Schedule of Investments PIMCO StocksPLUS® Global Portfolio September 30, 2021 (Unaudited)

(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 72.1% ¤
ASSET-BACKED SECURITIES 20.7%
CAYMAN ISLANDS 10.3%
American Money Management Corp. CLO Ltd. 0.991% due 04/17/2029 •	$	2,300	$	2,303
Apidos CLO 1.090% due 07/18/2029 •		400		400
Arbor Realty Collateralized Loan Obligation Ltd. 1.184% due 05/15/2036 •		100		100
Arbor Realty Commercial Real Estate Notes Ltd. 1.054% due 12/15/2035 •		1,200		1,201
Arch Street CLO Ltd. 1.134% due 10/20/2028 •		1,625		1,625
Assurant CLO Ltd. 1.174% due 10/20/2031 •		1,300		1,300
Benefit Street Partners CLO Ltd.
1.164% due 01/17/2032 •		500		500
1.189% due 07/15/2032 •		1,300		1,301
Brightspire Capital Ltd. 1.237% due 08/19/2038 •		100		100
BSPRT Issuer Ltd. 1.184% due 03/15/2036 •		1,900		1,901
Carlyle Global Market Strategies CLO Ltd.
1.075% due 08/14/2030 •		1,200		1,198
1.218% due 04/22/2032 •		1,300		1,301
Crestline Denali CLO Ltd.
1.164% due 04/20/2030 •		250		250
1.226% due 10/23/2031 •		1,200		1,200
Gallatin CLO Ltd. 1.184% due 01/21/2028 •		737		737
Halcyon Loan Advisors Funding Ltd. 1.054% due 04/20/2027 •		30		30
Jamestown CLO Ltd. 1.354% due 01/17/2027 •		10		10
LCM LP 1.214% due 04/20/2031 •		600		600
Mountain View CLO LLC 1.144% due 01/16/2031 •		2,300		2,300
Oaktree CLO Ltd. 1.248% due 04/22/2030 •		1,300		1,300
Palmer Square Loan Funding Ltd. 0.971% due 07/20/2029 •		400		399
Sound Point CLO Ltd.
1.184% due 10/20/2028 •		445		446
1.885% due 07/20/2032 •		600		600
STWD Ltd. 1.284% due 04/18/2038 •		1,000		1,002
Venture CLO Ltd.
1.006% due 07/15/2027 •		435		435
1.110% due 07/20/2030 •		1,200		1,200
1.264% due 04/20/2032 •		250		250
Wellfleet CLO Ltd. 0.980% due 07/20/2029 •		1,200		1,200
Total Cayman Islands				25,189
IRELAND 0.9%
Accunia European CLO DAC 0.950% due 07/15/2030 •	EUR	393		456
BlueMountain Fuji EUR CLO DAC 0.720% due 01/15/2031 •		450		520
Palmer Square European Loan Funding DAC 1.150% due 01/15/2030 •		873		1,012

Schedule of Investments PIMCO StocksPLUS® Global Portfolio(Cont.) September 30, 2021 (Unaudited)

Toro European CLO DAC 0.920% due 07/15/2030 •		250	290
Total Ireland			2,278
JERSEY, CHANNEL ISLANDS 0.5%
Saranac Clo Ltd. 1.259% due 08/13/2031 •	$	1,200	1,200
Total Jersey, Channel Islands			1,200
UNITED STATES 9.0%
ACC Auto Trust 1.080% due 04/15/2027		633	634
Affirm Asset Securitization Trust 1.030% due 08/17/2026		1,400	1,403
Avant Loans Funding Trust 1.210% due 07/15/2030		700	701
CIT Mortgage Loan Trust 1.436% due 10/25/2037 •		201	202
College Avenue Student Loans LLC 0.886% due 06/25/2052 •		1,561	1,567
Encina Equipment Finance LLC
0.500% due 09/15/2025		262	262
0.740% due 12/15/2026		150	150
Foursight Capital Automobile Receivables Trust
1.310% due 07/15/2027		400	400
2.600% due 01/15/2026		200	205
3.070% due 04/15/2025		900	918
3.270% due 06/16/2025		700	721
FREED ABS Trust
0.680% due 06/19/2028		534	534
1.010% due 11/20/2028		800	800
Hertz Vehicle Financing LLC 1.210% due 12/26/2025		1,000	1,005
Lendingpoint Asset 1.110% due 02/15/2029 (a)		1,200	1,202
LL ABS Trust 1.070% due 05/15/2029		773	773
Nomura Home Equity Loan, Inc. Home Equity Loan Trust 0.506% due 11/25/2035 •		136	136
Pagaya AI Debt Selection Trust 1.150% due 05/15/2029		1,000	1,000
Santander Drive Auto Receivables Trust 3.980% due 12/15/2025		1,600	1,637
SLC Student Loan Trust 1.004% due 11/25/2042 •		567	571
SMB Private Education Loan Trust
0.804% due 01/15/2037 •		137	137
1.290% due 07/15/2053		505	508
1.310% due 07/17/2051		733	734
1.340% due 03/17/2053		1,300	1,301
SoFi Professional Loan Program LLC
1.036% due 01/25/2039 •		16	16
1.186% due 10/27/2036 •		44	44
SoFi Professional Loan Program Trust 2.540% due 05/15/2046		900	924
Theorem Funding Trust 1.210% due 12/15/2027		775	776
Towd Point Mortgage Trust 2.750% due 10/25/2057 ~		649	662
Tricolor Auto Securitization Trust 0.740% due 04/15/2024		904	904
Utah State Board of Regents 0.836% due 01/25/2057 •		402	401
Veros Auto Receivables Trust 0.920% due 10/15/2026		695	695
Total United States			21,923
Total Asset-Backed Securities (Cost $50,620)			50,590
CORPORATE BONDS & NOTES 8.0%
CAYMAN ISLANDS 0.2%
INDUSTRIALS 0.2%
Sands China Ltd.
5.125% due 08/08/2025		300	324

