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Form NPORT-P PIMCO Flexible Emerging For: Mar 31

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May 27, 2022 11:00 AM EDT 

  
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            189349.470000
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          N
        
        
          N
          N
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        3092.040000
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              London Clearing house
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                SONIA O/N Deposit Rates Swap
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            2025-03-17
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              UBS AG
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            1000901.700000
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              UBS AG
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        BRAZIL MINAS SPE VIA STATE OF MINAS GERAIS
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        NUSS
        KY
        
        N
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          2028-02-15
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          5.333
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHARTER COMMUNICATIONS OPERATING LLC/CHARTER COMMUNICATIONS OPERATING CAPITAL
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        CHILEAN GOVT
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          2041-05-07
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          3.1
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        COLOMBIAN GOVT
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        NUSS
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          2042-02-22
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          4.125
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          N
          N
        
        
          N
          N
          N
        
      
      
        CORSAIR INTERNATIONAL LIMITED
        213800F3PS68ENYG4O41
        CORSAIR INTERNATIONAL SECURED REGS 01/29 VAR
        ACI2363N1
        
          
        
        200000.000000
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        209355.310000
        0.7795294
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          2029-01-28
          Floating
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          N
          N
        
        
          N
          N
          N
        
      
      
        CORSAIR INTERNATIONAL LIMITED
        213800F3PS68ENYG4O41
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        600000.000000
        PA
        
        629468.710000
        2.3438113
        Long
        DBT
        CORP
        JE
        
        N
        3
        
          2027-01-28
          Floating
          4.85
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CSN RESOURCES SA
        222100ZEX458NMOXZP08
        CSN RESOURCES SA COMPANY GUAR REGS 06/31 4.625
        L21779AJ9
        
          
        
        200000.000000
        PA
        USD
        182639.000000
        0.6800518
        Long
        DBT
        CORP
        LU
        
        N
        2
        
          2031-06-10
          Fixed
          4.625
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DOMINICAN REPUBLIC GOVT
        N/A
        DOMINICAN REPUBLIC SR UNSECURED REGS 01/41 5.3
        P3579ECJ4
        
          
        
        900000.000000
        PA
        USD
        784134.000000
        2.9197037
        Long
        DBT
        NUSS
        DO
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        2
        
          2041-01-21
          Fixed
          5.3
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DUBAI GOVT
        N/A
        DUBAI GOVT INT L BONDS SR UNSECURED REGS 09/50 3.9
        ACI1R22K3
        
          
        
        1500000.000000
        PA
        USD
        1280700.000000
        4.7686550
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        DBT
        NUSS
        AE
        N
        2
        
          2050-09-09
          Fixed
          3.9
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ECOPETROL SA
        254900IDGKCJICKBPA66
        ECOPETROL SA SR UNSECURED 05/45 5.875
        279158AJ8
        
          
        
        600000.000000
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        USD
        526782.000000
        1.9614599
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        DBT
        CORP
        CO
        N
        2
        
          2045-05-28
          Fixed
          5.875
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ECUADOR GOVT
        5299003Y2U5XK0A35H71
        REPUBLIC OF ECUADOR SR UNSECURED 144A 07/35 VAR
        ACI1Q6JH4
        
          
        
        200000.000000
        PA
        USD
        130992.500000
        0.4877474
        Long
        DBT
        NUSS
        EC
        N
        2
        
          2035-07-31
          Variable
          1
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ECUADOR GOVT
        5299003Y2U5XK0A35H71
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        200000.000000
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        USD
        114989.500000
        0.4281606
        Long
        DBT
        NUSS
        EC
        N
        2
        
          2040-07-31
          Variable
          0.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EGYPTIAN GOVT
        529900GFIVH4086NMH82
        ARAB REPUBLIC OF EGYPT SR UNSECURED REGS 02/48 7.903
        ACI10VJZ7
        
          
        
        200000.000000
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        USD
        163019.000000
        0.6069972
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        DBT
        NUSS
        EG
        N
        2
        
          2048-02-21
          Fixed
          7.903
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EMPRESA DE LOS FERROCARRILES DEL ESTADO
        8755006LY8XNRFOGWN86
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        500000.000000
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        USD
        373360.000000
        1.3901968
        Long
        DBT
        CORP
        CL
        N
        2
        
          2050-08-18
          Fixed
          3.068
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EMPRESA ELECTRICA COCHRANE SPA
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        29246XAB6
        
          
        
        554680.000000
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        USD
        534037.580000
        1.9884758
        Long
        DBT
        CORP
        CL
        N
        2
        
          2027-05-14
          Fixed
          5.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FEL ENERGY VI SA RL
        254900H2U8PBIY32VI94
        FEL ENERGY VI SARL SR SECURED REGS 12/40 5.75
        L3500LAA7
        
          
        
        868331.480000
        PA
        USD
        780981.670000
        2.9079661
        Long
        DBT
        CORP
        LU
        
        N
        2
        
          2040-12-01
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FIBRA UNO (TRUST F/1401)
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        TRUST FIBRAUNO SR UNSECURED 144A 01/50 6.39
        898339AB2
        
          
        
        500000.000000
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        USD
        505352.500000
        1.8816676
        Long
        DBT
        CORP
        MX
        N
        2
        
          2050-01-15
          Fixed
          6.39
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FORTUNE STAR (BVI) LIMITED
        2549008CU8NYQQRSNU62
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        ACI1V9JW9
        
          
        
        200000.000000
        PA
        USD
        170300.000000
        0.6341079
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        DBT
        CORP
        VG
        
        N
        2
        
          2027-01-27
          Fixed
          5.05
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GALAXY PIPELINE ASSETS BIDCO LIMITED
        549300L82YB0C6JQIC26
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        ACI1VSJ07
        
          
        
        786088.000000
        PA
        USD
        711955.000000
        2.6509470
        Long
        DBT
        CORP
        JE
        
        N
        2
        
          2040-09-30
          Fixed
          2.94
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GC TREASURY CENTER CO LTD
        549300LUFQBC2EQNAR40
        GC TREASURY CENTRE CO COMPANY GUAR REGS 03/51 4.3
        36830DAC5
        
          
        
        200000.000000
        PA
        USD
        186160.090000
        0.6931625
        Long
        DBT
        CORP
        TH
        N
        2
        
          2051-03-18
          Fixed
          4.3
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GHANA GOVT
        213800PP4399SNNXZ126
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        ACI1WTSQ7
        
          
        
        1200000.000000
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        USD
        883860.000000
        3.2910310
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        DBT
        NUSS
        GH
        N
        2
        
