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: 811-21734

PIMCO Global StocksPlus® & Income Fund

(Exact name of registrant as specified in charter)

1633 Broadway, New York, NY 10019

(Address of principal executive offices)

Bradley Todd

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, 2019

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).

PIMCO CLOSED-END FUNDS

Semiannual Report

December 31, 2019

PCM Fund, Inc. | PCM | NYSE

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

PIMCO Income Opportunity Fund | PKO | NYSE

PIMCO Strategic Income Fund, Inc. | RCS | NYSE

PIMCO Dynamic Credit and Mortgage Income Fund | PCI | NYSE

PIMCO Dynamic Income Fund | PDI | NYSE

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, pimco.com/literature, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by visiting pimco.com/edelivery or by contacting your financial intermediary, such as a broker-dealer or bank.

You may elect to receive all future reports in paper free of charge. If you own these shares through a financial intermediary, such as a broker-dealer or bank, you may contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 844.337.4626. Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Fund or to all funds held in your account if you invest through a financial intermediary, such as a broker-dealer or bank.

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				22
Consolidated Statements of Assets and Liabilities				23
Statements of Operations				24
Consolidated Statements of Operations				25
Statements of Changes in Net Assets				26
Consolidated Statements of Changes in Net Assets				28
Statements of Cash Flows				29
Consolidated Statements of Cash Flows				30
Notes to Financial Statements				111
Glossary				135
Changes to Boards of Trustees				136
Fund	Fund Summary		Schedule of Investments
PCM Fund, Inc.		11		31
PIMCO Global StocksPLUS® & Income Fund		12		41
PIMCO Income Opportunity Fund		13		54
PIMCO Strategic Income Fund, Inc.		14		68
PIMCO Dynamic Credit and Mortgage Income Fund(1)		15		80
PIMCO Dynamic Income Fund(1)		16		97

⁽¹⁾   Consolidated Schedule of Investments

Letter from the Chair of the Board & President

Dear Shareholder,

Following this letter is the PIMCO Closed-End Funds Semiannual Report, which covers the six-month reporting period ended December 31, 2019. On the subsequent pages, you will find specific details regarding investment results and discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2019

The U.S. economy continued to expand during the reporting period. U.S. gross domestic product (“GDP”) grew at an annual pace of 3.1% and 2.0% during the first and second quarters of 2019, respectively. For the third quarter of 2019, GDP growth rose to an annual pace of 2.1%. Finally, the Commerce Department’s initial reading for fourth quarter 2019 GDP, released after the reporting period ended, showed that the U.S. economy grew at a 2.1% annual pace.

After raising rates four times in 2018, the Federal Reserve (the “Fed”) reversed course and had a “dovish pivot.” Following the Fed’s meeting that concluded on July 31, 2019, the Fed lowered the federal funds rate by 0.25% to a range between 2.00% and 2.25%. This represented the Fed’s first rate cut since 2008. At the Fed’s meeting that ended on September 18, 2019, the Fed again reduced the federal funds rate by 0.25% to a range between 1.75% and 2.00%. Finally, at the Fed’s meeting that concluded on October 30, 2019, the Fed lowered the federal funds rate to a range between 1.50% and 1.75%.

Economic activity outside the U.S. continued to expand, but the pace of expansion generally moderated. According to the International Monetary Fund’s (“IMF”) January 2020 World Economic Outlook Update, released after the reporting period ended, global growth is projected to have been 2.9% in 2019, versus 3.6% in 2018. From a regional perspective, the IMF expects the U.S. economy to expand 2.3% in 2019, compared to 2.9% in the prior calendar year. Elsewhere, the IMF anticipates that 2019 GDP growth in the eurozone, U.K. and Japan will be 1.2%, 1.3% and 1.0%, respectively. For comparison purposes, these economies expanded 1.9%, 1.3% and 0.3%, respectively, in 2018.

Against this backdrop, in September 2019, the European Central Bank (the “ECB”) cut its deposit rate from -0.4% to -0.5% — a record low — and restarted bond purchases of €20 billion a month in November 2019. Elsewhere, the Bank of Japan largely maintained its highly accommodative monetary policies. The Bank of England kept rates on hold, although there was speculation that it may reduce rates given the uncertainties related to Brexit. However, in December 2019, Prime Minister Boris Johnson won the general election, likely paving the way for a faster Brexit resolution.

The U.S. Treasury yield curve steepened as two-year Treasury rates declined more than their 10-year counterparts. In our view, falling rates were partially due to signs of moderating global growth, the Fed’s dovish pivot and periods of investor risk aversion. The yield on the benchmark 10-year U.S. Treasury note was 1.92% at the end of the reporting period, versus 2.00% on June 30, 2019. The Bloomberg Barclays Global Treasury Index (USD Hedged), which tracks fixed-rate, local-currency government debt of investment grade countries, including both developed and emerging markets, returned 1.64%. Meanwhile, the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade bonds, returned 3.35%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, also generated positive results. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below investment grade bonds, returned 4.07%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 3.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 4.37%.

Global equities produced positive results and, despite periods of volatility, U.S. equities rose sharply. We believe the increase in U.S. equities was driven by a number of factors, including corporate profits that often exceeded lowered expectations, a more accommodative Fed, and the “Phase 1” trade agreement between the U.S. and China. All told,

2 PIMCO CLOSED-END FUNDS

U.S. equities, as represented by the S&P 500 Index, returned 10.92%. Emerging market equities, as measured by the MSCI Emerging Markets Index, returned 7.09%, whereas global equities, as represented by the MSCI World Index, returned 9.14%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 12.26% and European equities, as represented by the MSCI Europe Index (in EUR), returned 8.43%.

Commodity prices fluctuated and were mixed during the reporting period. When the reporting period began, Brent crude oil was approximately $67 a barrel. While the price gyrated, it ended the period at roughly $66 a barrel. Elsewhere, copper and gold prices moved higher.

Finally, there were periods of volatility in the foreign exchange markets, due in part, in our view, to signs of moderating global growth, trade conflicts, and changing central bank monetary policies, along with a number of geopolitical events. The U.S. dollar strengthened against a number of other major currencies. For example, the U.S. dollar returned 1.41% and 0.70% versus the euro and the Japanese yen, respectively. However, the U.S. dollar fell 4.42% versus the British pound.

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, 2019 3

Important Information About the Funds

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 yield 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). 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 movement in interest rates.

As of the date of this report, interest rates in the U.S. and many parts of the world, including certain European countries, are 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. In addition, in the current low interest rate environment, the market price of the Funds’ common shares may be particularly sensitive to changes in interest rates or the perception that there will be a change in interest rates. 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.

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 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 long-term 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 and other Funds may also 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 for the principal purpose of generating distributable gains (characterized as ordinary income for tax purposes) and that are not part of the Fund’s duration or yield curve management strategies (“paired swap transactions”). In a paired swap transaction, a Fund would generally enter into one or more interest rate swap agreements whereby the Fund agrees to make regular payments starting at the time the Fund enters into the agreements equal to a floating interest rate in return for payments equal to a fixed interest rate (the “initial leg”). The 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, the Fund would make regular payments equal to a fixed interest rate in return for receiving payments equal to a

4 PIMCO CLOSED-END FUNDS

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 the use of derivatives, to, among other things, seek to generate current, distributable income, even if such strategies could potentially result in declines in the Fund’s 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 the 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 the Fund’s debt investments, or arising from its use of derivatives. For instance, a significant portion of PGP’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 the Fund will later realize a 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.

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.

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,

SEMIANNUAL REPORT DECEMBER 31, 2019 5

Important Information About the Funds (Cont.)

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.

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.

The United States presidential administration’s enforcement of tariffs on goods from other countries, with a focus on China, has contributed to international trade tensions and may impact portfolio securities.

A Fund may have significant exposure to issuers in the United Kingdom. The United Kingdom’s decision to leave the European Union may impact Fund returns. This decision 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 phase out the use of LIBOR by the end of 2021. 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), and any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests are not known and could result in losses to a Fund.

Under the direction of the Federal Housing Finance Agency, the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Mortgage Corporation (“FHLMC”) have entered into a joint initiative to develop a common securitization platform for the issuance of a uniform mortgage-backed security (the “Single Security Initiative”) that aligns the characteristics of FNMA and FHLMC certificates. The Single Security Initiative was implemented on June 3, 2019, and the effects it may have on the market for mortgage-backed securities are uncertain.

Investments in loans (including whole loans) 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.

6 PIMCO CLOSED-END FUNDS

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”). 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.

SEMIANNUAL REPORT DECEMBER 31, 2019 7

Important Information About the Funds (Cont.)

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 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 generally are less sensitive to interest rate changes but 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

8 PIMCO CLOSED-END FUNDS

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, 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.

The Funds may invest in securities and instruments that are economically tied to Russia. Investments in Russia are subject to various risks such as political, economic, legal, market and currency risks. The risks include uncertain political and economic policies, short-term market volatility, poor accounting standards, corruption and crime, an inadequate regulatory system, and unpredictable taxation. Investments in Russia are particularly subject to the risk that economic sanctions may be imposed by the United States and/or other countries. Such sanctions — which may impact companies in many sectors, including energy, financial services and defense, among others — may negatively impact the Funds’ performance and/or ability to achieve their investment objectives. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, a smaller market capitalization and a smaller number of traded securities.

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 investment management 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, credit risk, stressed securities risk, distressed and defaulted securities risk, corporate bond risk, contingent convertible securities risk, high yield risk, market risk, issuer risk, liquidity risk, equity securities and related market risk, mortgage-related and other asset-backed securities risk, extension risk, prepayment risk, privately issued mortgage-related securities risk, mortgage market, foreign (non-U.S.) investment risk, emerging markets risk, currency risk, redenomination risk, non-diversification risk, management risk, municipal bond risk, inflation-indexed security risk, senior debt risk, loans, participations and assignments risk, subprime risk, subprime loan risk, reinvestment risk, real estate risk, U.S. Government securities risk, foreign (non-U.S.) government securities risk, valuation risk, segregation and cover risk, focused investment risk, credit default swaps risk, event-linked securities risk, counterparty risk, preferred securities risk, confidential information access risk, other investment companies risk, private placements risk, inflation/deflation risk, risk of regulatory changes, regulatory risk — LIBOR, regulatory risk — commodity pool operator, tax risk, recent economic conditions risk, market disruption and geopolitical risk, potential conflicts of interest involving allocation of investment opportunities, repurchase agreements risk, securities lending risk, zero-coupon bond and payment-in-kind securities risk, portfolio turnover risk, smaller company risk, short sale risk, convertible securities risk, mortgage-related and other asset-backed securities risk, synthetic convertible securities risk, market discount risk, interest rate risk, call risk, loan origination risk, foreign loan originations risk, platform risk, leverage risk, derivatives risk, Rule 144A securities risk, subsidiary risk, structured investments risk, collateralized loan obligations risk, operational risk and cyber security 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 all dividend and capital gain distributions were reinvested. Total return is calculated by determining the percentage change in NAV or market price (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,

SEMIANNUAL REPORT DECEMBER 31, 2019 9

Important Information About the Funds (Cont.)

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 following table discloses the commencement of operations and diversification status of each Fund:

Fund Name	Commencement of Operations		Diversification Status
PCM Fund, Inc.		09/02/93		Diversified
PIMCO Global StocksPLUS® & Income Fund		05/31/05		Diversified
PIMCO Income Opportunity Fund		11/30/07		Diversified
PIMCO Strategic Income Fund, Inc.		02/24/94		Diversified
PIMCO Dynamic Credit and Mortgage Income Fund		01/31/13		Diversified
PIMCO Dynamic Income Fund		05/30/12		Diversified

An investment in a Fund is not a deposit of a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. 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 original or any subsequent 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 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 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 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. 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 30, 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. Prior to its use of Form N-PORT, each Fund filed its complete schedule of its portfolio holdings with the SEC on Form N-Q, which is available online at www.sec.gov.

The SEC adopted a rule that, beginning in 2021, generally will allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Pursuant to the rule, investors may still elect to receive a complete shareholder report in the mail. Instructions for electing to receive paper copies of a Fund’s shareholder reports going forward may be found on the front cover of this report.

The SEC has issued a proposed rule relating to a registered investment company’s use of derivatives and related instruments that, if adopted, could potentially require funds to reduce their use of leverage and/or observe more stringent asset coverage and related requirements than are currently imposed by the Act.

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

10 PIMCO CLOSED-END FUNDS

PCM Fund, Inc.

Symbol on NYSE -  PCM

Allocation Breakdown as of December 31, 2019^†§

Asset-Backed Securities	40.5%
Non-Agency Mortgage-Backed Securities	23.4%
Corporate Bonds & Notes	14.8%
Loan Participations and Assignments	10.6%
Short-Term Instruments	2.9%
U.S. Government Agencies	2.8%
Preferred Securities	1.7%
Real Estate Investment Trusts	1.4%
Common Stocks	1.0%
Other	0.9%

^†   % 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, 2019)⁽¹⁾

Market Price	$11.46
NAV	$10.03
Premium/(Discount) to NAV	14.26%
Market Price Distribution Rate(2)	8.38%
NAV Distribution Rate(2)	9.57%
Total Effective Leverage(3)	41%

Average Annual Total Return(1) for the period ended December 31, 2019
	6 Month*		1 Year		5 Years		10 Years		Commencement of Operations (09/02/93)
Market Price		5.85%		23.51%		12.53%		15.00%		9.28%
NAV		3.24%		12.51%		9.66%		14.13%		9.29%

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. 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 made on Form 1099 DIV sent to shareholders each January.

⁽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

PCM Fund, Inc.’s primary investment objective is to achieve high current income. Capital gains from the disposition of investments are a secondary objective of the Fund.

Fund Insights at NAV

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

» Exposure to U.S. non-Agency residential mortgage backed securities contributed to absolute performance as the asset class posted positive returns during the reporting period.

» Exposure to high yield credit contributed to absolute performance as the asset class posted positive returns during the reporting period.

» Exposure to specific special situations positions contributed to performance as select securities posted positive returns during the reporting period.

» Interest rate hedges on the long end of the U.S. yield curve detracted from absolute performance as U.S. interest rates decreased during the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2019 11

PIMCO Global StocksPLUS^® & Income Fund

Symbol on NYSE -  PGP

Allocation Breakdown as of December 31, 2019^†§

U.S. Government Agencies	24.5%
Corporate Bonds & Notes	23.0%
Non-Agency Mortgage-Backed Securities	15.0%
Asset-Backed Securities	9.4%
Loan Participations and Assignments	8.6%
Short-Term Instruments	7.3%
Preferred Securities	4.5%
Sovereign Issues	3.3%
Real Estate Investment Trusts	1.6%
Municipal Bonds & Notes	1.1%
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, 2019)⁽¹⁾

Market Price	$11.96
NAV	$9.90
Premium/(Discount) to NAV	20.81%
Market Price Distribution Rate(2)	9.43%
NAV Distribution Rate(2)	11.39%
Total Effective Leverage(3)	34%

Average Annual Total Return(1) for the period ended December 31, 2019
	6 Month*		1 Year		5 Years		10 Years		Commencement of Operations (05/31/05)
Market Price		0.84%		13.22%		1.55%		7.15%		8.60%
NAV		6.22%		26.53%		11.64%		16.27%		12.18%

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. 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.

⁽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 made on Form 1099 DIV sent to shareholders each January.

⁽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

PIMCO Global StocksPLUS^® & Income Fund’s primary 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:

» The Fund’s exposure to equity index derivatives linked to the S&P 500 Index and MSCI EAFE Index contributed to absolute returns as the 50/50 mix index returned 9.02%.

» Exposure to U.S. non-Agency residential mortgage-backed securities (“MBS”) contributed to absolute performance as the asset class posted positive returns during the reporting period.

» Holdings of corporate credit and Agency MBS contributed to returns as the respective sectors posted positive returns.

» A defensive options strategy involving written calls and purchased puts on the S&P 500 Index detracted from absolute performance, as the S&P 500 Index returned 10.92% during the period.

» Exposure to Argentina debt detracted from returns as Argentine debt posted negative returns during the reporting period.

» Holdings of select asset-backed securities detracted from returns as these securities posted negative performance.

12 PIMCO CLOSED-END FUNDS

PIMCO Income Opportunity Fund

Symbol on NYSE -  PKO

Allocation Breakdown as of December 31, 2019^†§

Corporate Bonds & Notes	34.1%
Non-Agency Mortgage-Backed Securities	18.4%
Asset-Backed Securities	17.6%
Loan Participations and Assignments	14.9%
Preferred Securities	4.1%
Sovereign Issues	3.4%
Short-Term Instruments	2.8%
Real Estate Investment Trusts	1.3%
U.S. Government Agencies	1.3%
Other	2.1%

^†   % 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, 2019)⁽¹⁾

Market Price	$27.79
NAV	$24.24
Premium/(Discount) to NAV	14.65%
Market Price Distribution Rate(2)	8.20%
NAV Distribution Rate(2)	9.41%
Total Effective Leverage(3)	35%

Average Annual Total Return(1) for the period ended December 31, 2019
	6 Month*		1 Year		5 Years		10 Years		Commencement of Operations (11/30/07)
Market Price		7.76%		20.35%		13.40%		14.30%		12.69%
NAV		3.01%		13.01%		9.72%		13.17%		11.91%

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. 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 made on Form 1099 DIV sent to shareholders each January.

⁽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

PIMCO Income Opportunity Fund’s investment objective is to seek current income as a primary focus and also capital appreciation.

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 investment grade and high yield credit posted positive returns during the reporting period.

» Exposure to bank capital contributed to absolute performance as the asset class posted positive returns during the reporting period.

» Issuance of additional shares through at-the-money offerings at a premium to net asset value contributed to absolute performance.

» Exposure to Argentinian debt detracted from absolute performance as it posted negative returns during the reporting period.

» Interest rate hedges on the long end of the U.S. yield curve detracted from absolute performance as U.S. interest rates decreased during the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2019 13

PIMCO Strategic Income Fund, Inc.

Symbol on NYSE -  RCS

Allocation Breakdown as of December 31, 2019^†§

U.S. Government Agencies	61.8%
Corporate Bonds & Notes	13.0%
Non-Agency Mortgage-Backed Securities	8.8%
Asset-Backed Securities	6.3%
Loan Participations and Assignments	4.6%
Short-Term Instruments	2.1%
Sovereign Issues	1.6%
Preferred Securities	1.1%
Other	0.7%

^†   % 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, 2019)⁽¹⁾

Market Price	$9.09
NAV	$6.96
Premium/(Discount) to NAV	30.60%
Market Price Distribution Rate(2)	8.08%
NAV Distribution Rate(2)	10.55%
Total Effective Leverage(3)	45%

Average Annual Total Return(1) for the period ended December 31, 2019
	6 Month*		1 Year		5 Years		10 Years		Commencement of Operations (02/24/94)
Market Price		(2.46)%		2.04%		9.49%		10.11%		8.91%
NAV		3.12%		12.12%		7.44%		10.56%		8.57%

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. 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 made on Form 1099 DIV sent to shareholders each January.

⁽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 primary investment objective of PIMCO Strategic Income Fund, Inc. 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 U.S. residential mortgage backed securities contributed to absolute performance as the asset class posted positive returns during the reporting period.

» Exposure to corporate credit contributed to absolute performance as investment grade and high yield credit posted positive returns during the reporting period.

» Exposure to bank capital contributed to absolute performance as the asset class posted positive returns during the reporting period.

» Exposure to Argentinian debt detracted from absolute performance as Argentinian debt posted negative returns during the reporting period.

» Interest rate exposure in the intermediate portion of the U.S. yield curve detracted from absolute performance as U.S. interest rates broadly increased in the second half of the reporting period.

14 PIMCO CLOSED-END FUNDS

PIMCO Dynamic Credit and Mortgage Income Fund

Symbol on NYSE -  PCI

Allocation Breakdown as of December 31, 2019^†§

Asset-Backed Securities	31.1%
Corporate Bonds & Notes	22.6%
Non-Agency Mortgage-Backed Securities	22.6%
Loan Participations and Assignments	10.0%
Short-Term Instruments	2.9%
Sovereign Issues	2.6%
Preferred Securities	2.5%
U.S. Government Agencies	2.4%
Real Estate Investment Trusts	1.1%
Common Stocks	1.0%
Other	1.2%

^†   % 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, 2019)⁽¹⁾

Market Price	$25.20
NAV	$22.87
Premium/(Discount) to NAV	10.19%
Market Price Distribution Rate(2)	8.29%
NAV Distribution Rate(2)	9.13%
Total Effective Leverage(3)	45%

Average Annual Total Return(1) for the period ended December 31, 2019
	6 Month*		1 Year		5 Years		Commencement of Operations (01/31/13)
Market Price		12.31%		32.97%		15.87%		11.20%
NAV		3.51%		13.73%		10.88%		9.90%

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. 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 made on Form 1099 DIV sent to shareholders each January.

⁽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

PIMCO Dynamic Credit and Mortgage Income Fund’s primary investment objective is to seek current income 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 U.S. non-Agency residential mortgage backed securities contributed to absolute performance as the asset class posted positive returns during the reporting period.

» Exposure to corporate credit contributed to absolute performance as investment grade and high yield credit posted positive returns during the reporting period.

» Exposure to bank capital contributed to absolute performance as the asset class posted positive returns during the reporting period.

» Exposure to Argentinian debt detracted from absolute performance as Argentinian debt posted negative returns during the reporting period.

» Interest rate hedges on the long end of the U.S. yield curve detracted from absolute performance as U.S. interest rates decreased during the reporting period.

» Currency hedges on the British pound detracted from absolute performance as the British pound strengthened versus the U.S. dollar during the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2019 15

PIMCO Dynamic Income Fund

Symbol on NYSE -  PDI

Allocation Breakdown as of December 31, 2019^†§

Non-Agency Mortgage-Backed Securities	33.7%
Asset-Backed Securities	22.4%
Corporate Bonds & Notes	19.6%
Loan Participations and Assignments	11.3%
Short-Term Instruments	3.6%
Sovereign Issues	2.8%
U.S. Government Agencies	2.6%
Preferred Securities	1.4%
Common Stocks	1.1%
Other	1.5%

^†   % 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, 2019)⁽¹⁾

Market Price	$32.44
NAV	$27.13
Premium/(Discount) to NAV	19.57%
Market Price Distribution Rate(2)	8.16%
NAV Distribution Rate(2)	9.75%
Total Effective Leverage(3)	41%

Average Annual Total Return(1) for the period ended December 31, 2019
	6 Month*		1 Year		5 Years		Commencement of Operations (05/30/12)
Market Price		6.72%		22.80%		14.58%		16.96%
NAV		2.21%		11.25%		10.80%		15.30%

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. 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 made on Form 1099 DIV sent to shareholders each January.

⁽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

PIMCO Dynamic Income Fund’s primary investment objective is to seek current income 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 U.S. non-Agency residential mortgage backed securities contributed to absolute performance as the asset class posted positive returns during the reporting period.

» Exposure to corporate credit contributed to absolute performance as investment grade and high yield credit posted positive returns during the reporting period.

» Exposure to bank capital contributed to absolute performance as the asset class posted positive returns during the reporting period.

» Interest rate hedges on the long end of the U.S. yield curve detracted from absolute performance as U.S. interest rates decreased during the reporting period.

» Exposure to Argentinian debt detracted from absolute performance as Argentinian debt posted negative returns during the reporting period.

16 PIMCO CLOSED-END FUNDS

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SEMIANNUAL REPORT DECEMBER 31, 2019 17

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.
07/01/2019 - 12/31/2019+	$	10.19	$	0.41	$	(0.08	)	$	0.33		$	(0.48	)	$	0.00		$	0.00		$	(0.48	)
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	)
06/30/2016		10.68		1.22		(1.23	)		(0.01	)		(0.96	)		0.00			0.00			(0.96	)
01/01/2015 - 06/30/2015(f)		10.72		0.44		0.00			0.44			(0.48	)		0.00			0.00			(0.48	)(j)
12/31/2014		11.17		0.94		(0.34	)		0.60			(1.05	)		0.00			0.00			(1.05	)
PIMCO Global StocksPLUS® & Income Fund
07/01/2019 - 12/31/2019+	$	9.89	$	0.64	$	(0.07	)	$	0.57		$	(0.56	)	$	0.00		$	0.00		$	(0.56	)
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	)
06/30/2016		12.88		1.15		(2.07	)		(0.92	)		(2.02	)		0.00			(0.18	)		(2.20	)
04/01/2015 - 06/30/2015(g)		12.82		0.34		0.27			0.61			(0.55	)		0.00			0.00			(0.55	)(j)
03/31/2015		14.72		1.15		(0.85	)		0.30			(2.20	)		0.00			0.00			(2.20	)
PIMCO Income Opportunity Fund
07/01/2019 - 12/31/2019+	$	24.83	$	1.23	$	(0.73	)	$	0.50		$	(1.14	)	$	(0.16	)	$	0.00		$	(1.30	)
06/30/2019		25.06		1.99		0.28			2.27			(2.65	)		0.00			0.00			(2.65	)
06/30/2018		25.17		2.18		(0.01	)		2.17			(2.28	)		0.00			0.00			(2.28	)
06/30/2017		22.59		2.28		2.92			5.20			(2.56	)		0.00			(0.06	)		(2.62	)
06/30/2016		25.94		2.33		(2.89	)		(0.56	)		(2.28	)		(0.51	)		0.00			(2.79	)
11/01/2014 - 06/30/2015(h)		28.38		1.54		(0.86	)		0.68			(2.34	)		(0.77	)		(0.01	)		(3.12	)(j)
10/31/2014		28.67		2.71		(0.12	)		2.59			(2.88	)		0.00			0.00			(2.88	)
PIMCO Strategic Income Fund, Inc.
07/01/2019 - 12/31/2019+	$	7.12	$	0.42	$	(0.21	)	$	0.21		$	(0.37	)	$	0.00		$	0.00		$	(0.37	)
06/30/2019		7.32		0.60		0.03			0.63			(0.61	)		0.00			(0.22	)		(0.83	)
06/30/2018(k)		7.75		0.77		(0.34	)		0.43			(0.86	)		0.00			0.00			(0.86	)
06/30/2017(k)		7.89		0.70		0.08			0.78			(0.80	)		0.00			(0.12	)		(0.92	)
06/30/2016(k)		8.58		0.76		(0.45	)		0.31			(1.00	)		0.00			0.00			(1.00	)
02/01/2015 - 06/30/2015(i)(k)		8.57		0.30		0.11			0.41			(0.40	)		0.00			0.00			(0.40	)(j)
01/31/2015(k)		9.24		0.90		(0.55	)		0.35			(1.02	)		0.00			0.00			(1.02	)
PIMCO Dynamic Credit and Mortgage Income Fund (Consolidated)
07/01/2019 - 12/31/2019+	$	23.58	$	1.14	$	(0.37	)	$	0.77		$	(1.49	)	$	0.00		$	0.00		$	(1.49	)
06/30/2019		23.74		1.88		0.28			2.16			(2.32	)		0.00			0.00			(2.32	)
06/30/2018		22.91		1.95		0.85			2.80			(1.97	)		0.00			0.00			(1.97	)
06/30/2017		20.43		1.62		3.46			5.08			(2.60	)		0.00			0.00			(2.60	)
06/30/2016		23.00		2.01		(2.40	)		(0.39	)		(2.18	)		0.00			0.00			(2.18	)
01/01/2015 - 06/30/2015(f)		22.83		0.76		0.35			1.11			(0.94	)		0.00			0.00			(0.94	)(j)
12/31/2014		24.04		1.79		(0.53	)		1.26			(2.47	)		0.00			0.00			(2.47	)

18 PIMCO CLOSED-END FUNDS See Accompanying Notes

					Common Share							Ratios/Supplemental Data
																	Ratios to Average Net Assets
Increase resulting from at-the-market 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(a)(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		$	10.04	$	11.46		5.85	%	$	116,538		3.34	%*		3.34	%*		1.47	%*		1.47	%*		8.14	%*		3	%
	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			9.71		9.72		6.91			112,099		2.69			2.69			1.58			1.58			12.25			12
	N/A		N/A			10.68		10.05		(1.28	)		123,235		2.26	*		2.26	*		1.54	*		1.54	*		8.32	*		20
	N/A		N/A			10.72		10.65		0.34			123,633		1.89			1.89			1.40			1.40			8.38			11
$	N/A	$	N/A		$	9.90	$	11.96		0.84	%	$	108,157		3.02	%*		3.02	%*		1.69	%*		1.69	%*		13.24	%*		155	%
	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			9.76		19.53		31.38			103,627		2.75			2.75			1.82			1.82			10.56			26
	N/A		N/A			12.88		16.92		(21.82	)		135,468		2.34	*		2.34	*		1.72	*		1.72	*		10.35	*		3
	N/A		N/A			12.82		22.27		4.05			134,594		2.30			2.30			1.78			1.78			8.29			92
$	0.21	$	0.01		$	24.25	$	27.79		7.76	%	$	435,636		2.78	%*		2.78	%*		1.57	%*		1.57	%*		10.05	%*		9	%
	0.15		(0.00	)		24.83		27.11		10.30			410,077		2.92			2.92			1.55			1.55			8.13			18
	N/A		N/A			25.06		27.31		11.13			379,378		2.99			2.99			1.64			1.64			8.58			17
	N/A		N/A			25.17		26.85		30.30			378,706		2.94			2.94			1.72			1.72			9.57			28
	N/A		N/A			22.59		23.00		7.87			338,292		2.63			2.63			1.73			1.73			9.99			16
	N/A		N/A			25.94		24.20		0.22			388,353		2.43	*		2.43	*		1.79	*		1.79	*		8.93	*		14
	N/A		N/A			28.38		27.26		4.39			424,632		2.01			2.01			1.65			1.65			9.44			175
$	N/A	$	N/A		$	6.96	$	9.09		(2.46	)%	$	303,763		2.98	%*		2.98	%*		0.97	%*		0.97	%*		12.05	%*		346	%
	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
	N/A		N/A			7.89		9.61		24.14			332,051		1.27			1.27			0.96			0.96			9.43			39
	N/A		N/A			8.58		8.69		(5.81	)		357,692		1.16	*		1.16	*		0.96	*		0.96	*		8.58	*		17
	N/A		N/A			8.57		9.65		5.92			355,942		1.18			1.18			0.98			0.98			10.01			90
$	0.02	$	0.00		$	22.88	$	25.20		12.31	%	$	3,201,520		4.33	%*		4.33	%*		2.13	%*		2.13	%*		9.84	%*		9	%
	N/A		N/A			23.58		23.89		12.21			3,244,970		4.63			4.63			2.11			2.11			8.11			13
	N/A		N/A			23.74		23.57		15.03			3,257,195		4.20			4.20			2.10			2.10			8.30			22
	N/A		N/A			22.91		22.32		32.10			3,144,154		3.80			3.80			2.09			2.09			7.41			32
	N/A		N/A			20.43		19.13		6.69			2,804,003		3.20			3.20			2.03			2.03			9.63			26
	N/A		N/A			23.00		20.18		2.23			3,155,689		2.63	*		2.63	*		1.97	*		1.97	*		6.71	*		31
	N/A		(0.00	)		22.83		20.65		2.68			3,132,146		2.36			2.36			1.91			1.91			7.29			35

SEMIANNUAL REPORT DECEMBER 31, 2019 19

Financial Highlights (Cont.)

			Investment Operations							Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or  Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total		From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO Dynamic Income Fund (Consolidated)
07/01/2019 - 12/31/2019+	$	28.29	$	1.70	$	(1.20	)	$	0.50	$	(1.74	)	$	0.00		$	0.00	$	(1.74	)
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	)
06/30/2016		31.38		3.87		(3.45	)		0.42		(4.25	)		(0.99	)		0.00		(5.24	)
04/01/2015 - 06/30/2015(g)		30.74		0.80		0.47			1.27		(0.63	)		0.00			0.00		(0.63	)(j)
03/31/2015		32.11		3.25		(0.49	)		2.76		(4.13	)		0.00			0.00		(4.13	)

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

+ Unaudited

* Annualized

^(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 Funds’ 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 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)  Fiscal year end changed from December 31st to June 30th.

^(g)  Fiscal year end changed from March 31st to June 30th.

^(h)  Fiscal year end changed from October 31st to June 30th.

⁽ⁱ⁾  Fiscal year end changed from January 31st to June 30th.

^(j)  Total distributions for the period ended June 30, 2015 may be lower than prior fiscal years due to fiscal year end changes resulting in a reduction of the amount of days in the period ended June 30, 2015.

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

20 PIMCO CLOSED-END FUNDS See Accompanying Notes

					Common Share							Ratios/Supplemental Data
																	Ratios to Average Net Assets
Increase resulting from at-the-market 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(a)(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
$	0.08	$	0.00		$	27.13	$	32.44		6.72	%	$	1,569,897		3.81	%*		3.81	%*		1.95	%*		1.95	%*		12.32	%*		10	%
	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			26.56		27.57		13.75			1,222,499		3.60			3.60			2.12			2.12			13.67			13
	N/A		N/A			31.38		29.21		2.87			1,426,891		2.83	*		2.83	*		2.01	*		2.01	*		10.23	*		5
	N/A		N/A			30.74		29.00		9.04			1,397,987		3.12			3.12			2.12			2.12			9.98			10

SEMIANNUAL REPORT DECEMBER 31, 2019 21

Statements of Assets and Liabilities

December 31, 2019 (Unaudited)

(Amounts in thousands†, except per share amounts)	PCM Fund, Inc.		PIMCO Global StocksPLUS® & Income Fund			PIMCO Income Opportunity Fund			PIMCO Strategic Income Fund, Inc.
Assets:
Investments, at value
Investments in securities*	$	193,785	$	193,471		$	647,115		$	999,058
Financial Derivative Instruments
Exchange-traded or centrally cleared		84		577			506			1,680
Over the counter		0		6,799			673			322
Cash		12		223			264			0
Deposits with counterparty		1,162		5,132			8,398			10,677
Foreign currency, at value		0		526			1,047			2,514
Receivable for investments sold		446		1,932			4,209			19,655
Receivable for TBA investments sold		0		62,331			0			369,986
Receivable for Fund shares sold		0		0			474			0
Interest and/or dividends receivable		1,188		1,895			6,804			4,776
Other assets		11		1			295			2
Total Assets		196,688		272,887			669,785			1,408,670
Liabilities:
Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	74,611	$	50,113		$	206,968		$	252,093
Payable for short sales		78		0			0			0
Financial Derivative Instruments
Exchange-traded or centrally cleared		74		1,036			356			1,001
Over the counter		350		479			2,837			1,122
Payable for investments purchased		1,114		3,477			11,661			5,852
Payable for unfunded loan commitments		2,553		80			7,533			311
Payable for TBA investments purchased		0		101,420			0			839,056
Deposits from counterparty		291		6,949			796			2,431
Distributions payable to common shareholders		929		1,027			3,395			2,672
Overdraft due to custodian		0		0			0			117
Accrued management fees		146		145			562			242
Other liabilities		4		4			41			10
Total Liabilities		80,150		164,730			234,149			1,104,907
Net Assets Applicable to Common Shareholders	$	116,538	$	108,157		$	435,636		$	303,763
Net Assets Applicable to Common Shareholders Consist of:
Par value^	$	12	$	0		$	0		$	0
Paid in capital in excess of par		111,138		135,706			421,550			353,829
Distributable earnings (accumulated loss)		5,388		(27,549	)		14,086			(50,066	)
Net Assets Applicable to Common Shareholders	$	116,538	$	108,157		$	435,636		$	303,763
Common Shares Outstanding		11,612		10,929			17,968			43,662
Net Asset Value Per Common Share(a)	$	10.04	$	9.90		$	24.25		$	6.96
Cost of investments in securities	$	184,472	$	197,343		$	629,770		$	995,565
Cost of foreign currency held	$	0	$	520		$	1,034		$	2,506
Proceeds received on short sales	$	78	$	0		$	0		$	0
Cost or premiums of financial derivative instruments, net	$	180	$	(1,239	)	$	(5,425	)	$	(2,675	)
* Includes repurchase agreements of:	$	5,091	$	13,488		$	14,159		$	15,994

^†   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.

22 PIMCO CLOSED-END FUNDS See Accompanying Notes

Consolidated Statements of Assets and Liabilities

December 31, 2019 (Unaudited)

(Amounts in thousands†, except per share amounts)	PIMCO Dynamic Credit and Mortgage Income Fund			PIMCO Dynamic Income Fund
Assets:
Investments, at value
Investments in securities*	$	5,775,193		$	2,604,426
Investments in Affiliates		5,707			0
Financial Derivative Instruments
Exchange-traded or centrally cleared		4,894			2,757
Over the counter		4,161			2,685
Cash		2,542			3,364
Deposits with counterparty		52,441			36,341
Foreign currency, at value		4,510			5,173
Receivable for investments sold		60,336			6,970
Receivable for Fund shares sold		807			77
Interest and/or dividends receivable		49,280			21,965
Other assets		25			328
Total Assets		5,959,896			2,684,086
Liabilities:
Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	2,606,090		$	1,029,543
Financial Derivative Instruments
Exchange-traded or centrally cleared		2,699			1,570
Over the counter		15,648			11,533
Payable for investments purchased		82,224			42,250
Payable for investments purchased on a delayed-delivery basis		0			634
Payable for unfunded loan commitments		2,469			1,236
Deposits from counterparty		19,226			12,135
Distributions payable to common shareholders		24,340			12,706
Accrued management fees		5,572			2,524
Other liabilities		108			58
Total Liabilities		2,758,376			1,114,189
Net Assets Applicable to Common Shareholders	$	3,201,520		$	1,569,897
Net Assets Applicable to Common Shareholders Consist of:
Par value^	$	1		$	1
Paid in capital in excess of par		3,340,007			1,462,558
Distributable earnings (accumulated loss)		(138,488	)		107,338
Net Assets Applicable to Common Shareholders	$	3,201,520		$	1,569,897
Common Shares Outstanding		139,912			57,871
Net Asset Value Per Common Share(a)	$	22.88		$	27.13
Cost of investments in securities	$	5,639,840		$	2,476,437
Cost of investments in Affiliates	$	7,639		$	0
Cost of foreign currency held	$	4,418		$	6,629
Cost or premiums of financial derivative instruments, net	$	15,175		$	(5,018	)
* Includes repurchase agreements of:	$	126,734		$	80,087

^†   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, 2019 23

Statements of Operations

Six Months Ended December 31, 2019 (Unaudited)
(Amounts in thousands†)	PCM Fund, Inc.			PIMCO Global StocksPLUS® & Income Fund			PIMCO Income Opportunity Fund			PIMCO Strategic Income Fund, Inc.
Investment Income:
Interest, net of foreign taxes*	$	6,600		$	8,282		$	26,129		$	22,449
Dividends		179			238			855			272
Total Income		6,779			8,520			26,984			22,721
Expenses:
Management fees		861			878			3,281			1,444
Trustee fees and related expenses		7			7			24			18
Interest expense		1,105			698			2,542			3,041
Miscellaneous expense		2			2			4			2
Total Expenses		1,975			1,585			5,851			4,505
Net Investment Income (Loss)		4,804			6,935			21,133			18,216
Net Realized Gain (Loss):
Investments in securities		34			401			2,972			2,237
Exchange-traded or centrally cleared financial derivative instruments		(906	)		(2,694	)		(11,658	)		(14,828	)
Over the counter financial derivative instruments		86			(1,255	)		1,765			3,123
Short sales		1			0			0			(22	)
Foreign currency		0			(127	)		(301	)		(183	)
Net Realized Gain (Loss)		(785	)		(3,675	)		(7,222	)		(9,673	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(616	)		(4,064	)		(10,970	)		(9,985	)
Exchange-traded or centrally cleared financial derivative instruments		437			2,530			8,644			12,740
Over the counter financial derivative instruments		(60	)		4,833			(959	)		(1,648	)
Foreign currency assets and liabilities		0			(371	)		(1,584	)		(1,138	)
Net Change in Unrealized Appreciation (Depreciation)		(239	)		2,928			(4,869	)		(31	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,780		$	6,188		$	9,042		$	8,512
* Foreign tax withholdings	$	0		$	0		$	0		$	3

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

24 PIMCO CLOSED-END FUNDS See Accompanying Notes

Consolidated Statements of Operations

Six Months Ended December 31, 2019 (Unaudited)
(Amounts in thousands†)	PIMCO Dynamic Credit and Mortgage Income Fund			PIMCO Dynamic Income Fund
Investment Income:
Interest, net of foreign taxes*	$	220,069		$	124,475
Dividends		6,934			2,714
Total Income		227,003			127,189
Expenses:
Management fees		33,925			15,314
Trustee fees and related expenses		195			97
Interest expense		35,220			14,671
Miscellaneous expense		19			6
Total Expenses		69,359			30,088
Net Investment Income (Loss)		157,644			97,101
Net Realized Gain (Loss):
Investments in securities		32,933			21,087
Exchange-traded or centrally cleared financial derivative instruments		(62,980	)		(56,728	)
Over the counter financial derivative instruments		6,331			9,159
Foreign currency		(2,658	)		(710	)
Net Realized Gain (Loss)		(26,374	)		(27,192	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(37,817	)		(66,702	)
Investments in Affiliates		(2,855	)		0
Exchange-traded or centrally cleared financial derivative instruments		40,458			39,078
Over the counter financial derivative instruments		(6,556	)		(5,922	)
Foreign currency assets and liabilities		(17,636	)		(8,760	)
Net Change in Unrealized Appreciation (Depreciation)		(24,406	)		(42,306	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	106,864		$	27,603
* Foreign tax withholdings	$	1		$	0

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

SEMIANNUAL REPORT DECEMBER 31, 2019 25

Statements of Changes in Net Assets

	PCM Fund, Inc.						PIMCO Global StocksPLUS® & Income Fund
(Amounts in thousands†)	Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	4,804		$	7,998		$	6,935		$	12,052
Net realized gain (loss)		(785	)		924			(3,675	)		(2,142	)
Net change in unrealized appreciation (depreciation)		(239	)		1,682			2,928			(1,921	)
Net Increase (Decrease) in Net Assets Resulting from Operations		3,780			10,604			6,188			7,989
Distributions to Common Shareholders:
From net investment income and/or net realized capital gains		(5,571	)		(11,126	)		(6,148	)		(12,972	)
Tax basis return of capital		0			0			0			(1,969	)
Total Distributions to Common Shareholders(a)		(5,571	)		(11,126	)		(6,148	)		(14,941	)
Common Share Transactions*:
Net proceeds from at-the-market offering		0			0			0			0
At-the-market offering costs		0			0			0			0
Issued as reinvestment of distributions		148			191			555			1,310
Net increase (decrease) resulting from common share transactions		148			191			555			1,310
Total increase (decrease) in net assets applicable to common shareholders		(1,643	)		(331	)		595			(5,642	)
Net Assets Applicable to Common Shareholders:
Beginning of period		118,181			118,512			107,562			113,204
End of period	$	116,538		$	118,181		$	108,157		$	107,562
* Common Share Transactions:
Shares sold		0			0			0			0
Shares issued as reinvestment of distributions		14			18			50			100
Net increase (decrease) in common shares outstanding		14			18			50			100

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

^(a) 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.

26 PIMCO CLOSED-END FUNDS See Accompanying Notes

PIMCO Income Opportunity Fund						PIMCO Strategic Income Fund, Inc.
Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019
$	21,133		$	31,333		$	18,216		$	26,023
	(7,222	)		14,169			(9,673	)		(18,762	)
	(4,869	)		(9,270	)		(31	)		19,148
	9,042			36,232			8,512			26,409
	(22,461	)		(41,656	)		(15,998	)		(26,420	)
	0			0			0			(9,531	)
	(22,461	)		(41,656	)		(15,998	)		(35,951	)
	37,008			33,003			0			0
	94			(21	)		0			0
	1,876			3,141			1,962			4,289
	38,978			36,123			1,962			4,289
	25,559			30,699			(5,524	)		(5,253	)
	410,077			379,378			309,287			314,540
$	435,636		$	410,077		$	303,763		$	309,287
	1,380			1,250			0			0
	73			125			218			458
	1,453			1,375			218			458

SEMIANNUAL REPORT DECEMBER 31, 2019 27

Consolidated Statements of Changes in Net Assets

	PIMCO Dynamic Credit and Mortgage Income Fund						PIMCO Dynamic Income Fund
(Amounts in thousands†)	Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019			Six Months Ended December 31, 2019 (Unaudited)			Year Ended June 30, 2019
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	157,644		$	258,622		$	97,101		$	153,563
Net realized gain (loss)		(26,374	)		83,423			(27,192	)		40,430
Net change in unrealized appreciation (depreciation)		(24,406	)		(44,936	)		(42,306	)		(62,612	)
Net Increase (Decrease) in Net Assets Resulting from Operations		106,864			297,109			27,603			131,381
Distributions to Common Shareholders:
From net investment income and/or net realized capital gains		(206,687	)		(318,577	)		(99,502	)		(176,938	)
Total Distributions to Common Shareholders(a)		(206,687	)		(318,577	)		(99,502	)		(176,938	)
Common Share Transactions**:
Net proceeds from at-the-market offering		35,859			0			25,616			54,997
At-the-market offering costs		0			0			29			(39	)
Issued as reinvestment of distributions		20,514			9,243			12,783			18,444
Net increase (decrease) resulting from common share transactions		56,373			9,243			38,428			73,402
Total increase (decrease) in net assets applicable to common shareholders		(43,450	)		(12,225	)		(33,471	)		27,845
Net Assets Applicable to Common Shareholders:
Beginning of period		3,244,970			3,257,195			1,603,368			1,575,523
End of period	$	3,201,520		$	3,244,970		$	1,569,897		$	1,603,368
* Common Share Transactions:
Shares sold		1,427			0			781			1,702
Shares issued as reinvestment of distributions		866			398			414			613
Net increase (decrease) in common shares outstanding		2,293			398			1,195			2,315

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

^(a)  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.

28 PIMCO CLOSED-END FUNDS See Accompanying Notes

Statements of Cash Flows

Six Months Ended December 31, 2019
(Amounts in thousands†)	PCM Fund, Inc.			PIMCO Global StocksPLUS® & Income Fund			PIMCO Income Opportunity Fund			PIMCO Strategic Income Fund, Inc.
Cash Flows Provided by (Used for) Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	3,780		$	6,188		$	9,042		$	8,512
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		(22,344	)		(285,030	)		(128,700	)		(3,450,819	)
Proceeds from sales of long-term securities		13,688			278,136			74,311			3,480,094
(Purchases) Proceeds from sales of short-term portfolio investments, net		6,140			2,888			11,279			(10,918	)
(Increase) decrease in deposits with counterparty		35			(173	)		(2,414	)		912
(Increase) decrease in receivable for investments sold		(431	)		6,082			(2,042	)		100,192
(Increase) decrease in interest and/or dividends receivable		(153	)		54			(143	)		(127	)
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments		(483	)		183			(3,213	)		(2,305	)
Proceeds from (Payments on) over the counter financial derivative instruments		(8	)		(1,309	)		1,278			3,123
(Increase) decrease in other assets		0			1			(123	)		0
Increase (decrease) in payable for investments purchased		(829	)		(3,527	)		628			(155,243	)
Increase (decrease) in payable for unfunded loan commitments		2,035			80			7,533			311
Increase (decrease) in deposits from counterparty		226			4,074			(624	)		(632	)
Increase (decrease) in accrued management fees		16			11			75			17
Proceeds from (Payments on) short sales transactions, net		79			0			0			(22	)
Proceeds from (Payments on) foreign currency transactions		0			(156	)		(392	)		(229	)
Increase (decrease) in other liabilities		(4	)		(3	)		16			(12	)
Net Realized (Gain) Loss
Investments in securities		(34	)		(401	)		(2,972	)		(2,237	)
Exchange-traded or centrally cleared financial derivative instruments		906			2,694			11,658			14,828
Over the counter financial derivative instruments		(86	)		1,255			(1,765	)		(3,123	)
Short sales		(1	)		0			0			22
Foreign currency		0			127			301			183
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		616			4,064			10,970			9,985
Exchange-traded or centrally cleared financial derivative instruments		(437	)		(2,530	)		(8,644	)		(12,740	)
Over the counter financial derivative instruments		60			(4,833	)		959			1,648
Foreign currency assets and liabilities		0			371			1,584			1,138
Net amortization (accretion) on investments		(229	)		(249	)		(2,432	)		1,213
Net Cash Provided by (Used for) Operating Activities		2,542			7,997			(23,830	)		(16,229	)
Cash Flows Received from (Used for) Financing Activities:
Net proceeds from at-the-market offering		0			0			36,628			0
Net at-the-market offering costs		0			0			94			0
Increase (decrease) in overdraft due to custodian		0			(513	)		0			117
Cash distributions paid to common shareholders*		(5,422	)		(5,588	)		(20,314	)		(14,023	)
Proceeds from reverse repurchase agreements		192,723			162,805			625,148			981,411
Payments on reverse repurchase agreements		(189,832	)		(164,435	)		(618,675	)		(951,370	)
Net Cash Received from (Used for) Financing Activities		(2,531	)		(7,731	)		22,881			16,135
Net Increase (Decrease) in Cash and Foreign Currency		11			266			(949	)		(94	)
Cash and Foreign Currency:
Beginning of period		1			483			2,260			2,608
End of period	$	12		$	749		$	1,311		$	2,514
* Reinvestment of distributions to common shareholders	$	148		$	555		$	1,876		$	1,962
Supplemental Disclosure of Cash Flow Information:
Interest expense paid during the period	$	1,249		$	746		$	2,790		$	3,347
Non Cash Payment in Kind	$	155		$	92		$	111		$	41

^†   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, 2019 29

Consolidated Statements of Cash Flows

Six Months Ended December 31, 2019
(Amounts in thousands†)	PIMCO Dynamic Credit and Mortgage Income Fund			PIMCO Dynamic Income Fund
Cash Flows Provided by (Used for) Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	106,864		$	27,603
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		(540,163	)		(304,180	)
Proceeds from sales of long-term securities		713,302			362,099
(Purchases) Proceeds from sales of short-term portfolio investments, net		6,122			(14,901	)
(Increase) decrease in deposits with counterparty		13,281			(7,717	)
(Increase) decrease in receivable for investments sold		(48,150	)		(4,369	)
(Increase) decrease in interest and/or dividends receivable		5,342			2,642
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments		(24,926	)		(18,163	)
Proceeds from (Payments on) over the counter financial derivative instruments		5,799			3,789
(Increase) decrease in other assets		(16	)		(123	)
Increase (decrease) in payable for investments purchased		6,050			(5,123	)
Increase (decrease) in payable for unfunded loan commitments		2,469			1,236
Increase (decrease) in deposits from counterparty		8,905			6,558
Increase (decrease) in accrued management fees		316			180
Proceeds from (Payments on) foreign currency transactions		(3,487	)		(3,532	)
Increase (decrease) in other liabilities		(106	)		(48	)
Net Realized (Gain) Loss
Investments in securities		(32,933	)		(21,087	)
Exchange-traded or centrally cleared financial derivative instruments		62,980			56,728
Over the counter financial derivative instruments		(6,331	)		(9,159	)
Foreign currency		2,658			710
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		37,817			66,702
Investments in Affiliates		2,855			0
Exchange-traded or centrally cleared financial derivative instruments		(40,458	)		(39,078	)
Over the counter financial derivative instruments		6,556			5,922
Foreign currency assets and liabilities		17,636			8,760
Net amortization (accretion) on investments		(24,516	)		(12,255	)
Net Cash Provided by (Used for) Operating Activities		277,866			103,194
Cash Flows Received from (Used for) Financing Activities:
Net proceeds from at-the-market offering		35,052			25,539
At-the-market offering costs		0			29
Increase (decrease) in overdraft due to custodian		0			(130	)
Cash distributions paid to common shareholders*		(184,411	)		(86,510	)
Proceeds from reverse repurchase agreements		7,831,965			2,663,239
Payments on reverse repurchase agreements		(7,957,284	)		(2,700,321	)
Net Cash Received from (Used for) Financing Activities		(274,678	)		(98,154	)
Net Increase (Decrease) in Cash and Foreign Currency		3,188			5,040
Cash and Foreign Currency:
Beginning of period		3,864			3,497
End of period	$	7,052		$	8,537
* Reinvestment of distributions to common shareholders	$	20,514		$	12,783
Supplemental Disclosure of Cash Flow Information:
Interest expense paid during the period	$	38,064		$	14,805
Non Cash Payment in Kind	$	2,684		$	296

^†   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.

30 PIMCO CLOSED-END FUNDS See Accompanying Notes

Schedule of Investments PIMCO PCM Fund, Inc.

December 31, 2019 (Unaudited)

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 166.3%
LOAN PARTICIPATIONS AND ASSIGNMENTS 17.7%
Ancestry.com Operations, Inc.
6.050% (LIBOR03M + 4.250%) due 08/27/2026 ~	$		100	$		98
Chesapeake Energy Corp.
TBD% due 06/09/2024			27			28
Clear Channel Outdoor Holdings, Inc.
5.299% (LIBOR03M + 3.500%) due 08/21/2026 ~			100			101
Diamond Resorts Corp.
5.549% (LIBOR03M + 3.750%) due 09/02/2023 ~			661			648
Emerald TopCo, Inc.
5.299% (LIBOR03M + 3.500%) due 07/24/2026 ~			6			6
Encina Private Credit LLC
4.740% (LIBOR03M + 3.000%) due 11/30/2025 «µ~			2,914			2,914
Envision Healthcare Corp.
5.549% (LIBOR03M + 3.750%) due 10/10/2025 ~			2,973			2,547
Financial & Risk U.S. Holdings, Inc.
5.049% (LIBOR03M + 3.250%) due 10/01/2025 ~			220			222
Forbes Energy Services LLC (5.000% Cash and 11.000% PIK)
16.00% (LIBOR03M + 5.000%) due 04/13/2021 ~(c)			541			537
Frontier Communications Corp.
5.550% (LIBOR03M + 3.750%) due 06/15/2024 ~			98			98
iHeartCommunications, Inc.
5.691% (LIBOR03M + 4.000%) due 05/01/2026 ~			725			733
IRB Holding Corp.
5.195% - 5.216% (LIBOR03M + 3.250%) due 02/05/2025 ~			168			169
Jefferies Finance LLC
5.500% (LIBOR03M + 3.750%) due 06/03/2026 ~			5			5
McDermott Technology Americas, Inc.
0.500% - 12.002% (LIBOR03M + 10.000%) due 10/21/2021 ~µ			697			713
6.945% (LIBOR03M + 5.000%) due 05/09/2025 ~			594			349
MH Sub LLC
5.549% (LIBOR03M + 3.750%) due 09/13/2024 ~			20			20
Nascar Holdings, Inc.
4.495% (LIBOR03M + 2.750%) due 10/19/2026 ~			13			13
NCI Building Systems, Inc.
5.486% (LIBOR03M + 3.750%) due 04/12/2025 ~			110			110
Neiman Marcus Group Ltd. LLC
7.713% (LIBOR03M + 6.000%) due 10/25/2023 ~			2,222			1,830
Neiman Marcus Group Ltd. LLC (7.213% Cash and 1.000% PIK)
8.213% (LIBOR03M + 5.500%) due 10/25/2023 ~(c)			1,638			1,332
Pacific Gas & Electric Co.
TBD% due 02/22/2049 ^«(d)			106			105
Parexel International Corp.
4.549% - 4.555% (LIBOR03M + 2.750%) due 09/27/2024 ~			100			98
PetSmart, Inc.
5.740% (LIBOR03M + 4.000%) due 03/11/2022 ~			17			16
Sequa Mezzanine Holdings LLC
10.936% (LIBOR03M + 9.000%) due 04/28/2022 ~			800			789

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Sotera Health Holdings LLC
6.289% (LIBOR03M + 4.500%) due 12/11/2026 ~	$		23	$		23
Starfruit Finco BV
4.960% (LIBOR03M + 3.250%) due 10/01/2025 ~			97			97
Syniverse Holdings, Inc.
6.846% (LIBOR03M + 5.000%) due 03/09/2023 ~			1,416			1,319
U.S. Renal Care, Inc.
6.813% (LIBOR03M + 5.000%) due 06/26/2026 ~			85			84
Univision Communications, Inc.
4.549% (LIBOR03M + 2.750%) due 03/15/2024 ~			2,647			2,618
West Corp.
5.927% (LIBOR03M + 4.000%) due 10/10/2024 ~			9			8
Westmoreland Mining Holdings LLC
10.150% (LIBOR03M + 8.250%) due 03/15/2022 «~			205			207
Westmoreland Mining Holdings LLC (15.000% PIK)
15.000% due 03/15/2029 (c)			603			482
Windstream Services LLC
9.000% (PRIME + 4.250%) due 02/17/2024 ~			500			475
9.750% (PRIME + 5.000%) due 03/29/2021 ~			1,858			1,783
Total Loan Participations and Assignments (Cost $21,568)						20,577
CORPORATE BONDS & NOTES 24.6%
BANKING & FINANCE 5.7%
AXA Equitable Holdings, Inc.
5.000% due 04/20/2048			2			2
CBL & Associates LP
4.600% due 10/15/2024 (k)			190			123
5.950% due 12/15/2026 (k)			1,621			976
ESH Hospitality, Inc.
4.625% due 10/01/2027			22			22
Ford Motor Credit Co. LLC
5.183% (US0003M + 3.140%) due 01/07/2022 ~(k)			280			289
Fortress Transportation & Infrastructure Investors LLC
6.500% due 10/01/2025 (k)			76			80
6.750% due 03/15/2022 (k)			104			109
Hunt Cos., Inc.
6.250% due 02/15/2026			6			6
Kennedy-Wilson, Inc.
5.875% due 04/01/2024			14			14
LoanCore Capital Markets LLC
6.875% due 06/01/2020 (k)			1,200			1,201
Nationstar Mortgage LLC
6.500% due 07/01/2021 (k)			121			122
Navient Corp.
5.625% due 01/25/2025			51			49
6.125% due 03/25/2024			102			111
7.250% due 09/25/2023			24			27
Newmark Group, Inc.
6.125% due 11/15/2023			20			22
Oppenheimer Holdings, Inc.
6.750% due 07/01/2022			7			7
Piper Jaffray Cos.
4.740% due 10/15/2021 (k)			200			200
5.200% due 10/15/2023 (k)			900			899
Sabra Health Care LP
4.800% due 06/01/2024			32			34
Springleaf Finance Corp.
5.375% due 11/15/2029			7			7
5.625% due 03/15/2023			196			212
6.125% due 03/15/2024			24			26
6.875% due 03/15/2025			25			29

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Toll Road Investors Partnership LP
0.000% due 02/15/2045 (f)	$		635	$		166
Voyager Aviation Holdings LLC
8.500% due 08/15/2021 (k)			1,842			1,893
						6,626
INDUSTRIALS 13.7%
Associated Materials LLC
9.000% due 01/01/2024 (k)			1,996			1,756
BCPE Cycle Merger Sub, Inc.
10.625% due 07/15/2027			14			14
CCO Holdings LLC
4.750% due 03/01/2030			36			37
Centene Corp.
4.250% due 12/15/2027			21			22
4.625% due 12/15/2029			34			36
4.750% due 01/15/2025			33			34
Charter Communications Operating LLC
4.800% due 03/01/2050			41			43
Clear Channel Worldwide Holdings, Inc.
9.250% due 02/15/2024 (k)			493			547
Community Health Systems, Inc.
6.250% due 03/31/2023 (k)			2,556			2,601
8.000% due 03/15/2026 (k)			78			80
8.625% due 01/15/2024 (k)			236			251
Corning, Inc.
5.450% due 11/15/2079			14			15
CVS Pass-Through Trust
5.880% due 01/10/2028			1,042			1,150
DAE Funding LLC
4.000% due 08/01/2020			2			2
4.500% due 08/01/2022			10			10
5.000% due 08/01/2024			22			23
5.250% due 11/15/2021 (k)			102			106
5.750% due 11/15/2023 (k)			100			105
Diamond Resorts International, Inc.
7.750% due 09/01/2023			20			21
10.750% due 09/01/2024 (k)			500			525
DriveTime Automotive Group, Inc.
8.000% due 06/01/2021 (k)			330			336
Eagle Holding Co. LLC (7.750% Cash or 8.500% PIK)
7.750% due 05/15/2022 (c)			5			5
Eldorado Resorts, Inc.
6.000% due 09/15/2026 (k)			400			441
Envision Healthcare Corp.
8.750% due 10/15/2026 (k)			382			238
Exela Intermediate LLC
10.000% due 07/15/2023			23			9
Fresh Market, Inc.
9.750% due 05/01/2023 (k)			350			179
Full House Resorts, Inc.
8.575% due 01/31/2024			100			99
9.738% due 02/02/2024			8			8
General Electric Co.
5.875% due 01/14/2038			4			5
6.150% due 08/07/2037			2			2
6.875% due 01/10/2039			10			13
iHeartCommunications, Inc.
6.375% due 05/01/2026 (k)			233			253
8.375% due 05/01/2027 (k)			357			395
Kronos Acquisition Holdings, Inc.
9.000% due 08/15/2023 (k)			200			192
Mattel, Inc.
5.875% due 12/15/2027			11			12
Micron Technology, Inc.
5.327% due 02/06/2029			30			34
MSCI, Inc.
4.000% due 11/15/2029			5			5
NCL Corp. Ltd.
3.625% due 12/15/2024			20			20
Netflix, Inc.
5.375% due 11/15/2029			12			13

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 31

Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Noble Holding International Ltd.
7.875% due 02/01/2026	$		45	$		33
Ortho-Clinical Diagnostics, Inc.
6.625% due 05/15/2022 (k)			60			60
Par Pharmaceutical, Inc.
7.500% due 04/01/2027			23			23
PetSmart, Inc.
5.875% due 06/01/2025			19			19
Radiate Holdco LLC
6.875% due 02/15/2023			2			2
Sealed Air Corp.
4.000% due 12/01/2027			3			3
Select Medical Corp.
6.250% due 08/15/2026			7			8
Silgan Holdings, Inc.
4.125% due 02/01/2028			8			8
Spanish Broadcasting System, Inc.
12.500% due 04/15/2049 ^(d)			2,081			2,171
Staples, Inc.
7.500% due 04/15/2026			3			3
Tenet Healthcare Corp.
4.625% due 09/01/2024			3			3
Topaz Solar Farms LLC
4.875% due 09/30/2039 (k)			336			349
5.750% due 09/30/2039 (k)			2,209			2,443
TransDigm, Inc.
5.500% due 11/15/2027			18			18
Transocean Pontus Ltd.
6.125% due 08/01/2025			25			26
Transocean, Inc.
7.250% due 11/01/2025 (k)			51			50
Trident TPI Holdings, Inc.
9.250% due 08/01/2024			4			4
Triumph Group, Inc.
5.250% due 06/01/2022			4			4
6.250% due 09/15/2024			11			12
Twitter, Inc.
3.875% due 12/15/2027			4			4
UAL Pass-Through Trust
6.636% due 01/02/2024			421			448
Univision Communications, Inc.
5.125% due 02/15/2025 (k)			438			434
ViaSat, Inc.
5.625% due 09/15/2025			18			19
5.625% due 04/15/2027			4			4
Wyndham Destinations, Inc.
3.900% due 03/01/2023			14			14
4.625% due 03/01/2030			5			5
5.750% due 04/01/2027 (k)			154			168
						15,972
UTILITIES 5.2%
Edison International
2.400% due 09/15/2022			14			14
2.950% due 03/15/2023			1			1
3.125% due 11/15/2022			14			14
3.550% due 11/15/2024			14			14
5.750% due 06/15/2027			11			12
Frontier Communications Corp.
8.000% due 04/01/2027			24			25
Pacific Gas & Electric Co.
2.450% due 08/15/2022 ^(d)(k)			131			131
2.950% due 03/01/2026 ^(d)(k)			211			212
3.250% due 09/15/2021 ^(d)(k)			146			147
3.250% due 06/15/2023 ^(d)(k)			68			68
3.300% due 03/15/2027 ^(d)(k)			132			132
3.400% due 08/15/2024 ^(d)(k)			85			86
3.500% due 10/01/2020 ^(d)(k)			388			389
3.500% due 06/15/2025 ^(d)(k)			151			151
3.750% due 02/15/2024 ^(d)(k)			86			88
3.750% due 08/15/2042 ^(d)			2			2
3.850% due 11/15/2023 ^(d)(k)			14			14
4.000% due 12/01/2046 ^(d)			2			2

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.250% due 05/15/2021 ^(d)	$		373	$		375
4.300% due 03/15/2045 ^(d)			24			25
4.500% due 12/15/2041 ^(d)			26			26
4.600% due 06/15/2043 ^(d)			9			9
4.650% due 08/01/2028 ^(d)(k)			227			235
4.750% due 02/15/2044 ^(d)(k)			157			162
5.125% due 11/15/2043 ^(d)(k)			244			251
5.400% due 01/15/2040 ^(d)			4			4
5.800% due 03/01/2037 ^(d)(k)			644			673
6.050% due 03/01/2034 ^(d)(k)			323			339
6.250% due 03/01/2039 ^(d)(k)			151			160
6.350% due 02/15/2038 ^(d)(k)			57			61
Southern California Edison Co.
3.650% due 03/01/2028			2			2
4.125% due 03/01/2048			16			17
4.650% due 10/01/2043			30			34
4.875% due 03/01/2049			40			47
5.750% due 04/01/2035			2			3
6.000% due 01/15/2034			20			25
6.650% due 04/01/2029			13			16
Sprint Corp.
7.125% due 06/15/2024 (k)			158			171
7.625% due 02/15/2025 (k)			394			433
7.625% due 03/01/2026 (k)			954			1,054
7.875% due 09/15/2023			327			362
Talen Energy Supply LLC
6.625% due 01/15/2028			4			4
Transocean Poseidon Ltd.
6.875% due 02/01/2027			20			21
						6,011
Total Corporate Bonds & Notes (Cost $28,273)						28,609
CONVERTIBLE BONDS & NOTES 0.0%
INDUSTRIALS 0.0%
Caesars Entertainment Corp.
5.000% due 10/01/2024			28			53
Total Convertible Bonds & Notes (Cost $51)						53
MUNICIPAL BONDS & NOTES 0.7%
WEST VIRGINIA 0.7%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
7.467% due 06/01/2047			780			811
Total Municipal Bonds & Notes (Cost $737)						811
U.S. GOVERNMENT AGENCIES 4.7%
Fannie Mae
5.342% due 07/25/2029 •(k)			170			180
7.542% due 07/25/2029 •			230			273
Freddie Mac
0.000% due 02/25/2046 - 11/25/2050 (b)(f)(k)			2,391			1,782
0.100% due 05/25/2020 - 11/25/2050 (a)			37,859			86
0.499% due 01/25/2021 ~(a)			2,479			9
0.661% due 10/25/2020 ~(a)			7,995			17
1.939% due 11/25/2055 ~(a)			6,305			504
2.011% due 11/25/2045 ~(a)			1,027			138
3.615% due 06/25/2041 ~(a)			10,500			435
4.118% due 04/25/2025 ~(k)			1,300			1,242
6.942% due 10/25/2029 •			250			289
9.342% due 12/25/2027 •			447			538
Total U.S. Government Agencies (Cost $5,076)						5,493
NON-AGENCY MORTGAGE-BACKED SECURITIES 38.9%
Adjustable Rate Mortgage Trust
4.124% due 01/25/2036 ^~			134			127
Banc of America Alternative Loan Trust
6.011% due 04/25/2037 ^~			152			153

