N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-23749

PIMCO Access Income Fund

(Exact name of registrant as specified in charter)

1633 Broadway, New York, NY 10019

(Address of principal executive offices)

Bijal Y. Parikh

Treasurer (Principal Financial & Accounting Officer)

650 Newport Center Drive, Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

David C. Sullivan

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Registrant’s telephone number, including area code: (844) 337-4626

Date of fiscal year end: June 30

Date of reporting period: June 30, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Reports to Shareholders.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1).

LOGO

PIMCO CLOSED-END FUNDS

Annual Report

June 30, 2022

PCM Fund, Inc. | PCM | NYSE

PIMCO Global StocksPLUS^® & Income Fund | PGP | NYSE

PIMCO Strategic Income Fund, Inc. | RCS | NYSE

PIMCO Access Income Fund | PAXS | NYSE

PIMCO Dynamic Income Fund | PDI | NYSE

PIMCO Dynamic Income Opportunities Fund | PDO | NYSE

Table of Contents



			Page


Letter from the Chair of the Board & President				2

Important Information About the Funds				4

Index Descriptions				16

Financial Highlights				18

Statements of Assets and Liabilities				20

Consolidated Statements of Assets and Liabilities				21

Statements of Operations				22

Consolidated Statements of Operations				23

Statements of Changes in Net Assets				24

Consolidated Statements of Changes in Net Assets				26

Statements of Cash Flows				28

Consolidated Statements of Cash Flows				29

Notes to Financial Statements				116

Report of Independent Registered Public Accounting Firm				152

Glossary				153

Federal Income Tax Information				154

Distribution Information				155

Shareholder Meeting Results				157

Changes to Boards of Trustees				159

Dividend Reinvestment Plan				160

Additional Information Regarding the Funds				162

Principal Investment Strategies				163

Principal Risks of the Funds				187

Risk Management Strategies				220

Effects of Leverage				221

Fundamental Investment Restrictions				222

Management of the Funds				226

Approval of Investment Management Agreement				230

Privacy Policy				241


Fund	Fund Summary		Schedule of Investments


PCM Fund, Inc.		8		30

PIMCO Global StocksPLUS^® & Income Fund		9		40

PIMCO Strategic Income Fund, Inc.		10		54

PIMCO Access Income Fund⁽¹⁾		11		67

PIMCO Dynamic Income Fund⁽¹⁾		12		76

PIMCO Dynamic Income Opportunities Fund⁽¹⁾		15		102

⁽¹⁾

Consolidated Schedule of Investments


Letter from the Chair of the Board & President

Dear Shareholder,

We hope that you and your family are remaining safe and healthy during these challenging times. We continue to work tirelessly to navigate markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Closed-End Funds Annual Report, which covers the 12-month reporting period ended June 30, 2022. On the subsequent pages, you will find specific details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended June 30, 2022

The global economy continued to be affected by the COVID-19 pandemic (“COVID-19”) and its variants. Looking back, third quarter 2021 U.S. annualized gross domestic product (“GDP”) grew 2.3%. Economic activity accelerated during the fourth quarter, as GDP growth was 6.9%. However, the U.S. economy then experienced a setback, as first quarter 2022 GDP growth was -1.6%. Finally, the Commerce Department’s initial estimate for second quarter 2022 annualized GDP growth — released after the reporting period ended — was 0.9%.

In the U.S., the Federal Reserve Board (the “Fed”) took several steps to tighten monetary policy to combat elevated inflation. The Fed reduced the monthly pace of its net asset purchases of Treasury securities and agency mortgage-backed securities in November 2021 and again in December. The Fed ended its monthly asset purchases in mid-March 2022. The Fed then raised the federal funds rate 0.25% to a range between 0.25% and 0.50% in March 2022, its first rate hike since 2018. The central bank then raised rates 0.50% in its May 2022 meeting and 0.75% in its June meeting. Finally, on July 27, 2022 — after the reporting period ended — the Fed raised rates 0.75%, to a range between 2.25% and 2.50%.

Economies outside the U.S. also continued to be impacted by the pandemic. The war in Ukraine and its repercussions also led to increased uncertainties around the world. In its April 2022 World Economic Outlook Update, the International Monetary Fund (“IMF”) said it expects U.S. gross domestic product (“GDP”) growth to be 3.7% in 2022, compared to 5.7% in 2021. Elsewhere, the IMF expects 2022 GDP to grow 2.8% in the eurozone (from 5.3% in 2021), 3.7% in the U.K. (from 7.4% in 2021) and 2.4% in Japan (from 1.6% in 2021).

Several other central banks began tightening monetary policy during the period. In December 2021, the Bank of England (the “BoE”) surprised the market and raised rates for the first time since COVID-19 began. The BoE again raised rates at its meetings in February, March, May and June 2022. The European Central Bank (the “ECB”) indicated that it intended to raise rates at its September 2022 meeting. Elsewhere, the Bank of Japan (the “BoJ”) maintained its loose monetary policy and appears likely to remain accommodative in the near future given the headwinds facing its economy.

During the reporting period, short- and long-term U.S. Treasury yields moved sharply higher. The yield on the benchmark 10-year U.S. Treasury note was 2.98% on June 30, 2022, versus 1.45% on June 30, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -7.91%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -12.75%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -12.85%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -19.25%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -19.28%.

Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -10.62%. Global equities, as represented by the MSCI World Index, returned -14.34%, while emerging market


2		PIMCO CLOSED-END FUNDS

equities, as measured by the MSCI Emerging Markets Index, returned -25.28%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned -8.33% and European equities, as represented by the MSCI Europe Index (in EUR), returned -6.54%.

Commodity prices were volatile and generated mixed returns. Brent crude oil, which was approximately $75 a barrel at the start of the reporting period, rose to roughly $112 a barrel at the end of June 2022. We believe the oil-price increase was driven by supply shortages and stronger demand due to economic re-openings as COVID-19 restrictions eased. Repercussions from the war in Ukraine also contributed to higher oil prices. In terms of other commodities prices, copper declined, whereas gold rose during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was due to several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 11.59%, 11.95% and 18.13% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs. For any questions regarding your PIMCO Closed-End Funds investments, please contact your financial adviser, or call the Funds’ shareholder servicing agent at (844) 33-PIMCO. We also invite you to visit our website at pimco.com to learn more about our global viewpoints.

Sincerely,





Deborah A. DeCotis		Eric D. Johnson
Chair of the Board of Trustees		President

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

ANNUAL REPORT

JUNE 30, 2022


Important Information About the Funds

Information regarding each Fund’s principal investment strategies, principal risks and risk management strategies, the effects of each Fund’s leverage, and each Fund’s fundamental investment restrictions, including a summary of certain changes thereto during the most recent fiscal year, can be found within the relevant sections of this report. Please refer to the Table of Contents for further information.

The Board approved the reorganization (the “Reorganization”) of PIMCO Income Opportunity Fund and PIMCO Dynamic Credit and Mortgage Income Fund (each an “Acquired Fund”) with and into PIMCO Dynamic Income Fund (the “Acquiring Fund”).

At a Joint Special Meeting of Shareholders of the Acquiring Fund and Acquired Funds, held on August 6, 2021, shareholders of the Acquiring Fund and PIMCO Income Opportunity Fund approved the proposals necessary for the Acquired Funds to reorganize with and into the Acquiring Fund. No action was needed from shareholders of PIMCO Dynamic Credit and Mortgage Income Fund. Pursuant to the Reorganization, shareholders of the Acquired Funds became shareholders of the Acquiring Fund. The Reorganization was completed upon the close of business on December 10, 2021. The transaction was structured to qualify as a tax-free reorganization under Section 368(a) of the Internal Revenue Code (the “Code”). In the Reorganization, the Acquiring Fund acquired all of the assets and assumed all of the liabilities of each of the Acquired Funds in exchange for newly-issued common shares of the Acquiring Fund (“Merger Shares”). Shareholders of the Acquired Funds received Merger Shares (and cash in lieu of fractional Merger Shares, if any), equal to the aggregate net asset value of their holdings of each Acquired Fund, as applicable. The exchange was based on the net asset value per common share (“NAV”) of the Acquiring Fund and each of the Acquired Funds as of the close of business on December 10, 2021.

