Please wait

Consolidated Schedule of Investments PIMCO Access Income Fund

September 30, 2025 (Unaudited)

 

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

 

 

PRINCIPAL
AMOUNT
(000s)

 

MARKET
VALUE
(000s)

INVESTMENTS IN SECURITIES 152.4% ¤

 

 

 

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 36.2%

 

 

 

 

Aligned Data Centers International LP
7.538% due 12/18/2029 «~

$

3,400

$

3,427

Altice France SA
9.818% (TSFR3M + 5.500%) due 08/15/2028 «~

 

990

 

960

AP Core Holdings II LLC
9.778% (TSFR1M + 5.500%) due 09/01/2027 ~

 

1,844

 

1,798

Bausch Health Cos., Inc.
10.413% (TSFR1M + 6.250%) due 10/08/2030 ~

 

2,793

 

2,759

Central Parent, Inc.
7.252% (TSFR3M + 3.250%) due 07/06/2029 ~

 

5,854

 

5,078

Cerba Healthcare SAS

 

 

 

 

TBD% due 06/30/2028

EUR

2,500

 

2,063

TBD% due 02/16/2029

 

3,000

 

2,479

Circor International, Inc.
TBD% - 0.500% due 06/20/2029 «µ

$

166

 

171

Clover Holdings 2 LLC
TBD% due 12/10/2029 µ

 

846

 

843

Clover Holdings SPV III LLC
15.000% due 12/09/2027

 

214

 

220

Comexposium

 

 

 

 

TBD% (EUR012M + 0.000%) due 03/28/2026 «~

EUR

18,708

 

26,796

TBD% - 1.138% (Euribor 1YR) due 10/16/2031 «~

 

1,916

 

2,744

Coreweave Compute Acquisition Co. II LLC
13.621% - 13.945% (TSFR3M + 9.620%) due 07/31/2028 «~

$

2,537

 

2,677

Coreweave Compute Acquisition Co. IV LLC
TBD% - 10.723% (TSFR3M + 6.000%) due 05/16/2029 «~µ

 

10,000

 

10,289

Databricks, Inc.

 

 

 

 

TBD% - 1.000% due 01/03/2031 «µ

 

362

 

362

TBD% - 1.000% (TSFR1M + 4.500%) due 01/03/2031 «~

 

1,638

 

1,666

Dun & Bradstreet Corp.

 

 

 

 

TBD% due 08/26/2032 «µ

 

155

 

155

TBD% (TSFR1M + 5.500%) due 08/26/2032 «~

 

1,555

 

1,546

Endure Digital, Inc.
7.838% (TSFR1M + 3.500%) due 02/10/2028 «~

 

2,573

 

1,866

Envalior Finance GmbH
7.526% (EUR003M + 5.500%) due 03/29/2030 ~

EUR

2,400

 

2,667

Envision Healthcare Corp.

 

 

 

 

12.230% (TSFR3M + 7.875%) due 07/20/2026 «~

$

99

 

99

12.230% (TSFR3M + 7.875%) due 11/03/2028 «~

 

13,599

 

14,007

Espai Barca Fondo De Titulizacion
TBD% - 5.000% (Euribor 6MO) due 06/30/2028 «~

EUR

3,396

 

4,538

Finastra USA, Inc.

 

 

 

 

8.038% (TSFR3M + 4.000%) due 09/15/2032 ~

$

3,900

 

3,888

11.038% (TSFR3M + 7.000%) due 09/15/2033 ~

 

400

 

399

First Brands Group LLC
TBD% - 9.570% (TSFR3M + 5.000%) due 03/30/2027 ^~(c)

 

1,054

 

384

Forward Air Corp.
8.810% (TSFR3M + 4.500%) due 12/19/2030 ~

 

3,539

 

3,537

Galaxy U.S. Opco, Inc. (10.058% Cash)
10.058% (TSFR3M + 5.750%) due 07/31/2030 ~

 

4,121

 

3,765

Gateway Casinos & Entertainment Ltd.
10.276% (TSFR3M + 6.250%) due 12/18/2030 ~

 

2,527

 

2,530

Gray Television, Inc.
9.530% (TSFR1M + 5.250%) due 06/04/2029 ~

 

24

 

24

Guardian

 

 

 

 

TBD% - 1.000% due 08/29/2032 «µ

 

300

 

300

TBD% - 1.000% (TSFR3M + 5.500%) due 08/29/2032 «~

 

2,100

 

2,079

Harp Finco Ltd.
9.468% due 03/27/2032 «

GBP

2,319

 

3,066

iHeartCommunications, Inc.
10.053% (TSFR1M + 5.775%) due 05/01/2029 ~

$

2,809

 

2,461

Ivanti Software, Inc.

 

 

 

 

TBD% - 10.051% (TSFR3M + 5.750%) due 06/01/2029 ~

 

640

 

660

TBD% - 10.051% (TSFR3M + 4.750%) due 06/01/2029 ~

 

4,792

 

4,004

J&J Ventures Gaming LLC
9.278% (TSFR1M + 5.000%) due 04/26/2028 «~

 

1,158

 

1,170

MPH Acquisition Holdings LLC

 

 

 

 

8.058% (TSFR3M + 3.750%) due 12/31/2030 ~

 

137

 

137

9.170% (TSFR3M + 4.600%) due 12/31/2030 ~

 

3,930

 

3,622

OCS Group Holdings Ltd.
9.961% due 11/28/2031

GBP

5,550

 

7,467

Paradigm Parent LLC
8.822% (TSFR3M + 4.500%) due 04/16/2032 ~

$

1,000

 

900

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

September 30, 2025 (Unaudited)

 

Peraton Corp.
8.013% (TSFR1M + 3.750%) due 02/01/2028 ~

 

11,656

 

9,861

Polaris Newco LLC
8.570% (TSFR3M + 4.000%) due 06/02/2028 ~

 

1,198

 

1,157

Poseidon Bidco SASU
7.000% (EUR003M + 5.000%) due 03/13/2030 ~

EUR

3,600

 

1,986

Promotora de Informaciones SA

 

 

 

 

7.244% (EUR003M + 5.220%) due 06/29/2029 ~

 

21,112

 

24,910

7.494% (EUR003M + 5.470%) due 12/31/2029 «~

 

4,274

 

4,943

Puris LLC
9.752% - 10.099% (TSFR3M + 5.750%) due 06/30/2031 «~

$

1,952

 

1,858

QuidelOrtho Corp.
8.002% (TSFR3M + 4.000%) due 08/20/2032 ~

 

2,200

 

2,191

SCUR-Alpha 1503 GmbH
9.808% (TSFR3M + 5.500%) due 03/29/2030 ~

 

3,706

 

3,425

Softbank Vision Fund II
TBD% - 7.652% (TSFR3M + 3.650%) due 12/23/2029 «~

 

2,900

 

2,900

Spruce Bidco II, Inc.

 

 

 

 

TBD% - 0.500% due 01/30/2032 «µ

 

260

 

260

TBD% - 0.500% (JY0003M + 5.250%) due 01/30/2032 «~

JPY

22,250

 

152

TBD% - 0.500% (CDOR06 + 5.000%) due 01/30/2032 «~

CAD

208

 

151

TBD% - 0.500% (TSFR6M + 5.000%) due 01/30/2032 «~

$

1,149

 

1,161

Steenbok Lux Finco 2 SARL
1TBD% due 06/30/2026

EUR

24,505

 

7,856

Stepstone Group MidCo 2 GmbH

 

 

 

 

6.673% (EUR006M + 4.500%) due 04/26/2032 ~

 

7,000

 

8,105

8.608% (TSFR3M + 4.500%) due 12/19/2031 ~

$

1,297

 

1,234

Strategic Gaming Commitment
TBD% due 06/17/2030 «µ

 

2,200

 

2,200

Subcalidora 2
7.750% (EUR003M + 5.750%) due 08/14/2029 «~

EUR

6,400

 

7,552

Syniverse Holdings, Inc.
11.002% (TSFR3M + 7.000%) due 05/13/2027 ~

$

9,206

 

9,008

Transnet SOC Ltd.
11.125% due 03/02/2028 «~

ZAR

31,119

 

1,781

U.S. Renal Care, Inc.
9.278% (TSFR1M + 5.000%) due 06/28/2028 ~

$

21,255

 

20,349

Unicorn BAY
13.000% due 12/31/2026 «

HKD

39,794

 

5,178

X Corp.

