UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-05028

PIMCO Funds

(Exact name of registrant as specified in charter)

650 Newport Center Drive, Newport Beach, CA 92660

(Address of principal executive office)

Bijal Y. Parikh

Treasurer (Principal Financial & Accounting Officer)

PIMCO Funds

650 Newport Center Drive

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Adam T. Teufel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Registrant’s telephone number, including area code: (888) 877-4626

Date of fiscal year end: March 31    

Date of reporting period: March 31, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

EXPLANATORY NOTE

The Registrant is filing this Certified Shareholder Report on Form N-CSR in two (2) separate submissions due to file size limitations on EDGAR submissions. The initial submission of the Certified Shareholder Report on Form N-CSR (accession #0001193125-23-158672) provides the information required by Item 1 with respect to certain reports transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “Act”) (17 CFR 270.30e-1). This submission provides the information required by Item 1 with respect to the remaining reports transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1) that were not included in the Registrant’s initial submission. Apart from Items 1 and 6, this submission is identical in all material respects to the initial submission.

Item 1. Reports to Shareholders.

(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30e-1).

Filed under the previously filed companion submission on Form N-CSR:

• PIMCO Funds—PIMCO Global Core Asset Allocation Fund

• PIMCO Funds—Bond Funds

• PIMCO Funds—Credit Bond Funds

• PIMCO Funds—Fundamental Index Funds

• PIMCO Funds—International Bond Funds

• PIMCO Funds—Municipal Value Funds

• PIMCO Funds—PIMCO All Asset Fund and PIMCO All Asset All Authority Fund

• PIMCO Funds—PIMCO Climate Bond Fund

• PIMCO Funds—PIMCO CommoditiesPLUS^® Strategy Fund

• PIMCO Funds—PIMCO CommodityRealReturn Strategy Fund^®

• PIMCO Funds—PIMCO Emerging Markets Local Currency and Bond Fund

• PIMCO Funds—PIMCO High Yield Fund

• PIMCO Funds—PIMCO Income Fund

Filed under this submission on Form N-CSR:

• PIMCO Funds—PIMCO International Bond Fund (U.S. Dollar-Hedged)

• PIMCO Funds—PIMCO Investment Grade Credit Bond Fund

• PIMCO Funds—PIMCO Low Duration Fund

• PIMCO Funds—PIMCO Real Return Fund

• PIMCO Funds—PIMCO Short-Term Fund

• PIMCO Funds—PIMCO Total Return Fund

• PIMCO Funds—PIMCO TRENDS Managed Futures Strategy Fund

• PIMCO Funds—Private Account Portfolio Series – Sector Funds Series - I

• PIMCO Funds—Private Account Portfolio Series

• PIMCO Funds—Private Account Portfolio Series – All Asset Funds

• PIMCO Funds—Real Return Strategy Funds

• PIMCO Funds—Short Duration Strategy Funds

• PIMCO Funds—StocksPLUS^® Funds

• PIMCO Funds—Tax-Efficient Strategy Funds

PIMCO FUNDS

Annual Report

March 31, 2023

PIMCO International Bond Fund (U.S. Dollar-Hedged)

Table of Contents

	Page
Chairman’s Letter		2
Important Information About the PIMCO International Bond Fund (U.S. Dollar-Hedged)		5
Fund Summary		11
Expense Example		13
Benchmark Description		14
Financial Highlights		16
Statement of Assets and Liabilities		20
Statement of Operations		22
Statements of Changes in Net Assets		23
Schedule of Investments		24
Notes to Financial Statements		63
Report of Independent Registered Public Accounting Firm		97
Glossary		98
Federal Income Tax Information		100
Management of the Trust		101
Privacy Policy		104
Liquidity Risk Management Program		106

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

Chairman’s Letter

Dear Shareholder,

The reporting period was a challenging time in the financial markets. Amid evolving investment conditions, we continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Funds Annual Report, which covers the 12-month reporting period ended March 31, 2023 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and discussion of certain factors that affected performance during the reporting period.

For the 12-month reporting period ended March 31, 2023

The global economy faced significant headwinds during the reporting period, including those related to higher inflation, the COVID-19 pandemic (“COVID-19”), the war in Ukraine, and turmoil in the banking industry. In the United States (“U.S.”), second quarter 2022, annualized gross domestic product (“GDP”) was -0.6%. The economy then expanded, as third and fourth quarter 2022 annualized GDP was 3.2% and 2.6%, respectively. The U.S. Commerce Department’s initial estimate for first quarter 2023 annualized GDP — released after the reporting period ended — was 1.1%.

In its January 2023 World Economic Outlook Update, the International Monetary Fund (the “IMF”) projected global GDP growth to decline from an estimated 3.4% in 2022 to 2.9% in 2023. The IMF attributed the decline to the rise in central bank rates to fight inflation, especially in advanced economies, and the war in Ukraine. While the IMF believes global inflation will fall from 8.8% in 2022 to 6.6% in 2023 and 4.3% in 2024, its projection is still higher than the pre-COVID-19 (2017–2019) level of approximately 3.5%. The IMF forecasts 2023 GDP to grow 1.4% in the United States (from 2.0% growth in 2022) and 0.7% in the eurozone (from 3.5% growth in 2022), while falling 0.6% in the United Kingdom (from 4.1% growth in 2022), and rising 1.8% in Japan (from 1.4% growth in 2022).

With inflation reaching a four-decade high in some countries over the reporting period, many central banks aggressively tightened monetary policy in an attempt to rein in rising prices. The U.S. Federal Reserve Board (the “Fed”) has raised the federal funds rate at its last nine meetings, beginning in March 2022, moving from a range between 0.00% and 0.25% to a range between 4.75% and 5.00% in March 2023 — the highest level since 2007. The Bank of England (the “BoE”) began raising rates in December 2021 and did so for the 11th consecutive time in March 2023, pushing its Bank Rate from nearly zero to 4.25%. Elsewhere, the European Central Bank first raised its main interest rate in July 2022 and made its sixth consecutive increase in March 2023, bringing the rate from 0.00% to 3.5%.

In contrast, the Bank of Japan (the “BoJ”) maintained its loose monetary policy for most of 2022. In December 2022, the BoJ announced that it would allow its 10-year

2 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)

government bond yield to rise to 0.5% (previously limited to 0.25%). The news initially sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary policy stance. However, the BoJ did not raise interest rates for the remainder of the reporting period.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.48% on March 31, 2023, versus 2.32% on March 31, 2022. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -3.77%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -5.07%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, also generated weak returns. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -3.10%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -5.86%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -0.72%.

Amid periods of volatility, most global equities posted weak results during the reporting period as economic and geopolitical concerns, as well as recent crisis in the banking industry, affected investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -7.73%. Global equities, as represented by the MSCI World Index, returned -7.02%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -10.70%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned 2.97% and European equities, as represented by the MSCI Europe Index (in euro), returned 3.82% over the reporting period.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $109 a barrel at the start of the reporting period, fell to roughly $80 a barrel at the end of March 2023. The price of copper also declined, whereas gold prices moved higher during the reporting period.

Finally, there were also periods of volatility in the foreign exchange markets that we believe were driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and the banking crisis. The U.S. dollar was stronger against several major currencies over the reporting period. For example, during the reporting period, the U.S. dollar returned 6.29%, 1.22%, and 2.44% versus the euro, the British pound and the Japanese yen, respectively.

ANNUAL REPORT MARCH 31, 2023 3

Chairman’s Letter (Cont.)

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs. For any questions regarding your PIMCO Funds investments, please contact your account manager or call one of our shareholder associates at (888) 87-PIMCO. We also invite you to visit our website at pimco.com to learn more about our viewpoints.

  Sincerely,     Peter G. Strelow Chairman of the Board PIMCO Funds  

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

4 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)

Important Information About the PIMCO International Bond Fund (U.S. Dollar-Hedged)

PIMCO Funds (the “Trust”) is an open-end management investment company that includes the PIMCO International Bond Fund (U.S. Dollar-Hedged) (the “Fund”).

