31,000		30,070
5.000% due 07/17/2014		15,267		12,366
Republic of Peru
9.125% due 02/21/2012		58,128		47,047

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   35

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
9.125% due 02/21/2012	$	61,500	$	49,908
4.000% due 03/07/2017		11,000		6,587
Republic of Poland
6.000% due 10/27/2014		2,940		2,951
3.750% due 10/27/2024		16,650		13,716
Republic of South Africa
9.125% due 05/19/2009		41,575		48,435
7.375% due 04/25/2012		34,400		36,335
South African Aid
2.340% due 03/26/2009		2,000		2,016
State of Israel
6.200% due 06/14/2003		25		25
State of Qatar
2.957% due 02/18/2004 (a)		3,550		3,497
United Mexican States
9.750% due 04/06/2005		5,000		5,588
8.500% due 02/01/2006		900		976
8.500% due 02/01/2006		3,781		4,140
10.375% due 02/17/2009		42		49
9.875% due 02/01/2010		23,800		27,013
9.875% due 02/01/2010		100		114
8.375% due 01/14/2011		19,950		20,997
8.375% due 01/14/2011		2,153		2,271
7.500% due 01/14/2012		28,500		28,892
11.375% due 09/15/2016		32,800		40,426
11.375% due 09/15/2016		7,500		9,244
8.125% due 12/30/2019		6,700		6,549
6.250% due 12/31/2019		44,150		42,715
6.250% due 12/31/2019		33,010		31,937
8.000% due 09/24/2022		51,800		49,402
11.500% due 05/15/2026		7,890		9,914
8.300% due 08/15/2031		217,800		211,811
United Mexican States Value Recovery Right
0.000% due 06/30/2003 (a)		86,989		261
0.000% due 06/30/2004 (a)		181,719		273
0.000% due 06/30/2005 (a)		181,719		109
0.000% due 06/30/2006 (a)		103,610		62
0.000% due 06/30/2007 (a)		103,610		57
Total Sovereign Issues (Cost $1,502,442)				1,307,891
FOREIGN CURRENCY-DENOMINATED ISSUES (i)(j) 4.6%
Banque Centrale De Tunisie
7.500% due 08/06/2009	EC	2,300		2,375
Commonwealth of Canada
5.750% due 09/01/2006	C$	120		81
4.250% due 12/01/2026		15,929		11,736
Commonwealth of New Zealand
4.500% due 02/15/2016	N$	81,000		44,639
El Paso Corp.
5.750% due 03/14/2006	EC	12,000		9,807
7.125% due 05/06/2009		53,300		42,929
France Telecom SA
1.022% due 07/16/2003 (a)	JY	8,400,000		66,930
Freddie Mac
4.500% due 03/15/2004	EC	70		71
5.750% due 09/15/2010		165		177
Halifax Group Euro Finance
7.627% due 12/29/2049		14,700		16,464
KBC Bank Fund Trust IV
8.220% due 11/29/2049		5,000		5,622
Korea Electric Power Corp.
4.172% due 10/31/2002 (a)		18,900		9,539
Lloyds TSB Capital I
7.375% due 02/07/2049 (a)		26,000		28,795
Oesterreich Kontrollbank
1.800% due 03/22/2010	JY	12,000		107
Pfizer, Inc.
0.800% due 03/18/2008		16,000		133
Republic of Germany
4.750% due 12/13/2002	EC	5,801		5,747
4.250% due 03/14/2003		32		32
6.000% due 01/05/2006		293,300		313,187
5.000% due 02/17/2006		505,000		524,519
4.500% due 08/17/2007		400,000		410,914
5.250% due 01/04/2008		735,700		781,584
5.250% due 07/04/2010		92,650		98,383
6.500% due 07/04/2027		200,000		241,429
4.750% due 07/04/2028		200,000		193,005
Royal Bank of Scotland Group PLC
6.770% due 03/31/2049		107,300		112,444
United Kingdom Gilt
5.000% due 03/07/2012	BP	50		82
United Mexican States
10.375% due 01/29/2003	EC	200		103
7.000% due 06/02/2003	C$	30,200		19,210
6.750% due 06/06/2006	JY	2,000,000		18,835
7.500% due 03/08/2010	EC	5,000		4,840
Total Foreign Currency- Denominated Issues (Cost $2,837,528)				2,963,719
PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 96.750
Exp. 12/16/2002	$	500,000	$	3
Strike @ 96.000
Exp. 12/16/2002		4,873,000		61
Strike @ 95.750
Exp. 12/16/2002		7,000,000		44
Eurodollar March Futures (CME)
Strike @ 95.750
Exp. 03/17/2003		10,500,000		131
Harborview Mortgage Loan Trust (OTC)
7.470% due 08/19/2030
Strike @ 100.000
Exp. 05/01/2005		22,975		0

36   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
PNC Mortgage Securities Corp. (OTC)
7.430% due 05/25/2040
Strike @ 100.000
Exp. 04/01/2005	$	6,200	$	0
Total Purchased Put Options (Cost $289)				239
CONVERTIBLE BONDS & NOTES 0.3%
Banking & Finance 0.3%
Verizon Global Funding Corp.
5.750% due 04/01/2003		20,600		20,847
5.750% due 04/01/2003		15,080		15,174
4.250% due 09/15/2005		26,400		26,796
4.250% due 09/15/2005		5,900		5,945
0.000% due 05/15/2021		170,000		93,075
				161,837
Industrials 0.0%
Enron Corp.
0.000% due 02/07/2021 (b)		17,999		1,800
Utilities 0.0%
Cox Communications, Inc.
0.425% due 04/19/2020		25,000		10,500
Total Convertible Bonds & Notes (Cost $184,758)				174,137
PREFERRED SECURITY 0.7%
		Shares
Abbey National Capital Trust I
8.963% due 12/29/2049 (a)		20,800,000		25,366
DG Funding Trust
4.105% due 12/29/2049 (a)		35,250		363,075
UBS Preferred Funding Trust I
8.622% due 10/29/2049 (a)		38,900,000		46,595
Total Preferred Security (Cost $412,689)				435,036
PREFERRED STOCK 0.0%
Centaur Funding Corp.
9.080% due 04/21/2020		125		111
CSC Holdings, Inc.
11.125% due 04/01/2008		27,035		1,777
Fortis Amev NV
3.860% due 12/31/2049 (a)		85		11,560
3.870% due 12/31/2049 (a)		86		11,696
Home Ownership Funding
13.331% due 12/31/2049		4,125		2,671
Northern Rock PLC
8.950% due 11/29/2049		260,000		6,500
Total Preferred Stock (Cost $32,763)				34,315
SHORT-TERM INSTRUMENTS 28.9%
Commercial Paper 27.7%
Abbey National North America LLC
1.740% due 10/17/2002		73,700		73,643
1.760% due 10/17/2002		215,100		214,932
1.760% due 10/24/2002		144,500		144,338
1.750% due 12/10/2002		119,400		118,992
1.750% due 12/11/2002		55,100		54,909
1.750% due 12/12/2002		7,500		7,474
ABN AMRO Mortgage Corp.
1.760% due 10/11/2002		42,500		42,479
Anz (Delaware), Inc.
1.760% due 10/15/2002		7,200		7,195
1.750% due 10/23/2002		34,400		34,363
1.730% due 11/08/2002		10,400		10,381
AT&T Corp.
3.605% due 04/18/2003		3,200		3,011
3.720% due 04/18/2003		491,000		462,075
BP Amoco Capital PLC
1.970% due 10/01/2002		83,900		83,900
1.740% due 10/23/2002		86,100		86,008
1.750% due 12/09/2002		61,300		61,093
Canadian Wheat Board
1.740% due 10/03/2002		800		800
CBA (de) Finance
1.970% due 10/01/2002		125,000		125,000
1.720% due 10/04/2002		100,000		99,986
1.730% due 10/04/2002		68,700		68,690
1.780% due 10/04/2002		5,200		5,199
1.750% due 11/27/2002		59,200		59,036
1.750% due 12/02/2002		69,000		68,792
CDC Commercial Corp.
1.750% due 10/25/2002		56,800		56,734
1.750% due 11/04/2002		40,000		39,934
1.750% due 11/05/2002		125,000		124,787
Danske Corp.
1.940% due 10/01/2002		300		300
1.750% due 10/02/2002		7,800		7,800
1.760% due 10/15/2002		200		200
1.730% due 10/17/2002		8,000		7,994
1.760% due 10/17/2002		600		600
1.770% due 10/25/2002		12,000		11,986
1.750% due 11/04/2002		168,400		168,122
1.750% due 11/12/2002		58,800		58,680
1.760% due 11/27/2002		100,000		99,721
1.750% due 12/03/2002		225,000		224,305
1.760% due 12/03/2002		43,500		43,366
1.750% due 12/19/2002		1,000		996
Dupont De Nemours & Co.
1.720% due 10/04/2002		2,200		2,200
Eksportfinanans ASA
1.780% due 10/28/2002		150,000		149,800
1.750% due 12/09/2002		28,100		28,004
Electricite De France
1.740% due 10/31/2002		47,000		46,932

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   37

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Fannie Mae
1.860% due 10/01/2002	$	55,100	$	55,100
1.730% due 10/02/2002		100,000		99,995
0.000% due 10/15/2002		4,640		4,637
1.650% due 10/16/2002		25,404		25,387
1.710% due 10/16/2002		18,600		18,587
1.725% due 10/16/2002		1,000		999
1.730% due 10/16/2002		13,100		13,091
1.640% due 10/23/2002		99,900		99,800
1.690% due 10/23/2002		218,400		218,174
1.700% due 10/23/2002		17,850		17,831
1.715% due 10/30/2002		439,600		438,993
1.720% due 10/30/2002		227,000		226,685
1.720% due 11/06/2002		15,300		15,274
1.680% due 11/13/2002		400		399
1.700% due 11/13/2002		4,600		4,591
1.710% due 11/20/2002		17,860		17,818
1.700% due 11/27/2002		200		199
1.705% due 11/27/2002		22,900		22,838
1.720% due 11/27/2002		149,900		149,492
2.100% due 11/29/2002		2,000		1,993
1.730% due 12/05/2002 (e)		2,270		2,263
1.700% due 12/11/2002		1,000		997
1.710% due 12/11/2002		5,800		5,780
1.710% due 12/18/2002		69,900		69,635
1.690% due 12/24/2002		13,500		13,445
Federal Home Loan Bank
1.850% due 10/01/2002		1,327,000		1,327,000
1.715% due 10/02/2002		141,794		141,787
1.720% due 10/02/2002		100,000		99,995
1.680% due 10/04/2002		204,540		204,511
1.700% due 10/04/2002		49,000		48,993
1.680% due 10/10/2002		190,700		190,620
1.690% due 10/16/2002		100,000		99,930
1.725% due 10/18/2002		2,100		2,098
1.680% due 10/22/2002		5,700		5,694
1.640% due 10/23/2002		20,800		20,779
1.650% due 10/23/2002		134,400		134,264
1.680% due 10/23/2002		2,200		2,198
1.690% due 10/23/2002		39,378		39,337
1.700% due 10/23/2002		5,200		5,195
1.680% due 10/25/2002		9,100		9,090
1.700% due 10/25/2002		62,400		62,329
1.680% due 10/28/2002		144,100		143,918
1.680% due 10/30/2002		30,900		30,858
1.700% due 10/30/2002		323,500		323,057
1.725% due 10/30/2002		7,300		7,290
1.670% due 11/01/2002		250,000		249,640
1.680% due 11/01/2002		1,200		1,198
1.685% due 11/01/2002		92,410		92,276
1.690% due 11/01/2002		100,000		99,854
1.695% due 11/01/2002		4,400		4,394
1.700% due 11/01/2002		3,300		3,295
1.700% due 11/22/2002		800		798
1.680% due 12/02/2002		1,000		997
2.120% due 12/02/2002		228		227
Fonterra Co-operative Group Ltd.
1.760% due 10/30/2002		99,100		98,959
Freddie Mac
1.700% due 10/01/2002		12,000		12,000
1.860% due 10/01/2002		299,500		299,500
1.870% due 10/01/2002		2,300,000		2,300,000
1.700% due 10/04/2002		4,100		4,099
1.650% due 10/18/2002		18,700		18,685
1.680% due 10/22/2002		6,500		6,494
1.720% due 10/22/2002		39,409		39,369
1.650% due 10/24/2002		13,800		13,785
1.700% due 10/24/2002		200		200
1.691% due 10/31/2002 (e)		415		414
1.700% due 10/31/2002		131,600		131,414
1.710% due 10/31/2002		232,900		232,568
1.700% due 11/06/2002		99,900		99,730
1.645% due 11/07/2002		9,300		9,284
1.700% due 11/19/2002		19,300		19,255
1.710% due 11/27/2002 (e)		195,961		195,430
GlaxoSmithKline PLC
1.760% due 10/02/2002		24,300		24,299
1.760% due 10/18/2002		109,700		109,609
1.680% due 11/06/2002		75,300		75,173
1.710% due 11/06/2002		70,600		70,479
1.680% due 11/13/2002		13,000		12,974
1.750% due 12/03/2002		55,700		55,528
HBOS Treasury Services PLC
1.700% due 10/07/2002		6,250		6,248
1.730% due 10/15/2002		106,000		105,929
1.770% due 10/16/2002		43,900		43,868
1.780% due 10/16/2002		200		200
1.770% due 10/17/2002		15,800		15,788
1.760% due 10/18/2002		1,500		1,499
1.735% due 10/25/2002		6,000		5,993
1.750% due 10/25/2002		100,000		99,883
1.740% due 10/31/2002		64,000		63,907
1.745% due 10/31/2002		50,000		49,927
1.750% due 11/04/2002		77,900		77,771
1.700% due 11/14/2002		144,700		144,399
1.740% due 11/15/2002		52,900		52,785
KFW International Finance, Inc.
1.700% due 10/31/2002		25,600		25,564
National Australia Funding, Inc.
1.750% due 10/02/2002		6,100		6,100
1.750% due 10/03/2002		28,200		28,197
Nestle Australia Corp.
1.760% due 10/11/2002		20,700		20,690
1.780% due 10/17/2002		16,700		16,687
Pfizer, Inc.
1.710% due 10/04/2002		3,500		3,500
1.730% due 10/18/2002		10,100		10,092
1.730% due 10/28/2002		11,000		10,986
Queensland Treasury Corp.
1.710% due 10/11/2002		1,000		1,000

38   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Rabobank Nederland NV
1.920% due 10/01/2002	$	419,500	$	419,500
Royal Bank of Canada
1.740% due 10/21/2002		700		699
1.765% due 10/21/2002		52,900		52,848
Shell Finance (UK) PLC
1.700% due 10/11/2002		198,600		198,506
1.750% due 11/19/2002		115,000		114,607
1.700% due 11/20/2002		28,000		27,934
1.700% due 11/26/2002		33,200		33,112
Svenska Handlesbank, Inc.
1.760% due 10/07/2002		6,300		6,298
1.755% due 10/29/2002		48,300		48,234
1.730% due 10/30/2002		600		599
1.755% due 10/30/2002		200,000		199,717
1.750% due 10/31/2002		5,000		4,993
1.755% due 10/31/2002		100,000		99,854
1.750% due 11/06/2002		25,900		25,855
1.750% due 11/07/2002		400		399
1.760% due 11/20/2002		19,400		19,353
1.750% due 11/25/2002		205,200		204,651
1.750% due 11/26/2002		93,900		93,644
1.750% due 12/05/2002		700		698
1.740% due 12/10/2002		2,200		2,192
1.750% due 12/11/2002		30,000		29,896
1.750% due 12/16/2002		36,445		36,310
1.750% due 12/18/2002		65,000		64,754
Swedbank Forenings PLC
1.760% due 11/12/2002		16,300		16,267
TotalFinaElf SA
1.970% due 10/01/2002		438,700		438,700
1.745% due 10/23/2002		30,500		30,467
1.740% due 10/24/2002		49,600		49,545
1.740% due 10/31/2002		8,600		8,588
1.750% due 10/31/2002		4,300		4,294
1.750% due 11/20/2002		8,900		8,878
1.745% due 12/17/2002		852		849
UBS Finance, Inc.
1.970% due 10/01/2002		2,594,200		2,594,200
1.750% due 11/13/2002		271,000		270,434
1.750% due 11/15/2002		20,400		20,355
1.750% due 12/18/2002		9,000		8,966
1.750% due 12/19/2002		9,200		9,165
USAA Capital Corp.
1.730% due 11/04/2002		4,500		4,493
Westpac Trust Securities NZ Ltd.
1.720% due 10/17/2002		100,000		99,924
1.760% due 10/21/2002		13,800		13,787
1.740% due 10/22/2002		29,200		29,170
1.755% due 10/22/2002		5,400		5,394
1.750% due 10/29/2002		80,000		79,891
1.750% due 11/04/2002		97,000		96,840
1.710% due 12/05/2002		12,700		12,660
1.750% due 12/05/2002		600		598
1.750% due 12/12/2002		17,700		17,638
				17,906,399
Repurchase Agreement 0.0%
Credit Suisse First Boston
1.850% due 10/01/2002 (Dated 09/30/2002. Collateralized by U.S. Treasury Bonds 8.000% due 11/15/2021 valued at $511. Repurchase proceeds are $500.)		500		500
U.S. Treasury Bills 1.2%
1.606% due 10/24/2002- 12/19/2002 (d)(f)		766,990		765,172
Total Short-Term Instruments (Cost $18,699,810)				18,672,071
Total Investments 119.1% (Cost $76,927,592)			$	77,087,583
Written Options (h) (0.2%) (Premiums $121,172)				(133,590	)
Other Assets and Liabilities (Net) (18.9%)				(12,247,498	)
Net Assets 100.0%			$	64,706,495

Notes to Schedule of Investments

(amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

(c) Restricted security.

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Security, or a portion thereof, subject to financing transaction.

(f) Securities with an aggregate market value of $472,912 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euro-Bobl 5 Year Note
(12/2002)	65,561	$	137,767
Euro-Bobl 10 Year Note
(12/2002)	31,216		66,868
Euribor March Futures
(03/2003)	27,766		73,638
Euribor June Futures
(06/2003)	3,336		2,219

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   39

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

Euribor Options March Futures (03/2003)	28,397	$	4,533
Euribor Options June Futures (06/2003)	4,066		631
Euribor Options December Futures (12/2003)	4,070		444
Euribor Options December Futures (12/2003)	4,294		(36	)
U.S. Treasury 2 Year Note (12/2002)	31		50
U.S. Treasury 5 Year Note (12/2002)	315		754
U.S. Treasury 10 Year Note (12/2002)	91,312		321,685
U.S. Treasury 30 Year Note (12/2002)	7,488		28,061
Eurodollar June Futures (06/2003)	6,692		25,625
Eurodollar September Futures (09/2003)	24		186
		$	662,425

(g) Principal amount of security is adjusted for inflation.

(h) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—OTC 3 Month
LIBOR Interest Rate
Swap Strike @ 6.000
Exp. 10/19/2004	270,000,000	$	11,001	$	6,787
Call—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 6.000
Exp. 10/19/2004	270,000,000		11,001		24,888
Put—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 6.700
Exp. 11/02/2004	400,000,000		13,710		7,099
Call—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 5.200
Exp. 11/02/2004	25,200,000		791		1,498
Put—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 6.700
Exp. 11/02/2004	185,200,000		5,978		3,287
Put—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 6.000
Exp. 10/19/2004	135,500,000		5,468		3,406
Call—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 6.000
Exp. 10/19/2004	135,500,000		5,468		12,490
Put—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 7.000
Exp. 01/07/2005	76,300,000		2,888		1,301
Call—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 5.500
Exp. 01/07/2005	76,300,000		1,593		5,283
Call—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 5.500
Exp. 01/07/2005	91,600,000		2,221		6,343
Put—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 7.000
Exp. 01/07/2005	91,600,000		3,092		1,562
Call—CME Eurodollar
June Futures
Strike @ 98.750
Exp. 06/16/2003	21,930		7,139		11,239
Put—CME Eurodollar
June Futures
Strike @ 97.500
Exp. 06/16/2003	11,025		4,286		3,376
Put—CME Eurodollar
June Futures
Strike @ 98.000
Exp. 06/16/2003	4,170		2,486		2,486
Put—CME Eurodollar
December Futures
Strike @ 96.500
Exp. 12/16/2002	43,317		29,079		272
Call—CBOT U.S. Treasury
Note December Futures
Strike @ 110.000
Exp. 11/23/2002	2,892		2,497		17,714
Call—CBOT U.S. Treasury
Note December Futures
Strike @ 116.000
Exp. 11/23/2002	15,113		12,474		24,559
		$	121,172	$	133,590

(i) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Sell	C$	27,294	10/2002	$707
Sell	EC	607,480	11/2002	(3,693	)
Sell	JY	3,609,000	07/2003	178
Sell		3,604,597	12/2002	0
Sell	N$	56,333	10/2002	0
				$(2,808	)

40   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

(j) Principal amount denoted in indicated currency:

BP—British Pound

C$—Canadian Dollar

EC—Euro

JY—Japanese Yen

N$—New Zealand Dollar

(k) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: UBS—Warburg Exp. 03/15/2032	EC	159,900	$	3,511
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: Goldman Sachs Exp. 03/15/2017		660,700		7,045
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 06/17/2012		13,000		(78	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032		243,700		6,715
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: CITIBANK N.A., London Exp. 06/17/2012		7,300		(44	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/3017		62,000		756
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: UBS—Warburg Exp. 03/15/2032	BP	96,900		(2,787	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032	$	134,100		(2,648	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Goldman Sachs Exp. 03/15/2017		336,300		(351	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2017		38,100		(297	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Morgan Stanley Exp. 03/15/2017		5,800		49
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: UBS—Warburg Exp. 03/15/2017		77,300		(661	)
Receive floating rate based on 6-month JY-LIBOR and pays fixed rate equal to 0.324%.
Broker: Goldman Sachs Exp. 09/12/2007	JY	29,200,000		514
Receive floating rate based on 6-month JY-LIBOR and pays fixed rate equal to 0.323%.
Broker: UBS—Warburg Exp. 09/12/2007	$	50,000,000		911
Receive floating rate based 6-month JY-LIBOR and pays a fixed rate equal to 0.390%.
Broker: Goldman Sachs Exp. 06/18/2007		11,078,200		110
Receive floating rate based on 6-month JY-LIBOR and pays a fixed rate equal to 0.390%.
Broker: UBS—Warburg Exp. 06/18/2007		25,000,000		271
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.213%.
Broker: Morgan Stanley Exp. 05/17/2004		2,710,000		0

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   41

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.777%.
Broker: Goldman Sachs Exp. 01/12/2011	$	3,734,100	$	(2,273	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.771%.
Broker: Morgan Stanley Exp. 01/11/2011		11,050,000		(6,687	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.757%.
Broker: Merrill Lynch Exp. 01/11/2011		10,000,000		(5,959	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.340%.
Broker: Goldman Sachs Exp. 10/07/2007		24,500,000		(19,697	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.295%.
Broker: Goldman Sachs Exp. 04/14/2008		580,000		(240	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.670%.
Broker: Goldman Sachs Exp. 05/18/2007		1,500,000		(685	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.305%.
Broker: Goldman Sachs Exp. 04/15/2008		377,000		(157	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.200%.
Broker: J.P. Morgan Chase & Co. Exp. 03/17/2003		1,050,000		0
Receive floating rate based on 3-month LIBOR plus 0.160% and pay a fixed rate equal to 0.426%
Broker: Lehman Brothers, Inc. Exp. 04/19/2005		13,033		1,884
Receive floating rate based on 3-month LIBOR PLUS 0.500% and pay a fixed rate equal to 7.600%.
Broker: Lehman Brothers, Inc. Exp. 07/15/2003		35,000		(1,476	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Lehman Brothers, Inc. Exp. 6/15/2011		3,600		4
Pay total return on Lehman Brothers Intermediate Government Bond Index and receive floating rate based on 1-month LIBOR less 0.250%.
Broker: Lehman Brothers, Inc. Exp. 10/01/2002		21,400		0
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2012		496,900		(46,497	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: Bank of America Exp. 12/18/2007		10,000		137
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley Exp. 12/18/2012		154,900		(13,787	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs Exp. 12/18/2012		728,900		(61,506	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Lehman Brothers, Inc. Exp. 12/18/2012		216,600		(19,263	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: J.P. Morgan Chase & Co. Exp. 12/18/2012		757,000		(69,769	)

42   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

Receive a fixed rate equal to 0.650% and the Fund will pay to counterparty at par in the event of default of Niagara Mohawk Power Corp. 7.750% due 10/01/2008,
Broker: Lehman Brothers, Inc. Exp. 12/31/2004	$	50,000	$	5
Receive a fixed rate equal to 0.400% and the Fund will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.400% due 02/01/2004.
Broker: Goldman Sachs Exp. 11/10/2002		20,000		(154	)
Receive a fixed rate equal to 0.510% and the Fed will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.750% due 06/15/2005.
Broker: Lehman Brothers, Inc. Exp. 01/25/2005		10,000		(343	)
Receive a fixed rate equal to 0.250% and the Fund will pay to the counterparty at par in the event of default of Wisconsin Electric Power 6.625% due 11/16/2006.
Broker: Lehman Brothers, Inc. Exp. 04/18/2003		25,000		(37	)
Receive a fixed rate equal to 0.850% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding Corp. 0.000% due 05/15/2021.
Broker: Lehman Brothers, Inc. Exp. 06/15/2004		21,500		(932	)
Received a fixed rate equal to 0.840% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding Corp. 6.750% due 12/01/2005.
Broker: Goldman Sachs Exp. 06/15/2004		100,000		(4,211	)
Receive a fixed rate equal to 0.850% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding Corp. 6.750% due 12/01/2005.
Broker: J.P. Morgan Chase & Co. Exp. 06/12/2004		100,000		(4,705	)
Receive a fixed rate equal to 1.650% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: Credit Suisse First Boston Exp. 05/23/2003		50,000		168
Receive a fixed rate equal to 0.850% and the Fund will pay to the counterparty at par in the event of default of Tyco International Group SA 0.000% due 02/12/2021.
Broker: Merrill Lynch Exp. 02/12/2003		25,000		(797	)
Receive a fixed rate equal to 0.900% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding Corp. 0.000% due 05/15/2021.
Broker: J.P. Morgan Chase & Co. Exp. 06/15/2004		50,000		(2,327	)
Receive a fixed rate equal to 0.625% and the Fund will pay to the counterparty at par in the event of default of Phillip Morris Cos., Inc. 7.000% due 07/15/2005.
Broker: J.P. Morgan Chase & Co. Exp. 07/17/2003		50,000		(512	)
Receive a fixed rate equal to 0.625% and the Fund will pay to the counterparty at par in the event of default of Phillip Morris Cos., Inc. 7.650% due 07/01/2008.
Broker: Credit Suisse First Boston Exp. 07/17/2003		100,000		(980	)
Receive a fixed rate equal to 0.400% and the Fund will pay to the counterparty at par in the event of default of National Rural Utilities Cooperative Finance Corp. 5.750% due 12/01/2008.
Broker: Lehman Brothers, Inc. Exp. 09/01/2003		76,500		(1,365	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of Vodafone Group PLC 7.750% due 02/15/2010.
Broker: Lehman Brothers, Inc. Exp. 09/10/2003		68,500		(597	)

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   43

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

Receive a fixed rate equal to 1.160% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: Credit Suisee First Boston Exp. 12/17/2002	$	50,000	$	49
Receive a fixed rate equal to 0.215% and the Fund will pay to the counterparty at par in the event of default of Freddie Mac 5.750% due 04/15/2008.
Broker: Morgan Stanley Exp. 02/26/2007		103,300		(956	)
Receive a fixed rate equal to 1.150% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 04/23/2003		13,500		(9	)
Receive a fixed rate equal to 0.900% and the Fund will pay to the counterparty at par in the event of default of Republic of South Africa 9.125% due 05/19/2009.
Broker: Goldman Sachs Exp. 04/23/2003		10,000		(6	)
Receive a fixed rate equal to 1.050% and the Fund will pay to the counterparty at par in the event of default of Republic of Bulgaria 2.688% due 07/28/2011.
Broker: J.P. Morgan Chase & Co. Exp. 10/23/2003		15,000		(39	)
Receive a fixed rate equal to 9.125% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Morgan Stanley Exp. 06/03/2003		15,000		2
Receive a fixed rate equal to 1.200% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 020/8/2011
Broker: Credit Suisee First Boston Exp. 06/03/2003		5,000		(18	)
Receive a fixed rate equal to 2.000% and the Fund will pay to the counterparty at par in the event of default of Deutsche Telekom International Finance BV 5.250% due 05/20/2008.
Broker: CITIBANK N.A., London Exp. 06/06/2003		25,000		3
Receive a fixed rate equal to 1.950% and the Fund will pay to the counterparty at par in the event of default of Deutsche Telekom International Finance BV 5.250% due 5/20/2008.
Broker: Goldman Sachs Exp. 06/05/2003		25,000		3
Receive a fixed rate equal to 3.500% and the Fund will pay to the counterparty at par in the event of default of France Telecom SA 5.750% due 04/25/2007.
Broker: Goldman Sachs Exp. 06/05/2003		25,000		3
Receive a fixed rate equal to 7.750% and the Fund will pay to the counterparty at par in the event of default of CIT Group, Inc. 7.625% due 08/16/2005.
Broker: J.P. Morgan Chase & Co. Exp. 06/19/2003		30,000		(52	)
Receive a fixed rate equal to 7.000% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 6.000% due 01/15/2007.
Broker: Merrill Lynch Exp. 04/04/2003		4,000		(109	)
Receive a fixed rate equal to 1.550% and the Fund will pay to the counterparty at par in the event of default of Household Finance Corp. 6.375% due 10/15/2011.
Broker: Morgan Stanley Exp. 05/28/2004		25,000		(825	)
Receive a fixed rate equal to 1.900% and the Fund will pay to the counterparty at part in the event of default Ford Motor Credit Co. 7.250% due 10/25/2011.
Broker: ABN AMRO Bank N.V. Exp. 02/13/2003		25,000		3

44   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

Receive a fixed rate equal to 1.300% and the Fund will pay to the counterparty at par in the event of default of General Motors Acceptance Corp. 6.000% due 04/01/2011.
Broker: ABN AMRO Bank N.V.
Exp. 01/20/2004	$	25,000	$	3
Receive a fixed rate equal to 1.050% and the Fund will pay to the counterparty at par in the event of default of DaimlerChrysler North America Holding Corp 7.300% due 01/15/2012.
Broker: ABN AMRO Bank N.V.
Exp. 08/16/2004		25,000		3
Receive a fixed rate equal to 1.260% and the Fund will pay to the counterparty at par in the event of default of National Rural Utilities Cooperative Finance Corp. 7.250% due 03/01/2012.
Broker: UBS—Warburg
Exp. 04/26/2004		25,000		(433	)
Receive a fixed rate equal to 0.400% and the Fund will pay to the counterparty at par in the event of default of AIG SunAmerica Global Finance XII 5.300% due 05/30/2007.
Broker: ABN AMRO Bank N.V.
Exp. 09/18/2003		25,000		3
Receive a fixed rate equal to 0.440% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.000% due 06/15/2007.
Broker: Credit Suisee First Boston
Exp. 09/18/2003		25,000		3
Receive a fixed rate equal to 0.440% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.875% due 02/15/2012.
Broker: Credit Suisee First Boston
Exp. 09/23/2003		50,000		5
			$	(252,109	)

(l) Subsequent to September 30, 2002, the issuer declared bankruptcy.

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   45

PIMCO Total Return Fund Financial Highlights

Class A Shares Selected Per Share Data for the Year or Period Ended:	09/30/2002+			03/31/2002			03/31/2001			03/31/2000			03/31/1999			03/31/1998
Net Asset Value Beginning of Period	$	10.41		$	10.52		$	9.96		$	10.36		$	10.62		$	10.27
Net Investment Income		0.21	(a)		0.49	(a)		0.62	(a)		0.58	(a)		0.58	(a)		0.58	(a)
Net Realized/ Unrealized Gain (Loss) on Investments		0.47	(a)		0.20	(a)		0.56	(a)		(0.40	)(a)		0.16	(a)		0.63	(a)
Total Income from Investment Operations		0.68			0.69			1.18			0.18			0.74			1.21
Dividends from Net Investment Income		(0.21	)		(0.50	)		(0.62	)		(0.58	)		(0.58	)		(0.59	)
Distributions from Net Realized Capital Gains		0.00			(0.30	)		0.00			0.00			(0.42	)		(0.27	)
Total Distributions		(0.21	)		(0.80	)		(0.62	)		(0.58	)		(1.00	)		(0.86	)
Net Asset Value End of Period	$	10.88		$	10.41		$	10.52		$	9.96		$	10.36		$	10.62
Total Return		6.63	%		6.65	%		12.27	%		1.85	%		7.09	%		12.11	%
Net Assets End of Period (000s)	$	6,478,845		$	4,749,826		$	3,061,033		$	1,947,405		$	1,140,606		$	533,893
Ratio of Expenses to Average Net Assets		0.90	%*		0.90	%		0.96	%(b)		1.01	%(b)		0.90	%		0.90	%
Ratio of Net Investment Income to Average Net Assets		3.96	%*		4.64	%		6.08	%		5.79	%		5.37	%		5.46	%
Portfolio Turnover Rate		134	%		445	%		450	%		223	%		154	%		206	%

* Annualized

+ Unaudited

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 0.90%.

46   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

PIMCO Total Return Fund Financial Highlights

Class B Shares Selected Per Share Data for the Year or Period Ended:	09/30/2002+			03/31/2002			03/31/2001			03/31/2000			03/31/1999			03/31/1998
Net Asset Value Beginning of Period	$	10.41		$	10.52		$	9.96		$	10.36		$	10.62		$	10.27
Net Investment Income		0.17	(a)		0.41	(a)		0.54	(a)		0.51	(a)		0.50	(a)		0.50	(a)
Net Realized/ Unrealized Gain (Loss) on Investments		0.47	(a)		0.20	(a)		0.57	(a)		(0.41	)(a)		0.16	(a)		0.63	(a)
Total Income from Investment Operations		0.64			0.61			1.11			0.10			0.66			1.13
Dividends from Net Investment Income		(0.17	)		(0.42	)		(0.55	)		(0.50	)		(0.50	)		(0.51	)
Distributions from Net Realized Capital Gains		0.00			(0.30	)		0.00			0.00			(0.42	)		(0.27	)
Total Distributions		(0.17	)		(0.72	)		(0.55	)		(0.50	)		(0.92	)		(0.78	)
Net Asset Value End of Period	$	10.88		$	10.41		$	10.52		$	9.96		$	10.36		$	10.62
Total Return		6.23	%		5.85	%		11.44	%		1.08	%		6.28	%		11.26	%
Net Assets End of Period (000s)	$	2,362,781		$	1,703,960		$	975,823		$	654,104		$	549,478		$	186,932
Ratio of Expenses to Average Net Assets		1.65	%*		1.65	%		1.70	%(b)		1.76	%(b)		1.65	%		1.65	%
Ratio of Net Investment Income to Average Net Assets		3.20	%*		3.85	%		5.33	%		5.01	%		4.55	%		4.74	%
Portfolio Turnover Rate		134	%		445	%		450	%		223	%		154	%		206	%

 * Annualized

 + Unaudited

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 1.65%.

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   47

PIMCO Total Return Fund Financial Highlights

Class C Shares Selected Per Share Data for the Year or Period Ended:	09/30/2002+			03/31/2002			03/31/2001			03/31/2000			03/31/1999			03/31/1998
Net Asset Value Beginning of Period	$	10.41		$	10.52		$	9.96		$	10.36		$	10.62		$	10.27
Net Investment Income		0.17	(a)		0.41	(a)		0.54	(a)		0.51	(a)		0.50	(a)		0.51	(a)
Net Realized/ Unrealized Gain (Loss) on Investments		0.47	(a)		0.20	(a)		0.57	(a)		(0.41	)(a)		0.16	(a)		0.63	(a)
Total Income from Investment Operations		0.64			0.61			1.11			0.10			0.66			1.14
Dividends from Net Investment Income		(0.17	)		(0.42	)		(0.55	)		(0.50	)		(0.50	)		(0.52	)
Distributions from Net Realized Capital Gains		0.00			(0.30	)		0.00			0.00			(0.42	)		(0.27	)
Total Distributions		(0.17	)		(0.72	)		(0.55	)		(0.50	)		(0.92	)		(0.79	)
Net Asset Value End of Period	$	10.88		$	10.41		$	10.52		$	9.96		$	10.36		$	10.62
Total Return		6.23	%		5.85	%		11.44	%		1.09	%		6.29	%		11.28	%
Net Assets End of Period (000s)	$	2,926,926		$	1,979,410		$	1,103,702		$	720,199		$	715,201		$	405,037
Ratio of Expenses to Average Net Assets		1.65	%*		1.65	%		1.71	%(b)		1.75	%(b)		1.65	%		1.65	%
Ratio of Net Investment Income to Average Net Assets		3.19	%*		3.85	%		5.34	%		5.01	%		4.63	%		4.83	%
Portfolio Turnover Rate		134	%		445	%		450	%		223	%		154	%		206	%

* Annualized

+ Unaudited

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 1.65%.

48   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

PIMCO Total Return Fund Statement of Assets and Liabilities

September 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	77,087,583
Cash		128,004
Foreign currency, at value		589,819
Receivable for investments sold and forward foreign currency contracts		1,387,086
Receivable for Fund shares sold		335,058
Interest and dividends receivable		484,550
Variation margin receivable		154,983
		80,167,083
Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	11,439,585
Payable for financing transactions		3,179,298
Written options outstanding		133,590
Payable for Fund shares redeemed		251,374
Dividends payable		36,754
Accrued investment advisory fee		12,184
Accrued administration fee		10,771
Accrued distribution fee		5,169
Accrued servicing fee		2,413
Variation margin payable		14,234
Net payable for swap agreements		252,109
Other liabilities		123,107
		15,460,588
Net Assets	$	64,706,495
Net Assets Consist of:
Paid in capital	$	62,243,413
Undistributed net investment income		210,335
Accumulated undistributed net realized gain		1,717,454
Net unrealized appreciation		535,293
	$	64,706,495
Net Assets:
Class A	$	6,478,845
Class B		2,362,781
Class C		2,926,926
Other Classes		52,937,943
Shares Issued and Outstanding:
Class A		595,665
Class B		217,234
Class C		269,101
Net Asset Value and Redemption Price* Per Share
(Net Assets Per Share Outstanding)
Class A	$	10.88
Class B		10.88
Class C		10.88
Cost of Investments Owned	$	76,927,592
Cost of Foreign Currency Held	$	582,979

*With respect to the Retail Classes, the redemption price varies by the length of time the shares are held.

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   49

PIMCO Total Return Fund Statement of Operations

For the six months ended September 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	1,426,310
Dividends, net of foreign taxes		14,227
Total Income		1,440,537
Expenses:
Investment advisory fees		73,629
Administration fees		64,379
Distribution fees—Class B		7,533
Distribution fees—Class C		9,055
Servicing fees—Class A		7,042
Servicing fees—Class B		2,511
Servicing fees—Class C		3,019
Distribution and/or servicing fees—Other Classes		14,119
Trustees’ fees		70
Interest expense		31
Total Expenses		181,388
Net Investment Income		1,259,149
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		467,732
Net realized gain on futures contracts, written options, and swaps		1,195,438
Net realized gain on foreign currency transactions		108,961
Net change in unrealized appreciation on investments		348,436
Net change in unrealized appreciation on futures contracts, written options, and swaps		428,974
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(21,719	)
Net Gain		2,527,822
Net Increase in Assets Resulting from Operations	$	3,786,971

50   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

PIMCO Total Return Fund Statements of Changes in Net Assets

Amounts in thousands

	Six Months Ended September 30, 2002			Year Ended March 31, 2002
Increase (Decrease) in Net Assets from:		(Unaudited)
Operations:
Net investment income	$	1,259,149		$	2,382,004
Net realized gain		1,772,131			1,406,666
Net change in unrealized appreciation (depreciation)		755,691			(659,434	)
Net increase resulting from operations		3,786,971			3,129,236
Distributions to Shareholders:
From net investment income
Class A		(111,981	)		(178,290	)
Class B		(32,256	)		(51,801	)
Class C		(38,647	)		(58,158	)
Other Classes		(1,076,650	)		(2,092,370	)
From net realized capital gains
Class A		0			(113,782	)
Class B		0			(41,330	)
Class C		0			(45,959	)
Other Classes		0			(1,157,547	)
Total Distributions		(1,259,534	)		(3,739,237	)
Fund Share Transactions:
Receipts for shares sold
Class A		2,487,360			3,207,858
Class B		703,125			894,303
Class C		1,030,318			1,126,447
Other Classes		12,491,368			17,948,269
Issued as reinvestment of distributions
Class A		64,605			161,638
Class B		18,948			52,518
Class C		23,548			64,627
Other Classes		901,046			2,836,995
Cost of shares redeemed
Class A		(1,063,596	)		(1,621,239	)
Class B		(149,237	)		(195,341	)
Class C		(209,531	)		(287,878	)
Other Classes		(7,331,922	)		(12,870,563	)
Net increase resulting from Fund share transactions		8,966,032			11,317,634
Total Increase in Net Assets		11,493,469			10,707,633
Net Assets:
Beginning of period		53,213,026			42,505,393
End of period *	$	64,706,495		$	53,213,026
*Including net undistributed investment income of:	$	210,335		$	210,720

See accompanying notes  I   09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   51

PIMCO Total Return Fund Notes to Financial Statements

September 30, 2002 (Unaudited)

1. Organization

The Total Return Fund (the “Fund”) is a series of the PIMCO Funds: Pacific Investment Management Series (the “Trust”) which was established as a Massachusetts business trust on February 19, 1987. The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment management company. The Trust currently consists of 48 separate investment funds (the “Funds”). The Trust may offer up to six classes of shares: Institutional, Administrative, A, B, C and D. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the A, B and C Classes (the “Retail Classes”) of the Fund. Certain detailed financial information for the Institutional, Administrative and D Classes (the “Other Classes”) is provided separately and is available upon request.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. Fixed income securities, including those to be purchased under firm commitment agreements, are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Certain fixed income securities for which daily market quotations are not readily available may be valued, pursuant to guidelines established by the Board of Trustees, with reference to fixed income securities whose prices are more readily obtainable. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Fund may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Effective April 1, 2001, the accounting method relating to the amortization of premiums and discounts changed to the interest method, which did not materially affect the Fund’s financial statements.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Fund, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.

Distributions reflected as a tax basis return of capital in the accompanying Statements of Changes in Net Assets have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and paid in capital to more appropriately conform financial accounting to tax characterizations of dividends and distributions.

Foreign Currency. The accounting records of the Fund are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated to U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses). Realized gains (losses) and unrealized appreciation (depreciation) on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities

52   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02

PIMCO Total Return Fund Notes to Financial Statements

September 30, 2002 (Unaudited)

are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets and voting privileges. Income and non-class specific expenses of the Fund, are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Fund are allocated daily to each class of shares based on the relative net assets of each class.

Federal Income Taxes. The Fund intends to qualify as a regulated investment company 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.

Financing Transactions. The Fund may enter into financing transactions consisting of the sale by the Fund of securities, together with a commitment to repurchase similar securities at a future date. The difference between the selling price and the future purchase price is an adjustment to interest income in the Statement of Operations. If the counterparty to whom the Fund sells the security becomes insolvent, the Fund’s right to repurchase the security may be restricted; the value of the security may change over the term of the financing transaction; and the return earned by the Fund with the proceeds of a financing transaction may not exceed transaction costs. The Fund will segregate assets determined to be liquid by PIMCO or otherwise cover its obligations under financing transactions.

Futures Contracts. The Fund is authorized to enter into futures contracts. The Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Options Contracts. The Fund may write call and put options on futures, securities or currencies it owns or in which it may invest. Writing put options tends to increase the Fund’s exposure to the underlying instrument. Writing call options tends to decrease the Fund’s exposure to the underlying instrument. When the Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, security or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying future, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, security or currency underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

The Fund may also purchase put and call options. Purchasing call options tends to increase the Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease the Fund’s exposure to the underlying instrument. The Fund pays a premium which is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, security or currency transaction to determine the realized gain or loss.

Forward Currency Transactions. The Fund may enter into forward currency contracts and forward cross-currency contracts in connection with settling planned purchases or sales of securities or to hedge the currency exposure associated with some or all of the Fund’s portfolio securities. A forward currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These con-

09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   53

PIMCO Total Return Fund Notes to Financial Statements

September 30, 2002 (Unaudited)

tracts may involve market risk in excess of the unrealized gain or loss reflected in the Fund’s Statement of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

Swaps. The Fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Fund may enter into interest rate, total return, forward swap spread lock and credit default swap agreements to manage its exposure to interest rates and credit risk. Interest rate swap agreements involve the exchange by the Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Forward swap spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically an emerging country, on its obligation. The Fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the end of the measurement period are recorded as realized gain or loss in the Statement of Operations. Net payments of interest on interest rate swap agreements are included as part of interest income. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

Loan Agreements. The Fund may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. The Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt by the lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When the Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan.

Short Sales. The Fund has entered into short sales transactions during the fiscal year. A short sale is a transaction in which the Fund sells securities it does not own in anticipation of a decline in the market price of the securities. The Fund is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

Stripped Mortgage-Backed Securities (SMBS). SMBS represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (IOs), which receive all of the interest, and principal-only securities (POs), which receive all of the principal. If the underlying mortgage assets experience greater than anticipated payments of principal, the Fund may fail to recoup some or all of its initial investment in these securities. The market value of these securities is highly sensitive to changes in interest rates.

Delayed-Delivery Transactions. The Fund may purchase or sell securities on a when-issued or delayed-delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Fund will set aside and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they

54   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02

PIMCO Total Return Fund Notes to Financial Statements

September 30, 2002 (Unaudited)

are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains and losses with respect to the security. Forward sales commitments are accounted for by the Fund in the same manner as forward currency contracts discussed above.

Inflation-Indexed Bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be considered interest income, even though investors do not receive their principal until maturity.

Repurchase Agreements. The Fund may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Fund takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred.

Reverse Repurchase Agreements. The Fund is authorized to enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells to a financial institution a security that it holds with an agreement to repurchase the same security at an agreed-upon price and date. A reverse repurchase agreement involves the risk that the market value of the security sold by the Fund may decline below the repurchase price of the security. The Fund will segregate assets determined to be liquid by PIMCO or otherwise cover its obligations under reverse repurchase agreements.

Restricted Securities. The Fund is permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (PIMCO) is a majority-owned subsidiary of Allianz Dresdner Asset Management of America L.P. (formerly PIMCO Advisors L.P.) and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Fund at an annual rate based on average daily net assets of the Fund. The Advisory Fee is charged at an annual rate of 0.25%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives from the Fund a monthly administrative fee based on each share class’ average daily net assets. The Administration Fee for the Fund’s Retail Classes is charged at an annual rate of 0.40%. The Administration Fee for the Institutional and Administrative Classes is charged at the annual rate of 0.18%. The Administration Fee for Class D is charged at the annual rate 0.25%.

Distribution and Servicing Fees. PIMCO Advisors Distributors LLC (“PFD”), is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse, out of the Administrative Class assets of each Fund offering Administrative Class shares in an amount up to 0.25% on an annual basis of the average daily net assets of that class, financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Fund shares as their funding medium. The effective rate paid to PFD was 0.25% during the current fiscal year.

Pursuant to the Distribution and Servicing Plans adopted by the A, B, C and D Classes of the Trust, the Trust compensates PFD or an affiliate with respect to Class D for services provided and expenses incurred in connection with assistance rendered in the sale of shares and services rendered to shareholders and for maintenance of shareholder accounts of the A, B, C and D Classes. The Trust paid PFD distribution and servicing fees at an effective rate as set forth below (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Distribution Fee (%)	Servicing Fee (%)
Class A	—	0.25
Class B	0.75	0.25
Class C	0.75	0.25
Class D	—	0.25

09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   55

PIMCO Total Return Fund Notes to Financial Statements

September 30, 2002 (Unaudited)

PFD also receives the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of A, B and C Class shares. For the period ended September 30, 2002 PFD received $15,709,769 representing commissions (sales charges) and contingent deferred sales charges.

Expenses. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class shares and may include certain other expenses as permitted by the Trust’s Multiple Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed in the Financial Highlights, may differ from the annual fund operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

Each unaffiliated Trustee receives an annual retainer of $60,000, plus $3,000 for each Board of Trustees meeting attended in person and $500 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an annual retainer of $1,500. These expenses are allocated to the Funds of the Trust according to their respective net assets.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2002, were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
Total Return Fund	$	57,660,192	$	59,827,426	$	13,611,291	$	11,125,516

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

	Total Return Fund
	Premium
Balance at 03/31/2002	$	316,125
Sales		57,137
Closing Buys		(26,364	)
Expirations		(225,726	)
Exercised		0
Balance at 09/30/2002	$	121,172

6. Federal Income Tax Matters

At September 30, 2002, the net unrealized appreciation (depreciation) of investments securities for federal income tax purposes were as follows (amounts in thousands):

	Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)			Net Unrealized Appreciation
Total Return Fund	$	1,545,825	$	(1,385,834	)	$	159,991

56   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02

PIMCO Total Return Fund Notes to Financial Statements

September 30, 2002 (Unaudited)

7.  Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Total Return Fund
	Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount
Receipts for shares sold
Class A	232,968		$	2,487,360		302,767		$	3,207,858
Class B	65,802			703,125		84,273			894,303
Class C	96,442			1,030,318		106,182			1,126,447
Other Classes	1,169,036			12,491,368		1,692,700			17,948,269
Issued as reinvestment of distributions
Class A	6,039			64,605		15,326			161,638
Class B	1,771			18,948		4,984			52,518
Class C	2,201			23,548		6,133			64,627
Other Classes	84,259			901,046		268,980			2,836,995
Cost of shares redeemed
Class A	(99,467	)		(1,063,596	)	(152,976	)		(1,621,239	)
Class B	(13,969	)		(149,237	)	(18,397	)		(195,341	)
Class C	(19,623	)		(209,531	)	(27,161	)		(287,878	)
Other Classes	(686,356	)		(7,331,922	)	(1,213,735	)		(12,870,563	)
Net increase resulting from Fund share transactions	839,103		$	8,966,032		1,069,076		$	11,317,634

09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   57

PIMCO Funds: Pacific Investment Management Series

Manager	Pacific Investment Management Company LLC, 840 Newport Center Drive, Suite 300, Newport Beach, CA 92660
Distributor	PIMCO Advisors Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902
Custodian	State Street Bank & Trust Co., 801 Pennsylvania, Kansas City, MO 64105
Shareholder Servicing Agent and Transfer Agent	PFPC Global Fund Services, Inc., P.O. Box 9688, Providence, RI 02940-9688
Independent Accountant	PricewaterhouseCoopers LLP, 1055 Broadway, Kansas City, MO 64105
Legal Counsel	Dechert, 1775 Eye Street, Washington, DC 20006
For Account Information	For PIMCO Funds account information contact your financial advisor, or if you receive account statements directly from PIMCO Funds, you can also call 1-800-426-0107. Telephone representatives are available Monday–Friday 8:30 am to 8:00 pm Eastern Time. Or visit our Web site, www.pimcoadvisors.com.

58   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02

Receive this document electronically and eliminate paper mailings.

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Here’s how it works.

As communications become available, we’ll send you an e-mail notification containing the Internet address where you can view, save or print the materials. Your participation in eDelivery begins in the quarter you enroll.

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Please note: Each account holder in your household must enroll separately to eliminate all paper mailings to your home.

The Broad-Ranging Expertise of PIMCO Funds

PIMCO Funds offers access to the U.S. investment firms of the Allianz Group, one of the world’s largest financial services providers. Together, these firms manage over $350 billion and have a client list that includes more than half of the 100 largest U.S. corporations.

PIMCO Bond Funds

PIMCO Stock Funds

Short Duration Short-Term Fund Low Duration Fund Intermediate Duration Total Return Fund Long Duration Long-Term U.S. Government Fund International Global Bond Fund II Foreign Bond Fund Emerging Markets Bond Fund High Yield High Yield Fund Mortgage-Backed GNMA Fund Total Return Mortgage Fund Inflation-Indexed Real Return Fund Convertible Convertible Fund Tax-Exempt Municipal Bond Fund California Intermediate Municipal Bond Fund California Municipal Bond Fund New York Municipal Bond Fund Short-Duration Municipal Income Fund PIMCO Stock and Bond Funds Strategic Balanced Fund Asset Allocation Fund

Growth RCM Large-Cap Growth Fund PEA Growth Fund NACM Growth Fund PEA Target Fund RCM Mid-Cap Fund PEA Opportunity Fund Blend PEA Growth & Income Fund CCM Capital Appreciation Fund NACM Core Equity Fund CCM Mid-Cap Fund Value NFJ Equity Income Fund PEA Value Fund NACM Value Fund PEA Renaissance Fund NACM Flex-Cap Value Fund NFJ Small-Cap Value Fund Enhanced Index RCM Tax-Managed Growth Fund PPA Tax-Efficient Equity Fund StocksPLUS Fund International RCM Global Equity Fund NACM Global Fund RCM International Growth Equity Fund NACM International Fund RCM Global Small-Cap Fund RCM Europe Fund NACM Pacific Rim Fund RCM Emerging Markets Fund Sector-Related PEA Innovation Fund RCM Global Technology Fund RCM Global Healthcare Fund RCM Biotechnology Fund

One Fund Family,

A Choice of Specialized Investment Firms

The PIMCO Funds are managed by the affiliated institutional investment firms of PIMCO Advisors. Each firm specializes in a specific asset class and investment style. So whether you’re looking for a small-cap value manager, a large-cap growth manager or a core bond manager, the PIMCO Funds provide you with access to a highly qualified expert.

Cadence Capital Management (CCM) Combining the best of growth and value, CCM seeks to invest in reasonably priced companies that offer rapid earnings growth potential. Dresdner RCM Global Investors (RCM) With a worldwide presence, RCM’s growth specialists bring a global perspective to domestic and international stock investing. NFJ Investment Group (NFJ) Pure, deep value investors, NFJ emphasizes risk management by investing primarily in dividend-paying stocks and imposing strict diversification guidelines. Nicholas-Applegate Capital Management (NACM) NACM employs a bottom-up, research driven approach to identify financially strong companies poised to benefit from change. Pacific Investment Management Company (PIMCO) Under the direction of its renowned founder and Chief Investment Officer, Bill Gross, PIMCO has become one of the most respected names in fixed-income management. PIMCO Equity Advisors (PEA) Across its varied products, PEA relies on in-depth research and competitive analysis to identify the companies most likely to deliver long-term capital appreciation.

3

Stay connected with www.pimcoadvisors.com

Timely, user-friendly information about the PIMCO Funds is available on our Web site. Visit www.pimcoadvisors.com to get a comprehensive look at the entire PIMCO Funds family, as well as extensive commentary and analysis from our investment professionals.

Fund Information

Click “Fund Information” on our Home page for current data on all of the PIMCO Funds. You will find:

n Daily share prices and year-to-date performance figures

n Historical performance, portfolio holdings and risk analysis

n Lipper category rankings.

Bond Center

PIMCO Funds offers you access to some of the most respected bond managers in the country. Visit our site’s Bond Center to access newsletters and commentary that reveal what they are thinking about the economy and the bond markets. Then click through “About Bond Investing” for more detailed discussions of PIMCO’s investment strategies and techniques.

4

Stock Center

The PIMCO Funds Stock Center contains articles, news, commentary, newsletters and media highlights that exhibit the diversified expertise offered by PIMCO equity funds and their managers. Visit this area of our site to learn more about the latest market trends and the opportunities available to stock fund investors.

Resources

Click on “Resources” to download prospectuses, forms and other literature from our extensive online library or to request them by mail. You can also learn more about useful services available to PIMCO Funds investors, including online account access for direct shareholders.

5

P I M C O

A D V I S O R S

PZ053.10/02

Semi-Annual Report

0 9 . 3 0 . 0 2

PIMCO Total Return Fund

Share Class D

Contents

Chairman’s Letter	2
Management Review and Outlook	3–5
Performance Summary	6
Portfolio Statistics	7
Schedule of Investments	8–45
Financial Highlights	46
Statement of Assets and Liabilities	47
Statement of Operations	48
Statements of Changes in Net Assets	49
Notes to Financial Statements	50–55

P I M C O

A D V I S O R S

Letter to Shareholders

Brent Harris

Chairman of the Board

Dear Fellow Shareholder:

The past six months have brought an onslaught of disheartening financial news. Despite the market’s recent upswing, disappointing corporate earnings and talk of a double-dip recession have left many stock investors wondering where we’re headed next.

In the world of bonds, however, bad economic news can actually be good news, as investors flee stocks and riskier securities and flock instead to the relative stability offered by U.S. Treasuries and other high-quality areas of fixed income. This seemingly paradoxical relationship between bonds and the economy helps explain why most bond sectors have continued their strong run over the past six months. I am pleased to report that PIMCO Total Return Fund followed suit, with Class D shares returning 6.71% during the same period.

Of course, we cannot predict what the next few months and years hold for bonds, stocks or this fund. But, as always, we stand behind a few tried-and-true investment strategies, such as maintaining a well-diversified portfolio and investing for the long term.

If you have questions concerning this report or your investment, please contact your financial advisor. You can also call PIMCO Advisors at 1-800-426-0107 or visit our web site at www.pimcoadvisors.com. Once again, thank you for choosing PIMCO Funds. We highly value your business.

Sincerely,

Brent R. Harris

Chairman of the Board

October 31, 2002

Past performance is no guarantee of future results. There is no guarantee that these or any other investment techniques will be effective under all market conditions. The credit quality of the investment in the portfolio does not apply to the stability or safety of the fund. Diversification does not guarantee against loss.

2   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02

Management Review & Outlook

Bill Gross

Portfolio Manager

For the six-month period ended September 30, 2002, PIMCO Total Return Fund Class D shares returned 6.71%, outperforming the Lipper Intermediate Investment Grade Debt Fund Average, which returned 6.52%, but underperforming the Lehman Aggregate Bond Index, which returned 8.45%. Below, Bill Gross, the Fund’s portfolio manager, discusses these results and provides his outlook and strategy moving forward.

Q. What happened in the economy and the bond markets over the past six months?

A. Investors flocked to the safety of Treasury bonds amid anxiety about sluggish global growth, the integrity of corporate accounting and governance practices and a potential U.S. war with Iraq. While the Federal Reserve remained on the sidelines, leaving the Fed Funds rate unchanged, they indicated that there was uncertainty regarding the size and strength of the economic recovery, and that they stood ready to be responsive should the economy further deteriorate. The consumer and housing sectors have been the primary sources of strength in the economy, bolstered by low mortgage rates, zero percent auto loans, and rising real wages. Internationally, growth was weaker in Europe, and Japan’s economy remained moribund.

Q. What areas of the bond market performed the best in this environment?

A. Treasury bonds performed extremely well, as investors drove yields to their lowest levels in 40 years, with short and intermediate maturities falling the furthest. Mortgages trailed Treasuries, but performed better than corporate bonds. Within this sector, GNMAs, explicitly backed by the U.S. government, outperformed their conventional counterparts.

Q. How did other bond sectors fare?

A. Corporate bonds lagged well behind Treasuries, with higher rated issues outperforming lower rated debt. The high yield segment, heavily weighted with struggling telecom and energy/pipeline credits, posted a severe loss for the period.¹ Non-U.S. developed bond markets also lagged Treasuries, as U.S. interest rates fell more sharply than rates in other countries, such as Germany and the U.K. Emerging market bonds continued to lose ground, as sector returns were adversely affected by Brazil presidential election worries and an overall climate of risk aversion among investors worldwide.

1. The Lehman High Yield Index returned –9.16% for the six-month period ended 9/30/02.

09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   3

Q. What helped the Fund’s results during the period?

A. The Fund’s overweight exposure to short- and intermediate-term maturities contributed to returns as these yields fell the furthest. Duration management was also a positive. [Duration is a measure of a portfolio’s price sensitivity expressed in years.] Slightly below-benchmark duration early in the period was neutral, while extending duration later in the period was positive. Holdings of real return bonds also helped, as real yields fell during the period.

Q. What factors detracted from the Fund’s performance?

A. Although we were underweight corporate bonds, our industry selection in this area hurt returns, especially holdings of telecom and energy/pipeline companies. This is because the risks generally associated with owning stocks—in particular, the credibility of company financial statements—flowed into corporate bonds over the past six months due to heightened risk aversion. In turn, investor demand for corporates deteriorated. International exposure, including modest allocations to emerging market bonds, was also negative for performance as investors favored U.S. Treasuries.

Q. What is your current economic outlook?

A. In PIMCO’s view, the modest U.S. economic recovery should continue over the next year, with the consumer and housing sectors holding fast as the battered business sector heals itself. The wild card in our forecast is a potential war with Iraq. While we believe this would initially drag down growth and cause a shock to consumer and business confidence, monetary and fiscal stimulus could offset this occurrence. We anticipate interest rates to be range-bound, as muted economic growth constrains upward pressure on interest rates.

4   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02

Q. What is the biggest risk to your forecast?

A. The biggest risk to our forecast is that corporations will prolong their retrenchment, spreading an “infectious thrift” into the consumer sector. However, economic policymaking, especially by the Federal Reserve, should mitigate this risk. As we see it, the Fed will not take back its substantial easing of the past year and will cut the federal funds rate if necessary to sustain the recovery. At the same time, U.S. Fiscal policy should remain stimulative with existing tax cuts and deficit spending.

Q. How will you be positioning the Fund in this environment?

A. Given the expected range-bound interest rate environment, we intend to add value by capturing attractive spreads in non-Treasury markets. We plan to target duration near the benchmark, as we expect rates to shift modestly. Also, we will focus on intermediate maturities, which offer relatively higher yields given the steep yield curve environment. In terms of our sector strategy, we plan to overweight mortgages, which offer premium yields that compensate amply for the risk of duration extension should mortgage rates climb. We anticipate that our corporate exposure could improve, as lenders’ appetite for risk is restored by the rehabilitation of corporate balance sheets and liquidity returns to the marketplace.

Managing Director and co-founder of PIMCO, Mr. Gross is widely regarded as the world’s foremost fixed income authority. He has over 30 years of investment experience. In recognition of his investment skill, Morningstar named Mr. Gross and the PIMCO bond team “Fixed Income Fund Manager of the Year” for 1998 and 2000.

09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   5

PIMCO Total Return Fund Performance Summary

Objective:	Portfolio:	Fund Inception Date:
Seeks maximum total return, consistent with preservation of capital and prudent investment management.	Intermediate maturity fixed income securities. Duration Range: 3-6 years	5/11/87 Total Net Assets: $64.7 billion

Average Annual Total Return

For periods ended 9/30/02

Change in Value For periods ended 9/30/02

6   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02

PIMCO Total Return Fund Portfolio Statistics

Maturity Profile	% of Total Investments	Quality Breakdown
Less than 1 year	6%
1-5 years	44%
5-10 years	6%
10-20 years	38%
20-30 years	6%
Sector Breakdown
Mortgage-Backed Securities	44.8%
Short-Term Instruments	24.2%
Corporate Bonds & Notes	17.8%
Other	13.2%

Past performance is no guarantee of future results. Investment return will fluctuate and the value of an investor’s shares will fluctuate and may be worth more or less than original cost when redeemed. The average annual total return measures performance assuming that all dividend and capital gain distributions were reinvested. Returns shown do not reflect the deduction of taxes that a shareholder would pay (i) on fund distributions or (ii) the redemption of fund shares. The returns represent the blended performance of the Fund’s D shares and the prior performance of the Fund’s Institutional shares, adjusted, as necessary, to reflect retail share current sales charges and different operating expenses. The D shares were first offered in April 1998. The credit quality of the investment in the portfolio does not apply to the stability or safety of the fund. Duration is a measure of the Fund’s price sensitivity expressed in years. The Lipper Averages are calculated by Lipper, Inc. It is the total return performance average of funds that are tracked by Lipper that have the same Fund Classification. Lipper does not take into account sales charges. The Fund may invest up to 20% in securities denominated in foreign currencies and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers, which may entail greater risk due to foreign economic and political developments. The Fund may invest 10% in high-yield, (lower-rated) securities, which generally involves greater risk to principal than investment in higher-rated securities. Mortgage-backed securities may be sensitive to changes in prevailing interest rates; their value generally declines when interest rates rise. There is no assurance that the private guarantors or insurers will meet their obligations. The Lehman Brothers Aggregate Bond Index is an unmanaged market index that represents the U.S. Taxable fixed income universe. It is not possible to invest directly in an unmanaged index. The funds also offer other share classes, which are subject to different fees and expenses (which may affect performance), have different minimum investment requirements and are entitled to different services. Information regarding such classes may be obtained by calling 1-888-87-PIMCO. An investment in a (the) fund is not a deposit of a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. In addition, it is possible to lose money on investments in a (the) fund. For additional details on the Funds, contact your financial advisor to receive a current prospectus that contains more complete information, including charges and expenses. Please read the prospectus carefully before you invest or send money. PIMCO Advisors Distributors LLC, 2187 Atlantic Street, Stamford, CT, 06902, www.pimcoadvisors.com, 1-888-87-PIMCO.

