N-CSRS

0001193125-22-067359.txt : 20220307 0001193125-22-067359.hdr.sgml : 20220307 20220307111212 ACCESSION NUMBER: 0001193125-22-067359 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20211231 FILED AS OF DATE: 20220307 DATE AS OF CHANGE: 20220307 EFFECTIVENESS DATE: 20220307 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIMCO STRATEGIC INCOME FUND, INC CENTRAL INDEX KEY: 0000916183 IRS NUMBER: 943194834 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08216 FILM NUMBER: 22716832 BUSINESS ADDRESS: STREET 1: 1633 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212 739 4000 MAIL ADDRESS: STREET 1: 1633 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10019 FORMER COMPANY: FORMER CONFORMED NAME: PIMCO STRATEGIC GLOBAL GOVERNMENT FUND INC DATE OF NAME CHANGE: 20041005 FORMER COMPANY: FORMER CONFORMED NAME: RCM STRATEGIC GLOBAL GOVERNMENT FUND INC DATE OF NAME CHANGE: 19931214 N-CSRS 1 d260874dncsrs.htm N-CSRS N-CSRS

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: 811-08216

PIMCO Strategic Income Fund, Inc.

(Exact name of registrant as specified in charter)

1633 Broadway, New York, NY 10019

(Address of principal executive offices)

Bijal Y. Parikh

Treasurer (Principal Financial & Accounting Officer)

650 Newport Center Drive

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

David C. Sullivan

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Registrant’s telephone number, including area code: (844) 337-4626

Date of fiscal year end: June 30

Date of reporting period: December 31, 2021

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.

Item 1.

Reports to Shareholders.

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 “1940 Act”) (17 CFR 270.30e-1).

LOGO

PIMCO CLOSED-END FUNDS

Semiannual Report

December 31, 2021

PCM Fund, Inc. | PCM | NYSE

PIMCO Global StocksPLUS^® & Income Fund | PGP | NYSE

PIMCO Strategic Income Fund, Inc. | RCS | NYSE

PIMCO Dynamic Income Fund | PDI | NYSE

PIMCO Dynamic Income Opportunities Fund | PDO | NYSE

Table of Contents



			Page


Letter from the Chair of the Board & President				2

Important Information About the Funds				4

Financial Highlights				18

Statements of Assets and Liabilities				20

Consolidated Statements of Assets and Liabilities				21

Statements of Operations				22

Consolidated Statements of Operations				23

Statements of Changes in Net Assets				24

Consolidated Statements of Changes in Net Assets				26

Statements of Cash Flows				27

Consolidated Statements of Cash Flows				28

Notes to Financial Statements				105

Glossary				135

Distribution Information				136

Shareholder Meeting Results				138

Changes to Board of Trustees				139


Fund	Fund Summary		Schedule of Investments


PCM Fund, Inc.		12		29

PIMCO Global StocksPLUS^® & Income Fund		13		39

PIMCO Strategic Income Fund, Inc.		14		52

PIMCO Dynamic Income Fund⁽¹⁾		15		65

PIMCO Dynamic Income Opportunities Fund⁽¹⁾		16		92

⁽¹⁾

Consolidated Schedule of Investments


Letter from the Chair of the Board & President

Dear Shareholder,

We hope that you and your family are remaining safe and healthy during these challenging times. We continue to work tirelessly to navigate markets and manage the assets that you have entrusted to us. Following this letter is the PIMCO Closed-End Funds Semiannual Report, which covers the six-month reporting period ended December 31, 2021. On the subsequent pages, you will find specific details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2021

The global economy continued to be affected by the COVID-19 pandemic (“COVID-19”) and its variants. Looking back, second quarter 2021 U.S. annualized gross domestic product (“GDP”) was 6.7%. Growth then moderated to 2.3% during the third quarter of the year. Finally, the Commerce Department’s initial estimate for fourth quarter annualized GDP growth — released after the reporting period ended — was 6.9%.

In the U.S., while the Federal Reserve Board (the “Fed”) maintained the federal funds rate at an all-time low of a range between 0.00% and 0.25%, it took a step toward tightening its monetary policy. At its meeting in early November 2021, the Fed began reducing the monthly pace of its net asset purchases of Treasury securities and agency mortgage-backed securities. At its meeting in mid-December, the Fed further reduced the monthly pace of its purchases. At the current pace, the U.S. central bank will conclude its asset purchases in mid-March 2022, and could raise interest rates during its March 2022 meeting.

Economies outside the U.S. also continued to be impacted by COVID-19. In its October 2021 World Economic Outlook, the International Monetary Fund (“IMF”) said it expects U.S. GDP growth to be 6.0% in 2021, compared to a 3.4% contraction in 2020. Elsewhere, the IMF expects 2021 GDP growth in the eurozone, U.K. and Japan will be 5.0%, 6.8% and 2.4%, respectively. For comparison purposes, the GDP of these economies contracted by -6.3%, -9.8% and -4.6%, respectively, in 2020.

The Bank of England (the “BoE”) also tightened its monetary policy, while several other developed country central banks maintained their accommodative stances. In December 2021, the BoE surprised the market and raised rates for the first time since COVID-19 began. The BoE cited underlying inflation pressures and expects inflation to remain high in the coming months. In contrast, the European Central Bank (the “ECB”) diverged from the Fed and the BoE, as President Christine Lagarde said, “It is very unlikely that we will raise interest rates in the year 2022.” The eurozone economy is still below its pre-pandemic level and the Omicron variant is threatening growth in the region. Elsewhere, the Bank of Japan (the “BoJ”) pared back its emergency pandemic funding in late 2021, but maintained its loose monetary policy. The BoJ appears likely to remain accommodative in the near future given the headwinds facing its economy.

Both short- and long-term U.S. Treasury yields moved higher during the reporting period. The yield on the benchmark 10-year U.S. Treasury note was 1.52% at the end of the reporting period, versus 1.45% on June 30, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment-grade countries, including both developed and emerging markets, returned 0.16%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment-grade credit bonds, returned 0.10%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, produced mixed returns. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 1.36%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -0.52%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -5.56%.

Amid periods of volatility, global equities posted mixed results. All told, U.S. equities, as represented by the S&P 500 Index, returned 11.67%, fueled by strong investor demand and growth in the economy. Global equities, as


2		PIMCO CLOSED-END FUNDS

represented by the MSCI World Index, gained 7.76%, whereas emerging market equities, as measured by the MSCI Emerging Markets Index, returned -0.52%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 0.82% and European equities, as represented by the MSCI Europe Index (in EUR), gained 8.48%.

Commodity prices were volatile and generated positive results. When the reporting period began, Brent crude oil was approximately $75 a barrel. Brent crude oil ended the reporting period at roughly $78 a barrel. We believe that a driver of the uptick in oil price was stronger demand as global growth improved. Elsewhere, copper and gold prices also moved higher.

Finally, there were also periods of volatility in the foreign exchange markets, in our view due to economic growth expectations, changing central bank monetary policies, rising inflation, COVID-19 variants, and several geopolitical events. The U.S. dollar strengthened against several major currencies. For example, the U.S. dollar returned 4.12%, 2.16% and 3.45% versus the euro, the British pound and the Japanese yen, respectively.

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 Closed-End Funds investments, please contact your financial adviser, or call the Funds’ shareholder servicing agent at (844) 33-PIMCO. We also invite you to visit our website at pimco.com to learn more about our global viewpoints.

Sincerely,





Deborah A. DeCotis		Eric D. Johnson
Chair of the Board of Trustees		President

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.

SEMIANNUAL REPORT

DECEMBER 31, 2021


Important Information About the Funds

The Board approved the reorganization (the “Reorganization”) of PIMCO Income Opportunity Fund and PIMCO Dynamic Credit and Mortgage Income Fund (each an “Acquired Fund”) with and into PIMCO Dynamic Income Fund (the “Acquiring Fund”).

At a Joint Special Meeting of Shareholders of the Acquiring Fund and Acquired Funds, held on August 6, 2021, shareholders of the Acquiring Fund and PIMCO Income Opportunity Fund approved the proposals necessary for the Acquired Funds to reorganize with and into the Acquiring Fund. No action was needed from shareholders of PIMCO Dynamic Credit and Mortgage Income Fund. Pursuant to the Reorganization, shareholders of the Acquired Funds became shareholders of the Acquiring Fund. The Reorganization was completed upon the close of business on December 10, 2021. The transaction was structured to qualify as a tax-free reorganization under Section 368(a) of the Internal Revenue Code (the “Code”). In the Reorganization, the Acquiring Fund acquired all of the assets and assumed all of the liabilities of each of the Acquired Funds in exchange for newly-issued common shares of the Acquiring Fund (“Merger Shares”). Shareholders of the Acquired Funds received Merger Shares (and cash in lieu of fractional Merger Shares, if any), equal to the aggregate net asset value of their holdings of each Acquired Fund, as applicable. The exchange was based on the net asset value per common share (“NAV”) of the Acquiring Fund and each of the Acquired Funds as of the close of business on December 10, 2021.

Effective as of December 13, 2021, the annual management fee rate paid by the Acquiring Fund to PIMCO was reduced from 1.15% to 1.10% of the Acquiring Fund’s average daily total managed assets (the “Fee Reduction”). The Fee Reduction went into effect upon the consummation of the Reorganization. Please see Note 16 — Reorganization in the Notes to Financial Statements for additional information about the Reorganization.

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 a 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. A 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, are at or near historically low levels. Thus, the Funds currently face 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 a Fund’s performance or cause a Fund to incur losses.

A Fund may enter into opposite sides of multiple interest rate swaps or other derivatives with respect to the same underlying reference instrument (e.g., a 10-year U.S. treasury) that have different effective dates with respect to interest accrual time periods also for the principal purpose of generating distributable gains (characterized as ordinary income for tax purposes) that are not part of a Fund’s duration or yield curve management strategies. In such a “paired swap transaction”, a Fund would generally enter into one or more interest rate swap agreements whereby a Fund agrees to make regular payments starting at the time a Fund enters into the agreements equal to a floating interest rate in return for payments equal to a fixed interest rate (the “initial leg”). A Fund would also enter into one or more interest rate swap agreements on the same underlying instrument, but take the opposite position (i.e., in this example, a Fund would make regular payments equal to a fixed interest rate in return for receiving payments equal to a floating interest rate) with respect to a contract whereby the payment obligations do not commence until a date following the commencement of the initial leg (the “forward leg”).

