PIMCO EQUITY SERIES®
Semiannual Report
December 31, 2022
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | MFEM | NYSE Arca
PIMCO RAFI Dynamic Multi-Factor International Equity ETF | MFDX | NYSE Arca
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | MFUS | NYSE Arca
PIMCO RAFI ESG U.S. ETF | RAFE | NYSE Arca
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Approval of Investment Advisory Contract and Other Agreements |
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Fund | Fund Summary |
Schedule of Investments |
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This material is authorized for use only when preceded or accompanied by the current PIMCO Equity Series prospectus. The Shareholder Reports for the other series of the PIMCO Equity Series are printed separately.
Dear Shareholder,
2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Equity Series Semiannual Report, which covers the six-month reporting period ended December 31, 2022 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.
For the six-month reporting period ended December 31, 2022
The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. In the U.S., second quarter 2022, prior to the beginning of the reporting period, annualized gross domestic product (“GDP”) was -0.6%. The economy then strengthened, as third quarter annualized GDP was +3.2%. The Commerce Department’s initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.
The Federal Reserve Board (the “Fed” or “U.S. central bank”) took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.
Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the “IMF”) downgraded its expectation for 2022 GDP citing “turbulent challenges” including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).
Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the “BoE”) raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the “BoJ”) maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.
During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 2.98% on June 30, 2022. 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 -2.97%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -1.59%. In contrast, riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated positive returns. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 3.82%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 2.93%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 3.33%.
Amid periods of volatility, global equities generally posted mixed results during the reporting period as economic and geopolitical concerns impacted investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned 2.31%. Global equities, as represented by the MSCI World Index, returned 2.97%, while emerging market equities, as
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measured by the MSCI Emerging Markets Index, returned -2.99%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -0.06% and European equities, as represented by the MSCI Europe Index (in euro), returned 5.05%.
Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $119.78 a barrel at the start of the reporting period, fell to roughly $82.82 a barrel at the end of December 2022. In contrast, prices of other commodities, such as copper and gold, edged higher during the period.
Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by 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 was mixed against several major currencies. For example, during the reporting period, the U.S. dollar returned -2.11%, +0.78%, and -3.51% 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 the funds, please contact your account manager or financial adviser, or call one of our shareholder associates at (888) 87-PIMCO. We also invite you to visit our website at www.pimco.com to learn more about our global.
Sincerely,
Peter G. Strelow Chairman
of the Board
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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.
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 3 |
Important Information About the Funds |
PIMCO Equity Series (the “Trust”) is an open-end management investment company that includes PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF, PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF and PIMCO RAFI ESG U.S. ETF, which are exchange-traded funds (“ETFs”) that seek to provide total return that closely corresponds, before fees and expenses, to the total return of a specified index (each, a “Fund” and collectively, the “Funds”). Each Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of instruments such that the portfolio effectively provides exposure to the underlying index. A Fund may not track its underlying index with the same degree of accuracy as a fund that replicates the composition and weighting of the underlying index. Shares of the Funds will be listed and traded at market prices on NYSE Arca, Inc. (“NYSE Arca”) and other secondary markets. The market price for each Fund’s shares may be different from the Fund’s net asset value (“NAV”). Each Fund issues and redeems shares at its NAV only in blocks of a specified number of shares (“Creation Units”). Only certain large institutional investors may purchase or redeem Creation Units directly with the Funds at NAV (“Authorized Participants”). These transactions are in exchange for certain securities similar to a Fund’s portfolio and/or cash. Except when aggregated in Creation Units, shares of a Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares from the Funds at NAV.
We believe that equity funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds are subject to notable risks. Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic, and industry conditions.
The values of equity securities, such as common stocks and preferred securities, have historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.
During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all equity securities.
The Funds may be subject to various risks as described in each Fund’s prospectus and in the Principal and Other Risks in the Notes to Financial Statements.
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 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. In 2022, many countries lifted some or all restrictions related to COVID-19. However, 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 certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States’ enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government’s response, may also negatively impact securities and instruments that are economically tied to Russia.
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A Fund may have significant exposure to issuers in the United Kingdom. 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.
A Fund 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. 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. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.
A Fund may invest in securities and instruments that are economically tied to Russia. Investments in Russia are subject to various risks such as, but not limited to political, economic, legal, market and currency risks. The risks include uncertain political and economic policies, short-term market volatility, poor accounting standards, corruption and crime, an inadequate regulatory system, regional armed conflict and unpredictable taxation. Investments in Russia are particularly subject to the risk that further economic sanctions and other similar measures may be imposed by the United States and/or other countries. Other similar measures may include, but are not limited to, banning Russia or certain persons or entities associated with Russia from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors, and freezing Russian assets or those of particular countries, entities or persons with ties to Russia. Such sanctions and other similar measures — which may impact companies in many sectors, including energy, financial services and defense, among others — may negatively impact a Fund’s performance and/or ability to achieve its investment objective. For example, certain investments may be prohibited and/or existing investments may become illiquid (e.g., in the event that transacting in certain existing investments is prohibited, securities markets close, or market participants cease transacting in certain investments in light of geopolitical events, sanctions or related considerations), which could render any such securities held by a Fund
unmarketable for an indefinite period of time and/or cause the Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions. In addition, such sanctions or other similar measures, and the Russian government’s response, could result in a downgrade of Russia’s credit rating or of securities of issuers located in or economically tied to Russia, devaluation of Russia’s currency and/or increased volatility with respect to Russian securities and the ruble. Moreover, disruptions caused by Russian military action or other actions (including cyberattacks, espionage or other asymmetric measures) or resulting actual or threatened responses to such activity may impact Russia’s economy and Russian issuers of securities in which a Fund invests. Such resulting actual or threatened responses may include, but are not limited to, purchasing, selling and financing restrictions, withdrawal of financial intermediaries, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians. Sanctions and other similar measures have resulted in defaults on debt obligations by certain corporate issuers and the Russian Federation that could lead to cross-defaults or cross-accelerations on other obligations of these issuers. Default by the Russian Federation on its sovereign debt will have implications to credit default swaps in relation to the Russian Federation. A Fund’s ability to participate in any resulting credit default swap auction or physical settlement process may be limited by, among other things, sanctions or other similar measures. The Russian securities market is characterized by limited volume of trading, resulting in difficulty in obtaining accurate prices and trading. These issues can be magnified as a result of sanctions and other similar measures that may be imposed and the Russian government’s response. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, a smaller market capitalization and a smaller number of traded securities. There may be little publicly available information about issuers. Settlement, clearing and registration of securities transactions are subject to risks. Prior to the implementation of the National Settlement Depository (“NSD”), a recognized central securities depository, there was no central registration system for equity share registration in Russia, and registration was carried out by either the issuers themselves or by registrars located throughout Russia. Title to Russian equities held through the NSD is now based on the records of the NSD and not the registrars. Although the implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, issues resulting in loss can still occur. Ownership of securities issued by Russian companies that are not held through depositories such as the NSD may be recorded by companies themselves and by registrars. In such cases, the risk is increased that a Fund could lose ownership rights through fraud, negligence or oversight. While applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 5 |
Important Information About the Funds | (Cont.) |
registration. In addition, issuers and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a custodian bank, and therefore the custodian may be considered the ultimate owner of securities they hold for their clients. Adverse currency exchange rates are a risk and there may be a lack of available currency hedging instruments. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Oil, natural gas, metals, and timber account for a significant portion of Russia’s exports, leaving the country vulnerable to swings in world prices, and to sanctions or other actions that may be directed at the Russian economy as a whole or at Russian oil, natural gas, metals or timber industries.
Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available currency hedging instruments. In addition, there is the risk that the Russian government may impose capital controls on foreign portfolio investments in the event of extreme financial or political crisis. Such capital controls may prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.
Engaging in a responsible investment strategy, which may select or exclude securities of certain issuers for reasons other than performance, carries the risk that a Fund may underperform funds that do not utilize a responsible investment strategy. The application of this strategy may affect a Fund’s exposure to certain sectors or types of investments, which could negatively impact the Fund’s performance. Responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized or any judgment exercised in pursuing a responsible investment strategy will reflect the beliefs or values of any particular investor. In evaluating a company, the information and data obtained through voluntary or third-party reporting may be incomplete, inaccurate or unavailable, which could cause an incorrect assessment of a company’s business practices with respect to the environment, social responsibility and corporate governance (“ESG practices”). Socially responsible norms differ by region, and a company’s ESG practices or the assessment of a company’s ESG practices may change over time.
On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and the Cumulative Returns chart measure performance assuming that any dividend and capital gain
distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on: (i) Fund distributions; or (ii) the sale of Fund shares. Each Fund’s performance is measured against the performance of at least one broad-based securities market index (“benchmark index”). A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) a Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund’s performance as compared to one or more previous reporting periods. Historical 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.
The following table discloses the inception dates of each Fund along with each Fund’s diversification status as of period end:
Fund Name | Fund Inception |
Diversification Status |
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PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
08/31/17 | Diversified | ||||||||||
PIMCO RAFI Dynamic Multi-Factor International Equity ETF |
08/31/17 | Diversified | ||||||||||
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF |
08/31/17 | Diversified | ||||||||||
PIMCO RAFI ESG U.S. ETF |
12/18/19 | 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 are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service
agreements with the Adviser, the Distributor, the Administrator 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 Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus nor a Fund’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other
6 | PIMCO EQUITY SERIES |
delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, 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 the Trust or 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 is specifically disclosed in the Trust’s then-current prospectus or SAI.
On each business day, before commencement of trading on NYSE Arca, each Fund will disclose on www.pimcoetfs.com the identities and quantities of the Fund’s portfolio holdings. The frequency at which the daily market prices were at a discount or premium to each Fund’s NAV is disclosed on www.pimcoetfs.com. Please see “Disclosure of Portfolio Holdings” in the SAI for information about the availability of the complete schedule of each Fund’s holdings. Fund fact sheets provide additional information regarding a Fund and may be requested by calling (888) 400-4ETF and are available on the Fund’s website at www.pimcoetfs.com.
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 Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of a Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of a Fund, and information about how the 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 Trust at (888) 400-4ETF, on the Fund’s website at www.pimcoetfs.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 schedule 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.pimcoetfs.com, and will be made available, upon request, by calling PIMCO at (888) 400-4ETF.
SEC rules allow the Funds to fulfill their obligation to deliver shareholder reports 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 future reports in paper free of charge by contacting their financial intermediary. Any election to receive reports in paper will apply to all funds held in the investor’s account at the financial intermediary.
In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. 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 a 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 reporting requirements was August 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 Investment Company Act of 1940 (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 related reporting requirements was 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.
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 7 |
Important Information About the Funds | (Cont.) |
In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.
In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.
In November 2022, the SEC adopted amendments to Form N-PX under the act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.
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PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF
Cumulative Returns Through December 31, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Investment Objective and Strategy Overview
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF seeks to track the investment results of the RAFI Dynamic Multi-Factor Emerging Markets Index (the “Underlying Index”) by investing under normal circumstances, at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index. The Underlying Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Average Annual Total Return for the period ended December 31, 2022 | ||||||||||||||||||
6 Months* | 1 Year | 5 Years | Fund Inception (08/31/17) |
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PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Based on Net Asset Value) | 1.69% | (19.41)% | 0.13% | 0.92% | ||||||||||||||
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (At Market Price)(1)(2) | 0.45% | (19.55)% | (0.09)% | 0.77% | ||||||||||||||
RAFI Dynamic Multi-Factor Emerging Markets Index± | 2.39% | (18.49)% | 0.86% | 1.69% | ||||||||||||||
MSCI Emerging Markets Index±± | (2.99)% | (20.09)% | (1.40)% | (0.05)% |
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.
* Cumulative return.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
(1) The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.
(2) The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.
± The RAFI Dynamic Multi-Factor Emerging Markets Index strategy takes time-varying exposures to four return factors; value, low volatility, quality, and momentum. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis. It is not possible to invest directly in the index.
±± The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
It is not possible to invest directly in an unmanaged index.
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. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.
The Fund’s total annual operating expense ratio in effect as of period end was 0.52%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 9 |
Ticker symbol - MFEM |
Top 10 Holdings as of December 31, 2022†§
Vale SA |
1.7% | |||||||
Infosys Ltd. |
1.6% | |||||||
POSCO Holdings, Inc. |
1.4% | |||||||
Bank of China Ltd. ‘H’ |
1.3% | |||||||
Pinduoduo, Inc. ADR |
1.2% | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
1.1% | |||||||
America Movil SAB de CV |
1.1% | |||||||
Hyundai Motor Co. |
1.1% | |||||||
Reliance Industries Ltd. |
1.1% | |||||||
Meituan ‘B’ |
1.0% |
Geographic Breakdown as of December 31, 2022†**
China |
17.3% | |||||||
India |
16.6% | |||||||
South Korea |
13.8% | |||||||
Taiwan |
13.5% | |||||||
Brazil |
6.6% | |||||||
Thailand |
6.2% | |||||||
South Africa |
4.7% | |||||||
Turkey |
4.6% | |||||||
Mexico |
3.2% | |||||||
Hong Kong |
2.8% | |||||||
Saudi Arabia |
2.8% | |||||||
Indonesia |
2.5% | |||||||
Malaysia |
1.8% | |||||||
Chile |
1.1% | |||||||
Short-Term Instruments |
0.4% | |||||||
Other |
2.1% |
† % of Investments, at value.
§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.
