Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund |
September 30, 2019 (Unaudited) |
(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS AND UNITS, IF ANY) |
PRINCIPAL AMOUNT (000s) |
MARKET VALUE (000s) | ||||
INVESTMENTS IN SECURITIES 181.5% ¤ | |||||
LOAN PARTICIPATIONS AND ASSIGNMENTS 32.3% | |||||
Advanced Drainage Systems, Inc. TBD% due 09/19/2026 |
$ | 39 | $ | 39 | |
Advanz Pharma Corp. 7.528% (LIBOR03M + 5.500%) due 09/06/2024 ~ |
6,520 | 6,170 | |||
Altice France S.A. 6.028% (LIBOR03M + 4.000%) due 08/14/2026 ~ |
199 | 198 | |||
API Group, Inc. TBD% due 10/01/2026 « |
100 | 101 | |||
Diamond Resorts Corp. 5.796% (LIBOR03M + 3.750%) due 09/02/2023 ~ |
9,653 | 9,420 | |||
DTEK Holdings Ltd. TBD% due 08/01/2026 « |
EUR | 2,117 | 2,039 | ||
Dubai World (2.500% Cash and 1.750%
PIK) 4.250% (LIBOR03M + 2.000%) due 09/30/2022 ~(d) |
$ | 20,271 | 19,004 | ||
Emerald TopCo, Inc. 5.544% (LIBOR03M + 3.500%) due 07/24/2026 ~ |
180 | 180 | |||
Envision Healthcare Corp. 5.794% (LIBOR03M + 3.750%) due 10/10/2025 ~ |
19,025 | 15,569 | |||
Financial & Risk U.S. Holdings,
Inc. 5.794% (LIBOR03M + 3.750%) due 10/01/2025 ~ |
801 | 806 | |||
Frontier Communications Corp. 5.800% (LIBOR03M + 3.750%) due 06/15/2024 ~ |
1,078 | 1,078 | |||
iHeartCommunications, Inc. 6.100% (LIBOR03M + 4.000%) due 05/01/2026 ~ |
5,964 | 6,010 | |||
Intelsat Jackson Holdings S.A. 5.804% (LIBOR03M + 3.750%) due 11/27/2023 ~ |
100 | 100 | |||
Klockner-Pentaplast of America,
Inc. 4.750% (EUR003M + 4.750%) due 06/30/2022 ~ |
EUR | 800 | 742 | ||
LOPM 39 DE LLC TBD% - 7.399% (LIBOR03M + 5.350%) due 06/03/2026 «~µ |
$ | 35,000 | 34,821 | ||
McDermott Technology Americas,
Inc. 7.104% (LIBOR03M + 5.000%) due 05/09/2025 ~ |
7,076 | 4,525 | |||
Messer Industrie GmbH 4.604% (LIBOR03M + 2.500%) due 03/01/2026 ~ |
105 | 105 | |||
MH Sub LLC 5.794% (LIBOR03M + 3.750%) due 09/13/2024 ~ |
20 | 19 | |||
MLM LLC TBD% due 12/01/2019 « |
61,778 | 61,747 | |||
Nascar Holdings, Inc. TBD% due 07/27/2026 |
122 | 123 | |||
NCI Building Systems, Inc. 5.789% (LIBOR03M + 3.750%) due 04/12/2025 ~ |
40 | 39 | |||
Neiman Marcus Group Ltd. LLC | |||||
8.057% (LIBOR03M + 6.000%) due 10/25/2023 ~ | 19,766 | 15,245 | |||
8.557% (LIBOR03M + 6.500%) due 10/25/2023 ~ | 10,674 | 8,159 | |||
Nestle Skin Health TBD% due 07/16/2026 |
324 | 326 | |||
Ortho-Clinical Diagnostics S.A. 5.563% (LIBOR03M + 3.250%) due 06/30/2025 ~ |
4,664 | 4,525 | |||
Pacific Gas & Electric Co. TBD% due 02/22/2049 ^«(e) |
200 | 197 | |||
PetSmart, Inc. 6.040% (LIBOR03M + 4.000%) due 03/11/2022 ~ |
124 | 121 | |||
Preylock Reitman Santa Cruz Mezz
LLC TBD% (LIBOR03M + 5.500%) due 11/09/2022 «~(k) |
7,900 | 7,946 | |||
Project Anfora Senior 0.010% due 10/01/2026 |
EUR | 40,000 | 43,489 | ||
Project OMNI Senior 3.000% due 09/03/2026 «(k) |
40,000 | 43,570 | |||
Sequa Mezzanine Holdings LLC | |||||
7.187% (LIBOR03M + 5.000%) due 11/28/2021 ~ | $ | 15,182 | 15,061 | ||
11.266% (LIBOR03M + 9.000%) due 04/28/2022 ~ | 11,201 | 11,033 | |||
Sinclair Television Group, Inc. 4.540% (LIBOR03M + 2.500%) due 09/30/2026 ~ |
99 | 100 | |||
Starfruit Finco BV 5.292% (LIBOR03M + 3.250%) due 10/01/2025 ~ |
283 | 278 | |||
Syniverse Holdings, Inc. 7.028% (LIBOR03M + 5.000%) due 03/09/2023 ~ |
12,073 | 11,383 | |||
U.S. Renal Care, Inc. 7.063% (LIBOR03M + 5.000%) due 06/26/2026 ~ |
171 | 163 | |||
Univision Communications, Inc. 4.794% (LIBOR03M + 2.750%) due 03/15/2024 ~ |
15,332 | 14,927 | |||
Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.) |
September 30, 2019 (Unaudited) |
West Corp. 6.044% (LIBOR03M + 4.000%) due 10/10/2024 ~ |
17 | 15 | |||
Westmoreland Mining Holdings LLC 10.389% (LIBOR03M + 8.250%) due 03/15/2022 «~ |
1,738 | 1,755 | |||
Westmoreland Mining Holdings LLC
(15.000% PIK) 15.000% due 03/15/2029 (d) |
5,721 | 4,348 | |||
Whatabrands LLC 5.516% (LIBOR03M + 3.250%) due 08/02/2026 ~ |
36 | 36 | |||
Total Loan Participations and Assignments (Cost $351,449) | 345,512 | ||||
CORPORATE BONDS & NOTES 44.9% | |||||
BANKING & FINANCE 17.8% | |||||
Ally Financial, Inc. 8.000% due 11/01/2031 |
90 | 125 | |||
Ambac LSNI LLC 7.104% due 02/12/2023 •(m) |
8,507 | 8,613 | |||
Ardonagh Midco PLC 8.375% due 07/15/2023 (m) |
GBP | 19,500 | 23,071 | ||
Athene Holding Ltd. 4.125% due 01/12/2028 |
$ | 11 | 11 | ||
AXA Equitable Holdings, Inc. | |||||
4.350% due 04/20/2028 | 27 | 29 | |||
5.000% due 04/20/2048 (m) | 45 | 49 | |||
Banco Bilbao Vizcaya Argentaria
S.A. 6.750% due 02/18/2020 •(i)(j)(m) |
EUR | 600 | 667 | ||
Banco de Credito del Peru 4.650% due 09/17/2024 |
PEN | 1,300 | 386 | ||
Banco Santander S.A. 6.250% due 09/11/2021 •(i)(j)(m) |
EUR | 2,900 | 3,343 | ||
Bank of Ireland 7.375% due 06/18/2020 •(i)(j)(m) |
450 | 511 | |||
Barclays PLC | |||||
3.250% due 01/17/2033 | GBP | 100 | 125 | ||
5.875% due 09/15/2024 •(i)(j)(m) | 1,200 | 1,437 | |||
7.125% due 06/15/2025 •(i)(j)(m) | 4,100 | 5,352 | |||
7.250% due 03/15/2023 •(i)(j)(m) | 6,585 | 8,537 | |||
7.750% due 09/15/2023 •(i)(j)(m) | $ | 2,410 | 2,510 | ||
7.875% due 09/15/2022 •(i)(j)(m) | GBP | 2,000 | 2,621 | ||
8.000% due 12/15/2020 •(i)(j) | EUR | 200 | 233 | ||
8.000% due 06/15/2024 •(i)(j)(m) | $ | 1,000 | 1,064 | ||
Brookfield Finance, Inc. | |||||
3.900% due 01/25/2028 | 36 | 38 | |||
4.700% due 09/20/2047 | 34 | 37 | |||
CBL & Associates LP | |||||
4.600% due 10/15/2024 | 4 | 3 | |||
5.950% due 12/15/2026 (m) | 10,231 | 7,238 | |||
Credit Suisse Group AG | |||||
7.250% due 09/12/2025 •(i)(j)(m) | 200 | 214 | |||
7.500% due 07/17/2023 •(i)(j)(m) | 200 | 214 | |||
Emerald Bay S.A. 0.000% due 10/08/2020 (h) |
EUR | 6 | 6 | ||
ESH Hospitality, Inc. 4.625% due 10/01/2027 (m) |
$ | 192 | 193 | ||
Farringdon Mortgages 4.280% due 07/15/2047 |
GBP | 5,675 | 5,188 | ||
Ford Motor Credit Co. LLC | |||||
3.393% (US0003M + 1.235%) due 02/15/2023 ~(m) | $ | 400 | 388 | ||
5.443% (US0003M + 3.140%) due 01/07/2022 ~(m) | 1,000 | 1,028 | |||
Fortress Transportation & Infrastructure Investors LLC | |||||
6.500% due 10/01/2025 (m) | 525 | 541 | |||
6.750% due 03/15/2022 (m) | 560 | 587 | |||
GE Capital International Funding
Co. Unlimited Co. 4.418% due 11/15/2035 (m) |
500 | 525 | |||
HSBC Bank PLC 6.330% due 05/23/2023 |
10,000 | 10,506 | |||
HSBC Holdings PLC | |||||
4.750% due 07/04/2029 •(i)(j) | EUR | 300 | 347 | ||
5.875% due 09/28/2026 •(i)(j)(m) | GBP | 1,600 | 2,083 | ||
6.000% due 09/29/2023 •(i)(j) | EUR | 570 | 708 | ||
6.500% due 03/23/2028 •(i)(j) | $ | 340 | 356 | ||
Hunt Cos., Inc. 6.250% due 02/15/2026 |
14 | 14 | |||
ING Groep NV 5.750% due 11/16/2026 •(i)(j) |
600 | 605 | |||
Kennedy-Wilson, Inc. 5.875% due 04/01/2024 |
42 | 43 | |||
Lloyds Banking Group PLC | |||||
7.500% due 09/27/2025 •(i)(j)(m) | 1,910 | 2,038 | |||
7.625% due 06/27/2023 •(i)(j)(m) | GBP | 200 | 268 | ||
7.875% due 06/27/2029 •(i)(j)(m) | 10,084 | 14,572 | |||
LoanCore Capital Markets LLC
6.875% due 06/01/2020 (m) |
$ | 640 | 632 | ||
Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.) |
September 30, 2019 (Unaudited) |
Nationstar Mortgage LLC 6.500% due 07/01/2021 (m) |
854 | 858 | |||
Navient Corp. | |||||
5.625% due 01/25/2025 | 139 | 129 | |||
6.150% due 03/10/2021 (m) | 600 | 595 | |||
6.500% due 06/15/2022 | 50 | 53 | |||
7.250% due 09/25/2023 (m) | 9,526 | 10,390 | |||
Newmark Group, Inc. 6.125% due 11/15/2023 |
88 | 96 | |||
Oppenheimer Holdings, Inc.
6.750% due 07/01/2022 (m) |
3,451 | 3,564 | |||
Park Aerospace Holdings Ltd.
4.500% due 03/15/2023 (m) |
487 | 505 | |||
Piper Jaffray Cos. | |||||
4.740% due 10/15/2021 «(c)(k) | 800 | 802 | |||
5.200% due 10/15/2023 «(c)(k) | 2,900 | 2,911 | |||
Royal Bank of Scotland Group PLC | |||||
7.500% due 08/10/2020 •(i)(j)(m) | 700 | 717 | |||
8.000% due 08/10/2025 •(i)(j)(m) | 6,325 | 6,992 | |||
8.625% due 08/15/2021 •(i)(j)(m) | 2,990 | 3,209 | |||
Santander UK Group Holdings PLC | |||||
6.750% due 06/24/2024 •(i)(j)(m) | GBP | 6,830 | 8,784 | ||
7.375% due 06/24/2022 •(i)(j)(m) | 5,871 | 7,648 | |||
Societe Generale S.A. | |||||
6.750% due 04/06/2028 •(i)(j)(m) | $ | 200 | 204 | ||
7.375% due 10/04/2023 •(i)(j)(m) | 700 | 737 | |||
Springleaf Finance Corp. | |||||
5.625% due 03/15/2023 (m) | 500 | 535 | |||
6.125% due 03/15/2024 (m) | 1,712 | 1,847 | |||
6.625% due 01/15/2028 (m) | 519 | 559 | |||
6.875% due 03/15/2025 (m) | 625 | 690 | |||
Stearns Holdings LLC 9.375% due 08/15/2020 ^(e)(m) |
3,898 | 1,881 | |||
Stichting AK Rabobank Certificaten
6.500% due 12/29/2049 (i)(m) |
EUR | 1,627 | 2,235 | ||
Tesco Property Finance PLC | |||||
5.411% due 07/13/2044 | GBP | 96 | 150 | ||
5.661% due 10/13/2041 | 98 | 156 | |||
5.744% due 04/13/2040 (m) | 109 | 175 | |||
5.801% due 10/13/2040 (m) | 458 | 742 | |||
TP ICAP PLC | |||||
5.250% due 01/26/2024 (m) | 3,702 | 4,881 | |||
5.250% due 05/29/2026 | 100 | 130 | |||
UniCredit SpA 7.830% due 12/04/2023 (m) |
$ | 4,000 | 4,693 | ||
Unique Pub Finance Co. PLC
7.395% due 03/28/2024 |
GBP | 1,181 | 1,677 | ||
Voyager Aviation Holdings LLC
8.500% due 08/15/2021 (m) |
$ | 14,200 | 14,605 | ||
190,206 | |||||
INDUSTRIALS 20.7% | |||||
AA Bond Co. Ltd. 2.875% due 07/31/2043 (m) |
GBP | 8,893 | 10,548 | ||
Advanced Drainage Systems, Inc.