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Fund may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Fund currently faces a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to “make markets.”

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security’s price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact the Fund’s performance or cause the Fund to incur losses. As a result, the Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Fund.

The Fund may be subject to various risks as described in the Fund’s prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of Fund portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments and other sections of this report may differ from the classification used for the Fund’s compliance calculations, including those used in the Fund’s prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security’s country of incorporation may be different from its country of economic exposure.

ANNUAL REPORT MARCH 31, 2023 5

Important Information About the PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Fund’s performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Fund’s service providers and disrupt the Fund’s operations.

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States’ enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government’s response, may also negatively impact securities and instruments that are economically tied to Russia.

The Fund may have significant exposure to issuers in the United Kingdom. The United Kingdom’s withdrawal from the European Union may impact Fund returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

The Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. The transition may also result in a reduction in the value of certain instruments held by the Fund or a reduction in the effectiveness of related Fund transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Fund and issuers in which it invests. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

6 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Fund invests remain solvent, continued volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Fund and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Fund and issuers in which it invests.

On the Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. The Cumulative Returns chart and Average Annual Total Return table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge (“CDSC”) that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns chart. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. Class C shares are subject to a 1% CDSC, which may apply in the first year. The Cumulative Returns chart reflects only Institutional Class performance. Performance for I-2, I-3, Administrative Class, Class A, Class C and Class R shares, if applicable, is typically lower than Institutional Class performance due to the lower expenses paid by Institutional Class shares. Performance shown is net of fees and expenses. The minimum initial investment amount for Institutional Class, I-2, I-3 and Administrative Class shares is $1,000,000. The minimum initial investment amount for Class A and Class C shares is $1,000. There is no minimum initial investment for Class R shares. The Fund measures its performance against at least one broad-based securities market index (“benchmark index”) and a Lipper Average, which is calculated by Lipper, Inc. (“Lipper”), a Thomson Reuters company, and represents the total return performance average of funds that are tracked by Lipper that have the same fund classification. Benchmark indexes do not take into account fees, expenses or taxes. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that the Fund, even if the Fund has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) the Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in the Fund’s performance as compared to one or more previous reporting periods. Historical performance for the Fund or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

ANNUAL REPORT MARCH 31, 2023 7

Important Information About the PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

The following table discloses the inception dates of the Fund and its respective share classes along with the Fund’s diversification status as of period end:

Fund Name

Fund Inception

Institutional Class

I-2

I-3

Administrative Class

Class A

Class C

Class R

Diversification Status

PIMCO International Bond Fund (U.S. Dollar-Hedged)

12/02/92

12/02/92

04/30/08

04/27/18

01/28/97

01/20/97

01/20/97

12/31/02

Non-diversified

An investment in the Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Fund. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Fund’s prospectus nor summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Fund creates a contract between or among any shareholder of the Fund, on the one hand, and the Trust, the Fund, a service provider to the Trust or the Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust’s then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund’s website at www.pimco.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Fund files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Fund’s complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimco.com, and will be made available, upon request by calling PIMCO at (888) 87-PIMCO.

8 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary or, if invested directly with the Fund, investors can inform the Fund by calling (888) 87-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with the Fund or to all funds held in the investor’s account if invested through a financial intermediary.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Fund to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Fund’s investments and cost of doing business, which could adversely affect investors. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Investment Company Act of 1940 (the “Act”), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Fund will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Fund) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Fund will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of

ANNUAL REPORT MARCH 31, 2023 9

Important Information About the PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal’s impact on the Fund will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

10 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)

PIMCO International Bond Fund (U.S. Dollar-Hedged)

Cumulative Returns Through March 31, 2023

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Average Annual Total Return for the period ended March 31, 2023
		1 Year		5 Years		10 Years		Fund Inception (12/02/92)
	PIMCO International Bond Fund (U.S. Dollar-Hedged) Institutional Class		(3.68)%		1.02%		2.73%		6.22%
	PIMCO International Bond Fund (U.S. Dollar-Hedged) I-2		(3.78)%		0.91%		2.63%		6.12%
	PIMCO International Bond Fund (U.S. Dollar-Hedged) I-3		(3.83)%		0.87%		2.58%		6.06%
	PIMCO International Bond Fund (U.S. Dollar-Hedged) Administrative Class		(3.92)%		0.76%		2.48%		5.96%
	PIMCO International Bond Fund (U.S. Dollar-Hedged) Class A		(4.07)%		0.61%		2.33%		5.77%
	PIMCO International Bond Fund (U.S. Dollar-Hedged) Class A (adjusted)		(7.67)%		(0.15)%		1.93%		5.63%
	PIMCO International Bond Fund (U.S. Dollar-Hedged) Class C		(4.79)%		(0.14)%		1.56%		4.98%
	PIMCO International Bond Fund (U.S. Dollar-Hedged) Class C (adjusted)		(5.71)%		(0.14)%		1.56%		4.98%
	PIMCO International Bond Fund (U.S. Dollar-Hedged) Class R		(4.31)%		0.36%		2.07%		5.50%
	Bloomberg Global Aggregate ex-USD (USD Hedged) Index		(3.27)%		0.90%		2.28%		5.06%¨
	Lipper International Income Funds Average		(7.59)%		(2.13)%		(0.69)%		4.19%¨

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

^¨ Average annual total return since 11/30/1992.

The Bloomberg Global Aggregate ex-USD (USD Hedged) Index was first published on January 1, 1998. For periods prior to January 1, 1998, information is based on performance of the Fund’s prior primary benchmark, the JPMorgan GBI Global ex-US Index Hedged in USD.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares and 1.00% CDSC on Class C shares. For performance current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

For periods prior to the inception date of a share class launched subsequent to the Fund’s inception date, the performance information shown is adjusted for the performance of the Fund’s Institutional Class shares. The prior Institutional Class performance has been adjusted to reflect the distribution and/or service fees and other expenses paid by each respective share class.

The Fund’s total annual operating expense ratio in effect as of period end were 0.51% for the Institutional Class shares, 0.61% for I-2 shares, 0.71% for I-3 shares, 0.76% for Administrative Class shares, 0.91% for Class A shares, 1.66% for Class C shares, and 1.16% for Class R shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

ANNUAL REPORT MARCH 31, 2023 11

Institutional Class - PFORX	I-2 - PFBPX	I-3 - PFONX	Administrative Class - PFRAX
Class A - PFOAX	Class C - PFOCX	Class R - PFRRX

Geographic Breakdown as of March 31, 2023†§
United States	33.0	%
Short-Term Instruments‡	31.9	%
Japan	6.3	%
United Kingdom	5.1	%
China	4.1	%
Cayman Islands	4.1	%
Denmark	3.1	%
France	1.8	%
Germany	1.4	%
South Korea	1.4	%
Ireland	1.3	%
Australia	1.0	%
Other	5.5	%

^†  % of Investments, at value.

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

^‡  Includes Central Funds Used for Cash Management Purposes.

Investment Objective and Strategy Overview

PIMCO International Bond Fund (U.S. Dollar-Hedged) seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 80% of its assets in Fixed Income Instruments. The Fund will invest under normal circumstances in Fixed Income Instruments that are economically tied to at least three non-U.S. countries. The Fund’s investments in Fixed Income Instruments may be represented by forwards or derivatives such as options, futures contracts or swap agreements. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Underweight exposure to duration at the front-end of the U.S yield curve contributed to relative performance, as yields rose.

» Underweight exposure to duration in the U.K. contributed to relative performance, as yields rose.

» Underweight exposure to duration in Japan contributed to relative performance, as yields rose.

» Long exposure to non-agency mortgages, detracted from relative performance, as spreads widened.

» Exposure to subordinated financials particularly in the first half of the reporting period detracted from relative performance, as spreads widened.