 

 

 

 

9.500% due 10/26/2029

$

800

 

804

10.958% (TSFR3M + 6.500%) due 10/26/2029 ~

 

9,525

 

9,357

Total Loan Participations and Assignments (Cost $258,763)

 

 

 

257,982

CORPORATE BONDS & NOTES 30.7%

 

 

 

 

BANKING & FINANCE 6.4%

 

 

 

 

Alamo Re Ltd.
15.784% (T-BILL 1MO + 11.880%) due 06/08/2026 ~

 

300

 

316

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

 

4,200

 

4,194

BOI Finance BV
7.500% due 02/16/2027 (i)

EUR

4,000

 

4,833

Cape Lookout Re Ltd.
12.609% (T-BILL 1MO + 8.702%) due 04/05/2027 ~

$

800

 

836

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

EUR

499

 

237

East Lane Re VII Ltd.
12.822% (T-BILL 3MO + 8.890%) due 03/31/2026 ~

$

250

 

254

Everglades Re II Ltd.

 

 

 

 

14.409% (GSMMUSTI + 10.500%) due 05/13/2031 ~

 

300

 

317

15.404% (GSMMUSTI + 11.500%) due 05/13/2031 ~

 

300

 

316

16.654% (T-BILL 1MO + 12.750%) due 05/13/2031 ~

 

300

 

316

Greengrove RE Ltd.
11.654% (T-BILL 1MO + 7.750%) due 04/08/2032 ~

 

250

 

250

Hestia Re Ltd.
4.004% (T-BILL 1MO + 0.100%) due 04/22/2029 ~

 

27

 

15

Integrity RE III Ltd.
29.404% (T-BILL 1MO + 25.500%) due 06/06/2027 ~

 

250

 

281

Integrity Re Ltd.

 

 

 

 

21.138% (T-BILL 1MO + 17.234%) due 06/08/2026 ~

 

400

 

439

26.703% (T-BILL 1MO + 22.796%) due 06/08/2026 ~

 

400

 

446

Kennedy Wilson Europe Real Estate Ltd.
3.250% due 11/12/2025

EUR

316

 

370

Long Walk Reinsurance Ltd.
14.142% (T-BILL 3MO + 10.240%) due 01/30/2031 ~

$

800

 

815

Luca RE Ltd.
11.154% (T-BILL 3MO + 7.250%) due 07/22/2031 ~

 

300

 

300

Nature Coast Re Ltd.
13.654% (T-BILL 3MO + 9.750%) due 04/10/2033 ~

 

250

 

262

New Immo Holding SA
3.250% due 07/23/2027 (i)

EUR

1,200

 

1,390

Polestar Re Ltd.

 

 

 

 

14.402% (T-BILL 3MO + 10.500%) due 01/07/2028 ~

$

300

 

311

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

September 30, 2025 (Unaudited)

 

17.154% (T-BILL 3MO + 13.250%) due 01/07/2027 ~

 

800

 

833

Sanders Re III Ltd.
16.224% (BRMMUSDF + 12.320%) due 04/09/2029 ~

 

1,815

 

1,134

Titanium 2l Bondco SARL
6.250% due 01/14/2031 (i)

EUR

18,731

 

5,779

Torrey Pines Re Ltd.

 

 

 

 

9.940% (JMMMUSTF + 6.036%) due 06/07/2032 ~

$

250

 

261

11.010% (JMMMUSTF + 7.106%) due 06/07/2032 ~

 

250

 

260

Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC
6.000% due 01/15/2030 (i)

 

8,400

 

7,613

Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC

 

 

 

 

6.500% due 02/15/2029 (i)

 

7,325

 

6,886

8.625% due 06/15/2032 (i)

 

1,200

 

1,147

10.500% due 02/15/2028 (i)

 

2,095

 

2,208

Ursa Re Ltd.

 

 

 

 

11.404% (T-BILL 3MO + 7.500%) due 02/22/2028 ~

 

400

 

404

13.154% (JMMMUSTF + 9.250%) due 12/07/2028 ~

 

900

 

940

Veraison Re Ltd.
16.534% (BRMMUSDF + 12.630%) due 03/10/2031 ~

 

700

 

723

Winston RE Ltd.
15.594% (T-BILL 3MO + 11.690%) due 02/26/2031 ~

 

700

 

756

 

 

 

 

45,442

INDUSTRIALS 21.0%

 

 

 

 

Altice France Holding SA
10.500% due 05/15/2027

 

17,600

 

6,383

Altice France SA

 

 

 

 

3.375% due 01/15/2028

EUR

3,600

 

3,645

4.125% due 01/15/2029

 

100

 

102

5.125% due 01/15/2029

$

200

 

172

5.125% due 07/15/2029

 

3,500

 

3,007

5.500% due 01/15/2028

 

1,600

 

1,416

5.500% due 10/15/2029

 

2,300

 

2,001

8.125% due 02/01/2027

 

400

 

383

ams-OSRAM AG

 

 

 

 

10.500% due 03/30/2029 (i)

EUR

5,100

 

6,403

12.250% due 03/30/2029

$

3,150

 

3,393

Aston Martin Capital Holdings Ltd.

 

 

 

 

10.000% due 03/31/2029 (i)

 

3,800

 

3,724

10.375% due 03/31/2029 (i)

GBP

1,600

 

2,103

Beignet
6.850% due 06/01/2049 «(a)

$

14,200

 

14,200

Carvana Co.
9.000% due 06/01/2031 (i)

 

1,397

 

1,582

Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.
8.000% due 06/15/2029 (i)

 

2,270

 

2,003

Central Parent, Inc./CDK Global, Inc.
7.250% due 06/15/2029 (i)

 

3,020

 

2,612

Cheplapharm Arzneimittel GmbH

 

 

 

 

5.500% due 01/15/2028 (i)

 

1,235

 

1,207

7.500% due 05/15/2030 (i)

EUR

1,100

 

1,339

Cogent Communications Group LLC/Cogent Finance, Inc.
7.000% due 06/15/2027

$

580

 

579

Directv Financing LLC
8.875% due 02/01/2030

 

800

 

791

DISH DBS Corp.

 

 

 

 

5.250% due 12/01/2026

 

4,820

 

4,740

5.750% due 12/01/2028

 

17,600

 

16,887

7.750% due 07/01/2026

 

2,500

 

2,480

Ecopetrol SA

 

 

 

 

4.625% due 11/02/2031 (i)

 

1,900

 

1,705

7.750% due 02/01/2032 (i)

 

12,800

 

13,254

8.375% due 01/19/2036 (i)

 

240

 

248

8.875% due 01/13/2033 (i)

 

500

 

542

EW Scripps Co.
9.875% due 08/15/2030

 

1,700

 

1,597

Incora Intermediate II LLC
0.000% (SOFRRATE + 8.000%) due 01/31/2030 «~

 

2,466

 

2,466

Incora Top Holdco LLC
6.000% due 01/30/2033 «~(h)

 

1,772

 

2,867

INEOS Finance PLC
7.250% due 03/31/2031

EUR

1,500

 

1,761

JetBlue Airways Corp./JetBlue Loyalty LP
9.875% due 09/20/2031 (i)

$

2,730

 

2,771

MPH Acquisition Holdings LLC
5.750% due 12/31/2030 (i)

 

5,000

 

4,370

MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK)
11.500% due 12/31/2030 (b)

 

3,280

 

3,435

Newfold Digital Holdings Group, Inc.

