Schedule of Investments PIMCO StocksPLUS® Global Portfolio March 31, 2022 (Unaudited)

(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 101.4% ¤
ASSET-BACKED SECURITIES 25.6%
CAYMAN ISLANDS 10.2%
American Money Management Corp. CLO Ltd. 1.111% due 04/17/2029 •	$	1,783	$	1,782
Apidos CLO 1.141% due 07/18/2029 •		400		396
Arbor Realty Commercial Real Estate Notes Ltd.
1.367% due 12/15/2035 •		1,200		1,185
1.497% due 05/15/2036 •		100		99
ASSURANT CLO Ltd. 1.294% due 10/20/2031 •		1,300		1,291
BDS Ltd. 1.541% due 08/15/2036 •		624		622
Benefit Street Partners CLO Ltd.
1.271% due 01/17/2032 •		500		496
1.321% due 07/15/2032 •		1,300		1,290
Brightspire Capital Ltd. 1.599% due 08/19/2038 •		100		99
BSPRT Issuer Ltd. 1.497% due 03/15/2036 •		1,900		1,877
Carlyle Global Market Strategies CLO Ltd.
1.339% due 04/22/2032 •		1,300		1,285
1.409% due 08/14/2030 •		1,200		1,200
Crestline Denali CLO Ltd.
1.284% due 04/20/2030 •		250		250
1.399% due 10/23/2031 •		1,200		1,184
Gallatin CLO Ltd. 1.305% due 01/21/2028 •		600		598
LCM LP 1.334% due 04/20/2031 •		600		596
Mountain View CLO LLC 1.281% due 01/16/2031 •		2,300		2,288
Oaktree CLO Ltd. 1.369% due 04/22/2030 •		1,300		1,292
Palmer Square Loan Funding Ltd. 1.054% due 07/20/2029 •		351		350
Sound Point CLO Ltd.
1.304% due 10/20/2028 •		373		372
2.054% due 07/20/2032 •		600		598
Starwood Commercial Mortgage Trust 1.668% due 04/18/2038 •		1,000		994
Venture CLO Ltd.
1.121% due 07/15/2027 •		210		210
1.244% due 07/20/2030 •		1,200		1,200
1.384% due 04/20/2032 •		250		249
Wellfleet CLO Ltd. 1.144% due 07/20/2029 •		1,075		1,070
Total Cayman Islands				22,873
IRELAND 0.5%
Accunia European CLO DAC 0.950% due 07/15/2030 •	EUR	377		415
BlueMountain Fuji EUR CLO DAC 0.720% due 01/15/2031 •		450		494

Schedule of Investments PIMCO StocksPLUS® Global Portfolio(Cont.) March 31, 2022 (Unaudited)