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Banc of America Funding Trust
3.147% due 12/20/2034 ~	$		289	$		203
4.406% due 03/20/2036 ~			80			77
5.806% due 03/25/2037 ^~			80			81
7.000% due 10/25/2037 ^			482			394
Banc of America Mortgage Trust
4.664% due 06/25/2035 ~			97			95
5.101% due 06/20/2031 ~			310			320
Bancorp Commercial Mortgage Trust
5.490% due 08/15/2032 •(k)			2,300			2,323
BCAP LLC Trust
1.924% due 07/26/2036 ~			87			76
Bear Stearns ALT-A Trust
1.962% due 04/25/2037 •			639			512
3.673% due 05/25/2036 ~			39			32
3.741% due 05/25/2036 ^~			207			196
3.774% due 08/25/2036 ^~			272			272
3.803% due 07/25/2035 ^~			135			120
3.816% due 11/25/2036 ^~			655			545
3.962% due 08/25/2036 ^~			263			186
4.219% due 01/25/2047 ~			36			28
4.343% due 09/25/2034 ~			94			94
Bear Stearns Commercial Mortgage Securities Trust
5.657% due 10/12/2041 ~(k)			847			877
5.728% due 04/12/2038 ~			40			40
BRAD Resecuritization Trust
2.192% due 03/12/2021 «			1,634			33
6.550% due 03/12/2021 «			306			304
CBA Commercial Small Balance Commercial Mortgage
5.540% due 01/25/2039 ^þ			273			225
CD Commercial Mortgage Trust
5.398% due 12/11/2049 ~			7			6
CD Mortgage Trust
5.688% due 10/15/2048 (k)			1,278			664
Chase Mortgage Finance Trust
6.000% due 03/25/2037 ^			225			179
Citigroup Commercial Mortgage Trust
5.589% due 12/10/2049 ~			674			432
Citigroup Mortgage Loan Trust
4.219% due 11/25/2035 ~			1,713			1,333
4.260% due 11/25/2036 ^~			82			81
4.870% due 08/25/2035 ^~			51			41
6.250% due 11/25/2037 ~			847			619
Citigroup Mortgage Loan Trust, Inc.
3.827% due 10/25/2035 ~			417			308
Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates
3.847% due 09/25/2035 ^~			128			111
CitiMortgage Alternative Loan Trust
5.500% due 04/25/2022 ^			13			13
Commercial Mortgage Lease-Backed Certificates
6.250% due 06/20/2031 ~			1,700			1,728
Commercial Mortgage Loan Trust
6.052% due 12/10/2049 ~			752			499
Commercial Mortgage Trust
6.107% due 07/10/2046 ~(k)			690			700
Countrywide Alternative Loan Trust
2.072% due 02/25/2037 •			210			196
2.082% due 02/25/2036 ^•			639			545
2.342% due 10/25/2037 •			4,234			1,321
3.239% due 12/25/2035 •			1,108			1,015
5.500% due 03/25/2035			518			370
6.000% due 11/25/2035 ^			174			56
6.000% due 04/25/2036 ^(k)			2,804			2,183
Countrywide Home Loan Mortgage Pass-Through Trust
2.432% due 03/25/2035 •			136			125
3.662% due 03/25/2046 ^•(k)			636			438
3.711% due 02/20/2036 ^•			8			7
3.781% due 09/20/2036 ^~			106			98
3.794% due 09/25/2047 ^~			346			333
6.000% due 05/25/2037 ^			265			208
Credit Suisse First Boston Mortgage Securities Corp.
7.000% due 02/25/2033			53			55
Credit Suisse Mortgage Capital Certificates
2.323% due 11/30/2037 ~(k)			2,900			2,641

32 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Credit Suisse Mortgage Capital Mortgage-Backed Trust
5.896% due 04/25/2036 þ	$		210	$		155
6.000% due 07/25/2036			1,124			925
6.500% due 05/25/2036 ^			164			93
First Horizon Alternative Mortgage Securities Trust
4.043% due 08/25/2035 ^~			18			3
GE Commercial Mortgage Corp. Trust
5.606% due 12/10/2049 ~			201			176
GS Mortgage Securities Corp. Trust
4.591% due 10/10/2032 ~			900			883
GS Mortgage Securities Trust
1.327% due 08/10/2043 ~(a)			13,080			53
2.161% due 05/10/2045 ~(a)			3,665			102
5.622% due 11/10/2039			513			402
GSR Mortgage Loan Trust
3.860% due 03/25/2047 ^~(k)			997			882
HarborView Mortgage Loan Trust
2.264% due 01/19/2036 •			626			499
IndyMac Mortgage Loan Trust
2.592% due 11/25/2034 •			102			99
3.444% due 05/25/2036 ~			135			97
4.349% due 06/25/2037 ~			233			213
JPMorgan Alternative Loan Trust
6.500% due 03/25/2036 ^(k)			1,080			895
JPMorgan Chase Commercial Mortgage Securities Corp.
1.752% due 03/12/2039 ~(a)			172			0
JPMorgan Chase Commercial Mortgage Securities Trust
0.485% due 02/15/2046 ~(a)			56,907			276
5.411% due 05/15/2047 (k)			1,545			1,807
JPMorgan Mortgage Trust
4.657% due 07/25/2035 ~			45			46
LB-UBS Commercial Mortgage Trust
5.407% due 11/15/2038 ^(k)			306			182
5.562% due 02/15/2040 ^~			119			73
Lehman Mortgage Trust
5.000% due 08/25/2021 ^			74			75
5.777% due 04/25/2036 ^~			145			128
6.000% due 05/25/2037 ^			284			288
MASTR Adjustable Rate Mortgages Trust
4.103% due 11/25/2035 ^~(k)			358			279
MASTR Asset Securitization Trust
6.000% due 06/25/2036 ^•			350			328
Merrill Lynch Mortgage Investors Trust
2.212% due 07/25/2030 •			54			52
2.452% due 11/25/2029 •			80			79
4.372% due 11/25/2035 •			104			106
Morgan Stanley Capital Trust
0.303% due 11/12/2049 ~(a)			5,436			9
5.399% due 12/15/2043			131			92
Morgan Stanley Mortgage Loan Trust
4.042% due 01/25/2035 ^~			227			189
6.000% due 08/25/2037 ^			212			157
Morgan Stanley Resecuritization Trust
4.540% due 03/26/2037 ~			4,517			4,351
Mortgage Equity Conversion Asset Trust
4.000% due 07/25/2060			171			167
Motel 6 Trust
8.666% due 08/15/2024 •			1,222			1,244
Regal Trust
2.655% due 09/29/2031 •			16			16
Residential Accredit Loans, Inc. Trust
4.879% due 01/25/2036 ^~			307			279
6.000% due 08/25/2035 ^			238			238
6.000% due 06/25/2036 ^			131			122
6.500% due 09/25/2037 ^			220			214
Residential Asset Securitization Trust
6.000% due 03/25/2037 ^			207			121
Residential Funding Mortgage Securities, Inc. Trust
6.000% due 06/25/2036 ^			199			195
Structured Adjustable Rate Mortgage Loan Trust
4.022% due 04/25/2036 ^~			284			231
4.111% due 01/25/2036 ^~			272			202
4.479% due 09/25/2036 ^~			113			105

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Structured Asset Mortgage Investments Trust
2.002% due 08/25/2036 ^•	$		723	$		698
TBW Mortgage-Backed Trust
6.000% due 07/25/2036 ^			137			99
Wachovia Bank Commercial Mortgage Trust
0.933% due 10/15/2041 ~(a)			49			0
5.720% due 10/15/2048 ~(k)			1,810			1,777
WaMu Mortgage Pass-Through Certificates Trust
2.282% due 06/25/2044 •			378			372
2.627% due 11/25/2046 •			420			423
3.804% due 12/25/2036 ^~			285			286
Washington Mutual Mortgage Pass-Through Certificates Trust
6.500% due 08/25/2036 ^(k)			1,154			902
Wells Fargo Alternative Loan Trust
5.500% due 07/25/2022			7			7
Wells Fargo-RBS Commercial Mortgage Trust
0.783% due 02/15/2044 ~(a)			13,702			77
Total Non-Agency Mortgage-Backed Securities (Cost $42,490)						45,387
ASSET-BACKED SECURITIES 67.4%
Asset-Backed Securities Corp. Home Equity Loan Trust
2.887% due 02/25/2035 •(k)			3,205			3,221
3.517% due 12/25/2034 •(k)			1,504			1,509
5.035% due 06/21/2029 •			91			90
Bayview Financial Acquisition Trust
2.085% due 12/28/2036 •			52			52
Bear Stearns Asset-Backed Securities Trust
2.172% due 04/25/2036 •			2,047			2,737
4.276% due 07/25/2036 ~			305			306
5.500% due 12/25/2035			37			33
Bombardier Capital Mortgage Securitization Corp.
7.830% due 06/15/2030 ~			1,185			403
Centex Home Equity Loan Trust
2.542% due 01/25/2035 •(k)			1,643			1,624
Chrysler Capital Auto Receivables Trust
0.000% due 01/16/2023 «(f)			1			365
Citigroup Mortgage Loan Trust
1.952% due 12/25/2036 •			1,518			1,057
2.012% due 12/25/2036 •(k)			830			453
2.242% due 11/25/2045 •(k)			2,788			2,780
2.492% due 11/25/2046 •			1,900			1,523
Citigroup Mortgage Loan Trust, Inc.
2.052% due 03/25/2037 •(k)			3,349			3,093
Conseco Finance Securitizations Corp.
7.960% due 05/01/2031			347			185
9.163% due 03/01/2033 ~			799			733
Countrywide Asset-Backed Certificates
1.922% due 12/25/2036 ^•			1,089			1,027
1.932% due 06/25/2035 •(k)			2,229			2,029
1.932% due 06/25/2047 ^•(k)			2,403			2,205
1.942% due 04/25/2047 ^•(k)			760			734
1.992% due 06/25/2037 ^•(k)			702			681
2.032% due 05/25/2036 •(k)			8,330			6,597
3.442% due 06/25/2035 •(k)			4,000			3,951
Countrywide Asset-Backed Certificates Trust
2.062% due 09/25/2046 •(k)			4,428			3,511
3.667% due 10/25/2035 •			2,157			1,889
Crecera Americas LLC
5.563% due 08/31/2020 •			1,900			1,902
EMC Mortgage Loan Trust
2.842% due 05/25/2040 •			368			379
3.092% due 02/25/2041 •			301			299
Fremont Home Loan Trust
1.972% due 04/25/2036 •			699			685
GE Capital Mortgage Services, Inc. Trust
6.705% due 04/25/2029 ~			66			57
GSAMP Trust
3.542% due 12/25/2034 •			2,190			1,519
3.592% due 06/25/2035 •(k)			2,200			2,183
Harley Marine Financing LLC
7.869% due 05/15/2043 «			1,000			606

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Home Equity Mortgage Loan Asset-Backed Trust
2.032% due 04/25/2037 •(k)	$		4,389	$		3,248
HSI Asset Securitization Corp. Trust
1.902% due 04/25/2037 •(k)			3,589			2,353
Marlette Funding Trust
0.000% due 07/16/2029 «(f)			3			719
MASTR Asset-Backed Securities Trust
1.902% due 08/25/2036 •(k)			3,112			1,605
Morgan Stanley ABS Capital, Inc. Trust
2.572% due 12/25/2034 •			147			141
Morgan Stanley Home Equity Loan Trust
2.857% due 05/25/2035 •			1,913			1,407
National Collegiate Commutation Trust
0.000% due 03/25/2038 •			3,500			1,250
People’s Financial Realty Mortgage Securities Trust
1.922% due 09/25/2036 •			1,484			412
Renaissance Home Equity Loan Trust
7.238% due 09/25/2037 ^þ(k)			3,836			2,205
Residential Asset Securities Corp. Trust
2.482% due 08/25/2035 •(k)			4,350			4,205
Securitized Asset-Backed Receivables LLC Trust
2.222% due 01/25/2035 •			879			836
2.242% due 10/25/2035 •(k)			5,500			5,405
SoFi Consumer Loan Program LLC
0.000% due 11/25/2026 «(f)			22			1,097
SoFi Professional Loan Program LLC
0.000% due 03/25/2036 «(f)			10			78
0.000% due 01/25/2039 (f)			1,000			299
0.000% due 05/25/2040 (f)			1,000			369
0.000% due 09/25/2040 (f)			339			169
Structured Asset Investment Loan Trust
3.517% due 10/25/2034 •(k)			1,986			2,000
6.292% due 10/25/2033 •			68			70
UCFC Manufactured Housing Contract
7.900% due 01/15/2028 ^~			262			258
UPS Capital Business Credit
7.664% due 04/15/2026 ^«•(d)			1,856			0
Total Asset-Backed Securities (Cost $72,207)						78,544
		SHARES
COMMON STOCKS 1.6%
COMMUNICATION SERVICES 0.4%
Clear Channel Outdoor Holdings, Inc. (e)			108,013			309
iHeartMedia, Inc.			83			1
iHeartMedia, Inc. ‘A’ (e)			6,080			103
						413
CONSUMER DISCRETIONARY 0.8%
Caesars Entertainment Corp. (e)			71,398			971
ENERGY 0.0%
Forbes Energy Services Ltd. (e)(i)			35,625			9
INDUSTRIALS 0.1%
Westmoreland Mining Holdings LLC «(i)			9,231			139
UTILITIES 0.3%
TexGen Power LLC «			9,914			354
Total Common Stocks (Cost $3,931)						1,886
WARRANTS 0.8%
COMMUNICATION SERVICES 0.6%
iHeartMedia, Inc.			39,591			669

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 33

Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.2%
Sequa Corp. - Exp. 04/28/2024 «		118,000	$		256
Total Warrants (Cost $876)					925
PREFERRED SECURITIES 2.8%
INDUSTRIALS 2.8%
General Electric Co.
5.000% due 01/21/2021 •(h)		53,000			52
Sequa Corp. (12.000% PIK)
12.000% «(c)		2,745			3,182
Total Preferred Securities (Cost $2,141)					3,234

	SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 2.3%
REAL ESTATE 2.3%
VICI Properties, Inc.		104,988	$		2,682
Total Real Estate Investment Trusts (Cost $1,538)					2,682
SHORT-TERM INSTRUMENTS 4.8%
REPURCHASE AGREEMENTS (j) 4.4%
					5,091

	SHARES			MARKET VALUE (000S)
U.S. TREASURY BILLS 0.4%
1.662% due 01/16/2020 (f)(g)(n)		493	$		493
Total Short-Term Instruments (Cost $5,584)					5,584
Total Investments in Securities (Cost $184,472)					193,785
Total Investments 166.3% (Cost $184,472)			$		193,785
Financial Derivative Instruments (l)(m) (0.3)% (Cost or Premiums, net $180)					(340	)
Other Assets and Liabilities, net (66.0)%					(76,907	)
Net Assets Applicable to Common Shareholders 100.0%			$		116,538

NOTES TO SCHEDULE OF INVESTMENTS:

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

^ 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. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

~ 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) Interest only security.

(b) Principal only security.

(c) Payment in-kind security.

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

(e) Security did not produce income within the last twelve months.

(f) Zero coupon security.

(g) Coupon represents a yield to maturity.

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

(i)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Forbes Energy Services Ltd.		07/29/2014	$	1,769	$	9		0.01	%
Westmoreland Mining Holdings LLC		12/08/2014		269		139		0.12
			$	2,038	$	148		0.13	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(j)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		1.250	%		12/31/2019		01/02/2020	$	591	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2020	$	(604	)	$	591	$	591
RDR		1.600			12/31/2019		01/02/2020		4,500	U.S. Treasury Notes 3.125% due 11/15/2028		(4,590	)		4,500		4,500
Total Repurchase Agreements											$	(5,194	)	$	5,091	$	5,091

34 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(2)			Settlement Date		Maturity Date			Amount Borrowed(2)			Payable for Reverse Repurchase Agreements
BNY		2.834	%		10/15/2019		01/08/2020		$	(7,015	)	$	(7,058	)
BOS		2.600			11/12/2019		01/14/2020			(79	)		(79	)
		2.836			10/24/2019		01/24/2020			(5,470	)		(5,500	)
BPS		2.703			11/18/2019		02/18/2020			(153	)		(154	)
		2.853			11/18/2019		02/18/2020			(2,065	)		(2,072	)
BRC		2.903			11/18/2019		02/18/2020			(2,147	)		(2,155	)
		2.909			12/02/2019		03/04/2020			(161	)		(161	)
CEW		2.470			10/22/2019		01/22/2020			(262	)		(263	)
DBL		2.642			12/05/2019		03/05/2020			(311	)		(312	)
JPS		2.465			12/06/2019		01/06/2020			(2,556	)		(2,561	)
MZF		2.803			11/05/2019		01/06/2020			(2,519	)		(2,530	)
NOM		2.350			11/04/2019		01/03/2020			(198	)		(199	)
		2.400			01/03/2020		02/04/2020			(159	)		(159	)
RBC		2.905			11/06/2019		01/06/2020			(635	)		(638	)
RTA		2.270			11/14/2019		01/14/2020			(2,628	)		(2,636	)
		2.328			11/18/2019		02/18/2020			(940	)		(943	)
		2.334			10/31/2019		01/31/2020			(647	)		(650	)
		2.794			11/06/2019		02/04/2020			(2,814	)		(2,826	)
		2.794			11/07/2019		02/05/2020			(9,899	)		(9,942	)
		2.809			10/31/2019		01/29/2020			(1,746	)		(1,755	)
SAL		2.909			11/12/2019		02/10/2020			(3,651	)		(3,666	)
SGY		2.360			12/31/2019		02/13/2020			(97	)		(97	)
SOG		2.350			11/18/2019		02/18/2020			(999	)		(1,002	)
		2.360			11/15/2019		02/13/2020			(826	)		(829	)
		2.400			10/31/2019		01/31/2020			(317	)		(318	)
		2.746			11/14/2019		01/16/2020			(294	)		(295	)
		2.934			10/10/2019		01/08/2020			(745	)		(750	)
		2.952			10/17/2019		01/17/2020			(2,448	)		(2,463	)
UBS		2.250			11/01/2019		TBD	(3)		(2,179	)		(2,187	)
		2.300			12/13/2019		01/10/2020			(1,681	)		(1,683	)
		2.300			12/31/2019		01/10/2020			(355	)		(355	)
		2.450			11/05/2019		02/03/2020			(1,660	)		(1,667	)
		2.450			11/07/2019		02/05/2020			(69	)		(69	)
		2.450			11/08/2019		02/06/2020			(1,572	)		(1,578	)
		2.450			11/19/2019		01/07/2020			(380	)		(381	)
		2.450			11/21/2019		02/19/2020			(859	)		(861	)
		2.450			12/31/2019		02/06/2020			(1,294	)		(1,294	)
		2.500			11/08/2019		02/06/2020			(1,261	)		(1,266	)
		2.500			12/13/2019		01/10/2020			(177	)		(177	)
		2.600			11/19/2019		01/07/2020			(107	)		(107	)
		2.800			11/13/2019		01/10/2020			(3,315	)		(3,328	)
		2.844			11/07/2019		02/05/2020			(1,517	)		(1,524	)
		2.850			12/04/2019		03/03/2020			(1,642	)		(1,646	)
		3.035			10/03/2019		01/06/2020			(3,063	)		(3,087	)
		3.130			10/24/2019		01/17/2020			(1,380	)		(1,388	)
Total Reverse Repurchase Agreements												$	(74,611	)

SHORT SALES:

Description	Coupon		Maturity Date		Principal Amount		Proceeds			Payable for Short Sales(4)
U.S. Treasury Obligations (0.1)%
U.S. Treasury Bonds		2.875%		05/15/2049	$	71	$	(78	)	$	(78	)
Total Short Sales (0.1)%							$	(78	)	$	(78	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 35

Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2019:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Payable for Short  Sales(4)			Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net  Exposure(5)
Global/Master Repurchase Agreement
BNY	$	0	$	(7,058	)	$	0	$	0		$	(7,058	)	$	9,151		$	2,093
BOS		0		(5,579	)		0		0			(5,579	)		7,816			2,237
BPS		0		(2,226	)		0		0			(2,226	)		2,821			595
BRC		0		(2,316	)		0		0			(2,316	)		3,231			915
CEW		0		(263	)		0		0			(263	)		289			26
DBL		0		(312	)		0		0			(312	)		453			141
FICC		591		0			0		0			591			(604	)		(13	)
JPS		0		(2,561	)		0		0			(2,561	)		2,780			219
MZF		0		(2,530	)		0		0			(2,530	)		3,248			718
NOM		0		(358	)		0		0			(358	)		179			(179	)
RBC		0		(638	)		0		0			(638	)		877			239
RDR		4,500		0			0		0			4,500			(4,590	)		(90	)
RTA		0		(18,752	)		0		0			(18,752	)		23,975			5,223
SAL		0		(3,666	)		0		0			(3,666	)		4,764			1,098
SGY		0		(97	)		0		0			(97	)		0			(97	)
SOG		0		(5,657	)		0		0			(5,657	)		6,899			1,242
UBS		0		(22,598	)		0		0			(22,598	)		28,361			5,763
Master Securities Forward Transaction Agreement
BCY		0		0			0		(78	)
Total Borrowings and Other Financing Transactions	$	5,091	$	(74,611	)	$	0	$	(78	)

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days			31-90 days			Greater Than 90 days			Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0	$	(5,802	)	$	(10,573	)	$	(2,187	)	$	(18,562	)
U.S. Government Agencies		0		(1,388	)		(1,006	)		0			(2,394	)
Non-Agency Mortgage-Backed Securities		0		(1,763	)		(7,202	)		0			(8,965	)
Asset-Backed Securities		0		(28,281	)		(16,250	)		0			(44,531	)
Total Borrowings	$	0	$	(37,234	)	$	(35,031	)	$	(2,187	)	$	(74,452	)
Payable for reverse repurchase agreements(6)												$	(74,452	)

(k) Securities with an aggregate market value of $95,134 have been pledged as collateral under the terms of the above master agreements as of December 31, 2019.

⁽¹⁾ Includes accrued interest.

⁽²⁾ The average amount of borrowings outstanding during the period ended December 31, 2019 was $(71,442) at a weighted average interest rate of 3.008%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾ Open maturity reverse repurchase agreement.

⁽⁴⁾ Payable for short sales includes $0 of accrued interest.

⁽⁵⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽⁶⁾ Unsettled reverse repurchase agreements liability of $(159) is outstanding at period end.

(l)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

SWAP AGREEMENTS:

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

Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date	Implied Credit Spread at December 31, 2019(2)			Notional Amount(3)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value(4)			Variation Margin
																					Asset		Liability
Frontier Communications Corp.		5.000	%		Quarterly	06/20/2020		195.572	%	$	590	$	(33	)	$	(232	)	$	(265	)	$	0	$	(4	)
Sprint Communications, Inc.		5.000			Quarterly	12/20/2021		1.142			300		9			14			23			0		0
												$	(24	)	$	(218	)	$	(242	)	$	0	$	(4	)

36 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

INTEREST RATE SWAPS

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																				Asset		Liability
Pay	3-Month USD-LIBOR		2.750	%		Semi-Annual		12/19/2023	$	15,300	$	(131	)	$	748		$	617		$	0	$	(13	)
Pay	3-Month USD-LIBOR		1.750			Semi-Annual		12/21/2023		32,300		606			(558	)		48			0		(27	)
Pay	3-Month USD-LIBOR		1.750			Semi-Annual		12/21/2026		3,200		77			(89	)		(12	)		0		(7	)
Pay	3-Month USD-LIBOR		3.000			Semi-Annual		06/19/2029		7,800		630			130			760			0		(23	)
Receive	3-Month USD-LIBOR		3.000			Semi-Annual		12/19/2038		9,000		30			(1,369	)		(1,339	)		67		0
Receive(5)	3-Month USD-LIBOR		2.000			Semi-Annual		01/15/2050		100		(1	)		3			2			1		0
Receive(5)	3-Month USD-LIBOR		1.625			Semi-Annual		01/16/2050		400		0			45			45			4		0
Receive(5)	3-Month USD-LIBOR		1.750			Semi-Annual		01/22/2050		700		(4	)		62			58			8		0
Receive(5)	3-Month USD-LIBOR		1.625			Semi-Annual		02/03/2050		400		(1	)		46			45			4		0
											$	1,206		$	(982	)	$	224		$	84	$	(70	)
Total Swap Agreements											$	1,182		$	(1,200	)	$	(18	)	$	84	$	(74	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2019:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset						Market Value		Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	0	$	84	$	84	$	0	$	0	$	(74)	$	(74	)

Cash of $1,162 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2019. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽²⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽³⁾ The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁴⁾ The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁵⁾ This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

(m)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽¹⁾

Counterparty	Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount(2)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at  Value(3)
															Asset		Liability
GST	ABX.HE.AA.6-1 Index		0.320	%	Monthly		07/25/2045	$	4,083	$	(812	)	$	589	$	0	$	(223	)
	ABX.HE.PENAAA.7-1 Index		0.090		Monthly		08/25/2037		978		(190	)		63		0		(127	)
Total Swap Agreements										$	(1,002	)	$	652	$	0	$	(350	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 37

Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2019:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(4)
GST	$	0	$	0	$	0	$	0	$	0	$	0	$	(350	)	$	(350	)	$	(350	)	$	493	$	143

(n) Securities with an aggregate market value of $493 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2019.

⁽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.

⁽⁴⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2019:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	0	$	0	$	0	$	84	$	84
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	4	$	0	$	0	$	70	$	74
Over the counter
Swap Agreements	$	0	$	350	$	0	$	0	$	0	$	350
	$	0	$	354	$	0	$	0	$	70	$	424

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2019:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	50		$	0	$	0	$	(956	)	$	(906	)
Over the counter
Swap Agreements	$	0	$	86		$	0	$	0	$	0		$	86
	$	0	$	136		$	0	$	0	$	(956	)	$	(820	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	(151	)	$	0	$	0	$	588		$	437
Over the counter
Swap Agreements	$	0	$	(60	)	$	0	$	0	$	0		$	(60	)
	$	0	$	(211	)	$	0	$	0	$	588		$	377

38 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2019
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	17,351	$	3,226	$	20,577
Corporate Bonds & Notes
Banking & Finance		0		6,626		0		6,626
Industrials		0		15,972		0		15,972
Utilities		0		6,011		0		6,011
Convertible Bonds & Notes
Industrials		0		53		0		53
Municipal Bonds & Notes
West Virginia		0		811		0		811
U.S. Government Agencies		0		5,493		0		5,493
Non-Agency Mortgage-Backed Securities		0		45,050		337		45,387
Asset-Backed Securities		0		75,679		2,865		78,544
Common Stocks
Communication Services		412		1		0		413
Consumer Discretionary		971		0		0		971
Energy		9		0		0		9
Industrials		0		0		139		139
Utilities		0		0		354		354
Warrants
Communication Services		0		669		0		669
Industrials		0		0		256		256
Preferred Securities
Industrials		0		52		3,182		3,234
Real Estate Investment Trusts
Real Estate		2,682		0		0		2,682

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2019
Short-Term Instruments
Repurchase Agreements	$	0	$	5,091		$	0	$	5,091
U.S. Treasury Bills		0		493			0		493
Total Investments	$	4,074	$	179,352		$	10,359	$	193,785
Short Sales, at Value - Liabilities
U.S. Treasury Obligations	$	0	$	(78	)	$	0	$	(78	)
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	84		$	0	$	84
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(74	)		0		(74	)
Over the counter		0		(350	)		0		(350	)
	$	0	$	(424	)	$	0	$	(424	)
Total Financial Derivative Instruments	$	0	$	(340	)	$	0	$	(340	)
Totals	$	4,074	$	178,934		$	10,359	$	193,367

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2019:

Category and Subcategory	Beginning Balance at 06/30/2019		Net Purchases		Net Sales/ Settlements			Accrued Discounts/ (Premiums)			Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation)(1)			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 12/31/2019		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2019(1)
Investments in Securities, at Value
Loan Participations and Assignments	$	2,020	$	3,181	$	(73	)	$	(7	)	$	0	$	(80	)	$	0	$	(1,815	)	$	3,226	$	2
Non-Agency Mortgage-Backed Securities		377		0		(23	)		2			0		(19	)		0		0			337		(18	)
Asset-Backed Securities		3,391		0		0			2			0		(528	)		0		0			2,865		(528	)
Common Stocks
Industrials		134		0		0			0			0		5			0		0			139		5
Utilities		389		0		0			0			0		(35	)		0		0			354		(35	)
Warrants
Industrials		139		0		0			0			0		117			0		0			256		117
Preferred Securities
Industrials		2,763		166		0			0			0		253			0		0			3,182		253
Totals	$	9,213	$	3,347	$	(96	)	$	(3	)	$	0	$	(286	)	$	0	$	(1,816	)	$	10,359	$	(204	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 39

Schedule of Investments PIMCO PCM Fund, Inc. (Cont.)

December 31, 2019 (Unaudited)

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:

Category and Subcategory	Ending Balance at 12/31/2019		Valuation Technique	Unobservable Inputs		(% Unless Noted Otherwise)
						Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments	$	2,914	Other Valuation Techniques(2)		—		—		—
		312	Third Party Vendor		Broker Quote		99.250-101.000		100.410
Non-Agency Mortgage-Backed  Securities		337	Proxy Pricing		Base Price		2.000-99.375		89.931
Asset-Backed Securities		605	Discounted Cash Flow		Discount Rate		8.740		—
		2,260	Proxy Pricing		Base Price		0.000-53,000.000		19,877.647
Common Stocks
Industrials		139	Indicative Market Quotation		Broker Quote	$	15.000		—
Utilities		354	Indicative Market Quotation		Broker Quote	$	35.750		—
Warrants
Industrials		256	Other Valuation Techniques(2)		—		—		—
Preferred Securities
Industrials		3,182	Fundamental valuation		Company Equity Value	$	934,387,328.532		—
Total	$	10,359

⁽¹⁾  Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2019 may be due to an investment no longer held or categorized as Level 3 at period end.

⁽²⁾ Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

40 PIMCO CLOSED-END FUNDS See Accompanying Notes

Schedule of Investments PIMCO Global StocksPLUS^® & Income Fund

December 31, 2019 (Unaudited)

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 178.9%
LOAN PARTICIPATIONS AND ASSIGNMENTS 15.3%
Advanz Pharma Corp.
7.447% (LIBOR03M + 5.500%) due 09/06/2024 ~	$		866	$		811
Chesapeake Energy Corp.
TBD% due 06/09/2024			25			26
Clay Holdco BV
TBD% due 11/06/2026 «	EUR		1,000			1,065
Diamond Resorts Corp.
5.549% (LIBOR03M + 3.750%) due 09/02/2023 ~	$		612			599
Dubai World (2.000% Cash and 1.750% PIK)
3.750% (LIBOR03M + 2.000%) due 09/30/2022 ~(c)			918			857
Emerald TopCo, Inc.
5.299% (LIBOR03M + 3.500%) due 07/24/2026 ~			5			5
Envision Healthcare Corp.
5.549% (LIBOR03M + 3.750%) due 10/10/2025 ~			2,525			2,163
Financial & Risk U.S. Holdings, Inc.
5.049% (LIBOR03M + 3.250%) due 10/01/2025 ~			220			222
Forbes Energy Services LLC (5.000% Cash and 11.000% PIK)
16.000% (LIBOR03M + 5.000%) due 04/13/2021 ~(c)			83			83
Frontier Communications Corp.
5.550% (LIBOR03M + 3.750%) due 06/15/2024 ~			98			98
iHeartCommunications, Inc.
5.691% (LIBOR03M + 4.000%) due 05/01/2026 ~			646			653
IRB Holding Corp.
5.195% - 5.216% (LIBOR03M + 3.250%) due 02/05/2025 ~			148			149
Jefferies Finance LLC
5.500% (LIBOR03M + 3.750%) due 06/03/2026 ~			4			4
McDermott Technology Americas, Inc.
0.500% - 12.002% (LIBOR03M + 10.000%) due 10/21/2021 ~µ			209			214
6.945% (LIBOR03M + 5.000%) due 05/09/2025 ~			374			220
MH Sub LLC
5.549% (LIBOR03M + 3.750%) due 09/13/2024 ~			20			20
Nascar Holdings, Inc.
4.495% (LIBOR03M + 2.750%) due 10/19/2026 ~			12			12
NCI Building Systems, Inc.
5.486% (LIBOR03M + 3.750%) due 04/12/2025 ~			10			10
Neiman Marcus Group Ltd. LLC
7.713% (LIBOR03M + 6.000%) due 10/25/2023 ~			1,678			1,382
Neiman Marcus Group Ltd. LLC (7.213% Cash and 1.000% PIK)
8.213% (LIBOR03M + 5.500%) due 10/25/2023 ~(c)			1,681			1,367
Ortho-Clinical Diagnostics S.A.
5.306% (LIBOR03M + 3.250%) due 06/30/2025 ~			108			107
Pacific Gas & Electric Co.
TBD% due 02/22/2049 ^«(d)			206			204
PetSmart, Inc.
5.740% (LIBOR03M + 4.000%) due 03/11/2022 ~			17			16
PG&E Corp.
4.950% (PRIME + 0.200%) due 04/16/2020 ~			100			100
Sequa Mezzanine Holdings LLC
10.936% (LIBOR03M + 9.000%) due 04/28/2022 ~			420			414

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Sierra Hamilton LLC
15.000% due 09/12/2023 «	$		5	$		5
Sotera Health Holdings LLC
6.289% (LIBOR03M + 4.500%) due 12/11/2026 ~			21			21
Summer (BC) Holdco B SARL
TBD% due 10/15/2026			530			506
Sunshine Luxembourg SARL
6.195% (LIBOR03M + 4.250%) due 10/01/2026 ~			42			42
Syniverse Holdings, Inc.
6.846% (LIBOR03M + 5.000%) due 03/09/2023 ~			1,395			1,300
U.S. Renal Care, Inc.
6.813% (LIBOR03M + 5.000%) due 06/26/2026 ~			72			71
Univision Communications, Inc.
4.549% (LIBOR03M + 2.750%) due 03/15/2024 ~			715			707
West Corp.
5.927% (LIBOR03M + 4.000%) due 10/10/2024 ~			9			8
Westmoreland Mining Holdings LLC
10.150% (LIBOR03M + 8.250%) due 03/15/2022 «~			294			297
Westmoreland Mining Holdings LLC (15.000% PIK)
15.000% due 03/15/2029 (c)			864			691
Windstream Services LLC
9.000% (PRIME + 4.250%) due 02/17/2024 ~			1,400			1,330
9.750% (PRIME + 5.000%) due 03/29/2021 ~			850			816
Total Loan Participations and Assignments (Cost $17,610)						16,595
CORPORATE BONDS & NOTES 41.1%
BANKING & FINANCE 17.9%
Ambac Assurance Corp.
5.100% due 06/07/2020			13			19
Ambac LSNI LLC
6.945% due 02/12/2023 •(m)			129			131
Ardonagh Midco PLC
8.375% due 07/15/2023 (m)	GBP		1,870			2,480
AXA Equitable Holdings, Inc.
5.000% due 04/20/2048	$		2			2
Banco de Credito del Peru
4.650% due 09/17/2024	PEN		100			30
Barclays PLC
7.125% due 06/15/2025 •(i)(j)(m)	GBP		200			300
7.875% due 09/15/2022 •(i)(j)(m)			1,250			1,841
Brookfield Finance, Inc.
3.900% due 01/25/2028	$		4			4
4.700% due 09/20/2047			12			14
CBL & Associates LP
4.600% due 10/15/2024 (m)			165			107
5.950% due 12/15/2026 (m)			1,020			614
Credit Agricole S.A.
7.875% due 01/23/2024 •(i)(j)(m)			200			228
Deutsche Bank AG
3.961% due 11/26/2025 •			150			153
Emerald Bay S.A.
0.000% due 10/08/2020 (g)	EUR		6			7
ESH Hospitality, Inc.
4.625% due 10/01/2027	$		18			18
Fortress Transportation & Infrastructure Investors LLC
6.500% due 10/01/2025 (m)			73			77
HSBC Bank PLC
6.330% due 05/23/2023			1,100			1,160
HSBC Holdings PLC
6.000% due 09/29/2023 •(i)(j)	EUR		200			259
Hunt Cos., Inc.
6.250% due 02/15/2026	$		6			6

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Kennedy-Wilson, Inc.
5.875% due 04/01/2024	$		14	$		14
Lloyds Banking Group PLC
7.625% due 06/27/2023 •(i)(j)(m)	GBP		1,600			2,383
LoanCore Capital Markets LLC
6.875% due 06/01/2020 (m)	$		1,400			1,401
Nationstar Mortgage LLC
6.500% due 07/01/2021 (m)			115			116
Newmark Group, Inc.
6.125% due 11/15/2023			18			20
Oppenheimer Holdings, Inc.
6.750% due 07/01/2022			7			7
Pinnacol Assurance
8.625% due 06/25/2034 «(k)			1,100			1,177
Royal Bank of Scotland Group PLC
8.000% due 08/10/2025 •(i)(j)(m)			300			346
Sabra Health Care LP
4.800% due 06/01/2024			29			31
Santander UK Group Holdings PLC
6.750% due 06/24/2024 •(i)(j)(m)	GBP		450			658
7.375% due 06/24/2022 •(i)(j)(m)			1,100			1,592
Societe Generale S.A.
7.375% due 10/04/2023 •(i)(j)(m)	$		200			219
Springleaf Finance Corp.
5.375% due 11/15/2029			7			7
Toll Road Investors Partnership LP
0.000% due 02/15/2045 (g)			182			48
UniCredit SpA
7.830% due 12/04/2023 (m)			730			852
Unique Pub Finance Co. PLC
5.659% due 06/30/2027	GBP		492			750
Voyager Aviation Holdings LLC
8.500% due 08/15/2021 (m)	$		2,260			2,322
						19,393
INDUSTRIALS 16.1%
Altice Financing S.A.
7.500% due 05/15/2026 (m)			800			862
Altice France S.A.
7.375% due 05/01/2026 (m)			1,327			1,427
Associated Materials LLC
9.000% due 01/01/2024 (m)			680			598
Avon International Capital PLC
6.500% due 08/15/2022			6			6
B.C. Unlimited Liability Co.
4.375% due 01/15/2028			13			13
Bausch Health Cos., Inc.
5.000% due 01/30/2028			12			12
5.250% due 01/30/2030			8			8
BCPE Cycle Merger Sub, Inc.
10.625% due 07/15/2027			12			12
Bombardier, Inc.
6.125% due 01/15/2023 (m)			170			175
7.500% due 12/01/2024 (m)			148			156
7.500% due 03/15/2025 (m)			127			131
7.875% due 04/15/2027 (m)			450			464
Camelot Finance S.A.
4.500% due 11/01/2026			2			2
CCO Holdings LLC
4.750% due 03/01/2030			30			31
Centene Corp.
4.250% due 12/15/2027			17			18
4.625% due 12/15/2029			30			32
4.750% due 01/15/2025			29			30
Charter Communications Operating LLC
4.800% due 03/01/2050			36			38
Clear Channel Worldwide Holdings, Inc.
9.250% due 02/15/2024			488			541
Community Health Systems, Inc.
6.250% due 03/31/2023 (m)			1,547			1,574
8.000% due 03/15/2026 (m)			72			74
8.625% due 01/15/2024 (m)			106			113

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 41

Schedule of Investments PIMCO Global StocksPLUS^® & Income Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Connect Finco SARL
6.750% due 10/01/2026	$		10	$		11
Corning, Inc.
5.450% due 11/15/2079			12			13
Corp. GEO S.A.B. de C.V.
9.250% due 06/30/2020 ^«(d)			470			0
DAE Funding LLC
5.750% due 11/15/2023 (m)			100			105
Diamond Resorts International, Inc.
7.750% due 09/01/2023 (m)			256			264
DriveTime Automotive Group, Inc.
8.000% due 06/01/2021 (m)			1,170			1,191
Eagle Holding Co. LLC (7.750% Cash or 8.500% PIK)
7.750% due 05/15/2022 (c)			5			5
EI Group PLC
6.875% due 05/09/2025	GBP		10			13
Eldorado Resorts, Inc.
6.000% due 09/15/2026 (m)	$		400			441
Envision Healthcare Corp.
8.750% due 10/15/2026 (m)			382			238
Exela Intermediate LLC
10.000% due 07/15/2023			23			9
Fair Isaac Corp.
4.000% due 06/15/2028			2			2
First Quantum Minerals Ltd.
6.500% due 03/01/2024 (m)			284			285
6.875% due 03/01/2026 (m)			312			316
7.000% due 02/15/2021 (m)			31			31
Flex Ltd.
4.875% due 06/15/2029			15			16
Fresh Market, Inc.
9.750% due 05/01/2023 (m)			1,200			612
Full House Resorts, Inc.
8.575% due 01/31/2024			100			99
9.738% due 02/02/2024			8			8
General Electric Co.
5.875% due 01/14/2038			2			2
6.150% due 08/07/2037			2			3
6.875% due 01/10/2039			32			43
HCA, Inc.
7.500% due 11/15/2095 (m)			300			351
iHeartCommunications, Inc.
6.375% due 05/01/2026			207			225
8.375% due 05/01/2027 (m)			319			353
IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)
6.000% due 05/15/2027 (c)			71			75
Intelsat Connect Finance S.A.
9.500% due 02/15/2023			35			25
Intelsat Jackson Holdings S.A.
5.500% due 08/01/2023 (m)			300			258
8.500% due 10/15/2024			22			20
9.750% due 07/15/2025			23			21
Intelsat Luxembourg S.A.
7.750% due 06/01/2021 ^(m)			2,113			1,674
8.125% due 06/01/2023			54			32
Kinder Morgan, Inc.
7.750% due 01/15/2032 (m)			300			413
Mallinckrodt International Finance S.A.
5.500% due 04/15/2025 (m)			134			48
Mattel, Inc.
5.875% due 12/15/2027			9			10
Micron Technology, Inc.
5.327% due 02/06/2029 (m)			28			32
MSCI, Inc.
4.000% due 11/15/2029			4			4
NCL Corp. Ltd.
3.625% due 12/15/2024			20			20
Netflix, Inc.
3.875% due 11/15/2029 (m)	EUR		116			138
5.375% due 11/15/2029	$		10			11
Noble Holding International Ltd.
7.875% due 02/01/2026			52			38

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Odebrecht Oil & Gas Finance Ltd.
0.000% due 01/31/2020 (g)(i)	$		322	$		3
Ortho-Clinical Diagnostics, Inc.
6.625% due 05/15/2022 (m)			328			327
Pacific Drilling SA
8.375% due 10/01/2023			54			49
Pan American Energy LLC
42.636% (BADLARPP) due 11/20/2020 «~	ARS		4,980			66
Par Pharmaceutical, Inc.
7.500% due 04/01/2027	$		21			21
Petroleos Mexicanos
5.350% due 02/12/2028			114			114
6.490% due 01/23/2027			10			11
6.500% due 03/13/2027			232			247
6.750% due 09/21/2047			10			10
6.840% due 01/23/2030			40			43
7.690% due 01/23/2050			20			22
PetSmart, Inc.
5.875% due 06/01/2025			19			19
Platin 1426 GmbH
6.875% due 06/15/2023 (m)	EUR		100			115
QVC, Inc.
5.950% due 03/15/2043	$		144			135
Radiate Holdco LLC
6.875% due 02/15/2023			2			2
Sands China Ltd.
5.400% due 08/08/2028 (m)			162			183
Sealed Air Corp.
4.000% due 12/01/2027			2			2
Select Medical Corp.
6.250% due 08/15/2026			6			7
Sensata Technologies, Inc.
4.375% due 02/15/2030			4			4
Silgan Holdings, Inc.
4.125% due 02/01/2028			9			9
Spanish Broadcasting System, Inc.
12.500% due 04/15/2049 ^(d)			479			500
Staples, Inc.
7.500% due 04/15/2026			2			2
Telesat Canada
4.875% due 06/01/2027			5			5
Tenet Healthcare Corp.
4.625% due 09/01/2024			2			2
Teva Pharmaceutical Finance Netherlands BV
2.200% due 07/21/2021 (m)			106			103
3.250% due 04/15/2022 (m)	EUR		100			114
Topaz Solar Farms LLC
4.875% due 09/30/2039 (m)	$		90			93
5.750% due 09/30/2039 (m)			851			941
TransDigm, Inc.
5.500% due 11/15/2027			16			16
Transocean Pontus Ltd.
6.125% due 08/01/2025 (m)			25			26
Transocean, Inc.
7.250% due 11/01/2025			36			35
7.500% due 01/15/2026			6			6
Trident TPI Holdings, Inc.
9.250% due 08/01/2024			4			4
Triumph Group, Inc.
5.250% due 06/01/2022			4			4
6.250% due 09/15/2024			11			12
Twitter, Inc.
3.875% due 12/15/2027			2			2
Univision Communications, Inc.
5.125% due 02/15/2025 (m)			36			36
Valaris PLC
5.750% due 10/01/2044			22			10
7.750% due 02/01/2026			2			1
Vale Overseas Ltd.
6.250% due 08/10/2026 (m)			25			29
6.875% due 11/21/2036			38			50
6.875% due 11/10/2039			6			8

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ViaSat, Inc.
5.625% due 09/15/2025	$		18	$		19
5.625% due 04/15/2027			3			3
Wyndham Destinations, Inc.
3.900% due 03/01/2023			12			12
4.625% due 03/01/2030			4			4
5.750% due 04/01/2027			133			145
YPF S.A.
50.817% (BADLARPP + 4.000%) due 09/24/2020 «~(a)	ARS		1,430			18
						17,361
UTILITIES 7.1%
Edison International
2.400% due 09/15/2022	$		12			12
2.950% due 03/15/2023			1			1
3.125% due 11/15/2022			12			12
3.550% due 11/15/2024			12			12
5.750% due 06/15/2027			8			9
Odebrecht Drilling Norbe Ltd.
6.350% due 12/01/2021 ^(m)			127			126
Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)
7.350% due 12/01/2026 ^(c)(m)			447			245
Odebrecht Offshore Drilling Finance Ltd.
6.720% due 12/01/2022 ^(m)			1,192			1,174
Odebrecht Offshore Drilling Finance Ltd. (6.720% Cash and 1.000% PIK)
7.720% due 12/01/2026 ^(c)			655			164
Pacific Gas & Electric Co.
2.450% due 08/15/2022 ^(d)(m)			108			108
2.950% due 03/01/2026 ^(d)(m)			127			128
3.250% due 09/15/2021 ^(d)			44			44
3.250% due 06/15/2023 ^(d)(m)			173			173
3.300% due 03/15/2027 ^(d)(m)			116			116
3.300% due 12/01/2027 ^(d)			100			100
3.400% due 08/15/2024 ^(d)(m)			64			65
3.500% due 10/01/2020 ^(d)(m)			1,304			1,309
3.500% due 06/15/2025 ^(d)(m)			120			120
3.750% due 02/15/2024 ^(d)(m)			45			46
3.750% due 08/15/2042 ^(d)			2			2
3.850% due 11/15/2023 ^(d)(m)			10			10
4.250% due 05/15/2021 ^(d)			251			252
4.250% due 08/01/2023 ^(d)(m)			200			206
4.300% due 03/15/2045 ^(d)			18			18
4.500% due 12/15/2041 ^(d)			37			37
4.600% due 06/15/2043 ^(d)			8			8
4.650% due 08/01/2028 ^(d)			100			104
4.750% due 02/15/2044 ^(d)			26			27
5.125% due 11/15/2043 ^(d)			98			101
5.400% due 01/15/2040 ^(d)			4			4
5.800% due 03/01/2037 ^(d)			89			93
6.050% due 03/01/2034 ^(d)			17			18
6.250% due 03/01/2039 ^(d)			15			16
6.350% due 02/15/2038 ^(d)			6			6
Petrobras Global Finance BV
5.093% due 01/15/2030			137			147
6.850% due 06/05/2115			36			41
Rio Oil Finance Trust
9.250% due 07/06/2024 (m)			1,327			1,490
Southern California Edison Co.
5.750% due 04/01/2035			2			3
6.650% due 04/01/2029			12			15
Sprint Corp.
7.625% due 03/01/2026 (m)			1,004			1,109
Talen Energy Supply LLC
6.625% due 01/15/2028			4			4
Transocean Poseidon Ltd.
6.875% due 02/01/2027			20			21
						7,696
Total Corporate Bonds & Notes (Cost $43,532)						44,450

42 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CONVERTIBLE BONDS & NOTES 0.5%
INDUSTRIALS 0.5%
DISH Network Corp.
3.375% due 08/15/2026	$		600	$		578
UTILITIES 0.0%
Ensco Jersey Finance Ltd.
3.000% due 01/31/2024			4			3
Total Convertible Bonds & Notes (Cost $603)						581
MUNICIPAL BONDS & NOTES 2.0%
ILLINOIS 0.1%
Chicago, Illinois General Obligation Bonds, Series 2015
7.750% due 01/01/2042			12			13
Illinois State General Obligation Bonds, (BABs), Series 2010
6.725% due 04/01/2035			10			12
7.350% due 07/01/2035			5			6
Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033			35			38
						69
WEST VIRGINIA 1.9%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (g)			8,800			385
7.467% due 06/01/2047			1,590			1,654
						2,039
Total Municipal Bonds & Notes (Cost $2,158)						2,108
U.S. GOVERNMENT AGENCIES 43.9%
Fannie Mae
4.208% due 11/25/2049 •(a)			236			52
4.258% due 03/25/2037 •(a)			260			41
4.358% due 11/25/2039 •(a)			233			37
4.508% due 01/25/2038 •(a)			342			51
4.588% due 03/25/2037 •(a)			294			53
4.608% due 12/25/2037 •(a)			331			39
4.618% due 06/25/2037 •(a)			116			12
4.658% due 04/25/2037 •(a)(m)			741			140
4.808% due 11/25/2035 •(a)			89			10
5.008% due 11/25/2036 •(a)(m)			1,442			269
5.342% due 07/25/2029 •			170			180
5.408% due 02/25/2037 •(a)			259			56
7.000% due 12/25/2023			50			53
7.500% due 06/01/2032			25			25
7.542% due 07/25/2029 •			220			261
7.800% due 06/25/2026 ~			2			2
9.247% due 12/25/2042 ~			50			57
11.691% due 08/25/2022 •			46			51
Freddie Mac
0.000% due 02/25/2046 (b)(g)			1,307			1,212
0.100% due 02/25/2046 (a)			15,708			10
0.661% due 10/25/2020 ~(a)			9,577			20
1.939% due 11/25/2055 ~(a)			5,732			458
4.700% due 03/15/2037 •(a)			532			94
4.830% due 09/15/2036 •(a)			315			53
4.840% due 09/15/2036 •(a)(m)			658			126
6.942% due 10/25/2029 •			250			289
7.000% due 08/15/2023			2			2
Uniform Mortgage-Backed Security
3.500% due 03/01/2048 - 07/01/2049 (m)			3,676			3,801
3.500% due 11/01/2048			815			838
Uniform Mortgage-Backed Security, TBA
3.500% due 02/01/2050			30,500			31,354
4.000% due 03/01/2050			5,500			5,721
4.500% due 02/01/2050			2,000			2,107
Total U.S. Government Agencies (Cost $47,132)						47,474

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NON-AGENCY MORTGAGE-BACKED SECURITIES 26.9%
Banc of America Alternative Loan Trust
12.998% due 09/25/2035 ^•	$		1,070	$		1,325
Banc of America Funding Trust
3.147% due 12/20/2034 ~			289			203
4.845% due 03/20/2036 ~			454			447
5.846% due 01/25/2037 ^~			165			164
Banc of America Mortgage Trust
6.000% due 07/25/2046 ^			1			1
Bear Stearns Adjustable Rate Mortgage Trust
4.238% due 07/25/2036 ^~			183			177
Bear Stearns ALT-A Trust
3.107% due 04/25/2035 ~			100			93
3.874% due 11/25/2035 ^~(m)			112			98
4.103% due 09/25/2035 ^~			103			85
Bear Stearns Commercial Mortgage Securities Trust
5.395% due 02/11/2041 ~			199			199
5.728% due 04/12/2038 ~			40			40
Bear Stearns Structured Products, Inc. Trust
3.649% due 12/26/2046 ^~			265			229
4.001% due 01/26/2036 ^~			535			479
BRAD Resecuritization Trust
2.192% due 03/12/2021 «			1,370			27
6.550% due 03/12/2021 «			256			255
CBA Commercial Small Balance Commercial Mortgage
5.540% due 01/25/2039 ^þ			273			225
CD Commercial Mortgage Trust
5.398% due 12/11/2049 ~			6			6
CD Mortgage Trust
5.688% due 10/15/2048			1,365			709
Chevy Chase Funding LLC Mortgage-Backed Certificates
2.092% due 08/25/2035 •			72			72
2.472% due 10/25/2034 •			6			5
Citigroup Commercial Mortgage Trust
5.589% due 12/10/2049 ~			910			583
Citigroup Mortgage Loan Trust
4.219% due 11/25/2035 ~			1,631			1,270
4.798% due 03/25/2037 ^~			265			227
Commercial Mortgage Loan Trust
6.052% due 12/10/2049 ~(m)			1,508			1,001
Commercial Mortgage Trust
0.131% due 10/10/2046 ~(a)(m)			77,000			403
6.107% due 07/10/2046 ~(m)			760			771
Countrywide Alternative Loan Trust
2.032% due 12/25/2046 ^•			104			72
2.142% due 05/25/2036 ^•(m)			1,510			646
2.452% due 10/25/2035 •			615			511
3.279% due 10/25/2035 ^~			112			107
4.242% due 02/25/2037 ^~			133			131
5.358% due 07/25/2036 •(a)			1,035			328
5.500% due 08/25/2034			341			348
5.500% due 02/25/2036 ^			19			17
6.250% due 09/25/2034			52			53
6.500% due 08/25/2036 ^			1,224			726
14.872% due 07/25/2035 •			751			938
Countrywide Home Loan Mortgage Pass-Through Trust
2.032% due 03/25/2036 •			150			147
2.572% due 02/25/2035 •			86			83
3.264% due 03/25/2037 ^~			287			249
3.468% due 10/20/2035 ~			182			164
3.704% due 10/20/2035 ^~			103			92
3.859% due 10/20/2035 ^~			109			103
3.878% due 08/25/2034 ~			79			77
5.500% due 08/25/2035 ^			23			20
Credit Suisse Commercial Mortgage Trust
5.869% due 09/15/2040 ~			391			250
Credit Suisse Mortgage Capital Mortgage-Backed Trust
6.000% due 11/25/2036			199			177
DBUBS Mortgage Trust
4.652% due 11/10/2046			700			630
First Horizon Alternative Mortgage Securities Trust
3.900% due 11/25/2036 ^~(m)			281			237
First Horizon Mortgage Pass-Through Trust
4.362% due 01/25/2037 ^~			370			319

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
GE Commercial Mortgage Corp. Trust
5.606% due 12/10/2049 ~(m)	$		201	$		176
GS Mortgage Securities Trust
5.622% due 11/10/2039			128			100
GSR Mortgage Loan Trust
4.370% due 04/25/2035 ~			177			181
4.714% due 05/25/2035 ~			40			38
5.500% due 06/25/2036 ^			5			14
HarborView Mortgage Loan Trust
2.364% due 04/19/2034 •			15			14
3.265% due 11/19/2034 ~			98			90
4.446% due 08/19/2036 ^~			9			9
4.694% due 02/25/2036 ^~			23			15
HSI Asset Loan Obligation Trust
4.125% due 01/25/2037 ^~			245			220
IndyMac Mortgage Loan Trust
2.062% due 06/25/2037 ^•			918			904
2.352% due 03/25/2035 •			18			18
3.271% due 06/25/2037 ^~			454			400
JPMBB Commercial Mortgage Securities Trust
0.271% due 11/15/2045 ~(a)(m)			76,047			838
JPMorgan Chase Commercial Mortgage Securities Trust
5.411% due 05/15/2047			393			460
JPMorgan Mortgage Trust
4.236% due 04/25/2037 ^~			473			404
5.500% due 01/25/2036 ^			44			35
5.500% due 06/25/2037 ^			10			10
MASTR Adjustable Rate Mortgages Trust
3.924% due 10/25/2034 ~			130			123
4.103% due 11/25/2035 ^~			508			396
Merrill Lynch Alternative Note Asset Trust
1.862% due 01/25/2037 •			766			353
Motel 6 Trust
8.666% due 08/15/2024 •			1,222			1,244
Opteum Mortgage Acceptance Corp. Trust
2.062% due 07/25/2036 •			235			133
Prime Mortgage Trust
4.758% due 11/25/2036 •(a)			1,596			75
Provident Funding Mortgage Loan Trust
4.639% due 10/25/2035 ~			36			37
RBSSP Resecuritization Trust
5.000% due 09/26/2036 ~			1,705			1,586
Residential Accredit Loans, Inc. Trust
4.284% due 12/26/2034 ^~			143			121
4.879% due 01/25/2036 ^~(m)			632			574
6.000% due 09/25/2035 ^(m)			352			219
6.000% due 08/25/2036 ^			209			199
Residential Asset Mortgage Products Trust
7.500% due 12/25/2031			51			51
Structured Adjustable Rate Mortgage Loan Trust
3.639% due 05/25/2035 ^•(m)			1,321			1,159
3.715% due 09/25/2036 ^~			263			217
4.022% due 04/25/2036 ^~			284			231
4.079% due 09/25/2035 ~			69			61
4.111% due 01/25/2036 ^~			302			224
Structured Asset Mortgage Investments Trust
2.022% due 02/25/2036 •			352			326
2.072% due 02/25/2036 ^•(m)			254			246
SunTrust Adjustable Rate Mortgage Loan Trust
4.661% due 01/25/2037 ^~			77			72
Theatre Hospitals PLC
3.785% due 10/15/2031 •(m)	GBP		941			1,247
4.190% due 12/15/2024 «(k)			20			0
WaMu Mortgage Pass-Through Certificates Trust
3.804% due 12/25/2036 ^~(m)	$		319			320
3.995% due 07/25/2037 ^~			91			86
Wells Fargo-RBS Commercial Mortgage Trust
0.253% due 12/15/2046 ~(a)(m)			30,000			327
Total Non-Agency Mortgage-Backed Securities (Cost $25,365)						29,072
ASSET-BACKED SECURITIES 16.9%
Adagio CLO DAC
0.000% due 04/30/2031 ~	EUR		250			200

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 43

Schedule of Investments PIMCO Global StocksPLUS^® & Income Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Apidos CLO
0.000% due 07/22/2026 «~	$		500	$		0
Avoca CLO DAC
0.000% due 07/15/2032 ~	EUR		1,000			1,011
Bear Stearns Asset-Backed Securities Trust
6.500% due 08/25/2036 ^(m)	$		571			348
17.605% due 03/25/2036 ^•(m)			1,634			1,651
Belle Haven ABS CDO Ltd.
2.539% due 07/05/2046 •			34,966			51
Bombardier Capital Mortgage Securitization Corp.
7.830% due 06/15/2030 ~			1,421			483
California Republic Auto Receivables Trust
0.000% due 04/15/2025 «(g)			1,400			1,096
Carlyle Global Market Strategies CLO Ltd.
0.000% due 04/17/2031 ~			1,700			1,062
0.000% due 10/15/2031 ~			600			409
Carlyle Global Market Strategies Euro CLO DAC
0.000% due 04/15/2027 ~	EUR		900			706
0.000% due 01/25/2032 ~			300			242
Carrington Mortgage Loan Trust
1.942% due 08/25/2036 •	$		78			73
Chrysler Capital Auto Receivables Trust
0.000% due 01/16/2023 «(g)			1			714
Citigroup Mortgage Loan Trust
1.952% due 12/25/2036 •(m)			1,463			1,018
1.952% due 01/25/2037 •			171			86
Conseco Finance Securitizations Corp.
7.960% due 05/01/2031 (m)			391			208
Countrywide Asset-Backed Certificates
2.892% due 09/25/2034 •			69			69
EMC Mortgage Loan Trust
2.732% due 05/25/2039 •			45			44
Flagship Credit Auto Trust
0.000% due 05/15/2025 «(g)			1			114
Lehman XS Trust
4.647% due 05/25/2037 ^þ(m)			92			91
Marlette Funding Trust
0.000% due 12/15/2028 «(g)			2			431
0.000% due 04/16/2029 «(g)			2			440
0.000% due 07/16/2029 «(g)			2			654
Morgan Stanley ABS Capital, Inc. Trust
1.852% due 05/25/2037 •			80			73
Residential Asset Mortgage Products Trust
5.572% due 06/25/2032 ~			50			51
SMB Private Education Loan Trust
0.000% due 09/18/2046 «(g)			1			759
0.000% due 10/15/2048 «(g)			2			1,198
SoFi Consumer Loan Program LLC
0.000% due 05/26/2026 «(g)			10			373
0.000% due 11/25/2026 «(g)			20			998
Soundview Home Loan Trust
1.852% due 11/25/2036 •			181			75
South Coast Funding Ltd.
2.303% due 01/06/2041 •			429			100
2.303% due 01/06/2041 •(m)			12,097			2,806
Structured Asset Securities Corp. Mortgage Loan Trust
2.092% due 06/25/2035 •			191			190
Symphony CLO Ltd.
6.601% due 07/14/2026 •			400			376
Washington Mutual Asset-Backed Certificates Trust
1.852% due 10/25/2036 •			100			52
Total Asset-Backed Securities (Cost $24,865)						18,252
SOVEREIGN ISSUES 5.9%
Argentina Government International Bond
3.380% due 12/31/2038 þ(m)	EUR		760			396
7.820% due 12/31/2033 (m)			1,267			824
7.820% due 12/31/2033			80			51
15.500% due 10/17/2026	ARS		8,480			39
42.836% (BADLARPP + 2.000%) due 04/03/2022 ~			13,123			116
45.399% (BADLARPP + 3.250%) due 03/01/2020 ~			420			5

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
56.589% (ARLLMONP) due 06/21/2020 ~(a)	ARS		43,094	$		390
59.928% (BADLARPP) due 10/04/2022 ~(a)			132			2
Autonomous City of Buenos Aires Argentina
44.086% due 03/29/2024 •			14,395			165
51.313% (BADLARPP + 5.000%) due 01/23/2022 ~(a)			1,630			20
Peru Government International Bond
5.400% due 08/12/2034	PEN		2			1
5.940% due 02/12/2029 (m)			752			256
5.940% due 02/12/2029			6			2
6.150% due 08/12/2032 (m)			649			223
6.350% due 08/12/2028 (m)			1,145			401
6.900% due 08/12/2037			1			0
6.950% due 08/12/2031			126			46
8.200% due 08/12/2026			207			80
Provincia de Buenos Aires
45.979% due 05/31/2022 •	ARS		100			1
52.270% (BADLARPP + 3.750%) due 04/12/2025 ~(a)			79,631			604
Republic of Greece Government International Bond
3.000% due 02/24/2023 þ	EUR		33			41
3.000% due 02/24/2024 þ			33			42
3.000% due 02/24/2025 þ			33			43
3.000% due 02/24/2026 þ			33			44
3.000% due 02/24/2027 þ			33			44
3.000% due 02/24/2028 þ			33			45
3.000% due 02/24/2029 þ			33			45
3.000% due 02/24/2030 þ			33			45
3.000% due 02/24/2031 þ			33			45
3.000% due 02/24/2032 þ			33			46
3.000% due 02/24/2033 þ			33			46
3.000% due 02/24/2034 þ			33			46
3.000% due 02/24/2035 þ			33			46
3.000% due 02/24/2036 þ			33			46
3.000% due 02/24/2037 þ			33			46
3.000% due 02/24/2038 þ			33			46
3.000% due 02/24/2039 þ			33			47
3.000% due 02/24/2040 þ			33			47
3.000% due 02/24/2041 þ			33			47
3.000% due 02/24/2042 þ			33			47
South Africa Government International Bond
4.850% due 09/30/2029 (m)	$		200			201
5.750% due 09/30/2049 (m)			200			195
Turkey Government International Bond
4.625% due 03/31/2025 (m)	EUR		300			357
5.200% due 02/16/2026 (m)			100			122
5.600% due 11/14/2024	$		500			510
7.625% due 04/26/2029 (m)			400			443
Venezuela Government International Bond
6.000% due 12/09/2020 ^(d)			50			6
8.250% due 10/13/2024 ^(d)			4			1
9.250% due 09/15/2027 ^(d)			62			7
Total Sovereign Issues (Cost $9,631)						6,368
		SHARES
COMMON STOCKS 1.7%
COMMUNICATION SERVICES 0.3%
Clear Channel Outdoor Holdings, Inc. (e)			97,913			280
iHeartMedia, Inc.			73			1
iHeartMedia, Inc. ‘A’ (e)			5,415			92
						373
CONSUMER DISCRETIONARY 1.0%
Caesars Entertainment Corp. (e)			76,053			1,034
ENERGY 0.1%
Dommo Energia S.A. (e)(k)			68,358			50
Dommo Energia S.A. «			173,223			104

		SHARES			MARKET VALUE (000S)
Dommo Energia S.A. SP - ADR «(e)			547	$		4
Forbes Energy Services Ltd. (e)(k)			5,475			1
						159
INDUSTRIALS 0.2%
Sierra Hamilton Holder LLC «(k)			100,456			19
Westmoreland Mining Holdings LLC «(k)			13,224			198
						217
UTILITIES 0.1%
Eneva S.A. (e)(k)			7,786			85
Total Common Stocks (Cost $2,280)						1,868
WARRANTS 0.8%
COMMUNICATION SERVICES 0.6%
iHeartMedia, Inc.			35,276			596
INDUSTRIALS 0.2%
Sequa Corp. - Exp. 04/28/2024 «			121,000			262
Total Warrants (Cost $780)						858
PREFERRED SECURITIES 8.0%
BANKING & FINANCE 5.0%
AGFC Capital Trust
3.751% (US0003M + 1.750%) due 01/15/2067 ~(m)			1,000,000			500
Banco Bilbao Vizcaya Argentaria S.A.
6.750% due 02/18/2020 •(i)(j)(m)			400,000			452
Nationwide Building Society
10.250% ~			10,940			2,406
OCP CLO Ltd.
0.000% due 04/26/2028 (g)			1,400			1,102
Stichting AK Rabobank Certificaten
6.500% due 12/29/2049 (i)			664,000			950
						5,410
INDUSTRIALS 3.0%
General Electric Co.
5.000% due 01/21/2021 •(i)			28,000			27
Sequa Corp. (12.000% PIK)
12.000% «(c)			2,807			3,254
						3,281
Total Preferred Securities (Cost $7,459)						8,691
REAL ESTATE INVESTMENT TRUSTS 2.9%
REAL ESTATE 2.9%
VICI Properties, Inc.			121,529			3,105
Total Real Estate Investment Trusts (Cost $1,780)						3,105
SHORT-TERM INSTRUMENTS 13.0%
REPURCHASE AGREEMENTS (l) 12.5%
						13,488
		PRINCIPAL AMOUNT (000S)
ARGENTINA TREASURY BILLS 0.2%
41.333% due 04/03/2020 «~	ARS		980			14

44 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
43.313% due 06/22/2020 «~	ARS		5,760	$		85
47.869% due 02/26/2020 - 08/27/2020 (f)(g)			7,907			102
						201
U.S. TREASURY BILLS 0.3%
1.590% due 02/20/2020 (g)(h)(p)	$		361			360
Total Short-Term Instruments (Cost $14,148)						14,049
Total Investments in Securities (Cost $197,343)						193,471
Total Investments 178.9% (Cost $197,343)				$		193,471
Financial Derivative Instruments (n)(o) 5.4% (Cost or Premiums, net $(1,239))						5,861
Other Assets and Liabilities, net (84.3)%						(91,175	)
Net Assets 100.0%				$		108,157

NOTES TO SCHEDULE OF INVESTMENTS:

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

^ 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. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

~ 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) Interest only security.

