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11491897.690000 CNY 1596760.000000 USD 2024-03-26 7371.060000 N N N N/A N/A SOLD EUR BOUGHT USD 20231003 000000000 1.000000 NC 15068844.480000 0.5448385 N/A DFE N/A N 2 BNP PARIBAS R0MUWSFPU8MPRO8K5P83 457687001.000000 EUR 498958468.630000 USD 2023-10-03 15068844.480000 N N N N/A N/A SOLD EUR BOUGHT USD 20231102 000000000 1.000000 NC 1065733.490000 0.0385333 N/A DFE N/A N 2 BNP PARIBAS R0MUWSFPU8MPRO8K5P83 435944001.000000 EUR 462536149.120000 USD 2023-11-02 1065733.490000 N N N N/A N/A SOLD GBP BOUGHT USD 20231003 000000000 1.000000 NC 2868652.160000 0.1037208 N/A DFE GB N 2 BNP PARIBAS R0MUWSFPU8MPRO8K5P83 59301561.000000 GBP 75222482.360000 USD 2023-10-03 2868652.160000 N N N N/A N/A SOLD GBP BOUGHT USD 20231003 000000000 1.000000 NC 15638.470000 0.0005654 N/A DFE GB N 2 BNP PARIBAS R0MUWSFPU8MPRO8K5P83 3343000.000000 GBP 4094432.520000 USD 2023-10-03 15638.470000 N N N N/A N/A SOLD GBP BOUGHT USD 20231102 000000000 1.000000 NC -259081.840000 -0.0093675 N/A DFE GB N 2 BNP PARIBAS R0MUWSFPU8MPRO8K5P83 67464000.000000 GBP 82068941.340000 USD 2023-11-02 -259081.840000 N N N N/A N/A SOLD PEN BOUGHT USD 20231010 000000000 1.000000 NC 284.870000 0.0000103 N/A DFE PE N 2 BNP PARIBAS R0MUWSFPU8MPRO8K5P83 51968.000000 PEN 14000.000000 USD 2023-10-10 284.870000 N N N N/A N/A CDX HY40 5Y ICE 000000000 1.000000 NC USD -3220133.470000 -0.1164292 N/A DCR US N 2 INTERCONTINENTAL EXCHANGE 5493000F4ZO33MV32P92 N/A CDX.NA.HY.40 Y Single Leg Swap 2028-06-20 0.000000 USD -300505.000000 USD 185700000.000000 USD -2919628.470000 N N N N/A N/A CDX HY41 5Y ICE 000000000 1.000000 NC USD -839826.420000 -0.0303653 N/A DCR US N 2 INTERCONTINENTAL EXCHANGE 5493000F4ZO33MV32P92 N/A CDX.NA.HY.41 Y Single Leg Swap 2028-12-20 0.000000 USD -666810.000000 USD 85700000.000000 USD -173016.420000 N N N N/A N/A BOUGHT EUR SOLD USD 20231003 000000000 1.000000 NC -41581.590000 -0.0015034 N/A DFE N/A N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 1542876.720000 USD 1420000.000000 EUR 2023-10-03 -41581.590000 N N N N/A N/A BOUGHT EUR SOLD USD 20231102 000000000 1.000000 NC -5113.470000 -0.0001849 N/A DFE N/A N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 2123280.710000 USD 2001000.000000 EUR 2023-11-02 -5113.470000 N N N N/A N/A BOUGHT GBP SOLD USD 20231102 000000000 1.000000 NC -5859.740000 -0.0002119 N/A DFE GB N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 1265235.410000 USD 1032000.000000 GBP 2023-11-02 -5859.740000 N N N ASHFORD HOSPITALITY TRUST 2018-ASHF N/A ASHFORD HOSPITALITY TRUST AHT1 2018 ASHF E 144A 04410RAN6 15356000.000000 PA USD 14848283.040000 0.5368638 Long ABS-MBS CORP US N 2 2035-04-15 Floating 8.605 N N N N N N N/A N/A SOLD CAD BOUGHT USD 20231115 000000000 1.000000 NC 4724.330000 0.0001708 N/A DFE CA N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 583959.590000 CAD 434915.000000 USD 2023-11-15 4724.330000 N N N ASHFORD HOSPITALITY TRUST 2018-KEYS N/A ASHFORD HOSPITALITY TRUST AHT1 2018 KEYS D 144A 04410CAL3 7750000.000000 PA USD 7230032.350000 0.2614136 Long ABS-MBS CORP US N 2 2035-06-15 Floating 8.255 N N N N N N N/A N/A SOLD IDR BOUGHT USD 20240320 000000000 1.000000 NC 12758.500000 0.0004613 N/A DFE ID N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 31876453672.000000 IDR 2067536.690000 USD 2024-03-20 12758.500000 N N N N/A N/A SOLD PEN BOUGHT USD 20231010 000000000 1.000000 NC 756.700000 0.0000274 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 118384.000000 PEN 32000.000000 USD 2023-10-10 756.700000 N N N N/A N/A SOLD PEN BOUGHT USD 20231102 000000000 1.000000 NC 1292.390000 0.0000467 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 112716.000000 PEN 31000.000000 USD 2023-11-02 1292.390000 N N N N/A N/A SOLD PEN BOUGHT USD 20231102 000000000 1.000000 NC 403.670000 0.0000146 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 32616.000000 PEN 9000.000000 USD 2023-11-02 403.670000 N N N N/A N/A SOLD PEN BOUGHT USD 20231103 000000000 1.000000 NC 1130.720000 0.0000409 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 113336.000000 PEN 31000.000000 USD 2023-11-03 1130.720000 N N N N/A N/A SOLD PEN BOUGHT USD 20231103 000000000 1.000000 NC 838.920000 0.0000303 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 84088.000000 PEN 23000.000000 USD 2023-11-03 838.920000 N N N N/A N/A SOLD PEN BOUGHT USD 20231107 000000000 1.000000 NC 629.850000 0.0000228 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 119056.000000 PEN 32000.000000 USD 2023-11-07 629.850000 N N N N/A N/A SOLD PEN BOUGHT USD 20231107 000000000 1.000000 NC 1448.150000 0.0000524 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 298120.000000 PEN 80000.000000 USD 2023-11-07 1448.150000 N N N N/A N/A SOLD PEN BOUGHT USD 20231107 000000000 1.000000 NC 776.770000 0.0000281 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 148860.000000 PEN 40000.000000 USD 2023-11-07 776.770000 N N N N/A N/A SOLD PEN BOUGHT USD 20231107 000000000 1.000000 NC 154.300000 0.0000056 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 29776.000000 PEN 8000.000000 USD 2023-11-07 154.300000 N N N N/A N/A SOLD PEN BOUGHT USD 20231107 000000000 1.000000 NC 2955.640000 0.0001069 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 537386.850000 PEN 144552.090000 USD 2023-11-07 2955.640000 N N N N/A N/A SOLD PEN BOUGHT USD 20231109 000000000 1.000000 NC 725.890000 0.0000262 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 118704.000000 PEN 32000.000000 USD 2023-11-09 725.890000 N N N N/A N/A SOLD PEN BOUGHT USD 20231109 000000000 1.000000 NC 650.020000 0.0000235 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 118992.000000 PEN 32000.000000 USD 2023-11-09 650.020000 N N N N/A N/A SOLD PEN BOUGHT USD 20231109 000000000 1.000000 NC 331.330000 0.0000120 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 59472.000000 PEN 16000.000000 USD 2023-11-09 331.330000 N N N N/A N/A SOLD PEN BOUGHT USD 20231109 000000000 1.000000 NC 331.330000 0.0000120 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 59472.000000 PEN 16000.000000 USD 2023-11-09 331.330000 N N N N/A N/A SOLD PEN BOUGHT USD 20231109 000000000 1.000000 NC 1736.750000 0.0000628 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 297056.000000 PEN 80000.000000 USD 2023-11-09 1736.750000 N N N N/A N/A SOLD PEN BOUGHT USD 20231109 000000000 1.000000 NC 671.090000 0.0000243 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 118912.000000 PEN 32000.000000 USD 2023-11-09 671.090000 N N N N/A N/A SOLD PEN BOUGHT USD 20231109 000000000 1.000000 NC 1677.730000 0.0000607 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 297280.000000 PEN 80000.000000 USD 2023-11-09 1677.730000 N N N N/A N/A SOLD PEN BOUGHT USD 20231110 000000000 1.000000 NC 586.120000 0.0000212 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 134424.000000 PEN 36000.000000 USD 2023-11-10 586.120000 N N N N/A N/A SOLD PEN BOUGHT USD 20231110 000000000 1.000000 NC 586.120000 0.0000212 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 134424.000000 PEN 36000.000000 USD 2023-11-10 586.120000 N N N N/A N/A SOLD PEN BOUGHT USD 20231110 000000000 1.000000 NC 567.150000 0.0000205 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 134496.000000 PEN 36000.000000 USD 2023-11-10 567.150000 N N N N/A N/A SOLD PEN BOUGHT USD 20231110 000000000 1.000000 NC 1525.480000 0.0000552 N/A DFE PE N 2 Citibank, National Association E57ODZWZ7FF32TWEFA76 328240.000000 PEN 88000.000000 USD 2023-11-10 1525.480000 N N N ASSET BACKED FUNDING CERT 2005-HE1 N/A ASSET BACKED FUNDING CERTIFICA ABFC 2005 HE1 M5 04542BKW1 6398792.250000 PA USD 5027911.800000 0.1817923 Long ABS-MBS CORP US N 2 2035-03-25 Floating 6.4842 N N N N N N N/A N/A GATEWAY CASINOS & ENTERTA TRS BKL BPS 000000000 1.000000 NC USD 1358699.740000 0.0491260 N/A DIR US N 2 BNP PARIBAS R0MUWSFPU8MPRO8K5P83 GATEWAY CASINOS & ENTERTAINMENT LIMITED GATEWAY CASINOS PIK TL B TSFR1M Y 2027-10-22 0.000000 USD 0.000000 USD 40000000.000000 USD 1358699.740000 N N N N/A N/A BOUGHT BRL SOLD USD 20231103 000000000 1.000000 NC -12779.340000 -0.0004621 N/A DFE BR N 2 Goldman Sachs Bank USA KD3XUN7C6T14HNAYLU02 1905952.740000 USD 9557685.910000 BRL 2023-11-03 -12779.340000 N N N N/A N/A BOUGHT EUR SOLD USD 20231003 000000000 1.000000 NC -43621.290000 -0.0015772 N/A DFE N/A N 2 Goldman Sachs Bank USA KD3XUN7C6T14HNAYLU02 3480741.340000 USD 3251000.000000 EUR 2023-10-03 -43621.290000 N N N N/A N/A BOUGHT EUR SOLD USD 20231102 000000000 1.000000 NC 116.360000 0.0000042 N/A DFE N/A N 2 Goldman Sachs Bank USA KD3XUN7C6T14HNAYLU02 1191815.830000 USD 1126000.000000 EUR 2023-11-02 116.360000 N N N N/A N/A BOUGHT IDR SOLD USD 20240320 000000000 1.000000 NC -5149.590000 -0.0001862 N/A DFE ID N 2 Goldman Sachs Bank USA KD3XUN7C6T14HNAYLU02 501393.000000 USD 7698388122.000000 IDR 2024-03-20 -5149.590000 N N N N/A N/A BOUGHT MXN SOLD USD 20231016 000000000 1.000000 NC 31817.270000 0.0011504 N/A DFE MX N 2 Goldman Sachs Bank USA KD3XUN7C6T14HNAYLU02 16501730.260000 USD 288762127.650000 MXN 2023-10-16 31817.270000 N N N N/A N/A SOLD CNH BOUGHT USD 20240326 000000000 1.000000 NC 2375.200000 0.0000859 N/A DFE CN N 2 Goldman Sachs Bank USA KD3XUN7C6T14HNAYLU02 8158825.500000 CNY 1130783.000000 USD 2024-03-26 2375.200000 N N N N/A N/A SOLD EUR BOUGHT USD 20231003 000000000 1.000000 NC -123.960000 -0.0000045 N/A DFE N/A N 2 Goldman Sachs Bank USA KD3XUN7C6T14HNAYLU02 1126000.000000 EUR 1190339.640000 USD 2023-10-03 -123.960000 N N N N/A N/A SOLD IDR BOUGHT USD 20240320 000000000 1.000000 NC 4092.400000 0.0001480 N/A DFE ID N 2 Goldman Sachs Bank USA KD3XUN7C6T14HNAYLU02 9376592226.000000 IDR 608514.000000 USD 2024-03-20 4092.400000 N N N N/A N/A SOLD MXN BOUGHT USD 20231004 000000000 1.000000 NC 186893.400000 0.0067574 N/A DFE MX N 2 Goldman Sachs Bank USA KD3XUN7C6T14HNAYLU02 293826541.840000 MXN 17044093.800000 USD 2023-10-04 186893.400000 N N N N/A N/A GUARANTEED RATE INC WTS 7214419C9 000000000 1361.000000 NC USD 0.000000 0.0000000 N/A DE US N 3 None N/A Call Purchased GUARANTEED RATE INC GUARANTEED RATE INC N/A 0.010000 USD 2060-12-31 XXXX -178690.450000 N N N 2023-11-14 PIMCO Flexible Credit Income Fund /s/ Bijal Parikh Bijal Parikh Treasurer XXXX NPORT-EX 2 flexiblecreditincomefund.htm PIMCO FLEXIBLE CREDIT INCOME FUND flexiblecreditincomefund

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund

September 30, 2023

(Unaudited)

 

(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)

 

 

PRINCIPAL
AMOUNT
(000s)

 

MARKET
VALUE
(000s)

INVESTMENTS IN SECURITIES 171.2% ¤

 

 

 

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 38.6%

 

 

 

 

Amsurg

 

 

 

 

TBD% due 04/28/2028 «

$

92,589

$

70,055

16.394% due 04/29/2027

 

50,871

 

60,664

AmSurg LLC
0.500% - 13.250% (PRIME + 2.750%) due 07/10/2026 «~

 

5,327

 

5,327

Applegreen Ireland

 

 

 

 

7.205% (EUR003M + 3.250%) due 06/29/2026 «~

EUR

17,008

 

16,869

8.436% due 06/29/2026 «

GBP

4,744

 

5,438

CIRCOR International, Inc.

 

 

 

 

TBD% due 06/20/2029 «

$

734

 

734

TBD% due 06/20/2030 «

 

6,366

 

6,370

Comexposium
4.969% (EUR012M + 4.000%) due 03/28/2026 ~

EUR

50,190

 

45,834

Coreweave
1.000% - 14.130% due 07/31/2028 «µ

$

14,500

 

14,246

Diamond Sports Group LLC
TBD% - 15.412% due 05/25/2026

 

73,751

 

38,350

Espai Barca Fondo De Titulizacion
11.500% due 05/31/2028 «

EUR

14,500

 

15,208

Fifth Avenue Trust
10.947% due 08/27/2025 «

$

1,560

 

1,531

Forest Park Corp.
5.780% due 12/11/2024 «

 

207

 

205

Gateway Casinos & Entertainment Ltd.