Schedule of Investments PIMCO StocksPLUS® Global Portfolio(Cont.) September 30, 2021 (Unaudited)

3.800% due 01/08/2026		200	206
			530
Total Cayman Islands			530
CHINA 0.4%
UTILITIES 0.4%
State Grid Overseas Investment Ltd. 3.750% due 05/02/2023		900	942
Total China			942
DENMARK 0.2%
BANKING & FINANCE 0.2%
Danske Bank A/S 1.174% (US0003M + 1.060%) due 09/12/2023 ~		400	405
Total Denmark			405
FRANCE 0.1%
BANKING & FINANCE 0.1%
Societe Generale S.A. 7.375% due 10/04/2023 •(f)(g)		200	217
Total France			217
GERMANY 0.8%
BANKING & FINANCE 0.8%
Deutsche Bank AG
4.250% due 10/14/2021		500	501
2.222% due 09/18/2024 •		400	410
3.300% due 11/16/2022		800	825
1.000% due 11/19/2025 •	EUR	200	237
			1,973
Total Germany			1,973
JAPAN 1.5%
BANKING & FINANCE 0.4%
Sumitomo Mitsui Financial Group, Inc. 0.994% (US0003M + 0.860%) due 07/19/2023 ~	$	1,000	1,014
INDUSTRIALS 1.1%
Nissan Motor Co. Ltd.
3.043% due 09/15/2023		400	416
3.522% due 09/17/2025		400	425
4.345% due 09/17/2027		200	220
Toyota Industries Corp. 3.235% due 03/16/2023		1,500	1,557
			2,618
Total Japan			3,632
SOUTH KOREA 0.2%
BANKING & FINANCE 0.2%
Hyundai Capital Services, Inc. 0.750% due 09/15/2023		500	500
Total South Korea			500
SWITZERLAND 0.3%
BANKING & FINANCE 0.3%
Credit Suisse Group AG
7.125% due 07/29/2022 •(f)(g)		200	208
3.091% due 05/14/2032 •		250	256

Schedule of Investments PIMCO StocksPLUS® Global Portfolio(Cont.) September 30, 2021 (Unaudited)

UBS Group AG 1.364% due 01/30/2027 •		400	396
			860
Total Switzerland			860
UNITED KINGDOM 1.4%
BANKING & FINANCE 1.2%
Barclays Bank PLC 7.625% due 11/21/2022 (g)		600	643
Barclays PLC 1.555% (US0003M + 1.430%) due 02/15/2023 ~		600	603
HSBC Holdings PLC
2.357% due 08/18/2031 •		300	297
1.750% due 07/24/2027 •	GBP	300	404
2.633% due 11/07/2025 •	$	200	209
5.250% due 09/16/2022 •(f)(g)	EUR	200	239
Lloyds Banking Group PLC 4.550% due 08/16/2028	$	400	461
Standard Chartered PLC 7.500% due 04/02/2022 •(f)(g)		200	206
			3,062
UTILITIES 0.2%
BG Energy Capital PLC 4.000% due 10/15/2021		500	501
Total United Kingdom			3,563
UNITED STATES 2.9%
BANKING & FINANCE 0.8%
American Tower Corp. 1.450% due 09/15/2026		600	598
Citigroup, Inc. 1.143% (US0003M + 1.023%) due 06/01/2024 ~		400	405
Ford Motor Credit Co. LLC
3.550% due 10/07/2022		400	408
5.596% due 01/07/2022		250	253
Nissan Motor Acceptance Co. LLC 2.750% due 03/09/2028		200	202
			1,866
INDUSTRIALS 1.3%
Broadcom, Inc. 3.419% due 04/15/2033		400	414
Conagra Brands, Inc. 0.500% due 08/11/2023		600	600
DAE Funding LLC 1.550% due 08/01/2024		200	199
Huntington Ingalls Industries, Inc. 0.670% due 08/16/2023		700	700
Hyatt Hotels Corp. 1.800% due 10/01/2024 (a)		400	401
Microchip Technology, Inc. 0.983% due 09/01/2024		300	300
Quanta Services, Inc. 0.950% due 10/01/2024		600	600
			3,214
UTILITIES 0.8%
Cleco Power LLC 0.616% (US0003M + 0.500%) due 06/15/2023 ~		600	600
Pacific Gas & Electric Co. 1.500% (US0003M + 1.375%) due 11/15/2021 ~		600	600
Southern California Edison Co.
0.700% due 08/01/2023		600	601
0.975% due 08/01/2024		100	101
			1,902
Total United States			6,982
Total Corporate Bonds & Notes (Cost $19,381)			19,604
NON-AGENCY MORTGAGE-BACKED SECURITIES 3.7%
UNITED KINGDOM 2.6%
Business Mortgage Finance PLC 0.000% due 08/15/2040 •	EUR	185	214