5.000% due 09/30/2027 |
$ | 39 | 40 | ||
Altice Financing S.A. 7.500% due 05/15/2026 (m) |
6,650 | 7,082 | |||
Altice France S.A. | |||||
3.375% due 01/15/2028 | EUR | 200 | 222 | ||
5.625% due 05/15/2024 | 270 | 303 | |||
5.875% due 02/01/2027 (m) | 2,200 | 2,659 | |||
7.375% due 05/01/2026 (m) | $ | 2,050 | 2,206 | ||
8.125% due 02/01/2027 (m) | 900 | 996 | |||
Associated Materials LLC 9.000% due 01/01/2024 (m) |
16,414 | 14,485 | |||
Avon International Capital PLC
6.500% due 08/15/2022 |
38 | 39 | |||
B.C. Unlimited Liability Co.
3.875% due 01/15/2028 |
116 | 117 | |||
Baffinland Iron Mines Corp.
8.750% due 07/15/2026 (m) |
8,000 | 8,232 | |||
BCPE Cycle Merger Sub, Inc.
10.625% due 07/15/2027 |
113 | 109 | |||
Beazer Homes USA, Inc. 7.250% due 10/15/2029 |
18 | 18 | |||
Bioceanico Sovereign Certificate
Ltd. 0.000% due 06/05/2034 (h) |
150 | 105 | |||
Bombardier, Inc. | |||||
6.125% due 01/15/2023 (m) | 2,152 | 2,197 | |||
7.500% due 12/01/2024 (m) | 2,678 | 2,694 | |||
7.500% due 03/15/2025 (m) | 3,492 | 3,501 | |||
7.875% due 04/15/2027 (m) | 1,844 | 1,841 | |||
Cheniere Energy Partners LP
4.500% due 10/01/2029 |
154 | 158 | |||
Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.) |
September 30, 2019 (Unaudited) |
Clear Channel Worldwide Holdings,
Inc. 9.250% due 02/15/2024 (m) |
13,399 | 14,754 | |||
Community Health Systems, Inc. | |||||
6.250% due 03/31/2023 (m) | 7,387 | 7,366 | |||
8.000% due 03/15/2026 (m) | 1,364 | 1,364 | |||
8.625% due 01/15/2024 (m) | 3,579 | 3,704 | |||
Connect Finco SARL 6.750% due 10/01/2026 (c) |
104 | 106 | |||
Core & Main Holdings LP (8.625%
Cash or 9.375% PIK) 8.625% due 09/15/2024 (d) |
70 | 71 | |||
Diamond Resorts International,
Inc. 7.750% due 09/01/2023 (m) |
1,248 | 1,290 | |||
DISH DBS Corp. 5.875% due 07/15/2022 |
16 | 17 | |||
DriveTime Automotive Group, Inc.
8.000% due 06/01/2021 (m) |
13,967 | 14,220 | |||
Eagle Holding Co. LLC (7.750% Cash
or 8.500% PIK) 7.750% due 05/15/2022 (d) |
24 | 24 | |||
Eldorado Resorts, Inc. 6.000% due 09/15/2026 (m) |
3,500 | 3,850 | |||
Envision Healthcare Corp. 8.750% due 10/15/2026 (m) |
2,557 | 1,573 | |||
Exela Intermediate LLC 10.000% due 07/15/2023 |
13 | 7 | |||
Fairstone Financial, Inc. 7.875% due 07/15/2024 (m) |
474 | 497 | |||
First Quantum Minerals Ltd. | |||||
6.500% due 03/01/2024 (m) | 1,150 | 1,103 | |||
6.875% due 03/01/2026 (m) | 1,268 | 1,214 | |||
7.000% due 02/15/2021 (m) | 129 | 130 | |||
Flex Ltd. 4.875% due 06/15/2029 (m) |
168 | 177 | |||
FMG Resources Pty. Ltd. 4.500% due 09/15/2027 |
90 | 88 | |||
Fresh Market, Inc. 9.750% due 05/01/2023 |
50 | 29 | |||
Frontier Finance PLC 8.000% due 03/23/2022 |
GBP | 5,400 | 6,864 | ||
Full House Resorts, Inc. | |||||
8.575% due 01/31/2024 | $ | 9,925 | 9,769 | ||
9.738% due 02/02/2024 | 838 | 825 | |||
General Electric Co. | |||||
5.000% due 01/21/2021 •(i) | 299 | 284 | |||
5.875% due 01/14/2038 | 22 | 26 | |||
6.150% due 08/07/2037 (m) | 73 | 90 | |||
6.875% due 01/10/2039 | 21 | 28 | |||
Global Payments, Inc. | |||||
3.200% due 08/15/2029 | 75 | 76 | |||
4.150% due 08/15/2049 | 37 | 39 | |||
Go Daddy Operating Co. LLC
5.250% due 12/01/2027 |
40 | 42 | |||
Greene King Finance PLC 2.861% (BP0003M + 2.080%) due 03/15/2036 ~ |
GBP | 200 | 215 | ||
Hilton Domestic Operating Co.,
Inc. 4.875% due 01/15/2030 |
$ | 43 | 46 | ||
Horizon Pharma USA, Inc. 5.500% due 08/01/2027 (m) |
200 | 208 | |||
iHeartCommunications, Inc. | |||||
6.375% due 05/01/2026 (m) | 1,605 | 1,742 | |||
8.375% due 05/01/2027 (m) | 2,853 | 3,096 | |||
IHO Verwaltungs GmbH (3.625% Cash
or 4.375% PIK) 3.625% due 05/15/2025 (d)(m) |
EUR | 300 | 339 | ||
IHO Verwaltungs GmbH (3.875% Cash
or 4.625% PIK) 3.875% due 05/15/2027 (d) |
200 | 223 | |||
IHO Verwaltungs GmbH (6.000% Cash
or 6.750% PIK) 6.000% due 05/15/2027 (d)(m) |
$ | 682 | 692 | ||
IHO Verwaltungs GmbH (6.375% Cash
or 7.125% PIK) 6.375% due 05/15/2029 (d)(m) |
503 | 509 | |||
Installed Building Products, Inc.
5.750% due 02/01/2028 |
90 | 93 | |||
Intelsat Connect Finance S.A.
9.500% due 02/15/2023 |
200 | 186 | |||
Intelsat Jackson Holdings S.A. | |||||
5.500% due 08/01/2023 (m) | 4,430 | 4,155 | |||
8.000% due 02/15/2024 (m) | 658 | 685 | |||
8.500% due 10/15/2024 (m) | 1,760 | 1,777 | |||
9.750% due 07/15/2025 (m) | 212 | 222 | |||
Intelsat Luxembourg S.A. 7.750% due 06/01/2021 ^(m) |
12,671 | 12,101 | |||
Kronos Acquisition Holdings, Inc.
9.000% due 08/15/2023 (m) |
600 | 531 | |||
Kronos International, Inc.
3.750% due 09/15/2025 (m) |
EUR | 7,606 | 8,289 | ||
Marriott Ownership Resorts, Inc.
4.750% due 01/15/2028 (c) |
$ | 32 | 32 | ||
Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.) |
September 30, 2019 (Unaudited) |
Melco Resorts Finance Ltd.
5.625% due 07/17/2027 |
200 | 208 | |||
Micron Technology, Inc. 5.327% due 02/06/2029 (m) |
204 | 224 | |||
NCR Corp. | |||||
5.750% due 09/01/2027 | 42 | 44 | |||
6.125% due 09/01/2029 | 24 | 25 | |||
Netflix, Inc. | |||||
3.875% due 11/15/2029 (m) | EUR | 905 | 1,049 | ||
4.625% due 05/15/2029 (m) | 300 | 364 | |||
5.375% due 11/15/2029 | $ | 106 | 111 | ||
Nexstar Escrow, Inc. 5.625% due 07/15/2027 (m) |
340 | 357 | |||
Noble Holding International Ltd.
7.875% due 02/01/2026 |
158 | 115 | |||
Novasep Holding S.A.S. (5.000%
Cash and 3.000% PIK) 8.000% due 05/31/2022 (d)(m) |
EUR | 2,360 | 2,431 | ||
Ortho-Clinical Diagnostics, Inc.
6.625% due 05/15/2022 (m) |
$ | 525 | 515 | ||
Pacific Drilling SA 8.375% due 10/01/2023 (m) |
416 | 351 | |||
Par Pharmaceutical, Inc. 7.500% due 04/01/2027 |
167 | 152 | |||
Performance Food Group, Inc.
5.500% due 10/15/2027 |
43 | 45 | |||
Petroleos de Venezuela S.A. | |||||
5.375% due 04/12/2027 ^(e) | 440 | 38 | |||
6.000% due 05/16/2024 ^(e) | 650 | 57 | |||
6.000% due 11/15/2026 ^(e) | 430 | 38 | |||
Petroleos Mexicanos | |||||
5.350% due 02/12/2028 | 1,158 | 1,110 | |||
6.490% due 01/23/2027 | 130 | 136 | |||
6.500% due 03/13/2027 | 1,893 | 1,975 | |||
6.750% due 09/21/2047 | 10 | 10 | |||
6.840% due 01/23/2030 | 390 | 404 | |||
7.690% due 01/23/2050 | 190 | 199 | |||
PetSmart, Inc. 5.875% due 06/01/2025 |
8 | 8 | |||
Platin GmbH 6.875% due 06/15/2023 (m) |
EUR | 4,280 | 4,571 | ||
Prime Security Services Borrower
LLC 5.750% due 04/15/2026 |
$ | 80 | 84 | ||
Qorvo, Inc. 4.375% due 10/15/2029 |
50 | 50 | |||
Radiate Holdco LLC 6.875% due 02/15/2023 |
34 | 35 | |||
Refinitiv U.S. Holdings, Inc.
4.500% due 05/15/2026 (m) |
EUR | 200 | 235 | ||
Sands China Ltd. | |||||
5.125% due 08/08/2025 (m) | $ | 200 | 220 | ||
5.400% due 08/08/2028 (m) | 1,893 | 2,137 | |||
Sensata Technologies, Inc.
4.375% due 02/15/2030 |
52 | 52 | |||
SoftBank Group Corp. 4.000% due 04/20/2023 (m) |
EUR | 1,700 | 1,989 | ||
Spirit Issuer PLC 3.458% (BP0003M + 2.700%) due 12/28/2031 ~ |
GBP | 60 | 73 | ||
Staples, Inc. 7.500% due 04/15/2026 |
$ | 93 | 96 | ||
Telesat Canada 6.500% due 10/15/2027 (c) |
78 | 80 | |||
Tenet Healthcare Corp. | |||||
4.625% due 09/01/2024 | 118 | 122 | |||
4.875% due 01/01/2026 | 46 | 47 | |||
Teva Pharmaceutical Finance Co.
BV 2.950% due 12/18/2022 (m) |
700 | 603 | |||
Teva Pharmaceutical Finance Netherlands BV | |||||
0.375% due 07/25/2020 | EUR | 1,100 | 1,169 | ||
1.250% due 03/31/2023 | 400 | 367 | |||
2.200% due 07/21/2021 (m) | $ | 1,625 | 1,491 | ||
2.800% due 07/21/2023 (m) | 4,580 | 3,716 | |||
3.250% due 04/15/2022 (m) | EUR | 300 | 305 | ||
Topaz Solar Farms LLC | |||||
4.875% due 09/30/2039 (m) | $ | 2,331 | 2,433 | ||
5.750% due 09/30/2039 (m) | 19,491 | 21,897 | |||
Transocean Pontus Ltd. 6.125% due 08/01/2025 |
123 | 125 | |||
Transocean, Inc. | |||||
7.250% due 11/01/2025 (m) | 272 | 241 | |||
7.500% due 01/15/2026 | 92 | 82 | |||
Trident TPI Holdings, Inc.