Toro European CLO DAC 0.920% due 07/15/2030 •		242	268
Total Ireland			1,177
JAPAN 0.3%
Oscar U.S. Funding LLC 2.820% due 04/10/2029 «	$	700	669
Total Japan			669
JERSEY, CHANNEL ISLANDS 0.5%
Saranac CLO Ltd. 1.646% due 08/13/2031 •		1,200	1,196
Total Jersey, Channel Islands			1,196
UNITED STATES 14.1%
ACC Auto Trust 1.080% due 04/15/2027		408	404
Affirm Asset Securitization Trust 1.030% due 08/17/2026		1,400	1,339
Avant Loans Funding Trust 1.210% due 07/15/2030		700	677
CIG Auto Receivables Trust 1.490% due 08/12/2026		1,300	1,255
CIT Mortgage Loan Trust 1.807% due 10/25/2037 •		144	144
College Avenue Student Loans LLC 1.257% due 06/25/2052 •		1,430	1,407
Countrywide Asset-Backed Certificates 0.737% due 12/25/2046 •		850	813
Countrywide Asset-Backed Certificates Trust 0.937% due 10/25/2046 •		600	585
Encina Equipment Finance LLC
0.500% due 09/15/2025		83	83
0.740% due 12/15/2026		150	148
Foursight Capital Automobile Receivables Trust
1.310% due 07/15/2027		400	381
2.600% due 01/15/2026		200	198
3.070% due 04/15/2025		900	904
3.270% due 06/16/2025		700	705
FREED ABS Trust
0.680% due 06/19/2028		134	134
1.010% due 11/20/2028		800	779
1.910% due 03/19/2029		700	683
Hertz Vehicle Financing LLC 1.210% due 12/26/2025		1,000	948
Lendingpoint Asset Securitization Trust 1.110% due 02/15/2029		905	892
LL ABS Trust 1.070% due 05/15/2029		565	550
Mariner Finance Issuance Trust 1.860% due 03/20/2036		800	732
MF1 Ltd. 2.143% due 11/15/2035 •		900	902
Morgan Stanley Home Equity Loan Trust 0.967% due 02/25/2036 •		652	623
Navient Private Education Loan Trust 1.847% due 07/16/2040 •		420	421
Navient Private Education Refi Loan Trust 0.940% due 07/15/2069		725	685
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
0.877% due 11/25/2035 •		98	98
1.087% due 02/25/2036 •		100	96
Pagaya AI Debt Selection Trust
1.150% due 05/15/2029		1,085	1,064
1.530% due 08/15/2029		1,213	1,186
2.030% due 10/15/2029		900	884
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
1.627% due 03/25/2035 •		106	103
2.182% due 02/25/2035 •		691	683
Santander Drive Auto Receivables Trust 3.980% due 12/15/2025		1,192	1,201
SLC Student Loan Trust 1.373% due 11/25/2042 •		498	499
SLM Private Credit Student Loan Trust 1.156% due 06/15/2039 •		1,512	1,458
SMB Private Education Loan Trust
1.117% due 01/15/2037 •		118	117
1.197% due 01/15/2053 •		490	490
1.290% due 07/15/2053		417	397
1.310% due 07/17/2051		636	605
1.340% due 03/17/2053		1,090	1,035

Schedule of Investments PIMCO StocksPLUS® Global Portfolio(Cont.) March 31, 2022 (Unaudited)

SoFi Professional Loan Program LLC
1.407% due 01/25/2039 •		12	12
1.557% due 10/27/2036 •		32	32
SoFi Professional Loan Program Trust 2.540% due 05/15/2046		782	771
Terwin Mortgage Trust 0.777% due 07/25/2037 •		786	781
Theorem Funding Trust 1.210% due 12/15/2027		579	571
Tricolor Auto Securitization Trust 0.740% due 04/15/2024		480	478
Upstart Securitization Trust
1.310% due 11/20/2031		690	660
3.120% due 03/20/2032 (a)		1,600	1,590
Veros Auto Receivables Trust 0.920% due 10/15/2026		439	434
Total United States			31,637
Total Asset-Backed Securities (Cost $58,546)			57,552
CORPORATE BONDS & NOTES 7.2%
CAYMAN ISLANDS 0.2%
INDUSTRIALS 0.2%
Sands China Ltd.
5.125% due 08/08/2025		300	299
3.800% due 01/08/2026		200	190
			489
Total Cayman Islands			489
DENMARK 0.2%
BANKING & FINANCE 0.2%
Danske Bank AS 1.863% (US0003M + 1.060%) due 09/12/2023 ~		400	401
Total Denmark			401
FRANCE 0.2%
BANKING & FINANCE 0.2%
Societe Generale SA
7.375% due 10/04/2023 •(e)(f)		200	204
7.875% due 12/18/2023 •(e)(f)		300	314
			518
Total France			518
GERMANY 0.3%
BANKING & FINANCE 0.3%
Deutsche Bank AG
2.222% due 09/18/2024 •		400	392
1.000% due 11/19/2025 •	EUR	200	217
			609
Total Germany			609
IRELAND 0.1%
BANKING & FINANCE 0.1%
AerCap Ireland Capital DAC 2.450% due 10/29/2026	$	200	185
Total Ireland			185
JAPAN 0.5%
BANKING & FINANCE 0.1%
Mizuho Financial Group, Inc. 2.721% due 07/16/2023 •		200	200
INDUSTRIALS 0.4%
Nissan Motor Co. Ltd.
3.043% due 09/15/2023		400	399
3.522% due 09/17/2025		400	393