Schedule of Investments PIMCO StocksPLUS® Global Portfolio(Cont.) September 30, 2021 (Unaudited)

Hawksmoor Mortgages 1.100% due 05/25/2053 •	GBP	979	1,325
Towd Point Mortgage Funding 0.950% due 07/20/2045 •		1,748	2,364
Towd Point Mortgage Funding PLC 1.097% due 10/20/2051 •		423	574
Trinity Square PLC 0.899% due 07/15/2059 •		1,109	1,503
Uropa Securities PLC 0.277% due 10/10/2040 •		299	392
Total United Kingdom			6,372
UNITED STATES 1.1%
Countrywide Alternative Loan Trust 0.446% due 04/25/2046 •	$	314	311
GS Mortgage Securities Corp. Trust 3.419% due 10/10/2032		900	920
GS Mortgage-Backed Securities Corp. Trust 1.750% due 12/25/2060 ~		700	710
MASTR Adjustable Rate Mortgages Trust 2.731% due 11/21/2034 ~		106	108
Natixis Commercial Mortgage Securities Trust 0.834% due 02/15/2033 •		170	170
TTAN 0.934% due 03/15/2038 •		400	400
Total United States			2,619
Total Non-Agency Mortgage-Backed Securities (Cost $8,654)			8,991
SOVEREIGN ISSUES 2.9%
BRAZIL 2.0%
Brazil Letras do Tesouro Nacional 0.000% due 07/01/2022 (c)	BRL	28,800	4,975
Total Brazil			4,975
JAPAN 0.1%
Japan Government International Bond 0.100% due 03/10/2028 (e)	JPY	19,224	178
Total Japan			178
QATAR 0.3%
Qatar Government International Bond 4.500% due 01/20/2022	$	700	709
Total Qatar			709
SAUDI ARABIA 0.5%
Saudi Government International Bond 2.900% due 10/22/2025		1,200	1,278
Total Saudi Arabia			1,278
Total Sovereign Issues (Cost $7,206)			7,140
U.S. GOVERNMENT AGENCIES 0.4%
UNITED STATES 0.4%
Fannie Mae 0.386% due 12/25/2045 •		295	298
Freddie Mac
0.534% due 07/15/2037 •		17	17
0.536% due 07/15/2040 •		144	146
0.614% due 10/15/2033 •		145	147
2.316% due 09/01/2037 •		243	260
Total U.S. Government Agencies (Cost $855)			868
U.S. TREASURY OBLIGATIONS 2.7%
UNITED STATES 2.7%
U.S. Treasury Inflation Protected Securities(e)
0.750% due 02/15/2045		116	143
1.000% due 02/15/2048		111	147
1.375% due 02/15/2044		234	322
U.S. Treasury Notes
1.375% due 09/30/2023		4,700	4,803
2.000% due 04/30/2024		100	104
2.875% due 09/30/2023		560	589
2.875% due 11/30/2023		480	507

Schedule of Investments PIMCO StocksPLUS® Global Portfolio(Cont.) September 30, 2021 (Unaudited)

Total U.S. Treasury Obligations (Cost $6,376)				6,615
SHORT-TERM INSTRUMENTS 33.7%
ISRAEL TREASURY BILLS 1.4%
(0.003)% due 04/06/2022 - 08/03/2022 (b)(c)	ILS	11,100		3,442
U.S. TREASURY BILLS 28.2%
0.042% due 10/05/2021 - 03/24/2022 (b)(c)(i)	$	68,858		68,850
U.S. TREASURY CASH MANAGEMENT BILLS 4.1%
0.043% due 01/04/2022 (c)(d)		9,900		9,899
Total Short-Term Instruments (Cost $82,171)				82,191
Total Investments in Securities (Cost $175,263)				175,999
		SHARES
INVESTMENTS IN AFFILIATES 28.0%
SHORT-TERM INSTRUMENTS 28.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 28.0%
PIMCO Short Asset Portfolio		1,203,198		12,051
PIMCO Short-Term Floating NAV Portfolio III		5,725,426		56,464
Total Short-Term Instruments (Cost $68,398)				68,515
Total Investments in Affiliates (Cost $68,398)				68,515
Total Investments 100.1% (Cost $243,661)			$	244,514
Financial Derivative Instruments(h)(j)(0.7)%(Cost or Premiums, net $558)				(1,716)
Other Assets and Liabilities, net 0.6%				1,442
Net Assets 100.0%			$	244,240