          2029-04-07
          Fixed
          7.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GLOBE TELECOM INC
        254900GPWI1816YIM923
        GLOBE TELECOM INC SR UNSECURED REGS 07/35 3
        ACI1P6HT1
        
          
        
        500000.000000
        PA
        USD
        399682.260000
        1.4882071
        Long
        DBT
        CORP
        PH
        N
        2
        
          2035-07-23
          Fixed
          3
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GREENKO SOLAR (MAURITIUS) LIMITED
        2138007S1PL541B3KP92
        GREENKO SOLAR MAURITIUS SR SECURED REGS 07/26 5.95
        V3855GAB6
        
          
        
        200000.000000
        PA
        USD
        203500.000000
        0.7577273
        Long
        DBT
        CORP
        MU
        
        N
        2
        
          2026-07-29
          Fixed
          5.95
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GUARA NORTE SARL
        549300U2I4L03BBA3485
        GUARA NORTE SARL SR SECURED REGS 06/34 5.198
        L4R02QAA8
        
          
        
        863586.000000
        PA
        USD
        793618.260000
        2.9550181
        Long
        DBT
        CORP
        LU
        
        N
        2
        
          2034-06-15
          Fixed
          5.198
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
        2138007WU5DJFZFDDV59
        HEALTH AND HAPPINESS H+H SECURED REGS 10/24 5.625
        ACI1G80C2
        
          
        
        200000.000000
        PA
        USD
        179070.000000
        0.6667628
        Long
        DBT
        CORP
        KY
        
        N
        2
        
          2024-10-24
          Fixed
          5.625
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HONG KONG AIRPORT AUTHORITY
        254900748HGC4RBR4O84
        AIRPORT AUTHORITY HK SR UNSECURED 144A 02/51 2.625
        00946AAB0
        
          
        
        600000.000000
        PA
        USD
        483754.590000
        1.8012484
        Long
        DBT
        NUSS
        HK
        N
        2
        
          2051-02-04
          Fixed
          2.625
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HUARONG UNIVERSE INVESTMENT HOLDING LIMITED
        635400PU5SKJMVO3AJ11
        HUARONG UNI INV HOLDING COMPANY GUAR REGS 12/22 1.625
        ACI0Z6J11
        
          
        
        300000.000000
        PA
        
        311215.710000
        1.1588041
        Long
        DBT
        CORP
        VG
        
        N
        2
        
          2022-12-05
          Fixed
          1.625
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDIKA ENERGY CAPITAL IV PTE LTD
        254900LQ197HY24XVH34
        INDIKA ENERGY CAPITAL IV SR SECURED REGS 10/25 8.25
        Y39690AA3
        
          
        
        300000.000000
        PA
        USD
        304275.000000
        1.1329605
        Long
        DBT
        CORP
        SG
        
        N
        2
        
          2025-10-22
          Fixed
          8.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDOFOOD CBP SUKSES MAKMUR TBK PT
        254900YKZW9GRKZZN285
        INDOFOOD CBP SUKSES MAKM SR UNSECURED REGS 06/31 3.398
        ACI1YDMW3
        
          
        
        300000.000000
        PA
        USD
        269266.530000
        1.0026073
        Long
        DBT
        CORP
        ID
        N
        2
        
          2031-06-09
          Fixed
          3.398
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INSTITUTO COSTARRICENSE DE ELECTRICIDAD
        5493009VA6AFUB2Q0289
        INSTITUTO COSTARRICENSE SR UNSECURED REGS 05/43 6.375
        P56226AQ9
        
          
        
        300000.000000
        PA
        USD
        249877.500000
        0.9304127
        Long
        DBT
        MUN
        CR
        N
        2
        
          2043-05-15
          Fixed
          6.375
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JORDAN GOVT
        5493000JZ4MYPVMBVN50
        KINGDOM OF JORDAN SR UNSECURED REGS 10/47 7.375
        M5269UAJ3
        
          
        
        600000.000000
        PA
        USD
        548358.000000
        2.0417976
        Long
        DBT
        NUSS
        JO
        N
        2
        
          2047-10-10
          Fixed
          7.375
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        1MDB GLOBAL INVESTMENTS LIMITED
        N/A
        1MDB GLOBAL INVESTMENTS SR UNSECURED REGS 03/23 4.4
        Y6426NAA3
        
          
        
        1000000.000000
        PA
        USD
        977988.580000
        3.6415165
        Long
        DBT
        NUSS
        VG
        
        N
        2
        
          2023-03-09
          Fixed
          4.4
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KENYA GOVT
        549300VVURQQYU45PR87
        REPUBLIC OF KENYA SR UNSECURED REGS 02/48 8.25
        V50249AA5
        
          
        
        300000.000000
        PA
        USD
        267781.500000
        0.9970778
        Long
        DBT
        NUSS
        KE
        N
        2
        
          2048-02-28
          Fixed
          8.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KUWAIT PROJECTS COMPANY SPC LIMITED
        254900BQTJEWBK1TAN59
        KUWAIT PROJECTS CO SPC L COMPANY GUAR REGS 02/27 4.5
        ACI0SL4R5
        
          
        
        600000.000000
        PA
        USD
        544444.800000
        2.0272269
        Long
        DBT
        CORP
        AE
        
        N
        2
        
          2027-02-23
          Fixed
          4.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LMIRT CAPITAL PTE LTD
        5493009IDXHZSVD2BI70
        LMIRT CAPITAL PTE LTD COMPANY GUAR REGS 06/24 7.25
        ACI1CM3Y4
        
          
        
        200000.000000
        PA
        USD
        199400.000000
        0.7424610
        Long
        DBT
        CORP
        SG
        N
        2
        
          2024-06-19
          Fixed
          7.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
        R6ZXK5P01NP6HXSY1S07
        MASS MUTUAL LIFE INS CO SUBORDINATED 144A 04/50 3.375
        575767AQ1
        
          
        
        100000.000000
        PA
        USD
        90227.440000
        0.3359597
        Long
        DBT
        CORP
        US
        N
        2
        
          2050-04-15
          Fixed
          3.375
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MELCO RESORTS FINANCE LIMITED
        N/A
        MELCO RESORTS FINANCE SR UNSECURED REGS 04/26 5.25
        G5975LAC0
        
          
        
        300000.000000
        PA
        USD
        273156.000000
        1.0170897
        Long
        DBT
        CORP
        KY
        
        N
        2
        
          2026-04-26
          Fixed
          5.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        METALSA SA DE CV
        549300F2FONGJR575V67
        METALSA SA DE CV COMPANY GUAR 144A 05/31 3.75
        59132VAB4
        