Schedule of Investments PIMCO StocksPLUS® Global Portfolio(Cont.) March 31, 2022 (Unaudited)

4.345% due 09/17/2027		200	197
			989
Total Japan			1,189
NETHERLANDS 0.5%
BANKING & FINANCE 0.5%
ING Groep NV 3.869% due 03/28/2026 •		1,000	1,006
Total Netherlands			1,006
SOUTH KOREA 0.2%
BANKING & FINANCE 0.2%
Hyundai Capital Services, Inc. 0.750% due 09/15/2023		500	484
Total South Korea			484
SWITZERLAND 0.5%
BANKING & FINANCE 0.5%
Credit Suisse Group AG
7.125% due 07/29/2022 •(e)(f)		200	201
3.091% due 05/14/2032 •		250	226
6.250% due 12/18/2024 •(e)(f)		200	202
UBS Group AG 1.364% due 01/30/2027 •		400	368
			997
Total Switzerland			997
UNITED KINGDOM 0.9%
BANKING & FINANCE 0.9%
Barclays Bank PLC 7.625% due 11/21/2022 (f)		600	615
HSBC Holdings PLC
2.357% due 08/18/2031 •		300	267
1.750% due 07/24/2027 •	GBP	300	372
5.250% due 09/16/2022 •(e)(f)	EUR	200	224
Lloyds Banking Group PLC 4.550% due 08/16/2028	$	400	413
Standard Chartered PLC 7.500% due 04/02/2022 •(e)(f)		200	200
			2,091
Total United Kingdom			2,091
UNITED STATES 3.6%
BANKING & FINANCE 1.3%
Bank of America Corp. 1.483% (SOFRRATE + 1.330%) due 04/02/2026 ~		500	505
Citigroup, Inc. 2.876% due 07/24/2023 •		300	300
Ford Motor Credit Co. LLC 3.550% due 10/07/2022		400	401
Goldman Sachs Group, Inc.
2.905% due 07/24/2023 •		1,200	1,201
3.000% due 03/15/2024		400	400
Nissan Motor Acceptance Co. LLC 2.750% due 03/09/2028		200	181
			2,988
INDUSTRIALS 1.7%
Broadcom, Inc.
3.419% due 04/15/2033		400	374
4.000% due 04/15/2029 (a)		500	500
Charter Communications Operating LLC 4.464% due 07/23/2022		700	703
DAE Funding LLC 1.550% due 08/01/2024		500	473
Hyatt Hotels Corp. 1.800% due 10/01/2024		400	385
Magallanes, Inc.
3.428% due 03/15/2024		200	201
3.638% due 03/15/2025		200	201

Schedule of Investments PIMCO StocksPLUS® Global Portfolio(Cont.) March 31, 2022 (Unaudited)