** Geographic Breakdown and % of Investments exclude securities sold short and financial
derivative instruments, if any.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
» | Overweight exposure to, and security selection in, the energy sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI Emerging Markets Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index. |
» | Security selection in the industrials sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI Emerging Markets Index, as the Fund’s holdings outperformed the secondary benchmark index. |
» | Underweight exposure to, and security selection in, the consumer discretionary sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI Emerging Markets Index, as the sector underperformed the secondary benchmark index and the Fund’s holdings outperformed the secondary benchmark index. |
» | There were no material detractors for this Fund. |
10 | PIMCO EQUITY SERIES |
PIMCO RAFI Dynamic Multi-Factor International Equity ETF
Cumulative Returns Through December 31, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Investment Objective and Strategy Overview
PIMCO RAFI Dynamic Multi-Factor International Equity ETF seeks to track the investment results of the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index (the “Underlying Index”) by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index. The Underlying Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Average Annual Total Return for the period ended December 31, 2022 | ||||||||||||||||||
6 Months* | 1 Year | 5 Years | Fund Inception (08/31/17) |
|||||||||||||||
PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Based on Net Asset Value) | 4.65% | (10.38)% | 1.99% | 3.19% | ||||||||||||||
PIMCO RAFI Dynamic Multi-Factor International Equity ETF (At Market Price)(1)(2) | 4.31% | (10.28)% | 1.91% | 3.08% | ||||||||||||||
RAFI Dynamic Multi-Factor Developed Ex-U.S. Index± | 4.86% | (10.47)% | 2.16% | 3.50% | ||||||||||||||
MSCI EAFE Index±± | 6.36% | (14.45)% | 1.54% | 2.71% |
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.
* Cumulative return.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
(1) The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.
(2) The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.
± The RAFI Dynamic Multi-Factor Developed Ex-U.S. Index takes time-varying exposures to five return factors; value, low volatility, quality, momentum and size. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis. It is not possible to invest directly in the index.
±± MSCI EAFE Index is an unmanaged index designed to represent the performance of large and mid-cap securities across 21 developed markets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada.
It is not possible to invest directly in an unmanaged index.
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. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.
The Fund’s total annual operating expense ratio in effect as of period end was 0.40%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 11 |
Ticker symbol - MFDX |
Top 10 Holdings as of December 31, 2022†§
AstraZeneca PLC |
1.5% | |||||||
BP PLC |
1.4% | |||||||
Novo Nordisk AS ‘B’ |
1.4% | |||||||
Glencore PLC |
1.1% | |||||||
Equinor ASA |
1.0% | |||||||
Nestle SA |
1.0% | |||||||
Eni SpA |
0.9% | |||||||
Zurich Insurance Group AG |
0.8% | |||||||
Shell PLC |
0.8% | |||||||
Bayerische Motoren Werke AG |
0.8% |
Geographic Breakdown as of December 31, 2022†**
Japan |
26.6% | |||||||
United Kingdom |
13.7% | |||||||
France |
7.9% | |||||||
Canada |
7.0% | |||||||
Switzerland |
6.9% | |||||||
Germany |
6.0% | |||||||
Australia |
5.1% | |||||||
Spain |
4.3% | |||||||
Netherlands |
4.0% | |||||||
Italy |
2.7% | |||||||
Denmark |
2.4% | |||||||
Sweden |
2.2% | |||||||
Hong Kong |
1.9% | |||||||
Norway |
1.9% | |||||||
Singapore |
1.7% | |||||||
Finland |
1.2% | |||||||
Ireland |
1.0% | |||||||
Short-Term Instruments |
0.3% | |||||||
Other |
3.2% |
† % of Investments, at value.
§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.
** Geographic Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
» | Underweight exposure to, and security selection in, the health care sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector underperformed the secondary benchmark index and the Fund’s holdings outperformed the secondary benchmark index. |
» | Overweight exposure to, and security selection in, the materials sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index. |
» | Overweight exposure to the energy sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector outperformed the secondary benchmark index. |
» | Overweight exposure to, and security selection in, the communication services sector detracted from relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector and the Fund’s holdings underperformed the secondary benchmark index. |
» | Underweight exposure to, and security selection in, the consumer discretionary sector detracted from relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector outperformed the secondary benchmark index and the Fund’s holdings underperformed the secondary benchmark index. |
» | Overweight exposure to, and security selection in, the utilities sector detracted from relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector and the Fund’s holdings underperformed the secondary benchmark index. |
12 | PIMCO EQUITY SERIES |
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF
Cumulative Returns Through December 31, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Investment Objective and Strategy Overview
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF seeks to track the investment results of the RAFI Dynamic Multi-Factor U.S. Index (the “Underlying Index”) by investing under normal circumstances, at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index. The Underlying Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Average Annual Total Return for the period ended December 31, 2022 | ||||||||||||||||||
6 Months* | 1 Year | 5 Years | Fund Inception (08/31/17) |
|||||||||||||||
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Based on Net Asset Value) | 7.01% | (5.62)% | 8.81% | 10.39% | ||||||||||||||
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (At Market Price)(1)(2) | 7.07% | (5.86)% | 8.76% | 10.36% | ||||||||||||||
RAFI Dynamic Multi-Factor U.S. Index± | 7.16% | (5.41)% | 9.17% | 10.78% | ||||||||||||||
S&P 500 Index±± | 2.31% | (18.11)% | 9.42% | 10.55% |
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.
* Cumulative return.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
(1) The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.
(2) The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.
± The RAFI Dynamic Multi-Factor U.S. index takes time-varying exposures to five return factors; value, low volatility, quality, momentum and size. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis.
±± S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the largecap segment of the U.S. equities market.
It is not possible to invest directly in an unmanaged index.
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. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.
The Fund’s total annual operating expense ratio in effect as of period end was 0.30%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 13 |
Ticker symbol - MFUS |
Top 10 Holdings as of December 31, 2022†§
Exxon Mobil Corp. |
2.6% | |||||||
Chevron Corp. |
2.3% | |||||||
Walmart, Inc. |
2.0% | |||||||
Johnson & Johnson |
2.0% | |||||||
AT&T, Inc. |
2.0% | |||||||
Merck & Co., Inc. |
1.9% | |||||||
Gilead Sciences, Inc. |
1.6% | |||||||
International Business Machines Corp. |
1.6% | |||||||
Procter & Gamble Co. |
1.6% | |||||||
Pfizer, Inc. |
1.4% |
Sector Breakdown as of December 31, 2022†**
Health Care |
17.9% | |||||||
Consumer Staples |
14.5% | |||||||
Energy |
12.7% | |||||||
Financials |
11.9% | |||||||
Consumer Discretionary |
9.9% | |||||||
Industrials |
9.9% | |||||||
Information Technology |
9.5% | |||||||
Communication Services |
4.9% | |||||||
Materials |
3.9% | |||||||
Real Estate |
2.2% | |||||||
Utilities |
2.1% | |||||||
Short-Term Instruments |
0.6% |
† % of Investments, at value.
§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.
** Sector Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
» | Overweight exposure to, and security selection in, the energy sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index. |
» | Underweight exposure to, and security selection in, the information technology sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector underperformed the secondary benchmark index and the Fund’s holdings outperformed the secondary benchmark index. |
» | Security selection in the consumer discretionary sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the Fund’s holdings outperformed the secondary benchmark index. |
» | Security selection in the financials sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the Fund’s holdings underperformed the secondary benchmark index. |
» | Security selection in the industrials sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the Fund’s holdings underperformed the secondary benchmark index. |
» | Security selection in the utilities sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the Fund’s holdings underperformed the secondary benchmark index. |
14 | PIMCO EQUITY SERIES |
Cumulative Returns Through December 31, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Investment Objective and Strategy Overview
PIMCO RAFI ESG U.S. ETF seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the RAFI ESG US Index (the “Underlying Index”) by investing under normal circumstances, at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index. The Underlying Index is a long-only, smart beta index that seeks to achieve the dual objectives of social responsibility and long-horizon outperformance of the broad market. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Average Annual Total Return for the period ended December 31, 2022 | ||||||||||||||
6 Months* | 1 Year | Fund Inception (12/18/19) |
||||||||||||
PIMCO RAFI ESG U.S. ETF (Based on Net Asset Value) | 3.10% | (13.84)% | 6.03% | |||||||||||
PIMCO RAFI ESG U.S. ETF (At Market Price)(1)(2) | 3.25% | (13.80)% | 5.86% | |||||||||||
RAFI ESG US Index± | 3.28% | (13.66)% | 6.37% | |||||||||||
S&P 500 Index±± | 2.31% | (18.11)% | 8.02% |
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.
* Cumulative return.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
(1) The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.
(2) The Fund was seeded on December 18, 2019, but was not listed for trading until December 19, 2019. Accordingly, there is no Market Price information for December 18, 2019.
± The RAFI ESG US Index is a long-only, smart beta index that seeks to achieve the dual objectives of social responsibility and long-horizon outperformance of the broad market. The Index is constructed by RAFI Indices, LLC (the “Index Provider”) using a rules-based approach within publicly traded U.S. equities to create an integrated ESG strategy which overweights companies that rate well across various ESG (Environmental, Social, and Governance) themes and excludes companies with a major involvement in industries such as tobacco, gaming, weapons and fossil fuels. The strategy supplements traditional ESG metrics with metrics linked to long-term value creation, specifically financial discipline and diversity, for improved return potential. It is not possible to invest directly in the 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 largecap segment of the U.S. equities market.
It is not possible to invest directly in an unmanaged index.
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. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.
The Fund’s total annual operating expense ratio in effect as of period end was 0.30%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 15 |
Ticker symbol - RAFE |
Top 10 Holdings as of December 31, 2022†§
Microsoft Corp. |
4.7% | |||||||
Apple, Inc. |
4.4% | |||||||
Johnson & Johnson |
3.4% | |||||||
AT&T, Inc. |
3.2% | |||||||
JPMorgan Chase & Co. |
2.9% | |||||||
Cisco Systems, Inc. |
2.7% | |||||||
Intel Corp. |
2.6% | |||||||
Pfizer, Inc. |
2.5% | |||||||
Procter & Gamble Co. |
2.4% | |||||||
Merck & Co., Inc. |
2.4% |
Sector Breakdown as of December 31, 2022†**
Information Technology |
28.0% | |||||||
Health Care |
23.0% | |||||||
Financials |
15.0% | |||||||
Communication Services |
9.0% | |||||||
Consumer Staples |
7.6% | |||||||
Consumer Discretionary |
7.5% | |||||||
Industrials |
4.6% | |||||||
Materials |
3.2% | |||||||
Real Estate |
1.8% | |||||||
Utilities |
0.3% |
† % of Investments, at value.
§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.
** Sector Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
» | Underweight exposure to, and security selection in, the consumer discretionary sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector underperformed the secondary benchmark index and the Fund’s holdings outperformed the secondary benchmark index. |
» | Overweight exposure to, and security selection in, the health care sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index. |
» | Overweight exposure to, and security selection in, the financials sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index. |
» | Underweight exposure to the energy sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector outperformed the secondary benchmark index. |
» | Underweight exposure to, and security selection in, the industrials sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector outperformed the secondary benchmark index and the Fund’s holdings underperformed the secondary benchmark index. |
» | Overweight exposure to, and security selection in, the information technology sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings underperformed the secondary benchmark index. |
16 | PIMCO EQUITY SERIES |
Expense Examples |
Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and exchange fees and (2) ongoing costs, including management fees and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.
Actual Expenses
The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments and exchange fees. Therefore, the information under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expense ratios may vary period to period because of various factors, such as an increase in expenses not covered by the management fees (such as expenses of the independent trustees and their counsel, extraordinary expenses and interest expense).
Actual | Hypothetical (5% return before expenses) |
|||||||||||||||||||||||||||||||||||||||
Beginning Account Value (07/01/22) |
Ending Account Value (12/31/22) |
Expenses Paid During Period* |
Beginning Account Value (07/01/22) |
Ending Account Value (12/31/22) |
Expenses Paid During Period* |
Net Annualized Expense Ratio** |
||||||||||||||||||||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | $ | 1,000.00 | $ | 1,016.90 | $ | 2.52 | $ | 1,000.00 | $ | 1,022.98 | $ | 2.53 | 0.49 | % | ||||||||||||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 1,000.00 | 1,046.50 | 2.03 | 1,000.00 | 1,023.49 | 2.01 | 0.39 | |||||||||||||||||||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 1,000.00 | 1,070.10 | 1.53 | 1,000.00 | 1,024.00 | 1.50 | 0.29 | |||||||||||||||||||||||||||||||||
PIMCO RAFI ESG U.S. ETF | 1,000.00 | 1,031.00 | 1.50 | 1,000.00 | 1,024.00 | 1.50 | 0.29 |
* Expenses Paid During Period are equal to the net annualized expense ratio for the fund, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period).
** Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 17 |
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 |
Total | |||||||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
||||||||||||||||||||||||||||
07/01/2022 - 12/31/2022+ |
$ | 18.33 | $ | 0.42 | $ | (0.14 | ) | $ | 0.28 | $ | (0.53 | ) | $ | (0.59 | ) | $ | (1.12 | ) | ||||||||||
06/30/2022 |
31.06 | 1.21 | (6.94 | ) | (5.73 | ) | (2.46 | ) | (4.54 | ) | (7.00 | ) | ||||||||||||||||
06/30/2021 |
20.84 | 0.50 | 10.14 | 10.64 | (0.42 | ) | 0.00 | (0.42 | ) | |||||||||||||||||||
06/30/2020 |
24.24 | 0.59 | (3.41 | ) | (2.82 | ) | (0.58 | ) | 0.00 | (0.58 | ) | |||||||||||||||||
06/30/2019 |
23.94 | 0.64 | 0.39 | 1.03 | (0.73 | ) | 0.00 | (0.73 | ) | |||||||||||||||||||
08/31/2017 - 06/30/2018 |
25.00 | 0.42 | (1.41 | ) | (0.99 | ) | (0.07 | ) | 0.00 | (0.07 | ) | |||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor International Equity ETF |
||||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
07/01/2022 - 12/31/2022+ |
$ | 25.16 | $ | 0.31 | $ | 0.83 | $ | 1.14 | $ | (0.63 | ) | $ | 0.00 | $ | (0.63 | ) | ||||||||||||
06/30/2022 |
29.66 | 0.95 | (4.57 | ) | (3.62 | ) | (0.88 | ) | 0.00 | (0.88 | ) | |||||||||||||||||
06/30/2021 |
22.86 | 0.69 | 6.53 | 7.22 | (0.42 | ) | 0.00 | (0.42 | ) | |||||||||||||||||||
06/30/2020 |
24.94 | 0.53 | (1.84 | ) | (1.31 | ) | (0.77 | ) | 0.00 | (0.77 | ) | |||||||||||||||||
06/30/2019 |
25.87 | 0.72 | (0.89 | ) | (0.17 | ) | (0.76 | ) | 0.00 | (0.76 | ) | |||||||||||||||||
08/31/2017 - 06/30/2018 |
25.00 | 0.62 | 0.44 | 1.06 | (0.19 | ) | 0.00 | (0.19 | ) | |||||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF |
||||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
07/01/2022 - 12/31/2022+ |
$ | 36.24 | $ | 0.43 | $ | 2.08 | $ | 2.51 | $ | (0.61 | ) | $ | 0.00 | $ | (0.61 | ) | ||||||||||||
06/30/2022 |
39.00 | 0.75 | (2.90 | ) | (2.15 | ) | (0.61 | ) | 0.00 | (0.61 | ) | |||||||||||||||||
06/30/2021 |
27.74 | 0.52 | 11.28 | 11.80 | (0.54 | ) | 0.00 | (0.54 | ) | |||||||||||||||||||
06/30/2020 |
29.21 | 0.62 | (1.44 | ) | (0.82 | ) | (0.65 | ) | 0.00 | (0.65 | ) | |||||||||||||||||
06/30/2019 |
28.30 | 0.59 | 0.91 | 1.50 | (0.59 | ) | 0.00 | (0.59 | ) | |||||||||||||||||||
08/31/2017 - 06/30/2018 |
25.00 | 0.43 | 3.17 | 3.60 | (0.30 | ) | 0.00 | (0.30 | ) | |||||||||||||||||||
PIMCO RAFI ESG U.S. ETF |
||||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
07/01/2022 - 12/31/2022+ |
$ | 27.58 | $ | 0.32 | $ | 0.52 | $ | 0.84 | $ | (0.48 | ) | $ | 0.00 | $ | (0.48 | ) | ||||||||||||
06/30/2022 |
30.72 | 0.60 | (3.22 | ) | (2.62 | ) | (0.52 | ) | 0.00 | (0.52 | ) | |||||||||||||||||
06/30/2021 |
21.40 | 0.51 | 9.32 | 9.83 | (0.51 | ) | 0.00 | (0.51 | ) | |||||||||||||||||||
12/18/2019 - 06/30/2020 |
25.00 | 0.33 | (3.72 | ) | (3.39 | ) | (0.21 | ) | 0.00 | (0.21 | ) |
+ |
Unaudited |
* |
Annualized, except for organizational expense, if any. |
(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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. |
(d) |
Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges. |
18 | PIMCO EQUITY SERIES | See Accompanying Notes |
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||
Net Assets End of Year or Period(a) |
Total Return(d) |
Net
Assets End of Year or Period (000s) |
Expenses | Expenses Excluding Waivers |
Expenses Excluding Interest Expense |
Expenses Excluding Interest Expense and Waivers |
Net Investment Income (Loss) |
Portfolio Turnover Rate |
||||||||||||||||||||||||||
$ | 17.49 | 1.69 | % | $ | 72,044 | 0.49 | %* | 0.50 | %* | 0.49 | %* | 0.50 | %* | 4.69 | %* | 31 | % | |||||||||||||||||
18.33 | (23.00 | ) | 75,517 | 0.49 | 0.50 | 0.49 | 0.50 | 4.50 | 54 | |||||||||||||||||||||||||
31.06 | 51.62 | 494,452 | 0.50 | 0.51 | 0.50 | 0.51 | 1.91 | 58 | ||||||||||||||||||||||||||
20.84 | (11.86 | ) | 619,324 | 0.49 | 0.50 | 0.49 | 0.50 | 2.66 | 59 | |||||||||||||||||||||||||
24.24 | 4.53 | 477,943 | 0.49 | 0.50 | 0.49 | 0.50 | 2.75 | 43 | ||||||||||||||||||||||||||
23.94 | (3.99 | ) | 357,169 | 0.50 | * | 0.55 | * | 0.50 | * | 0.55 | * | 1.94 | * | 52 | ||||||||||||||||||||
$ | 25.67 | 4.65 | % | $ | 107,810 | 0.39 | %* | 0.40 | %* | 0.39 | %* | 0.40 | %* | 2.46 | %* | 12 | % | |||||||||||||||||
25.16 | (12.60 | ) | 85,539 | 0.39 | 0.40 | 0.39 | 0.40 | 3.30 | 39 | |||||||||||||||||||||||||
29.66 | 31.87 | 88,978 | 0.40 | 0.40 | 0.40 | 0.40 | 2.54 | 48 | ||||||||||||||||||||||||||
22.86 | (5.37 | ) | 24,231 | 0.40 | 0.41 | 0.40 | 0.41 | 2.21 | 35 | |||||||||||||||||||||||||
24.94 | (0.59 | ) | 42,888 | 0.39 | 0.40 | 0.39 | 0.40 | 2.96 | 24 | |||||||||||||||||||||||||
25.87 | 4.22 | 28,976 | 0.40 | * | 0.87 | * | 0.40 | * | 0.87 | * | 2.81 | * | 36 | |||||||||||||||||||||
$ | 38.14 | 7.01 | % | $ | 115,196 | 0.29 | %* | 0.30 | %* | 0.29 | %* | 0.30 | %* | 2.26 | %* | 21 | % | |||||||||||||||||
36.24 | (5.66 | ) | 94,954 | 0.29 | 0.30 | 0.29 | 0.30 | 1.88 | 43 | |||||||||||||||||||||||||
39.00 | 43.02 | 82,677 | 0.29 | 0.30 | 0.29 | 0.30 | 1.53 | 63 | ||||||||||||||||||||||||||
27.74 | (2.80 | ) | 25,525 | 0.30 | 0.31 | 0.30 | 0.31 | 2.12 | 36 | |||||||||||||||||||||||||
29.21 | 5.50 | 96,980 | 0.29 | 0.30 | 0.29 | 0.30 | 2.08 | 40 | ||||||||||||||||||||||||||
28.30 | 14.43 | 65,658 | 0.29 | * | 0.60 | * | 0.29 | * | 0.60 | * | 1.89 | * | 56 | |||||||||||||||||||||
$ | 27.94 | 3.10 | % | $ | 27,939 | 0.29 | %* | 0.30 | %* | 0.29 | %* | 0.30 | %* | 2.21 | %* | 8 | % | |||||||||||||||||
27.58 | (8.73 | ) | 28,615 | 0.29 | 0.30 | 0.29 | 0.30 | 1.94 | 26 | |||||||||||||||||||||||||
30.72 | 46.63 | 20,584 | 0.30 | 0.31 | 0.30 | 0.31 | 1.91 | 32 | ||||||||||||||||||||||||||
21.40 | (13.42 | ) | 8,988 | 0.30 | * | 0.86 | * | 0.30 | * | 0.86 | * | 2.75 | * | 12 |
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 19 |
Statements of Assets and Liabilities | December 31, 2022 | (Unaudited) |
(Amounts in thousands†, except per share amounts) |
PIMCO RAFI
Dynamic |
PIMCO RAFI Dynamic |
PIMCO RAFI Dynamic |
PIMCO RAFI ESG |
||||||||||||
Assets: |
||||||||||||||||
Investments, at value |
||||||||||||||||
Investments in securities*^ |
$ | 71,724 | $ | 107,479 | $ | 115,515 | $ | 27,852 | ||||||||
Investments in Affiliates |
6 | 0 | 0 | 0 | ||||||||||||
Cash |
0 | 0 | 0 | 184 | ||||||||||||
Foreign currency, at value |
177 | 344 | 0 | 0 | ||||||||||||
Receivable for investments sold |
0 | 602 | 394 | 76 | ||||||||||||
Interest and/or dividends receivable |
378 | 411 | 160 | 24 | ||||||||||||
Reimbursement receivable from PIMCO |
1 | 1 | 1 | 0 | ||||||||||||
Other assets |
3 | 0 | 0 | 0 | ||||||||||||
Total Assets |
72,289 | 108,837 | 116,070 | 28,136 | ||||||||||||
Liabilities: |
||||||||||||||||
Payable for investments purchased |
$ | 0 | $ | 107 | $ | 149 | $ | 0 | ||||||||
Payable upon return of securities loaned |
6 | 0 | 0 | 0 | ||||||||||||
Distributions payable |
206 | 882 | 694 | 190 | ||||||||||||
Accrued management fees |
33 | 38 | 31 | 7 | ||||||||||||
Total Liabilities |
245 | 1,027 | 874 | 197 | ||||||||||||
Net Assets |
$ | 72,044 | $ | 107,810 | $ | 115,196 | $ | 27,939 | ||||||||
Net Assets Consist of: |
||||||||||||||||
Paid in capital |
$ | 79,771 | $ | 118,769 | $ | 122,164 | $ | 31,108 | ||||||||
Distributable earnings (accumulated loss) |
(7,727 | ) | (10,959 | ) | (6,968 | ) | (3,169 | ) | ||||||||
Net Assets |
$ | 72,044 | $ | 107,810 | $ | 115,196 | $ | 27,939 | ||||||||
Shares Issued and Outstanding |
4,120 | 4,200 | 3,020 | 1,000 | ||||||||||||
Net Asset Value Per Share Outstanding(a): |
$ | 17.49 | $ | 25.67 | $ | 38.14 | $ | 27.94 | ||||||||
Cost of investments in securities |
$ | 73,830 | $ | 104,448 | $ | 102,828 | $ | 29,239 | ||||||||
Cost of investments in Affiliates |
$ | 6 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Cost of foreign currency held |
$ | 173 | $ | 343 | $ | 0 | $ | 0 | ||||||||
* Includes repurchase agreements of: |
$ | 257 | $ | 320 | $ | 709 | $ | 0 | ||||||||
^ Includes securities on loan of: |
$ | 5 | $ | 0 | $ | 0 | $ | 0 |
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
(a) |
Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. |
20 | PIMCO EQUITY SERIES | See Accompanying Notes |
Statements of Operations |
Six Months Ended December 31, 2022 (Unaudited) | ||||||||||||||||
(Amounts in thousands†) |
PIMCO RAFI
Dynamic |
PIMCO RAFI Dynamic Multi-Factor Equity ETF |
PIMCO RAFI Dynamic U.S. Equity ETF |
PIMCO RAFI ESG U.S. ETF |
||||||||||||
Investment Income: |
||||||||||||||||
Interest |
$ | 2 | $ | 2 | $ | 3 | $ | 0 | ||||||||
Dividends, net of foreign taxes* |
2,099 | 1,399 | 1,387 | 357 | ||||||||||||
Securities lending income |
2 | 2 | 1 | 0 | ||||||||||||
Total Income |
2,103 | 1,403 | 1,391 | 357 | ||||||||||||
Expenses: |
||||||||||||||||
Management fees |
198 | 191 | 158 | 41 | ||||||||||||
Trustee fees |
3 | 3 | 3 | 1 | ||||||||||||
Interest expense |
2 | 1 | 0 | 0 | ||||||||||||
Miscellaneous expense |
2 | 2 | 3 | 1 | ||||||||||||
Total Expenses |
205 | 197 | 164 | 43 | ||||||||||||
Waiver and/or Reimbursement by PIMCO |
(3 | ) | (3 | ) | (3 | ) | (1 | ) | ||||||||
Net Expenses |
202 | 194 | 161 | 42 | ||||||||||||
Net Investment Income (Loss) |
1,901 | 1,209 | 1,230 | 315 | ||||||||||||
Net Realized Gain (Loss): |
||||||||||||||||
Investments in securities |
(2,402 | ) | (567 | ) | (2,463 | ) | (692 | ) | ||||||||
In-kind redemptions |
457 | 0 | 0 | 502 | ||||||||||||
Over the counter financial derivative instruments |
0 | 4 | 0 | 0 | ||||||||||||
Foreign currency |
(67 | ) | (6 | ) | 0 | 0 | ||||||||||
Net Realized Gain (Loss) |
(2,012 | ) | (569 | ) | (2,463 | ) | (190 | ) | ||||||||
Net Change in Unrealized Appreciation (Depreciation): |
||||||||||||||||
Investments in securities |
1,181 | 4,595 | 8,639 | 643 | ||||||||||||
Foreign currency assets and liabilities |
(44 | ) | 10 | 0 | 0 | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) |
