PAXS PIMCO Access Income Fund

Consolidated Schedule of Investments PIMCO Access Income Fund

March 31, 2024

(Unaudited)

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

PRINCIPAL
AMOUNT
(000s)

MARKET
VALUE
(000s)

INVESTMENTS IN SECURITIES 161.7% ¤

LOAN PARTICIPATIONS AND ASSIGNMENTS 29.5%

AI Silk Midco Ltd.
TBD% due 02/24/2031

EUR

1,100

$

1,155

Amsurg

10.123% (TSFR03M + 4.750%) due 11/03/2028 «~

$

99

99

14.248% due 07/20/2026 «~

12,896

12,896

AP Core Holdings LLC
10.945% due 09/01/2027

1,844

1,809

Blackhawk Network Holdings, Inc.
10.327% (TSFR1M + 5.000%) due 03/12/2029 ~

300

301

Cengage Learning, Inc.
TBD% due 03/22/2031

2,300

2,300

CIRCOR International, Inc.

TBD% due 06/20/2029 «µ

166

167

11.326% (TSFR03M + 6.000%) due 06/20/2030 «~

1,434

1,455

Cohesity

TBD% due 03/08/2031 «µ

846

846

TBD% due 03/08/2031 «

8,000

8,000

Comexposium

1.138% - 4.414% (EUR012M + 3.250%) due 03/28/2025 «~

EUR

3,392

3,495

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

18,708

19,275

Coreweave
1.000% - 14.079% (TSFR03M + 8.750%) due 06/30/2028 «~

$

3,500

3,547

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

6,785

6,530

Envalior Finance GmbH

9.412% (EUR003M + 5.500%) due 03/29/2030 ~

EUR

2,400

2,398

10.813% (TSFR03M + 5.500%) due 03/29/2030 ~

$

3,762

3,507

Espai Barca Fondo De Titulizacion
TBD% - 5.000% due 05/31/2028 «

EUR

3,008

3,874

Forward Air Corp.
9.827% (TSFR1M + 4.500%) due 12/19/2030 ~

$

1,200

1,185

Galaxy U.S. Opco, Inc.
10.063% (TSFR03M + 4.750%) due 04/29/2029 ~

1,100

998

Gateway Casinos & Entertainment Ltd.

13.413% (CDOR03 + 8.000%) due 10/18/2027 ~

CAD

3,055

2,261

13.469% due 10/15/2027

$

1,745

1,750

iHeartCommunications, Inc.