Effective as of December 13, 2021, the annual management fee rate paid by the Acquiring Fund to PIMCO was reduced from 1.15% to 1.10% of the Acquiring Fund’s average daily total managed assets (the “Fee Reduction”). The Fee Reduction went into effect upon the consummation of the Reorganization. Please see Note 16 — Reorganization in the Notes to Financial Statements for additional information about the Reorganization.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. A Fund may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, are ascending from historically low levels. Thus, bond funds currently face a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to “make markets”.

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security’s price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact a Fund’s performance or cause a Fund to incur losses.

A Fund may enter into opposite sides of multiple interest rate swaps or other derivatives with respect to the same underlying reference instrument (e.g., a 10-year U.S. treasury) that have different effective dates with respect to interest accrual time periods also for the principal purpose of generating distributable gains (characterized as ordinary income for tax purposes) that are not part of a Fund’s duration or yield curve management strategies. In such a “paired swap transaction”, a Fund would generally enter into one or more interest rate swap agreements whereby a Fund agrees to make regular payments starting at the time a Fund enters into the agreements equal to a floating interest rate in return for payments equal to a fixed interest rate (the “initial leg”). A Fund would also enter into one or more interest rate swap agreements on the same underlying instrument, but take the opposite position (i.e., in this example, a Fund would make regular payments equal to a fixed interest rate in return for receiving payments equal to a floating interest rate) with respect to a contract whereby the payment obligations do not commence until a date following the commencement of the initial leg (the “forward leg”).

A Fund may engage in investment strategies, including those that employ the use of paired swaps transactions, the use of interest rate swaps to seek to capitalize on differences between short-term and long-term interest rates and other derivatives transactions, to, among other things, seek to generate current, distributable income, even if such strategies could potentially result in declines in the Fund’s net asset value (“NAV”). A Fund’s income and gain-generating strategies, including certain derivatives strategies, may generate current income and gains taxable as ordinary income sufficient to support monthly distributions even in situations when a Fund has experienced a decline in net assets due to, for example, adverse changes in the broad U.S. or non-U.S. equity markets or a Fund’s debt investments, or arising from


4		PIMCO CLOSED-END FUNDS

its use of derivatives. For instance, a portion of a Fund’s monthly distributions may be sourced from paired swap transactions utilized to produce current distributable ordinary income for tax purposes on the initial leg, with a substantial possibility that a Fund will later realize a corresponding capital loss and potential decline in its NAV with respect to the forward leg (to the extent there are not corresponding offsetting capital gains being generated from other sources). Because some or all of these transactions may generate capital losses without corresponding offsetting capital gains, portions of a Fund’s distributions recognized as ordinary income for tax purposes (such as from paired swap transactions) may be economically similar to a taxable return of capital when considered together with such capital losses.

Classifications of the Funds’ portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments or Consolidated Schedule of Investments, as applicable, sections of this report may differ from the classification used for the Funds’ compliance calculations, including those used in the Funds’ prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

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.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds’ performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds’ service providers and disrupt the Funds’ operations.

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from other countries, each with a focus on China, has contributed to international trade tensions and may impact portfolio securities.

The United Kingdom’s withdrawal from the European Union may impact Fund returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

The Funds may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. The transition may result in a reduction in the value of certain instruments held by a Fund or a reduction in the effectiveness of related Fund transactions such as hedges. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. The transition may also result in a reduction in the value of certain instruments held by a Fund or a reduction in the effectiveness of related Fund transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.

The common shares of the Funds trade on the New York Stock Exchange. As with any stock, the price of a Fund’s common shares will fluctuate with market conditions and other factors. If you sell your common shares of a Fund, the price received may be more or less than your original investment. Shares of closed-end management investment companies, such as the Funds, frequently trade at a discount from their NAV and may trade at a price that is less than the initial offering price and/or the NAV of such shares. Further, if a Fund’s shares trade at a price that is more than the initial offering price and/or the NAV of such shares, including at a substantial premium and/or for an extended period of time, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares will not trade at a discount to NAV thereafter.

On each Fund Summary page in this Shareholder Report, the Average Annual Total Return table measures performance assuming that all dividend and capital gain distributions were reinvested. Total return is calculated by determining the percentage change in NAV or market price (as applicable) in the specified period. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total return for a period of more than one year represents the average annual total return. Performance at market price will differ from results at NAV. Although market price returns tend to reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about a Fund, market conditions, supply and demand for the Fund’s shares, or changes in the Fund’s dividends. Performance shown is net of fees and expenses. Historical NAV performance for a Fund may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

ANNUAL REPORT

JUNE 30, 2022


Important Information About the Funds		(Cont.)

The dividend rate that a Fund pays on its common shares may vary as portfolio and market conditions change, and will depend on a number of factors, including without limit the amount of a Fund’s undistributed net investment income and net short- and long-term capital gains, as well as the costs of any leverage obtained by a Fund. As portfolio and market conditions change, the rate of distributions on the common shares and a Fund’s dividend policy could change. There can be no assurance that a change in market conditions or other factors will not result in a change in a Fund distribution rate or that the rate will be sustainable in the future.

The following table discloses the Inception Date and diversification status of each Fund:

Fund Name

Inception
Date

Diversification
Status

PCM Fund, Inc.

09/02/93

Diversified

PIMCO Global StocksPLUS^® & Income Fund

05/31/05

Diversified

PIMCO Strategic Income Fund, Inc.

02/24/94

Diversified

PIMCO Access Income Fund

01/31/22

Non-Diversified

PIMCO Dynamic Income Fund

05/30/12

Diversified

PIMCO Dynamic Income Opportunities Fund

01/29/21

Non-Diversified

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Funds.

The Trustees/Directors¹ are responsible generally for overseeing the management of the Funds. The Trustees authorize the Funds to enter into service agreements with the Manager and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus or Statement of Additional Information (“SAI”), any press release or shareholder report, any contracts filed as exhibits to a Fund’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of a Fund creates a contract between or among any shareholders of a Fund, on the one hand, and the Fund, a service provider to the Fund, and/or the Trustees or officers of the Fund, on the other hand.

The Trustees (or the Funds and their officers, service providers or other delegates acting under authority of the Trustees) may amend its most recent prospectus or use a new prospectus or SAI with respect to a Fund, adopt and disclose new or amended policies and other changes in press releases and shareholder reports and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to

fundamental investment policies) or where a shareholder approval requirement was specifically disclosed in a Fund’s then-current prospectus, SAI or shareholder report and is otherwise still in effect.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Funds as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Funds at (844) 33-PIMCO, on the Funds’ website at www.pimco.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds’ complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (844) 33-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all reports in paper free of charge by contacting their financial intermediary or, if invested directly with a Fund, investors can inform the Fund by calling (844) 33-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with a Fund or to all funds held in the investor’s account if invested through a financial intermediary, such as a broker-dealer or bank.

In April 2020, the SEC adopted amended rules modifying the registration, communications, and offering processes for registered closed-end funds and interval funds. Among other things, the amendments: (1) permit qualifying closed-end funds to use a short-form registration statement to offer securities in eligible transactions and certain funds to qualify as Well Known Seasoned Issuers; (2) permit interval funds to pay registration fees based on net issuance of shares in a manner similar to mutual funds; (3) require closed-end funds and interval funds to include additional disclosures in their annual reports; and (4) require certain information to be filed in interactive data format. The new rules have phased compliance dates, with some requirements having already taken effect and others requiring compliance as late as February 1, 2023.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain


6		PIMCO CLOSED-END FUNDS

¹	Hereinafter, the terms “Trustee” or “Trustees” used herein shall refer to a Director or Directors of applicable Funds.

other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions that was applicable to the Funds as of the date of this report. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related recordkeeping requirements is August 19, 2022.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Investment Company Act of 1940 (the “Act”) without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the associated recordkeeping requirements is September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Funds) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting

three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

ANNUAL REPORT

JUNE 30, 2022

PCM Fund, Inc.




		Symbol on NYSE - PCM

Cumulative Returns Through June 30, 2022

LOGO

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of June 30, 2022^†§


Asset-Backed Securities			31.0%

Non-Agency Mortgage-Backed Securities			21.9%

Corporate Bonds & Notes			16.4%

Loan Participations and Assignments			14.0%

Short-Term Instruments			6.2%

Preferred Securities			2.8%

U.S. Government Agencies			2.4%

Common Stocks			2.0%

Real Estate Investment Trusts			1.7%

Other			1.6%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.