09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   7

PIMCO Total Return Fund Schedule of Investments

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 21.2%
Banking & Finance 11.7%
AB Spintab
6.800% due 12/29/2049 (a)	$	250	$	251
Abbey National PLC
6.700% due 06/29/2049 (a)		5,000		5,410
ABN AMRO Bank NV Chicago
7.250% due 05/31/2005		150		165
Air 2 U.S. Equipment Trust
8.027% due 10/01/2019		9,222		6,524
Allstate Corp.
7.875% due 05/01/2005		100		111
6.750% due 05/15/2018		280		301
Allstate Life Funding LLC
2.120% due 07/26/2004 (a)		9,600		9,587
AMERCO
7.135% due 10/15/2002		15,000		14,730
7.230% due 01/21/2027		1,250		1,114
American Express Credit Corp.
7.450% due 08/10/2005 (a)		1,000		1,126
American Express Travel
5.625% due 01/22/2004		22,700		23,699
American General Finance
6.250% due 12/18/2002		1,165		1,175
6.375% due 03/01/2003		350		356
6.170% due 05/06/2003		3,200		3,276
8.125% due 03/15/2046		270		327
Aon Capital Trust A
8.205% due 01/01/2027		725		514
Aristar, Inc.
7.375% due 09/01/2004		20,000		21,688
Associates Corp. of North America
6.000% due 12/01/2002		500		503
5.750% due 11/01/2003		5,425		5,660
5.800% due 04/20/2004		510		537
6.625% due 06/15/2005		4,830		5,281
Atlas Reinsurance PLC
4.560% due 04/04/2003 (a)		22,700		22,785
5.560% due 10/04/2004 (a)		3,000		3,023
Banc One Corp
7.000% due 07/15/2005		100		112
Banco Nacional de Comercio Exterior
7.250% due 02/02/2004		29,323		30,768
Bank of America Corp.
7.500% due 10/15/2002		1,200		1,202
6.850% due 03/01/2003		65		66
9.200% due 05/15/2003		90		94
6.875% due 06/01/2003		100		103
6.500% due 08/15/2003		150		156
6.625% due 06/15/2004		40		43
6.125% due 07/15/2004		600		641
6.750% due 09/15/2005		200		223
5.250% due 02/01/2007		40		43
7.800% due 02/15/2010		300		363
8.570% due 11/15/2024		125		162
Bank One Corp.
2.029% due 09/26/2003 (a)		700		701
2.027% due 05/07/2004 (a)		8,200		8,214
6.500% due 02/01/2006		660		730
Bayerische Landesbank NY
6.200% due 02/09/2006 (a)		250		253
Bear Stearns Cos., Inc.
6.488% due 10/02/2002		5,000		5,000
6.125% due 02/01/2003		25		25
6.750% due 04/15/2003		105		108
2.120% due 05/06/2003 (a)		27,224		27,223
2.070% due 07/22/2003 (a)		25,500		25,444
6.700% due 08/01/2003		100		104
2.047% due 12/01/2003 (a)		107,100		107,283
6.625% due 01/15/2004		200		210
6.150% due 03/02/2004 (a)		200		210
8.750% due 03/15/2004		75		81
2.380% due 05/24/2004 (a)		29,300		29,443
2.226% due 06/01/2004 (a)		12,665		12,688
2.130% due 09/16/2005 (a)		16,000		15,776
Beaver Valley Funding Corp.
8.250% due 06/01/2003		39		39
Beneficial Corp.
6.030% due 01/14/2003		320		322
Bombardier Capital, Inc.
7.300% due 12/15/2002		9,000		8,896
Caterpillar Financial Services Corp.
7.700% due 11/05/2003		600		636
Chase Manhanttan Corp.
5.750% due 04/15/2004 (a)		150		157
6.000% due 11/01/2005		50		53
6.125% due 11/01/2008		400		442
Chrysler Financial Co. LLC
1.990% due 02/10/2003 (a)		17,700		17,671
Chubb Capital Corp.
6.875% due 02/01/2003		100		102
Cincinnati Financial Corp.
6.900% due 05/15/2028		55,360		55,075
CIT Group, Inc.
2.210% due 10/01/2002 (a)		8,000		8,000
6.150% due 12/15/2002		20		20
7.375% due 03/15/2003		11,850		12,097
2.310% due 04/07/2003 (a)		19,277		19,244
5.625% due 10/15/2003		250		255
7.500% due 11/14/2003		35		36
5.625% due 05/17/2004		12,350		12,652
7.250% due 08/15/2005		90		95
7.625% due 08/16/2005		15		16
7.375% due 04/02/2007		30,295		32,457
7.750% due 04/02/2012		27,900		30,405
Citicorp
8.000% due 02/01/2003		250		255
CitiFinancial Credit Co.
7.750% due 03/01/2005		1,230		1,367
6.750% due 07/01/2007		450		509

8   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Citigroup, Inc.
5.800% due 03/15/2004	$	200	$	210
6.750% due 12/01/2005		100		111
7.250% due 10/01/2010		325		373
CNA Financial Corp.
6.250% due 11/15/2003		65		65
Comerica Bank
7.250% due 06/15/2007		200		230
Compagnie Financiere de CIC—UE
3.270% due 06/29/2049 (a)		1,500		1,485
Countrywide Home Loans, Inc.
6.250% due 04/15/2009 (a)		600		650
Credit Asset Receivable LLC
6.274% due 10/31/2003		13,342		13,424
DaimlerChrysler Financial Services
North America LLC
2.000% due 02/03/2003 (a)		90,000		89,865
1.990% due 03/06/2003 (a)		35,000		34,926
1.980% due 03/10/2003 (a)		65,000		64,856
1.940% due 06/17/2003 (a)		1,200		1,195
1.940% due 06/18/2003 (a)		42,700		42,511
DBS Group Holdings Ltd.
7.875% due 08/10/2009		6,000		7,036
Deutsche Telekom International
Finance BV
8.250% due 06/15/2005		113,600		121,923
8.500% due 06/15/2010		16,000		17,580
8.750% due 06/15/2030		169,700		182,485
Dow Capital BV
7.125% due 01/15/2003		100		101
Duke Capital Corp.
2.461% due 02/28/2003 (a)		2,000		1,985
7.250% due 10/01/2004		9,000		9,424
6.250% due 07/15/2005		325		334
Export-Import Bank Korea
6.500% due 11/15/2006		9,035		10,033
7.100% due 03/15/2007		31,900		36,330
Farmers Insurance
8.625% due 05/01/2024		275		210
Finova Group, Inc.
7.500% due 11/15/2009 (b)		27,255		8,449
First Chicago Corp.
4.250% due 07/28/2003 (a)		50		50
First National Bank Chicago
8.080% due 01/05/2018		250		315
First Security Corp.
5.875% due 11/01/2003		9,325		9,704
Ford Credit Canada
1.986% due 12/16/2002 (a)		95,600		95,362
Ford Motor Credit Co.
7.750% due 11/15/2002		5,730		5,750
6.000% due 01/14/2003		1,100		1,104
7.500% due 01/15/2003		250		252
1.963% due 02/03/2003 (a)		40,000		39,623
1.877% due 02/13/2003 (a)		276,185		273,094
2.010% due 03/17/2003 (a)		88,800		87,692
2.550% due 04/17/2003 (a)		71,180		70,310
6.125% due 04/28/2003		34,530		34,791
2.076% due 06/02/2003 (a)		89,300		87,441
1.982% due 06/06/2003 (a)		7,500		7,416
2.110% due 06/20/2003 (a)		43,000		42,044
2.340% due 06/23/2003 (a)		201,211		197,713
6.625% due 06/30/2003		825		834
2.040% due 11/24/2003 (a)		47,000		45,582
7.500% due 06/15/2004		100		102
6.700% due 07/16/2004		26,300		26,440
8.250% due 02/23/2005		2,500		2,564
7.600% due 08/01/2005		5,000		5,030
6.375% due 12/15/2005		100		97
7.200% due 06/15/2007		25		25
5.800% due 01/12/2009 (a)		655		592
7.375% due 10/28/2009		200		190
7.875% due 06/15/2010		295		291
7.375% due 02/01/2011		1,285		1,214
7.250% due 10/25/2011		69,250		64,118
Gemstone Investors Ltd.
7.710% due 10/31/2004		114,600		91,796
General Electric Capital Corp.
5.650% due 03/31/2003		125		127
6.800% due 11/01/2005		100		111
7.875% due 12/01/2006		30		35
8.500% due 07/24/2008		100		124
6.125% due 02/22/2011		74,050		80,537
6.900% due 09/15/2015		100		117
General Motors Acceptance Corp.
6.625% due 10/01/2002		5,000		5,000
9.000% due 10/15/2002		9,300		9,318
1.842% due 11/12/2002 (a)		10,200		10,185
1.980% due 12/09/2002 (a)		64,050		63,942
6.750% due 12/10/2002		500		503
6.200% due 12/15/2002		500		503
5.480% due 12/16/2002		150		151
2.170% due 12/19/2002 (a)		18,600		18,561
6.000% due 01/15/2003		990		998
5.875% due 01/22/2003		130,500		131,554
1.910% due 02/14/2003 (a)		12,600		12,535
1.925% due 03/10/2003 (a)		7,000		6,955
5.950% due 03/14/2003		12,400		12,550
6.750% due 03/15/2003		49,725		50,505
7.125% due 05/01/2003		36,000		36,646
2.233% due 05/16/2003 (a)		105,575		104,808
1.820% due 07/20/2003 (a)		5,754		5,754
2.135% due 07/21/2003 (a)		33,900		33,491
2.142% due 08/04/2003 (a)		214,595		211,801
1.857% due 08/18/2003 (a)		133,390		131,325
5.550% due 09/15/2003		37,000		37,582
6.625% due 10/20/2003		2,000		2,052

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   9

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
2.070% due 11/07/2003 (a)	$	16,100	$	15,805
5.750% due 11/10/2003		1,100		1,122
2.580% due 01/20/2004 (a)		390,435		383,372
6.380% due 01/30/2004		4,000		4,102
2.670% due 03/22/2004 (a)		128,600		125,878
2.010% due 04/05/2004 (a)		29,700		28,770
2.110% due 04/05/2004 (a)		67,047		64,948
2.442% due 05/10/2004 (a)		149,100		145,185
2.457% due 05/17/2004 (a)		79,800		77,802
2.070% due 05/28/2004 (a)		73,000		70,452
6.850% due 06/17/2004		1,200		1,243
2.290% due 07/20/2004 (a)		14,300		13,802
2.210% due 07/21/2004 (a)		35,300		34,020
2.210% due 07/30/2004 (a)		85,427		82,426
2.544% due 09/20/2004 (a)		10,068		10,055
6.625% due 10/15/2005		100		105
6.650% due 11/17/2005		500		522
6.750% due 01/15/2006		565		586
6.125% due 02/01/2007		2,535		2,567
6.150% due 04/05/2007		150		152
6.125% due 01/22/2008		500		499
8.950% due 07/02/2009		9,992		11,469
7.750% due 01/19/2010		40		41
7.250% due 03/02/2011		1,000		997
7.000% due 02/01/2012		2,000		1,955
7.430% due 12/01/2021		237		240
8.000% due 11/01/2031		57,340		55,731
Golden State Holdings
2.822% due 08/01/2003 (a)		500		498
Goldman Sachs Group LP
6.625% due 12/01/2004		275		297
2.460% due 02/09/2009 (a)		10,000		10,129
6.500% due 02/25/2009		140		154
Hartford Life, Inc.
6.900% due 06/15/2004		600		639
Heller Financial, Inc.
2.057% due 04/28/2003 (a)		26,000		26,037
2.087% due 04/28/2003 (a)		73,100		73,217
8.000% due 06/15/2005		700		794
Hertz Corp.
7.000% due 07/15/2003		13,300		13,334
Hitachi Credit America
2.193% due 10/15/2003 (a)		11,500		11,514
Household Bank
2.038% due 10/22/2003 (a)		18,000		17,795
Household Capital Trust III
2.205% due 06/26/2004 (a)		23,925		22,099
Household Finance Corp.
5.875% due 11/01/2002 (a)		200		200
6.125% due 02/27/2003		500		506
2.060% due 06/24/2003 (a)		32,900		32,577
2.146% due 05/28/2004 (a)		170,700		165,282
6.500% due 01/24/2006		65		66
7.200% due 07/15/2006		450		459
5.875% due 02/01/2009		70		66
Household Netherlands BV
6.125% due 03/01/2003		18,100		18,186
HSBC Capital Funding LP
9.547% due 12/31/2049 (a)		76,400		92,672
10.176% due 12/31/2049		46,160		61,750
10.176% due 12/31/2049 (a)		20,000		27,310
International Bank for Reconstruction & Development
7.000% due 01/27/2005		700		776
J.P. Morgan & Co., Inc.
6.700% due 11/01/2007		30		33
6.698% due 02/15/2012 (a)		600		606
JET Equipment Trust
10.000% due 06/15/2012		80		39
10.690% due 05/01/2015		100		15
John Hancock
7.375% due 02/15/2024		360		388
KBC Bank Fund Trust III
9.860% due 11/29/2049 (a)		5,700		6,907
Key Bank USA NA
7.550% due 09/15/2006		350		403
Korea Development Bank
7.625% due 10/01/2002		9,750		9,750
7.625% due 10/01/2002		7,370		7,370
6.500% due 11/15/2002		440		442
6.625% due 11/21/2003		2,090		2,189
7.125% due 04/22/2004 (a)		320		342
6.750% due 12/01/2005		55		60
7.250% due 05/15/2006		50		57
Landesbank Baden- Wuerttemberg AG
6.350% due 04/01/2012		60,000		67,929
LB Rheinland—PFALZ
6.875% due 02/23/2028		3,400		3,837
Lehman Brothers Holdings, Inc.
7.625% due 06/01/2006 (a)		350		395
8.250% due 06/15/2007		70		82
LG&E Capital Corp.
6.205% due 05/01/2004		1,000		1,046
6.460% due 01/15/2008 (a)		3,000		3,249
Liberty Mutual Insurance
8.200% due 05/04/2007		17,510		18,498
Lion Connecticut Holdings
6.375% due 08/15/2003		200		207
7.250% due 08/15/2023		50		56
Lloyds TSB Bank PLC
2.180% due 08/25/2010 (a)		3,000		3,005
MCN Investment Corp.
7.120% due 01/16/2004		7,500		7,734
Merrill Lynch & Co., Inc.
8.300% due 11/01/2002		700		703
6.000% due 02/12/2003		500		507
6.875% due 03/01/2003		140		143
6.550% due 08/01/2004		2,400		2,564

10   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
7.150% due 09/15/2004	$	360	$	390
4.540% due 03/08/2005		40		41
7.375% due 05/15/2006		565		635
7.000% due 04/27/2008		100		114
Metropolitan Life Insurance Co.
6.300% due 11/01/2003		6,800		7,075
MIC Financing Trust I
8.375% due 02/01/2027		36,000		35,960
Monumental Global Funding II
2.044% due 09/26/2003 (a)		8,500		8,522
Morgan Stanley Group, Inc.
6.375% due 12/15/2003		150		158
5.625% due 01/20/2004		1,200		1,250
Morgan Stanley TRACERS
6.977% due 09/15/2011 (a)		171,296		186,028
6.414% due 03/15/2012		81,250		82,699
National Rural Utilities Cooperative Finance Corp.
6.250% due 04/15/2003		50,000		51,075
1.990% due 07/17/2003 (a)		10,000		9,957
2.820% due 04/26/2004 (a)		138,200		138,614
7.250% due 03/01/2012		65,000		72,331
8.000% due 03/01/2032		70,850		81,246
National Westminster Bank PLC
9.375% due 11/15/2003		200		216
Newcourt Credit Group, Inc.
6.875% due 02/16/2005		7,500		7,833
Nordbanken AB
8.950% due 11/29/2049		28,000		33,297
Osprey Trust
8.310% due 01/15/2003		76,155		14,089
Pacific Life Insurance Co.
7.900% due 12/30/2023		8,000		9,451
Parker Retirement Savings Plan
6.340% due 07/15/2008		640		706
Pemex Finance Ltd.
6.125% due 11/15/2003		8,666		8,961
Pemex Project Funding Master Trust
3.360% due 01/07/2005 (a)		152,300		152,457
7.875% due 02/01/2009		3,330		3,355
8.000% due 11/15/2011		100,500		101,128
PNC Funding Corp.
6.875% due 03/01/2003		100		102
7.000% due 09/01/2004 (a)		20,000		21,505
Popular, Inc.
6.625% due 01/15/2004		23,000		24,145
Premium Asset Trust
2.105% due 11/27/2004 (a)		48,900		49,049
2.160% due 10/06/2005 (a)		300		300
2.155% due 09/08/2007 (a)		25,200		25,200
Prime Property Funding II
7.000% due 08/15/2004		110		118
Protective Life Funding Trust
2.210% due 01/17/2003 (a)		22,000		22,021
Prudential Funding Corp.
6.375% due 07/23/2006		100		110
6.625% due 04/01/2009		17,000		18,471
Qwest Capital Funding, Inc.
7.000% due 08/03/2009		22,500		10,125
7.250% due 02/15/2011		31,868		14,341
7.750% due 02/15/2031		12,500		5,063
Racers
2.056% due 03/03/2003 (a)		282,400		282,530
2.510% due 04/01/2003 (a)		20,000		19,506
2.591% due 04/01/2003 (a)		20,000		19,500
5.560% due 04/28/2003 (a)		45,000		46,103
2.476% due 09/15/2005 (a)		45,000		40,860
Reliance Group Holdings, Inc.
9.750% due 11/15/2003 (b)		10,000		100
9.000% due 11/15/2049 (b)		19,000		570
Residential Reinsurance Ltd.
6.796% due 06/01/2004 (a)		88,200		89,651
Rothmans Holdings
6.500% due 05/06/2003		16,890		17,312
Royal Bank of Scotland Group PLC
8.817% due 03/31/2049		45,400		51,651
9.118% due 03/31/2049		92,400		116,415
Salomon Smith Barney Holdings, Inc.
6.125% due 01/15/2003 (a)		290		293
2.080% due 01/17/2003		15,000		15,010
6.750% due 02/15/2003		450		458
2.210% due 01/22/2004 (a)		10,000		10,000
7.000% due 03/15/2004		100		107
2.142% due 05/04/2004 (a)		10,020		10,054
Sears Roebuck Acceptance Corp.
6.720% due 10/23/2002		8,000		8,020
6.410% due 11/19/2002		5,235		5,264
6.000% due 03/20/2003		154,750		157,519
Societe Generale Real Estate LLC
7.640% due 12/29/2049 (a)		23,000		25,021
Spieker Properties, Inc.
6.950% due 12/15/2002		1,600		1,612
6.800% due 05/01/2004		1,100		1,159
Sun Life of Canada (U.S.)
8.526% due 05/29/2049		250		267
Targeted Return Index Securities Trust
6.708% due 01/15/2012 (a)		19,015		20,687
The Money Store, Inc.
7.300% due 12/01/2002		100		101
Transamerica Finance Corp.
7.500% due 03/15/2004		270		288
Trinom Ltd.
5.820% due 12/18/2004 (a)		48,700		49,046
U.S. Bancorp
2.022% due 03/06/2003		600		601
6.500% due 06/15/2004		600		643

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   11

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Verizon Global Funding Corp.
6.750% due 12/01/2005	$	16,135	$	17,024
7.600% due 03/15/2007		4,000		4,378
6.125% due 06/15/2007		12,490		13,020
7.250% due 12/01/2010		300		314
7.375% due 09/01/2012		1,050		1,108
7.750% due 12/01/2030		100		100
Wachovia Corp.
6.375% due 04/15/2003		200		205
4.950% due 11/01/2006		46,300		49,498
Wells Fargo & Co.
6.625% due 07/15/2004		6,500		7,002
7.250% due 08/24/2005		400		447
6.450% due 02/01/2011		375		424
Wells Fargo Financial, Inc.
6.250% due 11/01/2002		100		100
7.000% due 01/15/2003		380		385
6.000% due 02/01/2004		50		52
Western Capital
8.796% due 01/07/2003 (a)		15,600		15,600
				7,548,412
Industrials 4.4%
AIC Corp.
2.010% due 10/02/2002 (a)		42,250		42,250
Air Products & Chemicals, Inc.
6.250% due 06/15/2003		2,500		2,563
Akzo Nobel, Inc.
6.000% due 11/15/2003		32,000		33,251
Albertson’s, Inc.
6.550% due 08/01/2004		240		256
7.500% due 02/15/2011		75		87
Allied Waste Industries, Inc.
6.100% due 01/15/2003		6,000		6,001
Allied Waste North America, Inc.
7.375% due 01/01/2004		20,425		20,323
America West Airlines, Inc.
6.870% due 01/02/2017 (a)		1,767		1,507
American Airlines, Inc.
9.850% due 06/15/2008		1,572		1,542
9.850% due 06/15/2008		200		196
10.210% due 01/01/2010		12,500		12,261
10.610% due 03/04/2011 (a)		1,895		1,867
6.978% due 04/01/2011		40,788		42,310
7.024% due 04/15/2011		5,000		5,149
7.858% due 10/01/2011		86,200		91,710
9.780% due 11/26/2011		363		331
10.190% due 05/26/2016		3,661		3,699
Amoco Corp.
6.250% due 10/15/2004 (a)		1,000		1,079
Anadarko Petroleum Corp.
5.375% due 03/01/2007		2,250		2,411
Anheuser-Busch Cos., Inc.
6.750% due 08/01/2003		600		627
6.000% due 04/15/2011		95		107
AOL Time Warner, Inc.
6.125% due 04/15/2006		300		283
6.150% due 05/01/2007		290		268
6.875% due 05/01/2012		73,700		67,203
7.625% due 04/15/2031		27,800		23,250
7.700% due 05/01/2032		144,970		123,245
Baxter International, Inc.
9.500% due 06/15/2008		200		246
Bayer Corp.
6.500% due 10/01/2002 (a)		250		250
Boeing Co.
6.350% due 06/15/2003		750		767
6.625% due 02/15/2038		335		337
Campbell Soup Co.
4.750% due 10/01/2003 (a)		700		718
Canadian National Railway Co.
6.450% due 07/15/2006		550		609
6.375% due 10/15/2011		65		73
Cemex SA de CV
8.625% due 07/18/2003		36,050		37,537
Coastal Corp.
2.422% due 07/21/2003 (a)		7,700		7,317
6.200% due 05/15/2004		3,000		2,371
6.500% due 05/15/2006		110		83
7.500% due 08/15/2006		9,075		6,903
6.375% due 02/01/2009		9,000		5,858
7.750% due 06/15/2010		15,500		11,022
9.625% due 05/15/2012		9,000		6,626
6.700% due 02/15/2027		400		288
7.420% due 02/15/2037		9,000		5,685
Coca-Cola Enterprises, Inc.
6.000% due 07/15/2003 (a)		250		258
4.000% due 06/01/2005		65		68
5.750% due 11/01/2008		100		111
Colgate-Palmolive Co.
6.000% due 08/15/2003		45		46
ConAgra Foods, Inc.
2.475% due 09/10/2003 (a)		48,500		48,605
Conoco, Inc.
2.630% due 10/15/2002 (a)		15,000		15,003
6.950% due 04/15/2029		25		28
Continental Airlines, Inc.
6.410% due 04/15/2007		308		294
6.800% due 07/02/2007		21		17
6.954% due 08/02/2009		11,802		10,091
7.056% due 09/15/2009		40,409		39,543
7.487% due 10/02/2010		1,215		1,183
7.730% due 03/15/2011		2,171		1,699
6.503% due 06/15/2011		9,220		8,733
6.900% due 01/02/2018		1,393		1,291
6.820% due 05/01/2018		6,443		5,928
7.256% due 03/15/2020		26,001		25,158
7.707% due 04/02/2021		3,792		3,559
Cox Enterprises, Inc.
2.722% due 05/01/2033 (a)		1,100		1,090

12   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
DaimlerChrysler North America Holding Corp.
2.596% due 12/16/2002 (a)	$	85,200	$	85,293
7.750% due 05/27/2003		48,000		49,456
2.322% due 08/01/2003 (a)		19,600		19,544
2.000% due 08/21/2003 (a)		38,000		37,846
2.323% due 08/02/2004 (a)		3,400		3,364
2.053% due 08/16/2004 (a)		56,100		55,321
6.900% due 09/01/2004		30		32
7.300% due 01/15/2012		700		774
8.500% due 01/18/2031		2,000		2,385
Delta Air Lines Equipment Trust
9.550% due 01/02/2008 (c)		7,773		8,375
10.430% due 01/02/2011		3,755		3,047
10.140% due 08/14/2012		1,000		769
10.000% due 06/05/2013		10,828		8,767
10.060% due 01/02/2016		6,500		5,252
Delta Air Lines, Inc.
10.570% due 01/02/2007 (c)		13,889		14,370
7.379% due 05/18/2010		8,798		9,299
7.570% due 11/18/2010		41,250		43,948
7.111% due 03/18/2013		60,000		63,243
9.200% due 09/23/2014		6,000		4,206
10.000% due 12/05/2014		5,000		3,939
10.500% due 04/30/2016		27,950		23,499
Duke Energy Field Services
7.500% due 08/16/2005		6,600		6,805
Duty Free International, Inc.
7.000% due 01/15/2004		175		86
Eastman Chemical Co.
6.375% due 01/15/2004		5,750		6,012
Electric Lightwave, Inc.
6.050% due 05/15/2004		10,700		10,068
Eli Lilly & Co.
6.250% due 03/15/2003		100		102
5.500% due 07/15/2006		110		119
Enron Corp.
8.000% due 08/15/2005 (b)		3,200		656
Enterprise Products Partners LP
7.500% due 02/01/2011		35		39
Federal Express Corp.
6.845% due 01/15/2019 (a)		785		839
FMC Corp.
6.375% due 09/01/2003		4,000		3,836
Ford Capital BV
9.500% due 06/01/2010		200		214
Ford Motor Co.
7.250% due 10/01/2008		800		777
6.500% due 08/01/2018		50		39
7.450% due 07/16/2031		60,350		49,797
Fortune Brands, Inc.
8.500% due 10/01/2003		500		529
Fred Meyer, Inc.
7.375% due 03/01/2005		38,100		41,806
7.450% due 03/01/2008		100		115
General Motors Corp.
6.250% due 05/01/2005		300		308
General Motors Nova Scotia Finance
6.850% due 10/15/2008		19,240		19,870
Gillette Co.
6.250% due 08/15/2003 (a)		750		777
5.750% due 10/15/2005		1,500		1,640
Grupo Iusacell SA de CV
10.000% due 07/15/2004 (a)		4,882		3,051
Harrahs Operating Co., Inc.
7.875% due 12/15/2005		5,000		5,300
HCA, Inc.
8.130% due 08/04/2003		7,300		7,551
6.910% due 06/15/2005 (a)		9,500		9,945
6.730% due 07/15/2045		32,560		33,018
Heinz (H.J.) Co.
6.875% due 01/15/2003		100		101
Hershey Foods Corp.
7.200% due 08/15/2027		30		36
HNA Holdings, Inc.
6.125% due 02/01/2004		200		209
Honeywell International, Inc.
6.125% due 11/01/2011		650		711
IBM Corp.
7.250% due 11/01/2002		625		627
IMEXA Export Trust
10.125% due 05/31/2003		2,460		904
International Game Technology
7.875% due 05/15/2004		14,500		15,153
International Paper Co.
8.000% due 07/08/2003		300		312
Kerr-McGee Corp.
2.600% due 06/28/2004 (a)		85,100		85,056
Kinder Morgan, Inc.
6.450% due 03/01/2003		240		243
Kraft Foods, Inc.
4.625% due 11/01/2006		25		26
5.625% due 11/01/2011		655		709
Kroger Co.
7.150% due 03/01/2003		13,000		13,237
Limestone Electron Trust
8.625% due 03/15/2003		132,950		118,432
Mandalay Resort Group
6.750% due 07/15/2003		4,500		4,545
Martin Marietta Corp.
6.500% due 04/15/2003		50		51
Mazda Manufacturing Corp.
10.500% due 07/01/2008 (c)		1,797		2,063
Nabisco, Inc.
6.125% due 02/01/2033		34,745		35,125
News American Holdings, Inc.
7.750% due 01/20/2024		18,000		17,127
Noble Affiliates, Inc.
8.950% due 12/15/2004		11,500		12,274
Norfolk Southern Corp.
7.875% due 02/15/2004 (a)		50		54

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   13

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Northern National Gas Co.
6.875% due 05/01/2005	$	8,250	$	8,539
Northwest Airlines, Inc.
8.970% due 01/02/2015 (a)		1,486		1,405
Occidental Petroleum Corp.
6.400% due 04/01/2003 (a)		33,910		34,576
Park Place Entertainment Corp.
7.950% due 08/01/2003		18,500		18,814
Petroleos Mexicanos
8.850% due 09/15/2007		1,800		1,944
9.375% due 12/02/2008		49,650		53,374
9.500% due 09/15/2027		31,000		34,100
Pharmacia Corp.
5.750% due 12/01/2005		575		629
Philip Morris Cos., Inc.
7.250% due 01/15/2003 (a)		10,000		10,122
8.250% due 10/15/2003		1,000		1,055
6.800% due 12/01/2003		68,345		71,410
7.000% due 07/15/2005		15,125		16,604
6.950% due 06/01/2006		9,540		10,574
7.200% due 02/01/2007		39,000		43,459
Qwest Corp.
7.625% due 06/09/2003		25,400		24,511
5.650% due 11/01/2004		6,610		5,718
7.200% due 11/01/2004		5,200		4,758
7.500% due 11/01/2008		75		30
5.625% due 11/15/2008		5,000		3,825
8.875% due 03/15/2012		108,600		95,025
7.500% due 06/15/2023		25,000		17,125
7.250% due 09/15/2025		16,750		11,306
7.200% due 11/10/2026		2,150		1,430
8.875% due 06/01/2031		7,223		5,742
6.875% due 09/15/2033		22,950		15,721
7.250% due 10/15/2035		5,000		3,300
Safeway, Inc.
6.850% due 09/15/2004		250		267
Sara Lee Corp.
6.300% due 11/07/2005		500		554
SCL Terminal Aereo Santiago
6.950% due 07/01/2012		4,670		5,169
Scotia Pacific Co. LLC
7.710% due 01/20/2014		230		153
Sears Roebuck Acceptance Corp.
7.000% due 02/01/2011		630		683
6.500% due 12/01/2028		20		19
Singapore Telecommunications Ltd.
7.375% due 12/01/2031		12,500		13,832
SmithKline Beecham Corp.
7.375% due 04/15/2005		150		169
Sonat, Inc.
6.750% due 10/01/2007		2,000		1,342
7.625% due 07/15/2011		21,920		14,382
Southern National Gas Co.
7.350% due 02/15/2031		200		160
Southwestern Public Service Co.
5.125% due 11/01/2006		700		653
SR Wind Ltd.
6.992% due 05/18/2005 (a)		12,000		12,025
7.492% due 05/18/2005 (a)		13,000		13,249
Systems 2001 Asset Trust
7.156% due 12/15/2011		29,511		32,471
TCI Communications, Inc.
8.250% due 01/15/2003		43,125		42,943
2.520% due 03/11/2003 (a)		5,000		4,963
6.375% due 05/01/2003		8,280		8,167
8.650% due 09/15/2004		625		615
8.000% due 08/01/2005		450		435
Telus Corp.
8.000% due 06/01/2011		6,250		4,813
Tennessee Gas Pipeline Co.
7.000% due 10/15/2028		13,400		9,945
Texaco Capital, Inc.
8.500% due 02/15/2003		700		717
6.000% due 06/15/2005		400		437
Texas Eastern Transmission Corp.
7.300% due 12/01/2010		250		283
Time Warner Entertainment Co. LP
7.975% due 08/15/2004		15,032		14,923
7.250% due 09/01/2008		9,020		8,739
10.150% due 05/01/2012		250		258
6.875% due 06/15/2018		140		116
9.150% due 02/01/2023		475		442
8.375% due 03/15/2023		210		197
7.570% due 02/01/2024		10,130		8,317
6.950% due 01/15/2028		2,645		2,056
6.625% due 05/15/2029		130		99
TRW, Inc.
6.625% due 06/01/2004		3,925		4,096
TTX Co.
6.170% due 02/05/2003		10,000		10,117
Turner Broadcasting System, Inc.
7.400% due 02/01/2004		3,095		3,057
Tyco International Group SA
6.125% due 01/15/2009		100		83
UAL Equipment Trust
11.080% due 05/27/2006		10,249		8,801
Union Pacific Corp.
6.930% due 06/01/2003		1,000		1,028
6.625% due 02/01/2008		4,250		4,826
6.625% due 02/01/2029		50		55
Unisys Corp.
9.210% due 01/21/2017		15,900		12,416
United Air Lines, Inc.
2.026% due 12/02/2002 (a)		17,559		15,840
9.200% due 03/22/2008		3,380		2,388
6.201% due 09/01/2008		6,000		4,968
7.730% due 07/01/2010		5,000		4,188
7.186% due 04/01/2011		19,632		16,445

14   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02  I  See accompanying notes

	Principal Amount (000s)		Value (000s)
6.932% due 09/01/2011 (a)	$	10,500	$	6,363
10.360% due 11/13/2012		7,000		2,520
6.071% due 03/01/2013		4,493		3,715
10.020% due 03/22/2014		14,225		5,733
10.850% due 07/05/2014		34,111		15,434
10.850% due 02/19/2015		3,000		1,357
10.125% due 03/22/2015		14,300		11,734
9.060% due 06/17/2015		6,000		4,252
United Technologies Corp.
7.125% due 11/15/2010		450		530
6.350% due 03/01/2011		550		623
US Airways, Inc.
6.850% due 01/30/2018		136		120
Viacom, Inc.
6.750% due 01/15/2003		2,000		2,023
Wal-Mart Stores, Inc.
6.375% due 03/01/2003		50		51
6.500% due 06/01/2003		200		206
Walt Disney Co.
5.125% due 12/15/2003		500		511
5.500% due 12/29/2006		725		755
Waste Management, Inc.
6.500% due 12/15/2002		4,800		4,816
6.375% due 12/01/2003		11,900		11,953
8.000% due 04/30/2004		5,525		5,709
6.500% due 05/15/2004		94,000		95,802
7.375% due 08/01/2010		12,600		13,291
7.750% due 05/15/2032		1,255		1,272
Weyerhaeuser Co.
6.000% due 08/01/2006		30		32
Williams Cos., Inc.
6.500% due 08/01/2006		400		258
7.125% due 09/01/2011		5,000		3,125
7.625% due 07/15/2019		34,770		19,297
7.875% due 09/01/2021		74,985		42,367
7.500% due 01/15/2031		15,000		8,175
7.750% due 06/15/2031		21,150		11,527
8.750% due 03/15/2032		137,680		80,543
Witco Corp.
6.600% due 04/01/2003		100		99
				2,827,384
Utilities 5.1%
Alabama Power Co.
5.350% due 11/15/2003		1,600		1,646
ALLETE, Inc.
2.710% due 10/20/2003 (a)		79,700		79,498
Ashland, Inc.
2.380% due 03/07/2003 (a)		300		299
AT&T Canada, Inc.
10.750% due 11/01/2007 (a)(b)		11,000		1,265
AT&T Corp.
5.360% due 11/21/2003 (a)		1,400		1,325
5.625% due 03/15/2004		250		248
7.300% due 11/15/2011		87,300		84,406
7.300% due 11/15/2011		865		836
6.500% due 03/15/2029		1,690		1,407
8.000% due 11/15/2031		256,950		238,406
AT&T Wireless Services, Inc.
7.500% due 05/01/2007		130		111
7.875% due 03/01/2011		340		262
8.125% due 05/01/2012		48,515		37,424
8.750% due 03/01/2031		16,205		11,696
Baltimore Gas & Electric
6.125% due 07/01/2003		150		155
Bell Atlantic Maryland, Inc.
8.000% due 10/15/2029		1,125		1,289
Bell Atlantic Virginia, Inc.
5.625% due 03/01/2007		500		501
BellSouth Corp.
6.000% due 10/15/2011		50		54
BellSouth Telecommunications, Inc.
6.250% due 05/15/2003		100		102
British Telecom PLC
3.121% due 12/15/2003 (a)		191,460		191,111
7.875% due 12/15/2005		6,800		7,595
8.375% due 12/15/2010		86,200		101,454
8.875% due 12/15/2030		435		526
Carolina Power & Light, Inc.
7.875% due 04/15/2004		6,000		6,431
CE Electric Funding
6.853% due 12/30/2004		250		267
Central Maine Power Co.
7.430% due 08/25/2003		13,000		13,522
Cingular Wireless, Inc.
7.125% due 12/15/2031		10,000		8,828
Cleveland Electric Illuminating Co.
9.500% due 05/15/2005		33,500		33,697
CMS Energy Corp.
8.375% due 07/01/2003		15,000		12,752
6.750% due 01/15/2004		1,000		820
7.000% due 01/15/2005		41,325		32,252
Columbia Energy Group
6.610% due 11/28/2002		5,000		4,991
Columbus Southern Power Co.
6.850% due 10/03/2005		10,000		10,953
Comcast Cable Communications
8.375% due 05/01/2007		145		144
Commonwealth Edison Co.
6.625% due 07/15/2003		1,000		1,031
2.480% due 09/30/2003 (a)		40,000		39,775
Consolidated Edison, Inc.
6.375% due 04/01/2003		1,000		1,019
Consolidated Natural Gas Co.
7.250% due 10/01/2004		43,750		47,203
6.250% due 11/01/2011		15		16
Cox Communications, Inc.
2.470% due 11/07/2002 (a)		16,000		15,973
Dominion Resources, Inc.
6.000% due 01/31/2003		12,950		13,058

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   15

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
7.600% due 07/15/2003	$	35,000	$	36,122
DTE Energy Co.
7.110% due 11/15/2038 (a)		94,750		97,383
Dynegy Holdings, Inc.
8.750% due 02/15/2012		100,850		31,768
El Paso Corp.
6.950% due 12/15/2007		8,900		5,881
6.750% due 05/15/2009		16,069		10,460
7.000% due 05/15/2011		29,250		19,338
7.875% due 06/15/2012		37,100		25,273
8.050% due 10/15/2030		9,700		6,125
7.800% due 08/01/2031		4,500		2,842
7.750% due 01/15/2032		94,740		60,784
El Paso Electric Co.
9.400% due 05/01/2011		7,455		7,880
El Paso Natural Gas Co.
8.375% due 06/15/2032		21,420		17,475
Entergy Arkansas, Inc.
7.720% due 03/01/2003		1,300		1,325
Entergy Gulf States, Inc.
3.006% due 06/02/2003 (a)		7,000		6,999
3.106% due 09/01/2004 (a)		24,800		24,734
Entergy Louisiana, Inc.
8.500% due 06/01/2003		3,000		3,105
Entergy Mississippi, Inc.
2.472% due 05/03/2004 (a)		31,000		30,668
FirstEnergy Corp.
7.375% due 11/15/2031		18,800		16,559
Florida Power & Light
6.875% due 12/01/2005		4,000		4,457
FPL Group Capital, Inc.
7.625% due 09/15/2006		725		816
France Telecom SA
4.576% due 03/14/2003 (a)		247,905		244,740
2.465% due 07/16/2003 (a)		138,700		138,783
8.700% due 03/01/2006 (a)		22,500		23,957
9.250% due 03/01/2011		44,800		48,958
10.000% due 03/01/2031		125,720		139,449
GTE California, Inc.
5.500% due 01/15/2009		100		101
GTE Corp.
6.360% due 04/15/2006		550		581
6.940% due 04/15/2028		5,410		5,077
Hawaiian Electric Industries, Inc.
2.910% due 04/15/2003 (a)		2,400		2,404
Houston Lighting & Power Co.
8.750% due 03/01/2022		10,000		10,433
Idaho Power Corp.
6.850% due 10/01/2002		2,750		2,750
Indiana Bell Telephone Co., Inc.
5.500% due 04/01/2007		500		502
Indianapolis Power & Light Co.
7.375% due 08/01/2007		225		235
Korea Electric Power Corp.
7.000% due 10/01/2002		380		380
6.375% due 12/01/2003		220		230
Mirant Corp.
7.900% due 07/15/2009		175		86
Nevada Power Co.
6.200% due 04/15/2004 (a)		15,000		14,256
New England Telephone & Telegraph Co.
6.250% due 03/15/2003		50		51
New York Telephone Co.
6.250% due 02/15/2004		150		155
6.000% due 04/15/2008		45		47
Niagara Mohawk Power Co.
7.250% due 10/01/2002		24,783		24,783
7.375% due 07/01/2003		39,162		40,439
7.375% due 08/01/2003		1,645		1,707
NorAm Energy Corp.
6.375% due 11/01/2003		22,250		19,363
Nortel Networks Corp.
6.875% due 10/01/2002		200		200
Northern States Power Co.
8.000% due 08/28/2012		14,000		15,194
NRG Energy, Inc.
8.000% due 11/01/2003 (b)		6,000		1,410
NRG Northeast Generating LLC
8.065% due 12/15/2004 (b)		198		168
Ohio Bell Telephone Co.
5.375% due 03/01/2007		950		954
Ohio Power Co.
7.000% due 07/01/2004 (a)		24,000		24,871
Orange PLC
8.750% due 06/01/2006		360		397
Pacific Bell
7.000% due 07/15/2004		50		53
Pacific Gas & Electric Co.
5.875% due 10/01/2005 (b)		100		95
7.250% due 08/01/2026 (b)		10,000		9,150
7.057% due 10/31/2049 (a)(b)		33,700		31,678
PP&L, Inc.
6.550% due 03/01/2006 (a)		500		546
Progress Energy, Inc.
6.550% due 03/01/2004		12,400		12,921
7.100% due 03/01/2011		575		629
7.000% due 10/30/2031		600		601
PSE&G Energy Holdings, Inc.
9.125% due 02/10/2004		120		113
PSE&G Power LLC
7.750% due 04/15/2011		4,300		4,400
6.950% due 06/01/2012		35,000		33,975
8.625% due 04/15/2031		29,450		29,420
Public Service Co. of Colorado
6.000% due 04/15/2003		750		746
Public Service Electric & Gas Co.
6.250% due 01/01/2007		1,500		1,656
Ras Laffan Liquid Natural Gas
8.294% due 03/15/2014		145		163

16   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
South Point Energy
8.400% due 05/30/2012	$	21,814	$	14,615
Sprint Capital Corp.
9.500% due 04/01/2003		13,820		13,000
5.700% due 11/15/2003		32,700		29,786
5.875% due 05/01/2004		43,275		37,424
7.900% due 03/15/2005		24,000		19,499
7.125% due 01/30/2006		5,025		3,789
6.000% due 01/15/2007		140,030		96,346
6.125% due 11/15/2008		31,465		20,909
6.375% due 05/01/2009		5,000		3,327
7.625% due 01/30/2011		77,533		52,443
8.375% due 03/15/2012		350,225		245,132
6.900% due 05/01/2019		45,860		26,868
6.875% due 11/15/2028		68,415		39,514
8.750% due 03/15/2032		289,725		194,380
Telekomunikacja Polska SA
7.125% due 12/10/2003		12,200		12,068
7.750% due 12/10/2008		7,895		7,289
Toledo Edison Co.
7.850% due 03/31/2003		7,000		7,081
7.875% due 08/01/2004		500		527
TXU Corp.
6.375% due 06/15/2006		2,235		2,169
TXU Eastern Funding Co.
6.450% due 05/15/2005		15,270		15,205
TXU Electric Co.
6.750% due 03/01/2003		150		153
2.426% due 06/15/2003 (a)		17,500		17,395
8.250% due 04/01/2004		500		540
U.S. West Communications, Inc.
6.000% due 08/01/2007		2,070		1,728
Union Electric Co.
8.000% due 12/15/2022		1,000		1,043
United Telephone Company of the Northwest
6.890% due 07/01/2008 (c)		2,760		2,346
Verizon Florida, Inc.
6.125% due 01/15/2013		45,900		46,520
Verizon Maryland, Inc.
6.125% due 03/01/2012		11,720		11,927
Verizon New York, Inc.
6.875% due 04/01/2012		14,500		15,272
7.375% due 04/01/2032		25,500		25,625
Verizon Pennsylvania
5.650% due 11/15/2011		1,050		1,033
Verizon Wireless, Inc.
2.220% due 12/17/2003 (a)		16,000		15,342
5.375% due 12/15/2006		2,340		2,204
Virginia Electric and Power Co.
5.375% due 02/01/2007		700		748
Vodafone Group PLC
7.750% due 02/15/2010		500		566
Wilmington Trust Co.—Tucson Electric
10.370% due 01/02/2007		8,092		8,301
10.500% due 01/02/2007		6,636		6,745
10.500% due 07/01/2008		155		178
10.732% due 01/01/2013 (c)		991		1,037
WorldCom, Inc.—WorldCom Group
7.375% due 01/15/2003 (b)		21,150		2,644
7.875% due 05/15/2003 (b)		10,700		1,338
6.250% due 08/15/2003 (b)		7,500		938
6.400% due 08/15/2005 (b)		15,100		1,888
7.375% due 01/15/2006 (b)		46,800		5,850
7.750% due 04/01/2007 (b)		2,000		250
8.250% due 05/15/2010 (b)		11,500		1,438
7.500% due 05/15/2011 (b)		72,383		9,048
				3,326,617
Total Corporate Bonds & Notes
(Cost $ 14,554,480)				13,702,413
MUNICIPAL BONDS & NOTES 0.2%
Alabama 0.1%
Alabama State General Obligation Bonds, Series 2001 7.150% due 09/01/2021		13,228		13,735
Birmingham, Alabama Water and Sewer System Revenue Bonds, (MBIA Insured), Series 2002 5.000% due 01/01/2043		12,350		12,597
				26,332
California 0.0%
California State Department of Water Resources Center Valley Project Revenue Bonds, Series 2000 8.190% due 12/01/2029 (a)		2,500		2,670
Illinois 0.0%
Chicago, Illinois Housing Authority Revenue Bonds, Series 2001 5.375% due 07/01/2016		500		538
Illinois State General Obligation Bonds, (MBIA Insured), Series 2002 4.750% due 10/01/2027		25,795		25,720
				26,258
Iowa 0.0%
University of Iowa Facilities Authority Revenue Bonds, (AMBAC Insured), Series 2002 4.750% due 06/01/2028		5,120		5,171
Massachusetts 0.1%
Southbridge Associations Limited Liability Corporation Massachusetts Revenue Bonds, (MBIA-Insured), Series 2000 7.590% due 02/01/2022		31,105		37,481

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   17

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Nevada 0.0%
Clark County, Neveda General Obligation Bonds, (FGIC Insured), Series 2001 5.000% due 06/01/2031	$	13,480	$	13,755
New Jersey 0.0%
Mercer County, New Jersey Important Authority Revenue Bonds, Series 2000 9.720% due 01/01/2018 (a)		2,990		3,962
Mercer County, New Jersey Improvement Authority Revenue Bonds, Series 1978 5.800% due 01/01/2018		55		64
				4,026
Ohio 0.0%
Ohio State Water Development Authority Revenue Bonds, Series 2002 4.750% due 12/01/2027		5,000		5,023
South Carolina 0.0%
South Carolina State Public Services Authority Revenue Bonds, (FSA Insured), Series 2002 5.125% due 01/01/2032		17,000		17,678
Texas 0.0%
Killeen, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2002 4.750% due 02/15/2028		12,000		12,017
Washington 0.0%
Washington State General Obligation Bonds, (MBIA Insured), Series 2002 5.000% due 07/01/2027		10,000		10,255
Total Municipal Bonds & Notes				160,666
(Cost $150,333)
U.S. GOVERNMENT AGENCIES 0.6%
Fannie Mae
6.250% due 11/15/2002		50		50
5.750% due 04/15/2003		45		46
4.000% due 12/10/2004		300		305
4.375% due 10/15/2006		555		586
5.250% due 04/15/2007		1,611		1,758
6.250% due 02/01/2011		600		667
Federal Home Loan Bank
5.250% due 01/15/2006		165		171
Freddie Mac
9.000% due 09/15/2008		37		40
5.875% due 03/21/2011		500		545
6.375% due 08/01/2011		1,300		1,406
0.000% due 11/24/2014		150		82
Small Business Administration
7.640% due 03/10/2010		64,207		73,832
7.449% due 08/01/2010		112,286		128,383
6.344% due 08/10/2011		3,444		3,748
6.030% due 02/01/2012		34,665		37,506
7.700% due 07/01/2016		570		651
6.950% due 11/01/2016		3,604		4,049
6.700% due 12/01/2016		13,660		15,257
7.150% due 03/01/2017		6,446		7,338
7.500% due 04/01/2017		4,028		4,630
7.190% due 12/01/2019		430		496
7.630% due 06/01/2020		21,651		25,378
6.900% due 12/01/2020		9,362		10,660
6.340% due 03/01/2021		30,542		33,912
5.340% due 11/01/2021		15,742		16,675
Total U.S. Government Agencies				368,171
(Cost $328,592)
U.S. TREASURY OBLIGATIONS 3.7%
Treasury Inflation Protected Securities (g)
3.375% due 01/15/2007		187,499		204,286
3.625% due 01/15/2008		446		492
3.875% due 01/15/2009		13,178		14,821
4.250% due 01/15/2010		12,096		13,942
3.500% due 01/15/2011		698		774
3.375% due 01/15/2012		11,461		12,680
3.000% due 07/15/2012		66,618		71,719
3.875% due 04/15/2029		195,109		240,106
3.375% due 04/15/2032		315		366
U.S. Treasury Bonds
7.250% due 05/15/2016		237,185		308,026
7.500% due 11/15/2016		905,286		1,200,494
8.750% due 05/15/2017		150,800		221,535
0.000% due 02/15/2027		147,800		42,296
0.000% due 11/15/2027		289,300		80,447
U.S. Treasury Notes
5.750% due 11/15/2005		1,005		1,117
6.500% due 10/15/2006		185		214
6.625% due 05/15/2007		340		400
4.875% due 02/15/2012		115		127
Total U.S. Treasury Obligations				2,413,842
(Cost $2,389,209)
MORTGAGE-BACKED SECURITIES 53.3%
Collateralized Mortgage Obligations 20.4%
ABN AMRO Mortgage Corp.
6.750% due 09/25/2028		3,765		3,924
6.750% due 11/25/2028		600		616
6.500% due 06/25/2029 (a)		7,093		7,570

18   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
American Southwest Financial Securities Corp.
7.248% due 11/25/2038 (a)	$	63,351	$	71,097
Amresco Commercial Mortgage Funding I
7.180% due 06/17/2029		350		389
Aurora Loan Services
2.510% due 05/25/2030 (a)		14,378		14,422
Bank of America Funding Corp.
6.750% due 11/20/2032		17,000		17,411
Bank of America Mortgage Securities, Inc.
6.250% due 07/25/2014		9,010		9,534
6.250% due 08/25/2028		25,000		26,580
7.250% due 10/25/2029		11,984		12,311
6.630% due 02/25/2031		6,855		7,030
6.234% due 07/25/2031 (a)		677		690
6.750% due 08/25/2031		9,442		9,656
7.000% due 03/25/2032		53,400		55,086
6.373% due 07/25/2032 (a)		127,737		131,090
Bank of America Mortgage Securities, Inc.—A20
6.500% due 05/25/2029		5,837		6,177
Bank of America Mortgage Securities, Inc.—A4
6.500% due 05/25/2029 (a)		29,000		30,912
Bear Stearns Adjustable Rate Mortgage Trust
4.770% due 11/25/2030 (a)		75,499		78,017
7.465% due 12/25/2030 (a)		18,583		18,661
7.490% due 12/25/2030 (a)		20,891		20,981
6.912% due 02/25/2031 (a)		7,598		7,737
7.001% due 02/25/2031 (a)		10,328		10,599
6.952% due 06/25/2031 (a)		27,694		28,421
6.688% due 09/25/2031 (a)		21,272		21,652
6.552% due 10/25/2031 (a)		12,512		12,711
6.709% due 11/25/2031 (a)		16,371		16,800
6.823% due 11/25/2031 (a)		20,299		20,566
6.147% due 12/25/2031 (a)		78,971		81,044
6.184% due 12/25/2031 (a)		588		603
6.195% due 12/25/2031 (a)		124,650		127,922
6.295% due 12/25/2031 (a)		166,480		170,850
6.299% due 01/25/2032 (a)		285,988		289,676
6.759% due 01/25/2032 (a)		25,225		25,887
6.401% due 02/25/2032 (a)		71,721		73,604
5.439% due 10/25/2032 (a)		78,253		79,328
Bear Stearns Commercial Mortgage Securities, Inc.
5.910% due 05/14/2008		112		120
5.060% due 12/15/2010		32,164		33,867
Bear Stearns Commercial Mortgage Securities, Inc.—A3
7.000% due 05/20/2030 (a)		39,566		45,142
Bear Stearns Commercial Mortgage Securities, Inc.—A4
7.000% due 05/20/2030 (a)		10,732		12,355
Bear Stearns Mortgage Securities, Inc.
2.563% due 10/25/2023 (a)		1,512		1,513
7.000% due 03/25/2027		4,653		4,689
7.750% due 06/25/2027		228		232
8.125% due 09/25/2027		978		977
7.000% due 02/25/2028 (a)		8,109		8,257
6.750% due 04/30/2030		179		188
6.390% due 06/25/2030 (a)		3,423		3,405
Capco America Securitization Corp.
5.860% due 12/15/2007		38		41
Cendant Mortgage Corp.
6.501% due 11/18/2028 (a)		12,838		13,314
6.506% due 11/18/2028 (a)		6,776		7,062
2.463% due 08/25/2030 (a)		646		647
6.100% due 06/25/2031		24,239		24,976
Chase Commercial Mortgage Securities Corp.
7.600% due 12/18/2005		94		96
7.631% due 07/15/2032		275		328
Chase Mortgage Finance Corp.
7.000% due 08/25/2024 (a)		1,381		1,394
6.750% due 03/25/2025 (a)		13,098		13,590
6.500% due 06/25/2028		167		167
6.750% due 10/25/2028		39,000		40,813
6.500% due 02/25/2029		20,000		21,160
6.350% due 07/25/2029		31,515		32,147
6.190% due 12/25/2029 (a)		19,010		19,503
7.750% due 08/25/2030		11,141		11,390
6.221% due 07/25/2032 (a)		139,331		142,792
Chemical Mortgage Securities, Inc.
7.250% due 01/25/2026		6,946		6,935
Citicorp Mortgage Securities, Inc.
6.605% due 10/25/2022 (a)		5,485		5,558
6.250% due 04/25/2024		11,796		12,228
6.250% due 08/25/2024		105		108
7.250% due 10/25/2027		12,034		12,327
6.750% due 09/25/2028		9,137		9,438
6.500% due 10/25/2028		36,098		38,079
7.000% due 11/25/2028		11,000		12,103
7.000% due 09/25/2030		8,035		8,411
7.500% due 10/25/2030		12,385		12,562
7.000% due 02/25/2031		36,610		38,412
6.500% due 03/25/2031		4,405		4,578
6.000% due 11/25/2031		3,784		3,723
CMC Securities Corp. III
6.750% due 05/25/2028		5,000		5,218
CMC Securities Corp. IV—IA6
7.250% due 11/25/2027		404		410
CMC Securities Corp. IV—IIA6
7.250% due 11/25/2027		9,035		9,228
Collateralized Mortgage Obligation Trust
8.000% due 09/20/2021		3,490		3,499

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   19

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Collateralized Mortgage Securities Corp.
11.450% due 11/01/2015 (a)	$	75	$	75
8.750% due 04/20/2019		206		209
8.800% due 04/20/2019		141		143
COMM Mortgage Trust
6.145% due 02/15/2008		12,038		12,985
Commercial Mortgage Acceptance Corp.
7.030% due 05/15/2009		75		87
Commercial Mortgage Asset Trust
7.546% due 01/17/2010		500		591
6.975% due 04/17/2013		145		168
Countrywide Alternative Loan Trust
8.000% due 07/25/2030		533		532
7.000% due 10/25/2031		16,145		16,689
Countrywide Funding Corp.
6.750% due 03/25/2024		14,026		14,667
6.875% due 03/25/2024		9,080		9,271
Countrywide Funding Corp.—A11
6.625% due 02/25/2024		110		115
Countrywide Funding Corp.—A9
6.625% due 02/25/2024		33,827		34,998
Countrywide Home Loans, Inc.
6.500% due 07/25/2013		5,676		5,851
6.250% due 08/25/2014 (a)		3,412		3,613
6.750% due 11/25/2025		25,567		26,398
7.500% due 04/25/2027		1,078		1,076
7.500% due 06/25/2027		4,523		4,516
7.500% due 09/25/2027		6,823		6,813
7.250% due 12/25/2027		6,224		6,296
7.250% due 02/25/2028		59,054		59,922
6.750% due 06/25/2028		15,103		15,312
6.750% due 10/25/2028		15,567		15,846
6.750% due 11/25/2028		5,000		5,250
6.500% due 01/25/2029		24,978		26,305
6.500% due 03/25/2029 (a)		21,744		23,045
6.050% due 04/25/2029		1,180		1,184
7.250% due 08/25/2029		7,200		7,342
7.750% due 10/25/2030		29,364		29,883
7.750% due 12/25/2030		12,977		13,015
6.068% due 07/19/2031 (a)		7,268		7,459
6.050% due 10/25/2031		9,913		10,168
6.500% due 10/25/2031		12,735		12,841
2.313% due 06/25/2032 (a)		46,183		46,262
6.500% due 08/25/2032 (a)		70,444		72,253
Credit-Based Asset Servicing & Securitization LLC
2.193% due 10/25/2028 (a)		3,882		3,880
2.223% due 09/25/2029 (a)		576		575
2.133% due 02/25/2030 (a)		25,479		25,362
2.150% due 01/25/2032 (a)		42,748		42,718
Crusade Global Trust
2.080% due 02/15/2030 (a)		45,102		45,204
CS First Boston Mortgage Securities Corp.
6.750% due 01/15/2008		18,027		18,192
7.290% due 09/15/2009		335		393
6.750% due 09/25/2028		6,960		7,214
6.750% due 12/27/2028		14,504		15,123
6.960% due 06/20/2029		85		86
7.500% due 03/25/2031		30,503		31,702
2.413% due 06/25/2031 (a)		26,142		26,219
2.163% due 08/25/2031 (a)		4,794		4,766
2.363% due 11/25/2031 (a)		677		678
6.169% due 12/25/2031		61,138		60,895
2.213% due 02/25/2032 (a)		16,304		16,280
6.248% due 04/25/2032 (a)		100,437		103,074
2.200% due 05/25/2032 (a)		94,992		95,068
6.400% due 01/17/2035		136		140
DLJ Commercial Mortgage Corp.
2.080% due 05/05/2003 (a)		15,244		15,239
7.300% due 06/10/2032		515		602
DLJ Mortgage Acceptance Corp.
7.580% due 02/12/2006 (a)		4,000		4,216
6.445% due 08/01/2021 (a)(c)		2,517		2,554
8.000% due 03/25/2022		76		76
6.950% due 12/25/2022 (a)		580		580
6.836% due 03/25/2023 (a)		103		103
7.684% due 03/25/2024 (a)		105		106
7.557% due 05/25/2024 (a)		52		52
7.907% due 10/25/2024 (a)		208		210
2.313% due 06/25/2026 (a)		772		773
6.850% due 12/17/2027		6,297		6,499
Drexel Burnham Lambert CMO Trust
9.500% due 11/20/2017		308		309
DVI Business Credit Receivable Corp. III
2.503% due 10/15/2003 (a)		3,850		3,865
E-Trade Bank Mortgage-Backed Securities Trust
7.174% due 09/25/2031		32,076		32,865
Fannie Mae
7.500% due 05/25/2005		6,700		6,781
5.500% due 05/02/2006		500		539
7.000% due 05/25/2006		130		135
7.500% due 05/25/2007		266		273
6.000% due 07/25/2007		60		60
6.500% due 08/25/2007		2,371		2,448
6.740% due 08/25/2007		425		477
6.270% due 09/25/2007		3,000		3,201
7.000% due 10/25/2007		150		158
6.250% due 01/25/2008		50,000		54,601
6.500% due 05/25/2008		344		364
10.500% due 08/25/2008		3,783		3,908
13.661% due 09/25/2008 (a)		1,582		1,679
4.000% due 02/25/2009		98		99
6.000% due 02/25/2009		1,330		1,416
6.500% due 02/25/2009		40		42
6.500% due 03/25/2009		95		102
6.875% due 06/25/2009		10		10

20   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
6.500% due 08/25/2010	$	27	$	27
6.370% due 02/25/2013		28,500		31,363
6.500% due 04/25/2013		75		80
8.000% due 12/25/2016 (a)		98		109
11.000% due 11/25/2017		673		784
9.250% due 04/25/2018		93		105
9.300% due 05/25/2018		358		405
2.393% due 06/25/2018 (a)		2		2
9.500% due 06/25/2018		299		339
5.750% due 09/25/2018		200		206
9.500% due 11/25/2018		238		238
9.500% due 06/25/2019		736		830
7.500% due 12/25/2019		6,180		6,773
9.000% due 12/25/2019		2,955		3,301
7.000% due 03/25/2020		634		680
7.500% due 05/25/2020		1,433		1,554
6.000% due 07/25/2020		109		111
5.000% due 09/25/2020 (a)		163		164
9.000% due 09/25/2020		1,479		1,653
8.000% due 12/25/2020		15,166		15,658
8.750% due 01/25/2021		1,545		1,704
9.000% due 01/25/2021		2,561		2,844
5.750% due 02/18/2021 (a)		100		101
9.000% due 03/25/2021		254		285
7.000% due 05/25/2021		226		227
6.500% due 06/25/2021		3,667		3,877
8.000% due 07/25/2021		7,114		7,768
8.500% due 09/25/2021		2,487		2,743
7.000% due 10/25/2021		5,069		5,429
8.000% due 10/25/2021		91		91
7.000% due 11/25/2021		3,264		3,288
5.000% due 12/25/2021		500		508
4.000% due 01/25/2022		62		62
7.750% due 01/25/2022		11,329		12,323
8.000% due 01/25/2022		2,056		2,061
6.250% due 03/25/2022		6,626		6,844
6.550% due 03/25/2022		150		154
5.000% due 04/25/2022		38		38
7.000% due 04/25/2022		17,091		18,297
7.000% due 04/25/2022		155		171
7.375% due 05/25/2022		10,387		11,178
7.500% due 05/25/2022		1,980		2,114
7.000% due 06/25/2022		681		730
8.000% due 06/25/2022		4,529		5,057
7.000% due 07/25/2022		3,139		3,387
7.500% due 07/25/2022		806		862
8.000% due 07/25/2022		14,492		15,705
8.000% due 07/25/2022		24,851		27,247
6.500% due 10/25/2022		4,608		4,830
7.800% due 10/25/2022		1,651		1,788
6.500% due 03/25/2023		1,474		1,514
7.000% due 03/25/2023		32,138		33,072
6.900% due 05/25/2023		182		205
1.000% due 09/25/2023		73		72
6.750% due 09/25/2023		4,543		4,649
6.500% due 10/25/2023		9,804		10,531
6.750% due 10/25/2023		683		749
6.500% due 12/25/2023		176		187
5.000% due 01/25/2024		294		300
6.500% due 02/25/2024 (a)		5,150		5,635
7.000% due 03/25/2024 (a)		9,983		10,252
6.000% due 06/25/2024		340		355
6.500% due 08/17/2024		17,000		18,377
6.000% due 12/25/2024		711		722
4.750% due 01/25/2025		155		156
6.000% due 01/25/2025		130		136
2.163% due 02/25/2025 (a)		2,800		2,805
6.600% due 05/18/2025 (a)		219		221
7.500% due 11/17/2025 (a)		289		320
7.500% due 12/25/2025		184		187
7.000% due 02/15/2026		41		42
6.500% due 05/25/2026		150		156
7.000% due 07/18/2026		93		93
6.500% due 09/18/2026		91		93
7.000% due 12/18/2026		18,754		20,171
6.000% due 12/25/2026		170		178
8.500% due 02/17/2027		1,605		1,756
6.000% due 03/25/2027		320		336
5.000% due 04/18/2027		957		978
6.000% due 05/17/2027		5,470		5,812
7.000% due 06/18/2027		684		741
6.500% due 07/18/2027		197		212
8.000% due 08/18/2027		116		19
7.500% due 08/20/2027		2,925		3,174
5.750% due 12/20/2027		10,789		11,266
7.000% due 12/20/2027		14,224		15,527
6.000% due 02/25/2028		200		210
2.220% due 04/18/2028 (a)		1,446		1,461
6.500% due 06/25/2028		4,700		4,843
6.000% due 07/18/2028		9,748		10,172
6.500% due 07/18/2028		67,412		71,405
9.210% due 09/25/2028 (a)		7,974		9,125
6.500% due 10/25/2028		40,000		42,074
6.250% due 02/25/2029		3,500		3,677
6.000% due 04/25/2029		12,184		12,183
7.500% due 04/25/2029		879		951
7.500% due 06/19/2030		215		227
8.500% due 06/25/2030		12,185		13,972
2.313% due 08/25/2030 (a)		20,928		21,083
2.270% due 10/18/2030 (a)		16,262		16,364
7.000% due 11/25/2030		14,861		15,889
6.000% due 05/25/2031		11,875		11,849
6.000% due 05/25/2031		24,858		24,371
7.500% due 07/25/2031		843		913
6.750% due 08/21/2031		134,129		138,928
6.750% due 09/21/2031		142,172		147,809
2.363% due 09/25/2031 (a)		9,517		9,541
6.500% due 09/25/2031		12,873		13,464
6.500% due 10/03/2031		10,673		10,932
6.000% due 11/25/2031		37,929		37,197

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   21

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
6.500% due 11/25/2031	$	21,550	$	22,092
6.000% due 12/25/2031		34,162		34,754
5.500% due 09/25/2032		2,000		1,887
6.390% due 05/25/2036		35,025		37,130
7.349% due 01/17/2037		15,545		18,071
6.500% due 06/17/2038		5,000		5,342
6.500% due 09/17/2038		6,307		6,969
6.300% due 10/17/2038 (a)		18,365		19,880
4.500% due 08/25/2042		27,000		24,604
Fannie Mae—G
7.500% due 12/25/2019		36		39
Fannie Mae—PC
6.500% due 10/25/2031		460		485
Fannie Mae—PX
6.000% due 08/25/2023		12,536		13,551
6.500% due 01/25/2024		27,115		27,515
Fannie Mae—PZ
7.000% due 06/25/2023		849		947
Fannie Mae—XZ
6.500% due 10/25/2031		26,674		27,971
Fannie Mae—YZ
6.500% due 10/25/2031		30,975		32,511
Fannie Mae—Z
9.300% due 08/25/2019 (a)		36		41
7.000% due 06/25/2023		720		720
6.000% due 08/25/2023		1,324		1,364
6.500% due 01/25/2024		3,024		3,086
Fannie Mae—ZF
6.000% due 09/25/2032		10,720		10,281
Fannie Mae—ZL
6.000% due 09/25/2032		24,119		23,542
FDIC Remic Trust
6.750% due 05/25/2026		19		19
Federal Housing Administration
6.997% due 09/01/2019		2,014		2,031
7.430% due 01/01/2020		2,327		2,395
7.430% due 08/01/2020		651		669
7.430% due 10/01/2020		6,284		6,365
7.430% due 10/21/2021		1,450		1,496
7.430% due 12/01/2023		2,519		2,552
7.675% due 09/01/2030		5,837		6,707
FFCA Secured Lending Corp.
7.850% due 10/18/2017		29,600		33,570
First Chicago Lennar Trust
8.111% due 05/25/2008 (a)		275		275
First Commonwealth Savings & Loan Association
10.375% due 04/01/2005		11		12
First Horizon Asset Securities, Inc.
7.000% due 05/25/2030		192		199
6.750% due 02/25/2031		155,746		160,785
7.000% due 02/25/2031		20,818		21,184
First Interstate Bancorp
8.875% due 01/01/2009 (c)		93		101
9.125% due 01/01/2009 (a)(c)		4		4
First Nationwide Trust
6.500% due 03/25/2029		4,400		4,680
7.750% due 07/25/2030		7,002		7,124
8.000% due 10/25/2030		268		281
8.500% due 08/25/2031		241		255
2.413% due 09/25/2031 (a)		3,453		3,463
First Union Residential Securitization, Inc.
7.000% due 04/25/2025		337		352
6.750% due 08/25/2028		9,048		9,256
Freddie Mac
6.750% due 10/15/2003 (a)		3,516		3,544
7.000% due 10/15/2003		1,273		1,304
7.000% due 12/15/2003		37		38
10.150% due 04/15/2006		2		2
6.500% due 07/15/2006		109		109
7.500% due 02/15/2007		352		369
7.500% due 04/01/2007		6		6
7.750% due 04/01/2007		6		6
8.000% due 10/01/2007		24		25
6.500% due 05/15/2008		173		173
12.550% due 06/15/2008 (a)		16		16
6.000% due 11/15/2008 (a)		225		238
6.200% due 12/15/2008		5,077		5,461
8.500% due 03/01/2009		88		94
7.000% due 06/01/2010		8		8
7.550% due 03/15/2012		136		138
11.875% due 06/15/2013		58		58
6.000% due 11/15/2014		400		420
6.000% due 06/15/2015		1,500		1,567
10.100% due 09/01/2016		222		256
7.500% due 11/15/2016		18,295		18,734
5.500% due 05/15/2018		225		229
10.000% due 11/15/2019		50		52
5.750% due 08/15/2020		494		497
9.000% due 09/15/2020		30		31
5.000% due 10/15/2020		672		683
8.900% due 11/15/2020		5,879		5,891
9.500% due 11/15/2020		1,747		1,751
6.000% due 12/15/2020		110		112
6.250% due 12/15/2020		145		149
8.750% due 12/15/2020		615		639
9.000% due 12/15/2020		1,004		1,041
9.000% due 12/15/2020		381		403
9.500% due 01/15/2021		1,016		1,073
6.000% due 04/15/2021		200		207
8.000% due 04/15/2021 (a)		46		47
6.500% due 05/15/2021		15		15
8.500% due 06/15/2021		8,894		9,341
8.500% due 06/15/2021		2,600		2,713
8.500% due 06/15/2021 (a)		400		453
5.500% due 07/15/2021		255		262
6.000% due 07/15/2021		135		139
6.950% due 07/15/2021		239		244
9.000% due 07/15/2021		1,197		1,283
6.200% due 08/15/2021		152		153
6.950% due 08/15/2021		71		74

22   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
9.500% due 08/15/2021	$	781	$	818
4.500% due 09/15/2021		148		149
6.000% due 09/15/2021		200		208
6.500% due 09/15/2021		455		465
7.000% due 09/15/2021		58		61
8.000% due 12/15/2021		11,806		12,554
6.850% due 01/15/2022		246		250
7.000% due 03/15/2022		540		552
8.250% due 06/15/2022		2,373		2,548
6.650% due 07/15/2022		746		767
8.500% due 10/15/2022		3,544		3,795
6.000% due 11/15/2022		220		230
6.250% due 11/15/2022		200		211
6.500% due 11/15/2022		100		106
7.000% due 12/15/2022		21,000		21,961
7.500% due 01/15/2023		20,601		22,499
6.500% due 02/15/2023		1,250		1,318
7.500% due 05/01/2023		460		490
5.750% due 06/15/2023		300		306
6.500% due 07/15/2023		970		996
7.000% due 07/15/2023		2,207		2,381
7.500% due 07/15/2023 (a)		395		417
6.500% due 08/15/2023		187		202
5.500% due 09/15/2023		150		155
5.840% due 10/25/2023 (a)		5,972		6,140
7.410% due 10/25/2023		1,194		1,254
6.500% due 11/15/2023		6,329		6,585
6.250% due 01/15/2024		100		102
6.500% due 01/15/2024		35		38
5.000% due 02/15/2024		116		118
6.500% due 02/15/2024		8		8
6.500% due 03/15/2024		364		387
7.499% due 03/15/2024		7,366		7,894
8.000% due 04/25/2024		404		458
6.250% due 05/15/2024		10,804		10,983
6.000% due 07/17/2024		195		196
8.500% due 08/01/2024		756		816
5.750% due 09/15/2024		200		205
6.500% due 09/15/2024		200		210
8.000% due 09/15/2024		1,900		2,062
8.000% due 09/15/2024		14,350		15,585
8.500% due 11/01/2024		308		333
5.500% due 11/15/2024		10,328		10,463
5.650% due 11/15/2024		133		135
6.000% due 11/15/2024		130		136
6.000% due 12/15/2024		220		230
5.750% due 01/15/2025		200		208
2.273% due 02/15/2025 (a)		2,800		2,820
6.000% due 02/15/2025		789		794
6.500% due 05/15/2025		305		311
5.750% due 06/15/2025		100		104
7.000% due 09/17/2025		15		15
6.000% due 12/15/2025		150		154
7.000% due 03/01/2026		51		53
6.500% due 03/15/2026		110		115
6.000% due 08/15/2026		2,400		2,495
1.953% due 09/15/2026 (a)		14,205		14,075
5.207% due 10/01/2026 (a)		1,473		1,516
6.000% due 11/15/2026		550		578
6.250% due 11/15/2026		700		731
6.000% due 12/15/2026		200		205
6.000% due 02/15/2027		250		262
6.250% due 02/15/2027		1,565		1,597
8.000% due 02/15/2027		40,580		44,523
6.500% due 03/15/2027		29,964		31,334
7.500% due 03/17/2027		20,000		21,479
4.890% due 05/01/2027 (a)		71		73
5.500% due 06/15/2027		150		156
6.000% due 06/15/2027		116		118
6.500% due 06/15/2027		11,571		12,310
7.500% due 06/20/2027		37,532		40,976
6.000% due 07/15/2027		100		104
6.500% due 08/15/2027		17,807		19,070
6.500% due 09/15/2027		73,000		76,977
6.500% due 10/15/2027		32,300		34,252
5.750% due 01/15/2028		185		189
6.500% due 01/25/2028		8,691		9,301
6.250% due 03/15/2028		10,000		10,585
6.500% due 06/15/2028		69,806		74,221
6.500% due 06/20/2028		26,630		28,293
6.500% due 07/15/2028		65,505		70,611
6.500% due 07/15/2028		14,683		15,598
6.100% due 08/15/2028		17		17
6.500% due 08/15/2028		369,672		389,516
7.000% due 11/15/2028		9,000		9,449
6.000% due 12/01/2028		526		543
6.250% due 12/15/2028		1,895		1,942
6.500% due 12/15/2028		8,034		8,458
6.000% due 01/15/2029		43,589		44,872
6.000% due 01/15/2029		3,736		3,705
6.500% due 01/15/2029		10,411		11,067
6.500% due 01/15/2029		16,932		17,698
6.000% due 02/15/2029 (a)		4,365		4,390
6.000% due 03/15/2029		1,850		1,822
6.500% due 03/15/2029		14,078		15,204
6.500% due 03/15/2029		5,214		5,246
6.500% due 03/15/2029 (a)		13,498		14,345
8.000% due 09/15/2029		8,892		9,812
2.173% due 12/15/2029 (a)		662		664
7.500% due 01/15/2030		7,572		8,236
7.500% due 02/01/2030		98		104
7.500% due 07/15/2030		1,000		1,066
7.000% due 08/15/2030		14,384		15,467
7.500% due 08/15/2030		23,371		25,116
7.500% due 08/15/2030		3,038		3,313
2.323% due 09/15/2030 (a)		3,443		3,456
7.000% due 09/15/2030 (a)		20,811		22,673
7.000% due 09/15/2030		12,935		14,001
7.000% due 10/15/2030		3,988		4,260
7.000% due 10/15/2030		12,994		14,165