» Short exposure to the pound sterling in the second half of the reporting period detracted from relative performance, as the currency appreciated relative to the U.S. dollar.

12 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)

Expense Example PIMCO International Bond Fund (U.S. Dollar-Hedged)

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and exchange fees and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from October 1, 2022 to March 31, 2023 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any Acquired Fund Fees and Expenses or transactional costs, such as sales charges (loads) on purchase payments and exchange fees, if any. Therefore, the information under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (10/01/22)		Ending Account Value (03/31/23)		Expenses Paid During Period*		Beginning Account Value (10/01/22)		Ending Account Value (03/31/23)		Expenses Paid During Period*		Net Annualized Expense Ratio**
Institutional Class	$	1,000.00	$	1,037.60	$	3.40	$	1,000.00	$	1,021.59	$	3.38		0.67	%
I-2		1,000.00		1,037.10		3.91		1,000.00		1,021.09		3.88		0.77
I-3		1,000.00		1,036.80		4.16		1,000.00		1,020.84		4.13		0.82
Administrative Class		1,000.00		1,036.30		4.67		1,000.00		1,020.34		4.63		0.92
Class A		1,000.00		1,035.50		5.43		1,000.00		1,019.60		5.39		1.07
Class C		1,000.00		1,031.60		9.22		1,000.00		1,015.86		9.15		1.82
Class R		1,000.00		1,034.20		6.69		1,000.00		1,018.35		6.64		1.32

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

** Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

ANNUAL REPORT MARCH 31, 2023 13

Benchmark Description

Index*

Benchmark Description

Bloomberg Global Aggregate ex-USD (USD Hedged) Index

Bloomberg Global Aggregate ex-USD (USD Hedged) Index provides a broad-based measure of the global investment-grade fixed income markets. The major components of this index are the Pan-European Aggregate and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds and Canadian Government securities. The index launched on 1/1/1998. The index performance shown prior to that date is calculated using the JPMorgan GBI Global ex-US Index Hedged in USD, which was the Fund’s primary benchmark index from the Fund’s inception until 12/1/2015.

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

14 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)

(THIS PAGE INTENTIONALLY LEFT BLANK)

ANNUAL REPORT MARCH 31, 2023 15

Financial Highlights PIMCO International Bond Fund (U.S. Dollar-Hedged)

				Investment Operations											Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)			Net Investment Income (Loss)(b)			Net Realized/ Unrealized Gain (Loss)				Total				From Net Investment Income				From Net Realized Capital Gains				Total
Institutional Class
03/31/2023		$	10.30		$	0.22		$	(0.60	)		$	(0.38	)		$	(0.25	)		$	(0.17	)		$	(0.42	)
03/31/2022			10.90			0.21			(0.64	)			(0.43	)			(0.17	)			0.00				(0.17	)
03/31/2021			10.45			0.20			0.51				0.71				(0.26	)			0.00				(0.26	)
03/31/2020			10.90			0.24			0.01				0.25				(0.67	)			(0.03	)			(0.70	)
03/31/2019			10.78			0.23			0.22				0.45				(0.30	)			(0.03	)			(0.33	)
I-2
03/31/2023			10.30			0.21			(0.60	)			(0.39	)			(0.24	)			(0.17	)			(0.41	)
03/31/2022			10.90			0.20			(0.65	)			(0.45	)			(0.15	)			0.00				(0.15	)
03/31/2021			10.45			0.19			0.51				0.70				(0.25	)			0.00				(0.25	)
03/31/2020			10.90			0.23			0.01				0.24				(0.66	)			(0.03	)			(0.69	)
03/31/2019			10.78			0.22			0.22				0.44				(0.29	)			(0.03	)			(0.32	)
I-3
03/31/2023			10.30			0.20			(0.60	)			(0.40	)			(0.23	)			(0.17	)			(0.40	)
03/31/2022			10.90			0.19			(0.64	)			(0.45	)			(0.15	)			0.00				(0.15	)
03/31/2021			10.45			0.19			0.50				0.69				(0.24	)			0.00				(0.24	)
03/31/2020			10.90			0.22			0.02				0.24				(0.66	)			(0.03	)			(0.69	)
04/27/2018 - 03/31/2019			10.75			0.20			0.25				0.45				(0.27	)			(0.03	)			(0.30	)
Administrative Class
03/31/2023			10.30			0.19			(0.60	)			(0.41	)			(0.22	)			(0.17	)			(0.39	)
03/31/2022			10.90			0.18			(0.64	)			(0.46	)			(0.14	)			0.00				(0.14	)
03/31/2021			10.45			0.18			0.50				0.68				(0.23	)			0.00				(0.23	)
03/31/2020			10.90			0.21			0.02				0.23				(0.65	)			(0.03	)			(0.68	)
03/31/2019			10.78			0.20			0.22				0.42				(0.27	)			(0.03	)			(0.30	)
Class A
03/31/2023			10.30			0.18			(0.60	)			(0.42	)			(0.21	)			(0.17	)			(0.38	)
03/31/2022			10.90			0.16			(0.64	)			(0.48	)			(0.12	)			0.00				(0.12	)
03/31/2021			10.45			0.16			0.50				0.66				(0.21	)			0.00				(0.21	)
03/31/2020			10.90			0.20			0.01				0.21				(0.63	)			(0.03	)			(0.66	)
03/31/2019			10.78			0.19			0.22				0.41				(0.26	)			(0.03	)			(0.29	)
Class C
03/31/2023			10.30			0.11			(0.61	)			(0.50	)			(0.13	)			(0.17	)			(0.30	)
03/31/2022			10.90			0.08			(0.64	)			(0.56	)			(0.04	)			0.00				(0.04	)
03/31/2021			10.45			0.08			0.50				0.58				(0.13	)			0.00				(0.13	)
03/31/2020			10.90			0.11			0.02				0.13				(0.55	)			(0.03	)			(0.58	)
03/31/2019			10.78			0.11			0.22				0.33				(0.18	)			(0.03	)			(0.21	)

16 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

						Ratios/Supplemental Data
									Ratios to Average Net Assets
Net Assets Value End of Year or Period(a)			Total Return(d)			Net Assets End of Year or Period (000s)			Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
	$	9.50		(3.68	)%		$	8,131,472		0.63	%		0.63	%		0.50	%		0.50	%		2.26	%		446	%
		10.30		(4.04	)			7,924,193		0.51			0.51			0.50			0.50			1.92			334
		10.90		6.79				8,358,457		0.52			0.52			0.50			0.50			1.87			520
		10.45		2.22				7,276,178		0.60			0.60			0.50			0.50			2.18			333
		10.90		4.25				7,004,484		0.55			0.55			0.50			0.50			2.15			202
		9.50		(3.78	)			3,512,183		0.73			0.73			0.60			0.60			2.15			446
		10.30		(4.14	)			3,208,025		0.61			0.61			0.60			0.60			1.82			334
		10.90		6.68				3,086,917		0.62			0.62			0.60			0.60			1.77			520
		10.45		2.12				2,323,448		0.70			0.70			0.60			0.60			2.08			333
		10.90		4.15				2,235,345		0.65			0.65			0.60			0.60			2.05			202
		9.50		(3.83	)			109,771		0.78			0.83			0.65			0.70			2.08			446
		10.30		(4.19	)			143,648		0.66			0.71			0.65			0.70			1.77			334
		10.90		6.63				193,552		0.67			0.72			0.65			0.70			1.72			520
		10.45		2.08				87,917		0.75			0.80			0.65			0.70			1.99			333
		10.90		4.27				44,144		0.70	*		0.75	*		0.65	*		0.70	*		2.05	*		202
		9.50		(3.92	)			79,193		0.88			0.88			0.75			0.75			1.99			446
		10.30		(4.28	)			98,955		0.76			0.76			0.75			0.75			1.67			334
		10.90		6.52				142,953		0.77			0.77			0.75			0.75			1.62			520
		10.45		1.97				118,743		0.85			0.85			0.75			0.75			1.93			333
		10.90		3.99				105,489		0.80			0.80			0.75			0.75			1.90			202
		9.50		(4.07	)			670,583		1.03			1.03			0.90			0.90			1.84			446
		10.30		(4.43	)			863,436		0.91			0.91			0.90			0.90			1.52			334
		10.90		6.36				1,067,670		0.92			0.92			0.90			0.90			1.47			520
		10.45		1.81				1,016,466		1.00			1.00			0.90			0.90			1.79			333
		10.90		3.84				1,307,657		0.95			0.95			0.90			0.90			1.75			202
		9.50		(4.79	)			28,700		1.78			1.78			1.65			1.65			1.08			446
		10.30		(5.14	)			43,591		1.66			1.66			1.65			1.65			0.76			334
		10.90		5.57				64,114		1.67			1.67			1.65			1.65			0.72			520
		10.45		1.06				69,590		1.75			1.75			1.65			1.65			1.04			333
		10.90		3.07				74,219		1.70			1.70			1.65			1.65			1.00			202