3.755% due 03/15/2027		200	200
Microchip Technology, Inc. 0.983% due 09/01/2024		300	284
T-Mobile USA, Inc. 3.500% due 04/15/2025		400	403
			3,724
UTILITIES 0.6%
Cleco Power LLC 1.326% (US0003M + 0.500%) due 06/15/2023 ~		600	600
Pacific Gas & Electric Co.
1.700% due 11/15/2023		400	390
1.338% (SOFRINDX + 1.150%) due 11/14/2022 ~		400	400
			1,390
Total United States			8,102
Total Corporate Bonds & Notes (Cost $16,510)			16,071
NON-AGENCY MORTGAGE-BACKED SECURITIES 2.9%
UNITED KINGDOM 0.2%
Business Mortgage Finance PLC 0.000% due 08/15/2040 •	EUR	78	85
Uropa Securities PLC 0.699% due 10/10/2040 •	GBP	271	341
Total United Kingdom			426
UNITED STATES 2.7%
Barclays Commercial Mortgage Securities Trust 1.397% due 10/15/2037 •	$	591	584
Colony Mortgage Capital Ltd. 1.526% due 11/15/2038 •		600	592
Commercial Mortgage Trust 2.147% due 12/15/2038 •		740	730
Countrywide Alternative Loan Trust 0.817% due 04/25/2046 •		281	277
GS Mortgage Securities Corp. Trust 3.419% due 10/10/2032		900	902
Independence Plaza Trust 3.911% due 07/10/2035		300	296
J.P. Morgan Chase Commercial Mortgage Securities Trust 1.647% due 02/15/2035 •		570	564
JP Morgan Chase Commercial Mortgage Securities Trust 2.450% due 12/15/2031 •		278	276
MASTR Adjustable Rate Mortgages Trust 2.759% due 11/21/2034 ~		96	95
Morgan Stanley Capital Trust 1.647% due 11/15/2034 •		226	224
SFO Commercial Mortgage Trust 1.897% due 05/15/2038 •		400	391
Towd Point Mortgage Trust 2.250% due 12/25/2061 ~		789	781
TTAN 1.247% due 03/15/2038 •		399	394
Total United States			6,106
Total Non-Agency Mortgage-Backed Securities (Cost $6,599)			6,532
SOVEREIGN ISSUES 0.5%
SAUDI ARABIA 0.5%
Saudi Government International Bond 2.900% due 10/22/2025		1,200	1,211
Total Sovereign Issues (Cost $1,259)			1,211
U.S. GOVERNMENT AGENCIES 0.3%
UNITED STATES 0.3%
Fannie Mae 0.757% due 12/25/2045 •		261	261
Freddie Mac
0.546% due 07/15/2040 •		126	127
0.847% due 07/15/2037 •		14	14
0.927% due 10/15/2033 •		128	129
2.322% due 09/01/2037 •		211	222

Schedule of Investments PIMCO StocksPLUS® Global Portfolio(Cont.) March 31, 2022 (Unaudited)

Total U.S. Government Agencies (Cost $749)				753
U.S. TREASURY OBLIGATIONS 2.8%
UNITED STATES 2.8%
U.S. Treasury Inflation Protected Securities(d)
0.750% due 02/15/2045		119		137
1.000% due 02/15/2048		114		142
1.375% due 02/15/2044		241		309
U.S. Treasury Notes
2.000% due 04/30/2024		100		99
2.875% due 09/30/2023 (h)		5,160		5,219
2.875% due 11/30/2023		480		485
Total U.S. Treasury Obligations (Cost $6,531)				6,391
SHORT-TERM INSTRUMENTS 62.1%
REPURCHASE AGREEMENTS (g) 2.6%				5,883
ISRAEL TREASURY BILLS 1.8%
(0.002)% due 04/06/2022 - 01/04/2023 (b)(c)	ILS	12,700		3,977
U.S. TREASURY BILLS 45.0%
0.270% due 04/05/2022 - 06/23/2022 (b)(c)(j)(l)	$	101,200		101,156
U.S. TREASURY CASH MANAGEMENT BILLS 12.7%
0.586% due 06/14/2022 - 07/19/2022 (b)(c)		28,500		28,453
Total Short-Term Instruments (Cost $139,418)				139,469
Total Investments in Securities (Cost $229,612)				227,979
		SHARES
INVESTMENTS IN AFFILIATES 0.1%
SHORT-TERM INSTRUMENTS 0.1%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1%
PIMCO Short Asset Portfolio		13,014		128
PIMCO Short-Term Floating NAV Portfolio III		6,264		61
Total Short-Term Instruments (Cost $192)				189
Total Investments in Affiliates (Cost $192)				189
Total Investments 101.5% (Cost $229,804)			$	228,168
Financial Derivative Instruments(i)(k)(1.7)%(Cost or Premiums, net $610)				(3,930)
Other Assets and Liabilities, net 0.2%				504
Net Assets 100.0%			$	224,742