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   23

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
7.000% due 10/15/2030	$	5,716	$	6,103
7.500% due 10/15/2030		31,564		34,904
2.273% due 11/15/2030 (a)		524		526
6.000% due 06/15/2031		8,190		8,074
6.000% due 12/15/2031		10,194		9,954
6.000% due 07/15/2032		32,018		31,190
6.500% due 07/15/2032		10,109		10,409
4.617% due 08/15/2032 (a)		20,568		20,315
6.000% due 09/15/2032		6,400		6,330
Freddie Mac—BE
6.000% due 11/15/2027		140		147
Freddie Mac—C
7.000% due 07/15/2022		40		41
Freddie Mac—CJ
6.500% due 04/15/2028		81,400		85,978
Freddie Mac—D
6.000% due 03/15/2009		153		153
Freddie Mac—G
6.500% due 04/15/2028		2,500		2,661
6.000% due 12/15/2028		11,995		12,482
Freddie Mac—H
6.000% due 03/15/2009		265		284
Freddie Mac—N
7.000% due 07/15/2022		610		653
Freddie Mac—PD
6.000% due 11/15/2027		525		552
Freddie Mac—PH
6.500% due 04/15/2028		50,000		52,621
Freddie Mac—TA
7.500% due 01/15/2027		4		4
Freddie Mac—TE
6.500% due 05/15/2028		48,000		51,063
Freddie Mac—Z
7.000% due 07/15/2022		6,127		6,474
7.500% due 01/15/2027		29,244		31,110
6.500% due 04/15/2028		30,497		32,863
6.000% due 08/15/2032		3,417		3,240
Freddie Mac—ZA
6.500% due 05/15/2028		17,124		18,277
6.500% due 07/15/2028		28,923		30,756
6.500% due 08/15/2028		23,455		25,245
6.000% due 08/15/2032		18,844		18,309
Freddie Mac—ZC
6.500% due 08/15/2028		26,061		28,050
Freddie Mac—ZM
6.000% due 12/15/2028		12,516		12,607
Fund America Investors Corp. II
6.307% due 06/25/2023 (a)		1,332		1,378
General Electric Capital Mortgage Services, Inc.
6.500% due 09/25/2023		1,175		1,199
6.500% due 12/25/2023 (a)		8,631		8,853
6.500% due 01/25/2024 (a)		3,895		4,008
6.000% due 02/25/2024		8,328		8,603
6.500% due 02/25/2024		13,565		14,163
6.500% due 04/25/2024		75,744		78,073
7.250% due 05/25/2026		2,837		2,892
7.500% due 06/25/2027		4,988		4,990
7.000% due 11/25/2027		41,216		41,782
6.650% due 05/25/2028		2,833		2,855
6.750% due 05/25/2028		23,934		24,349
6.500% due 06/25/2028		2,165		2,203
6.550% due 06/25/2028		9,565		9,591
6.750% due 06/25/2028		20,517		21,685
6.750% due 10/25/2028		11,942		12,518
6.250% due 12/25/2028		53,545		56,076
6.500% due 12/25/2028		19,500		20,451
6.350% due 05/25/2029		7,100		7,345
6.500% due 05/25/2029		9,858		10,410
6.750% due 05/25/2029		20,000		20,969
6.000% due 07/25/2029		145		145
6.250% due 07/25/2029 (a)		132,674		136,517
6.500% due 07/25/2029 (a)		95,240		100,891
7.000% due 09/25/2029		12,602		13,340
General Electric Capital Mortgage Services, Inc.—1A9
7.000% due 10/25/2027		6,426		6,495
General Electric Capital Mortgage Services, Inc.—2A1
7.000% due 10/25/2027		14,091		14,285
General Electric Capital Mortgage Services, Inc.—A10
6.500% due 03/25/2024		127		127
General Electric Capital Mortgage Services, Inc.—A22
6.500% due 03/25/2024		9,967		10,082
General Electric Capital Mortgage Services, Inc.—A23
6.500% due 03/25/2024		32,149		32,505
General Electric Capital Mortgage Services, Inc.—A24
6.500% due 03/25/2024 (a)		6,908		7,112
GMAC Commercial Mortgage Securities, Inc.
7.860% due 11/15/2006		250		260
6.150% due 11/15/2007		172		184
6.806% due 04/15/2008		1,000		1,094
6.974% due 05/15/2008		24,424		27,042
8.950% due 08/20/2017		319		344
6.700% due 05/15/2030		12,032		13,326
6.570% due 09/15/2033		31,710		34,507
GMAC Mortgage Corp. Loan Trust
7.000% due 08/25/2029		13,712		13,787
7.500% due 05/25/2030		12,000		12,405
7.198% due 11/25/2030 (a)		242		237
Goldman Sachs Mortgage Corp.
6.000% due 12/31/2007 (c)		6,692		7,412
Government Lease Trust
4.000% due 05/18/2011		3,000		2,814

24   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Government National Mortgage Association
8.000% due 06/20/2025	$	110	$	117
7.000% due 10/20/2025 (a)		7,000		7,417
2.373% due 12/16/2025 (a)		1,091		1,094
6.000% due 03/20/2026		1,500		1,545
7.000% due 03/20/2026		320		331
7.500% due 07/16/2027		34,744		37,493
6.500% due 04/20/2028		13,315		14,135
6.500% due 06/20/2028		41,732		44,895
6.750% due 06/20/2028		25,293		28,432
7.250% due 07/16/2028		30		33
6.500% due 07/20/2028		22,893		24,285
6.500% due 07/20/2028		48,146		52,869
6.500% due 09/20/2028		5,314		5,591
6.500% due 09/20/2028		1,685		1,774
6.500% due 09/20/2028		39,399		40,945
6.500% due 01/20/2029 (a)		31,708		33,620
7.000% due 02/16/2029		6,815		7,150
6.500% due 03/20/2029 (a)		16,259		17,289
8.000% due 03/20/2029		8,893		9,126
6.000% due 05/20/2029		12,208		12,327
7.500% due 11/20/2029		2,595		2,886
7.000% due 01/16/2030		7,424		7,672
2.323% due 02/16/2030 (a)		21,515		21,623
2.423% due 02/16/2030 (a)		21,776		22,027
2.473% due 02/16/2030 (a)		12,207		12,354
7.500% due 02/20/2030		6,634		7,444
7.500% due 02/20/2030		18,301		19,740
2.220% due 06/20/2030 (a)		4,177		4,186
7.500% due 08/20/2030		14,316		15,343
2.320% due 09/20/2030 (a)		3,104		3,116
7.500% due 09/20/2030		5,806		6,367
2.273% due 10/16/2030 (a)		19,023		19,035
7.000% due 10/16/2030		28,784		30,852
6.500% due 03/20/2031		6,613		6,882
6.000% due 06/16/2032		18,271		18,389
6.000% due 07/20/2032		8,722		8,665
6.500% due 07/20/2032		2,022		2,119
GS Mortgage Securities Corp.
6.526% due 08/15/2011		15,700		17,719
6.044% due 08/15/2018		22,353		24,820
G-Wing Ltd.
4.460% due 05/06/2004 (a)		35,500		35,358
Harborview Mortgage Loan Trust
7.470% due 08/19/2030		9,078		9,259
Headlands Mortgage Securities, Inc.
7.250% due 11/25/2012		401		401
7.155% due 12/25/2012 (a)		148		150
7.250% due 11/25/2027		3,872		3,878
Home Savings of America
8.464% due 08/01/2006 (a)		11		12
4.302% due 05/25/2027 (a)		1,601		1,614
6.613% due 08/20/2029 (a)		11,138		11,121
Housing Securities, Inc.
7.000% due 05/25/2008		443		446
7.000% due 05/25/2008		146		147
7.000% due 05/25/2023		5,056		5,159
ICI Funding Corp. Secured Assets Corp.
7.250% due 09/25/2027		9,470		9,663
7.750% due 03/25/2028 (a)		788		805
7.750% due 03/25/2028		919		934
IMPAC CMB Trust
2.233% due 12/15/2030 (a)		26,472		26,498
2.093% due 11/25/2031 (a)		24,570		24,500
Imperial CMB Trust
6.650% due 11/25/2029		388		388
Imperial Savings Association
8.230% due 01/25/2017 (a)		32		32
8.854% due 07/25/2017 (a)		134		133
Independent National Mortgage Corp.
8.250% due 05/25/2010		53		53
6.650% due 10/25/2024		207		207
3.413% due 07/25/2025 (a)		1,112		1,111
Indymac Adjustable Rate Mortgage Trust
6.568% due 08/25/2031 (a)		6,265		6,144
6.432% due 01/25/2032 (a)		70,660		71,861
6.446% due 01/25/2032 (a)		15,512		15,741
International Mortgage Acceptance Corp.
12.250% due 03/01/2014		185		200
J.P. Morgan Commercial Mortgage Finance Corp.
8.228% due 02/25/2028 (a)		1,615		1,837
7.069% due 09/15/2029		36		38
LB Commercial Conduit Mortgage Trust
6.330% due 11/18/2004		26		27
Lehman Large Loan Trust
6.790% due 06/12/2004		21		22
Long Beach Mortgage Loan Trust
8.396% due 01/20/2017 (a)		47,777		51,629
Mellon Residential Funding Corp.
6.500% due 02/25/2028		9,067		9,096
6.350% due 06/25/2028		22,000		22,035
6.600% due 06/26/2028		7,660		7,811
6.110% due 01/25/2029		18,347		18,716
6.580% due 07/25/2029 (a)		51,557		51,736
2.310% due 10/20/2029 (a)		15,358		15,510
Merrill Lynch Mortgage Investors, Inc.
6.439% due 06/15/2021 (a)		1,323		1,352
6.589% due 06/15/2021 (a)		3,346		3,516
6.849% due 06/15/2021 (a)		3,139		3,336

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   25

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
7.209% due 06/15/2021 (a)	$	697	$	737
6.950% due 06/18/2029 (a)		12,801		13,199
2.120% due 01/20/2030 (a)		1,317		1,310
5.650% due 12/15/2030		6,190		6,498
Midland Realty Acceptance Corp.
7.020% due 01/25/2029		1,531		1,559
MLCC Mortgage Investors, Inc.
2.073% due 09/15/2026 (a)		11,853		11,824
Morgan Stanley Capital I
5.990% due 03/15/2005		40		41
6.190% due 01/15/2007		14,354		15,347
6.170% due 10/03/2008		750		832
6.160% due 04/03/2009 (a)		10,964		11,768
7.460% due 02/15/2020		4,687		4,725
2.043% due 07/25/2027 (a)		182		181
6.860% due 07/15/2029 (a)		578		598
6.220% due 06/01/2030		57		61
6.590% due 10/03/2030 (a)		4,697		5,032
Mortgage Capital Funding, Inc.
7.800% due 04/15/2006 (a)		500		572
7.008% due 09/20/2006		15,545		17,357
6.001% due 11/18/2031		57		61
Mortgage Obligation Structured Trust
7.700% due 10/25/2018		13,140		13,213
NationsBanc Montgomery Funding Corp.
6.750% due 06/25/2028		10,000		10,633
6.500% due 07/25/2028		14,470		15,474
6.750% due 08/25/2028		20,009		20,839
6.250% due 10/25/2028		7,000		7,444
Nationslink Funding Corp.
6.654% due 02/10/2006		20,624		22,404
2.160% due 04/10/2007 (a)		12,024		12,063
6.096% due 11/10/2030 (a)		3,421		3,438
Nomura Asset Acceptance Corp.
7.000% due 02/19/2030		13,908		15,086
Nomura Asset Securities Corp.
7.120% due 04/13/2036		460		514
Norwest Asset Securities Corp.
6.750% due 12/25/2012 (a)		5,655		5,823
6.500% due 04/25/2013		17,770		18,522
6.500% due 06/25/2013		803		816
6.500% due 06/25/2013		9,229		9,682
7.500% due 03/25/2027		17,147		17,226
7.500% due 03/25/2027		1,025		1,032
6.750% due 05/25/2028		20,103		20,184
6.750% due 05/25/2028		13,000		13,209
6.750% due 07/25/2028		12,657		12,756
6.250% due 08/25/2028		129		129
6.250% due 09/25/2028		307		317
6.750% due 10/25/2028		20,000		21,036
6.750% due 10/25/2028		17,748		18,470
6.500% due 12/25/2028		39,751		41,147
6.000% due 01/25/2029		20,216		20,347
6.500% due 02/25/2029		144		146
6.500% due 02/25/2029		62,000		65,530
5.950% due 04/25/2029 (a)		13,810		13,828
6.200% due 04/25/2029 (a)		77,385		80,353
6.300% due 04/25/2029 (a)		1,177		1,178
6.500% due 04/25/2029		26,751		28,329
6.000% due 05/25/2029 (a)		3,266		3,267
6.250% due 05/25/2029		288		292
6.500% due 06/25/2029 (a)		46,178		47,752
6.500% due 10/25/2029		1,935		2,047
7.000% due 11/25/2029		14,541		15,174
7.250% due 02/25/2030		19,756		20,015
Norwest Integrated Structured Assets, Inc.
7.000% due 09/25/2029		3,968		4,112
Pacific Collateralized Mortgage Obligation Trust
8.000% due 03/20/2018		286		288
Paine Webber Mortgage Acceptance Corp.
6.000% due 04/25/2009		9,498		9,694
Patten Mortgage
7.250% due 08/01/2011 (a)		22		22
PHH Mortgage Services Corp.
7.177% due 11/18/2027 (a)		921		973
PNC Mortgage Securities Corp.
6.750% due 06/25/2016 (a)		1,748		1,755
7.000% due 10/25/2027		11,833		11,878
6.750% due 12/25/2027		7,230		7,419
6.976% due 02/25/2028		9,165		9,347
7.000% due 02/25/2028		24,905		25,416
7.000% due 05/25/2028		1,600		1,623
6.750% due 07/25/2028		3,525		3,719
6.750% due 09/25/2028		3,990		4,177
6.750% due 10/25/2028		19,256		19,941
6.750% due 10/25/2028		6,702		7,110
6.500% due 12/25/2028		5,000		5,135
6.750% due 12/25/2028		21,698		23,183
6.250% due 01/25/2029		9,257		9,468
6.500% due 01/25/2029		990		1,027
6.500% due 01/25/2029		465		475
6.300% due 03/25/2029		9,955		10,528
6.200% due 06/25/2029 (a)		26,345		27,212
6.200% due 06/25/2029 (a)		5,261		5,429
6.300% due 06/25/2029		30,400		31,235
6.500% due 06/25/2029 (a)		48,551		51,874
7.000% due 06/25/2030		11,303		12,165
2.263% due 12/25/2030 (a)		7,031		7,040
7.500% due 02/25/2031		16,589		16,932
7.500% due 05/25/2040 (a)		612		619
PNC Mortgage Trust
8.250% due 03/25/2030		18,513		19,240
Prudential Home Mortgage Securities
7.400% due 11/25/2007		686		714

26   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
7.000% due 01/25/2008	$	15,896	$	15,875
6.500% due 07/25/2008		5,250		5,321
6.750% due 07/25/2008		225		225
6.950% due 11/25/2022		222		222
6.750% due 10/25/2023		10,996		11,086
5.900% due 12/25/2023		672		678
6.500% due 01/25/2024		39		40
6.500% due 01/25/2024		1,518		1,578
6.250% due 04/25/2024		14,672		15,253
6.800% due 05/25/2024		12,563		13,734
6.450% due 11/25/2025		5,264		5,376
Prudential Securities Secured Financing Corp.
6.074% due 01/15/2008 (a)		9,828		10,568
Prudential-Bache Trust
8.400% due 03/20/2021		3,173		3,353
Regal Trust IV
4.347% due 09/29/2031 (a)		5,845		5,706
Resecuritization Mortgage Trust
2.060% due 04/26/2021 (a)		9		9
6.750% due 06/19/2028		17,742		19,142
6.500% due 04/19/2029		2,442		2,496
Residential Accredit Loans, Inc.
7.500% due 08/25/2027 (a)		7,248		7,455
7.000% due 02/25/2028		40,985		42,020
6.500% due 12/25/2028		400		418
6.500% due 05/25/2029		3,000		3,133
6.750% due 06/25/2029		496		501
7.000% due 07/25/2029		124		125
8.000% due 07/25/2030		5		5
7.000% due 08/25/2031		6,471		6,710
Residential Asset Securitization Trust
7.375% due 03/25/2027		3,119		3,164
7.000% due 10/25/2027		10,871		11,067
7.000% due 01/25/2028		16,271		16,627
6.500% due 12/25/2028		1,250		1,298
6.500% due 03/25/2029		126		127
6.500% due 03/25/2029		18,548		19,099
6.750% due 03/25/2029		194		198
7.875% due 01/25/2030		244		254
8.000% due 02/25/2030		14,035		14,543
2.513% due 09/25/2030 (a)		5,363		5,386
Residential Funding Mortgage Securities I, Inc.
7.500% due 09/25/2011 (a)		2,196		2,226
7.000% due 05/25/2012 (a)		306		308
6.500% due 12/25/2012		15,534		15,971
7.750% due 09/25/2022		17		17
8.000% due 01/25/2023		743		742
8.000% due 02/25/2023		2,285		2,282
6.500% due 11/25/2023		1,660		1,708
7.500% due 12/25/2025		703		711
7.750% due 11/25/2026		726		734
7.500% due 04/25/2027		1,971		1,980
7.500% due 06/25/2027		13,424		13,403
7.500% due 07/25/2027		8,448		8,451
7.250% due 08/25/2027		4,977		4,979
7.250% due 10/25/2027		20,994		21,174
7.000% due 11/25/2027		10,266		10,396
6.750% due 02/25/2028		843		843
6.750% due 02/25/2028		20,522		20,706
6.750% due 02/25/2028		6,424		6,609
6.750% due 05/25/2028		56,242		56,745
6.750% due 06/25/2028		25,600		26,151
6.750% due 06/25/2028		34,800		36,194
6.750% due 07/25/2028		13,292		13,808
6.750% due 08/25/2028		35,000		36,548
6.750% due 09/25/2028		65,993		68,931
6.750% due 09/25/2028		500		510
6.500% due 10/25/2028		52,000		54,210
6.250% due 11/25/2028		3,000		3,135
6.500% due 12/25/2028		23,400		24,670
6.500% due 01/25/2029		20,083		21,205
6.500% due 01/25/2029		52,231		55,229
6.500% due 03/25/2029		27,960		29,658
6.500% due 06/25/2029 (a)		12,903		13,129
6.750% due 07/25/2029 (a)		22,600		23,470
7.000% due 10/25/2029		25,260		26,429
7.500% due 11/25/2029		11,227		11,372
7.500% due 11/25/2030		3,444		3,447
7.500% due 12/25/2030		2,823		2,856
6.316% due 06/25/2031 (a)		16,342		16,514
6.250% due 02/25/2032		6,480		6,528
1.000% due 09/25/2032		224,195		226,465
Resolution Trust Corp.
5.608% due 10/25/2021 (a)		22		22
8.135% due 10/25/2021 (a)		70		69
8.625% due 10/25/2021		64		64
11.060% due 10/25/2021 (a)		35		35
8.000% due 06/25/2026		91		91
6.550% due 05/25/2029 (a)		1,897		1,914
7.141% due 05/25/2029 (a)		1,353		1,362
7.604% due 05/25/2029 (a)		1,361		1,382
RMF Commercial Mortgage Securities, Inc.
6.751% due 01/15/2019 (a)		205		219
Ryland Acceptance Corp.
11.500% due 12/25/2016		48		48
Ryland Mortgage Securities Corp.
8.200% due 06/25/2021		26		26
7.004% due 08/25/2022 (a)		946		969
Saco I, Inc.
7.997% due 07/25/2030 (a)		1,126		1,125
2.203% due 10/25/2030 (a)		10,231		10,231
2.243% due 09/25/2040 (a)		177		177
Salomon Brothers Mortgage Securities VII, Inc.
7.235% due 11/25/2022 (a)		175		175

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   27

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
6.684% due 10/25/2023 (a)	$	57	$	57
7.718% due 03/25/2024 (a)		132		133
7.879% due 07/01/2024 (a)		1,711		1,713
8.071% due 09/25/2024 (a)		103		104
8.151% due 10/25/2024 (a)		150		150
7.643% due 11/25/2024 (a)		201		202
2.153% due 04/25/2029 (a)		2,290		2,286
2.193% due 04/25/2029 (a)		972		972
2.113% due 06/25/2029 (a)		6,619		6,545
2.213% due 09/25/2029 (a)		33		33
7.599% due 11/25/2030		7,296		7,353
2.133% due 06/25/2032 (a)		54,198		54,085
Santa Barbara Savings & Loan Association
9.500% due 11/20/2018		1,128		1,133
Saxon Mortgage Securities Corp.
6.250% due 04/25/2009		252		252
7.375% due 09/25/2023		6,372		6,478
Sears Mortgage Securities
12.000% due 02/25/2014		373		375
6.120% due 11/25/2021 (a)		204		208
7.431% due 10/25/2022 (a)		904		1,096
5.489% due 12/25/2028 (a)		161		161
Securitized Asset Sales, Inc.
7.499% due 06/25/2023 (a)		145		146
6.510% due 10/25/2023 (a)		216		215
6.952% due 11/26/2023 (a)		356		355
7.410% due 09/25/2024 (a)		867		865
Security Pacific National Bank
6.870% due 03/25/2018 (a)		56		56
6.749% due 09/25/2019 (a)		234		234
Sequoia Mortgage Trust
3.520% due 10/25/2024 (a)		38,144		38,221
Small Business Administration
7.540% due 08/10/2009		78,432		89,856
8.017% due 02/10/2010		94,482		110,313
7.452% due 09/01/2010		15,334		17,513
Starwood Commercial Mortgage Trust
6.600% due 02/03/2009		9,382		10,208
Structured Asset Mortgage Investments, Inc.
5.462% due 05/25/2022		9,102		9,170
6.750% due 03/25/2028		20,798		20,908
6.911% due 06/25/2028 (a)		11,601		12,297
6.250% due 11/25/2028		14,878		15,824
6.750% due 01/25/2029		10,000		10,461
6.300% due 05/25/2029 (a)		6,502		6,511
6.576% due 06/25/2029 (a)		18,690		19,362
7.250% due 07/25/2029 (a)		1,681		1,680
7.203% due 02/25/2030 (a)		1,312		1,364
6.750% due 05/02/2030		25,000		26,186
7.275% due 04/25/2032		32,514		33,368
2.154% due 09/19/2032 (a)		125,136		125,136
Structured Asset Notes Transactions Ltd.
6.650% due 08/30/2005 (a)		11,678		11,506
Structured Asset Securities Corp.
7.000% due 02/25/2016		13,265		13,636
7.500% due 07/25/2016		25,782		26,514
7.000% due 12/25/2027 (a)		38,618		39,290
7.750% due 02/25/2028		2,402		2,510
6.750% due 07/25/2029		1,763		1,800
6.750% due 07/25/2029		355		359
2.413% due 11/25/2030 (a)		8,132		8,151
2.263% due 05/25/2031 (a)		5,328		5,344
5.800% due 09/25/2031		53,200		54,055
6.500% due 09/25/2031 (a)		102,364		104,332
6.250% due 01/25/2032 (a)		216,640		222,500
2.100% due 02/25/2032 (a)		141,898		141,351
6.320% due 02/25/2032 (a)		142,665		145,407
2.080% due 06/25/2032 (a)		2,381		2,380
6.150% due 07/25/2032 (a)		102,262		104,942
Structured Mortgage Asset Residential Trust
7.584% due 07/25/2024 (a)		47		50
Superannuation Members Home Loans Global Fund
2.081% due 06/15/2026 (a)		12,545		12,555
TMA Mortgage Funding Trust
2.193% due 01/25/2029 (a)		18,221		18,221
Torrens Trust
2.083% due 07/15/2031 (a)		22,577		22,594
Union Planters Mortgage Finance Corp.
6.750% due 01/25/2028		4,000		4,311
6.800% due 01/25/2028		15,000		16,437
United Mortgage Securities Corp.
6.530% due 06/25/2032 (a)		14,133		14,431
6.964% due 09/25/2033 (a)		683		699
Vendee Mortgage Trust
6.500% due 05/15/2020		32,730		35,271
6.835% due 01/15/2030 (a)		12,629		13,094
Washington Mutual Mortgage Securities Corp.
6.750% due 05/25/2031		99		99
5.240% due 10/25/2032 (a)		296,654		303,379
Washington Mutual, Inc.
7.500% due 11/19/2029		600		617
5.596% due 04/25/2032		2,000		2,011
6.013% due 10/19/2039 (a)		3,000		3,082
6.398% due 10/19/2039 (a)		165,452		169,023
6.601% due 10/19/2039 (a)		58,004		58,747
6.601% due 10/19/2039 (a)		32,132		31,444
5.277% due 12/25/2040 (a)		26,026		26,368
4.470% due 01/25/2041 (a)		49,539		50,367
Wells Fargo Mortgage-Backed Securities Trust
6.125% due 07/25/2031		11,992		12,204
6.633% due 10/25/2031 (a)		16,327		16,756
6.675% due 10/25/2031 (a)		25,095		25,753
6.706% due 10/25/2031 (a)		2,191		2,249
6.197% due 01/25/2032		26,981		27,382

28   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
6.251% due 01/25/2032 (a)	$	43,655	$	44,255
5.221% due 09/25/2032 (a)		124,200		126,160
Western Federal Savings & Loan Association
6.387% due 06/25/2021 (a)		578		580
				13,205,528
Fannie Mae 22.9%
0.990% due 05/01/2017		78,570		81,656
3.884% due 09/01/2017 (a)		2,567		2,580
3.946% due 10/01/2040 (a)		12,472		12,801
3.953% due 10/01/2030—09/01/2040 (a)(d)		30,912		31,730
3.956% due 10/01/2040 (a)		9,796		10,055
3.969% due 09/01/2024 (a)		902		919
3.973% due 03/01/2033 (a)		365		373
4.458% due 04/01/2027 (a)		46		47
4.500% due 09/01/2024 (a)		1,172		1,199
4.515% due 02/01/2028 (a)		131		134
4.625% due 05/01/2023 (a)		551		564
4.814% due 08/01/2027 (a)		13,416		13,765
4.944% due 07/01/2024 (a)		2,468		2,528
4.945% due 06/01/2024 (a)		370		383
5.000% due 04/01/2014		373		381
5.005% due 05/01/2024 (a)		1,356		1,407
5.031% due 10/01/2027 (a)		2,319		2,406
5.082% due 05/01/2026 (a)		222		230
5.090% due 09/01/2022 (a)		480		490
5.116% due 06/01/2023 (a)		880		901
5.163% due 01/01/2018 (a)		883		909
5.214% due 10/01/2024 (a)		226		233
5.282% due 11/01/2025 (a)		1,707		1,750
5.295% due 11/01/2023 (a)		112		113
5.324% due 05/01/2025 (a)		1,360		1,400
5.342% due 08/01/2025		4,610		4,752
5.372% due 09/01/2022 (a)		550		559
5.383% due 11/01/2025 (a)		740		761
5.435% due 08/01/2026 (a)		790		814
5.450% due 05/01/2022 (a)		254		254
5.453% due 04/01/2027 (a)		300		310
5.500% due 01/01/2004—11/14/2032 (d)		3,494,727		3,598,267
5.568% due 02/01/2028 (a)		390		404
5.666% due 05/01/2030 (a)		127		131
5.690% due 09/01/2025 (a)		443		457
5.694% due 09/01/2023 (a)		1,007		1,035
5.705% due 11/01/2025 (a)		926		950
5.713% due 03/01/2025 (a)		3,327		3,425
5.758% due 10/01/2024 (a)		467		484
5.807% due 01/01/2026 (a)		373		386
5.874% due 11/01/2025 (a)		169		174
5.918% due 08/01/2023 (a)		147		150
5.937% due 12/01/2031		5,553		6,118
5.982% due 12/01/2023 (a)		450		460
6.000% due 11/01/2003—01/01/2039 (d)		10,280,951		10,680,320
6.038% due 10/01/2023 (a)		361		371
6.048% due 01/01/2011		148		170
6.090% due 12/01/2008		48		54
6.200% due 12/01/2023 (a)		463		477
6.210% due 08/01/2010		49,827		56,563
6.250% due 09/01/2029 (a)		302		312
6.251% due 01/01/2024 (a)		329		339
6.255% due 09/01/2013		64,000		72,608
6.287% due 03/01/2026 (a)		468		485
6.315% due 01/01/2024 (a)		270		278
6.343% due 02/01/2026 (a)		255		265
6.351% due 01/01/2024 (a)		683		703
6.376% due 12/01/2023 (a)		95		98
6.381% due 11/01/2023 (a)		409		421
6.399% due 12/01/2023 (a)		312		322
6.420% due 12/01/2007		150		169
6.472% due 10/01/2023 (a)		138		143
6.500% due 04/01/2003—10/15/2032 (d)		21,237		22,160
6.501% due 07/01/2019 (a)		379		396
6.530% due 10/01/2013		4,229		4,786
6.550% due 01/01/2008		922		1,043
6.555% due 08/01/2028		2,194		2,462
6.578% due 04/01/2026 (a)		443		462
6.594% due 12/01/2027 (a)		3,263		3,357
6.651% due 09/01/2027 (a)		284		296
6.710% due 11/01/2023 (a)		39		41
6.730% due 11/01/2007		1,104		1,257
6.750% due 08/01/2003		17		17
6.796% due 05/01/2023 (a)		1,471		1,526
6.811% due 08/01/2027 (a)		653		689
6.847% due 07/01/2003		54		55
6.900% due 06/01/2007		368		413
6.982% due 06/01/2007		451		508
7.000% due 07/01/2003—10/15/2032 (a)(d)		44,953		46,359
7.040% due 03/01/2007		52		59
7.235% due 10/01/2003		52		53
7.250% due 01/01/2008—01/01/2023 (d)		7,376		7,799
7.285% due 07/01/2003		108		109
7.391% due 06/01/2030 (a)		10,676		11,277
7.430% due 01/25/2023		1,621		1,671
7.460% due 08/01/2029		3,884		4,708
7.500% due 08/01/2003—10/15/2032 (d)		15,808		17,206
7.750% due 06/01/2009		105		112
7.780% due 01/01/2018		2,200		2,775
7.850% due 07/01/2018		6,572		8,179
7.920% due 03/01/2018		2,712		3,461
7.980% due 05/01/2030		6,596		7,084
8.000% due 08/01/2003—08/01/2031 (d)		14,662		15,675
8.060% due 04/01/2030		1,832		1,954
8.080% due 04/01/2030		1,003		1,071
8.250% due 10/01/2008—03/01/2030 (d)		2,003		2,451

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   29

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
8.490% due 06/01/2025	$	973	$	1,054
8.500% due 11/01/2004—10/01/2031 (d)		49,771		53,405
9.000% due 10/01/2004—12/01/2027 (d)		4,414		4,858
9.500% due 12/01/2006—07/01/2026 (d)		5,355		5,884
9.750% due 11/01/2008		7		8
10.000% due 09/01/2003—05/01/2022 (d)		974		1,116
10.500% due 11/01/2013—04/01/2022 (d)		312		354
10.750% due 03/01/2014		13		15
11.000% due 11/01/2013—11/01/2020 (d)		139		160
11.500% due 08/20/2016—11/01/2019 (d)		47		55
12.000% due 05/01/2016		5		6
12.500% due 10/01/2015		20		24
13.250% due 09/01/2011		9		10
14.500% due 06/01/2012—01/01/2013 (d)		5		6
14.750% due 08/01/2012		111		136
15.000% due 10/01/2012 (a)		189		232
15.500% due 10/01/2012—12/01/2012 (d)		11		14
15.750% due 12/01/2011—08/01/2012 (d)		74		91
16.000% due 09/01/2012		73		91
				14,841,933
Federal Housing Administration 0.7%
6.000% due 03/20/2028		3,423		3,544
6.755% due 03/01/2041		16,079		17,498
6.780% due 07/25/2040		7,572		8,346
6.790% due 05/01/2039		10,716		11,109
6.830% due 12/01/2039		3,449		4,014
6.875% due 11/01/2015		2,757		2,771
6.880% due 10/01/2040—02/01/2041 (d)		21,539		23,256
6.896% due 07/01/2020		15,188		15,112
6.900% due 12/01/2040		22,694		24,568
6.930% due 07/01/2014—01/01/2036 (d)		22,215		24,339
6.960% due 05/01/2016		7,018		7,063
7.050% due 03/25/2040		530		581
7.110% due 05/01/2019		3,705		3,753
7.125% due 03/01/2034		4,344		4,601
7.150% due 01/25/2029		9,395		9,974
7.211% due 12/01/2021		1,544		1,553
7.250% due 06/01/2040		8,222		9,606
7.310% due 06/01/2041		23,497		25,429
7.315% due 08/01/2019		26,155		26,858
7.350% due 11/01/2020—11/01/2022 (d)		9,589		9,697
7.375% due 02/01/2018—12/31/2022 (d)		10,642		10,877
7.400% due 01/25/2020—02/01/2021 (d)		12,620		12,839
7.430% due 12/01/2016—07/01/2025 (d)		89,303		90,753
7.450% due 05/01/2021—10/01/2023 (d)		14,693		14,949
7.460% due 01/01/2023		1,628		1,657
7.465% due 11/01/2019		16,833		17,138
7.500% due 01/31/2031—03/01/2032 (d)		3,995		4,207
7.580% due 12/01/2040		7,380		8,171
7.630% due 08/01/2041		17,679		17,635
7.650% due 11/01/2018		122		129
7.780% due 11/01/2040		7,373		8,265
7.880% due 03/01/2041		13,350		14,628
7.930% due 05/01/2016		1,770		1,859
8.250% due 10/29/2023—01/01/2041 (d)		9,337		10,057
8.375% due 02/01/2012		336		349
				447,185
Freddie Mac 0.7%
2.223% due 06/15/2031 (a)		12,357		12,389
4.000% due 06/01/2017 (a)		11		11
4.250% due 04/01/2017 (a)		21		21
4.574% due 09/01/2023 (a)		1,274		1,311
4.589% due 07/01/2025 (a)		3,913		4,032
4.612% due 06/01/2022 (a)		250		257
4.625% due 08/01/2024 (a)		163		168
4.652% due 07/01/2022 (a)		365		375
4.716% due 08/01/2023 (a)		430		442
4.750% due 06/01/2024 (a)		886		915
4.781% due 08/01/2023 (a)		128		133
4.812% due 07/01/2023 (a)		296		304
4.823% due 06/01/2022 (a)		608		626
4.826% due 08/01/2023 (a)		2,800		2,884
4.918% due 10/01/2023 (a)		452		468
4.933% due 05/01/2023 (a)		917		946
5.255% due 11/01/2026 (a)		2,964		3,047
5.269% due 09/01/2023 (a)		4,731		4,891
5.430% due 07/01/2024 (a)		821		850
5.467% due 07/01/2023 (a)		801		818
5.481% due 10/01/2023 (a)		75		76
5.500% due 10/01/2008—01/01/2014 (a)(d)		1,032		1,075
5.535% due 12/01/2022 (a)		147		150
5.550% due 05/01/2023 (a)		537		546
5.584% due 06/01/2024 (a)		1,871		1,920
5.621% due 09/01/2023 (a)		813		828
5.650% due 08/01/2023 (a)		4		5
5.678% due 04/01/2024 (a)		3,458		3,548
5.692% due 04/01/2023 (a)		168		171
5.795% due 12/01/2026 (a)		3,234		3,324

30   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
5.875% due 08/01/2023 (a)	$	4,403	$	4,534
5.900% due 11/01/2023 (a)		160		165
5.947% due 09/01/2023 (a)		759		778
5.981% due 10/01/2023 (a)		472		486
6.000% due 01/01/2011—01/01/2029 (d)		227,729		236,435
6.183% due 10/01/2023 (a)		771		791
6.250% due 01/01/2019 (a)		3		4
6.256% due 04/01/2029 (a)		603		621
6.318% due 10/01/2023 (a)		384		394
6.365% due 11/01/2023 (a)		54		56
6.440% due 01/01/2024 (a)		196		203
6.462% due 01/01/2024 (a)		225		231
6.500% due 11/01/2002—05/01/2026 (d)		18,247		19,055
6.635% due 12/01/2023 (a)		400		412
6.755% due 11/01/2028 (a)		9,613		10,044
6.775% due 11/01/2003		25		27
6.875% due 09/01/2018 (a)		377		391
7.000% due 10/01/2002—01/01/2030 (a)(d)		93,456		99,549
7.250% due 11/01/2008		65		67
7.274% due 09/01/2027 (a)		980		1,037
7.500% due 09/01/2003—10/01/2030 (a)(d)		5,227		5,417
7.645% due 05/01/2025		2,614		3,093
7.804% due 07/01/2030 (a)		24,166		25,042
8.000% due 12/01/2002—09/01/2024 (d)		2,385		2,518
8.250% due 12/01/2002—12/01/2009 (d)		115		121
8.500% due 09/01/2003—06/01/2030 (d)		2,414		2,598
8.750% due 01/01/2007—12/01/2010 (d)		25		27
9.000% due 07/01/2004—07/01/2030 (d)		520		560
9.250% due 10/01/2009—11/01/2013 (d)		11		12
9.500% due 01/01/2003—12/01/2022 (a)(d)		836		916
9.750% due 11/01/2004—05/01/2009 (d)		13		15
10.000% due 11/01/2002—03/01/2021 (d)		569		634
10.250% due 04/01/2009—07/01/2009 (d)		621		696
10.500% due 10/01/2017—01/01/2021 (d)		201		234
10.750% due 09/01/2009—12/01/2015 (a)(d)		240		269
11.000% due 11/01/2009—05/01/2020 (d)		380		435
11.250% due 10/01/2009—09/01/2015 (d)		13		14
11.500% due 01/01/2018		37		42
12.500% due 12/01/2012 (a)		11		13
13.250% due 10/01/2013		74		89
14.000% due 04/01/2016		11		14
15.500% due 08/01/2011—11/01/2011 (d)		9		11
16.250% due 05/01/2011		1		2
				464,583
Government National Mortgage Association 8.6%
4.000% due 11/25/2032 (a)		5,000		5,037
4.500% due 05/20/2028—05/20/2030 (a)(d)		25,622		26,338
4.875% due 02/20/2016 (a)		131		135
5.000% due 04/20/2028—05/20/2030 (a)(d)		81,284		83,516
5.250% due 03/20/2030 (a)		466		476
5.375% due 05/20/2017—05/20/2028 (a)(d)		342,806		353,455
5.500% due 08/20/2029—11/20/2029 (a)(d)		36,545		37,364
5.650% due 10/15/2012		9		10
5.875% due 04/20/2023 (a)(d)		166		174
6.000% due 10/15/2008—03/15/2032 (a)(d)		1,599,530		1,663,073
6.500% due 10/15/2008—09/15/2040 (a)(d)		1,551,153		1,620,527
6.625% due 12/20/2015—01/15/2040 (a)(d)		173,663		180,529
6.670% due 08/15/2040		952		1,076
6.750% due 01/15/2003—07/15/2031 (a)(d)		225,643		233,272
6.800% due 05/15/2040		2,966		3,378
6.875% due 02/15/2040		987		1,129
7.000% due 10/15/2003—01/03/2041 (a)(d)		1,220,122		1,282,608
7.250% due 12/15/2022—08/20/2027 (a)(d)		596		633
7.500% due 01/15/2003—01/15/2041 (d)		27,277		31,636
7.700% due 06/15/2031		6,715		8,012
8.000% due 08/15/2005—05/20/2031 (a)(d)		8,150		8,745
8.250% due 08/15/2004—05/15/2022 (d)		731		796
8.500% due 03/20/2006—01/15/2031 (d)		6,128		6,651
8.750% due 03/15/2007—07/15/2007 (d)		68		73
9.000% due 09/15/2003—08/15/2030 (a)(d)		3,813		4,245
9.250% due 07/15/2003—12/20/2016 (d)		64		69
9.500% due 12/15/2003—07/15/2025 (a)(d)		3,630		4,080

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   31

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
9.750% due 07/15/2004	$	17	$	18
10.000% due 08/20/2004—02/15/2025 (a)(d)		2,990		3,431
10.250% due 02/20/2019		11		13
10.500% due 06/15/2004—09/15/2021 (a)(d)		372		431
11.000% due 05/15/2004—04/20/2019 (d)		171		196
11.250% due 12/20/2015		11		13
11.500% due 10/15/2010—10/15/2015 (a)(d)		74		85
12.000% due 11/15/2012—05/15/2016 (d)		340		402
12.500% due 01/15/2011		1		1
13.000% due 12/15/2012		13		15
13.500% due 10/15/2012—09/15/2014 (d)		63		77
15.000% due 08/15/2011—11/15/2012 (a)(d)		136		168
16.000% due 10/15/2011—05/15/2012 (a)(d)		115		141
17.000% due 11/15/2011—12/15/2011(d)		51		64
				5,562,092
Stripped Mortgage-Backed Securities 0.0%
Bear Stearns Mortgage Securities, Inc. (IO)
7.200% due 07/25/2024		28		0
7.500% due 08/25/2024		197		9
Fannie Mae (IO)
0.950% due 03/25/2009 (a)		14,699		258
0.950% due 11/25/2021 (a)		10,312		79
6.500% due 05/25/2005		240		10
6.500% due 02/25/2007		34		0
6.500% due 09/25/2007		78		0
6.500% due 10/25/2007		1		0
6.500% due 09/25/2008		318		33
6.500% due 03/25/2020		13		0
6.500% due 08/25/2020		27		0
6.500% due 08/25/2020		422		5
6.500% due 10/25/2022		34		3
6.500% due 01/25/2023		1,633		183
6.500% due 01/25/2023		528		47
6.756% due 02/25/2023 (a)		6,592		754
7.500% due 04/25/2021		540		13
22.425% due 09/25/2008		2		38
903.213% due 08/25/2021		2		44
1000.000% due 04/25/2022		1		31
Fannie Mae (PO)
0.000% due 09/01/2007		379		372
0.000% due 01/25/2019		18		16
0.000% due 08/25/2023		208		191
Freddie Mac (IO)
6.000% due 10/15/2007		40		1
6.000% due 01/15/2008		1		0
6.400% due 10/15/2008		22		2
6.430% due 02/15/2008 (a)		257		21
6.500% due 11/15/2008		862		91
6.500% due 09/15/2023		119		13
6.680% due 12/15/2023 (a)		143		3
7.000% due 08/15/2008		1,134		104
7.000% due 04/15/2023		426		45
7.000% due 06/15/2023		2,745		333
7.000% due 06/15/2023		1,525		163
7.630% due 09/15/2007 (a)		2,381		232
9.000% due 05/15/2022		45		8
82.576% due 08/15/2007		5		64
884.500% due 01/15/2021		1		8
1007.500% due 02/15/2022		2		29
Government National Mortgage Association (PO)
0.000% due 02/26/2019		40		40
Paine Webber CMO Trust (IO)
1359.500% due 08/01/2019		1		20
Prudential Home Mortgage Securities (IO)
1007.071% due 10/25/2023		1		4
Vendee Mortgage Trust (IO)
0.456% due 06/15/2023 (a)		106,445		1,597
				4,864
Total Mortgage-Backed Securities (Cost $33,527,503)				34,526,186
ASSET-BACKED SECURITIES 3.6%
Aames Mortgage Trust
2.183% due 06/15/2027 (a)		324		324
7.589% due 10/15/2029		98		107
ABFS Equipment Contract Trust
6.100% due 10/15/2005		3		3
ABSC Long Beach Home Equity Loan Trust
2.420% due 07/21/2030 (a)		375		373
2.080% due 08/21/2030 (a)		23,243		23,204
Ace Securities Corp.
2.133% due 11/25/2028 (a)		259		259
2.153% due 06/25/2032 (a)		119,813		119,614
Advanta Mortgage Loan Trust
2.013% due 05/25/2027 (a)		667		660
2.188% due 11/25/2029 (a)		2,019		2,011
8.250% due 08/25/2030		7,954		9,060
Advanta Revolving Home Equity Loan Trust
2.183% due 01/25/2024 (a)		10,967		10,953
2.063% due 02/25/2025 (a)		7,101		7,064
Aerco Ltd.
2.783% due 07/15/2025 (a)		37,225		37,259
American Express Master Trust
7.850% due 08/15/2005		220		243

32   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
American Stores Corp.
2.610% due 08/30/2004 (a)	$	20,000	$	19,774
Americredit Automobile Receivable Trust
7.020% due 12/12/2005		29,373		30,457
2.290% due 09/05/2006 (a)		21,922		21,956
Ameriquest Mortgage Securities, Inc.
2.143% due 06/15/2030 (a)		3,334		3,332
2.123% due 07/15/2030 (a)		10,697		10,699
Amresco Residential Securities Mortgage Loan Trust
2.000% due 07/25/2027 (a)		1		1
Bank One Heloc Trust
2.080% due 04/20/2020 (a)		20,658		20,550
Bay View Auto Trust
7.640% due 11/25/2010		310		318
Bayview Financial Acquisition Trust
2.193% due 02/25/2030 (a)		12,430		12,422
2.203% due 07/25/2030 (a)		37,606		37,606
2.203% due 11/25/2030 (a)		74,800		74,999
2.213% due 04/25/2031 (a)		68,494		68,439
2.093% due 07/25/2031 (a)		29,305		29,241
2.193% due 11/25/2031 (a)		4,015		4,013
Bear Stearns Asset-Backed Securities, Inc.
2.310% due 04/25/2032 (a)		20,842		20,885
2.140% due 10/25/2032 (a)		89,027		88,957
2.213% due 10/25/2032 (a)		26,694		26,682
Brazos Student Loan Finance Co.
2.600% due 06/01/2023 (a)		51,360		51,480
2.090% due 12/01/2025 (a)		24,940		24,877
Capital Asset Research Funding LP
6.400% due 12/15/2004		202		206
5.905% due 12/15/2005		774		771
Champion Home Equity Loan Trust
2.073% due 03/25/2029 (a)		1,923		1,912
2.213% due 09/25/2029 (a)		9,490		9,456
Charming Shoppes Master Trust
2.273% due 08/15/2008 (a)		250		251
Chase Funding Mortgage Loan Asset-Backed Certificates
2.033% due 10/25/2030 (a)		21,534		21,514
Cityscape Home Equity Loan Trust
7.650% due 09/25/2025		180		188
Community Program Loan Trust
4.500% due 10/01/2018		20,039		20,329
4.500% due 04/01/2029		26,000		24,299
Compucredit Credit Card Master Trust
2.043% due 03/15/2007 (a)		32,000		32,020
Conseco Finance Corp.
7.890% due 07/15/2018 (b)		1,176		1,198
7.800% due 05/15/2020 (b)		167		179
Conseco Finance Home Loan Trust
8.080% due 02/15/2022 (b)		14,365		14,617
8.160% due 06/15/2024		2,000		2,082
Conseco Finance Securitizations Corp.
3.220% due 09/01/2023 (b)		1,137		1,143
2.193% due 10/15/2031 (a)(b)		8,631		8,586
7.970% due 05/01/2032 (b)		8,300		8,915
8.310% due 05/01/2032 (b)		12,400		13,124
ContiMortgage Home Equity Loan Trust
6.990% due 03/15/2021		62		62
6.930% due 11/25/2022 (a)		10,299		10,310
7.220% due 01/15/2028		80		81
2.033% due 08/15/2028 (a)		443		443
Cross Country Master Credit Card Trust II
2.323% due 06/15/2006 (a)		4,600		4,619
Delta Funding Home Equity Loan Trust
2.233% due 09/15/2029 (a)		4,503		4,502
2.143% due 06/15/2030 (a)		14,466		14,456
Denver Arena Trust
6.940% due 11/15/2019		4,044		4,448
Discover Card Master Trust I
6.850% due 07/17/2007		960		1,055
6.707% due 10/16/2013 (a)		400		404
Duck Auto Grantor Trust
7.260% due 05/15/2005		5,042		5,051
Embarcadero Aircraft Securitization Trust
2.303% due 08/15/2025 (a)		14,400		11,808
EQCC Home Equity Loan Trust
1.983% due 10/15/2027 (a)		376		375
7.448% due 08/25/2030		96		105
Equivantage Home Equity Loan Trust
6.550% due 10/25/2025		42		42
First Alliance Mortgage Loan Trust
2.250% due 01/25/2025 (a)		267		267
2.200% due 03/20/2031 (a)		12,811		12,789
Firstcity Auto Receivables Trust
7.400% due 12/15/2005		988		1,021
FMAC Loan Receivables Trust
7.900% due 04/15/2019		20		17
6.500% due 09/15/2020		177		191
6.830% due 09/15/2020		680		728
GE Capital Equipment Lease Trust
6.850% due 05/20/2008 (a)		120		124
GMAC Mortgage Corp. Loan Trust
7.950% due 03/25/2030		10,277		11,184
Green Tree Financial Corp.
6.240% due 11/01/2016		110		113
5.760% due 11/01/2018		145		150
8.300% due 05/15/2026		1,338		1,460
7.400% due 06/15/2027		1,983		2,063

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   33

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
6.870% due 02/01/2030	$	1,845	$	1,738
6.480% due 12/01/2030		55		58
Green Tree Home Improvement Loan Trust
1.993% due 08/15/2029 (a)		283		282
2.473% due 11/15/2029 (a)		1,273		1,268
Green Tree Recreational, Equipment, & Consumables
6.715% due 02/01/2009		34,367		37,796
6.490% due 02/15/2018		6		6
6.180% due 06/15/2019		13,002		13,363
Greenpoint Manufactured Housing
7.270% due 06/15/2029		110		118
Headlands Home Equity Loan Trust
2.473% due 12/15/2024 (a)		135		135
Home Equity Asset Trust
2.110% due 11/25/2032 (a)		58,606		58,408
Household Consumer Loan Trust
2.243% due 08/15/2006 (a)		10,067		9,625
Household Mortgage Loan Trust
2.120% due 05/20/2032 (a)		118,687		118,631
HPSC Equipment Receivables LLC
2.120% due 11/22/2007 (a)		574		574
IMC Home Equity Loan Trust
7.038% due 07/25/2026 (a)		298		305
1.980% due 08/20/2029 (a)		61		60
IMPAC Secured Assets CMN Owner Trust
7.770% due 07/25/2025 (a)		889		935
Indymac Home Equity Loan Asset-Backed Trust
2.083% due 10/25/2029 (a)		1,378		1,383
2.103% due 07/25/2030 (a)		5,150		5,148
Indymac Manufactured Housing Contract
6.170% due 12/25/2011		3,006		3,104
Irwin Home Equity Loan Trust
2.183% due 02/25/2012 (a)		5,508		5,508
2.188% due 06/25/2021 (a)		5,741		5,740
2.100% due 06/25/2029 (a)		111,995		111,713
Keystone Owner Trust
6.840% due 12/25/2018		372		380
Long Beach Auto Receivables Trust
6.940% due 09/19/2007		1,096		1,124
Long Beach Mortgage Loan Trust
2.093% due 11/25/2009 (a)		67,884		67,649
2.120% due 04/21/2031 (a)		6,078		6,059
Marriott Vacation Club Owner Trust
2.170% due 09/20/2017 (a)		48,286		48,268
Mellon Residential Funding Corp.
5.565% due 06/25/2009		20,000		20,283
Merit Securities Corp.
7.880% due 12/28/2033		34,400		36,562
Merrill Lynch Mortgage Investors, Inc.
2.183% due 04/25/2031 (a)		33,122		33,123
Mesa Trust Asset Backed Certificates
2.120% due 05/15/2033 (a)		3,933		3,933
Metropolitan Asset Funding, Inc.
2.273% due 04/25/2029 (a)		6,130		6,109
Mid-State Trust
8.330% due 04/01/2030		54,532		60,407
7.340% due 07/01/2035		1,920		2,121
6.340% due 10/15/2036		45,118		47,591
MLCC Mortgage Investors, Inc.
2.203% due 03/15/2025 (a)		255		255
Morgan Stanley ABS Capital, Inc.
2.113% due 08/25/2030 (a)		42,348		42,209
Morgan Stanley Dean Witter Capital I
2.143% due 07/25/2032 (a)		46,584		46,453
MPC Natural Gas Funding Trust
6.200% due 03/15/2013		8,113		9,267
Myra-Pemex Trust
2.687% due 10/20/2006 (a)		272		264
2.492% due 12/23/2006 (a)		5,068		4,916
2.672% due 12/23/2006 (a)		613		595
2.687% due 12/23/2006 (a)		7,033		6,822
National Medical Care, Inc.
2.937% due 09/30/2003 (a)		14,310		14,060
New Century Home Equity Loan Trust
7.540% due 06/25/2029		91		96
Novastar Home Equity Loan
2.088% due 04/25/2028 (a)		572		570
NPF XII, Inc.
2.470% due 11/01/2003 (a)(l)		49,000		49,000
Option One Mortgage Loan Trust
2.103% due 06/25/2030 (a)		661		658
2.103% due 09/25/2030 (a)		12,322		12,309
Provident Bank Equipment Lease Trust
2.110% due 11/25/2011 (a)		12,808		12,846
Provident Bank Home Equity Loan Trust
2.113% due 06/25/2021 (a)		12,384		12,358
Providian Gateway Master Trust
2.043% due 03/15/2007 (a)		28,900		28,920
Providian Master Trust
6.250% due 06/15/2007		25		25
Renaissance Home Equity Loan Trust
2.160% due 08/25/2032 (a)		38,562		38,628
Residential Asset Mortgage Products, Inc.
7.980% due 12/25/2030		24,463		27,139
Residential Asset Securitization Trust
6.750% due 03/25/2028		40,000		40,863

34   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Residential Funding Mortgage Securities II, Inc.
7.670% due 01/25/2020	$	1,040	$	1,105
Residential Mortgage Loan Trust
2.625% due 09/25/2029 (a)		210		211
RJR Nabisco
7.500% due 12/31/2003		19,948		19,948
Salomon Brothers Mortgage Securities VII, Inc.
2.043% due 12/25/2026 (a)		2		2
2.093% due 09/25/2028 (a)		13,755		13,737
2.243% due 11/15/2029 (a)		8,792		8,787
2.403% due 12/15/2029 (a)		31,857		31,848
2.153% due 12/25/2029 (a)		6,821		6,804
2.110% due 03/25/2032 (a)		14,316		14,266
Sand Trust
2.093% due 08/25/2032 (a)		9,377		9,361
Saxon Asset Securities Trust
2.073% due 11/25/2033 (a)		33,829		33,818
Sears Credit Account Master Trust
6.050% due 01/15/2008		354		364
SLM Student Loan Trust
2.099% due 10/25/2005 (a)		387		387
2.179% due 10/25/2005 (a)		2,348		2,355
2.239% due 04/25/2006 (a)		14,450		14,474
2.349% due 01/25/2007 (a)		251		251
2.389% due 10/25/2007 (a)		5,105		5,121
2.051% due 04/25/2011 (a)		15,899		15,931
Structured Product Asset Trust
2.942% due 02/12/2003 (a)		4,200		3,906
1.910% due 06/20/2004 (a)		825		821
Team Fleet Financing Corp.
7.350% due 05/15/2003		10		10
UCFC Home Equity Loan
6.755% due 11/15/2023		165		167
8.200% due 09/15/2027		70		72
6.870% due 07/15/2029		70		76
USAA Auto Loan Grantor Trust
6.100% due 02/15/2006		61		62
Vanderbilt Acquisition Loan Trust
3.280% due 01/07/2013		48,451		48,905
WFS Financial Owner Trust
6.920% due 01/20/2004 (a)		651		653
WMC Mortgage Loan
2.273% due 10/15/2029 (a)		26,580		26,544
2.163% due 05/15/2030 (a)		4,682		4,672
Total Asset-Backed Securities (Cost $2,307,196)				2,328,898
SOVEREIGN ISSUES 2.0%
Banco Vivienda del Peru
9.980% due 08/01/2008		660		766
Kingdom of Jordan
6.000% due 12/23/2023		4,100		3,416
Kingdom of Spain
7.000% due 07/19/2005		500		560
Kingdom of Sweden
10.250% due 11/01/2015		500		688
Manitoba Providence of Canada
7.500% due 02/22/2010		340		420
Province of New Brunswick
7.125% due 10/01/2002		1,700		1,700
Province of Newfoundland
9.000% due 06/01/2019		500		706
Province of Ontario
7.625% due 06/22/2004		1,000		1,093
7.000% due 08/04/2005		1,000		1,120
6.000% due 02/21/2006		1,800		1,985
5.500% due 10/01/2008		12,000		13,393
Province of Quebec
7.375% due 02/01/2003		150		153
8.800% due 04/15/2003		1,100		1,142
1.951% due 06/11/2004 (a)		15,500		15,509
6.500% due 01/17/2006		2,475		2,762
8.050% due 07/07/2024		800		1,084
6.620% due 04/09/2026		25,000		30,988
1.937% due 09/29/2049 (a)		5,600		4,942
Republic of Brazil
3.062% due 04/15/2006 (a)		206,420		135,990
3.062% due 04/15/2006 (a)		19,584		12,902
11.500% due 03/12/2008		26,700		13,951
3.125% due 04/15/2009 (a)		8,318		4,159
11.000% due 01/11/2012		28,350		12,828
8.000% due 04/15/2014		243,450		118,998
8.875% due 04/15/2024		4,000		1,536
10.125% due 05/15/2027		20,000		8,300
12.250% due 03/06/2030		8,000		3,760
11.000% due 08/17/2040		122,500		54,206
Republic of Croatia
2.687% due 07/31/2006 (a)		2,203		2,181
2.687% due 07/31/2010 (a)		32,582		32,337
Republic of France
5.000% due 01/12/2003		32		32
Republic of Italy
4.500% due 01/15/2003		32		32
Republic of Kazakhstan
8.375% due 10/02/2002		5,000		5,000
Republic of Panama
8.250% due 04/22/2008		60,950		58,664
9.625% due 02/08/2011		15,000		14,835
9.375% due 07/23/2012		31,000		30,070
5.000% due 07/17/2014		15,267		12,366
Republic of Peru
9.125% due 02/21/2012		58,128		47,047

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   35

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

		Principal Amount (000s)		Value (000s)
9.125% due 02/21/2012		$	61,500	$	49,908
4.000% due 03/07/2017			11,000		6,587
Republic of Poland
6.000% due 10/27/2014			2,940		2,951
3.750% due 10/27/2024			16,650		13,716
Republic of South Africa
9.125% due 05/19/2009			41,575		48,435
7.375% due 04/25/2012			34,400		36,335
South African Aid
2.340% due 03/26/2009			2,000		2,016
State of Israel
6.200% due 06/14/2003			25		25
State of Qatar
2.957% due 02/18/2004 (a)			3,550		3,497
United Mexican States
9.750% due 04/06/2005			5,000		5,588
8.500% due 02/01/2006			900		976
8.500% due 02/01/2006			3,781		4,140
10.375% due 02/17/2009			42		49
9.875% due 02/01/2010			23,800		27,013
9.875% due 02/01/2010			100		114
8.375% due 01/14/2011			19,950		20,997
8.375% due 01/14/2011			2,153		2,271
7.500% due 01/14/2012			28,500		28,892
11.375% due 09/15/2016			32,800		40,426
11.375% due 09/15/2016			7,500		9,244
8.125% due 12/30/2019			6,700		6,549
6.250% due 12/31/2019			44,150		42,715
6.250% due 12/31/2019			33,010		31,937
8.000% due 09/24/2022			51,800		49,402
11.500% due 05/15/2026			7,890		9,914
8.300% due 08/15/2031			217,800		211,811
United Mexican States Value Recovery Right
0.000% due 06/30/2003 (a)			86,989		261
0.000% due 06/30/2004 (a)			181,719		273
0.000% due 06/30/2005 (a)			181,719		109
0.000% due 06/30/2006 (a)			103,610		62
0.000% due 06/30/2007 (a)			103,610		57
Total Sovereign Issues (Cost $1,502,442)					1,307,891
FOREIGN CURRENCY—DENOMINATED ISSUES (i)(j) 4.6%
Banque Centrale De Tunisie
7.500% due 08/06/2009	EC		2,300		2,375
Commonwealth of Canada
5.750% due 09/01/2006	C$		120		81
4.250% due 12/01/2026			15,929		11,736
Commonwealth of New Zealand
4.500% due 02/15/2016	N$		81,000		44,639
El Paso Corp.
5.750% due 03/14/2006	EC		12,000		9,807
7.125% due 05/06/2009			53,300		42,929
France Telecom SA
1.022% due 07/16/2003 (a)	JY		8,400,000		66,930
Freddie Mac
4.500% due 03/15/2004	EC		70		71
5.750% due 09/15/2010			165		177
Halifax Group Euro Finance
7.627% due 12/29/2049			14,700		16,464
KBC Bank Fund Trust IV
8.220% due 11/29/2049			5,000		5,622
Korea Electric Power Corp.
4.172% due 10/31/2002 (a)			18,900		9,539
Lloyds TSB Capital I
7.375% due 02/07/2049 (a)			26,000		28,795
Oesterreich Kontrollbank
1.800% due 03/22/2010	JY		12,000		107
Pfizer, Inc.
0.800% due 03/18/2008			16,000		133
Republic of Germany
4.750% due 12/13/2002	EC		5,801		5,747
4.250% due 03/14/2003			32		32
6.000% due 01/05/2006			293,300		313,187
5.000% due 02/17/2006			505,000		524,519
4.500% due 08/17/2007			400,000		410,914
5.250% due 01/04/2008			735,700		781,584
5.250% due 07/04/2010			92,650		98,383
6.500% due 07/04/2027			200,000		241,429
4.750% due 07/04/2028			200,000		193,005
Royal Bank of Scotland Group PLC
6.770% due 03/31/2049			107,300		112,444
United Kingdom Gilt
5.000% due 03/07/2012	BP		50		82
United Mexican States
10.375% due 01/29/2003	EC		200		103
7.000% due 06/02/2003	C$		30,200		19,210
6.750% due 06/06/2006	JY		2,000,000		18,835
7.500% due 03/08/2010	EC		5,000		4,840
Total Foreign Currency—Denominated Issues (Cost $2,837,528)					2,963,719
PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 96.750 Exp. 12/16/2002		$	500,000	$	3
Strike @ 96.000 Exp. 12/16/2002			4,873,000		61
Strike @ 95.750 Exp. 12/16/2002			7,000,000		44
Eurodollar March Futures (CME)
Strike @ 95.750 Exp. 03/17/2003			10,500,000		131
Harborview Mortgage Loan Trust (OTC)
7.470% due 08/19/2030 Strike @ 100.000 Exp. 05/01/2005			22,975		0

36   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
PNC Mortgage Securities Corp. (OTC)
7.430% due 05/25/2040 Strike @ 100.000 Exp. 04/01/2005	$	6,200	$	0
Total Purchased Put Options (Cost $289)				239
CONVERTIBLE BONDS & NOTES 0.3%
Banking & Finance 0.3%
Verizon Global Funding Corp.
5.750% due 04/01/2003		20,600		20,847
5.750% due 04/01/2003		15,080		15,174
4.250% due 09/15/2005		26,400		26,796
4.250% due 09/15/2005		5,900		5,945
0.000% due 05/15/2021		170,000		93,075
				161,837
Industrials 0.0%
Enron Corp.
0.000% due 02/07/2021 (b)		17,999		1,800
Utilities 0.0%
Cox Communications, Inc.
0.425% due 04/19/2020		25,000		10,500
Total Convertible Bonds & Notes (Cost $184,758)				174,137
PREFERRED SECURITY 0.7%
	Shares
Abbey National Capital Trust I
8.963% due 12/29/2049 (a)		20,800,000		25,366
DG Funding Trust
4.105% due 12/29/2049 (a)		35,250		363,075
UBS Preferred Funding Trust I
8.622% due 10/29/2049 (a)		38,900,000		46,595
Total Preferred Security (Cost $412,689)				435,036
PREFERRED STOCK 0.0%
Centaur Funding Corp.
9.080% due 04/21/2020		125		111
CSC Holdings, Inc.
11.125% due 04/01/2008		27,035		1,777
Fortis Amev NV
3.860% due 12/31/2049 (a)		85		11,560
3.870% due 12/31/2049 (a)		86		11,696
Home Ownership Funding
13.331% due 12/31/2049		4,125		2,671
Northern Rock PLC
8.950% due 11/29/2049		260,000		6,500
Total Preferred Stock (Cost $32,763)				34,315
	Principal Amount (000s)
SHORT-TERM INSTRUMENTS 28.9%
Commercial Paper 27.7%
Abbey National North America LLC
1.740% due 10/17/2002	$	73,700	$	73,643
1.760% due 10/17/2002		215,100		214,932
1.760% due 10/24/2002		144,500		144,338
1.750% due 12/10/2002		119,400		118,992
1.750% due 12/11/2002		55,100		54,909
1.750% due 12/12/2002		7,500		7,474
ABN AMRO Mortgage Corp.
1.760% due 10/11/2002		42,500		42,479
Anz (Delaware), Inc.
1.760% due 10/15/2002		7,200		7,195
1.750% due 10/23/2002		34,400		34,363
1.730% due 11/08/2002		10,400		10,381
AT&T Corp.
3.605% due 04/18/2003		3,200		3,011
3.720% due 04/18/2003		491,000		462,075
BP Amoco Capital PLC
1.970% due 10/01/2002		83,900		83,900
1.740% due 10/23/2002		86,100		86,008
1.750% due 12/09/2002		61,300		61,093
Canadian Wheat Board
1.740% due 10/03/2002		800		800
CBA (de) Finance
1.970% due 10/01/2002		125,000		125,000
1.720% due 10/04/2002		100,000		99,986
1.730% due 10/04/2002		68,700		68,690
1.780% due 10/04/2002		5,200		5,199
1.750% due 11/27/2002		59,200		59,036
1.750% due 12/02/2002		69,000		68,792
CDC Commercial Corp.
1.750% due 10/25/2002		56,800		56,734
1.750% due 11/04/2002		40,000		39,934
1.750% due 11/05/2002		125,000		124,787
Danske Corp.
1.940% due 10/01/2002		300		300
1.750% due 10/02/2002		7,800		7,800
1.760% due 10/15/2002		200		200
1.730% due 10/17/2002		8,000		7,994
1.760% due 10/17/2002		600		600
1.770% due 10/25/2002		12,000		11,986
1.750% due 11/04/2002		168,400		168,122
1.750% due 11/12/2002		58,800		58,680
1.760% due 11/27/2002		100,000		99,721
1.750% due 12/03/2002		225,000		224,305
1.760% due 12/03/2002		43,500		43,366
1.750% due 12/19/2002		1,000		996
Dupont De Nemours & Co.
1.720% due 10/04/2002		2,200		2,200
Eksportfinanans ASA
1.780% due 10/28/2002		150,000		149,800
1.750% due 12/09/2002		28,100		28,004
Electricite De France
1.740% due 10/31/2002		47,000		46,932

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   37

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Fannie Mae
1.860% due 10/01/2002	$	55,100	$	55,100
1.730% due 10/02/2002		100,000		99,995
0.000% due 10/15/2002		4,640		4,637
1.650% due 10/16/2002		25,404		25,387
1.710% due 10/16/2002		18,600		18,587
1.725% due 10/16/2002		1,000		999
1.730% due 10/16/2002		13,100		13,091
1.640% due 10/23/2002		99,900		99,800
1.690% due 10/23/2002		218,400		218,174
1.700% due 10/23/2002		17,850		17,831
1.715% due 10/30/2002		439,600		438,993
1.720% due 10/30/2002		227,000		226,685
1.720% due 11/06/2002		15,300		15,274
1.680% due 11/13/2002		400		399
1.700% due 11/13/2002		4,600		4,591
1.710% due 11/20/2002		17,860		17,818
1.700% due 11/27/2002		200		199
1.705% due 11/27/2002		22,900		22,838
1.720% due 11/27/2002		149,900		149,492
2.100% due 11/29/2002		2,000		1,993
1.730% due 12/05/2002 (e)		2,270		2,263
1.700% due 12/11/2002		1,000		997
1.710% due 12/11/2002		5,800		5,780
1.710% due 12/18/2002		69,900		69,635
1.690% due 12/24/2002		13,500		13,445
Federal Home Loan Bank
1.850% due 10/01/2002		1,327,000		1,327,000
1.715% due 10/02/2002		141,794		141,787
1.720% due 10/02/2002		100,000		99,995
1.680% due 10/04/2002		204,540		204,511
1.700% due 10/04/2002		49,000		48,993
1.680% due 10/10/2002		190,700		190,620
1.690% due 10/16/2002		100,000		99,930
1.725% due 10/18/2002		2,100		2,098
1.680% due 10/22/2002		5,700		5,694
1.640% due 10/23/2002		20,800		20,779
1.650% due 10/23/2002		134,400		134,264
1.680% due 10/23/2002		2,200		2,198
1.690% due 10/23/2002		39,378		39,337
1.700% due 10/23/2002		5,200		5,195
1.680% due 10/25/2002		9,100		9,090
1.700% due 10/25/2002		62,400		62,329
1.680% due 10/28/2002		144,100		143,918
1.680% due 10/30/2002		30,900		30,858
1.700% due 10/30/2002		323,500		323,057
1.725% due 10/30/2002		7,300		7,290
1.670% due 11/01/2002		250,000		249,640
1.680% due 11/01/2002		1,200		1,198
1.685% due 11/01/2002		92,410		92,276
1.690% due 11/01/2002		100,000		99,854
1.695% due 11/01/2002		4,400		4,394
1.700% due 11/01/2002		3,300		3,295
1.700% due 11/22/2002		800		798
1.680% due 12/02/2002		1,000		997
2.120% due 12/02/2002		228		227
Fonterra Co-operative Group Ltd.
1.760% due 10/30/2002		99,100		98,959
Freddie Mac
1.700% due 10/01/2002		12,000		12,000
1.860% due 10/01/2002		299,500		299,500
1.870% due 10/01/2002		2,300,000		2,300,000
1.700% due 10/04/2002		4,100		4,099
1.650% due 10/18/2002		18,700		18,685
1.680% due 10/22/2002		6,500		6,494
1.720% due 10/22/2002		39,409		39,369
1.650% due 10/24/2002		13,800		13,785
1.700% due 10/24/2002		200		200
1.691% due 10/31/2002 (e)		415		414
1.700% due 10/31/2002		131,600		131,414
1.710% due 10/31/2002		232,900		232,568
1.700% due 11/06/2002		99,900		99,730
1.645% due 11/07/2002		9,300		9,284
1.700% due 11/19/2002		19,300		19,255
1.710% due 11/27/2002 (e)		195,961		195,430
GlaxoSmithKline PLC
1.760% due 10/02/2002		24,300		24,299
1.760% due 10/18/2002		109,700		109,609
1.680% due 11/06/2002		75,300		75,173
1.710% due 11/06/2002		70,600		70,479
1.680% due 11/13/2002		13,000		12,974
1.750% due 12/03/2002		55,700		55,528
HBOS Treasury Services PLC
1.700% due 10/07/2002		6,250		6,248
1.730% due 10/15/2002		106,000		105,929
1.770% due 10/16/2002		43,900		43,868
1.780% due 10/16/2002		200		200
1.770% due 10/17/2002		15,800		15,788
1.760% due 10/18/2002		1,500		1,499
1.735% due 10/25/2002		6,000		5,993
1.750% due 10/25/2002		100,000		99,883
1.740% due 10/31/2002		64,000		63,907
1.745% due 10/31/2002		50,000		49,927
1.750% due 11/04/2002		77,900		77,771
1.700% due 11/14/2002		144,700		144,399
1.740% due 11/15/2002		52,900		52,785
KFW International Finance, Inc.
1.700% due 10/31/2002		25,600		25,564
National Australia Funding, Inc.
1.750% due 10/02/2002		6,100		6,100
1.750% due 10/03/2002		28,200		28,197
Nestle Australia Corp.
1.760% due 10/11/2002		20,700		20,690
1.780% due 10/17/2002		16,700		16,687
Pfizer, Inc.
1.710% due 10/04/2002		3,500		3,500
1.730% due 10/18/2002		10,100		10,092
1.730% due 10/28/2002		11,000		10,986
Queensland Treasury Corp.
1.710% due 10/11/2002		1,000		1,000

38   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Rabobank Nederland NV
1.920% due 10/01/2002	$	419,500	$	419,500
Royal Bank of Canada
1.740% due 10/21/2002		700		699
1.765% due 10/21/2002		52,900		52,848
Shell Finance (UK) PLC
1.700% due 10/11/2002		198,600		198,506
1.750% due 11/19/2002		115,000		114,607
1.700% due 11/20/2002		28,000		27,934
1.700% due 11/26/2002		33,200		33,112
Svenska Handlesbank, Inc.
1.760% due 10/07/2002		6,300		6,298
1.755% due 10/29/2002		48,300		48,234
1.730% due 10/30/2002		600		599
1.755% due 10/30/2002		200,000		199,717
1.750% due 10/31/2002		5,000		4,993
1.755% due 10/31/2002		100,000		99,854
1.750% due 11/06/2002		25,900		25,855
1.750% due 11/07/2002		400		399
1.760% due 11/20/2002		19,400		19,353
1.750% due 11/25/2002		205,200		204,651
1.750% due 11/26/2002		93,900		93,644
1.750% due 12/05/2002		700		698
1.740% due 12/10/2002		2,200		2,192
1.750% due 12/11/2002		30,000		29,896
1.750% due 12/16/2002		36,445		36,310
1.750% due 12/18/2002		65,000		64,754
Swedbank Forenings PLC
1.760% due 11/12/2002		16,300		16,267
TotalFinaElf SA
1.970% due 10/01/2002		438,700		438,700
1.745% due 10/23/2002		30,500		30,467
1.740% due 10/24/2002		49,600		49,545
1.740% due 10/31/2002		8,600		8,588
1.750% due 10/31/2002		4,300		4,294
1.750% due 11/20/2002		8,900		8,878
1.745% due 12/17/2002		852		849
UBS Finance, Inc.
1.970% due 10/01/2002		2,594,200		2,594,200
1.750% due 11/13/2002		271,000		270,434
1.750% due 11/15/2002		20,400		20,355
1.750% due 12/18/2002		9,000		8,966
1.750% due 12/19/2002		9,200		9,165
USAA Capital Corp.
1.730% due 11/04/2002		4,500		4,493
Westpac Trust Securities NZ Ltd.
1.720% due 10/17/2002		100,000		99,924
1.760% due 10/21/2002		13,800		13,787
1.740% due 10/22/2002		29,200		29,170
1.755% due 10/22/2002		5,400		5,394
1.750% due 10/29/2002		80,000		79,891
1.750% due 11/04/2002		97,000		96,840
1.710% due 12/05/2002		12,700		12,660
1.750% due 12/05/2002		600		598
1.750% due 12/12/2002		17,700		17,638
				17,906,399
Repurchase Agreement 0.0%
Credit Suisse First Boston 1.850% due 10/01/2002 (Dated 09/30/2002. Collateralized by U.S. Treasury Bonds 8.000% due 11/15/2021 valued at $511. Repurchase proceeds are $500.)		500		500
U.S. Treasury Bills 1.2%
1.606% due 10/24/2002—12/19/2002 (d)(f)		766,990		765,172
Total Short-Term Instruments (Cost $18,699,810)				18,672,071
Total Investments 119.1%			$	77,087,583
(Cost $76,927,592)
Written Options (h) (0.2%)				(133,590	)
(Premiums $121,172)
Other Assets and Liabilities
(Net) (18.9%)				(12,247,498	)
Net Assets 100.0%			$	64,706,495

Notes to Schedule of Investments  (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

(c) Restricted security.