          
        
        300000.000000
        PA
        USD
        261214.500000
        0.9726258
        Long
        DBT
        CORP
        MX
        N
        2
        
          2031-05-04
          Fixed
          3.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MONG DUONG FINANCE HOLDINGS BV
        549300995KGQFMWSV879
        MONG DUONG FIN HLDGS BV SR SECURED REGS 05/29 5.125
        N6000DAA1
        
          
        
        600000.000000
        PA
        USD
        541596.000000
        2.0166194
        Long
        DBT
        CORP
        NL
        
        N
        2
        
          2029-05-07
          Fixed
          5.125
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MOROCCO GOVT
        529900F3MBW9XY5K1X07
        KINGDOM OF MOROCCO SR UNSECURED REGS 11/31 1.5
        ACI1H1H38
        
          
        
        300000.000000
        PA
        
        273314.250000
        1.0176789
        Long
        DBT
        NUSS
        MA
        N
        2
        
          2031-11-27
          Fixed
          1.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MORTIMER BTL 2020-1 PLC 20-1
        N/A
        MORTIMER BTL MORTI 2020 1 A REGS
        ACI1Z2703
        
          
        
        88466.770000
        PA
        
        116554.060000
        0.4339862
        Long
        ABS-MBS
        CORP
        GB
        N
        2
        
          2052-06-21
          Floating
          1.71966
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NIGERIA GOVT
        549300GSBZD84TNEQ285
        REPUBLIC OF NIGERIA SR UNSECURED REGS 11/47 7.625
        ACI0Z1GQ0
        
          
        
        1000000.000000
        PA
        USD
        835030.000000
        3.1092137
        Long
        DBT
        NUSS
        NG
        N
        2
        
          2047-11-28
          Fixed
          7.625
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OCP SA (AKA: GROUPE OFFICE CHERIFIEN DES PHOSPHATES SA)
        213800D26TAPVTCVWG40
        OFFICE CHERIFIEN DES PHO SR UNSECURED 144A 06/51 5.125
        67091TAE5
        
          
        
        500000.000000
        PA
        USD
        417500.000000
        1.5545510
        Long
        DBT
        CORP
        MA
        N
        2
        
          2051-06-23
          Fixed
          5.125
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OI SA (AKA: BRASIL TELECOM S/A)
        254900YEMWCRRAGD4978
        OI SA COMPANY GUAR 07/25 VAR
        P7354PAA2
        
          
        
        400000.000000
        PA
        USD
        303444.000000
        1.1298663
        Long
        DBT
        CORP
        BR
        N
        2
        
          2025-07-27
          Fixed
          10
          N
          N
          Y
        
        
          N
          N
          N
        
      
      
        OMAN GOVT
        549300SZ20F0QTKNQC75
        OMAN GOV INTERNTL BOND SR UNSECURED REGS 03/47 6.5
        M75242BA0
        
          
        
        500000.000000
        PA
        USD
        491403.000000
        1.8297270
        Long
        DBT
        NUSS
        OM
        N
        2
        
          2047-03-08
          Fixed
          6.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ORACLE CORPORATION
        1Z4GXXU7ZHVWFCD8TV52
        ORACLE CORP SR UNSECURED 04/40 3.6
        68389XBW4
        
          
        
        300000.000000
        PA
        USD
        260869.850000
        0.9713425
        Long
        DBT
        CORP
        US
        N
        2
        
          2040-04-01
          Fixed
          3.6
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PAKISTAN GOVT
        529900LOP29R5WKHOD86
        ISLAMIC REP OF PAKISTAN SR UNSECURED REGS 04/51 8.875
        ACI1WVNY0
        
          
        
        200000.000000
        PA
        USD
        139180.000000
        0.5182333
        Long
        DBT
        NUSS
        PK
        N
        2
        
          2051-04-08
          Fixed
          8.875
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PERU GOVT
        254900STKLK2DBJJZ530
        REPUBLIC OF PERU SR UNSECURED 01/72 3.6
        715638DW9
        
          
        
        300000.000000
        PA
        USD
        259117.500000
        0.9648177
        Long
        DBT
        NUSS
        PE
        N
        2
        
          2072-01-15
          Fixed
          3.6
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PERU LNG SRL
        254900F70J1LOALV5K70
        PERU LNG SRL SR UNSECURED REGS 03/30 5.375
        P7721BAE1
        
          
        
        200000.000000
        PA
        USD
        177377.000000
        0.6604589
        Long
        DBT
        CORP
        PE
        N
        2
        
          2030-03-22
          Fixed
          5.375
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PETROLEOS DEL PERU SA - PETROPERU SA
        549300ZMGDLC9JT2OR80
        PETROLEOS DEL PERU SA SR UNSECURED 144A 06/47 5.625
        716564AB5
        
          
        
        1000000.000000
        PA
        USD
        841900.000000
        3.1347940
        Long
        DBT
        CORP
        PE
        N
        2
        
          2047-06-19
          Fixed
          5.625
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PETROLEOS MEXICANOS (PEMEX)
        549300CAZKPF4HKMPX17
        PETROLEOS MEXICANOS COMPANY GUAR 01/45 6.375
        71654QBR2
        
          
        
        1400000.000000
        PA
        USD
        1122618.000000
        4.1800406
        Long
        DBT
        CORP
        MX
        N
        2
        
          2045-01-23
          Fixed
          6.375
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PETROLEOS MEXICANOS (PEMEX)
        549300CAZKPF4HKMPX17
        PETROLEOS MEXICANOS COMPANY GUAR 09/47 6.75
        71654QCC4
        
          
        
        600000.000000
        PA
        USD
        488832.000000
        1.8201540
        Long
        DBT
        CORP
        MX
        N
        2
        
          2047-09-21
          Fixed
          6.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        POINSETTIA FINANCE LIMITED
        549300P2JTF5JKW10Z65
        POINSETTIA FINANCE LTD SR SECURED REGS 06/31 6.625
        G7150PAA8
        
          
        
        862875.000000
        PA
        USD
        845803.020000
        3.1493268
        Long
        DBT
        CORP
        KY
        
        N
        2
        
          2031-06-17
          Fixed
          6.625
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PRIMROSE RESIDENTIAL DAC 2021-1
        N/A
        PRIMROSE RESIDENTIAL PRISE 2021 1 A REGS
        ACI1XLKK4
        
          
        