8.445% due 05/01/2026

1,000

878

8.695% due 05/01/2026

2,400

2,097

Lifepoint Health, Inc.
11.087% due 11/16/2028

2,400

2,409

Market Bidco Ltd.
8.651% (EUR003M + 4.750%) due 11/04/2027 ~

EUR

8,643

9,093

MPH Acquisition Holdings LLC
9.855% due 09/01/2028

$

1,293

1,253

NAC Aviation 29 DAC

TBD% due 06/30/2026

1,818

1,743

TBD% (TSFR06M + 2.164%) due 06/30/2026 ~

2,727

2,614

Oi SA

1.750% (LIBOR03M + 1.750%) due 02/26/2035 ~

7,765

136

12.500% due 09/07/2024

10,327

10,276

Poseidon Bidco SASU
8.902% (EUR003M + 5.000%) due 03/13/2030 ~

EUR

3,600

3,824

Promotora de Informaciones SA

8.873% (EUR003M + 4.970%) due 06/30/2026 «~

11,200

12,204

9.123% (EUR003M + 5.220%) due 12/31/2026 ~

3,208

3,421

PUG LLC
10.075% (TSFR03M + 4.750%) due 03/15/2030 ~

$

3,300

3,309

Rising Tide Holdings, Inc.
14.329% (TSFR1M + 9.000%) due 06/01/2026 «~

2,470

2,393

Steenbok Lux Finco 1 SARL
10.000% (EUR006M + 10.000%) due 06/30/2026 «~

EUR

27

29

Steenbok Lux Finco 2 SARL

10.000% due 06/30/2026

27,768

10,411

10.000% (EUR006M + 10.000%) due 06/30/2026 «~

18

20

Syniverse Holdings, Inc.
12.302% (TSFR03M + 7.000%) due 05/13/2027 ~

$

17,815

17,053

Team Health Holdings, Inc.
10.563% (TSFR03M + 5.250%) due 03/02/2027 ~

1,514

1,347

Telemar Norte Leste SA

1.750% due 02/26/2035

14,586

255

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

6,008

106

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

March 31, 2024

(Unaudited)

Triton Water Holdings, Inc.
9.312% (TSFR03M + 4.000%) due 03/31/2028 ~

1,000

990

U.S. Renal Care, Inc.
10.442% (TSFR1M + 5.000%) due 06/20/2028 ~

21,636

18,859

Wesco Aircraft Holdings, Inc.
TBD% - 13.929% (TSFR1M + 8.600%) due 05/01/2024 «~

1,742

1,864

Windstream Services LLC
9.430% due 02/23/2027

7,620

7,544

WS Audiology
TBD% due 02/27/2029

EUR

4,100

4,420

Total Loan Participations and Assignments (Cost $209,322)

196,396

CORPORATE BONDS & NOTES 30.6%

BANKING & FINANCE 11.1%

Adler Financing SARL (12.500% PIK)
12.500% due 06/30/2025 (a)(h)

14,042

17,327

ADLER Real Estate AG
3.000% due 04/27/2026

1,200

1,145

Agps Bondco PLC

4.250% due 07/31/2025

900

796

4.625% due 01/14/2026

4,000

1,690

5.000% due 04/27/2027

5,100

2,132

5.500% due 11/13/2026

1,200

504

6.000% due 08/05/2025 (h)

6,800

2,952

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

$

8,000

7,560

Banca Monte dei Paschi di Siena SpA

7.708% due 01/18/2028 •(h)

EUR

2,400

2,716

8.000% due 01/22/2030 •(h)

956

1,045

10.500% due 07/23/2029 (h)

8,348

10,629

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

4,000

4,092

Cape Lookout Re Ltd.
13.362% (T-BILL 1MO + 8.000%) due 04/05/2027 «~

$

800

802

Corestate Capital Holding SA (3.500% Cash or 9.000% PIK)
3.500% due 07/31/2049 (a)

EUR

448

169

East Lane Re Ltd.
14.612% (T-BILL 3MO + 9.250%) due 03/31/2026 ~

$

250

251

Hestia Re Ltd.
14.732% (T-BILL 1MO + 9.370%) due 04/22/2025 ~

939

928

Integrity Re Ltd.

22.362% (T-BILL 1MO + 17.000%) due 06/06/2026 ~

400

400

28.362% (T-BILL 1MO + 23.000%) due 06/06/2026 ~

400

400

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

EUR

500

508

Long Walk Reinsurance Ltd.
15.112% (T-BILL 3MO + 9.750%) due 01/30/2031 ~

$

800

810

Sanders Re Ltd.
17.122% (T-BILL 3MO + 11.760%) due 04/09/2029 ~

1,815

1,630

SVB Financial Group

1.800% due 02/02/2031 ^(b)

1,395

871

2.100% due 05/15/2028 ^(b)

200

128

3.125% due 06/05/2030 ^(b)

200

128

3.500% due 01/29/2025 ^(b)

100

64

4.345% due 04/29/2028 ^(b)

600

381

4.570% due 04/29/2033 ^(b)

1,900

1,205

Uniti Group LP

6.000% due 01/15/2030 (h)

8,400

6,272

10.500% due 02/15/2028 (h)