9.250% due 08/01/2024 |
93 | 91 | |||
Triumph Group, Inc. | |||||
4.875% due 04/01/2021 (m) | 217 | 217 | |||
5.250% due 06/01/2022 | 97 | 97 | |||
6.250% due 09/15/2024 | 137 | 143 | |||
Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.) |
September 30, 2019 (Unaudited) |
Trivium Packaging Finance BV | |||||
3.750% due 08/15/2026 | EUR | 100 | 116 | ||
5.500% due 08/15/2026 (m) | $ | 200 | 211 | ||
8.500% due 08/15/2027 (m) | 200 | 217 | |||
Unigel Luxembourg S.A. 10.500% due 01/22/2024 (m) |
460 | 507 | |||
United Group BV 4.375% due 07/01/2022 (m) |
EUR | 3,000 | 3,345 | ||
Univision Communications, Inc. | |||||
5.125% due 05/15/2023 (m) | $ | 211 | 212 | ||
5.125% due 02/15/2025 (m) | 554 | 542 | |||
Valaris PLC 5.750% due 10/01/2044 |
104 | 45 | |||
Vale Overseas Ltd. | |||||
6.250% due 08/10/2026 (m) | 210 | 243 | |||
6.875% due 11/21/2036 (m) | 781 | 993 | |||
6.875% due 11/10/2039 | 56 | 72 | |||
ViaSat, Inc. | |||||
5.625% due 09/15/2025 | 18 | 18 | |||
5.625% due 04/15/2027 | 58 | 61 | |||
VOC Escrow Ltd. 5.000% due 02/15/2028 |
16 | 17 | |||
Wyndham Destinations, Inc. | |||||
3.900% due 03/01/2023 | 90 | 92 | |||
4.250% due 03/01/2022 | 6 | 6 | |||
5.400% due 04/01/2024 | 12 | 13 | |||
221,764 | |||||
UTILITIES 6.4% | |||||
DTEK Finance PLC (10.750% Cash
and 0.000% PIK) 10.750% due 12/31/2024 (d) |
434 | 444 | |||
Edison International | |||||
2.400% due 09/15/2022 | 94 | 93 | |||
2.950% due 03/15/2023 | 8 | 8 | |||
5.750% due 06/15/2027 | 82 | 92 | |||
Frontier Communications Corp.
8.000% due 04/01/2027 |
142 | 150 | |||
Odebrecht Drilling Norbe Ltd. | |||||
6.350% due 12/01/2021 ^(m) | 774 | 770 | |||
6.350% due 12/01/2021 ^ | 148 | 147 | |||
Odebrecht Offshore Drilling Finance
Ltd. 6.720% due 12/01/2022 ^(m) |
8,571 | 8,421 | |||
Pacific Gas & Electric Co. | |||||
2.450% due 08/15/2022 ^(e)(m) | 389 | 386 | |||
2.950% due 03/01/2026 ^(e)(m) | 493 | 488 | |||
3.250% due 09/15/2021 ^(e) | 106 | 106 | |||
3.250% due 06/15/2023 ^(e)(m) | 687 | 685 | |||
3.300% due 03/15/2027 ^(e)(m) | 904 | 899 | |||
3.300% due 12/01/2027 ^(e)(m) | 1,400 | 1,393 | |||
3.400% due 08/15/2024 ^(e)(m) | 439 | 442 | |||
3.500% due 10/01/2020 ^(e)(m) | 2,974 | 2,996 | |||
3.500% due 06/15/2025 ^(e)(m) | 1,753 | 1,753 | |||
3.750% due 02/15/2024 ^(e)(m) | 265 | 269 | |||
3.750% due 08/15/2042 ^(e) | 26 | 25 | |||
3.850% due 11/15/2023 ^(e)(m) | 99 | 100 | |||
4.000% due 12/01/2046 ^(e) | 4 | 4 | |||
4.250% due 05/15/2021 ^(e)(m) | 2,656 | 2,679 | |||
4.250% due 08/01/2023 ^(e)(m) | 1,542 | 1,596 | |||
4.300% due 03/15/2045 ^(e) | 34 | 34 | |||
4.500% due 12/15/2041 ^(e)(m) | 368 | 374 | |||
4.600% due 06/15/2043 ^(e) | 20 | 21 | |||
4.650% due 08/01/2028 ^(e)(m) | 1,277 | 1,360 | |||
4.750% due 02/15/2044 ^(e)(m) | 1,659 | 1,767 | |||
5.125% due 11/15/2043 ^(e)(m) | 1,763 | 1,922 | |||
5.400% due 01/15/2040 ^(e) | 22 | 25 | |||
5.800% due 03/01/2037 ^(e)(m) | 6,666 | 7,541 | |||
6.050% due 03/01/2034 ^(e)(m) | 4,833 | 5,510 | |||
6.250% due 03/01/2039 ^(e)(m) | 853 | 989 | |||
6.350% due 02/15/2038 ^(e)(m) | 1,116 | 1,306 | |||
Petrobras Global Finance BV | |||||
5.093% due 01/15/2030 | 1,704 | 1,780 | |||
6.250% due 12/14/2026 (m) | GBP | 1,020 | 1,487 | ||
Rio Oil Finance Trust | |||||
8.200% due 04/06/2028 (m) | $ | 6,675 | 7,660 | ||
9.250% due 07/06/2024 (m) | 4,209 | 4,714 | |||
Southern California Edison Co. | |||||
3.650% due 03/01/2028 | 7 | 8 | |||
5.750% due 04/01/2035 | 12 | 15 | |||
6.000% due 01/15/2034 | 2 | 3 | |||
6.650% due 04/01/2029 | 50 | 62 | |||
Sprint Corp. | |||||
7.250% due 09/15/2021 (m) | 490 | 524 | |||
7.625% due 02/15/2025 (m) | 2,112 | 2,328 | |||
7.625% due 03/01/2026 (m) | 3,828 | 4,235 | |||
Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.) |
September 30, 2019 (Unaudited) |
Talen Energy Supply LLC 6.625% due 01/15/2028 |
46 | 45 | |||
Transocean Poseidon Ltd. 6.875% due 02/01/2027 |
148 | 153 | |||
Transocean Sentry Ltd. 5.375% due 05/15/2023 |
100 | 100 | |||
67,909 | |||||
Total Corporate Bonds & Notes (Cost $479,178) | 479,879 | ||||
CONVERTIBLE BONDS & NOTES 0.2% | |||||
INDUSTRIALS 0.2% | |||||
Caesars Entertainment Corp.
5.000% due 10/01/2024 |
971 | 1,651 | |||
UTILITIES 0.0% | |||||
Ensco Jersey Finance Ltd. 3.000% due 01/31/2024 |
16 | 11 | |||
Total Convertible Bonds & Notes (Cost $1,833) | 1,662 | ||||
MUNICIPAL BONDS & NOTES 0.8% | |||||
ILLINOIS 0.0% | |||||
Illinois State General Obligation
Bonds, (BABs), Series 2010 6.725% due 04/01/2035 |
10 | 12 | |||
Illinois State General Obligation
Bonds, Series 2003 5.100% due 06/01/2033 |
5 | 5 | |||
17 | |||||
OHIO 0.8% | |||||
Buckeye Tobacco Settlement Financing
Authority, Ohio Revenue Bonds, Series 2007 5.125% due 06/01/2024 |
8,180 | 8,180 | |||
TEXAS 0.0% | |||||
Texas Public Finance Authority
Revenue Notes, Series 2014 8.250% due 07/01/2024 |
170 | 172 | |||
WEST VIRGINIA 0.0% | |||||
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 | |||||
0.000% due 06/01/2047 (h) | 1,200 | 78 | |||
7.467% due 06/01/2047 | 70 | 73 | |||
151 | |||||
Total Municipal Bonds & Notes (Cost $7,988) | 8,520 | ||||
U.S. GOVERNMENT AGENCIES 4.4% | |||||
Freddie Mac | |||||
0.000% due 02/25/2046 - 11/25/2050 (b)(h)(m) | 35,798 | 22,742 | |||
0.100% due 02/25/2046 - 11/25/2050 (a) | 179,108 | 483 | |||
0.100% due 11/25/2050 (a)(m) | 284,465 | 1,510 | |||
2.079% due 11/25/2045 ~(a)(m) | 24,637 | 3,442 | |||
4.256% due 04/25/2025 ~(m) | 15,400 | 14,822 | |||
11.839% due 12/25/2045 •(m) | 4,428 | 4,364 | |||
Total U.S. Government Agencies (Cost $43,155) | 47,363 | ||||
NON-AGENCY MORTGAGE-BACKED SECURITIES 45.5% | |||||
Adjustable Rate Mortgage Trust | |||||
2.558% due 02/25/2036 • | 60 | 42 | |||
3.018% due 10/25/2035 • | 2,546 | 2,368 | |||
3.038% due 11/25/2035 • | 626 | 554 | |||
3.168% due 01/25/2035 •(m) | 4,523 | 4,194 | |||
3.818% due 02/25/2035 • | 1,809 | 1,651 | |||
Alkali Europe SARL 3.000% due 05/15/2021 «•(m)(k) |
EUR | 50,000 | 54,443 | ||
Anthracite Ltd. 5.678% due 06/20/2041 |
$ | 6,969 | 931 | ||
Banc of America Alternative Loan
Trust 6.500% due 04/25/2036 ^ |
746 | 738 | |||
Banc of America Funding Trust | |||||
2.476% due 08/25/2047 ^~ | 2,552 | 2,391 | |||
4.484% due 10/25/2036 •(m) | 16,987 | 5,604 | |||
6.669% due 02/27/2037 ~ | 2,333 | 2,354 | |||
Banc of America Mortgage Trust | |||||
4.803% due 06/25/2034 ~ | 336 | 285 | |||
4.973% due 07/20/2032 ~ | 162 | 159 | |||
Bancorp Commercial Mortgage Trust
5.778% due 08/15/2032 •(m) |
4,100 | 4,152 | |||
Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.) |
September 30, 2019 (Unaudited) |
BCAP LLC Trust | |||||
2.512% due 05/26/2037 ~ | 2,390 | 1,530 | |||
3.728% due 08/28/2037 ~(m) | 11,510 | 8,524 | |||
6.500% due 06/26/2037 ~ | 2,188 | 1,094 | |||
Bear Stearns Commercial Mortgage Securities Trust | |||||
5.300% due 05/11/2039 ~ | 2,648 | 2,725 | |||
5.657% due 10/12/2041 ~ | 829 | 860 | |||
CD Mortgage Trust 5.688% due 10/15/2048 |
5,576 | 2,885 | |||
Chase Mortgage Finance Trust
4.218% due 03/25/2037 ^~ |
95 | 96 | |||
Chevy Chase Funding LLC Mortgage-Backed
Certificates 2.388% due 01/25/2036 • |
5,207 | 2,895 | |||
Citigroup Commercial Mortgage Trust | |||||
5.482% due 10/15/2049 (m) | 6,551 | 6,417 | |||
5.776% due 12/10/2049 ~ | 1,502 | 983 | |||
Citigroup Mortgage Loan Trust
4.090% due 11/25/2036 ~ |
773 | 653 | |||
Citigroup Mortgage Loan Trust,
Inc. 4.635% due 08/25/2035 ~(m) |
3,580 | 3,643 | |||
Commercial Mortgage Loan Trust
6.236% due 12/10/2049 ~(m) |
10,777 | 7,078 | |||
Commercial Mortgage Trust | |||||
1.384% due 10/10/2048 ~(a) | 28,636 | 1,801 | |||
5.906% due 06/10/2044 ~(m) | 6,520 | 6,581 | |||
Countrywide Alternative Loan Trust | |||||
2.208% due 07/25/2046 ^•(m) | 3,317 | 3,097 | |||
2.228% due 05/25/2047 •(m) | 8,770 | 5,351 | |||
2.258% due 12/25/2046 ^•(m) | 646 | 444 | |||
2.268% due 10/25/2046 •(m) | 1,035 | 919 | |||
2.434% due 12/20/2035 • | 1,531 | 782 | |||
3.386% due 06/25/2046 • | 3,191 | 2,988 | |||
7.051% due 02/25/2035 ~ | 419 | 140 | |||
Countrywide Home Loan Mortgage Pass-Through Trust | |||||
2.718% due 05/25/2035 •(m) | 13,118 | 8,854 | |||
4.207% due 09/20/2036 ~ | 170 | 149 | |||
Credit Suisse Commercial Mortgage Trust | |||||
5.811% due 01/15/2049 ^~(e) | 2,500 | 3,395 | |||
5.869% due 09/15/2040 ~ | 62 | 47 | |||
Credit Suisse First Boston Mortgage Securities Corp. | |||||
4.435% due 12/25/2033 ~ | 589 | 569 | |||
4.981% due 07/15/2037 ~ | 150 | 147 | |||
5.100% due 08/15/2038 ~(m) | 4,965 | 4,807 | |||
Credit Suisse First Boston Mortgage-Backed
Pass-Through Certificates 7.500% due 10/25/2032 (m) |
1,247 | 941 | |||
Credit Suisse Mortgage Capital Certificates | |||||
2.766% (LIBOR01M) due 11/30/2037 ~(m) | 4,400 | 4,002 | |||
19.598% due 06/27/2037 ~ | 801 | 496 | |||
Credit Suisse Mortgage Capital
Mortgage-Backed Trust 6.500% due 07/25/2036 |
569 | 320 | |||
Dssv SARL 3.000% due 10/15/2024 «•(m)(k) |
EUR | 50,000 | 54,443 | ||
Eurosail PLC | |||||
0.410% due 03/13/2045 • | 250 | 217 | |||
2.130% due 06/13/2045 •(m) | GBP | 5,421 | 5,035 | ||
4.780% due 06/13/2045 • | 1,781 | 1,893 | |||
Fremont Home Loan Trust 4.590% due 01/25/2034 |
$ | 1,883 | 1,782 | ||
GMAC Commercial Mortgage Asset
Corp. 5.550% due 08/10/2038 |
1,461 | 1,551 | |||
GMAC Commercial Mortgage Securities,
Inc. Trust 5.349% due 11/10/2045 ~(m) |
38,011 | 27,161 | |||
Grifonas Finance PLC 0.000% due 08/28/2039 • |
EUR | 137 | 137 | ||
GS Mortgage Securities Corp. Trust
4.744% due 10/10/2032 ~(m) |
$ | 6,020 | 5,891 | ||
GS Mortgage Securities Trust
5.622% due 11/10/2039 |
2,419 | 2,136 | |||
GSMSC Resecuritization Trust
3.988% due 09/26/2037 ~(m) |
34,803 | 16,107 | |||
HarborView Mortgage Loan Trust
2.717% due 03/19/2035 •(m) |
4,209 | 2,921 | |||
HSI Asset Loan Obligation Trust
6.500% due 06/25/2037 (m) |
8,654 | 5,018 | |||