        92131.820000
        PA
        
        101421.630000
        0.3776410
        Long
        ABS-MBS
        CORP
        IE
        N
        2
        
          2061-03-24
          Floating
          0.188
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PROSUS NV
        635400Z5LQ5F9OLVT688
        PROSUS NV SR UNSECURED REGS 01/30 3.68
        N7163RAA1
        
          
        
        200000.000000
        PA
        USD
        175452.090000
        0.6532916
        Long
        DBT
        CORP
        NL
        
        N
        2
        
          2030-01-21
          Fixed
          3.68
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PT BANTEN (LLPL CAPITAL PTE LTD)
        254900VXZ8FXTUQNON22
        LLPL CAPITAL PTE LTD SR SECURED REGS 02/39 6.875
        Y51478AA6
        
          
        
        784530.000000
        PA
        USD
        786632.540000
        2.9290070
        Long
        DBT
        CORP
        SG
        
        N
        2
        
          2039-02-04
          Fixed
          6.875
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RENEW POWER PRIVATE LIMITED
        335800BITJZHVZ1CN475
        RENEW POWER LTD SR SECURED REGS 09/22 6.45
        Y7278TAF6
        
          
        
        200000.000000
        PA
        USD
        200895.000000
        0.7480276
        Long
        DBT
        CORP
        IN
        N
        2
        
          2022-09-27
          Fixed
          6.45
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REPUBLIC OF ANGOLA VIA AVENIR ISSUER II IRELAND DAC
        635400VEZIQKZPR7KU35
        REP OF ANGOLA(AVENIR IS) SR SECURED REGS 02/27 6.927
        ACI1KDXD8
        
          
        
        1000000.000000
        PA
        USD
        948750.000000
        3.5326474
        Long
        DBT
        NUSS
        IE
        
        N
        2
        
          2027-02-19
          Fixed
          6.927
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROMANIA GOVT
        315700IASY927EDWBK92
        ROMANIA SR UNSECURED REGS 12/40 2.625
        ACI1T3QH0
        
          
        
        300000.000000
        PA
        
        253428.540000
        0.9436350
        Long
        DBT
        NUSS
        RO
        N
        2
        
          2040-12-02
          Fixed
          2.625
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SENEGAL GOVT
        549300NP14ZLQGWIUZ97
        REPUBLIC OF SENEGAL SR UNSECURED REGS 03/48 6.75
        V7691DAY2
        
          
        
        200000.000000
        PA
        USD
        173318.000000
        0.6453453
        Long
        DBT
        NUSS
        SN
        N
        2
        
          2048-03-13
          Fixed
          6.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SERBIA GOVT
        254900W94OCY91V32O78
        REPUBLIC OF SERBIA SR UNSECURED REGS 06/29 1.5
        ACI1CRTF6
        
          
        
        300000.000000
        PA
        
        282920.340000
        1.0534469
        Long
        DBT
        NUSS
        RS
        N
        2
        
          2029-06-26
          Fixed
          1.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SHAMROCK RESIDENTIAL 2021-1 DAC
        N/A
        SHAMROCK RESIDENTIAL SROCK 2021 1 A REGS
        ACI1VDFW4
        
          
        
        87606.860000
        PA
        
        96866.910000
        0.3606816
        Long
        ABS-MBS
        CORP
        IE
        N
        2
        
          2059-12-24
          Floating
          0.288
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SHRIRAM TRANSPORT FINANCE COMPANY LIMITED
        335800TM2YO24B76XL26
        SHRIRAM TRANSPORT FIN SR SECURED REGS 03/24 4.4
        Y7758EEG2
        
          
        
        200000.000000
        PA
        USD
        195960.000000
        0.7296523
        Long
        DBT
        CORP
        IN
        N
        2
        
          2024-03-13
          Fixed
          4.4
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SHRIRAM TRANSPORT FINANCE COMPANY LIMITED
        335800TM2YO24B76XL26
        SHRIRAM TRANSPORT FIN SR SECURED REGS 07/25 4.15
        Y7758EEH0
        
          
        
        200000.000000
        PA
        USD
        190750.000000
        0.7102529
        Long
        DBT
        CORP
        IN
        N
        2
        
          2025-07-18
          Fixed
          4.15
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SINGAPORE AIRLINES LIMITED
        549300ZG62N2599PWR15
        SINGAPORE AIRLINES LTD SR UNSECURED REGS 01/29 3.375
        ACI22XK46
        
          
        
        300000.000000
        PA
        USD
        286809.000000
        1.0679263
        Long
        DBT
        CORP
        SG
        N
        2
        
          2029-01-19
          Fixed
          3.375
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SOUTHERN CALIFORNIA EDISON COMPANY
        9R1Z5I36FERIBVKW4P77
        SOUTHERN CAL EDISON 1ST MORTGAGE 02/51 2.95
        842400GY3
        
          
        
        300000.000000
        PA
        USD
        246214.400000
        0.9167733
        Long
        DBT
        CORP
        US
        N
        2
        
          2051-02-01
          Fixed
          2.95
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMERICAN TOWER CORP (AKA: AMERICAN TOWER REIT INC)
        5493006ORUSIL88JOE18
        AMERICAN TOWER CORP SR UNSECURED 01/51 2.95
        03027XBK5
        
          
        
        300000.000000
        PA
        USD
        236594.730000
        0.8809547
        Long
        DBT
        CORP
        US
        N
        2
        
          2051-01-15
          Fixed
          2.95
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SRI LANKA GOVT
        254900HXCCIOHM74FA02
        REPUBLIC OF SRI LANKA SR UNSECURED REGS 04/23 5.75
        Y8137FAK4
        
          
        
        300000.000000
        PA
        USD
        150132.000000
        0.5590128
        Long
        DBT
        NUSS
        LK
        N
        2
        
          2023-04-18
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        STRATTON BTL MORTGAGE FUNDING 2022-1 PLC 22-1
        N/A
        STRATTON BTL MORTGAGE FUNDING STRAB 2022 1 A REGS
        ACI232PZ9
        
          
        
        100000.000000
        PA
        
        130901.900000
        0.4874100
        Long
        ABS-MBS
        CORP
        GB
        N
        2
        
          2054-01-20
          Floating
          1.18152
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        STRATTON MORTGAGE FUNDING 21-2X
        N/A
        STRATTON MORTGAGE FUNDING PLC STRA 2021 2X A REGS
        ACI1W5R98
        
          
        
        84485.740000
        PA
        
        111011.580000
        0.4133489
        Long
        ABS-MBS
        CORP
        GB
        N
        2
        
          2060-07-20
          Floating
          1.32534
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        T-MOBILE USA INC
        549300V2JRLO5DIFGE82
        T MOBILE USA INC SR SECURED 11/60 3.6
        87264ABY0
        