 

 

 

 

13.496% due 10/15/2027

 

13,711

 

13,761

13.498% due 10/18/2027

CAD

11,689

 

8,637

Gibson Brands, Inc.
10.570% due 08/11/2028

$

5,993

 

5,034

GIP Blue Holding LP
9.931% due 09/29/2028

 

2

 

2

Incora
TBD% - 13.917% due 03/01/2024 «

 

27,600

 

28,530

Intelsat Jackson Holdings SA
9.772% due 02/01/2029

 

11,951

 

11,940

Ivanti Software, Inc.
9.758% due 12/01/2027

 

13,908

 

12,074

Kiwi VFS Sub SARL

 

 

 

 

10.372% (EUR003M + 6.400%) due 05/16/2029 «~

EUR

8,200

 

8,843

12.086% due 05/16/2029 «

GBP

6,551

 

8,153

Lealand Finance Co. BV
8.431% due 06/28/2024 «

$

171

 

124

Lealand Finance Co. BV (6.431% Cash and 3.000% PIK)
12.560% due 06/30/2025 (d)

 

2,458

 

1,369

LifeMiles Ltd.
10.934% due 08/30/2026

 

1,415

 

1,389

Market Bidco Ltd.
8.531% (EUR003M + 4.750%) due 11/04/2027 ~

EUR

34,357

 

34,184

Mediapro
11.472% (EUR003M + 7.500%) due 07/29/2027 «~

 

18,909

 

20,191

Merrill Lynch Mortgage Investors Trust
8.000% due 06/01/2049 «(k)

$

3,921

 

3,796

Montgomery Plaza Apartments
5.900% due 11/11/2024 «

 

228

 

226

NAC Aviation 29 DAC
7.501% due 06/30/2026

 

33,567

 

31,441

Obol France 3 SAS
8.412% (EUR001M + 4.750%) due 12/31/2025 ~

EUR

9,065

 

8,630

Oi SA

 

 

 

 

TBD% - 14.000% due 09/07/2024 µ

$

25,997

 

25,997

1.750% (LIBOR06M + 1.750%) due 02/26/2035 ~

 

38,027

 

2,602

Poseidon Bidco SASU
9.205% - 9.222% (EUR003M + 5.250%) due 07/25/2028 ~

EUR

4,100

 

4,346

Preylock Reitman Santa Cruz Mezz LLC
11.026% - 11.039% due 11/09/2023 «(k)

$

7,900

 

7,775

Profrac Services LLC
12.753% - 12.902% due 03/04/2025

 

63,600

 

63,839

Project Anfora Senior
6.409% (EUR003M + 2.750%) due 10/01/2026 «~(k)

EUR

33,540

 

34,261

Project Quasar Pledgco SLU
6.925% (EUR001M + 3.250%) due 03/15/2026 «~

 

12,767

 

13,047

Promotora de Informaciones SA

 

 

 

 

8.655% (EUR003M + 4.970%) due 06/30/2026 «~

 

8,200

 

8,648

8.905% (EUR003M + 5.220%) due 12/31/2026 ~

 

75,509

 

76,373

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

Promotora de Informaciones SA (6.655% Cash and 5.000% PIK)
11.655% (EUR003M + 2.970%) due 06/30/2027 «~(d)

 

6,291

 

6,052

PUG LLC

 

 

 

 

7.358% - 9.681% (EUR001M + 3.500%) due 02/12/2027 ~

 

5,000

 

5,011

7.358% - 9.681% due 02/12/2027 «

$

4,949

 

4,714

Quantum Bidco Ltd.
10.933% due 01/31/2028

GBP

7,000

 

7,815

Rising Tide Holdings, Inc.
1.000% due 06/01/2026

 

158

 

153

SCUR-Alpha 1503 GmbH

 

 

 

 

9.214% (EUR003M + 5.500%) due 03/29/2030 ~

EUR

2,500

 

2,490

10.869% due 03/29/2030

$

16,119

 

15,045

Softbank Vision Fund
5.000% due 12/21/2025 «

 

26,321

 

24,608

Steenbok Lux Finco 1 SARL

 

 

 

 

10.000% due 06/30/2026

EUR

44,436

 

15,180

10.000% (EUR003M + 5.000%) due 06/30/2026 «~

 

265

 

283

10.000% (EUR006M + 10.000%) due 06/01/2030 ~

 

177

 

189

Steenbok Lux Finco 2 SARL
10.000% due 06/30/2026

 

90,836

 

43,409

Sunseeker
TBD% - 5.550% due 10/31/2028 «

$

31,800

 

30,200

Syniverse Holdings, Inc.
12.390% due 05/13/2027

 

61,147

 

54,186

Team Health Holdings, Inc.

 

 

 

 

8.181% (LIBOR01M + 2.750%) due 02/06/2024 ~

 

26,284

 

25,739

10.566% due 03/02/2027

 

2,840

 

2,172

Telemar Norte Leste SA

 

 

 

 

1.750% (LIBOR06M + 1.750%) due 02/26/2035 ~

 

52,667

 

3,604

1.750% due 02/26/2035

 

59,803

 

4,092

TexGen Power LLC
12.410% (LIBOR03M + 6.850%) due 10/08/2026 «~

 

25,504

 

25,631

U.S. Renal Care, Inc.
10.607% due 06/20/2028

 

73,640

 

49,339

Walgreens

 

 

 

 

5.890% due 03/01/2025 «

 

616

 

609

6.000% due 03/06/2030 «

 

576

 

566

Westmoreland Mining Holdings LLC
8.000% due 03/15/2029

 

3,638

 

2,728

Windstream Services LLC

 

 

 

 

9.416% due 02/23/2027

 

29,490

 

29,195

11.666% due 09/21/2027

 

6,900

 

6,666

Total Loan Participations and Assignments (Cost $1,226,081)

 

 

 

1,075,719

CORPORATE BONDS & NOTES 21.0%

 

 

 

 

BANKING & FINANCE 7.8%

 

 

 

 

Adler Financing SARL (12.500% PIK)
12.500% due 06/30/2025 (d)(m)

EUR

20,024

 

22,628

ADLER Real Estate AG
3.000% due 04/27/2026 (m)

 

9,400

 

7,712

Agps Bondco PLC

 

 

 

 

4.625% due 01/14/2026 ^(e)(m)

 

15,900

 

7,038

5.000% due 04/27/2027 ^(e)(m)

 

7,800

 

2,849

5.000% due 01/14/2029 ^(e)(m)

 

700

 

225

5.500% due 11/13/2026 ^(e)(m)

 

2,400

 

1,023

6.000% due 08/05/2025 ^(e)(m)

 

10,100

 

4,684

Armor Holdco, Inc.
8.500% due 11/15/2029 (m)

$

4,400

 

3,834

Banca Monte dei Paschi di Siena SpA

 

 

 

 

1.875% due 01/09/2026 (m)

EUR

7,041

 

6,678

7.677% due 01/18/2028 •(m)

 

21,218

 

20,085

8.000% due 01/22/2030 •(m)

 

6,887

 

6,928

8.500% due 09/10/2030 •(m)

 

1,500

 

1,508

10.500% due 07/23/2029 (m)

 

22,387

 

23,909

Banco de Credito del Peru SA
4.650% due 09/17/2024

PEN

1,300

 

331

Claveau Re Ltd.
22.696% (T-BILL 3MO + 17.250%) due 07/08/2028 ~

$

2,940

 

1,294

Corestate Capital Holding SA (8.000% Cash or 9.000% PIK)
8.000% due 12/31/2026 ^(d)(e)

EUR

1,167

 

833

Corestate Capital Holding SA (10.000% Cash or 11.000% PIK)
10.000% due 12/31/2026 «(d)

 

300

 

317

Corsair International Ltd.

 

 

 

 

8.802% due 01/28/2027 •

 

2,300

 

2,413

9.152% due 01/28/2029 •

 

1,300

 

1,361

Country Garden Holdings Co. Ltd.

 

 

 

 

3.875% due 10/22/2030

$

300

 

19

6.150% due 09/17/2025 (m)

 

1,000

 

71

Credit Suisse AG AT1 Claim ^

 

200

 

21

Fairfax India Holdings Corp.
5.000% due 02/26/2028 (m)

 

12,400

 

10,664

Farringdon Mortgages
7.965% due 07/15/2047

GBP

5,675

 

1,674

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

FloodSmart Re Ltd.

 

 

 

 

19.026% (T-BILL 3MO + 13.000%) due 03/01/2024 ~(m)

$

2,246

 

2,248

22.776% (T-BILL 3MO + 16.750%) due 03/01/2024 ~

 

643

 

547

Hestia Re Ltd.
14.946% (T-BILL 1MO + 9.500%) due 04/22/2025 ~

 

3,520

 

3,436

Navient Corp.
5.625% due 01/25/2025

 

139

 

133

Piper Sandler Cos.
5.200% due 10/15/2023

 

2,900

 

2,898

Sanders Re Ltd.
17.196% (T-BILL 3MO + 11.750%) due 04/09/2029 ~

 

6,399

 

5,052

Seazen Group Ltd.
4.450% due 07/13/2025

 

200

 

54

Sunac China Holdings Ltd.
7.000% due 07/09/2025 ^(e)

 

300

 

48

Toll Road Investors Partnership LP
0.000% due 02/15/2043 (h)(m)

 

96,629

 

24,197

Uniti Group LP

 

 

 

 

6.000% due 01/15/2030 (m)

 

31,176

 

19,840

10.500% due 02/15/2028 (m)

 

10,215

 

10,015

Veraison Re Ltd.
17.446% (T-BILL 1MO + 12.000%) due 03/10/2031 ~

 

3,100

 

3,327

Voyager Aviation Holdings LLC
8.500% due 05/09/2026 ^«(e)

 

22,311

 

12,132

Yosemite Re Ltd.
15.424% (T-BILL 3MO + 9.978%) due 06/06/2025 ~

 

3,730

 

3,886

 

 

 

 

215,912

INDUSTRIALS 12.1%

 

 

 

 

Altice Financing SA
5.750% due 08/15/2029 (m)

 

5,226

 

4,290

Altice France Holding SA
10.500% due 05/15/2027 (m)

 

23,800

 

14,877

Carvana Co. (13.000% PIK)
13.000% due 06/01/2030 (d)

 

10,600

 

8,282

Carvana Co. (14.000% PIK)
14.000% due 06/01/2031 (d)

 

10,700

 

8,388

CGG SA

 

 

 

 

7.750% due 04/01/2027 (m)

EUR

4,900

 

4,659

8.750% due 04/01/2027 (m)

$

22,793

 

20,417

DISH DBS Corp.

 

 

 

 

5.250% due 12/01/2026 (m)

 

18,948

 

16,139

5.750% due 12/01/2028 (m)

 

17,398

 

13,407

DISH Network Corp.
11.750% due 11/15/2027 (m)

 

3,800

 

3,834

Exela Intermediate LLC (11.500% PIK)
11.500% due 04/15/2026 (d)

 

8

 

2

Greene King Finance PLC
6.630% (SONIO/N + 2.199%) due 03/15/2036 ~

GBP

200

 

193

Intelsat Jackson Holdings SA
6.500% due 03/15/2030 (m)

$

49,498

 

44,021

LifePoint Health, Inc.
11.000% due 10/15/2030 (c)

 

3,870

 

3,870

Market Bidco Finco PLC
4.750% due 11/04/2027 (m)

EUR

3,700

 

3,383

National Collegiate Student Loan Trust
5.657% due 06/01/2045

$

50

 

41

Newfold Digital Holdings Group, Inc.
6.000% due 02/15/2029 (m)

 

9,419

 

7,090

NPC Ukrenergo
6.875% due 11/09/2028 ^(e)

 

1,800

 

490

Petroleos de Venezuela SA

 

 

 

 

5.375% due 04/12/2027 ^(e)

 

440

 

25

6.000% due 05/16/2024 ^(e)

 

650

 

37

6.000% due 11/15/2026 ^(e)

 

430

 

25

Prosus NV
2.031% due 08/03/2032

EUR

500

 

371

Topaz Solar Farms LLC
4.875% due 09/30/2039 (m)

$

2,726

 

2,465

U.S. Renal Care, Inc.
10.625% due 06/28/2028

 

21,341

 

14,298

Vale SA
1.641% due 12/29/2049 ~(j)

BRL

313,730

 

19,515

Veritas U.S., Inc.
7.500% due 09/01/2025 (m)

$

17,700

 

14,817

Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)
10.500% due 11/15/2026 ^(d)(e)

 

112,600

 

102,466

Windstream Escrow LLC
7.750% due 08/15/2028 (m)

 

37,049

 

29,497

 

 

 

 

336,899

UTILITIES 1.1%

 

 

 

 

NGD Holdings BV
6.750% due 12/31/2026 (m)

 

1,378

 

992

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

Oi SA
10.000% due 07/27/2025 ^(e)

 

55,638

 

3,807

Pacific Gas & Electric Co.
4.000% due 12/01/2046

 

4

 

3

Peru LNG SRL
5.375% due 03/22/2030 (m)

 

34,272

 

26,942

 

 

 

 

31,744

Total Corporate Bonds & Notes (Cost $730,224)

 

 

 

584,555

CONVERTIBLE BONDS & NOTES 0.9%

 

 

 

 

BANKING & FINANCE 0.6%

 

 

 

 

Corestate Capital Holding SA (8.000% Cash or 9.000% PIK)
8.000% due 12/31/2026 ^(d)(e)

EUR

691

 

493

PennyMac Corp.
5.500% due 03/15/2026 (m)

$

18,075

 

16,313

 

 

 

 

16,806

INDUSTRIALS 0.3%

 

 

 

 

DISH Network Corp.
3.375% due 08/15/2026 (m)

 

3,300

 

2,000

Multiplan Corp. (6.000% Cash or 7.000% PIK)
6.000% due 10/15/2027 (d)(m)

 

10,600

 

7,065

 

 

 

 

9,065

Total Convertible Bonds & Notes (Cost $32,745)

 

 

 

25,871

MUNICIPAL BONDS & NOTES 2.0%

 

 

 

 

MICHIGAN 0.3%

 

 

 

 

Detroit, Michigan General Obligation Bonds, Series 2014
4.000% due 04/01/2044

 

7,200

 

5,077

Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008
0.000% due 06/01/2046 (h)

 

43,500

 

4,395

 

 

 

 

9,472

PUERTO RICO 1.7%

 

 

 

 

Commonwealth of Puerto Rico Bonds, Series 2022

 

 

 

 

0.000% due 11/01/2043 (m)

 

29,676

 

15,431

0.000% due 11/01/2051 (m)

 

67,883

 

31,008

 

 

 

 

46,439

WEST VIRGINIA 0.0%

 

 

 

 

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (h)

 

1,200

 

95

Total Municipal Bonds & Notes (Cost $60,204)

 

 

 

56,006

U.S. GOVERNMENT AGENCIES 0.5%

 

 

 

 

Fannie Mae

 

 

 

 

0.000% due 02/25/2052 •(a)(m)

 

208,714

 

785

1.500% due 02/25/2036 (a)(m)

 

10,780

 

513

4.000% due 09/25/2051 (a)(m)

 

24,962

 

5,632

Freddie Mac

 

 

 

 

0.700% due 11/25/2055 ~(a)(m)

 

62,751

 

4,155

1.222% due 08/15/2026 •(a)(m)

 

751

 

16

2.079% due 11/25/2045 ~(a)

 

24,637

 

1,774

3.000% due 02/25/2051 (a)(m)

 

7,795

 

1,266

4.500% due 12/25/2050 (a)(m)

 

3,820

 

685

Total U.S. Government Agencies (Cost $24,154)

 

 

 

14,826

NON-AGENCY MORTGAGE-BACKED SECURITIES 50.4%

 

 

 

 

1211 Avenue of the Americas Trust
4.280% due 08/10/2035 ~(m)

 

3,000

 

2,715

225 Liberty Street Trust

 

 

 

 

3.597% due 02/10/2036 (m)

 

3,500

 

3,119

4.803% due 02/10/2036 ~(m)

 

7,616

 

5,311

280 Park Avenue Mortgage Trust

 

 

 

 

7.749% due 09/15/2034 •(m)

 

9,645

 

8,385

8.457% due 09/15/2034 •(m)

 

7,233

 

6,013

Adjustable Rate Mortgage Trust

 

 

 

 

5.974% due 02/25/2036 «•

 

33

 

19

6.434% due 10/25/2035 •(m)

 

1,894

 

1,792

6.454% due 11/25/2035 •(m)

 

1,540

 

1,546

6.584% due 01/25/2035 •(m)

 

2,284

 

2,039

7.234% due 02/25/2035 •

 

1,532

 

1,420

Alba PLC

 

 

 

 

0.000% due 12/15/2038 (h)

GBP

0

 

1,028

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

10.338% due 12/15/2038 •

 

3,491

 

3,112

Anthracite Ltd.
5.678% due 06/20/2041

$

6,135

 

0

Ashford Hospitality Trust

 

 

 

 

8.255% due 06/15/2035 •(m)

 

7,750

 

7,230

8.605% due 04/15/2035 •(m)

 

15,356

 

14,848

Atrium Hotel Portfolio Trust

 

 

 

 

8.680% due 12/15/2036 •(m)

 

44,936

 

39,915

9.030% due 06/15/2035 •(m)

 

16,369

 

15,430

Austin Fairmont Hotel Trust
7.630% due 09/15/2032 •(m)

 

2,800

 

2,760

BAMLL Commercial Mortgage Securities Trust

 

 

 

 

2.627% due 01/15/2032 (m)

 

11,620

 

8,895

3.727% due 08/14/2034 ~(m)

 

6,216

 

2,905

7.347% due 03/15/2037 •(m)

 

1,000

 

994

7.842% due 03/15/2037 •(m)

 

4,600

 

4,396

9.197% due 09/15/2038 •(m)

 

24,605

 

19,755

BAMLL Re-REMIC Trust
6.015% due 06/17/2050 ~(m)

 

3,000

 

723

Banc of America Funding Trust

 

 

 

 

1.294% due 10/25/2036 •(m)

 

17,738

 

6,325

3.310% due 08/25/2047 ^~(m)

 

1,421

 

1,160

4.112% due 02/27/2037 ~(m)

 

2,778

 

2,435

6.000% due 07/25/2036 (m)

 

540

 

364

Banc of America Mortgage Trust

 

 

 

 

5.181% due 06/25/2034 ~

 

142

 

115

5.750% due 07/20/2032 «~

 

20

 

17

Bancorp Commercial Mortgage Trust
9.193% due 08/15/2032 •(m)

 

560

 

557

Barclays Commercial Mortgage Securities Trust

 

 

 

 

3.811% due 02/15/2053 ~(m)

 

6,000

 

3,566

9.180% due 07/15/2037 •(m)

 

22,100

 

20,197

Barclays Commercial Real Estate Trust
4.715% due 08/10/2033 ~(m)

 

15,960

 

11,727

BCAP LLC Trust

 

 

 

 

3.143% due 05/26/2037 ~

 

2,288

 

2,017

3.619% due 08/28/2037 ~(m)

 

10,942

 

7,321

6.000% due 05/26/2037 ~(m)

 

6,996

 

5,195

57.260% due 06/26/2037 ~

 

1,986

 

524

Bear Stearns Commercial Mortgage Securities Trust
5.657% due 10/12/2041 ~

 

34

 

32

Beast Mortgage Trust

 

 

 

 

6.497% due 03/15/2036 •(m)

 

6,700

 

5,851

9.897% due 03/15/2036 •(m)

 

3,125

 

2,058

Benchmark Mortgage Trust
3.404% due 12/15/2062 ~

 

1,300

 

154

Beneria Cowen & Pritzer Collateral Funding Corp.

