Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

Share Name	Share Symbol	Market	Type
PCM Fund Inc	NYSE:PCM	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	7.63	7.71	7.6101	7.63	23,883	01:00:00


Schedule of Investments PIMCO PCM Fund, Inc.	September 30, 2024 (Unaudited)


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 145.6% ¤
LOAN PARTICIPATIONS AND ASSIGNMENTS 19.5%
AL GCX Holdings LLC TBD% (TSFR1M + 2.750%) due 05/17/2029 ~	$	497	$	499
Cengage Learning, Inc. TBD% (TSFR6M + 4.250%) due 03/22/2031 ~		200		200
CoreWeave Compute Acquisition Co. LLC TBD% - 11.300% (TSFR3M + 6.000%) due 05/16/2029 «~µ		800		800
Diamond Sports Group LLC TBD% due 05/25/2026 «		571		475
Element Materials Technology Group U.S. Holdings, Inc. TBD% due 07/06/2029		992		997
Encina Private Credit LLC TBD% - 9.000% due 11/30/2025 «µ		522		512
Envision Healthcare Corp.
TBD% due 07/20/2026 «		81		81
TBD% due 11/03/2028 «		1,752		1,813
EPIC Y-Grade Services LP TBD% (TSFR3M + 5.750%) due 06/29/2029 ~		300		299
First Brands Group LLC TBD% due 03/30/2027		399		395
Ivanti Software, Inc. TBD% due 12/01/2027		1,143		975
LABL, Inc. TBD% due 10/29/2028		399		391
Lealand Finance Co. BV TBD% due 06/30/2027		27		15
Lealand Finance Co. BV (5.969% Cash and 3.000% PIK) 8.969% due 12/31/2027 (b)		219		84
LifePoint Health, Inc. TBD% (TSFR3M + 4.750%) due 11/16/2028 ~		557		558
Modena Buyer LLC TBD% due 07/01/2031		500		480
RealPage, Inc. TBD% due 04/24/2028		319		310
Softbank Vision Fund II TBD% due 12/23/2025 «		555		549
Syniverse Holdings, Inc. TBD% due 05/13/2027		1,983		1,964
U.S. Renal Care, Inc. TBD% due 06/20/2028		2,054		1,880
Veritas U.S., Inc. TBD% due 09/01/2025		424		399
Wesco Aircraft Holdings, Inc. TBD% (TSFR3M + 8.600%) due 10/31/2024 «~		1,025		1,097
Westmoreland Mining Holdings LLC TBD% due 03/15/2029		286		187
Windstream Services LLC TBD% due 09/21/2027		163		163

Total Loan Participations and Assignments (Cost $14,826)				15,123

CORPORATE BONDS & NOTES 23.2%
BANKING & FINANCE 3.2%
Armor Holdco, Inc. 8.500% due 11/15/2029		200		192
BGC Group, Inc. 6.600% due 06/10/2029		100		103
Navient Corp. 5.625% due 01/25/2025		51		50
SVB Financial Group
1.800% due 02/02/2031 ^(c)		284		166
4.345% due 04/29/2028 ^(c)		100		59
4.570% due 04/29/2033 ^(c)		200		117
Uniti Group LP
6.000% due 01/15/2030 (i)		1,065		910
10.500% due 02/15/2028 (i)		807		862


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2024 (Unaudited)


VoyagerAviation Holdings LLC 8.500% due 05/09/2026 ^«(c)	1,012	0

		2,459

INDUSTRIALS 19.5%
Avient Corp. 6.250% due 11/01/2031	100	103
Carvana Co. (11.000% Cash and 13.000% PIK) 24.000% due 06/01/2030 (b)	592	635
Carvana Co. (14.000% PIK) 14.000% due 06/01/2031 (b)	521	605
Carvana Co. (9.000% Cash and 12.000% PIK) 21.000% due 12/01/2028 (b)	205	212
Chobani LLC 7.625% due 07/01/2029	100	105
CVS Pass-Through Trust 5.880% due 01/10/2028 (i)	489	487
DISH DBS Corp.
5.250% due 12/01/2026	660	611
5.750% due 12/01/2028	400	350
DISH Network Corp. 11.750% due 11/15/2027	800	840
Exela Intermediate LLC (5.750% Cash and 5.750% PIK) 11.500% due 04/15/2026 (b)	15	3
Fertitta Entertainment LLC 6.750% due 01/15/2030	400	373
GN Bondco LLC 9.500% due 10/15/2031	400	421
JetBlue Airways Corp. 9.875% due 09/20/2031 (i)	400	422
Kronos Acquisition Holdings, Inc. 10.750% due 06/30/2032	400	378
LifePoint Health, Inc.
9.875% due 08/15/2030	100	110
11.000% due 10/15/2030 (i)	500	565
Newfold Digital Holdings Group, Inc. 6.000% due 02/15/2029 (i)	300	201
Olympus Water U.S. Holding Corp. 7.250% due 06/15/2031	200	208
Performance Food Group, Inc. 6.125% due 09/15/2032	100	102
PetSmart, Inc. 7.750% due 02/15/2029	200	198
Prime Healthcare Services, Inc. 9.375% due 09/01/2029	500	516
Rivian Holdings LLC 11.359% due 10/15/2026 •	500	506
Topaz Solar Farms LLC 4.875% due 09/30/2039 (i)	244	221
Transocean Aquila Ltd. 8.000% due 09/30/2028	363	372
Transocean, Inc. 8.250% due 05/15/2029	500	496
U.S. Renal Care, Inc. 10.625% due 06/28/2028 (i)	249	219
Valaris Ltd. 8.375% due 04/30/2030	100	103
Venture Global LNG, Inc.
9.500% due 02/01/2029	200	225
9.875% due 02/01/2032 (i)	300	334
Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK) 10.500% due 11/15/2026 ^«(b)(c)	4,180	3,521
Windstream Escrow LLC 7.750% due 08/15/2028 (i)	1,752	1,755