 

 

 

 

6.000% due 02/15/2029 «

 

4,100

 

2,563

11.750% due 10/15/2028 «

 

765

 

543

Nissan Motor Co. Ltd.
7.500% due 07/17/2030

 

400

 

420

Ocado Group PLC

 

 

 

 

10.500% due 08/08/2029 (i)

GBP

1,800

 

2,419

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

September 30, 2025 (Unaudited)

 

11.000% due 06/15/2030 (i)

 

400

 

541

Petroleos Mexicanos

 

 

 

 

6.700% due 02/16/2032 (i)

$

1,978

 

1,961

6.840% due 01/23/2030 (i)

 

800

 

814

8.750% due 06/02/2029 (i)

 

1,489

 

1,605

Prime Healthcare Services, Inc.
9.375% due 09/01/2029 (i)

 

2,200

 

2,290

ProFrac Holdings II LLC
11.226% (TSFR3M + 7.250%) due 01/23/2029 ~(i)

 

2,680

 

2,777

Thames Water Super Senior Issuer PLC
9.750% due 10/10/2027

GBP

90

 

135

Thames Water Utilities Finance PLC

 

 

 

 

1.250% due 01/31/2034

EUR

100

 

81

2.625% due 01/24/2034

GBP

100

 

92

4.375% due 01/18/2033

EUR

100

 

83

5.125% due 09/28/2039

GBP

200

 

188

7.750% due 04/30/2046

 

400

 

384

Thames Water Utilities Ltd.
0.000% due 03/22/2027 (f)

 

7

 

8

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

$

4,470

 

3,911

Ubisoft Entertainment SA
0.878% due 11/24/2027

EUR

1,800

 

1,974

Vale SA
0.000% due 12/29/2049 ~(g)

BRL

10,300

 

695

Venture Global LNG, Inc.
9.500% due 02/01/2029 (i)

$

2,008

 

2,214

Viridien

 

 

 

 

8.500% due 10/15/2030

EUR

2,100

 

2,561

8.500% due 10/15/2030 (i)

 

300

 

366

10.000% due 10/15/2030 (i)

$

2,000

 

2,057

Wayfair LLC
7.750% due 09/15/2030 (i)

 

200

 

210

Xerox Corp.
13.500% due 04/15/2031 (i)

 

500

 

485

Yinson Boronia Production BV
8.947% due 07/31/2042 (i)

 

1,275

 

1,422

ZF North America Capital, Inc.
7.500% due 03/24/2031

 

1,100

 

1,093

 

 

 

 

150,060

UTILITIES 3.3%

 

 

 

 

Comision Ejecutiva Hidroelectrica del Rio Lempa
8.650% due 01/24/2033

 

1,700

 

1,780

OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK)
10.000% due 06/30/2027 (b)(i)

 

16,778

 

11,073

OI SA (8.500% PIK)
8.500% due 12/31/2028 (b)

 

35,764

 

1,073

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

 

7,938

 

7,623

Yinson Production Financial Services Pte. Ltd.
9.625% due 05/03/2029

 

1,600

 

1,694

 

 

 

 

23,243

Total Corporate Bonds & Notes (Cost $258,126)

 

 

 

218,745

U.S. GOVERNMENT AGENCIES 7.0%

 

 

 

 

Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust

 

 

 

 

4.500% due 02/25/2059 - 11/25/2061 ~(i)

 

14,881

 

14,032

4.750% due 08/25/2058 ~(i)

 

8,253

 

8,031

Federal Home Loan Mortgage Corp. STACR REMICS Trust

 

 

 

 

11.456% due 01/25/2042 •(i)

 

2,000

 

2,123

11.856% due 10/25/2041 •(i)

 

7,400

 

7,773

12.156% due 11/25/2041 •(i)

 

6,229

 

6,605

12.856% due 02/25/2042 •(i)

 

800

 

866

Federal National Mortgage Association Connecticut Avenue Securities Trust

 

 

 

 

10.356% due 10/25/2041 •(i)

 

4,755

 

4,938

13.856% due 03/25/2042 •(i)

 

5,200

 

5,732

Total U.S. Government Agencies (Cost $48,149)

 

 

 

50,100

NON-AGENCY MORTGAGE-BACKED SECURITIES 31.0%

 

 

 

 

225 Liberty Street Trust
4.803% due 02/10/2036 ~(i)

 

14,239

 

13,164

245 Park Avenue Trust
3.779% due 06/05/2037 ~(i)

 

2,680

 

2,570

Ashford Hospitality Trust
7.423% due 04/15/2035 •(i)

 

14,536

 

14,488

Banc of America Funding Trust
6.500% due 07/25/2047

 

827

 

641

BBCCRE Trust
4.715% due 08/10/2033 ~(i)

 

5,370

 

3,311

BBCMS Mortgage Trust
3.811% due 02/15/2053 ~(i)

 

4,785

 

3,490

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

September 30, 2025 (Unaudited)

 

BCAP LLC Trust

 

 

 

 

1.048% due 11/27/2036 •(i)

 

38,346

 

8,352

3.781% due 04/25/2038 ~(i)

 

2,885

 

2,238

BCP Trust
7.903% due 06/15/2038 •(i)

 

5,500

 

1,206

Beast Mortgage Trust

 

 

 

 

7.715% due 03/15/2036 •(i)

 

6,750

 

1,457

8.715% due 03/15/2036 •(i)

 

2,500

 

357

Benchmark Mortgage Trust
3.555% due 08/15/2052 ~(i)

 

9,600

 

9,401

BMO Mortgage Trust

 

 

 

 

3.378% due 02/17/2055 ~(i)

 

9,615

 

8,854

4.070% due 02/17/2055 ~(i)

 

11,000

 

8,063

BSST Mortgage Trust

 

 

 

 

9.651% due 02/15/2037 •(i)

 

8,800

 

1,021

10.651% due 02/15/2037 •

 

1,500

 

111

CHL Mortgage Pass-Through Trust
6.500% due 01/25/2038 (i)

 

13,893

 

5,920

CLNY Trust

 

 

 

 

6.613% due 11/15/2038 •(i)

 

2,300

 

2,224

7.309% due 11/15/2038 •(i)

 

3,400

 

3,155

CSMC Trust
7.744% due 07/15/2032 •(i)

 

12,000

 

11,947

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

 

14,250

 

10,473

Extended Stay America Trust
7.964% due 07/15/2038 •(i)

 

9,841

 

9,864

GSMSC Resecuritization Trust
0.702% due 11/26/2037 •(i)

 

12,227

 

11,605

JP Morgan Chase Commercial Mortgage Securities Trust

 

 

 

 

6.498% due 12/15/2031 •(i)

 

5,025

 

4,889

6.705% due 06/15/2038 •(i)

 

3,276

 

2,826

7.365% due 03/15/2036 •(i)

 

2,000

 

901

7.905% due 06/15/2038 •

 

250

 

185

8.115% due 03/15/2036 •(i)

 

19,256

 

7,294

9.115% due 03/15/2036 •

 

1,325

 

203

MRCD Mortgage Trust
2.718% due 12/15/2036 (i)

 

16,198

 

9,255

New Orleans Hotel Trust
6.887% due 04/15/2032 •(i)

 

12,700

 

12,435

New Residential Mortgage Loan Trust
3.844% due 11/25/2059 ~(i)

 

15,500

 

9,186

SFO Commercial Mortgage Trust

 

 

 

 

6.664% due 05/15/2038 •

 

340

 

336

7.164% due 05/15/2038 •(i)

 

6,500

 

6,340

Stratton Hawksmoor PLC

 

 

 

 

5.986% due 02/25/2053 •(i)

GBP

3,800

 

5,069

6.736% due 02/25/2053 •(i)

 

8,379

 

11,176

Uropa Securities PLC
3.298% due 10/10/2040 •(i)

EUR

2,640

 

2,761

WaMu Mortgage Pass-Through Certificates Trust
5.172% due 10/25/2045 •(i)

$

7,315

 

6,384

Wells Fargo Commercial Mortgage Trust
5.092% due 12/15/2039 ~(i)

 

8,600

 

7,922

Total Non-Agency Mortgage-Backed Securities (Cost $270,209)

 

 

 

221,074

ASSET-BACKED SECURITIES 31.1%

 

 

 

 

AUTOMOBILE ABS OTHER 0.4%

 

 

 

 

Flagship Credit Auto Trust
0.000% due 06/15/2029 «(f)

 

25

 

0

Santander Bank Auto Credit-Linked Notes

 

 

 

 

7.762% due 06/15/2032

 

743

 

751

10.171% due 06/15/2032

 

962

 

983

13.030% due 06/15/2032

 

1,115

 

1,142

 

 

 

 

2,876

AUTOMOBILE SEQUENTIAL 0.7%

 

 

 

 

CPS Auto Securitization Trust
11.000% due 06/16/2032 «

 

4,972

 

5,057

HOME EQUITY OTHER 18.7%

 

 

 

 

ACE Securities Corp. Home Equity Loan Trust

 

 

 

 

4.692% due 04/25/2036 •(i)