JPMorgan Chase Commercial Mortgage Securities Trust | |||||
3.500% due 07/15/2047 ~ | 10,000 | 2,586 | |||
5.411% due 05/15/2047 (m) | 10,153 | 12,012 | |||
5.454% due 10/15/2032 •(m) | 7,300 | 7,002 | |||
5.623% due 05/12/2045 (m) | 6,939 | 2,866 | |||
5.855% due 06/12/2043 ~(m) | 4,018 | 4,020 | |||
6.008% due 06/15/2049 ~(m) | 5,072 | 2,625 | |||
6.092% due 01/15/2042 ~ | 5,568 | 5,572 | |||
6.532% due 05/12/2034 ~(m) | 5,473 | 5,569 | |||
JPMorgan Mortgage Trust 4.339% due 06/25/2036 ^~ |
16 | 15 | |||
Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.) |
September 30, 2019 (Unaudited) |
JPMorgan Resecuritization Trust
0.000% due 05/26/2036 ~(a) |
8,953 | 2,457 | |||
KeyCorp Student Loan Trust
0.000% due 01/01/2050 « |
400 | 45,801 | |||
LB-UBS Commercial Mortgage Trust | |||||
5.350% due 09/15/2040 ~ | 60 | 60 | |||
5.407% due 11/15/2038 ^(m) | 6,993 | 4,999 | |||
6.278% due 04/15/2041 ~(m) | 4,768 | 4,792 | |||
Merrill Lynch Mortgage Investors
Trust 2.753% due 07/25/2029 • |
1,012 | 971 | |||
Morgan Stanley Capital Trust | |||||
5.545% due 11/14/2042 ~(m) | 7,500 | 6,217 | |||
6.364% due 08/12/2041 ~ | 260 | 244 | |||
Morgan Stanley Resecuritization
Trust 4.052% due 06/26/2046 ~(m) |
7,744 | 6,328 | |||
Mortgage Equity Conversion Asset
Trust 4.000% due 07/25/2060 |
89 | 87 | |||
Motel 6 Trust 8.954% due 08/15/2024 • |
1,260 | 1,283 | |||
Natixis Commercial Mortgage Securities Trust | |||||
5.028% due 11/15/2034 • | 1,826 | 1,814 | |||
6.028% due 11/15/2034 • | 792 | 778 | |||
Nomura Resecuritization Trust
5.242% due 07/26/2035 ~ |
271 | 262 | |||
RBSSP Resecuritization Trust
2.845% due 10/26/2037 • |
3,058 | 1,335 | |||
Residential Accredit Loans, Inc.
Trust 6.000% due 01/25/2037 ^(m) |
262 | 251 | |||
Sequoia Mortgage Trust | |||||
2.494% due 10/20/2035 • | 229 | 215 | |||
2.674% due 10/20/2035 • | 265 | 240 | |||
2.694% due 07/20/2033 • | 113 | 108 | |||
3.499% due 12/20/2032 • | 488 | 455 | |||
Structured Adjustable Rate Mortgage Loan Trust | |||||
2.548% due 12/25/2034 • | 2,297 | 1,632 | |||
2.668% due 10/25/2035 •(m) | 5,181 | 4,508 | |||
Structured Asset Mortgage Investments
Trust 2.228% due 09/25/2047 ^•(m) |
3,309 | 3,439 | |||
TBW Mortgage-Backed Trust 6.330% due 09/25/2036 þ |
5,000 | 2,380 | |||
Thornburg Mortgage Securities Trust
4.456% due 04/25/2045 ~ |
6 | 0 | |||
VMC Finance LLC 5.425% due 03/15/2035 •(m) |
13,747 | 13,837 | |||
Wachovia Bank Commercial Mortgage
Trust 5.720% due 10/15/2048 ~(m) |
1,903 | 1,869 | |||
WaMu Mortgage Pass-Through Certificates Trust | |||||
2.655% due 08/25/2046 •(m) | 12,437 | 10,805 | |||
2.918% due 04/25/2045 •(m) | 10,380 | 7,643 | |||
3.023% due 07/25/2045 •(m) | 20,307 | 16,970 | |||
3.216% due 05/25/2047 • | 3,957 | 1,592 | |||
4.367% due 05/25/2035 ~ | 626 | 388 | |||
Wells Fargo Mortgage-Backed Securities Trust | |||||
4.852% due 08/25/2035 ~(m) | 1,660 | 1,215 | |||
4.989% due 10/25/2035 ~(m) | 10,218 | 9,983 | |||
6.000% due 08/25/2037 ^ | 9 | 10 | |||
Total Non-Agency Mortgage-Backed Securities (Cost $483,168) | 486,606 | ||||
ASSET-BACKED SECURITIES 42.3% | |||||
Acacia CDO 5 Ltd. | |||||
2.567% due 11/08/2039 • | 3,399 | 3,388 | |||
3.037% due 11/08/2039 • | 29,250 | 15,527 | |||
Accredited Mortgage Loan Trust | |||||
2.308% due 02/25/2037 • | 2,800 | 1,537 | |||
6.000% due 10/25/2034 þ | 1,863 | 1,742 | |||
ACE Securities Corp. Home Equity Loan Trust | |||||
2.168% due 08/25/2036 •(m) | 464 | 459 | |||
2.298% due 04/25/2036 •(m) | 7,649 | 6,068 | |||
2.978% due 08/25/2035 • | 3,821 | 2,120 | |||
Aegis Asset-Backed Securities Trust
3.718% due 03/25/2035 • |
3,100 | 552 | |||
Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | |||||
5.168% due 09/25/2034 •(m) | 638 | 586 | |||
7.868% due 01/25/2034 • | 27 | 8 | |||
Arbor Realty Commercial Real Estate
Notes Ltd. 6.528% due 04/15/2027 • |
100 | 100 | |||
Argent Securities, Inc. Asset-Backed
Pass-Through Certificates 2.398% due 02/25/2036 • |
278 | 233 | |||
Avoca CLO DAC 0.000% due 10/15/2030 ~ |
EUR | 2,250 | 1,548 | ||
Ballyrock CLO Ltd. 0.000% due 04/20/2031 ~ |
$ | 29,803 | 15,165 | ||
Banco Bilbao Vizcaya Argentaria
S.A. 0.254% due 03/22/2046 • |
EUR | 969 | 718 | ||
Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.) |
September 30, 2019 (Unaudited) |
Bear Stearns Asset-Backed Securities
Trust 2.668% due 08/25/2036 •(m) |
$ | 3,558 | 2,431 | ||
Belle Haven ABS CDO Ltd. 2.539% due 07/05/2046 • |
96,561 | 192 | |||
Bombardier Capital Mortgage Securitization
Corp. 7.850% due 12/15/2029 ~(m) |
4,066 | 1,412 | |||
California Republic Auto Receivables
Trust 0.000% due 04/15/2025 «(h) |
6,994 | 5,814 | |||
Carlyle Global Market Strategies
CLO Ltd. 0.000% due 04/17/2031 ~ |
2,900 | 1,955 | |||
CDC Mortgage Capital Trust
4.568% due 06/25/2034 • |
659 | 560 | |||
Cedar Funding CLO Ltd. 0.000% due 04/20/2031 |
12,000 | 9,855 | |||
Chrysler Capital Auto Receivables
Trust 0.000% due 01/16/2023 «(h) |
7 | 3,323 | |||
Citigroup Mortgage Loan Trust
2.918% due 11/25/2045 • |
2,756 | 1,875 | |||
Citigroup Mortgage Loan Trust,
Inc. 3.158% due 02/25/2035 •(m) |
275 | 266 | |||
Conseco Finance Securitizations
Corp. 7.150% due 05/01/2033 ~ |
1,872 | 1,826 | |||
Consumer Loan Underlying Bond Certificate Issuer Trust | |||||
22.001% due 12/15/2043 «~(m) | 16,340 | 15,017 | |||
22.446% due 10/15/2043 «~(m) | 14,055 | 12,930 | |||
Coronado CDO Ltd. | |||||
3.633% due 09/04/2038 • | 2,727 | 1,747 | |||
6.000% due 09/04/2038 | 390 | 305 | |||
Countrywide Asset-Backed Certificates | |||||
2.338% due 02/25/2037 ^•(m) | 2,700 | 2,389 | |||
2.438% due 06/25/2036 • | 4,005 | 2,496 | |||
2.453% due 01/25/2045 ^•(m) | 3,400 | 2,999 | |||
2.458% due 06/25/2036 • | 2,297 | 948 | |||
2.508% due 04/25/2036 • | 2,000 | 1,402 | |||
2.658% due 02/25/2036 • | 2,390 | 1,615 | |||
2.858% due 01/25/2036 • | 3,559 | 2,119 | |||
Countrywide Asset-Backed Certificates Trust | |||||
3.893% due 10/25/2035 •(m) | 12,401 | 10,162 | |||
3.968% due 08/25/2035 •(m) | 195 | 197 | |||
4.118% due 08/25/2035 • | 3,531 | 2,326 | |||
Countrywide Asset-Backed Certificates
Trust, Inc. 4.193% due 07/25/2034 • |
1,153 | 1,119 | |||
Crecera Americas LLC 5.563% due 08/31/2020 • |
2,800 | 2,804 | |||
Credit Suisse First Boston Mortgage
Securities Corp. 5.350% due 05/25/2035 þ |
978 | 960 | |||
Credit-Based Asset Servicing & Securitization LLC | |||||
5.783% due 12/25/2036 þ | 1,800 | 1,866 | |||
6.767% due 05/25/2035 þ | 2,538 | 2,129 | |||
Delta Funding Home Equity Loan
Trust 8.100% due 01/15/2030 þ(m) |
3,279 | 2,530 | |||
Deutsche Mortgage & Asset Receiving
Corp. Re-securitization Trust 0.000% due 12/26/2035 (h) |
1,634 | 1,082 | |||
Flagship Credit Auto Trust | |||||
0.000% due 05/15/2025 «(h) | 20 | 2,604 | |||
0.000% due 12/15/2025 «(h) | 33 | 5,260 | |||
Fremont Home Loan Trust 2.338% due 02/25/2036 •(m) |
10,562 | 6,603 | |||
Greenpoint Manufactured Housing
9.230% due 12/15/2029 ~ |
188 | 161 | |||
GSAMP Trust | |||||
2.298% due 05/25/2046 • | 2,783 | 2,316 | |||
2.458% due 12/25/2035 •(m) | 6,910 | 4,490 | |||
2.798% due 09/25/2035 •(m) | 4,486 | 3,404 | |||
2.918% due 07/25/2045 •(m) | 1,299 | 923 | |||
3.268% due 03/25/2034 ^•(m) | 4,746 | 3,992 | |||
3.668% due 08/25/2034 • | 2,021 | 2,035 | |||
3.743% due 08/25/2034 • | 1,784 | 1,620 | |||
3.768% due 12/25/2034 •(m) | 8,529 | 5,808 | |||
Harley Marine Financing LLC
7.869% due 05/15/2043 « |
2,000 | 850 | |||
Harvest CLO DAC 0.000% due 05/22/2029 ~ |
EUR | 2,000 | 1,671 | ||
Hout Bay Corp. 2.317% due 07/05/2041 • |
$ | 649 | 167 | ||
Hyundai Auto Receivables Trust
1.000% due 12/15/2022 « |
4,000 | 3,148 | |||
JPMorgan Mortgage Acquisition Trust
2.358% due 04/25/2036 • |
6,100 | 4,994 | |||
KeyCorp Student Loan Trust | |||||
0.000% due 01/01/2050 « | 100 | 12,594 | |||
1.000% due 01/01/2050 « | 100 | 17,865 | |||
LNR CDO Ltd. 2.759% due 02/28/2043 • |
3,850 | 1,270 | |||
Long Beach Mortgage Loan Trust | |||||
2.208% due 02/25/2036 • | 170 | 145 | |||
Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.) |
September 30, 2019 (Unaudited) |
2.933% due 08/25/2035 • | 1,500 | 1,409 | |||
3.143% due 06/25/2035 •(m) | 15,565 | 11,475 | |||
3.893% due 04/25/2035 • | 4,627 | 3,593 | |||
M360 Advisors LLC 6.121% due 07/24/2028 (m) |
8,350 | 8,458 | |||
Man GLG Euro CLO 0.000% due 10/15/2030 ~ |
EUR | 1,762 | 1,518 | ||
Marlette Funding Trust | |||||
0.000% due 07/17/2028 «(h) | $ | 10 | 2,078 | ||
0.000% due 04/16/2029 «(h) | 12 | 2,860 | |||
0.000% due 07/16/2029 «(h) | 4 | 1,546 | |||
MASTR Asset-Backed Securities Trust | |||||
2.633% due 01/25/2036 • | 8,826 | 8,195 | |||
7.868% due 12/25/2032 •(m) | 547 | 364 | |||
Mercury CDO Ltd. 3.082% due 12/08/2040 • |
9,400 | 7,920 | |||
Morgan Stanley ABS Capital, Inc. Trust | |||||
2.088% due 10/25/2036 • | 281 | 182 | |||
7.643% due 09/25/2033 • | 1,579 | 1,373 | |||
Morgan Stanley Capital, Inc. Trust
2.388% due 01/25/2036 •(m) |
4,000 | 3,233 | |||
Morgan Stanley Home Equity Loan
Trust 3.083% due 05/25/2035 •(m) |
5,569 | 3,989 | |||
N-Star REL CDO Ltd. 2.940% due 02/01/2041 • |
2,900 | 2,772 | |||
New Century Home Equity Loan Trust
2.488% due 02/25/2036 •(m) |
7,000 | 6,272 | |||
Nomura Home Equity Loan, Inc. Home
Equity Loan Trust 2.428% due 11/25/2035 •(m) |
14,504 | 7,678 | |||
Palisades CDO Ltd. 3.228% due 07/22/2039 • |
15,700 | 8,233 | |||
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | |||||
3.488% due 01/25/2035 ^• | 1,730 | 1,450 | |||
3.968% due 02/25/2035 •(m) | 6,028 | 4,906 | |||
Securitized Asset-Backed Receivables LLC Trust | |||||
2.993% due 12/25/2034 • | 1,435 | 1,244 | |||
2.993% due 04/25/2035 •(m) | 4,023 | 2,965 | |||
Seven Corners 6.000% due 05/11/2020 « |
15,581 | 15,600 | |||
SG Mortgage Securities Trust
2.198% due 02/25/2036 •(m) |
5,799 | 3,817 | |||
Shiloh Village Apartments 6.660% due 05/11/2021 « |