A Fund may engage in investment strategies, including those that employ the use of paired swaps transactions, the use of interest rate swaps to seek to capitalize on differences between short-term and long-term interest rates and other derivatives transactions, to, among other things, seek to generate current, distributable income, even if such strategies could potentially result in declines in the Fund’s net asset value (“NAV”). A Fund’s income and gain-generating strategies, including certain derivatives strategies, may generate current income and gains taxable as ordinary income sufficient to support monthly distributions even in situations when a Fund has experienced a decline in net assets due to, for example, adverse changes in the broad U.S. or non-U.S. equity markets or a Fund’s debt investments, or arising from its use of derivatives. For instance, a portion of a Fund’s monthly distributions may be sourced from paired swap transactions utilized to produce current distributable ordinary income for tax purposes on the initial leg, with a substantial possibility that a Fund will later realize a


4		PIMCO CLOSED-END FUNDS

corresponding capital loss and potential decline in its NAV with respect to the forward leg (to the extent there are not corresponding offsetting capital gains being generated from other sources). Because some or all of these transactions may generate capital losses without corresponding offsetting capital gains, portions of a Fund’s distributions recognized as ordinary income for tax purposes (such as from paired swap transactions) may be economically similar to a taxable return of capital when considered together with such capital losses.

The use of derivatives may subject the Funds to greater volatility than investments in traditional securities. The Funds may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, call risk, credit risk, leverage risk, management risk and the risk that a Fund may not be able to close out a position when it would be most advantageous to do so.

Changes in regulation relating to a Fund’s use of derivatives and related instruments could potentially limit or impact a Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value or performance of derivatives and the Fund. Certain derivative transactions may have a leveraging effect on a Fund. For example, a small investment in a derivative instrument may have a significant impact on a Fund’s exposure to interest rates, currency exchange rates or other investments. As a result, a relatively small price movement in an asset, instrument or component of the index underlying a derivative instrument may cause an immediate and substantial loss or gain, which translates into heightened volatility in a Fund’s net asset value (“NAV”). A Fund may engage in such transactions regardless of whether the Fund owns the asset, instrument or components of the index underlying the derivative instrument. A Fund may invest a significant portion of its assets in these types of instruments. If it does, a Fund’s investment exposure could far exceed the value of its portfolio securities and its investment performance could be primarily dependent upon securities it does not own.

PIMCO Global StocksPLUS^® & Income Fund’s (“PGP”) monthly distributions are expected to include, among other possible sources, interest income from its debt portfolio and payments and premiums (characterized as capital for financial accounting purposes and as ordinary income for tax purposes) generated by certain types of interest rate derivatives.

Strategies involving interest rate derivatives (including swaps that are paired) may attempt to capitalize on differences between short-term and long-term interest rates as part of PGP’s duration and yield curve active management strategies. For instance, in the event that long-term interest rates are higher than short-term interest rates, the Fund may

elect to pay a floating short term interest rate and to receive a longterm fixed interest rate for a stipulated period of time, thereby generating payments as a function of the difference between current short-term interest rates and long-term interest rates, so long as the floating short-term interest rate (which may rise) is lower than the fixed long-term interest rate. PGP’s index option strategy, to the extent utilized, seeks to generate payments and premiums from writing options that may offset some or all of the capital losses incurred as a result of paired swaps transactions. However, the Fund may use paired swap transactions to support monthly distributions where the index option strategy does not produce an equivalent amount of offsetting gains, including without limitation when such strategy is not being used to a significant extent. In addition, gains (if any) generated from the index option strategy may be offset by the Fund’s realized capital losses, including any available capital loss carryforwards. PGP currently has significant capital loss carryforwards, some of which will expire at particular dates, and to the extent that the Fund’s capital losses exceed capital gains, the Fund cannot use its capital loss carryforwards to offset capital gains.

The notional exposure of a Fund’s interest rate derivatives may represent a multiple of the Fund’s total net assets. There can be no assurance a Fund’s strategies involving interest rate derivatives will work as intended and such strategies are subject to the risks related to the use of derivatives generally, as discussed above (see also Notes 6 and 7 in the Notes to Financial Statements for further discussion on the use of derivative instruments and certain of the risks associated therewith).

A Fund’s use of leverage creates the opportunity for increased income for the Fund’s common shareholders, but also creates special risks. Leverage is a speculative technique that may expose a Fund to greater risk and increased costs. If shorter-term interest rates rise relative to the rate of return on a Fund’s portfolio, the interest and other costs of leverage to the Fund could exceed the rate of return on the debt obligations and other investments held by the Fund, thereby reducing return to the Fund’s common shareholders. In addition, fees and expenses of any form of leverage used by a Fund will be borne entirely by its common shareholders (and not by preferred shareholders, if any) and will reduce the investment return of the Fund’s common shares. Moreover, to make payments of interest and other loan costs, a Fund may be forced to sell portfolio securities when it is not otherwise advantageous to do so. In addition, because the fees received by PIMCO are based on the total managed assets or the daily NAV of a Fund (including any assets attributable to certain types of leverage outstanding), as applicable, PIMCO has a financial incentive for the Funds to use certain forms of leverage, which may create a conflict of interest between PIMCO, on the one hand, and the Funds’ common shareholders, on the other hand.

SEMIANNUAL REPORT

DECEMBER 31, 2021


Important Information About the Funds		(Cont.)

There can be no assurance that a Fund’s use of leverage will result in a higher yield on its common shares, and it may result in losses. Leverage creates several major types of risks for a Fund’s common shareholders, including (1) the likelihood of greater volatility of NAV and market price of the Fund’s common shares, and of the investment return to the Fund’s common shareholders, than a comparable portfolio without leverage; (2) the possibility either that the Fund’s common share dividends will fall if the interest and other costs of leverage rise, or that dividends paid on the Fund’s common shares will fluctuate because such costs vary over time; and (3) the effects of leverage in a declining market or a rising interest rate environment, as leverage is likely to cause a greater decline in the NAV of the Fund’s common shares than if the Fund were not leveraged and may result in a greater decline in the market value of the Fund’s common shares.

A Fund’s investments in and exposure to foreign securities involve special risks. For example, the value of these investments may decline in response to unfavorable political and legal developments, unreliable or untimely information or economic and financial instability. Foreign securities may experience more rapid and extreme changes in value than investments in securities of U.S. issuers. The securities markets of certain foreign countries are relatively small, with a limited number of companies representing a small number of industries. Issuers of foreign securities are usually not subject to the same degree of regulation as U.S. issuers.

Reporting, accounting, auditing and custody standards of foreign countries differ, in some cases significantly, from U.S. standards. Also, nationalization, expropriation or other confiscation, currency blockage, political changes or diplomatic developments could adversely affect a Fund’s investments in foreign securities. In the event of nationalization, expropriation or other confiscation, a Fund could lose its entire investment in foreign securities. Investing in foreign (non-U.S.) securities may entail risk due to foreign (non-U.S.) economic and political developments; this risk may be increased when investing in emerging markets. For example, if a Fund invests in emerging market debt, it may face increased exposure to interest rate, liquidity, volatility, and redemption risk due to the specific economic, political, geographical, or legal background of the foreign (non-U.S.) issuer.

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

separately monitored for compliance with respect to prospectus and regulatory requirements.

Investments in loans through a purchase of a loan or a direct assignment of a financial institution’s interests with respect to a loan are generally subject to risks similar to those of investments in other types of debt obligations, including, among others, credit risk, interest rate risk, variable and floating rate securities risk, and, as applicable, risks associated with mortgage-related securities. In addition, in many cases loans are subject to the risks associated with below-investment grade securities.

In the case of a loan participation or assignment, a Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. In the event of the insolvency of the lender selling a loan participation, a Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. A Fund may be subject to heightened or additional risks and potential liabilities and costs by investing in mezzanine and other subordinated loans, including those arising under bankruptcy, fraudulent conveyance, equitable subordination, lender liability, environmental and other laws and regulations, and risks and costs associated with debt servicing and taking foreclosure actions associated with the loans.

Loans, and debt instruments collateralized by loans, acquired by certain Funds may be subprime in quality, or may become subprime in quality. Although there is no specific legal or market definition of “subprime,” subprime loans are generally understood to refer to loans made to borrowers that display poor credit histories and other characteristics that correlate with a higher default risk. Accordingly, subprime loans, and debt instruments secured by such loans, have speculative characteristics and are subject to heightened risks, including the risk of nonpayment of interest or repayment of principal, and the risks associated with investments in high yield securities. In addition, these instruments could be subject to increased regulatory scrutiny.

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.

Certain Funds may invest, either directly or indirectly through its wholly-owned and controlled subsidiaries, in shares, certificates, notes or other securities issued by a special purpose entity (“SPE”) sponsored by an alternative lending platform or its affiliates (the “Sponsor”) that represent the right to receive principal and interest payments due on pools of whole loans or fractions of whole loans, which may (but may not) be issued by the Sponsor, held by the SPE (“Alt Lending ABS”).


6		PIMCO CLOSED-END FUNDS

Any such Alt Lending ABS may be backed by consumer, residential or other loans. When acquiring and/or originating loans, or purchasing Alt Lending ABS, certain Funds are not restricted by any particular borrower credit criteria. Accordingly, certain loans acquired or originated by these Funds or underlying any Alt Lending ABS purchased by the Fund may be subprime in quality, or may become subprime in quality.

Mortgage-related and other asset-backed instruments represent interests in “pools” of mortgages or other assets such as consumer loans or receivables held in trust and often involve risks that are different from or possibly more acute than risks associated with other types of debt instruments. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related assets, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if a Fund holds mortgage-related securities, it may exhibit additional volatility since individual mortgage holders are less likely to exercise prepayment options, thereby putting additional downward pressure on the value of these securities and potentially causing the Fund to lose money. The Funds’ investments in other asset-backed instruments are subject to risks similar to those associated with mortgage-related assets, as well as additional risks associated with the nature of the assets and the servicing of those assets. Payment of principal and interest on asset-backed securities may be largely dependent upon the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets. Additionally, investments in subordinate mortgage-backed and other asset-backed instruments will be subject to risks arising from delinquencies and foreclosures, thereby exposing a Fund’s investment portfolio to potential losses. Subordinate securities of mortgage-backed and other asset-backed instruments are also subject to greater credit risk than those mortgage-backed or other asset-backed securities that are more highly rated.