ANNUAL REPORT MARCH 31, 2023 17

Financial Highlights PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

				Investment Operations											Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)			Net Investment Income (Loss)(b)			Net Realized/ Unrealized Gain (Loss)				Total				From Net Investment Income				From Net Realized Capital Gains				Total
Class R
03/31/2023		$	10.30		$	0.16		$	(0.61	)		$	(0.45	)		$	(0.18	)		$	(0.17	)		$	(0.35	)
03/31/2022			10.90			0.14			(0.64	)			(0.50	)			(0.10	)			0.00				(0.10	)
03/31/2021			10.45			0.13			0.51				0.64				(0.19	)			0.00				(0.19	)
03/31/2020			10.90			0.17			0.01				0.18				(0.60	)			(0.03	)			(0.63	)
03/31/2019			10.78			0.16			0.22				0.38				(0.23	)			(0.03	)			(0.26	)

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

* Annualized, except for organizational expense, if any.

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

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

^(c)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(d)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund. Additionally, excludes initial sales charges and contingent deferred sales charges.

18 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

						Ratios/Supplemental Data
									Ratios to Average Net Assets
Net Assets Value End of Year or Period(a)			Total Return(d)			Net Assets End of Year or Period (000s)			Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
	$	9.50		(4.31	) %		$	54,401		1.28	%		1.28	%		1.15	%		1.15	%		1.59	%		446	%
		10.30		(4.66	)			67,742		1.16			1.16			1.15			1.15			1.27			334
		10.90		6.10				72,152		1.17			1.17			1.15			1.15			1.22			520
		10.45		1.56				66,882		1.25			1.25			1.15			1.15			1.54			333
		10.90		3.58				67,237		1.20			1.20			1.15			1.15			1.50			202

ANNUAL REPORT MARCH 31, 2023 19

Statement of Assets and Liabilities PIMCO International Bond Fund (U.S. Dollar-Hedged)

(Amounts in thousands†, except per share amounts)
Assets:
Investments, at value
Investments in securities*	$	13,460,861
Investments in Affiliates		1,364,689
Financial Derivative Instruments
Exchange-traded or centrally cleared		29,245
Over the counter		159,138
Cash		163
Deposits with counterparty		35,150
Foreign currency, at value		62,504
Receivable for investments sold		266,769
Receivable for investments sold on a delayed-delivery basis		2,595
Receivable for TBA investments sold		3,285,945
Receivable for Fund shares sold		35,711
Interest and/or dividends receivable		52,603
Dividends receivable from Affiliates		5,638
Reimbursement receivable from PIMCO		5
Other assets		5
Total Assets		18,761,021
Liabilities:
Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	8,387
Payable for short sales		1,102,908
Financial Derivative Instruments
Exchange-traded or centrally cleared		58,382
Over the counter		136,259
Payable for investments purchased		234,049
Payable for investments in Affiliates purchased		5,638
Payable for TBA investments purchased		4,482,587
Deposits from counterparty		112,075
Payable for Fund shares redeemed		18,402
Distributions payable		9,476
Accrued investment advisory fees		2,829
Accrued supervisory and administrative fees		3,268
Accrued distribution fees		50
Accrued servicing fees		170
Other liabilities		238
Total Liabilities		6,174,718
Net Assets	$	12,586,303
Net Assets Consist of:
Paid in capital	$	14,012,926
Distributable earnings (accumulated loss)		(1,426,623	)
Net Assets	$	12,586,303
Cost of investments in securities	$	14,521,079
Cost of investments in Affiliates	$	1,389,132
Cost of foreign currency held	$	62,828
Proceeds received on short sales	$	1,094,301
Cost or premiums of financial derivative instruments, net	$	101,269
* Includes repurchase agreements of:	$	81,998

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

20 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

March 31, 2023

Net Assets:
Institutional Class	$	8,131,472
I-2		3,512,183
I-3		109,771
Administrative Class		79,193
Class A		670,583
Class C		28,700
Class R		54,401
Shares Issued and Outstanding:
Institutional Class		856,151
I-2		369,794
I-3		11,558
Administrative Class		8,338
Class A		70,605
Class C		3,022
Class R		5,728
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	9.50
I-2		9.50
I-3		9.50
Administrative Class		9.50
Class A		9.50
Class C		9.50
Class R		9.50

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

ANNUAL REPORT MARCH 31, 2023 21

Statement of Operations PIMCO International Bond Fund (U.S. Dollar-Hedged)

Year Ended March 31, 2023
(Amounts in thousands†)
Investment Income:
Interest, net of foreign taxes*	$	289,816
Dividends, net of foreign taxes**		5,252
Dividends from Investments in Affiliates		42,987
Total Income		338,055
Expenses:
Investment advisory fees		29,227
Supervisory and administrative fees		33,723
Distribution and/or servicing fees - Administrative Class		216
Distribution and/or servicing fees - Class A		1,809
Distribution and/or servicing fees - Class C		345
Distribution and/or servicing fees - Class R		295
Trustee fees		67
Interest expense		15,689
Miscellaneous expense		22
Total Expenses		81,393
Waiver and/or Reimbursement by PIMCO		(62	)
Net Expenses		81,331
Net Investment Income (Loss)		256,724
Net Realized Gain (Loss):
Investments in securities		(407,507	)
Investments in Affiliates		320
Exchange-traded or centrally cleared financial derivative instruments		(216,167	)
Over the counter financial derivative instruments		633,474
Short sales		(351	)
Foreign currency		(4,687	)
Net Realized Gain (Loss)		5,082
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(543,301	)
Investments in Affiliates		(16,583	)
Exchange-traded or centrally cleared financial derivative instruments		(4,145	)
Over the counter financial derivative instruments		(133,013	)
Foreign currency assets and liabilities		(22,367	)
Net Change in Unrealized Appreciation (Depreciation)		(719,409	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(457,603	)
* Foreign tax withholdings - Interest	$	451
** Foreign tax withholdings - Dividends	$	58

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

22 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

Statements of Changes in Net Assets PIMCO International Bond Fund (U.S. Dollar-Hedged)

(Amounts in thousands†)	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	256,724		$	250,202
Net realized gain (loss)		5,082			245,486
Net change in unrealized appreciation (depreciation)		(719,409	)		(1,059,274	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(457,603	)		(563,586	)
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(335,948	)		(133,954	)
I-2		(122,707	)		(47,497	)
I-3		(4,871	)		(2,404	)
Administrative Class		(3,272	)		(1,778	)
Class A		(27,236	)		(11,175	)
Class C		(1,009	)		(208	)
Class R		(2,076	)		(632	)
Total Distributions(a)		(497,119	)		(197,648	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		1,191,435			125,009
Total Increase (Decrease) in Net Assets		236,713			(636,225	)
Net Assets:
Beginning of year		12,349,590			12,985,815
End of year	$	12,586,303		$	12,349,590