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Security, or a portion thereof, subject to financing transaction.

(f) Securities with an aggregate market value of $472,912 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euro-Bobl 5 Year Note (12/2002)	65,561	$	137,767
Euro-Bobl 10 Year Note (12/2002)	31,216		66,868
Euribor March Futures (03/2003)	27,766		73,638
Euribor June Futures (06/2003)	3,336		2,219

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   39

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

Euribor Options March Futures
(03/2003)	28,397	$	4,533
Euribor Options June Futures
(06/2003)	4,066		631
Euribor Options December
Futures (12/2003)	4,070		444
Euribor Options December
Futures (12/2003)	4,294		(36	)
U.S. Treasury 2 Year Note
(12/2002)	31		50
U.S. Treasury 5 Year Note
(12/2002)	315		754
U.S. Treasury 10 Year Note
(12/2002)	91,312		321,685
U.S. Treasury 30 Year Note
(12/2002)	7,488		28,061
Eurodollar June Futures
(06/2003)	6,692		25,625
Eurodollar September Futures
(09/2003)	24		186
		$	662,425

(g) Principal amount of security is adjusted for inflation.

(h) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—OTC 3 Month
LIBOR Interest Rate
Swap Strike @ 6.000
Exp. 10/19/2004	270,000,000	$	11,001	$	6,787
Call—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 6.000
Exp. 10/19/2004	270,000,000		11,001		24,888
Put—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 6.700
Exp. 11/02/2004	400,000,000		13,710		7,099
Call—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 5.200
Exp. 11/02/2004	25,200,000		791		1,498
Put—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 6.700
Exp. 11/02/2004	185,200,000		5,978		3,287
Put—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 6.000
Exp. 10/19/2004	135,500,000		5,468		3,406
Call—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 6.000
Exp. 10/19/2004	135,500,000		5,468		12,490
Put—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 7.000
Exp. 01/07/2005	76,300,000		2,888		1,301
Call—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 5.500
Exp. 01/07/2005	76,300,000		1,593		5,283
Call—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 5.500
Exp. 01/07/2005	91,600,000		2,221		6,343
Put—OTC 3 Month LIBOR
Interest Rate Swap
Strike @ 7.000
Exp. 01/07/2005	91,600,000		3,092		1,562
Call—CME Eurodollar
June Futures
Strike @ 98.750
Exp. 06/16/2003	21,930		7,139		11,239
Put—CME Eurodollar
June Futures
Strike @ 97.500
Exp. 06/16/2003	11,025		4,286		3,376
Put —ME Eurodollar
June Futures
Strike @ 98.000
Exp. 06/16/2003	4,170		2,486		2,486
Put—CME Eurodollar
December Futures
Strike @ 96.500
Exp. 12/16/2002	43,317		29,079		272
Call—CBOT U.S. Treasury
Note December Futures
Strike @ 110.000
Exp. 11/23/2002	2,892		2,497		17,714
Call—CBOT U.S. Treasury
Note December Futures
Strike @ 116.000
Exp. 11/23/2002	15,113		12,474		24,559
		$	121,172	$	133,590

(i) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Sell	C$	27,294	10/2002	$	707
Sell	EC	607,480	11/2002		(3,693	)
Sell	JY	3,609,000	07/2003		178
Sell		3,604,597	12/2002		0
Sell	N$	56,333	10/2002		0
				$	(2,808	)

40   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

(j) Principal amount denoted in indicated currency:

BP—British Pound

C$—Canadian Dollar

EC—Euro

JY—Japanese Yen

N$—New Zealand Dollar

(k) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: UBS—Warburg
Exp. 03/15/2032		EC     159,900	$	3,511
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: Goldman Sachs
Exp. 03/15/2017		660,700		7,045
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co.
Exp. 06/17/2012		13,000		(78	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co.
Exp. 03/15/2032		243,700		6,715
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: CITIBANK N.A., London
Exp. 06/17/2012		7,300		(44	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co.
Exp. 03/15/3017		62,000		756
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: UBS—Warburg
Exp. 03/15/2032		BP       96,900		(2,787	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co.
Exp. 03/15/2032		134,100		(2,648	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Goldman Sachs
Exp. 03/15/2017		336,300		(351	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co.
Exp. 03/15/2017		38,100		(297	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Morgan Stanley
Exp. 03/15/2017		5,800		49
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker:UBS—Warburg
Exp. 03/15/2017		77,300		(661	)
Receive floating rate based on 6-month JY-LIBOR and pays fixed rate equal to 0.324%.
Broker: Goldman Sachs
Exp. 09/12/2007		JY   29,200,000		514
Receive floating rate based on 6-month JY-LIBOR and pays fixed rate equal to 0.323%.
Broker: UBS—Warburg
Exp. 09/12/2007	$	50,000,000		911
Receive floating rate based 6-month JY-LIBOR and pays a fixed rate equal to 0.390%.
Broker: Goldman Sachs
Exp. 06/18/2007		11,078,200		110
Receive floating rate based on 6-month JY-LIBOR and pays a fixed rate equal to 0.390%.
Broker: UBS—Warburg
Exp. 06/18/2007		25,000,000		271

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   41

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.213%.
Broker: Morgan Stanley Exp. 05/17/2004	$	2,710,000	$	0
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.777%.
Broker: Goldman Sachs Exp. 01/12/2011		3,734,100		(2,273	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.771%.
Broker: Morgan Stanley Exp. 01/11/2011		11,050,000		(6,687	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.757%.
Broker: Merrill Lynch Exp. 01/11/2011		10,000,000		(5,959	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.340%.
Broker: Goldman Sachs Exp. 10/07/2007		24,500,000		(19,697	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.295%.
Broker: Goldman Sachs Exp. 04/14/2008		580,000		(240	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.670%.
Broker: Goldman Sachs Exp. 05/18/2007		1,500,000		(685	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.305%.
Broker: Goldman Sachs Exp. 04/15/2008		377,000		(157	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.200%.
Broker: J.P. Morgan Chase & Co. Exp. 03/17/2003		1,050,000		0
Receive floating rate based on 3-month LIBOR plus 0.160% and pay a fixed rate equal to 0.426%
Broker: Lehman Brothers, Inc. Exp. 04/19/2005		13,033		1,884

42   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

Receive floating rate based on 3-month LIBOR PLUS 0.500% and pay a fixed rate equal to 7.600%.
R Broker: Lehman Brothers, Inc. Exp. 07/15/2003	$	35,000	$	(1,476	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Lehman Brothers, Inc. Exp. 6/15/2011		3,600		4
Pay total return on Lehman Brothers Intermediate Government Bond Index and receive floating rate based on 1-month LIBOR less 0.250%.
Broker: Lehman Brothers, Inc. Exp. 10/01/2002		21,400		0
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2012		496,900		(46,497	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: Bank of America Exp. 12/18/2007		10,000		137
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley Exp. 12/18/2012		154,900		(13,787	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs Exp. 12/18/2012		728,900		(61,506	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Lehman Brothers, Inc. Exp. 12/18/2012		216,600		(19,263	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: J.P. Morgan Chase & Co. Exp. 12/18/2012		757,000		(69,769	)
Receive a fixed rate equal to 0.650% and the Fund will pay to counterparty at par in the event of default of Niagara Mohawk Power Corp. 7.750% due 10/01/2008,
Broker: Lehman Brothers, Inc. Exp. 12/31/2004		50,000		5
Receive a fixed rate equal to 0.400% and the Fund will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.400% due 02/01/2004.
Broker: Goldman Sachs Exp. 11/10/2002		20,000		(154	)
Receive a fixed rate equal to .510% and the Fed will pay to the counterparty at par in the event of default of Time Warner, Inc. 7.750% due 06/15/2005.
Broker: Lehman Brothers, Inc. Exp. 01/25/2005		10,000		(343	)
Receive a fixed rate equal to 0.250% and the Fund will pay to the counterparty at par in the event of default of Wisconsin Electric Power 6.625% due 11/16/2006.
Broker: Lehman Brothers, Inc. Exp. 04/18/2003		25,000		(37	)
Receive a fixed rate equal to 0.850% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding Corp. 0.000% due 05/15/2021.
Broker: Lehman Brothers, Inc. Exp. 06/15/2004		21,500		(932	)
Received a fixed rate equal to 0.840% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding Corp. 6.750% due 12/01/2005.
Broker: Goldman Sachs Exp. 06/15/2004		100,000		(4,211	)
Received a fixed rate equal to 0.850% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding Corp. 6.750% due 12/01/2005.
Broker: J.P. Morgan Chase & Co. Exp. 06/12/2004		100,000		(4,705	)

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   43

PIMCO Total Return Fund Schedule of Investments (Cont.)

September 30, 2002 (Unaudited)

Receive a fixed rate equal to 1.650% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: Credit Suisse First Boston Exp. 05/23/2003	$	50,000	$	168
Receive a fixed rate equal to 0.850% and the Fund will pay to the counterparty at par in the event of default of Tyco International Group SA 0.000% due 02/12/2021.
Broker: Merrill Lynch Exp. 02/12/2003		25,000		(797	)
Receive a fixed rate equal to 0.900% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding Corp. 0.000% due 05/15/2021.
Broker: J.P. Morgan Chase & Co. Exp. 06/15/2004		50,000		(2,327	)
Receive a fixed rate equal to 0.625% and the Fund will pay to the counterparty at par in the event of default of Phillip Morris Cos., Inc. 7.000% due 07/15/2005.
Broker: J.P. Morgan Chase & Co. Exp. 07/17/2003		50,000		(512	)
Receive a fixed rate equal to 0.625% and the Fund will pay to the counterparty at par in the event of default of Phillip Morris Cos., Inc. 7.650% due 07/01/2008.
Broker: Credit Suisse First Boston Exp. 07/17/2003		100,000		(980	)
Receive a fixed rate equal to 0.400% and the Fund will pay to the counterparty at par in the event of default of National Rural Utilities Cooperative Finance Corp. 5.750% due 12/01/2008.
Broker: Lehman Brothers, Inc. Exp. 09/01/2003		76,500		(1,365	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of Vodafone Group PLC 7.750% due 02/15/2010.
Broker: Lehman Brothers, Inc. Exp. 09/10/2003		68,500		(597	)
Receive a fixed rate equal to 1.160% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: Credit Suisse First Boston Exp. 12/17/2002		50,000		49
Receive a fixed rate equal to 0.215% and the Fund will pay to the counterparty at par in the event of default of Freddie Mac 5.750% due 04/15/2008.
Broker: Morgan Stanley Exp. 02/26/2007		103,300		(956	)
Receive a fixed rate equal to 1.150% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 04/23/2003		13,500		(9	)
Receive a fixed rate equal to 0.900% and the Fund will pay to the counterparty at par in the event of default of Republic of South Africa 9.125% due 05/19/2009.
Broker: Goldman Sachs Exp. 04/23/2003		10,000		(6	)
Receive a fixed rate equal to 1.050% and the Fund will pay to the counterparty at par in the event of default of Republic of Bulgaria 2.688% due 07/28/2011.
Broker: J.P. Morgan Chase & Co. Exp. 10/23/2003		15,000		(39	)
Receive a fixed rate equal to 9.125% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Morgan Stanley Exp. 06/03/2003		15,000		2
Receive a fixed rate equal to 1.200% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 020/8/2011
Broker: Credit Suisse First Boston Exp. 06/03/2003		5,000		(18	)

44   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

Receive a fixed rate equal to 2.000% and the Fund will pay to the counterparty at par in the event of default of Deutsche Telekom International Finance BV 5.250% due 05/20/2008.
Broker: CITIBANK N.A., London
Exp. 06/06/2003	$	25,000	$	3
Receive a fixed rate equal to 1.950% and the Fund will pay to the counterparty at par in the event of default of Deutsche Telekom International Finance BV 5.250% due 5/20/2008.
Broker: Goldman Sachs
Exp. 06/05/2003		25,000		3
Receive a fixed rate equal to 3.500% and the Fund will pay to the counterparty at par in the event of default of France Telecom SA 5.750% due 04/25/2007.
Broker: Goldman Sachs
Exp. 06/05/2003		25,000		3
Receive a fixed rate equal to 7.750% and the Fund will pay to the counterparty at par in the event of default of CIT Group, Inc. 7.625% due 08/16/2005.
Broker: J.P. Morgan Chase & Co.
Exp. 06/19/2003		30,000		(52	)
Receive a fixed rate equal to 7.000% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 6.000% due 01/15/2007.
Broker: Merrill Lynch
Exp. 04/04/2003		4,000		(109	)
Receive a fixed rate equal to 1.550% and the Fund will pay to the counterparty at par in the event of default of Household Finance Corp. 6.375% due 10/15/2011.
Broker: Morgan Stanley
Exp. 05/28/2004		25,000		(825	)
Receive a fixed rate equal to 1.900% and the Fund will pay to the counterparty at part in the event of default Ford Motor Credit Co. 7.250% due 10/25/2011.
Broker: ABN AMRO Bank N.V.
Exp. 02/13/2003		25,000		3
Receive a fixed rate equal to 1.300% and the Fund will pay to the counterparty at par in the event of default of General Motors Acceptance Corp. 6.000% due 04/01/2011.
Broker: ABN AMRO Bank N.V.
Exp. 01/20/2004		25,000		3
Receive a fixed rate equal to 1.050% and the Fund will pay to the counterparty at par in the event of default of DaimlerChrysler North America Holding Corp 7.300% due 01/15/2012.
Broker: ABN AMRO Bank N.V.
Exp. 08/16/2004		25,000		3
Receive a fixed rate equal to 1.260% and the Fund will pay to the counterparty at par in the event of default of National Rural Utilities Cooperative Finance Corp. 7.250% due 03/01/2012.
Broker: UBS—Warburg
Exp. 04/26/2004		25,000		(433	)
Receive a fixed rate equal to 0.400% and the Fund will pay to the counterparty at par in the event of default of AIG SunAmerica Global Finance XII 5.300% due 05/30/2007.
Broker: ABN AMRO Bank N.V.
Exp. 09/18/2003		25,000		3
Receive a fixed rate equal to 0.440% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.000% due 06/15/2007.
Broker: Credit Suisse First Boston
Exp. 09/18/2003		25,000		3
Receive a fixed rate equal to 0.440% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.875% due 02/15/2012.
Broker: Credit Suisse First Boston
Exp. 09/23/2003		50,000		5
			$	(252,109	)

(l) Subsequent to September 30, 2002, the issuer declared bankruptcy.

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   45

PIMCO Total Return Fund Financial Highlights

Class D Shares Selected Per Share Data for the Year or Period Ended:	09/30/2002+			03/31/2002			03/31/2001			03/31/2000			04/08/1998-03/31/1999
Net Asset Value Beginning of Period	$	10.41		$	10.52		$	9.96		$	10.36		$	10.66
Net Investment Income		0.22	(a)		0.50	(a)		0.64	(a)		0.60	(a)		0.59	(a)
Net Realized/Unrealized Gain (Loss) on Investments		0.47	(a)		0.20	(a)		0.56	(a)		(0.40	)(a)		0.12	(a)
Total Income from Investment Operations		0.69			0.70			1.20			0.20			0.71
Dividends from Net Investment Income		(0.22	)		(0.51	)		(0.64	)		(0.60	)		(0.59	)
Distributions from Net Realized Capital Gains		0.00			(0.30	)		0.00			0.00			(0.42	)
Total Distributions		(0.22	)		(0.81	)		(0.64	)		(0.60	)		(1.01	)
Net Asset Value End of Period	$	10.88		$	10.41		$	10.52		$	9.96		$	10.36
Total Return		6.71	%		6.81	%		12.44	%		2.00	%		6.73	%
Net Assets End of Period (000s)	$	1,160,745		$	648,596		$	264,984		$	80,459		$	34,839
Ratio of Expenses to Average Net Assets		0.75	%*		0.75	%		0.81	%(b)		0.87	%(b)		0.75	%*
Ratio of Net Investment Income to Average Net Assets		4.08	%*		4.73	%		6.24	%		5.97	%		5.21	%*
Portfolio Turnover Rate		134	%		445	%		450	%		223	%		154	%

* Annualized

+ Unaudited

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 0.75%.

46   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

PIMCO Total Return Fund Statement of Assets and Liabilities

September 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts

Assets:
Investments, at value	$	77,087,583
Cash		128,004
Foreign currency, at value		589,819
Receivable for investments sold and forward foreign currency contracts		1,387,086
Receivable for Fund shares sold		335,058
Interest and dividends receivable		484,550
Variation margin receivable		154,983
		80,167,083
Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	11,439,585
Payable for financing transactions		3,179,298
Written options outstanding		133,590
Payable for Fund shares redeemed		251,374
Dividends payable		36,754
Accrued investment advisory fee		12,184
Accrued administration fee		10,771
Accrued distribution fee		5,169
Accrued servicing fee		2,413
Variation margin payable		14,234
Net payable for swap agreements		252,109
Other liabilities		123,107
		15,460,588
Net Assets	$	64,706,495
Net Assets Consist of:
Paid in capital	$	62,243,413
Undistributed net investment income		210,335
Accumulated undistributed net realized gain		1,717,454
Net unrealized appreciation		535,293
	$	64,706,495
Net Assets:
Class D	$	1,160,745
Other Classes		63,545,750
Shares Issued and Outstanding:
Class D		106,719
Net Asset Value and Redemption Price Per Share
(Net Assets Per Share Outstanding)
Class D	$	10.88
Cost of Investments Owned	$	76,927,592
Cost of Foreign Currency Held	$	582,979

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   47

PIMCO Total Return Fund Statement of Operations

For the six months ended September 30, 2002 (Unaudited)

Amounts in thousands

Investment Income:
Interest, net of foreign taxes	$	1,426,310
Dividends, net of foreign taxes		14,227
Total Income		1,440,537
Expenses:
Investment advisory fees		73,629
Administration fees		64,379
Servicing fees—Class D		1,083
Distribution and/or servicing fees—Other Classes		42,196
Trustees’ fees		70
Interest expense		31
Total Expenses		181,388
Net Investment Income		1,259,149
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		467,732
Net realized gain on futures contracts, written options, and swaps		1,195,438
Net realized gain on foreign currency transactions		108,961
Net change in unrealized appreciation on investments		348,436
Net change in unrealized appreciation on futures contracts, written options, and swaps		428,974
Net change in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		(21,719	)
Net Gain		2,527,822
Net Increase in Assets Resulting from Operations	$	3,786,971

48   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02I  See accompanying notes

PIMCO Total Return Fund Statements of Changes in Net Assets

Amounts in thousands

	Six Months Ended September 30, 2002			Year Ended March 31, 2002
	(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	1,259,149		$	2,382,004
Net realized gain		1,772,131			1,406,666
Net change in unrealized appreciation (depreciation)		755,691			(659,434	)
Net increase resulting from operations		3,786,971			3,129,236
Distributions to Shareholders:
From net investment income
Class D		(17,752	)		(21,129	)
Other Classes		(1,241,782	)		(2,359,490	)
From net realized capital gains
Class D		0			(14,484	)
Other Classes		0			(1,344,134	)
Total Distributions		(1,259,534	)		(3,739,237	)
Fund Share Transactions:
Receipts for shares sold
Class D		609,881			614,608
Other Classes		16,102,290			22,562,269
Issued as reinvestment of distributions
Class D		16,497			33,831
Other Classes		991,650			3,081,947
Cost of shares redeemed
Class D		(151,050	)		(253,547	)
Other Classes		(8,603,236	)		(14,721,474	)
Net increase resulting from Fund share transactions		8,966,032			11,317,634
Total Increase in Net Assets		11,493,469			10,707,633
Net Assets:
Beginning of period		53,213,026			42,505,393
End of period *	$	64,706,495		$	53,213,026
*Including net undistributed investment income of:	$	210,335		$	210,720

See accompanying notes  I  09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   49

PIMCO Total Return Fund Notes to Financial Statements

September 30, 2002 (Unaudited)

1. Organization

The Total Return Fund (the “Fund”) is a series of the PIMCO Funds: Pacific Investment Management Series (the “Trust”) which was established as a Massachusetts business trust on February 19, 1987. The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment management company. The Trust currently consists of 48 separate investment funds (the “Funds”). The Trust may offer up to six classes of shares: Institutional, Administrative, A, B, C and D. Each share class has identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Information presented in these financial statements pertains to the Class D shares of the Fund. Certain detailed financial information for the Institutional, Administrative, A, B and C Classes (the “Other Classes”) is provided separately and is available upon request.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. Fixed income securities, including those to be purchased under firm commitment agreements, are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Certain fixed income securities for which daily market quotations are not readily available may be valued, pursuant to guidelines established by the Board of Trustees, with reference to fixed income securities whose prices are more readily obtainable. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Fund may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Effective April 1, 2001, the accounting method relating to the amortization of premiums and discounts changed to the interest method, which did not materially affect the Fund’s financial statements.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, are declared on each day the Trust is open for business and are distributed to shareholders monthly. Net realized capital gains earned by the Fund, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.

Distributions reflected as a tax basis return of capital in the accompanying Statements of Changes in Net Assets have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and paid in capital to more appropriately conform financial accounting to tax characterizations of dividends and distributions.

Foreign Currency. The accounting records of the Fund are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated to U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in

50   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02

PIMCO Total Return Fund Notes to Financial Statements

September 30, 2002 (Unaudited)

exchange rates are recorded as unrealized foreign currency gains (losses). Realized gains (losses) and unrealized appreciation (depreciation) on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statement of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Multiclass Operations. Each class offered by the Trust has equal rights as to assets and voting privileges. Income and non-class specific expenses of the Fund are allocated daily to each class of shares based on the relative value of settled shares. Realized and unrealized capital gains and losses of the Fund are allocated daily to each class of shares based on the relative net assets of each class.

Federal Income Taxes. The Fund intends to qualify as a regulated investment company 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.

Financing Transactions. The Fund may enter into financing transactions consisting of the sale by the Fund of securities, together with a commitment to repurchase similar securities at a future date. The difference between the selling price and the future purchase price is an adjustment to interest income. If the counterparty to whom the Fund sells the security becomes insolvent, the Fund’s right to repurchase the security may be restricted; the value of the security may change over the term of the financing transaction; and the return earned by the Fund with the proceeds of a financing transaction may not exceed transaction costs. The Fund will segregate assets determined to be liquid by PIMCO or otherwise cover its obligations under financing transactions.

Futures Contracts. The Fund is authorized to enter into futures contracts. The Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. government and agency obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Options Contracts. The Fund may write call and put options on futures, securities or currencies it owns or in which it may invest. Writing put options tends to increase the Fund’s exposure to the underlying instrument. Writing call options tends to decrease the Fund’s exposure to the underlying instrument. When the Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, security or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying future, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, security or currency underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

The Fund may also purchase put and call options. Purchasing call options tends to increase the Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease the Fund’s exposure to the underlying instrument. The Fund pays a premium which is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, security or currency transaction to determine the realized gain or loss.

Forward Currency Transactions. The Fund may enter into forward currency contracts and forward cross-currency contracts in connection with settling planned purchases or sales of securities or to hedge the currency exposure

09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   51

PIMCO Total Return Fund Notes to Financial Statements

September 30, 2002 (Unaudited)

associated with some or all of the Fund’s portfolio securities. A forward currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Fund’s Statement of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

Swaps. The Fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Fund may enter into interest rate, total return, forward swap spread lock and credit default swap agreements to manage its exposure to interest rates and credit risk. Interest rate swap agreements involve the exchange by the Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Forward swap spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically an emerging country, on its obligation. The Fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the end of the measurement period are recorded as realized gain or loss in the Statement of Operations. Net payments of interest on interest rate swap agreements are included as part of interest income. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

Loan Agreements. The Fund may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. The Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt by the lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When the Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan.

Short Sales. The Fund has entered into short sales transactions during the fiscal year. A short sale is a transaction in which the Fund sells securities it does not own in anticipation of a decline in the market price of the securities. The Fund is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

Stripped Mortgage-Backed Securities (SMBS). SMBS represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (IOs), which receive all of the interest, and principal-only securities (POs), which receive all of the principal. If the underlying mortgage assets experience

52   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02

PIMCO Total Return Fund Notes to Financial Statements

September 30, 2002 (Unaudited)

greater than anticipated payments of principal, the Fund may fail to recoup some or all of its initial investment in these securities. The market value of these securities is highly sensitive to changes in interest rates.

Delayed-Delivery Transactions. The Fund may purchase or sell securities on a when-issued or delayed-delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Fund will set aside and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains and losses with respect to the security. Forward sales commitments are accounted for by the Fund in the same manner as forward currency contracts discussed above.

Inflation-Indexed Bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be considered interest income, even though investors do not receive their principal until maturity.

Repurchase Agreements. The Fund may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Fund takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred.

Reverse Repurchase Agreements. The Fund is authorized to enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells to a financial institution a security that it holds with an agreement to repurchase the same security at an agreed-upon price and date. A reverse repurchase agreement involves the risk that the market value of the security sold by the Fund may decline below the repurchase price of the security. The Fund will segregate assets determined to be liquid by PIMCO or otherwise cover its obligations under reverse repurchase agreements.

Restricted Securities. The Fund is permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (PIMCO) is a majority-owned subsidiary of Allianz Dresdner Asset Management of America L.P. (formerly PIMCO Advisors L.P.) and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Fund at an annual rate based on average daily net assets of the Fund. The Advisory Fee is charged at an annual rate of 0.25%.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives from the Fund a monthly administrative fee based on each share class’ average daily net assets. The Administration Fee for Class D is charged at the annual rate of 0.25%. The Administration Fee for the Retail Classes is charged at an annual rate of 0.40%. The Administration Fee for the Institutional and Administrative Classes is charged at the annual rate of 0.18%.

Distribution and Servicing Fees. PIMCO Advisors Distributors LLC (“PFD”), is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares. The Trust is permitted to reimburse, out of the Administrative Class assets of each Fund offering Administrative Class shares in an amount up to 0.25% on an annual basis of the average daily net assets of that class, financial intermediaries that provide services in connection with the distribution of shares or administration of plans or pro-

09.30.02   I  PIMCO Total Return Fund Semi-Annual Report   53

PIMCO Total Return Fund Notes to Financial Statements

September 30, 2002 (Unaudited)

grams that use Fund shares as their funding medium. The effective rate paid to PFD was 0.25% during the current fiscal year.

Pursuant to the Distribution and Servicing Plans adopted by the A, B, C and D Classes of the Trust, the Trust compensates PFD or an affiliate with respect to Class D for services provided and expenses incurred in connection with assistance rendered in the sale of shares and services rendered to shareholders and for maintenance of shareholder accounts of the A, B, C and D Classes. The Trust paid PFD distribution and servicing fees at an effective rate as set forth below (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Distribution Fee (%)	Servicing Fee (%)
Class A	—	0.25
Class B	0.75	0.25
Class C	0.75	0.25
Class D	—	0.25

PFD also receives the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the Money Market Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of A, B and C Class shares. For the period ended September 30, 2002 PFD received $15,709,769 representing commissions (sales charges) and contingent deferred sales charges.

Expenses. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class shares and may include certain other expenses as permitted by the Trust’s Multiple Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed in the Financial Highlights, may differ from the annual fund operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

Each unaffiliated Trustee receives an annual retainer of $60,000, plus $3,000 for each Board of Trustees meeting attended in person and $500 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an annual retainer of $1,500. These expenses are allocated to the Funds of the Trust according to their respective net assets.

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2002, were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
Total Return Fund	$	57,660,192	$	59,827,426	$	13,611,291	$	11,125,516

54   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02

PIMCO Total Return Fund Notes to Financial Statements

September 30, 2002 (Unaudited)

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

	Total Return Fund
	Premium
Balance at 03/31/2002	$	316,125
Sales		57,137
Closing Buys		(26,364	)
Expirations		(225,726	)
Exercised		0
Balance at 09/30/2002	$	121,172

6. Federal Income Tax Matters

At September 30, 2002, the net unrealized appreciation (depreciation) of investments securities for federal income tax purposes were as follows (amounts in thousands):

	Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)			Net Unrealized Appreciation
Total Return Fund	$	1,545,825	$	(1,385,834	)	$	159,991

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Total Return Fund
	Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount
Receipts for shares sold
Class D	57,053		$	609,881		57,700		$	614,608
Other Classes	1,507,195			16,102,292		2,128,222			22,562,269
Issued as reinvestment of distributions
Class D	1,541			16,497		3,206			33,831
Other Classes	92,729			991,650		292,217			3,081,947
Cost of shares redeemed
Class D	(14,159	)		(151,050	)	(23,814	)		(253,547	)
Other Classes	(805,256	)		(8,603,236	)	(1,388,455	)		(14,721,474	)
Net increase resulting from Fund share transactions	839,103		$	8,966,032		1,069,076		$	11,317,634

09.30.02   I  PIMCO Total Return Fund Semi-Annual Report       55

PIMCO Funds: Pacific Investment Management Series

Manager	Pacific Investment Management Company LLC, 840 Newport Center Drive, Suite 300, Newport Beach, CA 92660
Distributor	PIMCO Advisors Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902
Custodian	State Street Bank & Trust Co., 801 Pennsylvania, Kansas City, MO 64105
Shareholder Servicing Agent and Transfer Agent	PFPC Global Fund Services, Inc., P.O. Box 9688, Providence, RI 02940-9688
Independent Accountant	PricewaterhouseCoopers LLP, 1055 Broadway, Kansas City, MO 64105
Legal Counsel	Dechert, 1775 Eye Street, Washington, DC 20006
For Account Information	For PIMCO Funds account information contact your financial advisor, or if you receive account statements directly from PIMCO Funds, you can also call 1-800-426-0107. Telephone representatives are available Monday–Friday 8:30 am to 8:00 pm Eastern Time. Or visit our Web site, www.pimcoadvisors.com.

56   PIMCO Total Return Fund Semi-Annual Report  I  09.30.02

The Broad-Ranging Expertise of PIMCO Funds

PIMCO Funds offers access to the U.S. investment firms of the Allianz Group, one of the world’s largest financial services providers. Together, these firms manage over $350 billion and have a client list that includes more than half of the 100 largest U.S. corporations.

PIMCO Bond Funds Short Duration Short-Term Fund Low Duration Fund Intermediate Duration Total Return Fund International Foreign Bond Fund Emerging Markets Bond Fund High Yield High Yield Fund Mortgage-Backed GNMA Fund Total Return Mortgage Fund Inflation-Indexed Real Return Fund Convertible Convertible Fund Tax-Exempt Municipal Bond Fund California Intermediate Municipal Bond Fund California Municipal Bond Fund New York Municipal Bond Fund Short-Duration Municipal Income Fund PIMCO Stock and Bond Funds Strategic Balanced Fund PIMCO Stock Funds Growth RCM Large-Cap Growth Fund PEA Growth Fund NACM Growth Fund PEA Target Fund RCM Mid-Cap Fund PEA Opportunity Fund Blend PEA Growth & Income Fund CCM Capital Appreciation Fund NACM Core Equity Fund CCM Mid-Cap Fund Value NFJ Equity Income Fund PEA Value Fund NACM Value Fund PEA Renaissance Fund NACM Flex-Cap Value Fund NFJ Small-Cap Value Fund Enhanced Index RCM Tax-Managed Growth Fund PPA Tax-Efficient Equity Fund StocksPLUS Fund International RCM Global Equity Fund NACM Global Fund RCM International Growth Equity Fund NACM International Fund RCM Global Small-Cap Fund RCM Europe Fund NACM Pacific Rim Fund RCM Emerging Markets Fund Sector-Related PEA Innovation Fund RCM Global Technology Fund RCM Global Healthcare Fund RCM Biotechnology Fund

One Fund Family,

A Choice of Specialized Investment Firms

The PIMCO Funds are managed by the affiliated institutional investment firms of PIMCO Advisors. Each firm specializes in a specific asset class and investment style. So whether you’re looking for a small-cap value manager, a large-cap growth manager or a core bond manager, the PIMCO Funds provide you with access to a highly qualified expert.

Cadence Capital Management (CCM)

Combining the best of growth and value, CCM seeks to invest in reasonably priced companies that offer rapid earnings growth potential.

Dresdner RCM Global Investors (RCM)

With a worldwide presence, RCM’s growth specialists bring a global perspective to domestic and international stock investing.

NFJ Investment Group (NFJ)

Pure, deep value investors, NFJ emphasizes risk management by investing primarily in dividend-paying stocks and imposing strict diversification guidelines.

Nicholas-Applegate Capital Management (NACM)

NACM employs a bottom-up, research driven approach to identify financially strong companies poised to benefit from change.

Pacific Investment Management Company (PIMCO)

Under the direction of its renowned founder and Chief Investment Officer, Bill Gross, PIMCO has become one of the most respected names in fixed income management.

PIMCO Equity Advisors (PEA)

Across its varied products, PEA relies on in-depth research and competitive analysis to identify the companies most likely to deliver long-term capital appreciation.

P I M C O

A D V I S O R S

PZ054.10/02

P I M C O

F U N D S

PRIVATE ACCOUNT PORTFOLIO SERIES

SEMI-ANNUAL REPORT

September 30, 2002

The Portfolios issue shares only in private placement transactions in

accordance with Regulation D or other applicable exemptions under

the Securities Act of 1933, as amended (the “Securities Act”). The enclosed

Semi-Annual Report is not an offer to sell, or a solicitation of any offer to buy,

any security to the public within the meaning of the Securities Act.

2002

Contents

Chairman’s Message	1
Fund Summary
Short-Term Portfolio	2
U.S. Government Sector Portfolio	3
Investment Grade Corporate Portfolio	4
High Yield Portfolio	5
Mortgage Portfolio	6
Asset-Backed Securities Portfolio	7
Real Return Portfolio	8
International Portfolio	9
Emerging Markets Portfolio	10
Municipal Sector Portfolio	11
Financial Highlights	12
Statements of Assets and Liabilities	14
Statements of Operations	16
Statements of Changes in Net Assets	18
Statements of Cash Flows	21
Schedule of Investments
Short-Term Portfolio	22
U.S. Government Sector Portfolio	26
Investment Grade Corporate Portfolio	29
High Yield Portfolio	37
Mortgage Portfolio	41
Asset-Backed Securities Portfolio	52
Real Return Portfolio	56
International Portfolio	57
Emerging Markets Portfolio	63
Municipal Sector Portfolio	67
Notes to Financial Statements	69

Chairman’s Letter

Dear PIMCO Funds Shareholder:

We are pleased to present you with this semi-annual report for the Private Account Portfolio Series, the separate portfolios of the PIMCO Funds: Pacific Investment Management Series. During the Series’ fiscal half year, assets grew by $8.8 billion to finish the six-month period ended September 30, 2002 at $23.2 billion.

Investors flocked to Treasury bonds during the period amid anxiety about sluggish global growth, the integrity of corporate accounting and governance practices and a potential U.S. war with Iraq. Treasury yields fell as much as 2.28%, with the 10-year yield plunging to 3.59%, its lowest level in more than 40 years. Fueled by the Treasury rally, the broad U.S. bond market, represented by the Lehman Aggregate Bond Index, returned 8.45%, while riskier assets such as stocks and high yield debt continued to struggle.

Growth in Europe was practically non-existent and Japan’s economy remained moribund. That left U.S. consumers, bolstered by the lowest mortgage rates in three decades, zero interest car loans and rising real wages, as the only significant source of demand anywhere in the world. Concern about a so-called “double-dip” recession in the U.S. therefore centered on the risk that weakness in the corporate sector would infect consumer confidence and discourage spending. While unemployment remained relatively low at just under 6%, applications for jobless claims climbed as companies laid off workers to trim costs and boost cash flow.

Such efforts by companies to rehabilitate their credit quality did little to reassure corporate bond investors. The corporate bond market virtually shut down during July, recovered in August but then had another difficult month in September. A stream of bad news from high profile issuers reinforced risk aversion among lenders already bruised by accounting scandals. Negatives included the bankruptcy of U.S. Airways, a rating downgrade at major telecom lender J.P. Morgan Chase, a multi-billion dollar default by Conseco and the potential for energy pipeline firm El Paso to face a myriad of issues tied to the California energy crisis.

On the following pages you will find specific details as to each Portfolio’s composition and total return investment performance including a discussion of those factors that affected investment performance.

We appreciate the trust you have placed in us through your investments, and we will continue to focus our efforts to meet your investment needs. If you have any questions regarding your PIMCO Funds investment, please contact your account manager, or call one of our shareholder associates at 1-800-927-4648. We also invite you to visit our Web site at www.pimcoadvisors.com or our investment manager’s Web site at www.pimco.com.

Sincerely,

Brent R. Harris

Chairman of the Board

October 31, 2002

9.30.02   I  Semi-Annual Report   1

PIMCO Short-Term Portfolio

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks maximum total return, consistent with preservation of capital and daily liquidity.	0.6 years	$1.3 billion
PORTFOLIO:	FUND INCEPTION DATE:
Primarily money market instruments and short duration fixed income securities.	4/20/2000

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	Since Inception*
Short-Term Portfolio	1.85%	3.99%	6.12%
Salomon 3-Month Treasury Bill Index	0.87%	1.97%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The Short-Term Portfolio returned 1.85% for the six-month period ended September 30, 2002, outperforming the Salomon 3-Month Treasury Bill Index return of 0.87%. ·   A longer duration relative to the benchmark boosted returns as interest rates fell. ·   A mortgage overweight was modestly positive as the benefits of mortgages’ high yields offset market volatility. ·   Corporate exposure, especially telecom and energy/pipeline holdings, continued to detract from returns amid concern about weak profits and credit rating downgrades. ·   Asset-backed bonds boosted performance as their strong collateral protection kept credit premiums stable amid volatile markets. ·   The use of Eurodollars was a positive as short-term rates fell.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Portfolio shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 5/01/2000, the first full month following the Portfolio’s inception on 4/20/2000, compared to the Salomon 3-Month Treasury Bill Index, an unmanaged market index. It is not possible to invest directly in the index. Whereas money market funds attempt to maintain a stable share price, the Short-Term Portfolio’s share price will fluctuate in response to market conditions.

2   Semi-Annual Report  I  9.30.02

PIMCO U.S. Government Sector Portfolio

FUND CHARACTERISTICS

OBJECTIVE: Seeks maximum total return, consistent with prudent investment management. PORTFOLIO: Primarily U.S. Government securities. DURATION: 5.5 years FUND INCEPTION DATE: 1/31/2000 TOTAL NET ASSETS: $3.5 billion

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	Since Inception*
U.S. Government Sector Portfolio	17.29%	13.13%	15.97%
Salomon 3-Month Treasury Bill Index	0.87%	1.97%	—
Lehman Brothers Long-Term Government Index	18.89%	14.73%	—
Lehman Brothers Government Bond Index	11.40%	10.04%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The U.S. Government Sector Portfolio outperformed its benchmark for the six months ended September 30, 2002, returning 17.29% versus 11.40% for the Lehman Brothers Government Bond Index. ·   Duration was reduced considerably as of July 31, 2002 to reflect the Portfolio’s adoption of a new benchmark focused on intermediate maturities. ·   Nevertheless, the Portfolio maintained an above benchmark duration throughout the six-month period, which proved to be significantly positive. ·   Exposure to short and intermediate maturities relative to a longer duration Index was positive as the yield curve anchored around a 1.75% fed funds rate steepened and rates rallied substantially in this portion of the curve. ·   Emphasis to mortgages was neutral on a duration-adjusted basis as market volatility offset the benefits of mortgages’ high yields. ·   Holdings of real return bonds helped returns, outperforming comparable Treasuries as real yields plunged.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Portfolio shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 2/01/2000, the first full month following the Portfolio’s inception date on 1/31/2000, compared to the Salomon 3-Month Treasury Bill Index, Lehman Brothers Long-Term Government Index, and Lehman Brothers Government Bond Index, each an unmanaged market index. It is not possible to invest directly in the indexes. As of July 31, 2002, the internally employed Portfolio benchmark was changed from the Lehman Brothers Long-Term Government Index to the Lehman Government Bond Index so as to more closely reflect the universe of securities in which the Portfolio invests.

9.30.02   I  Semi-Annual Report   3

PIMCO Investment Grade Corporate Portfolio

FUND CHARACTERISTICS

OBJECTIVE: Seeks maximum total return, consistent with prudent investment management. PORTFOLIO: Primarily corporate fixed income securities. DURATION: 6.2 years FUND INCEPTION DATE: 1/26/2000 TOTAL NET ASSETS: $4.9 billion

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	Since Inception*
Investment Grade Corporate Portfolio	-0.94%	-1.87%	6.83%
Salomon 3-Month Treasury Bill Index	0.87%	1.97%	—
50% Lehman Brothers Intermediate Credit Index and 50% Lehman Brothers Long Credit Index	7.59%	6.89%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The Investment Grade Corporate Portfolio returned –0.94% for the semi-annual period ended September 30, 2002 compared to 7.59% for its custom benchmark, which is 50% Lehman Brothers Intermediate Credit Index and 50% Lehman Long Credit Index. ·   An underweight to AA-rated issues and an overweight to the BBB-rated sector detracted from returns as higher quality issues outperformed amidst a flight to safety. ·   Overweighting telecommunications and energy sectors detracted from returns due to growing concerns about weak profits and credit rating downgrades. ·   Underweighting consumer cyclicals, specifically home construction, was a negative as low interest rates continued to drive this sector. ·   Within the transportation sector, security selection added to relative returns as a focus on secured bonds was a positive during a period when the troubled airlines industry caused this sector to significantly underperform. ·   An overweight to utility issues detracted from returns as ratings downgrades caused this sector to significantly underperform. ·   Small allocations to Treasury and mortgage securities added to performance as these sectors outperformed corporate bonds on a like-duration basis. ·   Emerging market bonds were negative amid overall risk aversion and anxiety about Brazil’s presidential election.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Portfolio shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 2/01/2000, the first full month following the Portfolio’s inception date on 1/26/2000, compared to the Salomon 3-Month Treasury Bill Index and a 50/50 blend of the Lehman Brothers Intermediate Credit Index and Lehman Brothers Long Credit Index, each an unmanaged market index. It is not possible to invest directly in the indexes. The blended performance reflects the performance of the Lehman Brothers Intermediate Credit Index from 2/01/2000 through 11/11/2001, after which time the performance reflects a 50/50 blend of the Lehman Brothers Intermediate Credit Index and Lehman Brothers Long Credit Index.

4   Semi-Annual Report  I  9.30.02

PIMCO High Yield Portfolio

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks maximum total return, consistent with prudent investment management.	4.0 years	$167.4 million
	FUND INCEPTION DATE:
PORTFOLIO:	12/08/2000
Primarily higher yielding fixed income securities.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	Since Inception*
High Yield Portfolio	-11.24%	-7.22%	-7.49%
Salomon 3-Month Treasury Bill Index	0.87%	1.97%	—
Merrill Lynch U.S. High Yield BB-B Rated Index	-8.44%	-1.57%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS
		·   The High Yield Portfolio returned –11.24% for the semi-annual period ended September 30, 2002, compared with –8.44% for the Merrill Lynch US High Yield BB-B Rated Index. ·   The Portfolio’s exposure to BBB rated issues helped relative returns as these issues significantly outperformed the lower quality tiers. ·   Emphasizing large-cap telecom and energy pipeline companies detracted from returns amid concern about weak profits and credit rating downgrades. ·   An underweight to the transportation sector and a focus on secured EETCs added to returns as the troubled airline industry caused this sector to significantly underperform. ·   Underweighting the gaming sector was negative for performance; despite rich valuations, these credits performed well during a market sell-off. ·   Modest holdings of emerging market bonds were negative amid overall risk aversion and anxiety about Brazil’s presidential election.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Portfolio shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 1/01/2001, the first full month following the Portfolio’s inception date on 12/08/2000, compared to the Salomon 3-Month Treasury Bill Index and the Merrill Lynch U.S. High Yield BB-B Rated Index, each an unmanaged market index. It is not possible to invest directly in the indexes. The Portfolio may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty and may be enhanced when investing in emerging markets. The investments made by the High Yield Portfolio may involve high risk and may have speculative characteristics.

9.30.02   I  Semi-Annual Report   5

PIMCO Mortgage Portfolio

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks maximum total return, consistent with prudent investment management.	2.1 years	$8.8 billion
	FUND INCEPTION DATE:
PORTFOLIO:	1/31/2000
Primarily mortgage-related fixed income securities.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	Since Inception*
Mortgage Portfolio	7.90%	9.29%	11.91%
Salomon 3-Month Treasury Bill Index	0.87%	1.97%	—
Lehman Brothers Mortgage Index	6.24%	7.37%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS
		·   The Mortgage Portfolio returned 7.90% for the six-month period ended September 30, 2002, outperforming the 0.87% return of the Salomon 3-Month Treasury Bill Index and outperforming the 6.24% return of the Lehman Brothers Mortgage Index. ·   The Mortgage Portfolio has outperformed the 3-Month Treasury Bill Index by 7.32%, and the Mortgage Index by 1.92% for the 12-month period ended September 30, 2002. ·   The Portfolio’s greater-than-benchmark duration in the recent quarter contributed positively as rates declined across the maturity spectrum. ·   The Portfolio’s focus on lower coupon issues during the period helped returns as lower coupons outpaced higher coupons by a large margin. ·   An overweight to GNMAs in the 30-Year MBS sector contributed positively to returns as they outperformed similar FNMA & FHLMC securities for the time period. ·   A focus in 15-year MBS, primarily in the FNMA 5.5% and 6.0% issues, added to returns as investors preferred the relatively stable cash flows offered by these securities.
* % of Total Investments as of September 30, 2002
CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002
$5,000,000 invested at inception
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Portfolio shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 2/01/2000, the first full month following the Portfolio’s inception date on 1/31/2000, compared to the Salomon 3-Month Treasury Bill Index and the Lehman Brothers Mortgage Index, each an unmanaged market index. It is not possible to invest directly in the indexes.

6   Semi-Annual Report  I  9.30.02

PIMCO Asset-Backed Securities Portfolio

FUND CHARACTERISTICS

OBJECTIVE: Seeks maximum total return, consistent with prudent investment management. PORTFOLIO: Primarily asset-backed securities. DURATION: 2.9 years FUND INCEPTION DATE: 10/31/2000 TOTAL NET ASSETS: $274.0 million

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	Since Inception*
Asset-Backed Securities Portfolio	8.65%	9.68%	13.57%
Salomon 3-Month Treasury Bill Index	0.87%	1.97%	—
Lehman Brothers Asset-Backed Securities Index	7.34%	7.84%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The Asset-Backed Securities Portfolio returned 8.65% for the six-month period ended September 30, 2002, outperforming the 0.87% return of the Salomon 3-Month Treasury Bill Index and outperforming the 7.34% of the Lehman Brothers Asset-Backed Securities Index. ·   The Portfolio has outperformed the 3-Month Treasury Bill Index by 7.71% and the ABS Index by 1.84% for the 12-month period ended September 30, 2002. ·   The Portfolio’s near-benchmark duration had a neutral effect on performance. ·   An underweight in the Manufactured Housing sector was positive as distressed credits led to spread widening during the period. ·   Emphasis in Home Equity Loan issues stabilized returns on the heels of record issuance in the sector. ·   The broader-than-Index security selection helped increase performance. As yields dropped across the maturity spectrum, a limited allocation to Treasury securities added to returns.
% of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Portfolio shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 11/01/2000, the first full month following the Portfolio’s inception date on 10/31/2000, compared to the Salomon 3-Month Treasury Bill Index and the Lehman Brothers Asset-Backed Securities Index, each an unmanaged market index. It is not possible to invest directly in the indexes.

9.30.02   I  Semi-Annual Report   7

PIMCO Real Return Portfolio

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks maximum total return, consistent with prudent investment management.	7.0 years	$249.6 million
	FUND INCEPTION DATE:
PORTFOLIO:	4/28/2000
Primarily inflation-indexed fixed income securities.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	Since Inception*
Real Return Portfolio	16.88%	17.31%	14.87%
Salomon 3-Month Treasury Bill Index	0.87%	1.87%	—
Lehman Brothers Global Real: U.S. TIPS Index	14.25%	14.69%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS
		·   For the six months ended September 30, 2002, the Real Return Portfolio returned 16.88%, versus 14.25% for the Lehman Brothers Global Real: U.S. TIPS Index. ·   Intermediate yields dropped by about 1.81%, while long term yields dropped by only 1.16%, as Fed accommodation affected short term rates more than long term inflation expectations. ·   For the six month period, real yields decreased by 1.16%, compared to 1.81% for conventional U.S. Treasury issues of similar maturities. ·   Breakeven inflation, defined as the difference between a real yield on a TIPS and a nominal yield on a Treasury of the same maturity, was 1.53% at September 30, 2002 for the 10-year maturity. This compares to a breakeven yield of 2.09% on March 31, 2002. The 12-month CPI-U change as of September 30, 2002, was 1.51%. ·   The effective duration of the Portfolio was 7.0 years on September 30, 2002, compared to a duration of 6.0 years for the benchmark. ·   The weighted average credit quality of the Portfolio was AAA as of September 30, 2002. ·   The Portfolio’s duration was longer than the benchmark for most of the six-month period, which was positive for performance as real yields dropped. ·   The Portfolio maintained a modest barbell strategy for most of the period, which was negative for performance compared to the benchmark. ·   Modest allocations to corporate bonds were a negative for performance, as yield premiums increased for corporates. ·   The average real yield of the U.S. TIPS index was 3.90% on September 30. To this is added the CPI accruals in order to calculate inflation-adjusted yields.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Portfolio shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 5/01/2000, the first full month following the Portfolio’s inception on 4/28/2000, compared to the Salomon 3-Month Treasury Bill Index and the Lehman Brothers Global Real: U.S. TIPS Index, each an unmanaged market index. It is not possible to invest directly in the indexes. The Portfolio may invest in foreign securities which involve potentially higher risks including foreign currency fluctuations and political or economic uncertainty and may be enhanced when investing in emerging markets. Treasury Inflation Protected Securities (TIPS) are guaranteed by the US Government (for timely payment of principal and interest); however, the shares of the Portfolio are not.

8   Semi-Annual Report  I  9.30.02

PIMCO International Portfolio

FUND CHARACTERISTICS

OBJECTIVE: Seeks maximum total return, consistent with prudent investment management. PORTFOLIO: Primarily non-U.S. fixed income securities. DURATION: 6.9 years FUND INCEPTION DATE: 12/13/1989 TOTAL NET ASSETS: $2.8 billion

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	5 Years*	10 Years*	Since Inception*
International Portfolio	6.32%	7.59%	8.15%	6.34%	8.24%	8.33%
Salomon 3-Month Treasury Bill Index	0.87%	1.97%	4.17%	4.47%	4.53%	—
J.P. Morgan Non-U.S. Index (Hedged)	5.66%	5.92%	7.42%	7.65%	8.76%	—

* Annualized (all Portfolio returns are net of fees and expenses)

COUNTRY ALLOCATION*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The International Portfolio returned 6.32% for the six-month period ended September 30, 2002, outperforming the 5.66% return of the benchmark J.P. Morgan Non-U.S. Index (Hedged). ·   A short to intermediate maturity focus in the U.S. and Europe was positive as rates on these issues decreased the most. ·   An overweight in core Europe versus the U.S. hurt returns as investors flocked to the relative safety of Treasuries. ·   An underweight to Japan was positive as Japanese bonds underperformed given uncertainty over the government’s policies toward the troubled banking sector. ·   Holdings of global mortgages added to returns as investor demand for their relatively high yields sustained valuations. ·   An overweight in the euro was a strong positive for returns as the euro gained more than thirteen percent versus the U.S. dollar.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Portfolio shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 1/01/1990, the first full month following the Portfolio’s inception date on 12/13/1989, compared to the Salomon 3-Month Treasury Bill Index and the J.P. Morgan Non-U.S. Index (Hedged), each an unmanaged market index. It is not possible to invest directly in the indexes. Foreign investing involves potentially higher risks including currency fluctuations and political or economic uncertainty and may be enhanced when investing in emerging markets.

9.30.02   I  Semi-Annual Report   9

PIMCO Emerging Markets Portfolio

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks maximum total return, consistent with prudent investment management.	5.6 years	$961.3 million
	FUND INCEPTION DATE:
PORTFOLIO:	4/03/1998
Primarily emerging market fixed income securities.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	3 Years*	Since Inception*
Emerging Markets Portfolio	-3.79%	8.27%	10.40%	8.81%
Salomon 3-Month Treasury Bill Index	0.87%	1.97%	4.17%	—
J.P. Morgan Emerging Market Bond Index Plus	-6.42%	-1.12%	8.81%	—
Emerging Markets Sector Fund Index	0.19%	6.73%	—	—

* Annualized (all Portfolio returns are net of fees and expenses)

COUNTRY ALLOCATION*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS ·   The Emerging Markets Portfolio lagged the custom benchmark over the six-month period ended September 30, 2002, returning –3.79% versus 0.19% for the Emerging Markets Sector Fund Index. ·   Regional performance within the asset class was notably mixed as Asia and Emerging Europe decoupled from the volatility in Latin America. ·   An overweight in Brazil was the primary detractor from performance; election concerns and the retrenchment of banks from credit markets weighed heavily on this market despite sound economic policies and significant external assistance. ·   Modest overweight positions in smaller Latin American credits such as Panama and Peru also detracted from performance amid rising regional volatility. ·   Underweight positions in weaker fundamental countries, particularly Argentina and Colombia, added to relative performance as these countries remain vulnerable in the fluid external environment. ·   A short position in Venezuela was negative for performance as gains from rising oil prices masked further deterioration in the economy and banking system. ·   Allocations to off-Index countries with solid and improving fundamentals added to returns amid an increasingly uncertain external environment.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Portfolio shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 5/01/1998, the first full month following the Portfolio’s inception date on 4/03/1998, compared to the Salomon 3-Month Treasury Bill Index, J.P. Morgan Emerging Market Bond Index Plus, and the Emerging Markets Sector Fund Index, each an unmanaged market index. Prior to 1/1/2000 the Emerging Markets Sector Fund Index performance represents that of the Lehman Brothers Aggregate Bond Index and from 1/1/2000 forward, index performance represents that of the Emerging Markets Sector Fund Index (a custom weighted index of selected countries within the Emerging Markets Bond Index from J.P. Morgan). It is not possible to invest directly in the indexes. The Portfolio may invest in foreign securities which involve potentially higher risks including currency fluctuations and political or economic uncertainty and may be enhanced when investing in emerging markets. Investing in emerging market securities imposes even greater risks including smaller capitalization of securities markets, which can experience illiquidity, price volatility, foreign restrictions, and repatriation of investment income and capital.

10   Semi-Annual Report  I  9.30.02

PIMCO Municipal Sector Portfolio

FUND CHARACTERISTICS

OBJECTIVE:	DURATION:	TOTAL NET ASSETS:
Seeks maximum total return, consistent with prudent investment management.	12.9 years	$106.3 million
	FUND INCEPTION DATE:
PORTFOLIO:	8/21/2000
Primarily municipal securities.

TOTAL RETURN INVESTMENT PERFORMANCE For the period ended September 30, 2002

	6 Months	1 Year	Since Inception*
Municipal Sector Portfolio	4.92%	5.85%	9.53%
Salomon 3-Month Treasury Bill Index	0.87%	1.97%	—
Lehman Brothers General Municipal Bond Index	8.58%	8.94%	—

* Annualized (all Portfolio returns are net of fees and expenses)

SECTOR BREAKDOWN*	QUALITY BREAKDOWN*	PORTFOLIO INSIGHTS
		·   The Municipal Sector Portfolio returned 4.92% for the six-month period ended September 30, 2002 versus 8.58% for the Lehman Brothers General Municipal Bond Index. ·   Municipal bonds rallied for the period as benchmark AAA government obligation short-term yields declined 1.33% and intermediate yields declined by 1.19%. ·   Municipal yields slid to a 34-year low as equity markets reacted to broader economic factors such as a slow economic recovery and increased geopolitical risk. ·   Hedging strategies hindered performance due to the combination of declining municipal yields and outperforming Treasuries. ·   Insured credits helped performance as the “flight-to-quality” syndrome persisted. ·   The Portfolio’s duration was 12.92 years as of September 30, 2002 in contrast to 12.98 years for the benchmark. ·   As the Portfolio’s duration was positioned in expectation of a reflationary economy, its shorter-than-benchmark duration for most of the six-month period was negative for performance as yields fell.
* % of Total Investments as of September 30, 2002 CUMULATIVE RETURNS THROUGH SEPTEMBER 30, 2002 $5,000,000 invested at inception
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Portfolio shares, when redeemed, may be worth more or less than their original cost. The line graph above assumes the investment of $5,000,000 on 9/01/2000, the first full month following the Portfolio’s inception date on 8/21/2000, compared to the Salomon 3-Month Treasury Bill Index and the Lehman Brothers General Municipal Bond Index, each an unmanaged market index. It is not possible to invest directly in the indexes.

9.30.02   I  Semi-Annual Report   11

Financial Highlights

	Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized/ Unrealized Gain (Loss) on Investments
Selected Per Share Data for the Year or Period Ended:
Short-Term Portfolio
09/30/2002 +	$	9.72	$	0.14	(a)	$	0.04	(a)
03/31/2002		10.17		0.55	(a)		(0.01	)(a)
04/20/2000—03/31/2001		10.00		0.65	(a)		0.10	(a)
U.S. Government Sector Portfolio
09/30/2002 +	$	9.83	$	0.20	(a)	$	1.49	(a)
03/31/2002		11.35		0.74	(a)		(0.50	)(a)
03/31/2001		10.62		0.69	(a)		0.96	(a)
01/31/2000—03/31/2000		10.00		0.12	(a)		0.54	(a)
Investment Grade Corporate Portfolio
09/30/2002 +	$	10.57	$	0.39	(a)	$	(0.48	)(a)
03/31/2002		10.58		0.70	(a)		(0.10	)(a)
03/31/2001		10.13		0.78	(a)		0.36	(a)
01/26/2000—03/31/2000		10.00		0.14	(a)		0.07	(a)
High Yield Portfolio
09/30/2002 +	$	8.18	$	0.37	(a)	$	(1.27	)(a)
03/31/2002		9.56		0.77	(a)		(1.18	)(a)
12/08/2000—03/31/2001		9.57		0.30	(a)		(0.10	)(a)
Mortgage Portfolio
09/30/2002 +	$	10.71	$	0.26	(a)	$	0.58	(a)
03/31/2002		10.79		0.62	(a)		0.20	(a)
03/31/2001		10.26		0.82	(a)		0.43	(a)
01/31/2000—03/31/2000		10.00		0.12	(a)		0.20	(a)
Asset-Backed Securities Portfolio
09/30/2002 +	$	10.66	$	0.27	(a)	$	0.65	(a)
03/31/2002		10.56		0.64	(a)		0.31	(a)
10/31/2000—03/31/2001		10.00		0.32	(a)		0.43	(a)
Real Return Portfolio
09/30/2002 +	$	10.30	$	0.36	(a)	$	1.33	(a)
03/31/2002		10.84		0.56	(a)		(0.01	)(a)
04/28/2000—03/31/2001		10.00		0.69	(a)		0.66	(a)
International Portfolio
09/30/2002 +	$	6.52	$	0.09	(a)	$	0.32	(a)
03/31/2002		7.05		0.27	(a)		0.18	(a)
03/31/2001		6.73		0.42	(a)		0.29	(a)
03/31/2000		7.08		0.39	(a)		(0.44	)(a)
03/31/1999		7.18		0.29	(a)		0.11	(a)
03/31/1998		7.79		0.64	(a)		0.19	(a)
Emerging Markets Portfolio
09/30/2002 +	$	10.86	$	0.41	(a)	$	(0.82	)(a)
03/31/2002		9.91		0.85	(a)		0.85	(a)
03/31/2001		9.84		0.49	(a)		0.47	(a)
03/31/2000		9.63		0.80	(a)		0.21	(a)
04/03/1998—03/31/1999		10.00		0.87	(a)		(0.39	)(a)
Municipal Sector Portfolio
09/30/2002 +	$	10.58	$	0.30	(a)	$	0.22	(a)
03/31/2002		10.82		0.62	(a)		(0.09	)(a)
08/21/2000—03/31/2001		10.00		0.26	(a)		0.73	(a)

+ Unaudited

* Annualized

(a) Per share amounts based on average number of shares outstanding during the period.

(b) Ratio of expenses to average net assets excluding interest expense is 0.05%.

(c) Ratio of expenses to average net assets excluding interest expense is 0.12%.

(d) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.07%.

(e) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.10%.

12   Semi-Annual Report  I  9.30.02I  See accompanying notes

	Total Income from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
Selected Per Share Data for the Year or Period Ended:
Short-Term Portfolio
09/30/2002 +	$	0.18		$	(0.09	)	$	0.00		$	(0.09	)	$	9.81	1.85	%	$	1,303,983	0.06	%*(b)	2.95	%*	72	%
03/31/2002		0.54			(0.87	)		(0.12	)		(0.99	)		9.72	5.51			114,868	1.05	(b)	5.51		96
04/20/2000—03/31/2001		0.75			(0.57	)		(0.01	)		(0.58	)		10.17	7.62			191,299	1.58	*(b)(g)	6.84	*	154
U.S. Government Sector Portfolio
09/30/2002 +	$	1.69		$	(0.18	)	$	0.00		$	(0.18	)	$	11.34	17.29	%	$	3,549,802	0.05	%*	3.65	%*	273	%
03/31/2002		0.24			(0.79	)		(0.97	)		(1.76	)		9.83	2.30			545,294	0.07	(b)	6.67		785
03/31/2001		1.65			(0.54	)		(0.38	)		(0.92	)		11.35	16.03			1,257,236	0.11	(b)	6.24		1200
01/31/2000—03/31/2000		0.66			(0.04	)		0.00			(0.04	)		10.62	6.61			311,652	0.05	*(f)	6.86	*	283
Investment Grade Corporate Portfolio
09/30/2002 +	$	(0.09	)	$	(0.35	)	$	0.00		$	(0.35	)	$	10.13	(0.94	)%	$	4,939,913	0.05	%*	7.39	%*	102	%
03/31/2002		0.60			(0.53	)		(0.08	)		(0.61	)		10.57	5.74			4,947,469	0.05		6.49		361
03/31/2001		1.14			(0.68	)		(0.01	)		(0.69	)		10.58	11.59			999,641	0.11	*(b)	7.54		240
01/26/2000—03/31/2000		0.21			(0.08	)		0.00			(0.08	)		10.13	2.11			316,279	0.05	*(e)	7.65	*	65
High Yield Portfolio
09/30/2002 +	$	(0.90	)	$	(0.39	)	$	0.00		$	(0.39	)	$	6.89	(11.24	)%	$	167,430	0.05	%*	9.43	%*	77	%
03/31/2002		(0.41	)		(0.71	)		(0.26	)		(0.97	)		8.18	(4.16	)		397,455	0.06	(b)	8.97		104
12/08/2000—03/31/2001		0.20			(0.21	)		0.00			(0.21	)		9.56	2.09			212,247	0.05	*(h)	9.79	*	80
Mortgage Portfolio
09/30/2002 +	$	0.84		$	(0.22	)	$	0.00		$	(0.22	)	$	11.33	7.90	%	$	8,838,117	0.09	%*(b)	4.70	%*	311	%
03/31/2002		0.82			(0.60	)		(0.30	)		(0.90	)		10.71	7.68			5,314,257	0.22	(b)	5.67		685
03/31/2001		1.25			(0.64	)		(0.08	)		(0.72	)		10.79	12.57			3,477,278	0.87	(b)	7.80		742
01/31/2000—03/31/2000		0.32			(0.06	)		0.00			(0.06	)		10.26	3.21			985,563	0.05	*(d)	7.13	*	156
Asset-Backed Securities Portfolio
09/30/2002 +	$	0.92		$	(0.20	)	$	0.00		$	(0.20	)	$	11.38	8.65	%	$	273,982	0.17	%*(b)	4.78	%*	97	%
03/31/2002		0.95			(0.60	)		(0.25	)		(0.85	)		10.66	9.17			98,848	0.05		5.88		569
10/31/2000—03/31/2001		0.75			(0.19	)		0.00			(0.19	)		10.56	7.58			53,822	0.05	*(i)	7.38	*	134
Real Return Portfolio
09/30/2002 +	$	1.69		$	(0.63	)	$	0.00		$	(0.63	)	$	11.36	16.88	%	$	249,621	0.07	%*(b)	6.65	%*	275	%
03/31/2002		0.55			(0.53	)		(0.56	)		(1.09	)		10.30	5.20			94,457	0.06	(b)	5.14		502
04/28/2000—03/31/2001		1.35			(0.48	)		(0.03	)		(0.51	)		10.84	13.83			208,832	0.09	*(j)	7.21	*	260
International Portfolio
09/30/2002 +	$	0.41		$	(0.15	)	$	0.00		$	(0.15	)	$	6.78	6.32	%	$	2,788,216	0.12	%*	2.74	%*	90	%
03/31/2002		0.45			(0.82	)		(0.16	)		(0.98	)		6.52	6.52			1,808,687	0.13	(c)	3.92		298
03/31/2001		0.71			(0.32	)		(0.07	)		(0.39	)		7.05	10.89			3,588,537	0.13	(c)	6.05		464
03/31/2000		(0.05	)		(0.30	)		0.00			(0.30	)		6.73	(0.67	)		1,142,215	0.50		5.61		369
03/31/1999		0.40			(0.30	)		(0.20	)		(0.50	)		7.08	5.71			720,025	0.50		4.04		406
03/31/1998		0.83			(0.25	)		(1.19	)		(1.44	)		7.18	11.49			730,622	0.51	(k)	8.17		255
Emerging Markets Portfolio
09/30/2002 +	$	(0.41	)	$	(0.36	)	$	0.00		$	(0.36	)	$	10.09	(3.79	)%	$	961,298	0.14	%*(c)	7.73	%*	129	%
03/31/2002		1.70			(0.75	)		0.00			(0.75	)		10.86	17.74			1,005,646	0.13	(c)	8.09		265
03/31/2001		0.96			(0.84	)		(0.05	)		(0.89	)		9.91	10.31			287,880	0.16	(c)	9.15		224
03/31/2000		1.01			(0.80	)		0.00			(0.80	)		9.84	10.94			354,371	0.85		8.20		159
04/03/1998—03/31/1999		0.48			(0.85	)		0.00			(0.85	)		9.63	5.49			145,530	0.85	*	9.43	*	199
Municipal Sector Portfolio
09/30/2002 +	$	0.52		$	(0.39	)	$	0.00		$	(0.39	)	$	10.71	4.92	%	$	106,287	0.05	%*	5.60	%*	303	%
03/31/2002		0.53			(0.48	)		(0.29	)		(0.77	)		10.58	5.03			145,514	0.05		5.70		1361
08/21/2000—03/31/2001		0.99			(0.17	)		0.00			(0.17	)		10.82	9.95			69,211	0.05	*(i)	4.00	*	189

(f) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.09%.