A Fund may also invest in the residual or equity tranches of mortgage-related and other asset-backed instruments, which may be referred to as subordinate mortgage-backed or asset-backed instruments and interest-only mortgage-backed or asset-backed instruments. Because an investment in the residual or equity tranche of a mortgage-related or other asset-backed instrument will be the first to bear losses incurred by such instrument, these investments may involve a significantly greater degree of risk than investments in other tranches of a mortgage-related or other asset-backed instruments.

The risk of investing in collateralized loan obligations (“CLOs”), include prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk. CLOs may carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other

payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the investments in CLOs are subordinate to other classes or tranches thereof; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

High-yield bonds (commonly referred to as “junk bonds”) typically have a lower credit rating than other bonds. Lower-rated bonds generally involve a greater risk to principal than higher-rated bonds. Further, markets for lower-rated bonds are typically less liquid than for higher rated bonds, and public information is usually less abundant in markets for lower-rated bonds. Thus, high yield investments increase the chance that a Fund will lose money. PIMCO does not rely solely on credit ratings, and develops its own analysis of issuer credit quality. A Fund may purchase unrated securities (which are not rated by a rating agency) if PIMCO determines that the security is of comparable quality to a rated security that a Fund may purchase. Unrated securities may be less liquid than comparable rated securities and involve the risk that PIMCO may not accurately evaluate the security’s comparative credit quality, which could result in a Fund’s portfolio having a higher level of credit and/or high yield risk than PIMCO has estimated or desires for the Fund, and could negatively impact the Fund’s performance and/or returns. Certain Funds may invest a substantial portion of their assets in unrated securities and therefore may be particularly subject to the associated risks. To the extent that a Fund invests in high yield and/or unrated securities, the Fund’s success in achieving its investment objectives may depend more heavily on the portfolio manager’s creditworthiness analysis than if the Fund invested exclusively in higher-quality and rated securities. The Funds may hold defaulted securities that may involve special considerations including bankruptcy proceedings, other regulatory and legal restrictions affecting the Funds’ ability to trade, and the availability of prices from independent pricing services or dealer quotations. Defaulted obligations might be repaid only after lengthy workout or bankruptcy proceedings, during which the issuer might not make any interest or other payments. Defaulted securities are often illiquid and may not be actively traded. Sales of securities in bankrupt companies at an acceptable price may be difficult and differences compared to the value of the securities used by the Funds could be material. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio.

Contingent convertible securities (“CoCos”) are a form of hybrid debt security issued primarily by non-U.S. issuers, which have loss absorption mechanisms built into their terms. The risks of investing in CoCos include, without limitation, the risk that interest payments will be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other

SEMIANNUAL REPORT

DECEMBER 31, 2021


Important Information About the Funds		(Cont.)

bankruptcy-related event as a result of holding subordinated debt, the risk of the Fund’s investment becoming further subordinated as a result of conversion from debt to equity, the risk that the principal amount due can be written down to a lesser amount, and the general risks applicable to fixed-income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund. CoCos may experience a loss absorption mechanism trigger event, which would likely be the result of, or related to, the deterioration of the issuer’s financial condition (e.g., a decrease in the issuer’s capital ratio) and status as a going concern. In such a case, with respect to CoCos that provide for conversion into common stock upon the occurrence of the trigger event, the market price of the issuer’s common stock received by the Fund will have likely declined, perhaps substantially, and may continue to decline, which may adversely affect the Fund’s NAV.

Variable and floating rate securities may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When a Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the NAV of the Funds’ shares.

Certain Funds may make investments in debt instruments and other securities or instruments directly or through one or more direct or indirect fully-owned subsidiaries formed by the Fund (each, a “Subsidiary”). A Subsidiary may invest, for example, in whole loans or in shares, certificates, notes or other securities representing the right to receive principal and interest payments due on fractions of whole loans or pools of whole loans, or any other security or other instrument that the parent Fund may hold directly. References herein to a Fund include references to a Subsidiary in respect of the Fund’s investment exposure. The allocation of a Fund’s portfolio in a Subsidiary will vary over time and might not always include all of the different types of investments described herein. By investing through its Subsidiaries, a Fund is exposed to the risks associated with the Subsidiaries’ investments. The Subsidiaries are not registered as investment companies under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (the “Act”) and are not subject to all of the investor protections of the Act, although each Subsidiary is managed pursuant to the compliance policies and procedures of the Fund applicable to it. Changes in the laws of the United States and/or the jurisdiction in which a Subsidiary is organized could result in the inability of certain Funds and/or their Subsidiaries to operate as described in this report and could adversely affect the Funds.

Certain Funds may acquire residential mortgage loans and unsecured consumer loans through a Subsidiary. Subsidiaries directly holding a beneficial interest in loans will be formed as domestic common law or statutory trusts with a federally chartered bank serving as trustee. Each such Subsidiary will hold the beneficial interests of loans and the federally chartered bank acting as trustee will hold legal title to the loans for the benefit of the Subsidiary and/or the trust’s beneficial owners (i.e., a Fund or its Subsidiary). State licensing laws typically exempt federally chartered banks from their licensing requirements, and federally chartered banks may also benefit from federal preemption of state laws, including any licensing requirements. The use of common law or statutory trusts with a federally chartered bank serving as trustee is intended to address any state licensing requirements that may be applicable to purchasers or holders of loans, including state licensing requirements related to foreclosure. The Funds believe that such Subsidiaries will not be treated as associations or publicly traded partnerships taxable as corporations for U.S. federal income tax purposes, and that therefore, the Subsidiaries will not be subject to U.S. federal income tax at the subsidiary level. Investments in residential mortgage loans or unsecured consumer loans through entities that are not so treated can potentially be limited by a Fund’s intention to qualify as a regulated investment company, and limit the Fund’s ability to qualify as such.

If a Fund or its Subsidiary is required to be licensed in any particular jurisdiction in order to acquire, hold, dispose or foreclose loans, obtaining the required license may not be viable (because, for example, it is not possible or practical) and the Fund or its Subsidiary may be unable to restructure its holdings to address the licensing requirement. In that case, a Fund or its Subsidiary may be forced to cease activities involving the affected loans, or may be forced to sell such loans. If a state regulator or court were to determine that a Fund or its Subsidiary acquired, held or foreclosed a loan without a required state license, the Fund or its Subsidiary could be subject to penalties or other sanctions, prohibited or restricted in its ability to enforce its rights under the loan, or subject to litigation risk or other losses or damages.

As the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations,


8		PIMCO CLOSED-END FUNDS

potentially resulting in financial losses; interference with a Fund’s ability to calculate its NAV, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in an attempt to prevent any cyber incidents in the future.

There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders could be negatively impacted as a result.

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. 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 Funds’ performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds’ service providers and disrupt the Funds’ operations.

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from other countries, each with a focus on China, has contributed to international trade tensions and may impact portfolio securities.

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 Funds 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. The transition may result in a reduction in the value of certain instruments held by a Fund or a reduction in the effectiveness of related Fund transactions such as hedges. 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 a Fund or on certain instruments in which a 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 a 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 a Fund.

The common shares of the Funds trade on the New York Stock Exchange. As with any stock, the price of a Fund’s common shares will fluctuate with market conditions and other factors. If you sell your common shares of a Fund, the price received may be more or less than your original investment. Shares of closed-end management investment companies, such as the Funds, frequently trade at a discount from their NAV and may trade at a price that is less than the initial offering price and/or the NAV of such shares. Further, if a Fund’s shares trade at a price that is more than the initial offering price and/or the NAV of such shares, including at a substantial premium and/or for an extended period of time, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares will not trade at a discount to NAV thereafter.

The Funds may be subject to various risks, including, but not limited to, the following: asset allocation risk, call risk, collateralized loan obligations risk, confidential information access risk, contingent convertible securities risk, convertible securities risk, counterparty risk, “covenant-lite” obligations risk, credit default swaps risk, credit risk, currency risk, cybersecurity risk debt securities risk, including issuer risk, interest rate risk, prepayment risk, reinvestment risk and duration and maturity risk, derivatives risk, distressed and defaulted securities risk, emerging markets risk, equity securities and related market risk, focused investment risk, foreign (non-U.S.) investment risk, high yield securities risk, inflation/deflation risk, inflation-indexed security risk, leverage risk, liquidity risk, loans and other indebtedness; loan participations and assignments risk; management risk, market discount risk, market disruptions risk, market risk, mortgage-related and other asset-backed instruments risk, operational risk, other investment companies risk, private placements risk, privately issued mortgagerelated securities risk, platform risk, portfolio turnover risk, potential conflicts of interest involving allocation of investment opportunities, preferred securities risk, privacy and data security risk, regulatory changes risk, regulatory risk — LIBOR, regulatory risk — commodity pool operator, repurchase agreements risk, segregation and coverage risk, senior debt risk, smaller company risk, sovereign debt risk, structured investments risk, subprime risk, subsidiary risk, synthetic convertible securities risk, tax risk, U.S. Government securities risk, valuation risk, recent and restricted securities risk. A description of certain of these risks is available in the Notes to Financial Statements of this report.

On each Fund Summary page in this Shareholder Report, the Average Annual Total Return table measures performance assuming that any dividend and capital gain distributions were reinvested. Total return is calculated by determining the percentage change in NAV or market price

SEMIANNUAL REPORT

DECEMBER 31, 2021


Important Information About the Funds		(Cont.)

(as applicable) in the specified period. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total return for a period of more than one year represents the average annual total return. Performance at market price will differ from results at NAV. Although market price returns tend to reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about a Fund, market conditions, supply and demand for the Fund’s shares, or changes in the Fund’s dividends. Performance shown is net of fees and expenses. Historical NAV performance for a Fund 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.