(b) Principal only security.

(c) Payment in-kind security.

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

(e) Security did not produce income within the last twelve months.

(f) Coupon represents a weighted average yield to maturity.

(g) Zero coupon security.

(h) Coupon represents a yield to maturity.

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

(j) Contingent convertible security.

(k)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Dommo Energia S.A.		12/26/2017	$	18	$	50		0.04	%
Eneva S.A.		12/21/2017 - 12/03/2019		36		85		0.08
Forbes Energy Services Ltd.		03/11/2014 - 12/03/2014		241		1		0.00
Pinnacol Assurance 8.625% due 06/25/2034		06/23/2014		1,100		1,177		1.09
Sierra Hamilton Holder LLC		07/31/2017		26		19		0.02
Theatre Hospitals PLC 4.190% due 12/15/2024		12/17/2018		1		0		0.00
Westmoreland Mining Holdings LLC		12/08/2014 - 08/05/2016		370		198		0.18
			$	1,792	$	1,530		1.41	%

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 45

Schedule of Investments PIMCO Global StocksPLUS^® & Income Fund (Cont.)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(l)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		1.250	%		12/31/2019		01/02/2020	$	488	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2020	$	(499	)	$	488	$	488
NOM		1.650			12/31/2019		01/02/2020		13,000	U.S. Treasury Bonds 3.125% due 02/15/2043		(13,179	)		13,000		13,001
Total Repurchase Agreements											$	(13,678	)	$	13,488	$	13,489

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(2)			Settlement Date		Maturity Date			Amount Borrowed(2)				Payable for Reverse Repurchase Agreements
BOS		1.970	%		11/13/2019		01/14/2020			$	(1,774	)	$	(1,779	)
		2.600			11/12/2019		01/14/2020				(1,294	)		(1,299	)
BPS		(0.100	)		10/15/2019		01/23/2020			EUR	(891	)		(1,000	)
		2.490			11/08/2019		01/07/2020			$	(445	)		(447	)
BRC		2.250			11/04/2019		01/03/2020				(360	)		(361	)
		2.250			01/03/2020		03/03/2020				(360	)		(360	)
		2.763			01/03/2020		04/01/2020				(747	)		(747	)
		2.838			11/04/2019		01/03/2020				(788	)		(792	)
CIW		2.120			12/18/2019		01/17/2020				(401	)		(401	)
FOB		2.350			12/12/2019		01/10/2020				(795	)		(796	)
JML		(0.300	)		10/22/2019		01/22/2020			EUR	(81	)		(91	)
		(0.250	)		10/17/2019		01/16/2020				(83	)		(93	)
		(0.250	)		10/18/2019		01/17/2020				(98	)		(110	)
		0.900			10/15/2019		01/14/2020			GBP	(187	)		(248	)
		0.950			10/16/2019		01/15/2020				(1,402	)		(1,860	)
		0.950			10/17/2019		01/16/2020				(156	)		(207	)
		0.950			10/18/2019		01/17/2020				(184	)		(244	)
		0.950			10/23/2019		01/23/2020				(1,374	)		(1,823	)
		2.200			11/26/2019		01/24/2020			$	(581	)		(583	)
		2.200			12/27/2019		01/13/2020				(200	)		(200	)
		2.400			10/23/2019		01/17/2020				(1,755	)		(1,763	)
MBC		2.780			10/31/2019		01/29/2020				(751	)		(755	)
		2.810			11/08/2019		02/07/2020				(801	)		(804	)
MEI		2.450			12/02/2019		01/07/2020				(376	)		(377	)
NOM		2.350			11/04/2019		01/03/2020				(679	)		(682	)
		2.400			01/03/2020		02/04/2020				(545	)		(545	)
RTA		2.329			11/08/2019		02/07/2020				(1,634	)		(1,640	)
		2.963			09/25/2019		03/25/2020				(921	)		(928	)
		3.059			09/23/2019		03/23/2020				(980	)		(988	)
		3.159			09/23/2019		03/23/2020				(618	)		(623	)
SAL		3.194			12/13/2019		03/12/2020				(2,261	)		(2,265	)
SOG		2.270			11/08/2019		01/09/2020				(1,309	)		(1,313	)
		2.340			11/21/2019		02/19/2020				(831	)		(833	)
		2.360			11/14/2019		02/12/2020				(537	)		(539	)
		2.400			10/28/2019		01/28/2020				(1,102	)		(1,107	)
UBS		(0.130	)		10/08/2019		01/08/2020			EUR	(349	)		(391	)
		(0.110	)		10/08/2019		01/08/2020				(358	)		(401	)
		1.350			11/22/2019		02/24/2020			GBP	(2,505	)		(3,324	)
		1.605			10/29/2019		01/29/2020				(698	)		(927	)
		2.250			11/01/2019		TBD	(3)		$	(1,539	)		(1,545	)
		2.400			12/13/2019		01/10/2020				(196	)		(196	)
		2.450			11/07/2019		02/05/2020				(64	)		(64	)
		2.450			11/12/2019		02/10/2020				(3,651	)		(3,664	)
		2.450			11/13/2019		02/11/2020				(2,505	)		(2,513	)
		2.450			11/14/2019		01/07/2020				(1,018	)		(1,021	)
		2.450			11/18/2019		01/07/2020				(84	)		(84	)
		2.450			11/27/2019		01/07/2020				(94	)		(94	)
		2.450			12/31/2019		02/11/2020				(2,140	)		(2,140	)
		2.500			11/07/2019		02/05/2020				(244	)		(245	)
		2.500			11/14/2019		01/07/2020				(502	)		(504	)
		2.500			11/18/2019		01/07/2020				(536	)		(538	)
		2.550			10/03/2019		01/06/2020				(2,011	)		(2,024	)
		2.600			10/03/2019		01/06/2020				(96	)		(97	)
		2.600			11/18/2019		01/07/2020				(486	)		(488	)
		2.800			11/13/2019		01/10/2020				(1,245	)		(1,250	)
Total Reverse Repurchase Agreements													$	(50,113	)

46 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2019:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net  Exposure(4)
Global/Master Repurchase Agreement
BOS	$	0	$	(3,078	)	$	0	$	(3,078	)	$	3,469		$	391
BPS		0		(1,447	)		0		(1,447	)		1,742			295
BRC		0		(2,260	)		0		(2,260	)		1,397			(863	)
CIW		0		(401	)		0		(401	)		413			12
FICC		488		0			0		488			(499	)		(11	)
FOB		0		(796	)		0		(796	)		852			56
JML		0		(7,222	)		0		(7,222	)		8,477			1,255
MBC		0		(1,559	)		0		(1,559	)		1,922			363
MEI		0		(377	)		0		(377	)		443			66
NOM		13,001		(1,227	)		0		11,774			(12,567	)		(793	)
RTA		0		(4,179	)		0		(4,179	)		5,146			967
SAL		0		(2,265	)		0		(2,265	)		3,456			1,191
SOG		0		(3,792	)		0		(3,792	)		4,186			394
UBS		0		(21,510	)		0		(21,510	)		25,013			3,503
Total Borrowings and Other Financing Transactions	$	13,489	$	(50,113	)	$	0

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days			31-90 days			Greater Than 90 days			Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0	$	(15,785	)	$	(14,962	)	$	(1,545	)	$	(32,292	)
U.S. Government Agencies		0		(2,226	)		0			0			(2,226	)
Non-Agency Mortgage-Backed Securities		0		(3,017	)		(2,540	)		0			(5,557	)
Asset-Backed Securities		0		(2,004	)		(3,069	)		0			(5,073	)
Sovereign Issues		0		(2,922	)		0			0			(2,922	)
Preferred Securities		0		(391	)		0			0			(391	)
Total Borrowings	$	0	$	(26,345	)	$	(20,571	)	$	(1,545	)	$	(48,461	)
Payable for reverse repurchase agreements(5)												$	(48,461	)

(m) Securities with an aggregate market value of $57,068 and cash of $318 have been pledged as collateral under the terms of the above master agreements as of December 31, 2019.

⁽¹⁾  Includes accrued interest.

⁽²⁾  The average amount of borrowings outstanding during the period ended December 31, 2019 was $(53,017) at a weighted average interest rate of 2.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾  Open maturity reverse repurchase agreement.

⁽⁴⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽⁵⁾  Unsettled reverse repurchase agreements liability of $(1,652) is outstanding at period end.

(n)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

PURCHASED OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CME S&P 500 January 2020 Futures	$	3,050.000		01/17/2020		63	$	16	$	142	$	77
Total Purchased Options									$	142	$	77

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 47

Schedule of Investments PIMCO Global StocksPLUS^® & Income Fund (Cont.)

WRITTEN OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Call - CME S&P 500 January 2020 Futures	$	3,210.000		01/17/2020		63	$	16	$	(517	)	$	(692	)
Total Written Options									$	(517	)	$	(692	)

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin
									Asset		Liability
E-mini S&P 500 Index March Futures		03/2020		334	$	53,959	$	1,099	$	129	$	0
Total Futures Contracts							$	1,099	$	129	$	0

SWAP AGREEMENTS:

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

Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at December 31, 2019(2)			Notional Amount(3)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value(4)			Variation Margin
																					Asset		Liability
Frontier Communications Corp.		5.000	%	Quarterly		06/20/2020		195.572	%	$	1,910	$	(76	)	$	(782	)	$	(858	)	$	0	$	(15	)

INTEREST RATE SWAPS

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																			Asset		Liability
Pay	3-Month CAD-Bank Bill		3.300	%	Semi-Annual		06/19/2024	CAD	4,900	$	369		$	(164	)	$	205		$	0	$	(7	)
Receive	3-Month CAD-Bank Bill		3.500		Semi-Annual		06/20/2044		1,600		(285	)		(2	)		(287	)		28		0
Receive	3-Month USD-LIBOR		3.000		Semi-Annual		06/19/2024	$	13,900		(230	)		(542	)		(772	)		13		0
Receive(5)	3-Month USD-LIBOR		1.750		Semi-Annual		01/15/2030		600		(7	)		16			9			2		0
Receive(5)	3-Month USD-LIBOR		2.000		Semi-Annual		02/12/2030		4,400		(78	)		43			(35	)		14		0
Receive(5)	3-Month USD-LIBOR		2.000		Semi-Annual		03/10/2030		2,200		(2	)		(15	)		(17	)		7		0
Pay	3-Month USD-LIBOR		3.000		Semi-Annual		12/19/2048		5,700		(17	)		1,153			1,136			0		(67	)
Receive	6-Month EUR-EURIBOR		0.000		Annual		08/19/2021	EUR	86,100		(170	)		(475	)		(645	)		9		0
Pay	6-Month EUR-EURIBOR		0.650		Annual		02/26/2029		54,600		55			3,230			3,285			0		(255	)
Receive	6-Month EUR-EURIBOR		1.250		Annual		08/19/2049		13,200		55			(2,742	)		(2,687	)		231		0
Receive(5)	6-Month GBP-LIBOR		0.750		Semi-Annual		03/18/2030	GBP	5,762		60			142			202			44		0
Receive(5)	6-Month GBP-LIBOR		0.750		Semi-Annual		03/18/2050		1,100		24			115			139			23		0
										$	(226	)	$	759		$	533		$	371	$	(329	)
Total Swap Agreements										$	(302	)	$	(23	)	$	(325	)	$	371	$	(344	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2019:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value			Variation Margin Liability					Total
	Purchased Options		Futures		Swap Agreements				Written Options			Futures		Swap Agreements
Total Exchange-Traded or Centrally Cleared	$	77	$	129	$	371	$	577	$	(692	)	$	0	$	(344	)	$	(1,036	)

Cash of $4,814 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2019. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽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.

48 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

⁽²⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽³⁾ The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁴⁾ The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁵⁾ This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

(o)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
BOA		01/2020	AUD	148	$	101	$	0	$	(3	)
BPS		01/2020	EUR	648		716		0		(12	)
		01/2020	GBP	3,817		4,943		0		(114	)
		01/2020	$	10	CLP	7,740		0		0
		01/2020		279	GBP	213		4		0
		02/2020	PEN	708	$	209		0		(5	)
BRC		01/2020	$	127	AUD	186		4		0
CBK		01/2020		63	CLP	49,438		3		0
		01/2020		1,091	MXN	21,362		36		0
FBF		01/2020	BRL	94	$	23		0		0
		01/2020	$	23	BRL	94		1		0
		02/2020		23		94		0		0
GLM		01/2020	BRL	12	$	3		0		0
		01/2020	GBP	139		182		0		(2	)
		01/2020	$	3	BRL	12		0		0
		01/2020		2	CLP	1,571		0		0
		02/2020		1,169	RUB	74,943		33		0
HUS		01/2020	CAD	43	$	32		0		(1	)
		01/2020	GBP	166		219		0		(1	)
		01/2020	$	3	CLP	2,352		0		0
		01/2020		179	TRY	1,031		0		(6	)
		02/2020	JPY	22,000	$	203		0		0
JPM		01/2020	$	320	TRY	1,848		0		(11	)
MYI		01/2020	EUR	4,092	$	4,525		0		(67	)
RYL		01/2020	CLP	17,504		23		0		0
		01/2020	MXN	21,362		1,106		0		(21	)
		01/2020	$	26	CLP	19,859		0		0
		05/2020		1,089	MXN	21,362		21		0
SSB		02/2020		386	JPY	41,800		0		(1	)
TOR		01/2020		17	CLP	13,354		1		0
UAG		02/2020	JPY	18,200	$	168		0		0
Total Forward Foreign Currency Contracts							$	103	$	(244	)

PURCHASED OPTIONS:

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount(1)		Cost		Market Value
FAR	Put - OTC Uniform Mortgage-Backed Security, TBA 3.500% due 02/01/2050	$	70.000		02/05/2020		8,000	$	1	$	0
	Put - OTC Uniform Mortgage-Backed Security, TBA 3.500% due 02/01/2050		72.500		02/05/2020		5,000		0		0
Total Purchased Options								$	1	$	0

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 49

Schedule of Investments PIMCO Global StocksPLUS^® & Income Fund (Cont.)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON ASSET-BACKED SECURITIES - SELL PROTECTION⁽²⁾

Counterparty	Reference Obligation	Fixed Receive Rate		Payment Frequency	Maturity Date		Notional Amount(3)		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Swap Agreements, at  Value(4)
													Asset		Liability
BOA	Long Beach Mortgage Loan Trust 7.654% due 07/25/2033		6.250%	Monthly		07/25/2033	$	122	$	0	$	25	$	25	$	0

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽²⁾

Counterparty	Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount(3)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at  Value(4)
															Asset		Liability
GST	ABX.HE.AA.6-1 Index		0.320	%	Monthly		07/25/2045	$	1,815	$	(361	)	$	262	$	0	$	(99	)
	ABX.HE.PENAAA.7-1 Index		0.090		Monthly		08/25/2037		1,043		(202	)		66		0		(136	)
										$	(563	)	$	328	$	0	$	(235	)

INTEREST RATE SWAPS

Counterparty

Pay/Receive Floating Rate

Floating Rate Index

Fixed Rate

Payment Frequency

Maturity Date

Notional Amount

Premiums Paid/(Received)

Unrealized Appreciation/ (Depreciation)

Swap Agreements, at Value

Asset

Liability

MYC

Pay

3-Month USD-LIBOR

3.850%

Semi-Annual

07/13/2022

$

75,000

$

0

$

1,766

$

1,766

$

0

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/Receive(5)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
															Asset		Liability
JPM	Receive	NDDUEAFE Index		316	1.656% (3-Month USD-LIBOR less a specified spread)	Quarterly	05/13/2020	$	1,963	$	0		$	61	$	61	$	0
MYI	Receive	NDDUEAFE Index		4,333	1.685% (3-Month USD-LIBOR less a specified spread)	Maturity	09/16/2020		24,988		0			2,623		2,623		0
UAG	Receive	NDDUEAFE Index		3,677	1.735% (3-Month USD-LIBOR less a specified spread)	Maturity	09/16/2020		21,205		0			2,221		2,221		0
										$	0		$	4,905	$	4,905	$	0
Total Swap Agreements										$	(563	)	$	7,024	$	6,696	$	(235	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2019:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure(6)
BOA	$	0	$	0	$	25	$	25	$	(3	)	$	0	$	0		$	(3	)	$	22		$	0		$	22
BPS		4		0		0		4		(131	)		0		0			(131	)		(127	)		0			(127	)
BRC		4		0		0		4		0			0		0			0			4			0			4
CBK		39		0		0		39		0			0		0			0			39			0			39
FBF		1		0		0		1		0			0		0			0			1			0			1
GLM		33		0		0		33		(2	)		0		0			(2	)		31			0			31
GST		0		0		0		0		0			0		(235	)		(235	)		(235	)		360			125
HUS		0		0		0		0		(8	)		0		0			(8	)		(8	)		0			(8	)
JPM		0		0		61		61		(11	)		0		0			(11	)		50			0			50
MYC		0		0		1,766		1,766		0			0		0			0			1,766			(2,006	)		(240	)
MYI		0		0		2,623		2,623		(67	)		0		0			(67	)		2,556			(2,660	)		(104	)
RYL		21		0		0		21		(21	)		0		0			(21	)		0			0			0
SSB		0		0		0		0		(1	)		0		0			(1	)		(1	)		0			(1	)
TOR		1		0		0		1		0			0		0			0			1			0			1
UAG		0		0		2,221		2,221		0			0		0			0			2,221			(2,300	)		(79	)
Total Over the Counter	$	103	$	0	$	6,696	$	6,799	$	(244	)	$	0	$	(235	)	$	(479	)

50 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

(p) Securities with an aggregate market value of $360 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2019.

⁽¹⁾ Notional Amount represents the number of contracts.

⁽²⁾ 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.

⁽³⁾ The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁴⁾ The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁵⁾ Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽⁶⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2019:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	77	$	0	$	0	$	77
Futures		0		0		129		0		0		129
Swap Agreements		0		0		0		0		371		371
	$	0	$	0	$	206	$	0	$	371	$	577
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	103	$	0	$	103
Swap Agreements		0		25		4,905		0		1,766		6,696
	$	0	$	25	$	4,905	$	103	$	1,766	$	6,799
	$	0	$	25	$	5,111	$	103	$	2,137	$	7,376
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	692	$	0	$	0	$	692
Swap Agreements		0		15		0		0		329		344
	$	0	$	15	$	692	$	0	$	329	$	1,036
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	244	$	0	$	244
Swap Agreements		0		235		0		0		0		235
	$	0	$	235	$	0	$	244	$	0	$	479
	$	0	$	250	$	692	$	244	$	329	$	1,515

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2019:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(1,256	)	$	0	$	0		$	(1,256	)
Written Options		0		0		(2,156	)		0		0			(2,156	)
Futures		0		0		4,474			0		0			4,474
Swap Agreements		0		58		0			0		(3,814	)		(3,756	)
	$	0	$	58	$	1,062		$	0	$	(3,814	)	$	(2,694	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 51

Schedule of Investments PIMCO Global StocksPLUS^® & Income Fund (Cont.)

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts			Total
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0		$	567		$	0		$	567
Purchased Options		0		0			0			0			(2	)		(2	)
Swap Agreements		0		48			(2,684	)		0			816			(1,820	)
	$	0	$	48		$	(2,684	)	$	567		$	814		$	(1,255	)
	$	0	$	106		$	(1,622	)	$	567		$	(3,000	)	$	(3,949	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0		$	(27	)	$	0		$	0		$	(27	)
Written Options		0		0			(299	)		0			0			(299	)
Futures		0		0			319			0			0			319
Swap Agreements		0		(401	)		0			0			2,938			2,537
	$	0	$	(401	)	$	(7	)	$	0		$	2,938		$	2,530
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0		$	(48	)	$	0		$	(48	)
Swap Agreements		0		(28	)		5,625			0			(716	)		4,881
	$	0	$	(28	)	$	5,625		$	(48	)	$	(716	)	$	4,833
	$	0	$	(429	)	$	5,618		$	(48	)	$	2,222		$	7,363

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2019
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	15,024	$	1,571	$	16,595
Corporate Bonds & Notes
Banking & Finance		0		18,216		1,177		19,393
Industrials		0		17,277		84		17,361
Utilities		0		7,696		0		7,696
Convertible Bonds & Notes
Industrials		0		578		0		578
Utilities		0		3		0		3
Municipal Bonds & Notes
Illinois		0		69		0		69
West Virginia		0		2,039		0		2,039
U.S. Government Agencies		0		47,474		0		47,474
Non-Agency Mortgage-Backed Securities		0		28,790		282		29,072
Asset-Backed Securities		0		11,475		6,777		18,252
Sovereign Issues		0		6,368		0		6,368
Common Stocks
Communication Services		372		1		0		373
Consumer Discretionary		1,034		0		0		1,034
Energy		51		0		108		159
Industrials		0		0		217		217
Utilities		85		0		0		85
Warrants
Communication Services		0		596		0		596
Industrials		0		0		262		262
Preferred Securities
Banking & Finance		0		5,410		0		5,410
Industrials		0		27		3,254		3,281

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 12/31/2019
Real Estate Investment Trusts
Real Estate	$	3,105		$	0		$	0	$	3,105
Short-Term Instruments
Repurchase Agreements		0			13,488			0		13,488
Argentina Treasury Bills		0			102			99		201
U.S. Treasury Bills		0			360			0		360
Total Investments	$	4,647		$	174,993		$	13,831	$	193,471
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		206			371			0		577
Over the counter		0			6,799			0		6,799
	$	206		$	7,170		$	0	$	7,376
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(692	)		(344	)		0		(1,036	)
Over the counter		0			(479	)		0		(479	)
	$	(692	)	$	(823	)	$	0	$	(1,515	)
Total Financial Derivative Instruments	$	(486	)	$	6,347		$	0	$	5,861
Totals	$	4,161		$	181,340		$	13,831	$	199,332

52 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2019:

Category and Subcategory	Beginning Balance at 06/30/2019		Net Purchases		Net Sales/Settlements			Accrued Discounts/ (Premiums)			Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation)(1)			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 12/31/2019		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held  at 12/31/2019(1)
Investments in Securities, at Value
Loan Participations and Assignments	$	2,293	$	1,513	$	(103	)	$	(12	)	$	(1	)	$	(61	)	$	0	$	(2,058	)	$	1,571	$	18
Corporate Bonds & Notes
Banking & Finance		1,136		0		0			0			0			41			0		0			1,177		41
Industrials		0		100		0			0			0			(16	)		0		0			84		(16	)
Non-Agency Mortgage-Backed Securities		316		0		(20	)		1			0			(15	)		0		0			282		(15	)
Asset-Backed Securities		8,335		0		0			4			0			(1,562	)		0		0			6,777		(1,562	)
Common Stocks
Energy		187		36		(46	)		0			(2	)		(17	)		0		(50	)		108		68
Industrials		220		0		0			0			0			(3	)		0		0			217		(3	)
Warrants
Industrials		143		0		0			0			0			119			0		0			262		119
Preferred Securities
Industrials		2,827		169		0			0			0			258			0		0			3,254		258
Short-Term Instruments
Argentina Treasury Bills		0		90		0			0			0			9			0		0			99		9
Totals	$	15,457	$	1,908	$	(169	)	$	(7	)	$	(3	)	$	(1,247	)	$	0	$	(2,108	)	$	13,831	$	(1,083	)

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:

Category and Subcategory	Ending Balance at 12/31/2019		Valuation Technique	Unobservable Inputs	(% Unless Noted Otherwise)
					Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments	$	5	Other Valuation Techniques(2)	—		—		—
		1,065	Proxy Pricing	Base Price		95.000		—
		501	Third Party Vendor	Broker Quote		99.250-101.000		100.286
Corporate Bonds & Notes
Banking & Finance		1,177	Reference Instrument	Option Adjusted Spread		584.983 bps		—
Industrials		84	Reference Instrument	Broker Quote		100.250-101.520		101.244
Non-Agency Mortgage-Backed Securities		282	Proxy Pricing	Base Price		2.000-99.375		89.931
Asset-Backed Securities		431	Interest Only Weighted Average Life	Base Price		20,607.870		—
		6,346	Proxy Pricing	Base Price		0.010-79,892.180		36,028.433
Common Stocks
Energy		108	Other Valuation Techniques(2)	—		—		—
Industrials		198	Indicative Market Quotation	Broker Quote	$	15.000		—
		19	Other Valuation Techniques(2)	—		—		—
Warrants
Industrials		262	Other Valuation Techniques(2)	—		—		—
Preferred Securities
Industrials		3,254	Fundamental Valuation	Company Equity Value	$	934,387,328.532		—
Short-Term Instruments
Argentina Treasury Bills		99	Proxy Pricing	Base Price		100.000		—
Total	$	13,831

⁽¹⁾  Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2019 may be due to an investment no longer held or categorized as Level 3 at period end.

⁽²⁾ Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 53

Schedule of Investments PIMCO Income Opportunity Fund

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 148.5%
LOAN PARTICIPATIONS AND ASSIGNMENTS 22.1%
Advanz Pharma Corp.
7.447% (LIBOR03M + 5.500%) due 09/06/2024 ~	$		3,164	$		2,965
Altice France S.A.
5.740% (LIBOR03M + 4.000%) due 08/14/2026 ~			198			199
Ancestry.com Operations, Inc.
5.550% (LIBOR03M + 3.750%) due 10/19/2023 ~			199			197
Chesapeake Energy Corp.
TBD% due 06/09/2024			92			95
Clay Holdco BV
TBD% due 11/30/2025 «	EUR		3,900			4,100
TBD% due 11/06/2026 «			100			106
Diamond Resorts Corp.
5.549% (LIBOR03M + 3.750%) due 09/02/2023 ~	$		2,913			2,853
Dubai World (2.000% Cash and 1.750% PIK)
3.750% (LIBOR03M + 2.000%) due 09/30/2022 ~(c)			7,375			6,887
Emerald TopCo, Inc.
5.299% (LIBOR03M + 3.500%) due 07/24/2026 ~			21			21
Encina Private Credit LLC
4.740% (LIBOR03M + 3.000%) due 11/30/2025 «µ~			10,103			10,103
Envision Healthcare Corp.
5.549% (LIBOR03M + 3.750%) due 10/10/2025 ~			9,673			8,287
Financial & Risk U.S. Holdings, Inc.
5.049% (LIBOR03M + 3.250%) due 10/01/2025 ~			662			669
Fleet U.S. Bidco, Inc.
5.235% (LIBOR03M + 3.250%) due 10/07/2026 «~			10			10
Forbes Energy Services LLC (5.000% Cash and 11.000% PIK)
16.000% (LIBOR03M + 5.000%) due 04/13/2021 ~(c)			450			446
Frontier Communications Corp.
5.550% (LIBOR03M + 3.750%) due 06/15/2024 ~			391			394
iHeartCommunications, Inc.
5.691% (LIBOR03M + 4.000%) due 05/01/2026 ~			2,412			2,438
Intelsat Jackson Holdings S.A.
5.682% (LIBOR03M + 3.750%) due 11/27/2023 ~			870			873
6.432% (LIBOR03M + 4.500%) due 01/02/2024 ~			34			34
IRB Holding Corp.
5.195% - 5.216% (LIBOR03M + 3.250%) due 02/05/2025 ~			553			556
Jefferies Finance LLC
5.500% (LIBOR03M + 3.750%) due 06/03/2026 ~			17			17
McDermott Technology Americas, Inc.
0.500% - 12.002% (LIBOR03M + 10.000%) due 10/21/2021 ~µ			896			917
6.945% (LIBOR03M + 5.000%) due 05/09/2025 ~			1,457			857
Messer Industrie GmbH
4.445% (LIBOR03M + 2.500%) due 03/01/2026 ~			51			52
MH Sub LLC
5.549% (LIBOR03M + 3.750%) due 09/13/2024 ~			68			69
Nascar Holdings, Inc.
4.495% (LIBOR03M + 2.750%) due 10/19/2026 ~			46			47
NCI Building Systems, Inc.
5.486% (LIBOR03M + 3.750%) due 04/12/2025 ~			250			250

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Neiman Marcus Group Ltd. LLC
7.713% (LIBOR03M + 6.000%) due 10/25/2023 ~	$		7,823	$		6,442
Neiman Marcus Group Ltd. LLC (7.213% Cash and 1.000% PIK)
8.213% (LIBOR03M + 5.500%) due 10/25/2023 ~(c)			5,903			4,801
Ortho-Clinical Diagnostics S.A.
5.306% (LIBOR03M + 3.250%) due 06/30/2025 ~			1,492			1,477
Pacific Gas & Electric Co.
TBD% due 02/22/2049 ^«(d)			300			298
PetSmart, Inc.
5.740% (LIBOR03M + 4.000%) due 03/11/2022 ~			41			41
Project OMNI Senior
3.000% (EUR003M + 3.000%) due 09/03/2026 «~(k)	EUR		10,000			11,206
Sequa Mezzanine Holdings LLC
6.904% (LIBOR03M + 5.000%) due 11/28/2021 ~	$		1,128			1,130
10.936% (LIBOR03M + 9.000%) due 04/28/2022 ~			4,580			4,517
Sierra Hamilton LLC
15.000% due 09/12/2023 «			10			10
Sotera Health Holdings LLC
6.289% (LIBOR03M + 4.500%) due 12/11/2026 ~			85			85
Starfruit Finco BV
4.960% (LIBOR03M + 3.250%) due 10/01/2025 ~			183			184
Summer (BC) Holdco B SARL
TBD% due 10/15/2026			2,200			2,098
Sunshine Luxembourg SARL
6.195% (LIBOR03M + 4.250%) due 10/01/2026 ~			262			265
Syniverse Holdings, Inc.
6.846% (LIBOR03M + 5.000%) due 03/09/2023 ~			4,462			4,157
U.S. Renal Care, Inc.
6.813% (LIBOR03M + 5.000%) due 06/26/2026 ~			302			300
Univision Communications, Inc.
4.549% (LIBOR03M + 2.750%) due 03/15/2024 ~			7,844			7,758
West Corp.
5.927% (LIBOR03M + 4.000%) due 10/10/2024 ~			34			29
Westmoreland Mining Holdings LLC
10.150% (LIBOR03M + 8.250%) due 03/15/2022 «~			2			2
Westmoreland Mining Holdings LLC (15.000% PIK)
15.000% due 03/15/2029 (c)			6			5
Windstream Services LLC
9.000% (PRIME + 4.250%) due 02/17/2024 ~			2,800			2,659
9.750% (PRIME + 5.000%) due 03/29/2021 ~			5,863			5,626
Total Loan Participations and Assignments (Cost $97,908)						96,532
CORPORATE BONDS & NOTES 50.6%
BANKING & FINANCE 18.2%
Ally Financial, Inc.
8.000% due 11/01/2031			123			171
8.000% due 11/01/2031 (m)			468			642
Ambac Assurance Corp.
5.100% due 06/07/2020			1			2
Ambac LSNI LLC
6.945% due 02/12/2023 •(m)			545			553
Ardonagh Midco PLC
8.375% due 07/15/2023 (m)	GBP		7,460			9,894
8.375% due 07/15/2023			900			1,194

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
AXA Equitable Holdings, Inc.
5.000% due 04/20/2048	$		6	$		6
Banco de Credito del Peru
4.650% due 09/17/2024	PEN		500			152
Bank of Ireland
7.375% due 06/18/2020 •(i)(j)(m)	EUR		400			464
Barclays Bank PLC
7.625% due 11/21/2022 (j)(m)	$		400			450
Barclays PLC
3.250% due 01/17/2033	GBP		100			139
5.250% due 08/17/2045 (m)	$		200			246
7.125% due 06/15/2025 •(i)(j)	GBP		200			300
7.250% due 03/15/2023 •(i)(j)(m)			2,055			2,975
7.875% due 09/15/2022 •(i)(j)(m)			1,970			2,901
8.000% due 06/15/2024 •(i)(j)	$		250			280
Brookfield Finance, Inc.
3.900% due 01/25/2028			16			17
4.700% due 09/20/2047			40			46
CBL & Associates LP
4.600% due 10/15/2024 (m)			968			627
5.250% due 12/01/2023			82			58
5.950% due 12/15/2026 (m)			409			246
Credit Agricole S.A.
7.875% due 01/23/2024 •(i)(j)(m)			300			343
Credit Suisse Group AG
7.500% due 07/17/2023 •(i)(j)(m)			200			219
Deutsche Bank AG
3.961% due 11/26/2025 •(m)			750			767
Emerald Bay S.A.
0.000% due 10/08/2020 (g)	EUR		18			20
ESH Hospitality, Inc.
4.625% due 10/01/2027	$		74			75
Fortress Transportation & Infrastructure Investors LLC
6.500% due 10/01/2025			252			267
6.750% due 03/15/2022 (m)			320			334
HSBC Bank PLC
6.330% due 05/18/2023			5,500			5,798
HSBC Holdings PLC
5.875% due 09/28/2026 •(i)(j)(m)	GBP		200			292
6.000% due 09/29/2023 •(i)(j)(m)	EUR		1,000			1,297
6.500% due 03/23/2028 •(i)(j)	$		310			341
Hunt Cos., Inc.
6.250% due 02/15/2026			16			16
ING Groep NV
5.750% due 11/16/2026 •(i)(j)			300			316
Kennedy-Wilson, Inc.
5.875% due 04/01/2024			42			43
Lloyds Banking Group PLC
5.125% due 12/27/2024 •(i)(j)	GBP		200			275
7.500% due 06/27/2024 •(i)(j)(m)	$		200			221
7.500% due 09/27/2025 •(i)(j)(m)			1,740			1,953
7.625% due 06/27/2023 •(i)(j)	GBP		700			1,042
7.875% due 06/27/2029 •(i)(j)			3,284			5,503
LoanCore Capital Markets LLC
6.875% due 06/01/2020 (m)	$		1,450			1,451
Nationstar Mortgage LLC
6.500% due 07/01/2021			388			390
Navient Corp.
5.625% due 08/01/2033			55			47
6.150% due 03/10/2021 (m)			200			200
Newmark Group, Inc.
6.125% due 11/15/2023			66			73
Oppenheimer Holdings, Inc.
6.750% due 07/01/2022			21			22
Pinnacol Assurance
8.625% due 06/25/2034 «(k)			2,900			3,104
Royal Bank of Scotland Group PLC
8.000% due 08/10/2025 •(i)(j)(m)			1,900			2,191
Sabra Health Care LP
4.800% due 06/01/2024			112			119
Santander UK Group Holdings PLC
6.750% due 06/24/2024 •(i)(j)(m)	GBP		2,203			3,220
7.375% due 06/24/2022 •(i)(j)(m)			3,240			4,688

54 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Sberbank of Russia Via SB Capital S.A.
6.125% due 02/07/2022 (m)	$		4,000	$		4,285
Societe Generale S.A.
6.000% due 01/27/2020 •(i)(j)			200			201
6.750% due 04/06/2028 •(i)(j)(m)			200			221
7.375% due 10/04/2023 •(i)(j)(m)			400			437
Springleaf Finance Corp.
5.375% due 11/15/2029			29			30
6.875% due 03/15/2025			59			67
Tesco Property Finance PLC
6.052% due 10/13/2039 (m)	GBP		1,554			2,698
Toll Road Investors Partnership LP
0.000% due 02/15/2045 (g)	$		2,644			692
TP ICAP PLC
5.250% due 01/26/2024 (m)	GBP		1,000			1,457
UniCredit SpA
7.830% due 12/04/2023 (m)	$		2,100			2,450
Unique Pub Finance Co. PLC
5.659% due 06/30/2027	GBP		993			1,513
7.395% due 03/28/2024			800			1,215
Voyager Aviation Holdings LLC
8.500% due 08/15/2021 (m)	$		7,719			7,931
						79,187
INDUSTRIALS 24.0%
AA Bond Co. Ltd.
2.875% due 07/31/2043 (m)	GBP		2,200			2,897
Altice Financing S.A.
7.500% due 05/15/2026 (m)	$		2,290			2,466
Altice France S.A.
7.375% due 05/01/2026 (m)			2,538			2,730
8.125% due 02/01/2027 (m)			700			790
Associated Materials LLC
9.000% due 01/01/2024 (m)			6,073			5,344
Avon International Capital PLC
6.500% due 08/15/2022			22			23
B.C. Unlimited Liability Co.
4.375% due 01/15/2028			51			51
Baffinland Iron Mines Corp.
8.750% due 07/15/2026			800			807
Bausch Health Cos., Inc.
5.000% due 01/30/2028			50			51
5.250% due 01/30/2030			40			42
BCPE Cycle Merger Sub, Inc.
10.625% due 07/15/2027			50			51
Bioceanico Sovereign Certificate Ltd.
0.000% due 06/05/2034 (g)			150			105
Bombardier, Inc.
5.750% due 03/15/2022 (m)			710			735
6.000% due 10/15/2022			185			185
6.125% due 01/15/2023 (m)			1,441			1,481
7.500% due 12/01/2024 (m)			1,046			1,101
7.500% due 03/15/2025 (m)			1,311			1,355
7.875% due 04/15/2027			157			162
8.750% due 12/01/2021			38			42
Camelot Finance S.A.
4.500% due 11/01/2026			5			5
CCO Holdings LLC
4.750% due 03/01/2030			124			127
Centene Corp.
4.250% due 12/15/2027			71			73
4.625% due 12/15/2029			129			136
4.750% due 01/15/2025			119			124
Charter Communications Operating LLC
4.800% due 03/01/2050			149			157
Clear Channel Worldwide Holdings, Inc.
9.250% due 02/15/2024 (m)			1,280			1,420
Community Health Systems, Inc.
6.250% due 03/31/2023 (m)			7,530			7,662
8.000% due 03/15/2026 (m)			582			601
8.625% due 01/15/2024 (m)			720			765
Connect Finco SARL
6.750% due 10/01/2026			40			43

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Continental Airlines Pass-Through Trust
7.707% due 10/02/2022	$		127	$		130
8.048% due 05/01/2022			187			191
Corning, Inc.
5.450% due 11/15/2079			50			55
Corp. GEO S.A.B. de C.V.
8.875% due 03/27/2022 ^«(d)			200			0
9.250% due 06/30/2020 ^«(d)			1,800			0
CVS Pass-Through Trust
7.507% due 01/10/2032			2,164			2,675
Diamond Resorts International, Inc.
7.750% due 09/01/2023 (m)			438			452
10.750% due 09/01/2024 (m)			1,600			1,681
DISH DBS Corp.
5.875% due 07/15/2022			4			4
DriveTime Automotive Group, Inc.
8.000% due 06/01/2021 (m)			1,600			1,629
Eagle Holding Co. LLC (7.750% Cash or 8.500% PIK)
7.750% due 05/15/2022 (c)			13			13
EI Group PLC
6.875% due 05/09/2025	GBP		20			27
Eldorado Resorts, Inc.
6.000% due 09/15/2026 (m)	$		1,400			1,544
Envision Healthcare Corp.
8.750% due 10/15/2026 (m)			1,344			837
Exela Intermediate LLC
10.000% due 07/15/2023			74			30
Fair Isaac Corp.
4.000% due 06/15/2028			5			5
Ferroglobe PLC
9.375% due 03/01/2022			200			125
First Quantum Minerals Ltd.
6.500% due 03/01/2024 (m)			924			928
6.875% due 03/01/2026 (m)			1,018			1,033
7.000% due 02/15/2021 (m)			101			101
Flex Ltd.
4.875% due 06/15/2029			75			82
Fresh Market, Inc.
9.750% due 05/01/2023 (m)			3,490			1,780
Frontier Finance PLC
8.000% due 03/23/2022	GBP		2,900			3,950
Full House Resorts, Inc.
8.575% due 01/31/2024	$		195			192
9.738% due 02/02/2024			17			17
General Electric Co.
5.875% due 01/14/2038			10			12
6.150% due 08/07/2037 (m)			109			135
6.875% due 01/10/2039			28			37
iHeartCommunications, Inc.
6.375% due 05/01/2026 (m)			778			845
8.375% due 05/01/2027 (m)			1,191			1,318
IHO Verwaltungs GmbH (3.625% Cash or 4.375% PIK)
3.625% due 05/15/2025 (c)	EUR		175			206
IHO Verwaltungs GmbH (3.875% Cash or 4.625% PIK)
3.875% due 05/15/2027 (c)			121			144
IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)
6.000% due 05/15/2027 (c)(m)	$		271			288
IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK)
6.375% due 05/15/2029 (c)(m)			256			276
Intelsat Connect Finance S.A.
9.500% due 02/15/2023			125			88
Intelsat Jackson Holdings S.A.
8.000% due 02/15/2024			85			87
8.500% due 10/15/2024 (m)			952			869
9.750% due 07/15/2025			376			349
Intelsat Luxembourg S.A.
7.750% due 06/01/2021 ^(m)			6,195			4,908
8.125% due 06/01/2023			966			574
Kronos International, Inc.
3.750% due 09/15/2025 (m)	EUR		4,394			5,027
Mallinckrodt International Finance S.A.
5.500% due 04/15/2025	$		400			143

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Mattel, Inc.
5.875% due 12/15/2027	$		38	$		40
Micron Technology, Inc.
5.327% due 02/06/2029			102			117
MSCI, Inc.
4.000% due 11/15/2029			17			17
NCL Corp. Ltd.
3.625% due 12/15/2024			76			77
Netflix, Inc.
3.625% due 06/15/2030	EUR		119			138
3.875% due 11/15/2029 (m)			432			514
4.625% due 05/15/2029			200			251
4.875% due 06/15/2030	$		100			102
5.375% due 11/15/2029			40			43
Noble Holding International Ltd.
7.875% due 02/01/2026			210			153
Odebrecht Oil & Gas Finance Ltd.
0.000% due 01/31/2020 (g)(i)			1,150			11
Ortho-Clinical Diagnostics, Inc.
6.625% due 05/15/2022 (m)			3,130			3,118
Pacific Drilling SA
8.375% due 10/01/2023			216			198
Pan American Energy LLC
42.636% (BADLARPP) due 11/20/2020 «~	ARS		26,030			344
Par Pharmaceutical, Inc.
7.500% due 04/01/2027	$		78			78
Petroleos Mexicanos
2.750% due 04/21/2027 (m)	EUR		1,600			1,725
5.350% due 02/12/2028 (m)	$		452			451
6.490% due 01/23/2027			50			53
6.500% due 03/13/2027 (m)			833			887
6.750% due 09/21/2047			30			30
6.840% due 01/23/2030			150			160
7.690% due 01/23/2050			80			88
PetSmart, Inc.
5.875% due 06/01/2025			59			60
Platin 1426 GmbH
6.875% due 06/15/2023 (m)	EUR		300			345
6.875% due 06/15/2023			250			288
Radiate Holdco LLC
6.875% due 02/15/2023	$		11			11
Refinitiv U.S. Holdings, Inc.
4.500% due 05/15/2026	EUR		100			122
Russian Railways via RZD Capital PLC
7.487% due 03/25/2031	GBP		100			178
Sands China Ltd.
4.600% due 08/08/2023 (m)	$		200			211
5.125% due 08/08/2025 (m)			200			220
5.400% due 08/08/2028 (m)			1,758			1,987
Scotts Miracle-Gro Co.
4.500% due 10/15/2029			4			4
Sealed Air Corp.
4.000% due 12/01/2027			13			13
Select Medical Corp.
6.250% due 08/15/2026			28			30
Sensata Technologies, Inc.
4.375% due 02/15/2030			16			16
Silgan Holdings, Inc.
4.125% due 02/01/2028			33			33
Spanish Broadcasting System, Inc. ^
12.500% due 04/15/2049 (d)			6,952			7,252
Staples, Inc.
7.500% due 04/15/2026			9			9
Telesat Canada
4.875% due 06/01/2027			20			20
6.500% due 10/15/2027			9			9
Tenet Healthcare Corp.
4.625% due 09/01/2024			13			14
Teva Pharmaceutical Finance Co. BV
2.950% due 12/18/2022 (m)			288			276
3.650% due 11/10/2021			100			98
Teva Pharmaceutical Finance Netherlands BV
0.375% due 07/25/2020 (m)	EUR		545			611

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 55

Schedule of Investments PIMCO Income Opportunity Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.200% due 07/21/2021 (m)	$		248	$		241
2.800% due 07/21/2023 (m)			1,500			1,394
3.250% due 04/15/2022 (m)	EUR		200			227
6.000% due 01/31/2025			100			119
7.125% due 01/31/2025	$		200			206
Times Square Hotel Trust
8.528% due 08/01/2026			3,534			4,102
Topaz Solar Farms LLC
4.875% due 09/30/2039 (m)			1,189			1,235
5.750% due 09/30/2039 (m)			7,921			8,760
TransDigm, Inc.
5.500% due 11/15/2027			68			69
Transocean Pontus Ltd.
6.125% due 08/01/2025			85			88
Transocean, Inc.
7.250% due 11/01/2025			160			157
7.500% due 01/15/2026			34			34
Trident TPI Holdings, Inc.
9.250% due 08/01/2024			12			12
Triumph Group, Inc.
5.250% due 06/01/2022			22			22
6.250% due 09/15/2024			32			34
Trivium Packaging Finance BV
5.500% due 08/15/2026 (m)			200			211
Twitter, Inc.
3.875% due 12/15/2027			12			12
Unigel Luxembourg S.A.
8.750% due 10/01/2026			400			408
United Group BV
4.375% due 07/01/2022	EUR		100			115
4.875% due 07/01/2024			100			117
Univision Communications, Inc.
5.125% due 02/15/2025 (m)	$		750			743
Valaris PLC
5.750% due 10/01/2044			88			40
7.750% due 02/01/2026			10			6
Vale Overseas Ltd.
6.250% due 08/10/2026			114			134
6.875% due 11/21/2036 (m)			335			437
6.875% due 11/10/2039			159			208
ViaSat, Inc.
5.625% due 09/15/2025			50			52
5.625% due 04/15/2027			10			11
Wyndham Destinations, Inc.
3.900% due 03/01/2023			48			49
4.625% due 03/01/2030			17			17
5.400% due 04/01/2024			2			2
5.750% due 04/01/2027 (m)			510			555
Wynn Macau Ltd.
5.125% due 12/15/2029			200			205
						104,742
UTILITIES 8.4%
CenturyLink, Inc.
5.125% due 12/15/2026			4			4
Edison International
2.400% due 09/15/2022			48			48
2.950% due 03/15/2023			3			3
3.125% due 11/15/2022			50			51
3.550% due 11/15/2024			50			51
5.750% due 06/15/2027			44			49
Frontier Communications Corp.
8.000% due 04/01/2027			78			82
Gazprom Neft OAO Via GPN Capital S.A.
4.375% due 09/19/2022			200			209
Gazprom OAO Via Gaz Capital S.A.
5.999% due 01/23/2021			381			396
6.510% due 03/07/2022 (m)			3,400			3,696
8.625% due 04/28/2034 (m)			1,081			1,626
Odebrecht Drilling Norbe Ltd.
6.350% due 12/01/2021 ^			633			632
Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)
7.350% due 12/01/2026 ^(c)(m)			2,236			1,225

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Odebrecht Offshore Drilling Finance Ltd.
6.720% due 12/01/2022 ^	$		29	$		29
Pacific Gas & Electric Co.
2.450% due 08/15/2022 ^(d)(m)			441			442
2.950% due 03/01/2026 ^(d)(m)			793			797
3.250% due 09/15/2021 ^(d)			67			67
3.250% due 06/15/2023 ^(d)(m)			621			620
3.300% due 03/15/2027 ^(d)(m)			1,326			1,329
3.300% due 12/01/2027 ^(d)(m)			1,200			1,203
3.400% due 08/15/2024 ^(d)			279			283
3.500% due 10/01/2020 ^(d)(m)			695			698
3.500% due 06/15/2025 ^(d)(m)			327			328
3.750% due 02/15/2024 ^(d)(m)			216			220
3.750% due 08/15/2042 ^(d)			16			16
3.850% due 11/15/2023 ^(d)			17			17
4.000% due 12/01/2046 ^(d)			8			8
4.250% due 05/15/2021 ^(d)(m)			1,323			1,330
4.250% due 08/01/2023 ^(d)(m)			700			720
4.300% due 03/15/2045 ^(d)			18			18
4.500% due 12/15/2041 ^(d)(m)			17			17
4.600% due 06/15/2043 ^(d)			26			27
4.650% due 08/01/2028 ^(d)(m)			631			653
4.750% due 02/15/2044 ^(d)(m)			513			528
5.125% due 11/15/2043 ^(d)(m)			826			848
5.400% due 01/15/2040 ^(d)			10			10
5.800% due 03/01/2037 ^(d)(m)			2,194			2,293
6.050% due 03/01/2034 ^(d)(m)			1,096			1,150
6.250% due 03/01/2039 ^(d)(m)			448			473
6.350% due 02/15/2038 ^(d)(m)			206			219
Petrobras Global Finance BV
5.093% due 01/15/2030 (m)			1,480			1,588
6.250% due 12/14/2026 (m)	GBP		2,484			3,914
6.625% due 01/16/2034			200			319
Rio Oil Finance Trust
9.250% due 07/06/2024 (m)	$		790			887
9.250% due 07/06/2024			490			551
9.750% due 01/06/2027 (m)			547			648
Southern California Edison Co.
3.650% due 03/01/2028			4			4
4.875% due 03/01/2049			11			13
5.750% due 04/01/2035			8			10
6.000% due 01/15/2034			2			3
6.650% due 04/01/2029			48			58
Sprint Communications, Inc.
6.000% due 11/15/2022 (m)			362			380
Sprint Corp.
7.125% due 06/15/2024			859			928
7.250% due 09/15/2021 (m)			1,006			1,066
7.875% due 09/15/2023 (m)			3,261			3,605
Talen Energy Supply LLC
6.625% due 01/15/2028			16			16
Transocean Poseidon Ltd.
6.875% due 02/01/2027			80			85
						36,490
Total Corporate Bonds & Notes (Cost $210,464)						220,419
CONVERTIBLE BONDS & NOTES 0.0%
INDUSTRIALS 0.0%
Caesars Entertainment Corp.
5.000% due 10/01/2024			33			63
UTILITIES 0.0%
Ensco Jersey Finance Ltd.
3.000% due 01/31/2024			18			13
Total Convertible Bonds & Notes (Cost $73)						76
MUNICIPAL BONDS & NOTES 1.0%
ILLINOIS 0.1%
Chicago, Illinois General Obligation Bonds, Series 2015
7.375% due 01/01/2033			52			62
7.750% due 01/01/2042			36			41

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Chicago, Illinois General Obligation Bonds, Series 2017
7.045% due 01/01/2029	$		70	$		77
Illinois State General Obligation Bonds, (BABs), Series 2010
6.725% due 04/01/2035			25			30
7.350% due 07/01/2035			15			18
Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033			165			178
						406
IOWA 0.0%
Iowa Tobacco Settlement Authority Revenue Bonds, Series 2005
6.500% due 06/01/2023			120			122
WEST VIRGINIA 0.9%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (g)			28,100			1,229
7.467% due 06/01/2047			2,515			2,615
						3,844
Total Municipal Bonds & Notes (Cost $4,792)						4,372
U.S. GOVERNMENT AGENCIES 1.9%
Fannie Mae
5.342% due 07/25/2029 •(m)			530			561
7.542% due 07/25/2029 •			720			853
Freddie Mac
0.000% due 02/25/2046 (b)(g)(m)			4,160			3,858
0.100% due 05/25/2020 - 02/25/2046 (a)			76,144			33
0.661% due 10/25/2020 ~(a)			25,737			54
1.939% due 11/25/2055 ~(a)			23,118			1,846
6.942% due 10/25/2029 •			750			868
Uniform Mortgage-Backed Security
4.000% due 10/01/2040			22			23
Total U.S. Government Agencies (Cost $7,840)						8,096
NON-AGENCY MORTGAGE-BACKED SECURITIES 27.4%
American Home Mortgage Investment Trust
2.062% due 03/25/2037 •			3,625			2,236
Anthracite Ltd.
5.678% due 06/20/2041			2,284			288
Banc of America Alternative Loan Trust
12.998% due 09/25/2035 ^•(m)			905			1,122
Banc of America Funding Trust
3.147% due 12/20/2034 ~			626			440
4.135% due 03/20/2036 ^~			548			529
4.254% due 12/20/2036 ~			62			63
7.048% due 10/20/2046 ^~			474			404
Banc of America Mortgage Trust
4.122% due 10/20/2046 ^~			76			52
Bancorp Commercial Mortgage Trust
5.490% due 08/15/2032 •(m)			3,800			3,838
Bayview Commercial Asset Trust
2.012% due 03/25/2037 •			109			104
BCAP LLC Trust
3.672% due 05/26/2037 ~			2,748			2,481
Bear Stearns Adjustable Rate Mortgage Trust
3.834% due 08/25/2047 ^~			224			203
4.028% due 06/25/2047 ^~			184			177
4.043% due 03/25/2035 ~			16			16
4.317% due 09/25/2034 ~			64			64
4.606% due 09/25/2034 ~			19			20
4.684% due 10/25/2036 ^~			315			310
Bear Stearns ALT-A Trust
2.112% due 06/25/2046 ^•(m)			2,149			2,469
2.492% due 01/25/2035 •			105			106
3.741% due 05/25/2036 ^~			570			539
3.774% due 08/25/2036 ^~			1,087			1,087
3.803% due 07/25/2035 ^~			290			258

56 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.937% due 11/25/2036 ^~	$		395	$		359
3.941% due 04/25/2035 ~			229			217
3.962% due 08/25/2036 ^~			403			285
4.130% due 11/25/2035 ~			50			43
4.289% due 05/25/2035 ~			331			321
4.343% due 09/25/2034 ~			281			284
BRAD Resecuritization Trust
2.192% due 03/12/2021 «			2,226			45
6.550% due 03/12/2021 «			416			415
CBA Commercial Small Balance Commercial Mortgage
5.540% due 01/25/2039 ^þ			830			685
CD Commercial Mortgage Trust
5.398% due 12/11/2049 ~			22			21
CD Mortgage Trust
5.688% due 10/15/2048 (m)			4,287			2,226
Chase Mortgage Finance Trust
5.500% due 11/25/2021 ^			681			459
6.000% due 03/25/2037 ^			730			581
Citigroup Commercial Mortgage Trust
5.589% due 12/10/2049 ~			1,617			1,036
Citigroup Global Markets Mortgage Securities, Inc.
6.500% due 02/25/2029			188			191
Citigroup Mortgage Loan Trust
4.798% due 03/25/2037 ^~			866			742
Citigroup Mortgage Loan Trust, Inc.
5.500% due 11/25/2035 ^			453			437
Commercial Mortgage Lease-Backed Certificates
6.250% due 06/20/2031 ~			6,007			6,106
Commercial Mortgage Loan Trust
6.052% due 12/10/2049 ~(m)			2,129			1,413
Commercial Mortgage Trust
6.107% due 07/10/2046 ~(m)			2,170			2,202
Countrywide Alternative Loan Trust
2.042% due 06/25/2037 ^•			831			690
2.142% due 05/25/2036 ^•			1,510			646
2.142% due 08/25/2036 ^•			1,174			722
5.500% due 10/25/2035 ^			236			222
5.500% due 12/25/2035 ^			1,212			993
5.750% due 05/25/2036 ^			225			164
6.000% due 11/25/2035 ^			348			112
6.000% due 04/25/2036 ^			265			212
6.000% due 04/25/2037 ^			534			355
6.500% due 09/25/2032 ^			322			320
6.500% due 07/25/2035 ^			267			219
6.500% due 06/25/2036 ^			418			311
Countrywide Home Loan Mortgage Pass-Through Trust
3.264% due 03/25/2037 ^~			878			761
3.609% due 11/25/2035 ^~			1,376			1,257
3.662% due 03/25/2046 ^•(m)			1,919			1,322
3.758% due 06/20/2035 ~			119			118
3.878% due 08/25/2034 ^~			21			20
3.958% due 08/20/2035 ^~			58			58
4.303% due 09/25/2047 ^~			621			589
5.500% due 08/25/2035 ^			62			54
Credit Suisse First Boston Mortgage Securities Corp.
7.500% due 05/25/2032			1,071			1,118
Credit Suisse Mortgage Capital Certificates
2.323% due 11/30/2037 ~(m)			9,500			8,651
Credit Suisse Mortgage Capital Mortgage-Backed Trust
2.392% due 07/25/2036 ^•			473			128
5.896% due 04/25/2036 þ(m)			368			271
6.500% due 05/25/2036 ^			355			202
Credit Suisse Mortgage Capital Trust
6.500% due 07/26/2036 ^			438			200
Debussy DTC PLC
5.930% due 07/12/2025 (m)	GBP		6,164			8,164
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
1.942% due 02/25/2047 •	$		487			364
Deutsche ALT-B Securities, Inc. Mortgage Loan Trust
6.250% due 07/25/2036 ^~			66			63
Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
5.500% due 09/25/2033			92			94
Downey Savings & Loan Association Mortgage Loan Trust
1.944% due 04/19/2047 ^•			298			277

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Eurosail PLC
2.379% due 09/13/2045 •	GBP		1,665	$		2,102
3.029% due 09/13/2045 •			1,206			1,525
4.629% due 09/13/2045 •			1,033			1,479
First Horizon Alternative Mortgage Securities Trust
3.646% due 05/25/2036 ^~	$		947			865
3.845% due 02/25/2036 ~			47			39
3.900% due 11/25/2036 ^~			844			710
4.043% due 08/25/2035 ^~			32			6
6.250% due 11/25/2036 ^			79			53
First Horizon Mortgage Pass-Through Trust
4.052% due 07/25/2037 ^~			32			26
4.362% due 01/25/2037 ^~			415			358
GE Commercial Mortgage Corp. Trust
5.606% due 12/10/2049 ~			653			571
GMAC Mortgage Corp. Loan Trust
4.114% due 07/19/2035 ~			34			33
GreenPoint Mortgage Funding Trust
1.972% due 01/25/2037 •			847			822
GS Mortgage Securities Corp. Trust
4.591% due 10/10/2032 ~(m)			2,600			2,558
4.591% due 10/10/2032 ~			400			383
GS Mortgage Securities Trust
1.327% due 08/10/2043 ~(a)			7,424			30
GSR Mortgage Loan Trust
2.242% due 07/25/2037 ^•			325			124
3.956% due 01/25/2036 ^~			673			686
4.185% due 12/25/2034 ~			21			21
6.000% due 09/25/2034			232			240
HarborView Mortgage Loan Trust
1.954% due 02/19/2046 •			1,333			1,334
1.974% due 11/19/2036 •(m)			2,215			2,048
2.324% due 06/19/2034 •			152			151
2.404% due 01/19/2035 •			188			182
4.323% due 08/19/2036 ^~			155			146
HomeBanc Mortgage Trust
2.042% due 03/25/2035 •			189			171
IM Pastor Fondo de Titulizacion de Activos
0.000% due 03/22/2044 •	EUR		507			526
Impac CMB Trust
2.312% due 11/25/2035 ^•	$		251			235
IndyMac Mortgage Loan Trust
2.252% due 04/25/2035 •			124			117
2.592% due 08/25/2034 •			153			144
2.652% due 09/25/2034 •			323			317
3.348% due 06/25/2037 ^~			242			226
3.700% due 11/25/2036 ^~			811			808
3.748% due 05/25/2037 ^~			2,682			2,569
3.871% due 12/25/2036 ^~			816			780
JPMorgan Alternative Loan Trust
4.107% due 05/25/2036 ^~			303			228
5.500% due 11/25/2036 ^~			8			6
JPMorgan Mortgage Trust
4.097% due 10/25/2036 ^~			27			25
4.280% due 05/25/2036 ^~			434			433
4.427% due 07/25/2035 ~			64			65
6.000% due 08/25/2037 ^			491			400
Landmark Mortgage Securities PLC
0.000% due 06/17/2038 •	EUR		143			153
1.014% due 06/17/2038 •	GBP		376			485
Lehman Mortgage Trust
5.777% due 04/25/2036 ^~	$		252			222
6.000% due 05/25/2037 ^			992			1,005
MASTR Adjustable Rate Mortgages Trust
2.979% due 01/25/2047 ^•(m)			297			437
3.924% due 10/25/2034 ~			417			393
Morgan Stanley Capital, Inc.
6.340% due 07/15/2030 ~			4,138			4,308
Morgan Stanley Mortgage Loan Trust
3.985% due 07/25/2035 ^~			1,068			1,002
4.042% due 01/25/2035 ^~			227			189
5.750% due 12/25/2035 ^			309			293
6.000% due 08/25/2037 ^			212			157
Mortgage Equity Conversion Asset Trust
4.000% due 07/25/2060			541			528

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Motel 6 Trust
8.666% due 08/15/2024 •	$		3,971	$		4,042
Prime Mortgage Trust
2.142% due 06/25/2036 ^•			2,912			1,946
7.000% due 07/25/2034			145			140
Regal Trust
2.655% due 09/29/2031 •			1			1
Residential Accredit Loans, Inc. Trust
2.002% due 06/25/2037 •			1,417			1,247
5.500% due 04/25/2037			85			78
6.000% due 08/25/2035 ^			491			491
6.000% due 01/25/2037 ^			399			377
Residential Asset Securitization Trust
6.000% due 03/25/2037 ^			415			242
6.000% due 07/25/2037 ^			6,763			4,134
Residential Funding Mortgage Securities, Inc. Trust
5.457% due 07/27/2037 ^~			164			144
6.000% due 06/25/2037 ^			284			279
Sequoia Mortgage Trust
4.121% due 01/20/2038 ^~			192			182
Structured Adjustable Rate Mortgage Loan Trust
4.111% due 01/25/2036 ^~			888			658
Structured Asset Mortgage Investments Trust
2.002% due 08/25/2036 ^•			1,807			1,746
2.252% due 05/25/2045 •			111			111
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
4.043% due 01/25/2034 ~			218			223
TBW Mortgage-Backed Trust
6.000% due 07/25/2036 ^			275			197
Theatre Hospitals PLC
4.535% due 10/15/2031 •	GBP		233			308
4.940% due 12/15/2024 «(k)			5			0
WaMu Mortgage Pass-Through Certificates Trust
2.627% due 07/25/2046 •	$		1,741			1,688
3.245% due 11/25/2036 ^~			229			226
3.538% due 03/25/2037 ^~			393			373
3.697% due 07/25/2037 ^~			2,004			1,713
3.736% due 06/25/2037 ^~			1,149			1,100
3.800% due 07/25/2037 ^~			934			876
4.493% due 03/25/2033 ~			57			59
Washington Mutual Mortgage Pass-Through Certificates Trust
3.089% due 10/25/2046 ^•			401			369
3.725% due 06/25/2033 ~			67			68
Wells Fargo Mortgage-Backed Securities Trust
4.556% due 10/25/2036 ^~			11			11
4.849% due 09/25/2036 ^~			9			9
Total Non-Agency Mortgage-Backed Securities (Cost $110,453)						119,303
ASSET-BACKED SECURITIES 26.2%
Acacia CDO 5 Ltd.
2.567% due 11/08/2039 •			686			685
3.037% due 11/08/2039 •			9,100			4,818
Access Financial Manufactured Housing Contract Trust
7.650% due 05/15/2021			200			19
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
3.517% due 05/25/2034 •			154			155
4.642% due 08/25/2032 •			663			665
Asset-Backed Funding Certificates Trust
1.942% due 10/25/2036 •(m)			4,569			4,351
2.352% due 10/25/2033 •			167			160
2.452% due 03/25/2035 •			4,431			4,395
Bear Stearns Asset-Backed Securities Trust
1.664% due 09/25/2034 •			421			411
4.276% due 07/25/2036 ~			372			366
Bombardier Capital Mortgage Securitization Corp.
7.830% due 06/15/2030 ~			3,549			1,206
Conseco Finance Corp.
6.220% due 03/01/2030			37			38
6.530% due 02/01/2031 ~			886			857