          
        
        300000.000000
        PA
        USD
        258794.090000
        0.9636134
        Long
        DBT
        CORP
        US
        N
        2
        
          2060-11-15
          Fixed
          3.6
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TANZANIA GOVT
        N/A
        TANZANIA EUR TERM LOAN
        938RLZII0
        
          
        
        700000.000000
        PA
        
        772438.890000
        2.8761573
        Long
        LON
        NUSS
        TZ
        N
        2
        
          2028-04-26
          Floating
          4.868
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TEMASEK FINANCIAL (I) LIMITED
        549300XMGMDF3VRJMF12
        TEMASEK FINANCIAL I LTD COMPANY GUAR REGS 08/41 2.375
        87973RBB5
        
          
        
        1000000.000000
        PA
        USD
        879675.000000
        3.2754483
        Long
        DBT
        CORP
        SG
        N
        2
        
          2041-08-02
          Fixed
          2.375
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANGLOGOLD ASHANTI HOLDINGS PLC
        213800745ZIXC4L6A131
        ANGLOGOLD HOLDINGS PLC COMPANY GUAR 10/30 3.75
        03512TAE1
        
          
        
        300000.000000
        PA
        USD
        281083.500000
        1.0466075
        Long
        DBT
        CORP
        IM
        
        N
        2
        
          2030-10-01
          Fixed
          3.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANGLOGOLD ASHANTI HOLDINGS PLC
        213800745ZIXC4L6A131
        ANGLOGOLD HOLDINGS PLC COMPANY GUAR 11/28 3.375
        03512TAF8
        
          
        
        300000.000000
        PA
        USD
        282020.310000
        1.0500957
        Long
        DBT
        CORP
        IM
        
        N
        2
        
          2028-11-01
          Fixed
          3.375
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TRINITY SQUARE 2021-1 PLC
        N/A
        TRINITY SQUARE TRINI 2021 1X A REGS
        ACI1WK4T6
        
          
        
        84202.580000
        PA
        
        110552.460000
        0.4116394
        Long
        ABS-MBS
        CORP
        GB
        N
        2
        
          2059-07-15
          Floating
          1.26682
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TULLOW OIL PLC
        2138003EYHWO75RKS857
        TULLOW OIL PLC SR SECURED REGS 05/26 10.25
        G91237AB6
        
          
        
        200000.000000
        PA
        USD
        204033.000000
        0.7597119
        Long
        DBT
        CORP
        GB
        
        N
        2
        
          2026-05-15
          Fixed
          10.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TURKEY GOVT
        5493000PCHOG3B6S3Q85
        REPUBLIC OF TURKEY SR UNSECURED 01/41 6
        900123BJ8
        
          
        
        200000.000000
        PA
        USD
        157335.600000
        0.5858352
        Long
        DBT
        NUSS
        TR
        N
        2
        
          2041-01-14
          Fixed
          6
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UKRAINE GOVT
        6354001WLTJXOMEXPY07
        UKRAINE GOVERNMENT SR UNSECURED REGS 09/32 7.375
        BF226GII0
        
          
        
        300000.000000
        PA
        USD
        126750.000000
        0.4719505
        Long
        DBT
        NUSS
        UA
        N
        2
        
          2032-09-25
          Fixed
          7.375
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNIGEL LUXEMBOURG SA
        N/A
        UNIGEL LUXEMBOURG SA COMPANY GUAR REGS 10/26 8.75
        L9467UAB3
        
          
        
        200000.000000
        PA
        USD
        211376.000000
        0.7870534
        Long
        DBT
        CORP
        LU
        
        N
        2
        
          2026-10-01
          Fixed
          8.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VALE SA
        254900SMTWBX7RU2SR20
        VALE SA SUBORDINATED 12/49 VAR
        B011X9II2
        
          
        
        10530000.000000
        PA
        
        1165671.980000
        4.3403510
        Long
        DBT
        CORP
        BR
        N
        2
        
          2049-12-29
          Variable
          3.20163
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        REVERSE REPO SOCIETE GENERALE REVERSE REPO
        000000000
        
          
        
        -675927.750000
        PA
        USD
        -675948.970000
        -2.5168794
        Short
        RA
        
        US
        N
        2
        
          Reverse repurchase
          
            
              
            
          
          N
          1.1300000
          2022-06-30
          
            
              786088.000000
              USD
              711955.000000
              USD
              CDS
            
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        REVERSE REPO MERRILL LYNCH
        000000000
        
          
        
        -992440.000000
        PA
        USD
        -992464.810000
        -3.6954184
        Short
        RA
        
        US
        
        N
        2
        
          Reverse repurchase
          
            
              
            
          
          N
          0.9000000
          2022-05-02
          
            
              1500000.000000
              USD
              1280700.000000
              USD
              
            
          
        
        
          N
          N
          N
        
      
      
        ARGENTINA GOVT
        549300KPBYGYF7HCHO27
        REPUBLIC OF ARGENTINA SR UNSECURED 07/35 VAR
        040114HT0
        
          
        
        3000000.000000
        PA
        USD
        921000.000000
        3.4293209
        Long
        DBT
        NUSS
        AR
        N
        2
        
          2035-07-09
          Variable
          1.125
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        REVERSE REPO MERRILL LYNCH
        000000000
        
          
        
        -228755.100000
        PA
        USD
        -228760.820000
        -0.8517853
        Short
        RA
        
        US
        N
        2
        
          Reverse repurchase
          
            
              
            
          
          N
          0.9000000
          2022-05-02
          
            
              300000.000000
              USD
              286809.000000
              USD
              CDS
            
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        REVERSE REPO MERRILL LYNCH
        000000000
        
          
        
        -319949.780000
        PA
        USD
        -319957.780000
        -1.1913549
        Short
        RA
        
        US
        N
        2
        
          Reverse repurchase
          
            
              
            
          
          N
          0.9000000
          2022-05-02
          
            
              500000.000000
              USD
              399682.260000
              USD
              CDS
            
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        SOLD EUR/BOUGHT USD
        000000000
        
          
        
        1.000000
        NC
        
        -42.310000
        -0.0001575
        N/A
        DFE
        
        N/A
        N
        2
        
          
            
              Bank of America, National Association
              B4TYDEB6GKMZO031MB27
            
            180000.000000
            EUR
            199373.830000
            USD
            2022-05-18
            -42.310000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        SOLD EUR/BOUGHT USD
        000000000
        
          
        