(g) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 1.59%.

(h) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.06%.

(i) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.08%.

(j) If the investment manager had not reimbursed expenses, the ratio of expenses to average net assets would have been 0.11%.

(k) Ratio of expenses to average net assets excluding interest expense is 0.50%.

See accompanying notes  I  9.30.02   I  Semi-Annual Report   13

Statements of Assets and Liabilities

September 30, 2002 (Unaudited)

Amounts in thousands, except per share amounts	Short-Term Portfolio			U.S. Government Sector Portfolio		Investment Grade Corporate Portfolio
Assets:
Investments, at value	$	1,412,574		$	3,677,611	$	6,213,572
Cash		56			6,297		0
Foreign currency, at value		0			0		0
Receivable for investments sold and forward foreign currency contracts		16,809			65,829		30,382
Receivable for Portfolio shares sold		0			35,550		400
Variation margin receivable		89			17,459		5
Interest and dividends receivable		5,993			23,952		101,365
Other assets		0			0		0
		1,435,521			3,826,698		6,345,724
Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	36,277		$	26,156	$	29,995
Payable for financing transactions		0			0		1,126,784
Payable for reverse repurchase agreement		0			0		0
Payable for short sale		12,903			66,694		37,635
Due to Custodian		0			0		14,007
Written options outstanding		8,835			79,928		0
Payable for Portfolio shares redeemed		66,450			33,100		69,100
Accrued investment advisory fee		19			48		80
Accrued administration fee		28			72		119
Variation margin payable		0			326		0
Recoupment payable to Manager		3			9		24
Net payable for swap agreements		3,616			50,265		69,250
Other liabilities		3,407			20,298		58,817
		131,538			276,896		1,405,811
Net Assets	$	1,303,983		$	3,549,802	$	4,939,913
Net Assets Consist of:
Paid in capital	$	1,299,155		$	3,376,709	$	5,317,209
Undistributed (overdistributed) net investment income		2,552			11,747		40,077
Accumulated undistributed net realized gain (loss)		4,985			92,797		85,262
Net unrealized appreciation (depreciation)		(2,709	)		68,549		(502,635	)
	$	1,303,983		$	3,549,802	$	4,939,913
Shares Issued and Outstanding:		132,927			312,897		487,884
Net Asset Value and Redemption Price Per Share
(Net Assets Per Share Outstanding)	$	9.81		$	11.34	$	10.13
Cost of Investments Owned	$	1,415,125		$	3,587,623	$	6,646,475
Cost of Foreign Currency Held	$	0		$	0	$	0

14   Semi-Annual Report  I  9.30.02I  See accompanying notes

Amounts in thousands, except per share amounts	High Yield Portfolio			Mortgage Portfolio		Asset-Backed Securities Portfolio		Real Return Portfolio		International Portfolio			Emerging Markets Portfolio			Municipal Sector Portfolio
Assets:
Investments, at value	$	162,882		$	14,036,554	$	316,062	$	415,909	$	9,691,439		$	1,271,083		$	97,989
Cash		147			0		4,614		1		1,017			4,981			3
Foreign currency, at value		3			0		0		33		262,612			115			0
Receivable for investments sold and forward foreign currency contracts		7,754			1,944,461		11,710		5,061		7,124,812			78,604			22,549
Receivable for Portfolio shares sold		0			1,700		1,000		0		0			0			500
Variation margin receivable		0			177		45		0		31,565			0			0
Interest and dividends receivable		4,127			49,333		4,519		1,814		379,839			18,799			1,740
Other assets		0			0		5,402		0		0			0			0
		174,913			16,032,225		343,352		422,818		17,491,284			1,373,582			122,781
Liabilities:
Payable for investments purchased and forward foreign currency contracts	$	2,220		$	6,697,049	$	54,433	$	48	$	15,734		$	79,590		$	14,865
Payable for financing transactions		0			0		0		164,828		13,549,918			236,173			0
Payable for reverse repurchase agreement		0			0		12,798		0		0			0			0
Payable for short sale		3,757			256,330		0		5,383		724,122			68,090			0
Due to Custodian		0			54,865		0		0		0			0			0
Written options outstanding		702			0		985		0		8,766			0			0
Payable for Portfolio shares redeemed		0			125,000		1,100		2,750		17,650			6,400			1,450
Accrued investment advisory fee		3			131		5		4		43			15			2
Accrued administration fee		4			197		7		6		214			76			2
Variation margin payable		0			0		0		0		0			0			174
Recoupment payable to Manager		2			0		1		2		0			0			1
Net payable for swap agreements		646			38,701		0		0		276,369			21,187			0
Other liabilities		149			21,835		41		176		110,252			753			0
		7,483			7,194,108		69,370		173,197		14,703,068			412,284			16,494
Net Assets	$	167,430		$	8,838,117	$	273,982	$	249,621	$	2,788,216		$	961,298		$	106,287
Net Assets Consist of:
Paid in capital	$	229,385		$	8,380,954	$	261,442	$	229,146	$	2,687,613		$	1,006,447		$	99,983
Undistributed (overdistributed) net investment income		10,264			48,880		1,179		1,098		82,391			17,905			2,567
Accumulated undistributed net realized gain (loss)		(41,861	)		263,107		2,133		6,442		(426,617	)		(4,510	)		(850	)
Net unrealized appreciation (depreciation)		(30,358	)		145,176		9,228		12,935		444,829			(58,544	)		4,587
	$	167,430		$	8,838,117	$	273,982	$	249,621	$	2,788,216		$	961,298		$	106,287
Shares Issued and Outstanding:		24,301			780,017		24,085		21,983		411,049			95,280			9,924
Net Asset Value and Redemption Price Per Share
(Net Assets Per Share Outstanding)	$	6.89		$	11.33	$	11.38	$	11.36	$	6.78		$	10.09		$	10.71
Cost of Investments Owned	$	192,337		$	13,662,630	$	312,046	$	402,606	$	8,984,297		$	1,311,091		$	93,401
Cost of Foreign Currency Held	$	3		$	0	$	0	$	32	$	259,854		$	114		$	0

See accompanying notes  I  9.30.02   I  Semi-Annual Report   15

Statements of Operations

For the period ended September 30, 2002 (Unaudited)

Amounts in thousands

	Short-Term Portfolio			U.S. Government Sector Portfolio			Investment Grade Corporate Portfolio
Investment Income:
Interest, net of foreign taxes	$	14,461		$	27,534		$	200,721
Dividends, net of foreign taxes		0			0			9
Miscellaneous income		0			0			13
Total Income		14,461			27,534			200,743
Expenses:
Investment advisory fees		96			146			539
Administration fees		144			219			809
Trustees’ fees		0			2			2
Interest expense		35			20			0
Miscellaneous expense		2			4			13
Total Expenses		277			391			1,363
Net Investment Income		14,184			27,143			199,380
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		(1,600	)		(3,321	)		17,015
Net realized gain (loss) on futures contracts, written options and swaps		6,562			120,291			75,293
Net realized gain (loss) on foreign currency transactions		0			0			0
Net change in unrealized appreciation (depreciation) on investments		(3,273	)		111,363			(325,884	)
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		806			(20,199	)		(57,600	)
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		0			0			0
Net Gain (Loss)		2,495			208,134			(291,176	)
Net Increase (Decrease) in Assets Resulting from Operations	$	16,679		$	235,277		$	(91,796	)

16   Semi-Annual Report  I  09.30.02I  See accompanying notes

	High Yield Portfolio			Mortgage Portfolio			Asset-Backed Securities Portfolio		Real Return Portfolio			International Portfolio			Emerging Markets Portfolio			Municipal Sector Portfolio
Investment Income:
Interest, net of foreign taxes	$	12,836		$	164,066		$	4,647	$	5,109		$	33,657		$	39,324		$	5,195
Dividends, net of foreign taxes		149			0			0		0			0			0			0
Miscellaneous income		2			0			1		0			0			0			17
Total Income		12,987			164,066			4,648		5,109			33,657			39,324			5,212
Expenses:
Investment advisory fees		27			683			19		15			233			99			19
Administration fees		41			1,024			28		23			1,163			495			28
Trustees’ fees		0			9			0		1			5			0			0
Interest expense		0			1,185			110		15			16			81			0
Miscellaneous expense		3			0			0		0			0			0			0
Total Expenses		71			2,901			157		54			1,417			675			47
Net Investment Income		12,916			161,165			4,491		5,055			32,240			38,649			5,165
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		(30,552	)		234,341			403		7,463			(28,376	)		(5,716	)		5,946
Net realized gain (loss) on futures contracts, written options and swaps		0			13,754			2,048		26			(112,387	)		1,114			(6,812	)
Net realized gain (loss) on foreign currency transactions		(114	)		0			0		(831	)		(298,278	)		2,057			0
Net change in unrealized appreciation (depreciation) on investments		(11,855	)		133,966			3,061		12,068			781,729			(56,157	)		6,983
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		(1,025	)		(38,351	)		5,260		22			(128,431	)		(21,758	)		(2,131	)
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		35			0			0		(81	)		(100,060	)		33			0
Net Gain (Loss)		(43,511	)		343,710			10,772		18,667			114,197			(80,427	)		3,986
Net Increase (Decrease) in Assets Resulting from Operations	$	(30,595	)	$	504,875		$	15,263	$	23,722		$	146,437		$	(41,778	)	$	9,151

See accompanying notes  I  09.30.02   I  Semi-Annual Report   17

Statements of Changes in Net Assets

September 30, 2002

Amounts in thousands

Increase (Decrease) in Net Assets from:

	Short-Term Portfolio						U.S. Government Sector Portfolio						Investment Grade Corporate Portfolio						High Yield Portfolio
	Six Months Ended September 30, 2002 (Unaudited)			Year Ended March 31, 2002			Six Months Ended September 30, 2002 (Unaudited)			Year Ended March 31, 2002			Six Months Ended September 30, 2002 (Unaudited)			Year Ended March 31, 2002			Six Months Ended September 30, 2002 (Unaudited)			Year Ended March 31, 2002
Operations:
Net investment income	$	14,184		$	7,670		$	27,143		$	73,817		$	199,380		$	144,791		$	12,916		$	21,163
Net realized gain (loss)		4,962			803			116,970			21,142			92,308			14,486			(30,666	)		(11,048	)
Net change in unrealized appreciation (depreciation)		(2,467	)		(721	)		91,164			(39,789	)		(383,484	)		(133,385	)		(12,845	)		(13,841	)
Net increase (decrease) resulting from operations		16,679			7,752			235,277			55,170			(91,796	)		25,892			(30,595	)		(3,726	)
Distributions to Shareholders:
From net investment income		(12,341	)		(9,243	)		(25,234	)		(74,540	)		(179,821	)		(127,860	)		(11,885	)		(19,870	)
From net realized capital gains		0			(1,334	)		0			(78,375	)		0			(24,685	)		0			(8,594	)
Total Distributions		(12,341	)		(10,577	)		(25,234	)		(152,915	)		(179,821	)		(152,545	)		(11,885	)		(28,464	)
Portfolio Share Transactions:
Receipts for shares sold		2,431,667			80,369			3,437,599			1,743,762			1,789,074			4,705,492			94,967			310,630
Issued as reinvestment of distributions		11,571			10,558			24,150			145,162			172,894			145,718			11,721			27,926
Cost of shares redeemed		(1,258,461	)		(164,533	)		(667,284	)		(2,503,121	)		(1,697,907	)		(776,729	)		(294,233	)		(121,158	)
Net increase (decrease) resulting from Portfolio share transactions		1,184,777			(73,606	)		2,794,465			(614,197	)		264,061			4,074,481			(187,545	)		217,398
Total Increase (Decrease) in Net Assets	$	1,189,115		$	(76,431	)	$	3,004,508		$	(711,942	)	$	(7,556	)	$	3,947,828		$	(230,025	)	$	185,208
Net Assets:
Beginning of period		114,868			191,299			545,294			1,257,236			4,947,469			999,641			397,455			212,247
End of period*	$	1,303,983		$	114,868		$	3,549,802		$	545,294		$	4,939,913		$	4,947,469		$	167,430		$	397,455
* Including net undistributed investment income of:	$	2,552		$	709		$	11,747		$	9,838		$	40,077		$	20,518		$	10,264		$	9,233

18   Semi-Annual Report  I  9.30.02I  See accompanying notes

Amounts in thousands

Increase (Decrease) in Net Assets from:

	Mortgage Portfolio						Asset-Backed Securities Portfolio						Real Return Portfolio						International Portfolio
	Six Months Ended September 30, 2002 (Unaudited)			Year Ended March 31, 2002			Six Months Ended September 30, 2002 (Unaudited)			Year Ended March 31, 2002			Six Months Ended September 30, 2002 (Unaudited)			Year Ended March 31, 2002			Six Months Ended September 30, 2002 (Unaudited)			Year Ended March 31, 2002
Operations:
Net investment income	$	161,165		$	301,517		$	4,491		$	4,572		$	5,055		$	12,977		$	32,240		$	106,027
Net realized gain (loss)		248,095			174,223			2,451			1,543			6,658			8,838			(439,041	)		220,150
Net change in unrealized appreciation (depreciation)		95,615			(87,295	)		8,321			(558	)		12,009			(6,688	)		553,238			(140,905	)
Net increase (decrease) resulting from operations		504,875			388,445			15,263			5,557			23,722			15,127			146,437			185,272
Distributions to Shareholders:
From net investment income		(149,817	)		(302,189	)		(3,982	)		(4,391	)		(4,665	)		(14,080	)		(53,426	)		(201,945	)
From net realized capital gains		0			(153,012	)		0			(2,169	)		0			(9,988	)		0			(32,590	)
Total Distributions		(149,817	)		(455,201	)		(3,982	)		(6,560	)		(4,665	)		(24,068	)		(53,426	)		(234,535	)
Portfolio Share Transactions:
Receipts for shares sold		6,305,240			6,256,550			228,226			56,039			383,898			311,326			1,317,498			2,368,807
Issued as reinvestment of distributions		145,093			433,828			3,906			6,560			4,584			21,980			51,644			220,149
Cost of shares redeemed		(3,281,531	)		(4,786,643	)		(68,279	)		(16,570	)		(252,375	)		(438,740	)		(482,624	)		(4,319,543	)
Net increase (decrease) resulting from Portfolio share transactions		3,168,802			1,903,735			163,853			46,029			136,107			(105,434	)		886,518			(1,730,587	)
Total Increase (Decrease) in Net Assets	$	3,523,860		$	1,836,979		$	175,134		$	45,026		$	155,164		$	(114,375	)	$	979,529		$	(1,779,850	)
Net Assets:
Beginning of period		5,314,257			3,477,278			98,848			53,822			94,457			208,832			1,808,687			3,588,537
End of period*	$	8,838,117		$	5,314,257		$	273,982		$	98,848		$	249,621		$	94,457		$	2,788,216		$	1,808,687
* Including net undistributed investment income of:	$	48,880		$	37,532		$	1,179		$	670		$	1,098		$	708		$	82,391		$	103,577

See accompanying notes  I  9.30.02   I  Semi-Annual Report   19

Statements of Changes in Net Assets (Cont.)

September 30, 2002

Amounts in thousands	Emerging Markets Portfolio						Municipal Sector Portfolio
Increase (Decrease) in Net Assets from:	Six Months Ended September 30, 2002 (Unaudited)			Year Ended March 31, 2002			Six Months Ended September 30, 2002 (Unaudited)			Year Ended March 31, 2002
Operations:
Net investment income	$	38,649		$	36,633		$	5,165		$	5,873
Net realized gain (loss)		(2,545	)		14,506			(866	)		1,224
Net change in unrealized appreciation (depreciation)		(77,882	)		13,147			4,852			(2,609	)
Net increase (decrease) resulting from operations		(41,778	)		64,286			9,151			4,488
Distributions to Shareholders:
From net investment income		(34,638	)		(34,275	)		(4,826	)		(4,858	)
From net realized capital gains		0			0			0			(2,925	)
Total Distributions		(34,638	)		(34,275	)		(4,826	)		(7,783	)
Portfolio Share Transactions:
Receipts for shares sold		170,330			849,065			269,073			127,962
Issued as reinvestment of distributions		33,344			31,778			4,622			7,102
Cost of shares redeemed		(171,606	)		(193,088	)		(317,247	)		(55,466	)
Net increase (decrease) resulting from Portfolio share transactions		32,068			687,755			(43,552	)		79,598
Total Increase (Decrease) in Net Assets	$	(44,348	)	$	717,766		$	(39,227	)	$	76,303
Net Assets:
Beginning of period		1,005,646			287,880			145,514			69,211
End of period *	$	961,298		$	1,005,646		$	106,287		$	145,514
*Including net undistributed investment income of:	$	17,905		$	13,894		$	2,567		$	2,228

20   Semi-Annual Report  I  9.30.02I  See accompanying notes

Statements of Cash Flows

For the period ended September 30, 2002 (Unaudited)

Amounts in thousands	Real Return Portfolio			International Portfolio			Emerging Markets Portfolio
Increase (Decrease) in Cash and Foreign Currency from:
Financing Activities:
Sales of Portfolio shares	$	424,819		$	1,317,498		$	174,330
Redemptions of Portfolio shares		(249,615	)		(464,974	)		(165,206	)
Cash Distributions paid		(81	)		(1,782	)		(1,294	)
Proceeds from financing transactions		104,566			3,908,220			339,381
Net increase from financing activities		279,689			4,758,962			347,211
Operating Activities:
Purchases of long-term securities and foreign currency		(676,341	)		(10,848,954	)		(1,345,415	)
Proceeds from sales of long-term securities and foreign currency		533,782			7,026,571			1,114,187
Purchases of short-term securities (net)		(139,863	)		(1,142,388	)		(120,858	)
Net investment income		5,055			32,240			38,649
Changes in other receivables/payables (net)		(3,044	)		314,520			(35,210	)
Net (decrease) from operating activities		(280,411	)		(4,618,011	)		(348,647	)
Net Increase (Decrease) in Cash and Foreign Currency		(722	)		140,951			(1,436	)
Cash and Foreign Currency
Beginning of period		756			122,678			6,532
End of period	$	34		$	263,629		$	5,096

See accompanying notes  I  9.30.02   I  Semi-Annual Report   21

Schedule of Investments

Short-Term Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 31.6%
Banking & Finance 12.1%
Bear Stearns Cos., Inc.
5.125% due 02/22/2004 (a)	$	1,200	$	1,182
2.410% due 07/15/2005 (a)		8,615		8,623
CIT Group, Inc.
6.150% due 12/15/2002		3,000		3,021
5.625% due 10/15/2003		3,195		3,255
5.500% due 02/15/2004		5,300		5,373
5.625% due 05/17/2004		2,900		2,971
6.500% due 02/07/2006		1,000		1,053
Deutsche Telekom International Finance BV
7.750% due 06/15/2005		20,100		21,572
EOP Operating LP
6.375% due 02/15/2003		3,100		3,142
Ford Motor Credit Co.
2.236% due 01/26/2004 (a)		6,750		6,488
2.690% due 03/08/2004 (a)		1,700		1,626
2.070% due 04/26/2004 (a)		16,700		15,771
2.006% due 06/02/2004 (a)		5,000		4,701
7.570% due 05/16/2005		1,000		1,000
General Electric Capital Corp.
6.750% due 09/11/2003		2,000		2,089
General Motors Acceptance Corp.
5.950% due 03/14/2003		10,000		10,121
2.142% due 08/04/2003 (a)		1,800		1,776
3.750% due 10/15/2003 (a)		3,100		3,128
2.580% due 01/20/2004 (a)		1,000		982
2.125% due 04/05/2004 (a)		1,000		969
2.612% due 05/04/2004 (a)		1,700		1,658
2.620% due 05/17/2004 (a)		8,200		7,995
Household Finance Corp.
6.125% due 02/27/2003		2,300		2,328
2.120% due 08/07/2003 (a)		2,100		2,078
3.140% due 03/11/2004 (a)		1,000		986
5.750% due 01/30/2007		1,000		974
MBNA America Bank NA
2.436% due 05/12/2004 (a)		1,100		1,080
National Rural Utilities Cooperative Finance Corp.
7.375% due 02/10/2003		12,885		13,092
2.940% due 04/26/2004 (a)		16,700		16,750
5.500% due 01/15/2005		1,267		1,333
Popular North America, Inc.
3.510% due 10/15/2003 (a)		3,350		3,383
SLM Corp.
2.270% due 10/25/2004 (a)		7,500		7,515
				158,015
Industrials 14.7%
Barrett Resources Corp.
7.550% due 02/01/2007		1,000		940
Clear Channel Communications, Inc.
7.250% due 09/15/2003		7,000		7,121
ConAgra Foods, Inc.
7.400% due 09/15/2004		3,600		3,921
Cox Communications, Inc.
6.500% due 11/15/2002		880		880
6.150% due 08/01/2003 (a)		2,090		2,048
DaimlerChrysler North America Holding Corp.
2.322% due 08/01/2003 (a)		9,200		9,174
2.000% due 08/21/2003 (a)		6,500		6,474
2.220% due 08/16/2004 (a)		3,400		3,353
General Mills, Inc.
5.820% due 02/05/2003		5,000		5,059
Ingersoll-Rand Co.
5.750% due 02/14/2003		16,000		16,200
International Paper Co.
8.000% due 07/08/2003		14,280		14,845
Kerr-McGee Corp.
2.797% due 06/28/2004 (a)		8,000		7,996
Kinder Morgan, Inc.
6.450% due 03/01/2003		14,900		15,086
Kroger Co.
7.150% due 03/01/2003		9,320		9,490
Martin Marietta Corp.
6.500% due 04/15/2003		10,350		10,550
Nabisco, Inc.
6.125% due 02/01/2033		3,300		3,336
Norfolk Southern Corp.
2.510% due 02/28/2005 (a)		8,700		8,704
R.J. Reynolds Tobacco Holdings, Inc.
7.375% due 05/15/2003		11,200		11,442
Raytheon Co.
7.900% due 03/01/2003		9,687		9,848
Safeway, Inc.
6.050% due 11/15/2003		1,700		1,763
TCI Communications, Inc.
8.250% due 01/15/2003		8,650		8,613
Time Warner Entertainment Co. L.P.
7.975% due 08/15/2004		14,925		14,817
Transocean, Inc.
9.125% due 12/15/2003		1,250		1,331
Waste Management, Inc.
6.500% due 12/15/2002		3,505		3,516
Weyerhaeuser Co.
9.050% due 02/01/2003		4,000		4,069
2.951% due 09/15/2003 (a)		4,700		4,705
Willamette Industries, Inc.
9.125% due 02/15/2003		1,000		1,019
Williams Cos., Inc.
6.500% due 11/15/2002		5,000		4,675
				190,975
Utilities 4.8%
ALLETE, Inc.
2.710% due 10/20/2003 (a)		2,000		1,995
AT&T Corp.
6.500% due 11/15/2006		1,000		986
British Telecom PLC
3.121% due 12/15/2003 (a)		16,050		16,021
7.875% due 12/15/2005		1,000		1,117
Cleveland Electric Illuminating Co.
7.375% due 06/01/2003		6,334		6,444
Entergy Mississippi, Inc.
7.750% due 02/15/2003		600		610
France Telecom SA
2.457% due 03/14/2003 (a)		12,720		12,558
Kinder Morgan, Inc.
2.810% due 10/10/2002 (a)		1,100		1,100
Pacific Gas & Electric Co.
7.575% due 10/31/2049 (a) (b)		1,500		1,410
Public Service Co. of Colorado
6.000% due 04/15/2003		1,000		995
Sprint Capital Corp.
5.700% due 11/15/2003		4,700		4,281
Transocean, Inc.
6.500% due 04/15/2003		500		509
TXU Electric Co.
6.750% due 03/01/2003		3,000		3,052
2.462% due 06/15/2003 (a)		1,500		1,491
Verizon Wireless, Inc.
2.220% due 12/17/2003 (a)		10,800		10,356
WorldCom, Inc.—WorldCom Group
7.375% due 01/15/2003 (b)		1,600		200
				63,125
Total Corporate Bonds & Notes (Cost $414,680)				412,115
U.S. GOVERNMENT AGENCIES 5.1%
Fannie Mae
5.050% due 04/08/2004		8,000		8,005
5.000% due 02/14/2005		3,000		3,039
4.000% due 03/11/2005		3,000		3,026
5.800% due 02/21/2006		2,000		2,029
5.650% due 06/19/2006		500		513
6.620% due 11/13/2007		1,000		1,005
6.320% due 03/03/2008		1,000		1,016
7.220% due 10/29/2009		2,000		2,007
Federal Home Loan Bank
4.150% due 12/28/2004		1,000		1,011
5.375% due 01/27/2005		2,000		2,025

22   Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
7.430% due 02/24/2005	$	1,000	$	1,023
7.500% due 03/07/2005		200		205
7.500% due 03/14/2005		1,000		1,027
5.430% due 03/28/2005		2,500		2,547
4.500% due 04/04/2005		125		127
5.290% due 04/25/2005		1,000		1,020
5.270% due 05/09/2005		605		618
5.950% due 02/06/2006		3,000		3,040
6.000% due 02/07/2006		2,000		2,027
6.000% due 02/14/2006		2,500		2,536
5.850% due 03/07/2006		1,000		1,016
5.780% due 03/14/2006		1,000		1,017
5.540% due 03/21/2006		3,000		3,049
6.000% due 07/27/2006		550		557
5.705% due 09/27/2006		250		255
5.750% due 01/03/2007		250		257
5.100% due 01/29/2007		1,000		1,011
6.000% due 02/05/2007		1,000		1,014
8.130% due 05/22/2007		100		104
7.300% due 09/26/2007		250		263
7.270% due 10/04/2007		1,000		1,000
6.413% due 05/27/2008		250		257
Freddie Mac
3.750% due 06/04/2004		3,000		3,039
4.210% due 09/28/2004		1,000		1,011
6.860% due 06/16/2005		2,000		2,019
4.125% due 06/27/2005		2,000		2,030
6.050% due 02/07/2006		2,000		2,027
5.625% due 03/20/2006		1,000		1,016
4.900% due 05/30/2006		8,000		8,152
Total U.S. Government Agencies (Cost $66,952)				66,940
MORTGAGE-BACKED SECURITIES 24.3%
Collateralized Mortgage Obligations 22.5%
Bank of America Mortgage Securities
5.512% due 05/25/2032		7,177		7,365
Bank of America Mortgage Securities, Inc.
5.819% due 10/20/2032 (a)		22,500		22,876
Bear Stearns Adjustable Rate Mortgage Trust
6.269% due 01/25/2032 (a)		735		744
5.439% due 10/25/2032 (a)		3,800		3,852
Chase Mortgage Finance Corp.
6.550% due 08/25/2028		298		298
6.750% due 08/25/2029		2,653		2,679
7.250% due 02/25/2031		393		395
Countrywide Home Loans, Inc.
6.500% due 08/25/2032 (a)		4,465		4,579
CS First Boston Mortgage Securities Corp.
2.200% due 05/25/2032 (a)		19,714		19,729
2.360% due 08/25/2033 (a)		7,700		7,700
Fannie Mae
5.750% due 12/25/2008		14,178		14,864
5.000% due 09/25/2018		3,952		4,069
2.180% due 06/25/2032 (a)		498		499
First Republic Mortgage Loan Trust
2.120% due 08/15/2032 (a)		8,867		8,867
Freddie Mac
7.250% due 06/15/2007		361		361
5.750% due 03/15/2009		354		358
6.000% due 12/15/2009		3,500		3,555
6.000% due 09/15/2011		4,500		4,648
4.500% due 11/15/2018		4,842		4,952
2.288% due 10/15/2024 (a)		3,500		3,527
2.288% due 11/15/2024 (a)		17,552		17,689
2.273% due 02/15/2025 (a)		3,360		3,384
Government National Mortgage Association
5.500% due 09/20/2025		25,000		26,226
GSR Mortgage Loan Trust
5.575% due 10/25/2031 (a)		3,159		3,233
GSRPM Mortgage Loan Trust
2.240% due 11/25/2031 (a)		23,443		23,443
IMPAC Secured Assets CMN Owner Trust
6.500% due 04/25/2033		2,009		2,015
Residential Funding Mortgage Securities I, Inc.
6.250% due 02/25/2032		8,280		8,342
Salomon Brothers Mortgage Securities VII, Inc.
2.133% due 06/25/2032 (a)		4,575		4,565
Sequoia Mortgage Trust
2.200% due 10/20/2027 (a)		4,900		4,900
Structured Asset Mortgage Investments, Inc.
2.154% due 09/19/2032 (a)		9,990		9,990
Structured Asset Securities Corp.
2.290% due 06/25/2017 (a)		941		942
2.157% due 10/25/2027 (a)		4,321		4,318
2.100% due 02/25/2032 (a)		26,617		26,515
3.592% due 05/25/2032 (a)		2,987		3,021
Washington Mutual Mortgage Securities Corp.
5.385% due 02/25/2031 (a)		4,200		4,301
6.309% due 07/25/2032		23,136		23,743
5.243% due 10/25/2032 (a)		8,795		8,994
Washington Mutual, Inc.
6.500% due 10/19/2029		2,289		2,360
				293,898
Government National Mortgage Association 1.8%
5.000% due 09/20/2029 (a)		3,994		4,059
5.500% due 10/20/2029 (a)		18,409		18,863
				22,922
Total Mortgage-Backed Securities (Cost $315,709)				316,820
ASSET-BACKED SECURITIES 12.8%
AFC Home Equity Loan Trust
2.120% due 12/22/2027 (a)		480		479
Arcadia Automobile Receivables Trust
6.000% due 11/17/2003		9		9
5.670% due 08/15/2006		326		331
Bayview Financial Acquisition Trust
2.203% due 11/25/2030 (a)		3,000		3,008
Bear Stearns Asset-Backed Securities, Inc.
2.170% due 10/25/2032 (a)		7,547		7,541
Capital Asset Research Funding LP
6.400% due 12/15/2004		2,647		2,700
CDC Mortgage Capital Trust
2.100% due 08/25/2032 (a)		2,754		2,740
CIT Group Home Equity Loan Trust
2.083% due 06/25/2033 (a)		2,344		2,340
ContiMortgage Home Equity Loan Trust
2.140% due 03/15/2024 (a)		964		963
2.048% due 08/15/2028 (a)		201		201
Countrywide Asset-Backed Certificates
2.098% due 05/25/2032 (a)		9,629		9,587
CS First Boston Mortgage Securities Corp.
2.170% due 03/25/2032 (a)		5,198		5,177
First Franklin Mortgage Loan Trust Asset-Backed Certificates
2.160% due 09/25/2032 (a)		18,900		18,915
Home Equity Asset Trust
2.140% due 11/25/2032 (a)		3,023		3,013
Home Equity Asset-Backed Certificates
5.885% due 05/15/2019		11,714		11,814
Household Mortgage Loan Trust
2.138% due 05/20/2032 (a)		4,538		4,536
Irwin Home Equity Loan Trust
2.210% due 02/25/2012 (a)		881		881
2.100% due 06/25/2029 (a)		13,575		13,541
Irwin Whole Loan Home Equity Trust
2.080% due 07/25/2032 (a)		10,810		10,810
Long Beach Mortgage Loan Trust
2.120% due 11/25/2009 (a)		2,384		2,375
2.190% due 03/25/2032 (a)		4,054		4,049
Morgan Stanley ABS Capital, Inc.
2.113% due 08/25/2030 (a)		8,630		8,601
Morgan Stanley Dean Witter Capital I
2.200% due 10/26/2031 (a)		4,016		4,010
2.170% due 07/25/2032 (a)		6,028		6,011
Option One Mortgage Loan Trust
2.170% due 04/25/2030 (a)		515		514

See accompanying notes  I  9.30.02   I  Semi-Annual Report   23

Schedule of Investments (Cont.)

Short-Term Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Renaissance Home Equity Loan Trust
2.160% due 08/25/2032 (a)	$	3,541	$	3,547
Residential Asset Securities Corp.
1.960% due 05/25/2017 (a)		23,374		23,345
Residential Funding Mortgage Securities II, Inc.
2.040% due 08/25/2014 (a)		15,510		15,520
SLM Student Loan Trust
2.179% due 10/25/2005 (a)		357		358
Total Asset-Backed Securities (Cost $167,045)				166,916
PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 97.000 Exp. 12/16/2002		2,150,000		13
Strike @ 95.500 Exp. 12/16/2002		700,000		4
Strike @ 94.250 Exp. 12/16/2002		1,380,000		9
Strike @ 92.500 Exp. 12/16/2002		458,000		6
Eurodollar March Futures (CME)
Strike @ 95.750 Exp. 03/17/2003		1,600,000		20
Total Purchased Put Options (Cost $91)				52
CONVERTIBLE BONDS & NOTES 0.2%
Industrials 0.2%
Nabors Industries Ltd.
0.000% due 06/20/2020		3,000		1,954
Total Convertible Bonds & Notes (Cost $1,928)				1,954
SHORT-TERM INSTRUMENTS 34.3%
Commercial Paper 32.5%
AT&T Corp.
3.720% due 04/18/2003		16,000		15,057
BP Amoco Capital PLC
1.970% due 10/01/2002		69,000		69,000
Danske Corp.
1.940% due 12/19/2002		69,000		69,000
Fannie Mae
1.860% due 10/01/2002		5,000		5,000
Federal Home Loan Bank
1.658% due 10/23/2002		15,000		14,985
GlaxoSmithKline PLC
1.760% due 10/18/2002		4,500		4,491
Rabobank Nederland NV
1.920% due 10/01/2002		64,000		64,000
Shell Finance (UK) PLC
1.700% due 11/19/2002		30,000		29,931
1.700% due 11/26/2002		14,000		13,963
TotalFinaElf SA
1.740% due 10/31/2002		69,000		69,000
UBS Finance, Inc.
1.750% due 12/18/2002		69,000		69,000
				423,427
Repurchase Agreement 0.2%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Federal Home Loan Bank 3.550%due 11/26/2004 valued at $3,266. Repurchase proceeds are $3,200.)		3,200		3,200
U.S. Treasury Bills 1.6%
1.609% due 11/14/2002-11/29/2002 (c)(d)		21,205		21,150
Total Short-Term Instruments (Cost $448,720)				447,777
Total Investments 108.3% (Cost $1,415,125)			$	1,412,574
Written Options (e) (0.7%) (Premiums $11,592)			$	(8,835	)
Other Assets and Liabilities (Net) (7.6%)				(99,756	)
Net Assets 100.0%			$	1,303,983

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

(c) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(d) Securities with an aggregate market value of $13,921 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation
U.S. Treasury 10 Year Note (12/2002)	98	$	366
Eurodollar June Futures (06/2003)	109		689
		$	1,055

(e) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—OTC 3 Month LIBOR Interest Rate Swaps Strike @ 7.000 Exp. 01/07/2005	21,430,000	$	473	$	365
Call—OTC 3 Month LIBOR Interest Rate Swaps Strike @ 5.000 Exp. 01/07/2005	21,430,000		420		1,095
Put—CME Eurodollar March Futures Strike @ 96.750 Exp. 03/17/2003	965		955		18
Call—CME Eurodollar June Futures Strike @ 98.750 Exp. 06/16/2003	2,260		726		1,158
Put—CME Eurodollar December Futures Strike @ 96.000 Exp. 12/16/2002	890		446		11
Put—CME Eurodollar December Futures Strike @ 96.500 Exp. 12/16/2002	965		170		6
Put—CME Eurodollar December Futures Strike @ 97.000 Exp. 12/16/2002	6,340		8,402		6,182
		$	11,592	$	8,835

(f) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
U.S. Treasury Notes	5.500	05/15/2009	$	11,300	$	12,903	$	12,548

24   Semi-Annual Report  I  9.30.02I  See accompanying notes

(g) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive floating rate based on 3-month LIBOR plus 0.470% and pay a fixed rate equal to 7.750%.
Broker: Morgan Stanley Exp. 06/15/2005	$	5,000	$	(616	)
Receive floating rate based on 3-month LIBOR plus 1.000% and pay to the counterparty the notional amount of $3,000 in exchange for shares of Nabors Industries, Inc. due 06/20/2020 when the convertible debentures mature.
Broker: Morgan Stanley Exp. 06/20/2003	$	1,825	$	(67	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of Vodafone Group PLC 7.750% due 02/15/2010.
Broker: Lehman Brothers, Inc. Exp. 09/10/2003		1,500		(13	)
Receive a fixed rate equal to 1.100% and the Fund will pay to the counterparty at par in the event of default of the Republic of South Africa 9.125% due 05/19/2009.
Broker: J.P. Morgan Chase & Co. Exp. 07/28/2003		600		0
Receive a fixed rate equal to 0.410% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.875% due 02/15/2012.
Broker: Goldman Sachs Exp. 06/07/2004		10,000		6
Receive a fixed rate equal to 0.400% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.875% due 02/15/2012.
Broker: Goldman Sachs Exp. 06/07/2004		4,300		(18	)
Receive a fixed rate equal to 0.360% and the Fund will pay to the counterparty at par in the event of default of General Electric Capital Corp. 5.875% due 02/15/2012.
Broker: ABN AMRO Bank N.V. Exp. 07/11/2003		4,300		0
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Goldman Sachs Exp. 12/18/2004		84,700		(2,908	)
			$	(3,616	)

See accompanying notes   I  9.30.02  I 25

Schedule of Investments

U.S. Government Sector Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 2.6%
Banking & Finance 2.4%
Bear Stearns Cos., Inc.
2.317% due 06/01/2004 (a)	$	2,000	$	2,004
CIT Group, Inc.
2.310% due 04/07/2003 (a)		300		299
1.880% due 08/14/2003 (a)		600		596
Deutsche Telekom International Finance BV
7.750% due 06/15/2005		10,000		10,733
Donaldson, Lufkin & Jenrette, Inc.
2.375% due 07/18/2003 (a)		3,000		3,008
Ford Motor Credit Co.
1.877% due 02/13/2003 (a)		3,000		2,966
2.394% due 06/23/2003 (a)		2,000		1,965
2.070% due 04/26/2004 (a)		2,000		1,889
2.320% due 07/19/2004 (a)		1,800		1,704
2.295% due 07/18/2005 (a)		6,300		5,687
General Motors Acceptance Corp.
2.250% due 08/04/2003 (a)		3,000		2,961
2.580% due 01/20/2004 (a)		5,800		5,695
2.276% due 04/05/2004 (a)		800		775
Goldman Sachs Group, Inc.
2.550% due 02/11/2004 (a)		2,800		2,811
Household Bank
2.127% due 10/22/2003 (a)		3,000		2,966
Lehman Brothers Holdings, Inc.
2.440% due 04/04/2003 (a)		2,100		2,103
Merrill Lynch & Co., Inc.
2.110% due 03/08/2004 (a)		4,200		4,205
2.201% due 05/21/2004 (a)		2,300		2,300
Morgan Stanley
1.930% due 09/19/2003 (a)		10,350		10,355
National Australia Bank Ltd.
2.382% due 05/19/2010 (a)		2,500		2,512
National Rural Utilities Cooperative Finance Corp.
2.940% due 04/26/2004 (a)		6,600		6,620
Postal Square LP
6.500% due 06/15/2022		4,548		5,193
Protective Life Funding Trust
2.320% due 01/17/2003 (a)		1,500		1,501
Washington Mutual Bank
2.070% due 05/14/2004 (a)		2,850		2,857
				83,705
Industrials 0.2%
Cox Enterprises, Inc.
2.722% due 05/01/2033 (a)		1,400		1,387
DaimlerChrysler North America Holding Corp.
2.220% due 08/16/2004 (a)		7,000		6,903
Kellogg Co.
6.625% due 01/29/2004		680		715
				9,005
Utilities 0.0%
British Telecom PLC
3.181% due 12/15/2003 (a)		1,000		998
France Telecom SA
10.000% due 03/01/2031		200		222
				1,220
Total Corporate Bonds & Notes (Cost $93,391)				93,930
U.S. GOVERNMENT AGENCIES 24.3%
Fannie Mae
3.300% due 12/04/2003		4,075		4,087
3.770% due 10/29/2004		100		100
6.520% due 12/13/2004		9,000		9,094
4.050% due 10/10/2006		1,000		1,000
6.320% due 03/03/2008		30,000		30,490
5.500% due 03/20/2009		18,000		18,252
6.625% due 09/15/2009		400,000		468,447
6.000% due 05/15/2011		100,000		112,637
0.000% due 10/09/2019		95,600		36,925
6.210% due 08/06/2038		36,277		40,941
Federal Farm Credit Bank
5.750% due 01/18/2011		6,200		6,930
7.350% due 05/08/2030		3,000		3,832
Federal Home Loan Bank
3.000% due 06/28/2004		8,000		8,095
4.510% due 07/29/2005		100		101
5.625% due 03/28/2006		500		509
0.000% due 12/21/2018		8,000		2,760
Freddie Mac
3.550% due 03/25/2004		4,945		4,985
3.250% due 07/15/2004		600		607
3.900% due 08/04/2004		10,000		10,070
4.000% due 12/27/2004		20,000		20,094
4.500% due 04/15/2005		25,000		25,313
5.125% due 07/15/2012		33,100		35,185
4.000% due 02/13/2017		6,000		6,226
Resolution Funding Corp.
0.000% due 01/15/2030		10,000		2,341
Small Business Administration
7.449% due 08/01/2010 (a)		2,177		2,489
Tennessee Valley Authority
7.140% due 05/23/2012		9,000		10,977
Total U.S. Government Agencies (Cost $842,969)				862,487
U.S. TREASURY OBLIGATIONS 25.4%
Treasury Inflation Protected Securities (d)
3.875% due 04/15/2029		19,719		24,267
U.S. Treasury Bonds
7.250% due 05/15/2016		141,000		183,113
8.875% due 08/15/2017		64,500		95,631
8.125% due 08/15/2019		9,900		13,993
8.000% due 11/15/2021		3,400		4,809
7.125% due 02/15/2023		50,000		65,332
5.500% due 08/15/2028		356,200		391,403
5.250% due 11/15/2028		3,700		3,933
U.S. Treasury Notes
4.375% due 05/15/2007		110,000		118,761
Total U.S. Treasury Obligations (Cost $835,562)				901,242
MORTGAGE-BACKED SECURITIES 4.7%
Collateralized Mortgage Obligations 3.6%
Bank of America Mortgage Securities, Inc.
5.819% due 10/20/2032 (a)		25,200		25,621
Bear Stearns Adjustable Rate Mortgage Trust
6.160% due 12/25/2031 (a)		3,756		3,855
6.264% due 01/25/2032 (a)		1,616		1,637
CS First Boston Mortgage Securities Corp.
2.360% due 08/25/2033 (a)		27,900		27,900
Federal Agricultural Mortgage Corp.
7.238% due 07/25/2011 (a)		3,464		3,894
Freddie Mac
6.000% due 05/15/2029		121		119
6.000% due 12/15/2031		2,914		2,969
6.000% due 08/15/2032		5,281		5,128
6.000% due 09/15/2032		13,000		12,747
Residential Funding Mortgage Securities I, Inc
7.500% due 04/25/2027		606		609
7.500% due 11/25/2030		1,722		1,723
Sears Mortgage Securities
6.190% due 07/25/2019 (a)		1,419		1,417
Sequoia Mortgage Trust
2.160% due 05/20/2032 (a)		4,048		3,969
Small Business Administration
8.017% due 02/10/2010 (a)		11,329		13,227
Structured Asset Mortgage Investments, Inc.
6.340% due 03/25/2032 (a)		7,821		8,108
Structured Asset Securities Corp.
2.310% due 07/25/2032 (a)		9,200		9,234
United Mortgage Securities Corp.
5.541% due 06/25/2032 (a)		3,307		3,372
Washington Mutual, Inc.
4.598% due 01/25/2041 (a)		2,146		2,182
				127,711

26   Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Fannie Mae 0.1%
6.228% due 12/01/2022 (a)	$	243	$	251
6.973% due 01/01/2029 (a)		1,181		1,247
				1,498
Government National Mortgage Association 1.0%
5.000% due 05/20/2030 (a)		4,126		4,239
5.250% due 02/20/2030 (a)		15,144		15,507
5.375% due 04/20/2023-02/20/2026 (a)(b)		7,708		7,959
6.625% due 10/20/2023-10/20/2024 (a)(b)		1,020		1,055
6.750% due 07/20/2025-08/20/2026 (a)(b)		7,462		7,694
				36,454
Total Mortgage-Backed Securities (Cost $162,298)				165,663
ASSET-BACKED SECURITIES 3.5%
Ace Securities Corp.
2.153% due 06/25/2032 (a)		8,880		8,865
Advanta Revolving Home Equity Loan Trust
2.183% due 01/25/2024 (a)		744		742
AmeriCredit Automobile Receivables Trust
3.780% due 02/12/2007		5,000		5,119
2.038% due 04/05/2007 (a)		10,900		10,907
Bayview Financial Acquisition Trust
2.203% due 11/25/2030 (a)		3,000		3,008
ContiMortgage Home Equity Loan Trust
2.050% due 08/15/2028 (a)		100		100
CS First Boston Mortgage Securities Corp.
2.083% due 12/15/2030 (a)		2,083		2,081
2.170% due 03/25/2032 (a)		3,561		3,547
DaimlerChrysler Auto Trust
2.900% due 12/06/2004		3,000		3,025
Home Equity Mortgage Trust
6.007% due 06/25/2032 (a)		3,627		3,723
Household Automotive Trust
2.750% due 05/17/2005		10,400		10,496
Household Consumer Loan Trust
2.260% due 08/15/2006 (a)		1,082		1,035
Household Mortgage Loan Trust
2.138% due 05/20/2032 (a)		7,872		7,868
HPSC Equipment Receivables LLC
2.120% due 11/22/2007 (a)		7,824		7,829
Mellon Residential Funding Corp.
1.970% due 01/25/2008 (a)		1,770		1,771
Morgan Stanley Dean Witter Capital I
2.170% due 07/25/2032 (a)		972		970
Novastar Home Equity Loan
2.090% due 01/25/2031 (a)		9,412		9,373
NPF XII, Inc.
2.468% due 11/01/2003 (a)(h)		10,000		10,000
Provident Bank Equipment Lease Trust
2.110% due 11/25/2011 (a)		6,759		6,779
Renaissance Home Equity Loan Trust
2.160% due 08/25/2032 (a)		689		690
Residential Funding Mortgage Securities II, Inc.
4.130% due 07/25/2011		8,300		8,446
Sallie Mae
2.512% due 04/25/2007 (a)		1,161		1,163
Signet HelocTrust
2.120% due 06/20/2004 (a)		777		777
SLM Student Loan Trust
2.349% due 01/25/2007 (a)		334		335
Vanderbilt Acquisition Loan Trust
3.280% due 01/07/2013		3,629		3,663
WFS Financial Owner Trust
2.820% due 05/20/2005		11,500		11,605
Total Asset-Backed Securities (Cost $123,434)				123,917
SUPRANATIONAL 0.2%
International Bank for Reconstruction & Development 0.000% due 06/01/2010		8,000		5,738
Total Supranational (Cost $5,162)				5,738
PURCHASED CALL OPTIONS 0.0%
Eurodollar December Futures (CME) Strike @ 99.250 Exp. 12/16/2002		5,940,000		223
Total Purchased Call Options (Cost $318)				223
PURCHASED PUT OPTIONS 0.0%
Eurodollar December Futures (CME)
Strike @ 96.750 Exp. 12/16/2002		3,900,000		24
Strike @ 95.500 Exp. 12/16/2002		3,858,000		24
Strike @ 94.250 Exp. 12/16/2002		61,000		1
U.S. Treasury Note December Futures (CBOT)
Strike @ 97.000 Exp. 10/26/2002		200,000		31
Strike @ 98.000 Exp. 11/23/2002		38,000		6
Total Purchased Put Options (Cost $248)				86
CONVERTIBLE BONDS & NOTES 0.2%
Industrials 0.2%
Nabors Industries Ltd. 0.000% due 06/20/2020		10,000		6,512
Total Convertible Bonds & Notes (Cost $6,428)				6,512
SHORT-TERM INSTRUMENTS 42.7%
Commercial Paper 38.1%
Abbey National North America
1.750% due 12/10/2002		106,000		105,633
Danske Corp.
1.940% due 12/19/2002		140,000		140,000
Electricite De France
1.740% due 10/31/2002		33,600		33,587
Fannie Mae
1.860% due 10/01/2002		98,000		98,000
1.710% due 11/20/2002		15,000		14,964
Federal Home Loan Bank
1.850% due 10/01/2002		140,000		140,000
1.680% due 10/22/2002		9,550		9,539
1.680% due 10/25/2002		134,100		133,950
1.725% due 10/30/2002		54,100		54,027
Freddie Mac
1.720% due 10/22/2002		97,000		96,903
1.650% due 10/24/2002		40,131		40,088
HBOS Treasury Services PLC
1.735% due 10/24/2002		30,000		29,967
1.735% due 10/29/2002		30,000		29,960
1.735% due 10/30/2002		30,000		29,958
1.735% due 10/31/2002		30,000		29,957
Pfizer, Inc.
1.730% due 10/28/2002		25,000		24,968
Shell Finance (UK) PLC
1.700% due 10/11/2002		1,400		1,399
1.700% due 11/26/2002		100,000		99,736
TotalFinaElf SA
1.740% due 10/24/2002		100,400		100,288
1.740% due 10/31/2002		5,600		5,592
UBS Finance, Inc.
1.970% due 10/01/2002		100,000		100,000
1.750% due 12/18/2002		37,000		36,860
				1,355,376
Repurchase Agreement 0.1%
State Street Bank
1.550% due 10/01/2002 (Dated 09/30/2002. Collateralized by Federal Farm Credit Bank 2.260% due 08/14/2003 valued at $3,064. Repurchase proceeds are $3,000.)		3,000		3,000
U.S. Treasury Bills 4.5%
1.600% due 11/14/2002-11/29/2002 (b)(c)		159,830		159,437
Total Short-Term Instruments (Cost $1,517,813)				1,517,813

See accompanying notes   I  9.30.02  I 27

Schedule of Investments (Cont.)

U.S. Government Sector Portfolio

September 30, 2002 (Unaudited)

	Value (000s)
Total Investments 103.6% (Cost $3,587,623)	$	3,677,611
Written Options (e) (2.3%) (Premiums $29,981)		(79,928	)
Other Assets and Liabilities (Net) (1.3%)		(47,881	)
Net Assets 100.0%	$	3,549,802

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(c) Securities with an aggregate market value of $95,311 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation
U.S. Treasury 2 Year Note (12/2002)	146	$	237
U.S. Treasury 5 Year Note (12/2002)	7,458		15,464
U.S. Treasury 10 Year Note (12/2002)	15,253		53,423
U.S. Treasury 30 Year Bond (12/2002)	3,281		5,173
Eurodollar March Futures (03/2003)	1,800		2,070
Eurodollar June Futures (06/2003)	855		2,116
Eurodollar December Futures (12/2003)	1,434		1,235
		$	79,718

(d) Principal amount of security is adjusted for inflation.

(e) Premiums received on written options:

Type	# of Contracts	Premium		Value
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.250 Exp. 07/19/2004	160,000,000	$	4,208	$	10,665
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 3.500 Exp. 07/22/2003	145,000,000		805		2,690
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.000 Exp. 08/01/2003	300,000,000		6,688		17,713
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.000 Exp. 08/01/2003	100,000,000		2,250		5,904
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 3.250 Exp. 07/22/2003	400,000,000		3,220		6,036
Call—CME Eurodollar March Futures Strike @ 98.000 Exp. 03/17/2003	463		192		674
Call—CME Eurodollar September Futures Strike @ 98.000 Exp. 09/15/2003	5,000		3,606		6,625
Put—CME Eurodollar December Futures Strike @ 96.250 Exp. 12/16/2002	717		625		4
Call—CBOT U.S. Treasury Note December Futures Strike @ 110.000 Exp. 11/23/2002	232		202		1,421
Call—CBOT U.S. Treasury Note December Futures Strike @ 111.000 Exp. 11/23/2002	4,000		4,132		20,876
Call—CBOT U.S. Treasury Note December Futures Strike @ 109.000 Exp. 11/23/2002	232		217		1,635
Call—CBOT U.S. Treasury Note December Futures Strike @ 116.000 Exp. 11/23/2002	902		1,357		1,466
Call—CBOT U.S. Treasury Note December Futures Strike @ 114.000 Exp. 11/23/2002	1,500	$	2,479	$	4,219
		$	29,981	$	79,928

(f) Swap agreements outstanding at September 30, 2002:

Type	Unrealized Notional Amount		Appreciation/ (Depreciation)
Receive floating rate based on 3-month LIBOR plus 0.470% and pay a fixed rate equal to 7.750%.
Broker: Morgan Stanley Exp. 06/15/2005	$	10,000	$	(1,233	)
Receive floating rate based on 3-month LIBOR plus 1.000% and pay to the counterparty the notional amount of $10,000 in exchange for shares of Nabors Industries, Inc. due 06/20/2020 when the convertible debentures mature.
Broker: Morgan Stanley Exp. 06/20/2003		6,084		(224	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.826%.
Broker: Morgan Stanley Exp. 10/26/2030		10,300		(2,745	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.778%.
Broker: Goldman Sachs Exp. 02/15/2021		19,200		(4,415	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley Exp. 12/18/2022		250,000		(20,206	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%
Broker: Goldman Sachs Exp. 12/18/2022		100,000		(8,156	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: Bank of America Exp. 12/18/2012		104,400		7,807
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%
Broker: Merrill Lynch Exp. 12/18/2022		40,000		(4,241	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%
Broker: Morgan Stanley Exp. 12/18/2017		151,600		(15,994	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 3.000%
Broker: UBS—Warburg Exp. 12/18/2004		139,000		(858	)
			$	(50,265	)

(g) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
U.S. Treasury Bonds	5.375	02/15/2031	$	60,000	$	66,694	$	65,750

(h) Subsequent to September 30, 2002, the issuer declared bankruptcy.

28   Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

Investment Grade Corporate Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 92.0%
Banking & Finance 26.9%
ACE INA Holdings, Inc.
8.200% due 08/15/2004	$	3,800	$	4,122
Ahmanson & Co.
8.250% due 10/01/2002 (a)		600		600
AIG SunAmerica Global Funding IX
6.900% due 03/15/2032		250		281
Allstate Corp.
6.900% due 05/15/2038		25,000		26,578
Atlas Reinsurance PLC
4.387% due 01/07/2005 (a)		1,000		1,008
Avalon Bay Communities, Inc.
6.500% due 07/15/2003		400		413
Bank of America Corp.
2.062% due 05/03/2004 (a)		1,200		1,202
6.875% due 02/15/2005		605		663
Barnett Capital II
7.950% due 12/01/2026		750		834
Bear Stearns Cos., Inc.
6.200% due 03/30/2003		5,400		5,506
2.058% due 05/16/2003 (a)		1,500		1,500
2.047% due 12/01/2003 (a)		4,000		4,007
2.380% due 05/24/2004 (a)		10,200		10,250
Beaver Valley Funding Corp.
8.625% due 06/01/2007		2		2
9.000% due 06/01/2017		6,900		7,304
Boeing Capital Corp.
1.920% due 04/17/2003 (a)		3,000		3,002
Capital One Bank
2.537% due 07/28/2003 (a)		1,400		1,387
6.620% due 08/04/2003		600		582
Cedar Brakes II LLC
9.875% due 09/01/2013		9,372		6,888
Centel Captial Corp.
9.000% due 10/15/2019		275		193
Chase Manhanttan Corp.
6.000% due 02/15/2009		1,600		1,683
Chubb Corp.
6.800% due 11/15/2031		20,000		21,001
CIT Group, Inc.
5.920% due 11/08/2002		2,000		2,006
7.375% due 03/15/2003		13,700		13,985
5.500% due 02/15/2004		18,725		18,982
5.625% due 05/17/2004		2,000		2,049
6.625% due 06/15/2005		7,840		8,139
6.500% due 02/07/2006		4,055		4,269
7.375% due 04/02/2007		60		64
5.750% due 09/25/2007		25,000		25,241
7.750% due 04/02/2012		10,000		10,898
Citigroup Capital II
7.750% due 12/01/2036		1,350		1,465
CNA Financial Corp.
6.250% due 11/15/2003		3,000		2,992
Compagnie Financiere de CIC—UE
3.270% due 06/29/2049 (a)		900		891
Conoco Funding Co.
6.350% due 10/15/2011		400		451
Credit Asset Receivable LLC
6.274% due 10/31/2003		393		395
Credit Suisse First Boston USA, Inc.
6.500% due 01/15/2012		5,000		5,348
7.125% due 07/15/2032		15,000		15,647
Deutsche Telekom International Finance BV
7.750% due 06/15/2005		3,000		3,220
8.500% due 06/15/2010		50,850		55,871
8.750% due 06/15/2030		101,560		109,212
Duke Capital Corp.
2.461% due 02/28/2003 (a)		5,000		4,964
Duke Realty Corp.
6.950% due 08/15/2004		500		541
EOP Operating LP
7.375% due 11/15/2003		9,745		10,203
ERP Operating LP
7.125% due 10/15/2017		4,000		4,399
Export-Import Bank Korea
7.100% due 03/15/2007		2,000		2,278
Finova Group, Inc.
7.500% due 11/15/2009 (b)		525		163
First Industrial LP
7.500% due 12/01/2017		2,300		2,609
7.600% due 07/15/2028		4,500		5,009
First Security Corp.
5.875% due 11/01/2003		1,000		1,041
Fleet Boston Financial Corp.
7.375% due 12/01/2009		10,745		12,222
Ford Motor Credit Co.
2.010% due 03/17/2003 (a)		1,800		1,778
6.125% due 04/28/2003		5,100		5,139
2.040% due 11/24/2003 (a)		7,000		6,789
6.700% due 07/16/2004		3,000		3,016
6.750% due 05/15/2005		1,000		989
2.305% due 06/30/2005 (a)		5,000		4,523
7.875% due 06/15/2010		1,000		988
7.375% due 02/01/2011		620		586
7.250% due 10/25/2011		5,000		4,629
Gemstone Investors Ltd.
7.710% due 10/31/2004		40,655		32,565
General Electric Capital Corp.
6.125% due 02/22/2011		54,000		58,730
General Motors Acceptance Corp.
6.450% due 11/13/2002		1,000		1,004
2.360% due 01/17/2003 (a)		20,300		20,230
5.875% due 01/22/2003		1,500		1,512
1.910% due 02/14/2003 (a)		4,800		4,775
1.925% due 03/10/2003 (a)		6,500		6,459
5.800% due 03/12/2003		51,000		51,577
2.233% due 05/16/2003 (a)		12,000		11,913
2.223% due 07/21/2003 (a)		2,000		1,976
2.142% due 08/04/2003 (a)		18,300		18,062
1.857% due 08/18/2003 (a)		2,000		1,969
3.310% due 10/16/2003 (a)		2,300		2,289
5.750% due 11/10/2003		2,200		2,244
2.010% due 04/05/2004 (a)		800		775
7.625% due 06/15/2004		2,700		2,830
7.250% due 03/02/2011		1,180		1,176
6.875% due 09/15/2011		21,805		21,290
7.000% due 02/01/2012		4,000		3,910
8.000% due 11/01/2031		20,460		19,886
General Motors Acceptance Corp.—MTN
2.010% due 04/05/2004 (a)		2,700		2,615
Goldman Sachs Group, Inc.
5.900% due 01/15/2003		1,000		1,011
Heller Financial, Inc.
7.875% due 05/15/2003		1,700		1,763
Household Capital Trust III
2.205% due 06/26/2004 (a)		2,175		2,009
Household Finance Corp.
8.000% due 05/09/2005		10,000		10,465
7.200% due 07/15/2006		16,800		17,142
6.750% due 05/15/2011		6,000		5,741
6.375% due 10/15/2011		15,500		14,432
Household International Netherlands BV
6.200% due 12/01/2003		4,000		4,090
Lehman Brothers Holdings, Inc.
8.800% due 03/01/2015		700		887
0.000% due 03/25/2028		1,381		193
LG&E Capital Corp.
6.205% due 05/01/2004		1,000		1,046
MBNA America Bank NA
2.150% due 12/10/2002 (a)		2,400		2,394
6.875% due 07/15/2004 (a)		5,000		5,245
Merrill Lynch & Co., Inc.
2.070% due 05/21/2004 (a)		700		700
7.000% due 04/27/2008		120		137
MIC Financing Trust I
8.375% due 02/01/2027		1,100		1,099
Midamerican Funding LLC
6.927% due 03/01/2029		16,210		16,291

See accompanying notes   I  9.30.02  I 29

Schedule of Investments (Cont.)

Investment Grade Corporate Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Morgan Stanley Tracers
6.977% due 09/15/2011 (a)	$	112,576	$	122,258
National City Bank of Pennsylvania
7.250% due 10/21/2011		853		1,001
National Rural Utilities Cooperative Finance Corp.
2.940% due 04/26/2004 (a)		2,000		2,006
6.500% due 03/01/2007		4,000		4,307
7.250% due 03/01/2012		700		779
8.000% due 03/01/2032		19,500		22,361
Nationwide Mutual Insurance Co.
6.500% due 02/15/2004		2,000		2,099
Newcourt Credit Group, Inc.
7.125% due 12/17/2003		9,750		9,982
6.875% due 02/16/2005		19,865		20,746
Parker Retirement Savings Plan
6.340% due 07/15/2008		2,561		2,824
Pemex Finance Ltd.
5.720% due 11/15/2003		344		354
PP&L Capital Funding, Inc.
7.700% due 11/15/2002		2,800		2,805
7.750% due 04/15/2005		8,000		8,494
Protective Life Corp.
7.950% due 07/01/2004		3,000		3,264
Prudential Funding Corp.
6.375% due 07/23/2006		1,000		1,100
Prudential Holdings LLC
8.695% due 12/18/2023		8,500		9,724
Qwest Capital Funding, Inc.
7.000% due 08/03/2009		600		270
7.250% due 02/15/2011		37,150		16,718
6.500% due 11/15/2018		10,000		3,750
7.625% due 08/03/2021		4,000		1,580
6.875% due 07/15/2028		11,885		4,576
Racers
2.147% due 03/03/2003 (a)		3,400		3,402
2.046% due 05/28/2004 (a)		1,000		802
Redwood Capital II Ltd.
4.860% due 01/01/2004 (a)		20,000		19,921
Secured Finance, Inc.
9.050% due 12/15/2004		250		284
Security Capital Group, Inc.
7.700% due 06/15/2028		5,000		5,890
Simon Property Goup LP
6.625% due 06/15/2003		6,000		6,166
6.750% due 02/09/2004		4,850		5,071
7.125% due 09/20/2007		5,000		5,629
Societe Generale—NY
9.875% due 07/15/2003		1,900		2,017
Spieker Properties, Inc.
6.950% due 12/15/2002		5,000		5,039
8.000% due 07/19/2005		500		554
Targeted Return Index Securities Trust
6.708% due 01/15/2012 (a)		91,200		99,218
4.125% due 01/15/2032 (a)		96,000		104,099
U.S. Bancorp
2.052% due 02/03/2003 (a)		2,000		2,001
Verizon Global Funding Corp.
6.125% due 06/15/2007		23,900		24,913
				1,330,433
Industrials 34.3%
Albertson’s, Inc.
7.450% due 08/01/2029		10,000		11,288
American Airlines, Inc.
9.710% due 01/30/2007		2,196		2,174
10.610% due 03/04/2011		312		307
6.978% due 04/01/2011		5,983		6,207
7.024% due 04/15/2011		7,350		7,569
7.858% due 10/01/2011		29,900		31,811
10.680% due 03/04/2013		1,473		1,465
AOL Time Warner, Inc.
6.125% due 04/15/2006		10,000		9,421
6.875% due 05/01/2012		2,000		1,824
7.625% due 04/15/2031		1,075		899
7.700% due 05/01/2032		17,650		15,005
Bae Systems Asset PLC
6.664% due 09/15/2013		4,398		4,833
Beckman Coulter, Inc.
7.100% due 03/04/2003		500		508
6.875% due 11/15/2011		5,000		5,588
Burlington Resources Financing Co.
7.400% due 12/01/2031		8,000		9,220
Canadian Natural Resources Ltd.
6.450% due 06/30/2033		10,000		10,363
Cater Holt Harvey Limited
8.375% due 04/15/2015		16,000		17,155
Chrysler Corp.
7.450% due 03/01/2027		5,000		5,301
Coastal Corp.
2.422% due 07/21/2003 (a)		2,500		2,376
9.750% due 08/01/2003		2,800		2,493
6.500% due 05/15/2006		10,793		8,102
7.500% due 08/15/2006		3,400		2,586
7.750% due 06/15/2010		21,533		15,312
6.700% due 02/15/2027		4,800		3,460
6.950% due 06/01/2028		10,730		6,670
7.750% due 10/15/2035		10,000		6,315
7.420% due 02/15/2037		23,200		14,653
ConAgra Foods, Inc.
2.475% due 09/10/2003 (a)		8,000		8,017
Continental Airlines, Inc.
6.320% due 11/01/2008		13,425		13,029
7.056% due 09/15/2009		5,000		4,893
7.487% due 10/02/2010		2,000		1,947
7.461% due 04/01/2015		2,146		2,015
7.373% due 12/15/2015		3,500		2,750
7.256% due 03/15/2020		26		25
6.545% due 08/02/2020		27		25
7.707% due 04/02/2021		11,546		10,836
6.703% due 06/15/2021		4,886		4,510
Continental Cablevision, Inc.
8.300% due 05/15/2006		4,975		4,855
Cox Communications, Inc.
6.150% due 08/01/2003 (a)		8,500		8,331
6.690% due 09/20/2004		395		397
7.750% due 08/15/2006		1,150		1,189
7.125% due 10/01/2012		14,500		14,489
Cox Enterprises, Inc.
8.000% due 02/15/2007		3,000		3,082
2.722% due 05/01/2033 (a)		11,600		11,492
DaimlerChrysler North America Holding Corp.
2.596% due 12/16/2002 (a)		1,900		1,902
7.125% due 04/10/2003		2,000		2,038
7.750% due 05/27/2003		16,500		17,001
2.322% due 08/01/2003 (a)		2,000		1,994
2.053% due 08/16/2004 (a)		2,000		1,972
Delta Air Lines Equipment Trust
10.140% due 08/14/2012		4,000		3,077
10.060% due 01/02/2016		4,900		3,959
Delta Air Lines Equipment Trust—90I
10.430% due 01/02/2011		1,760		1,428
Delta Air Lines Equipment Trust—90J
10.430% due 01/02/2011		723		587
Delta Air Lines Equipment Trust—90K
10.430% due 01/02/2011		836		678
Delta Air Lines, Inc.
10.570% due 01/02/2007 (c)		6,127		6,340
9.875% due 04/30/2008		597		435
7.379% due 05/18/2010		69		73
7.570% due 11/18/2010		23,963		25,531
7.111% due 03/18/2013		2,030		2,140
9.200% due 09/23/2014		1,750		1,227
10.500% due 04/30/2016		4,300		3,615
Diageo PLC
7.450% due 04/15/2035		1,000		1,243
Duke Energy Field Services
7.500% due 08/16/2005		3,000		3,093
Dynegy Danskammer & Roseton LLC
7.270% due 11/08/2010		6,000		3,124
7.670% due 11/08/2016		16,790		8,405

30   Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
E.I. du Pont de Nemours & Co.
6.875% due 10/15/2009	$	2,000	$	2,356
Electric Lightwave, Inc.
6.050% due 05/15/2004		5,200		4,893
Ford Motor Co.
6.625% due 02/15/2028		165		125
7.450% due 07/16/2031		54,880		45,284
9.980% due 02/15/2047		50		53
Fred Meyer, Inc.
7.375% due 03/01/2005		20,890		22,922
Georgia-Pacific Corp.
8.125% due 05/15/2011		95		79
9.500% due 05/15/2022		1,300		1,010
8.125% due 06/15/2023		12,000		8,179
8.875% due 05/15/2031		2,045		1,486
HCA, Inc.
6.910% due 06/15/2005 (a)		8,250		8,636
8.750% due 09/01/2010		750		859
7.875% due 02/01/2011		4,770		5,217
6.950% due 05/01/2012		28,000		29,017
6.730% due 07/15/2045		300		304
HEALTHSOUTH Corp.
8.500% due 02/01/2008		1,000		755
Hertz Corp.
8.250% due 06/01/2005		10,000		10,208
ITT Destinations, Inc.
6.750% due 11/15/2005		1,000		965
Kerr-McGee Corp.
2.548% due 06/28/2004 (a)		4,750		4,748
6.625% due 10/15/2007		3,200		3,610
Koninkijke Ahold NV
8.620% due 01/02/2025		12,000		13,540
Koninkijke KPN NV
8.375% due 10/01/2030		2,000		2,220
Limestone Electron Trust
8.625% due 03/15/2003		50,290		44,798
MeadWestvaco Corp.
7.000% due 08/15/2023		1,500		1,562
MGM Mirage, Inc.
6.950% due 02/01/2005		5,950		6,082
8.500% due 09/15/2010		6,480		6,931
Midwest Generation LLC
8.300% due 07/02/2009		32,600		23,749
8.560% due 01/02/2016		16,550		11,930
Mirage Resorts, Inc.
7.250% due 10/15/2006		1,200		1,213
Nabisco, Inc.
6.125% due 02/01/2033 (a)		800		809
Noble Affiliates, Inc.
8.950% due 12/15/2004		1,500		1,601
Norfolk Southern Corp.
2.510% due 02/28/2005 (a)		23,500		23,512
Northwest Airlines, Inc.
6.841% due 04/01/2011		12,700		12,580
7.575% due 09/01/2020		5,214		5,183
7.041% due 04/01/2022		2,500		2,423
Occidental Petroleum Corp.
6.750% due 11/15/2002		5,000		5,017
6.400% due 04/01/2003 (a)		11,500		11,726
Oncor Electric Delivery Co.
5.000% due 09/01/2007		10,000		10,282
7.000% due 05/01/2032		10,000		10,605
Park Place Entertainment Corp.
7.950% due 08/01/2003		10,500		10,678
Philip Morris Cos., Inc.
8.250% due 10/15/2003		3,600		3,796
6.800% due 12/01/2003		1,762		1,841
7.125% due 10/01/2004		2,000		2,167
Public Service of Colorado
7.875% due 10/01/2012		10,750		10,779
Qwest Corp.
6.375% due 10/15/2002		450		451
7.625% due 06/09/2003		8,885		8,574
7.200% due 11/01/2004		11,545		10,564
7.500% due 11/01/2008		10,000		3,950
5.625% due 11/15/2008		175		134
8.875% due 03/15/2012		37,750		33,031
6.875% due 09/15/2033		16,400		11,234
7.250% due 10/15/2035		3,000		1,980
R.J. Reynolds Tobacco Holdings, Inc.
7.375% due 05/15/2003		7,500		7,662
Ralcorp Holdings, Inc.
8.750% due 09/15/2004		7,650		8,538
Raytheon Co.
7.900% due 03/01/2003		125		127
8.200% due 03/01/2006		200		219
Rogers Cablesystems, Inc.
10.000% due 03/15/2005		600		600
Safeway, Inc.
7.250% due 02/01/2031		8,000		9,003
Singapore Telecommunications Ltd.
7.375% due 12/01/2031		18,500		20,472
Sonat, Inc.
6.750% due 10/01/2007		3,940		2,643
Starwood Hotels & Resorts Worldwide, Inc.
7.375% due 05/01/2007		4,500		4,388
TCI Communications, Inc.
8.250% due 01/15/2003		6,400		6,373
2.520% due 03/11/2003 (a)		7,000		6,948
6.375% due 05/01/2003		3,300		3,255
7.550% due 09/02/2003		3,000		2,996
9.650% due 10/01/2003		2,789		2,854
Telus Corp.
8.000% due 06/01/2011		11,185		8,612
Tenet Healthcare Corp.
6.875% due 11/15/2031		20,000		21,149
Tennessee Gas Pipeline Co.
7.500% due 04/01/2017		100		83
Time Warner, Inc.
7.975% due 08/15/2004		1,695		1,683
9.125% due 01/15/2013		6,000		5,926
7.250% due 10/15/2017		22,975		19,550
6.875% due 06/15/2018		25,000		20,648
6.850% due 01/15/2026		20,300		20,198
Transcontinental Gas Pipe Line
7.000% due 08/15/2011		3,100		2,682
Transocean, Inc.
6.750% due 04/15/2005		2,000		2,175
TRW, Inc.
6.625% due 06/01/2004		5,725		5,975
8.750% due 05/15/2006		6,000		6,857
6.650% due 01/15/2028		10,295		9,770
Tyco International Group SA
6.750% due 02/15/2011		3,518		2,908
6.375% due 10/15/2011		14,725		12,098
Union Pacific Corp.
9.625% due 12/15/2002		300		304
United Air Lines, Inc.
2.117% due 12/02/2002 (a)		14,934		13,472
11.080% due 03/26/2010		13,636		6,044
7.730% due 07/01/2010		29,250		24,499
8.390% due 01/21/2011		4,033		3,380
11.080% due 03/26/2011		2,835		1,257
7.186% due 04/01/2011		15,705		13,156
6.071% due 03/01/2013		2,696		2,229
6.602% due 09/01/2013		4,100		3,311
10.020% due 03/22/2014		2,000		806
10.850% due 02/19/2015		1,000		452
10.125% due 03/22/2015		2,300		1,887
Universal Corp.
8.500% due 02/28/2003		220		224
Univision Communications, Inc.
7.850% due 07/15/2011		5,650		6,120
UST, Inc.
6.625% due 07/15/2012		2,750		2,991
Viacom, Inc.
6.625% due 05/15/2011		1,000		1,111
Wal-Mart Bond Lease Corp.
8.400% due 08/15/2004 (c)		3,321		3,496

See accompanying notes   I  9.30.02  I 31

Schedule of Investments (Cont.)