Average Annual Total Return⁽¹⁾ for the period ended June 30, 2022

		1 Year		5 Year		10 Year		Commencement of Operations (09/02/93)
	Market Price		(14.44)%		5.53%		8.47%		8.53%
	NAV		(10.20)%		4.61%		7.79%		8.45%
	ICE BofAML US High Yield Index		(12.66)%		1.95%		4.40%		6.50%^¨

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

^¨	Average Annual Return since 08/31/1993

It is not possible to invest directly in an unmanaged index.

⁽¹⁾

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a “benchmark” for the Fund’s performance. The index is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. Please see Additional Information Regarding the Funds for a description of the Fund’s principal investment strategies.

⁽²⁾

Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

⁽³⁾

Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively “Total Effective Leverage”). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).

Fund Information (as of June 30, 2022)⁽¹⁾


Market Price			$9.25

NAV			$7.69

Premium/(Discount) to NAV			20.29%

Market Price Distribution Rate⁽²⁾			10.38%

NAV Distribution Rate⁽²⁾			12.48%

Total Effective Leverage⁽³⁾			49.27%

Investment Objective and Strategy Overview

The Fund’s primary investment objective is to achieve high current income. Capital gain from the disposition of investments is a secondary objective of the Fund.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Exposure to select corporate special situation positions contributed to absolute performance, as select issuers posted positive returns.

Security selection in asset backed securities, most notably student loans, contributed to absolute performance, as select securities posted positive returns.

There were no other material contributors for this Fund.

Exposure to corporate credit detracted from absolute performance, as the asset class posted negative returns.

Long interest rate positioning, especially in the short and intermediate portion of the curve, detracted from absolute performance, as rates increased.

Exposure to U.S. residential mortgage credit detracted from absolute performance, as the asset class posted negative returns.


8		PIMCO CLOSED-END FUNDS

PIMCO Global StocksPLUS^® & Income Fund




		Symbol on NYSE - PGP

Cumulative Returns Through June 30, 2022

LOGO

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of June 30, 2022^†^§


Corporate Bonds & Notes			26.8%

U.S. Government Agencies			22.2%

Loan Participations and Assignments			12.6%

Short-Term Instruments			12.4%

Non-Agency Mortgage-Backed Securities			9.1%

Asset-Backed Securities			6.3%

Preferred Securities			5.2%

Sovereign Issues			1.6%

Common Stocks			1.1%

Other			2.7%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.



Average Annual Total Return⁽¹⁾ for the period ended June 30, 2022

		1 Year		5 Year		10 Year		Commencement of Operations (05/31/05)
	Market Price		(22.51)%		(6.59)%		1.16%		6.19%
	NAV		(24.27)%		3.18%		10.38%		9.88%
	S&P 500 Index		(10.62)%		11.31%		12.96%		9.18%

It is not possible to invest directly in an unmanaged index.

⁽¹⁾

⁽²⁾

⁽³⁾

Fund Information (as of June 30, 2022)⁽¹⁾


Market Price			$7.89

NAV			$7.26

Premium/(Discount) to NAV			8.68%

Market Price Distribution Rate⁽²⁾			10.49%

NAV Distribution Rate⁽²⁾			11.40%

Total Effective Leverage⁽³⁾			41.86%

Investment Objective and Strategy Overview

PIMCO Global StocksPLUS^® & Income Fund’s investment objective is to seek total return comprised of current income, current gains and long-term capital appreciation.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Exposure to select corporate special situation positions contributed to absolute performance, as select issuers posted positive returns.

Security selection in asset backed securities contributed to absolute performance, as select securities posted positive returns.

Security selection in U.S. commercial mortgage credit contributed to absolute performance, as select securities posted positive returns.

Exposure to equity index derivatives linked to the MSCI EAFE Index detracted from absolute performance, as the index posted negative performance.

Exposure to corporate credit detracted from absolute performance, as the asset class posted negative returns.

Exposure to U.S. agency mortgage-backed securities detracted from absolute performance, as the asset class posted negative returns.

ANNUAL REPORT

JUNE 30, 2022

PIMCO Strategic Income Fund, Inc.




		Symbol on NYSE - RCS

Cumulative Returns Through June 30, 2022

LOGO

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of June 30, 2022^†^§


U.S. Government Agencies			30.8%

Corporate Bonds & Notes			29.5%

Non-Agency Mortgage-Backed Securities			13.2%

Loan Participations and Assignments			8.4%

Asset-Backed Securities			5.0%

Preferred Securities			3.3%

Short-Term Instruments			3.0%

Common Stocks			2.6%

Sovereign Issues			2.4%

Municipal Bonds & Notes			1.1%

Other			0.7%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.



Average Annual Total Return⁽¹⁾ for the period ended June 30, 2022

		1 Year		5 Year		10 Year		Commencement of Operations (02/24/94)
	Market Price		(25.44)%		(4.22)%		2.24%		7.09%
	NAV		(20.58)%		0.78%		4.91%		7.27%
	ICE BofAML US High Yield Index		(12.66)%		1.95%		4.40%		6.41%^¨

^¨	Average Annual Return since 2/28/1994

It is not possible to invest directly in an unmanaged index.

⁽¹⁾

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

The performance information shown for the Fund includes historical performance information for the periods prior to February 8, 2002, during which the Fund had a different investment manager. As of February 8, 2002, PIMCO became the Fund’s investment manager. The Fund’s performance prior to that time may have been different if the Fund were advised by PIMCO

⁽²⁾

⁽³⁾

Fund Information (as of June 30, 2022)⁽¹⁾


Market Price			$5.13

NAV			$4.69

Premium/(Discount) to NAV			9.38%

Market Price Distribution Rate⁽²⁾			11.93%

NAV Distribution Rate⁽²⁾			13.05%

Total Effective Leverage⁽³⁾			46.02%

Investment Objective and Strategy Overview

The Fund’s primary investment objective is to generate a level of income that is higher than that generated by high quality, intermediate-term U.S. debt securities. The Fund also seeks capital appreciation to the extent consistent with this objective.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Short interest rate positioning, especially in the intermediate and long end of the curve, contributed to absolute performance, as rates increased.

Exposure to select corporate special situation positions contributed to absolute performance, as select issuers posted positive returns.

Security selection in U.S. commercial mortgage credit contributed to absolute performance, as select securities posted positive returns.

Exposure to corporate credit detracted from absolute performance, as the asset class posted negative returns.

Exposure to U.S. agency mortgage-backed securities detracted from absolute performance, as the asset class posted negative returns.

Exposure to emerging market debt detracted from absolute performance, as the asset class posted negative returns.


10		PIMCO CLOSED-END FUNDS

PIMCO Access Income Fund


		Symbol on NYSE - PAXS

Allocation Breakdown as of June 30, 2022^†^§


Non-Agency Mortgage-Backed Securities			29.1%

Corporate Bonds & Notes			21.4%

Loan Participations and Assignments			20.6%

Asset-Backed Securities			18.9%

Short-Term Instruments			4.6%

Municipal Bonds & Notes			1.6%

Preferred Securities			1.4%

Other			2.4%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Information (as of June 30, 2022)⁽¹⁾


Market Price			$15.83

NAV			$17.24

Premium/(Discount) to NAV			(8.18)%

Market Price Distribution Rate⁽²⁾			8.85%

NAV Distribution Rate⁽²⁾			8.12%

Total Effective Leverage⁽³⁾			38.44%

A line graph is not included since the Fund has less than six months of performance.



Average Annual Total Return⁽¹⁾ for the period ended June 30, 2022

	Commencement of Operations (01/31/22)
Market Price*		(18.72)%
NAV*		(11.63)%

* Cumulative return

⁽¹⁾

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

⁽²⁾

⁽³⁾

Investment Objective and Strategy Overview

PIMCO Access Income Fund’s investment objective is to seek current income as a primary objective and capital appreciation as a secondary objective.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Security selection in asset-backed securities contributed to absolute performance, as select securities posted positive returns.

Short interest rate positioning, especially in the long end of the curve, contributed to absolute performance, as rates increased.

There were no other material contributors for this fund.

Exposure to corporate credit detracted from absolute performance, as the asset class posted negative returns.

Exposure to emerging market debt detracted from absolute performance, as the asset class posted negative returns.

Exposure to U.S. mortgage credit detracted from absolute performance, as the asset class posted negative returns.