        1.000000
        NC
        
        -2161.180000
        -0.0080471
        N/A
        DFE
        
        N/A
        N
        2
        
          
            
              Bank of America, National Association
              B4TYDEB6GKMZO031MB27
            
            400000.000000
            EUR
            440985.800000
            USD
            2022-05-18
            -2161.180000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        SOLD EUR/BOUGHT USD
        000000000
        
          
        
        1.000000
        NC
        
        -1210.230000
        -0.0045063
        N/A
        DFE
        
        N/A
        N
        2
        
          
            
              Bank of America, National Association
              B4TYDEB6GKMZO031MB27
            
            172000.000000
            EUR
            189342.970000
            USD
            2022-05-18
            -1210.230000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        SOLD GBP/BOUGHT USD
        000000000
        
          
        
        1.000000
        NC
        
        3146.800000
        0.0117170
        N/A
        DFE
        
        GB
        N
        2
        
          
            
              Bank of America, National Association
              B4TYDEB6GKMZO031MB27
            
            358000.000000
            GBP
            473322.180000
            USD
            2022-05-18
            3146.800000
          
        
        
          N
          N
          N
        
      
    
    
      
      
      
      
      
      
      
      
    
    
      2022-05-12
      PIMCO Flexible Emerging Markets Income Fund
      /s/ Jason Nagler
      Jason Nagler
      Assistant Treasurer
    
  
  XXXX

Schedule of Investments PIMCO Flexible Emerging Markets Income Fund

March 31, 2022

(Unaudited)

 

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

 

 

PRINCIPAL
AMOUNT
(000s)

 

MARKET
VALUE
(000s)

INVESTMENTS IN SECURITIES 125.3% ¤

 

 

 

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 2.8%

 

 

 

 

The Ministry of Finance and Planning, Government of the United Republic of Tanzania
4.868% (EUR003M + 5.400%) due 04/26/2028 ~

EUR

700

$

772

Total Loan Participations and Assignments (Cost $775)

 

 

 

772

CORPORATE BONDS & NOTES 82.7%

 

 

 

 

BANKING & FINANCE 24.3%

 

 

 

 

1MDB Global Investments Ltd.
4.400% due 03/09/2023

$

1,000

 

978

American Tower Corp.
2.950% due 01/15/2051

 

300

 

237

Banco Mercantil del Norte S.A.
5.875% due 01/24/2027 (a)

 

400

 

371

Brazil Minas SPE via State of Minas Gerais
5.333% due 02/15/2028

 

240

 

244

Corsair International Ltd.

 

 

 

 

4.850% due 01/28/2027 «

EUR

600

 

630

5.200% due 01/28/2029 «

 

200

 

209

Huarong Universe Investment Holding Ltd.
1.625% due 12/05/2022

 

300

 

311

Kuwait Projects Co. SPC Ltd.
4.500% due 02/23/2027

$

600

 

544

LMIRT Capital Pte Ltd.
7.250% due 06/19/2024

 

200

 

199

Massachusetts Mutual Life Insurance Co.
3.375% due 04/15/2050

 

100

 

90

Republic of Angola Via Avenir Issuer Ireland DAC
6.927% due 02/19/2027

 

1,000

 

949

Shriram Transport Finance Co. Ltd.

 

 

 

 

4.150% due 07/18/2025

 

200

 

191

4.400% due 03/13/2024

 

200

 

196

Temasek Financial Ltd.
2.375% due 08/02/2041

 

1,000

 

880

Trust Fibra Uno
6.390% due 01/15/2050

 

500

 

505

 

 

 

 

6,534

INDUSTRIALS 39.2%

 

 

 

 

AngloGold Ashanti Holdings PLC

 

 

 

 

3.375% due 11/01/2028

 

300

 

282

3.750% due 10/01/2030

 

300

 

281

Charter Communications Operating LLC
3.850% due 04/01/2061

 

300

 

242

CSN Resources SA
4.625% due 06/10/2031

 

200

 

183

Ecopetrol SA
5.875% due 05/28/2045

 

600

 

527

Empresa de los Ferrocarriles del Estado
3.068% due 08/18/2050

 

500

 

373

Empresa Electrica Cochrane SpA
5.500% due 05/14/2027

 

555

 

534

Fortune Star BVI Ltd.
5.050% due 01/27/2027

 

200

 

170

GC Treasury Center Co. Ltd.
4.300% due 03/18/2051

 

200

 

186

Globe Telecom, Inc.
3.000% due 07/23/2035

 

500

 

400

Guara Norte SARL
5.198% due 06/15/2034

 

864

 

794

Health & Happiness H&H International Holdings Ltd.
5.625% due 10/24/2024

 

200

 

179

Indofood CBP Sukses Makmur Tbk PT
3.398% due 06/09/2031

 

300

 

269

Melco Resorts Finance Ltd.
5.250% due 04/26/2026

 

300

 

273

Metalsa S A P I De Cv
3.750% due 05/04/2031

 

300

 

261

OCP SA
5.125% due 06/23/2051

 

500

 

417

 

 

 

Schedule of Investments PIMCO Flexible Emerging Markets Income Fund (Cont.)

March 31, 2022

(Unaudited)

 

Oracle Corp.
3.600% due 04/01/2040

 

300

 

261

Petroleos del Peru SA
5.625% due 06/19/2047

 

1,000

 

842

Petroleos Mexicanos

 

 

 

 

6.375% due 01/23/2045

 

1,400

 

1,123

6.750% due 09/21/2047

 

600

 

489

Prosus NV
3.680% due 01/21/2030

 

200

 

175

ReNew Power Pvt Ltd.
6.450% due 09/27/2022

 

200

 

201

Singapore Airlines Ltd.
3.375% due 01/19/2029

 

300

 

287

T-Mobile USA, Inc.
3.600% due 11/15/2060

 

300

 

259

Tullow Oil PLC
10.250% due 05/15/2026

 

200

 

204

Unigel Luxembourg SA
8.750% due 10/01/2026

 

200

 

211

Vale SA
3.202% due 12/29/2049 «~(a)

BRL

10,530

 

1,132

 

 

 

 

10,555

UTILITIES 19.2%

 

 

 

 

FEL Energy SARL
5.750% due 12/01/2040

$

868

 

781

Galaxy Pipeline Assets Bidco Ltd.
2.940% due 09/30/2040

 

786

 

712

Greenko Solar Mauritius Ltd.
5.950% due 07/29/2026

 

200

 

204

Indika Energy Capital Pte Ltd.
8.250% due 10/22/2025

 

300

 

304

Instituto Costarricense de Electricidad
6.375% due 05/15/2043

 