Schedule of Investments PIMCO StocksPLUS® Global Portfolio(Cont.) September 30, 2021 (Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:
* A zero balance may reflect actual amounts rounding to less than one thousand.
¤	The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.
~	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.
(a)	When-issued security.
(b)	Coupon represents a weighted average yield to maturity.
(c)	Zero coupon security.
(d)	Coupon represents a yield to maturity.
(e)	Principal amount of security is adjusted for inflation.
(f)	Perpetual maturity; date shown, if applicable, represents next contractual call date.
(g)	Contingent convertible security.
BORROWINGS AND OTHER FINANCING TRANSACTIONS
The average amount of borrowings outstanding during the period ended September 30, 2021 was $(120) at a weighted average interest rate of 0.127%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(h)	FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
																								Variation Margin
Description						Expiration Month			# of Contracts				Notional Amount							Unrealized Appreciation/ (Depreciation)						Asset								Liability
E-mini S&P 500 Index December Futures						12/2021			566		$		121,626				$			(4,795)				$		0					$			(1,469)
Euro-Bund 10-Year Bond December Futures						12/2021			1				197							(3)						0								0
Mini MSCI EAFE Index December Futures						12/2021			1,083				122,758							(5,457)						0								(451)
U.S. Treasury 5-Year Note December Futures						12/2021			246				30,195							(172)						21								0
U.S. Treasury 30-Year Bond December Futures						12/2021			12				1,911							(51)						2								0
U.S. Treasury Ultra Long-Term Bond December Futures						12/2021			4				764							(33)						0								(1)
																$			(10,511)				$		23					$			(1,921)
SHORT FUTURES CONTRACTS
																								Variation Margin
Description						Expiration Month			# of Contracts				Notional Amount							Unrealized Appreciation/ (Depreciation)						Asset								Liability
U.S. Treasury 10-Year Note December Futures						12/2021			92		$		(12,108)				$			188				$		0					$			(13)
United Kingdom Long Gilt December Futures						12/2021			1				(169)							4						1								0
																$			192				$		1					$			(13)
Total Futures Contracts																$			(10,319)				$		24					$			(1,934)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(1)
																											Variation Margin
Reference Entity		Fixed Receive Rate	Payment Frequency	Maturity Date	Implied Credit Spread at September 30, 2021(2)					Notional Amount(3)				Premiums Paid/ (Received)				Unrealized Appreciation/ (Depreciation)				Market Value(4)							Asset						Liability
Boeing Co.		1.000%	Quarterly	12/20/2022	0.491		%	$		200		$		0	$			1			$	1						$	0			$			0
Boeing Co.		1.000	Quarterly	06/20/2023	0.617					400				1				2				3							0						0
Ford Motor Co.		5.000	Quarterly	06/20/2022	0.869					200				7				(1)				6							0						0
International Lease Finance Corp.		5.000	Quarterly	12/20/2022	0.171					600				60				(23)				37							0						0

Schedule of Investments PIMCO StocksPLUS® Global Portfolio(Cont.) September 30, 2021 (Unaudited)