1,137 | 4,605 | 8,639 | 643 | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 1,026 | $ | 5,245 | $ | 7,406 | $ | 768 | ||||||||
* Foreign tax withholdings - Dividends |
$ | 317 | $ | 143 | $ | 0 | $ | 0 |
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 21 |
Statements of Changes in Net Assets |
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
PIMCO RAFI Dynamic Multi-Factor International Equity ETF |
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF |
PIMCO RAFI ESG U.S. ETF |
|||||||||||||||||||||||||||||
(Amounts in thousands†) |
Six Months Ended December 31, 2022 (Unaudited) |
Year
Ended June 30, 2022 |
Six Months Ended December 31, 2022 (Unaudited) |
Year Ended June 30, 2022 |
Six Months Ended December 31, 2022 (Unaudited) |
Year Ended June 30, 2022 |
Six Months Ended December 31, 2022 (Unaudited) |
Year Ended June 30, 2022 |
||||||||||||||||||||||||
Increase (Decrease) in Net Assets from: |
||||||||||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 1,901 | $ | 8,155 | $ | 1,209 | $ | 3,110 | $ | 1,230 | $ | 1,638 | $ | 315 | $ | 499 | ||||||||||||||||
Net realized gain (loss) |
(2,012 | ) | 82,414 | (569 | ) | 1,573 | (2,463 | ) | 938 | (190 | ) | 412 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
1,137 | (124,916 | ) | 4,605 | (17,528 | ) | 8,639 | (8,348 | ) | 643 | (4,250 | ) | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
1,026 | (34,347 | ) | 5,245 | (12,845 | ) | 7,406 | (5,772 | ) | 768 | (3,339 | ) | ||||||||||||||||||||
Distributions to Shareholders: |
||||||||||||||||||||||||||||||||
From net investment income and/or net realized capital gains |
(4,723 | ) | (35,613 | ) | (2,354 | ) | (2,872 | ) | (1,730 | ) | (1,311 | ) | (486 | ) | (411 | ) | ||||||||||||||||
Total Distributions(a) |
(4,723 | ) | (35,613 | ) | (2,354 | ) | (2,872 | ) | (1,730 | ) | (1,311 | ) | (486 | ) | (411 | ) | ||||||||||||||||
Fund Share Transactions: |
||||||||||||||||||||||||||||||||
Receipts for shares sold |
18,083 | 19,206 | 19,380 | 36,080 | 14,566 | 31,146 | 4,319 | 17,482 | ||||||||||||||||||||||||
Cost of shares redeemed |
(17,859 | ) | (368,181 | ) | 0 | (23,802 | ) | 0 | (11,786 | ) | (5,277 | ) | (5,701 | ) | ||||||||||||||||||
Net increase (decrease) resulting from Fund share transactions |
224 | (348,975 | ) | 19,380 | 12,278 | 14,566 | 19,360 | (958 | ) | 11,781 | ||||||||||||||||||||||
Total Increase (Decrease) in Net Assets |
(3,473 | ) | (418,935 | ) | 22,271 | (3,439 | ) | 20,242 | 12,277 | (676 | ) | 8,031 | ||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
75,517 | 494,452 | 85,539 | 88,978 | 94,954 | 82,677 | 28,615 | 20,584 | ||||||||||||||||||||||||
End of period |
$ | 72,044 | $ | 75,517 | $ | 107,810 | $ | 85,539 | $ | 115,196 | $ | 94,954 | $ | 27,939 | $ | 28,615 | ||||||||||||||||
Shares of Beneficial Interest: |
||||||||||||||||||||||||||||||||
Shares sold |
1,000 | 800 | 800 | 1,200 | 400 | 800 | 150 | 550 | ||||||||||||||||||||||||
Shares redeemed |
(1,000 | ) | (12,600 | ) | 0 | (800 | ) | 0 | (300 | ) | (188 | ) | (182 | ) | ||||||||||||||||||
Net increase (decrease) in shares outstanding |
0 | (11,800 | ) | 800 | 400 | 400 | 500 | (38 | ) | 368 |
† |
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. The actual tax characterization of distributions paid is determined at the end so the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. |
22 | PIMCO EQUITY SERIES | See Accompanying Notes |
Schedule of Investments | PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | December 31, 2022 | (Unaudited) |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
SHARES | MARKET VALUE (000S) |
|||||||||||
INVESTMENTS IN SECURITIES 99.6% |
| |||||||||||
COMMON STOCKS 96.9% |
| |||||||||||
BRAZIL 4.7% |
| |||||||||||
COMMUNICATION SERVICES 0.1% |
| |||||||||||
Telefonica Brasil SA |
6,373 | $ | 46 | |||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.2% |
| |||||||||||
Vibra Energia SA |
54,632 | 160 | ||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.6% |
| |||||||||||
Ambev SA |
85,279 | 233 | ||||||||||
BRF SA (b) |
8,558 | 13 | ||||||||||
JBS SA |
33,660 | 141 | ||||||||||
Raia Drogasil SA |
17,623 | 79 | ||||||||||
|
|
|||||||||||
466 | ||||||||||||
|
|
|||||||||||
ENERGY 0.3% |
| |||||||||||
Cosan SA |
6,640 | 21 | ||||||||||
Ultrapar Participacoes SA |
71,988 | 171 | ||||||||||
|
|
|||||||||||
192 | ||||||||||||
|
|
|||||||||||
FINANCIALS 0.9% |
| |||||||||||
B3 SA - Brasil Bolsa Balcao |
67,702 | 169 | ||||||||||
Banco BTG Pactual SA |
11,038 | 50 | ||||||||||
Banco do Brasil SA |
50,977 | 330 | ||||||||||
BB Seguridade Participacoes SA |
10,497 | 67 | ||||||||||
Porto Seguro SA |
2,300 | 10 | ||||||||||
|
|
|||||||||||
626 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 0.1% |
| |||||||||||
Hypera SA |
7,080 | 61 | ||||||||||
|
|
|||||||||||
INDUSTRIALS 0.2% |
| |||||||||||
CCR SA |
11,271 | 23 | ||||||||||
Rumo SA |
5,100 | 18 | ||||||||||
WEG SA |
14,681 | 107 | ||||||||||
|
|
|||||||||||
148 | ||||||||||||
|
|
|||||||||||
MATERIALS 1.9% |
| |||||||||||
Cia Siderurgica Nacional SA |
13,277 | 36 | ||||||||||
Klabin SA |
21,990 | 83 | ||||||||||
Suzano SA |
6,992 | 65 | ||||||||||
Vale SA |
72,500 | 1,228 | ||||||||||
|
|
|||||||||||
1,412 | ||||||||||||
|
|
|||||||||||
UTILITIES 0.4% |
| |||||||||||
Centrais Eletricas Brasileiras SA |
8,157 | 65 | ||||||||||
Cia de Saneamento Basico do Estado de Sao Paulo |
4,455 | 48 | ||||||||||
Cia Paranaense de Energia |
13,189 | 96 | ||||||||||
Engie Brasil Energia SA |
2,735 | 20 | ||||||||||
Equatorial Energia SA |
6,640 | 34 | ||||||||||
|
|
|||||||||||
263 | ||||||||||||
|
|
|||||||||||
Total Brazil |
3,374 | |||||||||||
|
|
|||||||||||
CHILE 0.8% |
| |||||||||||
CONSUMER DISCRETIONARY 0.1% |
| |||||||||||
Falabella SA |
30,586 | 60 | ||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
CONSUMER STAPLES 0.2% |
| |||||||||||
Cencosud SA |
44,749 | $ | 73 | |||||||||
Cia Cervecerias Unidas SA |
8,490 | 57 | ||||||||||
|
|
|||||||||||
130 | ||||||||||||
|
|
|||||||||||
ENERGY 0.1% |
| |||||||||||
Empresas COPEC SA |
5,050 | 38 | ||||||||||
|
|
|||||||||||
FINANCIALS 0.2% |
| |||||||||||
Banco de Chile |
1,117,437 | 116 | ||||||||||
Banco de Credito e Inversiones SA |
998 | 28 | ||||||||||
Banco Santander Chile |
569,195 | 23 | ||||||||||
|
|
|||||||||||
167 | ||||||||||||
|
|
|||||||||||
MATERIALS 0.0% |
| |||||||||||
Empresas CMPC SA |
14,616 | 24 | ||||||||||
|
|
|||||||||||
UTILITIES 0.2% |
| |||||||||||
Aguas Andinas SA ‘A’ |
151,770 | 35 | ||||||||||
Colbun SA |
321,144 | 33 | ||||||||||
Enel Americas SA |
630,958 | 85 | ||||||||||
Enel Chile SA |
418,221 | 19 | ||||||||||
|
|
|||||||||||
172 | ||||||||||||
|
|
|||||||||||
Total Chile |
591 | |||||||||||
|
|
|||||||||||
CHINA 17.2% |
| |||||||||||
COMMUNICATION SERVICES 0.2% |
| |||||||||||
China Tower Corp. Ltd. ‘H’ |
392,000 | 42 | ||||||||||
China United Network Communications Ltd. ‘A’ |
51,500 | 33 | ||||||||||
Tencent Music Entertainment Group ADR (b) |
10,784 | 90 | ||||||||||
|
|
|||||||||||
165 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 3.2% |
| |||||||||||
ANTA Sports Products Ltd. |
4,400 | 57 | ||||||||||
BAIC Motor Corp. Ltd. ‘H’ |
98,000 | 26 | ||||||||||
Chongqing Changan Automobile Co. Ltd. ‘A’ |
6,900 | 12 | ||||||||||
Dongfeng Motor Group Co. Ltd. ‘H’ |
68,000 | 39 | ||||||||||
Fuyao Glass Industry Group Co. Ltd. |
9,600 | 40 | ||||||||||
Great Wall Motor Co. Ltd. ‘H’ |
42,000 | 54 | ||||||||||
Huayu Automotive Systems Co. Ltd. ‘A’ |
5,000 | 12 | ||||||||||
Meituan ‘B’ (b) |
33,600 | 744 | ||||||||||
Pinduoduo, Inc. ADR (b) |
10,480 | 855 | ||||||||||
SAIC Motor Corp. Ltd. ‘A’ |
18,100 | 37 | ||||||||||
Shenzhou International Group Holdings Ltd. |
4,400 | 49 | ||||||||||
Trip.com Group Ltd. ADR (b) |
4,387 | 151 | ||||||||||
Vipshop Holdings Ltd. ADR (b) |
3,205 | 44 | ||||||||||
Wuchan Zhongda Group Co. Ltd. ‘A’ |
21,200 | 15 | ||||||||||
Yum China Holdings, Inc. |
3,561 | 195 | ||||||||||
|
|
|||||||||||
2,330 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.9% |
| |||||||||||
Dali Foods Group Co. Ltd. |
49,000 | 22 | ||||||||||
Hengan International Group Co. Ltd. |
20,500 | 109 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Inner Mongolia Yili Industrial Group Co. Ltd. ‘A’ |
5,900 | $ | 26 | |||||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. ‘A’ |
600 | 14 | ||||||||||
Kweichow Moutai Co. Ltd. ‘A’ |
100 | 25 | ||||||||||
Muyuan Foods Co. Ltd. ‘A’ |
3,900 | 27 | ||||||||||
Nongfu Spring Co. Ltd. |
17,600 | 99 | ||||||||||
Tingyi Cayman Islands Holding Corp. |
72,000 | 127 | ||||||||||
Tsingtao Brewery Co. Ltd. ‘H’ |
6,000 | 59 | ||||||||||
Uni-President China Holdings Ltd. |
35,000 | 35 | ||||||||||
Want Want China Holdings Ltd. |
80,000 | 54 | ||||||||||
Wens Foodstuffs Group Co. Ltd. ‘A’ |
21,700 | 61 | ||||||||||
Wuliangye Yibin Co. Ltd. ‘A’ |
700 | 18 | ||||||||||
|
|
|||||||||||
676 | ||||||||||||
|
|
|||||||||||
ENERGY 2.7% |
| |||||||||||
China Coal Energy Co. Ltd. ‘H’ |
11,000 | 9 | ||||||||||
China Oilfield Services Ltd. ‘H’ |
16,000 | 19 | ||||||||||
China Petroleum & Chemical Corp. ‘H’ |
1,528,000 | 736 | ||||||||||
China Shenhua Energy Co. Ltd. ‘H’ |
165,000 | 475 | ||||||||||
PetroChina Co. Ltd. ‘H’ |
922,000 | 421 | ||||||||||
Shaanxi Coal Industry Co. Ltd. ‘A’ |
5,100 | 14 | ||||||||||
Yankuang Energy Group Co. Ltd. ‘H’ |
86,000 | 262 | ||||||||||
|
|
|||||||||||
1,936 | ||||||||||||
|
|
|||||||||||
FINANCIALS 5.4% |
| |||||||||||
Agricultural Bank of China Ltd. ‘H’ |
1,216,000 | 416 | ||||||||||
Bank of Beijing Co. Ltd. ‘A’ |
107,300 | 67 | ||||||||||
Bank of China Ltd. ‘H’ |
2,581,000 | 934 | ||||||||||
Bank of Communications Co. Ltd. ‘H’ |
447,000 | 257 | ||||||||||
Bank of Jiangsu Co. Ltd. ‘A’ |
78,500 | 82 | ||||||||||
Bank of Nanjing Co. Ltd. ‘A’ |