Investment Grade Corporate Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Waste Management, Inc.
7.700% due 10/01/2002	$	6,400	$	6,400
6.500% due 12/15/2002		3,000		3,010
6.375% due 12/01/2003		21,183		21,278
8.000% due 04/30/2004		18,755		19,378
6.500% due 05/15/2004		6,500		6,625
7.000% due 10/01/2004		6,524		6,727
7.000% due 10/15/2006		1,600		1,677
7.125% due 10/01/2007		17,905		19,036
6.500% due 11/15/2008		35,000		35,910
6.875% due 05/15/2009		7,400		7,531
7.375% due 08/01/2010		12,250		12,922
7.650% due 03/15/2011		11,859		12,627
7.125% due 12/15/2017		3,325		3,300
7.100% due 08/01/2026		24,390		24,753
7.000% due 07/15/2028		29,415		27,010
7.375% due 05/15/2029		3,950		3,833
7.750% due 05/15/2032		10,000		10,133
Weyerhaeuser Co.
2.951% due 09/15/2003 (a)		26,000		26,026
5.500% due 03/15/2005		3,000		3,119
6.125% due 03/15/2007		4,300		4,584
7.375% due 03/15/2032		2,000		2,160
Williams Cos., Inc.
6.500% due 11/15/2002		7,000		6,545
6.125% due 12/01/2003		5,000		3,775
9.250% due 03/15/2004		171,485		131,186
7.125% due 09/01/2011		900		563
8.125% due 03/15/2012		7,200		4,644
7.625% due 07/15/2019		35,000		19,425
7.875% due 09/01/2021		138,100		78,027
7.500% due 01/15/2031		32,465		17,693
7.750% due 06/15/2031		5,000		2,725
8.750% due 03/15/2032		69,900		40,892
				1,694,942
Utilities 30.8%
Allegheny Energy Trust
8.130% due 11/15/2007		10,000		6,334
ALLETE, Inc.
2.710% due 10/20/2003 (a)		1,500		1,496
AT&T Canada, Inc.
0.000% due 06/15/2008 (b)(d)		1,700		196
AT&T Corp.
7.750% due 03/01/2007		10,000		10,061
7.300% due 11/15/2011		22,500		21,755
8.350% due 01/15/2025		120		110
6.500% due 03/15/2029		11,385		9,482
8.000% due 11/15/2031		252,230		234,027
AT&T Wireless Services, Inc.
7.500% due 05/01/2007		1,000		851
7.875% due 03/01/2011		15,508		11,961
8.125% due 05/01/2012		11,450		8,832
Baltimore Gas & Electric
6.750% due 12/15/2002		3,000		3,025
6.125% due 07/01/2003		400		412
British Telecom PLC
3.121% due 12/15/2003 (a)		13,000		12,976
7.875% due 12/15/2005		5,600		6,255
8.375% due 12/15/2010		22,000		25,893
8.875% due 12/15/2030		10,000		12,101
Calpine Corp.
8.625% due 08/15/2010		5,500		2,228
8.500% due 02/15/2011		43,000		17,845
Carolina Power & Light
6.800% due 08/15/2007		156		175
Central Maine Power Co.
7.430% due 08/25/2003		1,000		1,040
CenturyTel, Inc.
7.750% due 10/15/2002		1,700		1,702
Cincinnati Gas & Electric Co.
6.450% due 02/15/2004		3,000		3,109
6.900% due 06/01/2025		3,000		3,202
Cinergy Corp.
6.125% due 04/15/2004		2,000		2,065
Cingular Wireless
7.125% due 12/15/2031		2,200		1,942
Citizens Communications Co.
8.500% due 05/15/2006		10,000		9,609
9.000% due 08/15/2031		5,000		4,463
Cleveland Electric Illuminating Co.
9.500% due 05/15/2005		11,375		11,442
6.860% due 10/01/2008		8,444		8,717
7.430% due 11/01/2009		12,075		12,674
CMS Panhandle Holding Co.
6.125% due 03/15/2004		1,000		962
Commonwealth Edison Co.
2.423% due 09/30/2003 (a)		3,400		3,381
Consolidated Natural Gas Co.
7.250% due 10/01/2004		3,000		3,237
Cox Communications, Inc.
2.470% due 11/07/2002 (a)		500		499
Detroit Edison Co.
7.500% due 02/01/2005		8,000		8,844
Deutsche Telekom International Finance BV
9.250% due 06/01/2032		1,400		1,627
Dominion Resources, Inc.
6.000% due 01/31/2003		7,130		7,189
7.600% due 07/15/2003		5,000		5,160
Duke Energy Corp.
6.250% due 01/15/2012		12,500		13,525
Dynegy Holdings, Inc.
8.125% due 03/15/2005		4,875		1,633
7.500% due 06/15/2009		1,835		1,505
6.875% due 04/01/2011		5,750		1,696
8.750% due 02/15/2012		3,250		1,024
East Coast Power LLC
7.066% due 03/31/2012		1,962		1,863
El Paso CGP Co.
7.625% due 09/01/2008		5,000		3,354
El Paso Corp.
6.750% due 05/15/2009		7,000		4,556
8.050% due 10/15/2030		18,700		11,809
7.800% due 08/01/2031		109,825		69,357
7.750% due 01/15/2032		96,800		62,105
El Paso Natural Gas Co.
8.625% due 01/15/2022		7,200		6,152
8.375% due 06/15/2032		6,850		5,589
Entergy Arkansas, Inc.
7.720% due 03/01/2003		600		611
Entergy Gulf States, Inc.
3.006% due 06/02/2003 (a)		15,000		14,998
3.106% due 09/01/2004 (a)		5,000		4,987
Entergy Louisiana, Inc.
8.500% due 06/01/2003		4,000		4,140
Entergy Mississippi, Inc.
7.750% due 02/15/2003		1,000		1,017
FirstEnergy Corp.
7.375% due 11/15/2031		5,000		4,404
Florida Power Corp.
6.000% due 07/01/2003		4,800		4,915
France Telecom SA
2.457% due 03/14/2003 (a)		18,300		18,066
8.700% due 03/01/2006 (a)		2,300		2,449
9.250% due 03/01/2011		66,350		72,507
10.000% due 03/01/2031		156,793		173,915
Georgia Power Co.
4.875% due 07/15/2007		250		265
Hydro-Quebec
8.400% due 01/15/2022		4,019		5,462
Illinois Power Co.
6.000% due 09/15/2003		6,000		5,220
IPALCO Enterprises, Inc.
7.375% due 11/14/2008		300		272
7.625% due 11/14/2011		12,500		10,798
Jersey Central Power & Light Co.
6.375% due 05/01/2003		600		603
Kinder Morgan, Inc.
2.810% due 10/10/2002 (a)		10,000		10,000

32   Semi-Annual Report  I  09.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Niagara Mohawk Power Co.
7.250% due 10/01/2002	$	2,268	$	2,268
6.625% due 07/01/2005		1,200		1,311
8.500% due 07/01/2010 (d)		37,466		39,387
NorAm Energy Corp.
6.375% due 11/01/2003		10,000		8,703
7.750% due 02/15/2011		12,000		10,021
Northern States Power Co.
8.000% due 08/28/2012		7,000		7,597
Ohio Power Co.
7.000% due 07/01/2004 (a)		4,400		4,560
Pinnacle Partners
8.830% due 08/15/2004		97,655		92,791
Progress Energy, Inc.
7.000% due 10/30/2031		4,700		4,709
PSE&G Power LLC
7.750% due 04/15/2011		7,000		7,163
6.950% due 06/01/2012		10,000		9,707
8.625% due 04/15/2031		385		385
PSEG Energy Holdings, Inc.
8.500% due 06/15/2011		1,000		771
Reliant Energy Resources Corp.
8.125% due 07/15/2005		3,900		3,524
Rowan Cos., Inc.
5.880% due 03/15/2012		2,767		2,982
SBC Communications, Inc.
5.875% due 08/15/2012		2,500		2,633
South Carolina Electric & Gas Co.
7.625% due 04/01/2025		115		130
6.625% due 02/01/2032		6,000		6,844
South Point Energy
8.400% due 05/30/2012		10,452		7,003
Sprint Capital Corp.
5.700% due 11/15/2003		400		364
5.875% due 05/01/2004		750		649
7.125% due 01/30/2006		70		53
6.000% due 01/15/2007		32,500		22,361
6.125% due 11/15/2008		1,000		665
6.375% due 05/01/2009		10,500		6,988
7.625% due 01/30/2011		18,915		12,794
8.375% due 03/15/2012		21,500		15,048
6.900% due 05/01/2019		46,035		26,971
9.250% due 04/15/2022		19,400		13,963
6.875% due 11/15/2028		65,948		38,089
8.750% due 03/15/2032		120,500		80,845
TECO Energy, Inc.
7.000% due 10/01/2015		2,500		2,500
Toledo Edison Co.
7.820% due 03/31/2003		4,500		4,551
7.875% due 08/01/2004		15,949		16,797
Transcontinental Gas Pipe Line
8.875% due 07/15/2012		14,150		13,513
TXU Corp.
6.375% due 06/15/2006		2,835		2,751
TXU Electric Co.
2.462% due 06/15/2003 (a)		20,000		19,880
Verizon New Jersey, Inc.
5.875% due 01/17/2012		200		200
Verizon New York, Inc.
6.875% due 04/01/2012		7,500		7,899
7.375% due 04/01/2032		6,000		6,029
Verizon Wireless, Inc.
2.220% due 12/17/2003 (a)		10,000		9,589
WorldCom, Inc.—WorldCom Group
7.375% due 01/15/2003 (b)		500		63
7.875% due 05/15/2003 (b)		7,000		875
6.250% due 08/15/2003 (b)		1,500		188
6.400% due 08/15/2005 (b)		20,800		2,600
7.375% due 01/15/2006 (b)		3,700		463
8.000% due 05/15/2006 (b)		2,000		250
7.750% due 04/01/2007 (b)		400		50
8.250% due 05/15/2010 (b)		2,200		275
7.500% due 05/15/2011 (b)		15,700		1,963
6.950% due 08/15/2028 (b)		2,500		313
8.250% due 05/15/2031 (b)		7,500		938
				1,518,642
Total Corporate Bonds & Notes (Cost $5,018,191)				4,544,017
U.S. GOVERNMENT AGENCIES 0.0%
Fannie Mae
5.000% due 05/14/2007		298		309
Federal Home Loan Bank
6.530% due 12/30/2013		1,000		1,000
Total U.S. Government Agencies (Cost $1,215)				1,309
U.S. TREASURY OBLIGATIONS 23.1%
Treasury Inflation Protected Securities (f)
3.375% due 01/15/2007 (g)		568		619
U.S. Treasury Bonds
8.125% due 08/15/2019		3,900		5,512
6.250% due 08/15/2023 (e)		700,000		834,969
5.500% due 08/15/2028 (e)		154,000		169,220
5.375% due 02/15/2031 (e)		70,000		77,810
U.S. Treasury Notes
4.375% due 05/15/2007 (e)		49,000		52,903
Total U.S. Treasury Obligations (Cost $1,100,010)				1,141,033
MORTGAGE-BACKED SECURITIES 0.8%
Collateralized Mortgage Obligations 0.7%
Bank of America Mortgage Securities, Inc.
5.819% due 10/20/2032 (a)		21,800		22,165
GS Mortgage Securities Corp.
6.526% due 08/15/2011		5,000		5,643
Structured Asset Securities Corp.
2.157% due 10/25/2027 (a)		6,395		6,390
				34,198
Government National Mortgage Association 0.1%
8.500% due 07/15/2030-08/15/2030 (h)		2,515		2,726
Total Mortgage-Backed Securities (Cost $36,174)				36,924
ASSET-BACKED SECURITIES 2.1%
Conseco Finance Securitizations Corp.
7.970% due 05/01/2032 (b)		600		644
Denver Arena Trust
6.940% due 11/15/2019		2,783		3,061
SC International Cater
3.370% due 03/15/2007 (a)		1,974		1,787
Structured Product Asset Trust
2.942% due 02/12/2003 (a)		20,000		18,600
3.160% due 06/20/2004 (a)		68,850		68,512
White Mountain
4.755% due 12/22/2006 (a)		8,888		8,871
Total Asset-Backed Securities (Cost $102,800)				101,475
SOVEREIGN ISSUES 1.9%
Republic of Croatia
2.687% due 07/31/2006 (a)		1,524		1,509
United Mexican States
10.375% due 02/17/2009		20,000		23,200
9.875% due 02/01/2010		20,050		22,757
6.250% due 12/31/2019		1,000		967
8.000% due 09/24/2022		1,000		954
8.300% due 08/15/2031		48,000		46,680
Total Sovereign Issues (Cost $95,468)				96,067

See accompanying notes   I  9.30.02  I 33

Schedule of Investments (Cont.)

Investment Grade Corporate Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CONVERTIBLE BONDS & NOTES 0.8%
Banking & Finance 0.8%
Verizon Global Funding Corp.
5.750% due 04/01/2003	$	7,000	$	7,044
4.250% due 09/15/2005		30,600		30,829
				37,873
Industrials 0.0%
Tyco International Group SA
0.000% due 02/12/2021		2,500		1,831
Total Convertible Bonds & Notes (Cost $39,595)				39,704
CONVERTIBLE PREFERRED STOCK 0.0%
Kerr-McGee Corp.
5.500% due 08/02/2004		20,000		885
Total Convertible Preferred Stock (Cost $863)				885
PREFERRED SECURITY 0.0%
	Shares
Lehman Brothers Holdings, Inc.
5.670% due 12/01/2049		5,200		230
Total Preferred Security (Cost $231)				230
SHORT-TERM INSTRUMENTS 5.1%
	Principal Amount (000s)
Commercial Paper 2.6%
Fannie Mae
1.730% due 12/05/2002 (g)	$	80		80
Freddie Mac
1.710% due 10/31/2002 (g)		385		384
UBS Finance, Inc.
1.750% due 12/18/2002		130,000		130,000
				130,464
Repurchase Agreement 0.2%
UBS—Warburg
1.400% due 10/01/2002 (Dated 09/30/2002. Collaterized by ChevronTexaco Capital Co. 3.500% due 09/17/2007 valued at $10,162. Repurchase proceeds are $9,985.)		9,985		9,985
U.S. Treasury Bills 2.3%
1.597% due 11/14/2002—11/29/2002 (g)(h)		111,760		111,479
Total Short-Term Instruments (Cost $251,928)				251,928
Total Investments 125.8% (Cost $6,646,475)			$	6,213,572
Other Assets and Liabilities (Net) (25.8%)				(1,273,659	)
Net Assets 100.0%			$	4,939,913

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

(c) Restricted security.

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

(e) Security, or portion thereof, subject to financing transaction.

(f) Principal amount of security is adjusted for inflation.

(g) Securities with an aggregate market value of $8,044 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation
U.S. Treasury 30 Year Bond (12/2002)	9	$	29

(h) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(i) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive floating rate based on 3-month LIBOR plus 0.500% and pay a fixed rate equal to 7.600%.
Broker: Lehman Brothers, Inc. Exp. 07/15/2003	$	5,000	$	(211	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: UBS Warburg Exp. 12/18/2012		88,000		(8,809	)
Receive floating rate based on 3-month LIBO R and pay a fixed rate equal to 6.000%.
Broker: Merrill Lynch Exp. 12/18/2022		530,000		(14,953	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Broker: Goldman Sachs Exp. 12/18/2022		228,000		(2,213	)
Receive a fixed rate equal to 0.650% and the Fund will pay to the counterparty at par in the event of default of Philip Morris Cos., Inc. 7.650% due 07/01/2008.
Broker: Credit Suisse First Boston Exp. 07/17/2003		20,000		(196	)
Receive a fixed rate equal to 0.400% and the Fund will pay to the counterparty at par in the event of default of National Rural Utilities Cooperative Finance Corp. 5.750% due 12/01/2008.
Broker: Lehman Brothers, Inc. Exp. 09/01/2003		10,000		(178	)
Receive a fixed rate equal to 0.850% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding Corp. 6.750% due 12/01/2005.
Broker: J.P. Morgan Chase & Co. Exp. 06/12/2004		14,100		(663	)
Receive a fixed rate equal to 0.830% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding Corp. 0.000% due 05/15/2021.
Broker: UBS—Warburg Exp. 06/15/2004		15,000		(695	)

34   Semi-Annual Report  I  9.30.02I  See accompanying notes

Receive a fixed rate equal to 0.950% and the Fund will pay to the counterparty at par in the event of default of DaimlerChrysler North America Holding Corp. 7.200% due 09/01/2009.
Broker: Credit Suisse First Boston Exp. 01/31/2003	$	25,000	$	(20	)
Receive a fixed rate equal to 0.950% and the Fund will pay to the counterparty at par in the event of default of DaimlerChrysler North America Holding Corp. 7.200% due 09/01/2009.
Broker: Goldman Sachs Exp. 01/31/2003		25,000		3
Receive a fixed rate equal to 1.140% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 6.125% due 11/15/2008.
Broker: Goldman Sachs Exp. 01/31/2003		50,000		(1,433	)
Receive a fixed rate equal to 1.000% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding Corp. 6.750% due 12/01/2005.
Broker: Salomon Brothers, Inc. Exp. 06/15/2004		10,000		(433	)
Receive a fixed rate equal to 0.460% and the Fund will pay to the counterparty at par in the event of default of Vodafone Group PLC 7.750% due 02/15/2010.
Broker: Lehman Brothers, Inc. Exp. 09/10/2003		8,700		(76	)
Pay a fixed rate equal to 0.570% and the Fund will receive from the counterparty at par in the event of default of Duke Capital Corp. 7.250% due 10/01/2004.
Broker: Credit Suisse First Boston Exp. 08/20/2003		10,000		232
Receive a fixed rate equal to 0.720% and the Fund will pay to the counterparty at par in the event of default of Duke Capital Corp. 6.250% due 07/15/2005.
Broker: Merrill Lynch Exp. 08/20/2003		10,000		(513	)
Receive a fixed rate equal to 2.700% and the Fund will pay to the counterparty at par in the event of default of El Paso Corp. 7.000% due 05/15/2011.
Broker: Credit Suisse First Boston Exp. 04/30/2005		40,000		(5,712	)
Pay a fixed rate equal to 2.400% and the Fund will receive from the counterparty at par in the event of default of El Paso Corp. 7.000% due 05/15/2011.
Broker: J.P. Morgan Chase & Co. Exp. 05/01/2005		25,000		6,729
Pay a fixed rate equal to 3.500% and the Fund will receive from the counterparty at par in the event of default of El Paso Corp. 0.000% due 02/28/2021.
Broker: Merrill Lynch Exp. 03/15/2003		5,000		463
Pay a fixed rate equal to 4.500% and the Fund will receive from the counterparty at par in the event of default of El Paso Corp. 6.750% due 05/15/2009.
Broker: Merrill Lynch Exp. 03/15/2003		10,000		884
Receive a fixed rate equal to 0.800% and the Fund will pay to the counterparty at par in the event of default of International Paper Co. 8.125% due 07/08/2005.
Broker: Morgan Stanley Exp. 07/31/2003		50,000		(168	)
Receive a fixed rate equal to 0.750% and the Fund will pay to the counterparty at par in the event of default of PSE&G Power LLC 7.750% due 04/15/2011.
Broker: Morgan Stanley Exp. 01/30/2003		25,000		13
Receive a fixed rate equal to 1.150% and the Fund will pay to the counterparty at par in the event of default of TXU Corp. 6.375% due 06/15/2006.
Broker: Lehman Brothers, Inc. Exp. 01/31/2003		50,000		(388	)
Receive a fixed rate equal to 4.750% and the Fund will pay to the counterparty at par in the event of default of Corning, Inc. 0.000% due 11/08/2005.
Broker: Morgan Stanley Exp. 01/31/2003		15,000		(366	)
Receive a fixed rate equal to 0.900% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding Corp. 4.250% due 09/15/2005.
Broker: Morgan Stanley Exp. 01/31/2003		50,000		(406	)
Receive a fixed rate equal to 1.460% and the Fund will pay to the counterparty at par in the event of default of General Motors Acceptance Corp. 6.000% due 04/01/2011.
Broker: Credit Suisse First Boston Exp. 01/31/2003		25,000		(108	)
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of General Motors Acceptance Corp. 6.000% due 04/01/2011.
Broker: Goldman Sachs Exp. 01/31/2003		50,000		(199	)
Receive a fixed rate equal to 0.850% and the Fund will pay to the counterparty at par in the event of default of Verizon Global Funding Corp. 6.750% due 12/01/2005.
Broker: Goldman Sachs Exp. 06/01/2003		50,000		(855	)
Receive a fixed rate equal to 0.800% and the Fund will pay to the counterparty at par in the event of default of DaimlerChrysler North America Holding Corp. 7.200% due 09/01/2009.
Broker: Morgan Stanley Exp. 01/31/2003		25,000		(17	)

See accompanying notes   I  9.30.02  I 35

Schedule of Investments (Cont.)

Investment Grade Corporate Portfolio

September 30, 2002 (Unaudited)

Receive a fixed rate equal to 9.200% and the Fund will pay to the counterparty at par in the event of default of CIT Group, Inc. 7.750% due 04/02/2012.
Broker: Lehman Brothers, Inc. Exp. 11/15/2002	$	20,000	$	242
Receive a fixed rate equal to 10.000% and the Fund will pay to the counterparty at par in the event of default of CIT Group, Inc. 7.750% due 04/02/2012.
Broker: Morgan Stanley Exp. 06/17/2003		25,000		1,392
Receive a fixed rate equal to 2.000% and the Fund will pay to the counterparty at par in the event of default of TXU Corp. 6.375% due 06/15/2006.
Broker: Merrill Lynch Exp. 06/03/2003		25,000		(458	)
Receive a fixed rate equal to 7.000% and the Fund will pay to the counterparty at par in the event of default of Williams Cos., Inc. 6.625% due 11/15/2004.
Broker: Goldman Sachs Exp. 12/01/2002		10,000		1
Receive a fixed rate equal to 2.900% and the Fund will pay to the counterparty at par in the event of default of Citizens Communications Co. 9.250% due 05/15/2011.
Broker: UBS—Warburg Exp. 12/15/2002		25,000		(200	)
Receive a fixed rate equal to 1.350% and the Fund will pay to the counterparty at par in the event of default of Waste Management, Inc. 6.500% due 11/15/2008.
Broker: Morgan Stanley Exp. 12/15/2002		20,000		(103	)
Receive a fixed rate equal to 6.000% and the Fund will pay to the counterparty at par in the event of default of Sprint Capital Corp. 6.375% due 05/01/2009.
Broker: Morgan Stanley Exp. 12/15/2002		10,000		(87	)
Receive a fixed rate equal to 5.650% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 8.750% due 02/15/2012.
Broker: Credit Suisse First Boston Exp. 03/11/2007		15,000		(8,375	)
Receive a fixed rate equal to 3.700% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 8.750% due 02/15/2012.
Broker: J.P. Morgan Chase & Co. Exp. 03/11/2007		10,000		(5,750	)
Receive a fixed rate equal to 5.500% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 6.875% due 04/01/2011.
Broker: Merrill Lynch Exp. 05/01/2003		20,000		(12,063	)
Receive a fixed rate equal to 3.500% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 6.875% due 04/01/2011.
Broker: Merrill Lynch Exp. 03/13/2007		5,000		(3,053	)
Receive a fixed rate equal 3.000% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 6.875% due 04/01/2011.
Broker: J.P. Morgan Chase & Co. Exp. 04/03/2007		10,000		(5,944	)
Receive a fixed rate equal to 1.100% and the Fund will pay to the counterparty at par in the event of default of DaimlerChrysler North America Holding Corp. 7.750% due 01/18/2011.
Broker: J.P. Morgan Chase & Co. Exp. 03/31/2003		25,000		10
Receive a fixed rate equal to 0.980% and the Fund will pay to the counterparty at par in the event of default of DaimlerChrysler North America Holding Corp. 7.200% due 09/01/2009.
Broker: Morgan Stanley Exp. 12/15/2002		20,000		1
Receive a fixed rate equal to 3.000% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 6.875% due 04/01/2011.
Broker: Merrill Lynch Exp. 05/15/2003		10,000		(4,575	)
			$	(69,250	)

(j) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
ChevronTexaco Capital Co.	3.500	09/17/2007	$	10,000	$	10,162	$	9,975
U.S. Treasury Notes	3.250	08/15/2007		23,500		24,229		23,951
U.S. Treasury Notes	4.375	08/15/2012		3,050		3,244		3,199
					$	37,635	$	37,125

36   Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

High Yield Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 78.0%
Banking & Finance 12.0%
Bluewater Finance Ltd.
10.250% due 02/15/2012	$	1,300	$	1,228
Cedar Brakes II, LLC.
9.875% due 09/01/2013		1,233		906
Credit Links
9.400% due 06/14/2005		1,000		1,051
Finova Group, Inc.
7.500% due 11/15/2009 (a)		2,950		914
Golden State Holdings
7.125% due 08/01/2005		3,183		3,471
JET Equipment Trust
10.000% due 06/15/2012		600		294
7.630% due 08/15/2012		403		248
MDP Acquisition PLC
9.625% due 10/01/2012		1,400		1,389
Morgan Stanley, Dean Witter & Co.
1.277% due 05/01/2012		4,013		3,613
Qwest Capital Funding, Inc.
7.000% due 08/03/2009		1,500		675
7.250% due 02/15/2011		5,250		2,362
Reliance Group Holdings, Inc.
9.000% due 11/15/2049 (a)		1,009		50
Rotech Healthcare, Inc.
9.500% due 04/01/2012		200		188
Steers Credit Backed Trust
7.464% due 05/27/2003 (b)		1,100		1,100
Ventas Capital Corp.
8.750% due 05/01/2009		800		824
Wilmington Trust (Tucson)
10.732% due 01/01/2013 (c)		1,851		1,851
				20,164
Industrials 52.4%
Allied Waste North America, Inc.
7.875% due 01/01/2009		2,000		1,870
10.000% due 08/01/2009		1,450		1,341
American Cellular Corp.
9.500% due 10/15/2009		1,600		216
American Media Operation, Inc.
10.250% due 05/01/2009		800		832
AmeriGas Partners LP
8.830% due 04/19/2010		1,850		1,986
Arco Chemical Co.
9.375% due 12/15/2005		1,500		1,425
Armkel LLC
9.500% due 08/15/2009		500		530
Avecia Group PLC
11.000% due 07/01/2009		845		815
Beverly Enterprises, Inc.
9.000% due 02/15/2006		1,400		1,176
Cadmus Communications Corp.
9.750% due 06/01/2009		600		604
Canwest Media, Inc.
10.625% due 05/15/2011		1,150		1,205
Case Corp.
6.250% due 12/01/2003		2,190		2,125
CF Cable TV, Inc.
9.125% due 07/15/2007		1,051		1,113
Charter Communications Holdings LLC
8.250% due 04/01/2007		1,000		620
9.920% due 04/01/2011 (d)		3,000		1,410
Chesapeake Energy Corp.
9.000% due 08/15/2012		1,000		1,032
CMS Panhandle Holding Co.
6.500% due 07/15/2009		250		216
7.000% due 07/15/2029		300		224
Community Health Systems, Inc.
10.000% due 03/13/2007		1,500		1,605
Compass Minerals Group, Inc.
10.000% due 08/15/2011		400		426
Continental Airlines, Inc.
7.461% due 04/01/2015		858		806
7.373% due 12/15/2015		800		629
Crown Castle International Corp.
0.000% due 11/15/2007		200		137
10.750% due 08/01/2011		1,190		803
CSC Holdings, Inc.
7.625% due 04/01/2011		3,000		2,400
Dimon, Inc.
6.250% due 03/31/2007		1,000		852
Dresser, Inc.
9.375% due 04/15/2011		1,300		1,267
Echostar Communications Corp.
9.375% due 02/01/2009 (b)		2,100		2,026
Equistar Chemical/Funding
10.125% due 09/01/2008		950		855
Extended Stay America, Inc.
9.875% due 06/15/2011		1,200		1,164
Extendicare Health Services
9.350% due 12/15/2007		1,050		952
Fairpoint Communications, Inc.
6.358% due 05/01/2008 (b)		500		277
12.500% due 05/01/2010		200		121
Ferrellgas Partners LP
6.990% due 08/01/2005		1,000		1,026
8.750% due 06/15/2012		650		666
Flag Ltd.
8.250% due 01/30/2008 (a)		1,300		39
Fort James Corp.
6.700% due 11/15/2003		700		672
Garden State Newspapers
8.750% due 10/01/2009		1,200		1,191
Georgia-Pacific Corp.
8.125% due 05/15/2011		200		167
9.500% due 05/15/2022		900		699
8.875% due 05/15/2031		1,000		727
Giant Industries, Inc.
11.000% due 05/15/2012		500		352
Gray Television, Inc.
9.250% due 12/15/2011		800		820
H&E Equipment Services LLC
11.125% due 06/15/2012		800		636
HEALTHSOUTH Corp.
8.500% due 02/01/2008		200		151
8.375% due 10/01/2011		1,000		735
Hollinger Participation Trust
12.125% due 11/15/2010 (e)		494		432
Host Marriott LP
9.250% due 10/01/2007		1,000		995
Ingles Markets, Inc.
8.875% due 12/01/2011		750		686
Insight Midwest/Insight Capital
9.750% due 10/01/2009		1,595		1,412
ISP Chemco, Inc.
10.250% due 07/01/2011		1,350		1,350
Johnsondiversey, Inc.
9.625% due 05/15/2012		400		401
Jupiters Ltd.
8.500% due 03/01/2006		525		530
Kappa Beheer BV
10.625% due 07/15/2009		300		312
Leviathan Gas Corp.
10.375% due 06/01/2009		902		925
Limestone Electron Trust
8.625% due 03/15/2003		500		445
LIN Holdings Corp.
0.000% due 03/01/2008 (d)		1,000		992
Lyondell Chemical Co.
9.625% due 05/01/2007 (b)		200		185
Mail-Well Corp.
9.625% due 03/15/2012		900		626
Marsh Supermarkets, Inc.
8.875% due 08/01/2007		630		599
Mediacom Broadband LLC
11.000% due 07/15/2013		1,000		925
Midwest Generation LLC
8.300% due 07/02/2009		500		364

See accompanying notes   I  9.30.02  I 37

Schedule of Investments (Cont.)

High Yield Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Millenium America, Inc.
9.250% due 06/15/2008	$	450	$	457
Newpark Resources, Inc.
8.625% due 12/15/2007		770		724
OM Group, Inc.
9.250% due 12/15/2011		550		545
PacifiCare Health Systems, Inc.
10.750% due 06/01/2009		1,900		1,886
PanAmSat Corp.
8.500% due 02/01/2012		2,300		1,852
Park Place Entertainment Corp.
8.875% due 09/15/2008		800		842
PharMerica, Inc.
8.375% due 04/01/2008		850		846
PSS World Medical, Inc.
8.500% due 10/01/2007		700		690
Quebecor Media, Inc.
11.125% due 07/15/2011		1,500		1,208
Qwest Corp.
8.875% due 03/15/2012		2,000		1,750
Riggs Capital Trust
8.625% due 12/31/2026		1,000		857
Rogers Cablesystems, Inc.
10.000% due 12/01/2007		800		800
Rogers Cantel, Inc.
8.800% due 10/01/2007 (b)		285		155
9.375% due 06/01/2008		1,000		735
Rural Cellular Corp.
9.625% due 05/15/2008		700		375
Safety-Kleen Corp.
9.250% due 06/01/2008 (a)		6,016		120
9.250% due 05/15/2009 (a)		2,958		118
SC International Services, Inc.
9.250% due 09/01/2007		750		510
Service Corp. International
6.875% due 10/01/2007		800		664
Sinclair Broadcast Group, Inc.
8.750% due 12/15/2011		400		415
Sonat, Inc.
7.625% due 07/15/2011		2,000		1,312
Station Casinos, Inc.
9.750% due 04/15/2007		400		417
TELUS Corp.
7.500% due 06/01/2007		900		738
Time Warner Telecom, Inc.
10.125% due 02/01/2011		600		255
Time Warner, Inc.
9.750% due 07/15/2008		500		218
9.125% due 01/15/2013		2,250		2,222
Tritel PCS, Inc.
12.750% due 05/15/2009 (d)		1,012		754
10.375% due 01/15/2011		1,825		1,597
Tyco International Group SA
6.250% due 06/15/2003		3,000		2,851
U.S. Airways, Inc.
9.625% due 09/01/2003		700		405
9.330% due 01/01/2006		154		88
United Air Lines, Inc.
7.730% due 07/01/2010		1,000		838
7.186% due 04/01/2011		589		493
7.783% due 01/01/2014		212		177
Vintage Petroleum, Inc.
8.250% due 05/01/2012		2,000		2,050
VoiceStream Wireless Corp.
10.375% due 11/15/2009		799		823
Williams Cos., Inc.
7.875% due 09/01/2021		2,000		1,130
7.750% due 06/15/2031		1,000		545
8.750% due 03/15/2032		3,000		1,755
Young Broadcasting, Inc.
8.750% due 06/15/2007		680		615
10.000% due 03/01/2011		815		738
				87,690
Utilities 13.6%
AES Corp.
9.375% due 09/15/2010		1,300		683
AT&T Canada, Inc.
10.625% due 11/01/2008 (b)		2,028		254
AT&T Corp.
8.000% due 11/15/2031		1,000		928
AT&T Wireless Services, Inc.
8.125% due 05/01/2012		100		77
Calpine Corp.
7.625% due 04/15/2006		2,550		1,109
CMS Energy Corp.
7.000% due 01/15/2005		2,050		1,600
Dynegy Holdings, Inc.
8.125% due 03/15/2005		1,800		603
Edison Mission Energy
10.000% due 08/15/2008		1,500		698
El Paso Corp.
7.750% due 01/15/2032		1,600		1,027
El Paso Energy Partners
8.500% due 06/01/2011		800		764
France Telecom SA
10.000% due 03/01/2031		1,800		1,997
Hanover Equipment Trust
8.500% due 09/01/2008		1,000		935
IPALCO Enterprises, Inc.
7.625% due 11/14/2011		650		561
Niagara Mohawk Power Co.
8.500% due 07/01/2010 (d)		1,000		1,051
PSEG Energy Holdings, Inc.
10.000% due 10/01/2009		1,250		1,014
Rogers Communication, Inc.
8.875% due 07/15/2007		1,000		815
SESI, LLC
8.875% due 05/15/2011		950		962
South Point Energy
8.400% due 05/30/2012		1,318		883
Sprint Capital Corp.
6.125% due 11/15/2008		500		332
7.625% due 01/30/2011		1,000		676
6.900% due 05/01/2019		1,000		586
6.875% due 11/15/2028		1,000		578
8.750% due 03/15/2032		3,300		2,214
Tesoro Petroleum Corp.
9.625% due 04/01/2012		1,400		791
TSI Telecommunication Services, Inc.
12.750% due 02/01/2009		850		727
WorldCom, Inc.—WorldCom Group
7.500% due 05/15/2011 (a)		2,000		250
6.950% due 08/15/2028 (a)		550		69
8.250% due 05/15/2031 (a)		4,500		563
				22,747
Total Corporate Bonds & Notes (Cost $155,530)				130,601
MORTGAGE-BACKED SECURITIES 0.5%
Collateralized Mortgage Obligations 0.5%
Red Mountain Funding Corp.
9.150% due 11/28/2027		1,210		880
Total Mortgage-Backed Securities (Cost $789)				880
ASSET-BACKED SECURITIES 2.8%
Centennial Cellular
4.760% due 05/31/2007 (b)		1,052		726
4.820% due 05/31/2007 (b)		323		222
5.070% due 11/30/2007 (b)		15		10
5.050% due 01/04/2008 (b)		77		53
5.060% due 01/04/2008 (b)		77		53
5.070% due 01/04/2008 (b)		77		53

38   Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Centennial Puerto Rico
4.740% due 05/31/2007 (b)	$	237	$	163
4.820% due 05/31/2007 (b)		40		27
5.070% due 01/04/2008 (b)		77		53
5.070% due 01/04/2008 (b)		10		7
Charter Commercial Holdings LLC
4.610% due 03/31/2008 (b)		1,000		877
Nextel Partners, Inc.
5.187% due 06/30/2008 (b)		1,000		862
5.437% due 12/31/2008 (b)		1,000		862
Rural Cellular Corp.
5.040% due 04/03/2009 (b)		415		333
5.290% due 04/03/2009 (b)		415		333
Total Asset-Backed Securities (Cost $5,273)				4,634
SOVEREIGN ISSUES 5.1%
Republic of Brazil
3.062% due 04/15/2006 (b)		2,240		1,476
11.000% due 01/11/2012		1,900		860
8.000% due 04/15/2014		4,926		2,408
Republic of Panama
9.375% due 07/23/2012		500		485
5.000% due 07/17/2014		222		180
Republic of Peru
9.125% due 02/21/2012		1,500		1,226
Russian Federation
8.250% due 03/31/2010		800		799
5.000% due 03/31/2030		350		247
United Mexican States
6.250% due 12/31/2019		550		532
8.000% due 09/24/2022		300		286
Total Sovereign Issues (Cost $11,580)				8,499
FOREIGN CURRENCY-DENOMINATED ISSUES (i)(j) 0.7%
Kronos International, Inc.
8.875% due 06/30/2009	EC	650		625
Remy Cointreau S.A.
10.000% due 07/30/2005		450		470
Total Foreign Currency-Denominated Issues (Cost $1,036)				1,095
CONVERTIBLE BONDS & NOTES 1.3%
Industrials 1.3%
Elan Finance Corp. Ltd.
0.000% due 12/14/2018	$	2,950		892
Jacor Communications, Inc.
0.000% due 02/09/2018		1,000		480
Roundy’s, Inc.
8.875% due 06/15/2012		900		882
Total Convertible Bonds & Notes (Cost $2,817)				2,254
PREFERRED STOCK 1.1%
	Shares
Fresenius Medical Care
7.780% due 02/01/2008		2,300		1,921
Total Preferred Stock (Cost $2,314)				1,921
SHORT-TERM INSTRUMENTS 7.8%
	Principal Amount (000s)
Commercial Paper 7.2%
TotalFinaElf SA
1.740% due 10/31/2002	$	4,000		4,000
UBS Finance, Inc.
1.750% due 12/18/2002		8,000		8,000
				12,000
U.S. Treasury Bills 0.6%
1.634% due 11/14/2002—11/29/2002 (f)		1,000		998
Total Short-Term Instruments (Cost $12,998)				12,998
Total Investments 97.3% (Cost $192,337)			$	162,882
Written Options (g) (0.4%) (Premiums $301)				(702	)
Other Assets and Liabilities (Net) 3.1%				5,250
Net Assets 100.0%			$	167,430

Notes to Schedule of Investments (amounts in thousands):

(a) Security is in default.

(b) Variable rate security. The rate listed is as of September 30, 2002.

(c) Restricted security.

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

(e) Payment-in-kind security.

(f) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(g) Premiums received on written options:

Type	# of Contracts	Premium		Value
Put—OTC 3 Month LIBOR Interest Rate Swap Strike @ 7.000 Exp. 01/07/2005	3,800,000	$	79	$	65
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.500 Exp. 01/07/2005	6,400,000		132		443
Call—OTC 3 Month LIBOR Interest Rate Swap Strike @ 5.000 Exp. 01/07/2005	3,800,000		90		194
		$	301	$	702

(h) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
Republic of Venezuela	2.875	12/18/2007	$	4,976	$	3,757	$	3,925

(i) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized (Depreciation)
Sell	EC	1,156	11/2002	$	(8	)

(j) Principal amount denoted in indicated currency

EC—Euro

See accompanying notes   I  9.30.02  I 39

Schedule of Investments (Cont.)

High Yield Portfolio

September 30, 2002 (Unaudited)

(k) Swap agreements outstanding at September 30, 2002:

Type	Unrealized Notional Amount		Appreciation/ (Depreciation)
Receive a fixed rate equal to 4.750% and the Fund will pay to the counterparty at par in the event of default of Corning, Inc. 6.000% due 11/08/2015
Broker: Morgan Stanley Exp. 02/04/2003	$	2,500	$	(35	)
Received a fixed rate equal to 7.000% and the Fund will pay to the counterparty at par in the event of default of Williams Cos., Inc. 6.625% due 11/15/2004.
Broker: Goldman Sachs Exp. 12/01/2002		1,500		0
Receive a fixed rate equal to 7.500% and the Fund will pay to the counterparty at par in the event of default of CIT Group, Inc. 7.750% due 04/02/2012.
Broker: Morgan Stanley Exp. 06/19/2003		1,500		57
Receive a fixed rate equal to 1.200% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 2.750% due 06/17/2016.
Broker: J.P. Morgan Chase & Co. Exp. 05/24/2003		1,500		(6	)
Receive a fixed rate equal to 3.000% and the Fund will pay to the counterparty at par in the event of default of Dynegy Holdings, Inc. 6.875% due 04/01/2011.
Broker: Merrill Lynch Exp. 05/15/2003		1,000		(457	)
Receive a fixed rate equal to 0.900% and the Fund will pay to the counterparty at par in the event of default of Republic of Bulgaria 2.688% due 07/28/2011.
Broker: J.P. Morgan Chase & Co. Exp. 05/28/2003		1,500		(4	)
Receive a fixed rate equal to 1.570% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Goldman Sachs Exp. 05/29/2003		1,500		(4	)
Receive a fixed rate equal to 1.820% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 11/30/2003		1,500		(13	)
Receive a fixed rate equal to 2.100% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Goldman Sachs Exp. 11/30/2003		1,000		(16	)
Receive a fixed rate equal to 1.770% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: Goldman Sachs Exp. 11/30/2003		1,000		(10	)
Receive a fixed rate equal to 3.550% and the Fund will pay to the counterparty at par in the event of default of France Telecom SA 4.576% due 03/14/2003.
Broker: ABN AMRO Bank N.V. Exp. 06/03/2003		3,000		0
Receive a fixed rate equal to 7.500% and the Fund will pay to the counterparty at par in the event of default of Qwest Corp. 8.875% due 03/15/2012.
Broker: Morgan Stanley Exp. 06/05/2003		3,000		(143	)
Receive a fixed rate equal to 2.000% and the Fund will pay to the counterparty at par in the event of default of Deutsche Telekom AG 5.250% due 05/20/2008.
Broker: UBS – Warburg Exp. 06/14/2003		3,000		(15	)
			$	(646	)

40   Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

Mortgage Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 1.6%
Banking & Finance 1.2%
Bankers Trust Corp.
1.842% due 05/11/2003 (a)	$	2,000	$	2,003
Bear Stearns Cos., Inc.
2.148% due 03/28/2003 (a)		9,700		9,714
2.120% due 05/06/2003 (a)		1,300		1,300
2.058% due 05/16/2003 (a)		2,500		2,500
2.070% due 07/22/2003 (a)		3,200		3,193
2.317% due 06/01/2004 (a)		2,700		2,705
2.350% due 11/30/2004 (a)		6,200		6,200
Capital One Bank
3.077% due 01/27/2004 (a)		9,800		9,711
Finova Group, Inc.
7.500% due 11/15/2009 (b)		1,050		325
Ford Motor Credit Co.
2.530% due 06/23/2003 (a)		2,000		1,965
2.040% due 11/24/2003 (a)		3,000		2,910
2.210% due 07/19/2004 (a)		8,500		8,045
General Motors Acceptance Corp.
1.910% due 02/14/2003 (a)		4,500		4,477
1.820% due 07/20/2003 (a)		230		230
2.142% due 08/04/2003 (a)		900		888
2.670% due 03/22/2004 (a)		6,000		5,873
2.010% due 04/05/2004 (a)		1,000		969
2.010% due 04/05/2004 (a)		1,700		1,647
2.210% due 07/21/2004 (a)		200		193
2.544% due 09/20/2004 (a)		473		473
Household Bank
2.038% due 10/22/2003 (a)		7,000		6,920
Lehman Brothers Holdings, Inc.
2.260% due 04/04/2003 (a)		6,100		6,110
MBNA America Bank NA
2.150% due 12/10/2002 (a)		7,250		7,232
Morgan Stanley, Dean Witter & Co.
2.101% due 02/21/2003 (a)		1,500		1,501
Protective Life Funding Trust
2.210% due 01/17/2003 (a)		2,000		2,002
Racers
2.147% due 03/03/2003 (a)		8,200		8,204
2.591% due 04/01/2003 (a)		10,000		9,750
Salomon Smith Barney Holdings, Inc.
1.962% due 02/11/2003 (a)		1,200		1,201
				108,241
Industrials 0.2%
Conoco, Inc.
2.630% due 10/15/2002 (a)		12,700		12,703
Cox Enterprises, Inc.
2.722% due 05/01/2033 (a)		3,500		3,467
Delta Air Lines, Inc.
7.379% due 05/18/2010		1,725		1,823
TCI Communications, Inc.
2.520% due 03/11/2003 (a)		1,000		993
				18,986
Utilities 0.2%
Dominion Resources, Inc.
7.600% due 07/15/2003		5,000		5,160
Entergy Gulf States, Inc.
3.006% due 06/02/2003 (a)		1,100		1,100
France Telecom SA
2.457% due 03/14/2003 (a)		2,800		2,764
Hawaiian Electric Industries, Inc.
2.910% due 04/15/2003 (a)		3,000		3,004
				12,028
Total Corporate Bonds & Notes (Cost $ 140,777)				139,255
MUNICIPAL BONDS & NOTES 0.2%
Indiana 0.1%
Indiana State Housing Finance Authority Single Family Mortgage Revenue Bonds, Series 2000
7.340% due 07/01/2030		3,625		3,989
Kansas 0.0%
Sedgwick& Shawnee County, Kansas Single Family Revenue Bonds, (GNMA/FNMA COLL Insured), Series 2001
5.450% due 12/01/2011		1,945		2,245
Louisiana 0.0%
Louisiana Housing Finance Agency Mortgage Revenue Bonds, (GNMA Insured), Series 2000
7.330% due 12/01/2030		3,085		3,452
Massachusetts 0.0%
Massachusetts State Development Financial Agency Revenue Bonds, (GNMA Insured), Series 2000
9.000% due 06/20/2031		1,880		2,190
Missouri 0.1%
Missouri State Housing Development Community Revenue Bonds, (GNMA/FNMA Insured), Series 2001
6.000% due 03/01/2032		6,400		6,991
Texas 0.0%
Ennis Texas Economic Development Corporate Sales Tax Revenue Bonds, (FGIC Insured), Series 1999
0.000% due 08/01/2034		7,990		1,221
Total Municipal Bonds & Notes (Cost $ 17,689)				20,088
U.S. GOVERNMENT AGENCIES 0.3%
Federal Home Loan Bank
6.100% due 10/28/2013		1,000		1,003
Small Business Administration
7.449% due 08/01/2010		635		726
6.640% due 02/01/2011		5,321		5,881
8.000% due 07/01/2014		2,791		3,105
6.950% due 11/01/2016		3,465		3,893
7.060% due 11/01/2019		5,535		6,346
6.340% due 03/01/2021		4,570		5,074
Total U.S. Government Agencies (Cost $ 24,097)				26,028
MORTGAGE-BACKED SECURITIES 117.3%
Collateralized Mortgage Obligations 34.3%
ABN AMRO Mortgage Corp.
6.750% due 09/25/2028		3,085		3,097
6.300% due 04/25/2029		1,070		1,112
6.500% due 06/25/2029 (a)		2,100		2,241
Aetna Commercial Trust
7.100% due 12/26/2030		2,536		2,699
American Southwest Financial Securities Corp.
8.000% due 01/18/2009		937		1,094
7.248% due 11/25/2038 (a)		3,030		3,401
Amortizing Residential Collateral Trust
2.073% due 09/25/2030 (a)		1,204		1,202
Asset Securitization Corp.
1.000% due 02/14/2029		1,616		1,770
Aurora Loan Services
2.510% due 05/25/2030 (a)		725		727
Bank of America Large Loan, Inc.
2.110% due 01/27/2006 (a)		45,500		40,950
Bank of America Mortgage Securities, Inc.
6.250% due 07/25/2014		4,802		5,082
6.650% due 07/25/2028		130		130
6.500% due 04/25/2029		149		154
6.500% due 05/25/2029 (a)		7,500		7,994
7.250% due 10/25/2029		2,300		2,358
6.234% due 07/25/2031 (a)		8,468		8,621
7.019% due 06/20/2032 (a)		23,882		24,492
6.373% due 07/25/2032 (a)		4,684		4,807
5.819% due 10/20/2032 (a)		24,800		25,215
Bear Stearns Adjustable Rate Mortgage Trust
7.451% due 12/25/2030 (a)		145		146
7.491% due 12/25/2030 (a)		389		391
8.050% due 03/25/2031 (a)		1,552		1,593
6.340% due 09/25/2031 (a)		1,415		1,431

See accompanying notes   I  9.30.02  I 41

Schedule of Investments (Cont.)

Mortgage Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
6.688% due 09/25/2031 (a)	$	1,565	$	1,593
6.552% due 10/25/2031 (a)		19,943		20,260
6.485% due 11/25/2031 (a)		20,163		20,599
6.656% due 11/25/2031 (a)		426		438
6.184% due 12/25/2031 (a)		12,235		12,556
6.247% due 01/25/2032 (a)		36,729		37,203
6.800% due 01/25/2032 (a)		315		323
5.439% due 10/25/2032 (a)		9,400		9,529
Bear Stearns ALT-A Trust
5.700% due 03/25/2032 (a)		36,000		36,822
Bear Stearns Commercial Mortgage Securities, Inc.
6.730% due 05/20/2003		199		202
5.910% due 05/14/2008		199		214
7.000% due 05/20/2030 (a)		1,065		1,226
Bear Stearns Mortgage Securities, Inc.
6.800% due 05/25/2023 (a)		1,178		1,185
6.500% due 12/28/2023		5,200		5,500
6.500% due 08/25/2024		374		376
7.000% due 08/25/2024		3,000		3,018
6.390% due 06/25/2030 (a)		1,027		1,022
Capstead Securities Corp. IV
1.990% due 02/25/2025 (a)		23,097		23,097
Cendant Mortgage Corp.
6.750% due 05/18/2012		4,148		4,166
7.500% due 06/18/2030		4,439		4,523
2.310% due 07/25/2030 (a)		4,225		4,218
Chase Commercial Mortgage Securities Corp.
7.600% due 12/18/2005		454		466
7.198% due 01/15/2032		55		64
7.631% due 07/15/2032		95		113
Chase Mortgage Finance Corp.
6.750% due 11/25/2024		1,000		1,038
6.750% due 06/25/2028		2,000		2,073
6.500% due 07/25/2028		222		222
6.750% due 10/25/2028		22,675		22,930
6.100% due 02/25/2029		2,223		2,249
7.750% due 04/25/2030		2,129		2,159
7.750% due 04/25/2030		5,794		6,073
Citicorp Mortgage Securities, Inc.
5.338% due 12/01/2019 (a)		526		525
6.500% due 02/25/2024		2,529		2,660
6.250% due 08/25/2024		490		505
7.250% due 08/25/2027		4,949		5,069
6.750% due 09/25/2028		1,551		1,602
6.500% due 03/25/2029 (a)		6,000		6,374
7.500% due 10/25/2030		1,103		1,118
1.000% due 07/30/2032		80,000		80,000
2.240% due 08/25/2032 (a)		15,034		15,014
CMC Securities Corp.
6.500% due 11/25/2008		9,208		9,359
CMC Securities Corp. III
5.250% due 02/25/2009		3,961		3,984
CMC Securities Corp. IV—IA5
7.250% due 11/25/2027		1,157		1,174
CMC Securities Corp. IV—IA6
7.250% due 11/25/2027		2,892		2,936
CMC Securities Corp. IV—IIA6
7.250% due 11/25/2027		943		963
Collateralized Mortgage Securities Corp.
10.950% due 02/01/2014		845		845
Commercial Capital Access One, Inc.
6.298% due 11/15/2028		16,484		17,101
Commercial Mortgage Acceptance Corp.
5.800% due 03/15/2006		173		184
Commercial Mortgage Asset Trust
7.546% due 01/17/2010		100		118
6.640% due 09/17/2010		165		188
Countrywide Alternative Loan Trust
6.500% due 04/25/2031		24,598		25,107
Countrywide Funding Corp.
6.875% due 03/25/2024		2,000		2,042
Countrywide Home Loans
6.500% due 07/25/2013		5,732		6,008
6.050% due 04/25/2029		12,700		13,176
5.897% due 12/25/2031		7,302		7,407
5.986% due 03/19/2032 (a)		1,763		1,810
Countrywide Home Loans, Inc.
6.250% due 08/25/2014 (a)		1,024		1,084
6.068% due 07/19/2031 (a)		2,743		2,815
6.500% due 10/25/2031		4,128		4,163
Countrywide Mortgage Backed Securities, Inc.
6.500% due 06/25/2009		2,181		2,241
Countrywide Mortgage Backed Securities, Inc.—A12
6.750% due 03/25/2024		3,241		3,288
Countrywide Mortgage Backed Securities, Inc.—A14
6.750% due 03/25/2024		2,000		2,077
Credit-Based Asset Servicing & Securitization LLC
2.150% due 01/25/2032 (a)		20,955		20,940
CS First Boston Mortgage Securities Corp.
6.750% due 01/15/2008		2,818		2,844
7.290% due 09/15/2009		65		76
6.960% due 06/20/2029		351		355
9.000% due 04/25/2031		1,201		1,495
2.163% due 08/25/2031 (a)		2,584		2,569
2.810% due 08/25/2031 (a)		17,183		17,193
2.363% due 11/25/2031 (a)		3,383		3,390
2.460% due 11/25/2031 (a)		2,821		2,832
2.213% due 02/25/2032 (a)		18,478		18,451
2.060% due 04/25/2032 (a)		14,601		14,560
6.250% due 04/25/2032 (a)		868		891
2.200% due 05/25/2032 (a)		22,923		22,941
2.030% due 06/25/2032 (a)		183		182
2.010% due 07/25/2032 (a)		21,149		21,149
2.360% due 08/25/2033 (a)		1,300		1,300
6.400% due 01/17/2035		656		679
CS First Boston Mortgage Securities Corp.—A5
6.750% due 12/27/2028		3,772		3,933
CS First Boston Mortgage Securities Corp.—A6
6.750% due 12/27/2028		5,000		5,329
DLJ Mortgage Acceptance Corp.
7.580% due 02/12/2006 (a)		6,200		6,535
6.975% due 11/25/2023 (a)		272		273
7.907% due 10/25/2024 (a)		346		350
1.000% due 12/28/2026 (a)(c)		4,379		4,343
6.850% due 12/17/2027		241		249
6.250% due 02/25/2029		2,000		2,126
6.240% due 02/27/2029		285		287
6.500% due 05/19/2029		998		1,047
DVI Business Credit Receivable Corp. III
2.503% due 10/15/2003 (a)		6,150		6,174
Enterprise Mortgage Acceptance Co.
6.110% due 01/15/2025		311		313
E-Trade Bank Adjustable Rate Mortgage Trust
7.051% due 08/25/2031 (a)		11,838		11,917
E-Trade Bank Mortgage-Backed Securities Trust
7.037% due 09/25/2031		10,912		11,181
Fairfax Funding Trust
6.483% due 04/02/2013		250		278
Fannie Mae
6.270% due 09/25/2007		5,000		5,335
6.000% due 12/25/2007		49		0
6.500% due 05/25/2008		344		364
0.000% due 06/25/2008		1,554		1,460
6.500% due 06/25/2008		219		16
4.000% due 02/25/2009		440		446
6.500% due 02/25/2009		1,124		1,186
6.000% due 03/25/2009		333		358
6.500% due 07/18/2012		4,338		4,606
6.370% due 02/25/2013		2,655		2,922
6.250% due 12/25/2013		13,285		13,934
2.500% due 09/25/2016		25,684		25,682
8.750% due 11/25/2019		409		456
7.000% due 03/25/2020		575		616
6.350% due 06/25/2020		1,000		1,108
7.000% due 08/25/2020		91		97
9.500% due 11/25/2020		4,818		5,439
9.000% due 03/25/2021		761		856
6.500% due 05/25/2021		121		128
7.500% due 01/25/2022		743		754

42   Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
6.500% due 04/25/2022	$	102	$	108
7.000% due 06/25/2022		454		486
7.000% due 10/25/2022		987		1,085
7.800% due 10/25/2022		889		963
7.000% due 02/25/2023		890		928
6.000% due 03/25/2023		2,200		2,280
7.000% due 03/25/2023		423		435
7.500% due 03/25/2023		2,079		2,405
5.000% due 04/25/2023		230		233
2.912% due 05/25/2023		1,110		1,136
6.500% due 05/25/2023		2,108		2,132
6.000% due 08/25/2023		1,671		1,807
2.362% due 09/25/2023 (a)		4,017		4,021
2.460% due 09/25/2023		1,256		1,274
7.000% due 09/25/2023		1,874		2,079
7.000% due 10/25/2023		82		83
6.500% due 01/25/2024		6,961		7,105
7.000% due 04/25/2024		2,699		2,891
6.600% due 05/18/2025 (a)		1,256		1,270
7.500% due 11/17/2025 (a)		968		1,073
7.000% due 05/18/2026		2,179		2,234
7.500% due 11/20/2026		9,754		10,660
7.000% due 11/25/2026		3,023		3,328
7.000% due 12/25/2026		4,508		4,912
7.500% due 04/18/2027		2,633		2,856
2.343% due 09/18/2027 (a)		2,914		2,919
6.850% due 12/18/2027		4,000		4,325
7.000% due 12/20/2027		2,786		3,041
6.500% due 06/25/2028		7,500		7,728
6.000% due 07/18/2028		34,691		36,197
6.500% due 10/25/2028		3,888		4,129
5.000% due 11/25/2028		292		253
6.290% due 02/25/2029		1,500		1,608
2.270% due 10/18/2030 (a)		1,339		1,348
6.000% due 04/25/2031		6,837		6,690
6.300% due 06/25/2031		1,873		1,920
6.750% due 08/21/2031		12,131		12,565
6.500% due 10/25/2031		3,795		3,887
6.000% due 12/25/2031		6,214		6,374
2.180% due 06/25/2032 (a)		29,867		29,910
8.939% due 06/25/2032 (a)		2,439		2,700
6.390% due 05/25/2036		2,594		2,750
7.349% due 01/17/2037		224		260
6.500% due 06/17/2038		1,000		1,068
6.500% due 09/17/2038		6,307		6,969
Fannie Mae—CZ
6.500% due 02/25/2024		1,744		1,758
Fannie Mae—K
6.500% due 02/25/2024 (a)		3,500		3,830
Fannie Mae Grantor Trust
7.500% due 07/25/2028		1,881		2,024
FDIC Remic Trust
6.750% due 05/25/2026		16		16
Federal Agricultural Mortgage Corp.
8.314% due 04/25/2030		4,343		4,791
FFCA Secured Lending Corp.
7.130% due 08/18/2008		3,459		3,610
7.270% due 02/18/2011		10,135		10,824
7.850% due 10/18/2017		16,900		19,166
8.970% due 02/18/2020		4,000		4,618
First Boston Mortgage Securities Corp.
6.750% due 09/25/2006		154		157
First Horizon Asset Securities, Inc.
6.750% due 02/25/2031		3,405		3,515
First Nationwide Trust
6.500% due 03/25/2029		4,600		4,893
8.000% due 10/25/2030		2,568		2,634
2.413% due 09/25/2031 (a)		4,666		4,679
First Republic Mortgage Loan Trust
2.173% due 11/15/2031 (a)		42,679		42,679
2.982% due 11/15/2031 (a)		4,088		4,088
2.123% due 08/15/2032 (a)		93,279		93,279
Freddie Mac
7.000% due 05/15/2004		1,007		1,021
8.000% due 01/01/2005		15		16
8.000% due 03/01/2009		24		26
7.500% due 11/01/2010		15,057		15,909
5.000% due 06/15/2016		78,875		80,960
4.500% due 02/15/2017		17,384		17,832
4.097% due 05/01/2017 (a)		305		310
6.000% due 11/15/2017		6,202		6,358
2.543% due 11/25/2017 (a)		14,750		14,750
9.050% due 06/15/2019		520		536
6.000% due 08/15/2020		2,427		2,449
7.000% due 11/15/2020		569		580
9.000% due 12/15/2020		501		519
9.500% due 12/15/2020		1,608		1,659
9.000% due 02/15/2021		2,609		2,773
6.500% due 03/15/2021		1,329		1,362
5.750% due 05/15/2021		1,108		1,115
7.000% due 09/15/2021		690		713
6.000% due 10/15/2022		450		467
6.500% due 12/17/2022		793		844
7.000% due 05/15/2023		351		391
7.000% due 07/15/2023		3,165		3,414
7.000% due 07/15/2023		730		794
7.500% due 07/15/2023 (a)		2,281		2,409
6.250% due 09/15/2023		6,606		6,921
6.500% due 11/25/2023		3,546		3,600
6.000% due 12/15/2023		417		419
6.250% due 12/15/2023		261		277
8.800% due 12/15/2023 (a)		175		178
6.500% due 01/15/2024		90		98
6.800% due 02/15/2024		1,580		1,621
6.500% due 03/15/2024		1,735		1,841
6.250% due 07/15/2024		2,255		2,310
8.500% due 03/15/2025		2,295		2,446
7.000% due 01/01/2026		123		129
2.130% due 02/15/2026 (a)		47,529		47,799
6.000% due 08/15/2026		3,900		4,054
1.953% due 09/15/2026 (a)		578		573
2.325% due 09/15/2026 (a)		3,258		3,268
6.000% due 09/15/2026		7,518		7,931
6.250% due 11/15/2026		2,200		2,299
6.500% due 06/15/2027		2,811		2,990
6.500% due 12/15/2027		2,177		2,300
6.500% due 01/15/2028		2,707		2,868
2.323% due 02/15/2028 (a)		2,295		2,301
6.250% due 03/15/2028		3,000		3,176
6.500% due 04/15/2028		2,000		2,129
6.000% due 05/15/2028		10,294		10,553
6.500% due 06/15/2028		1,976		2,111
6.500% due 06/15/2028		5,269		5,602
6.500% due 07/15/2028		2,620		2,783
6.000% due 11/25/2028		1,052		1,073
6.000% due 12/15/2028		4,000		4,162
6.000% due 12/15/2028		6,227		6,272
6.250% due 12/15/2028		2,285		2,341
6.000% due 01/15/2029		2,491		2,479
6.500% due 03/15/2029 (a)		5,200		5,526
7.000% due 03/15/2029		1,342		1,345
6.500% due 04/15/2029		1,241		1,312
6.500% due 07/01/2029		1,913		1,986
2.173% due 12/15/2029 (a)		3,643		3,650
7.500% due 02/01/2030		116		122
2.023% due 03/15/2031 (a)		3,933		3,947
6.500% due 05/15/2031		2,181		2,297
6.500% due 07/15/2031		6,471		6,626
6.500% due 08/15/2031		6,973		7,187
7.000% due 09/17/2031		3,634		4,024
2.273% due 12/15/2031 (a)		3,563		3,566
4.617% due 08/15/2032 (a)		6,755		6,672
Freddie Mac—Z
6.500% due 08/15/2028		1,042		1,104
Freddie Mac—ZC
6.500% due 08/15/2028		2,592		2,677
General Electric Capital Mortgage Services, Inc.
7.000% due 11/25/2007		1,660		1,684
6.000% due 01/25/2009		2,130		2,176
6.750% due 03/25/2011		1,135		1,146

See accompanying notes   I  9.30.02  I 43

Schedule of Investments (Cont.)