 

24,347

 

19,147

4.712% due 08/25/2036 •(i)

 

20,745

 

4,677

Aegis Asset-Backed Securities Trust
5.247% due 06/25/2035 •(i)

 

4,500

 

1,359

Bear Stearns Asset-Backed Securities I Trust
5.322% due 07/25/2034 •(i)

 

3,870

 

4,075

BNC Mortgage Loan Trust
4.562% due 05/25/2037 •(i)

 

16,250

 

13,946

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

September 30, 2025 (Unaudited)

 

Countrywide Asset-Backed Certificates Trust

 

 

 

 

4.532% due 06/25/2047 •(i)

 

15,164

 

12,407

4.647% due 06/25/2047 •(i)

 

10,535

 

9,337

5.242% due 08/25/2047 •(i)

 

2,000

 

1,757

GSAMP Trust

 

 

 

 

4.692% due 05/25/2046 •(i)

 

13,917

 

12,357

5.217% due 07/25/2045 •(i)

 

15,226

 

11,407

Home Equity Mortgage Loan Asset-Backed Trust
5.187% due 10/25/2035 •(i)

 

11,200

 

9,720

HSI Asset Securitization Corp. Trust
5.082% due 12/25/2035 •(i)

 

13,243

 

10,231

Long Beach Mortgage Loan Trust
5.847% due 02/25/2035 •(i)

 

10,308

 

9,238

Merrill Lynch Mortgage Investors Trust
5.322% due 04/25/2036 •(i)

 

5,986

 

5,084

Saxon Asset Securities Trust
4.562% due 01/25/2047 •(i)

 

1,712

 

1,754

Structured Asset Securities Corp. Mortgage Loan Trust
5.697% due 02/25/2036 •(i)

 

6,876

 

6,686

 

 

 

 

133,182

WHOLE LOAN COLLATERAL 4.7%

 

 

 

 

First Franklin Mortgage Loan Trust
4.582% due 10/25/2036 •(i)

 

15,000

 

12,437

PRET LLC
6.170% due 07/25/2051 þ(i)

 

11,962

 

11,961

Securitized Asset-Backed Receivables LLC Trust
4.872% due 11/25/2035 •(i)

 

5,264

 

4,524

Specialty Underwriting & Residential Finance Trust
6.072% due 12/25/2035 •(i)

 

4,740

 

4,511

 

 

 

 

33,433

OTHER ABS 6.6%

 

 

 

 

College Avenue Student Loans Trust

 

 

 

 

0.000% due 06/25/2054 «(f)

 

5

 

2,712

6.610% due 06/25/2054

 

635

 

659

8.660% due 06/25/2054

 

914

 

977

Cologix Canadian Issuer LP
7.740% due 01/25/2052

CAD

5,400

 

3,790

Deer Park CLO DAC
0.000% due 10/15/2034 ~

EUR

4,000

 

2,609

Duke Funding VI Ltd.
8.000% due 04/08/2039 •(i)

$

125,567

 

9,900

LendingPoint Pass-Through Trust

 

 

 

 

0.000% due 04/15/2028 «(f)

 

7,600

 

1,088

0.000% due 05/15/2028 «(f)

 

7,554

 

1,106

RR 1 LLC
0.000% due 07/15/2117 ~

 

3,200

 

569

RR 17 Ltd.
0.000% due 07/15/2034 ~

 

4,000

 

1,931

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

 

14,600

 

5,796

SMB Private Education Loan Trust

 

 

 

 

0.000% due 11/16/2054 «(f)

 

9

 

7,430

0.000% due 02/16/2055 «(f)

 

5

 

4,997

Upstart Securitization Trust
7.410% due 09/20/2035

 

3,500

 

3,490

 

 

 

 

47,054

Total Asset-Backed Securities (Cost $261,842)

 

 

 

221,602

SOVEREIGN ISSUES 6.5%

 

 

 

 

Argentina Republic Government International Bonds

 

 

 

 

0.750% due 07/09/2030 þ

 

560

 

380

4.125% due 07/09/2035 þ

 

1,100

 

580

Avenir Issuer IV Ireland DAC
6.000% due 10/25/2027

 

1,973

 

1,904

Dominican Republic International Bonds
10.500% due 03/15/2037 (i)

DOP

427,900

 

7,370

Ecuador Government International Bonds

 

 

 

 

0.000% due 07/31/2030 (f)(i)

$

2,700

 

2,085

6.900% due 07/31/2030 þ(i)

 

4,100

 

3,653

Egypt Government International Bonds
6.375% due 04/11/2031 (i)

EUR

1,800

 

2,030

El Salvador Government International Bonds
9.250% due 04/17/2030 (i)

$

1,700

 

1,859

Romania Government International Bonds

 

 

 

 

5.875% due 07/11/2032 (i)

EUR

5,600

 

6,737

6.250% due 09/10/2034

 

5,800

 

7,027

Russia Foreign Bonds - Eurobond

 

 

 

 

5.625% due 04/04/2042

$

8,800

 

6,160

5.875% due 09/16/2043

 

200

 

137

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

September 30, 2025 (Unaudited)

 

Turkiye Government Bonds

 

 

 

 

40.854% (BISTREFI) due 09/06/2028 ~

TRY

240,100

 

5,631

42.493% (BISTREFI) due 05/17/2028 ~

 

27,900

 

660

Total Sovereign Issues (Cost $41,213)

 

 

 

46,213

 

 

SHARES

 

 

COMMON STOCKS 6.5%

 

 

 

 

COMMUNICATION SERVICES 0.1%

 

 

 

 

OI SA (d)

 

6,837,091

 

681

CONSUMER DISCRETIONARY 0.0%

 

 

 

 

West Marine «(d)(h)

 

8,371

 

53

CONSUMER STAPLES 0.0%

 

 

 

 

Steinhoff International Holdings NV «(d)(h)

 

39,030,044

 

0

FINANCIALS 1.4%

 

 

 

 

Banca Monte dei Paschi di Siena SpA

 

1,073,500

 

9,503

MNSN Holdings, Inc. (d)(h)

 

3,863

 

231

 

 

 

 

9,734

HEALTH CARE 4.6%

 

 

 

 

AmSurg Corp. «(d)(h)

 

718,727

 

32,448

INDUSTRIALS 0.4%

 

 

 

 

Incora New Equity «(d)(h)

 

80,167

 

3,218

 

 

 

 

3,218

Total Common Stocks (Cost $36,183)

 

 

 

46,134

WARRANTS 0.0%

 

 

 

 

CONSUMER DISCRETIONARY 0.0%

 

 

 

 

West Marine - Exp. 09/11/2028 «

 

14,259

 

0

Total Warrants (Cost $0)

 

 

 

0

PREFERRED SECURITIES 2.9%

 

 

 

 

BANKING & FINANCE 0.0%

 

 

 

 

ADLER Group SA «

 

3,298,852

 

0

INDUSTRIALS 2.9%

 

 

 

 

Atlas Re Ltd. «

 

59

 

6,273

Clover Holdings, Inc.
0.000% «(h)

 

12,441

 

245

SVB Financial Trust

 

 

 

 

0.000% due 11/07/2032 (f)

 

19,600

 

2

11.000% due 11/07/2032

 

4,403

 

2,400

Syniverse Holdings, Inc.
12.500% «(h)

 

12,036,018

 

11,735

 

 

 

 

20,655

Total Preferred Securities (Cost $20,461)

 

 

 

20,655

 

 

PRINCIPAL
AMOUNT
(000s)

 

 

SHORT-TERM INSTRUMENTS 0.5%

 

 

 

 

U.S. TREASURY BILLS 0.5%

 

 

 

 

4.031% due 10/14/2025 - 01/27/2026 (e)(f)(l)

$

3,701

 

3,674

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

September 30, 2025 (Unaudited)

 

Total Short-Term Instruments (Cost $3,673)

 

 

 

3,674

Total Investments in Securities (Cost $1,198,619)

 

 

 

1,086,179

 

 

SHARES

 

 

INVESTMENTS IN AFFILIATES 12.0%

 

 

 

 

COMMON STOCKS 1.1%

 

 

 

 

AFFILIATED INVESTMENTS 1.1%

 

 

 

 

Market Garden †«‡(h)

 

7,885,911

 

8,029

Total Common Stocks (Cost $7,886)

 

 

 

8,029

SHORT-TERM INSTRUMENTS 10.9%

 

 

 

 

CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.9%

 

 

 

 

PIMCO Short-Term Floating NAV Portfolio III

 

7,965,038

 

77,571

Total Short-Term Instruments (Cost $77,516)

 

 

 

77,571

Total Investments in Affiliates (Cost $85,402)

 

 

 

85,600

Total Investments 164.4% (Cost $1,284,021)

 

 

$

1,171,779

Financial Derivative Instruments (j)(k) (0.1)%(Cost or Premiums, net $13,239)

 

 

 

(1,080)

Other Assets and Liabilities, net (64.2)%

 

 

 

(458,120)

Net Assets 100.0%

 

 

$

712,579

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

September 30, 2025 (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.