2,671

2,772

Ursa Re Ltd.
14.612% (T-BILL 3MO + 9.250%) due 12/07/2026 ~

900

911

Veraison Re Ltd.
17.362% (T-BILL 1MO + 12.000%) due 03/10/2031 ~

700

753

Winston RE Ltd.
17.112% (T-BILL 3MO + 11.750%) due 02/26/2031 ~

700

695

Yosemite Re Ltd.
15.340% (T-BILL 3MO + 9.978%) due 06/06/2025 ~

980

1,015

73,681

INDUSTRIALS 17.9%

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

17,400

6,527

Aston Martin Capital Holdings Ltd.
10.000% due 03/31/2029

300

306

Carvana Co. (12.000% PIK)
12.000% due 12/01/2028 (a)(h)

1,021

984

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

6,682

6,411

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

7,400

7,312

CGG SA

7.750% due 04/01/2027 (h)

EUR

2,000

1,980

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

March 31, 2024

(Unaudited)

8.750% due 04/01/2027 (h)

$

2,000

1,814

Directv Financing LLC
5.875% due 08/15/2027 (h)

1,600

1,515

DISH DBS Corp.

5.250% due 12/01/2026

3,400

2,684

5.750% due 12/01/2028

14,200

9,786

Ecopetrol SA

8.375% due 01/19/2036

240

242

8.875% due 01/13/2033

500

529

First Quantum Minerals Ltd.
9.375% due 03/01/2029

200

207

GN Bondco LLC
9.500% due 10/15/2031 (h)

5,250

5,246

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

7,000

6,521

Inter Media & Communication SpA
6.750% due 02/09/2027 (h)

EUR

2,000

2,123

Legacy LifePoint Health LLC
4.375% due 02/15/2027 (h)

$

400

381

LifePoint Health, Inc.

9.875% due 08/15/2030 (h)

1,000

1,047

11.000% due 10/15/2030 (h)

3,980

4,259

Market Bidco Finco PLC
4.750% due 11/04/2027

EUR

1,000

1,018

Newfold Digital Holdings Group, Inc.

6.000% due 02/15/2029 (h)

$

1,400

1,098

11.750% due 10/15/2028 (h)

500

542

Petroleos Mexicanos

6.700% due 02/16/2032 (h)

1,978

1,646

6.840% due 01/23/2030 (h)

800

706

8.750% due 06/02/2029 (h)

1,489

1,453

ProFrac Holdings LLC
12.548% (TSFR3M + 7.250%) due 01/23/2029 ~(h)

3,254

3,400

Rivian Holdings LLC
11.493% due 10/15/2026 •(h)

3,200

3,234

Triton Water Holdings, Inc.
6.250% due 04/01/2029

200

182

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

4,470

3,922

Vale SA
1.378% due 12/29/2049 ~(f)

BRL

10,300

666

Venture Global LNG, Inc.

9.500% due 02/01/2029 (h)

$

3,008

3,244

9.875% due 02/01/2032 (h)

2,100

2,265

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

7,120

6,535

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

7,105

6,466

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

23,816

22,064

Xerox Holdings Corp.
8.875% due 11/30/2029

800

816

119,131

UTILITIES 1.6%

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

34,485

604

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

11,082

9,655

Raizen Fuels Finance SA
6.450% due 03/05/2034 (h)

300

308

10,567

Total Corporate Bonds & Notes (Cost $231,430)

203,379

MUNICIPAL BONDS & NOTES 3.1%

PUERTO RICO 3.1%

Commonwealth of Puerto Rico Bonds, Series 2022

0.000% due 11/01/2043

24,294

14,072

0.000% due 11/01/2051

13,494

6,393

Total Municipal Bonds & Notes (Cost $20,127)

20,465

NON-AGENCY MORTGAGE-BACKED SECURITIES 55.5%

225 Liberty Street Trust
4.649% due 02/10/2036 ~(h)

14,239

10,635

245 Park Avenue Trust
3.657% due 06/05/2037 ~

2,680

2,335

Ashford Hospitality Trust

8.248% due 06/15/2035 •(h)