4,582 | 4,804 | |||
Sierra Madre Funding Ltd. | |||||
2.422% due 09/07/2039 • | 20,972 | 19,409 | |||
2.682% due 09/07/2039 • | 16,000 | 2,808 | |||
2.922% due 09/07/2039 • | 8,500 | 1,517 | |||
SMB Private Education Loan Trust | |||||
0.000% due 09/18/2046 «(h) | 10 | 8,486 | |||
0.000% due 10/15/2048 «(h) | 11 | 9,296 | |||
SoFi Consumer Loan Program LLC | |||||
0.000% due 05/26/2026 «(h) | 62 | 2,602 | |||
0.000% due 11/25/2026 «(h) | 60 | 3,390 | |||
SoFi Professional Loan Program LLC | |||||
0.000% due 07/25/2040 «(h) | 29 | 1,298 | |||
0.000% due 09/25/2040 (h) | 4,400 | 2,390 | |||
South Coast Funding Ltd. | |||||
3.289% due 08/06/2039 • | 31,380 | 17,299 | |||
5.489% due 08/06/2039 • | 29,311 | 3 | |||
Structured Asset Securities Corp.
3.218% due 02/25/2035 •(m) |
414 | 400 | |||
Structured Asset Securities Corp. Mortgage Loan Trust | |||||
2.218% due 06/25/2037 • | 3,300 | 2,307 | |||
2.248% due 02/25/2037 •(m) | 9,763 | 7,639 | |||
2.258% due 01/25/2037 •(m) | 7,800 | 4,846 | |||
2.328% due 04/25/2036 • | 5,146 | 4,339 | |||
Summer Street Ltd. 2.362% due 12/06/2045 •(m) |
39,866 | 15,448 | |||
Terwin Mortgage Trust 4.592% due 07/25/2036 þ |
453 | 380 | |||
Wells Fargo Home Equity Asset-Backed
Securities Trust 4.568% due 11/25/2035 • |
250 | 233 | |||
Total Asset-Backed Securities (Cost $485,487) | 452,346 | ||||
SOVEREIGN ISSUES 3.2% | |||||
Argentina Government International Bond | |||||
3.380% due 12/31/2038 þ(m) | EUR | 2,680 | 1,134 | ||
3.875% due 01/15/2022 | 200 | 87 | |||
5.250% due 01/15/2028 | 700 | 297 | |||
7.820% due 12/31/2033 | 77 | 40 | |||
7.820% due 12/31/2033 (m) | 13,918 | 7,351 | |||
51.603% (BADLARPP) due 10/04/2022 ~(a) | ARS | 3,184 | 43 | ||
55.469% (BADLARPP + 2.000%) due 04/03/2022 ~(a) | 18,706 | 139 | |||
62.614% (BADLARPP + 3.250%) due 03/01/2020 ~(a) | 700 | 6 | |||
79.499% (ARLLMONP) due 06/21/2020 ~(a) | 128,482 | 969 | |||
Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.) |
September 30, 2019 (Unaudited) |
Autonomous City of Buenos Aires
Argentina 62.660% due 03/29/2024 •(a) |
327,768 | 3,060 | |||
Autonomous Community of Catalonia
6.350% due 11/30/2041 |
EUR | 450 | 773 | ||
Export-Credit Bank of Turkey
8.250% due 01/24/2024 (m) |
$ | 200 | 212 | ||
Peru Government International Bond | |||||
5.400% due 08/12/2034 | PEN | 25 | 8 | ||
5.940% due 02/12/2029 (m) | 2,282 | 766 | |||
5.940% due 02/12/2029 | 1,800 | 605 | |||
6.150% due 08/12/2032 (m) | 12,911 | 4,375 | |||
6.350% due 08/12/2028 (m) | 714 | 247 | |||
6.950% due 08/12/2031 | 282 | 102 | |||
8.200% due 08/12/2026 | 4,904 | 1,847 | |||
Provincia de Buenos Aires 57.850% (BADLARPP + 3.750%) due 04/12/2025 ~(a) |
ARS | 93,337 | 568 | ||
Republic of South Africa Government International Bond | |||||
4.850% due 09/30/2029 | $ | 2,200 | 2,195 | ||
5.750% due 09/30/2049 | 2,200 | 2,192 | |||
Turkey Government International Bond | |||||
3.250% due 06/14/2025 | EUR | 100 | 105 | ||
4.625% due 03/31/2025 (m) | 2,200 | 2,466 | |||
5.200% due 02/16/2026 (m) | 700 | 797 | |||
7.625% due 04/26/2029 (m) | $ | 2,400 | 2,556 | ||
Ukraine Government International
Bond 7.750% due 09/01/2026 (m) |
1,400 | 1,464 | |||
Venezuela Government International Bond | |||||
6.000% due 12/09/2020 ^(e) | 85 | 10 | |||
8.250% due 10/13/2024 ^(e) | 650 | 73 | |||
9.250% due 09/15/2027 ^(e) | 65 | 7 | |||
Total Sovereign Issues (Cost $55,412) | 34,494 | ||||
SHARES | |||||
COMMON STOCKS 1.6% | |||||
COMMUNICATION SERVICES 0.2% | |||||
Clear Channel Outdoor Holdings, Inc. (f) | 725,704 | 1,829 | |||
iHeartMedia, Inc. | 542 | 8 | |||
iHeartMedia, Inc. 'A' (f) | 40,383 | 606 | |||
2,443 | |||||
CONSUMER DISCRETIONARY 0.2% | |||||
Caesars Entertainment Corp. (f) | 201,318 | 2,347 | |||
INDUSTRIALS 0.1% | |||||
Westmoreland Mining Holdings LLC «(k) | 63,729 | 797 | |||
UTILITIES 1.1% | |||||
TexGen Power LLC « | 273,307 | 12,025 | |||
Total Common Stocks (Cost $16,085) | 17,612 | ||||
WARRANTS 0.4% | |||||
COMMUNICATION SERVICES 0.4% | |||||
iHeartMedia, Inc. | 263,015 | 3,945 | |||
Total Warrants (Cost $4,771) | 3,945 | ||||
PREFERRED SECURITIES 2.3% | |||||
BANKING & FINANCE 2.2% | |||||
Nationwide Building Society 10.250% ~ |
119,760 | 23,118 | |||
INDUSTRIALS 0.1% | |||||
Sequa Corp. (12.000% PIK) 12.000% «(d) |
845 | 935 | |||
Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.) |
September 30, 2019 (Unaudited) |
Total Preferred Securities (Cost $24,602) | 24,053 | ||||
SHORT-TERM INSTRUMENTS 3.6% | |||||
REPURCHASE AGREEMENTS (l) 3.3% | 35,603 | ||||
PRINCIPAL AMOUNT (000s) |
|||||
ARGENTINA TREASURY BILLS 0.1% | |||||
0.231% due 02/26/2020 - 08/27/2020 (g)(h) | ARS | 71,118 | 764 | ||
U.S. TREASURY BILLS 0.2% | |||||
1.939% due 10/22/2019 - 12/05/2019 (g)(h)(o)(q) | $ | 1,932 | 1,927 | ||
Total Short-Term Instruments (Cost $39,418) | 38,294 | ||||
Total Investments in Securities (Cost $1,992,546) | 1,940,286 | ||||
Total Investments 181.5% (Cost $1,992,546) | $ | 1,940,286 | |||
Financial Derivative Instruments (n)(p) 1.2%(Cost or Premiums, net $16,941) | 13,261 | ||||
Other Assets and Liabilities, net (82.7)% | (884,712) | ||||
Net Assets 100.0% | $ | 1,068,835 | |||
Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.) |
September 30, 2019 (Unaudited) |
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS: | |
* A zero balance may reflect actual amounts rounding to less than one thousand. | |
¤ | The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure. |
^ | Security is in default. |
« | Security valued using significant unobservable inputs (Level 3). |
µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. |
~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. |
• | Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description. |
þ | Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end. |
(a) | Interest only security. |
(b) | Principal only security. |
(c) | When-issued security. |
(d) | Payment in-kind security. |
(e) | Security is not accruing income as of the date of this report. |
(f) | Security did not produce income within the last twelve months. |
(g) | Coupon represents a weighted average yield to maturity. |
(h) | Zero coupon security. |
(i) | Perpetual maturity; date shown, if applicable, represents next contractual call date. |
(j) | Contingent convertible security. |
(k) | RESTRICTED SECURITIES: |
Issuer Description | Acquisition Date |
Cost | Market Value |
Market
Value as Percentage of Net Assets | |||||
Piper Jaffray Cos.4.740% due 10/15/2021 | 09/19/2019 | $ | 800 | $ | 802 | 0.08 | % | ||
Piper Jaffray Cos.5.200% due 10/15/2023 | 09/19/2019 | 2,900 | 2,911 | 0.27 | |||||
Westmoreland Mining Holdings LLC | 04/09/2018 - 08/31/2018 | 726 | 797 | 0.08 | |||||
Project Omni Senior 3.000% due 09/03/2026 | 09/26/2019 | 43,636 | 43,570 | 4.08 | |||||
Alkali Europe SARL 3.000% due 05/15/2021 | 09/26/2019 | 54,545 | 54,443 | 5.09 | |||||
Dssv SARL 3.000% due 10/15/2024 | 09/26/2019 | 54,546 | 54,443 | 5.09 | |||||
Preylock Reitman Santa Cruz Mezz LLC TBD% (LIBOR03M + 5.500%) due 11/09/2022 | 04/09/2018 | 7,900 | 7,946 | 0.74 | |||||
$ | 165,053 | $ | 164,912 | 15.43% |
BORROWINGS AND OTHER FINANCING TRANSACTIONS | |
(l) | REPURCHASE AGREEMENTS: |
Counterparty | Lending Rate |
Settlement Date |
Maturity Date |
Principal Amount |
Collateralized By | Collateral (Received) |
Repurchase Agreements, at Value |
Repurchase Agreement Proceeds to be Received(1) | |||||||
BOS | 2.000% | 09/27/2019 | 10/03/2019 | $ | 179 | U.S. Treasury Bonds 3.000% due 02/15/2049 | $ | (180) | $ | 179 | $ | 179 | |||
FICC | 1.500 | 09/30/2019 | 10/01/2019 | 10,724 | U.S. Treasury Notes 2.250% due 03/31/2021 | (10,941) | 10,724 | 10,724 | |||||||
NOM | 2.400 | 09/30/2019 | 10/01/2019 | 24,700 | U.S. Treasury Bonds 3.000% due 11/15/2045 | (25,352) | 24,700 | 24,702 | |||||||
Total Repurchase Agreements | $ | (36,473) | $ | 35,603 | $ | 35,605 | |||||||||
REVERSE REPURCHASE AGREEMENTS: |
Counterparty | Borrowing Rate(2) | Settlement Date | Maturity Date | Amount Borrowed(2) |
Payable
for Reverse Repurchase Agreements | ||
BPS | (2.400)% | 09/25/2019 | TBD(3) | EUR | (633) | $ | (690) |
(0.270) | 09/24/2019 | 12/04/2019 | (1,553) | (1,692) | |||
(0.190) | 08/12/2019 | 11/12/2019 | (2,828) | (3,082) | |||
(0.050) | 08/12/2019 | 11/12/2019 | (5,919) | (6,450) | |||
1.000 | 07/08/2019 | 10/08/2019 | GBP | (1,002) | (1,235) | ||
2.550 | 09/09/2019 | 10/11/2019 | $ | (4,109) | (4,115) |
Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.) |
September 30, 2019 (Unaudited) |
2.560 | 09/16/2019 | 10/16/2019 | (4,488) | (4,493) | |||
2.670 | 08/26/2019 | 11/26/2019 | (2,513) | (2,520) | |||
2.740 | 08/13/2019 | 11/13/2019 | (3,815) | (3,829) | |||
2.780 | 07/31/2019 | 10/31/2019 | (729) | (732) | |||
2.880 | 08/12/2019 | 10/11/2019 | (2,439) | (2,449) | |||
2.900 | 08/22/2019 | 11/22/2019 | (1,337) | (1,341) | |||
3.102 | 03/07/2019 | 03/09/2020 | (10,716) | (10,741) | |||
3.431 | 02/12/2019 | TBD(3) | (8,422) | (8,461) | |||
BRC | 2.100 | 09/23/2019 | TBD(3) | (1,519) | (1,520) | ||
3.035 | 09/13/2019 | 10/16/2019 | (25,165) | (25,203) | |||
3.057 | 09/05/2019 | 10/07/2019 | (12,016) | (12,043) | |||
3.137 | 09/03/2019 | 12/02/2019 | (8,530) | (8,551) | |||
3.158 | 08/14/2019 | 11/14/2019 | (21,492) | (21,583) | |||
3.168 | 08/16/2019 | 11/15/2019 | (10,044) | (10,085) | |||
3.240 | 08/26/2019 | 11/26/2019 | (10,353) | (10,387) | |||
3.259 | 07/22/2019 | 10/22/2019 | (2,250) | (2,264) | |||
CEW | 2.600 | 09/23/2019 | 10/22/2019 | (3,790) | (3,792) | ||
CFR | (0.200) | 09/17/2019 | 12/13/2019 | EUR | (198) | (216) | |
1.500 | 09/27/2019 | 03/27/2020 | (111,888) | (121,973) | |||
1.500 | 10/07/2019 | 04/07/2020 | (31,920) | (34,791) | |||
2.550 | 08/30/2019 | 10/02/2019 | $ | (1,936) | (1,940) | ||