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

* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

^(a)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

ANNUAL REPORT MARCH 31, 2023 23

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

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 107.0%
ARGENTINA 0.0%
SOVEREIGN ISSUES 0.0%
Argentina Government International Bond
0.500% due 07/09/2030 þ	$		4,830	$		1,401
1.000% due 07/09/2029			126			35
3.500% due 07/09/2041 þ			920			258
Total Argentina (Cost $3,422)						1,694
AUSTRALIA 1.2%
NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0%
RESIMAC Bastille Trust
5.551% due 12/05/2059 •	$		28			28
5.631% due 09/05/2057 ~			1,988			1,987
RESIMAC Premier
5.759% due 02/07/2052 ~			1,592			1,589
						3,604
SOVEREIGN ISSUES 1.2%
Australia Government International Bond
0.500% due 09/21/2026	AUD		145,600			89,533
1.000% due 11/21/2031			23,500			13,047
1.250% due 05/21/2032			7,800			4,383
1.750% due 06/21/2051			8,800			3,800
2.500% due 05/21/2030			15,800			10,109
4.500% due 04/21/2033			40,700			29,984
						150,856
Total Australia (Cost $177,192)						154,460
BELGIUM 0.1%
CORPORATE BONDS & NOTES 0.1%
KBC Group NV
5.796% due 01/19/2029 •	$		8,000			8,056
Total Belgium (Cost $8,000)						8,056
CANADA 0.4%
CORPORATE BONDS & NOTES 0.1%
CGI, Inc.
1.450% due 09/14/2026	$		2,200			1,978
Fairfax Financial Holdings Ltd.
2.750% due 03/29/2028	EUR		9,200			8,883
						10,861

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2%
Real Estate Asset Liquidity Trust
2.381% due 02/12/2055 ~	CAD		8,227	$		5,652
2.867% due 02/12/2055 ~			16,700			10,951
3.650% due 08/12/2053			6,200			4,424
						21,027
SOVEREIGN ISSUES 0.1%
Canada Government International Bond
1.750% due 12/01/2053			15,000			8,290
Canada Government Real Return Bond
1.500% due 12/01/2044 (f)			11,983			9,037
						17,327
Total Canada (Cost $55,537)						49,215
CAYMAN ISLANDS 4.8%
ASSET-BACKED SECURITIES 4.6%
ACAS CLO Ltd.
5.685% due 10/18/2028 •	$		20,619			20,385
ACREC Ltd.
5.859% due 10/16/2036 •			14,500			13,851
Anchorage Capital CLO Ltd.
5.842% due 07/15/2030 •			21,145			20,919
5.955% due 07/22/2032 •			8,250			8,085
Apex Credit CLO Ltd.
5.953% due 09/20/2029 •			11,284			11,180
Arbor Realty Commercial Real Estate Notes Ltd.
6.008% due 01/15/2037 •			31,200			30,781
6.034% due 11/15/2036 •			30,600			29,967
Benefit Street Partners CLO Ltd.
5.742% due 10/15/2030 •			9,687			9,588
5.808% due 07/20/2029 ~			3,002			2,992
5.822% due 01/17/2032 •			5,700			5,615
5.872% due 07/15/2032 ~			6,500			6,397
Carlyle Global Market Strategies CLO Ltd.
5.819% due 08/14/2030 •			27,463			27,168
Crestline Denali CLO Ltd.
5.955% due 10/23/2031 •			9,835			9,660
Galaxy CLO Ltd.
5.762% due 10/15/2030 •			22,644			22,436
GoldenTree Loan Management U.S. CLO Ltd.
5.718% due 11/20/2030 •			13,000			12,869
GPMT Ltd.
6.011% due 07/16/2035 •			10,023			9,841
KKR CLO Ltd.
5.742% due 07/15/2030 •			10,300			10,185
LCM Ltd.
5.739% due 07/20/2030 •			18,291			18,020

24 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

March 31, 2023

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
LoanCore Issuer Ltd.
5.984% due 11/15/2038 •	$		29,800	$		29,257
6.108% due 01/17/2037 •			11,600			11,243
Madison Park Funding Ltd.
5.938% due 04/25/2032 •			7,200			7,098
Marble Point CLO Ltd.
5.832% due 10/15/2030 •			10,625			10,498
MF1 Multifamily Housing Mortgage Loan Trust
5.624% due 07/15/2036 •			7,907			7,741
MidOcean Credit CLO
5.965% due 02/20/2031 ~			11,500			11,300
MKS CLO Ltd.
5.808% due 07/20/2030 •			7,033			6,939
OSD CLO Ltd.
5.662% due 04/17/2031 •			10,834			10,653
OZLM Ltd.
5.968% due 07/20/2032 •			15,500			15,260
Romark CLO Ltd.
5.845% due 10/23/2030 •			17,900			17,712
Sound Point CLO Ltd.
5.715% due 01/23/2029 •			12,170			12,079
5.858% due 10/20/2028 •			7,825			7,804
6.018% due 07/20/2032 •			15,350			15,063
Starwood Mortgage Trust
5.908% due 11/15/2038 •			21,900			21,478
Symphony CLO Ltd.
5.672% due 04/15/2028 •			1,538			1,533
TCW CLO Ltd.
5.788% due 04/25/2031 •			25,400			25,023
THL Credit Wind River CLO Ltd.
5.872% due 04/15/2031 •			9,550			9,359
TICP CLO Ltd.
5.648% due 04/20/2028 ~			3,621			3,621
Venture CLO Ltd.
5.672% due 04/15/2027 •			2,600			2,589
5.708% due 10/20/2028 •			8,850			8,737
5.798% due 07/20/2030 •			20,066			19,795
5.983% due 08/28/2029 •			16,282			16,073
Vibrant CLO Ltd.
5.848% due 09/15/2030 •			9,541			9,396
5.928% due 07/20/2032 •			8,800			8,572
Voya CLO Ltd.
5.792% due 10/15/2030 •			10,006			9,885
Wellfleet CLO Ltd.
5.698% due 07/20/2029 •			5,910			5,839
						574,486
CORPORATE BONDS & NOTES 0.2%
KSA Sukuk Ltd.
5.268% due 10/25/2028			9,700			10,120

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MGM China Holdings Ltd.
4.750% due 02/01/2027	$		3,400	$		3,049
Sands China Ltd.
5.625% due 08/08/2025			4,100			4,000
5.900% due 08/08/2028			9,200			8,741
Tencent Holdings Ltd.
3.595% due 01/19/2028			1,300			1,228
						27,138
Total Cayman Islands (Cost $610,789)						601,624
CHINA 4.8%
SOVEREIGN ISSUES 4.8%
China Government International Bond
2.370% due 01/20/2027	CNY		13,600			1,963
2.440% due 10/15/2027			3,105,330			447,906
2.680% due 05/21/2030			224,100			32,258
3.010% due 05/13/2028			79,300			11,722
3.280% due 12/03/2027			500			75
3.530% due 10/18/2051			707,500			108,222
Total China (Cost $616,973)						602,146
DENMARK 3.6%
CORPORATE BONDS & NOTES 3.6%
Jyske Realkredit AS
1.000% due 10/01/2023	DKK		180,000			25,940
1.000% due 04/01/2024			102,600			14,619
1.000% due 10/01/2050			931,779			97,332
1.500% due 10/01/2053			83,007			9,032
Nordea Kredit Realkreditaktieselskab
1.000% due 10/01/2050			540,044			55,132
1.500% due 10/01/2053			46,497			5,261
Nykredit Realkredit AS
1.000% due 10/01/2050			763,072			81,114
1.000% due 10/01/2053			29,186			3,112
1.500% due 10/01/2053			256,617			28,378
Realkredit Danmark AS
1.000% due 04/01/2024			713,700			101,841
1.000% due 10/01/2050			256,449			27,655
1.000% due 10/01/2053			12,394			1,323
1.500% due 10/01/2053			65,801			7,245
Total Denmark (Cost $584,645)						457,984
FRANCE 2.1%
CORPORATE BONDS & NOTES 0.4%
Societe Generale SA
1.488% due 12/14/2026 •	$		49,200			42,946
2.797% due 01/19/2028 •			7,400			6,541