 

 

 

 

6.246% due 06/15/2038 •(m)

 

800

 

710

9.085% due 06/15/2038 •(m)

 

4,900

 

3,656

10.081% due 06/15/2038 •(m)

 

5,500

 

3,928

BFLD Trust

 

 

 

 

8.397% due 10/15/2035 •

 

950

 

461

9.147% due 10/15/2035 •(m)

 

7,000

 

2,487

9.647% due 10/15/2035 •

 

3,491

 

743

BMO Mortgage Trust
3.378% due 02/17/2055 ~(m)

 

12,569

 

9,143

Bridgegate Funding PLC

 

 

 

 

0.000% due 10/16/2062 ~(m)

GBP

25,556

 

21,664

0.000% due 10/16/2062 ~

 

13,289

 

7,451

0.000% due 10/16/2062 (h)

 

3,705

 

2

11.150% due 10/16/2062 •(m)

 

15,333

 

17,683

14.150% due 10/16/2062 •(m)

 

7,667

 

8,714

BWAY Mortgage Trust

 

 

 

 

2.917% due 01/10/2035 (m)

$

2,000

 

1,300

9.297% due 09/15/2036 •(m)

 

7,654

 

6,643

10.297% due 09/15/2036 •(m)

 

6,611

 

5,549

11.297% due 09/15/2036 •(m)

 

3,000

 

2,438

BX Commercial Mortgage Trust

 

 

 

 

7.399% due 05/15/2038 •(m)

 

3,704

 

3,518

8.372% due 01/17/2039 •(m)

 

10,250

 

9,718

BX Trust

 

 

 

 

8.050% due 05/15/2035 •(m)

 

1,400

 

1,349

8.184% due 10/15/2036 •(m)

 

3,739

 

3,453

8.550% due 05/15/2035 •(m)

 

5,345

 

5,133

8.934% due 10/15/2036 •(m)

 

2,436

 

2,257

9.944% due 07/15/2034 •(m)

 

23,137

 

22,748

BXP Trust
2.868% due 01/15/2044 ~(m)

 

7,000

 

4,098

CALI Mortgage Trust
3.957% due 03/10/2039 (m)

 

5,235

 

4,001

CD Mortgage Trust
5.688% due 10/15/2048

 

250

 

218

Century Plaza Towers
2.865% due 11/13/2039 (m)

 

11,305

 

9,019

Chase Mortgage Finance Trust
4.099% due 03/25/2037 ^~

 

42

 

39

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

Chevy Chase Funding LLC Mortgage-Backed Certificates
5.804% due 01/25/2036 •(m)

 

3,846

 

2,738

Citigroup Commercial Mortgage Trust

 

 

 

 

3.635% due 05/10/2035 ~(m)

 

8,200

 

6,995

5.617% due 12/10/2049 ~

 

488

 

331

8.372% due 12/15/2036 •(m)

 

4,000

 

3,825

9.147% due 10/15/2036 •(m)

 

13,140

 

12,458

Citigroup Mortgage Loan Trust

 

 

 

 

4.250% due 02/25/2054 (m)

 

13,555

 

11,865

5.501% due 11/25/2036 ~

 

534

 

378

5.784% due 11/25/2036 •(m)

 

4,266

 

3,217

5.913% due 08/25/2035 ~(m)

 

2,882

 

2,624

6.000% due 08/25/2035 (m)

 

3,142

 

2,313

Colony Mortgage Capital Ltd.

 

 

 

 

8.164% due 11/15/2038 •(m)

 

8,250

 

7,442

8.860% due 11/15/2038 •(m)

 

12,700

 

11,255

COLT Mortgage Pass-Through Certificates

 

 

 

 

2.695% due 05/25/2065 ~(m)

 

1,156

 

820

3.550% due 05/25/2065 ~(m)

 

2,458

 

1,929

4.553% due 05/25/2065 ~

 

1,998

 

1,614

Commercial Mortgage Loan Trust
6.809% due 12/10/2049 ~

 

1,799

 

239

Commercial Mortgage Trust

 

 

 

 

1.364% due 10/10/2048 ~(a)(m)

 

28,636

 

594

2.819% due 01/10/2039 (m)

 

1,500

 

1,273

5.676% due 06/10/2044 ~(m)

 

1,751

 

1,553

6.780% due 06/15/2034 •(m)

 

1,000

 

825

7.480% due 06/15/2034 •(m)

 

2,929

 

2,207

11.447% due 12/15/2038 •(m)

 

5,260

 

4,043

Connecticut Avenue Securities Trust
11.315% due 10/25/2041 •(m)

 

18,950

 

19,157

Countrywide Alternative Loan Trust

 

 

 

 

5.814% due 07/25/2046 ^•(m)

 

1,272

 

1,236

5.854% due 05/25/2047 •(m)

 

2,943

 

1,803

5.914% due 12/25/2046 ^•

 

264

 

167

6.219% due 12/20/2035 •

 

366

 

104

7.179% due 02/25/2035 ~

 

284

 

160

Countrywide Home Loan Mortgage Pass-Through Trust

 

 

 

 

4.973% due 09/20/2036 ~

 

99

 

86

6.134% due 05/25/2035 •(m)

 

5,417

 

2,984

Credit Suisse Commercial Mortgage Trust

 

 

 

 

5.785% due 01/15/2049 ^~(e)(m)

 

2,500

 

3,001

5.785% due 01/15/2049 ~(m)

 

8,570

 

10,189

6.414% due 06/15/2034 •(m)

 

6,946

 

6,373

Credit Suisse First Boston Mortgage Securities Corp.

 

 

 

 

4.220% due 12/25/2033 ~

 

538

 

484

4.981% due 07/15/2037 ~

 

33

 

29

Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates
7.500% due 10/25/2032

 

621

 

395

Credit Suisse Mortgage Capital Certificates

 

 

 

 

3.934% due 10/27/2036 •(m)

 

13,875

 

10,189

4.049% due 11/27/2037 ~(m)

 

4,300

 

3,984

9.323% due 06/27/2037 ~

 

1,019

 

719

Credit Suisse Mortgage Capital Mortgage-Backed Trust
6.500% due 07/25/2036

 

489

 

134

Credit Suisse Mortgage Capital Trust

 

 

 

 

3.828% due 08/15/2037 ~(m)

 

3,580

 

3,037

6.847% due 07/15/2038 •(m)

 

6,010

 

5,328

8.744% due 07/15/2032 •(m)

 

10,000

 

9,235

9.794% due 07/15/2032 •(m)

 

22,329

 

20,539

CTDL Trust
4.750% due 05/25/2055 ~(m)

 

894

 

734

DBGS Mortgage Trust

 

 

 

 

4.334% due 04/10/2037 ~(m)

 

21,777

 

14,110

7.480% due 06/15/2033 •(m)

 

9,300

 

7,052

8.030% due 06/15/2033 •(m)

 

5,701

 

3,950

9.597% due 10/15/2036 •(m)

 

6,000

 

2,690

DBWF Mortgage Trust
8.496% due 12/19/2030 •(m)

 

8,969

 

8,879

Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates
3.999% due 09/28/2036 ~(m)

 

3,586

 

2,683

DOLP Trust
3.704% due 05/10/2041 ~(m)

 

15,450

 

6,812

DROP Mortgage Trust
8.196% due 10/15/2043 •(m)

 

5,806

 

4,175

Dssv SARL
6.663% due 10/15/2024 «•

EUR

8,645

 

9,116

Eleven Madison Trust Mortgage Trust
3.673% due 09/10/2035 ~(m)

$

2,575

 

2,253

Eurosail PLC

 

 

 

 

4.662% due 03/13/2045 •

EUR

250

 

216

5.638% due 06/13/2045 •(m)

GBP

1,792

 

2,085

6.688% due 06/13/2045 •(m)

 

5,421

 

4,938

8.838% (SONIO/N + 3.619%) due 06/13/2045 ~(m)

 

1,525

 

1,437

9.338% due 06/13/2045 •

 

1,781

 

1,780

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

Extended Stay America Trust
9.146% due 07/15/2038 •(m)

$

20,934

 

20,417

FIAC
0.000% due 06/25/2039 «

GBP

1,000

 

0

Fontainebleau Miami Beach Trust
4.095% due 12/10/2036 ~(m)

$

9,700

 

9,113

Freddie Mac

 

 

 

 

10.065% due 02/25/2042 •(m)

 

3,700

 

3,756

10.815% due 01/25/2034 •(m)

 

14,300

 

13,970

11.565% due 09/25/2041 •(m)

 

3,700

 

3,618

12.815% due 10/25/2041 •(m)

 

12,000

 

12,377

13.815% due 02/25/2042 •(m)

 

1,600

 

1,680

Fremont Home Loan Trust
7.534% due 01/25/2034 •(m)

 

1,883

 

1,518

GC Pastor Hipotecario FTA
4.104% due 06/21/2046 •(m)

EUR

3,700

 

3,395

GCT Commercial Mortgage Trust

 

 

 

 

6.247% due 02/15/2038 •(m)

$

14,530

 

11,477

8.797% due 02/15/2038 •

 

12,000

 

2,266

GMAC Commercial Mortgage Asset Corp.
5.550% due 08/10/2038

 

1,273

 

1,174

Great Hall Mortgages PLC
0.000% due 06/25/2039 «

GBP

1,000

 

11,428

GS Mortgage Securities Corp. Trust

 

 

 

 

4.744% due 10/10/2032 ~(m)

$

5,820

 

5,356

8.704% due 12/15/2036 •(m)

 

6,440

 

6,064

GS Mortgage Securities Trust
3.932% due 10/10/2035 ~(m)

 

3,000

 

2,489

GS Mortgage-Backed Securities Corp. Trust

 

 

 

 

0.000% due 12/25/2060 ~

 

96

 

91

0.000% due 12/25/2060 ~(a)

 

104,189

 

3,632

0.165% due 12/25/2060 ~(a)

 

90,968

 

620

3.887% due 12/25/2060 ~(m)

 

20,531

 

11,272

GS Mortgage-Backed Securities Trust

 

 

 

 

0.000% due 07/25/2059 (b)(h)

 

13

 

13

0.000% due 07/25/2059 ~(a)

 

85,971

 

676

3.836% due 07/25/2059 ~(m)

 

6,871

 

3,876

GSMSC Resecuritization Trust
2.951% due 09/26/2037 ~(m)

 

40,001

 

16,241

HarborView Mortgage Loan Trust

 

 

 

 

5.922% due 12/19/2036 ^•(m)

 

2,546

 

2,364

6.102% due 03/19/2035 •(m)

 

1,521

 

1,163

Harbour PLC
7.183% due 01/28/2054 •(m)

GBP

4,300

 

5,065

Hilton Orlando Trust

 

 

 

 

8.279% due 12/15/2034 •(m)

$

14,119

 

13,781

9.279% due 12/15/2034 •(m)

 

2,207

 

2,135

HPLY Trust

 

 

 

 

8.593% due 11/15/2036 •(m)

 

13,688

 

13,199

9.343% due 11/15/2036 •(m)

 

3,982

 

3,813

HSI Asset Loan Obligation Trust
6.500% due 06/25/2037 (m)

 

6,670

 

2,517

Impac CMB Trust

 

 

 

 

5.714% due 11/25/2035 •

 

1,194

 

1,024

5.954% due 11/25/2035 ^•(m)

 

10,719

 

9,338

Jackson Park Trust
3.350% due 10/14/2039 ~(m)

 

17,047

 

11,995

JP Morgan Alternative Loan Trust

 

 

 

 

3.881% due 12/25/2036 ~(m)

 

13,237

 

9,946

5.854% due 03/25/2037 •(m)

 

2,501

 

2,298

JP Morgan Chase Commercial Mortgage Securities Trust

 

 

 

 

3.500% due 07/15/2047 ~(m)

 

1,846

 

872

3.500% due 07/15/2047 ~

 

6,926

 

952

6.015% due 06/15/2049 ~(m)

 

14,848

 

3,577

6.747% due 03/15/2036 •(m)

 

1,400

 

1,277

6.947% due 09/15/2029 •(m)

 

1,140

 

1,054

7.946% due 12/15/2036 •(m)

 

3,240

 

656

8.697% due 02/15/2035 •(m)

 

20,962

 

19,828

8.837% due 06/15/2038 •(m)

 

5,000

 

4,153

8.962% due 11/15/2038 •(m)

 

12,000

 

11,691

9.297% due 03/15/2036 •(m)

 

5,000

 

3,500

9.697% due 02/15/2035 •(m)

 

4,367

 

4,116

9.712% due 11/15/2038 •(m)

 

2,756

 

2,609

11.837% due 11/15/2038 •(m)

 

21,526

 

19,448

JP Morgan Mortgage Trust
4.331% due 06/25/2036 ^~

 

7

 

5

JP Morgan Resecuritization Trust
0.000% due 05/26/2036 ~(a)(m)

 

7,626

 

1,633

KeyCorp Student Loan Trust

 

 

 

 

0.000% due 01/01/2050 «

 

100

 

19,668

1.000% due 01/01/2050 «

 

300

 

28,285

KREST Commercial Mortgage Securities Trust
3.024% due 11/05/2044 ~(m)

 

22,339

 

11,719

Ludgate Funding PLC
0.000% due 12/01/2060 «~

GBP

750,000

 

1,434

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

LUXE Commercial Mortgage Trust
8.704% due 10/15/2038 •(m)

$

26,640

 

25,911

Mansard Mortgages PLC
8.769% due 10/15/2048 •(m)

GBP

2,229

 

2,462

MASTR Adjustable Rate Mortgages Trust
4.100% due 04/25/2035 ~

$

715

 

479

Merrill Lynch Mortgage Investors Trust
6.169% due 07/25/2029 «•

 

486

 

432

MFA Trust

 

 

 

 

3.071% due 08/25/2049 ~(m)

 

1,185

 

950

4.978% due 08/25/2049 ~(m)

 

6,143

 

4,997

MFT Trust
3.593% due 02/10/2042 ~(m)

 

12,386

 

5,665

Morgan Stanley Capital Trust

 

 

 

 

3.912% due 09/09/2032 (m)

 

12,000

 

9,156

5.485% due 11/14/2042 ~(m)

 

7,500

 

3,580

6.230% due 08/15/2033 •(m)

 

6,331

 

5,376

6.947% due 05/15/2036 •(m)

 

4,500

 

3,817

7.330% due 06/15/2035 •

 

1,200

 

343

7.705% due 11/15/2034 •(m)

 

2,500

 

2,406

8.244% due 07/15/2035 •(m)

 

7,400

 

7,135

8.655% due 11/15/2034 •(m)

 

21,060

 

20,100

9.855% due 11/15/2034 •(m)

 

6,258

 

5,777

Morgan Stanley Mortgage Capital Holdings Trust
3.865% due 09/13/2039 ~(m)

 

8,006

 

5,431

Morgan Stanley Re-REMIC Trust
3.833% due 06/26/2046 ~(m)

 

8,514

 

6,997

Mortgage Equity Conversion Asset Trust
4.000% due 07/25/2060

 

35

 

31

Mortgage Funding PLC
8.538% due 03/13/2046 •(m)

GBP

1,700

 

2,045

MRCD Mortgage Trust

 

 

 

 

2.718% due 12/15/2036 (m)

$

11,000

 

6,062

4.250% due 12/15/2036 ~(m)

 

5,500

 

1,837

4.250% due 12/15/2036 (m)

 

12,000

 

6,258

MSDB Trust
3.427% due 07/11/2039 ~(m)

 

3,500

 

2,972

Natixis Commercial Mortgage Securities Trust

 

 

 

 

3.917% due 11/15/2032 ~(m)

 

10,703

 

5,564

4.193% due 04/10/2037 ~(m)

 

7,000

 

5,026

4.272% due 05/15/2039 ~(m)

 

2,850

 

2,194

8.500% due 11/15/2034 •(m)

 

5,000

 

4,611

8.593% due 11/15/2034 •(m)

 

1,826

 

1,674

9.277% due 03/15/2035 •(m)

 

4,070

 

4,071

9.593% due 11/15/2034 •(m)

 

792

 

724

10.525% due 03/15/2035 •(m)

 