300

 

250

LLPL Capital Pte. Ltd.
6.875% due 02/04/2039

 

785

 

787

Mong Duong Finance Holdings BV
5.125% due 05/07/2029

 

600

 

542

Oi SA
10.000% due 07/27/2025

 

400

 

303

Peru LNG SRL
5.375% due 03/22/2030

 

200

 

177

Poinsettia Finance Ltd.
6.625% due 06/17/2031

 

863

 

846

Southern California Edison Co.
2.950% due 02/01/2051

 

300

 

246

 

 

 

 

5,152

Total Corporate Bonds & Notes (Cost $21,881)

 

 

 

22,241

NON-AGENCY MORTGAGE-BACKED SECURITIES 2.5%

 

 

 

 

Mortimer BTL PLC
1.370% due 06/21/2052 •

GBP

88

 

117

Primrose Residential DAC
0.188% due 03/24/2061

EUR

92

 

101

Shamrock Residential DAC
0.288% due 12/24/2059

 

88

 

97

Stratton Mortgage Funding PLC

 

 

 

 

0.992% due 07/20/2060 •

GBP

84

 

111

1.155% due 01/20/2054

 

100

 

131

Trinity Square PLC
0.936% due 07/15/2059

 

84

 

110

Total Non-Agency Mortgage-Backed Securities (Cost $669)

 

 

 

667

SOVEREIGN ISSUES 37.3%

 

 

 

 

Airport Authority
2.625% due 02/04/2051

$

600

 

484

Argentina Government International Bond
1.125% due 07/09/2035 þ

 

3,000

 

921

Chile Government International Bond
3.100% due 05/07/2041

 

600

 

529

Colombia Government International Bond
4.125% due 02/22/2042

 

1,000

 

784

Dominican Republic International Bond
5.300% due 01/21/2041

 

900

 

784

Ecuador Government International Bond

 

 

 

 

0.500% due 07/31/2040 þ

 

200

 

115

1.000% due 07/31/2035 þ

 

200

 

131

Egypt Government International Bond
7.903% due 02/21/2048

 

200

 

163

Emirate of Dubai Government International Bonds
3.900% due 09/09/2050

 

1,500

 

1,281

Schedule of Investments PIMCO Flexible Emerging Markets Income Fund (Cont.)

March 31, 2022

(Unaudited)

 

Ghana Government International Bond
7.750% due 04/07/2029

 

1,200

 

884

Jordan Government International Bond
7.375% due 10/10/2047

 

600

 

548

Kenya Government International Bond
8.250% due 02/28/2048

 

300

 

268

Morocco Government International Bond
1.500% due 11/27/2031

EUR

300

 

273

Nigeria Government International Bond
7.625% due 11/28/2047

$

1,000

 

835

Oman Government International Bond
6.500% due 03/08/2047

 

500

 

492

Pakistan Government International Bond
8.875% due 04/08/2051

 

200

 

139

Peru Government International Bond
3.600% due 01/15/2072

 

300

 

259

Romania Government International Bond
2.625% due 12/02/2040

EUR

300

 

254

Senegal Government International Bond
6.750% due 03/13/2048

$

200

 

173

Serbia Government International Bond
1.500% due 06/26/2029

EUR

300

 

283

Sri Lanka Government International Bond
5.750% due 04/18/2023

$

300

 

150

Turkey Government International Bond
6.000% due 01/14/2041

 

200

 

157

Ukraine Government International Bond
7.375% due 09/25/2032

 

300

 

127

Total Sovereign Issues (Cost $9,727)

 

 

 

10,034

Total Investments in Securities (Cost $33,052)

 

 

 

33,714

Total Investments 125.3% (Cost $33,052)

 

 

$

33,714

Financial Derivative Instruments (b)(c) (0.0)%(Cost or Premiums, net $(3))

 

 

 

(8)

Other Assets and Liabilities, net (25.3)%

 

 

 

(6,808)

Net Assets 100.0%

 

 

$

26,898

Schedule of Investments PIMCO Flexible Emerging Markets Income Fund (Cont.)

March 31, 2022

(Unaudited)

 

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

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

 

¤

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

«

Security valued using significant unobservable inputs (Level 3).

~

Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

•

Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ

Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a)

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS

REVERSE REPURCHASE AGREEMENTS:

Counterparty

Borrowing Rate(1)

Settlement Date

Maturity Date

 

Amount
Borrowed(1)

 

Payable for
Reverse
Repurchase
Agreements

MEI

0.900%

03/31/2022

05/02/2022

$

(1,541)

$

(1,541)

SOG

1.130

03/31/2022

06/30/2022

 

(229)

 

(229)

 

1.130

04/01/2022

07/01/2022

 

(1,176)

 

(1,176)

UBS

(0.400)

04/01/2022

05/04/2022

EUR

(211)

 

(234)

 

(0.350)

04/01/2022

05/04/2022

 

(449)

 

(497)

 

(0.300)

04/01/2022

05/04/2022

 

(238)

 

(263)

Total Reverse Repurchase Agreements

 

 

 

 

 

$

(3,940)

(1)

The average amount of borrowings outstanding during the period ended March 31, 2022 was $(91) at a weighted average interest rate of 0.900% Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(b)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS

 

Variation Margin

Description

 

 

 

Expiration
Month

 

# of
Contracts

 

Notional
Amount

 

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

Euro-Bund 10-Year Bond June Futures

06/2022

 

3

$

(527)

 

$

4

$

1

$

(5)

Euro-Buxl 30-Year Bond June Futures

06/2022

 

1

 

(206)

 

 

0

 

0

 

(3)

Total Futures Contracts

 

$

4

$

1

$

(8)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(1)

 

Variation Margin

Index/Tranches

Fixed
Receive Rate

Payment
Frequency

Maturity
Date

 

Notional
Amount(2)

 

Premiums
Paid/
(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Market
Value(3)

 

Asset

 

Liability

CDX.EM-37 5-Year Index

1.000%

Quarterly

06/20/2027

$

100

$

(6)

$

0

$

(6)

$

0

$

0

INTEREST RATE SWAPS

 

Variation Margin

Pay/
Receive
Floating Rate

Floating Rate Index

Fixed Rate

Payment
Frequency

Maturity
Date

 

Notional
Amount

 

Premiums
Paid/
(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Market
Value

 

Asset

 

Liability

Receive

OIS GBP SONIO/1.75000 03/16/22-3Y LCH

1.750%

Annual

03/16/2025

GBP

300

$

3

$

0

$

3

$

0

$

0

Total Swap Agreements

$

(3)

$

0

$

(3)

$

0

$

0

cash of $39 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2022.