†

Represents co-investment made with Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission.

^

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.

‡

Insurance-Linked Investments.

(a)

When-issued security.

(b)

Payment in-kind security.

(c)

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

(d)

Security did not produce income within the last twelve months.

(e)

Coupon represents a weighted average yield to maturity.

(f)

Zero coupon security.

(g)

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

(h)

RESTRICTED SECURITIES:

Issuer Description

 

 

Acquisition
Date

 

Cost

 

Market
Value

Market Value
as Percentage
of Net Assets

AmSurg Corp.

 

 

11/02/2023 - 11/06/2023

$

30,032

$

32,448

4.56

%

Clover Holdings, Inc.

 

 

12/09/2024 - 03/10/2025

 

186

 

245

0.03

 

Incora New Equity

 

 

01/31/2025

 

3,894

 

3,218

0.45

 

Incora Top Holdco LLC 6.000% due 01/30/2033

 

 

01/31/2025 - 08/01/2025

 

1,772

 

2,867

0.40

 

MNSN Holdings, Inc.

 

 

03/16/2023 - 03/29/2023

 

43

 

231

0.03

 

Market Garden

 

 

03/13/2024

 

7,886

 

8,029

1.13

 

Steinhoff International Holdings NV

 

 

06/30/2023 - 10/30/2023

 

0

 

0

0.00

 

Syniverse Holdings, Inc.

 

 

05/12/2022 - 05/30/2025

 

11,870

 

11,735

1.65

 

West Marine

 

 

09/12/2023

 

120

 

53

0.01

 

 

 

 

 

$

55,803

$

58,826

8.26%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

REVERSE REPURCHASE AGREEMENTS:

Counterparty

Borrowing Rate(1)

Settlement Date

Maturity Date

 

Amount
Borrowed(1)

 

Payable for
Reverse
Repurchase
Agreements

BPS

4.380%

09/19/2025

TBD(2)

$

(1,554)

$

(1,557)

 

4.480

09/19/2025

TBD(2)

 

(2,598)

 

(2,602)

 

5.280

08/13/2025

02/11/2026

 

(4,892)

 

(4,928)

 

5.360

08/13/2025

02/11/2026

 

(6,794)

 

(6,845)

 

5.390

07/25/2025

01/22/2026

 

(48,227)

 

(48,729)

BRC

1.500

09/25/2025

TBD(2)

EUR

(1,171)

 

(1,375)

 

1.500

09/29/2025

TBD(2)

 

(323)

 

(379)

 

2.000

09/25/2025

TBD(2)

 

(3,460)

 

(4,064)

 

2.150

09/29/2025

TBD(2)

 

(427)

 

(502)

 

3.500

09/15/2025

TBD(2)

GBP

(105)

 

(141)

 

3.600

09/25/2025

TBD(2)

 

(1,822)

 

(2,452)

 

3.983

10/01/2025

02/02/2026

$

(4,841)

 

(4,841)

 

4.033

10/01/2025

02/02/2026

 

(262)

 

(262)

 

4.080

09/19/2025

TBD(2)

 

(1,766)

 

(1,768)

 

5.210

04/04/2025

10/01/2025

 

(4,892)

 

(5,020)

 

5.230

10/01/2025

12/30/2025

 

(10,847)

 

(10,847)

 

5.260

08/29/2025

10/01/2025

 

(10,820)

 

(10,874)

 

5.310

08/29/2025

10/01/2025

 

(808)

 

(813)

 

5.330

10/01/2025

12/30/2025

 

(22,542)

 

(22,542)

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

September 30, 2025 (Unaudited)

 

 

5.360

04/04/2025

10/01/2025

 

(932)

 

(957)

 

5.360

08/12/2025

12/10/2025

 

(3,570)

 

(3,597)

 

5.360

08/29/2025

10/01/2025

 

(21,613)

 

(21,722)

 

5.360

09/09/2025

01/07/2026

 

(4,396)

 

(4,411)

 

5.360

09/25/2025

01/26/2026

 

(4,661)

 

(4,665)

 

5.480

07/08/2025

10/08/2025

 

(6,246)

 

(6,327)

 

5.580

07/22/2025

10/22/2025

 

(2,196)

 

(2,220)

BYR

4.610

09/03/2025

10/01/2025

 

(1,941)

 

(1,948)

 

4.610

09/03/2025

11/03/2025

 

(8,777)

 

(8,810)

 

4.630

09/30/2025

10/21/2025

 

(2,335)

 

(2,335)

 

4.660

07/21/2025

10/21/2025

 

(16,335)

 

(16,492)

CEW

5.575

04/24/2025

10/20/2025

 

(1,484)

 

(1,521)

DBL

2.050

09/04/2025

TBD(2)

EUR

(2,012)

 

(2,365)

 

2.170

09/25/2025

TBD(2)

 

(1,175)

 

(1,380)

 

4.400

09/19/2025

TBD(2)

$

(1,110)

 

(1,112)

 

4.400

09/30/2025

10/01/2025

 

(534)

 

(534)

 

4.400

10/01/2025

TBD(2)

 

(356)

 

(356)

 

4.450

09/19/2025

TBD(2)

 

(7,292)

 

(7,302)

 

4.710

09/19/2025

10/17/2025

 

(6,281)

 

(6,291)

 

5.040

09/16/2025

11/14/2025

 

(3,838)

 

(3,846)

 

5.352

08/29/2025

10/31/2025

 

(14,070)

 

(14,139)

 

5.452

08/29/2025

10/31/2025

 

(8,956)

 

(9,001)

 

5.752

08/29/2025

10/31/2025

 

(7,754)

 

(7,795)

 

5.852

08/29/2025

10/31/2025

 

(9,004)

 

(9,052)

IND

4.640

09/16/2025

12/16/2025

 

(1,635)

 

(1,639)

JML

1.900

09/04/2025

TBD(2)

EUR

(5,632)

 

(6,622)

MEI

2.620

09/17/2025

01/16/2026

 

(3,969)

 

(4,665)

 

4.520

09/26/2025

12/29/2025

GBP

(3,002)

 

(4,040)

 

4.670

09/26/2025

11/26/2025

 

(6,132)

 

(8,252)

MSB

2.643

09/26/2025

12/29/2025

EUR

(1,869)

 

(2,195)

 

5.160

09/30/2025

03/30/2026

$

(2,035)

 

(2,035)

 

5.210

08/19/2025

02/19/2026

 

(430)

 

(432)

 

5.260

08/05/2025

02/02/2026

 

(2,511)

 

(2,533)

 

5.310

08/05/2025

02/02/2026

 

(16,229)

 

(16,370)

 

5.410

08/05/2025

02/02/2026

 

(4,976)

 

(5,020)

MZF

5.280

09/17/2025

03/17/2026

 

(61,797)

 

(61,932)

RTA

4.740

09/10/2025

01/09/2026

 

(2,404)

 

(2,411)

 

4.740

09/25/2025

01/09/2026

 

(1,610)

 

(1,611)

 

4.740

10/01/2025

01/09/2026

 

(1,515)

 

(1,515)

 

4.760

09/23/2025

01/09/2026

 

(1,189)

 

(1,190)

 

5.130

09/18/2025

03/18/2026

 

(9,625)

 

(9,644)

 

5.240

09/10/2025

01/09/2026

 

(1,765)

 

(1,771)

 

5.260

07/30/2025

01/28/2026

 

(1,207)

 

(1,219)

 

5.310

07/30/2025

01/28/2026

 

(1,326)

 

(1,339)

SOG

4.350

09/19/2025

TBD(2)