The dividend rate that a Fund pays on its common shares may vary as portfolio and market conditions change, and will depend on a number of factors, including without limit the amount of a Fund’s undistributed net investment income and net short- and long-term capital gains, as well as the costs of any leverage obtained by a Fund. As portfolio and market conditions change, the rate of distributions on the common shares and a Fund’s dividend policy could change. There can be no assurance that a change in market conditions or other factors will not result in a change in a Fund distribution rate or that the rate will be sustainable in the future.

The following table discloses the inception date and diversification status of each Fund:

Fund Name

Inception
Date

Diversification
Status

PCM Fund, Inc.

09/02/93

Diversified

PIMCO Global StocksPLUS^® & Income Fund

05/31/05

Diversified

PIMCO Strategic Income Fund, Inc.

02/24/94

Diversified

PIMCO Dynamic Income Fund

05/30/12

Diversified

PIMCO Dynamic Income Opportunities Fund

01/29/21

Non-Diversified

An investment in a 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 Funds.

The Trustees/Directors¹ are responsible generally for overseeing the management of the Funds. The Trustees authorize the Funds to enter into service agreements with the Manager 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 Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus or Statement of Additional Information (“SAI”), any press release or shareholder report, any contracts filed as exhibits to a Fund’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of a Fund creates a contract between or among any shareholders of a Fund, on

the one hand, and the Fund, a service provider to the Fund, and/or the Trustees or officers of the Fund, on the other hand.

The Trustees (or the Funds and their officers, service providers or other delegates acting under authority of the Trustees) may amend its most recent prospectus or use a new prospectus or SAI with respect to a Fund, adopt and disclose new or amended policies and other changes in press releases and shareholder reports 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 a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any 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 was specifically disclosed in a Fund’s then-current prospectus, SAI or shareholder report and is otherwise still in effect.

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 Funds as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each 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 Funds at (844) 33-PIMCO, on the Funds’ website at www.pimco.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds’ complete schedules 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 (844) 33-PIMCO.

The SEC adopted a rule that allows 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. Pursuant to the rule, investors may elect to receive all reports in paper free of charge by contacting their financial intermediary or, if invested directly with a Fund, investors can inform the Fund by calling (844) 33-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with a Fund or to all funds held in the investor’s account if invested through a financial intermediary, such as a broker-dealer or bank.

In April 2020, the SEC adopted amended rules modifying the registration, communications, and offering processes for registered


10		PIMCO CLOSED-END FUNDS

¹	Hereinafter, the terms “Trustee” or “Trustees” used herein shall refer to a Director or Directors of applicable Funds.

closed-end funds and interval funds. Among other things, the amendments: (1) permit qualifying closed-end funds to use a short-form registration statement to offer securities in eligible transactions and certain funds to qualify as Well Known Seasoned Issuers; (2) permit interval funds to pay registration fees based on net issuance of shares in a manner similar to mutual funds; (3) require closed-end funds and interval funds to include additional disclosures in their annual reports; and (4) require certain information to be filed in interactive data format. The new rules have phased compliance dates, with some requirements having already taken effect and others requiring compliance as late as February 1, 2023.

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, and after an eighteen-month transition period, the rule requires funds to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a value-at-risk leverage limit, certain derivatives risk management program and reporting requirements.

These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Investment Company Act of 1940 (the “Act”) without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 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 Act, and the SEC noted that this definition will apply in all contexts under the Act. The SEC adopted an eighteen-month transition period beginning from the effective date for both the new rule and the associated new recordkeeping requirements. The impact of the new rule on the Funds is uncertain at this time.

SEMIANNUAL REPORT

DECEMBER 31, 2021

PCM Fund, Inc.


		Symbol on NYSE - PCM

Allocation Breakdown as of December 31, 2021^†^§


Asset-Backed Securities			25.7%

Corporate Bonds & Notes			22.1%

Loan Participations and Assignments			19.5%

Non-Agency Mortgage-Backed Securities			19.1%

Common Stocks			2.9%

Preferred Securities			2.5%

Short-Term Instruments			2.3%

U.S. Government Agencies			2.2%

Real Estate Investment Trusts			2.0%

Other			1.7%

^†

% of Investments, at value.

^§

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

Fund Information (as of December 31, 2021)⁽¹⁾


Market Price			$10.72

NAV			$9.44

Premium/(Discount) to NAV			13.56%

Market Price Distribution Rate⁽²⁾			8.96%

NAV Distribution Rate⁽²⁾			10.17%

Total Effective Leverage⁽³⁾			44.07%



Average Annual Total Return⁽¹⁾ for the period ended December 31, 2021

	6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (09/02/93)
Market Price		(5.58)%		9.09%		11.21%		10.39%		9.07%
NAV		4.32%		10.05%		9.99%		10.82%		9.18%

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.

* Cumulative return

⁽¹⁾

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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

⁽²⁾

Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

⁽³⁾

Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively “Total Effective Leverage”). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).

Investment Objective and Strategy Overview

The Fund’s primary investment objective is to achieve high current income. Capital gain from the disposition of investments is a secondary objective of the Fund.

Fund Insights at NAV

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

Exposure to corporate credit contributed to absolute performance, as the sector posted positive returns.

Exposure to mortgage credit contributed to absolute performance, as the sector posted positive performance.

Exposure to corporate special situation investments, which include companies undergoing stress, distress, challenges, or significant transition, contributed to absolute performance, as the positions posted positive returns.

Interest rate exposure focused on the intermediate portion of the curve detracted from absolute performance, as interest rates rose.

There were no other material detractors for this Fund.


12		PIMCO CLOSED-END FUNDS

PIMCO Global StocksPLUS^® & Income Fund


		Symbol on NYSE - PGP

Allocation Breakdown as of December 31, 2021^†^§


Corporate Bonds & Notes			31.7%

U.S. Government Agencies			20.1%

Loan Participations and Assignments			13.9%

Short-Term Instruments			10.1%

Non-Agency Mortgage-Backed Securities			8.1%

Asset-Backed Securities			5.5%

Preferred Securities			4.7%

Sovereign Issues			1.6%

Municipal Bonds & Notes			1.4%

Other			2.9%

^†

% of Investments, at value.

^§

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

Fund Information (as of December 31, 2021)⁽¹⁾


Market Price			$10.83

NAV			$10.60

Premium/(Discount) to NAV			2.17%

Market Price Distribution Rate⁽²⁾			7.65%

NAV Distribution Rate⁽²⁾			7.81%

Total Effective Leverage⁽³⁾			35.89%



Average Annual Total Return⁽¹⁾ for the period ended December 31, 2021

	6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (05/31/05)
Market Price		1.46%		16.78%		5.08%		5.32%		8.12%
NAV		5.60%		19.32%		14.39%		15.90%		12.42%

* Cumulative return

⁽¹⁾

⁽²⁾

⁽³⁾

Investment Objective and Strategy Overview

PIMCO Global StocksPLUS^® & Income Fund’s investment objective is to seek total return comprised of current income, current gains and long-term capital appreciation.

Fund Insights at NAV

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

Exposure to equity index derivatives linked to the S&P 500 Index contributed to absolute performance, as the sector posted positive performance.

Exposure to equity index derivatives linked to the MSCI EAFE Index contributed to absolute performance, as the sector posted positive performance.

Exposure to corporate credit contributed to absolute performance, as the sector posted positive performance.

Interest rate exposure focused on the intermediate portion of the curve detracted from absolute performance, as interest rates rose.

Exposure to emerging market debt detracted from absolute performance, as the sector posted negative returns.

There were no other material detractors for this Fund.

SEMIANNUAL REPORT

DECEMBER 31, 2021

PIMCO Strategic Income Fund, Inc.


		Symbol on NYSE - RCS

Allocation Breakdown as of December 31, 2021^†^§


U.S. Government Agencies			44.2%

Corporate Bonds & Notes			25.9%

Non-Agency Mortgage-Backed Securities			8.3%

Loan Participations and Assignments			7.9%

Preferred Securities			3.0%

Short-Term Instruments			2.8%

Asset-Backed Securities			2.5%

Sovereign Issues			2.5%

Common Stocks			1.5%

Other			1.4%

^†

% of Investments, at value.

^§

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

Fund Information (as of December 31, 2021)⁽¹⁾


Market Price			$6.79

NAV			$6.19

Premium/(Discount) to NAV			9.69%

Market Price Distribution Rate⁽²⁾			9.01%

NAV Distribution Rate⁽²⁾			9.89%

Total Effective Leverage⁽³⁾			43.34%



Average Annual Total Return⁽¹⁾ for the period ended December 31, 2021

	6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (02/24/94)
Market Price		(6.73)%		6.94%		4.15%		5.26%		8.07%
NAV		(0.88)%		2.88%		6.80%		8.52%		8.26%

* Cumulative return

⁽¹⁾

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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

The performance information shown for the Fund includes historical performance information for the periods prior to February 8, 2002, during which the Fund had a different investment manager. As of February 8, 2002, PIMCO became the Fund’s investment manager. The Fund’s performance prior to that time may have been different if the Fund were advised by PIMCO

⁽²⁾

⁽³⁾

Investment Objective and Strategy Overview

The Fund’s primary investment objective is to generate a level of income that is higher than that generated by high quality, intermediate-term U.S. debt securities. The Fund also seeks capital appreciation to the extent consistent with this objective.

Fund Insights at NAV

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

Exposure to the corporate credit sector contributed to absolute performance, as the sector posted positive performance.

Exposure to the mortgage credit sector contributed to absolute performance, as the sector posted positive performance.

Exposure to the emerging market debt sector detracted from absolute performance, as the sector posted negative returns.

Exposure to the mortgage backed securities sector detracted from absolute performance, as the sector posted negative returns.

Interest rate exposure focused on the intermediate portion of the curve detracted from absolute performance, as interest rates rose.