ANNUAL REPORT

JUNE 30, 2022

PIMCO Dynamic Income Fund




		Symbol on NYSE - PDI

Cumulative Returns Through June 30, 2022

LOGO

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of June 30, 2022^†^§


Corporate Bonds & Notes			25.6%

Non-Agency Mortgage-Backed Securities			20.3%

Asset-Backed Securities			19.8%

Loan Participations and Assignments			16.7%

Short-Term Instruments			5.1%

Preferred Securities			4.0%

Common Stocks			2.6%

Sovereign Issues			1.7%

U.S. Government Agencies			1.3%

Other			2.9%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.



Average Annual Total Return⁽¹⁾ for the period ended June 30, 2022

		1 Year		5 Year		10 Year		Commencement of Operations (05/30/12)
	Market Price		(19.10)%		3.05%		10.47%		10.60%
	NAV		(12.55)%		3.72%		10.54%		10.85%
	ICE BofAML US High Yield Index		(12.66)%		1.95%		4.40%		4.57%

It is not possible to invest directly in an unmanaged index.

⁽¹⁾

⁽²⁾

⁽³⁾

Fund Information (as of June 30, 2022)⁽¹⁾


Market Price			$20.87

NAV			$19.73

Premium/(Discount) to NAV			5.78%

Market Price Distribution Rate⁽²⁾			12.68%

NAV Distribution Rate⁽²⁾			13.41%

Total Effective Leverage⁽³⁾			48.60%

Investment Objective and Strategy Overview

PIMCO Dynamic Income Fund’s primary investment objective is to seek current income, and capital appreciation is a secondary objective.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Exposure to select corporate special situation positions contributed to absolute performance, as select issuers posted positive returns.

Security selection in asset backed securities, most notably student loans, contributed to absolute performance, as select securities posted positive returns.

Security selection in U.S. commercial mortgage credit contributed to absolute performance, as select securities posted positive returns.

Exposure to corporate credit detracted from absolute performance, as the asset class posted negative returns.

Exposure to emerging market debt detracted from absolute performance, as the asset class posted negative returns.

Exposure to U.S. residential mortgage credit detracted from absolute performance, as the asset class posted negative returns.


12		PIMCO CLOSED-END FUNDS


Market and Net Asset Value Information

The following table, presented in conformance with annual reporting requirements for funds that have filed a registration statement pursuant to General Instruction A.2 of Form N-2 (“Short Form N-2”), sets forth, for each of the periods indicated, the high and low closing market prices of the Fund’s Common Shares on the NYSE, the high and low NAV per Common Share and the high and low premium/discount to NAV per Common Share. See Note 3, Investment Valuation and Fair Value Measurements in the Notes to Financial Statements for information as to how the Fund’s NAV is determined.


	Common share market price⁽¹⁾				Common share net asset value				Premium (discount) as a % of net asset value
Quarter	High		Low		High		Low		High		Low
Quarter ended June 30, 2022	$	24.11	$	19.73	$	22.90	$	19.73		7.44%		(2.33)%
Quarter ended March 31, 2022	$	26.52	$	22.11	$	24.44	$	22.28		9.03%		(0.99)%
Quarter ended December 31, 2021	$	27.21	$	24.75	$	25.09	$	24.14		9.67%		2.32%
Quarter ended September 30, 2021	$	29.09	$	25.96	$	25.37	$	24.97		15.73%		3.59%
Quarter ended June 30, 2021	$	29.60	$	28.00	$	25.41	$	24.57		17.99%		13.27%
Quarter ended March 31, 2021	$	28.66	$	25.92	$	25.21	$	24.50		16.33%		4.99%
Quarter ended December 31, 2020	$	27.13	$	24.17	$	24.85	$	23.35		10.19%		3.15%
Quarter ended September 30, 2020	$	25.36	$	24.01	$	23.53	$	22.51		10.15%		3.58%
Quarter ended June 30, 2020	$	27.04	$	20.04	$	22.75	$	20.05		19.65%		(0.64)%
Quarter ended March 31, 2020	$	33.61	$	17.74	$	27.69	$	19.29		21.56%		(12.09)%
Quarter ended December 31, 2019	$	33.83	$	32.37	$	27.34	$	26.76		24.45%		18.61%
Quarter ended September 30, 2019	$	32.54	$	30.72	$	28.38	$	27.04		19.37%		10.03%
Quarter ended June 30, 2019	$	33.25	$	30.73	$	28.29	$	27.71		18.50%		10.30%
Quarter ended March 31, 2019	$	32.50	$	29.18	$	27.83	$	27.26		17.37%		7.04%
Quarter ended December 31, 2018	$	34.04	$	26.95	$	29.11	$	27.13		16.98%		(0.77)%
Quarter ended September 30, 2018	$	33.65	$	31.87	$	29.21	$	28.81		16.41%		9.97%

¹	Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.

ANNUAL REPORT

JUNE 30, 2022

The following information is presented in conformance with annual reporting requirements for funds that have filed a registration statement pursuant to General Instruction A.2 of Form N-2 (“Short Form N-2”).

Summary of Fund Expenses

The following table is intended to assist investors in understanding the fees and expenses (annualized) that an investor in Common Shares of the Fund would bear, directly or indirectly, as a result of an offering. The table reflects the use of leverage in the form of reverse repurchase agreements in an amount equal to 54.93% of the Fund’s total average managed assets (including assets attributable to reverse repurchase agreements), which reflects approximately the percentage of the Fund’s total average managed assets attributable to such leverage averaged over the fiscal year ended June 30, 2022, and shows Fund expenses as a percentage of net assets attributable to Common Shares. The percentage above does not reflect the Fund’s use of other forms of economic leverage, such as credit default swaps or other derivative instruments. The table and example below are based on the Fund’s capital structure as of June 30, 2022. The extent of the Fund’s assets attributable to leverage following an offering, and the Fund’s associated expenses, are likely to vary (perhaps significantly) from these assumptions.

Shareholder Transaction Expense



Sales load (as a percentage of offering price)⁽¹⁾							[ ]%

Offering Expenses Borne by Common Shareholders (as a percentage of offering price)⁽²⁾							[ ]%

Dividend Reinvestment Plan Fees⁽³⁾							None

¹	In the event that the Common Shares to which this relates are sold to or through underwriters or dealer managers, a corresponding supplement will disclose the applicable sale load and/or commission.

²	The related supplement will disclose the estimated amount of offering expense, the offering price and the offering expenses borne by the Fund and indirectly by all of its Common Shareholders as a percentage of the offering price.

You will pay broker chargers if you direct your broker or the plan agent to sell your Common Shares that you acquired pursuant to a dividend reinvestment plan. You may also pay a pro rata share of brokerage commissions incurred in connection with open market purchase pursuant to the Fund’s Dividend Reinvestment Plan.

Annual Expenses


	Percentage of Net Assets Attributable to Common Shares (reflecting leverage attributable to reverse repurchase agreements)

Management Fees⁽¹⁾		1.99%

Interest Payments on Borrowed Funds⁽²⁾		0.64%

Other Expenses⁽³⁾		0.01%

Total Annual Expenses		2.64%

^1.

Management fees include fees payable to the Investment Manager for advisory services and for supervisory, administrative and other services. The Fund pays for the advisory, supervisory and administrative services it requires under what is essentially an all-in fee structure (the “unified management fee”). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 1.10% of the Fund’s

average daily total managed assets. The Fund (and not PIMCO) will be responsible for certain fees and expenses which are, reflected in the table above, that are not covered by the unified management fee under the investment management agreement. Please see Note 9, Fees and Expenses in the Notes to Financial Statements for an explanation of the unified management fee.

^2.

Reflects the Fund’s use of leverage in the form of reverse repurchase agreements averaged over the fiscal year ended June 30, 2022, which represented 54.93% of the Fund’s total managed assets (including assets attributable to reverse repurchase agreements) as of that date, at an annual interest rate cost to the Fund of 1.64%, which is the weighted average interest rate cost during the fiscal year ended June 30, 2022. See “Effects of Leverage.” The actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund’s use of reverse repurchase agreements, dollar rolls and/or borrowings and variations in market interest rates. Borrowing expense is required to be treated as an expense of the Fund for accounting purposes. Any associated income or gains (or losses) realized from leverage obtained through such instruments is not reflected in the Annual Expenses table above, but would be reflected in the Fund’s performance results.

^3.	Other expenses are estimated for the Fund’s fiscal year ending June 30, 2023.

^4.	“Interest Payments on Borrowed Funds” is borne by the Fund separately from the management fees paid to PIMCO. Excluding such expense, Total Annual Expenses are 2.00%.