FOB | 2.350 | 09/20/2019 | 10/22/2019 | (705) | (706) | ||
2.400 | 09/09/2019 | 10/10/2019 | (168) | (168) | |||
2.420 | 09/20/2019 | 10/10/2019 | (4,427) | (4,430) | |||
2.530 | 08/29/2019 | 10/24/2019 | (2,466) | (2,472) | |||
GLM | 3.294 | 09/19/2019 | 10/22/2019 | (11,321) | (11,333) | ||
JML | (1.850) | 07/26/2019 | TBD(3) | EUR | (6,558) | (7,125) | |
(0.400) | 09/13/2019 | 12/13/2019 | (159) | (174) | |||
(0.400) | 09/16/2019 | 12/16/2019 | (4,116) | (4,485) | |||
(0.300) | 09/27/2019 | 10/28/2019 | (3,613) | (3,938) | |||
(0.250) | 08/12/2019 | 11/12/2019 | (818) | (891) | |||
(0.150) | 09/20/2019 | 10/07/2019 | (2,241) | (2,442) | |||
0.000 | 07/08/2019 | 10/04/2019 | (5,017) | (5,468) | |||
0.050 | 09/06/2019 | 10/07/2019 | (234) | (255) | |||
0.900 | 08/14/2019 | 11/14/2019 | GBP | (6,297) | (7,751) | ||
0.900 | 09/13/2019 | 12/13/2019 | (514) | (632) | |||
0.900 | 09/16/2019 | 12/16/2019 | (1,010) | (1,243) | |||
0.950 | 07/24/2019 | 10/23/2019 | (187) | (230) | |||
0.950 | 08/27/2019 | 11/27/2019 | (2,630) | (3,237) | |||
0.950 | 09/03/2019 | 12/03/2019 | (14,149) | (17,410) | |||
0.950 | 09/04/2019 | 12/04/2019 | (1,590) | (1,957) | |||
0.950 | 09/13/2019 | 12/03/2019 | (8,799) | (10,825) | |||
0.950 | 09/13/2019 | 12/13/2019 | (3,676) | (4,522) | |||
0.950 | 09/17/2019 | 12/17/2019 | (1,008) | (1,239) | |||
0.950 | 09/30/2019 | 11/14/2019 | (3,150) | (3,874) | |||
2.350 | 09/23/2019 | 10/03/2019 | $ | (3,862) | (3,864) | ||
2.400 | 09/23/2019 | 10/03/2019 | (1,031) | (1,032) | |||
JPM | 0.950 | 09/13/2019 | 10/16/2019 | GBP | (427) | (525) | |
JPS | 3.327 | 09/13/2019 | 12/12/2019 | $ | (6,695) | (6,706) | |
3.385 | 08/08/2019 | 11/06/2019 | (11,066) | (11,122) | |||
MBC | 2.990 | 09/13/2019 | 10/16/2019 | (8,437) | (8,450) | ||
3.010 | 08/29/2019 | 11/26/2019 | (4,003) | (4,014) | |||
3.030 | 09/05/2019 | 12/05/2019 | (4,331) | (4,340) | |||
MEI | 2.570 | 09/30/2019 | 10/30/2019 | (2,249) | (2,249) | ||
MSB | 3.477 | 12/13/2018 | 12/13/2019 | (18,275) | (18,310) | ||
MZF | 3.130 | 08/13/2019 | 11/13/2019 | (10,468) | (10,513) | ||
3.156 | 08/12/2019 | 10/10/2019 | (8,837) | (8,876) | |||
NOM | 2.600 | 09/05/2019 | 10/07/2019 | (8,063) | (8,078) | ||
2.630 | 09/13/2019 | 10/16/2019 | (3,710) | (3,715) | |||
2.640 | 09/03/2019 | 10/04/2019 | (8,763) | (8,781) | |||
2.650 | 09/13/2019 | 10/16/2019 | (2,582) | (2,585) | |||
2.700 | 09/13/2019 | 10/16/2019 | (1,340) | (1,342) | |||
RBC | 3.206 | 08/09/2019 | 10/08/2019 | (11,052) | (11,104) | ||
3.280 | 08/13/2019 | 11/13/2019 | (2,961) | (2,974) | |||
3.306 | 08/09/2019 | 10/08/2019 | (6,311) | (6,342) | |||
3.509 | 07/22/2019 | 10/22/2019 | (6,835) | (6,882) | |||
RDR | 2.430 | 08/08/2019 | 11/06/2019 | (1,690) | (1,696) | ||
RTA | 2.453 | 09/13/2019 | 10/15/2019 | (5,888) | (5,895) | ||
2.482 | 09/05/2019 | 10/08/2019 | (1,096) | (1,098) | |||
2.482 | 09/11/2019 | 10/08/2019 | (5,700) | (5,708) | |||
2.505 | 09/03/2019 | 10/04/2019 | (7,880) | (7,895) | |||
2.604 | 08/14/2019 | 10/11/2019 | (1,454) | (1,459) | |||
2.606 | 08/09/2019 | 11/07/2019 | (15,920) | (15,981) | |||
2.678 | 07/31/2019 | 10/31/2019 | (3,868) | (3,886) | |||
3.097 | 08/23/2019 | 11/21/2019 | (3,070) | (3,080) | |||
3.102 | 09/06/2019 | 12/06/2019 | (6,162) | (6,175) | |||
3.108 | 08/14/2019 | 11/14/2019 | (5,762) | (5,786) | |||
3.197 | 08/23/2019 | 11/21/2019 | (4,615) | (4,631) | |||
3.309 | 07/22/2019 | 10/22/2019 | (3,782) | (3,807) | |||
3.337 | 08/01/2019 | 11/01/2019 | (2,691) | (2,706) | |||
3.956 | 07/30/2019 | TBD(3) | (1,490) | (1,500) | |||
SBI | 3.108 | 08/15/2019 | 11/15/2019 | (3,836) | (3,852) | ||
3.125 | 08/13/2019 | 11/13/2019 | (14,463) | (14,525) | |||
3.176 | 08/12/2019 | 11/12/2019 | (7,388) | (7,421) | |||
3.239 | 08/06/2019 | 11/06/2019 | (10,260) | (10,312) | |||
3.419 | 09/13/2019 | 12/13/2019 | (5,625) | (5,635) |
Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.) |
September 30, 2019 (Unaudited) |
SOG | 2.430 | 09/09/2019 | 11/08/2019 | (2,061) | (2,064) | ||
2.550 | 09/09/2019 | 11/08/2019 | (6,325) | (6,335) | |||
2.640 | 09/05/2019 | 10/08/2019 | (625) | (626) | |||
2.650 | 08/22/2019 | 11/22/2019 | (4,826) | (4,840) | |||
2.650 | 08/26/2019 | 11/22/2019 | (57) | (57) | |||
2.690 | 08/21/2019 | 11/21/2019 | (8,436) | (8,462) | |||
2.710 | 08/16/2019 | 11/15/2019 | (620) | (622) | |||
2.710 | 09/30/2019 | 11/15/2019 | (2,267) | (2,267) | |||
3.094 | 08/28/2019 | 11/27/2019 | (3,053) | (3,062) | |||
3.108 | 08/14/2019 | 11/14/2019 | (8,009) | (8,042) | |||
3.206 | 07/29/2019 | 10/29/2019 | (5,275) | (5,305) | |||
UBS | (0.300) | 09/12/2019 | 10/10/2019 | EUR | (3,121) | (3,401) | |
(0.300) | 09/13/2019 | 10/15/2019 | (692) | (754) | |||
(0.250) | 09/18/2019 | 12/18/2019 | (1,189) | (1,295) | |||
(0.200) | 09/13/2019 | 10/15/2019 | (329) | (358) | |||
(0.160) | 08/13/2019 | 11/13/2019 | (2,565) | (2,795) | |||
(0.080) | 08/12/2019 | 11/12/2019 | (1,819) | (1,983) | |||
0.950 | 08/22/2019 | 11/22/2019 | GBP | (8,264) | (10,171) | ||
0.950 | 08/28/2019 | 11/28/2019 | (7,781) | (9,576) | |||
0.970 | 09/10/2019 | 10/10/2019 | (1,870) | (2,301) | |||
1.675 | 07/15/2019 | 10/15/2019 | (3,057) | (3,772) | |||
2.500 | 09/23/2019 | TBD(3) | $ | (23,414) | (23,427) | ||
2.500 | 09/30/2019 | 10/30/2019 | (8,259) | (8,260) | |||
2.507 | 09/18/2019 | 10/18/2019 | (5,707) | (5,712) | |||
2.535 | 10/02/2019 | 01/06/2020 | (6,504) | (6,504) | |||
2.535 | 10/03/2019 | 01/06/2020 | (4,680) | (4,680) | |||
2.550 | 08/30/2019 | 10/02/2019 | (6,636) | (6,651) | |||
2.570 | 08/16/2019 | 11/15/2019 | (1,212) | (1,216) | |||
2.570 | 09/12/2019 | 11/12/2019 | (16,331) | (16,353) | |||
2.570 | 09/13/2019 | 12/13/2019 | (10,517) | (10,531) | |||
2.580 | 08/30/2019 | 12/02/2019 | (497) | (498) | |||
2.580 | 09/03/2019 | 10/04/2019 | (1,833) | (1,837) | |||
2.585 | 10/04/2019 | 01/06/2020 | (1,848) | (1,848) | |||
2.590 | 09/04/2019 | 12/04/2019 | (1,931) | (1,935) | |||
2.600 | 08/22/2019 | 11/22/2019 | (915) | (918) | |||
2.600 | 09/09/2019 | 11/22/2019 | (2,904) | (2,909) | |||
2.600 | 09/26/2019 | 11/22/2019 | (1,479) | (1,480) | |||
2.600 | 10/01/2019 | 11/22/2019 | (2,729) | (2,729) | |||
2.630 | 08/13/2019 | 11/13/2019 | (10,930) | (10,969) | |||
2.631 | 08/09/2019 | 11/07/2019 | (232) | (233) | |||
2.670 | 09/12/2019 | 11/12/2019 | (723) | (724) | |||
2.681 | 08/09/2019 | 11/07/2019 | (1,841) | (1,848) | |||
2.690 | 09/04/2019 | 12/04/2019 | (2,311) | (2,316) | |||
2.690 | 09/10/2019 | 12/10/2019 | (1,910) | (1,913) | |||
2.700 | 07/31/2019 | 10/31/2019 | (1,569) | (1,576) | |||
2.700 | 08/01/2019 | 11/01/2019 | (2,577) | (2,589) | |||
2.710 | 07/26/2019 | 10/28/2019 | (3,304) | (3,321) | |||
2.720 | 07/29/2019 | 10/29/2019 | (721) | (724) | |||
2.730 | 07/24/2019 | 10/24/2019 | (200) | (201) | |||
2.730 | 07/25/2019 | 10/25/2019 | (4,609) | (4,633) | |||
2.750 | 07/16/2019 | 10/16/2019 | (14,529) | (14,614) | |||
2.750 | 07/31/2019 | 10/31/2019 | (917) | (921) | |||
2.750 | 08/22/2019 | 11/22/2019 | (2,940) | (2,949) | |||
2.760 | 07/03/2019 | 10/03/2019 | (4,796) | (4,829) | |||
2.780 | 08/13/2019 | 11/13/2019 | (338) | (339) | |||
2.800 | 07/31/2019 | 10/31/2019 | (544) | (547) | |||
2.840 | 08/06/2019 | 11/06/2019 | (2,827) | (2,839) | |||
3.130 | 08/13/2019 | 11/13/2019 | (8,335) | (8,371) | |||
3.180 | 08/13/2019 | 11/13/2019 | (3,574) | (3,589) | |||
3.200 | 08/01/2019 | 11/01/2019 | (7,930) | (7,973) | |||
Total Reverse Repurchase Agreements | $ | (901,431) |
SHORT SALES: | |||||||||||
Description | Coupon | Maturity Date |
Principal Amount |
Proceeds | Payable for Short Sales(4) | ||||||
U.S. Treasury Obligations 0.0% | |||||||||||
U.S. Treasury Bonds | 3.000% | 02/15/2049 | $ | 150 | $ | (178) | $ | (180) | |||
Total Short Sales 0.0% | $ | (178) | $ | (180) | |||||||
(m) | Securities with an aggregate market value of $1,102,082 and cash of $4,709 have been pledged as collateral under the terms of master agreements as of September 30, 2019. |
(1) | Includes accrued interest. |
(2) | The average amount of borrowings outstanding during the period ended September 30, 2019 was $(699,551) at a weighted average interest rate of 2.618%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
(3) | Open maturity reverse repurchase agreement. |
(4) | Payable for short sales includes $1 of accrued interest. |
(n) | FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED |
Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.) |
September 30, 2019 (Unaudited) |
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, 2019(2) |
Notional Amount(3) |
Premiums Paid/ (Received) |
Unrealized Appreciation/ (Depreciation) |
Market Value(4) |
Asset | Liability | ||||||
Bombardier, Inc. | 5.000% | Quarterly | 06/20/2024 | 4.513% | $ | 1,100 | $ | (2) | $ | 25 | $ | 23 | $ | 3 | $ | 0 |
Bombardier, Inc. | 5.000 | Quarterly | 12/20/2024 | 4.859 | 600 | 0 | 5 | 5 | 2 | 0 | ||||||
Frontier Communications Corp. | 5.000 | Quarterly | 06/20/2020 | 175.493 | 1,600 | (59) | (736) | (795) | 0 | (21) | ||||||
$ | (61) | $ | (706) | $ | (767) | $ | 5 | $ | (21) | |||||||
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 | 3-Month USD-LIBOR | 1.500% | Semi-Annual | 06/21/2027 | $ | 11,500 | $ | (834) | $ | 848 | $ | 14 | $ | 0 | $ | (4) | |||||
Pay | 3-Month USD-LIBOR | 2.500 | Semi-Annual | 12/20/2027 | 2,500 | 40 | 163 | 203 | 0 | (1) | |||||||||||
Pay | 3-Month USD-LIBOR | 2.250 | Semi-Annual | 06/20/2028 | 58,100 | (3,466) | 7,130 | 3,664 | 0 | (16) | |||||||||||
Pay | 3-Month USD-LIBOR | 3.000 | Semi-Annual | 06/19/2029 | 59,000 | 4,765 | 3,360 | 8,125 | 0 | (16) | |||||||||||
Receive | 3-Month USD-LIBOR | 2.500 | Semi-Annual | 06/20/2048 | 35,300 | 2,092 | (8,747) | (6,655) | 0 | (50) | |||||||||||
Receive(5) | 3-Month USD-LIBOR | 2.250 | Semi-Annual | 03/12/2050 | 11,000 | (26) | (1,391) | (1,417) | 0 | (14) | |||||||||||