Schedule of Investments PIMCO StocksPLUS® Global Portfolio(Cont.) March 31, 2022 (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)	Principal amount of security is adjusted for inflation.
(e)	Perpetual maturity; date shown, if applicable, represents next contractual call date.
(f)	Contingent convertible security.
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(g)	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		0.010%	03/31/2022	04/01/2022	$			5,883		U.S. Treasury Bills 0.000% due 08/04/2022										$		(6,001)					$		5,883					$				5,883
Total Repurchase Agreements																				$		(6,001)					$		5,883					$				5,883
SALE-BUYBACK TRANSACTIONS:
Counterparty							Borrowing Rate				Borrowing Date			Maturity Date								Amount Borrowed											Payable for Sale-Buyback Transactions
BCY							0.320%				04/05/2022			04/06/2022					$			(5,225)								$			(5,225)
							0.350				04/01/2022			04/04/2022								(5,217)											(5,217)
MSC							0.370				04/01/2022			04/04/2022								(5,219)											(5,219)
							0.370				04/04/2022			04/05/2022								(5,216)											(5,216)
Total Sale-Buyback Transactions																														$			(20,877)
(h)	Securities with an aggregate market value of $20,874 have been pledged as collateral under the terms of master agreements as of March 31, 2022.
(1)	Includes accrued interest.
(i)	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 June Futures						06/2022			497			$	112,589			$		8,116						$		0						$					(1,622)
Euro-Bund 10-Year Bond June Futures						06/2022			1				176					(10)								2											0
Mini MSCI EAFE Index June Futures						06/2022			1,048				112,367					6,028								0											(1,848)
U.S. Treasury 5-Year Note June Futures						06/2022			195				22,364					(599)								27											0
U.S. Treasury 30-Year Bond June Futures						06/2022			12				1,801					(54)								8											0
U.S. Treasury Ultra Long-Term Bond June Futures						06/2022			4				709					(28)								4											0
															$		13,453						$		41						$					(3,470)
SHORT FUTURES CONTRACTS
																								Variation Margin
Description						Expiration Month			# of Contracts				Notional Amount					Unrealized Appreciation/ (Depreciation)								Asset											Liability
U.S. Treasury 2-Year Note June Futures						06/2022			33			$	(6,993)			$		95						$		0						$					(5)
U.S. Treasury 10-Year Note June Futures						06/2022			92				(11,305)					320								0											(23)

Schedule of Investments PIMCO StocksPLUS® Global Portfolio(Cont.) March 31, 2022 (Unaudited)