Stellantis NV			5.000		Quarterly			06/20/2026			0.992				EUR			400				94						(6)						88							0						0
Tesco PLC			1.000		Quarterly			12/20/2027			0.866							400				0						4						4							0						(1)
																				$			162			$			(23)			$			139				$			0			$			(1)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(1)
																																					Variation Margin
Index/Tranches				Fixed Receive Rate			Payment Frequency			Maturity Date						Notional Amount(3)						Premiums Paid/ (Received)						Unrealized Appreciation/ (Depreciation)						Market Value(4)							Asset						Liability
CDX.EM-34 5-Year Index				1.000%			Quarterly			12/20/2025			$			500			$			(15)			$			(5)			$			(20)				$			0			$			0
CDX.EM-36 5-Year Index				1.000			Quarterly			12/20/2026						600						(21)						(3)						(24)							0						0
CDX.HY-36 5-Year Index				5.000			Quarterly			06/20/2026						1,800						169						0						169							0						(2)
CDX.HY-37 5-Year Index				5.000			Quarterly			12/20/2026						300						29						(1)						28							0						0
CDX.IG-36 5-Year Index				1.000			Quarterly			06/20/2026						3,400						84						(1)						83							0						(1)
CDX.IG-37 5-Year Index				1.000			Quarterly			12/20/2026						6,400						155						(1)						154							0						(3)
iTraxx Crossover 36 5-Year Index				5.000			Quarterly			12/20/2026			EUR			400						58						(2)						56							0						(1)
iTraxx Europe Main 34 5-Year Index				1.000			Quarterly			12/20/2025						4,500						139						0						139							1						0
iTraxx Europe Main 35 5-Year Index				1.000			Quarterly			06/20/2026						8,500						258						3						261							1						0
iTraxx Europe Main 36 5-Year Index				1.000			Quarterly			12/20/2026						600						19						(1)						18							0						0
																			$			875			$			(11)			$			864				$			2			$			(7)
INTEREST RATE SWAPS
																																					Variation Margin
Pay/ Receive Floating Rate		Floating Rate Index				Fixed Rate			Payment Frequency			Maturity Date					Notional Amount							Premiums Paid/ (Received)						Unrealized Appreciation/ (Depreciation)						Market Value							Asset						Liability
Pay(5)		1-Day GBP-SONIO Compounded-OIS				0.750%			Annual			03/16/2032		GBP			1,900				$			15			$			(72)			$			(57)				$			0			$			(9)
Receive(5)		1-Day GBP-SONIO Compounded-OIS				0.750			Annual			03/16/2052					700							(12)						75						63							11						0
Pay		3-Month CAD-Bank Bill				0.636			Semi-Annual			12/21/2023		CAD			2,000							0						(12)						(12)							0						0
Pay		3-Month CAD-Bank Bill				0.637			Semi-Annual			12/21/2023					2,400							0						(15)						(15)							0						0
Receive		3-Month USD-LIBOR				0.500			Semi-Annual			06/16/2026		$			13,000							179						120						299							0						(12)
Pay		3-Month USD-LIBOR				0.500			Semi-Annual			06/16/2028					3,800							(207)						13						(194)							5						0
Pay		3-Month USD-LIBOR				0.750			Semi-Annual			06/16/2031					6,900							(465)						(23)						(488)							16						0
Receive		3-Month USD-LIBOR				2.000			Semi-Annual			01/15/2050					100							(20)						16						(4)							0						0
Receive		3-Month USD-LIBOR				1.625			Semi-Annual			01/16/2050					200							(20)						30						10							0						(1)
Receive		3-Month USD-LIBOR				1.750			Semi-Annual			01/22/2050					700							(93)						108						15							0						(2)
Receive		3-Month USD-LIBOR				1.625			Semi-Annual			02/03/2050					400							(40)						60						20							0						(1)
Receive		3-Month USD-LIBOR				1.250			Semi-Annual			06/16/2051					1,200							230						(61)						169							0						(2)
Pay(5)		6-Month EUR-EURIBOR				0.250			Annual			03/16/2032		EUR			2,000							38						(32)						6							0						0
Receive(5)		6-Month EUR-EURIBOR				0.500			Annual			03/16/2052					700							(29)						29						0							2						0
Receive		6-Month JPY-LIBOR				0.380			Semi-Annual			06/18/2028		JPY			9,000							(3)						1						(2)							0						(1)
																			$			(427)			$			237			$			(190)				$			34			$			(28)
Total Swap Agreements																			$			610			$			203			$			813				$			36			$			(36)
(i)	Securities with an aggregate market value of $14,665 and cash of $938 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2021.
(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.
(j)	FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