 

(1,408)

 

(1,410)

 

4.370

09/19/2025

TBD(2)

 

(6,952)

 

(6,962)

 

4.370

09/19/2025

09/18/2027

 

(2,220)

 

(2,220)

 

4.370

09/25/2025

TBD(2)

 

(1,601)

 

(1,602)

 

4.370

09/26/2025

TBD(2)

 

(1,447)

 

(1,448)

 

4.470

09/19/2025

TBD(2)

 

(3,716)

 

(3,721)

 

4.470

09/29/2025

09/29/2027

 

(1,488)

 

(1,488)

 

4.820

08/20/2025

10/07/2025

 

(1,789)

 

(1,799)

 

4.860

07/08/2025

10/08/2025

 

(879)

 

(889)

 

5.160

09/22/2025

03/18/2026

 

(1,250)

 

(1,252)

 

5.260

08/19/2025

02/19/2026

 

(3,116)

 

(3,136)

 

5.310

08/07/2025

02/06/2026

 

(5,802)

 

(5,851)

UBS

2.090

09/25/2025

TBD(2)

EUR

(5,614)

 

(6,593)

 

2.150

06/11/2025

TBD(2)

 

(1,457)

 

(1,722)

 

2.190

09/25/2025

TBD(2)

 

(913)

 

(1,072)

 

4.230

09/25/2025

TBD(2)

GBP

(1,413)

 

(1,902)

 

4.890

07/16/2025

10/02/2025

$

(3,415)

 

(3,450)

 

5.210

04/04/2025

10/03/2025

 

(4,990)

 

(5,128)

 

5.320

07/23/2025

10/23/2025

 

(7,906)

 

(7,988)

 

5.340

04/16/2025

10/16/2025

 

(8,406)

 

(8,616)

 

5.360

04/04/2025

10/03/2025

 

(5,203)

 

(5,347)

 

5.460

05/19/2025

11/19/2025

 

(572)

 

(584)

 

5.470

07/23/2025

10/23/2025

 

(4,310)

 

(4,356)

Total Reverse Repurchase Agreements

 

 

 

 

 

$

(483,690)

(i)

Securities with an aggregate market value of $571,163 and cash of $2,433 have been pledged as collateral under the terms of master agreements as of September 30, 2025.

(1)

The average amount of borrowings outstanding during the period ended September 30, 2025 was $(131,825) at a weighted average interest rate of 5.161%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(2)

Open maturity reverse repurchase agreement.

(j)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

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

September 30, 2025 (Unaudited)

 

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

03/2026

 

18

$

(4,334)

 

$

69

$

0

$

(2)

3-Month SOFR Active Contract March Futures

06/2026

 

16

 

(3,860)

 

 

53

 

0

 

(1)

3-Month SOFR Active Contract September Futures

12/2025

 

13

 

(3,119)

 

 

61

 

0

 

0

Total Futures Contracts

 

$

183

$

0

$

(3)

SWAP AGREEMENTS:

INTEREST RATE SWAPS

 

Variation Margin

Pay/
Receive
Floating Rate

Floating Rate Index

Fixed Rate

Payment
Frequency

Maturity
Date

 

Notional
Amount

 

Premiums
Paid/
(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Market
Value

 

Asset

 

Liability

Pay

1-Day GBP-SONIO Compounded-OIS

3.750%

Annual

09/17/2030

GBP

1,500

$

(8)

$

(1)

$

(9)

$

2

$

0

Receive

1-Day USD-SOFR Compounded-OIS

2.300

Annual

01/17/2026

$

2,600

 

1

 

51

 

52

 

0

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/18/2027

 

239,300

 

2,406

 

(1,762)

 

644

 

111

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/18/2028

 

84,900

 

1,218

 

(619)

 

599

 

55

 

0

Receive

1-Day USD-SOFR Compounded-OIS

3.750

Annual

06/20/2029

 

1,400

 

(26)

 

9

 

(17)

 

0

 

(1)

Pay

1-Day USD-SOFR Compounded-OIS

3.250

Annual

06/18/2030

 

111,900

 

(1,026)

 

43

 

(983)

 

50

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.750

Annual

06/15/2052

 

25,600

 

6,320

 

3,269

 

9,589

 

68

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.750

Annual

12/21/2052

 

17,400

 

4,191

 

2,611

 

6,802

 

47

 

0

Receive

1-Day USD-SOFR Compounded-OIS

3.400

Annual

12/21/2052

 

22,900

 

40

 

2,262

 

2,302

 

60

 

0

Receive

6-Month EUR-EURIBOR

0.500

Annual

09/21/2052

EUR

7,800

 

676

 

3,504

 

4,180

 

0

 

(37)

Receive(1)

6-Month EUR-EURIBOR

0.830

Annual

12/09/2052

 

22,900

 

313

 

2,664

 

2,977

 

0

 

(20)

Total Swap Agreements

$

14,105

$

12,031

$

26,136

$

393

$

(58)

Cash of $9,719 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.

(1)

This instrument has a forward starting effective date.

(k)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

 

Unrealized Appreciation/(Depreciation)

Counterparty

Settlement
Month

 

Currency to
be Delivered

 

Currency to
be Received

 

Asset

 

Liability

BOA

10/2025

EUR

412

$

482

$

0

$

(2)

 

10/2025

$

14

JPY

2,029

 

0

 

0

 

11/2025

DOP

88,711

$

1,388

 

0

 

(24)

 

11/2025

JPY

2,022

 

14

 

0

 

0

 

11/2025

$

805

EUR

684

 

0

 

0

BPS

10/2025

TRY

1,839

$

43

 

0

 

0

 

10/2025

$

13,962

EUR

11,857

 

0

 

(41)

 

10/2025

 

4,770

GBP

3,538

 

0

 

(12)

 

10/2025

 

16

JPY

2,351

 

0

 

0

 

11/2025

JPY

2,342

$

16

 

0

 

0

 

05/2026

$

149

KWD

45

 

0

 

0

 

06/2026

 

107

 

33

 

1

 

0

 

07/2026

 

67

 

20

 

0

 

0

 

06/2027

 

52

 

16

 

0

 

0

 

05/2029

KWD

239

$

820

 

30

 

0

 

07/2029

 

17

 

60

 

2

 

0

 

05/2030

 

163

 

560

 

19

 

0

BRC

10/2025

EUR

590

 

690

 

0

 

(3)

 

10/2025

TRY

18,235

 

438

 

0

 

0

 

10/2025

$

642

EUR

548

 

1

 

0

 

10/2025

 

3,682

TRY

157,043

 

79

 

0

 

11/2025

EUR

548

$

644

 

0

 

(1)

 

11/2025

$

3,794

TRY

165,393

 

35

 

0

 

11/2025

ZAR

4,190

$

238

 

0

 

(4)

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

September 30, 2025 (Unaudited)

 

 

12/2025

$

879

TRY

38,697

 

2

 

0

BSH

10/2025

EUR

122,999

$

142,906

 

0

 

(1,500)

CBK

10/2025

 

791

 

929

 

0

 

0

 

10/2025

HKD

33,107

 

4,258

 

2

 

0

 

10/2025

$

3,861

CAD

5,381

 

6

 

0

 

10/2025

 

1,600

EUR

1,364

 

2

 

(1)

 

10/2025

ZAR

989

$

57

 

0

 

0

 

11/2025

CAD

5,373

 

3,861

 

0

 

(6)

DUB

11/2025

ZAR

9,860

 

563

 

0

 

(6)

FAR

10/2025

JPY

12,192

 

83

 

1

 

0

 

10/2025

$

924

EUR

791

 

5

 

0

 

11/2025

EUR

791

$

926

 

0

 

(5)

GLM

11/2025

DOP

13,511

 

211

 

0

 

(4)

 

01/2026

 

99,871

 

1,616

 

38

 

0

 

02/2026

 

9,330

 

149

 

2

 

0

 

03/2026

 

56,618

 

878

 

3

 

(13)

JPM

10/2025

CAD

5,381

 

3,894

 

27

 

0

 

10/2025

$

940

TRY

40,143

 

21

 

0

 

11/2025

ZAR

8,744

$

499

 

0

 

(6)

MBC

10/2025

EUR

1,418

 

1,670

 

9

 

(3)

 

10/2025

$

9,874

EUR

8,452

 