31,500 | 47 | ||||||||||
China Cinda Asset Management Co. Ltd. ‘H’ |
297,000 | 41 | ||||||||||
China CITIC Bank Corp. Ltd. ‘H’ |
392,000 | 173 | ||||||||||
China Construction Bank Corp. ‘H’ |
681,000 | 426 | ||||||||||
China Everbright Bank Co. Ltd. ‘H’ |
114,000 | 35 | ||||||||||
China Life Insurance Co. Ltd. ‘H’ |
37,000 | 63 | ||||||||||
China Minsheng Banking Corp. Ltd. ‘H’ |
102,000 | 35 | ||||||||||
China Zheshang Bank Co. Ltd. ‘H’ |
73,000 | 26 | ||||||||||
GF Securities Co. Ltd. ‘H’ |
16,034 | 23 | ||||||||||
Huaxia Bank Co. Ltd. ‘A’ |
28,800 | 21 | ||||||||||
Industrial & Commercial Bank of China Ltd. ‘H’ |
571,000 | 293 | ||||||||||
Industrial Bank Co. Ltd. ‘A’ |
69,600 | 176 | ||||||||||
People’s Insurance Co. Group of China Ltd. ‘H’ |
109,000 | 36 | ||||||||||
PICC Property & Casualty Co. Ltd. ‘H’ |
58,000 | 55 | ||||||||||
Ping An Insurance Group Co. of China Ltd. ‘H’ |
66,500 | 437 | ||||||||||
Postal Savings Bank of China Co. Ltd. ‘H’ |
341,000 | 211 | ||||||||||
Shanghai Pudong Development Bank Co. Ltd. ‘A’ |
8,700 | 9 | ||||||||||
|
|
|||||||||||
3,863 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 0.5% |
| |||||||||||
China Resources Pharmaceutical Group Ltd. |
114,000 | 92 |
See Accompanying Notes | SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 23 |
Schedule of Investments | PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | (Cont.) |
SHARES | MARKET VALUE (000S) |
|||||||||||
CSPC Pharmaceutical Group Ltd. |
107,680 | $ | 112 | |||||||||
Shanghai Pharmaceuticals Holding Co. Ltd. ‘H’ |
25,200 | 42 | ||||||||||
Sinopharm Group Co. Ltd. ‘H’ |
48,800 | 123 | ||||||||||
|
|
|||||||||||
369 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 1.9% |
| |||||||||||
Air China Ltd. ‘H’ |
46,000 | 41 | ||||||||||
China Communications Services Corp. Ltd. ‘H’ |
56,000 | 20 | ||||||||||
China Energy Engineering Corp. Ltd. ‘H’ |
282,000 | 33 | ||||||||||
China National Chemical Engineering Co. Ltd. ‘A’ |
11,000 | 13 | ||||||||||
China Railway Group Ltd. ‘H’ |
484,000 | 254 | ||||||||||
China State Construction Engineering Corp. Ltd. ‘A’ |
231,300 | 180 | ||||||||||
CITIC Ltd. |
142,000 | 149 | ||||||||||
Daqin Railway Co. Ltd. ‘A’ |
24,000 | 23 | ||||||||||
Guangshen Railway Co. Ltd. ‘H’ |
108,000 | 20 | ||||||||||
Jiangsu Expressway Co. Ltd. ‘H’ |
50,000 | 45 | ||||||||||
Jiangsu Zhongtian Technology Co. Ltd. ‘A’ |
9,100 | 21 | ||||||||||
Metallurgical Corp. of China Ltd. |
159,000 | 35 | ||||||||||
Power Construction Corp. of China Ltd. ‘A’ |
49,100 | 50 | ||||||||||
Shanghai Construction Group Co. Ltd. ‘A’ |
36,300 | 14 | ||||||||||
Shanghai International Airport Co. Ltd. ‘A’ |
2,200 | 18 | ||||||||||
Sinopec Engineering Group Co. Ltd. ‘H’ |
56,500 | 25 | ||||||||||
Sinotrans Ltd. ‘H’ |
34,000 | 11 | ||||||||||
TBEA Co. Ltd. ‘A’ |
13,400 | 39 | ||||||||||
Weichai Power Co. Ltd. ‘H’ |
40,000 | 53 | ||||||||||
Xiamen C & D, Inc. ‘A’ |
12,800 | 25 | ||||||||||
Xiamen ITG Group Corp. Ltd. ‘A’ |
21,600 | 22 | ||||||||||
Yangzijiang Shipbuilding Holdings Ltd. |
236,100 | 240 | ||||||||||
Zhejiang Expressway Co. Ltd. ‘H’ |
36,000 | 28 | ||||||||||
Zhuzhou CRRC Times Electric Co. Ltd. |
6,900 | 34 | ||||||||||
|
|
|||||||||||
1,393 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 0.3% |
| |||||||||||
AAC Technologies Holdings, Inc. |
5,000 | 11 | ||||||||||
BYD Electronic International Co. Ltd. |
2,000 | 7 | ||||||||||
Lenovo Group Ltd. |
212,000 | 173 | ||||||||||
|
|
|||||||||||
191 | ||||||||||||
|
|
|||||||||||
MATERIALS 0.9% |
| |||||||||||
Angang Steel Co. Ltd. ‘H’ |
84,000 | 23 | ||||||||||
Anhui Conch Cement Co. Ltd. ‘H’ |
26,000 | 91 | ||||||||||
Baoshan Iron & Steel Co. Ltd. ‘A’ |
18,400 | 15 | ||||||||||
China Hongqiao Group Ltd. |
12,000 | 11 | ||||||||||
China National Building Material Co. Ltd. ‘H’ |
228,000 | 186 | ||||||||||
China Zhongwang Holdings Ltd. «(b) |
338,800 | 0 | ||||||||||
Hesteel Co. Ltd. ‘A’ |
75,900 | 25 | ||||||||||
Jiangxi Copper Co. Ltd. ‘H’ |
61,000 | 89 | ||||||||||
Shandong Gold Mining Co. Ltd. |
22,250 | 41 | ||||||||||
Sinopec Shanghai Petrochemical Co. Ltd. ‘H’ |
148,000 | 25 | ||||||||||
Tongling Nonferrous Metals Group Co. Ltd. ‘A’ |
48,400 | 22 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Wanhua Chemical Group Co. Ltd. ‘A’ |
1,000 | $ | 13 | |||||||||
Zijin Mining Group Co. Ltd. ‘H’ |
50,000 | 67 | ||||||||||
|
|
|||||||||||
608 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.3% |
| |||||||||||
China Evergrande Group «(b) |
116,000 | 12 | ||||||||||
China Vanke Co. Ltd. ‘H’ |
18,400 | 37 | ||||||||||
Greentown China Holdings Ltd. |
18,500 | 27 | ||||||||||
KE Holdings, Inc. ADR (b) |
9,707 | 135 | ||||||||||
Poly Developments & Holdings Group Co. Ltd. ‘A’ |
14,700 | 32 | ||||||||||
|
|
|||||||||||
243 | ||||||||||||
|
|
|||||||||||
UTILITIES 0.9% |
| |||||||||||
CGN Power Co. Ltd. ‘H’ |
157,000 | 37 | ||||||||||
China Yangtze Power Co. Ltd. ‘A’ |
26,300 | 79 | ||||||||||
Datang International Power Generation Co. Ltd. ‘H’ |
320,000 | 52 | ||||||||||
ENN Energy Holdings Ltd. |
12,600 | 176 | ||||||||||
GD Power Development Co. Ltd. ‘A’ |
38,900 | 24 | ||||||||||
Huadian Power International Corp. Ltd. ‘H’ |
286,000 | 118 | ||||||||||
Huaneng Power International, Inc. ‘H’ |
330,000 | 156 | ||||||||||
|
|
|||||||||||
642 | ||||||||||||
|
|
|||||||||||
Total China |
12,416 | |||||||||||
|
|
|||||||||||
GREECE 0.6% |
| |||||||||||
COMMUNICATION SERVICES 0.1% |
| |||||||||||
Hellenic Telecommunications Organization SA |
4,185 | 65 | ||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.1% |
| |||||||||||
OPAP SA |
3,797 | 54 | ||||||||||
|
|
|||||||||||
ENERGY 0.0% |
| |||||||||||
Motor Oil Hellas Corinth Refineries SA |
1,423 | 33 | ||||||||||
|
|
|||||||||||
FINANCIALS 0.4% |
| |||||||||||
Alpha Services & Holdings SA (b) |
97,053 | 104 | ||||||||||
Eurobank Ergasias Services & Holdings SA (b) |
77,762 | 87 | ||||||||||
National Bank of Greece SA (b) |
21,171 | 85 | ||||||||||
|
|
|||||||||||
276 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.0% |
| |||||||||||
Mytilineos SA |
344 | 8 | ||||||||||
|
|
|||||||||||
UTILITIES 0.0% |
| |||||||||||
Public Power Corp. SA (b) |
3,059 | 22 | ||||||||||
|
|
|||||||||||
Total Greece |
458 | |||||||||||
|
|
|||||||||||
HONG KONG 2.8% |
| |||||||||||
CONSUMER STAPLES 0.1% |
| |||||||||||
China Resources Beer Holdings Co. Ltd. |
8,000 | 56 | ||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
FINANCIALS 0.5% |
| |||||||||||
BOC Hong Kong Holdings Ltd. |
99,000 | $ | 336 | |||||||||
Far East Horizon Ltd. |
31,000 | 24 | ||||||||||
|
|
|||||||||||
360 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.1% |
| |||||||||||
Orient Overseas International Ltd. |
4,500 | 81 | ||||||||||
Shanghai Industrial Holdings Ltd. |
18,000 | 22 | ||||||||||
|
|
|||||||||||
103 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.9% |
| |||||||||||
China Overseas Land & Investment Ltd. |
188,000 | 492 | ||||||||||
China Resources Land Ltd. |
22,000 | 100 | ||||||||||
Yuexiu Property Co. Ltd. |
31,400 | 38 | ||||||||||
|
|
|||||||||||
630 | ||||||||||||
|
|
|||||||||||
UTILITIES 1.2% |
| |||||||||||
Beijing Enterprises Holdings Ltd. |
10,000 | 32 | ||||||||||
China Power International Development Ltd. |
440,000 | 185 | ||||||||||
China Resources Gas Group Ltd. |
24,000 | 90 | ||||||||||
China Resources Power Holdings Co. Ltd. |
188,000 | 383 | ||||||||||
Guangdong Investment Ltd. |
58,000 | 59 | ||||||||||
Kunlun Energy Co. Ltd. |
130,000 | 93 | ||||||||||
|
|
|||||||||||
842 | ||||||||||||
|
|
|||||||||||
Total Hong Kong |
1,991 | |||||||||||
|
|
|||||||||||
INDIA 16.5% |
| |||||||||||
COMMUNICATION SERVICES 0.6% |
| |||||||||||
Bharti Airtel Ltd. |
45,021 | 438 | ||||||||||
Indus Towers Ltd. |
12,391 | 28 | ||||||||||
|
|
|||||||||||
466 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 1.3% |
| |||||||||||
Bajaj Auto Ltd. |
2,283 | 100 | ||||||||||
Bharat Forge Ltd. |
1,406 | 15 | ||||||||||
Eicher Motors Ltd. |
1,309 | 51 | ||||||||||
Hero MotoCorp Ltd. |
3,776 | 125 | ||||||||||
Mahindra & Mahindra Ltd. |
8,810 | 133 | ||||||||||
Maruti Suzuki India Ltd. |
978 | 99 | ||||||||||
MRF Ltd. |
27 | 29 | ||||||||||
Rajesh Exports Ltd. |
4,336 | 38 | ||||||||||
Tata Motors Ltd. (b) |
45,902 | 215 | ||||||||||
Titan Co. Ltd. |
3,898 | 122 | ||||||||||
TVS Motor Co. Ltd. |
1,339 | 17 | ||||||||||
|
|
|||||||||||
944 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 1.4% |
| |||||||||||
Dabur India Ltd. |
2,263 | 15 | ||||||||||
Godrej Consumer Products Ltd. |
2,022 | 21 | ||||||||||
Hindustan Unilever Ltd. |
8,795 | 272 | ||||||||||
ITC Ltd. |
153,489 | 614 | ||||||||||
Marico Ltd. |
5,426 | 34 | ||||||||||
Nestle India Ltd. |
340 | 81 | ||||||||||
|
|
|||||||||||
1,037 | ||||||||||||
|
|
|||||||||||
ENERGY 2.5% |
| |||||||||||
Bharat Petroleum Corp. Ltd. |
29,034 | 116 | ||||||||||
Coal India Ltd. |
110,457 | 301 | ||||||||||
Hindustan Petroleum Corp. Ltd. |
41,948 | 119 |
24 | PIMCO EQUITY SERIES | See Accompanying Notes |
December 31, 2022 | (Unaudited) |
SHARES | MARKET VALUE (000S) |
|||||||||||
Indian Oil Corp. Ltd. |
174,666 | $ | 161 | |||||||||
Mangalore Refinery & Petrochemicals Ltd. (b) |
26,595 | 18 | ||||||||||
Oil & Natural Gas Corp. Ltd. |
124,249 | 221 | ||||||||||
Oil India Ltd. |
11,919 | 30 | ||||||||||
Petronet LNG Ltd. |
16,256 | 42 | ||||||||||
Reliance Industries Ltd. |
24,634 | 756 | ||||||||||
|
|
|||||||||||
1,764 | ||||||||||||
|
|
|||||||||||
FINANCIALS 3.3% |
| |||||||||||
Axis Bank Ltd. |
20,502 | 231 | ||||||||||
Bajaj Holdings & Investment Ltd. |
462 | 32 | ||||||||||
Bandhan Bank Ltd. (b) |
5,901 | 17 | ||||||||||
Bank of Baroda |
18,798 | 42 | ||||||||||
Canara Bank |
7,589 | 31 | ||||||||||
Cholamandalam Investment and Finance Co. Ltd. |
3,876 | 34 | ||||||||||
Federal Bank Ltd. |
30,678 | 51 | ||||||||||
HDFC Bank Ltd. |