Schedule of Investments PIMCO StocksPLUS® Global Portfolio(Cont.) September 30, 2021 (Unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:
											Unrealized Appreciation/(Depreciation)
Counterparty		Settlement Month		Currency to be Delivered				Currency to be Received						Asset							Liability
BOA		10/2021	$	6,412			GBP	4,742				$		0				$			(23)
		11/2021	GBP	4,742			$	6,412						22							0
		11/2021	TWD	22,478				813						3							0
		11/2021	$	32			RUB	2,381						1							0
		12/2021		51				3,797						1							0
		12/2021	ZAR	5,275			$	370						23							0
BPS		10/2021	$	658			EUR	556						0							(14)
		10/2021		1,403			JPY	154,200						0							(18)
BRC		10/2021	RUB	36,595			$	498						0							(3)
		11/2021	$	36			RUB	2,695						1							0
BSH		07/2022	BRL	26,600			$	4,659						46							0
CBK		10/2021	MXN	9,893				495						17							0
		12/2021	$	34			RUB	2,503						0							0
		12/2021		69			ZAR	1,005						0							(3)
		04/2022	ILS	3,100			$	947						0							(17)
		06/2022		900				278						0							(2)
		08/2022		7,100				2,216						4							0
FBF		11/2021	$	20			RUB	1,496						0							0
GLM		10/2021		49				3,725						2							0
		11/2021	TWD	11,920			$	432						3							0
		11/2021	$	38			RUB	2,833						1							0
		12/2021		149			IDR	2,138,655						0							0
		12/2021		34			RUB	2,528						0							0
		12/2021		53			ZAR	773						0							(3)
		07/2022	BRL	2,200			$	386						4							0
HUS		10/2021	CAD	1,158				919						5							0
		10/2021	$	13			RUB	969						0							0
		11/2021		4				286						0							0
		12/2021		44			IDR	628,600						0							0
		12/2021		70			ZAR	1,013						0							(3)
JPM		10/2021		49			RUB	3,567						0							0
		11/2021		130			IDR	1,865,455						0							0
MYI		11/2021	IDR	7,124,584			$	496						1							0
		11/2021	TWD	6,241				227						2							0
		11/2021	$	42			IDR	610,649						0							0
		11/2021		493			MXN	9,990						0							(12)
SCX		10/2021	EUR	3,443			$	4,067						79							0
		10/2021	GBP	4,742				6,498						109							0
		10/2021	JPY	316,200				2,879						38							0
		10/2021	$	64			RUB	4,771						1							0
		11/2021	EUR	2,887			$	3,348						2							0
		11/2021	JPY	162,000				1,452						0							(4)
		11/2021	$	381			AUD	513						0							(11)
		11/2021		1,478			TWD	40,771						0							(9)
		12/2021		90			IDR	1,297,572						0							(1)
		12/2021		1,456			SGD	1,927						0							(37)
		12/2021		87			ZAR	1,248						0							(5)
SSB		10/2021		865			CAD	1,091						0							(4)
TOR		12/2021		45			IDR	650,245						0							0
UAG		10/2021		39			RUB	2,931						1							0
		11/2021		36				2,703						1							0
		12/2021	SGD	1,927			$	1,439						20							0
		12/2021	$	95			ZAR	1,376						0							(4)
Total Forward Foreign Currency Contracts											$		387				$			(173)
WRITTEN OPTIONS:
CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES
Counterparty	Description				Buy/Sell Protection	Exercise Rate			Expiration Date	Notional Amount(1)						Premiums (Received)						Market Value
BOA	Put - OTC CDX.HY-36 5-Year Index				Sell	102.000%			11/17/2021	100					$	(1)			$			0
	Put - OTC CDX.HY-36 5-Year Index				Sell	103.000			11/17/2021	100						(1)						0
	Put - OTC CDX.IG-36 5-Year Index				Sell	0.700			11/17/2021	400						(1)						0
	Put - OTC CDX.IG-36 5-Year Index				Sell	0.800			11/17/2021	300						0						0
BPS	Put - OTC CDX.HY-36 5-Year Index				Sell	101.000			10/20/2021	100						0						0
	Put - OTC CDX.HY-36 5-Year Index				Sell	104.000			12/15/2021	100						0						0
	Put - OTC CDX.IG-36 5-Year Index				Sell	0.750			11/17/2021	300						0						0
	Put - OTC CDX.IG-36 5-Year Index				Sell	0.750			12/15/2021	2,200						(2)						(1)
	Put - OTC iTraxx Crossover 35 5-Year Index				Sell	3.750			11/17/2021	400						(2)						(1)
BRC	Put - OTC iTraxx Crossover 35 5-Year Index				Sell	3.500			10/20/2021	100						(1)						0
	Put - OTC iTraxx Crossover 35 5-Year Index				Sell	3.750			10/20/2021	200						(1)						0
	Put - OTC iTraxx Crossover 35 5-Year Index				Sell	3.500			11/17/2021	800						(4)						(2)
	Put - OTC iTraxx Crossover 35 5-Year Index				Sell	3.500			12/15/2021	500						(2)						(2)
	Put - OTC iTraxx Crossover 35 5-Year Index				Sell	3.500			01/19/2022	400						(2)						(2)
	Put - OTC iTraxx Crossover 36 5-Year Index				Sell	3.750			01/19/2022	100						(1)						(1)
	Put - OTC iTraxx Europe 35 5-Year Index				Sell	0.700			11/17/2021	200						0						0

Schedule of Investments PIMCO StocksPLUS® Global Portfolio(Cont.) September 30, 2021 (Unaudited)