Example

The following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares of the Fund, assuming (1) that the Fund’s net assets do not increase or decrease, (2) that the Fund incurs total annual expenses of 2.64% of net assets attributable to Common Shares in years 1 through 10 (assuming assets attributable to reverse repurchase agreements representing 54.93% of the Fund’s total managed assets) and (3) a 5% annual return⁽¹⁾:


	1 Year		3 Years		5 Years		10 Years

Total Expenses Incurred	$	27	$	83	$	141	$	299

¹⁾

The example above should not be considered a representation of future expenses. Actual expenses may be higher or lower than those shown. The example assumes that the estimated Interest Payments on Borrowed Funds, and Other Expenses set forth in the Annual Expenses table are accurate, that the rate listed under Total Annual Expenses remains the same each year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example. The example does not include commissions or estimated offering expenses, which would cause the expenses shown in the example to increase


14		PIMCO CLOSED-END FUNDS

PIMCO Dynamic Income Opportunities Fund




		Symbol on NYSE - PDO

Cumulative Returns Through June 30, 2022

LOGO

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of June 30, 2022^†^§


Corporate Bonds & Notes			26.1%

Non-Agency Mortgage-Backed Securities			25.5%

Loan Participations and Assignments			22.3%

Asset-Backed Securities			9.3%

Short-Term Instruments			6.1%

Sovereign Issues			2.5%

Real Estate Investment Trusts			1.8%

Preferred Securities			1.8%

Convertible Bonds & Notes			1.4%

U.S. Government Agencies			1.2%

Common Stocks			1.1%

Other			0.9%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.



Average Annual Total Return⁽¹⁾ for the period ended June 30, 2022

		1 Year		Commencement of Operations (01/29/21)
	Market Price		(33.77)%		(16.63)%
	NAV		(17.25)%		(9.48)%
	ICE BofAML US High Yield Index		(12.66)%		(6.99)%

It is not possible to invest directly in an unmanaged index.

⁽¹⁾

⁽²⁾

⁽³⁾

Fund Information (as of June 30, 2022)⁽¹⁾


Market Price			$13.85

NAV			$15.35

Premium/(Discount) to NAV			(9.77)%

Market Price Distribution Rate⁽²⁾			10.26%

NAV Distribution Rate⁽²⁾			9.26%

Total Effective Leverage⁽³⁾			48.38%

Investment Objective and Strategy Overview

PIMCO Dynamic Income Opportunities Fund’s investment objective is to seek current income as a primary objective and capital appreciation as a secondary objective.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Exposure to select corporate special situation positions contributed to absolute performance, as select issuers posted positive returns.

Short interest rate positioning, especially in the long end of the curve, contributed to absolute performance, as rates increased.

Security selection in structured credit contributed to absolute performance, as select securities posted positive returns and outperformed the broader asset class.

Exposure to corporate credit detracted from absolute performance, as the asset class posted negative returns.

Exposure to emerging market debt detracted from absolute performance, as the asset class posted negative returns.

Exposure to U.S. mortgage credit detracted from absolute performance, as the asset class posted negative returns.

ANNUAL REPORT

JUNE 30, 2022


Index Descriptions


Index*		Description

ICE BofAML US High Yield Index		ICE BofAML U.S. High Yield Index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Qualifying bonds must have at least one year remaining term to maturity, a fixed coupon schedule and a minimum amount outstanding of USD 100 million. Bonds must be rated below investment grade based on a composite of Moody’s and S&P.

S&P 500 Index		S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the large-cap segment of the U.S. equities market.

* It is not possible to invest directly in an unmanaged index.


16		PIMCO CLOSED-END FUNDS

(THIS PAGE INTENTIONALLY LEFT BLANK)

ANNUAL REPORT

JUNE 30, 2022


Financial Highlights


			Investment Operations								Less Distributions^(c)

Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period^(a)		Net Investment Income (Loss)^(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital			Total

PCM Fund, Inc.

06/30/2022	$	9.52	$	0.79	$	(1.66	)	$	(0.87	)	$	(0.93	)	$	0.00		$	(0.03	)	$	(0.96	)

06/30/2021		8.47		0.97		1.04			2.01			(0.96	)		0.00			0.00			(0.96	)

06/30/2020		10.19		0.86		(1.62	)		(0.76	)		(0.95	)		0.00			(0.01	)		(0.96	)

06/30/2019		10.23		0.69		0.23			0.92			(0.96	)		0.00			0.00			(0.96	)

06/30/2018		10.15		0.88		0.18			1.06			(0.98	)		0.00			0.00			(0.98	)

PIMCO Global StocksPLUS^® & Income Fund

06/30/2022	$	10.44	$	0.87	$	(3.21	)	$	(2.34	)	$	(0.83	)	$	0.00		$	0.00		$	(0.83	)

06/30/2021		7.47		0.95		2.85			3.80			(0.83	)		0.00			0.00			(0.83	)

06/30/2020		9.89		1.10		(2.42	)		(1.32	)		(0.85	)		0.00			(0.25	)		(1.10	)

06/30/2019		10.50		1.11		(0.34	)		0.77			(1.20	)		0.00			(0.18	)		(1.38	)

06/30/2018		11.18		1.09		(0.16	)		0.93			(1.43	)		0.00			(0.18	)		(1.61	)

PIMCO Strategic Income Fund, Inc.

06/30/2022	$	6.55	$	0.61	$	(1.87	)	$	(1.26	)	$	(0.60	)	$	0.00		$	(0.01	)	$	(0.61	)

06/30/2021		5.94		0.58		0.64			1.22			(0.41	)		0.00			(0.20	)		(0.61	)

06/30/2020		7.12		0.74		(1.20	)		(0.46	)		(0.49	)		0.00			(0.23	)		(0.72	)

06/30/2019		7.32		0.60		0.03			0.63			(0.61	)		0.00			(0.22	)		(0.83	)

06/30/2018^(f)		7.75		0.77		(0.34	)		0.43			(0.86	)		0.00			0.00			(0.86	)

PIMCO Access Income Fund (Consolidated)

01/31/2022 - 06/30/2022	$	20.00	$	0.45	$	(2.78	)	$	(2.33	)	$	(0.47	)	$	0.00		$	0.00		$	(0.47	)

PIMCO Dynamic Income Fund (Consolidated)

06/30/2022	$	25.23	$	2.84	$	(5.77	)	$	(2.93	)	$	(2.65	)	$	0.00		$	0.00		$	(2.65	)

06/30/2021		22.59		2.51		2.57			5.08			(2.52	)		0.00			(0.13	)		(2.65	)

06/30/2020		28.29		2.92		(5.80	)		(2.88	)		(3.07	)		0.00			0.00			(3.07	)

06/30/2019		28.98		2.73		(0.37	)		2.36			(3.15	)		0.00			0.00			(3.15	)

06/30/2018		28.32		2.95		0.18			3.13			(2.65	)		0.00			0.00			(2.65	)

PIMCO Dynamic Income Opportunities Fund (Consolidated)

06/30/2022	$	20.50	$	1.73	$	(5.01	)	$	(3.28	)	$	(1.79	)	$	(0.12	)	$	0.00		$	(1.91	)

01/29/2021 - 06/30/2021		20.00		0.49		0.47			0.96			(0.47	)		0.00			0.00			(0.47	)

*	Annualized, except for organizational expense, if any.

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

^(a)	Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

^(b)	Per share amounts based on average number of shares outstanding during the year or period.

^(c)	The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions — Common Shares, in the Notes to Financial Statements for more information.

^(d)

Total investment return is calculated assuming a purchase of a share at the market price on the first day and a sale of a share at the market price on the last day of each year reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total investment return does not reflect brokerage commissions in connection with the purchase or sale of Fund shares.

^(e)	Ratio includes interest expense which primarily relates to participation in borrowing and financing transactions. See Note 5, Borrowings and Other Financing Transactions, in the Notes to Financial Statements for more information.

^(f)	See Note 2, Distributions — Common Shares, in the Notes to Financial Statements for more information regarding certain prior year values.

^(g)	Effective December 13, 2021, the Fund’s Investment advisory fee was decreased by 0.05% to an annual rate of 1.10%.