		15,197

UTILITIES 0.5%
Pacific Gas & Electric Co. 4.300% due 03/15/2045 (i)	463	388

Total Corporate Bonds & Notes (Cost $19,508)		18,044

CONVERTIBLE BONDS & NOTES 0.6%
INDUSTRIALS 0.6%
Multiplan Corp. (6.000% Cash or 7.000% PIK) 6.000% due 10/15/2027 (b)(i)	700	437


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2024 (Unaudited)


Total Convertible Bonds & Notes (Cost $691)		437

MUNICIPAL BONDS & NOTES 0.2%
PUERTO RICO 0.2%
Commonwealth of Puerto Rico Bonds, Series 2022 0.000% due 11/01/2051	278	182

Total Municipal Bonds & Notes (Cost $125)		182

U.S. GOVERNMENT AGENCIES 3.6%
Fannie Mae 4.000% due 06/25/2050 (a)	597	119
Freddie Mac
0.700% due 11/25/2055 ~(a)	5,884	394
0.755% due 05/25/2050 •(a)	1,382	198
2.079% due 11/25/2045 ~(a)	1,027	59
3.500% due 02/25/2041 (a)	1,550	223
4.000% due 07/25/2050 (a)	5,162	1,143
5.000% due 03/15/2040 (a)	136	5
10.545% due 10/25/2029 •(i)	250	270
12.945% due 12/25/2027 •	354	366

Total U.S. Government Agencies (Cost $2,778)		2,777

NON-AGENCY MORTGAGE-BACKED SECURITIES 41.5%
245 Park Avenue Trust 3.779% due 06/05/2037 ~	1,065	938
Adjustable Rate Mortgage Trust 6.266% due 01/25/2036 ~	46	44
Ashford Hospitality Trust 6.669% due 04/15/2035 •(i)	900	894
Banc of America Alternative Loan Trust 5.235% due 04/25/2037 ~	59	52
Banc of America Funding Trust
3.389% due 12/20/2034 ~	93	66
4.304% due 03/20/2036 ~	32	27
5.806% due 03/25/2037 ~	31	29
7.000% due 10/25/2037	270	193
Banc of America Mortgage Trust
5.783% due 06/25/2035 ~	36	34
6.979% due 06/20/2031 ~	96	97
Bancorp Commercial Mortgage Trust 9.193% due 08/15/2032 •(i)	145	144
Barclays Commercial Mortgage Securities Trust
3.811% due 02/15/2053 ~	1,000	807
8.219% due 10/15/2037 •(i)	900	891
BCAP LLC Trust 5.850% due 07/26/2036 ~	45	38
Bear Stearns ALT-A Trust
3.955% due 05/25/2036 ~	705	649
4.261% due 05/25/2036 ~	22	16
4.560% due 08/25/2036 ~	182	87
4.629% due 01/25/2047 ~	20	10
4.638% due 07/25/2035 ~	86	62
5.080% due 11/25/2036 ~	451	233
5.309% due 04/25/2037 •	363	320
7.125% due 09/25/2034 ~	57	54
Bear Stearns Asset-Backed Securities Trust 5.500% due 12/25/2035	21	14
Bear Stearns Commercial Mortgage Securities Trust 5.657% due 10/12/2041 ~	25	25
CBA Commercial Small Balance Commercial Mortgage 6.040% due 01/25/2039 þ	77	74
CD Mortgage Trust 5.688% due 10/15/2048	53	50
Chase Mortgage Finance Trust 6.000% due 03/25/2037	154	86
Citigroup Commercial Mortgage Trust 5.590% due 12/10/2049 ~	199	126
Citigroup Mortgage Loan Trust
5.525% due 10/25/2035 ~	877	775
5.602% due 11/25/2035 ~(i)	1,030	540
6.250% due 11/25/2037 ~	649	291
Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates 4.169% due 09/25/2035 ~	57	39
Connecticut Avenue Securities Trust 8.380% due 10/25/2041 •(i)	800	825
Countrywide Alternative Loan Trust
5.500% due 03/25/2035	370	159
5.519% due 10/25/2037 •(i)	3,340	701
5.529% due 02/25/2037 •	108	89
5.549% due 02/25/2036 •	339	302
6.000% due 11/25/2035	158	24