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 57

Schedule of Investments PIMCO Income Opportunity Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Conseco Finance Securitizations Corp.
7.770% due 09/01/2031 þ	$		637	$		713
7.960% due 05/01/2031			1,563			831
8.060% due 09/01/2029 ~			2,922			1,213
9.163% due 03/01/2033 ~			2,528			2,321
Countrywide Asset-Backed Certificates
1.932% due 06/25/2035 •(m)			7,011			6,383
2.132% due 12/25/2036 ^•			413			281
3.067% due 02/25/2035 •			1,209			1,220
Countrywide Asset-Backed Certificates Trust
4.693% due 10/25/2035 ~			1			2
Countrywide Asset-Backed Certificates Trust, Inc.
2.572% due 11/25/2034 •			237			233
Crecera Americas LLC
5.563% due 08/31/2020 •			6,000			6,006
Credit Suisse First Boston Mortgage Securities Corp.
2.842% due 02/25/2031 •			1,023			1,031
Credit-Based Asset Servicing & Securitization CBO Corp.
2.137% due 09/06/2041 •			7,846			616
Credit-Based Asset Servicing & Securitization LLC
3.112% due 12/25/2035 •			1,377			1,387
Euromax ABS PLC
0.000% due 11/10/2095 •	EUR		5,000			4,997
Greenpoint Manufactured Housing
8.300% due 10/15/2026 ~	$		289			305
Home Equity Loan Trust
2.132% due 04/25/2037 •(m)			8,700			7,521
Home Equity Mortgage Loan Asset-Backed Trust
2.032% due 04/25/2037 •(m)			13,166			9,743
2.112% due 04/25/2037 •			4,080			3,682
JPMorgan Mortgage Acquisition Trust
1.872% due 08/25/2036 •			7			4
1.982% due 03/25/2047 •			1,802			1,772
KGS-Alpha SBA COOF Trust
1.040% due 04/25/2038 «~(a)			617			14
Lehman ABS Mortgage Loan Trust
1.882% due 06/25/2037 •			5,145			3,737
Long Beach Mortgage Loan Trust
1.982% due 02/25/2036 •(m)			2,785			2,484
2.062% due 05/25/2046 •			3,198			1,443
2.497% due 11/25/2035 •(m)			4,019			3,479
4.267% due 03/25/2032 •			5			6
Marlette Funding Trust
0.000% due 09/17/2029 «(g)			3			1,210
Morgan Stanley ABS Capital, Inc. Trust
2.827% due 01/25/2035 •			522			353
Morgan Stanley Dean Witter Capital, Inc. Trust
3.217% due 02/25/2033 •			142			144
National Collegiate Commutation Trust
0.000% due 03/25/2038 •			10,400			3,715
NovaStar Mortgage Funding Trust
1.962% due 11/25/2036 •			1,321			576
Oakwood Mortgage Investors, Inc.
1.970% due 06/15/2032 •			11			11
Option One Mortgage Loan Trust
5.662% due 01/25/2037 ^þ			6			6
Origen Manufactured Housing Contract Trust
8.150% due 03/15/2032 þ			744			760
Ownit Mortgage Loan Trust
3.131% due 10/25/2035 þ			1,977			1,354
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
3.667% due 10/25/2034 •(m)			1,161			1,152
Putnam Structured Product Funding Ltd.
3.140% due 10/15/2038 •			1,200			951
Residential Asset Mortgage Products Trust
2.917% due 08/25/2033 •(m)			491			487
Saxon Asset Securities Trust
2.767% due 12/26/2034 •			629			597
Securitized Asset-Backed Receivables LLC Trust
2.022% due 02/25/2037 ^•			290			169
2.467% due 01/25/2035 •			16			15

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SLM Student Loan Trust
0.000% due 01/25/2042 «(g)	$		2	$		1,281
SMB Private Education Loan Trust
0.000% due 10/15/2048 «(g)			1			799
SoFi Professional Loan Program LLC
0.000% due 01/25/2039 (g)			2,540			760
0.000% due 09/25/2040 (g)			1,094			547
Soloso CDO Ltd.
2.363% due 10/07/2037 •			1,300			1,069
South Coast Funding Ltd.
2.303% due 01/06/2041 •			38,460			8,921
Specialty Underwriting & Residential Finance Trust
1.942% due 06/25/2037 •			4,911			3,484
Structured Asset Investment Loan Trust
2.232% due 01/25/2036 •(m)			5,232			5,105
Structured Asset Securities Corp. Mortgage Loan Trust
2.092% due 06/25/2035 •			191			190
Talon Funding Ltd.
2.382% due 06/05/2035 •			725			177
UCFC Home Equity Loan Trust
7.750% due 04/15/2030 ~			610			603
Total Asset-Backed Securities (Cost $107,650)						113,986
SOVEREIGN ISSUES 5.1%
Argentina Government International Bond
2.500% due 07/22/2021 (h)	ARS		10,078			80
3.375% due 01/15/2023	EUR		100			51
3.380% due 12/31/2038 þ			3,180			1,657
4.000% due 03/06/2020 (h)	ARS		67,906			678
5.250% due 01/15/2028	EUR		100			50
6.250% due 11/09/2047			100			51
7.820% due 12/31/2033			6,784			4,406
15.500% due 10/17/2026	ARS		35,520			165
42.836% (BADLARPP + 2.000%) due 04/03/2022 ~			39,677			352
45.399% (BADLARPP + 3.250%) due 03/01/2020 ~			400			4
56.589% (ARLLMONP) due 06/21/2020 ~(a)			95,420			863
59.928% (BADLARPP) due 10/04/2022 ~(a)			33			1
Autonomous City of Buenos Aires Argentina
44.086% due 03/29/2024 •			99,505			1,141
51.313% (BADLARPP + 5.000%) due 01/23/2022 ~(a)			6,290			79
Peru Government International Bond
5.400% due 08/12/2034	PEN		9			3
5.940% due 02/12/2029			2,494			849
6.150% due 08/12/2032			1,364			467
6.350% due 08/12/2028			3,215			1,127
6.900% due 08/12/2037			40			15
6.950% due 08/12/2031			744			271
8.200% due 08/12/2026			2,074			796
Provincia de Buenos Aires
52.270% (BADLARPP + 3.750%) due 04/12/2025 ~(a)	ARS		250,195			1,898
South Africa Government International Bond
4.850% due 09/30/2029 (m)	$		800			802
5.750% due 09/30/2049 (m)			800			781
Turkey Government International Bond
3.250% due 06/14/2025	EUR		100			112
4.625% due 03/31/2025			1,100			1,308
5.200% due 02/16/2026			400			487
5.600% due 11/14/2024 (m)	$		1,900			1,937
7.625% due 04/26/2029 (m)			1,500			1,661
Venezuela Government International Bond
6.000% due 12/09/2020 ^(d)			165			20
8.250% due 10/13/2024 ^(d)			19			2
9.250% due 09/15/2027 ^(d)			198			24
Total Sovereign Issues (Cost $33,854)						22,138

	SHARES			MARKET VALUE (000S)
COMMON STOCKS 1.4%
COMMUNICATION SERVICES 0.3%
Clear Channel Outdoor Holdings, Inc. (e)		363,781	$		1,041
iHeartMedia, Inc.		272			4
iHeartMedia, Inc. ‘A’ (e)		20,232			342
					1,387
CONSUMER DISCRETIONARY 0.7%
Caesars Entertainment Corp. (e)		219,638			2,987
ENERGY 0.1%
Dommo Energia S.A. (e)(k)		138,679			101
Dommo Energia S.A. «		351,593			212
Dommo Energia S.A. SP - ADR «(e)		1,108			8
Forbes Energy Services Ltd. (e)(k)		29,625			7
					328
INDUSTRIALS 0.0%
Sierra Hamilton Holder LLC «(k)		200,912			38
Westmoreland Mining Holdings LLC «(k)		90			1
					39
UTILITIES 0.3%
Eneva S.A. (e)(k)		15,803			172
TexGen Power LLC «		33,708			1,205
					1,377
Total Common Stocks (Cost $7,777)					6,118
WARRANTS 0.6%
COMMUNICATION SERVICES 0.5%
iHeartMedia, Inc.		131,768			2,227
INDUSTRIALS 0.1%
Sequa Corp. - Exp. 04/28/2024 «		279,000			604
Total Warrants (Cost $2,857)					2,831
PREFERRED SECURITIES 6.1%
BANKING & FINANCE 4.3%
AGFC Capital Trust
3.751% (US0003M + 1.750%) due 01/15/2067 ~(m)		2,300,000			1,150
Banco Bilbao Vizcaya Argentaria S.A.
8.875% due 04/14/2021 •(i)(j)		200,000			246
Nationwide Building Society
10.250% ~		38,245			8,410
Stichting AK Rabobank Certificaten
6.500% due 12/29/2049 (i)		6,394,700			9,146
					18,952
INDUSTRIALS 1.8%
General Electric Co.
5.000% due 01/21/2021 •(i)		174,000			171
Sequa Corp. (12.000% PIK) (c)
12.000% «		6,502			7,536
					7,707
Total Preferred Securities (Cost $22,878)					26,659

58 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

		SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 2.0%
REAL ESTATE 2.0%
VICI Properties, Inc.			340,104	$		8,690
Total Real Estate Investment Trusts (Cost $4,976)						8,690
SHORT-TERM INSTRUMENTS 4.1%
REPURCHASE AGREEMENTS (l) 3.3%
						14,159
		PRINCIPAL AMOUNT (000S)
ARGENTINA TREASURY BILLS 0.1%
30.546% due 04/28/2020 - 08/27/2020 (f)(g)	ARS		27,064			371
41.333% due 04/03/2020 «~			4,040			55
43.313% due 06/22/2020 «~			10,020			149
						575

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. TREASURY BILLS 0.7%
1.604% due 01/16/2020 - 02/27/2020 (f)(g)(p)	$		3,165	$		3,161
Total Short-Term Instruments (Cost $18,248)						17,895
Total Investments in Securities (Cost $629,770)						647,115
Total Investments 148.5% (Cost $629,770)				$		647,115
Financial Derivative Instruments (n)(o) (0.5)% (Cost or Premiums, net $(5,425))						(2,014	)
Other Assets and Liabilities, net (48.0)%						(209,465	)
Net Assets 100.0%				$		435,636

NOTES TO SCHEDULE OF INVESTMENTS:

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

^ 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. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

~ 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) Interest only security.

(b) Principal only security.

(c) Payment in-kind security.

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

(e) Security did not produce income within the last twelve months.

(f) Coupon represents a weighted average yield to maturity.

(g) Zero coupon security.

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

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

(j) Contingent convertible security.

(k)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Dommo Energia S.A.		12/21/2017 - 12/26/2017	$	36	$	101		0.03	%
Eneva S.A.		12/21/2017 - 12/03/2019		73		172		0.04
Forbes Energy Services Ltd.		03/11/2014 - 07/03/2014		1,470		7		0.00
Pinnacol Assurance 8.625% due 06/25/2034		06/23/2014		2,900		3,104		0.71
Project OMNI Senior 3.000% due 09/03/2026		09/26/2019		10,910		11,206		2.57
Sierra Hamilton Holder LLC		07/31/2017		51		38		0.01
Theatre Hospitals PLC 4.940% due 12/15/2024		12/17/2018		0		0		0.00
Westmoreland Mining Holdings LLC		03/26/2019		0		1		0.00
			$	15,440	$	14,629		3.36	%

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 59

Schedule of Investments PIMCO Income Opportunity Fund (Cont.)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(l)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		1.250	%		12/31/2019		01/02/2020	$	859	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2020	$	(878	)	$	859	$	859
NOM		1.650			12/31/2019		01/02/2020		13,300	U.S. Treasury Bonds 3.125% due 02/15/2043		(13,483	)		13,300		13,301
Total Repurchase Agreements											$	(14,361	)	$	14,159	$	14,160

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(2)			Settlement Date		Maturity Date			Amount Borrowed(2)				Payable for Reverse Repurchase Agreements
BPS		1.100	%		11/28/2019		02/28/2020			GBP	(3,148	)	$	(4,175	)
		1.200			10/24/2019		01/24/2020				(2,219	)		(2,945	)
		2.080			01/02/2020		02/03/2020			$	(1,383	)		(1,383	)
		2.120			01/02/2020		02/03/2020				(302	)		(302	)
		2.140			12/19/2019		01/02/2020				(1,382	)		(1,383	)
		2.400			10/04/2019		01/02/2020				(295	)		(297	)
		2.400			11/18/2019		02/18/2020				(1,733	)		(1,738	)
		2.580			11/22/2019		01/21/2020				(1,634	)		(1,639	)
		2.703			11/18/2019		02/18/2020				(478	)		(480	)
		2.895			11/14/2019		01/10/2020				(5,540	)		(5,562	)
BRC		1.850			11/01/2019		TBD	(3)			(661	)		(663	)
		2.250			11/04/2019		01/03/2020				(1,442	)		(1,447	)
		2.250			01/03/2020		03/03/2020				(1,444	)		(1,444	)
		2.804			12/27/2019		01/27/2020				(2,171	)		(2,172	)
		2.904			11/15/2019		02/13/2020				(3,840	)		(3,855	)
		3.009			11/14/2019		02/12/2020				(2,593	)		(2,604	)
CEW		2.470			10/22/2019		01/22/2020				(105	)		(106	)
DBL		(0.150	)		12/23/2019		01/23/2020			EUR	(1,402	)		(1,572	)
		(0.100	)		12/23/2019		01/23/2020				(519	)		(582	)
		(0.050	)		12/23/2019		01/23/2020				(411	)		(461	)
		1.250			12/23/2019		01/23/2020			GBP	(720	)		(954	)
FOB		2.350			12/12/2019		01/10/2020			$	(2,286	)		(2,289	)
JML		(1.850	)		09/30/2019		TBD	(3)		EUR	(4,400	)		(4,912	)
		(0.300	)		10/16/2019		01/15/2020				(361	)		(404	)
		(0.300	)		10/17/2019		01/16/2020				(161	)		(180	)
		(0.300	)		10/18/2019		01/17/2020				(190	)		(213	)
		(0.250	)		10/17/2019		01/16/2020				(249	)		(279	)
		0.950			10/16/2019		01/14/2020			GBP	(1,712	)		(2,272	)
		0.950			10/16/2019		01/15/2020				(3,690	)		(4,897	)
		0.950			10/17/2019		01/16/2020				(4,271	)		(5,669	)
		0.950			10/18/2019		01/17/2020				(182	)		(241	)
		1.250			10/15/2019		01/10/2020				(477	)		(633	)
		2.350			11/08/2019		02/06/2020			$	(7,913	)		(7,941	)
MBC		2.760			11/04/2019		02/05/2020				(5,223	)		(5,247	)
		2.780			11/04/2019		02/05/2020				(2,016	)		(2,025	)
		2.850			12/20/2019		01/21/2020				(4,329	)		(4,333	)
		2.860			11/04/2019		02/05/2020				(8,714	)		(8,755	)
		2.910			11/04/2019		02/05/2020				(999	)		(1,004	)
		3.060			12/13/2019		02/05/2020				(1,927	)		(1,930	)
MEI		2.450			12/02/2019		01/07/2020				(1,411	)		(1,414	)
MSB		3.103			08/19/2019		08/19/2020				(6,323	)		(6,347	)
NOM		2.350			12/20/2019		01/17/2020				(1,710	)		(1,711	)
		2.400			11/04/2019		01/03/2020				(5,425	)		(5,446	)
		2.400			11/19/2019		01/21/2020				(3,255	)		(3,265	)
		2.400			11/20/2019		01/21/2020				(250	)		(251	)
		2.500			11/19/2019		01/21/2020				(362	)		(363	)
		2.600			11/19/2019		01/21/2020				(2,145	)		(2,152	)
		2.600			12/16/2019		01/21/2020				(1,186	)		(1,187	)
		2.800			11/19/2019		01/21/2020				(892	)		(895	)
RDR		1.950			12/06/2019		01/06/2020				(131	)		(131	)
RTA		2.270			11/14/2019		01/14/2020				(248	)		(249	)
		2.329			11/08/2019		02/07/2020				(2,199	)		(2,207	)
		2.329			11/27/2019		02/07/2020				(85	)		(85	)
		2.452			10/08/2019		01/07/2020				(1,491	)		(1,500	)

60 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

Counterparty	Borrowing Rate(2)			Settlement Date		Maturity Date			Amount Borrowed(2)				Payable for Reverse Repurchase Agreements
		2.504	%		11/08/2019		02/07/2020			$	(360	)	$	(361	)
		2.794			11/06/2019		02/04/2020				(3,762	)		(3,779	)
		3.063			09/25/2019		03/25/2020				(1,062	)		(1,071	)
SAL		2.734			10/15/2019		01/08/2020				(1,770	)		(1,781	)
		2.909			11/12/2019		02/10/2020				(4,608	)		(4,627	)
SOG		2.270			11/08/2019		01/09/2020				(621	)		(623	)
		2.340			11/21/2019		02/19/2020				(4,484	)		(4,496	)
		2.350			11/18/2019		02/18/2020				(6,883	)		(6,903	)
		2.350			12/13/2019		02/18/2020				(1,010	)		(1,011	)
		2.360			11/15/2019		02/13/2020				(1,522	)		(1,527	)
		2.360			11/18/2019		02/12/2020				(1,070	)		(1,073	)
		2.480			10/08/2019		01/08/2020				(1,905	)		(1,916	)
UBS		(0.100	)		11/28/2019		01/24/2020			EUR	(975	)		(1,094	)
		1.350			11/22/2019		02/24/2020			GBP	(4,140	)		(5,493	)
		1.614			10/15/2019		01/15/2020				(3,829	)		(5,089	)
		2.250			11/01/2019		TBD	(3)		$	(8,216	)		(8,248	)
		2.300			12/06/2019		01/08/2020				(4,687	)		(4,695	)
		2.300			12/13/2019		01/10/2020				(3,632	)		(3,637	)
		2.400			12/06/2019		01/08/2020				(991	)		(993	)
		2.450			11/01/2019		01/30/2020				(3,919	)		(3,936	)
		2.450			11/12/2019		02/10/2020				(2,797	)		(2,807	)
		2.450			11/13/2019		02/11/2020				(1,961	)		(1,968	)
		2.450			11/14/2019		01/07/2020				(1,346	)		(1,350	)
		2.450			11/18/2019		01/07/2020				(6,780	)		(6,803	)
		2.450			11/21/2019		02/19/2020				(2,731	)		(2,739	)
		2.450			12/06/2019		01/30/2020				(2,463	)		(2,468	)
		2.450			12/31/2019		01/07/2020				(5,735	)		(5,735	)
		2.450			12/31/2019		02/19/2020				(1,559	)		(1,559	)
		2.500			10/25/2019		01/24/2020				(1,138	)		(1,143	)
		2.500			11/14/2019		01/07/2020				(189	)		(190	)
		2.550			11/13/2019		02/11/2020				(1,656	)		(1,662	)
Total Reverse Repurchase Agreements													$	(206,968	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2019:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net  Exposure(4)
Global/Master Repurchase Agreement
BPS	$	0	$	(19,904	)	$	0	$	(19,904	)	$	21,260		$	1,356
BRC		0		(12,185	)		0		(12,185	)		14,862			2,677
CEW		0		(106	)		0		(106	)		117			11
DBL		0		(3,569	)		0		(3,569	)		3,923			354
FICC		859		0			0		859			(878	)		(19	)
FOB		0		(2,289	)		0		(2,289	)		2,450			161
JML		0		(27,641	)		0		(27,641	)		31,714			4,073
MBC		0		(23,294	)		0		(23,294	)		29,802			6,508
MEI		0		(1,414	)		0		(1,414	)		1,661			247
MSB		0		(6,347	)		0		(6,347	)		8,651			2,304
NOM		13,301		(15,270	)		0		(1,969	)		3,400			1,431
RDR		0		(131	)		0		(131	)		135			4
RTA		0		(9,252	)		0		(9,252	)		11,175			1,923
SAL		0		(6,408	)		0		(6,408	)		8,266			1,858
SOG		0		(17,549	)		0		(17,549	)		19,091			1,542
UBS		0		(61,609	)		0		(61,609	)		72,640			11,031
Total Borrowings and Other Financing Transactions	$	14,160	$	(206,968	)	$	0

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 61

Schedule of Investments PIMCO Income Opportunity Fund (Cont.)

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days			31-90 days			Greater Than 90 days			Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0	$	(69,460	)	$	(46,007	)	$	(13,823	)	$	(129,290	)
U.S. Government Agencies		0		0			(3,084	)		0			(3,084	)
Non-Agency Mortgage-Backed Securities		0		(11,203	)		(17,387	)		(6,347	)		(34,937	)
Asset-Backed Securities		0		(5,562	)		(14,906	)		0			(20,468	)
Sovereign Issues		0		(2,861	)		(1,738	)		0			(4,599	)
Common Stocks		0		(10,468	)		0			0			(10,468	)
Preferred Securities		0		(993	)		0			0			(993	)
Total Borrowings	$	0	$	(100,547	)	$	(83,122	)	$	(20,170	)	$	(203,839	)
Payable for reverse repurchase agreements(5)												$	(203,839	)

(m) Securities with an aggregate market value of $244,459 and cash of $495 have been pledged as collateral under the terms of the above master agreements as of December 31, 2019.

⁽¹⁾  Includes accrued interest.

⁽²⁾  The average amount of borrowings outstanding during the period ended December 31, 2019 was $(195,662) at a weighted average interest rate of 2.442%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾  Open maturity reverse repurchase agreement.

⁽⁴⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽⁵⁾  Unsettled reverse repurchase agreements liability of $(3,129) is outstanding at period end.

(n)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

SWAP AGREEMENTS:

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

Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2019(2)			Notional Amount(3)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value(4)			Variation Margin
																						Asset		Liability
Bombardier, Inc.		5.000	%		Quarterly		06/20/2024		3.485	%	$	800	$	(1	)	$	50		$	49		$	0	$	0
Bombardier, Inc.		5.000			Quarterly		12/20/2024		3.682			300		(1	)		19			18			0		0
Frontier Communications Corp.		5.000			Quarterly		06/20/2020		195.572			4,200		(139	)		(1,749	)		(1,888	)		0		(33	)
Sprint Communications, Inc.		5.000			Quarterly		12/20/2021		1.142			1,000		22			54			76			0		0
													$	(119	)	$	(1,626	)	$	(1,745	)	$	0	$	(33	)

INTEREST RATE SWAPS

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																				Asset		Liability
Pay	3-Month CAD-Bank Bill		3.300	%	Semi-Annual		06/19/2024		CAD	13,300	$	618		$	(62	)	$	556		$	0	$	(20	)
Receive	3-Month CAD-Bank Bill		3.500		Semi-Annual		06/20/2044			4,400		(154	)		(634	)		(788	)		77		0
Pay	3-Month USD-LIBOR		2.860		Semi-Annual		04/26/2023		$	8,700		(24	)		364			340			0		(5	)
Pay	3-Month USD-LIBOR		2.750		Semi-Annual		12/19/2023			35,800		(332	)		1,775			1,443			0		(29	)
Pay	3-Month USD-LIBOR		1.500		Semi-Annual		06/21/2027			22,000		(1,596	)		1,091			(505	)		0		(48	)
Pay	3-Month USD-LIBOR		2.500		Semi-Annual		12/20/2027			9,100		152			305			457			0		(24	)
Pay	3-Month USD-LIBOR		2.250		Semi-Annual		06/20/2028			52,200		(3,334	)		4,955			1,621			0		(128	)
Pay	3-Month USD-LIBOR		3.000		Semi-Annual		06/19/2029			21,300		1,691			384			2,075			0		(63	)
Receive(5)	3-Month USD-LIBOR		2.000		Semi-Annual		01/15/2050			1,200		(9	)		40			31			13		0
Receive(5)	3-Month USD-LIBOR		1.625		Semi-Annual		02/03/2050			2,300		(2	)		260			258			25		0
Receive(5)	3-Month USD-LIBOR		2.250		Semi-Annual		03/12/2050			2,800		(8	)		(79	)		(87	)		32		0
Pay	6-Month  AUD-BBR-BBSW		3.500		Semi-Annual		06/17/2025		AUD	5,200		129			321			450			0		(6	)
Receive(5)	6-Month EUR-EURIBOR		0.150		Annual		03/18/2030		EUR	10,100		185			243			428			55		0
Receive(5)	6-Month GBP-LIBOR		0.750		Semi-Annual		03/18/2030		GBP	22,950		239			566			805			177		0
Receive(5)	6-Month GBP-LIBOR		0.750		Semi-Annual		03/18/2050			6,000		126			632			758			127		0
											$	(2,319	)	$	10,161		$	7,842		$	506	$	(323	)
Total Swap Agreements											$	(2,438	)	$	8,535		$	6,097		$	506	$	(356	)

62 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2019:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements				Written Options		Futures		Swap Agreements
Total Exchange-Traded or Centrally Cleared	$	0	$	0	$	506	$	506	$	0	$	0	$	(356)	$	(356)

Cash of $7,903 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2019. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽²⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽³⁾ The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁴⁾ The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁵⁾ This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

(o)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
BPS		01/2020	EUR	286	$	320	$	0	$	(1	)
		01/2020	GBP	35,511		45,985		0		(1,063	)
		01/2020	$	40	CLP	30,960		1		0
		01/2020		851	EUR	760		2		0
		01/2020		1,699	GBP	1,284		8		(6	)
		02/2020	PEN	1,986	$	585		0		(13	)
BRC		01/2020	$	219	EUR	196		1		0
CBK		01/2020	BRL	4,512	$	1,110		0		(12	)
		01/2020	EUR	2,110		2,343		0		(25	)
		01/2020	$	1,119	BRL	4,512		2		0
		01/2020		258	CLP	202,508		11		0
		01/2020		2,048	EUR	1,845		22		0
		01/2020		108	TRY	623		0		(3	)
		02/2020		1,108	BRL	4,512		12		0
FBF		01/2020	BRL	4,486	$	1,113		0		(2	)
		01/2020	$	1,062	BRL	4,486		53		0
GLM		01/2020	BRL	26	$	6		0		0
		01/2020	GBP	577		757		0		(8	)
		01/2020	$	6	BRL	26		0		0
		01/2020		10	CLP	7,853		1		0
		01/2020		1,958	TRY	11,477		0		(38	)
		02/2020		3,984	RUB	255,394		111		0
HUS		01/2020	AUD	178	$	121		0		(4	)
		01/2020	GBP	571		753		0		(3	)
		01/2020	$	13	CLP	10,192		1		0
		01/2020		3,518	GBP	2,725		93		0
JPM		01/2020		3,713	MXN	72,746		124		0
MYI		01/2020	EUR	33,375	$	36,903		0		(550	)
		03/2020	$	2,290	RUB	148,788		88		0

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 63

Schedule of Investments PIMCO Income Opportunity Fund (Cont.)

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
RYL		01/2020	CLP	72,402	$	95	$	0	$	(1	)
		01/2020	MXN	72,746		3,765		0		(72	)
		01/2020	$	108	CLP	82,606		2		0
		05/2020		3,708	MXN	72,746		70		0
TOR		01/2020		68	CLP	53,417		3		0
		01/2020		1,328	GBP	1,021		25		0
Total Forward Foreign Currency Contracts							$	630	$	(1,801	)

SWAP AGREEMENTS:

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

Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at December 31, 2019(2)			Notional Amount(3)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
																		Asset		Liability
BRC	Russia Government International Bond		1.000	%	Quarterly		09/20/2024		0.521	%	$	300	$	(25	)	$	32	$	7	$	0
CBK	Russia Government International Bond		1.000		Quarterly		09/20/2024		0.521			300		(26	)		33		7		0
GST	Russia Government International Bond		1.000		Quarterly		03/20/2020		0.044			100		(18	)		18		0		0
	Russia Government International Bond		1.000		Quarterly		12/20/2024		0.556			1,300		9			19		28		0
	Teva Pharmaceutical Finance Co. BV		1.000		Quarterly		06/20/2022		2.310			100		(6	)		3		0		(3	)
HUS	Russia Government International Bond		1.000		Quarterly		09/20/2024		0.521			69		(9	)		10		1		0
													$	(75	)	$	115	$	43	$	(3	)

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽¹⁾

Counterparty	Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount(3)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at  Value(4)
															Asset		Liability
GST	ABX.HE.AA.6-1 Index		0.320	%	Monthly		07/25/2045	$	11,681	$	(2,325	)	$	1,686	$	0	$	(639	)
	ABX.HE.PENAAA.7-1 Index		0.090		Monthly		08/25/2037		3,033		(587	)		193		0		(394	)
										$	(2,912	)	$	1,879	$	0	$	(1,033	)
Total Swap Agreements										$	(2,987	)	$	1,994	$	43	$	(1,036	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged as of December 31, 2019:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged		Net Exposure(5)
BPS	$	11	$	0	$	0	$	11	$	(1,083	)	$	0	$	0		$	(1,083	)	$	(1,072	)	$	555	$	(517	)
BRC		1		0		7		8		0			0		0			0			8			0		8
CBK		47		0		7		54		(40	)		0		0			(40	)		14			0		14
FBF		53		0		0		53		(2	)		0		0			(2	)		51			0		51
GLM		112		0		0		112		(46	)		0		0			(46	)		66			0		66
GST		0		0		28		28		0			0		(1,036	)		(1,036	)		(1,008	)		1,452		444
HUS		94		0		1		95		(7	)		0		0			(7	)		88			0		88
JPM		124		0		0		124		0			0		0			0			124			0		124
MYI		88		0		0		88		(550	)		0		0			(550	)		(462	)		270		(192	)
RYL		72		0		0		72		(73	)		0		0			(73	)		(1	)		0		(1	)
TOR		28		0		0		28		0			0		0			0			28			0		28
Total Over the Counter	$	630	$	0	$	43	$	673	$	(1,801	)	$	0	$	(1,036	)	$	(2,837	)

(p) Securities with an aggregate market value of $2,277 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2019.

⁽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.

64 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

⁽²⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽³⁾ The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁴⁾ The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁵⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2019:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	0	$	0	$	0	$	506	$	506
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	630	$	0	$	630
Swap Agreements		0		43		0		0		0		43
	$	0	$	43	$	0	$	630	$	0	$	673
	$	0	$	43	$	0	$	630	$	506	$	1,179
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	33	$	0	$	0	$	323	$	356
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1,801	$	0	$	1,801
Swap Agreements		0		1,036		0		0		0		1,036
	$	0	$	1,036	$	0	$	1,801	$	0	$	2,837
	$	0	$	1,069	$	0	$	1,801	$	323	$	3,193

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2019:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	204		$	0	$	0		$	(11,862	)	$	(11,658	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	1,268		$	0		$	1,268
Swap Agreements		0		497			0		0			0			497
	$	0	$	497		$	0	$	1,268		$	0		$	1,765
	$	0	$	701		$	0	$	1,268		$	(11,862	)	$	(9,893	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	(864	)	$	0	$	0		$	9,508		$	8,644
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(628	)	$	0		$	(628	)
Swap Agreements		0		(331	)		0		0			0			(331	)
	$	0	$	(331	)	$	0	$	(628	)	$	0		$	(959	)
	$	0	$	(1,195	)	$	0	$	(628	)	$	9,508		$	7,685

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 65

Schedule of Investments PIMCO Income Opportunity Fund (Cont.)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2019
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	70,697	$	25,835	$	96,532
Corporate Bonds & Notes
Banking & Finance		0		76,083		3,104		79,187
Industrials		0		104,398		344		104,742
Utilities		0		36,490		0		36,490
Convertible Bonds & Notes
Industrials		0		63		0		63
Utilities		0		13		0		13
Municipal Bonds & Notes
Illinois		0		406		0		406
Iowa		0		122		0		122
West Virginia		0		3,844		0		3,844
U.S. Government Agencies		0		8,096		0		8,096
Non-Agency Mortgage-Backed Securities		0		118,843		460		119,303
Asset-Backed Securities		0		110,682		3,304		113,986
Sovereign Issues		0		22,138		0		22,138
Common Stocks
Communication Services		1,383		4		0		1,387
Consumer Discretionary		2,987		0		0		2,987
Energy		108		0		220		328
Industrials		0		0		39		39
Utilities		172		0		1,205		1,377
Warrants
Communication Services		0		2,227		0		2,227
Industrials		0		0		604		604
Preferred Securities
Banking & Finance		0		18,952		0		18,952
Industrials		0		171		7,536		7,707

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2019
Real Estate Investment Trusts
Real Estate	$	8,690	$	0		$	0	$	8,690
Short-Term Instruments
Repurchase Agreements		0		14,159			0		14,159
Argentina Treasury Bills		0		371			204		575
U.S. Treasury Bills		0		3,161			0		3,161
Total Investments	$	13,340	$	590,920		$	42,855	$	647,115
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		506			0		506
Over the counter		0		673			0		673
	$	0	$	1,179		$	0	$	1,179
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(356	)		0		(356	)
Over the counter		0		(2,837	)		0		(2,837	)
	$	0	$	(3,193	)	$	0	$	(3,193	)
Total Financial Derivative Instruments	$	0	$	(2,014	)	$	0	$	(2,014	)
Totals	$	13,340	$	588,906		$	42,855	$	645,101

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2019:

Category and Subcategory	Beginning Balance at 06/30/2019		Net Purchases		Net Sales/Settlements			Accrued Discounts/ (Premiums)			Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation)(1)			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 12/31/2019		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held  at 12/31/2019(1)
Investments in Securities, at Value
Loan Participations and Assignments	$	4,501	$	26,112	$	(146	)	$	49		$	2		$	123		$	0	$	(4,806	)	$	25,835	$	377
Corporate Bonds & Notes
Banking & Finance		2,995		0		0			0			0			109			0		0			3,104		109
Industrials		0		413		0			3			0			(72	)		0		0			344		(72	)
Non-Agency Mortgage-Backed Securities		513		0		(32	)		3			0			(24	)		0		0			460		(24	)
Asset-Backed Securities		2,332		0		0			(4	)		0			(234	)		1,210		0			3,304		(234	)
Common Stocks
Energy		379		72		(94	)		0			(5	)		(31	)		0		(101	)		220		138
Industrials		58		0		0			0			0			(19	)		0		0			39		(19	)
Utilities		1,323		0		0			0			0			(118	)		0		0			1,205		(118	)
Warrants
Industrials		329		0		0			0			0			275			0		0			604		276
Preferred Securities
Industrials		6,546		393		0			0			0			597			0		0			7,536		598
Short term
Argentina Treasury Bills		0		189		0			0			0			15			0		0			204		15
Totals	$	18,976	$	27,179	$	(272	)	$	51		$	(3	)	$	621		$	1,210	$	(4,907	)	$	42,855	$	1,046

66 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

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:

Category and Subcategory	Ending Balance at 12/31/2019		Valuation Technique	Unobservable Inputs	(% Unless Noted Otherwise)
					Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments	$	11,206	Indicative Market Quotation	Broker Quote		99.900		—
		10,113	Other Valuation Techniques(2)	—		—		—
		4,206	Proxy Pricing	Base Price		93.750-95.000		93.782
		310	Third Party Vendor	Broker Quote		99.250-101.000		99.313
Corporate Bonds & Notes
Banking & Finance		3,104	Reference Instrument	Option Adjusted Spread		584.983 bps		—
Industrials		344	Reference Instrument	Broker Quote		101.520		—
Non-Agency Mortgage-Backed Securities		460	Proxy Pricing	Base Price		2.000-99.375		89.931
Asset-Backed Securities		3,304	Proxy Pricing	Base Price		2.312-79,892.180		58,643.728
Common Stocks
Energy		220	Other Valuation Techniques(2)	—		—		—
Industrials		1	Indicative Market Quotation	Broker Quote	$	15.000		—
		38	Other Valuation Techniques(2)	—		—		—
Utilities		1,205	Indicative Market Quotation	Broker Quote	$	35.750		—
Warrants
Industrials		604	Other Valuation Techniques(2)	—		—		—
Preferred Securities
Industrials		7,536	Fundamental Valuation	Company Equity Value	$	934,387,328.532		—
Short-Term Instruments
Argentina Treasury Bills		204	Proxy Pricing	Base Price		100.000		—
Total	$	42,855

⁽¹⁾  Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2019 may be due to an investment no longer held or categorized as Level 3 at period end.

⁽²⁾ Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 67

Schedule of Investments PIMCO Strategic Income Fund, Inc.

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 328.9%
LOAN PARTICIPATIONS AND ASSIGNMENTS 15.0%
Advanz Pharma Corp.
7.447% (LIBOR03M + 5.500%) due 09/06/2024 ~	$		2,487	$		2,330
Altice France S.A.
5.740% (LIBOR03M + 4.000%) due 08/14/2026 ~			99			100
Chesapeake Energy Corp.
TBD% due 06/09/2024			95			98
Core & Main LP
4.441% - 4.664% (LIBOR03M + 2.750%) due 08/01/2024 ~			20			20
Diamond Resorts Corp.
5.549% (LIBOR03M + 3.750%) due 09/02/2023 ~			822			805
Dubai World (2.000% Cash and 1.750% PIK)
3.750% (LIBOR03M + 2.000%) due 09/30/2022 ~(c)			1,868			1,745
Envision Healthcare Corp.
5.549% (LIBOR03M + 3.750%) due 10/10/2025 ~			8,933			7,653
Fleet U.S. Bidco, Inc.
5.235% (LIBOR03M + 3.250%) due 10/07/2026 «~			8			8
Forbes Energy Services LLC (5.000% Cash and 11.000% PIK)
16.000% (LIBOR03M + 5.000%) due 04/13/2021 ~(c)			68			68
Frontier Communications Corp.
5.550% (LIBOR03M + 3.750%) due 06/15/2024 ~			293			295
iHeartCommunications, Inc.
5.691% (LIBOR03M + 4.000%) due 05/01/2026 ~			1,916			1,937
Intelsat Jackson Holdings S.A.
5.682% (LIBOR03M + 3.750%) due 11/27/2023 ~			10			10
IRB Holding Corp.
5.195% - 5.216% (LIBOR03M + 3.250%) due 02/05/2025 ~			434			437
Jefferies Finance LLC
5.500% (LIBOR03M + 3.750%) due 06/03/2026 ~			12			12
McDermott Technology Americas, Inc.
0.500% - 12.002% (LIBOR03M + 10.000%) due 10/21/2021 ~µ			808			827
6.945% (LIBOR03M + 5.000%) due 05/09/2025 ~			1,089			641
Messer Industrie GmbH
4.445% (LIBOR03M + 2.500%) due 03/01/2026 ~			39			39
MH Sub LLC
5.549% (LIBOR03M + 3.750%) due 09/13/2024 ~			59			59
NCI Building Systems, Inc.
5.486% (LIBOR03M + 3.750%) due 04/12/2025 ~			20			20
Neiman Marcus Group Ltd. LLC
7.713% (LIBOR03M + 6.000%) due 10/25/2023 ~			4,599			3,788
Neiman Marcus Group Ltd. LLC (7.213% Cash and 1.000% PIK)
8.213% (LIBOR03M + 5.500%) due 10/25/2023 ~(c)			5,013			4,077
Ortho-Clinical Diagnostics S.A.
5.306% (LIBOR03M + 3.250%) due 06/30/2025 ~			323			320
Pacific Gas & Electric Co.
TBD% due 02/22/2049 ^«(d)			416			413
PetSmart, Inc.
5.740% (LIBOR03M + 4.000%) due 03/11/2022 ~			166			164

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Sequa Mezzanine Holdings LLC
6.904% (LIBOR03M + 5.000%) due 11/28/2021 ~	$		166	$		167
10.936% (LIBOR03M + 9.000%) due 04/28/2022 ~			7,990			7,880
Sotera Health Holdings LLC
6.289% (LIBOR03M + 4.500%) due 12/11/2026 ~			59			59
SS&C Technologies, Inc.
4.049% (LIBOR03M + 2.250%) due 04/16/2025 ~			119			119
Starfruit Finco BV
4.960% (LIBOR03M + 3.250%) due 10/01/2025 ~			97			97
Summer (BC) Holdco B SARL
TBD% due 10/15/2026			1,530			1,459
Syniverse Holdings, Inc.
6.846% (LIBOR03M + 5.000%) due 03/09/2023 ~			3,855			3,591
U.S. Renal Care, Inc.
6.813% (LIBOR03M + 5.000%) due 06/26/2026 ~			208			207
Univision Communications, Inc.
4.549% (LIBOR03M + 2.750%) due 03/15/2024 ~			2,121			2,098
West Corp.
5.927% (LIBOR03M + 4.000%) due 10/10/2024 ~			34			29
Westmoreland Mining Holdings LLC
10.150% (LIBOR03M + 8.250%) due 03/15/2022 «~			1			1
Westmoreland Mining Holdings LLC (15.000% PIK)
15.000% due 03/15/2029 (c)			5			4
Windstream Services LLC
9.000% (PRIME + 4.250%) due 02/17/2024 ~			2,200			2,089
9.750% (PRIME + 5.000%) due 03/29/2021 ~			2,100			2,015
Total Loan Participations and Assignments (Cost $46,477)						45,681
CORPORATE BONDS & NOTES 42.9%
BANKING & FINANCE 16.1%
Ally Financial, Inc.
8.000% due 11/01/2031			3			4
Ambac LSNI LLC
6.945% due 02/12/2023 •(l)			294			298
Ardonagh Midco PLC
8.375% due 07/15/2023 (l)	GBP		5,810			7,705
AXA Equitable Holdings, Inc.
5.000% due 04/20/2048	$		5			5
Banco de Credito del Peru
4.650% due 09/17/2024	PEN		400			122
Barclays Bank PLC
7.625% due 11/21/2022 (i)(l)	$		800			900
Barclays PLC
3.250% due 01/17/2033	GBP		100			139
5.875% due 09/15/2024 •(h)(i)(l)			900			1,247
7.125% due 06/15/2025 •(h)(i)(l)			1,500			2,250
7.250% due 03/15/2023 •(h)(i)(l)			1,000			1,448
8.000% due 06/15/2024 •(h)(i)(l)	$		250			280
BGC Partners, Inc.
3.750% due 10/01/2024 (l)			400			399
Brookfield Finance, Inc.
3.900% due 01/25/2028			14			15
4.700% due 09/20/2047			90			103
Cantor Fitzgerald LP
4.875% due 05/01/2024			12			13
CBL & Associates LP
4.600% due 10/15/2024 (l)			477			309
5.250% due 12/01/2023 (l)			82			58
5.950% due 12/15/2026 (l)			280			169

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Credit Suisse Group AG
7.500% due 07/17/2023 •(h)(i)(l)	$		200	$		219
Deutsche Bank AG
3.961% due 11/26/2025 •			600			613
4.250% due 10/14/2021 (l)			3,200			3,291
Emerald Bay S.A.
0.000% due 10/08/2020 (g)	EUR		15			16
ESH Hospitality, Inc.
4.625% due 10/01/2027	$		54			55
Fortress Transportation & Infrastructure Investors LLC
6.500% due 10/01/2025			100			106
GE Capital International Funding Co. Unlimited Co.
4.418% due 11/15/2035 (l)			200			213
HSBC Holdings PLC
5.875% due 09/28/2026 •(h)(i)	GBP		200			292
6.500% due 03/23/2028 •(h)(i)(l)	$		300			330
Hudson Pacific Properties LP
3.950% due 11/01/2027			18			19
Hunt Cos., Inc.
6.250% due 02/15/2026			14			14
ING Groep NV
5.750% due 11/16/2026 •(h)(i)(l)			200			211
Kennedy-Wilson, Inc.
5.875% due 04/01/2024 (l)			36			37
Lloyds Banking Group PLC
7.500% due 09/27/2025 •(h)(i)(l)			3,100			3,478
7.625% due 06/27/2023 •(h)(i)(l)	GBP		250			372
7.875% due 06/27/2029 •(h)(i)(l)			3,390			5,680
LoanCore Capital Markets LLC
6.875% due 06/01/2020 (l)	$		1,000			1,001
Nationstar Mortgage LLC
6.500% due 07/01/2021 (l)			320			322
Newmark Group, Inc.
6.125% due 11/15/2023 (l)			52			57
Oppenheimer Holdings, Inc.
6.750% due 07/01/2022			20			21
Pinnacol Assurance
8.625% due 06/25/2034 «(j)			2,600			2,783
Reckson Operating Partnership LP
7.750% due 03/15/2020 (l)			4,500			4,550
Royal Bank of Scotland Group PLC
8.000% due 08/10/2025 •(h)(i)(l)			300			346
Sabra Health Care LP
4.800% due 06/01/2024 (l)			85			91
Santander UK Group Holdings PLC
6.750% due 06/24/2024 •(h)(i)(l)	GBP		2,100			3,069
Sberbank of Russia Via SB Capital S.A.
6.125% due 02/07/2022 (l)	$		2,000			2,142
Societe Generale S.A.
7.375% due 10/04/2023 •(h)(i)(l)			200			219
Springleaf Finance Corp.
5.375% due 11/15/2029			19			20
6.875% due 03/15/2025 (l)			54			62
TP ICAP PLC
5.250% due 01/26/2024	GBP		700			1,020
5.250% due 05/29/2026			100			143
UniCredit SpA
7.830% due 12/04/2023 (l)	$		2,240			2,614
						48,870
INDUSTRIALS 19.6%
AA Bond Co. Ltd.
2.875% due 07/31/2043	GBP		1,700			2,239
Altice Financing S.A.
7.500% due 05/15/2026 (l)	$		1,350			1,454
Altice France S.A.
8.125% due 02/01/2027 (l)			600			677
Associated Materials LLC
9.000% due 01/01/2024 (l)			2,700			2,376
Avon International Capital PLC
6.500% due 08/15/2022			16			17

68 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
B.C. Unlimited Liability Co.
4.375% due 01/15/2028	$		36	$		36
Baffinland Iron Mines Corp.
8.750% due 07/15/2026 (l)			700			707
BCPE Cycle Merger Sub, Inc.
10.625% due 07/15/2027			38			39
Bombardier, Inc.
6.125% due 01/15/2023 (l)			400			411
7.500% due 12/01/2024 (l)			430			453
7.500% due 03/15/2025			6			6
7.875% due 04/15/2027 (l)			1,296			1,337
Camelot Finance S.A.
4.500% due 11/01/2026			4			4
CCO Holdings LLC
4.750% due 03/01/2030			80			82
Centene Corp.
4.250% due 12/15/2027			47			48
4.625% due 12/15/2029			90			95
4.750% due 01/15/2025			83			86
Charter Communications Operating LLC
4.800% due 03/01/2050			105			111
Clear Channel Worldwide Holdings, Inc.
9.250% due 02/15/2024 (l)			942			1,045
Community Health Systems, Inc.
6.250% due 03/31/2023 (l)			5,065			5,154
8.000% due 03/15/2026 (l)			294			303
8.625% due 01/15/2024 (l)			544			578
Connect Finco SARL
6.750% due 10/01/2026			28			30
Corning, Inc.
5.450% due 11/15/2079			36			39
CVS Pass-Through Trust
7.507% due 01/10/2032			721			892
Diamond Resorts International, Inc.
7.750% due 09/01/2023 (l)			502			518
DISH DBS Corp.
5.875% due 07/15/2022			2			2
Eagle Holding Co. LLC (7.750% Cash or 8.500% PIK)
7.750% due 05/15/2022 (c)			10			10
EI Group PLC
6.875% due 05/09/2025	GBP		620			835
Eldorado Resorts, Inc.
6.000% due 09/15/2026 (l)	$		1,100			1,213
Envision Healthcare Corp.
8.750% due 10/15/2026 (l)			1,059			660
Exela Intermediate LLC
10.000% due 07/15/2023 (l)			65			26
Fair Isaac Corp.
4.000% due 06/15/2028			4			4
Ferroglobe PLC
9.375% due 03/01/2022			650			405
First Quantum Minerals Ltd.
6.500% due 03/01/2024 (l)			766			769
6.875% due 03/01/2026 (l)			844			856
7.000% due 02/15/2021 (l)			316			317
Flex Ltd.
4.875% due 06/15/2029			45			49
Frontier Finance PLC
8.000% due 03/23/2022	GBP		2,600			3,542
Full House Resorts, Inc.
8.575% due 01/31/2024	$		196			193
9.738% due 02/02/2024			17			17
General Electric Co.
5.875% due 01/14/2038			8			10
6.150% due 08/07/2037			7			9
iHeartCommunications, Inc.
6.375% due 05/01/2026 (l)			617			671
8.375% due 05/01/2027 (l)			950			1,052
IHO Verwaltungs GmbH (3.625% Cash or 4.375% PIK)
3.625% due 05/15/2025 (c)	EUR		135			159
IHO Verwaltungs GmbH (3.875% Cash or 4.625% PIK)
3.875% due 05/15/2027 (c)			100			119

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)
6.000% due 05/15/2027 (c)(l)	$		208	$		221
IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK)
6.375% due 05/15/2029 (c)(l)			200			216
Intelsat Connect Finance S.A.
9.500% due 02/15/2023 (l)			105			74
Intelsat Jackson Holdings S.A.
8.000% due 02/15/2024 (l)			60			62
8.500% due 10/15/2024 (l)			160			146
9.750% due 07/15/2025 (l)			403			374
Intelsat Luxembourg S.A.
7.750% due 06/01/2021 ^(l)			6,032			4,779
Kinder Morgan, Inc.
5.300% due 12/01/2034 (l)			1,500			1,766
7.750% due 01/15/2032 (l)			4,500			6,188
Mattel, Inc.
5.875% due 12/15/2027			28			30
Micron Technology, Inc.
5.327% due 02/06/2029 (l)			82			94
MSCI, Inc.
4.000% due 11/15/2029			12			12
NCL Corp. Ltd.
3.625% due 12/15/2024			52			53
Netflix, Inc.
3.625% due 06/15/2030	EUR		100			116
3.875% due 11/15/2029			335			399
4.625% due 05/15/2029			100			125
4.875% due 06/15/2030	$		100			102
5.375% due 11/15/2029			30			32
Noble Holding International Ltd.
7.875% due 02/01/2026			277			202
Ortho-Clinical Diagnostics, Inc.
6.625% due 05/15/2022 (l)			162			161
Pacific Drilling SA
8.375% due 10/01/2023 (l)			152			139
Pan American Energy LLC
42.636% (BADLARPP) due 11/20/2020 «~	ARS		13,830			183
Par Pharmaceutical, Inc.
7.500% due 04/01/2027 (l)	$		62			62
Petroleos Mexicanos
2.750% due 04/21/2027	EUR		4,538			4,891
5.350% due 02/12/2028 (l)	$		326			325
6.490% due 01/23/2027			40			43
6.500% due 03/13/2027 (l)			612			651
6.750% due 09/21/2047			20			20
6.840% due 01/23/2030			110			117
7.690% due 01/23/2050			60			66
Platin 1426 GmbH
6.875% due 06/15/2023	EUR		200			230
Radiate Holdco LLC
6.875% due 02/15/2023	$		11			11
Sands China Ltd.
4.600% due 08/08/2023 (l)			200			211
5.125% due 08/08/2025 (l)			200			220
5.400% due 08/08/2028 (l)			200			226
Scotts Miracle-Gro Co.
4.500% due 10/15/2029			3			3
Sealed Air Corp.
4.000% due 12/01/2027			8			8
Select Medical Corp.
6.250% due 08/15/2026			20			22
Sensata Technologies, Inc.
4.375% due 02/15/2030			12			12
Silgan Holdings, Inc.
4.125% due 02/01/2028			24			24
Spanish Broadcasting System, Inc.
12.500% due 04/15/2049 ^(d)			908			947
Staples, Inc.
7.500% due 04/15/2026			9			9
Tenet Healthcare Corp.
4.625% due 09/01/2024			10			10
Teva Pharmaceutical Finance BV
3.650% due 11/10/2021 (l)			64			63

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Teva Pharmaceutical Finance Co. BV
3.650% due 11/10/2021 (l)	$		108	$		106
Teva Pharmaceutical Finance Netherlands BV
0.375% due 07/25/2020	EUR		61			68
2.200% due 07/21/2021 (l)	$		187			181
3.250% due 04/15/2022	EUR		200			227
Topaz Solar Farms LLC
4.875% due 09/30/2039 (l)	$		913			949
5.750% due 09/30/2039 (l)			2,150			2,378
TransDigm, Inc.
5.500% due 11/15/2027			48			49
Transocean Pontus Ltd.
6.125% due 08/01/2025 (l)			71			73
Transocean, Inc.
7.250% due 11/01/2025 (l)			120			118
Triumph Group, Inc.
5.250% due 06/01/2022			14			14
6.250% due 09/15/2024			12			13
Twitter, Inc.
3.875% due 12/15/2027			10			10
UAL Pass-Through Trust
6.636% due 01/02/2024 (l)			1,263			1,344
Unigel Luxembourg S.A.
8.750% due 10/01/2026 (l)			200			204
Univision Communications, Inc.
5.125% due 02/15/2025 (l)			55			55
Valaris PLC
5.750% due 10/01/2044			162			73
7.750% due 02/01/2026			8			5
Vale Overseas Ltd.
6.250% due 08/10/2026 (l)			81			95
6.875% due 11/21/2036			26			34
6.875% due 11/10/2039			25			33
Vale S.A.
3.750% due 01/10/2023	EUR		200			244
ViaSat, Inc.
5.625% due 09/15/2025	$		42			43
5.625% due 04/15/2027			6			6
Wyndham Destinations, Inc.
3.900% due 03/01/2023			36			36
4.625% due 03/01/2030			12			12
YPF S.A.
50.817% (BADLARPP + 4.000%) due 09/24/2020 «~(a)	ARS		4,520			58
						59,728
UTILITIES 7.2%
CenturyLink, Inc.
5.125% due 12/15/2026	$		4			4
Edison International
2.400% due 09/15/2022			36			36
2.950% due 03/15/2023			2			2
3.125% due 11/15/2022			36			37
3.550% due 11/15/2024			36			37
5.750% due 06/15/2027			24			27
Frontier Communications Corp.
8.000% due 04/01/2027 (l)			62			65
Gazprom Neft OAO Via GPN Capital S.A.
6.000% due 11/27/2023 (l)			5,600			6,261
Gazprom OAO Via Gaz Capital S.A.
8.625% due 04/28/2034 (l)			1,710			2,572
Odebrecht Offshore Drilling Finance Ltd.
6.720% due 12/01/2022 ^(l)			1,019			1,003
Pacific Gas & Electric Co.
2.450% due 08/15/2022 ^(d)(l)			342			343
2.950% due 03/01/2026 ^(d)(l)			460			462
3.250% due 09/15/2021 ^(d)(l)			74			74
3.250% due 06/15/2023 ^(d)(l)			482			481
3.300% due 03/15/2027 ^(d)(l)			347			348
3.300% due 12/01/2027 ^(d)(l)			400			401
3.400% due 08/15/2024 ^(d)(l)			163			166
3.500% due 10/01/2020 ^(d)(l)			4,297			4,313
3.500% due 06/15/2025 ^(d)(l)			388			389

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 69

Schedule of Investments PIMCO Strategic Income Fund, Inc. (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.750% due 02/15/2024 ^(d)(l)	$		228	$		232
3.750% due 08/15/2042 ^(d)			12			12
3.850% due 11/15/2023 ^(d)(l)			52			53
4.000% due 12/01/2046 ^(d)			7			7
4.250% due 05/15/2021 ^(d)(l)			631			634
4.250% due 08/01/2023 ^(d)(l)			500			514
4.300% due 03/15/2045 ^(d)			51			52
4.500% due 12/15/2041 ^(d)(l)			86			87
4.600% due 06/15/2043 ^(d)			20			20
4.650% due 08/01/2028 ^(d)(l)			200			207
4.750% due 02/15/2044 ^(d)			48			49
5.125% due 11/15/2043 ^(d)(l)			274			281
5.400% due 01/15/2040 ^(d)			8			8
5.800% due 03/01/2037 ^(d)(l)			277			290
6.050% due 03/01/2034 ^(d)			34			36
6.250% due 03/01/2039 ^(d)			44			47
6.350% due 02/15/2038 ^(d)			15			16
Petrobras Global Finance BV
5.093% due 01/15/2030			339			364
Rio Oil Finance Trust
9.250% due 07/06/2024 (l)			519			583
9.750% due 01/06/2027 (l)			727			861
Southern California Edison Co.
3.650% due 03/01/2028			3			3
4.875% due 03/01/2049			100			118
5.750% due 04/01/2035			6			7
6.000% due 01/15/2034			2			3
6.650% due 04/01/2029			36			43
Sprint Communications, Inc.
6.000% due 11/15/2022			35			37
Sprint Corp.
7.250% due 09/15/2021 (l)			107			113
Talen Energy Supply LLC
6.625% due 01/15/2028			12			12
Transocean Poseidon Ltd.
6.875% due 02/01/2027 (l)			60			64
						21,774
Total Corporate Bonds & Notes (Cost $122,472)						130,372
CONVERTIBLE BONDS & NOTES 0.0%
UTILITIES 0.0%
Ensco Jersey Finance Ltd.
3.000% due 01/31/2024			12			9
Total Convertible Bonds & Notes (Cost $8)						9
MUNICIPAL BONDS & NOTES 1.0%
ILLINOIS 0.1%
Chicago, Illinois General Obligation Bonds, Series 2017
7.045% due 01/01/2029			70			77
Illinois State General Obligation Bonds, (BABs), Series 2010
6.725% due 04/01/2035			15			18
7.350% due 07/01/2035			10			12
Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033			145			156
						263
WEST VIRGINIA 0.9%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (g)			25,300			1,107
7.467% due 06/01/2047			1,590			1,653
						2,760
Total Municipal Bonds & Notes (Cost $3,445)						3,023
U.S. GOVERNMENT AGENCIES 203.2%
Fannie Mae
1.095% due 12/25/2042 ~(a)			4,420			175
2.297% due 08/25/2054 ~(a)(l)			11,389			720

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.500% due 12/25/2027 (a)	$		2,683	$		164
3.312% due 06/25/2043 •(a)			100			21
3.500% due 07/25/2036 (a)(l)			7,229			891
3.500% due 07/25/2042 - 12/25/2049 (a)			854			106
4.208% due 10/25/2049 •(a)(l)			14,604			3,063
4.250% due 11/25/2024 (l)			295			298
4.258% due 02/25/2049 •(a)			467			64
4.325% due 11/01/2027 •			11			12
4.365% due 12/01/2028 •			16			17
4.500% due 07/25/2040 (l)			1,022			1,094
4.510% due 09/01/2028 •			3			3
4.958% due 07/25/2041 •(a)			1,688			242
5.000% due 01/25/2038 (l)			5,350			5,926
5.000% due 07/25/2038			153			169
5.025% due 03/01/2032 •			67			67
5.292% due 12/25/2042 ~			26			28
5.342% due 07/25/2029 •(l)			490			519
5.500% due 07/25/2024			8			8
5.500% due 11/25/2032 - 04/25/2035 (l)			5,439			6,004
5.638% due 02/25/2042 ~			421			457
5.750% due 06/25/2033			21			24
5.777% due 10/25/2042 ~			10			12
5.807% due 08/25/2043			1,266			1,394
6.000% due 09/25/2031 - 01/25/2044			1,113			1,250
6.274% due 10/25/2042 ~			308			350
6.500% due 06/25/2023 - 11/01/2047			3,447			3,928
6.500% due 04/01/2037 (l)			136			142
6.850% due 12/18/2027			9			10
7.000% due 06/18/2027 - 01/01/2047			1,279			1,435
7.000% due 07/01/2036 (l)			200			210
7.000% due 09/25/2041 ~			367			398
7.500% due 10/25/2022 - 06/25/2044			983			1,132
7.500% due 06/19/2041 ~			85			98
7.542% due 07/25/2029 •			660			782
7.700% due 03/25/2023			7			7
7.829% due 06/19/2041 ~			674			775
8.000% due 09/25/2021 - 09/01/2024			18			18
8.500% due 10/25/2021 - 06/25/2030			287			321
9.404% due 05/15/2021			7			7
9.476% due 07/15/2027			3			3
Freddie Mac
0.000% due 02/25/2046 - 11/25/2050 (b)(g)(l)			9,296			6,357
0.100% due 02/25/2046 - 11/25/2050 (a)			118,859			422
2.011% due 11/25/2045 ~(a)			5,336			719
2.516% due 11/15/2038 •(a)(l)			21,026			1,458
2.622% due 08/15/2036 ~(a)			2,876			194
2.648% due 05/15/2038 •(a)(l)			5,541			268
3.887% due 12/01/2026 •			3			3
4.260% due 04/25/2048 - 11/25/2049 •(a)			55,140			12,434
4.882% due 04/01/2033 •			1			1
5.000% due 02/15/2024			4			4
5.416% due 07/25/2032 ~			96			105
5.500% due 04/01/2039 - 06/15/2041 (l)			4,354			4,856
6.000% due 12/15/2028 - 03/15/2035			571			633
6.000% due 02/15/2032 (l)			1,329			1,517
6.500% due 08/01/2021 - 09/01/2047			3,942			4,464
6.500% due 06/15/2031 - 09/15/2031 (l)			1,604			1,836
6.500% due 09/25/2043 ~			45			52
6.900% due 09/15/2023			116			123
6.942% due 10/25/2029 •			650			752
6.950% due 07/15/2021			31			31
7.000% due 08/01/2021 - 10/25/2043			1,137			1,270
7.000% due 03/15/2029 - 01/01/2036 (l)			1,779			2,020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
7.500% due 05/15/2024 - 02/25/2042	$		541	$		586
7.500% due 08/01/2024 - 12/01/2030 (l)			858			955
8.000% due 08/15/2022 - 04/15/2030			51			58
8.000% due 12/01/2026 (l)			76			82
9.342% due 12/25/2027 •			1,589			1,913
12.542% due 03/25/2025 •			385			504
Ginnie Mae
2.035% due 12/20/2048 •(a)(l)			23,280			1,867
4.285% due 08/20/2049 - 09/20/2049 •(a)(l)			124,354			25,294
4.435% due 06/20/2047 •(a)(l)			15,321			2,572
6.000% due 04/15/2029 - 12/15/2038			71			79
6.000% due 07/15/2037 - 11/15/2038 (l)			946			1,051
6.500% due 11/20/2024 - 10/20/2038			51			53
6.500% due 04/15/2032 - 05/15/2032 (l)			367			411
7.000% due 04/15/2024 - 06/15/2026			30			31
7.500% due 06/15/2023 - 03/15/2029			403			411
7.500% due 04/15/2027 (l)			90			97
8.000% due 11/15/2021 - 11/15/2022			1			1
8.500% due 05/15/2022 - 02/15/2031			9			9
Ginnie Mae, TBA
4.000% due 01/01/2050			20,000			20,902
Small Business Administration
4.625% due 02/01/2025			62			65
5.510% due 11/01/2027			184			199
5.780% due 08/01/2027			16			17
5.820% due 07/01/2027			18			20
Uniform Mortgage-Backed Security
4.000% due 06/01/2047			31			32
4.000% due 09/01/2047 - 07/01/2048 (l)			28,504			29,933
4.500% due 09/01/2023 - 03/01/2028			54			57
4.500% due 04/01/2041 - 08/01/2041 (l)			186			200
6.000% due 12/01/2032 - 06/01/2040 (l)			4,225			4,836
6.000% due 12/01/2032 - 02/01/2033			72			80
6.500% due 01/01/2028 - 02/01/2038			995			1,119
6.500% due 10/01/2033 - 07/01/2039 (l)			583			663
7.000% due 07/01/2021			22			22
7.500% due 05/01/2022			14			15
8.000% due 12/01/2022 - 06/01/2032			180			195
Uniform Mortgage-Backed Security, TBA
2.500% due 01/01/2050 - 02/01/2050			260,300			257,145
3.000% due 02/01/2050			33,100			33,529
3.500% due 02/01/2050			45,000			46,260
4.000% due 01/01/2050 - 02/01/2050			107,750			112,097
Vendee Mortgage Trust
6.500% due 03/15/2029			101			112
6.750% due 02/15/2026 - 06/15/2026			66			73
7.500% due 09/15/2030			1,659			1,934
Total U.S. Government Agencies (Cost $610,887)						617,342
NON-AGENCY MORTGAGE-BACKED SECURITIES 29.0%
Adjustable Rate Mortgage Trust
4.376% due 07/25/2035 ~			378			370
4.826% due 08/25/2035 ~			444			444

70 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Banc of America Mortgage Trust
4.459% due 02/25/2035 ~	$		12	$		12
Bancorp Commercial Mortgage Trust
5.490% due 08/15/2032 •			3,300			3,333
7.031% due 11/15/2033 •			3,716			3,716
BCAP LLC Trust
1.924% due 07/26/2036 ~			211			183
Bear Stearns ALT-A Trust
3.962% due 08/25/2036 ^~			298			211
Bear Stearns Commercial Mortgage Securities Trust
5.605% due 12/11/2040 ~(l)			5,728			5,454
5.657% due 10/12/2041 ~(l)			3,007			3,116
5.728% due 04/12/2038 ~			120			121
CD Commercial Mortgage Trust
5.398% due 12/11/2049 ~			1			1
Citigroup Commercial Mortgage Trust
5.589% due 12/10/2049 ~			1,920			1,231
Citigroup Mortgage Loan Trust, Inc.
7.000% due 09/25/2033			2			2
Commercial Mortgage Loan Trust
6.052% due 12/10/2049 ~			4,408			2,925
Countrywide Alternative Loan Trust
2.002% due 07/25/2046 ^•(l)			1,609			1,498
6.500% due 07/25/2035 ^			267			219
Countrywide Home Loan Mortgage Pass-Through Trust
2.432% due 03/25/2035 •(l)			1,421			1,302
3.532% due 08/25/2034 ~			374			376
3.662% due 03/25/2046 ^•			1,822			1,255
Countrywide Home Loan Reperforming REMIC Trust
7.500% due 11/25/2034			630			652
7.500% due 06/25/2035 ^			130			140
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates
7.000% due 02/25/2034			358			373
Credit Suisse Mortgage Capital Mortgage-Backed Trust
6.500% due 03/25/2036 ^			951			461
Eurosail PLC
2.379% due 09/13/2045 •	GBP		1,608			2,029
3.029% due 09/13/2045 •			1,148			1,453
4.629% due 09/13/2045 •			976			1,397
GC Pastor Hipotecario FTA
0.000% due 06/21/2046 •	EUR		1,313			1,317
GE Commercial Mortgage Corp. Trust
5.606% due 12/10/2049 ~	$		603			527
GMAC Mortgage Corp. Loan Trust
4.666% due 08/19/2034 ~			41			39
GS Mortgage Securities Corp. Trust
4.591% due 10/10/2032 ~(l)			2,200			2,164
4.591% due 10/10/2032 ~			400			383
GSAA Home Equity Trust
6.000% due 04/01/2034			761			817
GSMPS Mortgage Loan Trust
5.341% due 06/19/2027 ~			26			26
7.000% due 06/25/2043			1,894			2,142
8.000% due 09/19/2027 ~			426			428
GSR Mortgage Loan Trust
2.122% due 12/25/2034 •			234			225
4.300% due 03/25/2033 •			2			2
6.500% due 01/25/2034			150			159
IM Pastor Fondo de Titluzacion Hipotecaria
0.000% due 03/22/2043 •	EUR		435			450
JPMorgan Chase Commercial Mortgage Securities Trust
5.411% due 05/15/2047	$		1,068			1,248
5.623% due 05/12/2045			126			90
JPMorgan Mortgage Trust
4.728% due 10/25/2036 ^~			1,480			1,449
5.500% due 08/25/2022 ^			9			9
5.500% due 06/25/2037 ^			239			241
MASTR Adjustable Rate Mortgages Trust
3.924% due 10/25/2034 ~			521			492
MASTR Alternative Loan Trust
6.250% due 07/25/2036			331			277
6.500% due 03/25/2034			741			769

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
7.000% due 04/25/2034	$		28	$		29
MASTR Reperforming Loan Trust
7.000% due 05/25/2035			3,293			3,171
7.500% due 07/25/2035			1,678			1,696
Morgan Stanley Resecuritization Trust
3.336% due 12/26/2046 ~			7,351			7,097
Motel 6 Trust
8.666% due 08/15/2024 •			3,437			3,497
NAAC Reperforming Loan REMIC Trust
7.000% due 10/25/2034 ^			862			880
7.500% due 03/25/2034 ^(l)			2,268			2,317
7.500% due 10/25/2034 ^(l)			2,587			2,843
Newgate Funding PLC
0.854% due 12/15/2050 •	EUR		1,822			1,974
1.104% due 12/15/2050 •			1,822			1,957
1.798% due 12/15/2050 •	GBP		2,509			3,177
2.048% due 12/15/2050 •			2,061			2,643
RBSSP Resecuritization Trust
6.000% due 02/26/2037 ~	$		3,316			2,702
6.250% due 12/26/2036 ~			5,540			3,542
Residential Accredit Loans, Inc. Trust
6.000% due 08/25/2035 ^			1,503			1,502
Residential Asset Mortgage Products Trust
8.500% due 10/25/2031			361			403
8.500% due 11/25/2031			642			613
Structured Asset Securities Corp. Mortgage Loan Trust
7.500% due 10/25/2036 ^(l)			2,560			2,155
WaMu Mortgage Pass-Through Certificates Trust
4.368% due 05/25/2035 ~			140			143
Washington Mutual Mortgage Pass-Through Certificates Trust
7.000% due 03/25/2034			98			105
7.500% due 04/25/2033			227			244
Total Non-Agency Mortgage-Backed Securities (Cost $81,185)						88,218
ASSET-BACKED SECURITIES 20.6%
Access Financial Manufactured Housing Contract Trust
7.650% due 05/15/2021			200			19
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
5.317% due 11/25/2032 ^•			136			4
Bear Stearns Asset-Backed Securities Trust
1.664% due 09/25/2034 •			354			345
Citigroup Mortgage Loan Trust
1.952% due 12/25/2036 •(l)			4,499			3,131
2.012% due 12/25/2036 •			2,425			1,324
Citigroup Mortgage Loan Trust, Inc.
2.052% due 03/25/2037 •(l)			5,070			4,683
Conseco Finance Corp.
6.530% due 02/01/2031 ~			104			101
Conseco Finance Securitizations Corp.
7.960% due 05/01/2031			1,520			808
Countrywide Asset-Backed Certificates
1.922% due 12/25/2036 ^•(l)			2,920			2,752
1.932% due 06/25/2047 ^•(l)			7,036			6,458
1.992% due 06/25/2037 ^•(l)			2,062			1,998
1.992% due 06/25/2047 ^•(l)			5,347			4,815
4.706% due 07/25/2036 ~(l)			10,279			10,425
Countrywide Asset-Backed Certificates Trust
3.442% due 11/25/2034 •(l)			2,297			1,974
Crecera Americas LLC
5.563% due 08/31/2020 •			5,200			5,206
Credit-Based Asset Servicing & Securitization LLC
5.381% due 12/25/2037 þ			281			285
Encore Credit Receivables Trust
2.527% due 07/25/2035 •			576			558
Flagship Credit Auto Trust
0.000% due 12/15/2025 «(g)			12			1,491
Greenpoint Manufactured Housing
8.300% due 10/15/2026 ~			289			305
Marlette Funding Trust
0.000% due 12/15/2028 «(g)			6			1,190

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.000% due 04/16/2029 «(g)	$		5	$		1,241
0.000% due 07/16/2029 «(g)			7			1,900
National Collegiate Commutation Trust
0.000% due 03/25/2038 •			10,400			3,715
Oakwood Mortgage Investors, Inc.
1.970% due 06/15/2032 •			11			11
Residential Asset Mortgage Products Trust
8.500% due 12/25/2031			14			10
SMB Private Education Loan Trust
0.000% due 10/15/2048 «(g)			5			3,593
SoFi Consumer Loan Program LLC
0.000% due 05/26/2026 «(g)			31			1,157
0.000% due 11/25/2026 «(g)			60			2,993
Total Asset-Backed Securities (Cost $69,536)						62,492
SOVEREIGN ISSUES 5.1%
Argentina Government International Bond
3.375% due 01/15/2023	EUR		100			51
3.380% due 12/31/2038 þ			1,570			818
5.250% due 01/15/2028			100			50
6.250% due 11/09/2047			100			51
7.820% due 12/31/2033			3,702			2,406
15.500% due 10/17/2026	ARS		15,810			73
42.836% (BADLARPP + 2.000%) due 04/03/2022 ~			34,137			303
45.399% (BADLARPP + 3.250%) due 03/01/2020 ~			21,410			236
56.589% (ARLLMONP) due 06/21/2020 ~(a)			180,595			1,633
59.928% (BADLARPP) due 10/04/2022 ~(a)			32			1
Autonomous City of Buenos Aires Argentina
44.086% due 03/29/2024 •			46,535			534
Peru Government International Bond
5.400% due 08/12/2034	PEN		7			2
5.940% due 02/12/2029			2,071			705
6.150% due 08/12/2032			1,172			401
6.350% due 08/12/2028			2,191			768
6.900% due 08/12/2037			13			5
6.950% due 08/12/2031			563			205
8.200% due 08/12/2026			1,243			478
Provincia de Buenos Aires
45.979% due 05/31/2022 •	ARS		60			0
52.270% (BADLARPP + 3.750%) due 04/12/2025 ~(a)			194,090			1,472
South Africa Government International Bond
4.850% due 09/30/2029 (l)	$		600			602
5.750% due 09/30/2049 (l)			600			586
Turkey Government International Bond
4.625% due 03/31/2025	EUR		900			1,070
5.200% due 02/16/2026			300			365
5.600% due 11/14/2024 (l)	$		1,300			1,325
7.625% due 04/26/2029 (l)			1,200			1,329
Venezuela Government International Bond
6.000% due 12/09/2020 ^(d)			135			16
8.250% due 10/13/2024 ^(d)			13			2
9.250% due 09/15/2027 ^(d)			171			21
Total Sovereign Issues (Cost $25,499)						15,508
		SHARES
COMMON STOCKS 0.5%
COMMUNICATION SERVICES 0.4%
Clear Channel Outdoor Holdings, Inc. (e)			291,816			835
iHeartMedia, Inc.			216			3
iHeartMedia, Inc. ‘A’ (e)			16,075			272
						1,110
CONSUMER DISCRETIONARY 0.1%
Caesars Entertainment Corp. (e)			27,655			376

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 71

Schedule of Investments PIMCO Strategic Income Fund, Inc. (Cont.)