35,816 | 702 | ||||||||||
ICICI Bank Ltd. |
54,079 | 582 | ||||||||||
IDFC First Bank Ltd. (b) |
14,726 | 10 | ||||||||||
IDFC Ltd. |
48,005 | 47 | ||||||||||
Indiabulls Housing Finance Ltd. ‘L’ (b) |
24,075 | 45 | ||||||||||
IndusInd Bank Ltd. |
4,951 | 73 | ||||||||||
Kotak Mahindra Bank Ltd. |
9,763 | 215 | ||||||||||
Power Finance Corp. Ltd. |
37,256 | 63 | ||||||||||
SBI Life Insurance Co. Ltd. |
3,640 | 54 | ||||||||||
State Bank of India |
24,023 | 178 | ||||||||||
|
|
|||||||||||
2,407 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 0.8% |
| |||||||||||
Aurobindo Pharma Ltd. |
3,086 | 16 | ||||||||||
Cipla Ltd. |
8,005 | 104 | ||||||||||
Divi’s Laboratories Ltd. |
260 | 11 | ||||||||||
Dr Reddy’s Laboratories Ltd. |
2,885 | 147 | ||||||||||
Lupin Ltd. |
3,252 | 29 | ||||||||||
Sun Pharmaceutical Industries Ltd. |
22,630 | 274 | ||||||||||
|
|
|||||||||||
581 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 1.1% |
| |||||||||||
Adani Enterprises Ltd. |
8,757 | 408 | ||||||||||
Adani Ports & Special Economic Zone Ltd. |
6,322 | 62 | ||||||||||
Ashok Leyland Ltd. |
10,038 | 17 | ||||||||||
Bharat Electronics Ltd. |
34,785 | 42 | ||||||||||
Container Corp. Of India Ltd. |
1,482 | 13 | ||||||||||
Cummins India Ltd. |
1,724 | 29 | ||||||||||
Larsen & Toubro Ltd. |
6,650 | 167 | ||||||||||
Siemens Ltd. (b) |
609 | 21 | ||||||||||
|
|
|||||||||||
759 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 3.5% |
| |||||||||||
HCL Technologies Ltd. |
21,807 | 273 | ||||||||||
Infosys Ltd. |
64,761 | 1,181 | ||||||||||
LTIMindtree Ltd. |
638 | 34 | ||||||||||
Mphasis Ltd. |
1,069 | 25 | ||||||||||
Redington Ltd. |
26,666 | 58 | ||||||||||
Tata Consultancy Services Ltd. |
14,230 | 560 | ||||||||||
Tech Mahindra Ltd. |
15,428 | 189 | ||||||||||
Wipro Ltd. |
37,734 | 179 | ||||||||||
|
|
|||||||||||
2,499 | ||||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
MATERIALS 1.0% |
| |||||||||||
Ambuja Cements Ltd. |
10,109 | $ | 64 | |||||||||
Asian Paints Ltd. |
1,885 | 70 | ||||||||||
Jindal Steel & Power Ltd. |
25,211 | 177 | ||||||||||
National Aluminium Co. Ltd. |
72,208 | 70 | ||||||||||
NMDC Ltd. |
1,640 | 2 | ||||||||||
NMDC Ltd. (b) |
1,800 | 1 | ||||||||||
Pidilite Industries Ltd. |
1,177 | 36 | ||||||||||
SRF Ltd. |
1,073 | 30 | ||||||||||
Steel Authority of India Ltd. |
10,916 | 11 | ||||||||||
Tata Chemicals Ltd. |
1,513 | 17 | ||||||||||
Tata Steel Ltd. |
24,346 | 33 | ||||||||||
UPL Ltd. |
5,265 | 46 | ||||||||||
Vedanta Ltd. |
41,124 | 153 | ||||||||||
|
|
|||||||||||
710 | ||||||||||||
|
|
|||||||||||
UTILITIES 1.0% |
| |||||||||||
Adani Power Ltd. (b) |
14,765 | 53 | ||||||||||
GAIL India Ltd. |
28,094 | 33 | ||||||||||
Jaiprakash Power Ventures Ltd. (b) |
365,926 | 33 | ||||||||||
NTPC Ltd. |
176,562 | 355 | ||||||||||
Power Grid Corp. of India Ltd. |
76,240 | 197 | ||||||||||
Reliance Infrastructure Ltd. (b) |
7,340 | 12 | ||||||||||
Reliance Power Ltd. (b) |
32,716 | 6 | ||||||||||
|
|
|||||||||||
689 | ||||||||||||
|
|
|||||||||||
Total India |
11,856 | |||||||||||
|
|
|||||||||||
INDONESIA 2.5% |
| |||||||||||
COMMUNICATION SERVICES 0.4% |
| |||||||||||
Telkom Indonesia Persero Tbk PT |
1,263,600 | 304 | ||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.2% |
| |||||||||||
Astra International Tbk PT |
436,600 | 160 | ||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.2% |
| |||||||||||
Charoen Pokphand Indonesia Tbk PT |
39,600 | 14 | ||||||||||
Gudang Garam Tbk PT |
6,100 | 7 | ||||||||||
Indofood CBP Sukses Makmur Tbk PT |
47,600 | 31 | ||||||||||
Indofood Sukses Makmur Tbk PT |
22,700 | 10 | ||||||||||
Sumber Alfaria Trijaya Tbk PT |
291,700 | 50 | ||||||||||
Unilever Indonesia Tbk PT |
108,700 | 33 | ||||||||||
|
|
|||||||||||
145 | ||||||||||||
|
|
|||||||||||
ENERGY 0.5% |
| |||||||||||
Adaro Energy Indonesia Tbk PT |
733,300 | 182 | ||||||||||
Bukit Asam Tbk PT |
144,700 | 34 | ||||||||||
Indo Tambangraya Megah Tbk PT |
41,600 | 104 | ||||||||||
United Tractors Tbk PT |
42,300 | 71 | ||||||||||
|
|
|||||||||||
391 | ||||||||||||
|
|
|||||||||||
FINANCIALS 0.9% |
| |||||||||||
Bank Central Asia Tbk PT |
767,600 | 421 | ||||||||||
Bank Mandiri Persero Tbk PT |
115,500 | 73 | ||||||||||
Bank Negara Indonesia Persero Tbk PT |
63,800 | 38 | ||||||||||
Bank Rakyat Indonesia Persero Tbk PT (b) |
513,800 | 163 | ||||||||||
|
|
|||||||||||
695 | ||||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
HEALTH CARE 0.1% |
| |||||||||||
Kalbe Farma Tbk PT |
326,700 | $ | 44 | |||||||||
|
|
|||||||||||
MATERIALS 0.1% |
| |||||||||||
Indah Kiat Pulp & Paper Tbk PT |
49,400 | 28 | ||||||||||
Indocement Tunggal Prakarsa Tbk PT |
37,100 | 23 | ||||||||||
|
|
|||||||||||
51 | ||||||||||||
|
|
|||||||||||
UTILITIES 0.1% |
| |||||||||||
Perusahaan Gas Negara Tbk PT |
415,700 | 47 | ||||||||||
|
|
|||||||||||
Total Indonesia |
1,837 | |||||||||||
|
|
|||||||||||
MALAYSIA 1.8% |
| |||||||||||
COMMUNICATION SERVICES 0.2% |
| |||||||||||
Axiata Group Bhd |
36,900 | 26 | ||||||||||
DiGi.Com Bhd |
21,800 | 20 | ||||||||||
Maxis Bhd |
40,400 | 35 | ||||||||||
Telekom Malaysia Bhd |
36,900 | 45 | ||||||||||
|
|
|||||||||||
126 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.1% |
| |||||||||||
Genting Bhd |
38,500 | 39 | ||||||||||
Genting Malaysia Bhd |
81,000 | 50 | ||||||||||
|
|
|||||||||||
89 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.2% |
| |||||||||||
IOI Corp. Bhd. |
23,300 | 21 | ||||||||||
Kuala Lumpur Kepong Bhd |
4,300 | 22 | ||||||||||
PPB Group Bhd |
7,800 | 31 | ||||||||||
Sime Darby Plantation Bhd |
60,800 | 64 | ||||||||||
|
|
|||||||||||
138 | ||||||||||||
|
|
|||||||||||
ENERGY 0.1% |
| |||||||||||
Petronas Dagangan Bhd. |
7,200 | 37 | ||||||||||
|
|
|||||||||||
FINANCIALS 0.8% |
| |||||||||||
Alliance Bank Malaysia Bhd. |
45,200 | 38 | ||||||||||
AMMB Holdings Bhd |
28,700 | 27 | ||||||||||
CIMB Group Holdings Bhd |
103,100 | 136 | ||||||||||
Hong Leong Bank Bhd |
14,400 | 67 | ||||||||||
Malayan Banking Bhd |
55,300 | 109 | ||||||||||
Public Bank Bhd |
150,900 | 148 | ||||||||||
RHB Bank Bhd |
42,000 | 55 | ||||||||||
|
|
|||||||||||
580 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.2% |
| |||||||||||
CAPITAL A BHD (b) |
193,400 | 28 | ||||||||||
Malaysia Airports Holdings Bhd (b) |
21,600 | 32 | ||||||||||
MISC Bhd |
16,400 | 28 | ||||||||||
Sime Darby Bhd |
50,600 | 26 | ||||||||||
|
|
|||||||||||
114 | ||||||||||||
|
|
|||||||||||
MATERIALS 0.1% |
| |||||||||||
Petronas Chemicals Group Bhd |
54,600 | 107 | ||||||||||
|
|
|||||||||||
UTILITIES 0.1% |
| |||||||||||
Petronas Gas Bhd |
6,300 | 25 |
See Accompanying Notes | SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 25 |
Schedule of Investments | PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | (Cont.) |
SHARES | MARKET VALUE (000S) |
|||||||||||
Tenaga Nasional Bhd |
29,900 | $ | 65 | |||||||||
|
|
|||||||||||
90 | ||||||||||||
|
|
|||||||||||
Total Malaysia |
1,281 | |||||||||||
|
|
|||||||||||
MEXICO 3.2% |
| |||||||||||
COMMUNICATION SERVICES 1.2% |
| |||||||||||
America Movil SAB de CV |
869,964 | 789 | ||||||||||
Grupo Televisa SAB |
9,063 | 8 | ||||||||||
Megacable Holdings SAB de CV |
12,334 | 33 | ||||||||||
|
|
|||||||||||
830 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 1.3% |
| |||||||||||
Arca Continental SAB de CV |
12,394 | 100 | ||||||||||
Coca-Cola Femsa SAB de CV |
21,387 | 145 | ||||||||||
Gruma SAB de CV |
7,809 | 104 | ||||||||||
Grupo Bimbo SAB de CV |
10,564 | 45 | ||||||||||
Kimberly-Clark de Mexico SAB de CV |
59,918 | 102 | ||||||||||
Wal-Mart de Mexico SAB de CV |
132,160 | 465 | ||||||||||
|
|
|||||||||||
961 | ||||||||||||
|
|
|||||||||||
FINANCIALS 0.2% |
| |||||||||||
Grupo Elektra SAB de CV |
531 | 30 | ||||||||||
Grupo Financiero Banorte SAB de CV |
14,700 | 106 | ||||||||||
Grupo Financiero Inbursa SAB de CV (b) |
22,688 | 38 | ||||||||||
|
|
|||||||||||
174 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.2% |
| |||||||||||
Alfa SAB de CV |
80,325 | 51 | ||||||||||
Grupo Aeroportuario del Pacifico SAB de CV |
4,915 | 71 | ||||||||||
|
|
|||||||||||
122 | ||||||||||||
|
|
|||||||||||
MATERIALS 0.3% |
| |||||||||||
Alpek SAB de CV |
14,165 | 20 | ||||||||||
Grupo Mexico SAB de CV |
48,990 | 172 | ||||||||||
Industrias Penoles SAB de CV (b) |
500 | 6 | ||||||||||
Orbia Advance Corp. SAB de CV |
23,756 | 42 | ||||||||||
|
|
|||||||||||
240 | ||||||||||||
|
|
|||||||||||
Total Mexico |
2,327 | |||||||||||
|
|
|||||||||||
PHILIPPINES 0.5% |
| |||||||||||
COMMUNICATION SERVICES 0.1% |
| |||||||||||
Globe Telecom, Inc. |
493 | 19 | ||||||||||
PLDT, Inc. |
1,600 | 38 | ||||||||||
|
|
|||||||||||
57 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.1% |
| |||||||||||
Universal Robina Corp. |
15,030 | 37 | ||||||||||
|
|
|||||||||||
FINANCIALS 0.1% |
| |||||||||||
Bank of the Philippine Islands |
14,331 | 26 | ||||||||||
BDO Unibank, Inc. |
14,040 | 27 | ||||||||||
Metropolitan Bank & Trust Co. |
33,392 | 33 | ||||||||||
|
|
|||||||||||
86 | ||||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
INDUSTRIALS 0.1% |
| |||||||||||
Ayala Corp. |
1,610 | $ | 20 | |||||||||
International Container Terminal Services, Inc. |
17,500 | 63 | ||||||||||
|
|
|||||||||||
83 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.1% |
| |||||||||||
SM Prime Holdings, Inc. |
51,800 | 33 | ||||||||||
|
|
|||||||||||
UTILITIES 0.0% |
| |||||||||||
ACEN Corp. |
3,420 | 0 | ||||||||||
Manila Electric Co. |
5,720 | 31 | ||||||||||
|
|
|||||||||||
31 | ||||||||||||
|
|
|||||||||||
Total Philippines |
327 | |||||||||||
|
|
|||||||||||
POLAND 0.9% |
| |||||||||||
COMMUNICATION SERVICES 0.1% |
| |||||||||||
Cyfrowy Polsat SA |
4,343 | 18 | ||||||||||
Orange Polska SA |
26,986 | 41 | ||||||||||
|
|
|||||||||||
59 | ||||||||||||
|
|
|||||||||||
ENERGY 0.4% |
| |||||||||||
Polski Koncern Naftowy ORLEN SA |