14		PIMCO CLOSED-END FUNDS

PIMCO Dynamic Income Fund


		Symbol on NYSE - PDI

Allocation Breakdown as of December 31, 2021^†§


Corporate Bonds & Notes			29.6%

Non-Agency Mortgage-Backed Securities			19.4%

Asset-Backed Securities			17.2%

Loan Participations and Assignments			16.7%

Preferred Securities			4.2%

Short-Term Instruments			3.9%

Common Stocks			2.6%

Sovereign Issues			2.2%

U.S. Government Agencies			1.3%

Other			2.9%

^†

% of Investments, at value.

^§

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

Fund Information (as of December 31, 2021)⁽¹⁾


Market Price			$25.91

NAV			$24.48

Premium/(Discount) to NAV			5.84%

Market Price Distribution Rate⁽²⁾			10.21%

NAV Distribution Rate⁽²⁾			10.81%

Total Effective Leverage⁽³⁾			42.66%



Average Annual Total Return⁽¹⁾ for the period ended December 31, 2021

	6 Month*		1 Year		5 Year		Commencement of Operations (05/30/12)
Market Price		(5.35)%		8.40%		9.21%		13.01%
NAV		2.32%		9.56%		10.08%		13.28%

* Cumulative return

⁽¹⁾

⁽²⁾

⁽³⁾

Investment Objective and Strategy Overview

PIMCO Dynamic Income Fund’s primary investment objective is to seek current income, and capital appreciation is a secondary objective.

Fund Insights at NAV

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

Exposure to the mortgage credit sector contributed to absolute performance, as the sector saw positive returns.

Exposure to the corporate credit sector contributed to absolute performance, as the sector saw positive performance.

Exposure to the structured credit sector contributed to absolute performance, as the sector saw positive performance.

Exposure to the emerging market debt sector detracted from absolute performance, as the sector saw negative returns.

Interest rate exposure focused on the intermediate portion of the curve detracted from absolute performance, as interest rates rose.

There were no other material detractors for this Fund.

SEMIANNUAL REPORT

DECEMBER 31, 2021

PIMCO Dynamic Income Opportunities Fund


		Symbol on NYSE - PDO

Allocation Breakdown as of December 31, 2021^†§


Corporate Bonds & Notes			30.8%

Non-Agency Mortgage-Backed Securities			24.8%

Loan Participations and Assignments			22.1%

Asset-Backed Securities			8.1%

Short-Term Instruments			3.1%

Sovereign Issues			3.0%

Preferred Securities			2.0%

Municipal Bonds & Notes			1.9%

Real Estate Investment Trusts			1.8%

Convertible Bonds & Notes			1.3%

U.S. Government Agencies			1.1%

^†

% of Investments, at value.

^§

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

Fund Information (as of December 31, 2021)⁽¹⁾


Market Price			$19.56

NAV			$19.40

Premium/(Discount) to NAV			0.82%

Market Price Distribution Rate⁽²⁾			7.26%

NAV Distribution Rate⁽²⁾			7.32%

Total Effective Leverage⁽³⁾			44.17%



Average Annual Total Return⁽¹⁾ for the period ended December 31, 2021

	6 Month		Commencement of Operations (01/29/21)
Market Price*		(10.38)%		4.60%
NAV*		0.50%		5.46%

*	Cumulative return

⁽¹⁾

⁽²⁾

⁽³⁾

Investment Objective and Strategy Overview

PIMCO Dynamic Income Opportunities Fund’s investment objective is to seek current income as a primary objective and capital appreciation as a secondary objective.

Fund Insights at NAV

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

Exposure to mortgage credit contributed to absolute performance, as the sector mostly saw positive returns.

Exposure to corporate credit contributed to absolute performance, as the sector mostly saw positive performance.

Exposure to structured credit contributed to absolute performance, as the sector saw positive performance.

Exposure to emerging market debt detracted from absolute performance, as the sector saw negative returns.

Interest rate exposure focused on the intermediate portion of the curve detracted from absolute performance, as interest rates rose.

There were no other material detractors for this Fund.


16		PIMCO CLOSED-END FUNDS

(THIS PAGE INTENTIONALLY LEFT BLANK)

SEMIANNUAL REPORT

DECEMBER 31, 2021


Financial Highlights


			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			Tax Basis Return of Capital			Total

PCM Fund, Inc.

07/01/2021 - 12/31/2021+	$	9.52	$	0.39	$	0.01		$	0.40		$	(0.48	)	$	0.00		$	0.00		$	(0.48	)

06/30/2021		8.47		0.97		1.04			2.01			(0.96	)		0.00			0.00			(0.96	)

06/30/2020		10.19		0.86		(1.62	)		(0.76	)		(0.95	)		0.00			(0.01	)		(0.96	)

06/30/2019		10.23		0.69		0.23			0.92			(0.96	)		0.00			0.00			(0.96	)

06/30/2018		10.15		0.88		0.18			1.06			(0.98	)		0.00			0.00			(0.98	)

06/30/2017		9.71		0.98		0.92			1.90			(1.46	)		0.00			0.00			(1.46	)

PIMCO Global StocksPLUS^® & Income Fund

07/01/2021 - 12/31/2021+	$	10.44	$	0.43	$	0.15		$	0.58		$	(0.41	)	$	0.00		$	0.00		$	(0.41	)

06/30/2021		7.47		0.95		2.85			3.80			(0.83	)		0.00			0.00			(0.83	)

06/30/2020		9.89		1.10		(2.42	)		(1.32	)		(0.85	)		0.00			(0.25	)		(1.10	)

06/30/2019		10.50		1.11		(0.34	)		0.77			(1.20	)		0.00			(0.18	)		(1.38	)

06/30/2018		11.18		1.09		(0.16	)		0.93			(1.43	)		0.00			(0.18	)		(1.61	)

06/30/2017		9.76		1.15		2.14			3.29			(1.67	)		0.00			(0.20	)		(1.87	)

PIMCO Strategic Income Fund, Inc.

07/01/2021 - 12/31/2021+	$	6.55	$	0.28	$	(0.32	)	$	(0.04	)	$	(0.31	)	$	0.00		$	0.00		$	(0.31	)

06/30/2021		5.94		0.58		0.64			1.22			(0.41	)		0.00			(0.20	)		(0.61	)

06/30/2020		7.12		0.74		(1.20	)		(0.46	)		(0.49	)		0.00			(0.23	)		(0.72	)

06/30/2019		7.32		0.60		0.03			0.63			(0.61	)		0.00			(0.22	)		(0.83	)

06/30/2018^(f)		7.75		0.77		(0.34	)		0.43			(0.86	)		0.00			0.00			(0.86	)

06/30/2017^(f)		7.89		0.70		0.08			0.78			(0.80	)		0.00			(0.12	)		(0.92	)

PIMCO Dynamic Income Fund (Consolidated)

07/01/2021 - 12/31/2021+	$	25.23	$	1.41	$	(0.88	)	$	0.53		$	(1.32	)	$	0.00		$	0.00		$	(1.32	)

06/30/2021		22.59		2.51		2.57			5.08			(2.52	)		0.00			(0.13	)		(2.65	)

06/30/2020		28.29		2.92		(5.80	)		(2.88	)		(3.07	)		0.00			0.00			(3.07	)

06/30/2019		28.98		2.73		(0.37	)		2.36			(3.15	)		0.00			0.00			(3.15	)

06/30/2018		28.32		2.95		0.18			3.13			(2.65	)		0.00			0.00			(2.65	)

06/30/2017		26.56		2.60		3.18			5.78			(4.10	)		0.00			0.00			(4.10	)

PIMCO Dynamic Income Opportunities Fund (Consolidated)

07/01/2021 - 12/31/2021+	$	20.50	$	0.86	$	(0.74	)	$	0.12		$	(1.08	)	$	(0.12	)	$	0.00		$	(1.20	)

01/29/2021 - 06/30/2021		20.00		0.49		0.47			0.96			(0.47	)		0.00			0.00			(0.47	)

Unaudited

*	Annualized, except for organizational expense, if any.

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

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

^(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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions — Common Shares, in the Notes to Financial Statements for more information.

^(d)

Total investment return is calculated assuming a purchase of a share at the market price on the first day and a sale of a share at the market price on the last day of each year reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total investment return does not reflect brokerage commissions in connection with the purchase or sale of Fund shares.

^(e)	Ratio includes interest expense which primarily relates to participation in borrowing and financing transactions. See Note 5, Borrowings and Other Financing Transactions, in the Notes to Financial Statements for more information.

^(f)	See Note 2, Distributions - Common Shares, in the Notes to Financial Statements for more information regarding certain prior year values.

^(g)	Effective December 13, 2021, the Fund’s Investment advisory fee was decreased by 0.05% to an annual rate of 1.10%.


18		PIMCO CLOSED-END FUNDS			See Accompanying Notes


					Common Share							Ratios/Supplemental Data
														Ratios to Average Net Assets Applicable to Common Shareholders
Increase resulting from Common Share offering		Offering Cost Charged to Paid in Capital			Net Asset Value End of Year or Period^(a)		Market Price End of Year or Period		Total Investment Return^(d)			Net Assets Applicable to Common Shareholders End of Year or Period (000s)		Expenses^(e)			Expenses Excluding Waivers^(e)			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate