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2024 (Unaudited)


6.000% due 04/25/2036 (i)	2,129	1,024
Countrywide Home Loan Mortgage Pass-Through Trust
4.502% due 09/20/2036 ~	51	46
4.844% due 09/25/2047 ~	163	150
5.609% due 03/25/2035 •	60	53
6.000% due 05/25/2037	177	80
6.662% due 02/20/2036 •	2	2
6.839% due 03/25/2046 •	202	146
Credit Suisse First Boston Mortgage Securities Corp. 7.000% due 02/25/2033	26	26
Credit Suisse Mortgage Capital Mortgage-Backed Trust
6.000% due 07/25/2036 (i)	834	414
6.396% due 04/25/2036 þ	134	72
6.500% due 05/25/2036	143	62
DBGS Mortgage Trust 0.201% due 10/15/2036 ~(a)	147,870	11
Extended Stay America Trust 8.911% due 07/15/2038 •(i)	802	803
First Horizon Alternative Mortgage Securities Trust 6.193% due 08/25/2035 ~	1	0
Freddie Mac
12.780% due 10/25/2041 •(i)	1,100	1,186
13.080% due 11/25/2041 •(i)	1,100	1,194
GS Mortgage Securities Corp. Trust
4.744% due 10/10/2032 ~(i)	800	790
4.744% due 10/10/2032 ~	100	98
GS Mortgage Securities Trust 0.547% due 08/10/2043 ~(a)	1,743	5
GSR Mortgage Loan Trust 4.420% due 03/25/2047 ~	552	342
HarborView Mortgage Loan Trust 4.867% due 01/19/2036 •	364	226
IndyMac INDA Mortgage Loan Trust 4.207% due 06/25/2037 ~	81	62
IndyMac INDX Mortgage Loan Trust 3.462% due 05/25/2036 ~	88	48
JP Morgan Alternative Loan Trust 6.500% due 03/25/2036 (i)	719	406
JP Morgan Chase Commercial Mortgage Securities Trust
0.496% due 02/15/2046 «~(a)	51,098	21
6.241% due 02/12/2051 ~	18	18
6.663% due 07/05/2033 •(i)	843	725
7.444% due 02/15/2035 •	212	205
9.394% due 02/15/2035 •(i)	763	735
11.601% due 11/15/2038 •(i)	900	858
JP Morgan Mortgage Trust 7.205% due 07/25/2035 ~	6	6
Lehman Mortgage Trust
5.761% due 04/25/2036 ~	139	89
6.000% due 05/25/2037	2	2
MASTR Adjustable Rate Mortgages Trust 6.029% due 11/25/2035 ~	169	77
MASTR Asset Securitization Trust 6.000% due 06/25/2036 •	145	86
Merrill Lynch Mortgage Investors Trust
5.389% due 07/25/2030 •	8	8
5.603% due 11/25/2035 •	34	33
5.629% due 11/25/2029 •	30	27
6.266% due 02/25/2034 ~	2	2
6.971% due 05/25/2033 ~	7	7
MFA Trust
4.255% due 12/25/2066 ~(i)	1,000	836
4.448% due 08/25/2061 ~(i)	1,000	874
Morgan Stanley Capital Trust
0.818% due 11/12/2049 ~(a)	92	0
9.744% due 11/15/2034 •	400	397
Morgan Stanley Mortgage Loan Trust
6.000% due 08/25/2037	136	49
6.634% due 01/25/2035 ~	134	116
Morgan Stanley Re-REMIC Trust 4.713% due 03/26/2037 ~(i)	1,609	1,384
Mortgage Equity Conversion Asset Trust 4.000% due 07/25/2060	38	35
Natixis Commercial Mortgage Securities Trust
4.193% due 04/10/2037 ~	1,197	660
9.041% due 03/15/2035 •(i)	263	263
10.290% due 03/15/2035 •(i)	525	525
New Residential Mortgage Loan Trust 3.863% due 11/25/2059 ~(i)	2,900	1,546
Regal Trust 1.723% due 09/29/2031 •	9	8
Residential Accredit Loans, Inc. Trust
5.244% due 01/25/2036 ~	157	115
6.000% due 08/25/2035	97	87
6.000% due 06/25/2036	55	44
6.500% due 09/25/2037	104	87


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2024 (Unaudited)


ResidentialAsset Securitization Trust 6.000% due 03/25/2037	182	57
Residential Funding Mortgage Securities, Inc. Trust 6.000% due 06/25/2036	81	69
Soho Trust 2.786% due 08/10/2038 ~	450	310
Structured Adjustable Rate Mortgage Loan Trust
4.142% due 04/25/2036 ~	145	78
4.635% due 01/25/2036 ~	165	93
5.189% due 09/25/2036	13	11
Structured Asset Mortgage Investments Trust 5.389% due 08/25/2036 •(i)	274	225
TBW Mortgage-Backed Trust 6.000% due 07/25/2036	102	38
Verus Securitization Trust 7.834% due 06/25/2069 ~	500	495
WaMu Mortgage Pass-Through Certificates Trust
4.306% due 12/25/2036 ~(i)	143	129
5.869% due 10/25/2045 •(i)	2,389	2,056
5.949% due 06/25/2044 •	147	140
Washington Mutual Mortgage Pass-Through Certificates Trust 6.500% due 08/25/2036 (i)	579	490
Wells Fargo Commercial Mortgage Trust 5.092% due 12/15/2039 ~(i)	1,042	929
Worldwide Plaza Trust 3.715% due 11/10/2036 ~	2,400	141