20,302 | 298 | ||||||||||
|
|
|||||||||||
FINANCIALS 0.2% |
| |||||||||||
Powszechny Zaklad Ubezpieczen SA |
16,691 | 135 | ||||||||||
|
|
|||||||||||
MATERIALS 0.1% |
| |||||||||||
Jastrzebska Spolka Weglowa SA (b) |
2,316 | 31 | ||||||||||
KGHM Polska Miedz SA |
1,834 | 53 | ||||||||||
|
|
|||||||||||
84 | ||||||||||||
|
|
|||||||||||
UTILITIES 0.1% |
| |||||||||||
PGE Polska Grupa Energetyczna SA (b) |
20,547 | 33 | ||||||||||
Tauron Polska Energia SA (b) |
56,150 | 27 | ||||||||||
|
|
|||||||||||
60 | ||||||||||||
|
|
|||||||||||
Total Poland |
636 | |||||||||||
|
|
|||||||||||
RUSSIA 0.0% |
| |||||||||||
CONSUMER STAPLES 0.0% |
| |||||||||||
Magnit PJSC « |
2,673 | 0 | ||||||||||
|
|
|||||||||||
ENERGY 0.0% |
| |||||||||||
Gazprom Neft PJSC « |
13,620 | 0 | ||||||||||
Gazprom PJSC « |
635,130 | 0 | ||||||||||
LUKOIL PJSC « |
15,703 | 0 | ||||||||||
Novatek PJSC « |
21,924 | 0 | ||||||||||
Rosneft Oil Co. PJSC « |
66,050 | 0 | ||||||||||
Surgutneftegas PJSC « |
701,700 | 0 | ||||||||||
Tatneft PJSC « |
19,086 | 0 | ||||||||||
|
|
|||||||||||
0 | ||||||||||||
|
|
|||||||||||
FINANCIALS 0.0% |
| |||||||||||
Sberbank of Russia PJSC « |
117,340 | 0 | ||||||||||
VTB Bank PJSC «(b) |
598,992,500 | 1 | ||||||||||
|
|
|||||||||||
1 | ||||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
MATERIALS 0.0% |
| |||||||||||
Magnitogorsk Iron & Steel Works PJSC « |
160,600 | $ | 0 | |||||||||
MMC Norilsk Nickel PJSC « |
1,269 | 0 | ||||||||||
Novolipetsk Steel PJSC « |
88,470 | 0 | ||||||||||
Severstal PAO ^«(a) |
17,344 | 0 | ||||||||||
|
|
|||||||||||
0 | ||||||||||||
|
|
|||||||||||
UTILITIES 0.0% |
| |||||||||||
Inter RAO UES PJSC « |
1,587,500 | 0 | ||||||||||
Rosseti PJSC « |
3,309,000 | 0 | ||||||||||
|
|
|||||||||||
0 | ||||||||||||
|
|
|||||||||||
Total Russia |
1 | |||||||||||
|
|
|||||||||||
SAUDI ARABIA 2.8% |
| |||||||||||
COMMUNICATION SERVICES 0.4% |
| |||||||||||
Etihad Etisalat Co. |
3,311 | 31 | ||||||||||
Saudi Telecom Co. |
26,510 | 258 | ||||||||||
|
|
|||||||||||
289 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.1% |
| |||||||||||
Jarir Marketing Co. |
906 | 36 | ||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.1% |
| |||||||||||
Almarai Co. JSC |
3,512 | 50 | ||||||||||
|
|
|||||||||||
ENERGY 0.6% |
| |||||||||||
Saudi Arabian Oil Co. |
49,996 | 429 | ||||||||||
|
|
|||||||||||
FINANCIALS 0.8% |
| |||||||||||
Al Rajhi Bank (b) |
12,691 | 254 | ||||||||||
Alinma Bank |
4,730 | 41 | ||||||||||
Arab National Bank |
2,006 | 17 | ||||||||||
Bank Al-Jazira |
5,253 | 26 | ||||||||||
Bank AlBilad (b) |
2,392 | 28 | ||||||||||
Banque Saudi Fransi |
2,659 | 29 | ||||||||||
Bupa Arabia for Cooperative Insurance Co. |
1,088 | 41 | ||||||||||
Riyad Bank |
3,372 | 29 | ||||||||||
Saudi British Bank |
5,644 | 58 | ||||||||||
Saudi Investment Bank |
5,016 | 23 | ||||||||||
|
|
|||||||||||
546 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 0.0% |
| |||||||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
289 | 17 | ||||||||||
|
|
|||||||||||
MATERIALS 0.8% |
| |||||||||||
Advanced Petrochemical Co. |
1,399 | 16 | ||||||||||
SABIC Agri-Nutrients Co. |
3,056 | 119 | ||||||||||
Saudi Arabian Mining Co. (b) |
6,065 | 104 | ||||||||||
Saudi Basic Industries Corp. |
11,694 | 280 | ||||||||||
Saudi Industrial Investment Group |
6,355 | 38 | ||||||||||
Yanbu National Petrochemical Co. |
2,880 | 32 | ||||||||||
|
|
|||||||||||
589 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.0% |
| |||||||||||
Dar Al Arkan Real Estate Development Co. (b) |
3,690 | 11 | ||||||||||
|
|
|||||||||||
26 | PIMCO EQUITY SERIES | See Accompanying Notes |
December 31, 2022 | (Unaudited) |
SHARES | MARKET VALUE (000S) |
|||||||||||
UTILITIES 0.0% |
| |||||||||||
ACWA Power Co. |
566 | $ | 23 | |||||||||
|
|
|||||||||||
Total Saudi Arabia |
1,990 | |||||||||||
|
|
|||||||||||
SINGAPORE 0.1% |
| |||||||||||
INDUSTRIALS 0.1% |
| |||||||||||
BOC Aviation Ltd. |
5,300 | 44 | ||||||||||
|
|
|||||||||||
Total Singapore |
44 | |||||||||||
|
|
|||||||||||
SOUTH AFRICA 4.7% |
| |||||||||||
COMMUNICATION SERVICES 0.7% |
| |||||||||||
MTN Group Ltd. |
55,301 | 413 | ||||||||||
MultiChoice Group |
9,205 | 64 | ||||||||||
Telkom SA SOC Ltd. (b) |
19,953 | 35 | ||||||||||
Vodacom Group Ltd. |
4,808 | 35 | ||||||||||
|
|
|||||||||||
547 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.7% |
| |||||||||||
Foschini Group Ltd. |
3,003 | 18 | ||||||||||
Motus Holdings Ltd. |
6,201 | 40 | ||||||||||
Mr Price Group Ltd. |
3,963 | 37 | ||||||||||
Naspers Ltd. ‘N’ |
1,813 | 303 | ||||||||||
Truworths International Ltd. |
13,204 | 42 | ||||||||||
Woolworths Holdings Ltd. |
23,834 | 93 | ||||||||||
|
|
|||||||||||
533 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.6% |
| |||||||||||
AVI Ltd. |
6,327 | 28 | ||||||||||
Bid Corp. Ltd. |
5,611 | 109 | ||||||||||
Pick n Pay Stores Ltd. |
9,002 | 30 | ||||||||||
Shoprite Holdings Ltd. |
15,322 | 203 | ||||||||||
SPAR Group Ltd. |
4,284 | 29 | ||||||||||
Tiger Brands Ltd. |
611 | 7 | ||||||||||
|
|
|||||||||||
406 | ||||||||||||
|
|
|||||||||||
ENERGY 0.2% |
| |||||||||||
Exxaro Resources Ltd. |
9,671 | 124 | ||||||||||
|
|
|||||||||||
FINANCIALS 0.8% |
| |||||||||||
Absa Group Ltd. |
9,109 | 103 | ||||||||||
Capitec Bank Holdings Ltd. |
577 | 63 | ||||||||||
FirstRand Ltd. |
45,339 | 165 | ||||||||||
Nedbank Group Ltd. |
3,114 | 39 | ||||||||||
Sanlam Ltd. |
8,569 | 25 | ||||||||||
Standard Bank Group Ltd. |
19,102 | 188 | ||||||||||
|
|
|||||||||||
583 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 0.1% |
| |||||||||||
Life Healthcare Group Holdings Ltd. |
20,279 | 20 | ||||||||||
Netcare Ltd. |
24,639 | 21 | ||||||||||
|
|
|||||||||||
41 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.1% |
| |||||||||||
Barloworld Ltd. |
3,974 | 20 | ||||||||||
Bidvest Group Ltd. |
1,785 | 23 | ||||||||||
Zeda Ltd. (b) |
3,974 | 3 | ||||||||||
|
|
|||||||||||
46 | ||||||||||||
|
|
|||||||||||
MATERIALS 1.5% |
| |||||||||||
Anglo American Platinum Ltd. |
501 | 42 |
SHARES | MARKET VALUE (000S) |
|||||||||||
AngloGold Ashanti Ltd. |
13,920 | $ | 271 | |||||||||
Gold Fields Ltd. |
21,050 | 219 | ||||||||||
Impala Platinum Holdings Ltd. |
7,332 | 92 | ||||||||||
Kumba Iron Ore Ltd. |
1,795 | 52 | ||||||||||
Sappi Ltd. (b) |
18,358 | 53 | ||||||||||
Sasol Ltd. |
22,591 | 360 | ||||||||||
|
|
|||||||||||
1,089 | ||||||||||||
|
|
|||||||||||
Total South Africa |
3,369 | |||||||||||
|
|
|||||||||||
SOUTH KOREA 13.7% |
| |||||||||||
COMMUNICATION SERVICES 1.2% |
| |||||||||||
KT Corp. |
14,720 | 394 | ||||||||||
LG Uplus Corp. |
9,506 | 83 | ||||||||||
NAVER Corp. |
1,069 | 152 | ||||||||||
NCSoft Corp. |
167 | 60 | ||||||||||
SK Telecom Co. Ltd. |
5,820 | 218 | ||||||||||
|
|
|||||||||||
907 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 3.4% |
| |||||||||||
Coway Co. Ltd. |
1,575 | 70 | ||||||||||
Hankook Tire & Technology Co. Ltd. |
3,477 | 86 | ||||||||||
Hanon Systems |
3,965 | 25 | ||||||||||
Hyundai Department Store Co. Ltd. |
647 | 30 | ||||||||||
Hyundai Mobis Co. Ltd. |
2,235 | 355 | ||||||||||
Hyundai Motor Co. |
6,479 | 775 | ||||||||||
Hyundai Wia Corp. |
340 | 13 | ||||||||||
Kangwon Land, Inc. (b) |
5,361 | 99 | ||||||||||
Kia Corp. |
14,286 | 672 | ||||||||||
LG Electronics, Inc. |
3,550 | 244 | ||||||||||
Lotte Shopping Co. Ltd. |
757 | 55 | ||||||||||
|
|
|||||||||||
2,424 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.8% |
| |||||||||||
Amorepacific Corp. |
295 | 32 | ||||||||||
Amorepacific Group |
811 | 22 | ||||||||||
CJ CheilJedang Corp. |
252 | 76 | ||||||||||
E-MART, Inc. |
1,143 | 89 | ||||||||||
GS Retail Co. Ltd. |
711 | 16 | ||||||||||
KT&G Corp. |
3,359 | 243 | ||||||||||
LG H&H Co. Ltd. |
136 | 78 | ||||||||||
|
|
|||||||||||
556 | ||||||||||||
|
|
|||||||||||
ENERGY 0.5% |
| |||||||||||
HD Hyundai Co. Ltd. |
2,119 | 96 | ||||||||||
SK Innovation Co. Ltd. (b) |
2,045 | 250 | ||||||||||
|
|
|||||||||||
346 | ||||||||||||
|
|
|||||||||||
FINANCIALS 2.2% |
| |||||||||||
BNK Financial Group, Inc. |
12,356 | 64 | ||||||||||
DB Insurance Co. Ltd. |
1,773 | 92 | ||||||||||
DGB Financial Group, Inc. |
7,984 | 44 | ||||||||||
Hana Financial Group, Inc. |
2,849 | 95 | ||||||||||
Hanwha Life Insurance Co. Ltd. (b) |
11,229 | 25 | ||||||||||
Hyundai Marine & Fire Insurance Co. Ltd. |
3,604 | 84 | ||||||||||
Industrial Bank of Korea |
14,827 | 115 | ||||||||||
KB Financial Group, Inc. |
1,732 | 66 | ||||||||||
Meritz Financial Group, Inc. |
2,335 | 80 | ||||||||||
Meritz Fire & Marine Insurance Co. Ltd. |
2,996 | 118 | ||||||||||
Samsung Card Co. Ltd. |
558 | 13 | ||||||||||
Samsung Fire & Marine Insurance Co. Ltd. |
1,046 | 165 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Samsung Life Insurance Co. Ltd. |
2,470 | $ | 139 | |||||||||
Shinhan Financial Group Co. Ltd. |
15,348 | 427 | ||||||||||
Woori Financial Group, Inc. |
7,406 | 68 | ||||||||||
|
|
|||||||||||
1,595 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 0.1% |
| |||||||||||
Celltrion, Inc. |
474 | 61 | ||||||||||
|
|
|||||||||||
INDUSTRIALS 1.5% |
| |||||||||||
CJ Corp. |
391 | 26 | ||||||||||
Doosan Co. Ltd. |
526 | 35 | ||||||||||
Doosan Enerbility Co. Ltd. (b) |
9,137 | 111 | ||||||||||
GS Engineering & Construction Corp. |
490 | 8 | ||||||||||
GS Holdings Corp. |
2,287 | 79 | ||||||||||
Hanwha Aerospace Co. Ltd. |
187 | 11 | ||||||||||
Hanwha Corp. |
2,338 | 48 | ||||||||||
Hyundai Engineering & Construction Co. Ltd. |
2,474 | 68 | ||||||||||
Hyundai Glovis Co. Ltd. |
1,226 | 159 | ||||||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd. |
216 | 12 | ||||||||||
Korean Air Lines Co. Ltd. (b) |
2,519 | 46 | ||||||||||
LG Corp. |
1,722 | 107 | ||||||||||
LG International Corp. |
2,391 | 65 | ||||||||||
LS Corp. |
927 | 51 | ||||||||||
Posco International Corp. |
4,074 | 73 | ||||||||||
SK Networks Co. Ltd. |