See Accompanying Notes ANNUAL REPORT MARCH 31, 2023 25

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.337% due 01/21/2033 •	$		7,800	$		6,283
						55,770
SOVEREIGN ISSUES 1.7%
France Government International Bond
0.500% due 05/25/2072 (k)	EUR		19,400			8,334
0.750% due 05/25/2052			110,850			65,796
2.000% due 05/25/2048			117,900			101,746
3.250% due 05/25/2045			38,900			42,557
						218,433
Total France (Cost $391,594)						274,203
GERMANY 1.7%
CORPORATE BONDS & NOTES 1.7%
Deutsche Bank AG
0.898% due 05/28/2024 (i)	$		8,700			8,171
1.000% due 11/19/2025 •	EUR		200			201
1.625% due 01/20/2027			42,200			39,512
1.750% due 11/19/2030 •			4,400			3,760
2.129% due 11/24/2026 •(i)	$		10,600			9,144
2.222% due 09/18/2024 •			32,000			31,123
2.552% due 01/07/2028 •			22,600			19,205
2.625% due 12/16/2024	GBP		5,100			5,816
2.625% due 02/12/2026	EUR		18,800			18,913
3.035% due 05/28/2032 •(i)	$		9,900			7,636
3.547% due 09/18/2031 •			9,700			7,962
3.729% due 01/14/2032 •(i)			4,200			3,136
3.961% due 11/26/2025 •			29,550			27,977
IHO Verwaltungs GmbH (3.625% Cash or 4.375% PIK)
3.625% due 05/15/2025 (c)	EUR		9,400			10,161
IHO Verwaltungs GmbH (3.875% Cash or 4.625% PIK)
3.875% due 05/15/2027 (c)			1,400			1,338
IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)
6.000% due 05/15/2027 (c)	$		2,900			2,660
Landwirtschaftliche Rentenbank
5.375% due 04/23/2024	NZD		15,000			9,367
Schaeffler AG
3.375% due 10/12/2028	EUR		5,000			4,981
Total Germany (Cost $247,740)						211,063
HUNGARY 0.1%
SOVEREIGN ISSUES 0.1%
Hungary Government International Bond
6.250% due 09/22/2032	$		17,400			17,780
7.625% due 03/29/2041			600			677
Total Hungary (Cost $17,977)						18,457

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
IRELAND 1.5%
ASSET-BACKED SECURITIES 1.3%
Accunia European CLO DAC
3.238% due 07/15/2030 •	EUR		4,848	$		5,174
Armada Euro CLO DAC
3.008% due 07/15/2031 •			15,000			15,868
Aurium CLO DAC
2.958% due 04/16/2030 •			7,439			7,873
Blackrock European CLO DAC
2.908% due 10/15/2031 ~			7,000			7,376
BNPP AM Euro CLO DAC
2.938% due 10/15/2031 •			1,873			1,982
Cairn CLO DAC
3.068% due 04/30/2031 •			11,835			12,538
3.162% due 01/31/2030 •			3,452			3,662
Carlyle Euro CLO DAC
2.988% due 01/15/2031 •			18,982			20,117
CVC Cordatus Loan Fund DAC
2.938% due 10/15/2031 •			15,650			16,554
3.043% due 07/21/2030 •			7,202			7,648
3.587% due 09/15/2031 •			6,400			6,756
Harvest CLO DAC
2.928% due 10/15/2031 •			10,000			10,507
Jubilee CLO DAC
2.898% due 04/15/2030 ~			11,000			11,655
2.938% due 04/15/2031 •			8,700			9,160
Man GLG Euro CLO DAC
2.968% due 10/15/2030 •			4,314			4,592
3.158% due 01/15/2030 •			4,358			4,653
3.647% due 12/15/2031 •			15,841			16,767
						162,882
CORPORATE BONDS & NOTES 0.2%
AerCap Ireland Capital DAC
1.150% due 10/29/2023	$		6,900			6,692
1.650% due 10/29/2024			5,500			5,149
1.750% due 10/29/2024			5,000			4,662
2.450% due 10/29/2026			3,600			3,235
						19,738
NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0%
European Loan Conduit DAC
3.682% due 02/17/2030 ~	EUR		2,622			2,781
Shamrock Residential DAC
3.752% due 01/24/2061 •			2,190			2,340
						5,121
Total Ireland (Cost $209,296)						187,741

26 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

March 31, 2023

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ISRAEL 0.3%
SOVEREIGN ISSUES 0.3%
Israel Government International Bond
2.000% due 03/31/2027	ILS		111,200	$		28,896
4.500% due 01/17/2033	$		11,200			11,200
Total Israel (Cost $45,414)						40,096
ITALY 0.5%
CORPORATE BONDS & NOTES 0.4%
Banca Monte dei Paschi di Siena SpA
0.875% due 10/08/2027	EUR		14,835			14,418
2.625% due 04/28/2025			8,000			7,931
3.625% due 09/24/2024			1,500			1,549
UniCredit SpA
7.830% due 12/04/2023	$		22,190			22,396
						46,294
SOVEREIGN ISSUES 0.1%
Italy Government International Bond
6.000% due 08/04/2028	GBP		5,900			7,504
Total Italy (Cost $60,710)						53,798
JAPAN 7.4%
CORPORATE BONDS & NOTES 0.7%
Mizuho Financial Group, Inc.
3.922% due 09/11/2024 •	$		9,600			9,522
5.588% (US0003M + 0.630%) due 05/25/2024 ~			18,500			18,415
6.154% (US0003M + 1.000%) due 09/11/2024 ~			11,800			11,766
Nissan Motor Co. Ltd.
3.522% due 09/17/2025			7,700			7,300
4.345% due 09/17/2027			13,200			12,460
4.810% due 09/17/2030			12,600			11,418
Nomura Holdings, Inc.
2.329% due 01/22/2027			10,300			9,111
Olympus Corp.
2.143% due 12/08/2026			8,700			7,859
Sumitomo Mitsui Banking Corp.
0.550% due 11/06/2023	EUR		4,300			4,581
						92,432
SOVEREIGN ISSUES 6.7%
Japan Finance Organization for Municipalities
0.625% due 09/02/2025	$		43,400			39,535

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Japan Government International Bond
0.005% due 03/01/2024	JPY		10,500,000	$		79,171
0.005% due 04/01/2024			5,270,000			39,738
0.005% due 05/01/2024			3,720,000			28,053
0.005% due 10/01/2024			11,480,000			86,604
0.100% due 03/10/2028 (f)			14,618,986			113,902
0.200% due 06/20/2036			2,810,000			19,908
0.500% due 09/20/2046			10,110,000			66,142
0.500% due 03/20/2049			11,846,000			74,855
0.700% due 12/20/2048			11,590,000			77,346
0.700% due 06/20/2051			9,715,000			63,322
0.700% due 12/20/2051			590,000			3,838
1.000% due 03/20/2052			2,860,000			20,138
1.100% due 09/20/2042			9,710,000			74,202
1.300% due 06/20/2052			1,760,000			13,340
Tokyo Metropolitan Government
0.750% due 07/16/2025	$		45,200			41,414
						841,508
Total Japan (Cost $1,070,709)						933,940
LUXEMBOURG 0.0%
CORPORATE BONDS & NOTES 0.0%
Aroundtown SA
1.625% due 01/31/2028	EUR		2,200			1,575
Logicor Financing SARL
1.625% due 07/15/2027			1,300			1,116
Total Luxembourg (Cost $4,035)						2,691
MALAYSIA 0.3%
CORPORATE BONDS & NOTES 0.1%
Petronas Capital Ltd.
3.404% due 04/28/2061	$		4,500			3,273
4.550% due 04/21/2050			3,300			3,059
4.800% due 04/21/2060			4,200			4,010
						10,342
SOVEREIGN ISSUES 0.2%
Malaysia Government International Bond
3.757% due 04/20/2023	MYR		50,500			11,454
Malaysia Government Investment Issue
3.151% due 05/15/2023			52,500			11,911
						23,365
Total Malaysia (Cost $33,790)						33,707
MEXICO 0.0%
SOVEREIGN ISSUES 0.0%
Mexico Government International Bond
5.000% due 04/27/2051	$		6,100			5,249
Total Mexico (Cost $5,666)						5,249