	SHARES			MARKET VALUE (000S)
ENERGY 0.0%
Forbes Energy Services Ltd. (e)(j)		4,500	$		1
INDUSTRIALS 0.0%
Westmoreland Mining Holdings LLC «(j)		70			1
Total Common Stocks (Cost $2,273)					1,488
WARRANTS 0.6%
COMMUNICATION SERVICES 0.6%
iHeartMedia, Inc.		104,691			1,769
Total Warrants (Cost $1,972)					1,769
PREFERRED SECURITIES 3.5%
BANKING & FINANCE 3.4%
Nationwide Building Society
10.250% ~		36,440			8,013

	SHARES			MARKET VALUE (000S)
Stichting AK Rabobank Certificaten
6.500% due 12/29/2049 (h)		1,676,000	$		2,397
					10,410
INDUSTRIALS 0.1%
General Electric Co.
5.000% due 01/21/2021 •(h)		139,000			136
Total Preferred Securities (Cost $9,664)					10,546
REAL ESTATE INVESTMENT TRUSTS 0.4%
REAL ESTATE 0.4%
VICI Properties, Inc.		44,227			1,130
Total Real Estate Investment Trusts (Cost $668)					1,130
SHORT-TERM INSTRUMENTS 7.1%
REPURCHASE AGREEMENTS (k) 5.3%
					15,994

	SHARES			MARKET VALUE (000S)
U.S. TREASURY BILLS 1.8%
1.721% due 01/02/2020 - 01/23/2020 (f)(g)(n)(p)		5,487	$		5,486
Total Short-Term Instruments (Cost $21,479)					21,480
Total Investments in Securities (Cost $995,565)					999,058
Total Investments 328.9% (Cost $995,565)			$		999,058
Financial Derivative Instruments (m)(o) (0.0)% (Cost or Premiums, net $(2,675))					(121	)
Other Assets and Liabilities, net (228.9)%					(695,174	)
Net Assets 100.0%			$		303,763

NOTES TO SCHEDULE OF INVESTMENTS:

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

^ 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. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

~ 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) Interest only security.

(b) Principal only security.

(c) Payment in-kind security.

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

(e) Security did not produce income within the last twelve months.

(f) Coupon represents a weighted average yield to maturity.

(g) Zero coupon security.

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

(i) Contingent convertible security.

(j)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Forbes Energy Services Ltd.	03/11/2014	$	222	$	1		0.00	%
Pinnacol Assurance 8.625% due 06/25/2034	06/23/2014		2,600		2,783		0.92
Westmoreland Mining Holdings LLC	03/26/2019		0		1		0.00
		$	2,822	$	2,785		0.92	%

72 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(k)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		1.250	%		12/31/2019		01/02/2020	$	2,794	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2020	$	(2,854	)	$	2,794	$	2,794
NOM		1.650			12/31/2019		01/02/2020		13,200	U.S. Treasury Bonds 3.125% due 02/15/2043		(13,382	)		13,200		13,201
Total Repurchase Agreements											$	(16,236	)	$	15,994	$	15,995

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(2)			Settlement Date		Maturity Date			Amount Borrowed(2)				Payable for Reverse Repurchase Agreements
BOS		2.060	%		12/11/2019		02/07/2020			$	(13,421	)	$	(13,438	)
		2.254			12/05/2019		01/08/2020				(8,412	)		(8,426	)
		2.383			11/19/2019		01/17/2020				(3,092	)		(3,101	)
		2.386			11/20/2019		01/23/2020				(5,125	)		(5,140	)
BPS		2.000			12/04/2019		01/06/2020				(1,965	)		(1,968	)
		2.120			12/13/2019		01/10/2020				(9,957	)		(9,968	)
		2.120			01/06/2020		02/07/2020				(1,972	)		(1,972	)
		2.150			11/08/2019		01/07/2020				(2,165	)		(2,172	)
		2.150			12/20/2019		01/21/2020				(22,162	)		(22,179	)
		2.180			11/18/2019		01/17/2020				(598	)		(600	)
		2.200			11/14/2019		01/10/2020				(7,539	)		(7,562	)
		2.300			01/03/2020		02/03/2020				(1,237	)		(1,237	)
		2.300			01/06/2020		02/07/2020				(3,447	)		(3,447	)
		2.330			12/04/2019		01/06/2020				(1,698	)		(1,701	)
		2.350			12/13/2019		01/10/2020				(297	)		(297	)
		2.365			12/10/2019		01/08/2020				(6,710	)		(6,720	)
		2.365			12/11/2019		01/08/2020				(997	)		(998	)
		2.370			01/03/2020		02/03/2020				(85	)		(85	)
		2.370			01/06/2020		02/07/2020				(3,989	)		(3,989	)
		2.400			11/18/2019		02/18/2020				(2,280	)		(2,287	)
		2.450			11/04/2019		01/03/2020				(593	)		(595	)
		2.459			10/31/2019		01/31/2020				(10,559	)		(10,604	)
		2.470			11/04/2019		01/03/2020				(601	)		(603	)
		2.480			11/27/2019		01/21/2020				(1,408	)		(1,411	)
		2.490			10/24/2019		01/17/2020				(363	)		(365	)
		2.500			11/04/2019		01/03/2020				(76	)		(76	)
		2.500			11/18/2019		01/17/2020				(1,775	)		(1,780	)
		2.500			11/22/2019		01/21/2020				(970	)		(973	)
		2.530			11/07/2019		01/06/2020				(4,108	)		(4,124	)
		2.530			11/08/2019		01/07/2020				(4,362	)		(4,379	)
		2.530			11/13/2019		01/13/2020				(7,601	)		(7,628	)
		2.530			11/27/2019		01/07/2020				(105	)		(105	)
		2.540			10/18/2019		01/17/2020				(152	)		(153	)
		2.540			12/10/2019		01/17/2020				(804	)		(805	)
		2.550			10/18/2019		01/17/2020				(422	)		(424	)
		2.560			10/24/2019		01/17/2020				(410	)		(412	)
		2.580			11/13/2019		01/13/2020				(1,965	)		(1,972	)
		2.580			11/18/2019		01/17/2020				(905	)		(908	)
		2.580			11/22/2019		01/21/2020				(545	)		(547	)
		2.650			11/07/2019		01/06/2020				(3,784	)		(3,799	)
		2.650			11/08/2019		01/07/2020				(360	)		(361	)
		2.660			11/22/2019		01/21/2020				(276	)		(277	)
		2.703			11/18/2019		02/18/2020				(442	)		(444	)
		2.825			12/06/2019		02/04/2020				(2,124	)		(2,128	)
		2.838			11/04/2019		01/03/2020				(1,421	)		(1,428	)
		2.838			11/06/2019		01/06/2020				(2,314	)		(2,324	)
		2.895			11/14/2019		01/10/2020				(12,696	)		(12,745	)
		2.898			11/21/2019		02/19/2020				(3,652	)		(3,664	)
		2.900			11/13/2019		01/13/2020				(14,711	)		(14,770	)
BRC		0.850			08/29/2019		TBD	(3)		GBP	(4,419	)		(5,870	)
		2.250			11/04/2019		01/03/2020			$	(1,081	)		(1,085	)
		2.250			01/03/2020		03/03/2020				(1,082	)		(1,082	)
		2.763			01/03/2020		04/01/2020				(7,596	)		(7,596	)
		2.838			11/04/2019		01/03/2020				(6,116	)		(6,144	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 73

Schedule of Investments PIMCO Strategic Income Fund, Inc. (Cont.)

Counterparty	Borrowing Rate(2)			Settlement Date		Maturity Date			Amount Borrowed(2)				Payable for Reverse Repurchase Agreements
		2.838	%		12/13/2019		01/03/2020			$	(1,629	)	$	(1,632	)
		2.903			11/18/2019		02/18/2020				(4,389	)		(4,405	)
IND		2.070			12/12/2019		01/10/2020				(17,022	)		(17,043	)
JML		0.900			10/15/2019		01/14/2020			GBP	(233	)		(310	)
		0.900			11/20/2019		TBD	(3)			(778	)		(1,031	)
		0.950			10/15/2019		01/14/2020				(3,426	)		(4,547	)
		0.950			10/16/2019		01/15/2020				(2,797	)		(3,712	)
		0.950			10/17/2019		01/16/2020				(759	)		(1,008	)
		0.950			10/18/2019		01/17/2020				(1,380	)		(1,832	)
NOM		2.400			11/12/2019		01/13/2020			$	(905	)		(908	)
		2.450			11/08/2019		01/08/2020				(6,056	)		(6,078	)
		2.650			11/19/2019		01/21/2020				(2,883	)		(2,892	)
RTA		2.329			11/08/2019		02/07/2020				(1,178	)		(1,182	)
		2.452			10/08/2019		01/07/2020				(1,714	)		(1,724	)
UBS		2.000			12/10/2019		01/03/2020				(378	)		(379	)
		2.250			11/01/2019		TBD	(3)			(2,472	)		(2,481	)
		2.450			11/14/2019		01/07/2020				(1,749	)		(1,755	)
		2.450			11/22/2019		02/20/2020				(190	)		(191	)
		2.500			11/14/2019		01/07/2020				(115	)		(115	)
Total Reverse Repurchase Agreements													$	(252,093	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2019:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net  Exposure(4)
Global/Master Repurchase Agreement
BOS	$	0	$	(30,105	)	$	0	$	(30,105	)	$	35,000		$	4,895
BPS		0		(146,986	)		0		(146,986	)		158,647			11,661
BRC		0		(27,814	)		0		(27,814	)		24,144			(3,670	)
FICC		2,794		0			0		2,794			(2,854	)		(60	)
IND		0		(17,043	)		0		(17,043	)		17,547			504
JML		0		(12,440	)		0		(12,440	)		14,523			2,083
NOM		13,201		(9,878	)		0		3,323			(2,918	)		405
RTA		0		(2,906	)		0		(2,906	)		3,308			402
UBS		0		(4,921	)		0		(4,921	)		5,934			1013
Total Borrowings and Other Financing Transactions	$	15,995	$	(252,093	)	$	0

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days			31-90 days			Greater Than 90 days			Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0	$	(81,225	)	$	(1,373	)	$	(9,382	)	$	(91,980	)
U.S. Government Agencies		0		(63,607	)		(28,891	)		0			(92,498	)
Non-Agency Mortgage-Backed Securities		0		(7,776	)		(2,128	)		0			(9,904	)
Asset-Backed Securities		0		(31,267	)		(3,664	)		0			(34,931	)
Sovereign Issues		0		(1,085	)		(2,287	)		0			(3,372	)
Total Borrowings	$	0	$	(184,960	)	$	(38,343	)	$	(9,382	)	$	(232,685	)
Payable for reverse repurchase agreements(5)												$	(232,685	)

(l) Securities with an aggregate market value of $270,831 and cash of $390 have been pledged as collateral under the terms of the above master agreements as of December 31, 2019.

⁽¹⁾ Includes accrued interest.

⁽²⁾ The average amount of borrowings outstanding during the period ended December 31, 2019 was $(229,382) at a weighted average interest rate of 2.560%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾ Open maturity reverse repurchase agreement.

74 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

⁽⁴⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽⁵⁾ Unsettled reverse repurchase agreements liability of $(19,408) is outstanding at period end.

(m)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

SWAP AGREEMENTS:

INTEREST RATE SWAPS

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																				Asset		Liability
Pay	3-Month CAD-Bank Bill		3.300	%	Semi-Annual		06/19/2024		CAD	11,200	$	624		$	(156	)	$	468		$	0	$	(16	)
Receive	3-Month CAD-Bank Bill		3.500		Semi-Annual		06/20/2044			3,800		(534	)		(147	)		(681	)		67		0
Receive	3-Month USD-LIBOR		1.500		Semi-Annual		12/18/2021		$	25,000		64			37			101			10		0
Receive	3-Month USD-LIBOR		3.000		Semi-Annual		06/19/2022			208,500		(6,610	)		(62	)		(6,672	)		94		0
Receive	3-Month USD-LIBOR		3.000		Semi-Annual		06/19/2024			32,500		(1,241	)		(564	)		(1,805	)		30		0
Receive	3-Month USD-LIBOR		1.500		Semi-Annual		12/18/2024			14,000		46			112			158			15		0
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		06/20/2025			8,400		399			(509	)		(110	)		11		0
Pay	3-Month USD-LIBOR		3.000		Semi-Annual		06/19/2029			65,000		5,159			1,174			6,333			0		(194	)
Pay	3-Month USD-LIBOR		1.500		Semi-Annual		12/18/2029			7,000		(107	)		(158	)		(265	)		0		(22	)
Receive(1)	3-Month USD-LIBOR		2.000		Semi-Annual		01/15/2050			4,400		(32	)		147			115			49		0
Receive(1)	3-Month USD-LIBOR		1.625		Semi-Annual		01/16/2050			9,600		(18	)		1,097			1,079			102		0
Receive(1)	3-Month USD-LIBOR		1.750		Semi-Annual		01/22/2050			23,400		(139	)		2,095			1,956			251		0
Receive(1)	3-Month USD-LIBOR		1.625		Semi-Annual		02/03/2050			12,500		(44	)		1,448			1,404			133		0
Receive(1)	3-Month USD-LIBOR		1.875		Semi-Annual		02/07/2050			1,400		(6	)		83			77			15		0
Receive	6-Month EUR-EURIBOR		0.000		Annual		08/19/2021		EUR	257,400		(406	)		(1,521	)		(1,927	)		26		0
Receive	6-Month EUR-EURIBOR		0.260		Annual		09/06/2024			34,800		6			(832	)		(826	)		66		0
Pay	6-Month EUR-EURIBOR		0.650		Annual		02/26/2029			164,400		(770	)		10,661			9,891			0		(769	)
Receive	6-Month EUR-EURIBOR		1.250		Annual		08/19/2049			34,600		739			(7,782	)		(7,043	)		604		0
Receive(1)	6-Month GBP-LIBOR		0.750		Semi-Annual		03/18/2030		GBP	1,500		16			37			53			12		0
Receive(1)	6-Month GBP-LIBOR		0.750		Semi-Annual		03/18/2050			9,200		184			978			1,162			195		0
Total Swap Agreements											$	(2,670	)	$	6,138		$	3,468		$	1,680	$	(1,001	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2019:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements				Written Options		Futures		Swap Agreements
Total Exchange-Traded or Centrally Cleared	$	0	$	0	$	1,680	$	1,680	$	0	$	0	$	(1,001)	$	(1,001)

(n) Securities with an aggregate market value of $554 and cash of $10,287 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2019. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾  This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

(o)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
BPS		01/2020	EUR	2,481	$	2,740	$	0	$	(44	)
		01/2020	GBP	23,638		30,610		0		(707	)
		01/2020	$	29	CLP	22,446		1		0
		01/2020		227	EUR	204		2		0
		01/2020		387	GBP	294		3		0
		02/2020	PEN	1,743	$	514		0		(12	)
BRC		01/2020	$	2,938	MXN	58,756		158		0
BSH		01/2020	MXN	58,756	$	3,039		0		(57	)
		05/2020	$	2,995	MXN	58,756		56		0
CBK		01/2020		166	CLP	130,284		7		0
		01/2020		81	TRY	468		0		(2	)
GLM		01/2020		1,468		8,602		0		(29	)
		02/2020		3,045	RUB	195,242		85		0

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 75

Schedule of Investments PIMCO Strategic Income Fund, Inc. (Cont.)

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
HUS		01/2020	CAD	85	$	64	$	0	$	(2	)
		01/2020	GBP	530		699		0		(3	)
		01/2020	$	308	GBP	236		5		0
MYI		01/2020	EUR	16,088	$	17,789		0		(265	)
RYL		01/2020	CLP	50,125		66		0		(1	)
		01/2020	$	66	CLP	50,125		1		0
TOR		01/2020		48		37,693		2		0
Total Forward Foreign Currency Contracts							$	320	$	(1,122	)

PURCHASED OPTIONS:

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount(1)		Cost		Market Value
DUB	Put - OTC Uniform Mortgage-Backed Security, TBA 3.000% due 02/01/2050	$	71.000		02/05/2020		5,000	$	0	$	0
	Put - OTC Uniform Mortgage-Backed Security, TBA 3.500% due 02/01/2050		72.500		02/05/2020		38,000		2		0
	Put - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 02/01/2050		74.000		02/05/2020		106,000		4		0
FAR	Put - OTC Uniform Mortgage-Backed Security, TBA 3.000% due 01/01/2050		67.500		01/07/2020		3,100		0		0
	Put - OTC Uniform Mortgage-Backed Security, TBA 3.500% due 02/01/2050		72.500		02/05/2020		7,000		0		0
	Put - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 02/01/2050		76.000		02/05/2020		1,000		0		0
JPM	Put - OTC Ginnie Mae, TBA 4.000% due 01/01/2050		74.000		01/07/2020		20,000		1		0
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 01/01/2050		70.000		01/07/2020		53,100		2		0
	Put - OTC Uniform Mortgage-Backed Security, TBA 3.000% due 01/01/2050		72.000		01/07/2020		25,000		1		0
SAL	Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 01/01/2050		65.000		01/07/2020		189,000		8		0
Total Purchased Options								$	18	$	0

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION⁽²⁾

Counterparty	Reference Entity	Fixed Receive Rate		Payment Frequency	Maturity Date		Implied Credit Spread at December 31, 2019(3)		Notional Amount(4)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at  Value(5)
																Asset		Liability
JPM	Russia Government International Bond		1.000%	Quarterly		12/20/2020		0.100%	$	200	$	(23	)	$	25	$	2	$	0
Total Swap Agreements											$	(23	)	$	25	$	2	$	0

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2019:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements		Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure(6)
BPS	$	6	$	0	$	0	$	6	$	(763	)	$	0	$	0	$	(763	)	$	(757	)	$	393		$	(364	)
BRC		158		0		0		158		0			0		0		0			158			0			158
BSH		56		0		0		56		(57	)		0		0		(57	)		(1	)		0			(1	)
CBK		7		0		0		7		(2	)		0		0		(2	)		5			0			5
DUB		0		0		0		0		0			0		0		0			0			(30	)		(30	)
GLM		85		0		0		85		(29	)		0		0		(29	)		56			0			56
HUS		5		0		0		5		(5	)		0		0		(5	)		0			0			0
JPM		0		0		2		2		0			0		0		0			2			0			2
MYI		0		0		0		0		(265	)		0		0		(265	)		(265	)		0			(265	)
RYL		1		0		0		1		(1	)		0		0		(1	)		0			0			0
TOR		2		0		0		2		0			0		0		0			2			0			2
Total Over the Counter	$	320	$	0	$	2	$	322	$	(1,122	)	$	0	$	0	$	(1,122	)

76 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

(p) Securities with an aggregate market value of $393 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2019.

⁽¹⁾ Notional Amount represents the number of contracts.

⁽²⁾ 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.

⁽³⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁴⁾ 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.

⁽⁵⁾ 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.

⁽⁶⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2019:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	0	$	0	$	0	$	1,680	$	1,680
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	320	$	0	$	320
Swap Agreements		0		2		0		0		0		2
	$	0	$	2	$	0	$	320	$	0	$	322
	$	0	$	2	$	0	$	320	$	1,680	$	2,002
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	0	$	0	$	0	$	1,001	$	1,001
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1,122	$	0	$	1,122
	$	0	$	0	$	0	$	1,122	$	1,001	$	2,123

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2019:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	22	$	0	$	0	$	(14,850	)	$	(14,828	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1,753	$	0		$	1,753
Purchased Options		0		0		0		0		(70	)		(70	)
Written Options		0		0		0		0		144			144
Swap Agreements		0		2		0		0		1,294			1,296
	$	0	$	2	$	0	$	1,753	$	1,368		$	3,123
	$	0	$	24	$	0	$	1,753	$	(13,482	)	$	(11,705	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 77

Schedule of Investments PIMCO Strategic Income Fund, Inc. (Cont.)

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	(20	)	$	0	$	0		$	12,760		$	12,740
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(334	)	$	0		$	(334	)
Purchased Options		0		0			0		0			2			2
Swap Agreements		0		(1	)		0		0			(1,315	)		(1,316	)
	$	0	$	(1	)	$	0	$	(334	)	$	(1,313	)	$	(1,648	)
	$	0	$	(21	)	$	0	$	(334	)	$	11,447		$	11,092

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2019
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	45,259	$	422	$	45,681
Corporate Bonds & Notes
Banking & Finance		0		46,087		2,783		48,870
Industrials		0		59,487		241		59,728
Utilities		0		21,774		0		21,774
Convertible Bonds & Notes
Utilities		0		9		0		9
Municipal Bonds & Notes
Illinois		0		263		0		263
West Virginia		0		2,760		0		2,760
U.S. Government Agencies		0		617,342		0		617,342
Non-Agency Mortgage-Backed Securities		0		88,218		0		88,218
Asset-Backed Securities		0		48,927		13,565		62,492
Sovereign Issues		0		15,508		0		15,508
Common Stocks
Communication Services		1,107		3		0		1,110
Consumer Discretionary		376		0		0		376
Energy		1		0		0		1
Industrials		0		0		1		1
Warrants
Communication Services		0		1,769		0		1,769
Preferred Securities
Banking & Finance		0		10,410		0		10,410
Industrials		0		136		0		136

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2019
Real Estate Investment Trusts
Real Estate	$	1,130	$	0		$	0	$	1,130
Short-Term Instruments
Repurchase Agreements		0		15,994			0		15,994
U.S. Treasury Bills		0		5,486			0		5,486
Total Investments	$	2,614	$	979,432		$	17,012	$	999,058
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		1,680			0		1,680
Over the counter		0		322			0		322
	$	0	$	2,002		$	0	$	2,002
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(1,001	)		0		(1,001	)
Over the counter		0		(1,122	)		0		(1,122	)
	$	0	$	(2,123	)	$	0	$	(2,123	)
Total Financial Derivative Instruments	$	0	$	(121	)	$	0	$	(121	)
Totals	$	2,614	$	979,311		$	17,012	$	998,937

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2019:

Category and Subcategory	Beginning Balance at 06/30/2019		Net Purchases		Net Sales/Settlements			Accrued Discounts/ (Premiums)		Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation)(1)			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 12/31/2019		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2019(1)
Investments in Securities, at Value
Loan Participations and Assignments	$	3,705	$	1,112	$	(133	)	$	52	$	1	$	(234	)	$	0	$	(4,081	)	$	422	$	7
Corporate Bonds & Notes
Banking & Finance		2,685		0		0			0		0		98			0		0			2,783		98
Industrials		0		286		0			2		0		(47	)		0		0			241		(47	)
Asset-Backed Securities		18,276		0		0			0		0		(4,711	)		0		0			13,565		(4,711	)
Common Stocks
Industrials		1		0		0			0		0		0			0		0			1		0
Totals	$	24,667	$	1,398	$	(133	)	$	54	$	1	$	(4,894	)	$	0	$	(4,081	)	$	17,012	$	(4,653	)

78 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

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:

Category and Subcategory	Ending Balance at 12/31/2019		Valuation Technique	Unobservable Inputs	(% Unless Noted Otherwise)
					Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments	$	422	Third Party Vendor	Broker Quote		99.250-101.000		99.287
Corporate Bonds & Notes
Banking & Finance		2,783	Reference Instrument	Option Adjusted Spread		584.983 bps		—
Industrials		241	Reference Instrument	Broker Quote		100.250-101.520		101.215
Asset-Backed Securities		1,190	Interest Only Weighted Average Life	Base Price		20,607.870		—
		12,375	Proxy Pricing	Base Price		3,731.000-79,892.180		33,129.425
Common Stocks
Industrials		1	Indicative Market Quotation	Broker Quote	$	15.000		—
Total	$	17,012

⁽¹⁾  Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2019 may be due to an investment no longer held or categorized as Level 3 at period end.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 79

Consolidated Schedule of Investments PIMCO Dynamic Credit and Mortgage Income Fund

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 180.4%
LOAN PARTICIPATIONS AND ASSIGNMENTS 18.0%
Advanz Pharma Corp.
7.447% (LIBOR03M + 5.500%) due 09/06/2024 ~	$		25,287	$		23,691
Alphabet Holding Co., Inc.
5.299% (LIBOR03M + 3.500%) due 09/26/2024 ~			98			94
Altice France S.A.
5.740% (LIBOR03M + 4.000%) due 08/14/2026 ~			1,485			1,493
Ancestry.com Operations, Inc.
5.550% (LIBOR03M + 3.750%) due 10/19/2023 ~			100			99
6.050% (LIBOR03M + 4.250%) due 08/27/2026 ~			199			196
Chesapeake Energy Corp.
TBD% due 06/09/2024			715			738
Clay Holdco BV
TBD% due 11/30/2025 «	EUR		28,900			30,381
Diamond Resorts Corp.
5.549% (LIBOR03M + 3.750%) due 09/02/2023 ~	$		9,017			8,831
DTEK Holdings Ltd.
TBD% due 06/30/2023 «	EUR		838			839
DTEK Trading S.A
TBD% due 06/30/2023	$		6,450			5,805
Dubai World (2.000% Cash and 1.750% PIK)
3.750% (LIBOR03M + 2.000%) due 09/30/2022 ~(c)			66,606			62,193
Emerald TopCo, Inc.
5.299% (LIBOR03M + 3.500%) due 07/24/2026 ~			589			593
Envision Healthcare Corp.
5.549% (LIBOR03M + 3.750%) due 10/10/2025 ~			70,473			60,372
Financial & Risk U.S. Holdings, Inc.
5.049% (LIBOR03M + 3.250%) due 10/01/2025 ~			3,808			3,845
Fleet U.S. Bidco, Inc.
5.235% (LIBOR03M + 3.250%) due 10/07/2026 «~			58			58
Forbes Energy Services LLC (5.000% Cash and 11.000% PIK)
16.000% (LIBOR03M + 5.000%) due 04/13/2021 ~(c)			2,317			2,300
Frontier Communications Corp.
5.550% (LIBOR03M + 3.750%) due 06/15/2024 ~			6,060			6,105
iHeartCommunications, Inc.
5.691% (LIBOR03M + 4.000%) due 05/01/2026 ~			19,768			19,984
Intelsat Jackson Holdings S.A.
5.682% (LIBOR03M + 3.750%) due 11/27/2023 ~			750			752
Jefferies Finance LLC
5.500% (LIBOR03M + 3.750%) due 06/03/2026 ~			116			116
McDermott Technology Americas, Inc.
0.500% - 12.002% (LIBOR03M + 10.000%) due 10/21/2021 ~µ			6,421			6,573
6.945% (LIBOR03M + 5.000%) due 05/09/2025 ~			11,322			6,661
Messer Industrie GmbH
4.445% (LIBOR03M + 2.500%) due 03/01/2026 ~			381			384
MH Sub LLC
5.549% (LIBOR03M + 3.750%) due 09/13/2024 ~			596			600
NCI Building Systems, Inc.
5.486% (LIBOR03M + 3.750%) due 04/12/2025 ~			198			198

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Neiman Marcus Group Ltd. LLC
7.713% (LIBOR03M + 6.000%) due 10/25/2023 ~	$		62,007	$		51,063
Neiman Marcus Group Ltd. LLC (7.213% Cash and 1.000% PIK)
8.213% (LIBOR03M + 5.500%) due 10/25/2023 ~(c)			41,324			33,610
Pacific Gas & Electric Co.
TBD% due 02/22/2049 ^«(d)			250			248
Parexel International Corp.
4.549% - 4.555% (LIBOR03M + 2.750%) due 09/27/2024 ~			274			269
PetSmart, Inc.
5.740% (LIBOR03M + 4.000%) due 03/11/2022 ~			862			855
Playtika Holding Corp.
7.799% (LIBOR03M + 6.000%) due 12/10/2024 ~			22,400			22,680
Preylock Reitman Santa Cruz Mezz LLC
(0.005)% - 7.210% (LIBOR03M + 5.500%) due 11/09/2022 «~(j)			31,560			31,697
Project Anfora Senior
2.325% (EUR003M + 2.750%) due 10/01/2026 «~(j)	EUR		20,000			22,378
Sequa Mezzanine Holdings LLC
6.904% (LIBOR03M + 5.000%) due 11/28/2021 ~	$		1,121			1,123
10.936% (LIBOR03M + 9.000%) due 04/28/2022 ~			36,300			35,801
Sierra Hamilton LLC
15.000% due 09/12/2023 «			1,564			1,486
Sigma Bidco BV
3.500% (EUR003M + 3.500%) due 07/02/2025 ~	EUR		690			777
Sotera Health Holdings LLC
6.289% (LIBOR03M + 4.500%) due 12/11/2026 ~	$		723			726
Starfruit Finco BV
4.960% (LIBOR03M + 3.250%) due 10/01/2025 ~			1,193			1,196
Summer (BC) Holdco B SARL
TBD% due 10/15/2026			16,320			15,565
Sunshine Luxembourg SARL
3.750% (EUR003M + 3.750%) due 10/01/2026 ~	EUR		1,000			1,132
6.195% (LIBOR03M + 4.250%) due 10/01/2026 ~	$		1,076			1,088
Syniverse Holdings, Inc.
6.846% (LIBOR03M + 5.000%) due 03/09/2023 ~			35,342			32,927
U.S. Renal Care, Inc.
6.813% (LIBOR03M + 5.000%) due 06/26/2026 ~			2,077			2,065
Univision Communications, Inc.
4.549% (LIBOR03M + 2.750%) due 03/15/2024 ~			17,081			16,895
West Corp.
5.927% (LIBOR03M + 4.000%) due 10/10/2024 ~			98			83
Westmoreland Mining Holdings LLC
10.150% (LIBOR03M + 8.250%) due 03/15/2022 «~			5,338			5,391
Westmoreland Mining Holdings LLC (15.000% PIK)
15.000% due 03/15/2029 (c)			15,706			12,565
Windstream Services LLC
9.000% (PRIME + 4.250%) due 02/17/2024 ~			31,235			29,664
9.750% (PRIME + 5.000%) due 03/29/2021 ~			11,680			11,208
Total Loan Participations and Assignments (Cost $603,019)						575,393

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CORPORATE BONDS & NOTES 40.8%
BANKING & FINANCE 16.4%
Ally Financial, Inc.
8.000% due 11/01/2031	$		16	$		23
Ambac LSNI LLC
6.945% due 02/12/2023 •(l)			2,663			2,703
Ardonagh Midco PLC
8.375% due 07/15/2023 (l)	GBP		62,007			82,237
Banco de Credito del Peru
4.650% due 09/17/2024	PEN		4,000			1,219
Barclays PLC
3.250% due 01/17/2033 (l)	GBP		1,000			1,394
7.125% due 06/15/2025 •(h)(i)(l)			800			1,200
7.250% due 03/15/2023 •(h)(i)(l)			48,751			70,571
7.750% due 09/15/2023 •(h)(i)(l)	$		5,200			5,685
7.875% due 09/15/2022 •(h)(i)(l)	GBP		3,400			5,007
8.000% due 06/15/2024 •(h)(i)(l)	$		2,800			3,135
CBL & Associates LP
4.600% due 10/15/2024			13			8
5.250% due 12/01/2023 (l)			611			429
5.950% due 12/15/2026 (l)			3,196			1,925
Credit Suisse Group AG
7.250% due 09/12/2025 •(h)(i)(l)			560			626
7.500% due 07/17/2023 •(h)(i)(l)			1,600			1,752
Deutsche Bank AG
3.961% due 11/26/2025 •(l)			7,050			7,205
Emerald Bay S.A.
0.000% due 10/08/2020 (g)(l)	EUR		1,574			1,728
ESH Hospitality, Inc.
4.625% due 10/01/2027	$		534			542
Fortress Transportation & Infrastructure Investors LLC
6.500% due 10/01/2025 (l)			2,021			2,139
GE Capital International Funding Co. Unlimited Co.
4.418% due 11/15/2035 (l)			510			544
Growthpoint Properties International Pty. Ltd.
5.872% due 05/02/2023 (l)			600			645
HSBC Bank PLC
6.330% due 05/18/2023			48,900			51,550
HSBC Holdings PLC
4.750% due 07/04/2029 •(h)(i)	EUR		240			304
5.875% due 09/28/2026 •(h)(i)	GBP		1,200			1,752
6.000% due 09/29/2023 •(h)(i)	EUR		700			908
6.500% due 03/23/2028 •(h)(i)(l)	$		2,870			3,160
Hunt Cos., Inc.
6.250% due 02/15/2026			136			135
ING Groep NV
5.750% due 11/16/2026 •(h)(i)(l)			1,200			1,264
Legg Mason PT
7.130% due 01/10/2021 «			8,383			8,398
Lloyds Banking Group PLC
7.500% due 09/27/2025 •(h)(i)(l)			2,600			2,917
7.625% due 06/27/2023 •(h)(i)(l)	GBP		2,680			3,991
7.875% due 06/27/2029 •(h)(i)(l)			32,425			54,333
LoanCore Capital Markets LLC
6.875% due 06/01/2020 (l)	$		7,600			7,605
Nationstar Mortgage LLC
6.500% due 07/01/2021 (l)			3,316			3,334
Oppenheimer Holdings, Inc.
6.750% due 07/01/2022 (l)			1,542			1,596
Pinnacol Assurance
8.625% due 06/25/2034 «(j)			23,200			24,830
Royal Bank of Scotland Group PLC
8.000% due 08/10/2025 •(h)(i)(l)			9,027			10,408
Santander UK Group Holdings PLC
6.750% due 06/24/2024 •(h)(i)(l)	GBP		23,460			34,291
7.375% due 06/24/2022 •(h)(i)(l)			11,845			17,139
Societe Generale S.A.
6.750% due 04/06/2028 •(h)(i)(l)	$		850			939
7.375% due 10/04/2023 •(h)(i)(l)			3,100			3,389
Springleaf Finance Corp.
5.375% due 11/15/2029			268			280
6.875% due 03/15/2025 (l)			565			644

80 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Stearns Holdings LLC
5.000% due 11/05/2024	$		21	$		14
TP ICAP PLC
5.250% due 01/26/2024 (l)	GBP		12,100			17,626
Unique Pub Finance Co. PLC
5.659% due 06/30/2027 (l)			5,754			8,773
7.395% due 03/28/2024			6,155			9,348
Voyager Aviation Holdings LLC
8.500% due 08/15/2021 (l)	$		64,580			66,351
						525,996
INDUSTRIALS 18.2%
AA Bond Co. Ltd.
2.750% due 07/31/2043 (l)	GBP		4,500			5,716
Altice Financing S.A.
5.250% due 02/15/2023	EUR		100			115
7.500% due 05/15/2026 (l)	$		8,700			9,369
Altice France S.A.
5.875% due 02/01/2027 (l)	EUR		1,200			1,519
8.125% due 02/01/2027 (l)	$		10,900			12,296
Associated Materials LLC
9.000% due 01/01/2024 (l)			54,965			48,369
B.C. Unlimited Liability Co.
4.375% due 01/15/2028			432			434
Baffinland Iron Mines Corp.
8.750% due 07/15/2026 (l)			7,500			7,570
Bausch Health Cos., Inc.
5.000% due 01/30/2028			448			461
5.250% due 01/30/2030			448			466
BCPE Cycle Merger Sub, Inc.
10.625% due 07/15/2027 (l)			589			605
Bioceanico Sovereign Certificate Ltd.
0.000% due 06/05/2034 (g)(l)			450			314
Bombardier, Inc.
6.125% due 01/15/2023 (l)			5,429			5,579
7.500% due 12/01/2024 (l)			7,978			8,399
7.500% due 03/15/2025 (l)			3,919			4,051
7.875% due 04/15/2027 (l)			12,862			13,264
Camelot Finance S.A.
4.500% due 11/01/2026			39			40
CCO Holdings LLC
4.750% due 03/01/2030 (l)			883			902
Centene Corp.
4.250% due 12/15/2027 (l)			622			641
4.625% due 12/15/2029 (l)			1,218			1,286
4.750% due 01/15/2025 (l)			1,106			1,151
Charter Communications Operating LLC
4.800% due 03/01/2050 (l)			1,068			1,124
Clear Channel Worldwide Holdings, Inc.
9.250% due 02/15/2024 (l)			15,711			17,433
Community Health Systems, Inc.
6.250% due 03/31/2023 (l)			60,690			61,752
8.000% due 03/15/2026 (l)			2,212			2,283
8.625% due 01/15/2024 (l)			1,078			1,145
Connect Finco SARL
6.750% due 10/01/2026			310			331
Constellation Oil Services Holding S.A. (10.000% PIK)
10.000% due 11/09/2024 «(c)			520			216
Corning, Inc.
5.450% due 11/15/2079			482			529
Diamond Resorts International, Inc.
7.750% due 09/01/2023 (l)			550			567
10.750% due 09/01/2024 (l)			16,800			17,647
DISH DBS Corp.
5.875% due 07/15/2022			54			57
DriveTime Automotive Group, Inc.
8.000% due 06/01/2021 (l)			16,047			16,338
Eagle Holding Co. LLC (7.750% Cash or 8.500% PIK)
7.750% due 05/15/2022 (c)			96			98
EI Group PLC
6.875% due 05/09/2025 (l)	GBP		2,210			2,975

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Eldorado Resorts, Inc.
6.000% due 09/15/2026 (l)	$		11,145	$		12,294
Envision Healthcare Corp.
8.750% due 10/15/2026 (l)			12,973			8,080
Exela Intermediate LLC
10.000% due 07/15/2023 (l)			618			249
Fair Isaac Corp.
4.000% due 06/15/2028			46			46
First Quantum Minerals Ltd.
6.500% due 03/01/2024 (l)			8,692			8,732
6.875% due 03/01/2026 (l)			9,630			9,768
Fresh Market, Inc.
9.750% due 05/01/2023 (l)			21,546			10,988
Frontier Finance PLC
8.000% due 03/23/2022 (l)	GBP		24,200			32,966
Full House Resorts, Inc.
8.575% due 01/31/2024	$		1,763			1,737
9.738% due 02/02/2024			147			145
General Electric Co.
5.875% due 01/14/2038			22			27
6.150% due 08/07/2037			26			32
6.875% due 01/10/2039 (l)			204			272
iHeartCommunications, Inc.
6.375% due 05/01/2026 (l)			6,368			6,921
8.375% due 05/01/2027 (l)			9,168			10,148
IHO Verwaltungs GmbH (3.625% Cash or 4.375% PIK)
3.625% due 05/15/2025 (c)(l)	EUR		1,100			1,296
IHO Verwaltungs GmbH (3.875% Cash or 4.625% PIK)
3.875% due 05/15/2027 (c)(l)			600			714
IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)
6.000% due 05/15/2027 (c)(l)	$		2,456			2,610
IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK)
6.375% due 05/15/2029 (c)(l)			1,746			1,882
Intelsat Connect Finance S.A.
9.500% due 02/15/2023 (l)			1,479			1,039
Intelsat Jackson Holdings S.A.
8.000% due 02/15/2024 (l)			1,383			1,422
8.500% due 10/15/2024 (l)			13,078			11,939
9.750% due 07/15/2025 (l)			2,822			2,616
Intelsat Luxembourg S.A.
7.750% due 06/01/2021 ^(l)			47,838			37,900
8.125% due 06/01/2023 (l)			1,289			765
Kronos Acquisition Holdings, Inc.
9.000% due 08/15/2023 (l)			4,800			4,598
Mallinckrodt International Finance S.A.
5.500% due 04/15/2025 (l)			4,352			1,556
Mattel, Inc.
5.875% due 12/15/2027			117			124
Melco Resorts Finance Ltd.
5.375% due 12/04/2029			570			586
MSCI, Inc.
4.000% due 11/15/2029			170			173
NCL Corp. Ltd.
3.625% due 12/15/2024			571			580
NCR Corp.
5.750% due 09/01/2027			8			9
Netflix, Inc.
3.625% due 06/15/2030	EUR		800			925
3.875% due 11/15/2029 (l)			4,211			5,013
4.625% due 05/15/2029			1,500			1,881
4.875% due 06/15/2030 (l)	$		600			611
5.375% due 11/15/2029			326			348
Noble Holding International Ltd.
7.875% due 02/01/2026			1,313			956
Odebrecht Oil & Gas Finance Ltd.
0.000% due 01/31/2020 (g)(h)			4,070			41
Ortho-Clinical Diagnostics, Inc.
6.625% due 05/15/2022 (l)			6,714			6,689
Pacific Drilling SA
8.375% due 10/01/2023 (l)			1,675			1,533
Pan American Energy LLC
42.636% (BADLARPP) due 11/20/2020 «~	ARS		273,836			3,620

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Par Pharmaceutical, Inc.
7.500% due 04/01/2027 (l)	$		650	$		648
Petroleos Mexicanos
5.350% due 02/12/2028 (l)			3,481			3,473
6.490% due 01/23/2027			390			415
6.500% due 03/13/2027 (l)			6,499			6,919
6.750% due 09/21/2047			260			261
6.840% due 01/23/2030 (l)			1,170			1,250
7.690% due 01/23/2050			590			646
PetSmart, Inc.
5.875% due 06/01/2025 (l)			414			423
Platin 1426 GmbH
6.875% due 06/15/2023 (l)	EUR		2,300			2,648
6.875% due 06/15/2023			1,980			2,279
QGOG Constellation S.A.
9.000% due 11/09/2024 «	$		452			0
QVC, Inc.
5.950% due 03/15/2043 (l)			3,378			3,164
Radiate Holdco LLC
6.875% due 02/15/2023			107			109
Refinitiv U.S. Holdings, Inc.
4.500% due 05/15/2026	EUR		1,000			1,225
Russian Railways via RZD Capital PLC
7.487% due 03/25/2031	GBP		100			178
Scotts Miracle-Gro Co.
4.500% due 10/15/2029	$		35			36
Sealed Air Corp.
4.000% due 12/01/2027			84			85
Select Medical Corp.
6.250% due 08/15/2026			178			193
Sensata Technologies, Inc.
4.375% due 02/15/2030			156			159
Silgan Holdings, Inc.
4.125% due 02/01/2028			272			273
Spanish Broadcasting System, Inc. ^
12.500% due 04/15/2049 (d)			54,910			57,282
Staples, Inc.
7.500% due 04/15/2026			99			103
Telesat Canada
4.875% due 06/01/2027			169			172
6.500% due 10/15/2027			68			71
Tenet Healthcare Corp.
4.625% due 09/01/2024			101			105
Teva Pharmaceutical Finance BV
3.650% due 11/10/2021			204			200
Teva Pharmaceutical Finance Co. BV
3.650% due 11/10/2021			200			196
Teva Pharmaceutical Finance Netherlands BV
0.375% due 07/25/2020 (l)	EUR		461			516
2.200% due 07/21/2021 (l)	$		1,946			1,888
3.250% due 04/15/2022 (l)	EUR		1,700			1,934
6.000% due 01/31/2025			600			713
7.125% due 01/31/2025	$		200			206
Topaz Solar Farms LLC
4.875% due 09/30/2039 (l)			8,910			9,254
5.750% due 09/30/2039 (l)			28,124			31,102
TransDigm, Inc.
5.500% due 11/15/2027			576			584
Transocean Pontus Ltd.
6.125% due 08/01/2025 (l)			733			754
Transocean, Inc.
7.250% due 11/01/2025			361			355
7.500% due 01/15/2026			285			282
Trident TPI Holdings, Inc.
9.250% due 08/01/2024			97			98
Triumph Group, Inc.
5.250% due 06/01/2022			136			136
6.250% due 09/15/2024			402			423
Trivium Packaging Finance BV
5.500% due 08/15/2026			440			464
8.500% due 08/15/2027			200			223
Twitter, Inc.
3.875% due 12/15/2027			121			121

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 81

Consolidated Schedule of Investments PIMCO Dynamic Credit and Mortgage Income Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Unigel Luxembourg S.A.
8.750% due 10/01/2026 (l)	$		1,300	$		1,327
United Group BV
4.375% due 07/01/2022	EUR		390			447
4.875% due 07/01/2024 (l)			230			270
Univision Communications, Inc.
5.125% due 02/15/2025 (l)	$		5,076			5,032
Valaris PLC
5.750% due 10/01/2044			717			325
7.750% due 02/01/2026			94			53
Vale Overseas Ltd.
6.875% due 11/21/2036 (l)			307			400
6.875% due 11/10/2039 (l)			236			308
ViaSat, Inc.
5.625% due 04/15/2027			82			88
Wyndham Destinations, Inc.
3.900% due 03/01/2023 (l)			409			414
4.625% due 03/01/2030			228			229
5.400% due 04/01/2024 (l)			174			185
Wynn Macau Ltd.
5.125% due 12/15/2029			500			512
Yellowstone Energy LP
5.750% due 12/31/2026 «			3,205			3,415
						583,444
UTILITIES 6.2%
CenturyLink, Inc.
5.125% due 12/15/2026			47			48
DTEK Finance PLC (10.750% Cash and 0.000% PIK)
10.750% due 12/31/2024 (c)(l)			5,249			5,387
Edison International
2.400% due 09/15/2022 (l)			846			844
3.125% due 11/15/2022			478			485
3.550% due 11/15/2024			482			494
5.750% due 06/15/2027			249			280
Frontier Communications Corp.
8.000% due 04/01/2027 (l)			570			597
Gazprom OAO Via Gaz Capital S.A.
7.288% due 08/16/2037			300			421
Odebrecht Drilling Norbe Ltd.
6.350% due 12/01/2021 ^(l)			4,285			4,276
Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)
7.350% due 12/01/2026 ^(c)(l)			2,192			1,201
Odebrecht Offshore Drilling Finance Ltd.
6.720% due 12/01/2022 ^(l)			29,077			28,641
Odebrecht Offshore Drilling Finance Ltd. (6.720% Cash and 1.000% PIK)
7.720% due 12/01/2026 ^(c)(l)			20,928			5,232
Pacific Gas & Electric Co.
2.450% due 08/15/2022 ^(d)(l)			1,086			1,088
2.950% due 03/01/2026 ^(d)(l)			4,152			4,172
3.250% due 09/15/2021 ^(d)(l)			293			295
3.250% due 06/15/2023 ^(d)(l)			5,617			5,605
3.300% due 03/15/2027 ^(d)(l)			11,351			11,380
3.300% due 12/01/2027 ^(d)(l)			10,890			10,917
3.400% due 08/15/2024 ^(d)(l)			1,092			1,109
3.500% due 10/01/2020 ^(d)(l)			1,265			1,270
3.500% due 06/15/2025 ^(d)(l)			2,321			2,327
3.750% due 02/15/2024 ^(d)(l)			1,093			1,113
3.750% due 08/15/2042 ^(d)			116			116
3.850% due 11/15/2023 ^(d)(l)			501			507
4.000% due 12/01/2046 ^(d)			45			45
4.250% due 05/15/2021 ^(d)(l)			2,797			2,812
4.250% due 08/01/2023 ^(d)(l)			6,487			6,668
4.300% due 03/15/2045 ^(d)(l)			664			676
4.500% due 12/15/2041 ^(d)(l)			1,251			1,265
4.600% due 06/15/2043 ^(d)			88			90
4.650% due 08/01/2028 ^(d)(l)			5,289			5,476
4.750% due 02/15/2044 ^(d)(l)			5,572			5,740
5.125% due 11/15/2043 ^(d)(l)			6,679			6,856
5.400% due 01/15/2040 ^(d)			92			96
5.800% due 03/01/2037 ^(d)(l)			18,496			19,330
6.050% due 03/01/2034 ^(d)(l)			11,464			12,030

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.250% due 03/01/2039 ^(d)(l)	$		3,534	$		3,732
6.350% due 02/15/2038 ^(d)(l)			4,204			4,463
Petrobras Global Finance BV
5.375% due 10/01/2029 (l)	GBP		2,320			3,418
6.625% due 01/16/2034 (l)			11,017			17,593
Rio Oil Finance Trust
9.250% due 07/06/2024 (l)	$		13,436			15,088
9.750% due 01/06/2027 (l)			3,079			3,649
9.750% due 01/06/2027			422			500
Talen Energy Supply LLC
6.625% due 01/15/2028			160			164
Transocean Poseidon Ltd.
6.875% due 02/01/2027 (l)			640			680
Transocean Sentry Ltd.
5.375% due 05/15/2023 (l)			400			408
						198,584
Total Corporate Bonds & Notes (Cost $1,277,345)						1,308,024
CONVERTIBLE BONDS & NOTES 0.2%
INDUSTRIALS 0.2%
Caesars Entertainment Corp.
5.000% due 10/01/2024 (l)			2,952			5,686
UTILITIES 0.0%
Ensco Jersey Finance Ltd.
3.000% due 01/31/2024			48			35
Total Convertible Bonds & Notes (Cost $5,542)						5,721
MUNICIPAL BONDS & NOTES 1.1%
ILLINOIS 0.1%
Chicago, Illinois General Obligation Bonds, Series 2017
7.045% due 01/01/2029			580			637
Illinois State General Obligation Bonds, (BABs), Series 2010
6.725% due 04/01/2035			145			170
7.350% due 07/01/2035			115			140
Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033			1,360			1,467
						2,414
IOWA 0.0%
Iowa Tobacco Settlement Authority Revenue Bonds, Series 2005
6.500% due 06/01/2023			1,090			1,106
NEW JERSEY 0.2%
New Jersey Economic Development Authority Revenue Bonds, Series 2005
6.500% due 09/01/2036 «			6,130			6,104
TEXAS 0.0%
Texas Public Finance Authority Revenue Notes, Series 2014
8.250% due 07/01/2024			100			101
VIRGINIA 0.0%
Tobacco Settlement Financing Corp., Virginia Revenue Bonds, Series 2007
6.706% due 06/01/2046			95			92

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
WEST VIRGINIA 0.8%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (g)	$		231,485	$		10,125
7.467% due 06/01/2047			13,525			14,065
						24,190
Total Municipal Bonds & Notes (Cost $36,750)						34,007
U.S. GOVERNMENT AGENCIES 4.3%
Fannie Mae
3.000% due 01/25/2042 (a)(l)			735			36
3.500% due 08/25/2032 (a)(l)			1,842			192
4.208% due 08/25/2038 •(a)			682			87
4.358% due 02/25/2043 •(a)			3,689			424
4.848% due 12/25/2036 •(a)(l)			2,522			514
4.919% due 10/25/2042 •(l)			2,795			3,011
5.342% due 07/25/2029 •(l)			4,480			4,745
7.542% due 07/25/2029 •			6,000			7,109
Freddie Mac
0.000% due 02/25/2046 (b)(g)			34,903			32,367
0.000% due 11/25/2050 (b)(g)(l)			55,633			29,563
0.100% due 02/25/2046 - 11/25/2050 (a)			558,455			1,029
0.100% due 11/25/2050 (a)(l)			598,998			3,079
1.939% due 11/25/2055 ~(a)			169,412			13,529
2.011% due 11/25/2045 ~(a)(l)			51,924			6,998
4.000% due 03/15/2027 (a)			553			49
4.118% due 04/25/2025 ~(l)			5,400			5,160
4.460% due 09/15/2042 •(a)			1,244			188
4.760% due 12/15/2034 •(a)			873			32
6.942% due 10/25/2029 •			5,500			6,364
10.792% due 03/25/2029 •			4,780			5,995
11.447% due 12/25/2045 •(l)			4,173			4,131
12.292% due 10/25/2028 •			991			1,367
12.542% due 03/25/2025 •			7,066			9,264
Ginnie Mae
3.500% due 06/20/2042 (a)(l)			927			123
4.355% due 08/20/2042 •(a)(l)			2,567			490
4.485% due 12/20/2040 •(a)(l)			2,330			306
4.960% due 08/16/2039 •(a)(l)			1,916			151
Total U.S. Government Agencies (Cost $124,518)						136,303
NON-AGENCY MORTGAGE-BACKED SECURITIES 40.7%
Adjustable Rate Mortgage Trust
1.942% due 03/25/2037 •			1,416			1,452
2.052% due 03/25/2036 •(l)			4,712			3,331
4.320% due 03/25/2037 ~(l)			2,917			2,731
5.557% due 11/25/2037 ^~			1,196			1,056
American Home Mortgage Investment Trust
6.600% due 01/25/2037 þ			5,018			2,168
ASG Resecuritization Trust
3.451% due 01/28/2037 ~(l)			15,900			13,743
6.000% due 06/28/2037 ~(l)			34,219			25,099
Banc of America Alternative Loan Trust
2.152% due 06/25/2037 •			534			418
4.848% due 06/25/2037 ^•(a)			575			117
6.000% due 04/25/2036			960			912
6.000% due 07/25/2046 ^			1,322			1,283
6.500% due 02/25/2036 ^			2,162			2,162
12.998% due 09/25/2035 ^•			294			365
Banc of America Funding Trust
0.000% due 11/26/2036 ~(l)			30,672			7,782
2.002% due 04/25/2037 ^•			1,709			1,455
3.876% due 09/20/2037 ~			662			506
3.982% due 09/20/2047 ^~			281			252
4.334% due 04/20/2035 ^~			2,116			1,974
4.370% due 09/20/2046 ^~			2,720			2,656
5.433% due 08/26/2036 ~			4,963			4,284
6.000% due 10/25/2037 ^			4,756			3,596
Banc of America Mortgage Trust
5.750% due 10/25/2036 ^			1,385			1,356
5.750% due 05/25/2037 ^			989			885
6.000% due 10/25/2036 ^			168			166

82 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Bancorp Commercial Mortgage Trust
5.490% due 08/15/2032 •(l)	$		3,470	$		3,505
Bayview Commercial Asset Trust
2.012% due 03/25/2037 •			182			174
2.022% due 12/25/2036 •			249			242
2.222% due 08/25/2034 •			116			115
BCAP LLC Trust
1.875% due 02/26/2037 ~(l)			16,704			13,989
1.888% due 05/26/2036 •			6,728			6,029
2.208% due 05/26/2035 •			7,071			5,984
3.027% due 02/26/2047 •(l)			20,741			18,136
4.028% due 03/27/2037 ~			7,255			6,279
4.037% due 03/26/2037 ~			1,514			1,347
4.044% due 07/26/2036 ~			3,245			3,179
4.151% due 07/26/2036 ~			737			689
5.500% due 12/26/2035 ~(l)			10,171			9,338
5.991% due 06/26/2037 ~			4,732			4,861
6.000% due 10/26/2037 ~			3,907			3,407
9.830% due 01/26/2036 ~			15,865			5,653
Bear Stearns Adjustable Rate Mortgage Trust
4.065% due 02/25/2036 ^~			738			727
Bear Stearns ALT-A Trust
2.132% due 08/25/2036 ^•(l)			27,081			24,031
2.292% due 01/25/2036 ^•(l)			8,056			9,332
2.917% due 03/25/2035 •			6,328			6,248
3.667% due 04/25/2037 ~(l)			6,183			5,404
3.684% due 08/25/2046 ^~			3,867			3,771
3.960% due 12/25/2046 ^~(l)			4,733			3,301
4.019% due 03/25/2036 ~			1,873			1,335
4.044% due 07/25/2036 ~(l)			54,186			32,641
4.047% due 09/25/2035 ^~(l)			5,571			3,731
Bear Stearns Commercial Mortgage Securities Trust
5.728% due 04/12/2038 ~			1,120			1,133
Bear Stearns Mortgage Funding Trust
7.500% due 08/25/2036 þ			2,908			2,797
CD Commercial Mortgage Trust
5.398% due 12/11/2049 ~			110			104
CD Mortgage Trust
5.688% due 10/15/2048			17,536			9,106
Citigroup Commercial Mortgage Trust
5.589% due 12/10/2049 ~			7,378			4,723
5.589% due 12/10/2049 ~(l)			7,637			4,895
Citigroup Mortgage Loan Trust
0.034% due 07/25/2036 ^~			3,088			2,378
3.729% due 03/25/2037 ^~			3,350			3,011
3.856% due 04/25/2037 ^~			569			507
3.989% due 03/25/2037 ^~			1,474			1,442
4.195% due 08/25/2034 ~			6,115			5,363
4.369% due 08/25/2037 ~			3,570			2,627
5.500% due 12/25/2035			3,292			2,644
6.000% due 07/25/2036			5,141			3,997
6.500% due 09/25/2036			1,472			1,143
Commercial Mortgage Loan Trust
6.052% due 12/10/2049 ~(l)			16,722			11,097
Countrywide Alternative Loan Resecuritization Trust
7.000% due 01/25/2037 ^			5,559			2,368
Countrywide Alternative Loan Trust
1.955% due 03/20/2047 •			717			622
1.972% due 05/25/2036 •(l)			15,359			13,664
2.002% due 08/25/2047 ^•			1,382			1,258
2.012% due 05/25/2047 •(l)			10,734			6,585
2.022% due 03/25/2036 •(l)			15,053			12,925
2.052% due 07/25/2036 •(l)			7,668			6,704
2.365% due 11/20/2035 •			183			177
2.492% due 10/25/2035 ^•			966			779
3.549% due 07/20/2035 ^•(l)			11,240			9,654
4.274% due 05/25/2036 ~(l)			6,462			5,998
5.500% due 11/25/2035			1,991			1,590
5.500% due 02/25/2036 ^			1,400			1,202
5.500% due 02/25/2036			1,437			1,298
5.500% due 05/25/2036 ^			1,528			1,508
5.500% due 05/25/2036 (l)			4,707			4,646
6.000% due 03/25/2035 ^			395			299
6.000% due 04/25/2036			623			437
6.000% due 01/25/2037 ^			1,095			1,103
6.000% due 02/25/2037 ^			1,822			1,161
6.000% due 04/25/2037 ^(l)			5,324			3,739