Mortgage Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
6.250% due 04/25/2014	$	2,820	$	2,983
6.500% due 09/25/2023		1,000		1,021
6.500% due 11/25/2023		17,000		17,212
6.500% due 02/25/2024		4,000		4,176
6.500% due 03/25/2024		18,760		19,018
7.250% due 05/25/2026		4,255		4,337
7.500% due 03/25/2027		5,412		5,437
7.000% due 10/25/2027		1,948		1,969
7.000% due 10/25/2027		6,106		6,190
6.750% due 03/25/2028		600		622
6.500% due 05/25/2029		5,800		6,125
6.250% due 07/25/2029 (a)		1,500		1,543
7.750% due 04/25/2030		2,000		2,033
German American Capital Corp.
7.000% due 08/12/2010		7,809		8,767
GMAC Commercial Mortgage Corp.
2.270% due 02/20/2003 (a)		371		371
2.200% due 09/20/2005 (a)		10,100		10,103
GMAC Commercial Mortgage Securities, Inc.
3.970% due 09/11/2006 (a)		2,500		2,400
7.151% due 02/15/2008 (a)		10,576		11,254
6.420% due 08/15/2008		2,834		3,185
6.700% due 05/15/2030		3,450		3,821
6.570% due 09/15/2033		1,326		1,443
Golden Mortgage Loan
7.875% due 02/25/2031 (a)		3,966		3,946
Goldman Sachs Mortgage Corp.
6.624% due 05/03/2018		8,000		8,887
Government Lease Trust
4.000% due 05/18/2011		4,400		4,140
6.480% due 05/18/2011		1,000		1,129
Government National Mortgage Association
8.000% due 11/01/2013		3,760		4,339
8.000% due 12/20/2014		4,500		4,670
2.373% due 12/16/2025 (a)		6,069		6,086
6.500% due 06/20/2028		5,000		5,316
7.500% due 08/20/2028		5,037		5,543
6.500% due 09/20/2028		4,512		4,747
7.000% due 02/16/2029		3,000		3,147
6.250% due 03/16/2029		5,000		5,308
6.500% due 03/20/2029 (a)		2,400		2,552
6.500% due 04/20/2029		3,744		3,981
6.000% due 05/20/2029		4,395		4,438
7.000% due 01/16/2030		3,553		3,672
8.000% due 01/16/2030		2,474		2,711
2.323% due 02/16/2030 (a)		5,112		5,137
8.000% due 03/20/2030		2,000		2,168
2.273% due 10/16/2030 (a)		1,095		1,095
2.123% due 01/16/2031 (a)		812		814
2.223% due 06/16/2031		8,759		8,766
2.023% due 02/16/2032 (a)		1,601		1,609
6.500% due 06/01/2032		762		798
2.170% due 06/20/2032 (a)		11,045		11,015
6.675% due 07/16/2040		4,835		5,338
6.750% due 10/16/2040		5,439		6,180
6.923% due 03/16/2041		1,616		1,791
Government National Mortgage Association—PH
7.500% due 02/20/2030		2,600		2,804
Government National Mortgage Association—Z
7.500% due 02/20/2030		1,603		1,799
GS Mortgage Securities Corp.
6.526% due 08/15/2011		5,500		6,207
6.044% due 08/15/2018		5,080		5,641
GSR Mortgage Loan Trust
2.310% due 07/25/2032 (a)		28,985		29,031
GSRPM Mortgage Loan Trust
2.210% due 11/25/2031 (a)		44,809		44,809
Guardian Savings & Loan Association
7.792% due 07/25/2019 (a)		23		23
G-Wing Ltd.
3.210% due 11/06/2003 (a)		2,046		2,046
4.460% due 05/06/2004 (a)		10,300		10,259
Headlands Mortgage Securities, Inc.
7.155% due 12/25/2012 (a)		221		225
Hilton Hotel Pool Trust
7.055% due 01/03/2010		14,882		16,831
2.220% due 10/03/2010 (a)		40,000		40,000
2.320% due 10/03/2010 (a)		23,000		23,000
Holmes Financing PLC
3.060% due 07/15/2040 (a)		10,000		9,976
3.160% due 07/15/2040 (a)		11,750		11,794
Host Marriott Pool Trust
7.970% due 08/03/2009		16,990		19,943
Housing Securities, Inc.
6.500% due 07/25/2009		254		263
J.P. Morgan Chase Commercial Mortgage Finance Corp.
2.103% due 04/15/2010 (a)		601		601
IMPAC CMB Trust
2.380% due 12/15/2030 (a)		21,341		21,421
2.190% due 06/25/2031 (a)		8,438		8,435
2.093% due 11/25/2031 (a)		1,948		1,942
2.470% due 11/25/2031 (a)		8,290		8,204
LB-UBS Commercial Mortgage Trust
6.133% due 12/15/2030		470		521
Long Beach Commercial Conduit Mortgage Trust
6.480% due 01/18/2008		150		166
Long Beach Mortgage Loan Trust
8.396% due 01/20/2017 (a)		6,293		6,801
4.000% due 06/25/2033		78,840		5,421
LTC Commercial Mortgage
6.029% due 05/28/2030		1,411		1,490
Mellon Residential Funding Corp.
6.350% due 06/25/2028		1,926		1,929
6.400% due 06/25/2028		1,250		1,263
6.600% due 06/26/2028		1,000		1,020
Merrill Lynch Mortgage Investors, Inc.
6.050% due 10/15/2008		1,457		1,483
1.000% due 07/12/2019		88,835		7,334
6.589% due 06/15/2021 (a)		698		733
7.051% due 12/26/2025		192		196
6.950% due 06/18/2029 (a)		1,072		1,105
6.220% due 02/15/2030		1,040		1,096
6.000% due 03/25/2031 (a)		5,110		5,151
Morgan Stanley Capital I
5.990% due 03/15/2005		151		155
7.328% due 01/16/2006		1,047		1,078
6.190% due 01/15/2007		3,697		3,953
7.460% due 02/15/2020		2,211		2,228
10.030% due 08/15/2023		1,506		1,517
6.860% due 07/15/2029 (a)		617		637
Morgan Stanley Mortgage Trust
7.000% due 07/20/2021		252		253
Mortgage Capital Funding, Inc.
6.663% due 01/18/2008		4,935		5,581
NationsBanc Montgomery Funding Corp.
6.500% due 07/25/2028		3,000		3,208
Nationslink Funding Corp.
6.654% due 02/10/2006		27,500		29,874
2.160% due 04/10/2007 (a)		1,603		1,608
Norwest Asset Securities Corp.
6.250% due 06/25/2014		3,135		3,317
6.250% due 08/25/2028		69		69
6.250% due 12/25/2028		4,531		4,698
6.250% due 05/25/2029		500		524
6.750% due 05/25/2029		8,057		8,151
6.000% due 07/25/2029		5,600		5,842
6.500% due 10/25/2029		5,804		6,140
7.000% due 11/25/2029		4,847		5,058
7.250% due 02/25/2030		3,257		3,391
Norwest Integrated Structured Assets, Inc.
7.000% due 06/25/2028		6,500		6,733
Paine Webber Mortgage Acceptance Corp.
6.500% due 06/25/2008		331		330
6.750% due 04/25/2024		830		824
PHH Mortgage Services Corp.
7.177% due 11/18/2027 (a)		2,762		2,919
PNC Mortgage Acceptance Corp.
7.520% due 07/15/2008		952		1,070

44   Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
PNC Mortgage Securities Corp.
7.000% due 12/25/2027	$	2,967	$	3,023
6.750% due 09/25/2028		3,216		244
6.750% due 10/25/2028		7,133		7,478
6.750% due 04/25/2029		4,580		4,722
7.250% due 10/25/2029		2,469		2,560
2.490% due 12/25/2030 (a)		8,721		8,748
7.430% due 05/25/2040 (a)		85		86
Prudential Home Mortgage Securities
7.000% due 01/25/2008		600		599
6.500% due 07/25/2008		5,000		5,067
7.500% due 07/25/2010		913		912
7.500% due 02/25/2023		5,512		5,504
6.750% due 11/25/2023		714		723
6.800% due 05/25/2024		4,424		4,836
Prudential Securities Secured Financing Corp.
6.074% due 01/15/2008 (a)		3,606		3,877
7.000% due 09/25/2020		237		238
Resecuritization Mortgage Trust
6.750% due 06/19/2028		1,926		2,077
6.500% due 04/19/2029		1,110		1,135
Residential Accredit Loans, Inc.
7.250% due 06/25/2027 (a)		1,735		1,767
6.750% due 06/25/2029		3,000		3,151
7.750% due 10/25/2029		926		950
7.500% due 11/25/2029		3,137		3,153
Residential Asset Securitization Trust
6.500% due 09/25/2014 (a)		3,225		3,361
6.250% due 11/25/2028		4,000		4,097
6.500% due 03/25/2029		1,752		1,763
8.000% due 05/25/2030		5,428		5,488
7.130% due 07/25/2031		5,000		5,382
Residential Funding Mortgage Securities I, Inc.
7.000% due 05/25/2012 (a)		266		267
6.500% due 12/25/2012		7,767		7,985
6.500% due 04/25/2013		1,397		1,439
6.250% due 03/25/2014		838		884
6.500% due 12/25/2023		9,468		9,823
7.000% due 03/25/2026		3,259		3,341
7.000% due 10/25/2027 (a)		3,040		3,085
7.000% due 11/25/2027		4,590		4,647
7.000% due 12/25/2027		2,831		2,898
6.750% due 03/25/2028		2,000		2,069
6.750% due 05/25/2028		2,009		2,027
6.750% due 06/25/2028		3,700		3,848
6.750% due 07/25/2028		1,325		1,323
6.250% due 11/25/2028		6,000		6,269
6.500% due 01/25/2029		1,000		1,056
6.500% due 03/25/2029		5,000		5,304
6.500% due 04/25/2029		7,600		8,051
6.500% due 05/25/2029		1,148		1,168
7.500% due 11/25/2029		4,550		4,609
7.500% due 11/25/2030		0		0
7.500% due 12/25/2030		706		714
6.316% due 06/25/2031 (a)		3,788		3,828
5.691% due 09/25/2032		35,000		35,634
Residential Mortgage Securities
2.110% due 02/09/2028 (a)		21,240		21,240
Resolution Trust Corp.
7.141% due 05/25/2029 (a)		826		832
RMF Commercial Mortgage Securities, Inc.
6.751% due 01/15/2019 (a)		4,265		4,573
7.100% due 11/28/2027 (a)		1,152		1,160
Saco I, Inc.
2.243% due 09/25/2040 (a)		2,606		2,605
Salomon Brothers Mortgage Securities VII, Inc.
7.235% due 11/25/2022 (a)		140		140
2.193% due 04/25/2029 (a)		1,231		1,231
2.113% due 06/25/2029 (a)		250		247
2.213% due 09/25/2029 (a)		67		67
7.606% due 11/25/2030		477		480
2.440% due 06/25/2032 (a)		2,166		2,166
Securitized Asset Sales, Inc.
7.410% due 09/25/2024 (a)		175		175
Security National Mortgage Loan Trust
3.070% due 12/25/2010		22,850		22,897
Security Pacific National Bank
6.749% due 09/25/2019 (a)		207		207
Sequoia Mortgage Trust
2.200% due 10/20/2027 (a)		35,700		35,700
2.120% due 08/20/2032 (a)		3,972		3,972
Shearson Lehman Securities
6.438% due 10/01/2018 (a)		2,486		2,507
SLH Mortgage Trust
9.600% due 03/25/2021		38		38
Small Business Administration
6.343% due 03/10/2012		700		764
Starwood Commercial Mortgage Trust
6.600% due 02/03/2009		6,892		7,499
6.920% due 02/03/2009		1,000		1,122
Strategic Hotel Capital, Inc.
3.623% due 04/15/2011 (a)		1,996		1,996
4.223% due 04/15/2011 (a)		11,975		11,975
Structured Asset Mortgage Investments, Inc.
8.000% due 10/25/2007		531		558
6.568% due 05/25/2022 (a)		8,927		8,563
6.871% due 06/25/2028 (a)		4,350		4,611
7.000% due 07/28/2028		7,451		7,466
7.203% due 02/25/2030 (a)		2,490		2,590
2.324% due 07/19/2032 (a)		6,930		6,930
2.154% due 09/19/2032 (a)		68,929		68,929
2.310% due 09/19/2032 (a)		9,900		9,900
Structured Asset Notes Transactions Ltd.
6.650% due 08/30/2005 (a)		584		575
Structured Asset Securities Corp.
7.500% due 07/25/2016		928		955
2.110% due 10/25/2027 (a)		4,321		4,318
7.000% due 12/25/2027 (a)		3,224		3,281
7.750% due 02/25/2028		3,438		3,591
6.750% due 07/25/2029		2,365		2,415
2.410% due 03/25/2031 (a)		6,948		6,981
2.263% due 05/25/2031 (a)		639		641
7.000% due 11/25/2031		16,313		17,050
6.250% due 01/25/2032 (a)		30,310		31,130
2.310% due 07/25/2032 (a)		6,072		6,081
2.500% due 08/25/2032 (a)		9,888		9,888
6.375% due 08/25/2032		28,386		29,144
2.860% due 01/25/2033 (a)		7,000		6,874
TMA Mortgage Funding Trust
2.193% due 01/25/2029 (a)		2,101		2,101
Union Planters Mortgage Finance Corp.
6.600% due 01/25/2028		3,942		3,989
Vendee Mortgage Trust
6.500% due 03/15/2029		2,500		2,667
Washington Mutual
4.170% due 04/25/2032 (a)		4,053		4,069
Washington Mutual Mortgage Securities Corp.
6.350% due 02/25/2031 (a)		13,070		13,270
6.010% due 04/25/2031 (a)		22,879		23,274
7.250% due 07/25/2031		9,128		9,710
5.243% due 10/25/2032 (a)		1,108		1,133
6.500% due 10/25/2032		27,037		27,753
Washington Mutual, Inc.
6.006% due 10/19/2039 (a)		13,000		13,354
6.398% due 10/19/2039 (a)		24,326		24,851
6.583% due 10/19/2039 (a)		20,078		19,648
6.601% due 10/19/2039 (a)		3,212		3,254
5.277% due 12/25/2040 (a)		4,781		4,844
4.598% due 01/25/2041 (a)		438		445
Wells Fargo Mortgage-Backed Securities Trust
6.750% due 05/25/2031		49		50
6.500% due 12/25/2031		14,425		14,851
4.972% due 09/25/2032 (a)		84,781		86,013
				3,029,194
Fannie Mae 33.8%
1.000% due 09/01/2027 (a)		327		346
1.000% due 07/01/2017—12/01/2040 (a)(d)		10,371		10,857
3.266% due 10/01/2011 (a)		42,880		42,870
3.884% due 09/01/2017 (a)		760		764

See accompanying notes   I  9.30.02  I 45

Schedule of Investments (Cont)

Mortgage Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
4.020% due 02/01/2017-03/01/2017 (a)(d)	$	28	$	29
4.022% due 07/01/2026-09/01/2026 (a)(d)		204		208
4.032% due 08/01/2026 (a)		136		139
4.041% due 07/01/2027 (a)		156		159
4.043% due 03/01/2026 (a)		133		136
4.068% due 09/01/2040 (a)		2,112		2,167
4.090% due 11/01/2017 (a)		25		26
4.097% due 11/01/2015-10/01/2031 (a)(d)		1,080		1,103
4.100% due 09/01/2027 (a)		21		22
4.132% due 02/01/2017 (a)		808		832
4.250% due 03/01/2028 (a)		35		36
4.252% due 08/01/2029 (a)		391		400
4.320% due 05/01/2036 (a)		17,961		18,380
4.415% due 06/01/2029 (a)		92		94
4.460% due 05/01/2036 (a)		170		174
4.500% due 06/01/2025 (a)		16		17
4.541% due 05/01/2036 (a)		127		131
4.546% due 01/01/2028 (a)		74		76
4.558% due 08/01/2024 (a)		19		20
4.650% due 08/01/2008		17,789		17,441
4.690% due 05/01/2019		843		864
4.737% due 01/01/2029 (a)		108		111
4.816% due 04/01/2032 (a)		189		196
4.825% due 04/01/2025		230		236
4.835% due 03/01/2018		42		43
4.902% due 05/01/2019		54		56
4.973% due 04/01/2030 (a)		199		205
4.982% due 07/01/2024 (a)		8		9
4.988% due 09/01/2024 (a)		40		41
4.996% due 01/01/2024 (a)		57		59
5.000% due 01/01/2014-10/01/2024 (d)		15,038		15,356
5.082% due 05/01/2026 (a)		173		179
5.116% due 06/01/2023 (a)		297		304
5.180% due 06/01/2029 (a)		388		403
5.230% due 10/01/2016		214		219
5.260% due 02/01/2032 (a)		27,966		28,798
5.282% due 11/01/2025 (a)		555		569
5.462% due 09/01/2030 (a)		372		385
5.500% due 03/01/2017-11/14/2032 (d)		1,940,501		1,995,359
5.511% due 09/01/2020 (a)		109		112
5.595% due 02/01/2024 (a)		152		158
5.705% due 11/01/2025 (a)		498		512
5.743% due 03/01/2024 (a)		115		119
5.750% due 07/01/2029 (a)		16		17
5.795% due 11/01/2024 (a)		11		11
5.800% due 11/01/2011		1,982		2,223
5.802% due 05/01/2027 (a)		1,123		1,160
5.824% due 07/01/2024 (a)		218		224
5.875% due 06/01/2017		15		15
5.934% due 12/01/2031		3,570		3,933
5.955% due 09/01/2023		205		211
5.995% due 12/01/2017 (a)		539		543
6.000% due 04/01/2004-10/15/2032 (d)		552,998		574,079
6.072% due 11/01/2023 (a)		143		147
6.099% due 02/01/2027 (a)		511		527
6.130% due 08/01/2005		2,909		3,126
6.152% due 04/01/2030 (a)		2,208		2,284
6.155% due 05/01/2032 (a)		63,681		65,869
6.160% due 05/01/2008		988		1,029
6.200% due 12/01/2024 (a)		238		244
6.250% due 07/01/2003-12/01/2022 (d)		125		128
6.262% due 02/01/2009		19,056		20,934
6.281% due 08/01/2029 (a)		172		179
6.330% due 05/01/2028 (a)		148		155
6.374% due 11/01/2023 (a)		42		43
6.410% due 08/01/2016		1,050		1,201
6.440% due 02/01/2030 (a)		3,956		4,124
6.450% due 05/01/2008-09/01/2016 (d)		6,686		7,630
6.500% due 12/01/2003-10/15/2032 (d)		83,690		86,676
6.645% due 01/01/2007		564		632
6.703% due 08/01/2028		1,532		1,742
6.750% due 11/01/2007		32		33
6.761% due 01/01/2027 (a)		590		615
6.810% due 08/01/2004		496		523
6.839% due 02/01/2018 (a)		1,071		1,137
6.900% due 09/01/2009		1,067		1,247
6.982% due 06/01/2007		1,087		1,223
6.988% due 08/01/2030 (a)		1,809		1,901
6.991% due 01/01/2030 (a)		4,917		5,132
7.000% due 06/01/2003-10/15/2032 (d)		22,966		23,986
7.040% due 03/01/2007		213		242
7.052% due 08/01/2009		2,726		3,171
7.187% due 04/01/2003 (a)		20		20
7.235% due 10/01/2003		231		237
7.250% due 02/01/2009-10/01/2011 (d)		158		165
7.310% due 07/01/2003		231		234
7.382% due 03/01/2030 (a)		5,449		5,770
7.400% due 10/01/2006		1,884		2,150
7.430% due 01/25/2023		3,348		3,450
7.491% due 08/01/2014 (a)		50		53
7.500% due 12/01/2012-10/15/2032 (d)		9,219		9,779
7.530% due 01/01/2009		1,330		1,574
7.730% due 01/01/2025		3,966		4,282
7.750% due 02/01/2008		76		79
8.000% due 07/01/2007-08/01/2030 (d)		378		399
8.500% due 04/01/2008-11/01/2026 (d)		1,888		2,030
9.000% due 03/01/2010-06/01/2027 (d)		2,076		2,265
9.250% due 05/01/2010		65		69
9.500% due 11/01/2010-04/01/2025 (d)		348		384
10.000% due 04/01/2020		221		256
15.500% due 10/01/2012		4		5
15.750% due 12/01/2011		2		2
				2,992,219
Federal Housing Administration 1.2%
1.000% due 07/01/2018 (a)		632		651
6.875% due 12/01/2016		620		620
6.896% due 07/01/2020		586		583
7.350% due 01/01/2031		3,597		3,906
7.400% due 02/01/2019-02/01/2021 (d)		2,901		2,950
7.430% due 10/01/2018-07/01/2025 (d)		62,144		63,723
7.450% due 05/01/2021		436		444
7.500% due 12/01/2030-09/01/2034 (d)		3,625		3,903
7.590% due 12/01/2017		3,692		3,863
7.625% due 12/01/2016		104		107
7.630% due 09/01/2039-05/01/2040 (d)		9,683		10,884
7.750% due 05/01/2028		928		1,041
8.530% due 02/01/2039		3,063		3,465
8.875% due 06/01/2035		5,856		6,581
				102,721
Freddie Mac 5.5%
1.000% due 04/01/2018-02/01/2031 (a)(d)		3,108		3,181
4.097% due 09/01/2018 (a)		1,057		1,075
4.272% due 08/01/2018 (a)		329		335
4.375% due 03/01/2017 (a)		45		45
4.603% due 07/01/2019 (a)		738		754
4.695% due 07/01/2027 (a)		931		966
4.823% due 06/01/2022 (a)		31		32
5.057% due 12/01/2029 (a)		4,165		4,261
5.097% due 11/01/2027 (a)		845		870
5.140% due 04/01/2027 (a)		185		192
5.250% due 02/01/2017-05/01/2023 (a)(d)		68		69
5.255% due 07/01/2028 (a)		5,319		5,510
5.294% due 11/01/2029 (a)		10,830		11,204
5.327% due 05/01/2025 (a)		229		234
5.340% due 01/01/2028 (a)		16,926		17,575
5.438% due 10/01/2023 (a)		6,038		6,049
5.500% due 11/01/2028-11/14/2032 (d)		278,609		281,231
5.581% due 09/01/2028 (a)		466		481
5.625% due 01/01/2017 (a)		40		40
5.650% due 04/01/2025 (a)		189		193
5.750% due 02/01/2029 (a)		1,948		2,012
5.871% due 09/01/2024 (a)		198		203
5.907% due 07/01/2019 (a)		149		153
5.908% due 05/01/2032 (a)		53,419		55,635
5.940% due 03/01/2027 (a)		185		189
6.000% due 09/01/2006-10/15/2032 (d)		10,961		11,193
6.043% due 07/01/2029 (a)		3,041		3,169
6.048% due 06/01/2024 (a)		197		202

46   Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
6.164% due 10/01/2024 (a)	$	599	$	615
6.220% due 05/01/2032 (a)		4,445		4,627
6.250% due 04/01/2003 (d)		1		1
6.255% due 10/01/2024 (a)		410		420
6.318% due 10/01/2023 (a)		425		437
6.341% due 02/01/2027 (a)		1,734		1,788
6.347% due 01/01/2028 (a)		708		731
6.350% due 09/01/2026 (a)		1,276		1,311
6.460% due 09/01/2025 (a)		114		118
6.500% due 03/01/2005-10/15/2032 (d)		47,378		49,163
6.634% due 09/01/2027 (a)		1,213		1,262
6.775% due 11/01/2003		23		23
6.828% due 10/01/2027 (a)		526		550
6.964% due 12/01/2026 (a)		387		408
7.000% due 09/01/2006-10/01/2029 (d)		248		259
7.059% due 04/15/2030 (a)		289		306
7.079% due 03/01/2029 (a)		700		735
7.141% due 09/01/2027 (a)		891		940
7.450% due 03/25/2022		1,024		1,041
7.500% due 07/01/2009-07/01/2031 (d)		3,868		4,084
7.645% due 05/01/2025		6,389		7,561
8.000% due 05/01/2008-09/01/2030 (d)		865		928
8.250% due 06/01/2008-12/01/2008 (d)		200		212
8.500% due 07/01/2008-08/01/2027 (d)		858		918
9.500% due 07/01/2004-06/01/2021 (d)		242		262
10.000% due 07/01/2005-12/01/2005 (d)		84		88
10.250% due 05/01/2009		1		2
10.750% due 09/01/2009-05/01/2010 (d)		7		8
				485,851
Government National Mortgage Association 42.1%
1.000% due 11/20/2020-12/23/2032 (a)(d)		42,367		42,475
4.000% due 10/24/2032		40,000		40,175
4.250% due 05/20/2030-06/20/2030 (a)(d)		668		682
4.500% due 05/20/2028-05/20/2030 (a)(d)		101,337		103,819
5.000% due 04/20/2028-05/20/2030 (a)(d)		23,312		23,944
5.250% due 01/20/2028-02/20/2031 (a)(d)		17,176		17,558
5.375% due 05/20/2017-05/20/2028 (a)(d)		55,029		56,743
5.500% due 08/20/2028-11/20/2032 (a)(d)		127,974		130,391
6.000% due 12/15/2008-10/23/2032 (a)(d)		660,136		682,263
6.250% due 05/20/2030-01/20/2031 (a)(d)		7,620		7,826
6.375% due 04/20/2017-05/20/2028 (a)(d)		3,750		3,872
6.500% due 05/15/2009-10/23/2032 (a)(d)		2,401,411		2,504,923
6.625% due 10/20/2018-12/20/2027 (a)(d)		38,250		39,564
6.750% due 08/20/2017-09/20/2027 (a)(d)		23,443		24,179
6.875% due 04/20/2019 (a)		102		106
7.000% due 09/15/2012-10/23/2032 (d)		1,927		2,051
7.500% due 12/15/2022-11/15/2031 (d)		2,759		2,931
7.750% due 10/15/2025-11/15/2025 (d)		236		255
8.000% due 12/15/2003-09/20/2030 (d)		8,009		8,591
8.250% due 07/15/2008		90		96
8.500% due 06/15/2017-03/20/2031 (d)		18,921		20,500
9.000% due 09/15/2006-08/20/2030 (d)		3,443		3,779
9.500% due 09/15/2009-12/15/2021 (d)		696		783
11.000% due 07/15/2010		17		20
				3,717,526
Stripped Mortgage-Backed Securities 0.4%
Ameriquest Mortgage Securities, Inc. (IO)
6.500% due 05/25/2004		10,000		573
Bear Stearns Asset Backed Securities, Inc. (IO)
8.000% due 05/25/2004 (a)		18,193		2,207
7.000% due 08/25/2024		236		15
5.000% due 10/25/2032		22,000		2,338
CDC Mortgage Capital Trust (IO)
0.000% due 08/25/2032		20,134		1,804
Chase Mortgage Finance Corp. (PO)
0.000% due 01/25/2030		75		72
CMC Securities Corp. III (IO)
6.750% due 11/25/2028		2,316		102
Collateralized Mortgage Obligation Trust (PO)
0.000% due 09/23/2017		28		24
Conseco Finance (IO)
1.000% due 08/15/2033 (b)		31,000		3,067
Credit-Based Asset Servicing and Securitization (IO)
0.990% due 12/15/2039		43,000		1,263
CS First Boston Mortgage Securities Corp. (IO)
7.000% due 08/25/2004		5,593		303
Fannie Mae (IO)
5.250% due 05/25/2005		46,480		4,081
6.500% due 05/25/2019		740		10
6.500% due 03/25/2020		168		2
6.500% due 08/25/2020		32		0
6.500% due 09/25/2021		248		15
6.500% due 03/25/2022		686		59
7.000% due 04/25/2008		301		29
7.000% due 07/25/2008		891		106
7.000% due 08/25/2019		44		0
839.670% due 08/25/2020		1		14
Fannie Mae (PO)
0.000% due 08/25/2022		142		131
0.000% due 04/25/2023		4,360		3,130
First Union National Bank-Bank of America Commercial Mortgage Trust (IO)
0.000% due 03/15/2011 (a)		38,977		3,753
Freddie Mac (IO)
1.487% due 12/15/2023 (a)		816		76
6.000% due 08/15/2019		24		0
6.500% due 05/15/2007		66		1
6.500% due 01/15/2023		784		79
7.000% due 08/15/2008		146		13
7.000% due 10/25/2023		888		117
7.500% due 08/15/2029		639		88
Government National Mortgage Association (PO)
0.000% due 02/26/2019		90		90
Irwin Home Equity Loan Trust (IO)
10.000% due 03/25/2004		18,037		2,455
Merrill Lynch Mortgage Investors, Inc. (IO)
1.000% due 04/25/2028 (a)		21,501		524
Mesa Trust Asset-Backed Certificates (IO)
5.000% due 08/18/2004		48,300		3,117
4.030% due 02/18/2033 (a)		7,000		7,000
Residential Funding Mortgage Securities I (IO)
7.000% due 09/25/2023		195		13
Residential Funding Mortgage Securities II (IO)
10.000% due 09/25/2003		10,600		942
				37,613
Total Mortgage-Backed Securities (Cost $ 10,002,984)				10,365,124
ASSET-BACKED SECURITIES 26.2%
Aames Mortgage Trust
2.230% due 03/15/2028 (a)		4,898		4,873
2.223% due 07/15/2029 (a)		2,569		2,570
2.273% due 10/15/2029 (a)		553		552
ABFS Equipment Contract Trust
6.100% due 10/15/2005		8		8
ABSC Long Beach Home Equity Loan Trust
1.000% due 10/15/2005		14,400		1,200
2.905% due 06/21/2030 (a)		14,287		14,187
2.420% due 07/21/2030 (a)		24,500		24,350
2.080% due 08/21/2030 (a)		4,410		4,403
Access Financial Manufactured Housing Contract Trust
7.650% due 05/15/2021		1,500		1,476
Ace Securities Corp.
2.133% due 11/25/2028 (a)		136		136
2.190% due 08/25/2030 (a)		706		704
1.000% due 08/25/2032		33,650		3,560
Advanta Business Card Master Trust
2.520% due 04/20/2008 (a)		10,000		9,997
Advanta Equipment Receivables
7.560% due 02/15/2007		194		200
Advanta Mortgage Loan Trust
7.760% due 05/25/2018		1,600		1,658
2.790% due 05/25/2027 (a)		1,017		1,012
2.188% due 11/25/2029 (a)		492		490
Advanta Revolving Home Equity Loan Trust
2.063% due 02/25/2025 (a)		442		440
Aerco Ltd.
2.783% due 07/15/2025 (a)		3,313		3,316

See accompanying notes   I  9.30.02  I 47

Schedule of Investments (Cont.)

Mortgage Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
AFC Home Equity Loan Trust
2.060% due 06/24/2029 (a)	$	964	$	958
2.220% due 06/24/2029 (a)		4,267		4,264
2.360% due 09/25/2029 (a)		428		428
Aircraft Finance Trust
8.000% due 05/15/2024		901		820
Alliance Laundry Equipment Receivables Trust
2.223% due 05/15/2009 (a)		5,816		5,825
American Business Financial Services
7.000% due 03/15/2005		59,830		7,421
4.230% due 06/15/2033		19,200		19,584
6.285% due 06/15/2033 (a)		2,000		2,086
American Residential Eagle Trust
2.160% due 04/25/2029 (a)		378		379
Americredit Automobile Receivable Trust
1.950% due 09/05/2004 (a)		625		626
2.290% due 09/05/2006 (a)		731		732
Ameriquest Mortgage Securities, Inc.
2.143% due 06/15/2030 (a)		25,958		25,940
AMRESCO Residential Securities Mortgage Loan Trust
2.180% due 06/25/2027 (a)		5,560		5,515
2.140% due 06/25/2028 (a)		1,066		1,050
2.230% due 09/25/2028 (a)		9,000		8,872
2.280% due 06/25/2029 (a)		4,001		4,005
Asset-Backed Funding Corp.
3.538% due 03/25/2004		24,950		24,551
1.000% due 07/25/2033 (a)		2,000		1,997
Asset-Backed Securities Home Equity Corp.
2.083% due 06/15/2031 (a)		12,460		12,442
2.200% due 03/15/2032 (a)		33,115		33,131
1.000% due 08/15/2032		20,244		2,071
Bank One Heloc Trust
2.080% due 04/20/2020 (a)		2,728		2,714
Bayview Financial Acquisition Trust
2.193% due 02/25/2030 (a)		17,899		17,887
2.490% due 02/25/2030 (a)		11,826		11,808
2.203% due 07/25/2030 (a)		4,902		4,901
2.660% due 07/25/2030 (a)		4,058		4,047
2.510% due 08/25/2030 (a)		13,604		13,559
2.203% due 11/25/2030 (a)		6,100		6,116
2.213% due 04/25/2031 (a)		832		831
2.093% due 07/25/2031 (a)		5,219		5,207
2.193% due 11/25/2031 (a)		2,866		2,866
Bear Stearns Asset-Backed Securities, Inc.
2.410% due 10/25/2032 (a)		10,742		10,816
Block Mortgage Finance, Inc.
2.020% due 08/25/2028 (a)		396		392
2.250% due 12/25/2028 (a)		702		699
Capital Asset Research Funding LP
6.400% due 12/15/2004		902		920
5.905% due 12/15/2005		1,943		1,936
Capital One Master Trust
7.650% due 04/17/2006		12,715		12,941
2.573% due 08/16/2006 (a)		4,500		4,482
C-BASS Mortgage Loan Trust
2.150% due 12/15/2039 (a)		28,405		28,305
CDC Mortgage Capital Trust
2.150% due 01/10/2032 (a)		5,700		5,675
2.100% due 08/25/2032 (a)		42,301		42,076
2.510% due 08/25/2032 (a)		4,342		4,342
Centex Home Equity Loan Trust
2.910% due 12/25/2016		13,655		13,703
2.140% due 01/25/2032 (a)		3,429		3,425
2.690% due 01/25/2032 (a)		5,046		5,028
Chase Credit Card Owner Trust
2.213% due 06/15/2009 (a)		2,000		1,999
Chase Funding Loan Acquisition Trust
5.392% due 05/25/2028		205		215
2.050% due 04/25/2031 (a)		7,744		7,696
Chase Funding Mortgage Loan Asset-Backed Certificates
2.360% due 10/25/2030 (a)		15,300		15,208
CIT Group Home Equity Loan Trust
3.483% due 02/25/2017		7,887		7,938
2.460% due 12/25/2031 (a)		1,900		1,893
2.083% due 06/25/2033 (a)		29,061		29,013
Citibank Credit Card Master Trust
0.000% due 08/15/2006		1,625		1,564
CNH Equipment Trust
7.140% due 09/15/2007		443		465
2.073% due 07/15/2016 (a)		25,000		25,091
CNL Funding
7.721% due 08/25/2009		19,983		22,213
Compucredit Credit Card Master Trust
2.043% due 03/15/2007 (a)		21,500		21,513
Conseco Finance
10.550% due 05/15/2005 (b)		9,140		9,503
8.560% due 07/20/2008 (b)		6,905		7,011
1.963% due 09/15/2018 (b)		1,827		1,828
2.073% due 10/15/2018 (a)(b)		7,714		7,712
3.340% due 10/15/2018 (b)		6,126		6,141
8.410% due 12/15/2025 (b)		9,500		10,242
2.213% due 12/15/2029 (a)(b)		3		3
2.573% due 03/15/2030 (a)(b)		11,900		11,713
2.243% due 10/15/2030 (a)(b)		721		716
7.350% due 10/15/2030 (b)		585		630
9.300% due 10/15/2030 (b)		2,000		2,173
2.323% due 02/15/2031 (a)(b)		3,000		2,816
2.523% due 07/15/2031 (a)(b)		18,000		17,613
8.200% due 02/01/2032 (b)		40,000		41,919
10.210% due 02/01/2032 (b)		700		652
2.023% due 08/15/2033 (b)		53,702		53,500
3.323% due 08/15/2033 (a)(b)		2,050		2,126
6.158% due 08/15/2033 (b)		2,000		2,095
Conseco Finance Securitizations Corp.
3.220% due 09/01/2023 (b)		28,426		28,563
2.193% due 10/15/2031 (a)(b)		345		343
7.060% due 02/01/2032 (b)		3,034		3,068
8.400% due 02/01/2032 (b)		2,000		2,011
7.970% due 05/01/2032 (b)		7,700		8,270
8.310% due 05/01/2032 (b)		275		291
8.730% due 05/01/2032 (b)		15,500		16,865
6.910% due 05/01/2033 (b)		150		152
8.500% due 05/01/2033 (b)		6,500		6,056
Conseco Private Label Credit Card Master Note Trust
2.723% due 11/17/2008 (a)(b)		12,500		12,473
2.103% due 12/15/2008 (a)(b)		11,000		10,969
ContiMortgage Home Equity Loan Trust
5.870% due 09/15/2008		268		277
2.033% due 08/15/2028 (a)		149		149
2.073% due 09/15/2028 (a)		418		417
Countrywide Asset-Backed Certificates
2.080% due 09/25/2031 (a)		204		203
2.410% due 09/25/2031 (a)		9,125		9,079
2.070% due 05/25/2032 (a)		6,259		6,231
2.100% due 08/25/2032 (a)		62,318		61,870
Credit-Based Asset Servicing & Securitization
2.460% due 11/25/2033 (a)		15,436		15,511
Cross Country Master Credit Card Trust II
2.323% due 06/15/2006 (a)		1,900		1,908
CS First Boston Mortgage Securities Corp.
7.590% due 07/25/2026		5,656		6,061
2.893% due 12/15/2030 (a)		26,550		26,465
3.010% due 08/25/2031 (a)		800		806
2.150% due 02/25/2032 (a)		6,833		6,828
2.560% due 04/25/2032 (a)		15,600		15,615
2.000% due 06/25/2032 (a)		5,167		5,136
2.260% due 10/25/2032 (a)		19,221		19,254
Delta Funding Home Equity Loan Trust
2.233% due 09/15/2029 (a)		362		362
Denver Arena Trust
6.940% due 11/15/2019		13,944		15,337
Drive Auto Receivables Trust
5.060% due 08/15/2005		2,000		2,039
Duck Auto Grantor Trust
4.737% due 10/17/2005		4,747		4,818
DVI Receivables Corp.
5.723% due 04/11/2009		2,391		2,513
Embarcadero Aircraft Securitization Trust
2.923% due 08/15/2025 (a)		9,100		1,820

48   Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Embarcadero Aircraft Securitization Trust—A1
2.303% due 08/15/2025 (a)	$	15,300	$	12,546
Embarcadero Aircraft Securitization Trust—A2
2.303% due 08/15/2025 (a)		5,017		4,596
EMC Mortgage Loan Trust
2.183% due 05/25/2040 (a)		7,598		7,578
EQCC Home Equity Loan Trust
1.983% due 10/15/2027 (a)		403		401
Equity One ABS, Inc.
2.050% due 11/25/2031 (a)		17,360		17,368
7.600% due 02/25/2032		5,500		6,151
1.960% due 11/25/2032 (a)		25,465		25,373
5.498% due 11/25/2032		18,000		18,835
Fannie Mae
1.000% due 04/25/2025		7,699		8,292
First Consumers Master Trust
5.800% due 12/15/2005		1,200		1,210
First International Bank
2.373% due 03/15/2027 (a)		21,880		21,880
First Investors Auto Owner Trust
3.460% due 12/15/2008		23,587		22,958
First North American National Bank
2.143% due 07/17/2011		15,000		15,040
First Plus Home Loan Trust
7.170% due 05/10/2024		10,000		10,896
Fleet Credit Card Master Trust II
2.698% due 05/15/2008 (a)		29,500		29,463
FNF Funding X, LLC.
6.530% due 07/20/2007		2,557		2,538
Freddie Mac
1.950% due 09/25/2031 (a)		931		935
General Electric Capital Mortgage Services, Inc.
7.200% due 04/25/2029		3,222		3,434
GMAC Mortgage Corp. Loan Trust
2.180% due 11/18/2025 (a)		4,024		4,022
2.050% due 01/25/2029 (a)		10,000		9,937
7.950% due 03/25/2030		1,713		1,864
7.720% due 12/25/2031		7,574		7,706
Government Lease Trust
5.860% due 04/18/2003		387		391
Government National Mortgage Association
2.410% due 06/20/2032 (a)		5,000		4,934
7.930% due 06/20/2032		10,000		11,192
Green Tree Financial Corp.
6.240% due 11/01/2016		12,396		12,721
8.000% due 07/15/2018		3,087		2,818
6.600% due 01/15/2019		858		880
9.100% due 04/15/2020		4,109		4,139
7.400% due 06/15/2027		12,072		12,564
6.680% due 01/15/2029		407		410
7.550% due 01/15/2029		725		753
7.690% due 09/01/2030 (c)		9,500		7,908
7.060% due 02/01/2031		2,500		2,559
6.970% due 04/01/2031		6,768		6,923
Green Tree Home Equity Loan Trust
6.130% due 02/15/2019		3,152		3,265
6.770% due 07/15/2030		52		52
7.180% due 07/15/2030		7,925		8,116
7.610% due 09/15/2030		7,117		7,743
Green Tree Home Improvement Loan Trust
1.993% due 08/15/2029 (a)		552		551
2.043% due 11/15/2029 (a)		256		256
Green Tree Recreational, Equipment, & Consumables
6.715% due 02/01/2009		1,895		2,084
6.550% due 07/15/2028		2,893		2,958
GRMT II Mortgage Loan Trust
2.070% due 06/20/2032 (a)		984		982
Home Equity Mortgage Trust
3.660% due 11/25/2032 (a)		2,000		1,998
2.020% due 02/25/2033 (a)		5,000		5,002
Household Consumer Loan Trust
2.243% due 08/15/2006 (a)		216		207
Household Mortgage Loan Trust
2.120% due 05/20/2032 (a)		51,861		51,836
2.470% due 05/20/2032 (a)		25,667		25,603
IMC Home Equity Loan Trust
6.880% due 11/20/2028		6,987		7,424
IMPAC Secured Assets CMN Owner Trust
5.530% due 10/25/2019		13,879		13,892
5.560% due 01/25/2020		16,147		16,164
1.000% due 06/25/2023		4,500		4,534
7.770% due 07/25/2025 (a)		2,667		2,805
Indymac Home Equity Loan Asset-Backed Trust
2.510% due 12/25/2031 (a)		5,400		5,365
2.883% due 12/25/2031 (a)		9,925		9,829
8.980% due 12/25/2031		1,000		1,066
Indymac Manufactured Housing Contract
6.170% due 12/25/2011		1,002		1,035
Irwin Home Equity Loan Trust
1.000% due 12/25/2004		31,204		6,479
2.030% due 02/25/2011 (a)		11,003		11,011
2.183% due 02/25/2012 (a)		5,324		5,324
2.188% due 06/25/2021 (a)		604		604
2.710% due 06/25/2021 (a)		4,000		3,979
7.960% due 04/25/2026		7,000		7,921
2.710% due 02/25/2029 (a)		3,000		3,000
Irwin Whole Loan Home Equity Trust
1.960% due 07/25/2014 (a)		13,510		13,497
Keycorp Student Loan Trust
2.342% due 08/27/2025 (a)		4,071		4,082
Long Beach Auto Receivables Trust
3.114% due 03/13/2005 (a)		3,559		3,572
Long Beach Mortgage Loan Trust
2.093% due 11/25/2009 (a)		60,066		59,858
Marriott Vacation Club Owner Trust
2.170% due 09/20/2017 (a)		2,079		2,078
Master Asset Securitization Trust
6.000% due 04/25/2005		21,650		2,005
MBNA Master Credit Card Trust
6.350% due 11/15/2005		800		821
2.280% due 10/16/2006 (a)		1,500		1,500
Mellon Auto Grantor Trust
5.460% due 10/17/2005		324		325
Mellon Residential Funding Corp.
6.615% due 02/25/2021		45,435		48,928
Merrill Lynch Home Equity Loan
1.980% due 01/25/2007 (a)		2,537		2,529
Merrill Lynch Mortgage Investors, Inc.
2.010% due 07/25/2016 (a)		29,073		29,092
Mesa Trust Asset Backed Certificates
0.990% due 12/15/2003 (a)		4,386		515
2.113% due 11/25/2031 (a)		15,498		15,510
2.440% due 05/15/2033 (a)		4,801		4,801
2.940% due 05/15/2033 (a)		6,648		6,648
Metris Master Trust
3.697% due 11/20/2009 (a)		3,000		3,023
Metropolitan Asset Funding, Inc.
2.273% due 04/25/2029 (a)		883		880
Mid-State Trust
8.330% due 04/01/2030		4,285		4,746
7.340% due 07/01/2035		2,100		2,320
7.400% due 07/01/2035		90		99
7.790% due 07/01/2035		120		128
7.791% due 03/15/2038		3,928		4,391
MLCC Mortgage Investors, Inc.
2.203% due 03/15/2025 (a)		1,529		1,528
Morgan Stanley Dean Witter Capital I
7.500% due 07/15/2010		23,526		25,938
2.143% due 07/25/2032 (a)		2,431		2,424
2.110% due 08/25/2032 (a)		6,253		6,224
Nextcard Credit Card Master Note Trust
3.473% due 12/15/2006 (a)		5,300		1,060
Novastar Home Equity Loan
2.088% due 04/25/2028 (a)		2,523		2,512
Novastar Mortgage Fundng Trust
2.070% due 09/25/2031 (a)		6,737		6,709
NPF XII, Inc.
2.240% due 10/01/2003 (a)(h)		49,000		48,877
2.540% due 10/01/2003 (a)(h)		1,700		1,701
2.470% due 11/01/2003 (a)(h)		3,000		3,000
2.270% due 12/01/2003 (a)(h)		13,800		13,698

See accompanying notes   I  9.30.02  I 49

Schedule of Investments (Cont.)

Mortgage Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
2.770% due 03/01/2004 (a)(h)	$	4,000	$	4,026
2.920% due 11/01/2004 (a)(h)		6,000		5,998
Oakwood Mortgage Investors, Inc.
7.500% due 01/15/2021		4,000		4,371
6.973% due 03/15/2031 (a)		81		81
Ocwen Mortgage Loan Trust
2.262% due 04/25/2029 (a)		1,616		1,605
2.122% due 10/25/2029 (a)		389		385
2.490% due 03/25/2031 (a)		4,099		4,116
Option One Mortgage Loan Trust
2.312% due 02/25/2029 (a)		1,127		1,129
6.020% due 05/25/2029 (a)		100		100
2.190% due 12/26/2029 (a)		503		503
2.110% due 01/25/2032 (a)		17,049		17,016
2.060% due 10/12/2032 (a)		46,885		46,518
2.380% due 10/12/2032 (a)		27,625		27,625
Origen Manufactured Housing
7.650% due 03/15/2032		13,200		14,910
Provident Bank Home Equity Loan Trust
7.180% due 04/21/2013		59		63
2.030% due 04/25/2029 (a)		439		434
Providian Gateway Master Trust
2.043% due 03/15/2007 (a)		4,200		4,203
Renaissance Home Equity Loan Trust
1.970% due 06/25/2032 (a)		6,048		6,048
2.610% due 08/25/2032 (a)		3,000		3,000
Residential Asset Mortgage Products, Inc.
2.066% due 12/25/2003 (a)		3,288		3,290
5.820% due 12/25/2022		2,951		2,957
8.000% due 03/25/2030		934		1,004
8.360% due 06/25/2030		21,228		22,840
8.000% due 09/25/2030		24,150		27,090
Residential Asset Securities Corp.
5.810% due 09/25/2029		100		105
2.360% due 09/25/2031 (a)		31,000		30,794
2.090% due 07/25/2032 (a)		57,210		56,821
Residential Funding Mortgage Securities II, Inc.
2.000% due 08/25/2014 (a)		260		260
5.940% due 09/25/2018		100		105
7.850% due 12/25/2024		7,000		7,701
8.110% due 02/25/2025		133		143
8.350% due 03/25/2025		1,000		1,147
Residential Mortgage Loan Trust
2.625% due 09/25/2029 (a)		2,771		2,790
Sallie Mae
2.372% due 04/25/2007 (a)		2,623		2,628
2.401% due 07/25/2016 (a)		17,907		18,060
Salomon Brothers Mortgage Securities VII, Inc.
6.930% due 08/25/2028		2,572		2,808
2.163% due 07/25/2029 (a)		88		87
3.323% due 11/15/2029 (a)		14,600		14,673
2.243% due 11/15/2029 (a)		352		352
2.403% due 12/15/2029 (a)		2,000		1,999
2.176% due 12/25/2029 (a)		771		769
2.712% due 01/25/2032 (a)		5,209		5,246
Saxon Asset Securities Trust
5.250% due 05/25/2005		23,833		2,396
Sears Credit Account Master Trust
2.353% due 10/18/2011 (a)		30,500		30,413
SLM Student Loan Trust
2.342% due 04/25/2006 (a)		885		887
2.276% due 10/27/2025 (a)		1,593		1,593
Sovereign Dealer Floor Plan Master LLC
2.088% due 10/15/2007 (a)		13,000		13,035
SSB RV Trust
4.740% due 02/15/2013		2,000		2,087
SVO Timeshare Mortgage Corporation
5.470% due 12/20/2006		695		726
Team Fleet Financing Corp.
2.330% due 12/25/2003 (a)		15,709		15,770
TMI Home Loan Trust
7.560% due 06/25/2024		2,000		2,182
TrendWest Resorts, Inc.
7.440% due 12/15/2011		3,064		3,089
Triton Aviation Finance
4.823% due 06/15/2025 (a)		4,500		4,500
UCFC Manufactured Housing Contract
7.900% due 01/15/2028		2,500		2,544
Vanderbilt Acquisition Loan Trust
3.280% due 01/07/2013		5,263		5,312
Vanderbilt Mortgage Finance
7.905% due 02/07/2026		198		231
8.040% due 12/07/2030		1,023		1,150
WFS Financial Owner Trust
6.920% due 01/20/2004 (a)		19		19
Total Asset-Backed Securities (Cost $ 2,306,130)				2,316,519
PURCHASED CALL OPTIONS 0.0%
Eurodollar March Futures (CME)
Strike @ 95.500 Exp. 03/17/2003		4,000		30
Total Purchased Call Options (Cost $ 5)				30
PURCHASED PUT OPTIONS 0.0%
PNC Mortgage Securities Corp. (OTC)
7.430% due 05/25/2040
Strike @ 100.000 Exp. 04/01/2005		600		0
Total Purchased Put Options (Cost $ 0)				0
CONVERTIBLE BONDS & NOTES 0.3%
Industrials 0.3%
Nabors Industries Ltd.
0.000% due 06/20/2020		46,000		29,957
Total Convertible Bonds & Notes (Cost $ 30,905)				29,957
SHORT-TERM INSTRUMENTS 12.9%
Commercial Paper 12.2%
AT&T Corp.
3.720% due 04/18/2003		8,300		7,811
Danske Corp.
1.750% due 12/19/2002		38,000		37,854
Eksportfinans ASA
1.750% due 12/09/2002		35,000		34,882
Fannie Mae
1.860% due 10/01/2002		5,000		5,000
2.100% due 11/29/2002		20		20
Rabobank Nederland NV
1.920% due 10/01/2002		240,000		240,000
Shell Finance (UK) PLC
1.700% due 11/19/2002		82,000		81,810
TotalFinaElf SA
1.740% due 10/31/2002		250,000		250,000
UBS Finance, Inc.
1.970% due 10/01/2002		263,000		263,000
1.750% due 11/14/2002		80,000		79,829
1.750% due 11/15/2002		80,000		79,825
				1,080,031
U.S. Treasury Bills 0.7%
1.621% due 11/14/2002-11/29/2002 (d)(e)		59,675		59,522
Total Short-Term Instruments (Cost $ 1,140,043)				1,139,553
Total Investments 158.8% (Cost $ 13,662,630)			$	14,036,554
Other Assets and Liabilities (Net) (58.8%)				(5,198,437	)
Net Assets 100.0%			$	8,838,117

50   Semi-Annual Report  I  9.30.02I  See accompanying notes

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security is in default.

(c) Restricted security.

(d) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(e) Securities with an aggregate market value of $20,893 have been segregated with the custodian to cover margin requirements for the following open futures contracts at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
U.S. Treasury 5 Year Note (12/2002)	256	$	663
U.S. Treasury 10 Year Note (12/2002)	22		75
Eurodollar March Futures (03/2003)	4		(22	)
		$	716

(f) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
Fannie Mae	6.000	09/16/2032	$	171,000	$	175,930	$	175,489
Government National Mortgage Association	4.000	10/24/2032		40,000		40,238		40,238
Government National Mortgage Association	4.000	10/24/2032		40,000		40,162		40,162
					$	256,330	$	255,889

(g) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive floating rate based on 3-month LIBOR plus 0.500% and pay a fixed rate equal to 7.600%.
Broker: Lehman Brothers, Inc. Exp. 07/15/2003	$	5,000	$	(211	)
Receive floating rate based on 3-month LIBOR plus 1.000% and pay to the counterparty the notional amount of $15,000 in exchange for shares of Nabors Industries, Inc. due 06/20/2020 when convertible debentures mature.
Broker: Morgan Stanley Exp. 06/20/2003		9,126		(336	)
Receive floating rate based on 3-month LIBOR plus 1.100% and pay a fixed rate equal to 2.500%.
Broker: Bear Stearns Exp. 06/20/2003		20,321		752
Receive total return on Lehman Brothers CMBS Investment Grade Index less 8.500% and pay floating rate based on 1-month LIBOR less 0.500%
Broker: Credit Suisse First Boston Exp. 02/01/2003		100,000		0
Receive floating rate based on 3-month LIBOR and pay a fixed amount equal to $2,211.
Broker: Lehman Brothers, Inc. Exp. 10/01/2011		39,000		(63	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Morgan Stanley Exp. 12/18/2012		87,500		(6,931	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 6.000%.
Broker: Bank of America Exp. 12/18/2007		457,500		(38,844	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: Bank of America Exp. 12/18/2004		218,200		6,156
Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: UBS—Warburg Exp. 12/18/2004		27,500		776
			$	(38,701	)

(h) Subsequent to September 30, 2002, issuer declared bankruptcy.

See accompanying notes   I  9.30.02  I 51

Schedule of Investments

Asset-Backed Securities Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
U.S. GOVERNMENT AGENCIES 1.3%
Fannie Mae
7.450% due 02/24/2005	$	100	$	102
Tennessee Valley Authority
5.880% due 04/01/2036		3,000		3,474
Total U.S. Government Agencies (Cost $ 3,277)				3,576
MORTGAGE-BACKED SECURITIES 50.1%
Collateralized Mortgage Obligations 31.6%
American Southwest Financial Securities Corp.
8.000% due 01/18/2009		1,000		1,168
Amortizing Residential Collateral Trust
2.093% due 01/01/2032 (a)		317		315
Asset Securitization Corp.
7.384% due 08/13/2029		750		861
Bank of America Mortgage Securities, Inc.
6.369% due 07/25/2032 (a)		1,703		1,748
Bear Stearns Adjustable Rate Mortgage Trust
7.491% due 12/25/2030 (a)		195		195
8.091% due 03/25/2031 (a)		161		165
Countrywide Home Loans
5.897% due 12/25/2031		2,556		2,592
Credit-Based Asset Servicing & Securitization
5.102% due 08/25/2014		576		581
CS First Boston Mortgage Securities Corp.
3.297% due 12/15/2011 (a)		3,000		2,998
3.547% due 12/15/2011 (a)		1,492		1,480
2.163% due 08/25/2031 (a)		3,002		2,984
2.810% due 08/25/2031 (a)		2,000		2,001
2.363% due 11/25/2031 (a)		677		678
2.360% due 02/25/2032 (a)		2,574		2,522
Drexel Burnham Lambert Trust
2.625% due 05/01/2016 (a)		783		784
Fannie Mae
2.443% due 03/25/2008 (a)		105		108
6.500% due 04/25/2013		70		74
7.207% due 07/17/2017		365		389
2.312% due 01/15/2020 (a)		908		917
6.500% due 07/25/2020		6		6
2.262% due 10/25/2021 (a)		283		284
2.743% due 08/25/2023 (a)		250		258
2.962% due 01/25/2024 (a)		540		549
1.943% due 06/25/2032 (a)		435		433
Fannie Mae—A1
1.943% due 06/25/2032 (a)		912		909
Fannie Mae—AV1
1.923% due 06/25/2025 (a)		112		112
Federal Agricultural Mortgage Corp.
7.542% due 01/25/2012		731		821
Freddie Mac
2.425% due 10/15/2008 (a)		1,065		1,078
6.000% due 02/15/2022		1,869		1,940
7.000% due 08/15/2022		954		999
2.975% due 05/15/2023 (a)		245		254
2.325% due 02/15/2024 (a)		1,255		1,270
1.943% due 07/25/2031 (a)		380		380
2.273% due 12/15/2031 (a)		713		713
German American Capital Corp.
7.000% due 08/12/2010		2,000		2,245
GMAC Commercial Mortgage Securities, Inc.
2.500% due 09/11/2006 (a)		500		480
GMAC Mortgage Corp. Loan Trust
1.943% due 06/25/2027 (a)		127		127
7.500% due 02/25/2031		4,000		4,164
Hilton Hotel Pool Trust
2.320% due 10/03/2010 (a)		2,000		2,000
Holmes Financing PLC
3.160% due 07/15/2040 (a)		2,000		2,008
Homeside Mortgage Securities Trust
2.050% due 01/20/2027 (a)		215		215
IMPAC CMB Trust
2.233% due 12/15/2030 (a)		1,420		1,421
2.380% due 12/15/2030 (a)		862		865
2.473% due 11/25/2031 (a)		210		207
Indymac Adjustable Rate Mortgage Trust
6.431% due 01/25/2032 (a)		1,359		1,382
Long Beach Mortgage Loan Trust
8.396% due 01/20/2017 (a)		730		788
Mellon Residential Funding Corp.
6.500% due 02/25/2013		225		229
2.130% due 11/15/2031 (a)		2,441		2,442
Merrill Lynch Mortgage Investors, Inc.
2.120% due 01/20/2030 (a)		71		71
2.130% due 05/25/2033 (a)		96		96
Mortgage Capital Funding, Inc.
7.288% due 02/20/2027		1,000		1,138
Nationslink Funding Corp.
6.888% due 05/10/2007		2,750		3,096
Norwest Asset Securities Corp.
6.500% due 09/25/2014		158		165
6.750% due 05/25/2028		5,000		5,080
Prudential Home Mortgage Securities
6.750% due 11/25/2023		1,071		1,085
6.750% due 01/25/2024		90		90
Residential Accredit Loans, Inc.
6.750% due 06/25/2029		62		63
Residential Asset Securities Corp.
6.750% due 07/25/2029		14		14
Residential Asset Securitization Trust
6.180% due 05/25/2032		290		298
Residential Funding Mortgage Securities I, Inc.
7.000% due 05/25/2011		2,394		2,466
6.500% due 08/25/2013		933		964
6.750% due 12/25/2014		24		25
5.875% due 09/25/2031		187		192
Resolution Trust Corp.
1.000% due 05/25/2029 (a)		767		778
Salomon Brothers Mortgage Securities VII, Inc.
8.500% due 11/25/2024		849		898
2.153% due 04/25/2029 (a)		3,076		3,071
2.440% due 06/25/2032 (a)		2,000		2,000
Sears Mortgage Securities
9.500% due 11/15/2010 (b)		103		111
7.000% due 07/25/2023		745		747
Starwood Commercial Mortgage Trust
6.920% due 02/03/2009		1,000		1,122
Structured Asset Mortgage Investments, Inc.
7.000% due 07/28/2028		745		747
6.523% due 06/25/2029 (a)		619		641
2.280% due 07/19/2032 (a)		1,000		1,000
2.340% due 09/19/2032 (a)		1,000		1,000
Structured Asset Securities Corp.
2.260% due 06/25/2017 (a)		1,882		1,884
2.157% due 10/25/2027 (a)		259		259
6.375% due 08/25/2032		1,890		1,940
2.860% due 01/25/2033 (a)		1,000		982
United Mortgage Securities Corp.
5.541% due 06/25/2032 (a)		605		617
Washington Mutual Mortgage Securities Corp.
5.243% due 10/25/2032 (a)		988		1,011
Washington Mutual, Inc.
6.500% due 10/19/2029		1,635		1,686
				86,476
Fannie Mae 14.1%
4.097% due 11/01/2040 (a)		1,741		1,782
4.242% due 10/01/2027 (a)		43		44
4.449% due 05/01/2036 (a)		373		381
4.655% due 07/01/2027		25		26
5.166% due 10/01/2031 (a)		541		556
5.397% due 03/01/2027 (a)		66		68
5.400% due 03/01/2028 (a)		72		74
5.500% due 10/21/2017-11/19/2017 (a)(c)		32,000		32,930
5.588% due 01/01/2028 (a)		179		185
6.090% due 12/01/2008		96		107
6.151% due 02/01/2026 (a)		53		54
6.177% due 09/01/2030 (a)		269		277
6.250% due 12/01/2025 (a)		44		45

52

	Principal Amount (000s)		Value (000s)
6.315% due 03/01/2027 (a)	$	93	$	95
6.395% due 12/01/2024 (a)		37		39
6.493% due 03/01/2030 (a)		416		427
6.722% due 02/01/2026 (a)		39		41
6.930% due 09/01/2021		970		1,127
7.362% due 01/01/2027 (a)		217		231
				38,489
Freddie Mac 2.0%
5.170% due 02/01/2022 (a)		57		59
5.210% due 09/01/2023 (a)		47		49
5.250% due 02/01/2017 (a)		31		32
5.865% due 08/01/2023 (a)		98		102
5.883% due 08/01/2029 (a)		272		282
5.965% due 11/01/2028 (a)		347		361
5.971% due 03/01/2032 (a)		3,905		4,082
6.177% due 02/01/2026 (a)		139		144
6.415% due 11/01/2023 (a)		49		50
6.428% due 03/01/2028 (a)		148		153
6.578% due 06/01/2028 (a)		134		139
10.250% due 06/01/2009		1		1
				5,454
Government National Mortgage Association 2.4%
4.875% due 04/20/2016 (a)		63		65
5.000% due 09/20/2029 (a)		233		237
5.250% due 02/20/2030 (a)		57		59
5.375% due 01/20/2023 (a)		76		78
6.375% due 04/20/2017-04/20/2021 (a)(c)		146		151
6.375% due 04/20/2018-04/20/2019 (a)(c)		91		95
6.500% due 09/20/2028 (a)		89		91
6.625% due 12/20/2016-10/20/2026 (a)(c)		623		644
7.000% due 10/23/2032 (a)		5,000		5,248
				6,668
Total Mortgage-Backed Securities (Cost $ 135,409)				137,087
ASSET-BACKED SECURITIES 61.9%
Aames Mortgage Trust
1.826% due 08/15/2027 (a)		431		431
2.276% due 03/15/2028 (a)		754		750
2.276% due 10/15/2029 (a)		221		221
ABSC Long Beach Home Equity Loan Trust
7.570% due 03/21/2024		215		216
2.905% due 06/21/2030 (a)		1,000		993
Access Financial Manufactured Housing Contract Trust
7.650% due 05/15/2021		1,000		984
Accredited Mortgage Loan Trust
2.156% due 02/25/2030 (a)		751		750
Advanta Mortgage Loan Trust
6.420% due 09/25/2021		124		124
7.750% due 10/25/2026		525		580
2.053% due 05/25/2027 (a)		515		514
American Business Financial Services
6.285% due 06/15/2033 (a)		2,000		2,086
American Express Credit Account Master Trust
2.006% due 11/15/2010 (a)		75		75
AmeriCredit Automobile Receivables Trust
3.730% due 11/12/2004		175		176
3.780% due 02/12/2007		2,000		2,048
2.020% due 04/05/2007 (a)		1,025		1,026
5.370% due 06/12/2008		93		98
Ameriquest Mortgage Securities, Inc.
2.120% due 05/25/2032 (a)		294		294
AMRESCO Residential Securities Mortgage Loan Trust
2.183% due 06/25/2027 (a)		855		848
2.140% due 06/25/2028 (a)		977		962
2.230% due 09/25/2028 (a)		1,000		986
ANRC Auto Owner Trust
6.940% due 04/17/2006		342		348
Arcadia Automobile Receivables Trust
6.000% due 11/17/2003		39		39
Asset-Backed Funding Certificates
7.641% due 11/25/2030		5		5
Asset-Backed Funding Corp.
2.490% due 07/25/2033 (a)		2,743		2,738
Asset-Backed Securities Corp. Home Equity Loan Trust
2.480% due 08/15/2032 (a)		2,000		1,998
2.990% due 08/15/2032 (a)		100		98
Bear Stearns Asset-Backed Securities, Inc.
2.410% due 10/25/2032 (a)		2,778		2,797
2.010% due 12/25/2034 (a)		96		96
Bear Stearns Mortgage Securities, Inc.
7.750% due 06/25/2027		783		792
Block Mortgage Finance, Inc.
7.777% due 04/25/2014		2,343		2,595
Capital Asset Research Funding LP
6.400% due 12/15/2004		1,639		1,672
Capital One Master Trust
7.650% due 04/17/2006		3,000		3,053
2.576% due 08/16/2006 (a)		3,000		2,988
Captial Auto Receivable Asset Trust
3.050% due 09/15/2005 (a)		3,250		3,253
CDC Mortgage Capital Trust
2.123% due 08/25/2032 (a)		935		935
2.510% due 08/25/2032 (a)		3,000		3,000
Centex Home Equity
6.250% due 04/25/2031		270		291
Centex Home Equity Loan Trust
7.720% due 05/25/2029		200		218
Champion Home Equity Loan Trust
2.073% due 03/25/2029 (a)		165		164
Chase Funding Mortgage Loan Asset-Backed Certificates
2.033% due 04/25/2016 (a)		203		203
1.973% due 08/25/2016 (a)		319		319
CIT Group Home Equity Loan Trust
2.460% due 12/25/2031 (a)		1,500		1,495
Citibank Credit Card Issuance Trust
7.450% due 09/15/2007		450		493
CNH Equipment Trust
7.140% due 09/15/2007		409		430
Community Program Loan Trust
4.500% due 04/01/2029		500		467
Conseco Finance
7.800% due 05/15/2020 (d)		143		153
8.410% due 12/15/2025 (d)		2,000		2,156
9.290% due 12/15/2029 (d)		1,000		1,061
2.576% due 03/15/2030 (a)(d)		1,000		984
2.526% due 07/15/2031 (a)(d)		1,000		979
10.210% due 02/01/2032 (d)		1,000		932
3.320% due 08/15/2033 (a)(d)		3,000		3,112
6.158% due 08/15/2033 (d)		1,000		1,047
Conseco Finance Home Loan Trust
8.080% due 02/15/2022 (d)		1,203		1,224
8.880% due 06/15/2024 (d)		4,700		5,006
9.520% due 06/15/2024 (d)		3,000		3,197
Conseco Finance Securitizations Corp.
3.220% due 09/01/2023 (d)		569		571
7.060% due 02/01/2032 (d)		109		110
7.424% due 03/25/2033 (d)		2,000		2,124
1.950% due 05/01/2033 (a)(d)		133		133
8.500% due 05/01/2033 (d)		1,000		932
Contimortgage Home Equity Loan Trust
7.280% due 04/25/2014		947		1,018
2.306% due 06/15/2025 (a)		403		403
Countrywide Asset-Backed Certificates
6.102% due 08/25/2026		670		680
2.083% due 09/25/2031 (a)		298		298
2.410% due 09/25/2031 (a)		2,000		1,990
2.411% due 04/25/2032 (a)		2,750		2,750
2.413% due 04/25/2032 (a)		2,000		2,000
Countrywide Home Equity Loan Trust
2.146% due 04/15/2025 (a)		340		339
CS First Boston Mortgage Securities Corp.
2.560% due 04/25/2032 (a)		1,000		1,001
2.260% due 10/25/2032 (a)		4,562		4,569
DaimlerChrysler Auto Trust
2.900% due 12/06/2004		3,000		3,025
Denver Arena Trust
6.940% due 11/15/2019		870		957

See accompanying notes   I  9.30.02  I 53

Schedule of Investments (Cont.)

Asset-Backed Securities Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Embarcadero Aircraft Securitization Trust
2.926% due 08/15/2025 (a)	$	1,183	$	237
Equity One ABS, Inc.
7.600% due 02/25/2032		3,000		3,355
7.770% due 02/25/2032		2,000		2,163
5.498% due 11/25/2032		3,000		3,139
Equivantage Home Equity Loan Trust
2.022% due 10/25/2028 (a)		286		286
Fannie Mae
8.200% due 04/25/2025		882		950
First Alliance Mortgage Loan Trust
2.290% due 10/25/2024 (a)		162		162
2.007% due 09/20/2027 (a)		329		329
First Consumers Master Trust
5.800% due 12/15/2005		1,000		1,009
First International Bank
2.376% due 03/15/2027 (a)		875		875
First USA Credit Card Master Trust
1.947% due 09/19/2008 (a)		200		200
Fleet Credit Card Master Trust II
2.701% due 05/15/2008 (a)		1,000		999
Ford Credit Auto Owner Trust
7.500% due 10/15/2004		100		105
Freddie Mac
1.883% due 03/25/2021 (a)		42		42
1.953% due 04/25/2030 (a)		114		113
General Electric Capital Mortgage Services, Inc.
7.200% due 04/25/2029		948		1,010
Green Tree Financial Corp.
6.240% due 11/01/2016		11		11
6.270% due 07/01/2021		710		738
7.400% due 06/15/2027		734		764
6.860% due 03/15/2028		172		178
7.230% due 03/15/2028		500		450
7.550% due 01/15/2029		721		748
6.920% due 12/01/2030		3,000		2,968
7.060% due 02/01/2031		1,000		1,024
Green Tree Home Equity Loan Trust
6.130% due 02/15/2019		12		13
7.650% due 04/15/2027		290		306
Home Equity Asset Trust
2.110% due 11/25/2032 (a)		488		486
Home Equity Mortgage Trust
3.660% due 11/25/2032 (a)		2,000		1,998
Honda Auto Receivables Owner Trust
2.910% due 09/15/2004		600		605
Household Consumer Loan Trust
2.006% due 11/15/2007 (a)		655		652
Household Home Equity Loan Trust
2.087% due 05/20/2031 (a)		1,815		1,812
IMPAC Secured Assets CMN Owner Trust
7.770% due 07/25/2025 (a)		578		608
Indymac Home Equity Loan Asset-Backed Trust
3.790% due 12/25/2031 (a)		1,500		1,512
Irwin Home Equity Loan Trust
7.960% due 04/25/2026		2,000		2,263
2.736% due 02/25/2029 (a)		2,000		2,000
L.A. Arena Funding LLC
7.656% due 12/15/2026		138		167
Long Beach Mortgage Loan Trust
2.090% due 07/25/2031 (a)		2,726		2,720
2.163% due 03/25/2032 (a)		353		352
2.133% due 06/25/2032 (a)		264		263
MBNA Master Credit Card Trust
1.996% due 10/15/2005 (a)		400		400
6.350% due 11/15/2005		1,200		1,232
Mellon Residential Funding Corp.
1.940% due 01/25/2008 (a)		48		48
6.615% due 02/25/2021		3,000		3,231
Merrill Lynch Mortgage Investors, Inc.
2.780% due 09/25/2032 (a)		1,500		1,500
Metris Master Trust
2.227% due 05/22/2006 (a)		1,000		1,000
2.027% due 07/21/2008 (a)		50		50
Morgan Stanley Dean Witter Capital I
2.110% due 08/25/2032 (a)		2,886		2,872
New Century Home Equity Loan Trust
2.090% due 07/25/2030 (a)		720		717
Nextcard Credit Card Master Note Trust
3.476% due 12/15/2006 (a)		700		140
NPF XII, Inc.
2.770% due 03/01/2004 (a)(g)		2,000		2,013
Oakwood Mortgage Investors, Inc.
6.973% due 03/15/2031 (a)		500		500
Ocwen Mortgage Loan Trust
2.512% due 05/25/2029 (a)		95		96
Option One Mortgage Loan Trust
2.080% due 12/25/2016		651		651
2.143% due 04/25/2030 (a)		117		116
2.103% due 09/25/2030 (a)		414		414
2.073% due 08/25/2031 (a)		258		258
2.380% due 10/12/2032 (a)		2,000		2,000
Origen Manufactured Housing
7.650% due 03/15/2032		2,000		2,259
Pass-Through Amortizing Credit Card Trust
3.140% due 06/18/2012 (a)		1,835		1,835
Providian Gateway Master Trust
2.043% due 03/15/2007 (a)		800		801
RBMG Funding Co.
2.490% due 04/25/2030 (a)		1,812		1,811
Renaissance Home Equity Loan Trust
2.610% due 08/25/2032 (a)		2,000		2,000
Residential Asset Mortgage Products, Inc.
2.003% due 08/25/2020 (a)		191		192
1.999% due 04/25/2021 (a)		134		134
8.360% due 06/25/2030		1,500		1,614
Residential Asset Securities Corp.
1.953% due 11/25/2017 (a)		344		344
2.040% due 09/25/2031 (a)		670		669
2.043% due 09/25/2031 (a)		467		464
2.360% due 09/25/2031 (a)		1,000		993
2.130% due 05/25/2032 (a)		242		242
Residential Funding Mortgage Securities II, Inc.
4.130% due 07/25/2011		2,000		2,035
6.610% due 11/25/2018		80		82
8.350% due 03/25/2025		500		573
6.340% due 07/25/2029		31		31
Salomon Brothers Mortgage Securities VII, Inc.
2.243% due 11/15/2029 (a)		881		880
2.712% due 01/25/2032 (a)		1,500		1,511
Saxon Asset Securities Trust
1.953% due 01/25/2017 (a)		142		142
7.000% due 07/25/2024		2,547		2,657
2.073% due 07/25/2030 (a)		240		239
2.086% due 03/25/2032 (a)		626		625
Team Fleet Financing Corp.
6.900% due 07/25/2003		1,500		1,403
The Money Store Home Equity Trust
2.196% due 01/15/2026 (a)		139		139
UCFC Home Equity Loan
2.066% due 10/15/2028 (a)		126		126
UCFC Manufactured Housing Contract
7.900% due 01/15/2028		1,000		1,018
Union Acceptance Corp.
4.590% due 07/08/2008		35		37
Vanderbilt Mortgage Finance
7.900% due 02/07/2026		1,200		1,399
8.040% due 12/07/2030		1,000		1,124
Total Asset-Backed Securities (Cost $167,591)				169,629

54   Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
SHORT-TERM INSTRUMENTS 2.1%
Commercial Paper 1.8%
UBS Finance, Inc.
1.750% due 12/18/2002	$	5,000	$	5,000
Repurchase Agreement 0.2%
State Street Bank
1.550% due 10/01/2002		600		600
(Dated 03/28/2002. Collateralized by Federal Home Loan Bank 0.000% due 10/07/2002 valued at $614. Repurchase proceeds are $600.)
U.S. Treasury Bills 0.1%
1.612% due 11/14/2002-11/29/2002 (c)(e)		170		170
Total Short-Term Instruments (Cost $ 5,769)				5,770
Total Investments 115.4% (Cost $ 312,046)			$	316,062
Written Options (f) (0.4%) (Premiums $ 566)				(985	)
Other Assets and Liabilities (Net) (15.0%)				(41,095	)
Net Assets 100.0%			$	273,982

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Restricted security.