8,181

 

8,189

New Residential Mortgage Loan Trust
4.012% due 07/25/2059 ~(m)

 

22,875

 

13,800

New York Mortgage Trust
3.558% due 08/25/2061 þ(m)

 

4,450

 

3,353

Nomura Resecuritization Trust

 

 

 

 

3.553% due 10/26/2036 •(m)

 

8,661

 

6,838

3.814% due 07/26/2035 ~

 

259

 

216

RBSSP Resecuritization Trust
6.129% due 10/26/2037 •(m)

 

2,383

 

1,057

Residential Accredit Loans, Inc. Trust
6.000% due 01/25/2037 ^

 

133

 

100

Residential Asset Securitization Trust
5.750% due 03/25/2037 ^

 

1,783

 

556

Residential Mortgage Securities PLC
9.519% due 06/20/2070 •(m)

GBP

4,150

 

5,054

Seasoned Credit Risk Transfer Trust

 

 

 

 

3.306% due 05/25/2057 ~(m)

$

28,134

 

9,587

4.250% due 11/25/2059 ~(m)

 

6,300

 

5,451

4.623% due 11/25/2059 ~(m)

 

10,229

 

3,608

5.000% due 04/25/2062 ~(m)

 

6,500

 

5,175

Sequoia Mortgage Trust

 

 

 

 

6.104% due 10/20/2035 «•

 

2

 

1

6.384% due 10/20/2035 •

 

226

 

177

6.414% due 07/20/2033 «•

 

40

 

34

6.894% due 12/20/2032 «•

 

162

 

121

SFO Commercial Mortgage Trust
8.346% due 05/15/2038 •(m)

 

10,000

 

7,467

SMRT Commercial Mortgage Trust

 

 

 

 

8.033% due 01/15/2039 •(m)

 

11,350

 

10,779

8.683% due 01/15/2039 •(m)

 

5,442

 

5,035

Starwood Mortgage Residential Trust
3.935% due 11/25/2066 ~

 

800

 

468

Starwood Mortgage Trust

 

 

 

 

8.447% due 04/15/2034 •(m)

 

7,024

 

6,728

9.447% due 04/15/2034 •(m)

 

6,612

 

6,365

Stratton Mortgage Funding PLC

 

 

 

 

8.159% due 07/20/2060 •(m)

GBP

1,000

 

1,210

8.219% due 03/12/2052 •(m)

 

3,000

 

3,633

8.659% due 07/20/2060 •(m)

 

9,341

 

11,277

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

Structured Adjustable Rate Mortgage Loan Trust

 

 

 

 

5.964% due 12/25/2034 •(m)

$

2,021

 

1,478

6.084% due 10/25/2035 •(m)

 

4,688

 

4,423

Structured Asset Mortgage Investments Trust
5.854% due 09/25/2047 ^•(m)

 

1,897

 

1,555

TBW Mortgage-Backed Trust
6.830% due 09/25/2036 þ(m)

 

4,834

 

1,992

TDA Mixto Fondo de Titulizacion de Activos

 

 

 

 

3.914% due 10/28/2050 •(m)

EUR

26,318

 

14,868

4.131% due 12/28/2050 •(m)

 

16,054

 

14,231

Tharaldson Hotel Portfolio Trust

 

 

 

 

8.922% due 11/11/2034 •(m)

$

17,886

 

17,321

9.695% due 11/11/2034 •(m)

 

4,571

 

4,409

Verus Securitization Trust
5.379% due 07/25/2067 ~(m)

 

8,341

 

7,681

Waikiki Beach Hotel Trust
8.127% due 12/15/2033 •(m)

 

15,000

 

14,093

WaMu Mortgage Pass-Through Certificates Trust

 

 

 

 

4.624% due 05/25/2035 ~(m)

 

433

 

305

5.396% due 05/25/2047 •(m)

 

1,777

 

935

5.674% due 08/25/2046 •(m)

 

7,314

 

4,893

6.334% due 04/25/2045 •(m)

 

11,093

 

8,659

6.439% due 07/25/2045 •(m)

 

6,614

 

5,127

Wells Fargo Commercial Mortgage Trust

 

 

 

 

0.491% due 12/15/2039 ~(a)(m)

 

355,000

 

3,666

3.569% due 12/15/2039 ~(m)

 

7,935

 

4,810

3.989% due 09/15/2031 ~(m)

 

11,000

 

9,843

5.092% due 12/15/2039 ~(m)

 

11,535

 

9,724

Wells Fargo Mortgage-Backed Securities Trust
5.951% due 08/25/2035 ~(m)

 

1,014

 

752

Worldwide Plaza Trust

 

 

 

 

3.715% due 11/10/2036 ~

 

2,465

 

388

3.715% due 11/10/2036 ~(m)

 

16,000

 

3,528

Total Non-Agency Mortgage-Backed Securities (Cost $1,575,690)

 

 

 

1,401,546

ASSET-BACKED SECURITIES 30.1%

 

 

 

 

510 Loan Acquisition Trust
5.107% due 09/25/2060 þ(m)

 

5,517

 

5,415

ABFC Trust
6.484% due 03/25/2035 •(m)

 

6,399

 

5,028

Acacia CDO Ltd.
6.482% due 11/08/2039 •(m)

 

27,882

 

7,539

Accredited Mortgage Loan Trust

 

 

 

 

5.724% due 02/25/2037 •(m)

 

5,235

 

3,714

6.000% due 10/25/2034 þ(m)

 

1,863

 

1,454

ACE Securities Corp. Home Equity Loan Trust

 

 

 

 

5.854% due 04/25/2036 •(m)

 

7,901

 

5,513

6.079% due 12/25/2035 •(m)

 

2,964

 

2,294

6.394% due 08/25/2035 •(m)

 

3,551

 

2,178

6.709% due 02/25/2035 •(m)

 

14,351

 

10,066

Aegis Asset-Backed Securities Trust
7.134% due 03/25/2035 •(m)

 

3,100

 

699

Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates
8.584% due 09/25/2034 •

 

638

 

510

AIM Aviation Finance Ltd.
6.213% due 02/15/2040 þ(m)

 

6,559

 

4,263

Argent Securities, Inc. Asset-Backed Pass-Through Certificates

 

 

 

 

6.194% due 02/25/2036 •

 

188

 

143

6.229% due 10/25/2035 •(m)

 

38,185

 

27,655

Avoca CLO DAC
0.000% due 04/15/2034 ~

EUR

2,250

 

1,440

Ballyrock CLO Ltd.
0.000% due 04/20/2031 «~(m)

$

29,803

 

7,152

Banco Bilbao Vizcaya Argentaria
4.584% due 03/22/2046 •

EUR

586

 

360

Bear Stearns Asset-Backed Securities Trust

 

 

 

 

4.558% due 08/25/2035 •(m)

$

6,732

 

6,232

4.742% due 09/25/2034 •(m)

 

5,473

 

3,990

6.409% due 08/25/2036 •(m)

 

3,919

 

3,530

Belle Haven ABS CDO Ltd.
5.780% due 07/05/2046 •

 

96,561

 

10

Bombardier Capital Mortgage Securitization Corp.
7.850% due 12/15/2029 ~

 

4,066

 

530

Carlyle Global Market Strategies CLO Ltd.
0.000% due 04/17/2031 ~

 

2,900

 

580

Carvana Auto Receivables Trust
0.000% due 09/12/2028 «(h)

 

12

 

2,107

CDC Mortgage Capital Trust
7.984% due 06/25/2034 •(m)

 

659

 

604

Cedar Funding CLO Ltd.
0.000% due 04/20/2031 ~(m)

 

12,000

 

4,929

CIT Mortgage Loan Trust
7.184% due 10/25/2037 •(m)

 

27,233

 

22,559

Citigroup Mortgage Loan Trust

 

 

 

 

6.030% due 11/25/2034 þ(m)

 

4,107

 

3,282

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

6.784% due 11/25/2045 •(m)

 

2,756

 

2,012

Conseco Finance Securitizations Corp.

 

 

 

 

7.150% due 05/01/2033 ~

 

1,886

 

1,755

8.260% due 12/01/2030 ~(m)

 

15,419

 

3,805

8.850% due 12/01/2030 ~(m)

 

19,044

 

3,452

Consumer Loan Underlying Bond Certificate Issuer Trust

 

 

 

 

(0.005%) due 10/15/2043 «~

 

25

 

14

10.207% due 12/15/2043 «~

 

51

 

41

16.769% due 04/17/2045 ~

 

428

 

405

16.825% due 12/15/2044 ~

 

234

 

217

16.888% due 05/16/2044 ~

 

101

 

92

19.099% due 02/15/2045 ~

 

364

 

340

19.135% due 12/15/2044 ~

 

265

 

251

19.559% due 07/15/2044 ~

 

249

 

231

19.619% due 11/17/2044 ~

 

227

 

212

19.992% due 03/15/2045 ~

 

297

 

281

20.122% due 03/15/2045 ~

 

348

 

332

20.356% due 02/15/2045 ~

 

464

 

437

20.516% due 10/17/2044 ~

 

206

 

193

20.830% due 01/16/2045 ~

 

437

 

420

21.077% due 08/15/2044 «~

 

250

 

233

21.732% due 06/15/2044 ~

 

196

 

181

Coronado CDO Ltd.

 

 

 

 

6.000% due 09/04/2038 (m)

 

245

 

111

7.164% due 09/04/2038 •(m)

 

1,714

 

740

Countrywide Asset-Backed Certificates Trust

 

 

 

 

5.684% due 06/25/2047 •(m)

 

26,956

 

20,669

5.734% due 06/25/2047 •(m)

 

26,400

 

18,500

5.914% due 02/25/2037 ^•(m)

 

2,700

 

2,380

6.064% due 06/25/2036 •(m)

 

4,046

 

3,412

6.094% due 06/25/2036 •(m)

 

2,173

 

2,051

6.394% due 02/25/2036 •(m)

 

2,390

 

1,685

6.694% due 01/25/2036 •(m)

 

3,516

 

2,920

6.934% due 10/25/2047 •(m)

 

9,916

 

6,869

7.309% due 10/25/2035 •(m)

 

12,455

 

9,472

7.534% due 08/25/2035 •(m)

 

3,485

 

2,622

Credit Suisse First Boston Mortgage Securities Corp.
5.850% due 05/25/2035 þ

 

978

 

582

Credit-Based Asset Servicing & Securitization CBO Corp.
5.914% due 09/06/2041 •

 

21,238

 

2

Credit-Based Asset Servicing & Securitization CBO Ltd.

 

 

 

 

1.418% due 03/17/2040 •

 

51,642

 

736

5.538% due 03/13/2047

 

31,297

 

4,058

6.017% due 03/13/2047 •

 

54,782

 

1,102

Credit-Based Asset Servicing & Securitization LLC

 

 

 

 

5.783% due 12/25/2036 þ(m)

 

1,800

 

1,684

6.767% due 05/25/2035 þ(m)

 

1,498

 

1,062

Delta Funding Home Equity Loan Trust
8.100% due 01/15/2030 þ(m)

 

1,513

 

996

Deutsche Mortgage & Asset Receiving Corp. Re-securitization Trust
0.000% due 12/26/2035 (h)

 

1,634

 

988

Eaton Vance CLO Ltd.
0.000% due 01/15/2034 ~(m)

 

14,000

 

8,235

ECAF Ltd.
3.473% due 06/15/2040 (m)

 

3,832

 

2,318

Encore Credit Receivables Trust
6.409% due 11/25/2035 •(m)

 

13,676

 

10,444

Exeter Automobile Receivables Trust

 

 

 

 

0.000% due 05/15/2031 «(h)

 

7

 

1,793

0.000% due 08/15/2031 «(h)

 

16

 

5,588

0.000% due 09/15/2032 «(h)(m)

 

21

 

13,281

0.000% due 12/15/2033 «(h)

 

17

 

4,089

Flagship Credit Auto Trust

 

 

 

 

0.000% due 12/15/2025 «(h)

 

33

 

2,278

0.000% due 12/15/2027 «(h)

 

20

 

1,739

0.000% due 12/15/2028 «(h)

 

8

 

572

FREED ABS Trust
0.000% due 09/20/2027 «(h)

 

5

 

559

Fremont Home Loan Trust
5.914% due 02/25/2036 •(m)

 

10,541

 

7,028

Glacier Funding CDO Ltd.
6.531% due 11/12/2042 •(m)

 

33,250

 

5,680

Greenpoint Manufactured Housing
9.230% due 12/15/2029 ~

 

134

 

117

GSAMP Trust

 

 

 

 

5.854% due 05/25/2046 •(m)

 

27,262

 

20,778

5.884% due 06/25/2036 •(m)

 

7,370

 

6,007

6.094% due 12/25/2035 •(m)

 

7,232

 

4,533

6.109% due 12/25/2035 •(m)

 

20,157

 

15,545

6.214% due 09/25/2035 •(m)

 

4,875

 

3,641

6.784% due 07/25/2045 •

 

1,282

 

1,080

7.159% due 08/25/2034 •

 

669

 

587

7.309% due 03/25/2034 ^•(m)

 

2,600

 

2,115

8.059% due 12/25/2034 •(m)

 

9,472

 

7,429

Harvest CLO DAC
0.000% due 05/22/2029 ~

EUR

2,000

 

745

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

Home Equity Asset Trust
5.914% due 08/25/2036 •(m)

$

30,188

 

27,335

Hout Bay Corp.

 

 

 

 

4.422% due 07/05/2041 •

 

13,377

 

2,521

4.622% due 07/05/2041 •

 

8,111

 

1

4.752% due 07/05/2041 •

 

3,290

 

0

HSI Asset Securitization Corp. Trust
6.244% due 01/25/2036 •(m)

 

24,675

 

16,414

Huntington CDO Ltd.
5.996% due 11/05/2040 •(m)

 

10,000

 

3,431

Ischus CDO Ltd.
5.993% due 01/05/2040 •(m)

 

3,113

 

2,445

JP Morgan Mortgage Acquisition Trust

 

 

 

 

4.584% due 11/25/2036 þ

 

600

 

578

4.584% due 11/25/2036 þ(m)

 

1,660

 

1,806

KeyCorp Student Loan Trust

 

 

 

 

1.000% due 01/01/2050 «

 

100

 

8,546

1.000% due 01/01/2050 «(c)

 

100

 

10,936

Knollwood CDO Ltd.
5.993% due 01/10/2039 •(m)

 

8,051

 

3,319

Labrador Aviation Finance Ltd.
4.300% due 01/15/2042 (m)

 

6,122

 

5,188

Lakeside CDO Ltd.

 

 

 

 

5.885% due 01/03/2040 •(m)

 

14,730

 

4,417

5.885% due 01/04/2040 •(m)

 

19,709

 

5,910

LendingPoint Pass-Through Trust

 

 

 

 

0.000% due 03/15/2028 «(h)

 

2,300

 

600

0.000% due 04/15/2028 «(h)

 

2,900

 

624

LNR CDO Ltd.
5.713% due 02/28/2043 •

 

2,058

 

23

Long Beach Mortgage Loan Trust

 

 

 

 

6.559% due 06/25/2035 •(m)

 

15,025

 

12,975

7.309% due 04/25/2035 •(m)

 

4,353

 

3,229

Man GLG Euro CLO DAC
0.000% due 10/15/2030 ~

EUR

1,762

 

201

Margate Funding Ltd.
5.316% due 12/04/2044 •(m)

$

37,095

 

10,474

Marlette Funding Trust

 

 

 

 

0.000% due 07/17/2028 «(h)

 

10

 

68

0.000% due 04/16/2029 «(h)

 

17

 

403

0.000% due 07/16/2029 «(h)

 

4

 

211

0.000% due 03/15/2030 «(h)

 

11

 

405

MASTR Asset-Backed Securities Trust

 

 

 

 

6.049% due 01/25/2036 •(m)

 

9,031

 

7,640

11.284% due 12/25/2032 •

 

444

 

294

Mercury CDO Ltd.
6.481% due 12/08/2040 •(m)

 

6,077

 

5,667

Merrill Lynch Mortgage Investors Trust
6.304% due 05/25/2036 •(m)

 

4,464

 

3,646

MKP CBO Ltd.

 

 

 

 

5.861% due 07/12/2040 •(m)

 

1,807

 

1,810

6.061% due 07/12/2040 •(m)

 

44,000

 

9,069

Morgan Stanley ABS Capital, Inc. Trust

 

 

 

 

5.504% due 10/25/2036 •

 

212

 

109

6.139% due 11/25/2035 •(m)

 

5,823

 

4,788

6.499% due 03/25/2035 ^•(m)

 

8,522

 

6,640

11.059% due 09/25/2033 •(m)

 

1,543

 

1,340

Morgan Stanley Capital, Inc. Trust
5.989% due 01/25/2036 •(m)

 

8,698

 

6,728

Morgan Stanley Home Equity Loan Trust
6.499% due 05/25/2035 •(m)

 

5,590

 

4,741

N-Star REL CDO Ltd.
5.864% due 02/01/2041 •

 

1,095

 

828

National Collegiate Commutation Trust
3.748% due 06/01/2045

 

22,875

 

2,555

Nomura Home Equity Loan, Inc. Home Equity Loan Trust

 

 

 

 

6.049% due 11/25/2035 •(m)

 

11,501

 

7,829

6.514% due 09/25/2035 •(m)

 

3,000

 

2,452

NovaStar Mortgage Funding Trust
6.319% due 01/25/2036 •(m)

 

4,358

 

3,480

Option One Mortgage Loan Trust Asset-Backed Certificates
6.334% due 11/25/2035 •(m)

 

5,928

 

4,335

Orient Point CDO Ltd.
5.927% due 10/03/2045 •(m)

 

109,519

 

33,201

Palisades CDO Ltd.