$	N/A	$	N/A		$	9.44	$	10.72		(5.58	)%	$	110,693		2.07	%*		2.07	%*		1.59	%*		1.59	%*		8.06	%*		49	%

	N/A		N/A			9.52		11.87		38.25			111,154		2.49			2.49			1.60			1.60			10.56			127

	N/A		N/A			8.47		9.42		(8.33	)		98,539		3.39			3.39			1.54			1.54			9.09			15

	N/A		N/A			10.19		11.32		8.26			118,181		3.35			3.35			1.41			1.41			6.89			8

	N/A		N/A			10.23		11.45		11.48			118,512		3.06			3.06			1.43			1.43			8.55			9

	N/A		N/A			10.15		11.23		33.80			117,402		3.05			3.05			1.54			1.54			9.81			13



$	N/A	$	N/A		$	10.61	$	10.83		1.46	%	$	118,204		1.92	%*		1.92	%*		1.70	%*		1.70	%*		8.04	%*		230	%

	N/A		N/A			10.44		11.10		48.12			115,748		2.03			2.03			1.66			1.66			10.35			503

	N/A		N/A			7.47		8.19		(26.51	)		82,109		2.78			2.78			1.65			1.65			12.56			395

	N/A		N/A			9.89		12.47		(7.41	)		107,562		2.64			2.64			1.53			1.53			11.37			381

	N/A		N/A			10.50		14.98		(8.96	)		113,204		2.36			2.36			1.48			1.48			9.84			63

	N/A		N/A			11.18		18.40		5.06			119,538		3.20			3.20			1.88			1.88			11.09			25



$	N/A	$	N/A		$	6.20	$	6.79		(6.73	)%	$	276,659		1.26	%*		1.26	%*		0.98	%*		0.98	%*		8.45	%*		349	%

	N/A		N/A			6.55		7.61		30.90			290,989		1.36			1.36			0.96			0.96			8.97			774

	N/A		N/A			5.94		6.37		(27.94	)		261,163		2.61			2.61			0.98			0.98			11.28			679

	N/A		N/A			7.12		9.71		9.57			309,287		3.20			3.20			0.97			0.97			8.52			655

	N/A		N/A			7.32		9.68		4.59			314,540		1.85			1.85			0.97			0.97			10.12			5

	N/A		N/A			7.75		10.19		17.12			329,673		1.52			1.52			0.97			0.97			8.94			8



$	0.06	$	0.00		$	24.50	$	25.91		(5.35	)%	$	5,401,430		2.46	%*^(g)		2.46	%*^(g)		2.01	%*^(g)		2.01	%*^(g)		11.18	%*		21	%

	0.21		0.00			25.23		28.81		29.29			1,781,435		2.78			2.78			2.04			2.04			10.36			38

	0.25		0.00			22.59		24.72		(14.18	)		1,375,107		3.72			3.72			1.99			1.99			11.44			21

	0.10		(0.00	)		28.29		32.15		12.03			1,603,368		3.96			3.96			1.89			1.89			9.70			12

	0.18		(0.00)			28.98		31.87		15.54			1,575,523		4.07			4.07			2.01			2.01			10.26			9

	0.08		0.00			28.32		30.18		27.07			1,372,674		4.08			4.08			2.14			2.14			9.58			20



$	N/A	$	N/A		$	19.42	$	19.56		(10.38	)%	$	2,134,261		2.66	%*		2.66	%*		2.11	%*		2.11	%*		8.32	%*		37	%

	0.01		N/A			20.50		23.18		16.70			2,227,301		2.10	*		2.10	*		1.78	*		1.78	*		5.93	*		49

SEMIANNUAL REPORT

DECEMBER 31, 2021


Statements of Assets and Liabilities				December 31, 2021		(Unaudited)


(Amounts in thousands^{†, except per share amounts)}	PCM Fund, Inc.			PIMCO Global StocksPLUS^® & Income Fund			PIMCO Strategic Income Fund, Inc.

Assets:

Investments, at value
Investments in securities*	$	194,033		$	218,168		$	745,282
Financial Derivative Instruments
Exchange-traded or centrally cleared		34			167			247
Over the counter		49			2,780			458
Cash		64			0			0
Deposits with counterparty		2,748			4,530			12,676
Foreign currency, at value		0			633			0
Receivable for investments sold		4,457			4,095			1,818
Receivable for TBA investments sold		0			73,346			506,226
Interest and/or dividends receivable		1,375			1,762			4,995
Other assets		11			0			0
Total Assets		202,771			305,481			1,271,702

Liabilities:

Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	84,079		$	59,833		$	200,557
Payable for short sales		0			2,724			2,778
Financial Derivative Instruments
Exchange-traded or centrally cleared		33			1,542			475
Over the counter		244			410			999
Payable for investments purchased		5,027			9,278			24,118
Payable for unfunded loan commitments		1,596			40			118
Payable for TBA investments purchased		0			109,804			760,308
Deposits from counterparty		0			2,619			271
Distributions payable to common shareholders		938			769			2,275
Overdraft due to custodian		0			64			2,882
Accrued management fees		157			177			237
Other liabilities		4			17			25
Total Liabilities		92,078			187,277			995,043

Net Assets Applicable to Common Shareholders	$	110,693		$	118,204		$	276,659

Net Assets Applicable to Common Shareholders Consist of:

Par value^{^}	$	12		$	0		$	0
Paid in capital in excess of par		112,286			134,212			340,145
Distributable earnings (accumulated loss)		(1,605	)		(16,008	)		(63,486	)

Net Assets Applicable to Common Shareholders	$	110,693		$	118,204		$	276,659

Common Shares Outstanding		11,729			11,139			44,609

Net Asset Value Per Common Share^(a)	$	9.44		$	10.61		$	6.20

Cost of investments in securities	$	187,527		$	225,151		$	754,803
Cost of foreign currency held	$	0		$	637		$	0
Proceeds received on short sales	$	0		$	2,732		$	2,782
Cost or premiums of financial derivative instruments, net	$	676		$	(1,379	)	$	667

* Includes repurchase agreements of:	$	0		$	0		$	4,823

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

^{^}	($0.001 per share), ($0.00001 per share), ($0.00001 per share), ($0.00001 per share)

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


20		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Consolidated Statements of Assets and Liabilities				December 31, 2021		(Unaudited)


(Amounts in thousands^†, except per share amounts)	PIMCO Dynamic Income Fund			PIMCO Dynamic Income Opportunities Fund

Assets:

Investments, at value
Investments in securities*	$	9,438,660		$	3,866,714
Investments in Affiliates		167,876			0
Financial Derivative Instruments
Exchange-traded or centrally cleared		665			159
Over the counter		7,307			3,704
Cash		6,745			1,999
Deposits with counterparty		80,721			61,008
Foreign currency, at value		0			4,544
Receivable for investments sold		122,157			17,090
Receivable for Fund shares sold		9,484			0
Interest and/or dividends receivable		88,825			42,074
Other assets		1,504			0
Total Assets		9,923,944			3,997,292

Liabilities:

Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	3,897,752		$	1,627,632
Financial Derivative Instruments
Exchange-traded or centrally cleared		2,400			1,113
Over the counter		20,970			4,126
Payable for investments purchased		479,531			181,049
Payable for unfunded loan commitments		78,761			25,827
Payable for TBA investments purchased		0			2,988
Deposits from counterparty		15,554			3,342
Distributions payable to common shareholders		16,109			12,952
Overdraft due to custodian		1,547			0
Accrued management fees		9,298			3,936
Accrued taxes payable		4			0
Other liabilities		588			66
Total Liabilities		4,522,514			1,863,031

Net Assets Applicable to Common Shareholders	$	5,401,430		$	2,134,261

Net Assets Applicable to Common Shareholders Consist of:

Par value^{^}	$	2		$	1
Paid in capital in excess of par		5,452,165			2,198,451
Distributable earnings (accumulated loss)		(50,737	)		(64,191	)

Net Assets Applicable to Common Shareholders	$	5,401,430		$	2,134,261

Common Shares Outstanding		220,508			109,926

Net Asset Value Per Common Share^(a)	$	24.50		$	19.42

Cost of investments in securities	$	9,467,317		$	3,923,668
Cost of investments in Affiliates	$	99,529		$	0
Cost of foreign currency held	$	0		$	4,516
Cost or premiums of financial derivative instruments, net	$	(36,719	)	$	(7,898	)

* Includes repurchase agreements of:	$	200,000		$	20,100

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

^{^}	($0.00001 per share)

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

SEMIANNUAL REPORT

DECEMBER 31, 2021


Statements of Operations


Six Months Ended December 31, 2021 (Unaudited)
(Amounts in thousands^†)	PCM Fund, Inc.			PIMCO Global StocksPLUS^® & Income Fund			PIMCO Strategic Income Fund, Inc.

Investment Income:

Interest, net of foreign taxes*	$	5,457		$	5,818		$	13,779
Dividends, net of foreign taxes**		269			116			299
Total Income		5,726			5,934			14,078

Expenses:

Management fees		888			993			1,385
Trustee fees and related expenses		7			17			18
Interest expense		268			132			412
Miscellaneous expense		7			3			5
Total Expenses		1,170			1,145			1,820

Net Investment Income (Loss)		4,556			4,789			12,258

Net Realized Gain (Loss):

Investments in securities		2,300			717			3,401
Exchange-traded or centrally cleared financial derivative instruments		494			2,704			(4,057	)
Over the counter financial derivative instruments		130			7,369			3,744
Foreign currency		0			110			191

Net Realized Gain (Loss)		2,924			10,900			3,279

Net Change in Unrealized Appreciation (Depreciation):

Investments in securities		(1,853	)		(3,593	)		(18,378	)
Exchange-traded or centrally cleared financial derivative instruments		(1,040	)		57			2,558
Over the counter financial derivative instruments		46			(5,666	)		(2,097	)
Foreign currency assets and liabilities		0			58			188

Net Change in Unrealized Appreciation (Depreciation)		(2,847	)		(9,144	)		(17,729	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,633		$	6,545		$	(2,192	)

* Foreign tax withholdings	$	0		$	24		$	50

** Foreign tax withholdings - Dividends	$	2		$	2		$	3

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


22		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Consolidated Statements of Operations


Six Months Ended December 31, 2021 (Unaudited)
(Amounts in thousands^†)	PIMCO Dynamic Income Fund			PIMCO Dynamic Income Opportunities Fund

Investment Income:

Interest, net of foreign taxes*	$	146,235		$	119,458
Dividends, net of foreign taxes**		3,663			3,733
Total Income		149,898			123,191

Expenses:

Management fees		22,017			23,519
Trustee fees and related expenses		138			100
Interest expense		4,919			6,136
Miscellaneous expense		22			4
Total Expenses		27,096			29,759

Net Investment Income (Loss)		122,802			93,432

Net Realized Gain (Loss):

Investments in securities		(8,314	)		19,896
Exchange-traded or centrally cleared financial derivative instruments		(1,440	)		(6,999	)
Over the counter financial derivative instruments		16,202			25,119
Short sales		0			(132	)
Foreign currency		1,656			(3,787	)

Net Realized Gain (Loss)		8,104			34,097

Net Change in Unrealized Appreciation (Depreciation):