Total Non-Agency Mortgage-Backed Securities (Cost $37,658)		32,237

ASSET-BACKED SECURITIES 45.8%
AIM Aviation Finance Ltd. 6.213% due 02/15/2040 þ(i)	659	564
Apex Credit CLO Ltd. 0.000% due 10/20/2034 ~	500	290
Asset-Backed Securities Corp. Home Equity Loan Trust
6.064% due 02/25/2035 •(i)	1,029	1,109
8.284% due 06/21/2029 •	58	56
Bear Stearns Asset-Backed Securities Trust
5.238% due 07/25/2036 ~	12	12
5.466% due 04/25/2036 •(i)	1,776	1,562
Bombardier Capital Mortgage Securitization Corp. 7.830% due 06/15/2030 ~	1,185	111
Citigroup Mortgage Loan Trust
5.289% due 12/25/2036 •(i)	992	544
5.409% due 12/25/2036 •(i)	615	248
5.669% due 11/25/2046 •(i)	1,100	933
Conseco Finance Securitizations Corp.
7.960% due 05/01/2031	324	76
9.163% due 03/01/2033 ~	699	710
Countrywide Asset-Backed Certificates Trust
5.369% due 06/25/2037 •(i)	457	474
5.374% due 09/25/2046 •(i)	4,172	3,483
5.449% due 05/25/2036 •(i)	6,808	5,791
6.844% due 10/25/2035 •(i)	2,230	1,855
Crown City CLO 0.000% due 04/20/2035 ~	600	323
EMC Mortgage Loan Trust
6.019% due 05/25/2040 •	41	47
6.269% due 02/25/2041 •	159	162
Flagship Credit Auto Trust 0.000% due 06/15/2029 «(e)	14	461
GE Capital Mortgage Services, Inc. Trust 6.705% due 04/25/2029 ~	16	14
GSAMP Trust 7.594% due 12/25/2034 •(i)	2,156	1,736
Home Equity Mortgage Loan Asset-Backed Trust
5.209% due 04/25/2037 •(i)	3,051	2,090
5.719% due 10/25/2035 •	74	74
HSI Asset Securitization Corp. Trust
5.079% due 04/25/2037 •(i)	2,688	1,427
5.309% due 12/25/2036 •(i)	4,172	1,098
Lehman XS Trust 6.260% due 11/25/2035 þ	681	311
MAN GLG U.S. CLO Ltd. 0.000% due 07/15/2034 ~	600	384
Marlette Funding Trust
0.000% due 07/16/2029 «(e)	5	14
0.000% due 03/15/2030 «(e)	8	157
MASTR Asset-Backed Securities Trust 5.189% due 08/25/2036 •(i)	2,395	914
Morgan Stanley ABS Capital, Inc. Trust
5.109% due 10/25/2036 •(i)	8,084	3,596
5.749% due 12/25/2034 •	86	81
National Collegiate Commutation Trust 0.000% due 03/25/2038 •	3,500	934


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2024 (Unaudited)


People'sFinancial Realty Mortgage Securities Trust 5.099% due 09/25/2036 •(i)	5,629	1,049
Renaissance Home Equity Loan Trust 7.238% due 09/25/2037 þ(i)	3,245	1,360
Securitized Asset-Backed Receivables LLC Trust 5.614% due 01/25/2035 •	35	38
SMB Private Education Loan Trust 0.000% due 02/16/2055 «(e)	0	187
SoFi Professional Loan Program LLC 0.000% due 09/25/2040 «(e)	339	32
Soundview Home Loan Trust 5.919% due 10/25/2037 •(i)	1,530	1,173
Structured Asset Investment Loan Trust 9.469% due 10/25/2033 •	68	78
UCFC Manufactured Housing Contract 7.900% due 01/15/2028 ~	30	29

Total Asset-Backed Securities (Cost $47,971)		35,587

	SHARES
COMMON STOCKS 10.1%
COMMUNICATION SERVICES 2.1%
Clear Channel Outdoor Holdings, Inc.(d)	108,013	173
iHeartMedia, Inc. 'A'(d)	25,745	48
iHeartMedia, Inc. 'B'«(d)	20,009	33
Syniverse Holdings, Inc.«(h)	397,203	386
Windstream Units«(d)	43,518	1,010

		1,650

CONSUMER DISCRETIONARY 2.3%
Neiman Marcus Group Ltd. LLC«(d)(h)	13,191	1,733
West Marine«(d)(h)	2,750	17

		1,750

HEALTH CARE 5.6%
Amsurg Equity«(d)(h)	81,058	4,371

INDUSTRIALS 0.1%
Mcdermott International Ltd.(d)	7,216	2
Westmoreland Mining Holdings«(d)(h)	9,154	8
Westmoreland Mining LLC«(d)(h)	9,234	39