1,000

974

8.598% due 04/15/2035 •(h)

14,536

14,181

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

March 31, 2024

(Unaudited)

Atrium Hotel Portfolio Trust
9.023% due 06/15/2035 •

6,223

6,024

BAMLL Commercial Mortgage Securities Trust

7.950% due 03/15/2037 •(h)

2,000

1,938

8.150% due 03/15/2037 •(h)

3,000

2,894

Barclays Commercial Mortgage Securities Trust
3.688% due 02/15/2053 ~(h)

4,785

2,984

Barclays Commercial Real Estate Trust
4.563% due 08/10/2033 ~(h)

5,370

3,790

BCAP LLC Trust

1.161% due 11/27/2036 •

38,346

7,884

3.873% due 04/25/2038 ~(h)

3,406

2,625

Beast Mortgage Trust

8.890% due 03/15/2036 •(h)

6,750

4,218

9.890% due 03/15/2036 •

2,500

1,437

10.826% due 02/15/2037 •(h)

8,800

5,149

11.826% due 02/15/2037 •(h)

1,500

833

Benchmark Mortgage Trust
3.440% due 08/15/2052 ~(h)

8,600

8,080

Beneria Cowen & Pritzer Collateral Funding Corp.
9.078% due 06/15/2038 •(h)

5,500

2,996

BMO Mortgage Trust

3.269% due 02/17/2055 ~(h)

9,615

7,797

3.939% due 02/17/2055 ~(h)

11,000

6,646

Braemar Hotels & Resorts Trust
7.898% due 06/15/2035 •(h)

8,500

8,255

BX Trust

7.677% due 10/15/2036 •(h)

4,000

3,889

8.543% due 05/15/2030 •(h)

3,754

3,682

Canada Square Funding PLC
7.673% due 12/17/2057 •(h)

GBP

2,000

2,519

Citigroup Commercial Mortgage Trust

8.490% due 12/15/2036 •(h)

$

585

579

9.340% due 12/15/2036 •(h)

3,400

3,319

Colony Mortgage Capital Ltd.

7.461% due 11/15/2038 •(h)

2,300

2,145

8.157% due 11/15/2038 •(h)

3,400

3,018

COLT Mortgage Loan Trust
4.660% due 03/25/2067 ~(h)

7,200

6,507

Connecticut Avenue Securities Trust

10.570% due 03/25/2042 •(h)

2,000

2,180

11.320% due 10/25/2041 •

4,755

5,028

14.820% due 03/25/2042 •(h)

5,200

5,928

Countrywide Home Loan Mortgage Pass-Through Trust
6.500% due 01/25/2038 (h)

14,397

6,814

Credit Suisse Mortgage Capital Mortgage-Backed Trust
8.744% due 07/15/2032 •(h)

12,000

11,019

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

14,250

7,693

Extended Stay America Trust
9.139% due 07/15/2038 •(h)

10,669

10,676

Freddie Mac

7.970% due 01/25/2051 •

620

657

8.320% due 12/25/2050 •

760

801

8.370% due 01/25/2034 •(h)

855

905

9.070% due 02/25/2042 •(h)

5,200

5,479

10.070% due 02/25/2042 •(h)

1,700

1,814

10.820% due 01/25/2034 •(h)

900

993

12.820% due 10/25/2041 •

5,700

6,198

13.120% due 11/25/2041 •(h)

4,400

4,808

13.820% due 02/25/2042 •(h)

800

879

GS Mortgage Securities Corp. Trust
8.220% due 08/15/2032 •(h)

5,000

4,867

GSMSC Resecuritization Trust
6.045% due 11/26/2037 (h)

15,034

13,538

Harbour PLC
8.222% due 01/28/2054 •(h)

GBP

10,416

12,734

Hilton Orlando Trust
8.272% due 12/15/2034 •(h)

$

1,250

1,242

HPLY Trust

8.585% due 11/15/2036 •(h)