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.250% due 12/25/2036 ^•	$		680	$		478
14.872% due 07/25/2035 •			111			139
Countrywide Home Loan Mortgage Pass-Through Trust
3.662% due 03/25/2046 ^•(l)			39,232			27,023
3.987% due 05/20/2036 ^~			2,061			1,729
4.107% due 09/20/2036 ~			4,267			3,730
Credit Suisse First Boston Mortgage Securities Corp.
5.100% due 08/15/2038 ~(l)			3,293			3,187
6.000% due 01/25/2036 ^			326			289
Credit Suisse Mortgage Capital Certificates
2.323% due 11/30/2037 ~(l)			10,750			9,790
3.420% due 11/27/2037 •			8,778			5,589
3.525% due 12/29/2037 ~			4,785			3,947
3.563% due 11/25/2037 •(l)			10,763			8,927
3.587% due 05/27/2036 ~(l)			6,102			5,318
3.693% due 10/26/2036 ~(l)			17,223			16,666
3.741% due 05/26/2036 ~(l)			7,347			6,068
3.862% due 09/26/2047 ~			23,834			17,823
4.247% due 04/28/2037 ~			4,301			4,391
5.750% due 05/26/2037			21,125			18,008
Credit Suisse Mortgage Capital Mortgage-Backed Trust
6.000% due 07/25/2036			2,251			1,852
6.500% due 05/25/2036 ^			2,986			1,897
DBUBS Mortgage Trust
4.652% due 11/10/2046 (l)			19,203			17,288
Debussy DTC PLC
5.930% due 07/12/2025 (l)	GBP		48,431			64,146
8.250% due 07/12/2025			10,000			13,221
Deutsche ALT-A Securities, Inc.
2.092% due 04/25/2037 •(l)	$		6,998			4,486
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
5.500% due 12/25/2035 ^(l)			587			567
Eurosail PLC
0.000% due 06/13/2045 ~	GBP		4			5,790
0.447% due 03/13/2045 •	EUR		7,067			6,351
1.079% due 06/13/2045 •	GBP		1,594			1,882
1.779% (BP0003M + 1.000%) due 06/13/2045 ~			14,958			18,660
2.029% (BP0003M + 1.250%) due 06/13/2045 ~			15,434			18,643
2.379% due 09/13/2045 •			14,142			17,850
2.529% (BP0003M + 1.750%) due 06/13/2045 ~			9,500			11,553
3.029% due 09/13/2045 •			10,088			12,760
4.279% (BP0003M + 3.500%) due 06/13/2045 ~			3,370			4,261
4.629% due 09/13/2045 •			8,383			11,999
First Horizon Alternative Mortgage Securities Trust
0.000% due 05/25/2020 (b)(g)	$		3			1
First Horizon Mortgage Pass-Through Trust
4.823% due 05/25/2037 ^~			4,824			3,747
Fondo de Titulizacion de Activos UCI
0.000% due 06/16/2049 •	EUR		2,862			3,098
GC Pastor Hipotecario FTA
0.000% due 06/21/2046 •(l)			21,818			21,884
GCCFC Commercial Mortgage Trust
5.619% due 07/10/2038 ~(l)	$		10,700			9,913
6.394% due 06/10/2036 ~			2,850			2,860
GE Commercial Mortgage Corp. Trust
5.606% due 12/10/2049 ~			5,350			4,681
Grifonas Finance PLC
0.000% due 08/28/2039 •	EUR		8,290			8,605
GS Mortgage Securities Corp. Trust
4.591% due 10/10/2032 ~(l)	$		25,157			24,644
GSC Capital Corp. Mortgage Trust
1.972% due 05/25/2036 ^•(l)			2,215			2,094
HarborView Mortgage Loan Trust
2.977% due 06/19/2045 ^•			1,194			779
Hipocat FTA
0.000% due 01/15/2050 •	EUR		411			456
HomeBanc Mortgage Trust
4.128% due 04/25/2037 ^~(l)	$		5,155			4,838
HSI Asset Loan Obligation Trust
6.000% due 06/25/2037 ^			8,242			7,498

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
IM Pastor Fondo de Titluzacion Hipotecaria
0.000% due 03/22/2043 •(l)	EUR		26,503	$		27,382
IM Pastor Fondo de Titulizacion de Activos
0.000% due 03/22/2044 •			852			884
Impac Secured Assets Trust
1.962% due 01/25/2037 •(l)	$		7			7
IndyMac Mortgage Loan Trust
1.918% due 11/25/2036 •			204			199
3.673% due 11/25/2035 ^~			3,745			3,563
4.086% due 06/25/2036 ~			969			916
Jefferies Resecuritization Trust
6.000% due 12/26/2036 ~			3,902			1,885
JPMorgan Alternative Loan Trust
2.200% due 06/27/2037 •(l)			10,476			9,048
3.584% due 11/25/2036 ^~			312			314
4.107% due 05/25/2036 ^~			744			559
6.000% due 12/25/2035 ^			1,010			945
10.195% due 06/27/2037 ~			13,796			11,054
JPMorgan Chase Commercial Mortgage Securities Trust
2.612% due 06/12/2041 ~(l)			10,975			11,359
5.167% due 10/15/2032 •			4,700			4,522
JPMorgan Resecuritization Trust
4.396% due 03/21/2037 ~			3,362			3,021
6.000% due 09/26/2036			2,249			2,050
6.500% due 04/26/2036 ~			5,563			3,520
Lansdowne Mortgage Securities PLC
0.000% due 09/16/2048 •	EUR		9,468			9,718
Lavender Trust
6.250% due 10/26/2036 (l)	$		5,096			4,003
Lehman Mortgage Trust
6.000% due 01/25/2038 ^			2,534			2,647
Lehman XS Trust
2.692% due 08/25/2047 ^•			414			378
Merrill Lynch Alternative Note Asset Trust
6.000% due 05/25/2037 ^			3,350			3,234
Merrill Lynch Mortgage Investors Trust
4.227% due 03/25/2036 ^~(l)			9,959			7,097
Morgan Stanley Capital Trust
5.399% due 12/15/2043			1,063			744
6.186% due 08/12/2041 ~			3,776			3,848
Morgan Stanley Mortgage Loan Trust
1.962% due 05/25/2036 •			171			64
4.215% due 05/25/2036 ^~			2,253			1,634
5.962% due 06/25/2036 ^~			2,107			844
Morgan Stanley Re-REMIC Trust
3.027% due 02/26/2037 •			3,839			3,453
3.162% due 03/26/2037 þ			2,348			2,183
Morgan Stanley Resecuritization Trust
4.365% due 06/26/2035 ~(l)			10,839			8,536
Mortgage Equity Conversion Asset Trust
4.000% due 07/25/2060 (l)			4,395			4,288
Motel 6 Trust
8.666% due 08/15/2024 •			32,954			33,537
Natixis Commercial Mortgage Securities Trust
4.740% due 11/15/2034 •			7,294			7,244
5.740% due 11/15/2034 •			3,163			3,110
PHH Alternative Mortgage Trust
0.000% due 02/25/2037 ^(b)(g)			3			3
RBSSP Resecuritization Trust
4.507% due 09/26/2035 ~			6,996			5,447
6.000% due 06/26/2037 ~			1,423			1,195
Residential Accredit Loans, Inc. Trust
1.942% due 02/25/2037 •			540			495
6.000% due 12/25/2035 ^(l)			2,545			2,492
6.000% due 11/25/2036 ^			3,020			2,781
6.250% due 02/25/2037 ^(l)			3,957			3,667
6.500% due 09/25/2037 ^			1,463			1,424
Residential Asset Mortgage Products Trust
8.000% due 05/25/2032			706			546
Residential Asset Securitization Trust
6.000% due 05/25/2036			855			841
6.000% due 02/25/2037 ^			209			148
6.000% due 03/25/2037 ^(l)			2,803			1,571
6.250% due 10/25/2036 ^			119			119

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 83

Consolidated Schedule of Investments PIMCO Dynamic Credit and Mortgage Income Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
RiverView HECM Trust
2.030% due 05/25/2047 •(l)	$		15,830	$		14,857
Sequoia Mortgage Trust
2.774% due 02/20/2034 •(l)			375			366
3.892% due 09/20/2032 ~			511			511
Structured Asset Mortgage Investments Trust
2.002% due 05/25/2036 •			31			30
SunTrust Adjustable Rate Mortgage Loan Trust
4.499% due 02/25/2037 ^~			3,933			3,815
Taberna Preferred Funding Ltd.
2.241% due 02/05/2037 •(l)			21,055			18,581
Theatre Hospitals PLC
3.785% due 10/15/2031 •(l)	GBP		35,905			47,559
4.190% due 12/15/2024 «(j)			801			0
4.535% due 10/15/2031 •			1,707			2,261
Wachovia Bank Commercial Mortgage Trust
5.720% due 10/15/2048 ~	$		452			444
WaMu Mortgage Pass-Through Certificates Trust
2.627% due 07/25/2046 •(l)			307			298
3.880% due 08/25/2036 ^~			1,985			1,951
Warwick Finance Residential Mortgages PLC
0.000% due 09/21/2049 ~	GBP		0			132,124
0.000% due 12/21/2049 (g)			0			1,581
1.600% due 12/21/2049 •			19,700			26,111
2.300% due 12/21/2049 •			2,261			3,002
2.800% due 12/21/2049 •			1,130			1,507
3.300% due 12/21/2049 •			646			864
3.800% due 12/21/2049 •			646			853
Washington Mutual Mortgage Pass-Through Certificates Trust
2.032% due 01/25/2047 ^•	$		2,035			1,888
3.209% due 06/25/2046 •(l)			7,691			5,157
5.750% due 11/25/2035 ^			1,466			1,439
5.967% due 05/25/2036 ^þ(l)			6,258			5,865
Wells Fargo Mortgage Loan Trust
3.860% due 03/27/2037 ~(l)			5,643			4,926
Total Non-Agency Mortgage-Backed Securities (Cost $1,239,585)						1,303,796
ASSET-BACKED SECURITIES 56.1%
ACE Securities Corp. Home Equity Loan Trust
1.902% due 12/25/2036 •(l)			24,505			8,644
2.412% due 02/25/2036 ^•(l)			5,331			5,286
2.887% due 07/25/2035 ^•(l)			17,938			13,368
Adagio CLO DAC
0.000% due 04/30/2031 ~	EUR		1,800			1,442
Aegis Asset-Backed Securities Trust
2.272% due 06/25/2035 •(l)	$		12,094			11,151
American Money Management Corp. CLO Ltd.
8.061% due 04/14/2029 •			6,100			5,738
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
2.402% due 09/25/2035 •(l)			13,750			13,582
3.742% due 09/25/2032 •			1,148			1,162
Argent Securities Trust
1.892% due 06/25/2036 •			2,016			739
1.912% due 04/25/2036 •			1,157			484
1.942% due 06/25/2036 •			4,229			1,571
1.942% due 09/25/2036 •(l)			8,852			3,872
1.982% due 03/25/2036 •(l)			12,337			7,675
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
2.112% due 01/25/2036 •(l)			15,369			14,704
2.172% due 02/25/2036 •(l)			30,597			25,520
2.252% due 11/25/2035 •(l)			5,851			5,212
3.067% due 11/25/2034 •(l)			9,031			8,776
Asset-Backed Funding Certificates Trust
2.617% due 07/25/2035 •(l)			7,400			7,194
2.842% due 03/25/2034 ^•			821			805
Asset-Backed Securities Corp. Home Equity Loan Trust
4.340% due 08/15/2033 •			481			482
Banco Bilbao Vizcaya Argentaria S.A.
0.252% due 03/22/2046 •	EUR		389			296

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Bear Stearns Asset-Backed Securities Trust
1.932% due 12/25/2036 •(l)	$		15,149	$		16,638
2.992% due 07/25/2035 •(l)			39,756			40,077
3.292% due 10/27/2032 •			146			149
3.667% due 12/25/2034 •(l)			18,650			18,312
4.296% due 10/25/2036 ~			361			337
6.000% due 12/25/2035 ^			475			413
California Republic Auto Receivables Trust
0.000% due 04/15/2025 «(g)			10,100			7,910
California Street CLO Ltd.
6.901% due 10/15/2025 •(l)			9,850			9,705
Carlyle Global Market Strategies CLO Ltd.
0.000% due 04/17/2031 ~			2,900			1,812
Carrington Mortgage Loan Trust
1.872% due 03/25/2035 •			871			696
2.052% due 02/25/2037 •(l)			9,100			8,567
2.212% due 02/25/2037 •(l)			13,201			11,395
2.842% due 05/25/2035 •			4,400			4,409
Cavendish Square Funding PLC
0.540% due 02/11/2055 •	EUR		1,500			1,688
1.450% due 02/11/2055 •			3,500			3,803
CIFC Funding Ltd.
0.000% due 04/24/2030 ~	$		3,390			1,675
Citigroup Mortgage Loan Trust
1.932% due 01/25/2037 •(l)			24,863			22,117
1.942% due 12/25/2036 •(l)			22,518			12,124
1.952% due 09/25/2036 •(l)			16,129			13,056
1.992% due 05/25/2037 •			643			473
2.012% due 12/25/2036 •(l)			4,535			2,476
2.492% due 11/25/2046 •(l)			4,867			3,902
6.351% due 05/25/2036 ^þ			2,744			1,512
Conseco Finance Securitizations Corp.
9.546% due 12/01/2033 ~(l)			6,480			6,846
Cork Street CLO Designated Activity Co.
0.000% due 11/27/2028 ~	EUR		2,667			2,778
Coronado CDO Ltd.
3.400% due 09/04/2038 •	$		24,817			15,573
6.000% due 09/04/2038			3,982			3,028
Countrywide Asset-Backed Certificates
1.922% due 12/25/2036 ^•(l)			27,956			26,355
1.932% due 06/25/2035 •(l)			57,055			51,939
1.932% due 03/25/2037 •(l)			18,288			16,770
1.932% due 07/25/2037 ^•(l)			8,232			7,519
1.932% due 06/25/2047 ^•(l)			39,927			36,643
1.952% due 05/25/2036 •(l)			5,351			5,189
1.992% due 06/25/2037 ^•(l)			17,842			17,291
2.012% due 05/25/2037 •(l)			10,900			10,478
2.012% due 08/25/2037 •(l)			26,000			23,543
2.012% due 06/25/2047 ^•(l)			19,000			16,765
2.022% due 04/25/2047 •(l)			35,000			29,230
2.032% due 03/25/2036 •(l)			25,448			24,183
2.032% due 04/25/2036 ^•(l)			587			553
2.082% due 10/25/2047 •(l)			59,229			51,644
2.182% due 04/25/2036 •(l)			8,762			7,994
2.242% due 03/25/2047 ^•			1,496			1,141
2.282% due 04/25/2036 •(l)			15,850			11,469
2.342% due 05/25/2047 ^•			2,599			2,184
4.600% due 10/25/2046 ^~			334			327
4.738% due 10/25/2032 ^~(l)			17,287			16,195
Countrywide Asset-Backed Certificates Trust
1.942% due 03/25/2047 ^•(l)			9,498			9,362
2.312% due 05/25/2036 •(l)			32,300			26,785
3.517% due 11/25/2034 •(l)			13,611			13,664
Crecera Americas LLC
5.563% due 08/31/2020 •			49,923			49,977
Credit-Based Asset Servicing & Securitization CBO Corp.
2.137% due 09/06/2041 •			65,385			5,133
Credit-Based Asset Servicing & Securitization LLC
2.422% due 07/25/2035 •			3,000			2,857
ECAF Ltd.
4.947% due 06/15/2040 (l)			5,833			5,864
Encore Credit Receivables Trust
2.482% due 07/25/2035 •			421			413
Euromax ABS PLC
0.000% due 11/10/2095 •	EUR		6,000			5,997

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
FAB UK Ltd.
0.000% due 12/06/2045 ~	GBP		11,711	$		5,285
Fieldstone Mortgage Investment Trust
2.048% due 07/25/2036 •	$		5,538			3,413
First Franklin Mortgage Loan Trust
0.000% due 04/25/2036 (b)(g)(l)			8,040			7,380
2.032% due 04/25/2036 •(l)			6,825			6,423
2.172% due 02/25/2036 •(l)			5,500			5,138
2.737% due 09/25/2035 •(l)			5,828			4,789
2.767% due 05/25/2036 •(l)			13,499			12,138
Fremont Home Loan Trust
1.942% due 01/25/2037 •			3,536			2,027
2.032% due 02/25/2037 •			1,440			733
Glacier Funding CDO Ltd.
2.172% due 08/04/2035 •			23,884			5,748
Greenpoint Manufactured Housing
9.230% due 12/15/2029 ~(l)			8,223			6,998
GSAA Home Equity Trust
5.058% due 05/25/2035 þ(l)			4,717			4,852
GSAMP Trust
1.852% due 01/25/2037 •			3,576			2,391
1.882% due 01/25/2037 •			1,067			716
1.952% due 04/25/2036 •			617			457
1.992% due 11/25/2036 •			4,423			2,747
2.042% due 12/25/2036 •			4,788			2,845
2.062% due 04/25/2036 •(l)			22,011			16,623
3.442% due 10/25/2034 •			305			296
4.342% due 10/25/2033 •			171			175
Halcyon Loan Advisors European Funding BV
0.000% due 04/15/2030 ~	EUR		1,400			1,022
Hillcrest CDO Ltd.
2.474% due 12/10/2039 •	$		42,116			15,827
Home Equity Asset Trust
2.887% due 05/25/2035 •(l)			3,800			3,815
2.992% due 07/25/2035 •(l)			4,000			3,862
Home Equity Loan Trust
2.132% due 04/25/2037 •(l)			13,500			11,671
Home Equity Mortgage Loan Asset-Backed Trust
1.952% due 11/25/2036 •(l)			5,264			4,338
2.032% due 04/25/2037 •			3,581			2,650
2.232% due 03/25/2036 •			1,504			1,446
Hout Bay Corp.
1.954% due 07/05/2041 •			81,189			19,364
HSI Asset Securitization Corp. Trust
1.902% due 12/25/2036 •(l)			23,269			8,994
1.952% due 10/25/2036 •(l)			8,438			4,547
1.962% due 12/25/2036 •(l)			14,253			5,516
1.982% due 01/25/2037 •(l)			40,110			31,763
2.182% due 11/25/2035 •(l)			5,321			5,256
IXIS Real Estate Capital Trust
2.767% due 09/25/2035 ^•			5,457			5,159
JPMorgan Mortgage Acquisition Trust
1.942% due 07/25/2036 •			1,733			971
1.952% due 07/25/2036 ^•			1,235			511
5.462% due 09/25/2029 ^þ			3,440			2,748
5.888% due 10/25/2036 ^þ(l)			11,468			9,157
Jubilee CLO BV
0.000% due 01/15/2028 ~	EUR		7,000			3,003
Lehman XS Trust
4.690% due 05/25/2037 ^~(l)	$		10,305			9,943
Long Beach Mortgage Loan Trust
1.982% due 02/25/2036 •(l)			42,966			38,310
2.442% due 09/25/2034 •			1,216			1,195
2.497% due 11/25/2035 •(l)			37,496			32,453
Marlette Funding Trust
0.000% due 07/16/2029 «(g)			16			4,570
0.000% due 09/17/2029 «(g)			20			7,796
MASTR Asset-Backed Securities Trust
1.962% due 06/25/2036 •(l)			6,383			5,922
1.972% due 02/25/2036 •(l)			7,952			4,090
2.032% due 06/25/2036 •			3,533			2,077
2.332% due 12/25/2035 •(l)			15,448			12,288
Morgan Stanley ABS Capital, Inc. Trust
1.852% due 09/25/2036 •			3,862			1,799
1.862% due 10/25/2036 •			4			3

84 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
1.932% due 10/25/2036 •(l)	$		9,488	$		6,016
1.942% due 06/25/2036 •(l)			7,331			5,223
1.942% due 09/25/2036 •(l)			7,758			3,695
1.942% due 11/25/2036 •(l)			17,818			12,342
2.012% due 10/25/2036 •			4,572			2,933
2.467% due 09/25/2035 •(l)			18,121			17,342
2.827% due 01/25/2035 •			4,262			2,879
3.742% due 05/25/2034 •			1,793			1,798
National Collegiate Commutation Trust
0.000% due 03/25/2038 •			87,000			31,079
New Century Home Equity Loan Trust
4.792% (US0001M + 3.000%) due 01/25/2033 ^~			410			372
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
2.122% due 10/25/2036 ^•			4,766			1,575
2.212% due 02/25/2036 •(l)			31,899			29,296
Ocean Trails CLO
7.005% due 08/13/2025 •(l)			3,500			3,495
Option One Mortgage Loan Trust
1.922% due 07/25/2037 •(l)			16,398			12,246
1.932% due 01/25/2037 •			10,649			7,214
2.012% due 01/25/2037 •			2,172			1,489
2.042% due 03/25/2037 •			665			425
2.122% due 04/25/2037 •			2,530			1,664
Park Place Securities, Inc.
2.422% due 09/25/2035 •(l)			7,240			6,886
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
2.282% due 08/25/2035 •(l)			8,350			8,162
2.617% due 07/25/2035 •(l)			20,950			20,843
2.827% due 03/25/2035 ^•(l)			7,500			7,237
2.917% due 10/25/2034 •(l)			10,000			9,890
3.517% due 02/25/2035 •(l)			29,447			29,229
3.817% due 12/25/2034 •(l)			25,974			23,240
Popular ABS Mortgage Pass-Through Trust
2.482% due 06/25/2035 •			626			617
2.942% due 06/25/2035 •			1,349			1,349
RAAC Trust
3.542% due 05/25/2046 •(l)			17,151			15,439
Renaissance Home Equity Loan Trust
5.612% due 04/25/2037 þ			3,154			1,402
Residential Asset Mortgage Products Trust
2.112% due 01/25/2036 •(l)			10,521			9,805
2.172% due 01/25/2036 •(l)			4,360			4,273
2.458% due 04/25/2034 •(l)			3,304			3,289
2.512% due 02/25/2035 •			236			237
2.578% due 04/25/2034 •(l)			3,461			3,445
3.283% due 04/25/2034 ^•			1,192			985
3.688% due 04/25/2034 ^•			1,738			1,471
Residential Asset Securities Corp. Trust
1.922% due 11/25/2036 •(l)			9,060			8,260
1.962% due 10/25/2036 •(l)			9,164			7,084
2.072% due 04/25/2036 •(l)			5,270			5,159
2.122% due 04/25/2036 •			5,864			4,521
2.132% due 05/25/2037 •(l)			9,275			9,102
2.452% due 12/25/2035 •(l)			13,269			11,629
2.917% due 02/25/2035 •(l)			1,900			1,902
Securitized Asset-Backed Receivables LLC Trust
1.932% due 07/25/2036 •(l)			20,286			17,283
1.952% due 07/25/2036 •			2,728			1,433
2.042% due 05/25/2036 •(l)			17,736			11,252
2.062% due 03/25/2036 •(l)			6,665			6,258
2.242% due 10/25/2035 •(l)			13,000			12,774
2.392% due 11/25/2035 •(l)			10,848			8,898
2.452% due 08/25/2035 ^•(l)			2,779			2,108
SLM Student Loan EDC Repackaging Trust
0.000% due 10/28/2029 «(g)			25			24,955
SLM Student Loan Trust
0.000% due 01/25/2042 «(g)			20			12,813
SMB Private Education Loan Trust
0.000% due 10/15/2048 «(g)			5			3,593
SoFi Professional Loan Program LLC
0.000% due 03/25/2036 «(g)			200			1,555
0.000% due 01/25/2039 (g)			21,280			6,368
0.000% due 05/25/2040 (g)			22,175			8,179

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.000% due 07/25/2040 «(g)	$		110	$		4,433
0.000% due 09/25/2040 (g)			9,122			4,558
Soloso CDO Ltd.
2.363% due 10/07/2037 •			11,318			9,309
Soundview Home Loan Trust
1.942% due 06/25/2037 •			3,226			2,467
1.952% due 11/25/2036 •(l)			4,752			4,695
1.972% due 02/25/2037 •			8,126			3,052
2.052% due 02/25/2037 •(l)			9,431			3,615
2.142% due 03/25/2036 •(l)			7,933			7,792
2.742% due 10/25/2037 •(l)			6,172			5,227
2.892% due 09/25/2037 •			2,396			2,269
Specialty Underwriting & Residential Finance Trust
2.142% due 03/25/2037 •			571			297
2.767% due 12/25/2035 •(l)			2,765			2,773
3.592% due 05/25/2035 •			1,714			1,684
3.825% due 02/25/2037 ^þ			3,188			1,742
Symphony CLO Ltd.
6.601% due 07/14/2026 •			10,700			10,069
Taberna Preferred Funding Ltd.
2.231% due 05/05/2038 •			6,589			6,276
2.271% due 08/05/2036 ^•			13,790			12,291
2.271% due 08/05/2036 •			3,428			3,055
Trapeza CDO LLC
3.702% due 01/20/2034 •			3,933			3,873
Verde CDO Ltd.
2.273% due 10/05/2045 •			176,668			61,366
Wachovia Mortgage Loan Trust
2.482% due 10/25/2035 •(l)			8,000			7,622
Wells Fargo Home Equity Asset-Backed Securities Trust
2.122% due 05/25/2036 •(l)			5,000			4,975
Total Asset-Backed Securities (Cost $1,671,495)						1,797,326
SOVEREIGN ISSUES 4.8%
Argentina Government International Bond
3.375% due 01/15/2023	EUR		800			410
3.380% due 12/31/2038 þ(l)			26,572			13,850
3.875% due 01/15/2022 (l)			7,800			4,201
5.250% due 01/15/2028			400			199
6.250% due 11/09/2047			200			102
7.820% due 12/31/2033 (l)			52,143			33,888
7.820% due 12/31/2033			2,005			1,280
15.500% due 10/17/2026	ARS		356,260			1,655
42.836% (BADLARPP + 2.000%) due 04/03/2022 ~			423,770			3,758
45.399% (BADLARPP + 3.250%) due 03/01/2020 ~			4,700			52
56.589% (ARLLMONP) due 06/21/2020 ~(a)			1,036,680			9,375
59.928% (BADLARPP) due 10/04/2022 ~(a)			1,302			23
Autonomous City of Buenos Aires Argentina
44.086% due 03/29/2024 •			1,686,318			19,344
Autonomous Community of Catalonia
4.900% due 09/15/2021	EUR		100			121
4.950% due 02/11/2020			100			113
Export-Credit Bank of Turkey
8.250% due 01/24/2024 (l)	$		800			872
Provincia de Buenos Aires
45.979% due 05/31/2022 •	ARS		2,330			18
52.270% (BADLARPP + 3.750%) due 04/12/2025 ~(a)			1,466,686			11,128
South Africa Government International Bond
4.850% due 09/30/2029 (l)	$		6,400			6,416
5.750% due 09/30/2049 (l)			4,200			4,099
Turkey Government International Bond
3.250% due 06/14/2025	EUR		600			672
4.625% due 03/31/2025			9,200			10,937
5.200% due 02/16/2026			3,200			3,897
5.600% due 11/14/2024 (l)	$		14,100			14,372
7.625% due 04/26/2029 (l)			10,300			11,404
Venezuela Government International Bond
6.000% due 12/09/2020 ^(d)			1,330			160
8.250% due 10/13/2024 ^(d)			188			23

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
9.250% due 09/15/2027 ^(d)	$		1,654	$		198
Total Sovereign Issues (Cost $258,184)						152,567
		SHARES
COMMON STOCKS 1.9%
COMMUNICATION SERVICES 0.4%
Clear Channel Outdoor Holdings, Inc. (e)			2,994,420			8,564
iHeartMedia, Inc.			2,228			34
iHeartMedia, Inc. ‘A’ (e)			165,846			2,803
						11,401
CONSUMER DISCRETIONARY 0.9%
Caesars Entertainment Corp. (e)			2,222,152			30,221
ENERGY 0.1%
Dommo Energia S.A. (e)(j)			1,213,488			884
Dommo Energia S.A. «			3,076,286			1,853
Dommo Energia S.A. SP - ADR «(e)			8,580			63
Forbes Energy Services Ltd. (e)(j)			152,625			38
						2,838
INDUSTRIALS 0.1%
Westmoreland Mining Holdings LLC «(j)			240,452			3,607
						3,607
UTILITIES 0.4%
Eneva S.A. (e)(j)			138,393			1,503
TexGen Power LLC «			285,522			10,207
						11,710
Total Common Stocks (Cost $71,201)						59,777
WARRANTS 0.7%
COMMUNICATION SERVICES 0.5%
iHeartMedia, Inc.			1,080,118			18,254
INDUSTRIALS 0.2%
Sequa Corp. - Exp. 04/28/2024 «			2,530,304			5,483
Total Warrants (Cost $23,162)						23,737
PREFERRED SECURITIES 4.5%
BANKING & FINANCE 2.3%
AGFC Capital Trust
3.751% (US0003M + 1.750%) due 01/15/2067 ~(l)			20,300,000			10,150
Nationwide Building Society
10.250% ~			285,475			62,772
OCP CLO Ltd.
0.000% due 04/26/2028 (g)			2,600			2,046
						74,968
INDUSTRIALS 2.2%
General Electric Co.
5.000% due 01/21/2021 •(h)(l)			1,461,000			1,433
Sequa Corp. (12.000% PIK) (c)
12.000% «			58,977			68,362
						69,795
Total Preferred Securities (Cost $121,133)						144,763

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 85

Consolidated Schedule of Investments PIMCO Dynamic Credit and Mortgage Income Fund (Cont.)

		SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 2.0%
REAL ESTATE 2.0%
VICI Properties, Inc.			2,572,665	$		65,731
Total Real Estate Investment Trusts (Cost $37,244)						65,731
SHORT-TERM INSTRUMENTS 5.3%
REPURCHASE AGREEMENTS (k) 4.0%
						126,734
		PRINCIPAL AMOUNT (000S)
ARGENTINA TREASURY BILLS 0.2%
19.439% due 04/28/2020 - 08/27/2020 (f)(g)	ARS		217,892			3,253
43.313% due 06/22/2020 «~			138,090			2,047
						5,300
U.S. TREASURY BILLS 1.1%
1.636% due 01/02/2020 - 03/26/2020 (f)(g)(l)(n)(p)	$		36,044			36,014
Total Short-Term Instruments (Cost $170,662)						168,048
Total Investments in Securities (Cost $5,639,840)						5,775,193

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 0.2%
COMMON STOCKS 0.2%
INDUSTRIALS 0.2%
Sierra Hamilton Holder LLC «(j)		30,136,800	$		5,707
Total Common Stocks (Cost $7,639)					5,707
Total Investments in Affiliates (Cost $7,639)					5,707
Total Investments 180.6% (Cost $5,647,479)			$		5,780,900
Financial Derivative Instruments (m)(o) (0.3)% (Cost or Premiums, net $15,175)					(9,292	)
Other Assets and Liabilities, net (80.3)%					(2,570,088	)
Net Assets 100.0%			$		3,201,520

NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:

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

^ 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. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

~ 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) Interest only security.

(b) Principal only security.

(c) Payment in-kind security.

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

(e) Security did not produce income within the last twelve months.

(f) Coupon represents a weighted average yield to maturity.

(g) Zero coupon security.

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

(i) Contingent convertible security.

(j)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Dommo Energia S.A.		12/21/2017 - 12/26/2017	$	316	$	884		0.03	%
Eneva S.A.		12/21/2017 - 12/03/2019		644		1,503		0.05
Forbes Energy Services Ltd.		02/27/2013 - 03/11/2014		7,380		38		0.00
Pinnacol Assurance 8.625% due 06/25/2034		06/23/2014		23,200		24,830		0.77
Preylock Reitman Santa Cruz Mezz LLC (0.005)% - 7.210% due 11/09/2022		04/09/2018		31,560		31,696		0.99
Project Anfora Senior 2.325% due 10/01/2026		09/30/2019		21,744		22,378		0.70

86 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Sierra Hamilton Holder LLC		07/31/2017	$	7,639	$	5,707		0.18	%
Theatre Hospitals PLC 4.190% due 12/15/2024		12/17/2018		24		0		0.00
Westmoreland Mining Holdings LLC		12/08/2014		7,006		3,607		0.11
			$	99,513	$	90,643		2.83	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(k)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		1.250	%		12/31/2019		01/02/2020	$	4,934	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2020	$	(5,033	)	$	4,934	$	4,934
JPS		1.650			12/31/2019		01/02/2020		121,800	U.S. Treasury Bonds 3.000% due 11/15/2045		(123,214	)		121,800		121,811
Total Repurchase Agreements											$	(128,247	)	$	126,734	$	126,745

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(2)			Settlement Date		Maturity Date			Amount Borrowed(2)				Payable for Reverse Repurchase Agreements
BCY		1.900	%		11/01/2019		TBD	(3)		$	(459	)	$	(460	)
BNY		2.690			11/14/2019		01/14/2020				(41,346	)		(41,497	)
		2.737			12/06/2019		03/05/2020				(53,512	)		(53,622	)
		2.740			11/05/2019		02/03/2020				(44,750	)		(44,948	)
		2.748			11/22/2019		02/20/2020				(35,485	)		(35,596	)
		2.784			10/23/2019		01/22/2020				(41,456	)		(41,684	)
		2.836			10/10/2019		01/08/2020				(44,869	)		(45,166	)
		2.836			10/11/2019		01/08/2020				(24,643	)		(24,804	)
BOS		2.247			12/03/2019		01/07/2020				(1,521	)		(1,524	)
		2.400			11/12/2019		01/14/2020				(2,774	)		(2,783	)
		2.550			11/12/2019		01/14/2020				(2,643	)		(2,653	)
		2.800			11/12/2019		01/14/2020				(20,523	)		(20,603	)
BPS		(0.150	)		10/07/2019		01/07/2020			EUR	(1,425	)		(1,598	)
		(0.100	)		10/15/2019		01/23/2020				(9,816	)		(11,008	)
		(0.050	)		12/04/2019		03/04/2020				(2,978	)		(3,341	)
		1.200			10/08/2019		01/08/2020			GBP	(11,082	)		(14,720	)
		1.200			11/01/2019		01/08/2020				(2,992	)		(3,971	)
		2.250			12/04/2019		01/06/2020			$	(2,217	)		(2,221	)
		2.300			01/06/2020		02/07/2020				(3,299	)		(3,299	)
		2.330			12/16/2019		01/06/2020				(1,061	)		(1,062	)
		2.370			01/06/2020		02/07/2020				(2,171	)		(2,171	)
		2.400			11/18/2019		02/18/2020				(22,630	)		(22,698	)
		2.580			11/08/2019		01/07/2020				(5,167	)		(5,187	)
		2.580			11/13/2019		01/13/2020				(6,519	)		(6,542	)
		2.580			11/18/2019		01/17/2020				(12,109	)		(12,148	)
		2.650			11/07/2019		01/06/2020				(2,060	)		(2,068	)
		2.892			03/05/2019		03/05/2020				(22,261	)		(22,315	)
		2.892			12/23/2019		03/05/2020				(6,323	)		(6,328	)
		2.895			11/14/2019		01/10/2020				(13,412	)		(13,465	)
		2.898			11/21/2019		02/19/2020				(45,465	)		(45,619	)
		2.898			11/22/2019		02/20/2020				(6,936	)		(6,959	)
		2.900			11/13/2019		01/13/2020				(21,495	)		(21,582	)
		3.154			11/16/2018		TBD	(3)			(58,554	)		(59,373	)
BRC		1.850			11/01/2019		TBD	(3)			(6,379	)		(6,399	)
		2.250			11/04/2019		01/03/2020				(5,936	)		(5,958	)
		2.250			12/03/2019		01/03/2020				(3,678	)		(3,685	)
		2.250			01/03/2020		03/03/2020				(9,628	)		(9,628	)
		2.500			11/01/2019		TBD	(3)			(1,815	)		(1,823	)
		2.804			12/27/2019		01/27/2020				(29,067	)		(29,081	)
		2.833			11/21/2019		01/21/2020				(2,404	)		(2,412	)
		2.884			10/10/2019		01/08/2020				(2,744	)		(2,762	)
		2.902			11/01/2019		01/30/2020				(8,868	)		(8,912	)
		2.904			11/15/2019		02/13/2020				(39,011	)		(39,162	)
		2.934			10/22/2019		01/22/2020				(5,892	)		(5,927	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 87

Consolidated Schedule of Investments PIMCO Dynamic Credit and Mortgage Income Fund (Cont.)

Counterparty	Borrowing Rate(2)			Settlement Date		Maturity Date			Amount Borrowed(2)				Payable for Reverse Repurchase Agreements
		2.936	%		10/23/2019		01/23/2020			$	(2,998	)	$	(3,015	)
		2.984			10/11/2019		01/09/2020				(4,725	)		(4,758	)
CFR		0.900			12/13/2019		03/12/2020			GBP	(2,149	)		(2,849	)
CSG		2.450			12/05/2019		01/06/2020			$	(9,112	)		(9,129	)
DBL		2.642			12/05/2019		03/05/2020				(4,251	)		(4,260	)
		2.644			11/07/2019		02/07/2020				(26,465	)		(26,587	)
		2.677			10/31/2019		01/31/2020				(19,098	)		(19,187	)
GLM		0.500			08/13/2019		02/13/2020			EUR	(13,797	)		(15,506	)
		2.850			11/13/2019		02/11/2020			$	(6,175	)		(6,199	)
		2.852			11/19/2019		02/18/2020				(28,285	)		(28,384	)
IND		2.640			11/20/2019		02/18/2020				(4,969	)		(4,985	)
JML		(0.300	)		10/16/2019		01/15/2020			EUR	(332	)		(372	)
		(0.300	)		10/18/2019		01/16/2020				(205	)		(230	)
		(0.300	)		10/18/2019		01/17/2020				(973	)		(1,090	)
		(0.300	)		10/22/2019		01/22/2020				(1,293	)		(1,450	)
		(0.250	)		10/17/2019		01/16/2020				(1,910	)		(2,141	)
		(0.250	)		10/18/2019		01/17/2020				(3,573	)		(4,006	)
		(0.250	)		10/28/2019		01/28/2020				(519	)		(582	)
		(0.250	)		12/23/2019		01/06/2020				(1,139	)		(1,278	)
		(0.150	)		10/22/2018		TBD	(3)			(1,148	)		(1,285	)
		0.394			11/27/2019		02/27/2020				(3,212	)		(3,605	)
		0.900			10/15/2019		01/14/2020			GBP	(374	)		(496	)
		0.950			10/07/2019		01/07/2020				(9,990	)		(13,262	)
		0.950			10/15/2019		01/14/2020				(18,053	)		(23,961	)
		0.950			10/16/2019		01/15/2020				(60,375	)		(80,131	)
		0.950			10/17/2019		01/16/2020				(24,643	)		(32,707	)
		0.950			10/18/2019		01/17/2020				(736	)		(977	)
		0.950			10/22/2019		01/22/2020				(201	)		(267	)
		0.950			10/23/2019		01/23/2020				(51,171	)		(67,903	)
		0.950			10/28/2019		01/28/2020				(5,632	)		(7,472	)
		0.950			11/20/2019		01/16/2020				(5,344	)		(7,086	)
		1.250			10/15/2019		01/10/2020				(2,031	)		(2,697	)
		2.450			10/23/2019		01/17/2020			$	(3,905	)		(3,924	)
JPS		3.060			11/22/2019		02/20/2020				(13,897	)		(13,945	)
MBC		2.730			11/12/2019		02/12/2020				(11,374	)		(11,418	)
		2.750			11/22/2019		02/21/2020				(26,638	)		(26,721	)
		2.780			10/31/2019		01/29/2020				(6,272	)		(6,303	)
		2.810			11/08/2019		02/07/2020				(8,984	)		(9,023	)
		2.830			11/12/2019		02/12/2020				(7,681	)		(7,712	)
MEI		0.200			11/26/2019		01/07/2020			EUR	(20,928	)		(23,480	)
MSB		2.886			10/23/2019		01/24/2020			$	(49,640	)		(49,923	)
		3.142			06/05/2019		06/05/2020				(18,680	)		(18,729	)
		3.208			03/20/2019		03/20/2020				(20,257	)		(20,280	)
		3.236			04/26/2019		04/27/2020				(20,426	)		(20,547	)
MZF		2.803			11/05/2019		01/06/2020				(27,194	)		(27,317	)
		2.803			12/13/2019		01/06/2020				(2,563	)		(2,567	)
		2.805			11/06/2019		01/06/2020				(16,650	)		(16,724	)
		2.836			10/23/2019		01/24/2020				(18,717	)		(18,822	)
		2.845			11/08/2019		01/07/2020				(15,987	)		(16,056	)
		2.845			11/21/2019		02/19/2020				(5,362	)		(5,380	)
		2.853			11/05/2019		01/06/2020				(21,713	)		(21,813	)
NOM		1.750			11/01/2019		TBD	(3)			(877	)		(880	)
		2.300			11/04/2019		01/03/2020				(7,280	)		(7,307	)
		2.300			01/03/2020		02/04/2020				(12,630	)		(12,630	)
		2.350			11/01/2019		TBD	(3)			(4,195	)		(4,212	)
		2.350			11/05/2019		02/03/2020				(1,852	)		(1,859	)
		2.350			12/23/2019		01/03/2020				(5,176	)		(5,179	)
		2.400			11/04/2019		01/03/2020				(4,291	)		(4,308	)
		2.400			11/12/2019		01/13/2020				(379	)		(380	)
		2.400			11/19/2019		01/21/2020				(18,056	)		(18,109	)
		2.450			11/04/2019		01/03/2020				(6,914	)		(6,942	)
		2.450			11/05/2019		02/03/2020				(1,130	)		(1,134	)
		2.450			11/12/2019		01/13/2020				(6,193	)		(6,215	)
		2.450			01/03/2020		02/04/2020				(6,315	)		(6,315	)
		2.500			11/19/2019		01/21/2020				(11,788	)		(11,824	)
		2.500			01/03/2020		02/04/2020				(4,380	)		(4,380	)
		2.550			11/12/2019		01/13/2020				(5,092	)		(5,110	)
		2.600			11/19/2019		01/21/2020				(4,438	)		(4,452	)
		2.600			11/27/2019		01/21/2020				(109	)		(109	)
		2.600			12/19/2019		02/03/2020				(1,105	)		(1,106	)

88 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

Counterparty	Borrowing Rate(2)			Settlement Date		Maturity Date			Amount Borrowed(2)				Payable for Reverse Repurchase Agreements
		2.800	%		11/19/2019		01/21/2020			$	(5,702	)	$	(5,722	)
RCE		1.737			11/19/2019		01/27/2020			GBP	(1,904	)		(2,527	)
RDR		1.950			12/06/2019		01/06/2020			$	(266	)		(266	)
		2.150			12/24/2019		01/22/2020				(7,651	)		(7,655	)
RTA		2.270			11/14/2019		01/14/2020				(11,576	)		(11,612	)
		2.270			11/15/2019		01/14/2020				(2,495	)		(2,503	)
		2.270			12/10/2019		01/14/2020				(5,967	)		(5,976	)
		2.270			12/23/2019		01/14/2020				(6,622	)		(6,626	)
		2.310			12/06/2019		03/05/2020				(978	)		(980	)
		2.328			11/18/2019		02/18/2020				(7,886	)		(7,909	)
		2.329			11/08/2019		02/07/2020				(22,506	)		(22,586	)
		2.329			11/27/2019		02/07/2020				(137	)		(137	)
		2.333			01/02/2020		04/01/2020				(8,225	)		(8,225	)
		2.352			11/01/2019		01/29/2020				(6,246	)		(6,271	)
		2.360			10/28/2019		01/24/2020				(15,703	)		(15,771	)
		2.364			10/24/2019		01/22/2020				(12,323	)		(12,380	)
		2.378			10/22/2019		01/21/2020				(970	)		(975	)
		2.452			10/08/2019		01/07/2020				(11,403	)		(11,470	)
		2.481			10/04/2019		01/02/2020				(8,337	)		(8,389	)
		2.791			11/21/2019		05/19/2020				(8,262	)		(8,289	)
		2.794			11/06/2019		02/04/2020				(8,810	)		(8,849	)
		2.794			11/07/2019		02/05/2020				(6,202	)		(6,229	)
		2.804			11/08/2019		02/07/2020				(7,653	)		(7,686	)
		2.839			12/06/2019		01/23/2020				(12,750	)		(12,819	)
		2.909			10/31/2019		01/29/2020				(14,592	)		(14,666	)
		3.063			09/25/2019		03/25/2020				(8,346	)		(8,416	)
SBI		0.500			11/01/2019		TBD	(3)			(1,113	)		(1,114	)
		1.000			11/01/2019		01/29/2020			GBP	(1,893	)		(2,511	)
		2.804			11/15/2019		01/15/2020			$	(3,997	)		(4,012	)
		2.836			10/23/2019		01/21/2020				(55,174	)		(55,483	)
		2.858			11/05/2019		02/03/2020				(18,866	)		(18,953	)
		2.900			11/12/2019		02/10/2020				(34,826	)		(34,969	)
		2.906			10/03/2019		01/03/2020				(1,925	)		(1,939	)
		2.909			11/12/2019		02/10/2020				(2,786	)		(2,797	)
		2.952			11/18/2019		02/14/2020				(8,302	)		(8,333	)
		2.954			11/15/2019		01/15/2020				(19,656	)		(19,733	)
		2.958			11/05/2019		02/03/2020				(3,900	)		(3,919	)
		3.292			12/24/2019		01/22/2020				(23,635	)		(23,654	)
SGY		2.350			12/31/2019		02/25/2020				(26,158	)		(26,158	)
SOG		2.270			11/08/2019		01/09/2020				(21,636	)		(21,711	)
		2.340			11/21/2019		02/19/2020				(21,872	)		(21,932	)
		2.340			11/22/2019		02/20/2020				(8,423	)		(8,445	)
		2.340			12/23/2019		02/19/2020				(2,933	)		(2,935	)
		2.350			11/18/2019		02/12/2020				(4,217	)		(4,229	)
		2.350			11/26/2019		02/24/2020				(18,654	)		(18,699	)
		2.618			12/10/2019		01/10/2020				(22,007	)		(22,044	)
		2.746			11/14/2019		01/16/2020				(44,612	)		(44,779	)
		2.791			11/05/2019		02/06/2020				(34,346	)		(34,500	)
		2.799			11/22/2019		02/14/2020				(10,505	)		(10,538	)
		2.836			10/23/2019		01/24/2020				(19,375	)		(19,483	)
		2.934			10/10/2019		01/08/2020				(18,931	)		(19,061	)
UBS		0.346			11/28/2019		02/28/2020			EUR	(3,583	)		(4,020	)
		0.401			11/05/2019		02/05/2020				(14,674	)		(16,470	)
		1.220			10/10/2019		02/10/2020			GBP	(7,784	)		(10,339	)
		1.605			10/29/2019		01/29/2020				(26,611	)		(35,350	)
		1.614			10/15/2019		01/15/2020				(30,084	)		(39,986	)
		2.250			11/01/2019		TBD	(3)		$	(65,417	)		(65,670	)
		2.300			12/06/2019		01/08/2020				(9,439	)		(9,455	)
		2.300			12/10/2019		01/08/2020				(16,612	)		(16,636	)
		2.300			12/23/2019		01/08/2020				(3,993	)		(3,996	)
		2.450			11/01/2019		01/30/2020				(3,717	)		(3,733	)
		2.450			11/06/2019		02/04/2020				(23,095	)		(23,185	)
		2.450			11/07/2019		02/05/2020				(15,469	)		(15,528	)
		2.450			11/08/2019		02/06/2020				(3,749	)		(3,763	)
		2.450			11/13/2019		02/11/2020				(32,474	)		(32,585	)
		2.450			11/18/2019		01/07/2020				(1,544	)		(1,549	)
		2.450			11/22/2019		02/20/2020				(6,592	)		(6,610	)
		2.450			11/27/2019		02/05/2020				(1,142	)		(1,145	)
		2.450			12/04/2019		03/03/2020				(942	)		(944	)
		2.450			12/13/2019		01/07/2020				(926	)		(927	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 89

Consolidated Schedule of Investments PIMCO Dynamic Credit and Mortgage Income Fund (Cont.)

Counterparty	Borrowing Rate(2)			Settlement Date		Maturity Date		Amount Borrowed(2)				Payable for Reverse Repurchase Agreements
		2.450	%		12/19/2019		02/04/2020		$	(475	)	$	(475	)
		2.450			12/23/2019		01/07/2020			(15,026	)		(15,036	)
		2.450			12/31/2019		02/11/2020			(35,229	)		(35,229	)
		2.500			10/22/2019		01/22/2020			(6,800	)		(6,834	)
		2.500			10/24/2019		01/23/2020			(2,400	)		(2,412	)
		2.500			11/06/2019		02/04/2020			(23,028	)		(23,119	)
		2.500			11/07/2019		02/05/2020			(275	)		(276	)
		2.500			11/08/2019		02/06/2020			(820	)		(823	)
		2.500			11/18/2019		01/07/2020			(14,901	)		(14,948	)
		2.500			11/22/2019		02/20/2020			(276	)		(277	)
		2.500			12/10/2019		01/08/2020			(2,331	)		(2,335	)
		2.550			10/22/2019		01/22/2020			(1,435	)		(1,442	)
		2.600			10/22/2019		01/22/2020			(2,812	)		(2,827	)
		2.600			10/24/2019		01/23/2020			(2,425	)		(2,437	)
		2.800			11/13/2019		01/10/2020			(16,402	)		(16,466	)
		2.889			10/24/2019		01/23/2020			(29,293	)		(29,458	)
		2.989			10/24/2019		01/23/2020			(12,314	)		(12,386	)
		3.090			09/19/2019		01/21/2020			(10,702	)		(10,798	)
Total Reverse Repurchase Agreements												$	(2,606,090	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2019:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net  Exposure(4)
Global/Master Repurchase Agreement
BCY	$	0	$	(460	)	$	0	$	(460	)	$	444		$	(16	)
BNY		0		(287,317	)		0		(287,317	)		364,591			77,274
BOS		0		(27,563	)		0		(27,563	)		32,145			4,582
BPS		0		(267,675	)		0		(267,675	)		329,181			61,506
BRC		0		(123,522	)		0		(123,522	)		150,566			27,044
CFR		0		(2,849	)		0		(2,849	)		3,090			241
CSG		0		(9,129	)		0		(9,129	)		12,366			3,237
DBL		0		(50,034	)		0		(50,034	)		64,887			14,853
FICC		4,934		0			0		4,934			(5,033	)		(99	)
GLM		0		(50,089	)		0		(50,089	)		64,707			14,618
IND		0		(4,985	)		0		(4,985	)		5,864			879
JML		0		(256,922	)		0		(256,922	)		302,057			45,135
JPS		121,811		(13,945	)		0		107,866			(104,632	)		3,234
MBC		0		(61,177	)		0		(61,177	)		75,647			14,470
MEI		0		(23,480	)		0		(23,480	)		29,713			6,233
MSB		0		(109,479	)		0		(109,479	)		148,148			38,669
MZF		0		(108,679	)		0		(108,679	)		136,630			27,951
NOM		0		(108,173	)		0		(108,173	)		96,438			(11,735	)
RCE		0		(2,527	)		0		(2,527	)		2,975			448
RDR		0		(7,921	)		0		(7,921	)		8,321			400
RTA		0		(188,764	)		0		(188,764	)		219,318			30,554
SBI		0		(177,417	)		0		(177,417	)		230,651			53,234
SGY		0		(26,158	)		0		(26,158	)		0			(26,158	)
SOG		0		(228,356	)		0		(228,356	)		309,737			81,381
UBS		0		(469,469	)		0		(469,469	)		584,804			115,335
Total Borrowings and Other Financing Transactions	$	126,745	$	(2,606,090	)	$	0

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days			31-90 days			Greater Than 90 days			Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0	$	(579,854	)	$	(252,137	)	$	(76,752	)	$	(908,743	)
Convertible Bonds & Notes		0		0			0			(4,212	)		(4,212	)
U.S. Government Agencies		0		(39,384	)		(3,919	)		0			(43,303	)

90 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

	Overnight and Continuous		Up to 30 days			31-90 days			Greater Than 90 days			Total
Non-Agency Mortgage-Backed Securities	$	0	$	(244,845	)	$	(137,452	)	$	(39,276	)	$	(421,573	)
Asset-Backed Securities		0		(530,039	)		(482,049	)		(67,662	)		(1,079,750	)
Sovereign Issues		0		(33,123	)		(26,039	)		0			(59,162	)
Common Stocks		0		(12,978	)		0			0			(12,978	)
Preferred Securities		0		(5,722	)		(23,119	)		(880	)		(29,721	)
Total Borrowings	$	0	$	(1,445,945	)	$	(924,715	)	$	(188,782	)	$	(2,559,442	)
Payable for reverse repurchase agreements(5)												$	(2,559,442	)

(l) Securities with an aggregate market value of $3,209,267 and cash of $1,910 have been pledged as collateral under the terms of the above master agreements as of December 31, 2019.

⁽¹⁾ Includes accrued interest.

⁽²⁾ The average amount of borrowings outstanding during the period ended December 31, 2019 was $(2,628,183) at a weighted average interest rate of 2.610%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾ Open maturity reverse repurchase agreement.

⁽⁴⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽⁵⁾ Unsettled reverse repurchase agreements liability of $(46,648) is outstanding at period end.

(m)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

SWAP AGREEMENTS:

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

Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2019(2)			Notional Amount(3)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value(4)			Variation Margin
																						Asset		Liability
Bombardier, Inc.		5.000	%		Quarterly		06/20/2024		3.485	%	$	6,300	$	(13	)	$	399		$	386		$	0	$	0
Bombardier, Inc.		5.000			Quarterly		12/20/2024		3.682			4,300		(15	)		265			250			4		0
Frontier Communications Corp.		5.000			Quarterly		06/20/2020		195.572			31,430		(1,130	)		(12,997	)		(14,127	)		0		(245	)
Frontier Communications Corp.		5.000			Quarterly		06/20/2022		96.944			2,800		(378	)		(974	)		(1,352	)		0		(9	)
Sprint Communications, Inc.		5.000			Quarterly		12/20/2021		1.142			13,300		249			766			1,015			0		(2	)
													$	(1,287	)	$	(12,541	)	$	(13,828	)	$	4	$	(256	)

INTEREST RATE SWAPS

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																				Asset		Liability
Pay	3-Month CAD-Bank Bill		3.300	%	Semi-Annual		06/19/2024		CAD	102,200	$	4,746		$	(474	)	$	4,272		$	0	$	(150	)
Receive	3-Month CAD-Bank Bill		3.500		Semi-Annual		06/20/2044			46,900		(1,672	)		(6,733	)		(8,405	)		824		0
Pay	3-Month USD-LIBOR		2.200		Semi-Annual		01/18/2023		$	2,200		(8	)		54			46			0		(1	)
Pay	3-Month USD-LIBOR		1.750		Semi-Annual		12/21/2023			164,300		3,084			(2,837	)		247			0		(140	)
Pay	3-Month USD-LIBOR		1.750		Semi-Annual		12/21/2026			464,100		11,168			(12,963	)		(1,795	)		0		(939	)
Pay	3-Month USD-LIBOR		1.500		Semi-Annual		06/21/2027			245,900		(17,834	)		12,186			(5,648	)		0		(532	)
Pay	3-Month USD-LIBOR		2.500		Semi-Annual		12/20/2027			64,900		1,045			2,214			3,259			0		(169	)
Pay	3-Month USD-LIBOR		3.000		Semi-Annual		06/19/2029			155,300		12,327			2,803			15,130			0		(462	)
Receive	3-Month USD-LIBOR		3.000		Semi-Annual		12/19/2038			171,300		575			(26,068	)		(25,493	)		1,265		0
Pay	6-Month  AUD-BBR-BBSW		3.500		Semi-Annual		06/17/2025		AUD	41,800		1,036			2,579			3,615			0		(50	)
Receive(5)	6-Month EUR-EURIBOR		0.150		Annual		03/18/2030		EUR	69,700		1,276			1,675			2,951			375		0
Receive(5)	6-Month EUR-EURIBOR		0.250		Annual		03/18/2050			2,000		111			131			242			31		0
Receive(5)	6-Month EUR-EURIBOR		0.150		Annual		06/17/2030		$	5,500		(4	)		68			64			31		0
Receive (5)	6-Month GBP-LIBOR		0.750		Semi-Annual		03/18/2030		GBP	225,275		1,302			6,599			7,901			1,739		0
Receive (5)	6-Month GBP-LIBOR		0.750		Semi-Annual		03/18/2050			29,500		619			3,107			3,726			625		0
											$	17,771		$	(17,659	)	$	112		$	4,890	$	(2,443	)
Total Swap Agreements											$	16,484		$	(30,200	)	$	(13,716	)	$	4,894	$	(2,699	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 91

Consolidated Schedule of Investments PIMCO Dynamic Credit and Mortgage Income Fund (Cont.)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2019:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements				Written Options		Futures		Swap Agreements
Total Exchange-Traded or Centrally Cleared	$	0	$	0	$	4,894	$	4,894	$	0	$	0	$	(2,699)	$	(2,699)

(n) Securities with an aggregate market value of $6,121 and cash of $50,531 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2019.

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽²⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽³⁾ The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁴⁾ The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁵⁾ This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

(o)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
BOA		01/2020	$	1,010	CAD	1,337	$	20	$	0
BPS		01/2020	EUR	11,352	$	12,706		0		(33	)
		01/2020	GBP	185,402		240,087		0		(5,547	)
		01/2020	$	299	CLP	231,426		9		0
		01/2020		4,727	EUR	4,240		31		0
		01/2020		9,816	GBP	7,411		42		(40	)
		02/2020	PEN	17,655	$	5,203		0		(119	)
BRC		01/2020	EUR	2,984		3,312		0		(36	)
		01/2020	$	1,046	GBP	800		14		0
CBK		01/2020	BRL	27,111	$	6,668		0		(71	)
		01/2020	MXN	621,299		32,204		0		(565	)
		01/2020	$	6,726	BRL	27,111		13		0
		01/2020		1,924	CLP	1,510,166		85		0
		02/2020		6,660	BRL	27,111		73		0
		06/2020		31,514	MXN	621,299		557		0
FBF		01/2020	BRL	26,889	$	6,671		0		(13	)
		01/2020	$	6,368	BRL	26,889		317		0
GLM		01/2020	BRL	222	$	55		0		0
		01/2020	GBP	4,491		5,889		0		(61	)
		01/2020	$	54	BRL	222		1		0
		01/2020		75	CLP	58,894		3		0
		01/2020		1,935	GBP	1,477		22		0
		03/2020		47,955	RUB	3,108,598		1,729		0
HUS		01/2020	GBP	10,457	$	13,662		0		(193	)
		01/2020	$	93	CLP	72,912		4		0
		01/2020		1,089	EUR	981		12		0
		01/2020		2,544	GBP	1,926		20		(12	)
		02/2020	NZD	65	$	42		0		(2	)
JPM		01/2020	$	31,713	MXN	621,299		1,056		0
MYI		01/2020		5,005	GBP	3,866		117		0

92 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
RYL		01/2020	CLP	535,459	$	703	$	0	$	(9	)
		01/2020	$	796	CLP	608,455		13		0
SCX		01/2020	GBP	185,402	$	238,808		0		(6,826	)
TOR		01/2020	$	504	CLP	395,873		23		0
UAG		01/2020	EUR	105,062	$	116,043		0		(1,856	)
Total Forward Foreign Currency Contracts							$	4,161	$	(15,383	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽¹⁾

Counterparty	Index/Tranches	Fixed Receive Rate		Payment Frequency	Maturity Date		Notional Amount(2)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at  Value(3)
														Asset		Liability
BRC	ABX.HE.AAA.6-2 Index		0.110%	Monthly		05/25/2046	$	5,603	$	(1,309	)	$	1,044	$	0	$	(265	)
Total Swap Agreements									$	(1,309	)	$	1,044	$	0	$	(265	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2019:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure(4)
BOA	$	20	$	0	$	0	$	20	$	0		$	0	$	0		$	0		$	20		$	0		$	20
BPS		82		0		0		82		(5,739	)		0		0			(5,739	)		(5,657	)		3,309			(2,348	)
BRC		14		0		0		14		(36	)		0		(265	)		(301	)		(287	)		512			225
CBK		728		0		0		728		(636	)		0		0			(636	)		92			(83	)		9
FBF		317		0		0		317		(13	)		0		0			(13	)		304			(270	)		34
GLM		1,755		0		0		1,755		(61	)		0		0			(61	)		1,694			(1,750	)		(56	)
HUS		36		0		0		36		(207	)		0		0			(207	)		(171	)		0			(171	)
JPM		1,056		0		0		1,056		0			0		0			0			1,056			(940	)		116
MYI		117		0		0		117		0			0		0			0			117			0			117
RYL		13		0		0		13		(9	)		0		0			(9	)		4			0			4
SCX		0		0		0		0		(6,826	)		0		0			(6,826	)		(6,826	)		4,390			(2,436	)
TOR		23		0		0		23		0			0		0			0			23			0			23
UAG		0		0		0		0		(1,856	)		0		0			(1,856	)		(1,856	)		1,679			(177	)
Total Over the Counter	$	4,161	$	0	$	0	$	4,161	$	(15,383	)	$	0	$	(265	)	$	(15,648	)

(p) Securities with an aggregate market value of $9,890 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2019.

⁽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.

⁽⁴⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC derivatives can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 93

Consolidated Schedule of Investments PIMCO Dynamic Credit and Mortgage Income Fund (Cont.)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of December 31, 2019:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	4	$	0	$	0	$	4,890	$	4,894
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	4,161	$	0	$	4,161
	$	0	$	4	$	0	$	4,161	$	4,890	$	9,055
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	256	$	0	$	0	$	2,443	$	2,699
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	15,383	$	0	$	15,383
Swap Agreements		0		265		0		0		0		265
	$	0	$	265	$	0	$	15,383	$	0	$	15,648
	$	0	$	521	$	0	$	15,383	$	2,443	$	18,347

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended December 31, 2019:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	1,577		$	0	$	0		$	(64,557	)	$	(62,980	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	5,715		$	0		$	5,715
Swap Agreements		0		560			0		0			56			616
	$	0	$	560		$	0	$	5,715		$	56		$	6,331
	$	0	$	2,137		$	0	$	5,715		$	(64,501	)	$	(56,649	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	(6,550	)	$	0	$	0		$	47,008		$	40,458
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(6,259	)	$	0		$	(6,259	)
Swap Agreements		0		(262	)		0		0			(35	)		(297	)
	$	0	$	(262	)	$	0	$	(6,259	)	$	(35	)	$	(6,556	)
	$	0	$	(6,812	)	$	0	$	(6,259	)	$	46,973		$	33,902

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2019
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	482,915	$	92,478	$	575,393
Corporate Bonds & Notes
Banking & Finance		0		492,768		33,228		525,996
Industrials		0		576,193		7,251		583,444
Utilities		0		198,584		0		198,584
Convertible Bonds & Notes
Industrials		0		5,686		0		5,686
Utilities		0		35		0		35

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2019
Municipal Bonds & Notes
Illinois	$	0	$	2,414	$	0	$	2,414
Iowa		0		1,106		0		1,106
New Jersey		0		0		6,104		6,104
Texas		0		101		0		101
Virginia		0		92		0		92
West Virginia		0		24,190		0		24,190
U.S. Government Agencies		0		136,303		0		136,303

94 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2019
Non-Agency Mortgage-Backed Securities	$	0	$	1,303,796	$	0	$	1,303,796
Asset-Backed Securities		0		1,729,701		67,625		1,797,326
Sovereign Issues		0		152,567		0		152,567
Common Stocks
Communication Services		11,367		34		0		11,401
Consumer Discretionary		30,221		0		0		30,221
Energy		922		0		1,916		2,838
Industrials		0		0		3,607		3,607
Utilities		1,503		0		10,207		11,710
Warrants
Communication Services		0		18,254		0		18,254
Industrials		0		0		5,483		5,483
Preferred Securities
Banking & Finance		0		74,968		0		74,968
Industrials		0		1,433		68,362		69,795
Real Estate Investment Trusts
Real Estate		65,731		0		0		65,731
Short-Term Instruments
Repurchase Agreements		0		126,734		0		126,734
Argentina Treasury Bills		0		3,253		2,047		5,300
U.S. Treasury Bills		0		36,014		0		36,014
	$	109,744	$	5,367,141	$	298,308	$	5,775,193

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2019
Investments in Affiliates, at Value
Mutual Funds	$	0	$	0		$	5,707	$	5,707
Total Investments	$	109,744	$	5,367,141		$	304,015	$	5,780,900
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		4,894			0		4,894
Over the counter		0		4,161			0		4,161
	$	0	$	9,055		$	0	$	9,055
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(2,699	)		0		(2,699	)
Over the counter		0		(15,648	)		0		(15,648	)
	$	0	$	(18,347	)	$	0	$	(18,347	)
Total Financial Derivative Instruments	$	0	$	(9,292	)	$	0	$	(9,292	)
Totals	$	109,744	$	5,357,849		$	304,015	$	5,771,608

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2019:

Category and Subcategory	Beginning Balance at 06/30/2019		Net Purchases		Net Sales/Settlements			Accrued Discounts/ (Premiums)			Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation)(1)			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 12/31/2019		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2019(1)
Investments in Securities, at Value
Loan Participations and Assignments	$	85,100	$	58,552	$	(3,501	)	$	(159	)	$	(4	)	$	(1,335	)	$	0	$	(46,175	)	$	92,478	$	1,189
Corporate Bonds & Notes
Banking & Finance		32,866		0		(538	)		(39	)		(6	)		945			0		0			33,228		937
Industrials		3,578		4,674		(240	)		27			0			(788	)		0		0			7,251		(779	)
Municipal Bonds & Notes
New Jersey		6,138		0		(50	)		(2	)		0			18			0		0			6,104		18
Non-Agency Mortgage-Backed Securities		0		0		(8	)		0			8			0			0		0			0		0
Asset-Backed Securities		65,981		0		0			0			0			(6,152	)		7,796		0			67,625		(6,152	)
Common Stocks
Energy		3,307		632		(825	)		0			(42	)		(272	)		0		(884	)		1,916		1,205
Industrials		3,486		0		0			0			0			121			0		0			3,607		121
Utilities		11,207		0		0			0			0			(1,000	)		0		0			10,207		(1,000	)
Warrants
Industrials		2,982		0		0			0			0			2,501			0		0			5,483		2,501
Preferred Securities
Industrials		59,379		3,559		0			0			0			5,424			0		0			68,362		5,424
Short-Term Instruments
Argentina Treasury Bills		0		1,848		0			0			0			199			0		0			2,047		199
Totals	$	274,024	$	69,265	$	(5,162	)	$	(173	)	$	(44	)	$	(339	)	$	7,796	$	(47,059	)	$	298,308	$	3,663
Investments in Affiliates, at Value
Mutual Funds		8,561		0		0			0			0			(2,854	)		0		0			5,707		(2,854	)
Totals	$	282,585	$	69,265	$	(5,162	)	$	(173	)	$	(44	)	$	(3,193	)	$	7,796	$	(47,059	)	$	304,015	$	809

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 95

Consolidated Schedule of Investments PIMCO Dynamic Credit and Mortgage Income Fund (Cont.)