		49

Total Common Stocks (Cost $6,748)		7,820

WARRANTS 0.0%
CONSUMER DISCRETIONARY 0.0%
West Marine - Exp. 09/08/2028«	357	0

Total Warrants (Cost $0)		0

PREFERRED SECURITIES 0.0%
BANKING & FINANCE 0.0%
SVB Financial Group 4.700% due 11/15/2031 ^(c)(g)	11,000	0

Total Preferred Securities (Cost $1)		0

REAL ESTATE INVESTMENT TRUSTS 0.8%
REAL ESTATE 0.8%
Uniti Group, Inc.	34,736	196
VICI Properties, Inc.	13,531	451


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2024 (Unaudited)


Total Real Estate Investment Trusts (Cost $256)				647

		PRINCIPAL AMOUNT (000s)
SHORT-TERM INSTRUMENTS 0.3%
U.S. TREASURY BILLS 0.3%
5.333% due 10/17/2024 (e)(f)(l)	$	274		273

Total Short-Term Instruments (Cost $273)				273

Total Investments in Securities (Cost $130,835)				113,127

		SHARES
INVESTMENTS IN AFFILIATES 13.0%
SHORT-TERM INSTRUMENTS 13.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 13.0%
PIMCO Short-Term Floating NAV Portfolio III		1,041,513		10,141

Total Short-Term Instruments (Cost $10,134)				10,141

Total Investments in Affiliates (Cost $10,134)				10,141

Total Investments 158.6% (Cost $140,969)			$	123,268
Financial Derivative Instruments(j)(k)(0.2)%(Cost or Premiums, net $1,131)				(148)
Other Assets and Liabilities, net (58.4)%				(45,400)

Net Assets Applicable to Common Shareholders 100.0%			$	77,720


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2024 (Unaudited)



NOTES TO SCHEDULE OF INVESTMENTS:

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

¤	The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.
^	Security is in default.
«	Security valued using significant unobservable inputs (Level 3).
µ	All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.
~	Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.
•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.
þ	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.
(a)	Security is an Interest Only ("IO") or IO Strip.
(b)	Payment in-kind security.
(c)	Security is not accruing income as of the date of this report.
(d)	Security did not produce income within the last twelve months.
(e)	Zero coupon security.
(f)	Coupon represents a yield to maturity.
(g)	Perpetual maturity; date shown, if applicable, represents next contractual call date.
(h)	RESTRICTED SECURITIES:
Issuer Description				Acquisition Date					Cost						Market Value				Market Value as Percentage of Net Assets Applicable to Common Shareholders

Amsurg Equity				11/02/2023 - 11/06/2023			$		3,387				$		4,371				5.62	%
Neiman Marcus Group Ltd. LLC				09/25/2020					425						1,733				2.23
Syniverse Holdings, Inc.				05/12/2022 - 05/31/2024					391						386				0.50
West Marine				09/12/2023					39						17				0.02
Westmoreland Mining Holdings				12/08/2014					267						8				0.01
Westmoreland Mining LLC				06/30/2023					61						39				0.05

						$		4,570				$		6,554				8.43%

BORROWINGS AND OTHER FINANCING TRANSACTIONS
REVERSE REPURCHASE AGREEMENTS:
Counterparty		Borrowing Rate(1)	Settlement Date		Maturity Date						Amount Borrowed(1)						Payable for Reverse Repurchase Agreements

BNY		5.940%	07/08/2024		01/08/2025					$	(2,967)					$	(3,011)
BOS		5.630	08/08/2024		11/08/2024						(311)						(313)
BPS		5.830	07/29/2024		10/29/2024						(588)						(594)
		5.830	09/30/2024		10/29/2024						(200)						(200)
		6.070	08/16/2024		02/14/2025						(270)						(272)
		6.090	07/29/2024		01/21/2025						(7,528)						(7,616)
		6.190	08/16/2024		02/14/2025						(643)						(649)
		6.390	07/29/2024		01/21/2025						(1,547)						(1,566)
BRC		4.000	09/20/2024		TBD(2)						(162)						(162)
		5.200	09/20/2024		TBD(2)						(731)						(732)
		6.090	09/12/2024		01/10/2025						(1,021)						(1,025)
		6.090	09/26/2024		01/24/2025						(113)						(113)
		6.290	09/26/2024		01/24/2025						(1,890)						(1,892)
		6.370	08/05/2024		02/05/2025						(940)						(950)
BYR		5.340	08/21/2024		12/20/2024						(506)						(510)
DBL		5.925	09/13/2024		11/08/2024						(223)						(224)
GLM		5.320	09/27/2024		06/24/2025						(538)						(538)
		5.420	09/27/2024		06/24/2025						(609)						(610)
		6.180	02/08/2024		10/29/2024						(516)						(538)
IND		5.410	09/18/2024		12/17/2024						(660)						(661)
		5.460	09/18/2024		12/17/2024						(731)						(732)
		5.530	09/27/2024		12/30/2024						(579)						(579)
		5.580	09/27/2024		12/30/2024						(1,414)						(1,414)