(c) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(d) Securities are in default.

(e) Securities with an aggregate market value of $170 have been segregated with  the custodian to cover margin requirements for the following open futures contracts  at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation
U.S. Treasury 10 Year Note (12/2002)	72	$	230

(f) Premiums received on written options:

Type	# of Contracts	Premium		Value
Call – OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.480 Exp. 04/03/2006	3,000,000	$	88	$	256
Putl – OTC 3 Month LIBOR Interest Rate Swap
Strike @ 7.000 Exp. 01/07/2005	10,700,000		239		182
Call – OTC 3 Month LIBOR Interest Rate Swap
Strike @ 5.000 Exp. 01/07/2005	10,700,000		239		547
		$	566	$	985

(g) Subsequent to September 30, 2002, the issuer declared bankruptcy.

Type	Notional Amount		Unrealized Appreciation
(h)    Swap agreements outstanding at September 30, 2002:
Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: Bank of America Exp. 06/17/2005	$	7,300	$	325
Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: Bank of America Exp. 12/18/2007		23,400		1,987
Receive a fixed rate equal to 6.000% and pay floating rate based on 3-month LIBOR.
Broker: Lehman Brothers, Inc. Exp. 12/18/2007		42,000		3,089
			$	5,401

(i) Reverse repurchase agreements were entered into on various days paying  various interest rates. The following securities were segregated with collateral for reverse  repurchase agreements:

Type	Maturity	Value
Fannie Mae 4.019%	11/01/2040	$	1,782
GMAC Mortgage Corporation Loan Trust 7.500%	02/25/2031		4,164
Residential Funding Mortgage Securities I 7.000%	05/25/2011		2,466
Daimler Chrysler Auto Trust 2.900%	12/06/2004		3,024
Residential Asset Mortgage Products, Inc. 8.360%	06/25/2030		1,614
		$	13,050

See accompanying notes   I  9.30.02  I 55

Schedule of Investments

Real Return Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
CORPORATE BONDS & NOTES 3.8%
Banking & Finance 2.3%
Atlas Reinsurance PLC
4.560% due 04/04/2003 (a)	$	740	$	743
Ford Motor Credit Co.
2.236% due 01/26/2004 (a)		2,200		2,115
General Motors Acceptance Corp.
2.170% due 03/10/2003 (a)		100		99
MBNA America Bank
2.265% due 12/10/2002 (a)		500		499
National Australia Bank Ltd.
2.382% due 05/19/2010 (a)		200		201
National Rural Utilities Cooperative Finance Corp.
1.990% due 07/17/2003 (a)		2,000		1,991
				5,648
Industrials 1.3%
DaimlerChrysler North America Holding Corp.
2.596% due 12/16/2002 (a)		1,700		1,702
Fred Meyer, Inc.
7.375% due 03/01/2005		1,000		1,097
Waste Management, Inc.
7.100% due 08/01/2026		500		507
				3,306
Utilities 0.2%
Entergy Gulf States, Inc.
3.097% due 06/02/2003 (a)		500		500
Total Corporate Bonds & Notes (Cost $ 9,415)				9,454
U.S. TREASURY OBLIGATIONS 102.5%
Treasury Inflation Protected Securities (f)
3.375% due 01/15/2007 (b)		27,963		30,466
3.625% due 01/15/2008 (b)		5,574		6,150
4.250% due 01/15/2010 (b)		61,014		70,328
3.500% due 01/15/2011 (b)		31,043		34,419
3.625% due 04/15/2028 (b)		28,705		33,796
3.875% due 04/15/2029 (b)		65,620		80,754
Total U.S. Treasury Obligations (Cost $ 243,663)				255,913
MORTGAGE-BACKED SECURITIES 1.2%
Collateralized Mortgage Obligations 1.1%
Bear Stearns Adjustable Rate Mortgage Trust
4.770% due 11/25/2030 (a)		2,547		2,632
Fannie Mae 0.1%
5.904% due 09/01/2018 (a)		237		242
Total Mortgage-Backed Securities (Cost $ 2,788)				2,874
FOREIGN CURRENCY-DENOMINATED ISSUES (c)(d) 3.1%
Republic of France
3.000% due 07/25/2012 EC		7,651		7,805
Total Foreign Currency-Denominated Issues (Cost $ 6,877)				7,805
SHORT-TERM INSTRUMENTS 56.0%
Commercial Paper 55.0%
Abbey National North America
1.750% due 12/10/2002		12,000		11,958
Danske Corp.
1.750% due 12/19/2002		12,000		11,976
Fannie Mae
1.860% due 10/01/2002		30,000		29,998
Federal Home Loan Bank
1.680% due 10/22/2002		1,500		1,499
Freddie Mac
1.860% due 10/01/2002		38,000		37,998
HBOS Treasury Services PLC
1.730% due 11/20/2002		10,000		9,979
Shell Finance
1.700% due 11/19/2002		10,000		9,976
Svenska Handelsbank, Inc.
1.750% due 12/18/2002		12,000		11,956
Westpac Capital Corp.
1.730% due 11/26/2002		12,000		11,958
				137,298
Repurchase Agreement 1.0%
State Street Bank
1.550% due 10/01/2002		2,565		2,565
(Dated 09/30/2002. Collateralized by Federal Farm Credit Bank 2.260% due 08/14/2003 valued at $2,618. Repurchase proceeds $2,565.)
Total Short-Term Instruments (Cost $ 139,863)				139,863
Total Investments 166.6% (Cost $ 402,606)			$	415,909
Other Assets and Liabilities (Net) (66.6%)				(166,288	)
Net Assets 100.0%			$	249,621

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Security, or a portion thereof, subject to financing transaction.

(c) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized (Depreciation)
Sell	EC	7,272	11/2002	$	(48	)

(d) Principal amount denoted in indicated currency:

        EC—Euro

(e) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
U.S. Treasury Notes	3.000	07/15/2012	$	5,000	$	5,383	$	5,061

(f) Principal amount of security is adjusted for inflation.

56   Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

International Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
AUSTRALIA (h)(i) 0.7%
Commonwealth of Australia
10.000% due 10/15/2002	A$	617	$	336
Crusade Global Trust
2.080% due 02/15/2030 (a)	$	14,027		14,058
Medallion Trust
2.061% due 07/12/2031 (a)		6,309		6,317
Superannuation Members Home Loans Global Fund
2.081% due 06/15/2026 (a)		719		720
Total Australia (Cost $21,587)				21,431
CAYMAN ISLANDS (h)(i) 0.7%
International Credit Recovery-Japan
0.467% due 08/25/2005 (a)	JY	80,387		659
0.816% due 05/10/2006 (a)		120,000		986
0.457% due 12/31/2039 (a)		261,613		2,150
MBNA Master Credit Card Trust
3.637% due 05/19/2004 (a)	EC	8,400		8,301
Redwood Capital II Ltd.
4.860% due 01/01/2004 (a)	$	6,100		6,076
SHL Corp. Ltd.
0.765% due 12/25/2024 (a)	JY	144,156		1,184
Total Cayman Islands (Cost $20,052)				19,356
CROATIA (h)(i) 0.2%
Republic of Croatia
7.000% due 03/28/2005	EC	1,840		1,926
2.687% due 07/31/2006 (a)	$	551		545
2.687% due 07/31/2010 (a)		2,182		2,165
Total Croatia (Cost $4,463)				4,636
DENMARK (h)(i) 0.0%
BG Bank
4.567% due 11/24/2007 (a)	EC	700		704
Total Denmark (Cost $660)				704
FRANCE (h)(i) 1.1%
Axa SA
3.750% due 01/01/2017	EC	1,357		1,192
France Telecom SA
2.457% due 03/14/2003 (a)	$	400		395
0.466% due 06/19/2003 (a)	JY	2,900,000		23,119
Republic of France
5.000% due 01/12/2003	EC	8,085		8,030
Total France (Cost $30,623)				32,736
GERMANY (h)(i) 253.5%
Republic of Germany
4.750% due 12/13/2002	EC	1,700		1,684
4.250% due 03/14/2003 (b)		1,000		993
6.500% due 10/14/2005 (b)		125,100		134,819
6.000% due 01/05/2006 (b)		436,000		465,562
5.000% due 02/17/2006		3,800		3,947
4.500% due 08/18/2006 (b)		21,600		22,147
6.000% due 01/04/2007 (b)		749,900		812,233
4.000% due 02/16/2007 (b)		2,500,000		2,516,331
4.500% due 08/17/2007 (b)		650,000		667,736
5.250% due 01/04/2008 (b)		814,300		865,087
5.250% due 07/04/2010 (b)		51,900		55,111
5.250% due 01/04/2011 (b)		1,023,800		1,086,135
6.250% due 01/04/2024 (b)		2,800		3,249
6.250% due 01/04/2030 (b)		59,500		70,590
Total Germany (Cost $6,372,210)				7,068,433
GREECE (h)(i) 0.4%
Hellenic Republic
4.700% due 05/19/2003 (a)		3,228		3,088
5.220% due 06/17/2003 (a)		4,730		4,740
5.240% due 10/23/2003 (a)		2,085		2,074
Total Greece (Cost $12,976)				9,902
IRELAND (h)(i) 0.2%
Diageo Enterprises PLC
3.515% due 12/19/2002 (a)	EC	3,200		3,156
Fennica PLC
3.934% due 05/20/2054 (a)		2,300		2,277
Total Ireland (Cost $4,686)				5,433
ITALY (h)(i) 2.4%
Findomestic Securitisation Vehicle SRL
3.608% due 12/20/2008 (a)	EC	12,050		11,925
First Italian Auto Transaction
3.730% due 07/01/2008 (a)		52,050		51,166
Republic of Italy
4.500% due 01/15/2003 (b)		6,215		6,164
Total Italy (Cost $63,519)				69,255
LUXEMBOURG (h)(i) 0.1%
Hellenic Finance
2.000% due 07/15/2003 (a)	EC	2,400		2,458
Total Luxembourg (Cost $2,529)				2,458
MEXICO 0.0%
United Mexican States
8.300% due 08/15/2031	$	900		875
Total Mexico (Cost $834)				875
NETHERLANDS 1.2%
Unilever NV
1.974% due 10/24/2002 (a)	$	32,000		32,002
Total Netherlands (Cost $32,002)				32,002
NEW ZEALAND (h)(i) 0.2%
Commonwealth of New Zealand
4.500% due 02/15/2016	N$	9,417		5,190
Total New Zealand (Cost $4,839)				5,190
SOUTH KOREA (h)(i) 0.3%
Korea Development Bank
4.700% due 03/18/2004	JY	780,000		6,795
Total South Korea (Cost $7,565)				6,795
SPAIN (h)(i) 0.5%
Hipotebansa Mortgage Securitization Fund
3.566% due 01/18/2018 (a)	EC	4,024		3,984
3.576% due 07/18/2022 (a)	SP	10,596		10,434
Total Spain (Cost $13,032)				14,418
SUPRANATIONAL (h)(i) 0.1%
European Investment Bank
5.500% due 12/07/2009	BP	2,300		3,812
Total Supranational (Cost $3,326)				3,812

See accompanying notes   I  9.30.02  I 57

Schedule of Investments (Cont.)

International Portfolio

September 30, 2002 (Unaudited)

		Principal Amount (000s)	Value (000s)
TUNISIA 0.1%
Banque Centrale De Tunisie
7.500% due 08/06/2009	$	1,800	$	1,859
7.375% due 04/25/2012		500		499
Total Tunisia (Cost $2,325)				2,358
UNITED KINGDOM (h)(i) 2.8%
Abbey National Treasury Service PLC
7.625% due 12/30/2002	BP	5,270		8,354
AIG SunAmerica Institutional Funding III Ltd.
3.487% due 05/14/2003 (a)	EC	300		295
Bauhaus Securities Ltd.
3.701% due 10/30/2052 (a)		16,399		16,190
BG Transco Holdings PLC
5.306% due 12/14/2009 (a)	BP	4,930		7,716
Haus Ltd.
3.612% due 12/14/2037 (a)	EC	9,345		9,235
3.612% due 12/14/2037 (a)		12,902		12,777
Holmes Funding PLC
3.580% due 11/15/2004 (a)		2,500		2,474
Lloyds TSB Capital I
7.375% due 02/07/2049 (a)		9,250		10,244
Originated Mortgage Loans PLC
3.863% due 12/15/2031 (a)		2,514		2,491
4.422% due 04/15/2032 (a)	BP	1,403		2,209
RMAC PLC
4.411% due 09/12/2041 (a)		745		1,173
United Kingdom Gilt
8.500% due 12/07/2005		2,600		4,637
Total United Kingdom (Cost $71,767)				77,795
UNITED STATES (h)(i) 8.3%
Asset-Backed Securities 0.5%
Advanta Mortgage Loan Trust
2.188% due 11/25/2029 (a)	$	141		141
AFC Home Equity Loan Trust
2.033% due 03/25/2027 (a)		214		213
Ameriquest Mortgage Securities, Inc.
2.143% due 06/15/2030 (a)		1,095		1,095
Amortizing Residential Collateral Trust
2.070% due 09/25/2030 (a)		35		34
Champion Home Equity Loan Trust
8.033% due 02/25/2028 (a)		1,390		1,418
Conseco Finance Securitizations Corp.
2.106% due 10/15/2031 (a)(c)		107		107
Duck Auto Grantor Trust
6.760% due 04/15/2005		5,079		5,087
Marriott Vacation Club Owner Trust
0.990% due 09/20/2017 (a)		2,151		2,150
Provident Bank Equipment Lease Trust
2.110% due 11/25/2011 (a)		4,123		4,135
Providian Home Equity Loan Trust
2.130% due 06/25/2025 (a)		76		76
				14,456
Corporate Bonds & Notes 4.7%
Ahold Finance USA, Inc.
6.875% due 05/01/2029		400		383
AT&T Corp.
5.360% due 11/21/2003 (a)	EC	29,500		27,914
8.000% due 11/15/2031	$	800		742
Bear Stearns Cos., Inc.
6.125% due 02/01/2003		1,129		1,143
Conoco Funding Co.
7.250% due 10/15/2031		100		119
DaimlerChrysler North America Holding Corp.
6.400% due 05/15/2006		3,190		3,428
Donaldson, Lufkin & Jenrette, Inc.
2.375% due 07/18/2003 (a)		10,200		10,227
Ford Motor Co.
7.450% due 07/16/2031		1,300		1,073
Ford Motor Credit Co.
1.000% due 12/22/2003	JY	44,000		355
5.750% due 02/23/2004	$	1,800		1,796
2.690% due 03/08/2004 (a)		1,100		1,052
2.210% due 07/19/2004 (a)		23,500		22,241
3.726% due 10/25/2004 (a)		900		859
2.305% due 06/30/2005 (a)		7,900		7,147
General Motors Acceptance Corp.
2.010% due 04/05/2004 (a)		12,360		11,973
6.875% due 09/09/2004	BP	6,650		10,727
5.500% due 02/02/2005	EC	16,900		16,793
Procter & Gamble Co.
1.500% due 12/07/2005	JY	1,000,000		8,494
Salomon Smith Barney Holdings, Inc.
4.361% due 10/21/2002 (a)	BP	2,180		3,432
				129,898
Mortgage-Backed Securities 3.1%
Bear Stearns Adjustable Rate Mortgage Trust
7.001% due 02/25/2031 (a)	$	5,709		5,858
Chase Mortgage Finance Corp.
6.550% due 08/25/2028		169		169
Citicorp Mortgage Securities, Inc.
6.500% due 07/25/2028-03/25/2029 (a)(d)		408		424
Credit-Based Asset Servicing & Securitization
7.730% due 11/27/2031		1,404		1,380
Fannie Mae
8.800% due 01/25/2019		756		853
7.000% due 01/01/2005-09/25/2023 (d)		505		531
Freddie Mac
2.173% due 07/15/2028 (a)		147		148
6.500% due 07/15/2028		8,960		9,530
Government National Mortgage Association
6.625% due 11/20/2022-11/20/2024 (a)(d)		4,331		4,482
5.375% due 03/20/2022-02/20/2025 (a)(d)		1,202		1,237
5.380% due 04/20/2022-05/20/2026 (a)(d)		1,984		2,050
6.750% due 08/20/2022-09/20/2026 (a)(d)		3,923		4,046
5.000% due 04/20/2030-06/20/2030 (a)(d)		22,770		23,391
8.500% due 07/15/2008-07/15/2030 (d)		552		599
7.500% due 09/15/2025-12/15/2030 (d)		5,854		6,488
J.P. Morgan Chase Commercial Mortgage Finance Corp.
2.103% due 04/15/2010 (a)		4,887		4,889
MLCC Mortgage Investors, Inc.
2.206% due 03/15/2025 (a)		78		78
Morgan Stanley Capital I
7.460% due 02/15/2020		614		619
PNC Mortgage Securities Corp.
2.263% due 12/25/2030 (a)		284		284
Puma Finance Ltd.
2.220% due 04/15/2031 (a)(e)		2,649		2,665
Residential Funding Mortgage Securities, Inc.
2.112% due 05/12/2032 (a)		9,835		9,851
Salomon Brothers Mortgage Securities VII, Inc.
2.193% due 04/25/2029 (a)		246		246
Washington Mutual, Inc.
4.285% due 12/25/2040 (a)		918		930
4.473% due 01/25/2041 (a)		4,161		4,231
				84,979
Total United States (Cost $229,125)				229,333
PURCHASED PUT OPTIONS 0.0%
Euro-Bobl December Futures (OTC)
Strike @ 95.600 Exp. 12/03/2002	EC	1,000,000		0
EuroBund December Futures (OTC)
Strike @ 93.000 Exp. 12/02/2002		3,335,800		0
Japanese Government Bond December Futures (OTC)
Strike @ 130.000 Exp. 11/29/2002	JY	300,000		2
Republic of Germany (OTC)
6.000% due 01/05/2007
Strike @ 95.000 Exp. 10/03/2002		1,249,500		0
Republic of Germany (OTC)
4.000% due 02/16/2007
Strike @ 87.000 Exp. 10/03/2002	EC	2,500,000		50

58   Semi-Annual Report  I  9.30.02I  See accompanying notes

	Principal Amount (000s)		Value (000s)
Republic of Germany (OTC)
4.500% due 08/18/2006
Strike @ 90.000 Exp. 10/03/2002		EC 1,000,000	$	0
Republic of Germany (OTC)
4.500% due 08/17/2007
Strike @ 93.000 Exp. 10/03/2002		450,000		0
Republic of Germany (OTC)
5.000% due 01/04/2012
Strike @ 88.250 Exp. 10/03/2002		1,500,000		0
Republic of Germany (OTC)
5.250% due 01/04/2008
Strike @ 95.500 Exp. 10/03/2002		1,000,000		0
Republic of Germany (OTC)
5.250% due 01/04/2011
Strike @ 89.000 Exp. 10/03/2002		1,000,000		0
Total Purchased Put Options (Cost $ 1,270)				52
SHORT-TERM INSTRUMENTS 74.8%
Commercial Paper 54.5%
AT&T Corp.
3.720% due 04/18/2003	$	7,500		7,058
BP Amoco Capital PLC
1.970% due 10/01/2002		140,000		140,000
Federal Home Loan Bank
1.658% due 10/23/2002		50,000		49,950
1.680% due 10/25/2002		55,000		54,938
Freddie Mac
1.860% due 10/01/2002		350,000		350,000
1.650% due 10/18/2002		50,000		49,961
1.700% due 10/31/2002 (f)		1,215		1,213
1.710% due 10/31/2002		25,000		24,964
HBOS Treasury Services PLC
1.730% due 11/20/2002		29,500		29,429
Lloyds TSB Bank PLC—NY
1.730% due 10/15/2002		100,000		99,933
1.730% due 10/17/2002		13,400		13,390
Pfizer, Inc.
1.730% due 10/21/2002		19,500		19,481
1.720% due 10/22/2002		50,000		49,950
1.720% due 10/23/2002		50,000		49,947
1.730% due 10/28/2002		19,500		19,475
Rabobank Nederland NV
1.920% due 10/01/2002		140,000		140,000
Shell Finance
1.750% due 12/10/2002		140,000		139,709
TotalFinaElf S.A.
1.970% due 10/01/2002		140,000		140,000
UBS Finance, Inc.
1.750% due 12/18/2002		140,000		140,000
				1,519,398
Repurchase Agreement 0.1%
State Street Bank
1.550% due 10/01/2002		1,241		1,241
(Dated 09/30/2002. Collateralized by Fannie Mae 2.600% due 08/26/2004 valued at $1,267. Repurchase proceeds are $1,241.)
U.S. Treasury Bills 20.2%
1.614% due 11/14/2002-11/29/2002 (d)(f)		565,195		563,826
Total Short-Term Instruments (Cost $2,084,907)				2,084,465
Total Investments 347.6% (Cost $8,984,297)			$	9,691,439
Written Options (g) (0.3%) (Premiums $6,077)				(8,766	)
Other Assets and Liabilities (Net) (247.3%)				(6,894,457	)
Net Assets 100.0%			$	2,788,216
Notes to Schedule of Investments (amounts in thousands): (a)    Variable rate security. The rate listed is as of September 30, 2002. (b)    Security, or portion thereof, subject to financing transaction. (c)    Security is in default. (d)    Securities are grouped by coupon or range of coupons and represent a range of  maturities. (e)    Restricted security. (f)    Securities with an aggregate market value of $96,688 have been segregated with  the custodian to cover margin requirements for the following open futures contracts  at September 30, 2002:

Type	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euro-Bobl 5 Year Note (12/2002)	4,402	$	11,003
EuroBond 10 Year Note (12/2002)	46,121		98,447
Government of Japan 10 Year Note (12/2002)	2		(5	)
United Kingdom 90 Day LIBOR Futures (12/2002)	384		1,190
United Kingdom 90 Day LIBOR Futures (06/2003)	386		1,268
Euribor December Futures (12/2002)	23		0
		$	111,903

(g) Premiums received on written options:

Type	# of Contracts	Premium		Value
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/24/2003	53,500,000	$	2,461	$	6,188
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/24/2003	53,500,000		2,462		926
Call—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/20/2003	12,400,000		577		1,440
Put—OTC 3 Month LIBOR Interest Rate Swap
Strike @ 6.000 Exp. 10/20/2003	12,400,000		577		212
		$	6,077	$	8,766

(h) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation/ (Depreciation)
Buy	BP	22,960	10/2002	$	499
Sell		59,033	10/2002		(1,833	)
Buy	C$	7,378	10/2002		(191	)
Sell		10,970	10/2002		278
Sell	DK	12,769	12/2002		(25	)
Buy	EC	144,722	11/2002		952
Sell		90,000	11/2002		(88	)
Buy	H$	125,637	10/2002		(2	)
Sell		10,645	10/2002		0
Buy	JY	509,962	12/2002		(56	)
Sell		4,492,205	12/2002		1,167
Sell	N$	16,688	10/2002		0
Sell	SF	199	12/2002		(3	)
				$	698

See accompanying notes   I  9.30.02  I 59

Schedule of Investments (Cont.)

International Portfolio

September 30, 2002 (Unaudited)

(i) Principal amount denoted in indicated currency:

            BP—British Pound

            C$—Canadian Dollar

            DK—Danish Krone

            EC—Euro

            H$—Hong Kong Dollar

            JY—Japanese Yen

            N$—New Zealand Dollar

            SF—Swiss Franc

            SP—Spanish Peseta

(j) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.347%.
Broker: Bank of America Exp. 03/15/2011	JY	55,000,000	$	(15,854	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.347%.
Broker: Merrill Lynch Exp. 03/15/2011		30,000,000		(11,318	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.200%.
Broker: J.P. Morgan Chase & Co Exp. 03/17/2003		114,140,000		(809	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co Exp. 03/15/2017	EC	600,000		3,808
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 6.910%.
Broker: Goldman Sachs Exp. 02/15/2006	H$	1,134,000		(17,393	)
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.753%.
Broker: Goldman Sachs Exp. 02/08/2006		922,000		(9,137	)
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.729%.
Broker: Goldman Sachs Exp. 06/01/2006		1,104,700		(12,661	)
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.906%.
Broker: Goldman Sachs Exp. 07/11/2006		165,000		(2,150	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 2.020%.
Broker: Goldman Sachs Exp. 05/18/2010	JY	7,436,060		(5,793	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 6.100%.
Broker: Morgan Stanley Exp. 01/15/2031		52,000		(8,789	)
Receive a fixed rate equal to 6.500% and pay floating rate based on 6-month EC-LIBOR.
Broker: Goldman Sachs Exp. 03/15/2016		469,300		11,544
Receive a fixed rate equal to 6.500% and pay floating rate based on 6-month EC-LIBOR.
Broker: Lehman Brothers, Inc. Exp. 03/15/2016		69,300		1,801
Receive a fixed rate equal to 6.500% and pay floating rate based on 6-month EC-LIBOR.
Broker: Morgan Stanley Exp. 03/15/2016		644,010		11,981
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Goldman Sachs Exp. 12/15/2031		200,000		(14,492	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Salomon Brothers, Inc. Exp. 06/17/2012		835,600		(40,869	)
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032		209,500		5,626
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.313%.
Broker: Merrill Lynch Exp. 01/11/2008	JY	20,000,000		(7,779	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.777%.
Broker: Goldman Sachs Exp. 01/12/2011		3,692,000		(2,247	)
Receive a fixed rate equal to 5.670% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs Exp. 02/08/2006		$            10,400		257
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.550%.
Broker: Goldman Sachs Exp. 03/16/2006	H$	1,020,100		(11,264	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Goldman Sachs Exp. 03/15/2016	BP	498,900		(2,895	)

60   Semi-Annual Report  I  9.30.02I  See accompanying notes

Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Lehman Brothers, Inc. Exp. 03/15/2016	BP	45,400	$	(541	)
Receive a fixed rate equal to 5.250% and pay floating rate based on 6-month BP-LIBOR.
Broker: Lehman Brothers, Inc. Exp. 03/15/2003		25,000		222
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Morgan Stanley Exp. 03/15/2016		148,800		(2,847	)
Receive a fixed rate equal to 5.500% and pay floating rate based on 6-month BP-LIBOR.
Broker: Morgan Stanley Exp. 03/15/2004		6,300		260
Receive a fixed rate equal to 5.640% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs Exp. 06/05/2006	$	141,630		13,042
Receive a fixed rate equal to 5.500% and pay floating rate based on 6-month BP-LIBOR.
Broker: Morgan Stanley Exp. 09/17/2003	BP	7,300		181
Receive a fixed rate equal to 6.500% and pay floating rate based on 6-month EC-LIBOR.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2016	EC	150,000		2,918
Receive a fixed rate equal to 5.710% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs Exp. 07/11/2006	$	21,200		2,413
Receive floating rate based on 3-month H$-HIBOR and pay a fixed rate equal to 5.753%.
Broker: Goldman Sachs Exp. 02/08/2006	H$	196,000		(2,292	)
Receive a fixed rate equal to 5.670% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs Exp. 02/08/2006	$	25,200		2,598
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: UBS—Warburg Exp. 03/15/2016	BP	169,600		(668	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: UBS—Warburg Exp. 06/15/2006		10,490		(538	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Morgan Stanley Exp. 12/15/2031	EC	136,050		(10,471	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Lehman Brothers, Inc. Exp. 12/15/2031		8,500		(488	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 0.660%.
Broker: UBS—Warburg Exp. 06/17/2007	JY	10,740,000		(1,299	)
Receive floating rate based on 6-month EC-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Goldman Sachs Exp. 06/17/2012	EC	353,700		(19,082	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: UBS—Warburg Exp. 03/15/2017	BP	250,000		1,826
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Morgan Stanley Exp. 03/15/2017		250,000		1,812
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: Morgan Stanley Exp. 03/15/2017	EC	400,000		2,492
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2017	BP	125,000		747
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.500%.
Broker: Morgan Stanley Exp. 03/02/2004		8,500		(206	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.250%.
Broker: Morgan Stanley Exp. 03/15/2003		7,400		(4	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Goldman Sachs Exp. 03/15/2017		250,000		1,619
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: Goldman Sachs Exp. 03/15/2017	EC	400,000		2,768

See accompanying notes   I  9.30.02  I 61

Schedule of Investments (Cont.)

International Portfolio

September 30, 2002 (Unaudited)

Receive a fixed rate equal to 1.080% and the Fund will pay to the counterparty at par in the event of default of the United Mexican States 9.750% due 04/06/2005.
Broker: J.P. Morgan Chase & Co. Exp. 12/18/2002	$	8,500	$	14
Receive a fixed rate equal to 6.000% and pay floating rate based on 6-month EC-LIBOR.
Broker: UBS—Warburg Exp. 03/15/2032	EC	28,800		825
Receive a fixed rate equal to 5.250% and pay floating rate based on 6-month BP-LIBOR.
Broker: Goldman Sachs Exp. 03/15/2006	BP	11,300		651
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: J.P. Morgan Chase & Co. Exp. 03/15/2032		115,400		(3,218	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: UBS—Warburg Exp. 03/15/2032		16,500		(557	)
Receive floating rate based on 6-month BP-LIBOR and pay a fixed rate equal to 5.000%.
Broker: Morgan Stanley Exp. 06/15/2006		28,770		(1,519	)
Receive floating rate based on 6-month JY-LIBOR and pay a fixed rate equal to 1.300%.
Broker: Goldman Sachs Exp. 09/21/2011	JY	2,545,000		(610	)
Receive a fixed rate equal to 6.790% and pay floating rate based on 3-month LIBOR.
Broker: Goldman Sachs Exp. 02/15/2006	$	11,600		172
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Broker: Merrill Lynch Exp. 12/18/2012		400,000		(19,525	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 5.000%.
Broker: Bank of America Exp. 12/18/2012		1,153,300		(56,295	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 4.000%.
Broker: Merrill Lynch Exp. 12/18/2007		1,903,800		(21,941	)
Receive floating rate based on 3-month LIBOR and pay a fixed rate equal to 4.000%.
Broker: Bank of America Exp. 12/18/2007		1,591,000		(40,395	)
			$	(276,369	)

(k) Short sales open at September 30, 2002 were as follows:

Type	Coupon (%)	Maturity	Par		Value		Proceeds
U.S. Treasury Note	4.625	05/16/2006	$	193,300	$	209,278	$	206,545
U.S. Treasury Note	3.250	08/15/2007		500,000		514,844		514,844
					$	724,122	$	721,389

62   Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

Emerging Markets Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
BALTIC NATIONS 0.0%
Republic of Kazakhstan
8.375% due 10/02/2002	$	200	$	200
Total Baltic Nations (Cost $200)				200
BERMUDA 0.0%
IMEXA Export Trust
10.125% due 05/31/2003	$	938		345
Total Bermuda (Cost $927)				345
BRAZIL 16.1%
Republic of Brazil
9.625% due 07/15/2005	$	3,400		2,176
3.062% due 04/15/2006 (a)		76,269		50,246
11.250% due 07/26/2007		1,000		522
11.500% due 03/12/2008 (b)		21,200		11,077
3.125% due 04/15/2009 (a)		7,481		3,740
14.500% due 10/15/2009		1,000		548
11.000% due 01/11/2012		15,350		6,946
8.000% due 04/15/2014		84,247		41,180
12.750% due 01/15/2020		150		68
3.062% due 04/15/2024 (a)		1,000		542
6.000% due 04/15/2024 (b)		15,000		8,550
8.875% due 04/15/2024		3,000		1,198
11.000% due 05/15/2027 (b)		5,016		2,044
12.250% due 03/06/2030		9,300		4,371
Republic of Brazil (BR)
11.000% due 08/17/2040		17,450		7,573
Republic of Brazil (US)
11.000% due 08/17/2040 (b)		31,550		13,961
Total Brazil (Cost $213,516)				154,742
BULGARIA 8.4%
Republic of Bulgaria
2.812% due 07/28/2011 (a)	$	17,154		15,096
2.687% due 07/28/2012 (a)		29,110		26,272
2.687% due 07/28/2024 (a)(b)		44,125		39,713
Total Bulgaria (Cost $78,734)				81,081
CAYMAN ISLANDS 0.2%
Korea Asset Funding Ltd.
4.010% due 02/10/2009 (a)	$	1,276		1,279
Petrobras International Finance Co.
9.125% due 02/01/2007		1,075		873
Total Cayman Islands (Cost $2,375)				2,152
CHILE 1.0%
Republic of Chile
5.625% due 07/23/2007	$	4,750		4,993
7.125% due 01/11/2012		4,460		4,865
Total Chile (Cost $9,393)				9,858
CROATIA (c)(d) 5.2%
Republic of Croatia
7.000% due 03/28/2005 (c)(d)	E	C  2,000		2,093
4.562% due 07/31/2006 (a)	$	9,211		9,119
2.687% due 07/31/2010 (a)		38,517		38,228
Total Croatia (Cost $49,308)				49,440
EGYPT 0.1%
Republic of Egypt
7.625% due 07/11/2006	$	800		842
Total Egypt (Cost $822)				842
MALAYSIA 5.7%
Republic of Malaysia
8.750% due 06/01/2009		6,000		7,365
7.500% due 07/15/2011 (b)		40,790		47,302
Total Malaysia (Cost $49,657)				54,667
MEXICO 15.0%
Banco Nacional de Comercio Exterior
7.250% due 02/02/2004	$	7,800		8,151
Bancomext Trust
8.000% due 08/05/2003		3,667		3,827
Pemex Project Funding Master Trust
9.125% due 10/13/2010		165		176
Petroleos Mexicanos
9.500% due 09/15/2027		5,450		5,995
United Mexican States
3.140% due 03/25/2005 (a)		3,750		3,649
8.625% due 03/12/2008		2,000		2,178
9.875% due 02/01/2010		3,400		3,859
8.375% due 01/14/2011		400		421
7.500% due 01/14/2012		4,025		4,080
11.375% due 09/15/2016		10,100		12,448
6.250% due 12/31/2019 (b)		41,141		39,804
8.000% due 09/24/2022		44,384		42,329
11.500% due 05/15/2026		215		270
8.300% due 08/15/2031		3,295		3,204
United Mexican States (MX)
10.375% due 02/17/2009		4,250		4,930
8.125% due 12/30/2019		5,830		5,678
United Mexican States (US)
8.500% due 02/01/2006		610		668
10.375% due 02/17/2009		750		872
8.125% due 12/30/2019		200		196
United Mexican States (UX)
8.500% due 02/01/2006		1,400		1,518
United Mexican States Value Recovery Right
0.000% due 06/30/2003 (a)		43,063		129
0.000% due 06/30/2004 (a)		54,124		81
0.000% due 06/30/2005 (a)		54,124		32
0.000% due 06/30/2006 (a)		54,124		32
0.000% due 06/30/2007 (a)		47,175		26
Total Mexico (Cost $144,009)				144,553
MOROCCO 0.2%
Morroco Restructured Tranche A
2.687% due 01/01/2009 (a)	$	2,605		2,306
Total Morocco (Cost $2,398)				2,306
NETHERLANDS 0.0%
Telekomunikacja Polska SA
7.125% due 12/10/2003	$	400		396
Total Netherlands (Cost $409)				396
PANAMA 8.8%
Republic of Panama
8.250% due 04/22/2008	$	11,100		10,684
9.375% due 07/23/2012		16,100		15,617
5.000% due 07/17/2014		26,831		21,733
2.750% due 07/17/2016 (a)		859		588
10.750% due 05/15/2020		2,000		2,013
8.875% due 09/30/2027		2,975		2,789
Republic of Panama (PA)
9.625% due 02/08/2011 (b)		7,900		7,813
Republic of Panama (US)
9.625% due 02/08/2011 (b)		23,184		23,010
Total Panama (Cost $86,504)				84,247

See accompanying notes   I  9.30.02  I 63

		Principal Amount (000s)	Value (000s)
PERU 10.0%
Republic of Peru
9.125% due 02/21/2012	$	102,326	$	83,652
4.000% due 03/07/2017		6,500		3,892
4.500% due 03/07/2017		12,763		8,615
Total Peru (Cost $106,613)				96,159
PHILIPPINES 1.0%
Central Bank Philippines
2.812% due 01/05/2005 (a)	$	1,715		1,672
Republic of Philippines
6.500% due 12/01/2017		8,500		7,905
Total Philippines (Cost $8,731)				9,577
POLAND 5.8%
Republic of Poland
6.000% due 10/27/2014	$	13,059		13,108
3.750% due 10/27/2024 (b)		47,640		39,246
4.500% due 10/27/2024		4,000		3,530
Total Poland (Cost $49,490)				55,884
QATAR 5.0%
State of Qatar
2.957% due 02/18/2004 (a)	$	950		936
State of Qatar (QA)
9.750% due 06/15/2030 (b)		22,560		27,944
State of Qatar (US)
9.750% due 06/15/2030 (b)		15,660		19,379
Total Qatar (Cost $44,873)				48,259
RUSSIA 1.3%
Russian Federation
1.000% due 03/31/2030	$	17,000		12,028
Total Russia (Cost $11,481)				12,028
SLOVAKIA 0.1%
Slovak Wireless Finance
11.250% due 03/30/2007 (c)	$	500		534
Total Slovakia (Cost $485)				534
SOUTH AFRICA 4.6%
Republic of South Africa
7.375% due 04/25/2012	$	3,160		3,338
8.500% due 06/23/2017		8,780		9,395
Republic of South Africa (US)
9.125% due 05/19/2009		1,835		2,138
Republic of South Africa (ZA)
9.125% due 05/19/2009 (b)		25,000		28,975
Total South Africa (Cost $41,592)				43,846
SOUTH KOREA 11.1%
Cho Hung Bank
11.500% due 04/01/2010	$	10,600		12,363
Cho Hung Bank (KR)
11.875% due 04/01/2010 (a)		1,500		1,757
Cho Hung Bank (US)
11.875% due 04/01/2010		1,000		1,171
Export-Import Bank Korea
7.100% due 03/15/2007		7,050		8,068
Export-Import Bank Korea (KR)
6.500% due 11/15/2006		23,000		25,645
Export-Import Bank Korea (US)
6.500% due 11/15/2006		2,500		2,776
Hanvit Bank (KR)
11.750% due 03/01/2010		6,000		6,996
12.750% due 03/01/2010		6,000		7,140
Hanvit Bank (US)
11.750% due 03/01/2010		3,340		3,902
12.750% due 03/01/2010		36		43
Korea Deposit Insurance
2.500% due 12/11/2005		1,500		1,624
Korea Development Bank
7.625% due 10/01/2002		4,800		4,800
6.500% due 11/15/2002		2,000		2,011
5.878% due 06/16/2003 (a)		3,000		3,060
6.625% due 11/21/2003		55		58
7.125% due 04/22/2004 (a)		550		588
7.375% due 09/17/2004		385		423
5.250% due 11/16/2006		2,000		2,129
Republic of Korea (KR)
8.875% due 04/15/2008		10,075		12,558
Republic of Korea (US)
8.875% due 04/15/2008 (b)		7,925		9,966
Total South Korea (Cost $98,504)				107,078
TUNISIA (c)(d) 4.5%
Banque Centrale De Tunisie
7.500% due 08/06/2009 (c)(d)	EC	6,500		6,713
7.375% due 04/25/2012	$	31,785		31,706
8.250% due 09/19/2027		4,750		4,619
Total Tunisia (Cost $41,181)				43,038
UKRAINE 0.0%
Republic of Ukraine
11.000% due 03/15/2007	$	17		18
Total Ukraine (Cost $17)				18
URUGUAY 0.0%
Banco Central Del Uruguay
3.000% due 02/19/2006	$	103		61
Total Uruguay (Cost $99)				61
VENEZUELA 0.0%
Republic of Venezuela Oil Linked Payment Obligation
0.000% due 04/15/2020 (a)	$	8		0
Total Venezuela (Cost $0)				0
SHORT-TERM INSTRUMENTS 28.1%
Commercial Paper 25.5%
Abbey National North America
1.750% due 12/12/2002	$	17,200		17,141
BP Amoco Capital PLC
1.970% due 10/01/2002		28,000		28,000
Federal Home Loan Bank
1.680% due 10/28/2002		25,000		24,969
1.725% due 10/30/2002		2,200		2,197
Freddie Mac
1.650% due 10/18/2002		1,000		999
1.710% due 10/31/2002		35,000		34,950
Shell Finance (UK) PLC
1.700% due 11/14/2002		19,000		18,961
1.700% due 11/19/2002		8,000		7,982
1.700% due 11/20/2002		17,000		16,960
TotalFinaElf SA
1.770% due 10/24/2002		17,000		16,981
1.750% due 10/31/2002		28,000		27,959
UBS AG
1.970% due 10/01/2002		48,000		48,000
				245,099

64   Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments (Cont.)

Emerging Markets Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Repurchase Agreement 0.5%
State Street Bank
1.550% due 10/01/2002	$	4,970	$	4,970
(Dated 09/30/2002. Collateralized by Federal Home Loan Bank 3.550% due 11/26/2004 valued at $5,073. Repurchase proceeds are $4,970.)
U.S. Treasury Bills 2.1%
1.605% due 11/14/2002-11/29/2002 (e)		19,750		19,703
Total Short-Term Instruments (Cost $269,773)				269,772
Total Investments 132.2% (Cost $1,311,091)			$	1,271,083
Other Assets and Liabilities (Net) (32.2%)				(309,785	)
Net Assets 100.0%			$	961,298

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

(b) Subject to financing transaction.

(c) Foreign forward currency contracts outstanding at September 30, 2002:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation
Buy	EC	2,850	11/2002	$	22

(d) Principal amount denoted in indicated currency:

EC—Euro

(e) Securities are grouped by coupon or range of coupons and represent a range of maturities.

(f) Swap agreements outstanding at September 30, 2002:

Type	Notional Amount	Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 0.700% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 8.500% due 02/01/2006.
Broker: Merrill Lynch Exp. 11/08/2002 $	7,000	$	1
Receive a fixed rate equal to 9.050% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 8.000% due 04/15/2014.
Broker: Goldman Sachs Exp. 09/27/2003	10,000		(2,871	)
Receive a fixed rate equal to 1.150% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2006.
Broker: J.P. Morgan Chase & Co. Exp. 12/14/2002	5,000		9
Receive a fixed rate equal to 1.160% and the Fund will pay to the counterparty at par in the event of default of United Mexican States 9.750% due 04/06/2005.
Broker: J.P. Morgan Chase & Co. Exp. 12/17/2002	6,500		3
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 8.875% due 09/30/2027.
Broker: Credit Suisse First Boston Exp. 03/08/2003	9,500		5
Receive a fixed rate equal to 8.250% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 10.125% due 05/15/2027.
Broker: Credit Suisse First Boston Exp. 03/11/2009	30,000		(15,248	)
Receive a fixed rate equal to 1.250% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil 8.000% due 04/15/2014.
Broker: J.P. Morgan Chase & Co. Exp. 10/23/2002	6,000		(188	)
Receive a fixed rate equal to 1.500% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Credit Suisse First Boston Exp. 04/24/2003	2,500		(13	)
Receive a fixed rate equal to 1.900% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: J.P. Morgan Chase & Co. Exp. 05/01/2003	3,000		(46	)
Receive a fixed rate equal to 7.850% and the Fund will pay to the counterparty at par in the event of default of Federative Republic of Brazil floating rate based on 6-month LIBOR plus 0.813% due 04/15/2006.
Broker: Goldman Sachs Exp. 05/09/2004	7,000		(2,713	)
Receive a fixed rate equal to 1.750% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: J.P. Morgan Chase & Co. Exp. 05/24/2003	5,000		(88	)
Receive a fixed rate equal to 0.800% and the Fund will pay to the counterparty at par in the event of default of Republic of South Africa 9.125% due 05/19/2009.
Broker: J.P. Morgan Chase & Co. Exp. 05/24/2003	10,000		(14	)
Receive a fixed rate equal to 1.200% and the Fund will pay to the counterparty at par in the event of default of Republic of Panama 9.625% due 02/08/2011.
Broker: J.P. Morgan Chase & Co. Exp. 05/24/2003	7,000		(29	)
Receive a fixed rate equal to 1.570% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Goldman Sachs Exp. 05/29/2003	3,500		(9	)

See accompanying notes   I  9.30.02  I 65

Type	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 1.570% and the Fund will pay to the counterparty at par in the event of default of Republic of Peru 9.125% due 02/21/2012.
Broker: Morgan Stanley Exp. 06/03/2003 $	$	5,000	$	1
Pay a fixed rate equal to 0.880% and the Fund will receive from the counterparty at par in the event of default of Republic of Bulgaria 2.688% due 07/28/2011.
Broker: Goldman Sachs Exp. 04/15/2003		1,000		1
Receive a fixed rate equal to 1.300% and the Fund will pay to the counterparty at par in the event of default of Republic of Panaman 5.000% due 07/17/2014.
Broker: Goldman Sachs Exp. 04/15/2003		600		5
Receive a fixed rate equal to 1.450% and the Fund will pay to the counterparty at par in the event of default of Republic of Bulgaria 2.688% due 07/28/2011.
Broker: Goldman Sachs Exp. 04/15/2004		1,000		7
			$	(21,187	)

66   Semi-Annual Report  I  9.30.02I  See accompanying notes

Schedule of Investments

Municipal Sector Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
MUNICIPAL BONDS & NOTES 88.9%
Alaska 1.5%
Northern Tobacco Securitization Bonds, Series 2000
6.500% due 06/01/2031	$	1,500	$	1,556
California 5.2%
California Statewide Communities Development Authority Revenue Bonds, (CA Mortgage Insured), Series 2001
5.000% due 10/01/2018		1,500		1,586
East Bay, California Municipal Utility District Water System Revenue Bonds, (MBIA Insured), Series 1993
5.200% due 06/01/2008		2,700		2,824
9.070% due 06/01/2013 (a)		1,000		1,081
				5,491
Connecticut 1.0%
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2001
5.125% due 07/01/2027		1,000		1,041
Illinois 8.8%
Chicago, Illinois General Obligation Bonds, (MBIA Insured), Series 2001
0.000% due 01/01/2007 (b)		5,965		4,177
Chicago, Illinois Housing Authority Revenue Bonds, Series 2001
5.375% due 07/01/2016		1,410		1,517
Metropolitan Pier & Exposition Authority III Dedicated State Tax Revenue Bonds, (MBIA Insured),
Series 2002
5.000% due 12/15/2028		2,000		2,070
Palatine, Illinois Tax Increment Revenue Bonds, (AMBAC Insured), Series 1998
5.250% due 01/01/2017		1,500		1,597
				9,361
Indiana 1.9%
Merrillville, Indiana Multi School Building Corporation Revenue Bonds, (MBIA Insured), Series 2001
5.000% due 01/05/2021		2,000		2,067
Iowa 0.5%
Iowa State General Obligation Bond, Series 2002
5.000% due 06/01/2020		500		527
Kentucky 4.1%
Kentucky State Turnpike Authority Economic Development Road Revenue Bonds, Series 1993
9.320% due 06/06/2012 (a)		4,000		4,385
Louisiana 6.6%
Louisiana Tobacco Settlement Financing Corporate Revenue Bonds, Series 2001
5.780% due 05/15/2039 (a)		6,800		6,069
5.875% due 05/15/2039		1,000		946
				7,015
Massachusetts 3.5%
Massachusetts Bay Transition Authority Revenue Bonds, (Gov. of Authority Insured), Series 2000
8.530% due 03/01/2028 (a)		500		524
Massachusetts State Development Financial Agency Revenue Bonds, (GNMA Insured), Series 2000
9.000% due 06/20/2031		375		437
Massachusetts State Individual Financing Agency Revenue Bonds, (Gov. of Institution Insured),
Series 1998
5.000% due 03/01/2028		1,000		1,022
Massachusetts State Water Residential Authority Revenue Bonds, (MBIA Insured), Series 1995
4.750% due 12/01/2021		700		711
Massachusetts State Water Resource Authority Revenue Bonds, (MBIA Insured), Series 2002
5.125% due 08/01/2027		1,000		1,041
				3,735
Nevada 4.2%
Nevada State General Obligation Bonds, (FGIC Insured), Series 1998
5.000% due 05/15/2028		4,325		4,431
New Hampshire 2.1%
New Hampshire Health & Educational Facilities Authority Revenue Bonds, (AMBAC Insured), Series 2002
5.375% due 07/01/2020		2,000		2,193
New Jersey 2.8%
New Jersey Economic Development Authority Revenue Bonds, (GTY AGMT Insured), Series 1998
6.000% due 11/01/2028		2,980		3,027
New York 10.1%
New York City, New York General Obligation Bonds, (MBIA Insured), Series 2001
8.119% due 05/15/2029 (a)(c)		5,915		6,360
New York City, New York Transitional Financial Authority Revenue Bonds, Series 2000
7.670% due 11/01/2024 (a)		1,000		1,141
New York State Dormitory Authority Revenue Bonds, (MBIA Insured), Series 2000
7.910% due 08/15/2022		750		768
New York State Dormitory Authority Revenue Bonds, (MBIA-IBC Insured), Series 2000
9.440% due 07/01/2025 (a)		1,500		1,687
New York State Thruway Authority General Revenue Bonds, (Gov. of Authority Insured), Series 2000
8.540% due 01/01/2025 (a)		700		738
				10,694
North Carolina 4.5%
North Carolina State General Obligation Bonds, Series 2001
8.610% due 09/01/2017		4,000		4,800
North Dakota 2.6%
North Dakota State Building Authority Lease Revenue Bonds, (MBIA Insured), Series 2002
4.300% due 12/01/2014		1,315		1,374
4.400% due 12/01/2015		1,335		1,388
				2,762

See accompanying notes   I  9.30.02  I 67

Schedule of Investments (Cont.)

Municipal Sector Portfolio

September 30, 2002 (Unaudited)

	Principal Amount (000s)		Value (000s)
Pennsylvania 8.3%
Pennsylvania State General Obligation Bonds, Series 2001
7.670% due 12/01/2017 (a)	$	6,750	$	7,785
Pittsburgh, Pennsylvania Water & Sewer System Authority Revenue Bonds, (FSA Insured), Series 2000
8.240% due 09/01/2021 (a)		1,000		1,082
				8,867
Puerto Rico 0.7%
Childrens Trust Fund Tobacco Settlement Revenue Bonds, Series 2000
6.000% due 07/01/2026		700		741
Rhode Island 3.3%
Rhode Island Tobacco Settlement Financing Corporate Revenue Bonds, Series 2002
6.250% due 06/01/2042		3,500		3,464
South Carolina 2.0%
South Carolina State Public Service Authority Revenue Bonds, Series 1993
9.138% due 06/28/2013 (a)		2,000		2,127
Texas 5.8%
Arlington, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2000
7.940% due 02/15/2024 (a)		750		779
Houston, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2001
7.880% due 02/15/2026 (a)		750		753
Lower Colorado River, Texas Authority Revenue Bonds, (FSA Insured), Series 2001
5.000% due 05/15/2026		1,000		1,023
Pasadena, Texas General Obligation Bonds, (FGIC Insured), Series 2002
5.125% due 04/01/2024		1,755		1,814
Peaster, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2002
5.000% due 08/15/2031		720		736
San Antonio, Texas Water Revenue Bonds, (FSA Insured), Series 2002
5.000% due 05/15/2032		1,000		1,022
				6,127
Washington 1.0%
Port of Seattle, Washington Revenue Bonds, (MBIA Insured), Series 2000
5.625% due 02/01/2024		1,000		1,070
Washington, D.C. 1.9%
Metropolitan Washington D.C. Airport Systems Authority Revenue Bonds, Series 2002
5.250% due 10/01/2032		2,000		2,076
Wisconsin 6.5%
Badger Tobacco Asset Securitization Corporation Revenue Bonds, Series 2002
6.125% due 06/01/2027		4,300		4,313
Wisconsin Housing & Economic Development Authority Revenue Bonds, (MBIA Insured), Series 2002
4.600% due 05/01/2011		1,150		1,209
4.700% due 11/01/2012		1,360		1,431
				6,953
Total Municipal Bonds & Notes
(Cost $89,956)				94,510
U.S. TREASURY OBLIGATIONS 0.5%
Treasury Inflation Protected Securities (d)
3.375% due 01/15/2007		455		495
Total U.S. Treasury Obligations
(Cost $ 461)				495
SHORT-TERM INSTRUMENTS 2.8%
Commercial Paper 0.2%
Fannie Mae
2.100% due 11/29/2002		215		214
Money Market Fund 1.5%
SSgA Tax Free Money Market
1.250% due 10/01/2002		1,562		1,562
U.S. Treasury Bills 1.1%
1.619% due 11/14/2002-11/29/2002 (e)		1,210		1,208
Total Short-Term Instruments				2,984
(Cost $ 2,984)
Total Investments 92.2%			$	97,989
(Cost $ 93,401)
Other Assets and Liabilities (Net) 7.8%				8,298
Net Assets 100.0%			$	106,287

Notes to Schedule of Investments (amounts in thousands):

(a) Variable rate security. The rate listed is as of September 30, 2002.

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

(c) Restricted security.

(d) Principal amount of security is adjusted for inflation.

(e) Securities are grouped by coupon or range of coupons and represent a range of maturities.

68   Semi-Annual Report  I  9.30.02I  See accompanying notes

Notes to Financial Statements

September 30, 2002 (Unaudited)

1. Organization

PIMCO Portfolios: Pacific Investment Management Series (the “Trust”) was established as a Massachusetts business trust on February 19, 1987. The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end investment management company. The Trust currently consists of 48 separate investment funds (the “Funds”). The Short-Term, U.S. Government Sector, Investment Grade Corporate, High Yield, Mortgage, Asset-Backed Securities, Real Return, International, Emerging Markets and Municipal Sector Portfolios (the “Portfolios”) are a series of the Trust. The following is a summary of significant accounting policies followed in the preparation of the Portfolios’ financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is determined at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange on each day the New York Stock Exchange is open, or if no sales are reported, as is the case for most securities traded over-the-counter, the mean between representative bid and asked quotations obtained from a quotation reporting system or from established market makers. Fixed income securities, including those to be purchased under firm commitment agreements, are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services. Short-term investments, which mature in 60 days or less are valued at amortized cost, which approximates market value. Certain fixed income securities for which daily market quotations are not readily available may be valued, pursuant to guidelines established by the Board of Trustees, with reference to fixed income securities whose prices are more readily obtainable. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The prices used by the Portfolios may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements.

Securities Transactions and Investment Income. Securities transactions are recorded as of the trade date. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Effective April 1, 2001, the accounting method relating to the amortization of premiums and discounts changed to the interest method, which did not materially affect the Portfolios’ financial statements.

Dividends and Distributions to Shareholders. Dividends from net investment income, if any, of each Portfolio, are declared and distributed to shareholders quarterly. Net realized capital gains earned by a Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for such items as wash sales, foreign currency transactions, net operating losses and capital loss carryforwards.

Distributions reflected as a tax basis return of capital in the accompanying Statements of Changes in Net Assets have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and paid in capital to more appropriately conform financial accounting to tax characterizations of dividends and distributions.

Foreign Currency. The accounting records of the Portfolios are maintained in U.S. dollars. The market values of foreign securities, currency holdings and other assets and liabilities are translated to U.S. dollars based on the current exchange rates each business day. Fluctuations in the value of these assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses). Realized gains (losses) and unrealized appreciation (depreciation) on investment securities and income and expenses are translated on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments in securities are not segregated in the Statements of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

Federal Income Taxes. Each Portfolio intends to qualify as a regulated investment company and distribute all of its taxable

9.30.02   I  Semi-Annual Report   69

Notes to Financial Statements (Cont.)

September 30, 2002 (Unaudited)

income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Financing Transactions. Certain Portfolios may enter into financing transactions consisting of the sale by the Portfolio of securities, together with a commitment to repurchase similar securities at a future date. The difference between the selling price and the future purchase price is an adjustment to interest income in the Statements of Operations. If the counterparty to whom the Portfolio sells the security becomes insolvent, a Portfolio’s right to repurchase the security may be restricted; the value of the security may change over the term of the financing transaction; and the return earned by a Portfolio with the proceeds of a financing transaction may not exceed transaction costs. The Portfolio will segregate assets determined to be liquid by PIMCO or otherwise cover its obligations under financing transactions.

Futures Contracts. Certain Portfolios are authorized to enter into futures contracts. A Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are imperfect correlation between the change in market value of the securities held by a Portfolio and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolios may be required to deposit with its custodian, in a segregated account in the name of the futures broker, an amount of cash or U.S. government and agency obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolios. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statements of Assets and Liabilities.

Options Contracts. Certain Portfolios may write call and put options on futures, securities or currencies it owns or in which it may invest. Writing put options tends to increase the Portfolio’s exposure to the underlying instrument. Writing call options tends to decrease the Portfolio’s exposure to the underlying instrument. When the Portfolio writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, security or currency transaction to determine the realized gain or loss. The Portfolio as a writer of an option has no control over whether the underlying future, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, security or currency underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Certain Portfolios may also purchase put and call options. Purchasing call options tends to increase the Portfolio’s exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio’s exposure to the underlying instrument. The Portfolio pays a premium which is included in the Portfolio’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, security or currency transaction to determine the realized gain or loss.

Forward Currency Transactions. Certain Portfolios may enter into forward currency contracts and forward cross-currency contracts in connection with settling planned purchases or sales of securities or to hedge the currency exposure associated with some or all of the Portfolio’s portfolio securities. A forward currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked to market daily and the change in value is recorded by the Portfolio as an unrealized gain or loss. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are recorded upon delivery or receipt of the currency or, if a forward currency contract is offset by entering into another forward currency contract with the same broker, upon settlement of the net gain or loss. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Portfolio’s Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

Swaps. Certain Portfolios may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolio may enter into interest rate, total return, forward swap spread lock and credit default swap agreements to manage its exposure to interest rates and credit risk. Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for

70   Semi-Annual Report  I  9.30.02

fixed rate payments with respect to a notional amount of principal. Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Forward swap spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically an emerging country, on its obligation. The Portfolio may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Payments received or made at the end of the measurement period are recorded as realized gain or loss in the Statement of Operations. Net payments of interest on interest rate swap agreements are included as part of interest income. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

Loan Agreements. Certain Portfolios may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. The Portfolio’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt by the lender of payments from the borrower. The Portfolio generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When the Portfolio purchases assignments from lenders it acquires direct rights against the borrower on the loan.

Short Sales. Certain Portfolios have entered into short sales transactions during the fiscal year. A short sale is a transaction in which a Portfolio sells securities it does not own in anticipation of a decline in the market price of the securities. The Portfolio is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

Stripped Mortgage-Backed Securities (SMBS). SMBS represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (IOs), which receive all of the interest, and principal-only securities (POs), which receive all of the principal. If the underlying mortgage assets experience greater than anticipated payments of principal, a Portfolio may fail to recoup some or all of its initial investment in these securities. The market value of these securities is highly sensitive to changes in interest rates.

Delayed-Delivery Transactions. Certain Portfolios may purchase or sell securities on a when-issued or delayed-delivery basis. These transactions involve a commitment by a Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, a Portfolio will set aside and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. A Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains and losses with respect to the security. Forward sales commitments are accounted for by the Portfolio in the same manner as forward currency contracts discussed above.

Inflation-Indexed Bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond

9.30.02   I  Semi-Annual Report   71

Notes to Financial Statements (Cont.)

September 30, 2002 (Unaudited)

will be considered interest income, even though investors do not receive their principal until maturity.

Repurchase Agreements. Each Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, the Portfolio takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. The market value of the collateral must be equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred.

Reverse Repurchase Agreements. Certain Portfolios are authorized to enter into reverse repurchase agreements. In a reverse repurchase agreement, the Portfolio sells to a financial institution a security that it holds with an agreement to repurchase the same security at an agreed-upon price and date. A reverse repurchase agreement involves the risk that the market value of the security sold by the Portfolio may decline below the repurchase price of the security. The Portfolio will segregate assets determined to be liquid by PIMCO or otherwise cover its obligations under reverse repurchase agreements.

Restricted Securities. Certain Portfolios are permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult.

3. Fees, Expenses, and Related Party Transactions

Investment Advisory Fee. Pacific Investment Management Company LLC (PIMCO) is a majority-owned subsidiary of Allianz Dresdner Asset Management of America L.P. (formerly PIMCO Advisors L.P.) and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Portfolio at an annual rate based on average daily net assets of the Portfolio. The Advisory Fee is charged at an annual rate of 0.02% for all Portfolios.

Administration Fee. PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives from each Portfolio a monthly administrative fee based on each Portfolio’s average daily net assets. The Administration Fee is charged at the annual rate of 0.10% for the International and Emerging Markets Portfolios; and 0.03% for all other Portfolios.

Expenses. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class shares and may include certain other expenses as permitted by the Trust’s Multiple Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed in the Financial Highlights, may differ from the annual Portfolio operating expenses per share class as disclosed in the Prospectus for the reasons set forth above. PIMCO has agreed to waive a portion of the Portfolio’s administrative fees to the extent that the payment of each Portfolio’s pro rata share of Trustee fees and organizational expenses cause the actual expense ratios to rise above the rates disclosed in the then-current prospectus plus 0.49 basis points (calculated as a percentage of each Portfolio’s average daily net assets).

PIMCO may be reimbursed for these waived amounts in future periods. Each unaffiliated Trustee receives an annual retainer of $60,000, plus $3,000 for each Board of Trustees meeting attended in person and $500 for each meeting attended telephonically, plus reimbursement of related expenses. In addition, each committee chair receives an annual retainer of $1,500. These expenses are allocated to the Portfolios of the Trust according to their respective net assets.

Distributor. PIMCO Advisors Distributors LLC (“PFD”), is an indirect wholly-owned subsidiary of Allianz Dresdner Asset Management of America L.P. and serves as the distributor of the Trust’s shares.

72   Semi-Annual Report  I  9.30.02

4. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2002, were as follows (amounts in thousands):

	U.S Government/Agency				All Other
	Purchases		Sales		Purchases		Sales
Short-Term Portfolio	$	451,323	$	334,034	$	873,670	$	90,756
U.S. Government Sector Portfolio		3,934,910		2,774,225		276,776		166,482
Investment Grade Corporate Portfolio		3,788,093		3,174,024		3,284,497		2,242,107
High Yield Portfolio		0		0		198.471		393,617
Mortgage Portfolio		38,551,115		34,144,545		2,677,216		633,587
Asset-Backed Securities Portfolio		229,364		173,467		197,724		17,045
Real Return Portfolio		665,310		534,436		5,945		34,217
International Portfolio		3,628,299		3,718,226		6,113,653		1,309,056
Emerging Markets Portfolio		0		0		1,346,870		1,279,935
Municipal Sector Portfolio		33,814		46,869		510,065		571,110

5. Transactions in Written Call and Put Options

Transactions in written call and put options were as follows (amounts in thousands):

	Short-Term Portfolio			U.S. Government Sector Portfolio			Investment Grade Corporate Portfolio			High Yield Portfolio		Mortgage Portfolio			Asset Backed Securities Portfolio			International Portfolio
	Premium
Balance at 03/30/2002	$	101		$	1,067		$	358		$	0	$	5,573		$	0		$	29,174
Sales		17,219			56,739			0			301		1,165			577			0
Closing Buys		(5,728	)		(19,485	)		0			0		(2,240	)		(11	)		(22,800	)
Expirations		0			(8,340	)		(358	)		0		(4,498	)		0			(297	)
Exercised		0			0			0			0		0			0			0
Balance at 09/30/2002	$	11,592		$	29,981		$	0		$	301	$	0		$	566		$	6,077

6. Federal Income Tax Matters

At September 30, 2002, the net unrealized appreciation (depreciation) of investments securities for federal income tax purposes were as follows (amounts in thousands):

	Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Short-Term Portfolio	$	3,588	$	(6,139	)	$	(2,551	)
U.S. Government Sector Portfolio		91,679		(1,691	)		89,988
Investment Grade Corporate Portfolio		133,206		(566,109	)		(432,903	)
High Yield Portfolio		1,420		(30,875	)		(29,455	)
Mortgage Portfolio		409,677		(35,753	)		373,924
Asset-Backed Securities Portfolio		6,098		(2,082	)		4,016
Real Return Portfolio		13,398		(95	)		13,303
International Portfolio		718,523		(11,381	)		707,142
Emerging Markets Portfolio		34,413		(74,421	)		(40,008	)
Municipal Sector Portfolio		5,165		(577	)		4,588

9.30.02   I  Semi-Annual Report   73

Notes to Financial Statements (Cont.)

September 30, 2001 (Unaudited)

7. Shares of Beneficial Interest

The Trust may issue an unlimited number of shares of beneficial interest with a $.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Short Term Portfolio										U.S. Government Sector Portfolio										Investment Grade Corporate Portfolio
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold	248,494		$	2,431,667		8,046		$	80,369		318,678		$	3,437,599		155,341		$	1,743,762		170,788		$	1,789,074		432,119		$	4,705,492
Issued as reinvestment of distributions	1,182			11,571		1,069			10,558		2,208			24,150		14,036			145,162		16,583			172,894		13,626			145,718
Cost of shares redeemed	(128,570	)		(1,258,461	)	(16,100	)		(164,533	)	(63,489	)		(667,284	)	(224,663	)		(2,503,121	)	(167,709	)		(1,697,907	)	(71,996	)		(776,729	)
Net increase (decrease) resulting from Portfolio share transactions	121,106		$	1,184,777		(6,985	)	$	(73,606	)	257,397		$	2,794,465		(55,286	)	$	(614,197	)	19,662		$	264,061		373,749		$	4,074,481
	High Yield Portfolio										Mortgage Portfolio										Asset-Backed Securities Portfolio
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold	12,548		$	94,967		36,867		$	310,630		567,927		$	6,305,240		568,848		$	6,256,550		20,612		$	228,226		5,091		$	56,039
Issued as reinvestment of distributions	1,564			11,721		3,342			27,926		12,989			145,093		39,907			433,828		348			3,906		609			6,560
Cost of shares redeemed	(38,416	)		(294,233	)	(13,798	)		(121,158	)	(297,227	)		(3,281,531	)	(434,651	)		(4,786,643	)	(6,149	)		(68,279	)	(1,523	)		(16,570	)
Net increase (decrease) resulting from Portfolio share transactions	(24,304	)	$	(187,545	)	26,411		$	217,398		283,689		$	3,168,802		174,104		$	1,903,735		14,811		$	163,853		4,177		$	46,029
	Real Return Portfolio										International Portfolio										Emerging Markets Portfolio
	Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002					Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold	35,748		$	383,898		28,328		$	311,326		198,448		$	1,317,498		338,787		$	2,368,807		16,130		$	170,330		79,028		$	849,065
Issued as reinvestment of distributions	428			4,584		2,079			21,980		7,814			51,644		32,651			220,149		3,223			33,344		3,041			31,778
Cost of shares redeemed	(23,364	)		(252,375	)	(40,500	)		(438,740	)	(72,333	)		(482,624	)	(603,222	)		(4,319,543	)	(16,632	)		(171,606	)	(18,545	)		(193,088	)
Net increase (decrease) resulting from Portfolio share transactions	12,812		$	136,107		(10,093	)	$	(105,434	)	133,929		$	886,518		(231,784	)	$	(1,730,587	)	2,721		$	32,068		63,524		$	687,755

	Municipal Sector Portfolio
	Period Ended 09/30/2002					Year Ended 03/31/2002
	Shares		Amount			Shares		Amount
Receipts for shares sold	25,026		$	269,073		11,736		$	127,962
Issued as reinvestment of distributions	433			4,622		665			7,102
Cost of shares redeemed	(29,283	)		(317,247	)	(5,043	)		(55,466	)
Net increase (decrease) resulting from Portfolio share transactions	(3,824	)	$	(43,552	)	7,358		$	79,598

74   Semi-Annual Report  I  9.30.02

Pacific Investment Management Company LLC (PIMCO) is responsible for the management and administration of the PIMCO Funds: Pacific Investment Management Series. Founded in 1971, PIMCO currently manages assets in excess of $301 billion on behalf of mutual fund and institutional clients located around the world. Renowned for its fixed income management expertise, PIMCO manages assets for many of the largest corporations, foundations, endowments, and governmental bodies in the United States and the world.

Trustees and Officers

Brent R. Harris Chairman and Trustee

R. Wesley Burns President and Trustee

Guilford C. Babcock Trustee

E. Philip Cannon Trustee

Vern O. Curtis Trustee

J. Michael Hagan Trustee

Thomas P. Kemp Trustee

William J. Popejoy Trustee

Garlin G. Flynn Secretary

John P. Hardaway Treasurer

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive, Suite 300

Newport Beach, CA 92660

Custodian

State Street Bank & Trust Company

801 Pennsylvania

Kansas City, MO 64105

Transfer Agent

National Financial Data Services

330 W. 9th Street, 4th Floor

Kansas City, MO 64105

Counsel

Dechert

1775 Eye Street, N.W.

Washington, D.C. 20006-2401

Independent Accountants

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, MO 64105

P I M C O

F U N D S

All Funds distributed by PIMCO ADVISORS DISTRIBUTORS LLC, member NASD

840 NEWPORT CENTER DRIVE

NEWPORT BEACH, CA 92660

The Portfolios issue shares only in private placement transactions in accordance with Regulation D or other applicable exemptions under the Securities Act of 1933, as amended (the “Securities Act”). The enclosed Semi-Annual Report is not an offer to sell, or a solicitation of any offer to buy, any security to the public within the meaning of the Securities Act.

This report is submitted for the general information of the shareholders of the PIMCO Funds: Private Account Portfolio Series. It is not authorized for distribution to prospective investors unless accompanied or preceded by an effective offering memorandum for the PIMCO Funds: Private Account Portfolio Series, which contains information covering its investment policies as well as other pertinent information.