December 31, 2019 (Unaudited)

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:

Category and Subcategory	Ending Balance at 12/31/2019		Valuation Technique	Unobservable Inputs	(% Unless Noted Otherwise)
					Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments	$	31,697	Discounted Cash Flow	Discount Rate		6.940		—
		22,378	Indicative Market Quotation	Broker Quote		99.750		—
		1,486	Other Valuation Techniques(2)	—		—		—
		31,220	Proxy Pricing	Base Price		88.898-93.750		93.620
		5,697	Third Party Vendor	Broker Quote		99.250-101.000		100.923
Corporate Bonds & Notes
Banking & Finance		8,398	Proxy Pricing	Base Price		100.354		—
		24,830	Reference Instrument	Option Adjusted Spread		584.983 bps		—
Industrials		216	Other Valuation Techniques(2)	—		—		—
		3,415	Proxy Pricing	Base Price		106.410		—
		3,620	Reference Instrument	Broker Quote		101.520		—
Municipal Bonds & Notes
New Jersey		6,104	Proxy Pricing	Base Price		99.755		—
Asset-Backed Securities		67,625	Proxy Pricing	Base Price		78.300-100,205.254		60,138.427
Common Stocks
Energy		1,916	Other Valuation Techniques(2)	—		—		—
Industrials		3,607	Indicative Market Quotation	Broker Quote	$	15.000		—
Utilities		10,207	Indicative Market Quotation	Broker Quote	$	35.750		—
Warrants
Industrials		5,483	Other Valuation Techniques(2)	—		—		—
Preferred Securities
Industrials		68,362	Fundamental Valuation	Company Equity Value	$	934,387,328.532		—
Short-Term Instruments
Argentina Treasury Bills		2,047	Proxy Pricing	Base Price		100.000		—
Total	$	298,308
Investments in Affiliates, at Value
Common Stocks
Industrials		5,707	Other Valuation Techniques(2)	—		—		—
Total	$	304,015

⁽¹⁾  Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2019 may be due to an investment no longer held or categorized as Level 3 at period end.

⁽²⁾ Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

96 PIMCO CLOSED-END FUNDS See Accompanying Notes

Consolidated Schedule of Investments PIMCO Dynamic Income Fund

December 31, 2019 (Unaudited)

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 165.9%
LOAN PARTICIPATIONS AND ASSIGNMENTS 18.8%
Advanz Pharma Corp.
7.447% (LIBOR03M + 5.500%) due 09/06/2024 ~	$		12,520	$		11,730
Alphabet Holding Co., Inc.
5.299% (LIBOR03M + 3.500%) due 09/26/2024 ~			293			283
Altice France S.A.
5.740% (LIBOR03M + 4.000%) due 08/14/2026 ~			693			697
Ancestry.com Operations, Inc.
5.550% (LIBOR03M + 3.750%) due 10/19/2023 ~			100			99
6.050% (LIBOR03M + 4.250%) due 08/27/2026 ~			199			196
Chesapeake Energy Corp.
TBD% due 06/09/2024			303			313
Clay Holdco BV
TBD% due 11/30/2025 «	EUR		14,300			15,033
TBD% due 11/06/2026 «			100			107
Diamond Resorts Corp.
5.549% (LIBOR03M + 3.750%) due 09/02/2023 ~	$		7,565			7,409
DTEK Holdings Ltd.
TBD% due 06/30/2023 «	EUR		3,263			3,268
Dubai World (2.000% Cash and 1.750% PIK)
3.750% (LIBOR03M + 2.000%) due 09/30/2022 ~(c)	$		29,249			27,311
Emerald TopCo, Inc.
5.299% (LIBOR03M + 3.500%) due 07/24/2026 ~			98			98
Envision Healthcare Corp.
5.549% (LIBOR03M + 3.750%) due 10/10/2025 ~			35,102			30,071
Financial & Risk U.S. Holdings, Inc.
5.049% (LIBOR03M + 3.250%) due 10/01/2025 ~			2,852			2,880
Fleet U.S. Bidco, Inc.
5.235% (LIBOR03M + 3.250%) due 10/07/2026 «~			40			40
Frontier Communications Corp.
5.550% (LIBOR03M + 3.750%) due 06/15/2024 ~			2,737			2,757
iHeartCommunications, Inc.
5.691% (LIBOR03M + 4.000%) due 05/01/2026 ~			9,831			9,938
Intelsat Jackson Holdings S.A.
5.682% (LIBOR03M + 3.750%) due 11/27/2023 ~			300			301
Jefferies Finance LLC
5.500% (LIBOR03M + 3.750%) due 06/03/2026 ~			62			62
McDermott Technology Americas, Inc.
0.500% - 12.002% (LIBOR03M + 10.000%) due 10/21/2021 ~µ			3,214			3,290
6.945% (LIBOR03M + 5.000%) due 05/09/2025 ~			5,577			3,281
Messer Industrie GmbH
4.445% (LIBOR03M + 2.500%) due 03/01/2026 ~			207			208
MH Sub LLC
5.549% (LIBOR03M + 3.750%) due 09/13/2024 ~			264			265
NCI Building Systems, Inc.
5.486% (LIBOR03M + 3.750%) due 04/12/2025 ~			119			119
Neiman Marcus Group Ltd. LLC
7.713% (LIBOR03M + 6.000%) due 10/25/2023 ~			30,014			24,716
Neiman Marcus Group Ltd. LLC (7.213% Cash and 1.000% PIK)
8.213% (LIBOR03M + 5.500%) due 10/25/2023 ~(c)			20,755			16,880

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Ortho-Clinical Diagnostics S.A.
5.306% (LIBOR03M + 3.250%) due 06/30/2025 ~	$		1,383	$		1,370
Pacific Gas & Electric Co.
TBD% due 02/22/2049 ^«(d)			1,882			1,868
Parexel International Corp.
4.549% - 4.555% (LIBOR03M + 2.750%) due 09/27/2024 ~			88			87
PetSmart, Inc.
5.740% (LIBOR03M + 4.000%) due 03/11/2022 ~			307			304
Preylock Reitman Santa Cruz Mezz LLC
(0.005)% - 7.210% (LIBOR03M + 5.500%) due 11/09/2022 «~(k)			5,540			5,564
Project Anfora Senior
2.325% (EUR003M + 2.750%) due 10/01/2026 «~(k)	EUR		20,000			22,378
Sequa Mezzanine Holdings LLC
6.904% (LIBOR03M + 5.000%) due 11/28/2021 ~	$		13,500			13,525
10.936% (LIBOR03M + 9.000%) due 04/28/2022 ~			32,252			31,809
Sotera Health Holdings LLC
6.289% (LIBOR03M + 4.500%) due 12/11/2026 ~			309			310
Starfruit Finco BV
4.960% (LIBOR03M + 3.250%) due 10/01/2025 ~			643			644
Summer (BC) Holdco B SARL
TBD% due 10/15/2026			8,000			7,630
Sunshine Luxembourg SARL
3.750% (EUR003M + 3.750%) due 10/01/2026 ~	EUR		1,000			1,132
6.195% (LIBOR03M + 4.250%) due 10/01/2026 ~	$		675			682
Syniverse Holdings, Inc.
6.846% (LIBOR03M + 5.000%) due 03/09/2023 ~			17,564			16,364
U.S. Renal Care, Inc.
6.813% (LIBOR03M + 5.000%) due 06/26/2026 ~			1,115			1,109
Univision Communications, Inc.
4.549% (LIBOR03M + 2.750%) due 03/15/2024 ~			8,980			8,882
West Corp.
5.927% (LIBOR03M + 4.000%) due 10/10/2024 ~			70			60
Westmoreland Mining Holdings LLC
10.150% (LIBOR03M + 8.250%) due 03/15/2022 «~			7			8
Westmoreland Mining Holdings LLC (15.000% PIK)
15.000% due 03/15/2029 (c)			23			19
Windstream Services LLC
9.000% (PRIME + 4.250%) due 02/17/2024 ~			14,550			13,818
9.750% (PRIME + 5.000%) due 03/29/2021 ~			6,500			6,237
Total Loan Participations and Assignments (Cost $300,651)						295,152
CORPORATE BONDS & NOTES 32.6%
BANKING & FINANCE 14.0%
Ally Financial, Inc.
8.000% due 11/01/2031			10			14
Ambac Assurance Corp.
5.100% due 06/07/2020			184			273
Ambac LSNI LLC
6.945% due 02/12/2023 •(m)			1,865			1,893
Ardonagh Midco PLC
8.375% due 07/15/2023 (m)	GBP		30,410			40,331
8.625% due 07/15/2023 (m)	$		400			397

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Banco de Credito del Peru
4.650% due 09/17/2024	PEN		2,000	$		610
Barclays Bank PLC
7.625% due 11/21/2022 (j)(m)	$		10,100			11,357
Barclays PLC
3.250% due 01/17/2033 (m)	GBP		400			558
5.875% due 09/15/2024 •(i)(j)			400			554
7.125% due 06/15/2025 •(i)(j)(m)			4,600			6,900
7.250% due 03/15/2023 •(i)(j)(m)			3,200			4,632
7.875% due 09/15/2022 •(i)(j)(m)			1,400			2,062
8.000% due 06/15/2024 •(i)(j)(m)	$		1,400			1,567
CBL & Associates LP
4.600% due 10/15/2024			6			4
5.250% due 12/01/2023			313			220
5.950% due 12/15/2026 (m)			1,551			934
Credit Suisse Group AG
7.250% due 09/12/2025 •(i)(j)(m)			400			447
7.500% due 07/17/2023 •(i)(j)(m)			800			876
Deutsche Bank AG
3.961% due 11/26/2025 •			3,100			3,168
Emerald Bay S.A.
0.000% due 10/08/2020 (g)	EUR		63			69
ESH Hospitality, Inc.
4.625% due 10/01/2027 (m)	$		286			290
Fortress Transportation & Infrastructure Investors LLC
6.500% due 10/01/2025 (m)			1,013			1,072
GE Capital International Funding Co. Unlimited Co.
4.418% due 11/15/2035 (m)			340			363
Growthpoint Properties International Pty. Ltd.
5.872% due 05/02/2023			300			323
HSBC Bank PLC
6.330% due 05/23/2023			24,300			25,617
HSBC Holdings PLC
5.875% due 09/28/2026 •(i)(j)(m)	GBP		1,000			1,460
6.000% due 09/29/2023 •(i)(j)	EUR		200			259
6.500% due 03/23/2028 •(i)(j)(m)	$		1,220			1,343
Hunt Cos., Inc.
6.250% due 02/15/2026			60			59
ING Groep NV
5.750% due 11/16/2026 •(i)(j)(m)			800			843
Lloyds Banking Group PLC
5.125% due 12/27/2024 •(i)(j)	GBP		900			1,239
7.500% due 09/27/2025 •(i)(j)(m)	$		1,500			1,683
7.625% due 06/27/2023 •(i)(j)(m)	GBP		1,700			2,531
7.875% due 06/27/2029 •(i)(j)(m)			14,473			24,252
LoanCore Capital Markets LLC
6.875% due 06/01/2020 (m)	$		3,800			3,802
Nationstar Mortgage LLC
6.500% due 07/01/2021 (m)			1,606			1,615
Oppenheimer Holdings, Inc.
6.750% due 07/01/2022 (m)			1,348			1,395
Pinnacol Assurance
8.625% due 06/25/2034 «(k)			10,200			10,917
Preferred Term Securities Ltd.
2.274% (US0003M + 0.380%) due 09/23/2035 ~			303			294
Royal Bank of Scotland Group PLC
8.000% due 08/10/2025 •(i)(j)(m)			5,775			6,659
Santander UK Group Holdings PLC
6.750% due 06/24/2024 •(i)(j)(m)	GBP		9,200			13,447
7.375% due 06/24/2022 •(i)(j)(m)			8,635			12,494
Societe Generale S.A.
6.750% due 04/06/2028 •(i)(j)(m)	$		400			442
7.375% due 10/04/2023 •(i)(j)(m)			1,600			1,749
Springleaf Finance Corp.
5.375% due 11/15/2029			104			109
6.875% due 03/15/2025			269			307
Tesco Property Finance PLC
6.052% due 10/13/2039 (m)	GBP		3,023			5,250
Toll Road Investors Partnership LP
0.000% due 02/15/2045 (g)	$		6,426			1,682
TP ICAP PLC
5.250% due 01/26/2024 (m)	GBP		6,198			9,029

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 97

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Unique Pub Finance Co. PLC
5.659% due 06/30/2027	GBP		1,529	$		2,332
Voyager Aviation Holdings LLC
8.500% due 08/15/2021 (m)	$		9,207			9,459
						219,182
INDUSTRIALS 13.8%
Altice Financing S.A.
7.500% due 05/15/2026 (m)			6,360			6,849
Altice France S.A.
5.875% due 02/01/2027 (m)	EUR		400			506
7.375% due 05/01/2026 (m)	$		300			323
8.125% due 02/01/2027 (m)			3,000			3,384
Associated Materials LLC
9.000% due 01/01/2024 (m)			16,400			14,432
B.C. Unlimited Liability Co.
4.375% due 01/15/2028			200			201
Baffinland Iron Mines Corp.
8.750% due 07/15/2026 (m)			3,600			3,634
Bausch Health Cos., Inc.
5.000% due 01/30/2028			178			183
5.250% due 01/30/2030			150			156
BCPE Cycle Merger Sub, Inc.
10.625% due 07/15/2027			196			201
Bioceanico Sovereign Certificate Ltd.
0.000% due 06/05/2034 (g)			250			175
Bombardier, Inc.
6.125% due 01/15/2023 (m)			2,668			2,742
7.500% due 12/01/2024 (m)			3,926			4,133
7.500% due 03/15/2025 (m)			1,929			1,994
7.875% due 04/15/2027 (m)			6,382			6,582
Buffalo Thunder Development Authority
0.000% due 11/15/2029 «(k)			2,483			2
11.000% due 12/09/2022 ^(d)			5,598			2,855
Camelot Finance S.A.
4.500% due 11/01/2026			17			18
CCO Holdings LLC
4.750% due 03/01/2030			438			448
Centene Corp.
4.250% due 12/15/2027			259			267
4.625% due 12/15/2029			466			492
4.750% due 01/15/2025			435			453
Charter Communications Operating LLC
4.800% due 03/01/2050			543			572
Clear Channel Worldwide Holdings, Inc.
9.250% due 02/15/2024 (m)			4,338			4,813
Community Health Systems, Inc.
6.250% due 03/31/2023 (m)			23,716			24,131
8.000% due 03/15/2026 (m)			1,328			1,370
8.625% due 01/15/2024 (m)			2,604			2,767
Connect Finco SARL
6.750% due 10/01/2026			144			154
Corning, Inc.
5.450% due 11/15/2079			186			204
Diamond Resorts International, Inc.
7.750% due 09/01/2023 (m)			466			480
10.750% due 09/01/2024 (m)			5,500			5,777
DISH DBS Corp.
5.875% due 07/15/2022			14			15
Eagle Holding Co. LLC (7.750% Cash or 8.500% PIK)
7.750% due 05/15/2022 (c)			50			51
Eldorado Resorts, Inc.
6.000% due 09/15/2026 (m)			5,500			6,067
Envision Healthcare Corp.
8.750% due 10/15/2026 (m)			5,765			3,591
Exela Intermediate LLC
10.000% due 07/15/2023			267			107
Fair Isaac Corp.
4.000% due 06/15/2028			18			18
First Quantum Minerals Ltd.
6.500% due 03/01/2024 (m)			3,902			3,920
6.875% due 03/01/2026 (m)			4,282			4,343

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Fresh Market, Inc.
9.750% due 05/01/2023 (m)	$		8,520	$		4,345
Frontier Finance PLC
8.000% due 03/23/2022	GBP		10,500			14,304
Full House Resorts, Inc.
8.575% due 01/31/2024	$		784			772
9.738% due 02/02/2024			67			66
General Electric Co.
5.875% due 01/14/2038			46			56
6.150% due 08/07/2037 (m)			235			291
iHeartCommunications, Inc.
6.375% due 05/01/2026 (m)			3,168			3,443
8.375% due 05/01/2027 (m)			4,604			5,096
IHO Verwaltungs GmbH (3.625% Cash or 4.375% PIK)
3.625% due 05/15/2025 (c)	EUR		690			813
IHO Verwaltungs GmbH (3.875% Cash or 4.625% PIK)
3.875% due 05/15/2027 (c)			300			357
IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)
6.000% due 05/15/2027 (c)(m)	$		1,071			1,138
IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK)
6.375% due 05/15/2029 (c)(m)			944			1,017
Intelsat Connect Finance S.A.
9.500% due 02/15/2023 (m)			434			305
Intelsat Jackson Holdings S.A.
5.500% due 08/01/2023 (m)			1,500			1,292
8.000% due 02/15/2024 (m)			295			303
8.500% due 10/15/2024 (m)			3,387			3,092
9.750% due 07/15/2025 (m)			1,411			1,308
Intelsat Luxembourg S.A.
7.750% due 06/01/2021 ^(m)			20,614			16,331
8.125% due 06/01/2023 (m)			8,785			5,216
Mallinckrodt International Finance S.A.
5.500% due 04/15/2025			318			114
Mattel, Inc.
5.875% due 12/15/2027			143			151
Melco Resorts Finance Ltd.
5.375% due 12/04/2029			300			308
MSCI, Inc.
4.000% due 11/15/2029			62			63
NCL Corp. Ltd.
3.625% due 12/15/2024			274			278
NCR Corp.
5.750% due 09/01/2027			4			4
Netflix, Inc.
3.625% due 06/15/2030	EUR		427			494
3.875% due 11/15/2029 (m)			1,717			2,044
4.625% due 05/15/2029			700			878
4.875% due 06/15/2030 (m)	$		300			305
5.375% due 11/15/2029			150			160
Noble Holding International Ltd.
7.875% due 02/01/2026 (m)			769			560
Ortho-Clinical Diagnostics, Inc.
6.625% due 05/15/2022 (m)			1,147			1,143
Pacific Drilling SA
8.375% due 10/01/2023 (m)			813			744
Pan American Energy LLC
42.636% (BADLARPP) due 11/20/2020 «~	ARS		132,530			1,752
Par Pharmaceutical, Inc.
7.500% due 04/01/2027 (m)	$		316			315
Petroleos Mexicanos
5.350% due 02/12/2028 (m)			1,716			1,712
6.490% due 01/23/2027			200			213
6.500% due 03/13/2027 (m)			3,176			3,381
6.750% due 09/21/2047 (m)			120			121
6.840% due 01/23/2030 (m)			600			641
7.690% due 01/23/2050 (m)			330			361
PetSmart, Inc.
5.875% due 06/01/2025 (m)			203			207
Platin 1426 GmbH
6.875% due 06/15/2023 (m)	EUR		1,200			1,381
6.875% due 06/15/2023			940			1,082
QVC, Inc.
5.950% due 03/15/2043 (m)	$		1,511			1,415

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Radiate Holdco LLC
6.875% due 02/15/2023	$		48	$		49
Refinitiv U.S. Holdings, Inc.
4.500% due 05/15/2026	EUR		400			490
Scotts Miracle-Gro Co.
4.500% due 10/15/2029	$		17			17
Sealed Air Corp.
4.000% due 12/01/2027			44			45
Select Medical Corp.
6.250% due 08/15/2026			101			110
Sensata Technologies, Inc.
4.375% due 02/15/2030			66			67
Silgan Holdings, Inc.
4.125% due 02/01/2028			120			120
Staples, Inc.
7.500% due 04/15/2026			38			39
Telesat Canada
4.875% due 06/01/2027			75			77
6.500% due 10/15/2027			49			51
Tenet Healthcare Corp.
4.625% due 09/01/2024			42			44
Teva Pharmaceutical Finance BV
3.650% due 11/10/2021			170			167
Teva Pharmaceutical Finance Co. BV
3.650% due 11/10/2021			19			19
Teva Pharmaceutical Finance Netherlands BV
0.375% due 07/25/2020	EUR		487			545
2.200% due 07/21/2021 (m)	$		1,060			1,028
3.250% due 04/15/2022 (m)	EUR		800			910
6.000% due 01/31/2025			200			238
7.125% due 01/31/2025	$		200			206
Topaz Solar Farms LLC
4.875% due 09/30/2039 (m)			4,713			4,895
5.750% due 09/30/2039 (m)			13,563			14,999
TransDigm, Inc.
5.500% due 11/15/2027			250			253
Transocean Pontus Ltd.
6.125% due 08/01/2025			358			368
Transocean, Inc.
7.250% due 11/01/2025			243			239
7.500% due 01/15/2026			70			69
Trident TPI Holdings, Inc.
9.250% due 08/01/2024			46			47
Triumph Group, Inc.
5.250% due 06/01/2022			84			84
6.250% due 09/15/2024			134			141
Trivium Packaging Finance BV
5.500% due 08/15/2026 (m)			400			422
Twitter, Inc.
3.875% due 12/15/2027			50			50
Unigel Luxembourg S.A.
8.750% due 10/01/2026 (m)			500			511
United Group BV
4.375% due 07/01/2022 (m)	EUR		200			229
4.875% due 07/01/2024 (m)			200			235
Univision Communications, Inc.
5.125% due 02/15/2025 (m)	$		1,747			1,732
Valaris PLC
5.750% due 10/01/2044			321			146
7.750% due 02/01/2026			38			22
Vale Overseas Ltd.
6.875% due 11/21/2036 (m)			333			434
6.875% due 11/10/2039			110			144
ViaSat, Inc.
5.625% due 04/15/2027			34			36
Wyndham Destinations, Inc.
3.900% due 03/01/2023 (m)			204			206
4.625% due 03/01/2030			62			62
5.400% due 04/01/2024			50			53
Wynn Macau Ltd.
5.125% due 12/15/2029			200			205
						217,586

98 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UTILITIES 4.8%
CenturyLink, Inc.
5.125% due 12/15/2026	$		18	$		18
Edison International
2.400% due 09/15/2022			379			378
3.125% due 11/15/2022			186			189
3.550% due 11/15/2024			186			191
5.750% due 06/15/2027			272			306
Frontier Communications Corp.
8.000% due 04/01/2027 (m)			316			331
Odebrecht Drilling Norbe Ltd.
6.350% due 12/01/2021 ^(m)			1,178			1,176
Odebrecht Offshore Drilling Finance Ltd.
6.720% due 12/01/2022 ^(m)			9,254			9,115
Pacific Gas & Electric Co.
2.450% due 08/15/2022 ^(d)(m)			858			860
2.950% due 03/01/2026 ^(d)(m)			996			1,001
3.250% due 09/15/2021 ^(d)(m)			293			295
3.250% due 06/15/2023 ^(d)(m)			1,093			1,091
3.300% due 03/15/2027 ^(d)(m)			1,689			1,693
3.300% due 12/01/2027 ^(d)(m)			5,190			5,203
3.400% due 08/15/2024 ^(d)(m)			727			738
3.500% due 10/01/2020 ^(d)(m)			1,783			1,790
3.500% due 06/15/2025 ^(d)(m)			1,278			1,281
3.750% due 02/15/2024 ^(d)(m)			615			626
3.750% due 08/15/2042 ^(d)			58			58
3.850% due 11/15/2023 ^(d)(m)			89			90
4.000% due 12/01/2046 ^(d)			4			4
4.250% due 05/15/2021 ^(d)(m)			3,340			3,358
4.250% due 08/01/2023 ^(d)(m)			3,310			3,402
4.300% due 03/15/2045 ^(d)			233			237
4.500% due 12/15/2041 ^(d)(m)			534			540
4.600% due 06/15/2043 ^(d)			107			109
4.650% due 08/01/2028 ^(d)(m)			2,633			2,726
4.750% due 02/15/2044 ^(d)(m)			2,890			2,977
5.125% due 11/15/2043 ^(d)(m)			3,462			3,554
5.400% due 01/15/2040 ^(d)			46			48
5.800% due 03/01/2037 ^(d)(m)			8,885			9,286
6.050% due 03/01/2034 ^(d)(m)			4,901			5,143
6.250% due 03/01/2039 ^(d)(m)			1,776			1,875
6.350% due 02/15/2038 ^(d)(m)			734			779
Petrobras Global Finance BV
6.625% due 01/16/2034 (m)	GBP		700			1,118
6.850% due 06/05/2115	$		137			157
Rio Oil Finance Trust
8.200% due 04/06/2028 (m)			330			382
9.250% due 07/06/2024 (m)			4,528			5,085
9.750% due 01/06/2027 (m)			2,232			2,644
Sprint Communications, Inc.
6.000% due 11/15/2022			185			194
Sprint Corp.
7.250% due 09/15/2021 (m)			543			575
7.875% due 09/15/2023 (m)			3,100			3,427
Talen Energy Supply LLC
6.625% due 01/15/2028			62			63
Transocean Poseidon Ltd.
6.875% due 02/01/2027 (m)			320			340
Transocean Sentry Ltd.
5.375% due 05/15/2023			300			306
						74,759
Total Corporate Bonds & Notes (Cost $490,225)						511,527
CONVERTIBLE BONDS & NOTES 0.5%
INDUSTRIALS 0.5%
Caesars Entertainment Corp.
5.000% due 10/01/2024 (m)			4,394			8,465
UTILITIES 0.0%
Ensco Jersey Finance Ltd.
3.000% due 01/31/2024			66			47
Total Convertible Bonds & Notes (Cost $8,245)						8,512

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MUNICIPAL BONDS & NOTES 0.3%
ILLINOIS 0.1%
Chicago, Illinois General Obligation Bonds, Series 2015
7.375% due 01/01/2033	$		87	$		104
7.750% due 01/01/2042			129			146
Illinois State General Obligation Bonds, (BABs), Series 2010
6.725% due 04/01/2035			70			82
7.350% due 07/01/2035			50			61
Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033			580			626
						1,019
TEXAS 0.0%
Texas Public Finance Authority Revenue Notes, Series 2014
8.250% due 07/01/2024			100			101
WEST VIRGINIA 0.2%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (g)			95,900			4,195
Total Municipal Bonds & Notes (Cost $7,468)						5,315
U.S. GOVERNMENT AGENCIES 4.4%
Fannie Mae
4.128% due 07/25/2041 •(a)			3,655			571
4.278% due 10/25/2040 •(a)(m)			5,428			664
4.558% due 12/25/2037 •(a)			200			29
4.728% due 09/25/2037 •(a)(m)			680			118
4.858% due 11/25/2036 •(a)			106			14
4.928% due 06/25/2037 •(a)			407			54
5.188% due 03/25/2038 •(a)			1,529			290
5.208% due 02/25/2038 •(a)(m)			969			200
5.308% due 06/25/2023 •(a)(m)			832			58
5.342% due 07/25/2029 •(m)			1,830			1,938
7.542% due 07/25/2029 •			2,460			2,914
8.343% due 01/25/2041 •(m)			5,985			7,697
Freddie Mac
0.000% due 02/25/2046 - 11/25/2050 (b)(g)			40,392			27,609
0.100% due 02/25/2046 - 11/25/2050 (a)			248,663			459
0.100% due 11/25/2050 (a)(m)			267,785			1,377
1.939% due 11/25/2055 ~(a)			83,109			6,637
2.011% due 11/25/2045 ~(a)(m)			23,213			3,128
4.118% due 04/25/2025 ~(m)			2,680			2,561
4.670% due 05/15/2037 •(a)			147			18
4.730% due 07/15/2036 •(a)			1,941			339
4.840% due 09/15/2036 •(a)(m)			679			130
4.960% due 04/15/2036 •(a)			781			96
6.040% due 09/15/2036 •(a)(m)			1,169			259
6.942% due 10/25/2029 •			2,350			2,719
9.477% due 09/15/2041 •			602			827
10.792% due 03/25/2029 •			2,091			2,623
12.292% due 10/25/2028 •			496			683
12.526% due 09/15/2034 •			60			65
12.542% due 03/25/2025 •			3,172			4,159
Total U.S. Government Agencies (Cost $63,319)						68,236
NON-AGENCY MORTGAGE-BACKED SECURITIES 55.9%
Alba PLC
1.058% due 12/15/2038 •(m)	GBP		7,501			9,063
Alkali Europe SARL
3.000% due 05/15/2021 «•	EUR		15,000			16,809
American Home Mortgage Assets Trust
2.082% due 08/25/2037 ^•(m)	$		10,944			10,239
2.332% due 11/25/2035 •			1,188			1,172
American Home Mortgage Investment Trust
2.392% due 09/25/2045 •			4,843			4,572
2.692% due 02/25/2044 •(m)			9,706			8,838

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Banc of America Alternative Loan Trust
6.000% due 06/25/2037	$		208	$		204
6.000% due 06/25/2046			89			88
Banc of America Funding Trust
0.000% due 06/26/2035 ~			5,128			5,144
1.918% due 08/25/2047 ^~			3,942			3,627
1.975% due 04/20/2047 ^•(m)			9,039			8,289
2.215% due 02/20/2035 •(m)			4,612			4,632
3.876% due 01/20/2047 ^~			164			160
4.029% due 01/25/2035 ~			272			273
4.135% due 03/20/2036 ^~			1,125			1,085
6.119% due 07/26/2036 ~			11,496			5,668
Banc of America Mortgage Trust
4.122% due 10/20/2046 ^~			175			119
4.259% due 01/25/2036 ~			532			517
Bancaja Fondo de Titulizacion de Activos
0.000% due 10/25/2037 •(m)	EUR		1,530			1,706
Bayview Commercial Asset Trust
2.222% due 08/25/2034 •	$		95			94
BCAP LLC Trust
3.713% due 04/26/2037 ~			10,360			8,996
3.912% due 11/26/2035 ~(m)			4,916			4,746
3.917% due 02/26/2036 ~			5,174			4,006
4.011% due 07/26/2035 ~			1,186			1,187
4.347% due 07/26/2045 ~(m)			6,894			6,589
4.735% due 06/26/2036 ~			4,029			3,696
5.500% due 12/26/2035 ~(m)			5,251			4,287
6.000% due 08/26/2037 ~			2,838			2,518
Bear Stearns Adjustable Rate Mortgage Trust
4.028% due 06/25/2047 ^~(m)			2,805			2,706
Bear Stearns ALT-A Trust
1.992% due 02/25/2034 •(m)			4,582			4,283
3.811% due 11/25/2035 ^~(m)			14,834			11,800
4.047% due 09/25/2035 ^~(m)			7,572			5,071
BRAD Resecuritization Trust
2.192% due 03/12/2021 «			18,431			369
6.550% due 03/12/2021 «			3,446			3,433
CD Commercial Mortgage Trust
5.398% due 12/11/2049 ~			13			13
CD Mortgage Trust
5.688% due 10/15/2048 (m)			7,892			4,098
Chase Mortgage Finance Trust
3.782% due 03/25/2037 ^~			1,940			1,932
3.835% due 01/25/2036 ^~			7,463			6,931
Citigroup Commercial Mortgage Trust
5.589% due 12/10/2049 ~			404			259
Citigroup Mortgage Loan Trust
3.859% due 10/25/2035 ^~			2,158			2,188
3.979% due 02/25/2036 ~			8,780			8,365
4.140% due 03/25/2036 ^•			257			260
4.169% due 09/25/2037 ^~			5,069			4,969
Commercial Mortgage Loan Trust
6.052% due 12/10/2049 ~(m)			7,756			5,147
Countrywide Alternative Loan Trust
0.799% due 12/25/2035 ~(a)			11,714			364
1.687% due 12/25/2035 ~(a)			6,284			337
1.982% due 09/25/2046 ^•(m)			10,221			9,583
2.042% due 06/25/2037 •(m)			12,315			9,923
2.522% due 11/25/2035 •(m)			13,181			13,530
3.773% due 06/25/2037 ^~			155			133
5.358% due 07/25/2036 •(a)			9,591			3,040
5.500% due 02/25/2020			31			31
5.500% due 07/25/2035 ^			1,376			1,148
5.500% due 11/25/2035 ^			583			514
5.500% due 01/25/2036 ^(m)			113			114
5.500% due 04/25/2037 ^(m)			2,295			1,848
5.750% due 01/25/2036			202			160
5.750% due 01/25/2037 ^(m)			7,015			5,858
5.750% due 04/25/2037 ^			1,900			1,874
6.000% due 08/25/2036 ^			342			285
6.000% due 11/25/2036 ^(m)			326			287
6.000% due 12/25/2036			181			120
6.000% due 01/25/2037 ^			1,392			1,267
6.000% due 02/25/2037 ^			1,014			619
6.000% due 03/25/2037 ^			12,548			7,721
6.000% due 04/25/2037 ^			5,837			3,879
6.000% due 07/25/2037 ^			175			175

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 99

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.000% due 09/25/2037	$		9,153	$		5,552
28.248% due 05/25/2037 ^•			918			1,748
Countrywide Home Loan Mortgage Pass-Through Trust
2.132% due 03/25/2036 •			1,288			535
2.392% due 03/25/2035 •			220			198
3.429% due 11/20/2035 ~			11,065			10,199
3.662% due 03/25/2046 ^•(m)			6,938			4,779
4.365% due 06/25/2047 ^~(m)			3,691			3,582
5.000% due 11/25/2035 ^			40			32
5.500% due 12/25/2034			112			112
5.500% due 11/25/2035 ^			49			44
6.000% due 07/25/2037 ^			223			182
6.000% due 08/25/2037 (m)			4,781			3,802
6.000% due 08/25/2037 ^			2			2
Credit Suisse Mortgage Capital Certificates
2.772% due 02/27/2047 ~(m)			44,617			26,911
3.942% due 04/26/2035 ~			12,430			12,267
3.995% due 07/26/2037 ~(m)			10,787			10,196
4.270% due 06/25/2036 ~(m)			7,399			7,290
7.000% due 08/26/2036			14,458			5,339
7.000% due 08/27/2036			3,536			2,014
Credit Suisse Mortgage Capital Mortgage-Backed Trust
5.896% due 04/25/2036 þ			6,383			4,710
Credit Suisse Mortgage Capital Trust
6.500% due 07/26/2036 ^(m)			11,479			5,236
Debussy DTC PLC
5.930% due 07/12/2025	GBP		18,712			24,783
8.250% due 07/12/2025			5,000			6,610
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
6.000% due 10/25/2021 ^	$		197			168
Dssv SARL
3.000% due 10/15/2024 «•	EUR		15,000			16,825
Eurosail PLC
0.000% due 06/13/2045 ~	GBP		2			2,395
1.779% (BP0003M + 1.000%) due 06/13/2045 ~(m)			6,163			7,688
2.029% (BP0003M + 1.250%) due 06/13/2045 ~			6,399			7,729
2.529% (BP0003M + 1.750%) due 06/13/2045 ~			3,946			4,798
4.279% (BP0003M + 3.500%) due 06/13/2045 ~			1,411			1,785
First Horizon Alternative Mortgage Securities Trust
4.043% due 08/25/2035 ^~	$		863			162
5.308% due 11/25/2036 •(a)			1,048			411
First Horizon Mortgage Pass-Through Trust
5.500% due 08/25/2037 ^			403			309
Fondo de Titulizacion de Activos UCI
0.000% due 06/16/2049 •(m)	EUR		1,255			1,359
GC Pastor Hipotecario FTA
0.000% due 06/21/2046 •			4,962			4,977
GreenPoint Mortgage Funding Trust
1.992% due 12/25/2046 ^•(m)	$		4,546			4,375
Grifonas Finance PLC
0.000% due 08/28/2039 •	EUR		9,044			9,388
GS Mortgage Securities Corp. Trust
4.591% due 10/10/2032 ~(m)	$		9,500			9,345
4.591% due 10/10/2032 ~			1,700			1,630
GSR Mortgage Loan Trust
4.198% due 11/25/2035 ~			169			131
6.500% due 08/25/2036 ^•(m)			817			493
HarborView Mortgage Loan Trust
2.004% due 03/19/2036 ^•(m)			11,819			11,375
2.264% due 01/19/2036 •			6,824			5,441
2.415% due 06/20/2035 •(m)			7,871			7,871
2.665% due 06/20/2035 •			1,816			1,735
Hipocat FTA
0.000% due 10/24/2039 •(m)	EUR		4,439			4,941
0.000% due 01/15/2050 •			5,240			5,563
IM Pastor Fondo de Titluzacion Hipotecaria
0.000% due 03/22/2043 •			1,683			1,739
Impac CMB Trust
2.512% due 10/25/2034 •	$		213			214
Impac Secured Assets Trust
1.902% due 05/25/2037 ^•			7			6

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
IndyMac Mortgage Loan Trust
1.992% due 11/25/2046 •(m)	$		5,756	$		5,506
2.042% due 02/25/2037 •			3,606			2,658
2.092% due 07/25/2036 •			510			421
3.282% due 03/25/2037 ~			29			28
3.630% due 06/25/2037 ^~			3,949			3,351
3.716% due 02/25/2035 ~			315			305
JPMorgan Alternative Loan Trust
1.992% due 06/25/2037 •			29,889			15,685
3.584% due 11/25/2036 ^~(m)			628			605
5.960% due 12/25/2036 ^þ			7,601			7,532
JPMorgan Chase Commercial Mortgage Securities Trust
1.478% due 06/15/2045 ~(a)(m)			40,477			880
JPMorgan Mortgage Trust
3.989% due 10/25/2036 ~			736			656
4.107% due 06/25/2037 ^~(m)			3,576			3,336
Lavender Trust
6.000% due 11/26/2036			11,719			11,945
LB-UBS Commercial Mortgage Trust
0.163% due 02/15/2040 ~(a)			4,945			0
Lehman Mortgage Trust
6.000% due 08/25/2036 ^(m)			973			933
6.000% due 09/25/2036 ^			579			498
6.500% due 09/25/2037 ^			3,708			2,114
7.250% due 09/25/2037 ^			31,331			12,248
Lehman XS Trust
2.072% due 07/25/2037 •(m)			23,303			18,025
2.292% due 07/25/2047 •(m)			3,494			3,094
MASTR Adjustable Rate Mortgages Trust
1.992% due 05/25/2047 •(m)			15,695			17,581
2.472% due 05/25/2047 ^•			4,243			4,679
MASTR Alternative Loan Trust
2.142% due 03/25/2036 •			20,176			3,035
2.192% due 03/25/2036 ^•			26,667			4,093
Merrill Lynch Mortgage Investors Trust
4.506% due 05/25/2036 ~			4,281			4,175
Morgan Stanley Re-REMIC Trust
4.427% due 07/26/2035 ~(m)			19,893			19,939
4.609% due 09/26/2035 ~			2,623			2,701
6.000% due 04/26/2036 (m)			7,969			8,933
Mortgage Equity Conversion Asset Trust
4.000% due 07/25/2060			1,935			1,888
Motel 6 Trust
8.666% due 08/15/2024 •			14,663			14,923
Natixis Commercial Mortgage Securities Trust
4.740% due 11/15/2034 •			1,280			1,272
5.740% due 11/15/2034 •			555			546
Newgate Funding PLC
0.854% due 12/15/2050 •(m)	EUR		1,643			1,780
0.998% due 12/15/2050 •(m)	GBP		1,444			1,698
1.104% due 12/15/2050 •(m)	EUR		3,136			3,369
2.048% due 12/15/2050 •	GBP		2,479			3,179
Nomura Resecuritization Trust
7.213% due 09/26/2035 ~	$		3,968			3,796
NovaStar Mortgage Funding Trust
1.516% due 09/25/2046 •			421			405
RBSSP Resecuritization Trust
4.269% due 07/26/2045 ~(m)			20,150			20,272
4.314% due 05/26/2037 ~(m)			5,148			4,529
6.000% due 03/26/2036 ^			5,655			4,479
Residential Accredit Loans, Inc. Trust
1.972% due 07/25/2036 ^•			9,554			5,829
1.982% due 05/25/2037 •(m)			12,896			12,360
3.239% due 01/25/2046 ^•			4,852			4,622
5.732% due 01/25/2036 ~			466			412
6.000% due 08/25/2035 ^			744			744
6.000% due 06/25/2036			284			270
6.000% due 09/25/2036 ^			4,555			3,234
7.000% due 10/25/2037			8,427			7,489
Residential Asset Securitization Trust
5.500% due 07/25/2035			758			668
6.250% due 08/25/2037 ^			4,141			1,638
Residential Funding Mortgage Securities, Inc. Trust
5.433% due 08/25/2036 ^~			1,263			1,098
5.850% due 11/25/2035 ^			127			122
6.000% due 04/25/2037 ^			1,053			1,021

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Rite Aid Pass-Through Certificates
6.781% due 01/02/2021 ~	$		7,625	$		7,796
RiverView HECM Trust
2.030% due 05/25/2047 •(m)			6,664			6,255
Sequoia Mortgage Trust
2.135% due 07/20/2036 •			1,616			917
2.965% due 10/20/2027 •			871			854
Structured Adjustable Rate Mortgage Loan Trust
3.965% due 08/25/2036 ~			3,006			1,226
4.015% due 02/25/2037 ^~			10,535			9,270
4.403% due 04/25/2047 ~			1,694			1,230
Structured Asset Mortgage Investments Trust
1.982% due 07/25/2046 ^•(m)			13,928			11,765
2.132% due 03/25/2037 ^•			683			418
4.111% due 02/25/2036 ~			4,366			4,134
SunTrust Alternative Loan Trust
5.358% due 04/25/2036 ^•(a)			4,567			1,438
TBW Mortgage-Backed Trust
6.500% due 07/25/2036 (m)			19,451			9,124
Theatre Hospitals PLC
3.785% due 10/15/2031 •	GBP		5,456			7,227
3.785% due 10/15/2031 •(m)			11,059			14,649
4.190% due 12/15/2024 «(k)			370			0
4.535% due 10/15/2031 •			776			1,028
WaMu Mortgage Pass-Through Certificates Trust
2.212% due 06/25/2044 •	$		188			183
2.377% due 07/25/2047 ^•(m)			673			571
2.989% due 06/25/2047 ^•			2,890			932
3.049% due 07/25/2047 •(m)			18,086			16,432
3.119% due 10/25/2046 ^•(m)			368			354
3.871% due 03/25/2037 ^~			3,128			3,043
4.000% due 02/25/2037 ^~			370			355
Washington Mutual Mortgage Pass-Through Certificates Trust
2.032% due 01/25/2047 ^•			10,109			9,382
2.392% due 07/25/2036 ^•			5,696			3,811
6.000% due 04/25/2037 ^			3,075			2,994
Wells Fargo Alternative Loan Trust
4.870% due 07/25/2037 ^~			2,829			2,629
5.750% due 07/25/2037 ^			326			318
Wells Fargo Mortgage Loan Trust
5.220% due 04/27/2036 ~(m)			10,110			9,775
Wells Fargo Mortgage-Backed Securities Trust
6.000% due 06/25/2037 ^			167			167
Total Non-Agency Mortgage-Backed Securities (Cost $745,336)						876,810
ASSET-BACKED SECURITIES 37.2%
ACE Securities Corp. Home Equity Loan Trust
2.752% due 08/25/2035 •			5,213			2,924
Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates
3.892% due 09/25/2034 •			740			737
Asset-Backed Funding Certificates Trust
2.842% due 03/25/2034 ^•			918			901
Bear Stearns Asset-Backed Securities Trust
2.342% due 06/25/2036 •(m)			8,846			8,838
3.338% due 10/25/2036 ~			3,604			2,464
Citigroup Mortgage Loan Trust
1.952% due 12/25/2036 •(m)			16,506			11,488
2.012% due 12/25/2036 •(m)			9,538			5,207
2.492% due 11/25/2046 •(m)			2,100			1,684
4.865% due 03/25/2036 ^þ			1,927			1,335
5.852% due 05/25/2036 ^þ			472			260
Citigroup Mortgage Loan Trust, Inc.
2.052% due 03/25/2037 •(m)			20,329			18,775
Conseco Finance Corp.
7.060% due 02/01/2031 ~			3,855			3,799
7.500% due 03/01/2030 ~(m)			7,584			4,891
Conseco Finance Securitizations Corp.
9.163% due 03/01/2033 ~			8,020			7,362
Cork Street CLO Designated Activity Co.
0.000% due 11/27/2028 ~	EUR		2,667			2,778

100 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Coronado CDO Ltd.
3.400% due 09/04/2038 •	$		10,834	$		6,799
6.000% due 09/04/2038			1,667			1,268
Countrywide Asset-Backed Certificates
1.922% due 12/25/2036 ^•(m)			12,636			11,912
1.962% due 06/25/2047 •(m)			1,510			1,508
1.992% due 06/25/2037 ^•(m)			8,248			7,993
1.992% due 06/25/2047 ^•(m)			21,360			19,232
2.052% due 01/25/2046 ^•(m)			34,748			27,418
2.212% due 06/25/2036 ^•(m)			8,000			7,661
4.414% due 02/25/2036 ~			40			41
Countrywide Asset-Backed Certificates Trust
2.032% due 03/25/2047 ^•(m)			7,655			7,023
2.522% due 04/25/2036 ^•(m)			21,300			21,337
3.142% due 11/25/2035 •			3,108			542
5.859% due 10/25/2046 ^~			2,251			2,135
Countrywide Home Equity Loan Trust
5.657% due 03/25/2034 ~			46			46
Crecera Americas LLC
5.563% due 08/31/2020 •			22,300			22,324
Credit-Based Asset Servicing & Securitization CBO Corp.
2.137% due 09/06/2041 •			27,723			2,176
Credit-Based Asset Servicing & Securitization LLC
6.250% due 10/25/2036 þ(m)			7,993			8,174
CSAB Mortgage-Backed Trust
5.500% due 05/25/2037 ^			3,137			2,882
ECAF Ltd.
4.947% due 06/15/2040 (m)			2,369			2,382
EMC Mortgage Loan Trust
2.732% due 04/25/2042 •(m)			1,595			1,591
5.167% due 04/25/2042 •			2,813			2,543
First Franklin Mortgage Loan Trust
2.262% due 11/25/2036 •(m)			5,000			4,571
2.292% due 12/25/2035 •(m)			23,487			22,372
Glacier Funding CDO Ltd.
2.172% due 08/04/2035 •			10,274			2,473
GMAC Mortgage Corp. Home Equity Loan Trust
6.749% due 12/25/2037 þ			2,388			2,443
GSAMP Trust
3.667% due 06/25/2034 •(m)			1,253			1,230
Hout Bay Corp.
1.954% due 07/05/2041 •			34,268			8,173
Hyundai Auto Receivables Trust
1.000% due 12/15/2022 «			7,500			5,746
IndyMac Home Equity Mortgage Loan Asset-Backed Trust
6.192% due 12/25/2031 ^þ			569			223
JPMorgan Mortgage Acquisition Corp.
2.412% due 12/25/2035 •(m)			16,459			16,193
KGS-Alpha SBA COOF Trust
1.040% due 04/25/2038 «~(a)			1,551			36
Lehman XS Trust
6.170% due 06/24/2046 þ			1,608			1,620
Long Beach Mortgage Loan Trust
1.982% due 02/25/2036 •(m)			10,028			8,941
2.312% due 08/25/2045 •(m)			13,608			13,384
2.497% due 11/25/2035 •(m)			16,062			13,902
2.842% due 02/25/2034 •			118			118
2.842% due 06/25/2035 •(m)			7,300			7,309
Marlette Funding Trust
0.000% due 09/17/2029 «(g)			12			4,722
MASTR Asset-Backed Securities Trust
1.942% due 03/25/2036 •(m)			7,735			5,723
2.362% due 01/25/2036 •(m)			400			395
Mid-State Capital Corp. Trust
6.742% due 10/15/2040			4,983			5,680
Morgan Stanley ABS Capital, Inc. Trust
1.892% due 11/25/2036 •			1,635			1,125
2.122% due 02/25/2037 •(m)			5,759			3,571
2.827% due 01/25/2035 •			1,777			1,200
Morgan Stanley Home Equity Loan Trust
2.022% due 04/25/2037 •(m)			29,265			19,468

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
National Collegiate Commutation Trust
0.000% due 03/25/2038 •	$		37,800	$		13,504
Oakwood Mortgage Investors, Inc.
7.840% due 11/15/2029 ~			2,603			2,770
8.490% due 10/15/2030 ^(m)			1,185			1,039
Ocean Trails CLO
7.005% due 08/13/2025 •(m)			1,500			1,498
Option One Mortgage Loan Trust
2.152% due 01/25/2036 •(m)			20,000			18,600
Palisades CDO Ltd.
2.903% due 07/22/2039 •			4,900			2,538
Popular ABS Mortgage Pass-Through Trust
3.042% due 08/25/2035 •(m)			3,663			3,766
Residential Asset Mortgage Products Trust
2.767% due 04/25/2034 •			3,704			3,647
Residential Asset Securities Corp. Trust
2.032% due 08/25/2036 •(m)			10,998			8,631
Saxon Asset Securities Trust
2.242% due 11/25/2037 •(m)			13,000			12,716
SLM Student Loan EDC Repackaging Trust
0.000% due 10/28/2029 «(g)			11			10,917
SLM Student Loan Trust
0.000% due 01/25/2042 «(g)			9			5,766
SMB Private Education Loan Trust
0.000% due 10/15/2048 «(g)			3			1,996
SoFi Professional Loan Program LLC
0.000% due 03/25/2036 «(g)			80			622
0.000% due 01/25/2039 (g)			9,180			2,747
0.000% due 05/25/2040 (g)			9,300			3,430
0.000% due 07/25/2040 «(g)			47			1,878
0.000% due 09/25/2040 (g)			4,003			2,000
Soloso CDO Ltd.
2.363% due 10/07/2037 •			4,800			3,948
Soundview Home Loan Trust
2.072% due 06/25/2037 •(m)			7,972			6,186
2.292% due 03/25/2036 •(m)			16,905			16,508
South Coast Funding Ltd.
2.303% due 01/06/2041 •			145,851			33,832
Structured Asset Securities Corp.
7.792% due 05/25/2032 ^•			7,065			6,249
Symphony CLO Ltd.
6.601% due 07/14/2026 •(m)			4,400			4,141
Tropic CDO Ltd.
2.321% due 07/15/2036 •			4,378			3,990
Verde CDO Ltd.
2.273% due 10/05/2045 •			86,920			30,192
Total Asset-Backed Securities (Cost $561,692)						584,159
SOVEREIGN ISSUES 4.6%
Argentina Government International Bond
2.500% due 07/22/2021 (h)	ARS		37,645			299
3.375% due 01/15/2023	EUR		400			205
3.380% due 12/31/2038 þ(m)			13,491			7,032
3.875% due 01/15/2022 (m)			3,000			1,616
4.000% due 03/06/2020 (h)	ARS		211,717			2,113
5.250% due 01/15/2028	EUR		300			150
6.250% due 11/09/2047			100			51
7.820% due 12/31/2033 (m)			17,345			11,273
7.820% due 12/31/2033			405			258
15.500% due 10/17/2026	ARS		163,630			760
42.836% (BADLARPP + 2.000%) due 04/03/2022 ~			147,204			1,306
45.399% (BADLARPP + 3.250%) due 03/01/2020 ~			2,300			25
56.589% (ARLLMONP) due 06/21/2020 ~(a)			267,776			2,422
59.928% (BADLARPP) due 10/04/2022 ~(a)			138			2
Autonomous City of Buenos Aires Argentina
44.086% due 03/29/2024 •			866,312			9,948
51.313% (BADLARPP + 5.000%) due 01/23/2022 ~(a)			50,490			632

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Autonomous Community of Catalonia
4.900% due 09/15/2021	EUR		50	$		60
4.950% due 02/11/2020			50			56
Export-Credit Bank of Turkey
8.250% due 01/24/2024 (m)	$		600			654
Provincia de Buenos Aires
45.979% due 05/31/2022 •	ARS		16,910			133
52.270% (BADLARPP + 3.750%) due 04/12/2025 ~(a)			717,986			5,447
South Africa Government International Bond
4.850% due 09/30/2029 (m)	$		3,200			3,208
5.750% due 09/30/2049 (m)			2,200			2,147
Turkey Government International Bond
3.250% due 06/14/2025	EUR		300			336
4.625% due 03/31/2025 (m)			4,900			5,825
5.200% due 02/16/2026 (m)			1,500			1,827
5.600% due 11/14/2024 (m)	$		7,300			7,441
7.625% due 04/26/2029 (m)			6,400			7,086
Venezuela Government International Bond
6.000% due 12/09/2020 ^(d)			590			71
8.250% due 10/13/2024 ^(d)			136			16
9.250% due 09/15/2027 ^(d)			734			88
Total Sovereign Issues (Cost $115,110)						72,487
		SHARES
COMMON STOCKS 1.9%
COMMUNICATION SERVICES 0.4%
Clear Channel Outdoor Holdings, Inc. (e)			1,495,047			4,276
iHeartMedia, Inc.			1,108			17
iHeartMedia, Inc. ‘A’ (e)			82,474			1,393
						5,686
CONSUMER DISCRETIONARY 1.1%
Caesars Entertainment Corp. (e)			1,283,486			17,455
Desarrolladora Homex S.A.B. de C.V. (e)			719,113			4
Urbi Desarrollos Urbanos S.A.B. de C.V. (e)			95,515			5
						17,464
ENERGY 0.1%
Dommo Energia S.A. (e)(k)			331,036			241
Dommo Energia S.A. «			838,824			506
Dommo Energia S.A. SP - ADR «(e)			2,627			19
						766
INDUSTRIALS 0.0%
Westmoreland Mining Holdings LLC «(k)			358			5
UTILITIES 0.3%
Eneva S.A. (e)(k)			37,702			410
TexGen Power LLC «			130,864			4,678
						5,088
Total Common Stocks (Cost $38,307)						29,009
WARRANTS 0.6%
COMMUNICATION SERVICES 0.6%
iHeartMedia, Inc.			537,144			9,078
Total Warrants (Cost $9,849)						9,078

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 101

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

	SHARES			MARKET VALUE (000S)
PREFERRED SECURITIES 2.2%
BANKING & FINANCE 2.2%
AGFC Capital Trust
3.751% (US0003M + 1.750%) due 01/15/2067 ~(m)		12,900,000	$		6,450
Nationwide Building Society
10.250% ~(m)		124,916			27,467
Stichting AK Rabobank Certificaten
6.500% due 12/29/2049 (i)		440,000			629
					34,546
INDUSTRIALS 0.0%
General Electric Co.
5.000% due 01/21/2021 •(i)(m)		737,000			723
Total Preferred Securities (Cost $33,822)					35,269

		SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 1.0%
REAL ESTATE 1.0%
VICI Properties, Inc.			594,589	$		15,192
Total Real Estate Investment Trusts (Cost $7,461)						15,192
SHORT-TERM INSTRUMENTS 5.9%
REPURCHASE AGREEMENTS (l) 5.1%
						80,087
		PRINCIPAL AMOUNT (000S)
ARGENTINA TREASURY BILLS 0.1%
41.333% due 04/03/2020 «~	ARS		14,500			198
43.313% due 06/22/2020 «~			13,080			194
87.792% due 02/26/2020 - 08/27/2020 (f)(g)			125,893			1,789
						2,181

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. TREASURY BILLS 0.7%
1.598% due 01/16/2020 - 02/27/2020 (f)(g)(m)(p)	$		11,428	$		11,412
Total Short-Term Instruments (Cost $94,952)						93,680
Total Investments in Securities (Cost $2,476,437)						2,604,426
Total Investments 165.9% (Cost $2,476,437)				$		2,604,426
Financial Derivative Instruments (n)(o) (0.5)% (Cost or Premiums, net $(5,018))						(7,661	)
Other Assets and Liabilities, net (65.4)%						(1,026,868	)
Net Assets 100.0%				$		1,569,897

NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:

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

^ 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. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

~ 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) Interest only security.

(b) Principal only security.

(c) Payment in-kind security.

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

(e) Security did not produce income within the last twelve months.

(f) Coupon represents a weighted average yield to maturity.

(g) Zero coupon security.

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

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

(j) Contingent convertible security.