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2024 (Unaudited)


MZF							5.680				09/18/2024						03/18/2025								(4,121)										(4,130)
RTA							5.880				09/19/2024						01/21/2025								(639)										(641)
							6.030				10/01/2024						11/15/2024								(158)										(158)
							6.040				09/17/2024						11/01/2024								(158)										(158)
							6.130				07/08/2024						10/08/2024								(1,730)										(1,757)
SOG							5.690				07/29/2024						10/29/2024								(468)										(473)
							6.040				08/20/2024						02/20/2025								(667)										(672)
TDM							5.000				09/20/2024						TBD(2)								(19)										(19)
UBS							5.170				10/02/2024						01/03/2025								(1,102)										(1,102)
							5.680				09/10/2024						03/10/2025								(4,212)										(4,226)
							5.850				07/02/2024						10/02/2024								(1,067)										(1,083)
							6.510				07/10/2024						10/08/2024								(6,170)										(6,263)

Total Reverse Repurchase Agreements																																$			(45,583)

(i)	Securities with an aggregate market value of $58,655 have been pledged as collateral under the terms of master agreements as of September 30, 2024.
(1)	The average amount of borrowings outstanding during the period ended September 30, 2024 was $(47,457) at a weighted average interest rate of 6.372%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(2)	Open maturity reverse repurchase agreement.
(j)	FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
SHORT FUTURES CONTRACTS
																					Variation Margin
Description						Expiration Month			# of Contracts					Notional Amount								Unrealized Appreciation/ (Depreciation)							Asset									Liability

3-Month SOFR Active Contract December Futures						03/2025			1			$		(240)					$			5					$		0					$				0
3-Month SOFR Active Contract December Futures						03/2026			1					(243)								2							0									0
3-Month SOFR Active Contract June Futures						09/2025			2					(484)								5							1									0
3-Month SOFR Active Contract March Futures						06/2025			2					(482)								7							1									0
3-Month SOFR Active Contract March Futures						06/2026			1					(243)								2							0									0
3-Month SOFR Active Contract September Futures						12/2024			2					(476)								12							0									0
3-Month SOFR Active Contract September Futures						12/2025			1					(242)								2							0									0

Total Futures Contracts																		$			35					$		2					$				0

SWAP AGREEMENTS:
INTEREST RATE SWAPS
																					Variation Margin(1)
Pay/ Receive Floating Rate		Floating Rate Index	Fixed Rate	Payment Frequency	Maturity Date					Notional Amount					Premiums Paid/ (Received)					Unrealized Appreciation/ (Depreciation)				Market Value							Asset								Liability

Receive		1-Day USD-SOFR Compounded-OIS	2.450%	Annual	12/20/2024			$		3,800			$		0	$				109			$	109						$	1					$			0
Receive		1-Day USD-SOFR Compounded-OIS	2.350	Annual	01/17/2025					1,900					0					55				55							0								0
Receive		1-Day USD-SOFR Compounded-OIS	2.300	Annual	01/17/2026					300					0					12				12							1								0
Pay		1-Day USD-SOFR Compounded-OIS	1.250	Semi-Annual	12/15/2026					200					(1)					(9)				(10)							0								0
Pay		1-Day USD-SOFR Compounded-OIS	1.550	Semi-Annual	01/20/2027					1,900					(4)					(100)				(104)							0								(4)
Pay		1-Day USD-SOFR Compounded-OIS	0.500	Semi-Annual	06/16/2028					140					(5)					(10)				(15)							0								0
Pay		1-Day USD-SOFR Compounded-OIS	3.750	Annual	12/20/2028					4,900					45					(17)				28							0								(12)
Pay		1-Day USD-SOFR Compounded-OIS	1.700	Semi-Annual	01/12/2029					2,000					(6)					(158)				(164)							0								(5)
Pay		1-Day USD-SOFR Compounded-OIS	4.250	Annual	06/19/2029					7,800					(32)					344				312							0								(22)
Pay		1-Day USD-SOFR Compounded-OIS	4.500	Annual	06/17/2030					10,300					8					630				638							0								(31)
Receive		1-Day USD-SOFR Compounded-OIS	1.370	Semi-Annual	07/19/2031					100					0					14				14							0								0
Receive		1-Day USD-SOFR Compounded-OIS	1.360	Semi-Annual	07/20/2031					100					0					14				14							0								0
Receive		1-Day USD-SOFR Compounded-OIS	3.500	Annual	12/20/2033					1,800					54					(54)				0							6								0
Receive		1-Day USD-SOFR Compounded-OIS	3.000	Semi-Annual	12/19/2038					5,200					13					352				365							17								0
Receive		1-Day USD-SOFR Compounded-OIS	2.000	Semi-Annual	01/15/2050					100					(1)					30				29							0								0
Receive		1-Day USD-SOFR Compounded-OIS	1.625	Semi-Annual	01/16/2050					400					0					140				140							1								0


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2024 (Unaudited)