United Kingdom Long Gilt June Futures													06/2022					1							(159)												2									0													(1)
																																$				417								$	0									$				(29)
Total Futures Contracts																																$				13,870								$	41									$				(3,499)
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 March 31, 2022(2)										Notional Amount(3)					Premiums Paid/ (Received)							Unrealized Appreciation/ (Depreciation)								Market Value(4)										Asset									Liability
AT&T, Inc.			1.000%		Quarterly			12/20/2023			0.581				%		$				600	$				8			$				(4)					$			4							$			0				$					(1)
AT&T, Inc.			1.000		Quarterly			12/20/2026			0.806										100					2							(1)								1										0									0
Boeing Co.			1.000		Quarterly			12/20/2022			0.637										200					0							1								1										0									0
Boeing Co.			1.000		Quarterly			06/20/2023			0.822										400					1							0								1										0									0
Boeing Co.			1.000		Quarterly			12/20/2023			0.955										600					4							(3)								1										0									0
Ford Motor Co.			5.000		Quarterly			06/20/2022			0.991										200					7							(5)								2										0									0
General Motors Co.			5.000		Quarterly			12/20/2026			1.638										700					129							(26)								103										1									0
International Lease Finance Corp.			5.000		Quarterly			12/20/2022			0.150										600					59							(37)								22										0									0
Southwest Airlines Co.			1.000		Quarterly			12/20/2026			1.132										100					0							(1)								(1)										0									0
Stellantis NV			5.000		Quarterly			06/20/2026			1.199						EUR				400					94							(24)								70										0									0
Stellantis NV			5.000		Quarterly			12/20/2026			1.378										200					46							(9)								37										0									0
Tesco PLC			1.000		Quarterly			12/20/2027			0.830										400					0							4								4										0									0
																							$				350			$				(105)					$			245							$			1				$					(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				$					400			$				(12)			$				(23)					$			(35)							$			0				$					(1)
CDX.EM-36 5-Year Index				1.000			Quarterly			12/20/2026									700							(25)							(33)								(58)										0									(1)
CDX.HY-37 5-Year Index				5.000			Quarterly			12/20/2026									1,700							155							(45)								110										0									(1)
CDX.HY-38 5-Year Index				5.000			Quarterly			06/20/2027									300							15							2								17										0									0
CDX.IG-36 5-Year Index				1.000			Quarterly			06/20/2026									500							12							(3)								9										0									0
CDX.IG-37 5-Year Index				1.000			Quarterly			12/20/2026									4,400							103							(26)								77										0									(1)
CDX.IG-38 5-Year Index				1.000			Quarterly			06/20/2027									4,500							65							9								74										0									0
iTraxx Asia Ex-Japan 37 5-Year Index				1.000			Quarterly			06/20/2027									500							(2)							2								0										0									0
iTraxx Crossover 37 5-Year Index				5.000			Quarterly			06/20/2027				EUR					400							26							7								33										0									(1)
iTraxx Europe Main 34 5-Year Index				1.000			Quarterly			12/20/2025									4,500							139							(48)								91										0									0
iTraxx Europe Main 35 5-Year Index				1.000			Quarterly			06/20/2026									1,700							52							(20)								32										0									0
iTraxx Europe Main 36 5-Year Index				1.000			Quarterly			12/20/2026									5,600							159							(58)								101										0									0
iTraxx Europe Main 37 5-Year Index				1.000			Quarterly			06/20/2027									1,700							26							0								26										1									0
																						$				713			$				(236)					$			477							$			1				$					(5)
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
Receive		3-Month USD-LIBOR				0.500%			Semi-Annual			06/16/2026				$				13,000				$				179			$				882					$			1,061							$			0				$					0
Pay		3-Month USD-LIBOR				0.500			Semi-Annual			06/16/2028								3,800								(207)							(222)								(429)										2									0
Pay		3-Month USD-LIBOR				0.750			Semi-Annual			06/16/2031								6,900								(465)							(480)								(945)										20									0
Receive		3-Month USD-LIBOR				2.000			Semi-Annual			01/15/2050								100								(20)							26								6										0									(1)
Receive		3-Month USD-LIBOR				1.625			Semi-Annual			01/16/2050								200								(20)							48								28										0									(2)
Receive		3-Month USD-LIBOR				1.750			Semi-Annual			01/22/2050								700								(93)							173								80										0									(6)
Receive		3-Month USD-LIBOR				1.625			Semi-Annual			02/03/2050								400								(40)							96								56										0									(3)
Receive		3-Month USD-LIBOR				1.250			Semi-Annual			06/16/2051								1,200								230							38								268										0									(8)
																						$				(436)			$				561					$			125							$			22				$					(20)
Total Swap Agreements																						$				627			$				220					$			847							$			24				$					(26)
(j)	Securities with an aggregate market value of $12,629 and cash of $2,149 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2022.

Schedule of Investments PIMCO StocksPLUS® Global Portfolio(Cont.) March 31, 2022 (Unaudited)