Receive(5) | 6-Month EUR-EURIBOR | 0.500 | Annual | 12/18/2029 | EUR | 900 | (18) | (46) | (64) | 1 | 0 | ||||||||||
Receive(5) | 6-Month EUR-EURIBOR | 0.150 | Annual | 03/18/2030 | 4,400 | 80 | (64) | 16 | 5 | 0 | |||||||||||
Receive(5) | 6-Month EUR-EURIBOR | 0.250 | Annual | 03/18/2050 | 4,400 | 244 | (274) | (30) | 57 | 0 | |||||||||||
Receive(5) | 6-Month GBP-LIBOR | 0.750 | Semi-Annual | 03/18/2030 | GBP | 25,190 | 262 | (601) | (339) | 0 | (103) | ||||||||||
Receive(5) | 6-Month GBP-LIBOR | 0.750 | Semi-Annual | 03/18/2050 | 26,300 | 583 | (1,043) | (460) | 74 | 0 | |||||||||||
$ | 3,722 | $ | (665) | $ | 3,057 | $ | 137 | $ | (204) | ||||||||||||
Total Swap Agreements | $ | 3,661 | $ | (1,371) | $ | 2,290 | $ | 142 | $ | (225) | |||||||||||
(o) | Securities with an aggregate market value of $715 and cash of $13,327 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2019. |
(1) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(3) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced indices' 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. |
(p) | 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 | 10/2019 | EUR | 2,187 | $ | 2,410 | $ | 27 | $ | 0 |
10/2019 | GBP | 3,938 | 4,859 | 17 | 0 | ||||
10/2019 | $ | 61,426 | GBP | 49,852 | 0 | (131) | |||
11/2019 | GBP | 49,852 | $ | 61,509 | 131 | 0 | |||
BPS | 10/2019 | EUR | 16,625 | 18,462 | 342 | 0 | |||
10/2019 | GBP | 764 | 953 | 13 | 0 | ||||
10/2019 | MXN | 129,222 | 6,629 | 103 | 0 | ||||
10/2019 | PEN | 1,482 | 440 | 1 | 0 | ||||
10/2019 | $ | 6,594 | MXN | 129,222 | 0 | (69) | |||
11/2019 | 5,577 | EUR | 5,093 | 0 | (12) | ||||
01/2020 | 6,543 | MXN | 129,222 | 0 | (101) |
Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.) |
September 30, 2019 (Unaudited) |
BRC | 10/2019 | 17,736 | EUR | 16,209 | 0 | (69) | |||
10/2019 | 6,334 | GBP | 5,237 | 105 | 0 | ||||
11/2019 | EUR | 15,036 | $ | 16,481 | 51 | 0 | |||
CBK | 10/2019 | 2,810 | 3,085 | 23 | 0 | ||||
10/2019 | GBP | 49,514 | 60,492 | 42 | (430) | ||||
10/2019 | $ | 4,049 | EUR | 3,668 | 0 | (51) | |||
10/2019 | 443 | PEN | 1,482 | 0 | (3) | ||||
11/2019 | 514 | 1,753 | 5 | 0 | |||||
01/2020 | PEN | 1,482 | $ | 441 | 3 | 0 | |||
FBF | 10/2019 | $ | 1,832 | EUR | 1,665 | 0 | (17) | ||
GLM | 10/2019 | ARS | 5,712 | $ | 89 | 0 | (1) | ||
10/2019 | GBP | 873 | 1,079 | 6 | 0 | ||||
10/2019 | $ | 3,797 | MXN | 74,752 | 0 | (14) | |||
MYI | 10/2019 | EUR | 28,940 | $ | 31,628 | 85 | 0 | ||
11/2019 | 29,020 | 31,825 | 115 | 0 | |||||
11/2019 | $ | 9,577 | RUB | 630,975 | 99 | 0 | |||
Total Forward Foreign Currency Contracts | $ | 1,168 | $ | (898) |
SWAP AGREEMENTS: |
CREDIT DEFAULT SWAPS ON ASSET-BACKED SECURITIES - BUY PROTECTION(1) |
Swap Agreements, at Value(5) | ||||||||||||||
Counterparty | Reference Obligation | Fixed (Pay) Rate |
Payment Frequency |
Maturity Date |
Notional Amount(4) |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Asset | Liability | |||||
GST | Citigroup Commercial Mortgage Trust 206-C5 5.482% due 10/15/2049 | (0.500)% | Monthly | 10/15/2049 | $ | 6,551 | $ | 393 | $ | (152) | $ | 241 | $ | 0 |
GMAC Commercial Mortgage Securities, Inc. Series 206-C1 Trust 5.349% due 11/10/2045 | (0.125) | Monthly | 11/10/2045 | 38,010 | 11,403 | 18 | 11,421 | 0 | ||||||
Morgan Stanley Capital Trust 205-HQ7 5.545% due 11/14/2042 | (0.240) | Monthly | 11/14/2042 | 7,500 | 1,350 | (1) | 1,349 | 0 | ||||||
$ | 13,146 | $ | (135) | $ | 13,011 | $ | 0 |
CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION(2) |
Swap Agreements, at Value(5) | |||||||||||||||
Counterparty | Reference Entity | Fixed Receive Rate |
Payment Frequency |
Maturity Date |
Implied Credit Spread at September 30, 2019(3) |
Notional Amount(4) |
Premiums Paid/(Received) |
Unrealized Appreciation/ (Depreciation) |
Asset | Liability | |||||
BRC | Ukraine Government International Bond | 5.000% | Quarterly | 12/20/2022 | 3.933% | $ | 3,100 | $ | 190 | $ | (88) | $ | 102 | $ | 0 |
GST | Petrobras Global Finance BV | 1.000 | Quarterly | 06/20/2022 | 0.820 | 400 | (37) | 39 | 2 | 0 | |||||
Teva Pharmaceutical Finance Co. BV | 1.000 | Quarterly | 06/20/2022 | 6.087 | 340 | (19) | (22) | 0 | (41) | ||||||
$ | 134 | $ | (71) | $ | 104 | $ | (41) | ||||||||
Total Swap Agreements | $ | 13,280 | $ | (206) | $ | 13,115 | $ | (41) |
(q) | Securities with an aggregate market value of $498 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2019. | |
(1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive 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) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | |
(3) | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | |
(4) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | |
(5) | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced indices' 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, 2019 in valuing the Fund's assets and liabilities: | ||
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 09/30/2019 | |||||
Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.) |
September 30, 2019 (Unaudited) |
Investments in Securities, at Value | |||||||||
Loan Participations and Assignments | $ | 43,489 | $ | 149,847 | $ | 152,176 | $ | 345,512 | |
Corporate Bonds & Notes | |||||||||
Banking & Finance | 0 | 186,493 | 3,713 | 190,206 | |||||
Industrials | 0 | 221,764 | 0 | 221,764 | |||||
Utilities | 0 | 67,909 | 0 | 67,909 | |||||
Convertible Bonds & Notes | |||||||||
Industrials | 0 | 1,651 | 0 | 1,651 | |||||
Utilities | 0 | 11 | 0 | 11 | |||||
Municipal Bonds & Notes | |||||||||
Illinois | 0 | 17 | 0 | 17 | |||||
Ohio | 0 | 8,180 | 0 | 8,180 | |||||
Texas | 0 | 172 | 0 | 172 | |||||
West Virginia | 0 | 151 | 0 | 151 | |||||
U.S. Government Agencies | 0 | 47,363 | 0 | 47,363 | |||||
Non-Agency Mortgage-Backed Securities | 0 | 331,919 | 154,687 | 486,606 | |||||
Asset-Backed Securities | 0 | 320,981 | 131,365 | 452,346 | |||||
Sovereign Issues | 0 | 34,494 | 0 | 34,494 | |||||
Common Stocks | |||||||||
Communication Services | 2,435 | 8 | 0 | 2,443 | |||||
Consumer Discretionary | 2,347 | 0 | 0 | 2,347 | |||||
Industrials | 0 | 0 | 797 | 797 | |||||
Utilities | 0 | 0 | 12,025 | 12,025 | |||||
Warrants | |||||||||
Communication Services | 0 | 3,945 | 0 | 3,945 | |||||
Preferred Securities | |||||||||
Banking & Finance | 0 | 23,118 | 0 | 23,118 | |||||
Industrials | 0 | 0 | 935 | 935 | |||||
Short-Term Instruments | |||||||||
Repurchase Agreements | 0 | 35,603 | 0 | 35,603 | |||||
Argentina Treasury Bills | 0 | 764 | 0 | 764 | |||||
U.S. Treasury Bills | 0 | 1,927 | 0 | 1,927 | |||||
Total Investments | $ | 48,271 | $ | 1,436,317 | $ | 455,698 | $ | 1,940,286 | |
Short Sales, at Value - Liabilities | |||||||||
U.S. Treasury Obligations | $ | 0 | $ | (180) | $ | 0 | $ | (180) | |
Financial Derivative Instruments - Assets | |||||||||
Exchange-traded or centrally cleared | 0 | 142 | 0 | 142 | |||||
Over the counter | 0 | 14,283 | 0 | 14,283 | |||||
$ | 0 | $ | 14,425 | $ | 0 | $ | 14,425 | ||
Financial Derivative Instruments - Liabilities | |||||||||
Exchange-traded or centrally cleared | 0 | (225) | 0 | (225) | |||||
Over the counter | 0 | (939) | 0 | (939) | |||||
$ | 0 | $ | (1,164) | $ | 0 | $ | (1,164) | ||
Total Financial Derivative Instruments | $ | 0 | $ | 13,261 | $ | 0 | $ | 13,261 | |
Totals | $ | 48,271 | $ | 1,449,398 | $ | 455,698 | $ | 1,953,367 |
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2019: |
Category and Subcategory | Beginning Balance at 06/30/2019 |
Net Purchases |
Net Sales/Settlements |
Accrued Discounts/ (Premiums) |
Realized Gain/(Loss) |
Net Change in Unrealized Appreciation/ (Depreciation) (1) |
Transfers into Level 3 |
Transfers out of Level 3 |
Ending Balance at 09/30/2019 |
Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 09/30/2019 (1) | |||||||||||
Investments in Securities, at Value | |||||||||||||||||||||
Loan Participations and Assignments | $ | 113,021 | $ | 58,551 | $ | (5,213) | $ | 80 | $ | 43 | $ | (1,779) | $ | 0 | $ | (12,527) | $ | 152,176 | $ | (264) | |
Corporate Bonds & Notes | |||||||||||||||||||||
Banking & Finance | 0 | 3,700 | 0 | 0 | 0 | 13 | 0 | 0 | 3,713 | 13 | |||||||||||
Non-Agency Mortgage-Backed Securities | 45,801 | 109,091 | 0 | 0 | 0 | (205) | 0 | 0 | 154,687 | (205) | |||||||||||
Asset-Backed Securities | 90,179 | 20,169 | 0 | 0 | 0 | (6,930) | 27,947 | 0 | 131,365 | (6,930) | |||||||||||
Common Stocks | |||||||||||||||||||||
Industrials | 924 | 0 | 0 | 0 | 0 | (127) | 0 | 0 | 797 | (127) | |||||||||||
Utilities | 10,727 | 0 | 0 | 0 | 0 | 1,298 | 0 | 0 | 12,025 | 1,298 | |||||||||||
Preferred Securities | |||||||||||||||||||||
Industrials | 901 | 0 | 0 | 0 | 0 | 34 | 0 | 0 | 935 | 34 |
Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.) |
September 30, 2019 (Unaudited) |
Totals | $ | 261,553 | $ | 191,511 | $ | (5,213) | $ | 80 | $ | 43 | $ | (7,696) | $ | 27,947 | $ | (12,527) | $ | 455,698 | $ | (6,181) |
The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy: |
Category and Subcategory | Ending Balance at 09/30/2019 |
Valuation Technique | Unobservable Inputs | Input Value(s) (% Unless Noted Otherwise) | |||
Investments in Securities, at Value | |||||||
Loan Participations and Assignments | $ | 104,514 | Discounted Cash Flow | Yield | 5.950 - 8.550 | ||
45,609 | Proxy Pricing | Base Price | 88.497-99.900 | ||||
2,053 | Third Party Vendor | Broker Quote | 98.250 - 101.000 | ||||
Corporate Bonds & Notes | |||||||
Banking & Finance | 3,713 | Proxy Pricing | Base Price | 100.000 | |||
Non-Agency Mortgage-Backed Securities | 154,687 | Proxy Pricing | Base Price | 99.900 - 16,860.000 | |||
Asset-Backed Securities | 27,947 | Discounted Cash Flow | Discount Rate | 7.500 | |||