See Accompanying Notes ANNUAL REPORT MARCH 31, 2023 27

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NEW ZEALAND 0.1%
SOVEREIGN ISSUES 0.1%
New Zealand Government International Bond
1.500% due 05/15/2031	NZD		14,200	$		7,235
Total New Zealand (Cost $9,999)						7,235
NORWAY 0.1%
SOVEREIGN ISSUES 0.1%
Kommunalbanken AS
1.900% due 01/19/2027	AUD		20,700			12,875
Total Norway (Cost $15,060)						12,875
PERU 0.6%
SOVEREIGN ISSUES 0.6%
Peru Government International Bond
2.780% due 12/01/2060	$		4,700			2,814
3.230% due 07/28/2121			3,300			1,975
5.400% due 08/12/2034	PEN		18,300			4,095
6.350% due 08/12/2028			210,950			54,734
8.200% due 08/12/2026			45,200			12,585
Total Peru (Cost $95,628)						76,203
POLAND 0.4%
SOVEREIGN ISSUES 0.4%
Poland Government International Bond
3.875% due 02/14/2033	EUR		21,800			23,228
4.250% due 02/14/2043			6,230			6,568
4.875% due 10/04/2033 (b)	$		7,800			7,775
5.500% due 04/04/2053 (b)			6,700			6,799
Total Poland (Cost $44,383)						44,370
QATAR 0.2%
CORPORATE BONDS & NOTES 0.1%
QatarEnergy Trading LLC
2.250% due 07/12/2031	$		10,200			8,680
3.125% due 07/12/2041			1,600			1,253
3.300% due 07/12/2051			4,600			3,439
						13,372
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1%
Qatar National Bank QPSC
5.435% (LIBOR03M + 0.800%) due 11/06/2023 «~			11,800			11,785
Total Qatar (Cost $28,053)						25,157

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ROMANIA 0.7%
SOVEREIGN ISSUES 0.7%
Romania Government International Bond
1.375% due 12/02/2029	EUR		9,090	$		7,426
1.750% due 07/13/2030			12,500			9,992
2.000% due 01/28/2032			1,400			1,075
2.000% due 04/14/2033			1,700			1,262
2.124% due 07/16/2031			800			631
2.125% due 03/07/2028			14,800			13,714
2.625% due 12/02/2040			7,700			4,856
2.750% due 04/14/2041			4,445			2,852
2.875% due 04/13/2042			17,900			11,435
3.750% due 02/07/2034			12,500			10,613
5.000% due 09/27/2026			7,300			7,914
6.625% due 09/27/2029			13,100			14,534
Total Romania (Cost $118,209)						86,304
SAUDI ARABIA 0.6%
CORPORATE BONDS & NOTES 0.0%
Saudi Arabian Oil Co.
2.250% due 11/24/2030	$		1,200			1,015
SOVEREIGN ISSUES 0.6%
Saudi Government International Bond
3.250% due 10/22/2030			4,300			3,969
4.750% due 01/18/2028			32,100			32,518
4.875% due 07/18/2033			34,700			35,084
5.000% due 01/18/2053			1,000			932
						72,503
Total Saudi Arabia (Cost $72,253)						73,518
SERBIA 0.1%
SOVEREIGN ISSUES 0.1%
Serbia Government International Bond
1.000% due 09/23/2028	EUR		8,300			6,963
2.050% due 09/23/2036			6,900			4,539
Total Serbia (Cost $17,512)						11,502
SOUTH KOREA 1.6%
SOVEREIGN ISSUES 1.6%
Korea Government International Bond
2.125% due 06/10/2027	KRW		25,325,000			18,527
2.375% due 12/10/2027			25,830,000			19,036
2.375% due 12/10/2028			115,240,000			83,938
2.625% due 06/10/2028			80,130,000			59,380
5.500% due 03/10/2028			25,830,000			21,756
Total South Korea (Cost $248,452)						202,637

28 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

March 31, 2023

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SPAIN 0.9%
CORPORATE BONDS & NOTES 0.1%
Banco Bilbao Vizcaya Argentaria SA
5.875% due 09/24/2023 •(g)(h)	EUR		2,000	$		2,078
Banco Santander SA
1.849% due 03/25/2026	$		4,400			3,951
CaixaBank SA
6.208% due 01/18/2029 •			9,700			9,768
						15,797
SOVEREIGN ISSUES 0.8%
Autonomous Community of Catalonia
4.220% due 04/26/2035	EUR		3,500			3,793
Spain Government International Bond
0.850% due 07/30/2037			2,700			2,042
1.450% due 10/31/2071			26,890			14,223
1.900% due 10/31/2052			6,450			4,644
3.450% due 07/30/2066			58,320			58,212
3.900% due 07/30/2039			14,300			15,927
5.250% due 04/06/2029	GBP		900			1,145
						99,986
Total Spain (Cost $178,651)						115,783
SUPRANATIONAL 0.3%
CORPORATE BONDS & NOTES 0.3%
European Bank for Reconstruction & Development
0.500% due 09/01/2023	AUD		1,700			1,120
0.500% due 12/21/2023			500			325
European Investment Bank
0.500% due 06/21/2023			13,600			9,024
0.500% due 08/10/2023			20,700			13,671
Inter-American Development Bank
2.500% due 04/14/2027			15,000			9,546
Total Supranational (Cost $42,172)						33,686
SWITZERLAND 0.9%
CORPORATE BONDS & NOTES 0.9%
Credit Suisse AG
6.500% due 08/08/2023 (h)	$		29,614			28,467
Credit Suisse AG AT1 Claim ^			16,825			967
Credit Suisse Group AG
3.288% (EUR003M + 1.000%) due 01/16/2026 ~	EUR		6,400			6,472
3.800% due 06/09/2023	$		11,200			10,990
3.869% due 01/12/2029 •			7,680			6,857
4.194% due 04/01/2031 •			17,800			15,847
4.282% due 01/09/2028			900			813

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.373% due 07/15/2026 •	$		13,100	$		12,692
6.537% due 08/12/2033 •			23,600			24,308
UBS AG
5.125% due 05/15/2024 (h)			6,833			6,657
Total Switzerland (Cost $116,297)						114,070
UNITED ARAB EMIRATES 0.1%
CORPORATE BONDS & NOTES 0.1%
MDGH GMTN RSC Ltd.
5.500% due 04/28/2033	$		6,600			7,024
Total United Arab Emirates (Cost $6,509)						7,024
UNITED KINGDOM 6.0%
CORPORATE BONDS & NOTES 1.8%
Annington Funding PLC
1.650% due 07/12/2024	EUR		16,122			16,721
Barclays PLC
4.338% due 05/16/2024 •	$		800			798
4.375% due 01/12/2026			550			531
6.252% (US0003M + 1.380%) due 05/16/2024 ~			5,200			5,182
Haleon U.K. Capital PLC
3.125% due 03/24/2025			7,100			6,866
HSBC Holdings PLC
2.251% due 11/22/2027 •			16,000			14,208
3.973% due 05/22/2030 •			5,000			4,516
4.041% due 03/13/2028 •			4,100			3,850
4.292% due 09/12/2026 •			11,000			10,542
4.583% due 06/19/2029 •			7,400			7,029
6.534% (US0003M + 1.380%) due 09/12/2026 ~			9,500			9,423
Lloyds Bank Corporate Markets PLC
1.750% due 07/11/2024	GBP		3,800			4,476
Nationwide Building Society
2.972% due 02/16/2028 •	$		13,800			12,446
NatWest Group PLC
4.500% due 03/31/2028 •(g)(h)	GBP		3,300			3,020
4.892% due 05/18/2029 •	$		300			288
5.076% due 01/27/2030 •			5,732			5,579
5.516% due 09/30/2028 •			10,500			10,414
6.016% due 03/02/2034 •			6,800			7,053
Rolls-Royce PLC
3.625% due 10/14/2025			1,500			1,429
Santander U.K. Group Holdings PLC
4.796% due 11/15/2024 •			900			888
Santander U.K. PLC
4.619% (SONIO/N + 0.550%) due 02/12/2027 ~	GBP		36,600			45,201