 

 

 

 

5.650% due 07/22/2039 (m)

 

2,000

 

854

6.557% due 07/22/2039 •(m)

 

21,400

 

8,714

Park Place Securities, Inc. Asset-Backed Pass-Through Certificates

 

 

 

 

6.349% due 09/25/2035 •(m)

 

18,167

 

12,693

6.904% due 01/25/2035 ^•(m)

 

1,730

 

1,292

7.384% due 02/25/2035 •(m)

 

6,028

 

4,662

7.534% due 12/25/2034 •(m)

 

17,086

 

12,344

PRET LLC
3.844% due 07/25/2051 þ

 

1,000

 

864

Putnam Structured Product Funding Ltd.
1.584% due 10/15/2038 •(m)

 

2,721

 

1,879

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

Residential Asset Mortgage Products Trust
5.974% due 03/25/2036 •(m)

 

15,706

 

12,229

Rockford Tower CLO Ltd.
0.000% due 01/20/2032 «~

 

8,300

 

7,450

RR 7 Ltd.
0.000% due 01/15/2120 ~(m)

 

5,000

 

2,614

Saxon Asset Securities Trust
6.234% due 09/25/2047 •(m)

 

21,892

 

15,804

Securitized Asset-Backed Receivables LLC Trust

 

 

 

 

6.409% due 12/25/2034 •(m)

 

1,761

 

1,520

6.409% due 04/25/2035 •(m)

 

1,324

 

1,097

SG Mortgage Securities Trust
5.794% due 02/25/2036 •(m)

 

4,560

 

2,311

Sierra Madre Funding Ltd.

 

 

 

 

5.822% due 09/07/2039 •(m)

 

9,851

 

6,847

6.082% due 09/07/2039 •(m)

 

16,000

 

4,076

6.322% due 09/07/2039 •

 

10,400

 

2,620

SMB Private Education Loan Trust

 

 

 

 

0.000% due 09/15/2045 «(h)

 

15

 

548

0.000% due 09/18/2046 «(h)

 

10

 

3,100

0.000% due 10/15/2048 «(h)

 

15

 

4,713

0.000% due 09/15/2054 «(h)(m)

 

22,455

 

28,508

0.000% due 02/16/2055 «(h)

 

8

 

9,852

SoFi Professional Loan Program LLC

 

 

 

 

0.000% due 07/25/2040 «(h)

 

29

 

300

0.000% due 09/25/2040 «(h)

 

4,400

 

535

Solstice ABS CBO Ltd.
3.444% due 03/15/2039 •(m)

 

8,662

 

5,707

Soundview Home Loan Trust

 

 

 

 

5.809% due 10/25/2036 •(m)

 

25,381

 

21,743

5.899% due 06/25/2036 ^•(m)

 

10,041

 

8,228

South Coast Funding Ltd.

 

 

 

 

6.682% due 08/06/2039 •(m)

 

23,325

 

7,565

8.882% due 08/06/2039 •

 

35,743

 

4

Start Ltd.
4.089% due 03/15/2044

 

2,075

 

1,842

Structured Asset Investment Loan Trust

 

 

 

 

5.934% due 06/25/2036 •(m)

 

15,000

 

5,773

6.184% due 10/25/2035 •(m)

 

19,162

 

14,233

6.409% due 06/25/2035 •(m)

 

7,724

 

6,245

Structured Asset Securities Corp.
6.634% due 02/25/2035 •

 

414

 

392

Structured Asset Securities Corp. Mortgage Loan Trust
5.664% due 02/25/2037 •(m)

 

16,887

 

13,074

Summer Street Ltd.
5.914% due 12/06/2045 •(m)

 

33,246

 

8,160

Terwin Mortgage Trust

 

 

 

 

4.089% due 07/25/2036 þ(m)

 

455

 

316

5.974% due 07/25/2037 •(m)

 

11,091

 

9,103

Wells Fargo Home Equity Asset-Backed Securities Trust
7.984% due 11/25/2035 •

 

250

 

225

Total Asset-Backed Securities (Cost $1,097,652)

 

 

 

836,750

SOVEREIGN ISSUES 0.4%

 

 

 

 

Argentina Government International Bond

 

 

 

 

0.750% due 07/09/2030 þ(m)

 

970

 

241

1.000% due 07/09/2029 (m)

 

949

 

262

3.625% due 07/09/2035 þ(m)

 

1,209

 

289

15.500% due 10/17/2026 (m)

ARS

47,041

 

11

16.000% due 10/17/2023

 

868

 

1

Autonomous City of Buenos Aires
116.492% (BADLARPP + 3.250%) due 03/29/2024 ~(m)

 

328,937

 

447

Ghana Government International Bond

 

 

 

 

6.375% due 02/11/2027 ^(e)

$

1,100

 

491

7.875% due 02/11/2035 ^(e)

 

1,100

 

494

8.750% due 03/11/2061 ^(e)

 

400

 

172

Peru Government International Bond

 

 

 

 

5.350% due 08/12/2040

PEN

400

 

85

5.940% due 02/12/2029

 

68

 

17

6.150% due 08/12/2032

 

2,218

 

548

Provincia de Buenos Aires

 

 

 

 

105.742% due 04/12/2025 (m)

ARS

92,606

 

106

105.742% due 04/12/2025

 

25,911

 

30

Russia Government International Bond

 

 

 

 

5.100% due 03/28/2035 ^(e)

$

800

 

338

5.625% due 04/04/2042 ^(e)

 

6,200

 

4,232

State Agency of Roads of Ukraine
6.250% due 06/24/2030 ^(e)

 

1,200

 

326

Ukraine Government International Bond

 

 

 

 

4.375% due 01/27/2032 ^(e)

EUR

3,304

 

838

6.876% due 05/21/2031 ^(e)

$

5,000

 

1,320

Venezuela Government International Bond

 

 

 

 

8.250% due 10/13/2024 ^(e)

 

650

 

62

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

9.250% due 09/15/2027 ^(e)

 

65

 

7

Total Sovereign Issues (Cost $25,711)

 

 

 

10,317

 

 

SHARES

 

 

COMMON STOCKS 4.8%

 

 

 

 

COMMUNICATION SERVICES 0.4%

 

 

 

 

Clear Channel Outdoor Holdings, Inc. (f)

 

725,704

 

1,146

iHeartMedia, Inc. 'A' (f)

 

171,118

 

541

iHeartMedia, Inc. 'B' «(f)

 

132,822

 

378

NAC Aviation «(f)(k)

 

531,558

 

8,890

Promotora de Informaciones SA (f)

 

2,330,820

 

902

 

 

 

 

11,857

CONSUMER DISCRETIONARY 0.0%

 

 

 

 

Caesars Entertainment, Inc. (f)

 

1

 

0

Steinhoff International Holdings NV «(f)(k)

 

233,504,552

 

0

 

 

 

 

0

FINANCIALS 1.0%

 

 

 

 

ADLER Group SA «(f)

 

225,086

 

104

Banca Monte dei Paschi di Siena SpA (f)

 

3,581,000

 

9,143

Corestate Capital Holding SA «(f)(k)

 

632,951

 

0

Intelsat Emergence SA «(f)(k)

 

670,263

 

17,970

UBS Group AG

 

5,143

 

127

 

 

 

 

27,344

INDUSTRIALS 2.1%

 

 

 

 

Mcdermott International Ltd. (f)

 

57,729

 

15

Neiman Marcus Group Ltd. LLC «(f)(k)

 

178,186

 

24,228

Syniverse Holdings, Inc. «(k)

 

35,382,128

 

32,021

Voyager Aviation Holdings LLC «(f)

 

2,201

 

0

Westmoreland Mining Holdings «(f)(k)

 

89,637

 

1,031

Westmoreland Mining LLC «(f)(k)

 

90,975

 

591

 

 

 

 

57,886

REAL ESTATE 0.0%

 

 

 

 

ADLER Group SA

 

498,404

 

256

Stearns Holding LLC 'B' «(f)

 

284,008

 

0

 

 

 

 

256

UTILITIES 1.3%

 

 

 

 

TexGen Power LLC «(f)(k)

 

273,307

 

7,653

West Marine New «(f)(k)

 

3,579

 

37

Windstream Units «(f)

 

1,366,195

 

27,190

 

 

 

 

34,880

Total Common Stocks (Cost $137,589)

 

 

 

132,223

RIGHTS 0.0%

 

 

 

 

INDUSTRIALS 0.0%

 

 

 

 

Intelsat Jackson Holdings SA - Exp. 12/05/2025 «(f)

 

70,671

 

660

Total Rights (Cost $0)

 

 

 

660

WARRANTS 0.0%

 

 

 

 

FINANCIALS 0.0%

 

 

 

 

Guaranteed Rate, Inc. - Exp. 12/31/2060 «

 

1,361

 

0

Intelsat Emergence SA - Exp. 02/17/2027 «

 

1,401

 

4

 

 

 

 

4

INDUSTRIALS 0.0%

 

 

 

 

Intelsat Jackson Holdings SA - Exp. 12/05/2025 «

 

70,146

 

650

UTILITIES 0.0%

 

 

 

 

West Marine - Exp. 09/08/2028 «

 

6,096

 

0

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

Total Warrants (Cost $11,976)

 

 

 

654

PREFERRED SECURITIES 0.0%

 

 

 

 

INDUSTRIALS 0.0%

 

 

 

 

Voyager Aviation Holdings LLC
9.500% «

 

13,205

 

0

Total Preferred Securities (Cost $4,327)

 

 

 

0

REAL ESTATE INVESTMENT TRUSTS 0.1%

 

 

 

 

REAL ESTATE 0.1%

 

 

 

 

CBL & Associates Properties, Inc.

 

24,558

 

515

Uniti Group, Inc.

 

403,446

 

1,904

Total Real Estate Investment Trusts (Cost $2,895)

 

 

 

2,419

SHORT-TERM INSTRUMENTS 22.4%

 

 

 

 

REPURCHASE AGREEMENTS (l) 20.3%

 

 

 

564,900

 

 

PRINCIPAL
AMOUNT
(000s)

 

 

ARGENTINA TREASURY BILLS 0.0%

 

 

 

 

63.322% due 10/18/2023 - 11/23/2023 (g)(h)(i)

ARS

739,048

 

1,008

U.S. TREASURY BILLS 2.1%

 

 

 

 

5.419% due 10/05/2023 - 12/21/2023 (c)(g)(h)(p)

$

58,824

 

58,416

Total Short-Term Instruments (Cost $624,698)

 

 

 

624,324

Total Investments in Securities (Cost $5,553,946)

 

 

 

4,765,870

Total Investments 171.2% (Cost $5,553,946)

 

 

$

4,765,870

Financial Derivative Instruments (n)(o) 1.0%(Cost or Premiums, net $(33,878))

 

 

 

28,381

Other Assets and Liabilities, net (72.2)%

 

 

 

(2,010,908)

Net Assets 100.0%

 

 

$

2,783,343

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(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)

Security is an Interest Only ("IO") or IO Strip.

(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)

Principal amount of security is adjusted for inflation.

(j)

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

(k)

RESTRICTED SECURITIES:

 

Issuer Description

Acquisition
Date

 

Cost

 

Market
Value

Market Value
as Percentage
of Net Assets

Corestate Capital Holding SA

08/22/2024

$

0

$

0

0.00

%

Intelsat Emergence SA

06/19/2017 - 07/03/2023

 

42,757

 

17,970

0.65

 

Merrill Lynch Mortgage Investors Trust 8.000% due 06/01/2049

10/02/2018 - 07/03/2023

 

3,922

 

3,796

0.14

 

NAC Aviation

06/01/2022 - 07/27/2022

 

12,462

 

8,890

0.32

 

Neiman Marcus Group Ltd. LLC

09/25/2020

 

5,828

 

24,228

0.87

 

Preylock Reitman Santa Cruz Mezz LLC 11.039% due 11/09/2023

04/09/2018

 

8,097

 

7,775

0.28

 

Project Anfora Senior6.409% due 10/01/2026

09/30/2019

 

36,519

 

34,261

1.23

 

Steinhoff International Holdings NV

06/30/2023

 

0

 

0

0.00

 

Syniverse Holdings, Inc.

05/12/2022 - 05/31/2023

 

34,759

 

32,021

1.15

 

TexGen Power LLC

07/20/2018

 

8,661

 

7,653

0.28

 

West Marine New

09/12/2023

 

51

 

37

0.00

 

Westmoreland Mining Holdings

04/09/2018 - 06/30/2023

 

726

 

1,031

0.04

 

Westmoreland Mining LLC

06/30/2023

 

602

 

591

0.02

 

 

 

$

154,384

$

138,253

4.97%

 

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

5.270%

09/29/2023

10/02/2023

$

6,100

U.S. Treasury Bonds 1.750% due 08/15/2041

$

(6,227)

$

6,100

$

6,103

BPS

5.330

10/02/2023

10/03/2023

 

250,200

U.S. Treasury Notes 0.750% due 04/30/2026

 

(255,466)

 

250,200

 

250,200

 

5.330

09/29/2023

10/02/2023

 

266,000

U.S. Treasury Notes 0.250% due 07/31/2025

 

(271,699)

 

266,000

 

266,118

BSN

5.340

09/29/2023

10/02/2023

 

42,600

U.S. Treasury Notes 2.750% due 05/15/2025

 

(43,471)

 

42,600

 

42,619

Total Repurchase Agreements

     

 

$

(576,863)

$

564,900

$

565,040

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

REVERSE REPURCHASE AGREEMENTS:

Counterparty

Borrowing Rate

Settlement Date

Maturity Date

 

Amount
Borrowed

 

Payable for
Reverse
Repurchase
Agreements

BNY

6.096%

05/09/2023

11/09/2023

$

(15,730)

$

(16,119)

 

6.171

04/20/2023

10/20/2023

 

(12,003)

 

(12,342)

 

6.179

05/18/2023

11/20/2023

 

(27,104)

 

(27,742)

 

6.533

08/03/2023

02/05/2024

 

(3,784)

 

(3,825)

 

6.547

08/28/2023

02/28/2024

 

(3,591)

 

(3,614)

BOS

0.000

09/01/2023

12/29/2023

 

(3,471)

 

(3,491)

BPS

4.126

08/11/2023

02/12/2024

EUR

(1,662)

 

(1,768)

 

4.227

09/14/2023

12/14/2023

 

(1,862)

 

(1,973)

 

4.248

09/11/2023

12/11/2023

 

(1,564)

 

(1,658)

 

4.428

09/21/2023

11/21/2023

 

(13,253)

 

(14,030)

 

4.430

09/22/2023

12/22/2023

 

(318)

 

(336)

 

5.780

07/17/2023

12/15/2023

$

(12,511)

 

(12,666)

 

6.000

09/25/2023

03/22/2024

 

(5,507)

 

(5,513)

 

6.030

07/11/2023

01/04/2024

 

(3,616)

 

(3,665)

 

6.030

07/31/2023

01/29/2024

 

(207)

 

(209)

 

6.060

07/14/2023

01/10/2024

 

(28,805)

 

(29,193)

 

6.080

07/21/2023

01/17/2024

 

(8,558)

 

(8,664)

 

6.260

08/17/2023

02/13/2024

 

(820)

 

(826)

 

6.290

08/30/2023

02/26/2024

 

(2,355)

 

(2,369)

 

6.560

07/13/2023

01/10/2024

 

(102,446)

 

(103,945)

 

6.560

08/17/2023

02/13/2024

 

(47,838)

 

(48,240)

 

6.600

07/13/2023

01/10/2024

 

(1,632)

 

(1,655)

 

6.660

07/19/2023

01/16/2024

 

(2,622)

 

(2,658)

 

6.860

08/17/2023

02/13/2024

 

(15,580)

 

(15,711)

BRC

4.250

09/20/2023

TBD(3)

EUR

(512)

 

(542)

 

5.700

07/28/2023

TBD(3)

$

(343)

 

(347)

 

6.310

07/28/2023

TBD(3)

 

(30,369)

 

(30,721)

 

6.320

04/05/2023

10/02/2023

 

(8,538)

 

(8,808)

 

6.350

07/14/2023

10/13/2023

 

(689)

 

(699)

 

6.400

07/14/2023

10/13/2023

 

(26,807)

 

(27,188)

 