7,586

7,396

9.335% due 11/15/2036 •(h)

11,363

11,036

Jackson Park Trust
3.242% due 10/14/2039 ~(h)

2,700

2,130

JP Morgan Chase Commercial Mortgage Securities Trust

7.630% due 06/15/2038 •(h)

3,276

2,720

7.673% due 12/15/2031 •(h)

5,211

4,968

8.540% due 03/15/2036 •(h)

2,000

842

8.830% due 06/15/2038 •

250

139

9.290% due 03/15/2036 •(h)

19,256

7,022

10.290% due 03/15/2036 •

1,325

181

MAD Mortgage Trust
3.898% due 08/15/2034 ~(h)

745

548

Morgan Stanley Bank of America Merrill Lynch Trust
4.750% due 12/15/2046 ~(h)

4,190

3,776

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

March 31, 2024

(Unaudited)

Morgan Stanley Capital Trust
8.169% due 07/15/2035 •(h)

7,084

6,874

MRCD Mortgage Trust

2.718% due 12/15/2036

5,000

2,899

2.718% due 12/15/2036 (h)

11,198

6,017

New Orleans Hotel Trust
8.062% due 04/15/2032 •(h)

7,900

7,291

New Residential Mortgage Loan Trust
3.874% due 11/25/2059 ~

15,500

7,931

Residential Mortgage Securities PLC
9.527% due 06/20/2070 •(h)

GBP

2,500

3,178

Seasoned Credit Risk Transfer Trust

4.500% due 02/25/2059 ~(h)

$

8,981

8,156

4.500% due 11/25/2061 ~(h)

5,900

5,005

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

8,337

7,775

SFO Commercial Mortgage Trust

7.839% due 05/15/2038 •

340

319

8.339% due 05/15/2038 •(h)

6,500

5,401

Stratton Hawksmoor PLC

7.223% due 02/25/2053 •(h)

GBP

3,800

4,681

7.973% due 02/25/2053 •(h)

8,379

10,042

Uropa Securities PLC
5.275% due 10/10/2040 •

EUR

2,640

2,461

WaMu Mortgage Pass-Through Certificates Trust
6.344% due 10/25/2045 •(h)

$

7,587

6,417

Wells Fargo Commercial Mortgage Trust

3.860% due 09/15/2031 ~(h)

1,500

1,387

4.928% due 12/15/2039 ~(h)

8,600

7,523

8.180% due 02/15/2037 •(h)

3,080

3,059

Total Non-Agency Mortgage-Backed Securities (Cost $416,741)

368,760

ASSET-BACKED SECURITIES 33.4%

ACE Securities Corp. Home Equity Loan Trust

5.864% due 04/25/2036 •(h)

24,307

17,739

5.884% due 08/25/2036 •(h)

21,238

5,172

Bear Stearns Asset-Backed Securities Trust
6.494% due 07/25/2034 •(h)

5,054

5,067

BNC Mortgage Loan Trust
5.734% due 05/25/2037 •(h)

16,250

12,974

College Avenue Student Loans LLC

0.000% due 06/25/2054 «(e)

5

2,157

6.610% due 06/25/2054 «

635

636

8.660% due 06/25/2054 «

914

916

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

CAD

5,400

3,670

Countrywide Asset-Backed Certificates Trust

5.694% due 06/25/2047 •(h)

$

10,269

8,387

5.704% due 06/25/2047 •(h)

14,779

11,825

5.939% due 03/25/2037 •(h)

11,268

10,128

6.414% due 08/25/2047 •

2,000

1,607

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

EUR

4,000

2,448

Duke Funding Ltd.
9.000% due 04/08/2039 •(h)

$

125,567

8,171

First Franklin Mortgage Loan Trust
5.754% due 10/25/2036 •(h)

15,000

11,597

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

25

1,632

GSAMP Trust

5.864% due 05/25/2046 •(h)

10,550

8,270

6.389% due 07/25/2045 •(h)