Receive			1-Day USD-SOFR Compounded-OIS		1.750	Semi-Annual	01/22/2050		700							(4)							233									229								2									0
Receive			1-Day USD-SOFR Compounded-OIS		1.625	Semi-Annual	02/03/2050		400							(2)							141									139								1									0
Receive			1-Day USD-SOFR Compounded-OIS		1.450	Semi-Annual	04/07/2051		1,300							(1)							504									503								4									0
Receive			1-Day USD-SOFR Compounded-OIS		1.750	Annual	06/15/2052		5,700							994							687									1,681								18									0
Receive			1-Day USD-SOFR Compounded-OIS		1.750	Annual	12/21/2052		2,800							674							206									880								8									0

Total Swap Agreements													$		1,732				$			3,123							$		4,855						$		59					$				(74)

Cash of $1,150 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2024.
(k)		FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION(1)
																								Swap Agreements, at Value(3)
Counterparty				Index/Tranches				Fixed Receive Rate		Payment Frequency				Maturity Date						Notional Amount(2)							Premiums Paid/(Received)								Unrealized Appreciation/ (Depreciation)								Asset							Liability

GST				ABX.HE.AA.6-1 Index «				0.320%		Monthly				07/25/2045			$			1,484						$	(296)						$		186						$		0			$				(110)
				ABX.HE.PENAAA.7-1 Index «				0.090		Monthly				08/25/2037						398							(305)								280								0							(25)

Total Swap Agreements																								$	(601)						$			466				$			0				$		(135)

(l)		Securities with an aggregate market value of $273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2024.
(1)		If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2)		The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(3)		The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2024 in valuing the Fund's assets and liabilities:

Category and Subcategory											Level 1							Level 2										Level 3								Fair Value at 09/30/2024

Investments in Securities, at Value
Loan Participations and Assignments											$	0						$			9,796							$		5,327						$						15,123
Corporate Bonds & Notes
	Banking & Finance											0									2,459									0												2,459
	Industrials											0									11,676									3,521												15,197
	Utilities											0									388									0												388
Convertible Bonds & Notes
	Industrials											0									437									0												437
Municipal Bonds & Notes
	Puerto Rico											0									182									0												182
U.S. Government Agencies												0									2,777									0												2,777
Non-Agency Mortgage-Backed Securities												0									32,216									21												32,237
Asset-Backed Securities												0									34,736									851												35,587
Common Stocks
	Communication Services											221									0									1,429												1,650
	Consumer Discretionary											0									0									1,750												1,750
	Health Care											0									0									4,371												4,371
	Industrials											2									0									47												49
Real Estate Investment Trusts
	Real Estate											647									0									0												647
Short-Term Instruments
	U.S. Treasury Bills											0									273									0												273

											$	870						$			94,940							$		17,317						$						113,127
Investments in Affiliates, at Value
Short-Term Instruments
	Central Funds Used for Cash Management Purposes										$	10,141						$			0							$		0						$						10,141

Total Investments											$	11,011						$			94,940							$		17,317						$						123,268

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared											$	0						$			61							$		0						$						61

Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared												0									(74)									0												(74)
Over the counter												0									0									(135)												(135)


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2024 (Unaudited)


											$		0						$		(74)				$	(135)			$		(209)

Total Financial Derivative Instruments											$		0						$		(13)				$	(135)			$		(148)

Totals											$		11,011						$		94,927				$	17,182			$		123,120



The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2024:
Category and Subcategory		Beginning Balance at 06/30/2024			Net Purchases (1)		Net Sales/Settlements (1)			Accrued Discounts/ (Premiums)					Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation) (2)					Transfers into Level 3				Transfers out of Level 3			Ending Balance at 09/30/2024			Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 09/30/2024 (2)

Investments in Securities, at Value
Loan Participations and Assignments		$	4,920		$	31	$	(181)	$			(3)		$		0	$			85		$		475			$	0		$		5,327	$	79
Corporate Bonds & Notes
	Banking & Finance			134		0		(164)				0				9				21				0				0				0		(115)
	Industrials			3,804		0		0				0				0				(283)				0				0				3,521		(283)
Non-Agency Mortgage-Backed Securities			1,173			0		(65)				3				(3)				91				0				(1,178)				21		20
Asset-Backed Securities			1,848			0		(193)				2				(240)				(80)				0				(486)				851		(368)
Common Stocks
	Communication Services(3)			1,129		0		0				0				0				300				0				0				1,429		302
	Consumer Discretionary(4)			1,799		0		0				0				0				(49)				0				0				1,750		(50)
	Energy			173		0		(187)				0				138				(124)				0				0				0		0
	Health Care			4,013		0		0				0				0				358				0				0				4,371		359
	Industrials			60		0		0				0				0				(13)				0				0				47		(12)
Preferred Securities
	Industrials			0		0		0				0				(604)				604				0				0				0		0

		$	19,053		$	31	$	(790)	$			2		$		(700)	$			910		$		475			$	(1,664)		$		17,317	$	(68)
Financial Derivative Instruments- Liabilities
Over the counter		$	(144)		$	3	$	(54)	$			0		$		27	$			33		$		0			$	0		$		(135)	$	5