6.510

05/10/2023

11/10/2023

 

(10,188)

 

(10,455)

 

6.510

07/06/2023

11/10/2023

 

(2,688)

 

(2,731)

 

6.530

07/20/2023

10/18/2023

 

(5,301)

 

(5,372)

 

6.580

09/15/2023

12/14/2023

GBP

(6,529)

 

(7,991)

 

6.640

08/30/2023

02/26/2024

$

(11,972)

 

(12,044)

 

6.650

08/28/2023

11/27/2023

 

(1,778)

 

(1,790)

 

6.660

08/09/2023

12/08/2023

 

(6,300)

 

(6,363)

 

6.660

09/08/2023

01/05/2024

 

(36,486)

 

(36,648)

 

6.670

09/15/2023

03/13/2024

 

(42,485)

 

(42,618)

 

6.700

09/21/2023

01/18/2024

 

(9,961)

 

(9,981)

 

6.720

08/10/2023

02/06/2024

 

(7,373)

 

(7,446)

 

6.720

09/15/2023

03/13/2024

 

(6,533)

 

(6,553)

 

6.730

08/03/2023

01/31/2024

 

(26,099)

 

(26,392)

 

6.740

08/30/2023

02/26/2024

 

(3,999)

 

(4,024)

 

6.770

09/15/2023

03/13/2024

 

(18,809)

 

(18,869)

 

6.790

08/30/2023

02/26/2024

 

(2,304)

 

(2,318)

 

6.815

08/15/2023

02/12/2024

 

(2,769)

 

(2,794)

 

6.820

09/15/2023

03/13/2024

 

(11,369)

 

(11,406)

 

6.820

10/02/2023

04/01/2024

 

(8,424)

 

(8,424)

 

6.821

08/14/2023

02/09/2024

 

(6,161)

 

(6,218)

 

6.833

08/07/2023

01/30/2024

 

(3,840)

 

(3,881)

BYR

5.940

09/20/2023

11/20/2023

 

(10,198)

 

(10,218)

 

5.940

09/29/2023

11/28/2023

 

(1,568)

 

(1,568)

CDC

5.900

07/05/2023

10/03/2023

 

(3,218)

 

(3,265)

 

5.990

10/03/2023

01/02/2024

 

(3,178)

 

(3,178)

 

6.010

09/05/2023

01/03/2024

 

(646)

 

(649)

 

6.010

09/11/2023

01/10/2024

 

(10,480)

 

(10,517)

 

6.010

09/29/2023

01/29/2024

 

(1,269)

 

(1,269)

 

6.640

08/15/2023

02/09/2024

 

(630)

 

(636)

CDI

4.380

08/22/2023

TBD(3)

EUR

(2,929)

 

(3,112)

CIB

6.020

08/16/2023

02/16/2024

$

(16)

 

(16)

DBL

4.334

08/15/2023

02/15/2024

EUR

(5,465)

 

(5,812)

 

5.827

08/11/2023

02/12/2024

GBP

(3,336)

 

(4,105)

 

5.866

09/22/2023

12/21/2023

 

(3,750)

 

(4,583)

 

5.966

08/31/2023

11/30/2023

 

(2,889)

 

(3,544)

 

6.053

09/22/2023

12/21/2023

 

(1,201)

 

(1,468)

 

6.055

09/25/2023

11/24/2023

$

(1,080)

 

(1,081)

 

6.880

09/25/2023

11/24/2023

 

(2,694)

 

(2,698)

 

6.923

09/29/2023

11/24/2023

 

(1,789)

 

(1,790)

 

6.925

09/15/2023

11/17/2023

 

(62,572)

 

(62,777)

 

6.975

09/15/2023

11/17/2023

 

(37,038)

 

(37,160)

 

6.980

09/25/2023

11/24/2023

 

(12,871)

 

(12,888)

 

7.075

09/15/2023

11/17/2023

 

(9,251)

 

(9,282)

 

7.125

09/15/2023

11/17/2023

 

(17,294)

 

(17,352)

 

7.180

09/25/2023

11/24/2023

 

(1,569)

 

(1,571)

GLM

6.610

07/21/2023

04/16/2024

 

(55,315)

 

(56,044)

 

6.623

07/03/2023

04/01/2024

 

(5,338)

 

(5,427)

 

6.673

07/03/2023

04/01/2024

 

(6,485)

 

(6,594)

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

 

6.720

08/14/2023

05/07/2024

 

(1,952)

 

(1,970)

 

6.730

08/04/2023

04/25/2024

 

(2,592)

 

(2,621)

 

6.810

07/21/2023

04/16/2024

 

(24,809)

 

(25,135)

 

6.880

08/07/2023

04/25/2024

 

(13,435)

 

(13,579)

IND

5.900

07/31/2023

12/29/2023

 

(13,875)

 

(14,018)

 

6.000

08/14/2023

11/14/2023

 

(2,935)

 

(2,959)

 

6.000

09/14/2023

12/14/2023

GBP

(1,413)

 

(1,729)

 

6.020

09/15/2023

12/15/2023

$

(16,173)

 

(16,219)

 

6.020

09/21/2023

12/20/2023

 

(5,653)

 

(5,664)

 

6.020

09/26/2023

12/27/2023

 

(4,980)

 

(4,985)

 

6.030

09/01/2023

12/01/2023

 

(16,662)

 

(16,748)

 

6.070

09/21/2023

12/20/2023

 

(2,896)

 

(2,901)

JML

5.700

09/22/2023

11/03/2023

 

(1,283)

 

(1,285)

 

5.750

09/22/2023

11/03/2023

 

(774)

 

(775)

 

6.293

10/02/2023

01/10/2024

GBP

(919)

 

(1,121)

 

6.478

08/31/2023

11/30/2023

 

(1,022)

 

(1,254)

JPS

6.010

05/22/2023

11/20/2023

$

(11,830)

 

(12,092)

 

6.120

05/05/2023

11/01/2023

 

(751)

 

(770)

 

6.150

06/21/2023

12/04/2023

 

(5,075)

 

(5,164)

 

6.220

05/05/2023

11/01/2023

 

(19,153)

 

(19,649)

 

6.230

06/30/2023

12/26/2023

 

(210)

 

(213)

 

6.260

05/02/2023

10/30/2023

 

(3,465)

 

(3,557)

 

6.287

02/14/2023

10/12/2023

 

(2,382)

 

(2,478)

 

6.330

07/03/2023

01/02/2024

 

(3,026)

 

(3,075)

 

6.430

07/03/2023

01/02/2024

 

(2,284)

 

(2,321)

 

6.460

07/03/2023

01/02/2024

 

(720)

 

(732)

 

6.510

08/11/2023

02/07/2024

 

(3,477)

 

(3,510)

 

6.680

07/03/2023

01/02/2024

 

(1,825)

 

(1,855)

 

7.140

08/03/2023

12/01/2023

 

(21,645)

 

(21,903)

MSB

4.389

09/26/2023

11/27/2023

EUR

(6,227)

 

(6,588)

 

5.873

09/26/2023

01/26/2024

GBP

(1,483)

 

(1,811)

 

5.885

09/26/2023

03/26/2024

 

(11,119)

 

(13,579)

 

5.923

09/25/2023

01/25/2024

 

(802)

 

(980)

 

5.924

09/21/2023

12/21/2023

 

(1,503)

 

(1,837)

 

5.926

08/11/2023

02/12/2024

 

(5,360)

 

(6,597)

 

5.933

09/25/2023

01/25/2024

 

(2,377)

 

(2,903)

 

5.975

09/26/2023

03/26/2024

 

(6,218)

 

(7,594)

 

6.260

08/30/2023

02/26/2024

$

(7,644)

 

(7,688)

 

6.300

07/28/2023

10/03/2023

 

(16,488)

 

(16,679)

 

6.350

07/28/2023

10/03/2023

 

(47,340)

 

(47,891)

 

6.400

07/28/2023

10/03/2023

 

(19,327)

 

(19,554)

 

6.410

08/30/2023

02/26/2024

 

(2,205)

 

(2,217)

 

6.560

05/19/2023

11/15/2023

 

(1,692)

 

(1,733)

 

6.560

08/15/2023

02/12/2024

 

(2,103)

 

(2,122)

 

6.560

09/11/2023

03/11/2024

 

(8,407)

 

(8,440)

 

6.610

08/15/2023

02/12/2024

 

(5,134)

 

(5,180)

 

6.660

09/11/2023

03/11/2024

 

(300)

 

(301)

MYI

4.133

08/11/2023

11/13/2023

EUR

(16,785)

 

(17,854)

 

4.428

09/21/2023

01/22/2024

 

(24,562)

 

(26,003)

MZF

6.340

05/24/2023

11/22/2023

$

(2,663)

 

(2,724)

 

6.660

09/13/2023

03/13/2024

 

(115,146)

 

(115,551)

NSL

4.250

05/10/2023

TBD(3)

EUR

(3,706)

 

(3,960)

RBC

6.380

09/15/2023

01/16/2024

$

(13,569)

 

(13,610)

RCE

4.000

05/10/2023

TBD(3)

EUR

(3,800)

 

(4,079)

 

4.200

05/10/2023

TBD(3)

 

(10,852)

 

(11,651)

 

4.780

08/15/2023

02/15/2024

 

(9,299)

 

(9,893)

RCY

5.850

09/08/2023

10/10/2023

$

(1,213)

 

(1,218)

 

5.900

09/18/2023

10/18/2023

 

(5,159)

 

(5,170)

 

6.020

08/17/2023

02/16/2024

 

(1,681)

 

(1,693)

RTA

6.040

09/05/2023

01/05/2024

 

(23,807)

 

(23,915)

 

6.060

09/27/2023

01/26/2024

 

(1,588)

 

(1,590)

 

6.090

09/05/2023

01/05/2024

 

(3,291)

 

(3,306)

 

6.310

07/03/2023

10/02/2023

 

(13,524)

 

(13,739)

 

6.320

08/11/2023

02/09/2024

 

(1,791)

 

(1,808)

 

6.410

08/11/2023

02/09/2024

 

(3,068)

 

(3,096)

 

6.450

08/11/2023

02/09/2024

 

(4,201)

 

(4,241)

 

6.490

08/03/2023

02/02/2024

 

(10,692)

 

(10,809)

 

6.500

08/11/2023

02/09/2024

 

(21,064)

 

(21,261)

 

6.510

08/11/2023

02/09/2024

 

(5,960)

 

(6,016)

 

6.550

08/11/2023

02/09/2024

 

(2,935)

 

(2,962)

 

6.560

08/11/2023

02/09/2024

 

(2,249)

 

(2,270)

 

6.560

08/18/2023

02/16/2024

 

(11,249)

 

(11,341)

 

6.560

09/05/2023

01/05/2024

 

(2,690)

 

(2,702)

 

6.560

10/02/2023

01/02/2024

 

(13,489)

 

(13,489)

 

6.590

08/03/2023

02/02/2024

 

(11,411)

 

(11,537)

 

6.590

09/05/2023

01/05/2024

 

(3,579)

 

(3,595)

 

6.590

09/08/2023

01/08/2024

 

(4,759)

 

(4,780)

 

6.600

08/11/2023

02/09/2024

 

(2,139)

 

(2,160)

 

6.600

09/08/2023

01/08/2024

 

(6,691)

 

(6,720)

 

6.610

08/11/2023

02/09/2024

 

(14,463)

 

(14,599)

 

6.610

09/05/2023

01/05/2024

 

(459)

 

(461)

 

6.640

08/11/2023

02/09/2024

 

(1,166)

 

(1,177)

 

6.680

09/05/2023

01/05/2024

 

(7,629)

 

(7,663)

 

6.740

08/11/2023

02/09/2024

 

(1,592)

 

(1,607)

 

6.820

09/08/2023

01/08/2024

 

(2,734)

 

(2,746)

SBI

6.570

07/19/2023

01/17/2024

 

(6,453)

 

(6,542)

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

SOG

4.230

08/22/2023

11/14/2023

EUR

(4,429)

 

(4,705)

 

5.600

07/28/2023

TBD(3)

$

(83)

 

(84)

 

5.840

07/14/2023

10/16/2023

 

(10,526)

 

(10,662)

 

5.840

08/10/2023

10/16/2023

 

(4,564)

 

(4,603)

 

5.950

08/02/2023

12/04/2023

 

(3,717)

 

(3,755)

 

5.950

08/03/2023

12/04/2023

 

(791)

 

(799)

 

5.950

09/26/2023

12/04/2023

 

(3,367)

 

(3,371)

 

6.020

05/15/2023

11/15/2023

 

(2,889)

 

(2,955)

 

6.070

08/22/2023

02/22/2024

 

(1,100)

 

(1,108)

 

6.510

08/03/2023

01/03/2024

 

(3,125)

 

(3,159)

 

6.560

05/18/2023

11/17/2023

 

(2,762)

 

(2,830)

 

6.560

08/25/2023

02/23/2024

 

(5,878)

 

(5,919)

 

6.590

07/07/2023

01/05/2024

 

(13,181)

 

(13,388)

 

6.610

08/10/2023

02/09/2024

 

(13,121)

 

(13,249)

 

6.610

08/11/2023

02/09/2024

 

(6,941)

 

(7,007)

 

6.610

08/15/2023

02/15/2024

 

(2,642)

 

(2,666)

 

6.610

08/21/2023

02/20/2024

 

(9,085)

 

(9,155)

 

6.660

08/10/2023

02/09/2024

 

(7,172)

 

(7,241)

UBS

4.100

09/01/2023

TBD(3)

EUR

(862)

 

(915)

 

4.230

07/05/2023

TBD(3)

 

(3,637)

 

(3,884)

 

4.428

09/18/2023

12/18/2023

 

(2,923)

 

(3,095)

 

5.700

04/17/2023

10/16/2023

$

(1,325)

 

(1,360)

 

5.760

04/27/2023

01/22/2024

 

(15,801)

 

(16,201)

 

5.800

04/28/2023

01/23/2024

 

(9,927)

 

(10,178)

 

5.920

08/03/2023

10/03/2023

 

(19,709)

 

(19,904)

 

6.010

01/17/2023

10/17/2023

 

(6,446)

 

(6,723)

 

6.050

08/08/2023

02/08/2024

 

(1,632)

 

(1,648)

 

6.100

04/27/2023

10/24/2023

 

(830)

 

(852)

 

6.150

07/28/2023

01/26/2024

 

(5,939)

 

(6,006)

 

6.260

01/17/2023

10/17/2023

 

(1,934)

 

(2,021)

 

6.270

04/27/2023

01/22/2024

 

(32,551)

 

(33,447)

 

6.540

08/16/2023

10/17/2023

 

(12,296)

 

(12,401)

 

6.570

08/04/2023

02/06/2024

 

(492)

 

(498)

 

6.610

06/06/2023

03/06/2024

 

(16,893)

 

(17,259)

 

6.610

08/09/2023

02/09/2024

 

(229)

 

(231)

 

6.620

06/30/2023

01/04/2024

 

(1,599)

 

(1,627)

 

6.640

08/16/2023

10/17/2023

 

(3,141)

 

(3,168)

 

6.660

08/09/2023

02/09/2024

 

(5,970)

 

(6,030)

 

6.670

06/30/2023

01/04/2024

 

(12,154)

 

(12,366)

 

6.670

07/03/2023

01/05/2024

 

(3,847)

 

(3,912)

 

6.750

07/27/2023

04/26/2024

 

(2,069)

 

(2,095)

 

6.770

06/30/2023

01/04/2024

 

(22,173)

 

(22,565)

Total Reverse Repurchase Agreements

 

 

 

 

 

$

(1,921,995)

(m)

Securities with an aggregate market value of $2,495,668 and cash of $36,295 have been pledged as collateral under the terms of master agreements as of September 30, 2023.

(1)

Includes accrued interest.

(2)

The average amount of borrowings outstanding during the period ended September 30, 2023 was $(1,929,171) at a weighted average interest rate of 6.180%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(3)

Open maturity reverse repurchase agreement.