18		PIMCO CLOSED-END FUNDS			See Accompanying Notes


					Common Share							Ratios/Supplemental Data
														Ratios to Average Net Assets
Increase resulting from Common Share Offering		Offering Cost Charged to Paid in Capital			Net Asset Value End of Year or Period^(a)		Market Price End of Year or Period		Total Investment Return^(d)			Net Assets Applicable to Common Shareholders End of Year or Period (000s)		Expenses^(e)			Expenses Excluding Waivers^(e)			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate



$	N/A	$	N/A		$	7.69	$	9.25		(14.44	)%	$	90,639		2.30	%		2.30	%		1.63	%		1.63	%		8.71	%		65	%

	N/A		N/A			9.52		11.87		38.25			111,154		2.49			2.49			1.60			1.60			10.56			127

	N/A		N/A			8.47		9.42		(8.33	)		98,539		3.39			3.39			1.54			1.54			9.09			15

	N/A		N/A			10.19		11.32		8.26			118,181		3.35			3.35			1.41			1.41			6.89			8

	N/A		N/A			10.23		11.45		11.48			118,512		3.06			3.06			1.43			1.43			8.55			9



$	N/A	$	N/A		$	7.27	$	7.89		(22.51	)%	$	81,353		2.09	%		2.09	%		1.76	%		1.76	%		8.96	%		373	%

	N/A		N/A			10.44		11.10		48.12			115,748		2.03			2.03			1.66			1.66			10.35			503

	N/A		N/A			7.47		8.19		(26.51	)		82,109		2.78			2.78			1.65			1.65			12.56			395

	N/A		N/A			9.89		12.47		(7.41	)		107,562		2.64			2.64			1.53			1.53			11.37			381

	N/A		N/A			10.50		14.98		(8.96	)		113,204		2.36			2.36			1.48			1.48			9.84			63



$	N/A	$	N/A		$	4.68	$	5.13		(25.44	)%	$	210,018		1.44	%		1.44	%		0.98	%		0.98	%		10.29	%		678	%

	N/A		N/A			6.55		7.61		30.90			290,989		1.36			1.36			0.96			0.96			8.97			774

	N/A		N/A			5.94		6.37		(27.94	)		261,163		2.61			2.61			0.98			0.98			11.28			679

	N/A		N/A			7.12		9.71		9.57			309,287		3.20			3.20			0.97			0.97			8.52			655

	N/A		N/A			7.32		9.68		4.59			314,540		1.85			1.85			0.97			0.97			10.12			5



$	0.00	$	N/A		$	17.20	$	15.83		(18.72	)%	$	756,653		1.79	%*		1.79	%*		1.51	%*		1.51	%*		5.81	%*		16	%



$	0.07	$	0.00		$	19.72	$	20.87		(19.10	)%	$	4,466,886		2.64	%(g)		2.64	%(g)		2.00	%(g)		2.00	%(g)		12.28	%		27	%

	0.21		0.00			25.23		28.81		29.29			1,781,435		2.78			2.78			2.04			2.04			10.36			38

	0.25		0.00			22.59		24.72		(14.18	)		1,375,107		3.72			3.72			1.99			1.99			11.44			21

	0.10		(0.00	)		28.29		32.15		12.03			1,603,368		3.96			3.96			1.89			1.89			9.70			12

	0.18		(0.00	)		28.98		31.87		15.54			1,575,523		4.07			4.07			2.01			2.01			10.26			9



$	N/A	$	N/A		$	15.31	$	13.85		(33.77	)%	$	1,684,507		2.79	%		2.79	%		2.12	%		2.12	%		9.11	%		47	%

	0.01		N/A			20.50		23.18		16.70			2,227,301		2.10	*		2.10	*		1.78	*		1.78	*		5.93	*		49

ANNUAL REPORT

JUNE 30, 2022


Statements of Assets and Liabilities				June 30, 2022


(Amounts in thousands^†, except per share amounts)	PCM Fund, Inc.			PIMCO Global StocksPLUS^® & Income Fund			PIMCO Strategic Income Fund, Inc.

Assets:

Investments, at value
Investments in securities*	$	173,009		$	171,511		$	430,191

Financial Derivative Instruments
Exchange-traded or centrally cleared		287			449			1,643
Over the counter		0			279			1,366
Cash		0			0			1
Deposits with counterparty		3,649			6,120			18,920
Foreign currency, at value		0			484			2,180
Receivable for investments sold		614			2,037			6,394
Receivable for TBA investments sold		0			32,563			380,833
Interest and/or dividends receivable		1,213			1,686			4,409
Other assets		10			1			1
Total Assets		178,782			215,130			845,938

Liabilities:

Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	84,492		$	53,282		$	171,303
Payable for short sales		0			694			2,610
Financial Derivative Instruments
Exchange-traded or centrally cleared		136			2,389			3,208
Over the counter		207			7,327			236
Payable for investments purchased		449			2,738			3,828
Payable for TBA investments purchased		0			66,010			450,254
Payable for unfunded loan commitments		1,732			183			519
Deposits from counterparty		45			223			1,471
Distributions payable to common shareholders		942			773			2,289
Overdraft due to custodian		3			5			0
Accrued management fees		132			131			175
Other liabilities		5			22			27
Total Liabilities		88,143			133,777			635,920

Net Assets Applicable to Common Shareholders	$	90,639		$	81,353		$	210,018

Net Assets Applicable to Common Shareholders Consist of:

Par value^{^}	$	12		$	0		$	0
Paid in capital in excess of par		112,511			134,754			341,347
Distributable earnings (accumulated loss)		(21,884	)		(53,401	)		(131,329	)

Net Assets Applicable to Common Shareholders	$	90,639		$	81,353		$	210,018

Common Shares Outstanding		11,782			11,197			44,878

Net Asset Value Per Common Share^(a)	$	7.69		$	7.27		$	4.68

Cost of investments in securities	$	182,884		$	200,120		$	520,523
Cost of foreign currency held	$	0		$	524		$	2,299
Proceeds received on short sales	$	0		$	694		$	2,611
Cost or premiums of financial derivative instruments, net	$	1,162		$	(841	)	$	9,555

* Includes repurchase agreements of:	$	9,475		$	7,304		$	2,703

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

^{^}	($0.001 per share), ($0.00001 per share), ($0.00001 per share), ($0.00001 per share)

^(a)	Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.


20		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Consolidated Statements of Assets and Liabilities				June 30, 2022


(Amounts in thousands^†, except per share amounts)	PIMCO Access Income Fund			PIMCO Dynamic Income Fund			PIMCO Dynamic Income Opportunities Fund

Assets:

Investments, at value
Investments in securities*	$	1,249,883		$	8,097,987		$	3,119,838
Investments in Affiliates		0			104,203			0
Financial Derivative Instruments
Exchange-traded or centrally cleared		770			7,849			3,410
Over the counter		2,182			28,497			5,651
Cash		3,352			1,991			0
Deposits with counterparty		27,543			208,502			82,785
Foreign currency, at value		599			5,853			4,791
Receivable for investments sold		26,354			382,057			59,703
Receivable for Fund shares sold		0			336			0
Interest and/or dividends receivable		11,028			92,880			41,096
Other assets		0			1,499			16
Total Assets		1,321,711			8,931,654			3,317,290

Liabilities:

Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	421,290		$	4,082,822		$	1,519,868
Payable for short sales		0			1,872			0
Financial Derivative Instruments
Exchange-traded or centrally cleared		684			7,840			4,545
Over the counter		258			19,337			4,480
Payable for investments purchased		126,606			192,388			48,464
Payable for unfunded loan commitments		4,714			61,152			11,571
Deposits from counterparty		5,155			40,891			5,982
Distributions payable to common shareholders		5,133			49,913			13,030
Overdraft due to custodian		0			0			21,614
Accrued management fees		1,216			7,817			3,151
Other liabilities		2			736			78
Total Liabilities		565,058			4,464,768			1,632,783

Net Assets Applicable to Common Shareholders	$	756,653		$	4,466,886		$	1,684,507

Net Assets Applicable to Common Shareholders Consist of:

Par value^{^}		0			2			1
Paid in capital in excess of par	$	879,662		$	6,099,269		$	2,200,989
Distributable earnings (accumulated loss)		(123,009	)		(1,632,385	)		(516,483	)

Net Assets Applicable to Common Shareholders	$	756,653		$	4,466,886		$	1,684,507

Common Shares Outstanding		43,983			226,558			110,053

Net Asset Value Per Common Share^(a)	$	17.20		$	19.72		$	15.31

Cost of investments in securities	$	1,372,685		$	9,428,623		$	3,676,139
Cost of investments in Affiliates		0		$	27,066			0
Cost of foreign currency held	$	587		$	6,282		$	4,982
Proceeds received on short sales		0			1,926			0
Cost or premiums of financial derivative instruments, net	$	(1,305	)	$	(31,534	)	$	(6,113	)

* Includes repurchase agreements of:	$	50,200		$	255,540		$	105,400

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

^{^}	($0.00001 per share)

^(a)	Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds

See Accompanying Notes

ANNUAL REPORT

JUNE 30, 2022


Statements of Operations


Year Ended June 30, 2022
(Amounts in thousands^†)	PCM Fund, Inc.			PIMCO Global StocksPLUS^® & Income Fund			PIMCO Strategic Income Fund, Inc.