			Put - OTC iTraxx Europe 35 5-Year Index		Sell			0.800		11/17/2021						200						0										0
			Put - OTC iTraxx Europe 35 5-Year Index		Sell			0.700		12/15/2021						3,100						(4)										(2)
CBK			Put - OTC iTraxx Crossover 35 5-Year Index		Sell			3.500		01/19/2022						200						(1)										(1)
DUB			Put - OTC CDX.HY-36 5-Year Index		Sell			101.000		11/17/2021						100						0										0
			Put - OTC CDX.HY-36 5-Year Index		Sell			102.000		01/19/2022						300						(2)										(2)
			Put - OTC CDX.IG-36 5-Year Index		Sell			0.750		12/15/2021						1,300						(1)										(1)
			Put - OTC iTraxx Crossover 35 5-Year Index		Sell			3.750		10/20/2021						100						(1)										0
			Put - OTC iTraxx Crossover 35 5-Year Index		Sell			3.500		12/15/2021						300						(1)										(1)
			Put - OTC iTraxx Europe 35 5-Year Index		Sell			0.800		11/17/2021						500						(1)										0
FBF			Put - OTC CDX.IG-36 5-Year Index		Sell			0.800		12/15/2021						300						0										0
GST			Put - OTC CDX.HY-36 5-Year Index		Sell			103.000		10/20/2021						100						0										0
			Put - OTC CDX.HY-36 5-Year Index		Sell			102.000		11/17/2021						200						(1)										0
			Put - OTC CDX.HY-36 5-Year Index		Sell			101.000		12/15/2021						200						(1)										(1)
			Put - OTC CDX.HY-36 5-Year Index		Sell			104.000		12/15/2021						200						(1)										(1)
			Put - OTC CDX.HY-36 5-Year Index		Sell			102.000		01/19/2022						200						(1)										(1)
			Put - OTC CDX.IG-36 5-Year Index		Sell			0.750		10/20/2021						200						0										0
			Put - OTC CDX.IG-36 5-Year Index		Sell			0.900		11/17/2021						200						0										0
			Put - OTC CDX.IG-36 5-Year Index		Sell			0.800		12/15/2021						1,100						(1)										(1)
			Put - OTC CDX.IG-36 5-Year Index		Sell			0.750		01/19/2022						1,400						(2)										(1)
JPM			Put - OTC iTraxx Crossover 35 5-Year Index		Sell			3.500		01/19/2022						100						(1)										(1)
			Put - OTC iTraxx Europe 35 5-Year Index		Sell			0.700		12/15/2021						300						0										0
MYC			Put - OTC CDX.HY-36 5-Year Index		Sell			100.000		11/17/2021						100						0										0
			Put - OTC CDX.IG-36 5-Year Index		Sell			0.750		11/17/2021						800						(1)										0
			Put - OTC CDX.IG-36 5-Year Index		Sell			0.750		12/15/2021						800						(1)										(1)
			Put - OTC CDX.IG-36 5-Year Index		Sell			0.800		12/15/2021						400						0										0
Total Written Options																			$			(39)									$	(23)
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(2)
																												Swap Agreements, at Value(4)
Counterparty		Index/Tranches		Fixed Receive Rate		Payment Frequency			Maturity Date				Notional Amount(3)				Premiums Paid/(Received)						Unrealized Appreciation/ (Depreciation)						Asset						Liability
MYC		CMBX.NA.AAA.6 Index		0.500%		Monthly			05/11/2063		$		1,404	$			(13)			$			16			$			3				$		0
Total Swap Agreements															$			(13)			$			16			$			3				$		0
(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.
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2021 in valuing the Fund's assets and liabilities:
Category and Subcategory							Level 1					Level 2						Level 3							Fair Value at 09/30/2021

Schedule of Investments PIMCO StocksPLUS® Global Portfolio(Cont.) September 30, 2021 (Unaudited)

Investments in Securities, at Value
Asset-Backed Securities
	Cayman Islands		$	0	$	25,189	$	0	$	25,189
	Ireland			0		2,278		0		2,278
	Jersey, Channel Islands			0		1,200		0		1,200
	United States			0		21,923		0		21,923
Corporate Bonds & Notes
	Cayman Islands
		Industrials		0		530		0		530
	China
		Utilities		0		942		0		942
	Denmark
		Banking & Finance		0		405		0		405
	France
		Banking & Finance		0		217		0		217
	Germany
		Banking & Finance		0		1,973		0		1,973
	Japan
		Banking & Finance		0		1,014		0		1,014
		Industrials		0		2,618		0		2,618
	South Korea
		Banking & Finance		0		500		0		500
	Switzerland
		Banking & Finance		0		860		0		860
	United Kingdom
		Banking & Finance		0		3,062		0		3,062
		Utilities		0		501		0		501
	United States
		Banking & Finance		0		1,866		0		1,866
		Industrials		0		3,214		0		3,214
		Utilities		0		1,902		0		1,902
Non-Agency Mortgage-Backed Securities
	United Kingdom			0		6,372		0		6,372
	United States			0		2,619		0		2,619
Sovereign Issues
	Brazil			0		4,975		0		4,975
	Japan			0		178		0		178
	Qatar			0		709		0		709
	Saudi Arabia			0		1,278		0		1,278
U.S. Government Agencies
	United States			0		868		0		868
U.S. Treasury Obligations
	United States			0		6,615		0		6,615
Short-Term Instruments
	Israel Treasury Bills			0		3,442		0		3,442
	U.S. Treasury Bills			0		68,850		0		68,850
	U.S. Treasury Cash Management Bills			0		9,899		0		9,899
			$	0	$	175,999	$	0	$	175,999
Investments in Affiliates, at Value
Short-Term Instruments
	Central Funds Used for Cash Management Purposes		$	68,515	$	0	$	0	$	68,515
Total Investments			$	68,515	$	175,999	$	0	$	244,514
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared				1		59		0		60
Over the counter				0		390		0		390
			$	1	$	449	$	0	$	450
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared				(1,920)		(50)		0		(1,970)
Over the counter				0		(196)		0		(196)
			$	(1,920)	$	(246)	$	0	$	(2,166)
Total Financial Derivative Instruments			$	(1,919)	$	203	$	0	$	(1,716)
Totals			$	66,596	$	176,202	$	0	$	242,798
There were no significant transfers into or out of Level 3 during the period ended September 30, 2021.