(n)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS

 

Variation Margin

Description

 

 

 

Expiration
Month

 

# of
Contracts

 

Notional
Amount

 

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

3-Month SOFR Active Contract December Futures

03/2024

 

122

$

(28,837)

 

$

845

$

0

$

(2)

3-Month SOFR Active Contract December Futures

03/2025

 

63

 

(15,027)

 

 

370

 

0

 

(4)

3-Month SOFR Active Contract December Futures

03/2026

 

68

 

(16,326)

 

 

306

 

0

 

(10)

3-Month SOFR Active Contract June Futures

09/2024

 

80

 

(18,964)

 

 

555

 

0

 

(2)

3-Month SOFR Active Contract June Futures

09/2025

 

64

 

(15,341)

 

 

312

 

0

 

(7)

3-Month SOFR Active Contract March Futures

06/2024

 

106

 

(25,075)

 

 

750

 

0

 

(1)

3-Month SOFR Active Contract March Futures

06/2025

 

58

 

(13,875)

 

 

307

 

0

 

(5)

3-Month SOFR Active Contract March Futures

06/2026

 

64

 

(15,368)

 

 

282

 

0

 

(10)

3-Month SOFR Active Contract September Futures

12/2024

 

74

 

(17,592)

 

 

480

 

0

 

(4)

3-Month SOFR Active Contract September Futures

12/2025

 

53

 

(12,718)

 

 

244

 

0

 

(7)

Total Futures Contracts

 

$

4,451

$

0

$

(52)

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

SWAP AGREEMENTS:

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

 

 

                           

Variation Margin(6)

Reference
Entity

Fixed
Receive Rate

Payment
Frequency

Maturity
Date

Implied
Credit Spread at
September 30, 2023
(3)

 

 

Notional
Amount
(4)

 

Premiums
Paid/
(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Market
Value
(5)

 

Asset

 

Liability

Jaguar Land
Rover
Automotive  

5.000%

Quarterly

06/20/2026

3.735

%

EUR

1,600

$

101

$

(45)

$

56

$

0

$

(12)

Jaguar Land
Rover
Automotive

5.000

Quarterly

12/20/2026

4.353

 

 

16,290

 

874

 

(529)

 

345

 

0

 

(35)

             

 

   

 

 

 

 

 

$

975

$

(574)

$

401

$

0

$

(47)

             

 

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

 

                       

 

Variation Margin(6)

Index/Tranches

Fixed
(Pay) Rate

Payment
Frequency

Maturity
Date

 

Notional
Amount
(4)

 

Premiums
Paid/
(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Market
Value
(5)

 

Asset

 

Liability

CDX.HY-40 5-Year Index

(5.000)%

Quarterly

06/20/2028

$

96,400

$

134

$

(1,806)

$

(1,672)

$

202

$

(3)

CDX.HY-41 5-Year Index

(5.000)

Quarterly

12/20/2028

 

169,700

 

(1,641)

 

(21)

 

(1,662)

 

444

 

0

         

 

 

 

 

 

 

$

(1,507)

$

(1,827)

$

(3,334)

$

646

$

(3)

         

 

INTEREST RATE SWAPS

 

                         

 

Variation Margin(6)

 

Pay/
Receive
Floating Rate

Floating Rate Index

Fixed Rate

Payment
Frequency

Maturity
Date

 

Notional
Amount

 

Premiums
Paid/
(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Market
Value

 

Asset

 

Liability

Receive

1-Day GBP-SONIO
Compounded-OIS

0.750%

Annual

09/21/2032

GBP

9,000

$

874

$

1,998

$

2,872

$

37

$

0

Receive

1-Day GBP-SONIO
Compounded-OIS

2.000

Annual

03/15/2033

 

4,600

 

512

 

564

 

1,076

 

21

 

0

Receive

1-Day GBP-SONIO
Compounded-OIS

0.750

Annual

09/21/2052

 

18,100

 

1,978

 

10,575

 

12,553

 

184

 

0

Receive(7)

1-Day USD-SOFR
Compounded-OIS

2.450

Annual

12/20/2024

$

128,500

 

(9)

 

3,524

 

3,515

 

0

 

(13)

Pay

1-Day USD-SOFR
Compounded-OIS

2.000

Annual

12/21/2024

 

677,400

 

(32,452)

 

(10,314)

 

(42,766)

 

0

 

(142)

Receive(7)

1-Day USD-SOFR
Compounded-OIS

2.350

Annual

01/17/2025

 

64,400

 

7

 

1,769

 

1,776

 

0

 

(7)

Receive(7)

1-Day USD-SOFR
Compounded-OIS

2.300

Annual

01/17/2026

 

10,300

 

5

 

465

 

470

 

0

 

(5)

Pay

1-Day USD-SOFR
Compounded-OIS

0.500

Semi-Annual

06/16/2026

 

323,700

 

(4,388)

 

(32,778)

 

(37,166)

 

46

 

0

Pay

1-Day USD-SOFR
Compounded-OIS

1.750

Annual

06/15/2027

 

246,200

 

(5,908)

 

(19,638)

 

(25,546)

 

191

 

0

Pay

1-Day USD-SOFR
Compounded-OIS

1.500

Semi-Annual

06/21/2027

 

11,500

 

(373)

 

(917)

 

(1,290)

 

8

 

0

Pay

1-Day USD-SOFR
Compounded-OIS

2.500

Semi-Annual

12/20/2027

 

2,500

 

20

 

(218)

 

(198)

 

2

 

0

Pay

1-Day USD-SOFR
Compounded-OIS

2.000

Annual

12/21/2027

 

351,500

 

(29,753)

 

(11,208)

 

(40,961)

 

341

 

0

Pay

1-Day USD-SOFR
Compounded-OIS

2.250

Semi-Annual

06/20/2028

 

58,100

 

(1,904)

 

(4,087)

 

(5,991)

 

61

 

0

Receive

1-Day USD-SOFR
Compounded-OIS

1.420

Semi-Annual

08/17/2028

 

93,400

 

(21)

 

13,650

 

13,629

 

0

 

(90)

Pay

1-Day USD-SOFR
Compounded-OIS

1.500

Semi-Annual

12/15/2028

 

25,600

 

(75)

 

(3,672)

 

(3,747)

 

25

 

0

Pay(7)

1-Day USD-SOFR
Compounded-OIS

3.750

Annual

12/20/2028

 

56,100

 

622

 

(2,002)

 

(1,380)

 

81

 

0

Pay

1-Day USD-SOFR
Compounded-OIS

3.000

Semi-Annual

06/19/2029

 

59,000

 

3,100

 

(7,934)

 

(4,834)

 

71

 

0

Pay

1-Day USD-SOFR
Compounded-OIS

2.000

Annual

12/21/2029

 

244,600

 

(25,131)

 

(11,284)

 

(36,415)

 

286

 

0

Pay

1-Day USD-SOFR
Compounded-OIS

1.000

Semi-Annual

12/16/2030

 

53,800

 

1,389

 

(13,242)

 

(11,853)

 

68

 

0

Receive

1-Day USD-SOFR
Compounded-OIS

2.000

Annual

12/21/2032

 

84,400

 

10,215

 

6,253

 

16,468

 

0

 

(133)

Pay(7)

1-Day USD-SOFR
Compounded-OIS

3.500

Annual

12/20/2033

 

44,600

 

316

 

(2,946)

 

(2,630)

 

71

 

0

Receive

1-Day USD-SOFR
Compounded-OIS

1.150

Semi-Annual

09/20/2050

 

24,300

 

45

 

12,446

 

12,491

 

0

 

(62)

Receive

1-Day USD-SOFR
Compounded-OIS

1.250

Semi-Annual

06/16/2051

 

74,500

 

13,419

 

24,086

 

37,505

 

0

 

(202)

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

Receive

1-Day USD-SOFR
Compounded-OIS

1.750

Annual

06/15/2052

 

117,100

 

20,294

 

25,506

 

45,800

 

0

 

(379)

Receive

1-Day USD-SOFR
Compounded-OIS

1.750

Annual

12/21/2052

 

42,000

 

10,116

 

6,999

 

17,115

 

0

 

(139)

Pay

1-Year BRL-CDI

11.140

Maturity

01/02/2025

BRL

2,600

 

0

 

(12)

 

(12)

 

1

 

0

Pay

1-Year BRL-CDI

11.160

Maturity

01/02/2025

 

1,800

 

0

 

(8)

 

(8)

 

0

 

0

Pay

1-Year BRL-CDI

11.350

Maturity

01/02/2025

 

2,200

 

0

 

(8)

 

(8)

 

1

 

0

Pay

1-Year BRL-CDI

12.000

Maturity

01/02/2025

 

5,900

 

0

 

(5)

 

(5)

 

2

 

0

Pay

1-Year BRL-CDI

12.080

Maturity

01/02/2025

 

9,900

 

0

 

(4)

 

(4)

 

3

 

0

Pay

1-Year BRL-CDI

12.140

Maturity

01/02/2025

 

5,000

 

0

 

(1)

 

(1)

 

1

 

0

Pay

1-Year BRL-CDI

12.145

Maturity

01/02/2025

 

4,900

 

0

 

(1)

 

(1)

 

1

 

0

Pay

1-Year BRL-CDI

12.160

Maturity

01/02/2025

 

9,900

 

0

 

(1)

 

(1)

 

3

 

0

Pay

1-Year BRL-CDI

11.220

Maturity

01/04/2027

 

3,200

 

0

 

(7)

 

(7)

 

2

 

0

Pay

1-Year BRL-CDI

11.245

Maturity

01/04/2027

 

1,600

 

0

 

(3)

 

(3)

 

1

 

0

Pay

1-Year BRL-CDI

11.260

Maturity

01/04/2027

 

1,600

 

0

 

(3)

 

(3)

 

1

 

0

Pay

1-Year BRL-CDI

11.700

Maturity

01/04/2027

 

800

 

0

 

1

 

1

 

1

 

0

Pay

1-Year BRL-CDI

11.715

Maturity

01/04/2027

 

3,600

 

0

 

4

 

4

 

3

 

0

Receive

1-Year BRL-CDI

11.788

Maturity

01/04/2027

 

324,600

 

0

 

(654)

 

(654)

 

0

 

(246)

Pay

1-Year BRL-CDI

11.870

Maturity

01/04/2027

 

8,500

 

0

 

17

 

17

 

6

 

0

Pay

1-Year BRL-CDI

12.015

Maturity

01/04/2027

 

269,000

 

0

 

780

 

780

 

204

 

0

Receive

6-Month EUR-
EURIBOR

0.150

Annual

03/18/2030

EUR

4,400

 

81

 

866

 

947

 

0

 

0

Receive

6-Month EUR-
EURIBOR

0.150

Annual

06/17/2030

 

900

 

(1)

 

192

 

191

 

0

 

0

Receive

6-Month EUR-
EURIBOR

0.250

Annual

03/18/2050

 

4,400

 

244

 

2,132

 

2,376

 

0

 

(8)

Receive

6-Month EUR-
EURIBOR

0.500

Annual

06/17/2050

 

13,500

 

(99)

 

6,917

 

6,818

 

0

 

(28)

Receive

6-Month EUR-
EURIBOR

0.500

Annual

09/21/2052

 

16,800

 

1,455

 

7,168

 

8,623

 

0

 

(44)

Receive(7)

6-Month EUR-
EURIBOR

0.830

Annual

12/09/2052

 

52,500

 

316

 

3,606

 

3,922

 

0

 

(162)

Receive

6-Month EUR-
EURIBOR

1.500

Annual

03/15/2053

 

2,500

 

329

 

444

 

773

 

0

 

(7)

Receive

28-Day MXN-TIIE

8.675

Lunar

04/03/2024

MXN

36,800

 

0

 

32

 

32

 

0

 

0

Receive

28-Day MXN-TIIE

8.660

Lunar

04/04/2024

 

15,400

 

0

 

13

 

13

 

0

 

0

Receive

28-Day MXN-TIIE

8.750

Lunar

04/05/2024

 

9,300

 

0

 

8

 

8

 

0

 

0

Receive

28-Day MXN-TIIE

8.410

Lunar

03/31/2027

 

4,400

 

0

 

11

 

11

 

0

 

(1)

Receive

28-Day MXN-TIIE

8.730

Lunar

04/06/2027

 

3,900

 

0

 

8

 

8

 

0

 

(1)

Receive

28-Day MXN-TIIE

7.495

Lunar

01/14/2032

 

1,900

 

8

 

5

 

13

 

0

 

0

Receive

28-Day MXN-TIIE

7.498

Lunar

01/15/2032

 

7,900

 

32

 

20

 

52

 

0

 

(2)

Receive

28-Day MXN-TIIE

8.732

Lunar

03/30/2032

 

1,900

 

0

 

5

 

5

 

0

 

0

Receive

28-Day MXN-TIIE

8.701

Lunar

03/31/2032

 

4,600

 

0

 

12

 

12

 

0

 

(1)

 

 

 

 

 

 

$

(34,737)

$

9,129

$

(25,608)

$

1,723

$

(1,672)

Total Swap Agreements

$

(35,269)

$

6,728

$

(28,541)

$

2,369

$

(1,722)

 

Cash of $73,253 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2023.

(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)

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.

(3)

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

(4)

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

(5)

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

(6)

Unsettled variation margin liability of $(55) for closed swap agreements is outstanding at period end.is outstanding at period end..

(7)

This instrument has a forward starting effective date.

(o)

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

10/2023

EUR

2,191

$

2,346

$

30

$

0

 

10/2023

$

3,933

EUR

3,696

 

0

 

(25)

 

11/2023

CHF

929

$

1,072

 

53

 

0

 

12/2023

$

54

INR

4,480

 

0

 

0

 

02/2024

 

47

CNY

331

 

0

 

(1)

 

03/2024

CNH

47,424

$

6,556

 

6

 

(10)

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

BPS

10/2023

EUR

457,687

 

498,958

 

15,069

 

0

 

10/2023

GBP

62,645

 

79,317

 

2,884

 

0

 

10/2023

PEN

52

 

14

 

0

 

0

 

10/2023

$

488,251

EUR

460,538

 

9

 

(1,356)

 

10/2023

 

85,954

GBP

70,653

 

258

 

(8)

 

11/2023

CAD

8,589

$

6,411

 

83

 

0

 

11/2023

EUR

435,944

 

462,536

 

1,066

 

0

 

11/2023

GBP

67,464

 

82,069

 

0

 

(259)

 

12/2023

$

35

INR

2,898

 

0

 

0

 

02/2024

 

83

CNY

590

 

0

 

(1)

 

03/2024

CNH

11,492

$

1,597

 

7

 

0

 

03/2024

$

373

IDR

5,740,752

 

0

 

(2)

BRC

10/2023

EUR

2,446

$

2,610

 

24

 

0

 

10/2023

GBP

22,832

 

28,909

 

1,051

 

0

 

11/2023

$

1,218

EUR

1,148

 

0

 

(3)

 

01/2024

 

698

PLN

3,053

 

0

 

(2)

CBK

10/2023

PEN

118

$

32

 

1

 

0

 

10/2023

$

1,543

EUR

1,420

 

0

 

(42)

 

11/2023

CAD

584

$

435

 

5

 

0

 

11/2023

PEN

3,277

 

883

 

19

 

0

 

11/2023

$

2,123

EUR

2,001

 

0

 

(5)

 

11/2023

 

1,265

GBP

1,032

 

0

 

(6)

 

03/2024

IDR

31,876,454

$

2,068

 

13

 

0

GLM

10/2023

EUR

1,126

 

1,190

 

0

 

0

 

10/2023

MXN

293,827

 

17,044

 

187

 

0

 

10/2023

$

3,481

EUR

3,251

 

0

 

(44)

 

10/2023

 

16,502

MXN

288,762

 

32

 

0

 

11/2023

 

1,906

BRL

9,558

 

0

 

(13)

 

11/2023

 

1,192

EUR

1,126

 

0

 

0

 

03/2024

CNH

8,159

$

1,131

 

2

 

0

 

03/2024

IDR

9,376,592

 

609

 

4

 

0

 

03/2024

$

501

IDR

7,698,388

 

0

 

(5)

MYI

10/2023

EUR

3,454

$

3,698

 

47

 

0

 

10/2023

GBP

2,299

 

2,851

 

46

 

0

 

10/2023

$

21,241

GBP

17,123

 

0

 

(350)

 

02/2024

 

49

CNY

346

 

0

 

(1)

 

03/2024

CNH

13,579

$

1,883

 

5

 

0

 

03/2024

$

1,943

IDR

29,892,927

 

0

 

(16)

Total Forward Foreign Currency Contracts

$

20,901

$

(2,149)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON ASSET-BACKED SECURITIES - BUY PROTECTION(1)

 

 

                       

Swap Agreements, at Value(3)

Counterparty

Reference Obligation

Fixed
(Pay) Rate

Payment
Frequency

Maturity
Date

 

Notional
Amount
(2)

 

Premiums
Paid/(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

GST

Morgan Stanley Capital Trust 5.485% due 11/14/2042
«

(0.240)%

Monthly

11/14/2042

$

7,500

$

1,350

$

2,569

$

3,919

$

0

               

TOTAL RETURN SWAPS ON EQUITY INDICES

 

 

                       

Swap Agreements, at Value

Counterparty

Pay/Receive(4)

Underlying
Reference

# of Units

Financing Rate

Payment
Frequency

Maturity
Date

 

Notional
Amount

 

Premiums
Paid/(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

MYC

Receive(4)

United States Treasury
Inflation Indexed Bonds «

N/A

0.000%

Maturity

01/28/2036

CNY

101,100

$

41

$

(2,155)

$

0

$

(2,114)

               

TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS

 

 

                     

Swap Agreements, at Value

Counterparty

Pay/
Receive

Underlying Reference

Financing Rate

Payment
Frequency

Maturity
Date

 

Notional
Amount

 

Premiums
Paid/(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

BPS

Pay

AP Core Holdings II, LLC

1-Month USD-LIBOR

Quarterly

09/01/2027

$

84

 

0

 

168

 

168

 

0

BPS

Pay

Gateway Casinos & Entertainment
Limited

1-Month USD-LIBOR

Maturity

10/15/2027

 

300

 

0

 

1,308

 

1,308

 

0

BPS

Pay

PUG LLC

1-Month USD-LIBOR

Quarterly

02/12/2027

 

1,549

 

0

 

921

 

921

 

0

BPS

Pay

Team Health Holdings, Inc.