Investments in securities		(115,302	)		(100,854	)
Investments in Affiliates		68,347			0
Exchange-traded or centrally cleared financial derivative instruments		1,304			(3,529	)
Over the counter financial derivative instruments		(15,773	)		(12,584	)
Foreign currency assets and liabilities		7,572			2,079

Net Change in Unrealized Appreciation (Depreciation)		(53,852	)		(114,888	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	77,054		$	12,641

* Foreign tax withholdings - Interest	$	272		$	303

** Foreign tax withholdings - Dividends	$	23		$	0

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

SEMIANNUAL REPORT

DECEMBER 31, 2021


Statements of Changes in Net Assets


	PCM Fund, Inc.						PIMCO Global StocksPLUS^® & Income Fund

(Amounts in thousands^†)	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	4,556		$	11,334		$	4,789		$	10,479
Net realized gain (loss)		2,924			(2,978	)		10,900			9,293
Net change in unrealized appreciation (depreciation)		(2,847	)		14,896			(9,144	)		22,099

Net Increase (Decrease) in Net Assets Resulting from Operations		4,633			23,252			6,545			41,871

Distributions to Common Shareholders:

From net investment income and/or net realized capital gains		(5,620	)		(11,184	)		(4,603	)		(9,146	)
Tax basis return of capital		0			0			0			0

Total Distributions to Common Shareholders^(a)		(5,620	)		(11,184	)		(4,603	)		(9,146	)

*Common Share Transactions:**

Issued as reinvestment of distributions		526			547			514			914

Net increase (decrease) resulting from common share transactions		526			547			514			914

Total increase (decrease) in net assets applicable to common shareholders		(461	)		12,615			2,456			33,639

Net Assets Applicable to Common Shareholders:

Beginning of period		111,154			98,539			115,748			82,109
End of period	$	110,693		$	111,154		$	118,204		$	115,748

* Common Share Transactions:

Shares issued as reinvestment of distributions		48			53			49			100
Net increase (decrease) in common shares outstanding		48			53			49			100

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

^(a)


24		PIMCO CLOSED-END FUNDS			See Accompanying Notes


PIMCO Strategic Income Fund, Inc.

Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021





$	12,258		$	25,416
	3,279			(17,911	)
	(17,729	)		46,341

	(2,192	)		53,846



	(13,622	)		(18,313	)
	0			(8,736	)

	(13,622	)		(27,049	)



	1,484			3,029

	1,484			3,029

	(14,330	)		29,826



	290,989			261,163
$	276,659		$	290,989



	212			461
	212			461

SEMIANNUAL REPORT

DECEMBER 31, 2021


Consolidated Statements of Changes in Net Assets


	PIMCO Dynamic Income Fund						PIMCO Dynamic Income Opportunities Fund

(Amounts in thousands^†)	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Inception date through June 30, 2021^(a)

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	122,802		$	167,364		$	93,432		$	52,235
Net realized gain (loss)		8,104			(93,129	)		34,097			6,681
Net change in unrealized appreciation (depreciation)		(53,852	)		259,142			(114,888	)		46,720

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations		77,054			333,377			12,641			105,636

Distributions to Common Shareholders:

From net investment income and/or net realized capital gains		(95,082	)		(167,415	)		(131,093	)		(51,375	)
Tax basis return of capital		0			(8,919	)		0			0

Total Distributions to Common Shareholders^(b)		(95,082	)		(176,334	)		(131,093	)		(51,375	)

*Common Share Transactions:**

Net proceeds from at-the-market offering		63,791			120,200			0			0
Net proceeds from equity offering		0			106,476			0			2,166,064
Net proceeds from reorganization		3,562,154			0			0			0
At-the-market offering costs		143			240			0			0
Issued as reinvestment of distributions		11,935			22,369			25,412			6,976

Net increase (decrease) resulting from common share transactions		3,638,023			249,285			25,412			2,173,040

Total increase (decrease) in net assets applicable to common shareholders		3,619,995			406,328			(93,040	)		2,227,301

Net Assets Applicable to Common Shareholders:

Beginning of period		1,781,435			1,375,107			2,227,301			0
End of period	$	5,401,430		$	1,781,435		$	2,134,261		$	2,227,301

* Common Share Transactions:

Shares sold		2,374			8,848			0			108,303
Shares issued in reorganization		147,079			0			0			0
Shares issued as reinvestment of distributions		458			890			1,274			349
Net increase (decrease) in common shares outstanding		149,911			9,738			1,274			108,652

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

^(a)	Inception date of the Fund was January 29, 2021.

^(b)


26		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Statements of Cash Flows


Six Months Ended December 31, 2021 (Unaudited)
(Amounts in thousands^†)	PCM Fund, Inc.			PIMCO Global StocksPLUS^® & Income Fund			PIMCO Strategic Income Fund, Inc.

Cash Flows Provided by (Used for) Operating Activities:

Net increase (decrease) in net assets resulting from operations	$	4,633		$	6,545		$	(2,192	)

Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:

Purchases of long-term securities		(102,677	)		(461,155	)		(2,637,238	)
Proceeds from sales of long-term securities		102,832			452,831			2,640,515
(Purchases) Proceeds from sales of short-term portfolio investments, net		7,658			(5,840	)		(17,462	)
(Increase) decrease in deposits with counterparty		(1,135	)		(1,188	)		(3,725	)
(Increase) decrease in receivable for investments sold		7,354			(22,691	)		(9,252	)
(Increase) decrease in interest and/or dividends receivable		(205	)		(420	)		(860	)
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments		(530	)		3,202			(1,529	)
Proceeds from (Payments on) over the counter financial derivative instruments		87			7,383			3,726
(Increase) decrease in other assets		1			2			2
Increase (decrease) in payable for investments purchased		(7,198	)		26,666			48,603
Increase (decrease) in payable for unfunded loan commitments		(832	)		(378	)		118
Increase (decrease) in deposits from counterparty		(10	)		(6,021	)		(1,024	)
Increase (decrease) in accrued management fees		11			21			7
Proceeds from (Payments on) short sales transactions, net		(7,526	)		1,773			(17,979	)
Proceeds from (Payments on) foreign currency transactions		0			147			228
Increase (decrease) in other liabilities		(3	)		(16	)		(3	)
Net Realized (Gain) Loss
Investments in securities		(2,300	)		(717	)		(3,401	)
Exchange-traded or centrally cleared financial derivative instruments		(494	)		(2,704	)		4,057
Over the counter financial derivative instruments		(130	)		(7,369	)		(3,744	)
Foreign currency		0			(110	)		(191	)
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		1,853			3,593			18,378
Exchange-traded or centrally cleared financial derivative instruments		1,040			(57	)		(2,558	)
Over the counter financial derivative instruments		(46	)		5,666			2,097
Foreign currency assets and liabilities		0			(58	)		(188	)
Net amortization (accretion) on investments		(238	)		(162	)		3,386

Net Cash Provided by (Used for) Operating Activities		2,145			(1,057	)		19,771

Cash Flows Received from (Used for) Financing Activities:

Increase (decrease) in overdraft due to custodian		0			64			2,882
Cash distributions paid*		(5,090	)		(4,085	)		(12,127	)
Proceeds from reverse repurchase agreements		161,590			156,671			796,048
Payments on reverse repurchase agreements		(159,237	)		(152,520	)		(810,355	)

Net Cash Received from (Used for) Financing Activities		(2,737	)		130			(23,552	)

Net Increase (Decrease) in Cash and Foreign Currency		(592	)		(927	)		(3,781	)

Cash and Foreign Currency:

Beginning of period		656			1,560			3,781
End of period	$	64		$	633		$	0

* Reinvestment of distributions	$	526		$	514		$	1,484

Supplemental Disclosure of Cash Flow Information:

Interest expense paid during the period	$	193		$	109		$	372
Non Cash Payment in Kind	$	61		$	128		$	29

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

A Statement of Cash Flows is presented when a Fund has a significant amount of borrowing during the period, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Fund’s investments are not classified as Level 1 or 2 in the fair value hierarchy.

SEMIANNUAL REPORT

DECEMBER 31, 2021


Consolidated Statements of Cash Flows


Six Months Ended December 31, 2021 (Unaudited)
(Amounts in thousands^†)	PIMCO Dynamic Income Fund			PIMCO Dynamic Income Opportunities Fund

Cash Flows Provided by (Used for) Operating Activities:

Net increase (decrease) in net assets resulting from operations	$	77,054		$	12,641

Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:

Purchases of long-term securities		(1,121,819	)		(1,438,321	)
Proceeds from sales of long-term securities		968,397			1,685,376
(Purchases) Proceeds from sales of short-term portfolio investments, net		(185,197	)		(47,616	)
(Increase) decrease in deposits with counterparty		(39,651	)		(20,937	)
(Increase) decrease in receivable for investments sold		(29,474	)		440,250
(Increase) decrease in interest and/or dividends receivable		(64,784	)		(3,082	)
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments		825			(10,408	)
Proceeds from (Payments on) over the counter financial derivative instruments		17,330			24,902
(Increase) decrease in other assets		(505	)		0
Increase (decrease) in payable for investments purchased		312,264			(301,767	)
Increase (decrease) in payable for unfunded loan commitments		57,440			12,177
Increase (decrease) in deposits from counterparty		5,029			(22,531	)
Increase (decrease) in accrued management fees		6,394			71
Proceeds from (Payments on) short sales transactions, net		0			(132	)
Proceeds from (Payments on) foreign currency transactions		1,118			(3,757	)
Increase (decrease) in other liabilities		413			(93	)
Net Realized (Gain) Loss
Investments in securities		8,314			(19,896	)
Exchange-traded or centrally cleared financial derivative instruments		1,440			6,999
Over the counter financial derivative instruments		(16,202	)		(25,119	)
Short sales		0			132
Foreign currency		(1,656	)		3,787
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		115,302			100,854
Investments in Affiliates		(68,347	)		0
Exchange-traded or centrally cleared financial derivative instruments		(1,304	)		3,529
Over the counter financial derivative instruments		15,773			12,584
Foreign currency assets and liabilities		(7,572	)		(2,079	)
Net amortization (accretion) on investments		(18,774	)		(2,536	)
Net (decrease) from Reorganization^(a)		(228,260	)		0

Net Cash Provided by (Used for) Operating Activities		(196,452	)		405,028

Cash Flows Received from (Used for) Financing Activities:

Net proceeds from at-the-market offering		56,173			0
Net at-the-market offering cost		143			0
Increase (decrease) in overdraft due to custodian		1,547			0
Cash distributions paid*		(82,547	)		(105,594	)
Proceeds from reverse repurchase agreements		3,219,825			3,635,053
Payments on reverse repurchase agreements		(2,998,005	)		(3,941,362	)

Net Cash Received from (Used for) Financing Activities		197,136			(411,903	)

Net Increase (Decrease) in Cash and Foreign Currency		684			(6,875	)

Cash and Foreign Currency:

Beginning of period		6,061			13,418
End of period	$	6,745		$	6,543

*Reinvestment of distributions	$	11,935		$	25,412

Supplemental Disclosure of Cash Flow Information:

Interest expense paid during the period	$	272		$	4,259

Non Cash Payment in Kind	$	659		$	2,499

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

^(a)	Includes cash, accruals, assets, and liabilities received in connection with Reorganization. Please see Note 16 — Reorganization in the Notes to Financial Statements for additional information about the Reorganization.