49

 

0

 

10/2025

 

8

JPY

1,165

 

0

 

0

 

11/2025

GBP

473

$

636

 

0

 

0

 

11/2025

JPY

1,161

 

8

 

0

 

0

SCX

10/2025

$

15,805

GBP

11,816

 

86

 

0

 

11/2025

GBP

11,816

$

15,808

 

0

 

(86)

SOG

10/2025

JPY

6,362

 

43

 

0

 

0

 

10/2025

$

122,165

EUR

103,882

 

0

 

(203)

 

10/2025

 

82

JPY

12,165

 

1

 

0

 

11/2025

EUR

103,882

$

122,410

 

204

 

0

 

11/2025

JPY

12,123

 

82

 

0

 

(1)

SSB

10/2025

GBP

15,354

 

20,696

 

46

 

0

UAG

10/2025

$

57

ZAR

989

 

0

 

0

 

10/2025

ZAR

990

$

57

 

0

 

0

 

11/2025

 

4,557

 

258

 

0

 

(4)

Total Forward Foreign Currency Contracts

$

671

$

(1,925)

SWAP AGREEMENTS:

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

 

Swap Agreements, at Value(4)

Counterparty

Reference Entity

Fixed
Receive Rate

Payment
Frequency

Maturity
Date

Implied
Credit Spread at
September 30, 2025(2)

 

Notional
Amount(3)

 

Premiums
Paid/(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

BPS

Petroleos Mexicanos

1.000%

Quarterly

12/20/2028

2.159%

$

900

$

(174)

$

143

$

0

$

(31)

BRC

Egypt Government International Bonds

1.000

Quarterly

12/20/2028

3.236

 

3,000

 

(521)

 

327

 

0

 

(194)

 

Egypt Government International Bonds

1.000

Quarterly

06/20/2029

3.441

 

800

 

(171)

 

107

 

0

 

(64)

DUB

Petroleos Mexicanos «

4.750

Monthly

07/06/2026

—◆

 

1,176

 

0

 

15

 

15

 

0

 

Petroleos Mexicanos «

4.850

Monthly

07/06/2026

—◆

 

2,059

 

0

 

27

 

27

 

0

 

 

 

 

 

 

 

$

(866)

$

619

$

42

$

(289)

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

0.000%

Monthly

09/01/2027

 

204

$

0

$

48

$

48

$

0

BPS

Pay

Clover Holdings SPV III LLC

0.000%

Monthly

12/09/2027

 

11

 

0

 

12

 

12

 

0

BPS

Pay

Veritas US Inc.

0.000%

Monthly

12/31/2025

 

25

 

0

 

29

 

29

 

0

 

 

 

 

 

 

 

$

0

$

89

$

89

$

0

Total Swap Agreements

$

(866)

$

708

$

131

$

(289)

(l)

Securities with an aggregate market value of $1,533 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

◆

Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

(1)

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

(2)

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

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

September 30, 2025 (Unaudited)

 

(3)

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

(4)

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

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

 

Category and Subcategory

Level 1

Level 2

Level 3

Fair Value
at 09/30/2025

Investments in Securities, at Value

Loan Participations and Assignments

$

0

$

151,928

$

106,054

$

257,982

 

Corporate Bonds & Notes

 

Banking & Finance

 

0

 

45,442

 

0

 

45,442

 

 

Industrials

 

0

 

127,421

 

22,639

 

150,060

 

 

Utilities

 

0

 

23,243

 

0

 

23,243

 

U.S. Government Agencies

 

0

 

50,100

 

0

 

50,100

 

Non-Agency Mortgage-Backed Securities

 

0

 

221,074

 

0

 

221,074

 

Asset-Backed Securities

 

Automobile ABS Other

 

0

 

2,876

 

0

 

2,876

 

 

Automobile Sequential

 

0

 

0

 

5,057

 

5,057

 

 

Home Equity Other

 

0

 

133,182

 

0

 

133,182

 

 

Whole Loan Collateral

 

0

 

33,433

 

0

 

33,433

 

 

Other ABS

 

0

 

29,721

 

17,333

 

47,054

 

Sovereign Issues

 

0

 

46,213

 

0

 

46,213

 

Common Stocks

 

Communication Services

 

681

 

0

 

0

 

681

 

 

Consumer Discretionary

 

0

 

0

 

53

 

53

 

 

Financials

 

231

 

9,503

 

0

 

9,734

 

 

Health Care

 

0

 

0

 

32,448

 

32,448

 

 

Industrials

 

0

 

0

 

3,218

 

3,218

 

Preferred Securities

 

Industrials

 

0

 

2,402

 

18,253

 

20,655

 

Short-Term Instruments

 

U.S. Treasury Bills

 

0

 

3,674

 

0

 

3,674

 

 

$

912

$

880,212

$

205,055

$

1,086,179

 

Investments in Affiliates, at Value

Common Stocks

 

Affiliated Investments

 

0

 

0

 

8,029

 

8,029

 

Short-Term Instruments

 

Central Funds Used for Cash Management Purposes

 

77,571

 

0

 

0

 

77,571

 

 

$

77,571

$

0

$

0

$

85,600

 

Total Investments

$

78,483

$

880,212

$

213,084

$

1,171,779

 

Financial Derivative Instruments - Assets

Exchange-traded or centrally cleared

 

0

 

393

 

0

 

393

 

Over the counter

 

0

 

760

 

42

 

802

 

 

$

0

$

1,153

$

42

$

1,195

 

Financial Derivative Instruments - Liabilities

Exchange-traded or centrally cleared

 

0

 

(61)

 

0

 

(61)

 

Over the counter

 

0

 

(2,214)

 

0

 

(2,214)

 

 

$

0

$

(2,275)

$

0

$

(2,275)

 

Total Financial Derivative Instruments

$

0

$

(1,122)

$

42

$

(1,080)

 

Totals

$

78,483

$

879,090

$

213,126

$

1,170,699

 

 

 

 

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

Category and Subcategory

Beginning
Balance
at 06/30/2025

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 09/30/2025

Net Change in
Unrealized
Appreciation/
(Depreciation)
on Investments
Held at
09/30/2025 (2)

Investments in Securities, at Value

Loan Participations and Assignments

$

69,500

$

2,379

$

(1,116)

$

99

$

26

$

(278)

$

35,444

$

0

$

106,054

$

(246)

Corporate Bonds & Notes

 

Banking & Finance

 

58

 

(55)

 

0

 

0

 

0

 

(3)

 

0

 

0

 

0

 

0

 

Industrials

 

7,749

 

14,330

 

0

 

46

 

0

 

514

 

0

 

0

 

22,639

 

514

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

September 30, 2025 (Unaudited)

 

Asset-Backed Securities

 

Automobile Sequential

 

5,082

 

0

 

(28)

 

0

 

0

 

3

 

0

 

0

 

5,057

 

3

 

Other ABS

 

16,763

 

0

 

0

 

0

 

0

 

570

 

0

 

0

 

17,333

 

570

Common Stocks

 

Consumer Discretionary

 

53

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

53

 

0

 

Financials

 

16

 

0

 

0

 

0

 

0

 

216

 

0

 

(232)

 

0

 

0

 

Health Care

 

32,448

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

32,448

 

0

 

Industrials

 

2,709

 

0

 

0

 

0

 

0

 

509

 

0

 

0

 

3,218

 

509

Preferred Securities

 

Industrials

 

17,611

 

0

 

0

 

0

 

0

 

642

 

0

 

0

 

18,253

 

642

 

$

151,989

$

16,654

$

(1,144)

$

145

$

26

$

2,173

$

35,444

$

(232)

$

205,055

$

1,992

Investments in Affiliates

Common Stocks

 

Affiliated Investments

$

9,950

$

0

$

(2,222)

$

0

$

0

$

301

$

0

$

0

$

8,029

$

266

Financial Derivative Instruments- Assets

Over the counter

$

24

$

0

$

(3)

$

0

$

0

$

21

$

0

$

0

$

42

$

21

Totals

$

161,963

$

16,654

$

(3,369)

$

145

$

26

$

2,495

$

35,444

$

(232)

$

213,126

$

2,279


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 09/30/2025

Valuation Technique

Unobservable Inputs

 

Input Value(s)

Weighted Average

Investments in Securities, at Value

Loan Participations and Assignments

$

14,106

Comparable Companies

EBITDA Multiple

X

16.290

—

 