(k)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Buffalo Thunder Development Authority 0.000% due 11/15/2029		12/08/2014	$	1	$	2		0.00	%
Dommo Energia S.A.		12/21/2017 - 12/26/2017		86		241		0.01
Eneva S.A.		12/21/2017 - 12/03/2019		175		410		0.03
Pinnacol Assurance 8.625% due 06/25/2034		06/23/2014		10,200		10,917		0.70
Preylock Reitman Santa Cruz Mezz LLC (0.005)% - 7.210% due 11/09/2022		04/09/2018		5,540		5,564		0.35
Project Anfora Senior 2.325% due 10/01/2026		09/30/2019		21,745		22,378		1.43
Theatre Hospitals PLC 4.190% due 12/15/2024		12/17/2018		11		0		0.00
Westmoreland Mining Holdings LLC		03/26/2019		1		5		0.00
			$	37,759	$	39,517		2.52	%

102 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(l)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		1.250	%		12/31/2019		01/02/2020	$	3,087	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2020	$	(3,151	)	$	3,087	$	3,087
JPS		1.650			12/31/2019		01/02/2020		77,000	U.S. Treasury Bonds 3.000% due 11/15/2045		(77,894	)		77,000		77,007
Total Repurchase Agreements											$	(81,045	)	$	80,087	$	80,094

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(2)			Settlement Date		Maturity Date			Amount Borrowed(2)				Payable for Reverse Repurchase Agreements
BCY		1.900	%		11/01/2019		TBD	(3)		$	(88	)	$	(88	)
BNY		2.740			11/05/2019		02/03/2020				(30,790	)		(30,926	)
		2.744			11/21/2019		02/19/2020				(19,285	)		(19,347	)
		2.758			11/05/2019		02/03/2020				(7,332	)		(7,365	)
		2.769			11/27/2019		02/25/2020				(9,521	)		(9,547	)
		2.893			10/04/2019		01/06/2020				(15,946	)		(16,061	)
BOS		2.247			12/03/2019		01/07/2020				(622	)		(623	)
		2.545			11/15/2019		01/15/2020				(1,482	)		(1,487	)
		2.641			11/14/2019		01/14/2020				(7,275	)		(7,301	)
		2.695			11/15/2019		01/15/2020				(9,415	)		(9,449	)
BPS		(0.100	)		10/15/2019		01/23/2020			EUR	(369	)		(414	)
		(0.050	)		11/12/2019		02/12/2020				(7,397	)		(8,297	)
		(0.050	)		12/04/2019		03/04/2020				(1,082	)		(1,214	)
		1.200			10/08/2019		01/08/2020			GBP	(2,752	)		(3,656	)
		1.300			11/28/2019		02/28/2020				(1,768	)		(2,345	)
		1.360			10/04/2019		02/04/2020				(12,229	)		(16,252	)
		2.350			12/13/2019		01/10/2020			$	(1,208	)		(1,210	)
		2.370			01/06/2020		02/07/2020				(1,399	)		(1,399	)
		2.400			11/18/2019		02/18/2020				(12,729	)		(12,767	)
		2.500			11/14/2019		01/10/2020				(6,394	)		(6,416	)
		2.550			10/24/2019		01/22/2020				(10,459	)		(10,511	)
		2.550			12/19/2019		01/22/2020				(428	)		(428	)
		2.580			11/27/2019		01/21/2020				(2,500	)		(2,506	)
		2.650			10/24/2019		01/22/2020				(3,343	)		(3,360	)
		2.650			11/07/2019		01/06/2020				(1,332	)		(1,337	)
		2.703			11/18/2019		02/18/2020				(1,652	)		(1,658	)
		2.853			11/18/2019		02/18/2020				(11,838	)		(11,880	)
		2.892			03/05/2019		03/05/2020				(42,398	)		(42,501	)
		2.892			10/07/2019		03/05/2020				(5,782	)		(5,796	)
		2.898			11/21/2019		02/19/2020				(16,454	)		(16,510	)
		2.900			11/13/2019		01/13/2020				(2,096	)		(2,104	)
		3.127			10/07/2019		03/05/2020				(16,286	)		(16,409	)
		3.144			12/14/2018		TBD	(3)			(24,480	)		(24,962	)
BRC		(0.500	)		12/18/2019		TBD	(3)		GBP	(605	)		(801	)
		1.850			11/01/2019		TBD	(3)		$	(2,835	)		(2,844	)
		2.250			11/04/2019		01/03/2020				(2,968	)		(2,979	)
		2.250			11/27/2019		01/03/2020				(1,926	)		(1,930	)
		2.250			01/03/2020		03/03/2020				(4,901	)		(4,901	)
		2.804			12/27/2019		01/27/2020				(23,332	)		(23,343	)
		2.884			10/10/2019		01/08/2020				(1,176	)		(1,184	)
		2.934			10/22/2019		01/22/2020				(4,035	)		(4,059	)
		2.935			10/25/2019		01/23/2020				(9,696	)		(9,751	)
		3.117			12/13/2019		01/24/2020				(7,041	)		(7,053	)
DBL		2.677			10/31/2019		01/31/2020				(35,933	)		(36,101	)
IND		(0.230	)		10/07/2019		01/07/2020			EUR	(4,292	)		(4,812	)
		2.640			11/20/2019		02/18/2020			$	(2,019	)		(2,025	)
JML		(0.300	)		10/18/2019		01/17/2020			EUR	(666	)		(747	)
		(0.250	)		10/18/2019		01/17/2020				(1,457	)		(1,633	)
		(0.200	)		10/23/2019		01/23/2020				(997	)		(1,117	)
		(0.116	)		10/17/2019		01/17/2020				(5,527	)		(6,198	)
		(0.066	)		10/17/2019		01/17/2020				(1,023	)		(1,147	)
		0.200			10/15/2019		01/10/2020				(5,333	)		(5,985	)
		0.900			10/15/2019		01/14/2020			GBP	(1,588	)		(2,107	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 103

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

Counterparty	Borrowing Rate(2)			Settlement Date		Maturity Date			Amount Borrowed(2)				Payable for Reverse Repurchase Agreements
		0.950	%		10/15/2019		01/14/2020			GBP	(14,798	)	$	(19,640	)
		0.950			10/16/2019		01/15/2020				(14,783	)		(19,621	)
		0.950			10/17/2019		01/16/2020				(13,598	)		(18,047	)
		0.950			10/18/2019		01/14/2020				(3,310	)		(4,393	)
		0.950			10/18/2019		01/15/2020				(1,278	)		(1,696	)
		0.950			10/18/2019		01/17/2020				(5,141	)		(6,823	)
		0.950			10/22/2019		01/22/2020				(622	)		(825	)
		0.950			10/23/2019		01/23/2020				(14,214	)		(18,862	)
		0.950			11/20/2019		01/16/2020				(943	)		(1,250	)
MBC		2.710			11/08/2019		02/07/2020			$	(4,099	)		(4,116	)
		2.760			11/04/2019		02/05/2020				(11,352	)		(11,403	)
		2.780			11/04/2019		02/05/2020				(20,429	)		(20,522	)
		2.810			11/08/2019		02/07/2020				(2,798	)		(2,810	)
		3.010			11/04/2019		02/05/2020				(3,611	)		(3,629	)
MSB		3.209			05/01/2019		05/01/2020				(17,470	)		(17,577	)
MZF		2.453			11/05/2019		01/06/2020				(2,571	)		(2,581	)
		2.853			11/05/2019		01/06/2020				(5,283	)		(5,307	)
		3.003			11/05/2019		01/06/2020				(1,935	)		(1,944	)
NOM		2.300			11/04/2019		01/03/2020				(1,796	)		(1,803	)
		2.300			01/03/2020		02/04/2020				(2,696	)		(2,696	)
		2.350			11/05/2019		02/03/2020				(1,365	)		(1,370	)
		2.400			11/04/2019		01/03/2020				(956	)		(960	)
		2.400			11/07/2019		01/07/2020				(2,609	)		(2,619	)
		2.400			11/12/2019		01/13/2020				(1,196	)		(1,200	)
		2.400			11/19/2019		01/21/2020				(8,127	)		(8,151	)
		2.400			12/04/2019		01/21/2020				(2,966	)		(2,972	)
		2.450			11/05/2019		02/03/2020				(606	)		(608	)
		2.450			11/12/2019		01/13/2020				(10,237	)		(10,273	)
		2.450			11/12/2019		02/03/2020				(188	)		(189	)
		2.600			11/05/2019		02/03/2020				(700	)		(703	)
		2.600			12/18/2019		02/03/2020				(401	)		(401	)
		2.800			11/19/2019		01/21/2020				(4,371	)		(4,386	)
RCY		2.500			11/19/2019		02/14/2020				(6,784	)		(6,805	)
RDR		1.950			12/06/2019		01/06/2020				(590	)		(591	)
RTA		2.270			11/15/2019		01/14/2020				(986	)		(989	)
		2.328			11/18/2019		02/18/2020				(2,003	)		(2,009	)
		2.329			11/08/2019		02/07/2020				(7,918	)		(7,946	)
		2.364			10/25/2019		01/23/2020				(11,703	)		(11,756	)
		2.364			11/27/2019		01/23/2020				(311	)		(312	)
		2.378			10/21/2019		01/21/2020				(2,781	)		(2,794	)
		2.452			10/08/2019		01/07/2020				(4,443	)		(4,469	)
		2.452			12/23/2019		01/07/2020				(1,335	)		(1,336	)
		2.504			11/08/2019		02/07/2020				(341	)		(342	)
		2.791			11/21/2019		05/19/2020				(10,807	)		(10,842	)
		2.794			11/07/2019		02/05/2020				(18,117	)		(18,196	)
		2.803			11/18/2019		02/18/2020				(31,437	)		(31,547	)
		2.988			08/28/2019		02/24/2020				(35,451	)		(35,825	)
		3.059			09/23/2019		03/23/2020				(19,304	)		(19,470	)
		3.063			09/25/2019		03/25/2020				(3,871	)		(3,904	)
SBI		0.500			11/01/2019		TBD	(3)			(7,584	)		(7,590	)
		2.839			10/24/2019		01/24/2020				(1,445	)		(1,453	)
		2.854			11/14/2019		02/12/2020				(14,434	)		(14,490	)
		3.186			10/11/2019		01/09/2020				(2,803	)		(2,824	)
SOG		2.270			11/08/2019		01/09/2020				(5,441	)		(5,460	)
		2.350			11/26/2019		02/24/2020				(12,634	)		(12,664	)
		2.360			11/14/2019		02/12/2020				(1,030	)		(1,033	)
		2.746			11/14/2019		01/16/2020				(31,033	)		(31,149	)
		2.799			11/20/2019		02/19/2020				(7,678	)		(7,704	)
		2.809			11/13/2019		02/11/2020				(8,358	)		(8,391	)
		2.952			10/17/2019		01/17/2020				(1,909	)		(1,921	)
UBS		0.120			11/22/2019		02/24/2020			EUR	(687	)		(771	)
		0.150			11/20/2019		02/20/2020				(354	)		(397	)
		0.150			12/16/2019		02/20/2020				(382	)		(429	)
		1.605			10/29/2019		01/29/2020			GBP	(8,197	)		(10,888	)
		2.250			11/01/2019		TBD	(3)		$	(32,446	)		(32,572	)
		2.300			12/06/2019		01/08/2020				(2,174	)		(2,178	)
		2.400			12/13/2019		01/10/2020				(4,510	)		(4,516	)
		2.450			10/28/2019		01/27/2020				(3,614	)		(3,630	)
		2.450			11/01/2019		01/30/2020				(1,622	)		(1,629	)
		2.450			11/06/2019		02/04/2020				(2,724	)		(2,735	)

104 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

Counterparty	Borrowing Rate(2)			Settlement Date		Maturity Date		Amount Borrowed(2)			Payable for Reverse Repurchase Agreements
		2.450	%		11/07/2019		02/05/2020	$	(7,942	)	$	(7,972	)
		2.450			11/12/2019		02/10/2020		(24,128	)		(24,212	)
		2.450			11/14/2019		01/07/2020		(6,679	)		(6,701	)
		2.450			11/21/2019		02/19/2020		(11,746	)		(11,780	)
		2.450			11/29/2019		01/07/2020		(4,474	)		(4,484	)
		2.450			12/10/2019		01/07/2020		(2,994	)		(2,999	)
		2.450			12/16/2019		01/30/2020		(707	)		(708	)
		2.450			12/19/2019		01/07/2020		(2,033	)		(2,035	)
		2.450			12/23/2019		01/07/2020		(2,118	)		(2,119	)
		2.450			12/31/2019		01/07/2020		(1,764	)		(1,764	)
		2.450			12/31/2019		02/19/2020		(7,005	)		(7,005	)
		2.500			10/21/2019		01/22/2020		(3,272	)		(3,289	)
		2.500			10/25/2019		01/24/2020		(1,797	)		(1,806	)
		2.500			11/06/2019		02/04/2020		(8,954	)		(8,989	)
		2.500			11/07/2019		02/05/2020		(1,749	)		(1,756	)
		2.500			11/14/2019		01/07/2020		(3,065	)		(3,075	)
		2.500			11/21/2019		02/19/2020		(5,742	)		(5,759	)
		2.500			11/27/2019		01/24/2020		(568	)		(569	)
		2.600			10/25/2019		01/24/2020		(1,453	)		(1,460	)
		2.889			10/25/2019		01/24/2020		(1,277	)		(1,284	)
Total Reverse Repurchase Agreements											$	(1,029,543	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2019:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net  Exposure(4)
Global/Master Repurchase Agreement
BCY	$	0	$	(88	)	$	0	$	(88	)	$	85		$	(3	)
BNY		0		(83,246	)		0		(83,246	)		104,082			20,836
BOS		0		(18,860	)		0		(18,860	)		23,845			4,985
BPS		0		(193,932	)		0		(193,932	)		233,636			39,704
BRC		0		(58,845	)		0		(58,845	)		73,179			14,334
DBL		0		(36,101	)		0		(36,101	)		50,217			14,116
FICC		3,087		0			0		3,087			(3,151	)		(64	)
IND		0		(6,837	)		0		(6,837	)		7,530			693
JML		0		(110,091	)		0		(110,091	)		128,259			18,168
JPS		77,007		0			0		77,007			(77,894	)		(887	)
MBC		0		(42,480	)		0		(42,480	)		53,824			11,344
MSB		0		(17,577	)		0		(17,577	)		23,371			5,794
MZF		0		(9,832	)		0		(9,832	)		12,848			3,016
NOM		0		(38,331	)		0		(38,331	)		38,969			638
RCY		0		(6,805	)		0		(6,805	)		8,360			1,555
RDR		0		(591	)		0		(591	)		611			20
RTA		0		(151,737	)		0		(151,737	)		193,106			41,369
SBI		0		(26,357	)		0		(26,357	)		31,553			5,196
SOG		0		(68,322	)		0		(68,322	)		91,032			22,710
UBS		0		(159,511	)		0		(159,511	)		185,728			26,217
Total Borrowings and Other Financing Transactions	$	80,094	$	(1,029,543	)	$	0

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days			31-90 days			Greater Than 90 days			Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0	$	(220,268	)	$	(86,875	)	$	(43,896	)	$	(351,039	)
Convertible Bonds & Notes		0		(2,972	)		0			0			(2,972	)
U.S. Government Agencies		0		(6,212	)		(8,462	)		0			(14,674	)
Non-Agency Mortgage-Backed Securities		0		(118,854	)		(265,162	)		(28,419	)		(412,435	)
Asset-Backed Securities		0		(28,857	)		(124,779	)		(24,962	)		(178,598	)
Sovereign Issues		0		(11,308	)		(22,278	)		0			(33,586	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 105

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

	Overnight and Continuous		Up to 30 days			31-90 days			Greater Than 90 days			Total
Common Stocks	$	0	$	(747	)	$	(9,485	)	$	0		$	(10,232	)
Preferred Securities		0		(5,231	)		(11,780	)		0			(17,011	)
Total Borrowings	$	0	$	(394,449	)	$	(528,821	)	$	(97,277	)	$	(1,020,547	)
Payable for reverse repurchase agreements(5)												$	(1,020,547	)

(m) Securities with an aggregate market value of $1,261,465 and cash of $9,580 have been pledged as collateral under the terms of the above master agreements as of December 31, 2019.

⁽¹⁾ Includes accrued interest.

⁽²⁾ The average amount of borrowings outstanding during the period ended December 31, 2019 was $(1,065,254) at a weighted average interest rate of 2.662%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾ Open maturity reverse repurchase agreement.

⁽⁴⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽⁵⁾ Unsettled reverse repurchase agreements liability of $(8,996) is outstanding at period end.

(n)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

SWAP AGREEMENTS:

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

Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2019(2)			Notional Amount(3)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value(4)			Variation Margin
																						Asset		Liability
Bombardier, Inc.		5.000	%		Quarterly		06/20/2024		3.485	%	$	3,000	$	(6	)	$	190		$	184		$	0	$	0
Bombardier, Inc.		5.000			Quarterly		12/20/2024		3.682			2,100		(8	)		130			122			2		0
Frontier Communications Corp.		5.000			Quarterly		06/20/2020		195.572			14,700		(505	)		(6,102	)		(6,607	)		0		(114	)
Frontier Communications Corp.		5.000			Quarterly		06/20/2022		96.944			1,200		(162	)		(418	)		(580	)		0		(4	)
													$	(681	)	$	(6,200	)	$	(6,881	)	$	2	$	(118	)

INTEREST RATE SWAPS

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																		Asset		Liability
Pay	3-Month USD-LIBOR		1.750%	Semi-Annual		12/21/2026	$	303,000	$	7,433		$	(8,605	)	$	(1,172	)	$	0	$	(613	)
Pay	3-Month USD-LIBOR		2.500	Semi-Annual		12/20/2027		91,250		1,072			3,436			4,508			0		(212	)
Pay	3-Month USD-LIBOR		3.000	Semi-Annual		06/19/2029		210,500		10,144			10,364			20,508			0		(627	)
Receive	3-Month USD-LIBOR		2.500	Semi-Annual		06/15/2036		19,800		(1,952	)		668			(1,284	)		119		0
Receive	3-Month USD-LIBOR		2.750	Semi-Annual		03/20/2043		34,100		(114	)		(4,311	)		(4,425	)		301		0
Receive	3-Month USD-LIBOR		2.750	Semi-Annual		12/16/2045		3,800		(52	)		(458	)		(510	)		38		0
Receive	3-Month USD-LIBOR		2.500	Semi-Annual		06/20/2048		3,100		287			(553	)		(266	)		34		0
Receive	3-Month USD-LIBOR		2.250	Semi-Annual		12/11/2049		54,200		(89	)		(1,624	)		(1,713	)		618		0
Receive(5)	3-Month USD-LIBOR		2.250	Semi-Annual		03/12/2050		42,000		(126	)		(1,178	)		(1,304	)		482		0
Receive(5)	6-Month EUR-EURIBOR		0.150	Annual		03/18/2030	EUR	20,400		373			491			864			110		0
Receive(5)	6-Month EUR-EURIBOR		0.250	Annual		03/18/2050		2,500		139			164			303			38		0
Receive(5)	6-Month EUR-EURIBOR		0.150	Annual		06/17/2030	$	1,200		(1	)		15			14			7		0
Receive(5)	6-Month GBP-LIBOR		0.750	Semi-Annual		03/18/2030	GBP	89,870		935			2,217			3,152			694		0
Receive(5)	6-Month GBP-LIBOR		0.750	Semi-Annual		03/18/2050		14,800		320			1,549			1,869			314		0
									$	18,369		$	2,175		$	20,544		$	2,755	$	(1,452	)
Total Swap Agreements									$	17,688		$	(4,025	)	$	13,663		$	2,757	$	(1,570	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2019:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements				Written Options		Futures		Swap Agreements
Total Exchange-Traded or Centrally Cleared	$	0	$	0	$	2,757	$	2,757	$	0	$	0	$	(1,570)	$	(1,570)

106 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

Cash of $26,761 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2019.

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽²⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽³⁾ The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁴⁾ The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁵⁾ This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

(o)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
BPS		01/2020	EUR	1,342	$	1,501	$	0	$	(5	)
		01/2020	GBP	103,736		134,333		0		(3,104	)
		01/2020	$	146	CLP	113,004		4		0
		01/2020		2,084	EUR	1,861		4		0
		01/2020		3,921	GBP	2,982		41		(12	)
		02/2020	PEN	7,855	$	2,315		0		(53	)
BRC		01/2020	EUR	1,232		1,368		0		(15	)
		01/2020	MXN	155,729		8,090		0		(124	)
		06/2020	$	7,917	MXN	155,729		121		0
CBK		01/2020	BRL	20,672	$	5,085		0		(54	)
		01/2020	$	5,129	BRL	20,672		10		0
		01/2020		944	CLP	740,957		42		0
		01/2020		15,689	MXN	307,220		515		0
		02/2020		5,079	BRL	20,672		56		0
DUB		01/2020	BRL	20,611	$	5,114		0		(10	)
		01/2020	$	4,878	BRL	20,611		245		0
GLM		01/2020	BRL	60	$	15		0		0
		01/2020	$	15	BRL	60		0		0
		01/2020		37	CLP	29,054		2		0
		02/2020		4,204	RUB	269,510		118		0
HUS		01/2020	GBP	1,794	$	2,367		0		(10	)
		01/2020	MXN	151,491		7,840		0		(150	)
		01/2020	$	46	CLP	36,064		2		0
		01/2020		1,585	GBP	1,228		42		0
		01/2020		12,546	RUB	829,268		791		0
		05/2020		7,722	MXN	151,491		147		0
MYI		01/2020	EUR	89,702	$	99,184		0		(1,478	)
		03/2020	$	13,696	RUB	889,983		528		0
RYL		01/2020	CLP	263,354	$	346		0		(4	)
		01/2020	$	392	CLP	299,459		6		0
TOR		01/2020		247		194,018		11		0
UAG		01/2020	GBP	2,678	$	3,512		0		(36	)
Total Forward Foreign Currency Contracts							$	2,685	$	(5,055	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽¹⁾

Counterparty	Index/Tranches	Fixed Receive Rate		Payment Frequency	Maturity Date		Notional Amount(2)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at  Value(3)
														Asset		Liability
FBF	ABX.HE.AA.6-2 Index		0.170%	Monthly		05/25/2046	$	25,547	$	(22,706	)	$	16,228	$	0	$	(6,478	)
Total Swap Agreements									$	(22,706	)	$	16,228	$	0	$	(6,478	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 107

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

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2019:

Counterparty	Financial Derivative Assets								Financial Derivative Liabilities											Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure(4)
	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements			Total Over the Counter
BPS	$	49	$	0	$	0	$	49	$	(3,174	)	$	0	$	0		$	(3,174	)	$	(3,125	)	$	1,580		$	(1,545	)
BRC		121		0		0		121		(139	)		0		0			(139	)		(18	)		0			(18	)
CBK		623		0		0		623		(54	)		0		0			(54	)		569			(540	)		29
DUB		245		0		0		245		(10	)		0		0			(10	)		235			(190	)		45
FBF		0		0		0		0		0			0		(6,478	)		(6,478	)		(6,478	)		6,660			182
GLM		120		0		0		120		0			0		0			0			120			(260	)		(140	)
HUS		982		0		0		982		(160	)		0		0			(160	)		822			(620	)		202
MYI		528		0		0		528		(1,478	)		0		0			(1,478	)		(950	)		845			(105	)
RYL		6		0		0		6		(4	)		0		0			(4	)		2			0			2
TOR		11		0		0		11		0			0		0			0			11			0			11
UAG		0		0		0		0		(36	)		0		0			(36	)		(36	)		0			(36	)
Total Over the Counter	$	2,685	$	0	$	0	$	2,685	$	(5,055	)	$	0	$	(6,478	)	$	(11,533	)

(p) Securities with an aggregate market value of $9,085 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2019.

⁽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.

⁽⁴⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC derivatives can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of December 31, 2019:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	2	$	0	$	0	$	2,755	$	2,757
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,685	$	0	$	2,685
	$	0	$	2	$	0	$	2,685	$	2,755	$	5,442
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	118	$	0	$	0	$	1,452	$	1,570
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	5,055	$	0	$	5,055
Swap Agreements		0		6,478		0		0		0		6,478
	$	0	$	6,478	$	0	$	5,055	$	0	$	11,533
	$	0	$	6,596	$	0	$	5,055	$	1,452	$	13,103

108 PIMCO CLOSED-END FUNDS See Accompanying Notes

December 31, 2019 (Unaudited)

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended December 31, 2019:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	674		$	0	$	0		$	(57,402	)	$	(56,728	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	3,921		$	0		$	3,921
Swap Agreements		0		5,238			0		0			0			5,238
	$	0	$	5,238		$	0	$	3,921		$	0		$	9,159
	$	0	$	5,912		$	0	$	3,921		$	(57,402	)	$	(47,569	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	(3,013	)	$	0	$	0		$	42,091		$	39,078
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(1,330	)	$	0		$	(1,330	)
Swap Agreements		0		(4,592	)		0		0			0			(4,592	)
	$	0	$	(4,592	)	$	0	$	(1,330	)	$	0		$	(5,922	)
	$	0	$	(7,605	)	$	0	$	(1,330	)	$	42,091		$	33,156

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2019 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2019
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	246,886	$	48,266	$	295,152
Corporate Bonds & Notes
Banking & Finance		0		208,265		10,917		219,182
Industrials		0		215,832		1,754		217,586
Utilities		0		74,759		0		74,759
Convertible Bonds & Notes
Industrials		0		8,465		0		8,465
Utilities		0		47		0		47
Municipal Bonds & Notes
Illinois		0		1,019		0		1,019
Texas		0		101		0		101
West Virginia		0		4,195		0		4,195
U.S. Government Agencies		0		68,236		0		68,236
Non-Agency Mortgage-Backed Securities		0		839,374		37,436		876,810
Asset-Backed Securities		0		552,476		31,683		584,159
Sovereign Issues		0		72,487		0		72,487
Common Stocks
Communication Services		5,669		17		0		5,686
Consumer Discretionary		17,464		0		0		17,464
Energy		241		0		525		766
Industrials		0		0		5		5
Utilities		410		0		4,678		5,088
Warrants
Communication Services		0		9,078		0		9,078
Preferred Securities
Banking & Finance		0		34,546		0		34,546
Industrials		0		723		0		723

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2019
Real Estate Investment Trusts
Real Estate	$	15,192	$	0		$	0	$	15,192
Short-Term Instruments
Repurchase Agreements		0		80,087			0		80,087
Argentina Treasury Bills		0		1,789			392		2,181
U.S. Treasury Bills		0		11,412			0		11,412
Total Investments	$	38,976	$	2,429,794		$	135,656	$	2,604,426
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		2,757			0		2,757
Over the counter		0		2,685			0		2,685
	$	0	$	5,442		$	0	$	5,442
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(1,570	)		0		(1,570	)
Over the counter		0		(11,533	)		0		(11,533	)
	$	0	$	(13,103	)	$	0	$	(13,103	)
Total Financial Derivative Instruments	$	0	$	(7,661	)	$	0	$	(7,661	)
Totals	$	38,976	$	2,422,133		$	135,656	$	2,596,765

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2019 109

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

December 31, 2019 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2019:

Category and Subcategory	Beginning Balance at 06/30/2019		Net Purchases		Net Sales/Settlements			Accrued Discounts/ (Premiums)			Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation)(1)			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 12/31/2019		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2019(1)
Investments in Securities, at Value
Loan Participations and Assignments	$	24,384	$	41,742	$	(820	)	$	198		$	5		$	(344	)	$	0	$	(16,899	)	$	48,266	$	870
Corporate Bonds & Notes
Banking & Finance		10,534		0		0			0			0			383			0		0			10,917		383
Industrials		2		2,104		0			13			0			(365	)		0		0			1,754		(365	)
Non-Agency Mortgage-Backed Securities		4,250		32,727		(263	)		21			4			697			0		0			37,436		699
Asset-Backed Securities		28,489		0		0			(10	)		0			(1,518	)		4,722		0			31,683		(1,518	)
Common Stocks
Energy		904		172		(225	)		0			(12	)		(73	)		0		(241	)		525		328
Industrials		5		0		0			0			0			0			0		0			5		0
Utilities		5,136		0		0			0			0			(458	)		0		0			4,678		(458	)
Short Term
Argentina Treasury Bills		0		372		0			0			0			20			0		0			392		20
Totals	$	73,704	$	77,117	$	(1,308	)	$	222		$	(3	)	$	(1,658	)	$	4,722	$	(17,140	)	$	135,656	$	(41	)

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:

Category and Subcategory	Ending Balance at 12/31/2019		Valuation Technique	Unobservable Inputs	(% Unless Noted Otherwise)
					Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments	$	5,564	Discounted Cash Flow	Discount Rate		6.940		—
		22,378	Indicative Market Quotation	Broker Quote		99.750		—
		18,408	Proxy Pricing	Base Price		88.898-95.000		92.896
		1,916	Third Party Vendor	Broker Quote		99.250-101.000		99.291
Corporate Bonds & Notes
Banking & Finance		10,917	Reference Instrument	Option Adjusted Spread		584.983 bps		—
Industrials		2	Proxy Pricing	Base Price		0.083		—
		1,752	Reference Instrument	Broker Quote		101.520		—
Non-Agency Mortgage-Backed Securities		33,634	Indicative Market Quotation	Broker Quote		99.900-100.000		99.950
		3,802	Proxy Pricing	Base Price		2.000-99.375		89.931
Asset-Backed Securities		31,683	Proxy Pricing	Base Price		2.312-100,205.254		57,400.888
Common Stocks
Energy		525	Other Valuation Techniques(2)	—		—		—
Industrials		5	Indicative Market Quotation	Broker Quote	$	15.000		—
Utilities		4,678	Indicative Market Quotation	Broker Quote	$	35.750		—
Short Term
Argentina Treasury Bills		392
Total	$	135,656

⁽¹⁾  Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2019 may be due to an investment no longer held or categorized as Level 3 at period end.

⁽²⁾ Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

110 PIMCO CLOSED-END FUNDS See Accompanying Notes

Notes to Financial Statements

December 31, 2019 (Unaudited)

1. ORGANIZATION

PCM Fund, Inc., PIMCO Global StocksPLUS^® & Income Fund, PIMCO Income Opportunity Fund, PIMCO Strategic Income Fund, Inc., PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Dynamic Income Fund (each a “Fund” and collectively the “Funds”) are organized as closed-end management investment companies registered under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (the “Act”). PIMCO Global StocksPLUS^® & Income Fund, PIMCO Income Opportunity Fund, PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Dynamic Income Fund were organized as Massachusetts business trusts on the dates shown in the table below. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations on the dates shown in the table below. Pacific Investment Management Company LLC (“PIMCO” or the “Manager”) serves as the Funds’ investment manager.

Fund Name	Formation Date
PCM Fund, Inc.		June 23, 1993
PIMCO Global StocksPLUS® & Income Fund		February 16, 2005
PIMCO Income Opportunity Fund		September 12, 2007
PIMCO Strategic Income Fund, Inc.		December 9, 1993
PIMCO Dynamic Credit and Mortgage Income Fund		September 27, 2012
PIMCO Dynamic Income Fund		January 19, 2011

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are

recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation  The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on

SEMIANNUAL REPORT DECEMBER 31, 2019 111

Notes to Financial Statements (Cont.)

the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(c) Distributions — Common Shares  The following table shows the anticipated frequency of distributions from net investment income to common shareholders.

	Distribution Frequency
Fund Name	Declared		Distributed
PCM Fund, Inc.		Monthly		Monthly
PIMCO Global StocksPLUS® & Income Fund		Monthly		Monthly
PIMCO Income Opportunity Fund		Monthly		Monthly
PIMCO Strategic Income Fund, Inc.		Monthly		Monthly
PIMCO Dynamic Credit and Mortgage Income Fund		Monthly		Monthly
PIMCO Dynamic Income Fund		Monthly		Monthly

Each Fund other than the PIMCO Global StocksPLUS^® & Income Fund and PIMCO Strategic Income Fund, Inc. generally distributes each year all of its net investment income and net short-term capital gains. The PIMCO Global StocksPLUS^® & Income Fund and PIMCO Strategic Income Fund, Inc. intend to distribute all or substantially all of their net investment income and net short-term capital gains over time. In addition, at least annually, each Fund generally distributes net realized long-term capital gains not previously distributed, if any.

A Fund may engage in investment strategies, including the use of derivatives, to, among other things, seek to generate current, distributable income without regard to possible declines in the Fund’s net asset value (“NAV”). A Fund’s income and gain generating strategies, including certain derivatives strategies, may generate current, distributable income, even if such strategies could potentially result in declines in the Fund’s 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 the 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 the Fund’s debt investments, or arising from its use of derivatives. A Fund may enter into opposite sides of interest rate swap and other derivatives for the principal purpose of generating distributable gains on the one side (characterized as ordinary income for tax purposes) that are not part of the Fund’s duration or yield curve management strategies (“paired swap transactions”), and with a substantial possibility that the Fund will experience a corresponding capital loss and decline in NAV with respect to the opposite side transaction (to the extent it does not have corresponding offsetting capital gains). Consequently, common shareholders may receive distributions and owe

tax on amounts that are effectively a taxable return of the shareholder’s investment in the Fund at a time when their investment in a Fund has declined in value, which may be taxed at ordinary income rates. The tax treatment of certain derivatives in which a Fund invests may be unclear and thus subject to recharacterization. Any recharacterization of payments made or received by a Fund pursuant to derivatives potentially could affect the amount, timing or character of Fund distributions. In addition, the tax treatment of such investment strategies may be changed by regulation or otherwise.

For tax years ending before July 1, 2018, PIMCO Strategic Income Fund, Inc. (“RCS”) accounted for mortgage dollar rolls as financing transactions. On July 18, 2019, the Internal Revenue Service (“IRS”) granted RCS’ application for a change in accounting method for mortgage dollar rolls. Accordingly, for tax years ending after June 30, 2018, RCS accounts for mortgage dollar rolls as sales or exchanges. Please see “Federal Income Tax Matters” in the Notes to Financial Statements for information regarding RCS’ treatment of mortgage dollar rolls and its impact on the Fund’s distributions and related consequences.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund’s annual financial statements presented under U.S. GAAP.

If a 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 accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund estimates the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is estimated that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from

112 PIMCO CLOSED-END FUNDS

December 31, 2019 (Unaudited)

treatment under U.S. GAAP. Examples of such differences may include, among others, the treatment of paydowns on mortgage-backed securities purchased at a discount and periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be reported on Form 1099 DIV sent to shareholders for the calendar year.

Distributions classified as a tax basis return of capital at a Fund’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements  In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”), ASU 2018-13, which modifies certain disclosure requirements for fair value measurements in Accounting Standards Codification 820. The ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. At this time, management has elected to early adopt the ASU and the changes are incorporated in the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

On each day that the New York Stock Exchange (“NYSE”) is open, Fund 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 Funds or their 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. Each Fund reserves the right to change the time as of which its respective NAV is calculated if the Fund closes earlier, or as permitted by the U.S. Securities and Exchange Commission (“SEC”).

For purposes of calculating a NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Funds’ approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Funds 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. If market value pricing is used, 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 PIMCO to be the primary exchange. 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. 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 Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services 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. 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 Services. A Fund’s investments in open-end management investment companies, other than exchange-traded funds (“ETFs”), are valued at 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 based on procedures established and approved by the Board of Trustees (the “Board”). 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, a Fund may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, a Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S.

SEMIANNUAL REPORT DECEMBER 31, 2019 113

Notes to Financial Statements (Cont.)

securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of non-U.S. securities. For these purposes, any movement in the applicable reference index or instrument (“zero trigger”) relating to the non-U.S security being fair valued 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 a Fund is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

Senior secured floating rate loans for which an active secondary market exists to a reliable degree are valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a Pricing Service. Senior secured floating rate loans for which an active secondary market does not exist to a reliable degree are valued at fair value, which is intended to approximate market value. In valuing a senior secured floating rate loan at fair value, the factors considered may include, but are not limited to, the following: (a) the creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a result, the value of such investments and, in turn, the NAV of a 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 a Fund is not open for business. As a result, to the extent that a 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.

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to PIMCO the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Board. Market

quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated, to the Manager, the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

When a Fund uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Funds’ policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, a Fund cannot ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that a 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 a 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 a 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 in active markets or exchanges for identical assets and liabilities.

^∎  Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest

114 PIMCO CLOSED-END FUNDS

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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 Board or persons acting at their direction that are used in determining the fair value of investments.

Transfers from Level 1 to Level 3 are a result of a change from the use of an exchange traded price or a trade price on the initial purchase date (Level 1) to the use of a valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market based data (Level 3). 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 Services (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 Services 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 each respective 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 a 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 each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1 and Level 2 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 and Level 2 of the fair value hierarchy are as follows:

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 and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Services’ 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 Services 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.

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.

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 Services 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.

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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, indices, 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 Services (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 Services 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, indices, 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, indices, 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 Services (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, London Interbank Offered Rate forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Level 3 trading assets and trading liabilities, at fair value  When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy. The valuation techniques and significant inputs used in determining the fair values of portfolio assets and liabilities categorized as Level 3 of the fair value hierarchy are as follows:

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

proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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

Interest only (“IO”) weighted average life model begins amortization with the base price with the ending price being zero over the weighted average life of the IO on a straight-line basis. The base price may be a broker-dealer quote, transaction price, or an internal value as derived from the analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs used to set base price would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Discounted cash flow valuation uses an internal analysis based on the Adviser’s expectation of future income and expenses, capital structure, exit multiples of a security, and other unobservable inputs which may include contractual and factual loan factors, estimated future payments and credit rating. Significant changes in the unobservable inputs of the models 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.

Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indices, 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 3 of the fair value hierarchy.

Fundamental analysis valuation estimates fair value by using an internal model that utilizes financial statements of the non-public underlying 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.

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Short-term debt instruments (such as commercial paper) 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.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

An affiliate includes any company in which a Fund owns 5% or more of the company’s outstanding voting shares. The table below represents transactions in and earnings from these affiliated issuers at December 31, 2019 (amounts in thousands^†, except number of shares).

PIMCO Dynamic Credit and Mortgage Income Fund

Security Name	Shares Held at 06/30/2019		Shares Purchased		Shares Sold		Shares Held at 12/31/2019		Net Realized Gain/(Loss)		Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2019		Dividend Income
Sierra Hamilton Holder LLC		30,136,800		0		0		30,136,800	$	0	$	(2,855	)	$	5,707	$	0

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

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.

Delayed-Delivery Transactions  involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed- delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds  are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments  are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. A Fund’s investments in loans may be in the form of direct investments, participations in loans or assignments of all or a portion of loans from third parties or exposure to investments in loans through investments in a mutual fund or other pooled investment vehicle. A loan is often administered by a bank or other financial institution (the “agent”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. 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 agent that is selling the loan agreement.

In the event of the insolvency of the agent selling a participation, a Fund may be treated as a general creditor of the agent and may not benefit from any set-off between the agent and the borrower. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

Investments in loans 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 risks associated with mortgage-related securities. In addition,

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in many cases loans are subject to the risks associated with below-investment grade securities. The Funds 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, environmental and other laws and regulations, and risks and costs associated with debt servicing and taking foreclosure actions associated with the loans.

Additionally, because loans are not ordinarily registered with the SEC or any state securities commission or listed on any securities exchange, there is usually less publicly available information about such instruments. In addition, loans may not be considered “securities” for purposes of the anti-fraud provisions under the federal securities laws and, as a result, as a purchaser of these instruments, a Fund may not be entitled to the anti-fraud protections of the federal securities laws. In the course of investing in such instruments, a Fund may come into possession of material nonpublic information and, because of prohibitions on trading in securities of issuers while in possession of such information, the Fund may be unable to enter into a transaction in a publicly-traded security of that issuer when it would otherwise be advantageous for the Fund to do so. Alternatively, a Fund may choose not to receive material nonpublic information about an issuer of such loans, with the result that the Fund may have less information about such issuers than other investors who transact in such assets.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower’s obligation to the holder of such a loan, including in the event of the borrower’s insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. Because

investing in unfunded loan commitments creates a future obligation for a Fund to provide funding to a borrower upon demand in exchange for a fee, the Fund will segregate or earmark liquid assets with the Fund’s custodian in amounts sufficient to satisfy any such future obligations. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities  directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities typically provide a monthly payment which consists of both principal and interest. Interest may be determined by fixed or adjustable rates. In times of declining interest rates, there is a greater likelihood that a Fund’s higher yielding securities will be pre-paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. Interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases,

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computer leases and syndicated bank loans. The Funds may invest in any level of the capital structure of an issuer of mortgage-backed or asset-backed securities, including the equity or “first loss” tranche.

Collateralized Debt Obligations  (“CDOs”) include Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs”) and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is typically backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. For both CBOs and CLOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the “equity” tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CBO trust or CLO trust typically has higher ratings and lower yields than the underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults and aversion to CBO or CLO securities as a class. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. CDOs 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 collateral may decline in value or default, (iii) the risk that a Fund may invest in CDOs that are subordinate to other classes, 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.

Collateralized Mortgage Obligations  (“CMOs”) are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as “tranches”, with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

As CMOs have evolved, some classes of CMO bonds have become more common. For example, a Fund may invest in parallel-pay and planned amortization class (“PAC”) CMOs and multi-class pass-through certificates. Parallel-pay CMOs and multi-class pass-through

certificates are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which, as with other CMO and multi-class pass-through structures, must be retired by its stated maturity date or final distribution date but may be retired earlier. PACs generally require payments of a specified amount of principal on each payment date. PACs are parallel-pay CMOs with the required principal amount on such securities having the highest priority after interest has been paid to all classes. Any CMO or multi-class pass-through structure that includes PAC securities must also have support tranches — known as support bonds, companion bonds or non-PAC bonds — which lend or absorb principal cash flows to allow the PAC securities to maintain their stated maturities and final distribution dates within a range of actual prepayment experience. These support tranches are subject to a higher level of maturity risk compared to other mortgage-related securities, and usually provide a higher yield to compensate investors. If principal cash flows are received in amounts outside a pre-determined range such that the support bonds cannot lend or absorb sufficient cash flows to the PAC securities as intended, the PAC securities are subject to heightened maturity risk. A Fund may invest in various tranches of CMO bonds, including support bonds and equity or “first loss” tranches (see “Collateralized Debt Obligations” above).

Stripped Mortgage-Backed Securities  (“SMBS”) are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a Fund’s yield to maturity from these securities. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Funds may fail to recoup some or all of its initial investment in these securities even if the security is in one of the highest rating categories.

Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a

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monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities  may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

Perpetual Bonds  are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Real Estate Investment Trusts  (“REITs”) are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so the Funds that invest in REITs will bear their proportionate share of the costs of the REITs’ operations.

Restricted Investments  are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds at December 31, 2019, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises  are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); and others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government. Instead, they are supported only by the discretionary authority of the U.S. Government to purchase the agency’s obligations.

In June 2019, under the Single Security Initiative, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities. The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include

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mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds’ TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

Warrants  are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants are freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund’s financial statements is described below. For a detailed description of credit and counterparty

risks that can be associated with borrowings and other financing transactions; please see Note 7, Principal Risks.

(a) Repurchase Agreements  Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) Reverse Repurchase Agreements  In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, a Fund’s use of the proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce a Fund’s obligation to repurchase the securities. Reverse repurchase agreements involve leverage risk and also the risk that the market value of the securities to be repurchased may decline below the repurchase price; please see Note 7, Principal Risks.

(c) Short Sales  Short sales are transactions in which a Fund sells a security that it may not own. A Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities,

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(ii) to increase the flexibility of the Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is “against the box” if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not “against the box.” A Fund’s loss on a short sale could theoretically be unlimited in cases where a Fund is unable, for whatever reason, to close out its short position.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds’ financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

PIMCO Global StocksPLUS^® & Income Fund is subject to regulation as a commodity pool under the Commodity Exchange Act pursuant to recent rule changes by the Commodity Futures Trading Commission (the “CFTC”). The Manager has registered with the CFTC as a Commodity Pool Operator and a Commodity Trading Adviser with respect to the Fund, and is a member of the National Futures Association. As a result, additional CFTC-mandated disclosure,

reporting and recordkeeping obligations apply to PIMCO Global StocksPLUS^® & Income Fund.

(a) Forward Foreign Currency Contracts  may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. The contractual obligations of a buyer or seller of a forward foreign currency contract may generally be satisfied by taking or making physical delivery of the underlying currency, establishing an opposite position in the contract and recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. Although forwards may be intended to minimize the risk of loss due to a decline in the value of the hedged currencies, at the same time, they tend to limit any potential gain which might result should the value of such currencies increase. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts  are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values or for other investment purposes. Generally, a futures contract provides for the future sale by one party and purchase by another party of a specified quantity of the security or other financial instrument at a specified price and time. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on changes in the price of the contracts, a

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Fund pays or receives cash or other eligible assets equal to the daily change in the value of the contract (“variation margin”). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts  An option on an instrument (or an index) is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the instrument underlying the option (or the cash value of the index) at a specified exercise price at any time during the term of the option. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (“call”) or purchased (“put”) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Options on Exchange-Traded Futures Contracts  (“Futures Option”) may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities  may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements  are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market (“OTC swaps”) or may be cleared through a third party, known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

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For purposes of a Fund’s investment policy adopted pursuant to Rule 35d-1 under the Act (if any), the Fund will account for derivative instruments at market value. For purposes of applying a Fund’s other investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value (i.e., the sum of the notional amount for the contract plus the market value) or any combination of the foregoing (e.g., notional value for purposes of calculating the numerator and market value for purposes of calculating the denominator for compliance with a particular policy or restriction). See Note 6 — Asset Segregation below. In the case of a credit default swap, in applying certain of a Fund’s investment policies and restrictions, the Funds will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund’s other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund’s credit quality guidelines (if any) because such value in general better reflects a Fund’s actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund’s prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund’s exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap

agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements  on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a 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, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).

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Credit default swap agreements on corporate or sovereign issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the agreement, undergoes a certain credit event. Unlike credit default swaps on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues, deliverable obligations in most instances would be limited to the specific referenced obligation, or in some cases, specific tranches of the specified reference obligation, as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedown or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Fund may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name

has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default. Credit default swaps on indices are instruments often used to attempt to protect investors owning bonds against default, but may also be used for speculative purposes.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Interest Rate Swap Agreements  may be entered into to help hedge against interest rate risk exposure and to maintain a Fund’s ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange

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by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements  are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return, and would receive payments in the event of a net negative total return. A Fund’s use of a total return swap exposes the Fund to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

Asset Segregation  Certain transactions described above can be viewed as constituting a form of borrowing or financing transaction by a Fund. In such event, a Fund will cover its obligation under such transactions by segregating or “earmarking” assets in accordance with procedures adopted by the Board, in which case such transactions will not be considered “senior securities” by a Fund. With respect to forwards, futures contracts, options and swaps that are contractually

required to cash settle (i.e., where physical delivery of the underlying reference asset is not permitted), a Fund (other than PIMCO Dynamic Income Fund and PIMCO Income Opportunity Fund) is permitted to segregate or earmark liquid assets equal to a Fund’s daily marked-to-market net obligation under the derivative instrument, if any, rather than the derivative’s full notional value. For PIMCO Dynamic Income Fund and PIMCO Income Opportunity Fund, with respect to forwards and futures contracts and interest rate swaps that are contractually required to cash settle (i.e., where physical delivery of the underlying reference asset is not permitted), the Fund is permitted to segregate or earmark liquid assets equal to the Fund’s daily marked-to-market net obligation under the derivative instrument, if any, rather than the derivative’s full notional value, but may segregate full notional value, as applicable, with respect to certain other derivative instruments (including written credit default swaps and written options) that contractually require or permit physical delivery of securities or other underlying assets. By segregating or earmarking liquid assets equal to only its net marked-to-market obligation under certain derivatives that are required to cash settle, a Fund will have the ability to employ leverage to a greater extent than if a Fund were to segregate or earmark liquid assets equal to the full notional value of the derivative.

7. PRINCIPAL RISKS

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to such things as changes in the market (market risk) or failure or inability of the other party to a transaction to perform (credit and counterparty risk). See below for a detailed description of select principal risks. For a more comprehensive list of potential risks the Funds may be subject to, please see the Important Information About the Funds.

Market Risks  A Fund’s investments in financial derivative instruments and other financial instruments expose the Fund to various risks such as, but not limited to, interest rate, foreign (non-U.S.) currency, equity and commodity risks.

Interest rate risk is the risk that fixed income securities and other instruments held by a Fund will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by a Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and a Fund may lose money if these changes are not anticipated by the Fund’s management. Variable rate securities may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. A Fund may not be able to hedge against

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changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended.

Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates that incorporates a security’s yield, coupon, final maturity and call features, among other characteristics. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e. yield) movements. All other things remaining equal, for each one percentage point increase in interest rates, the value of a portfolio of fixed income investments would generally be expected to decline by one percent for every year of the portfolio’s average duration above zero. For example, the value of a portfolio of fixed income securities with an average duration of three years would generally be expected to decline by approximately 3% if interest rates rose by one percentage point. Convexity is an additional measure used to understand a security’s interest rate sensitivity. Convexity measures the rate of change of duration in response to changes in interest rates and may be positive or negative. Securities with negative convexity may experience greater losses during periods of rising interest rates, and accordingly Funds holding such securities may be subject to a greater risk of losses in periods of rising interest rates.

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.). This is especially true under current conditions because interest rates and bond yields are 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. During periods of very low or negative interest rates, a Fund may be unable to maintain positive returns. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent a Fund is exposed to such interest rates. Rising interest rates may result in a decline in value of a Fund’s fixed-income investments and in periods of volatility. Further, while U.S. bond markets have steadily grown over the past three decades, dealer “market making” ability has remained relatively stagnant. As a result, dealer inventories of certain types of bonds and similar instruments, which provide a core indication of the ability of financial intermediaries to “make markets,” are at or near historic lows in relation to market size. Because market makers provide

stability to a market through their intermediary services, the significant reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed income markets. Such issues may be exacerbated during periods of economic uncertainty. All of these factors, collectively and/or individually, could cause a Fund to lose value.

Foreign (non-U.S.) securities in this report 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. If a Fund invests directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, or in financial derivatives that provide exposure to foreign (non-U.S.) currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Fund’s investments in foreign currency denominated securities may reduce the Fund’s returns.

The market values of a Fund’s investments may decline due to general market conditions which are not specifically related to a particular company or issuer, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities, although under certain market conditions fixed income securities may have comparable or greater price volatility. Credit ratings downgrades may also negatively affect securities held by a Fund. Even when markets perform well, there is no assurance that the investments held by a Fund will increase in value along with the broader market. In addition, market risk includes the risk that geopolitical events will disrupt the economy on a national or global level.

A Fund’s investments in commodity-linked financial derivative instruments may subject the Fund to greater market price volatility than investments in traditional securities. The value of commodity-linked financial derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as

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Notes to Financial Statements (Cont.)

drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

Credit and Counterparty Risks  A Fund will be exposed to credit risk to parties with whom it trades and will also bear the risk of settlement default. A Fund seeks to minimize concentrations of credit risk by undertaking transactions with a large number of counterparties on recognized and reputable exchanges, where applicable. Over the counter (“OTC”) derivative transactions are subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally cleared derivative transactions might not be available for OTC derivative transactions. For derivatives traded on an exchange or through a central counterparty, credit risk resides with a Fund’s clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. A Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a financial derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.

Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default. PIMCO, as the Manager, seeks to minimize counterparty risks to the Funds through a number of ways. Prior to entering into transactions with a new counterparty, the PIMCO Counterparty Risk Committee conducts an extensive credit review of such counterparty and must approve the use of such counterparty. Furthermore, pursuant to the terms of the underlying contract, to the extent that unpaid amounts owed to a Fund exceed a predetermined threshold, such counterparty is required to advance collateral to the Fund in the form of cash or securities equal in value to the unpaid amount owed to the Fund. A Fund may invest such collateral in securities or other instruments and will typically pay interest to the counterparty on the collateral received. If the unpaid amount owed to a Fund subsequently decreases, the Fund would be required to return to the counterparty all or a portion of the collateral previously advanced. PIMCO’s attempts to minimize counterparty risk may, however, be unsuccessful.

All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as delivery of securities sold is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase, and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

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Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the CFTC. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Portability of exposure reduces risk to the Funds. Variation margin, or changes in market value, are generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedules of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations, and other events, including, but not limited to, margin, execution, and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to

terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third-party custodian. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Management Fee  Pursuant to the Investment Management Agreement with PIMCO (the “Agreement”), and subject to the supervision of the Board, PIMCO is responsible for providing to each Fund investment guidance and policy direction in connection with the management of the Fund, including oral and written research, analysis, advice, and statistical and economic data and information. In addition, pursuant to the Agreement and subject to the general supervision of the Board, PIMCO, at its expense, provides or causes to be furnished most other supervisory and administrative services the Funds require, including but not limited to, expenses of most third-party service providers (e.g., audit, custodial, legal, transfer agency, printing) and other expenses, such as those associated with insurance, proxy solicitations and mailings for shareholder meetings, NYSE listing and related fees, tax services, valuation services and other services the Funds require for their daily operations. Pursuant to the Agreement, PIMCO receives an annual fee, payable monthly, at the annual rates shown in the table below:

Fund Name	Annual Rate
PCM Fund, Inc.		0.900%	(1)
PIMCO Global StocksPLUS® & Income Fund		1.105%	(2)
PIMCO Income Opportunity Fund		1.055%	(1)
PIMCO Strategic Income Fund, Inc.		0.955%	(3)
PIMCO Dynamic Credit and Mortgage Income Fund		1.150%	(4)
PIMCO Dynamic Income Fund		1.150%	(4)

⁽¹⁾   Management fees calculated based on the Fund’s average daily “total managed assets”. Total managed assets refer to the total assets of each Fund (including assets attributable to any reverse repurchase agreements, borrowings and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities representing reverse repurchase agreements and borrowings).

⁽²⁾  Management fees calculated based on the Fund’s average daily “total managed assets”. Total managed assets refer to the total assets of each Fund (including assets attributable to any preferred shares and borrowings that may be outstanding) minus accrued liabilities (other than liabilities representing borrowings).

⁽³⁾  Management fees calculated based on the Fund’s average daily net asset value (including daily net assets attributable to any preferred shares of the Fund that may be outstanding).

⁽⁴⁾  Management fees calculated based on the Fund’s average daily “total managed assets”. Total managed assets includes total assets of the Fund (including assets attributable to any reverse repurchase agreements, dollar rolls, borrowings and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities representing reverse repurchase agreements, dollar rolls and borrowings).

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Notes to Financial Statements (Cont.)

(b) Fund Expenses  Each Fund bears other expenses, which may vary and affect the total level of expenses paid by shareholders, such as (i) salaries and other compensation or expenses, including travel expenses of any of the Fund’s executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees, if any, levied against the Fund; (iii) brokerage fees and commissions and other portfolio transaction expenses incurred by or for the Fund (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loan and other investments made by the Fund, subject to specific or general authorization by the Fund’s Board (for example, so-called “broken-deal costs” (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments))); (iv) expenses of the Fund’s securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; (v) costs, including interest expense, of borrowing money or engaging in other types of leverage financing, including, without limitation, through the use by the Fund of reverse repurchase agreements, tender option bonds, bank borrowings and credit facilities; (vi) costs, including dividend and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund’s organizational documents) associated with the Fund’s issuance, offering, redemption and maintenance of preferred shares, commercial paper or other senior securities for the purpose of incurring leverage; (vii) fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests; (viii) dividend and interest expenses on short positions taken by the Fund; (ix) fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; (x) extraordinary expenses, including extraordinary legal expenses, that may arise, including expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its Trustees, officers, employees, shareholders, distributors, and agents with respect thereto; (xi) organizational and offering expenses of the Fund, including with respect to share offerings, such as rights offerings and shelf offerings, following the Fund’s initial offering, and expenses associated with tender offers and other share repurchases and redemptions; and (xii) expenses of the Fund which are capitalized in accordance with U.S. GAAP.

Each of the Trustees of the Funds who is not an interested person under Section 2(a)(19) of the Act, (the “Independent Trustees”), also serves as a trustee of a number of other closed-end funds for which PIMCO serves as investment manager (together with the Funds, the “PIMCO Closed-End Funds”), as well as PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund, each a closed end management investment company managed by PIMCO that is operated as an “interval fund” (the ”PIMCO Interval Funds”), and PIMCO Managed Accounts Trust, an open-end management investment company with multiple series for which PIMCO serves as investment adviser and administrator (“PMAT” and, together with the PIMCO Closed-End Funds and the PIMCO Interval Funds, the “PIMCO Managed Funds”). In addition, each of the Independent Trustees, also serves as a trustee of certain investment companies (together, the “Allianz-Managed Funds”), for which Allianz Global Investors U.S. LLC (“AllianzGI U.S.”), an affiliate of PIMCO, serves as investment manager. The Funds pay no compensation directly to any Trustee or any other officer who is affiliated with the Manager, all of whom receive remuneration for their services to the Funds from the Manager or its affiliates.

10. RELATED PARTY TRANSACTIONS

The Manager is a related party. Fees payable to this party are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to Rule 17a-7 under the Act for the period ended December 31, 2019, were as follows (amounts in thousands^†):

Fund Name	Purchases		Sales
PCM Fund, Inc.	$	278	$	2,456
PIMCO Global StocksPLUS® & Income Fund		186		4,608
PIMCO Income Opportunity Fund		1,707		14,816
PIMCO Strategic Income Fund, Inc.		716		11,548
PIMCO Dynamic Credit and Mortgage Income Fund		7,344		243,906
PIMCO Dynamic Income Fund		4,077		143,328

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

11. GUARANTEES AND INDEMNIFICATIONS

Under the organizational documents of PIMCO Global StocksPLUS^® & Income Fund, PIMCO Income Opportunity Fund, PIMCO Dynamic Credit

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and Mortgage Income Fund and PIMCO Dynamic Income Fund, each Trustee and officer is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Under the organizational documents of PCM Fund, Inc., and PIMCO Strategic Income Fund, Inc., each Director and officer is indemnified to the fullest extent permitted by Maryland law and the Act. For PCM Fund, Inc., employees and agents of the Fund are indemnified to the maximum extent permitted by Maryland Law and the Act. For PIMCO Strategic Income Fund, Inc., employees and agents of the Fund may be indemnified to the extent determined by the Board and subject to the limitations of the Act. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2019, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PCM Fund, Inc.	$	506	$	0	$	19,368	$	6,051
PIMCO Global StocksPLUS® & Income Fund		268,282		266,665		16,602		7,090
PIMCO Income Opportunity Fund		1,856		0		119,281		56,132
PIMCO Strategic Income Fund, Inc.		3,364,375		3,417,073		86,095		37,314
PIMCO Dynamic Credit and Mortgage Income Fund		13,603		0		520,955		531,964
PIMCO Dynamic Income Fund		6,673		0		295,513		257,516

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

13. COMMON SHARES OFFERING

PCM Fund, Inc. has the authority to issue 300 million shares of $0.001 par value common stock. PIMCO Strategic Income Fund, Inc. has the authority to issue 500 million shares of $0.00001 par value common stock. PIMCO Global StocksPLUS^® & Income Fund, PIMCO Income Opportunity Fund, PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Dynamic Income Fund have authorized an unlimited number of Common Shares at a par value of $0.00001 per share.

On March 23, 2017, the SEC declared effective a registration statement filed using the “shelf” registration process for PIMCO Dynamic Income Fund (the “Original PDI Shelf Registration”). Pursuant to the Original PDI Shelf Registration, PIMCO Dynamic Income Fund was permitted to offer and sell, from time to time, in one or more offerings, up to 9,500,000 of its Common Shares, par value $0.00001 per share. The aggregate sale proceeds for the sales of the PIMCO Dynamic Income Fund Common Shares were subject to an aggregate cap of $275,685,250. As of September 30, 2019, the Fund had sold an aggregate of 8,903,586 Common Shares pursuant to the Original PDI Shelf Registration, representing net proceeds to the Fund of $272,643,809 after payment of commissions. On November 6, 2019,

the SEC declared effective a new registration statement filed using the “shelf” registration process for PIMCO Dynamic Income Fund (the “New Shelf PDI Registration”). Pursuant to the New PDI Shelf Registration, PIMCO Dynamic Income Fund may offer and sell, from time to time, in one or more offerings, up to $560,000,000 of its Common Shares, par value $0.00001 per share. The Fund may not sell any Common Shares at a price below the NAV of such Common Shares, exclusive of any distributing commission or discount. Sales of the Common Shares, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market”, including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. During the period ended December 31, 2019, the Fund sold 781,311 Common Shares pursuant to the Original PDI Shelf Registration and the New PDI Shelf Registration. Proceeds from the offerings during the period ended December 31, 2019 (net of commissions and fees) were $25,616,330.

On July 6, 2018, the SEC declared effective a registration statement filed using the “shelf” registration process for PIMCO Income Opportunity Fund. Pursuant to the shelf registration, PIMCO Income

SEMIANNUAL REPORT DECEMBER 31, 2019 131

Notes to Financial Statements (Cont.)

Opportunity Fund may offer and sell, from time to time, in one or more offerings, up to 3,000,000 of its Common Shares, par value $0.00001 per share. The aggregate sale proceeds for the sales of the PIMCO Income Opportunity Fund Common Shares are subject to an aggregate cap of $85,000,000. The Fund may not sell any Common Shares at a price below the NAV of such Common Shares, exclusive of any distributing commission or discount. Sales of the Common Shares, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market”, including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. During the period ended December 31, 2019, the Fund sold 1,379,957 Common Shares. Proceeds from the offerings during the period ended December 31, 2019 (net of commissions and fees) were $37,007,838.

On December 4, 2019, the SEC declared effective a registration statement filed using the “shelf” registration process for PIMCO Dynamic Credit and Mortgage Income Fund. Pursuant to the shelf registration, PIMCO Dynamic Credit and Mortgage Income Fund may offer and sell, from time to time, in one or more offerings, up to $1,000,000,000 of its Common Shares, par value $0.00001 per share. The Fund may not sell any Common Shares at a price below the NAV of such Common Shares, exclusive of any distributing commission or discount. Sales of the Common Shares, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market”, including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. During the period ended December 31, 2019, the Fund sold 1,426,593 Common Shares. Proceeds from the offerings during the period ended December 31, 2019 (net of commissions and fees) were $35,858,939.

14. BASIS FOR CONSOLIDATION

PCILS I LLC and PDILS I LLC (each a “Subsidiary” and, collectively, the “Subsidiaries”), both Delaware LLC exempted companies, were formed as wholly owned subsidiaries acting as investment vehicles for PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Dynamic Income Fund (for purposes of this section, each a “Fund” and, collectively, the “Funds”), respectively, in order to effect certain investments consistent with each Fund’s objectives and policies in effect from time to time. PCILS I LLC and PDILS I LLC were formed on March 7, 2013 and March 12, 2013, respectively. PIMCO Dynamic Income Credit and Mortgage Fund’s and PIMCO Dynamic Income Fund’s investment portfolios have been consolidated and include the portfolio holdings of each Fund’s respective Subsidiary. Accordingly, the consolidated financial statements for each Fund include the accounts of each Fund’s respective subsidiary. All inter-company transactions and

balances have been eliminated. This structure was established so that certain loans could be held by a separate legal entity from the Funds. The net assets of PCILS I LLC and PDILS I LLC as of period end represented 1.0% and 0.4%, respectively, of each respective Fund’s consolidated net assets.

15. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

Each 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.

A 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 Funds’ tax positions for all open tax years. As of December 31, 2019, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state, and local tax returns as required. The Funds’ 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.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

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As of their last fiscal year ended June 30, 2019, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PCM Fund, Inc.	$	0	$	1,558
PIMCO Global StocksPLUS® & Income Fund		23,425		727
PIMCO Income Opportunity Fund		0		0
PIMCO Strategic Income Fund, Inc.		9,168		37,048
PIMCO Dynamic Credit and Mortgage Income Fund		99,603		62,671
PIMCO Dynamic Income Fund		0		0

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

As of December 31, 2019, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(1)
PCM Fund, Inc.	$	182,527	$	22,945	$	(14,181	)	$	8,764
PIMCO Global StocksPLUS® & Income Fund		196,341		25,699		(22,090	)		3,609
PIMCO Income Opportunity Fund		618,329		71,057		(45,440	)		25,617
PIMCO Strategic Income Fund, Inc.		994,501		50,622		(43,397	)		7,225
PIMCO Dynamic Credit and Mortgage Income Fund		5,663,733		582,203		(490,239	)		91,964
PIMCO Dynamic Income Fund		2,471,420		336,601		(198,780	)		137,821

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

⁽¹⁾  Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

For tax years ending before July 1, 2018, RCS accounted for mortgage dollar rolls as financing transactions, such that the Fund treated the difference between the selling price and future purchase price on a mortgage dollar roll as interest income for U.S. federal income tax purposes. On July 18, 2019, the IRS granted RCS’ application for a change in accounting method for mortgage dollar rolls. Accordingly, for tax years ending after June 30, 2018, RCS accounts for mortgage dollar rolls as sales or exchanges for U.S. federal income tax purposes.

The Fund’s treatment of mortgage dollar rolls for U.S. federal income tax purposes determines the character and source of the Fund’s distributions relating to income earned thereon. Treatment of mortgage dollar rolls as financing transactions may increase the amount of distributions received by Fund shareholders, or may increase the portion thereof that is taxed as ordinary income, and cause shareholders to be taxed on distributions that effectively represent a return of the shareholder’s investment therein. As a result of the change in accounting method granted by the IRS, for tax years ending after June 30, 2018, the Fund expects that any gain or loss it recognizes on mortgage dollar rolls will generally be treated as short-term capital gain or loss, as applicable. Any such short-term capital gains for a taxable year will be offset by the Fund’s capital losses for such year, and any available capital loss carryforwards. The application of sale or exchange treatment to mortgage dollar rolls may therefore increase the portion of the Fund’s distributions to shareholders that are

treated as returns of capital for U.S. federal income tax purposes, or lead the Fund to decrease its distributions to reduce or avoid returns of capital.

The U.S. federal income tax rules governing the treatment of mortgage dollar roll transactions are complex, and the proper treatment of such transactions is uncertain. If the IRS were to challenge or recharacterize RCS’s treatment of mortgage dollar rolls successfully, it would affect the amount, timing and character of distributions received by the Fund’s shareholders. A taxpayer requesting a voluntary accounting method change generally receives audit protection for all taxable years prior to the year of change with respect to the item that is being changed. Because the IRS has approved the Fund’s requested change in accounting method for mortgage dollar rolls, the IRS will not, subject to certain exceptions that the Fund does not expect to apply, challenge or recharacterize the Fund’s treatment of mortgage dollar rolls as financing transactions for taxable years ending before July 1, 2018.

17. SUBSEQUENT EVENTS

In preparing these financial statements, the Funds’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

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Notes to Financial Statements (Cont.)

December 31, 2019 (Unaudited)

On January 02, 2020, the following distributions were declared to common shareholders payable February 03, 2020 to shareholders of record on January 13, 2020:

PCM Fund, Inc.	$	0.080000 per common share
PIMCO Global StocksPLUS® & Income Fund	$	0.093940 per common share
PIMCO Income Opportunity Fund	$	0.190000 per common share
PIMCO Strategic Income Fund, Inc.	$	0.061200 per common share
PIMCO Dynamic Credit and Mortgage Income Fund	$	0.174000 per common share
PIMCO Dynamic Income Fund	$	0.220500 per common share

On February 03, 2020, the following distributions were declared to common shareholders payable March 02, 2020 to shareholders of record on February 13, 2020:

PCM Fund, Inc.	$	0.080000 per common share
PIMCO Global StocksPLUS® & Income Fund	$	0.093940 per common share
PIMCO Income Opportunity Fund	$	0.190000 per common share
PIMCO Strategic Income Fund, Inc.	$	0.061200 per common share
PIMCO Dynamic Credit and Mortgage Income Fund	$	0.174000 per common share
PIMCO Dynamic Income Fund	$	0.220500 per common share

There were no other subsequent events identified that require recognition or disclosure.

134 PIMCO CLOSED-END FUNDS

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

(Unaudited)

Counterparty Abbreviations:
BCY	Barclays Capital, Inc.	FICC	Fixed Income Clearing Corporation	RBC	Royal Bank of Canada
BNY	Bank of New York Mellon	FOB	Credit Suisse Securities (USA) LLC	RCE	Royal Bank of Canada Europe Limited
BOA	Bank of America N.A.	GLM	Goldman Sachs Bank USA	RCY	Royal Bank of Canada
BOS	BofA Securities, Inc.	GST	Goldman Sachs International	RDR	RBC Capital Markets LLC
BPS	BNP Paribas S.A.	HUS	HSBC Bank USA N.A.	RTA	RBC (Barbados) Trading Bank Corp.
BRC	Barclays Bank PLC	IND	Crédit Agricole Corporate and Investment Bank S.A.	RYL	NatWest Markets Plc
BSH	Banco Santander S.A. - New York Branch	JML	JP Morgan Securities Plc	SAL	Citigroup Global Markets, Inc.
CBK	Citibank N.A.	JPM	JP Morgan Chase Bank N.A.	SBI	Citigroup Global Markets Ltd.
CEW	Canadian Imperial Bank of Commerce	JPS	J.P. Morgan Securities LLC	SCX	Standard Chartered Bank, London
CFR	Credit Suisse Securities (Europe) Ltd.	MBC	HSBC Bank Plc	SGY	Societe Generale, NY
CIW	CIBC World Markets Corp.	MEI	Merrill Lynch International	SOG	Societe Generale Paris
CSG	Credit Suisse AG Cayman	MSB	Morgan Stanley Bank, N.A	SSB	State Street Bank and Trust Co.
DBL	Deutsche Bank AG London	MYC	Morgan Stanley Capital Services LLC	TOR	The Toronto-Dominion Bank
DUB	Deutsche Bank AG	MYI	Morgan Stanley & Co. International PLC	UAG	UBS AG Stamford
FAR	Wells Fargo Bank National Association	MZF	Mizuho Securities USA	UBS	UBS Securities LLC
FBF	Credit Suisse International	NOM	Nomura Securities International Inc.
Currency Abbreviations:
ARS	Argentine Peso	EUR	Euro	PEN	Peruvian New Sol
AUD	Australian Dollar	GBP	British Pound	RUB	Russian Ruble
BRL	Brazilian Real	JPY	Japanese Yen	TRY	Turkish New Lira
CAD	Canadian Dollar	MXN	Mexican Peso	USD (or $)	United States Dollar
CLP	Chilean Peso	NZD	New Zealand Dollar
Exchange Abbreviations:
CME	Chicago Mercantile Exchange	OTC	Over the Counter
Index/Spread Abbreviations:
ABX.HE	Asset-Backed Securities Index - Home Equity	EUR003M	3 Month EUR Swap Rate	S&P 500	Standard & Poor’s 500 Index
ARLLMONP	Argentina Blended Policy Rate	LIBOR03M	3 Month USD-LIBOR	US0001M	1 Month USD Swap Rate
BADLARPP	Argentina Badlar Floating Rate Notes	NDDUEAFE	MSCI EAFE Index	US0003M	3 Month USD Swap Rate
BP0003M	3 Month GBP-LIBOR	PRIME	Daily US Prime Rate
Other Abbreviations:
ABS	Asset-Backed Security	CDO	Collateralized Debt Obligation	REMIC	Real Estate Mortgage Investment Conduit
ALT	Alternate Loan Trust	CLO	Collateralized Loan Obligation	SP - ADR	Sponsored American Depositary Receipt
BABs	Build America Bonds	DAC	Designated Activity Company	TBA	To-Be-Announced
BBR	Bank Bill Rate	EURIBOR	Euro Interbank Offered Rate	TBD	To-Be-Determined
BBSW	Bank Bill Swap Reference Rate	LIBOR	London Interbank Offered Rate	TBD%	Interest rate to be determined when loan settles or at the time of funding
CBO	Collateralized Bond Obligation	PIK	Payment-in-Kind

SEMIANNUAL REPORT DECEMBER 31, 2019 135

Changes to Boards of Trustees

(Unaudited)

Effective December 31, 2019, Bradford K. Gallagher resigned from his position as Trustee or Director, as applicable, of each of the Funds.

136 PIMCO CLOSED-END FUNDS

General Information

Investment Manager

Pacific Investment Management Company LLC

650 Newport Center Drive,

Newport Beach, CA, 92660

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

Transfer Agent, Dividend Paying Agent and Registrar

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

CEF4010SAR_123119

Item 2. Code of Ethics.

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

Item 6. Schedule of Investments.

The information required by this Item 6 is included as part of the semiannual reports to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

The information required by this Item 7 is only required in an annual report on this Form N-CSR.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

None.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.

Item 11. Controls and Procedures.

(a) The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the filing date of this report, based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the last fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

The information required by this Item 12 is only required in an annual report on this Form N-CSR.

Item 13. Exhibits.

(a)(1) Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.

(a)(2) Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(a)(3) None.

(a)(4) There was no change in the registrant’s independent public accountant for the period covered by the report.

(b) Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PIMCO Global StocksPlus® & Income Fund
By:	/s/    Eric D. Johnson
	Eric D. Johnson
	President (Principal Executive Officer)
Date:	February 28, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/    Eric D. Johnson
	Eric D. Johnson
	President (Principal Executive Officer)
Date:	February 28, 2020
By:	/s/    Bradley Todd
	Bradley Todd
	Treasurer (Principal Financial & Accounting Officer)
Date:	February 28, 2020