(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)	Unsettled variation margin liability of $(43) for closed future is outstanding at period end.
(k)	FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
												Unrealized Appreciation/(Depreciation)
Counterparty			Settlement Month		Currency to be Delivered				Currency to be Received						Asset							Liability
BOA			04/2022	$	386			JPY	44,700				$		0				$			(19)
BPS			04/2022	EUR	1,705			$	1,904						19							0
			04/2022	GBP	705				945						19							0
			04/2022	JPY	28,100				245						14							0
			07/2022	$	378			BRL	2,000						31							0
BSH			07/2022	BRL	26,600			$	4,659						0							(784)
			07/2022	$	3,743			BRL	20,000						350							0
CBK			04/2022	ILS	3,100			$	947						0							(25)
			04/2022	MXN	9,893				456						0							(40)
			06/2022	ILS	900				278						0							(5)
			08/2022		7,100				2,216						0							(19)
			10/2022		200				64						1							0
			01/2023		1,400				444						0							0
GLM			07/2022	BRL	2,200				386						0							(64)
			07/2022	$	773			BRL	4,000						46							0
HUS			04/2022		395			EUR	359						2							0
			04/2022		266			GBP	202						0							0
JPM			07/2022		528			BRL	2,800						44							0
RBC			06/2022		485			MXN	9,990						11							0
Total Forward Foreign Currency Contracts												$		537				$			(956)
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.IG-37 5-Year Index				Sell	0.900%			04/20/2022	400					$	(1)			$			0
		Put - OTC CDX.IG-37 5-Year Index				Sell	0.900			05/18/2022	800						(1)						(1)
		Put - OTC CDX.IG-38 5-Year Index				Sell	1.200			07/20/2022	200						0						0
		Put - OTC iTraxx Europe 36 5-Year Index				Sell	1.000			06/15/2022	400						(1)						(1)
		Put - OTC iTraxx Europe 36 5-Year Index				Sell	1.200			06/15/2022	600						(1)						(1)
BPS		Put - OTC CDX.IG-37 5-Year Index				Sell	1.200			07/20/2022	200						0						0
		Put - OTC iTraxx Crossover 36 5-Year Index				Sell	4.250			05/18/2022	100						(1)						(1)
		Put - OTC iTraxx Crossover 36 5-Year Index				Sell	5.250			06/15/2022	100						(1)						(1)
BRC		Put - OTC CDX.IG-37 5-Year Index				Sell	0.900			05/18/2022	200						0						0
		Put - OTC iTraxx Crossover 36 5-Year Index				Sell	4.250			05/18/2022	300						(2)						(1)
		Put - OTC iTraxx Europe 36 5-Year Index				Sell	0.850			05/18/2022	200						0						0
		Put - OTC iTraxx Europe 36 5-Year Index				Sell	0.900			05/18/2022	200						0						0
		Put - OTC iTraxx Europe 36 5-Year Index				Sell	1.000			06/15/2022	1,000						(2)						(1)
CBK		Put - OTC CDX.IG-37 5-Year Index				Sell	0.850			05/18/2022	200						0						0
		Put - OTC iTraxx Europe 36 5-Year Index				Sell	0.850			05/18/2022	200						0						0
DUB		Put - OTC CDX.HY-37 5-Year Index				Sell	101.000			04/20/2022	200						(1)						0
		Put - OTC CDX.IG-37 5-Year Index				Sell	0.950			05/18/2022	400						0						0
GST		Put - OTC CDX.HY-37 5-Year Index				Sell	101.000			05/18/2022	100						(1)						0
JPM		Put - OTC CDX.IG-37 5-Year Index				Sell	0.850			05/18/2022	200						0						0
		Put - OTC iTraxx Crossover 36 5-Year Index				Sell	4.000			04/20/2022	100						(1)						0
		Put - OTC iTraxx Crossover 36 5-Year Index				Sell	5.500			06/15/2022	100						(1)						(1)
		Put - OTC iTraxx Europe 37 5-Year Index				Sell	1.200			07/20/2022	100						0						0
MYC		Put - OTC CDX.HY-37 5-Year Index				Sell	104.000			04/20/2022	100						(1)						0
		Put - OTC CDX.IG-37 5-Year Index				Sell	1.200			06/15/2022	300						(1)						0
		Put - OTC iTraxx Europe 36 5-Year Index				Sell	0.900			04/20/2022	400						(1)						0
		Put - OTC iTraxx Europe 36 5-Year Index				Sell	0.900			05/18/2022	200						0						0
Total Written Options																$	(17)			$			(8)
(l)	Securities with an aggregate market value of $273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2022.

Schedule of Investments PIMCO StocksPLUS® Global Portfolio(Cont.) March 31, 2022 (Unaudited)