 

171

Discounted Cash Flow

Discount Spread

 

5.080

—

 

 

32,231

Discounted Cash Flow

Discount Rate

 

3.620 - 11.702

7.236

 

 

9,072

Indicative Market Quotation

Broker Quote

 

72.500 - 101.750

95.450

 

 

7,479

Recent Transaction

Purchase Price

 

99.000 - 100.000

99.722

 

 

42,995

Third Party Vendor

Broker Quote

 

97.000 - 122.000

114.964

Corporate Bonds & Notes

 

Industrials

 

5,333

Comparable Companies / Discounted Cash Flow

Revenue Multiple/Discount Rate

X/
%

0.97/10.00

—

 

 

 

3,106

Indicative Market Quotation

Broker Quote

 

62.500 - 71.000

63.987

 

 

 

14,200

Recent Transaction

Purchase Price

 

100.000

—

Asset-Backed Securities

 

Automobile Sequential

 

5,057

Discounted Cash Flow

Discount Rate

 

10.420

—

 

Other ABS

 

17,333

Discounted Cash Flow

Discount Rate

 

12.000 -– 15.000

13.525

Common Stocks

 

Consumer Discretionary

 

53

Comparable Companies / Discounted Cash Flow

Revenue Multiple/Discount Rate

X/
%

0.97/10.00

—

 

Health Care

 

32,448

Comparable Companies

EBITDA Multiple

X

16.290

—

 

Industrials

 

3,218

Comparable Companies / Discounted Cash Flow

Revenue Multiple/Discount Rate

X/
%

0.97/10.00

—

Preferred Securities

 

Industrials

 

245

Comparable Companies

EBITDA Multiple

X

12.250

—

 

 

 

11,735

Discounted Cash Flow

Discount Rate

 

13.622

—

 

 

 

6,273

Sum of the Parts

Discount Rate

 

4.054

—

Investments in Affiliate

Common Stocks

 

Affiliated Investments

 

8,029

Sum of the Parts

Discount Rate/Mortality Assumption

 

15.323/2015 ANB VBT Mortality Table

—

Financial Derivative Instruments- Assets

Over the counter

 

42

Indicative Market Quotation

Broker Quote

 

0.939 - 0.978

0.964

Total

$

213,126

(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, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

 

​

Notes to Financial Statements

 

1. BASIS FOR CONSOLIDATION

Each of the Funds' subsidiaries was formed as a wholly owned subsidiary acting as an investment vehicle for the Fund in order to effect certain investments for the Fund consistent with the Fund’s investment objectives and policies in effect from time to time. Each Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund and its subsidiaries. Accordingly, the consolidated financial statements include the accounts of each Fund and its subsidiaries. All inter-company transactions and balances have been eliminated. This structure was established so that certain investments could be held by a separate legal entity from the Fund. See the table below for details regarding the structure, incorporation and relationship as of period end of the subsidiaries.

 

Subsidiary

 

Date of Formation

Subsidiary % of Consolidated Fund Net Assets†

PAXSLS I LLC

 

12/31/2021

0.0%

RLM 4355 LLC

 

12/31/2021

0.0%

† 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 do 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. 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 portfolio 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. Common stocks, exchange-traded funds (“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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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. Open-end management investment companies may include affiliated funds.

 

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. 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 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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Fund may transact.

 

Notes to Financial Statements (Cont.)

 

 

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.

 

(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). In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the 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 fair value Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Fund.

 

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, 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.

 

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.

 

 

Notes to Financial Statements (Cont.)

 

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, 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.

 

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 Sum-of-the-Parts model is typically used when an investment or subject company has two or more separate and distinct assets that would each require its own valuation methodology, typically an income or market approach. 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 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.

 

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.

 

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, 2025, 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.

 

4. INVESTMENTS IN AFFILIATES

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. A copy of each affiliate fund’s shareholder report is available at the U.S Securities and Exchange

Notes to Financial Statements (Cont.)

 

Commission (“SEC”) website at www.sec.gov, on the Fund’s website at www.pimco.com, or upon request, as applicable. The table below shows the Fund's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands†):

Investment in PIMCO Short-Term Floating NAV Portfolio III

 

 

Market Value
06/30/2025

 

Purchases at
Cost

 

Proceeds from
Sales

 

Net
Realized
Gain (Loss)

 

Change in
Unrealized
Appreciation
(Depreciation)

 

Market Value
09/30/2025

 

Dividend
Income(1)

 

Realized Net
Capital
Gain
Distributions(1)

$

64,290

$

103,565

$

(90,300)

$

2

$

14

$

77,571

$

764

$

0

 

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

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

 

An affiliate includes any company in which a Fund owns 5% or more of the company’s outstanding voting shares. The table below represents transactions in and earnings from these affiliated issuers for the period ended September 30, 2025 (amounts in thousands†, except number of shares).

 

PIMCO Access Income Fund

 

Security Name

 

Market Value at 06/30/2025

 

Purchases at cost

 

Proceeds from Sale

 

Net Realized Gain/(Loss)

 

Change in Unrealized Appreciation (Depreciation)

 

Market Value at 09/30/2025

 

Dividend Income

 

Shares Held at 09/30/2025

Market Garden Dogwood LLC

$

9,950

$

0

$

(2,222)

$

0

$

301

$

8,029

$

0

 

7,885,911

 

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

    

 

​

Glossary: (abbreviations that may be used in the preceding statements)       (Unaudited)
                     
Counterparty Abbreviations:                
BOA   Bank of America N.A.   DUB   Deutsche Bank AG   MSB   Morgan Stanley Bank, N.A
BPS   BNP Paribas S.A.   FAR   Wells Fargo Bank National Association   MZF   Mizuho Securities USA LLC
BRC   Barclays Bank PLC   GLM   Goldman Sachs Bank USA   RTA   RBC (Barbados) Trading Bank Corp.
BSH   Banco Santander S.A. - New York Branch   IND   Crédit Agricole Corporate and Investment Bank
S.A.		   SCX   Standard Chartered Bank, London
BYR   The Bank of Nova Scotia - Toronto   JML   JP Morgan Securities Plc   SOG   Societe Generale Paris
CBK   Citibank N.A.   JPM   JP Morgan Chase Bank N.A.   SSB   State Street Bank and Trust Co.
CEW   Canadian Imperial Bank of Commerce World Markets   MBC   HSBC Bank Plc   UAG   UBS AG Stamford
DBL   Deutsche Bank AG London   MEI   Merrill Lynch International   UBS   UBS Securities LLC
                     
Currency Abbreviations:                
BRL   Brazilian Real   GBP   British Pound   TRY   Turkish New Lira
CAD   Canadian Dollar   HKD   Hong Kong Dollar   USD (or $)   United States Dollar
DOP   Dominican Peso   JPY   Japanese Yen   ZAR   South African Rand
EUR   Euro   KWD   Kuwaiti Dinar        
                     
Index/Spread Abbreviations:                
BISTREFI   Turkish Lira Overnight Reference Rate   EUR012M   12 Month EUR Swap Rate   SONIO   Sterling Overnight Interbank Average Rate
BRMMUSDF   BlackRock Money Market US Treasury Fund Index   GSMMUSTI   Goldman Sachs Money Market US Treasury
Instrument Index		   TSFR1M   Term SOFR 1-Month
                     
CDOR06   6 month CDN Swap Rate   JMMMUSTF   JP Morgan Money Market US Treasury Fund Index   TSFR3M   Term SOFR 3-Month
EUR003M   3 Month EUR Swap Rate   JY0003M   3 Month JPY-LIBOR   TSFR6M   Term SOFR 6-Month
EUR006M   6 Month EUR Swap Rate   SOFR   Secured Overnight Financing Rate        
                     
Other  Abbreviations:                
ABS   Asset-Backed Security   EURIBOR   Euro Interbank Offered Rate   TBA   To-Be-Announced
CLO   Collateralized Loan Obligation   OIS   Overnight Index Swap   TBD   To-Be-Determined
DAC   Designated Activity Company   PIK   Payment-in-Kind   TBD%   Interest rate to be determined when loan settles or at the time of funding
EBITDA    Earnings before Interest, Taxes, Depreciation and Amoritization   REMIC   Real Estate Mortgage Investment Conduit