15,600 | Discounted Cash Flow | Yield | 6.000 | ||||
5,654 | Other Valuation Techniques(2) | - | - | ||||
82,164 | Proxy Pricing | Base Price | 78.482 - 85,490.523 | ||||
Common Stocks | |||||||
Industrials | 797 | Other Valuation Techniques(2) | - | - | |||
Utilities | 12,025 | Indicative Market Quotation | Broker Quote | $ | 44.000 | ||
Preferred Securities | |||||||
Industrials | 935 | Fundamental Valuation | Company Equity Value | $ | 836,589,817.948 | ||
Total | $ | 455,698 |
(1) | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2019 may be due to an investment no longer held or categorized as Level 3 at period end. |
(2) | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. |
Notes to Financial Statements
1. BASIS FOR CONSOLIDATION
PFLEXLS I LLC, CLM 13648 LLC and MLM 13648 LLC (each a “Subsidiary” and, collectively, the “Subsidiaries”), each a Delaware limited liability company, were formed on December 1, 2017, March 29, 2018 and April 3, 2018, respectively, as wholly owned subsidiaries acting as investment vehicles for the Fund in order to effect certain investments for the Fund consistent with the Fund’s investment objectives and policies in effect from time to time. PFLEXLS I LLC has an inception date of January 9, 2018. CLM 13648 LLC and MLM 13648 LLC have an inception date of April 30, 2018. The Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the Subsidiaries. Accordingly, the consolidated financial statements include the accounts of the Fund and the Subsidiaries. All inter-company transactions and balances have been eliminated. This structure was established so that certain loans could be held by a separate legal entity from the Fund. The net assets of PFLEXLS I LLC, CLM 13468 LLC and MLM 13648 LLC as of period end represented 2.7%, 0.0% and 5.8%, respectively, of the Fund’s consolidated net assets.
2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
(a) Investment Valuation Policies The net asset value (“NAV”) of the Fund's shares is determined by dividing the total value of portfolio investments and other assets attributable to that Fund less any liabilities by the total number of shares outstanding of the Fund.
On each day that the New York Stock Exchange (“NYSE”) is open, Fund shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. The Fund reserves the right to change the time as of which its NAV is calculated if the Fund closes earlier, or as permitted by the U.S. Securities and Exchange Commission (“SEC”).
For purposes of calculating a NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Fund's approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Fund 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 Pacific Investment Management Company LLC (“PIMCO” or the “Manager”) to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services. The Fund's investments in open-end management investment companies, other than exchange-traded funds ("ETFs"), are valued at the NAVs of such investments.
If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value based on procedures established and approved by the Board of Trustees 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 Fund may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, the Fund 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 Fund may utilize modeling tools provided by third-party vendors to determine fair values of non-U.S. securities. For these purposes, any movement in the applicable reference index or instrument (“zero trigger”) relating to the non-U.S security being fair valued between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Fund is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.
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 Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Fund is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV.
Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to PIMCO the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Board. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of the Fund's securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated, to the Manager, the responsibility for monitoring significant events that may materially affect the values of the Fund's securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.
Notes to Financial Statements (Cont.)
When the Fund uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Fund’s policy is intended to result in a calculation of the Fund’s NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.
(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:
• Level 1 — Quoted prices 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.
Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Services (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Services or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Consolidated Schedule of Investments for the Fund.
For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Fund.
(c) Valuation Techniques and the Fair Value Hierarchy
Level 1 and Level 2 trading assets and trading liabilities, at fair value The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1 and Level 2 of the fair value hierarchy are as follows:
Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Services' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.
Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.
Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.
Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.
Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Services that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.
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,
Notes to Financial Statements (Cont.)
financial derivative instruments can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.
Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Services (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate (“OIS”), London Interbank Offered Rate (“LIBOR”) forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.
Level 3 trading assets and trading liabilities, at fair value When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy. The valuation techniques and significant inputs used in determining the fair values of portfolio assets and liabilities categorized as Level 3 of the fair value hierarchy are as follows:
Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price, or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.
If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Manager may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Manager does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.
Discounted cash flow valuation uses an internal analysis based on the Adviser’s expectation of future income and expenses, capital structure, exit multiples of a security, and other unobservable inputs which may include contractual and factual loan factors, estimated future payments and credit rating. Significant changes in the unobservable inputs of the models would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.
Fundamental analysis valuation estimates fair value by using an internal model that utilizes financial statements of the non-public underlying company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.
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.
3. FEDERAL INCOME TAX MATTERS
The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.
The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.
In accordance with U.S. GAAP, the Manager has reviewed the Fund's tax positions for all open tax years. As of September 30, 2019, the Fund 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 Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.
Glossary: (abbreviations that may be used in the preceding statements) | (Unaudited) | |||||||||
Counterparty Abbreviations: | ||||||||||
BOA | Bank of America N.A. | FOB | Credit Suisse Securities (USA) LLC | MYI | Morgan Stanley & Co. International PLC | |||||
BOS | Merrill Lynch, Pierce, Fenner & Smith, Inc. | GLM | Goldman Sachs Bank USA | MZF | Mizuho Securities USA | |||||
BPS | BNP Paribas S.A. | GST | Goldman Sachs International | NOM | Nomura Securities International Inc. | |||||
BRC | Barclays Bank PLC | JML | JP Morgan Securities Plc | RBC | Royal Bank of Canada | |||||
CBK | Citibank N.A. | JPM | JP Morgan Chase Bank N.A. | RDR | RBC Capital Markets LLC | |||||
CEW | Canadian Imperial Bank of Commerce | JPS | JP Morgan Securities, Inc. | RTA | RBC (Barbados) Trading Bank Corp. | |||||
CFR | Credit Suisse Securities (Europe) Ltd. | MBC | HSBC Bank Plc | SBI | Citigroup Global Markets Ltd. | |||||
FBF | Credit Suisse International | MEI | Merrill Lynch International | SOG | Societe Generale Paris | |||||
FICC | Fixed Income Clearing Corporation | MSB | Morgan Stanley Bank, N.A | UBS | UBS Securities LLC | |||||
Currency Abbreviations: | ||||||||||
ARS | Argentine Peso | MXN | Mexican Peso | RUB | Russian Ruble | |||||
EUR | Euro | PEN | Peruvian New Sol | USD (or $) | United States Dollar | |||||
GBP | British Pound | |||||||||
Index/Spread Abbreviations: | ||||||||||
ARLLMONP | Argentina Blended Policy Rate | EUR003M | 3 Month EUR Swap Rate | LIBOR03M | 3 Month USD-LIBOR | |||||
BADLARPP | Argentina Badlar Floating Rate Notes | LIBOR01M | 1 Month USD-LIBOR | US0003M | 3 Month USD Swap Rate | |||||
BP0003M | 3 Month GBP-LIBOR | |||||||||
Other Abbreviations: | ||||||||||
ABS | Asset-Backed Security | EURIBOR | Euro Interbank Offered Rate | TBD | To-Be-Determined | |||||
BABs | Build America Bonds | LIBOR | London Interbank Offered Rate | TBD% | Interest rate to be determined when loan settles or at the time of funding | |||||
CDO | Collateralized Debt Obligation | PIK | Payment-in-Kind | |||||||
CLO | Collateralized Loan Obligation | TBA | To-Be-Announced |