See Accompanying Notes ANNUAL REPORT MARCH 31, 2023 29

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Standard Chartered PLC
0.991% due 01/12/2025 •	$		14,000	$		13,468
1.822% due 11/23/2025 •			11,900			11,080
2.608% due 01/12/2028 •			11,100			9,843
3.785% due 05/21/2025 •			23,100			22,648
Tesco Property Finance PLC
5.411% due 07/13/2044	GBP		1,512			1,783
						229,282
NON-AGENCY MORTGAGE-BACKED SECURITIES 3.0%
Avon Finance PLC
5.071% due 09/20/2048 •			15,164			18,678
Business Mortgage Finance PLC
5.195% due 02/15/2041 ~			477			587
EuroMASTR PLC
4.445% due 06/15/2040 •			92			105
Eurosail PLC
3.108% due 03/13/2045 •	EUR		19			21
3.197% due 12/15/2044 •			6,480			6,863
4.431% due 03/13/2045 •	GBP		3			4
4.971% due 09/13/2045 •			874			1,061
5.221% due 06/13/2045 ~			335			408
Finsbury Square PLC
5.460% due 06/16/2070 •			3,971			4,902
Great Hall Mortgages PLC
2.776% due 03/18/2039 •	EUR		326			350
2.796% due 06/18/2038 •			4			4
4.430% due 06/18/2039 ~	GBP		9			11
4.440% due 06/18/2038 •			137			167
5.093% due 06/18/2039 •	$		333			329
Landmark Mortgage Securities PLC
4.503% due 06/17/2038 •	GBP		1			2
Ludgate Funding PLC
2.292% due 01/01/2061 •	EUR		118			122
Mansard Mortgages PLC
4.926% due 12/15/2049 ~	GBP		3,572			4,289
Newgate Funding PLC
2.372% due 12/01/2050 ~	EUR		2,588			2,516
3.557% due 12/15/2050 •			4,774			4,956
4.207% due 12/15/2050 •			991			986
4.283% due 12/01/2050 •	GBP		43			50
4.445% due 12/15/2050 •			2,220			2,492
4.457% due 12/15/2050 •	EUR		1,626			1,554
5.245% due 12/15/2050 •	GBP		2,181			2,544
5.495% due 12/15/2050 ~			1,229			1,393
Resloc UK PLC
4.436% due 12/15/2043 •			406			480
4.496% due 12/15/2043 •			700			806
Ripon Mortgages PLC
4.815% due 08/28/2056 •			86,517			105,684

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
RMAC Securities PLC
3.188% due 06/12/2044 •	EUR		78	$		80
4.420% due 06/12/2044 •	GBP		1,305			1,500
4.440% due 06/12/2044 •			3,557			4,163
5.304% due 06/12/2044 •	$		182			174
Silverstone Master Issuer PLC
4.661% due 01/21/2070 •	GBP		7,644			9,442
Stratton Mortgage Funding PLC
4.793% due 07/20/2060 •			35,428			43,602
Towd Point Mortgage Funding
4.993% due 05/20/2045 •			12,703			15,592
5.012% due 02/20/2045 •			4,717			5,796
5.037% due 10/20/2051 •			12,267			15,144
5.243% due 07/20/2045 ~			31,473			38,475
5.893% due 02/20/2054 •			3,003			3,699
Trinity Square PLC
4.713% due 07/15/2059 •			15,679			19,271
Warwick Finance Residential Mortgages PLC
0.000% due 12/21/2049 (e)			1			5,095
5.124% due 12/21/2049 •			30,475			37,202
5.824% due 12/21/2049 •			6,230			7,564
6.324% due 12/21/2049 •			3,115			3,762
6.824% due 12/21/2049 •			1,780			2,143
7.324% due 12/21/2049 •			1,780			2,108
						376,176
SOVEREIGN ISSUES 1.2%
United Kingdom Gilt
0.625% due 10/22/2050			38,900			21,997
1.250% due 07/31/2051			47,100			32,328
1.500% due 07/31/2053			29,830			21,501
1.750% due 01/22/2049			28,000			22,694
4.250% due 12/07/2040			40,600			52,741
						151,261
Total United Kingdom (Cost $894,863)						756,719
UNITED STATES 38.8%
ASSET-BACKED SECURITIES 4.1%
ACE Securities Corp. Home Equity Loan Trust
4.915% due 11/25/2036 •	$		4,026			1,681
5.430% due 02/25/2036 ~			15,521			12,937
AMRESCO Residential Securities Corp. Mortgage Loan Trust
5.785% due 06/25/2029 •			185			175
AREIT Trust
6.985% due 06/17/2039 •			9,700			9,691
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
3.878% due 02/25/2034 •			206			194

30 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

March 31, 2023

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Asset-Backed Funding Certificates Trust
4.975% due 01/25/2037 •	$		4,054	$		2,817
Asset-Backed Securities Corp. Home Equity Loan Trust
5.940% due 02/25/2035 •			4,055			4,025
6.034% due 04/15/2033 •			448			435
BDS Ltd.
6.556% due 03/19/2039 •			21,300			20,873
Bear Stearns Asset-Backed Securities Trust
5.065% due 03/25/2037 ~			1,257			1,264
5.505% due 10/25/2032 •			4			4
5.645% due 10/27/2032 •			19			19
Citigroup Mortgage Loan Trust
4.258% due 10/25/2037 þ			1,002			931
4.905% due 07/25/2045 •			206			145
4.995% due 12/25/2036 •			6,483			2,719
5.005% due 12/25/2036 •			2,392			1,338
5.025% due 01/25/2037 ~			4,611			3,365
5.105% due 03/25/2037 •			1,728			1,461
5.235% due 06/25/2037 •			2,189			2,154
5.295% due 08/25/2036 •			16,899			16,121
5.365% due 03/25/2036 •			4,648			4,130
Countrywide Asset-Backed Certificates
5.525% due 12/25/2036 ^•			231			173
Countrywide Asset-Backed Certificates Trust
4.394% due 12/25/2034 •			9,619			8,780
4.464% due 08/25/2035 ^~			370			336
4.985% due 05/25/2035 •			1,911			1,843
4.985% due 06/25/2035 •			6,122			5,518
4.985% due 08/25/2037 ^•			3,681			3,173
5.045% due 06/25/2047 ^•			5,341			4,552
5.075% due 04/25/2047 •			12,300			11,056
5.105% due 12/25/2036 ^•			991			893
5.165% due 05/25/2036 •			222			285
5.325% due 03/25/2036 •			973			857
5.820% due 01/25/2036 •			16,483			15,876
5.850% due 10/25/2035 •			5,964			5,858
Credit Suisse First Boston Mortgage Securities Corp.
5.465% due 01/25/2032 •			16			15
Credit-Based Asset Servicing & Securitization Trust
4.965% due 11/25/2036 •			3			1
First Franklin Mortgage Loan Trust
5.745% due 03/25/2034 ~