Investment Income:

Interest, net of foreign taxes*	$	11,479		$	11,796		$	30,409

Dividends, net of foreign taxes**		240			231			603
Total Income		11,719			12,027			31,012

Expenses:

Management fees		1,714			1,883			2,530
Trustee fees and related expenses		13			33			35
Interest expense		709			358			1,206
Miscellaneous expense		8			5			6
Total Expenses		2,444			2,279			3,777

Net Investment Income (Loss)		9,275			9,748			27,235

Net Realized Gain (Loss):

Investments in securities		1,619			(666	)		(8,048	)
Exchange-traded or centrally cleared financial derivative instruments		497			548			(1,272	)
Over the counter financial derivative instruments		182			6,695			4,808
Foreign currency		0			42			203

Net Realized Gain (Loss)		2,298			6,619			(4,309	)

Net Change in Unrealized Appreciation (Depreciation):

Investments in securities		(18,235	)		(25,227	)		(99,193	)

Exchange-traded or centrally cleared financial derivative instruments		(3,634	)		(2,398	)		19,495

Over the counter financial derivative instruments		(11	)		(15,077	)		(437	)

Foreign currency assets and liabilities		0			111			549

Net Change in Unrealized Appreciation (Depreciation)		(21,880	)		(42,591	)		(79,586	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(10,307	)	$	(26,224	)	$	(56,660	)

* Foreign tax withholdings	$	0		$	36		$	90

** Foreign tax withholdings - Dividends	$	2		$	2		$	3

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


22		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Consolidated Statements of Operations


Year Ended June 30, 2022
(Amounts in thousands^†)	PIMCO Access Income Fund^(a)			PIMCO Dynamic Income Fund			PIMCO Dynamic Income Opportunities Fund

Investment Income:

Interest, net of foreign taxes*	$	25,408		$	527,503		$	247,182

Dividends, net of foreign taxes**		509			7,151			499
Total Income		25,917			534,654			247,681

Expenses:

Management fees		5,072			71,433			43,917
Trustee fees and related expenses		56			463			195
Interest expense		968			23,093			14,029
Miscellaneous expense		0			67			4
Total Expenses		6,096			95,056			58,145

Net Investment Income (Loss)		19,821			439,598			189,536

Net Realized Gain (Loss):

Investments in securities		(2,574	)		99,563			15,641
Exchange-traded or centrally cleared financial derivative instruments		(436	)		(5,144	)		(13,403	)
Over the counter financial derivative instruments		2,782			78,652			55,517
Short sales		0			0			(132	)
Foreign currency		1,231			100			(1,741	)

Net Realized Gain (Loss)		1,003			173,171			55,882

Net Change in Unrealized Appreciation (Depreciation):

Investments in securities		(122,802	)		(1,417,224	)		(600,202	)

Investments in Affiliates		0			77,137			0

Exchange-traded or centrally cleared financial derivative instruments		(2,352	)		1,711			1,120

Over the counter financial derivative instruments		139			6,732			(10,932	)

Foreign currency assets and liabilities		1,713			12,256			3,127

Net Change in Unrealized Appreciation (Depreciation)		(123,302	)		(1,319,388	)		(606,887	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(102,478	)	$	(706,619	)	$	(361,469	)

* Foreign tax withholdings - Interest	$	2		$	1,080		$	611

** Foreign tax withholdings - Dividends	$	0		$	28		$	1

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

^(a)	Inception date of the Fund was January 31, 2022.

ANNUAL REPORT

JUNE 30, 2022


Statements of Changes in Net Assets


	PCM Fund, Inc.						PIMCO Global StocksPLUS^® & Income Fund

(Amounts in thousands^†)	Year Ended June 30, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	9,275		$	11,334		$	9,748		$	10,479
Net realized gain (loss)		2,298			(2,978	)		6,619			9,293
Net change in unrealized appreciation (depreciation)		(21,880	)		14,896			(42,591	)		22,099

Net Increase (Decrease) in Net Assets Resulting from Operations		(10,307	)		23,252			(26,224	)		41,871

Distributions to Common Shareholders:

From net investment income and/or net realized capital gains		(10,961	)		(11,184	)		(9,228	)		(9,146	)
Tax basis return of capital		(303	)		0			0			0

Total Distributions to Common Shareholders^(a)		(11,264	)		(11,184	)		(9,228	)		(9,146	)

*Common Share Transactions:**

Issued as reinvestment of distributions		1,056			547			1,057			914

Net increase (decrease) resulting from common share transactions		1,056			547			1,057			914

Total increase (decrease) in net assets applicable to common shareholders		(20,515	)		12,615			(34,395	)		33,639

Net Assets Applicable to Common Shareholders:

Beginning of year		111,154			98,539			115,748			82,109
End of year	$	90,639		$	111,154		$	81,353		$	115,748

*Common Share Transactions:

Shares issued as reinvestment of distributions		101			53			107			100
Net increase (decrease) in common shares outstanding		101			53			107			100

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

^(a)	The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Dividends and Distributions to Shareholders, in the Notes to Financial Statements for more information.


24		PIMCO CLOSED-END FUNDS			See Accompanying Notes


PIMCO Strategic Income Fund, Inc.

Year Ended June 30, 2022			Year Ended June 30, 2021





$	27,235		$	25,416
	(4,309	)		(17,911	)
	(79,586	)		46,341

	(56,660	)		53,846



	(26,999	)		(18,313	)
	(320	)		(8,736	)

	(27,319	)		(27,049	)



	3,008			3,029

	3,008			3,029

	(80,971	)		29,826



	290,989			261,163
$	210,018		$	290,989



	481			461
	481			461

ANNUAL REPORT

JUNE 30, 2022


Consolidated Statements of Changes in Net Assets


	PIMCO Access Income Fund			PIMCO Dynamic Income Fund

(Amounts in thousands^†)	Inception date through June 30, 2022^(b)			Year Ended June 30, 2022			Year Ended June 30, 2021

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	19,821		$	439,598		$	167,364
Net realized gain (loss)		1,003			173,171			(93,129	)
Net change in unrealized appreciation (depreciation)		(123,302	)		(1,319,388	)		259,142

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations		(102,478	)		(706,619	)		333,377

Distributions to Common Shareholders:

From net investment income and/or net realized capital gains		(20,531	)		(391,635	)		(167,415	)
Tax basis return of capital		0			0			(8,919	)

Total Distributions to Common Shareholders^(c)		(20,531	)		(391,635	)		(176,334	)

*Common Share Transactions:**

Net proceeds from at-the-market offering		866,100			181,491			120,200
Net proceeds from equity offering		13,562			0			106,476
Net proceeds from reorganization		0			3,562,154			0
At-the-market offering costs		0			429			240
Issued as reinvestment of distributions		0			39,631			22,369

Net increase (decrease) resulting from common share transactions		879,662			3,783,705			249,285

Total increase (decrease) in net assets applicable to common shareholders		756,653			2,685,451			406,328

Net Assets Applicable to Common Shareholders:

Beginning of year		0			1,781,435			1,375,107
End of year	$	756,653		$	4,466,886		$	1,781,435

* Common Share Transactions:

Shares sold		43,983			7,210			8,848
Shares issued in reorganization		0			147,079			0
Shares issued as reinvestment of distributions		0			1,671			890
Net increase (decrease) in common shares outstanding		43,983			155,960			9,738

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

^(a)	Inception date of the Fund was January 29, 2021.

^(b)	Inception date of the Fund was January 31, 2022.

^(c)	The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Dividends and Distributions to Common Shares, in the Notes to Financial Statements for more information.