1-Month USD-LIBOR

Quarterly

02/06/2024

 

1,484

 

0

 

1,094

 

1,094

 

0

BPS

Pay

Veritas US Inc.

1-Month USD-LIBOR

Quarterly

09/01/2025

 

5,368

 

0

 

1,648

 

1,648

 

0

BPS

Pay

Wm Morrison

1-Month USD-LIBOR

Maturity

11/04/2027

 

2,320

 

0

 

2,145

 

2,145

 

0

             

 

 

 

 

 

 

   

$

0

$

7,284

$

7,284

$

0

             

Total Swap Agreements

         

$

1,391

$

7,698

$

11,203

$

(2,114)

             

 

(p)

Securities with an aggregate market value of $1,667 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2023.

(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.

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

(2)

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

(3)

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

(4)

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

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of September 30, 2023 in valuing the Fund's assets and liabilities:

 

Category and Subcategory

Level 1

Level 2

Level 3

Fair Value
at 09/30/2023

Investments in Securities, at Value

Loan Participations and Assignments

$

0

$

713,479

$

362,240

$

1,075,719

 

Corporate Bonds & Notes

 

Banking & Finance

 

0

 

203,463

 

12,449

 

215,912

 

 

Industrials

 

3,870

 

333,029

 

0

 

336,899

 

 

Utilities

 

0

 

31,744

 

0

 

31,744

 

Convertible Bonds & Notes

 

Banking & Finance

 

0

 

16,806

 

0

 

16,806

 

 

Industrials

 

0

 

9,065

 

0

 

9,065

 

Municipal Bonds & Notes

 

Michigan

 

0

 

9,472

 

0

 

9,472

 

 

Puerto Rico

 

0

 

46,439

 

0

 

46,439

 

 

West Virginia

 

0

 

95

 

0

 

95

 

U.S. Government Agencies

 

0

 

14,826

 

0

 

14,826

 

Non-Agency Mortgage-Backed Securities

 

0

 

1,330,991

 

70,555

 

1,401,546

 

Asset-Backed Securities

 

0

 

720,505

 

116,245

 

836,750

 

Sovereign Issues

 

0

 

10,317

 

0

 

10,317

 

Common Stocks

 

Communication Services

 

2,589

 

0

 

9,268

 

11,857

 

 

Financials

 

9,270

 

0

 

18,074

 

27,344

 

 

Industrials

 

0

 

15

 

57,871

 

57,886

 

 

Real Estate

 

256

 

0

 

0

 

256

 

 

Utilities

 

0

 

0

 

34,880

 

34,880

 

Rights

 

Industrials

 

0

 

0

 

660

 

660

 

Warrants

 

Financials

 

0

 

0

 

4

 

4

 

 

Industrials

 

0

 

0

 

650

 

650

 

Real Estate Investment Trusts

 

Real Estate

 

2,419

 

0

 

0

 

2,419

 

Corporate Bonds & Notes

 

0

 

0

 

0

 

0

 

Loan Participations and Assignments

 

0

 

0

 

0

 

0

 

Short-Term Instruments

 

Repurchase Agreements

 

0

 

564,900

 

0

 

564,900

 

 

Argentina Treasury Bills

 

0

 

1,008

 

0

 

1,008

 

 

U.S. Treasury Bills

 

0

 

58,416

 

0

 

58,416

 

Total Investments

$

18,404

$

4,064,570

$

682,896

$

4,765,870

 

Financial Derivative Instruments - Assets

Exchange-traded or centrally cleared

 

0

 

2,369

 

0

 

2,369

 

Over the counter

 

0

 

28,185

 

3,919

 

32,104

 

 

$

0

$

30,554

$

3,919

$

34,473

 

Financial Derivative Instruments - Liabilities

Exchange-traded or centrally cleared

 

0

 

(1,774)

 

0

 

(1,774)

 

Over the counter

 

0

 

(2,149)

 

(2,114)

 

(4,263)

 

 

$

0

$

(3,923)

$

(2,114)

$

(6,037)

 

Total Financial Derivative Instruments

$

0

$

26,631

$

1,805

$

28,436

 

Totals

$

18,404

$

4,091,201

$

684,701

$

4,794,306

 

 

 

 

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2023:

 

Category and
Subcategory

Beginning
Balance
at 06/30/2023

Net
Purchases
(1)

Net
Sales/Settlements
(1)

Accrued
Discounts/
(Premiums)

Realized
Gain/(Loss)

Net Change in
Unrealized
Appreciation/
(Depreciation)
(2)

Transfers into
Level 3

Transfers out
of Level 3

Ending
Balance
at 09/30/2023

Net Change in
Unrealized
Appreciation/
(Depreciation)
on Investments
Held at
09/30/2023
(2)

Investments in Securities, at Value

Loan Participations
and Assignments

$

496,692

$

19,109

$

(74,753)

$

3,038

$

504

$

(24,325)

$

20,315

$

(78,340)

$

362,240

$

(459)

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

Corporate Bonds & Notes

 

Banking & Finance

 

0

 

324

 

0

 

0

 

0

 

(7)

 

12,132

 

0

 

12,449

 

(7)

Non-Agency Mortgage-Backed Securities

 

80,068

 

0

 

(6,604)

 

118

 

189

 

(3,216)

 

0

 

0

 

70,555

 

(3,377)

Asset-Backed Securities

 

124,431

 

0

 

(1,091)

 

271

 

(437)

 

(6,929)

 

0

 

0

 

116,245

 

(6,890)

Common Stocks

 

Communication Services (3)

 

8,907

 

0

 

(436)

 

0

 

0

 

797

 

0

 

0

 

9,268

 

361

 

Financials

 

15,501

 

0

 

0

 

0

 

0

 

2,573

 

0

 

0

 

18,074

 

2,572

 

Industrials (3)

 

61,358

 

0

 

0

 

0

 

0

 

(3,487)

 

0

 

0

 

57,871

 

(2,769)

 

Utilities

 

7,653

 

11,581

 

0

 

0

 

0

 

15,646

 

0

 

0

 

34,880

 

15,646

Rights

 

Industrials

 

335

 

0

 

0

 

0

 

0

 

325

 

0

 

0

 

660

 

325

Warrants

 

Financials (3)

 

2

 

0

 

0

 

0

 

0

 

2

 

0

 

0

 

4

 

1

 

Industrials (3)

 

507

 

0

 

0

 

0

 

0

 

143

 

0

 

0

 

650

 

143

 

Information Technology

 

20,917

 

0

 

(11,530)

 

0

 

0

 

(9,387)

 

0

 

0

 

0

 

0

Preferred Securities

 

Industrials

 

3,184

 

0

 

0

 

0

 

0

 

(3,184)

 

0

 

0

 

0

 

(3,184)

Short-Term Instruments

 

Short-Term Notes

 

331

 

0

 

(324)

 

0

 

10

 

(17)

 

0

 

0

 

0

 

0

 

 

$

819,886

$

31,014

$

(94,738)

$

3,427

$

266

$

(31,066)

$

32,447

$

(78,340)

$

682,896

$

2,362

Financial Derivative Instruments - Assets

Over the counter

$

3,912

$

0

$

(194)

$

0

$

0

$

201

$

0

$

0

$

3,919

$

18

Financial Derivative Instruments - Liabilities

Over the counter

$

(680)

$

0

$

0

$

0

$

0

$

(1,434)

$

0

$

0

$

(2,114)

$

(1,434)

Totals

$

823,118

$

31,014

$

(94,932)

$

3,427

$

266

$

(32,299)

$

32,447

$

(78,340)

$

684,701

$

946

 


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

 

(% Unless Noted Otherwise)

 

Category and Subcategory

Ending
Balance
at 09/30/2023

Valuation Technique

Unobservable Inputs

 

Input Value(s)

Weighted Average

Investments in Securities, at Value

Loan Participations and Assignments

$

70,055

Comparable Companies

EBITDA Multiple

X/X

11.000/10.000

 

 

8,152

Discounted Cash Flow/Recent Transaction

Discount Rate/Purchase Price

 

12.610/102.000

 

 

8,843

Discounted Cash Flow/Recent Transaction

Discount Rate/Purchase Price

 

10.410/102.000

 

 

215,604

Discounted Cash Flow

Discount Rate

 

6.188 – 26.560

11.690

 

 

5,327

Expected Recovery

Recovery Rate

 

100.000

 

 

14,246

Recent Transaction

Purchase Price

 

98.250

 

 

40,013

Third Party Vendor

Broker Quote

 

72.500 – 103.750

98.452

Corporate Bonds & Notes

 

Banking & Finance

 

12,132

Expected Recovery

Recovery Rate

 

54.375

 

 

 

317

Recent Transaction

Purchase Price

 

100.000

Non-Agency Mortgage-Backed Securities

 

69,931

Discounted Cash Flow

Discount Rate

 

7.000 – 10.000

9.546

 

 

624

Fair Valuation of Odd Lot Positions

Adjustment Factor

 

2.5000

Asset-Backed Securities

 

116,245

Discounted Cash Flow

Discount Rate

 

7.750 – 30.000

15.861

Common Stocks

 

Communication Services

 

378

Reference Instrument

Stock Price w/Liquidity Discount

 

10.000

 

 

 

8,890

Indicative Market Quotation

Broker Quote

$

16.725

 

Financials

 

17,970

Indicative Market Quotation/Comparable Companies

Broker Quote/EBITDA Multiple

$/X

22.500/4.000

 

 

 

104

Option Pricing Model

Volatility

 

59.400

 

Industrials

 

24,228

Comparable Companies/Discounted Cash Flow

Revenue Multiple/EBITDA Multiple/Discount Rate

X/X
/%

0.530/ 5.780/10.500

 

 

 

32,021

Discounted Cash Flow

Discount Rate

 

15.620

 

 

 

1,622

Indicative Market Quotation

Broker Quote

$

6.500 – 11.500

9.677

 

Utilities

 

27,190

Comparable Companies

EBITDA Multiple

X

5.000

 

 

 

37

Comparable Companies

Revenue Multiple

X/X

0.550/0.550

 

 

 

7,653

Indicative Market Quotation

Broker Quote

$

28.000

Rights

 

Industrials

 

660

Discounted Cash Flow

Discount Rate

 

2.750

Warrants

 

Financials

 

4

Option Pricing

Volatility

 

40.000

 

Industrials

 

650

Discounted Cash Flow

Discount Rate

 

2.750

Financial Derivative Instruments - Assets

 

Over the counter

 

3,919

Other Valuation Techniques(4)

 

Financial Derivative Instruments - Liabilities

 

Over the counter

 

(2,114)

Indicative Market Quotation

Broker Quote

 

(15.271)

Total

$

684,701

Consolidated Schedule of Investments PIMCO Flexible Credit Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

(1)

Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

(2)

Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2023 may be due to an investment no longer held or categorized as Level 3 at period end.

(3)

Sector type updated from Industrials & Financials to Communication Services & Industrials since prior fiscal year end.

(4)

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 as wholly owned subsidiaries acting as investment vehicles for the PIMCO Flexible Credit Income Fund (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. 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. See the table below for details regarding the structure and incorporation as of the period end of the Subsidiaries.

 

Subsidiary

 

Date of Organization

Subsidiary % of Consolidated Fund Net Assets

PFLEXLS I LLC

 

12/01/2017

2.8%

CLM 13648 LLC

 

03/29/2018

0.0

MLM 13648 LLC

 

04/03/2018

0.2

 

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

 

2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

 

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

 

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

 

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “Act”). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee (“Valuation Designee”) for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

 

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

 

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

 

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in

 

 

Notes to Financial Statements (Cont.)

 

markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Fund is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV.

 

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

 

Under certain circumstances, the per share NAV of a class of the Fund’s shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

 

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

 

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

 

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

 

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

 

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

 

(c) Valuation Techniques and the Fair Value Hierarchy

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

 

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

 

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

 

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

 

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

 

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

 

 

Notes to Financial Statements (Cont.)

 

 

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

 

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

 

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

 

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

 

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

 

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

 

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

 

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

 

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

 

The Option Pricing Model is a commonly accepted method of allocating enterprise value across a capital structure. The method may be utilized when a capital structure includes multiple instruments with varying rights and preferences, there is no short term exit horizon, the nature of an exit event is unknown, or if the enterprise value is not sufficient to cover outstanding debt and preferred claims. The Option Pricing Model can also be used as a method to estimate enterprise value by ‘back-solving’ if there are recent indicative transactions for securities with the same issuer. The Option Pricing Model uses Black-Scholes option pricing, a generally accepted option model typically used to value call options, puts, warrants, and convertible preferred securities. Significant changes in unobservable inputs would result in direct changes in the fair value of the security. These securities are categorized as level 3 of the fair value hierarchy.

 

Securities may be valued based on purchase prices of privately negotiated transactions. 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.

 

Securities that are smaller in size than institutional-sized or round lot positions of the particular security/instrument type may apply an adjustment factor to the daily vendor-provided price for the corresponding round lot position to arrive at a fair value for the applicable odd lot positions. The adjustment factor is determined by comparing the prices of internal trades with vendor prices, calculating the weighted average differences, and using that difference as an adjustment factor to vendor prices. These securities are categorized as Level 3 of the fair value hierarchy.

 

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

 

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

 

 

 

 

Notes to Financial Statements (Cont.)

 

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, 2023, 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:    
BNY   Bank of New York Mellon   CIB   Canadian Imperial Bank of Commerce   MZF   Mizuho Securities USA LLC
BOA   Bank of America N.A.   DBL   Deutsche Bank AG London   NSL   Nomura International PLC
BOS   BofA Securities, Inc.   GLM   Goldman Sachs Bank USA   RBC   Royal Bank of Canada
BPS   BNP Paribas S.A.   GST   Goldman Sachs International   RCE   Royal Bank of Canada Europe Limited     
BRC   Barclays Bank PLC   IND   Crédit Agricole Corporate and Investment Bank
S.A.
  RCY   Royal Bank of Canada
BSN   The Bank of Nova Scotia - Toronto   JML   JP Morgan Securities Plc   RTA   RBC (Barbados) Trading Bank Corp.
BYR   The Bank of Nova Scotia - Toronto   JPS   J.P. Morgan Securities LLC   SBI   Citigroup Global Markets Ltd.
CBK   Citibank N.A.   MSB   Morgan Stanley Bank, N.A   SOG   Societe Generale Paris
CDC   Natixis Securities Americas LLC   MYC   Morgan Stanley Capital Services LLC   UBS   UBS Securities LLC
CDI   Natixis Singapore   MYI   Morgan Stanley & Co. International PLC        
                     
Currency Abbreviations:    
ARS   Argentine Peso   CNY   Chinese Renminbi (Mainland)   MXN   Mexican Peso
BRL   Brazilian Real   EUR   Euro   PEN   Peruvian New Sol
CAD   Canadian Dollar   GBP   British Pound   PLN   Polish Zloty
CHF   Swiss Franc   IDR   Indonesian Rupiah   USD (or $)   United States Dollar
CNH   Chinese Renminbi (Offshore)   INR   Indian Rupee        
                     
Index/Spread Abbreviations:    
BADLARPP   Argentina Badlar Floating Rate Notes   EUR006M   6 Month EUR Swap Rate   LIBOR06M   6 Month USD-LIBOR
CDX.HY   Credit Derivatives Index - High Yield   EUR012M   12 Month EUR Swap Rate   PRIME   Daily US Prime Rate
EUR001M   1 Month EUR Swap Rate   LIBOR01M   1 Month USD-LIBOR   SOFR   Secured Overnight Financing Rate
EUR003M   3 Month EUR Swap Rate   LIBOR03M   3 Month USD-LIBOR   SONIO   Sterling Overnight Interbank Average Rate
                     
Other  Abbreviations:    
ABS   Asset-Backed Security   EBITDA   Earnings before Interest, Taxes, Depreciation
and Amortization
  REMIC   Real Estate Mortgage Investment Conduit
BRL-CDI   Brazil Interbank Deposit Rate   EURIBOR   Euro Interbank Offered Rate   TBD   To-Be-Determined
CBO   Collateralized Bond Obligation   LIBOR   London Interbank Offered Rate   TBD%   Interest rate to be determined when loan
settles or at the time of funding
CDO   Collateralized Debt Obligation   Lunar   Monthly payment based on 28-day periods.  One
year consists of 13 periods.
  TIIE   Tasa de Interés Interbancaria de Equilibrio
"Equilibrium Interbank Interest Rate"
CLO   Collateralized Loan Obligation   OIS   Overnight Index Swap        
DAC   Designated Activity Company   PIK   Payment-in-Kind