Schedule of Investments PIMCO Flexible Emerging Markets Income Fund (Cont.)

March 31, 2022

(Unaudited)

 

(1)

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

(2)

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

(3)

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

(c)

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

05/2022

EUR

752

$

830

$

0

$

(3)

 

05/2022

GBP

358

 

473

 

3

 

0

MYI

05/2022

EUR

300

 

334

 

2

 

0

RBC

05/2022

$

189

EUR

172

 

1

 

0

UAG

05/2022

EUR

1,056

$

1,170

 

0

 

0

 

05/2022

$

1,001

EUR

900

 

0

 

(4)

Total Forward Foreign Currency Contracts

$

6

$

(7)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of March 31, 2022 in valuing the Fund's assets and liabilities:

 

Category and Subcategory

Level 1

Level 2

Level 3

Fair Value
at 03/31/2022

Investments in Securities, at Value

Loan Participations and Assignments

$

0

$

772

$

0

$

772

 

Corporate Bonds & Notes

 

Banking & Finance

 

0

 

5,695

 

839

 

6,534

 

 

Industrials

 

0

 

9,423

 

1,132

 

10,555

 

 

Utilities

 

0

 

5,152

 

0

 

5,152

 

Non-Agency Mortgage-Backed Securities

 

0

 

667

 

0

 

667

 

Sovereign Issues

 

0

 

10,034

 

0

 

10,034

 

Total Investments

$

0

$

31,743

$

1,971

$

33,714

 

Financial Derivative Instruments - Assets

Exchange-traded or centrally cleared

 

1

 

0

 

0

 

1

 

Over the counter

 

0

 

6

 

0

 

6

 

 

$

1

$

6

$

0

$

7

 

Financial Derivative Instruments - Liabilities

Exchange-traded or centrally cleared

 

(8)

 

0

 

0

 

(8)

 

Over the counter

 

0

 

(7)

 

0

 

(7)

 

 

$

(8)

$

(7)

$

0

$

(15)

 

Total Financial Derivative Instruments

$

(7)

$

(1)

$

0

$

(8)

 

Totals

$

(7)

$

31,742

$

1,971

$

33,706

 

 

 

 

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2022:

Category and Subcategory

Beginning
Balance
at 06/30/2021

Net
Purchases

Net
Sales/Settlements

Accrued
Discounts/
(Premiums)

Realized
Gain/(Loss)

Net Change in
Unrealized
Appreciation/
(Depreciation)(1)

Transfers into
Level 3

Transfers out
of Level 3

Ending
Balance
at 03/31/2022

Net Change in
Unrealized
Appreciation/
(Depreciation)
on Investments
Held at
03/31/2022(1)

Investments in Securities, at Value

Corporate Bonds & Notes

 

Banking & Finance

$

0

$

856

$

0

$

0

$

0

$

(17)

$

0

$

0

$

839

$

0

 

Industrials

 

0

 

1,061

 

0

 

0

 

0

 

71

 

0

 

0

 

1,132

 

0

Schedule of Investments PIMCO Flexible Emerging Markets Income Fund (Cont.)

March 31, 2022

(Unaudited)

 

Totals

$

0

$

1,917

$

0

$

0

$

0

$

53

$

0

$

0

$

1,971

$

0


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 03/31/2022

Valuation Technique

Unobservable Inputs

 

Input Value(s)

Weighted Average

Investments in Securities, at Value

Corporate Bonds & Notes

 

Banking & Finance

$

839

Proxy Pricing

Base Price

 

95.035-95.248

95.088

 

Industrials

 

1,132

Reference Instrument

Weighted Average

BRL

52.705

—

Total

$

1,971

(1)

Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2022 may be due to an investment no longer held or categorized as Level 3 at period end.

 

 

 

​

Notes to Financial Statements 

1. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

 

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

 

For purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Fund's approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by Pacific Investment Management Company LLC (“PIMCO” or the “Manager”) to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using such data reflecting the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange, quotes obtained from a quotation reporting system, established market makers or pricing services. Swap agreements are valued on the basis of market-based prices supplied by Pricing Services or quotes obtained from brokers and dealers. The Fund’s investments in open-end management investment companies, other than exchange-traded funds, are valued at the NAVs of such investments. The Fund’s investments in closed-end management investment companies are valued at the market price of such investments.

 

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

 

Senior secured floating rate loans for which an active secondary market exists to a reliable degree are valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a Pricing Service. Senior secured floating rate loans for which an active secondary market does not exist to a reliable degree are valued at fair value, which is intended to approximate market value. In valuing a senior secured floating rate loan at fair value, the factors considered may include, but are not limited to, the following: (a) the creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.

 

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a result, the value of such investments and, in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Fund is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV.

 

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to PIMCO the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Board. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of the Fund's securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated, to the Manager, the responsibility for monitoring significant events that may materially affect the values of the Fund's securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

 

When the Fund uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Fund’s policy is intended to result in a calculation of the Fund’s NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.

 

 

Notes to Financial Statements (Cont.)

 

 

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

 

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

 

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

 

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments.

 

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 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:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Services (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed

from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

 

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors.

They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Services (normally determined as of the NYSE Close). Centrally cleared swaps

 

 

Notes to Financial Statements (Cont.)

 

 

and over the counter swaps can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models may use inputs that are

observed from actively quoted markets such as the overnight index swap rate, London Interbank Offered Rate forward rate, interest rates, yield curves and credit spreads. These

securities are categorized as Level 2 of the fair value hierarchy.

 

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy.

 

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price, or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

 

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

 

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

 

2. FEDERAL INCOME TAX MATTERS

The 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 March 31, 2022, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

 

The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

 

 

 

 

​

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)
 
Counterparty Abbreviations:
BOA Bank of America N.A. RBC Royal Bank of Canada UAG UBS AG Stamford
MEI Merrill Lynch International SOG Societe Generale Paris UBS UBS Securities LLC
MYI Morgan Stanley & Co. International PLC
 
Currency Abbreviations:
BRL Brazilian Real GBP British Pound USD ( or $) United States Dollar
EUR Euro
 
Index/Spread Abbreviations:
CDX.EM Credit Derivatives Index - Emerging Markets EUR003M 3 Month EUR Swap Rate SONIO Sterling Overnight Interbank Average Rate
 
Other Abbreviations:
DAC Designated Activity Company OIS Overnight Index Swap TBA To-Be-Announced


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Pacific Investment Management Company, LLC (PIMCO)