28		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Schedule of Investments		PIMCO PCM Fund, Inc.				December 31, 2021		(Unaudited)

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 175.3%

LOAN PARTICIPATIONS AND ASSIGNMENTS 34.3%

AAdvantage Loyalty IP Ltd.
5.500% (LIBOR03M + 4.750%) due 04/20/2028 ~	$		800	$		830

Altar BidCo, Inc.
4.250% due 11/17/2028			1,112			1,109

AP Core Holdings II, LLC
6.250% (LIBOR03M + 5.500%) due 09/01/2027 ~			1,117			1,119

Caesars Resort Collection LLC
2.854% (LIBOR03M + 2.750%) due 12/23/2024 ~			2,627			2,617
3.604% (LIBOR03M + 3.500%) due 07/21/2025 ~			299			300

Carnival Corp.
4.000% (LIBOR03M + 3.250%) due 10/18/2028 ~			178			176

Cengage Learning, Inc.
5.750% (LIBOR03M + 4.750%) due 06/29/2026 ~			1,122			1,126

Clear Channel Outdoor Holdings, Inc.
3.629% (LIBOR03M + 3.500%) due 08/21/2026 ~			1,431			1,413

Dei Sales, Inc.
5.604% (LIBOR03M + 5.500%) due 04/28/2028 «~			1,086			1,086

Emerald TopCo, Inc.
3.629% (LIBOR03M + 3.500%) due 07/24/2026 ~			6			6

Encina Private Credit LLC
TBD% (LIBOR03M + 3.716%) due 11/30/2025 «~µ			2,573			2,573

Envision Healthcare Corp.
3.854% (LIBOR03M + 3.750%) due 10/10/2025 ~			3,836			3,099

ExGen Texas Power LLC
7.750% (LIBOR03M + 6.750%) due 10/08/2026 «~			1,386			1,390

Forbes Energy Services LLC (7.000% PIK)
7.000% due 06/30/2022 «(d)			630			0

HUB International Ltd.
4.000% (LIBOR03M + 3.250%) due 04/25/2025 ~			1,200			1,201

II-VI, Inc.
TBD% (LIBOR03M + 2.750%) due 12/01/2028 ~			142			142

Lealand Finance Company B.V.
3.104% (LIBOR03M + 3.000%) due 06/28/2024 «~			27			16

Lealand Finance Company B.V. (1.104% Cash and 3.000% PIK)
4.104% (LIBOR03M + 1.000%) due 06/30/2025 ~(d)			192			85

Petco Health & Wellness Co.
4.000% (LIBOR03M + 3.250%) due 03/03/2028 ~			1,112			1,112

PUG LLC
3.604% (LIBOR03M + 3.500%) due 02/12/2027 ~			702			688

Redstone Buyer LLC
5.500% (LIBOR03M + 4.750%) due 04/27/2028 ~			1,500			1,439

Rising Tide Holdings, Inc.
5.500% (LIBOR03M + 4.750%) due 06/01/2028 ~			1,095			1,093

Scientific Games International, Inc.
2.854% (LIBOR03M + 2.750%) due 08/14/2024 ~			898			896

Sequa Mezzanine Holdings LLC
11.750% (LIBOR03M + 10.750%) due 04/28/2024 ~			834			834


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Shutterfly, Inc.
5.750% (LIBOR03M + 5.000%) due 09/25/2026 ~	$		15	$		15

SkyMiles IP Ltd.
4.750% (LIBOR03M + 3.750%) due 10/20/2027 ~			300			318

Softbank Vision Fund
5.000% due 12/21/2025 «			800			800

Syniverse Holdings, Inc.
4.500% due 10/15/2028 «			2,652			2,640
6.000% (LIBOR03M + 5.000%) due 03/09/2023 ~			2,503			2,489
10.000% (LIBOR03M + 9.000%) due 03/11/2024 ~			41			41

Team Health Holdings, Inc.
3.750% (LIBOR03M + 2.750%) due 02/06/2024 ~			1,791			1,720

U.S. Renal Care, Inc.
6.500% (LIBOR03M + 5.500%) due 06/26/2026 ~			1,097			1,078

Uber Technologies, Inc.
3.604% (LIBOR03M + 3.500%) due 04/04/2025 ~			698			699
3.604% (LIBOR03M + 3.500%) due 02/25/2027 ~			299			300

United Airlines, Inc.
4.500% (LIBOR03M + 3.750%) due 04/21/2028 ~			798			803

Univision Communications, Inc.
3.750% (LIBOR03M + 2.750%) due 03/15/2024 ~			2,298			2,299

Westmoreland Mining Holdings LLC (15.000% PIK)
15.000% due 03/15/2029 (d)			813			244

Windstream Services LLC
7.250% (LIBOR03M + 6.250%) due 09/21/2027 ~			167			168

Total Loan Participations and Assignments (Cost $38,798)						37,964


CORPORATE BONDS & NOTES 38.8%

BANKING & FINANCE 8.2%

CURO Finance LLC
7.500% due 08/01/2028 (k)			900			906

Fortress Transportation & Infrastructure Investors LLC
6.500% due 10/01/2025 (k)			76			79

MGM Growth Properties Operating Partnership LP
3.875% due 02/15/2029 (k)			200			210
4.500% due 09/01/2026 (k)			200			215
5.750% due 02/01/2027 (k)			900			1,018

Navient Corp.
5.625% due 01/25/2025			51			50
6.125% due 03/25/2024 (k)			102			109

Newmark Group, Inc.
6.125% due 11/15/2023 (k)			20			21

OneMain Finance Corp.
6.125% due 03/15/2024 (k)			24			26

Piper Sandler Cos.
5.200% due 10/15/2023			900			900

Uniti Group LP
6.000% due 01/15/2030 (k)			1,065			1,026
7.875% due 02/15/2025 (k)			2,420			2,529

Voyager Aviation Holdings LLC
8.500% due 05/09/2026 (k)			2,205			2,065

						9,154


INDUSTRIALS 27.0%

American Airlines, Inc.
5.500% due 04/20/2026 (k)			600			625
5.750% due 04/20/2029 (k)			1,300			1,392

Associated Materials LLC
9.000% due 09/01/2025 (k)			770			825


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Boeing Co.
5.705% due 05/01/2040 (k)	$		193	$		248
5.805% due 05/01/2050 (k)			129			175
5.930% due 05/01/2060 (k)			310			431

Broadcom, Inc.
3.137% due 11/15/2035 (k)			100			101
3.187% due 11/15/2036 (k)			100			100

Caesars Entertainment, Inc.
6.250% due 07/01/2025 (k)			200			210

Carnival Corp.
10.500% due 02/01/2026 (k)			100			114

Charter Communications Operating LLC
3.500% due 03/01/2042 (k)			200			194
3.850% due 04/01/2061 (k)			200			189
3.950% due 06/30/2062 (k)			1,000			966
4.400% due 12/01/2061 (k)			400			415
4.800% due 03/01/2050 (k)			41			46

Community Health Systems, Inc.
6.625% due 02/15/2025 (k)			221			229
8.000% due 03/15/2026 (k)			78			82

Coty, Inc.
4.750% due 01/15/2029 (k)			1,100			1,120

CVS Pass-Through Trust
5.880% due 01/10/2028 (k)			828			937

Delta Air Lines, Inc.
7.375% due 01/15/2026 (k)			508			599

DISH DBS Corp.
5.250% due 12/01/2026 (k)			560			570

Envision Healthcare Corp.
8.750% due 10/15/2026 (k)			439			253

Exela Intermediate LLC
11.500% due 07/15/2026			17			12

Fresh Market, Inc.
9.750% due 05/01/2023 (k)			350			360

Frontier Communications Holdings LLC
6.000% due 01/15/2030 (k)			274			276

Hertz Corp.
4.625% due 12/01/2026 (k)			500			504

II-VI, Inc.
5.000% due 12/15/2029			34			35

Kontoor Brands, Inc.
4.125% due 11/15/2029 (k)			1,200			1,202

NCL Corp. Ltd.
10.250% due 02/01/2026 (k)			642			747

Noble Corp. PLC (11.000% Cash or 15.000% PIK)
11.000% due 02/15/2028 (d)			9			10

Oracle Corp.
4.100% due 03/25/2061 (j)(k)			100			104

Ortho-Clinical Diagnostics, Inc.
7.375% due 06/01/2025			4			4

Prime Healthcare Services, Inc.
7.250% due 11/01/2025 (k)			100			106

Ritchie Bros Holdings, Inc.
4.750% due 12/15/2031 (k)			800			837

Royal Caribbean Cruises Ltd.
9.125% due 06/15/2023 (k)			100			106

Spirit AeroSystems, Inc.
3.950% due 06/15/2023 (k)			520			524

Topaz Solar Farms LLC
4.875% due 09/30/2039 (k)			296			336
5.750% due 09/30/2039 (k)			2,003			2,390

Transocean Pontus Ltd.
6.125% due 08/01/2025			19			18

Transocean, Inc.