Totals		$	18,909		$	34	$	(844)	$			2		$		(673)	$			943		$		475			$	(1,664)		$		17,182	$	(63)


The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:
									(% Unless Noted Otherwise)

Category and Subcategory			Ending Balance at 09/30/2024		Valuation Technique		Unobservable Inputs		Input Value(s)	Weighted Average

Investments in Securities, at Value
Loan Participations and Assignments			$	81		Comparable Companies	EBITDA Multiple	X	15.500	—
				2,958		Discounted Cash Flow	Discount Rate		7.220 - 25.750	14.864
				475		Expected Recovery	Recovery Rate		83.144	—
				1,813		Third Party Vendor	Broker Quote		103.500	—
Corporate Bonds & Notes
	Industrials			3,521		Comparable Companies/Discounted Cash Flow	Revenue Multiple/Discount Rate	X/%	1.000/9.500	—
Non-Agency Mortgage-Backed Securities				21		Discounted Cash Flow	Discount Rate		99.999	—
Asset-Backed Securities				851		Discounted Cash Flow	Discount Rate		12.000 - 99.999	79.386
Common Stocks
	Communication Services			1,010		Comparable Companies	EBITDA Multiple	X	4.438	—
				386		Discounted Cash Flow	Discount Rate		12.950	—
				33		Reference Instrument	Stock Price w/Liquidity Discount		10.000	—
	Consumer Discretionary			1,733		Comparable Companies/Discounted Cash Flow	Comparable Companies/Discount Rate/Revenue multiple	X/X/%	0.610/6.830/10.000	—
				17		Discounted Cash Flow/Comparable Companies	Discount Rate/Revenue multiple	%/X	20.750/0.500	—
	Health Care			4,371		Comparable Companies	EBITDA Multiple	X	15.500
	Industrials			47		Indicative Market Quotation	Broker Quote	$	0.880 - 4.250	3.679
Financial Derivative Instruments- Liabilities
	Over the counter			(135)		Indicative Market Quotation	Broker Quote	$	92.500 - 93.500	92.687

Total			$	17,182

(1)		Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.
(2)		Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2024 may be due to an investment no longer held or categorized as Level 3 at period end.


Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)	September 30, 2024 (Unaudited)


(3)		Sector type updated from Industrials and Utilities to Communication Services since prior fiscal year end.
(4)		Sector type updated from Industrials and Utilities to Consumer Discretionary since prior fiscal year end.

Notes to Financial Statements

1. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

Notes to Financial Statements (Cont.)

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

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

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

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

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

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

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

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

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

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

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

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

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

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are

Notes to Financial Statements (Cont.)

observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

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

Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indexes, and/or other financial instruments, whose pricing information is readily available. Unobservable inputs may include those used in algorithms based on percentage change in the reference instruments and/or weights of each reference instrument. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source or input of the reference instrument.

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

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

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

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

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

2. FEDERAL INCOME TAX MATTERS

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

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

In accordance with U.S. GAAP, the Manager has reviewed the Fund's tax positions for all open tax years. As of September 30, 2024, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expect to take in future tax returns.

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

3. INVESTMENTS IN AFFILIATES

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. A copy of each affiliate fund’s shareholder report is available at the U.S Securities and Exchange Commission (“SEC”) website at www.sec.gov, on the Fund’s website at www.pimco.com, or upon request, as applicable. The tables below show the Fund's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2024 (amounts in thousands†):

Investment in PIMCO Short-Term Floating NAV Portfolio III


	Market Value 06/30/2024		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 09/30/2024		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
$	8,525	$	12,809	$	(11,200)	$	2	$	5	$	10,141	$	112	$	0

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

(1) The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund.

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

Counterparty Abbreviations:
BNY	Bank of New York Mellon	DBL	Deutsche Bank AG London	RTA	RBC (Barbados) Trading Bank Corp.
BOS	BofA Securities, Inc.	GLM	Goldman Sachs Bank USA	SOG	Societe Generale Paris
BPS	BNP Paribas S.A.	GST	Goldman Sachs International	TDM	TD Securities (USA) LLC
BRC	Barclays Bank PLC	IND	Crédit Agricole Corporate and Investment Bank S.A.	UBS	UBS Securities LLC
BYR	The Bank of Nova Scotia - Toronto	MZF	Mizuho Securities USA LLC

Currency Abbreviations:
USD (or $)	United States Dollar

Index/Spread Abbreviations:
ABX.HE	Asset-Backed Securities Index - Home Equity	TSFR1M	Term SOFR 1-Month	TSFR6M	Term SOFR 6-Month
SOFR	Secured Overnight Financing Rate	TSFR3M	Term SOFR 3-Month

Other Abbreviations:
ABS	Asset-Backed Security	OIS	Overnight Index Swap	TBA	To-Be-Announced
ALT	Alternate Loan Trust	PIK	Payment-in-Kind	TBD	To-Be-Determined
CLO	Collateralized Loan Obligation	REMIC	Real Estate Mortgage Investment Conduit	TBD%	Interest rate to be determined when loan settles or at the time of funding

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