Notes to Financial Statements

1. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

On each day that the New York Stock Exchange (“NYSE”) is open, Portfolio 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 Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio reserves the right to either (i) calculate its NAV as of the earlier closing time or (ii) calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day. The Portfolio generally does not calculate its NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, the Portfolio reserves the right to calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day or such other time that the Portfolio may determine.

For purposes of calculating 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 Portfolio's approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does 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 the Pacific Investment Management Company LLC (the “Adviser”) 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 such data reflecting 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, quotes obtained from a quotation reporting system, established market makers or pricing services. Swap agreements are valued on the basis of market-based prices supplied by Pricing Services or quotes obtained from brokers and dealers. The Portfolio's investments in open-end management investment companies, other than exchange-traded funds ("ETFs"), are valued at the NAVs of such investments. Open-end management investment companies may include affiliated funds.

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 of the Trust (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, the Portfolio 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, the Portfolio may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. The Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Portfolio'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 the Portfolio's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Portfolio 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 Portfolio'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 the Adviser 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 the Portfolio'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 Adviser, the responsibility for monitoring significant events that may materially affect the values of the Portfolio'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 the Portfolio 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 Trust’s policy is intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the

Notes to Financial Statements (Cont.)

Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter “stale price arbitrage” as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio 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 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.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

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

(c) Valuation Techniques and the Fair Value Hierarchy

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

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.

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.

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

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

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.

Notes to Financial Statements (Cont.)

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.

When a fair valuation method is applied by the Adviser 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.

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.

2. FEDERAL INCOME TAX MATTERS

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

The Portfolio 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 Adviser has reviewed the Portfolio's tax positions for all open tax years. As of September 30, 2021, the Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

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

Shares of the Portfolio currently are sold to segregated asset accounts (“Separate Accounts”) of insurance companies that fund variable annuity contracts and variable life insurance policies (“Variable Contracts”). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

3. INVESTMENTS IN AFFILIATES

The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A copy of each affiliate fund’s shareholder report is available at the U.S. Securities and Exchange Commission (“SEC”) website at www.sec.gov, on the Portfolios’ website at www.pimco.com, or upon request, as applicable. The tables below show the Portfolio's transactions in and earnings from investments in the affiliated Funds for the period ended September 30, 2021 (amounts in thousands†):

Investment in PIMCO Short Asset Portfolio

	Market Value 12/31/2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 03/31/2021		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
$	0	$	12,064	$	0	$	0	$	(13)	$	12,051	$	32	$	0

Investment in PIMCO Short-Term Floating NAV Portfolio III

	Market Value 12/31/2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 09/30/2021		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
$	62,231	$	64,291	$	(70,065)	$	1	$	6	$	56,464	$	91	$	0

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

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

Glossary: (abbreviations that may be used in the preceding statements)					(Unaudited)
Counterparty Abbreviations:
BOA	Bank of America N.A.	FBF	Credit Suisse International	MYI	Morgan Stanley & Co. International PLC
BPS	BNP Paribas S.A.	GLM	Goldman Sachs Bank USA	SCX	Standard Chartered Bank, London
BRC	Barclays Bank PLC	GST	Goldman Sachs International	SSB	State Street Bank and Trust Co.
BSH	Banco Santander S.A. - New York Branch	HUS	HSBC Bank USA N.A.	TOR	The Toronto-Dominion Bank
CBK	Citibank N.A.	JPM	JP Morgan Chase Bank N.A.	UAG	UBS AG Stamford
DUB	Deutsche Bank AG	MYC	Morgan Stanley Capital Services LLC
Currency Abbreviations:
AUD	Australian Dollar	IDR	Indonesian Rupiah	SGD	Singapore Dollar
BRL	Brazilian Real	ILS	Israeli Shekel	TWD	Taiwanese Dollar
CAD	Canadian Dollar	JPY	Japanese Yen	USD (or $)	United States Dollar
EUR	Euro	MXN	Mexican Peso	ZAR	South African Rand
GBP	British Pound	RUB	Russian Ruble
Exchange Abbreviations:
OTC	Over the Counter
Index/Spread Abbreviations:
CDX.EM	Credit Derivatives Index - Emerging Markets	CMBX	Commercial Mortgage-Backed Index	SONIO	Sterling Overnight Interbank Average Rate
CDX.HY	Credit Derivatives Index - High Yield	EAFE	Europe, Australasia, and Far East Stock Index	US0003M	ICE 3-Month USD LIBOR
CDX.IG	Credit Derivatives Index - Investment Grade	S&P 500	Standard & Poor's 500 Index
Other Abbreviations:
ABS	Asset-Backed Security	EURIBOR	Euro Interbank Offered Rate	OIS	Overnight Index Swap
CLO	Collateralized Loan Obligation	LIBOR	London Interbank Offered Rate	TBA	To-Be-Announced
DAC	Designated Activity Company	MSCI	Morgan Stanley Capital International