26		PIMCO CLOSED-END FUNDS			See Accompanying Notes


PIMCO Dynamic Income Opportunities Fund

June 30, 2022			Inception date through June 30, 2021^(a)





$	189,536		$	52,235
	55,882			6,681
	(606,887	)		46,720

	(361,469	)		105,636



	(209,275	)		(51,375	)
	0			0

	(209,275	)		(51,375	)



	0			0
	0			2,166,064
	0			0
	0			0
	27,950			6,976

	27,950			2,173,040

	(542,794	)		2,227,301



	2,227,301			0
$	1,684,507		$	2,227,301



	0			108,303
	0			0
	1,401			349
	1,401			108,652

ANNUAL REPORT

JUNE 30, 2022


Statements of Cash Flows


Year Ended June 30, 2022
(Amounts in thousands†)	PCM Fund, Inc.			PIMCO Global StocksPLUS^® & Income Fund			PIMCO Strategic Income Fund, Inc.

Cash Flows Provided by (Used for) Operating Activities:

Net increase (decrease) in net assets resulting from operations	$	(10,307	)	$	(26,224	)	$	(56,660	)

Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:

Purchases of long-term securities		(133,967	)		(687,078	)		(4,527,142	)
Proceeds from sales of long-term securities		144,587			701,151			4,745,910
(Purchases) Proceeds from sales of short-term portfolio investments, net		1,395			(4,197	)		(11,546	)
(Increase) decrease in deposits with counterparty		(2,036	)		(2,778	)		(9,969	)
(Increase) decrease in receivable for investments sold		11,197			20,150			111,565
(Increase) decrease in interest and/or dividends receivable		(43	)		(344	)		(274	)
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments		(3,271	)		(844	)		19,530
Proceeds from (Payments on) over the counter financial derivative instruments		94			6,716			4,779
(Increase) decrease in other assets		2			1			1
Increase (decrease) in payable for investments purchased		(11,776	)		(23,668	)		(281,741	)
Increase (decrease) in payable for unfunded loan commitments		(696	)		(235	)		519
Increase (decrease) in deposits from counterparty		35			(8,417	)		176
Increase (decrease) in accrued management fees		(14	)		(25	)		(55	)
Proceeds from (Payments on) short sales transactions, net		(7,526	)		(265	)		(18,150	)
Proceeds from (Payments on) foreign currency transactions		0			12			124
Increase (decrease) in other liabilities		(2	)		(11	)		(1	)
Net Realized (Gain) Loss
Investments in securities		(1,619	)		666			8,048
Exchange-traded or centrally cleared financial derivative instruments		(497	)		(548	)		1,272
Over the counter financial derivative instruments		(182	)		(6,695	)		(4,808	)
Foreign currency		0			(42	)		(203	)
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		18,235			25,227			99,193
Exchange-traded or centrally cleared financial derivative instruments		3,634			2,398			(19,495	)
Over the counter financial derivative instruments		11			15,077			437
Foreign currency assets and liabilities		0			(111	)		(549	)
Net amortization (accretion) on investments		(479	)		(554	)		4,809

Net Cash Provided by (Used for) Operating Activities		6,775			9,362			65,770

Cash Flows Received from (Used for) Financing Activities:

Increase (decrease) in overdraft due to custodian		3			5			0
Cash distributions paid*		(10,200	)		(8,163	)		(24,286	)
Proceeds from reverse repurchase agreements		355,893			349,997			1,534,904
Payments on reverse repurchase agreements		(353,127	)		(352,277	)		(1,577,988	)

Net Cash Received from (Used for) Financing Activities		(7,431	)		(10,438	)		(67,370	)

Net Increase (Decrease) in Cash and Foreign Currency		(656	)		(1,076	)		(1,600	)

Cash and Foreign Currency:

Beginning of year		656			1,560			3,781
End of year	$	0		$	484		$	2,181

* Reinvestment of distributions	$	1,056		$	1,057		$	3,008

Supplemental Disclosure of Cash Flow Information:

Interest expense paid during the year	$	595		$	326		$	1,011
Non Cash Payment in Kind	$	111		$	331		$	464

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

A Statement of Cash Flows is presented when a Fund has a significant amount of borrowing during the year, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Fund’s investments are not classified as Level 1 or 2 in the fair value hierarchy.


28		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Consolidated Statements of Cash Flows


Year or period Ended June 30, 2022
(Amounts in thousands†)	PIMCO Access Income Fund^(a)			PIMCO Dynamic Income Fund			PIMCO Dynamic Income Opportunities Fund

Cash Flows Provided by (Used for) Operating Activities:

Net increase (decrease) in net assets resulting from operations	$	(102,478	)	$	(706,619	)	$	(361,469	)

Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:

Purchases of long-term securities		(1,433,526	)		(2,038,441	)		(1,711,573	)
Proceeds from sales of long-term securities		143,566			2,254,052			2,293,748
(Purchases) Proceeds from sales of short-term portfolio investments, net		(82,999	)		(291,948	)		(127,713	)
(Increase) decrease in deposits with counterparty		(27,543	)		(167,432	)		(42,714	)
(Increase) decrease in receivable for investments sold		(26,354	)		(289,374	)		397,637
(Increase) decrease in interest and/or dividends receivable		(11,028	)		(68,839	)		(2,104	)
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments		(2,874	)		(4,216	)		(11,982	)
Proceeds from (Payments on) over the counter financial derivative instruments		997			79,462			55,359
(Increase) decrease in other assets		0			(500	)		(16	)
Increase (decrease) in payable for investments purchased		126,606			25,121			(437,340	)
Increase (decrease) in payable for unfunded loan commitments		4,714			39,831			(2,079	)
Increase (decrease) in deposits from counterparty		5,155			30,366			(19,891	)
Increase (decrease) in accrued management fees		1,216			4,913			(714	)
Proceeds from (Payments on) short sales transactions, net		0			1,926			(132	)
Proceeds from (Payments on) foreign currency transactions		2,944			1,015			(1,816	)
Increase (decrease) in other liabilities		2			561			(81	)
Net Realized (Gain) Loss
Investments in securities		2,574			(99,563	)		(15,641	)
Exchange-traded or centrally cleared financial derivative instruments		436			5,144			13,403
Over the counter financial derivative instruments		(2,782	)		(78,652	)		(55,517	)
Short sales		0			0			132
Foreign currency		(1,231	)		(100	)		1,741
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		122,802			1,417,224			600,202
Investments in Affiliates		0			(77,137	)		0
Exchange-traded or centrally cleared financial derivative instruments		2,352			(1,711	)		(1,120	)
Over the counter financial derivative instruments		(139	)		(6,732	)		10,932
Foreign currency assets and liabilities		(1,713	)		(12,256	)		(3,127	)
Net amortization (accretion) on investments		(2,300	)		(62,023	)		(14,286	)
Net (decrease) from Reorganization^(b)		0			(228,260	)		0

Net Cash Provided by (Used for) Operating Activities		(1,281,603	)		(274,188	)		563,839

Cash Flows Received from (Used for) Financing Activities:

Net proceeds from at-the-market offering		866,100			183,021			0
Net proceeds from equity offering		13,562			0			0
Net at-the-market offering cost		0			429			0
Increase (decrease) in overdraft due to custodian		0			0			21,614
Cash distributions paid to common shareholders*		(15,398	)		(317,600	)		(181,160	)
Proceeds from reverse repurchase agreements		699,595			13,077,199			7,732,927
Payments on reverse repurchase agreements		(278,305	)		(12,667,078	)		(8,145,847	)

Net Cash Received from (Used for) Financing Activities		1,285,554			275,971			(572,466	)

Net Increase (Decrease) in Cash and Foreign Currency		3,951			1,783			(8,627	)

Cash and Foreign Currency:
Beginning of year or period		0			6,061			13,418
End of year or period	$	3,951		$	7,844		$	4,791

* Reinvestment of distributions	$	0		$	39,631		$	27,950

Supplemental Disclosure of Cash Flow Information:

Interest expense paid during the year or period	$	358		$	16,542		$	11,810
Non Cash Payment in Kind	$	140		$	15,917		$	6,238

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

A Statement of Cash Flows is presented when a Fund has a significant amount of borrowing during the year or period, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Fund’s investments are not classified as Level 1 or 2 in the fair value hierarchy.

^(a)	Inception date of the Fund was January 31, 2022.

^(b)	Includes cash, accruals, assets, and liabilities received in connection with Reorganization. Please see Note 16 — Reorganization in the Notes to Financial Statements for additional information about the Reorganization.

ANNUAL REPORT

JUNE 30, 2022


Schedule of Investments		PCM Fund, Inc.

(Amounts in thousands*, except number of shares, contracts,