(1)		Notional Amount represents the number of contracts.
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2022 in valuing the Fund's assets and liabilities:
Category and Subcategory			Level 1		Level 2		Level 3		Fair Value at 03/31/2022
Investments in Securities, at Value
Asset-Backed Securities
	Cayman Islands		$	0	$	22,873	$	0	$	22,873
	Ireland			0		1,177		0		1,177
	Japan			0		0		669		669
	Jersey, Channel Islands			0		1,196		0		1,196
	United States			0		31,637		0		31,637
Corporate Bonds & Notes
	Cayman Islands
		Industrials		0		489		0		489
	Denmark
		Banking & Finance		0		401		0		401
	France
		Banking & Finance		0		518		0		518
	Germany
		Banking & Finance		0		609		0		609
	Ireland
		Banking & Finance		0		185		0		185
	Japan
		Banking & Finance		0		200		0		200
		Industrials		0		989		0		989
	Netherlands
		Banking & Finance		0		1,006		0		1,006
	South Korea
		Banking & Finance		0		484		0		484
	Switzerland
		Banking & Finance		0		997		0		997
	United Kingdom
		Banking & Finance		0		2,091		0		2,091
	United States
		Banking & Finance		0		2,988		0		2,988
		Industrials		500		3,224		0		3,724
		Utilities		0		1,390		0		1,390
Non-Agency Mortgage-Backed Securities
	United Kingdom			0		426		0		426
	United States			0		6,106		0		6,106
Sovereign Issues
	Saudi Arabia			0		1,211		0		1,211
U.S. Government Agencies
	United States			0		753		0		753
U.S. Treasury Obligations
	United States			0		6,391		0		6,391
Short-Term Instruments
	Repurchase Agreements			0		5,883		0		5,883
	Israel Treasury Bills			0		3,977		0		3,977
	U.S. Treasury Bills			0		101,156		0		101,156
	U.S. Treasury Cash Management Bills			0		28,453		0		28,453
			$	500	$	226,810	$	669	$	227,979
Investments in Affiliates, at Value
Short-Term Instruments
	Central Funds Used for Cash Management Purposes		$	189	$	0	$	0	$	189
Total Investments			$	689	$	226,810	$	669	$	228,168
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared				2		63		0		65
Over the counter				0		537		0		537
			$	2	$	600	$	0	$	602
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared				(3,471)		(54)		0		(3,525)
Over the counter				0		(964)		0		(964)
			$	(3,471)	$	(1,018)	$	0	$	(4,489)
Total Financial Derivative Instruments			$	(3,469)	$	(418)	$	0	$	(3,887)
Totals			$	(2,780)	$	226,392	$	669	$	224,281
There were no significant transfers into or out of Level 3 during the period ended March 31, 2022.

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 (“PIMCO” or 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 March 31, 2022, 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 March 31, 2022 (amounts in thousands†):

Investment in PIMCO Short Asset Portfolio

	Market Value 12/31/2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 03/31/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
$	129	$	0	$	0	$	0	$	(1)	$	128	$	0	$	0

Investment in PIMCO Short-Term Floating NAV Portfolio III

	Market Value 12/31/2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 03/31/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
$	61	$	0	$	0	$	0	$	0	$	61	$	0	$	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:
BCY	Barclays Capital, Inc.	CBK	Citibank N.A.	HUS	HSBC Bank USA N.A.
BOA	Bank of America N.A.	DUB	Deutsche Bank AG	JPM	JP Morgan Chase Bank N.A.
BPS	BNP Paribas S.A.	FICC	Fixed Income Clearing Corporation	MSC	Morgan Stanley & Co. LLC.
BRC	Barclays Bank PLC	GLM	Goldman Sachs Bank USA	MYC	Morgan Stanley Capital Services LLC
BSH	Banco Santander S.A. - New York Branch	GST	Goldman Sachs International	RBC	Royal Bank of Canada
Currency Abbreviations:
BRL	Brazilian Real	ILS	Israeli Shekel	MXN	Mexican Peso
EUR	Euro	JPY	Japanese Yen	USD (or $)	United States Dollar
GBP	British Pound
Exchange Abbreviations:
OTC	Over the Counter
Index/Spread Abbreviations:
CDX.EM	Credit Derivatives Index - Emerging Markets	EAFE	Europe, Australasia, and Far East Stock Index	SOFRINDX	Secured Overnight Financing Rate Index
CDX.HY	Credit Derivatives Index - High Yield	S&P 500	Standard & Poor's 500 Index	US0003M	ICE 3-Month USD LIBOR
CDX.IG	Credit Derivatives Index - Investment Grade	SOFR	Secured Overnight Financing Rate
Other Abbreviations:
ABS	Asset-Backed Security	DAC	Designated Activity Company	MSCI	Morgan Stanley Capital International
CLO	Collateralized Loan Obligation	LIBOR	London Interbank Offered Rate	TBA	To-Be-Announced