4,965 | 15 | ||||||||||
SK, Inc. |
1,308 | 196 | ||||||||||
|
|
|||||||||||
1,110 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 1.3% |
| |||||||||||
LG Display Co. Ltd. |
18,519 | 183 | ||||||||||
LG Innotek Co. Ltd. |
78 | 16 | ||||||||||
Samsung Electro-Mechanics Co. Ltd. |
725 | 75 | ||||||||||
Samsung SDI Co. Ltd. |
375 | 176 | ||||||||||
SK Hynix, Inc. |
8,355 | 499 | ||||||||||
|
|
|||||||||||
949 | ||||||||||||
|
|
|||||||||||
MATERIALS 2.2% |
| |||||||||||
Dongkuk Steel Mill Co. Ltd. |
6,775 | 60 | ||||||||||
Hanwha Solutions Corp. (b) |
377 | 13 | ||||||||||
Hyundai Steel Co. |
4,583 | 112 | ||||||||||
KCC Corp. |
47 | 8 | ||||||||||
Kolon Industries, Inc. |
469 | 15 | ||||||||||
Korea Zinc Co. Ltd. |
423 | 189 | ||||||||||
LG Chem Ltd. |
366 | 175 | ||||||||||
POSCO Holdings, Inc. |
4,591 | 1,005 | ||||||||||
|
|
|||||||||||
1,577 | ||||||||||||
|
|
|||||||||||
UTILITIES 0.5% |
| |||||||||||
Korea Electric Power Corp. |
15,079 | 260 | ||||||||||
Korea Gas Corp. |
3,389 | 98 | ||||||||||
|
|
|||||||||||
358 | ||||||||||||
|
|
|||||||||||
Total South Korea |
9,883 | |||||||||||
|
|
|||||||||||
TAIWAN 13.4% |
| |||||||||||
COMMUNICATION SERVICES 0.8% |
| |||||||||||
Chunghwa Telecom Co. Ltd. |
99,000 | 364 | ||||||||||
Far EasTone Telecommunications Co. Ltd. |
56,000 | 120 | ||||||||||
Taiwan Mobile Co. Ltd. |
29,000 | 90 | ||||||||||
|
|
|||||||||||
574 | ||||||||||||
|
|
|||||||||||
See Accompanying Notes | SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 27 |
Schedule of Investments | PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | (Cont.) |
SHARES | MARKET VALUE (000S) |
|||||||||||
CONSUMER DISCRETIONARY 0.6% |
| |||||||||||
Cheng Shin Rubber Industry Co. Ltd. |
30,000 | $ | 33 | |||||||||
China Motor Corp. |
10,000 | 17 | ||||||||||
Eclat Textile Co. Ltd. |
3,000 | 48 | ||||||||||
Feng TAY Enterprise Co. Ltd. |
5,000 | 34 | ||||||||||
Giant Manufacturing Co. Ltd. |
2,000 | 13 | ||||||||||
Hotai Motor Co. Ltd. |
3,000 | 57 | ||||||||||
Kinpo Electronics |
51,000 | 22 | ||||||||||
Pou Chen Corp. |
57,000 | 63 | ||||||||||
Ruentex Industries Ltd. |
13,800 | 29 | ||||||||||
Yulon Motor Co. Ltd. |
40,509 | 82 | ||||||||||
|
|
|||||||||||
398 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.3% |
| |||||||||||
Great Wall Enterprise Co. Ltd. |
11,008 | 17 | ||||||||||
President Chain Store Corp. |
12,000 | 106 | ||||||||||
Uni-President Enterprises Corp. |
55,000 | 119 | ||||||||||
|
|
|||||||||||
242 | ||||||||||||
|
|
|||||||||||
ENERGY 0.1% |
| |||||||||||
Formosa Petrochemical Corp. |
17,000 | 44 | ||||||||||
|
|
|||||||||||
FINANCIALS 3.3% |
| |||||||||||
Cathay Financial Holding Co. Ltd. |
241,200 | 313 | ||||||||||
Chang Hwa Commercial Bank Ltd. |
133,600 | 74 | ||||||||||
China Development Financial Holding Corp. |
450,096 | 184 | ||||||||||
CTBC Financial Holding Co. Ltd. |
425,000 | 305 | ||||||||||
E.Sun Financial Holding Co. Ltd. |
264,348 | 206 | ||||||||||
First Financial Holding Co. Ltd. |
182,699 | 157 | ||||||||||
Fubon Financial Holding Co. Ltd. |
182,437 | 334 | ||||||||||
Hua Nan Financial Holdings Co. Ltd. ‘C’ |
124,503 | 91 | ||||||||||
Mega Financial Holding Co. Ltd. |
202,500 | 199 | ||||||||||
Shanghai Commercial & Savings Bank Ltd. |
39,712 | 57 | ||||||||||
Shin Kong Financial Holding Co. Ltd. |
97,307 | 28 | ||||||||||
SinoPac Financial Holdings Co. Ltd. |
213,843 | 116 | ||||||||||
Taichung Commercial Bank Co. Ltd. |
76,703 | 32 | ||||||||||
Taishin Financial Holding Co. Ltd. |
211,656 | 104 | ||||||||||
Taiwan Business Bank |
132,143 | 56 | ||||||||||
Taiwan Cooperative Financial Holding Co. Ltd. |
157,996 | 134 | ||||||||||
|
|
|||||||||||
2,390 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.9% |
| |||||||||||
China Airlines Ltd. |
128,000 | 79 | ||||||||||
CTCI Corp. |
20,000 | 27 | ||||||||||
Eva Airways Corp. |
85,400 | 78 | ||||||||||
Far Eastern New Century Corp. |
77,000 | 80 | ||||||||||
Taiwan High Speed Rail Corp. |
25,000 | 23 | ||||||||||
Teco Electric & Machinery Co. Ltd. |
38,000 | 34 | ||||||||||
Walsin Lihwa Corp. |
186,000 | 285 | ||||||||||
Wan Hai Lines Ltd. |
4,950 | 13 | ||||||||||
|
|
|||||||||||
619 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 5.8% |
| |||||||||||
Accton Technology Corp. |
6,000 | 46 | ||||||||||
Acer, Inc. |
127,000 | 97 | ||||||||||
Advantech Co. Ltd. |
7,291 | 78 | ||||||||||
Asustek Computer, Inc. |
29,000 | 253 | ||||||||||
AUO Corp. |
224,600 | 109 | ||||||||||
Catcher Technology Co. Ltd. |
17,000 | 93 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Chicony Electronics Co. Ltd. |
15,000 | $ | 42 | |||||||||
Compal Electronics, Inc. |
169,000 | 127 | ||||||||||
Delta Electronics, Inc. |
25,000 | 232 | ||||||||||
Foxconn Technology Co. Ltd. |
17,000 | 29 | ||||||||||
Hon Hai Precision Industry Co. Ltd. |
98,600 | 320 | ||||||||||
HTC Corp. (b) |
10,000 | 18 | ||||||||||
Innolux Corp. |
487,455 | 175 | ||||||||||
Inventec Corp. |
97,000 | 83 | ||||||||||
Largan Precision Co. Ltd. |
1,290 | 85 | ||||||||||
Lite-On Technology Corp. |
58,000 | 120 | ||||||||||
MediaTek, Inc. |
14,000 | 283 | ||||||||||
Micro-Star International Co. Ltd. |
25,000 | 97 | ||||||||||
Mitac Holdings Corp. |
37,000 | 35 | ||||||||||
Nanya Technology Corp. |
10,000 | 17 | ||||||||||
Novatek Microelectronics Corp. |
9,000 | 92 | ||||||||||
Pegatron Corp. |
63,000 | 130 | ||||||||||
Powertech Technology, Inc. |
22,000 | 56 | ||||||||||
Quanta Computer, Inc. |
80,000 | 188 | ||||||||||
Radiant Opto-Electronics Corp. |
6,000 | 20 | ||||||||||
Realtek Semiconductor Corp. |
3,000 | 27 | ||||||||||
Silicon Motion Technology Corp. ADR |
180 | 12 | ||||||||||
Supreme Electronics Co. Ltd. |
22,593 | 26 | ||||||||||
Synnex Technology International Corp. |
42,000 | 81 | ||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
56,000 | 813 | ||||||||||
TPK Holding Co. Ltd. |
11,000 | 11 | ||||||||||
Tripod Technology Corp. |
8,000 | 24 | ||||||||||
United Microelectronics Corp. |
78,000 | 102 | ||||||||||
Wistron Corp. |
109,347 | 104 | ||||||||||
Wiwynn Corp. |
1,000 | 26 | ||||||||||
WPG Holdings Ltd. |
51,560 | 80 | ||||||||||
WT Microelectronics Co. Ltd. |
19,000 | 38 | ||||||||||
Zhen Ding Technology Holding Ltd. |
9,000 | 31 | ||||||||||
|
|
|||||||||||
4,200 | ||||||||||||
|
|
|||||||||||
MATERIALS 1.5% |
| |||||||||||
Asia Cement Corp. |
71,000 | 95 | ||||||||||
China Steel Corp. |
270,000 | 262 | ||||||||||
Eternal Materials Co. Ltd. |
30,300 | 31 | ||||||||||
Formosa Chemicals & Fibre Corp. |
39,000 | 89 | ||||||||||
Formosa Plastics Corp. |
84,000 | 237 | ||||||||||
Nan Ya Plastics Corp. |
75,000 | 173 | ||||||||||
Taiwan Cement Corp. |
134,553 | 147 | ||||||||||
Taiwan Fertilizer Co. Ltd. |
10,000 | 17 | ||||||||||
Tung Ho Steel Enterprise Corp. |
16,020 | 27 | ||||||||||
YFY, Inc. |
32,000 | 25 | ||||||||||
|
|
|||||||||||
1,103 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.1% |
| |||||||||||
Farglory Land Development Co. Ltd. |
10,000 | 19 | ||||||||||
Highwealth Construction Corp. |
26,906 | 35 | ||||||||||
Ruentex Development Co. Ltd. |
39,200 | 55 | ||||||||||
|
|
|||||||||||
109 | ||||||||||||
|
|
|||||||||||
Total Taiwan |
9,679 | |||||||||||
|
|
|||||||||||
THAILAND 6.2% |
| |||||||||||
COMMUNICATION SERVICES 0.5% |
| |||||||||||
Advanced Info Service PCL |
41,500 | 234 | ||||||||||
Digital Telecommunications Infrastructure Fund |
159,200 | 61 | ||||||||||
Jasmine International PCL (b) |
319,200 | 20 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Total Access Communication PCL |
38,000 | $ | 51 | |||||||||
|
|
|||||||||||
366 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.1% |
| |||||||||||
Central Retail Corp. PCL |
31,300 | 42 | ||||||||||
Home Product Center PCL |
67,600 | 30 | ||||||||||
|
|
|||||||||||
72 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.9% |
| |||||||||||
Berli Jucker PCL |
19,100 | 19 | ||||||||||
Charoen Pokphand Foods PCL |
168,000 | 120 | ||||||||||
CP ALL PCL |
155,000 | 305 | ||||||||||
Thai Beverage PCL |
196,500 | 101 | ||||||||||
Thai Union Group PCL ‘F’ |
222,900 | 109 | ||||||||||
|
|
|||||||||||
654 | ||||||||||||
|
|
|||||||||||
ENERGY 1.2% |
| |||||||||||
Bangchak Corp. PCL |
88,500 | 80 | ||||||||||
Esso Thailand PCL |
102,100 | 37 | ||||||||||
IRPC PCL |
838,900 | 73 | ||||||||||
PTT Exploration & Production PCL |
19,700 | 100 | ||||||||||
PTT PCL |
488,200 | 469 | ||||||||||
Star Petroleum Refining PCL |
206,100 | 64 | ||||||||||
Thai Oil PCL |
34,200 | 55 | ||||||||||
|
|
|||||||||||
878 | ||||||||||||
|
|
|||||||||||
FINANCIALS 1.2% |
| |||||||||||
Bangkok Bank PCL |
74,700 | 319 | ||||||||||
Kasikornbank PCL |
33,100 | 141 | ||||||||||
Krung Thai Bank PCL |
401,600 | 205 | ||||||||||
Thanachart Capital PCL |
79,500 | 98 | ||||||||||
Tisco Financial Group PCL |
20,800 | 59 | ||||||||||
TMBThanachart Bank PCL |
1,037,200 | 42 | ||||||||||
|
|
|||||||||||
864 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 0.4% |
| |||||||||||
Bangkok Dusit Medical Services PCL ‘F’ |
250,800 | 210 | ||||||||||
Bumrungrad Hospital PCL |
15,200 | 93 | ||||||||||
|
|
|||||||||||
303 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.5% |
| |||||||||||
Airports of Thailand PCL |
66,700 | 144 | ||||||||||
Delta Electronics Thailand PCL |
7,400 | 177 | ||||||||||
Jasmine Broadband Internet Infrastructure Fund |
230,200 | 54 | ||||||||||
|
|
|||||||||||
375 | ||||||||||||
|
|
|||||||||||
MATERIALS 0.8% |
| |||||||||||
PTT Global Chemical PCL |
85,200 | 116 | ||||||||||
Siam Cement PCL |
47,400 | 468 | ||||||||||
|
|
|||||||||||
584 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.4% |
| |||||||||||
Central Pattana PCL |
27,700 | 57 | ||||||||||
Land & Houses PCL |
525,000 | 150 | ||||||||||
Sansiri PCL |
483,300 | 24 | ||||||||||
Supalai PCL |
54,500 | 38 | ||||||||||
|
|
|||||||||||
269 | ||||||||||||
|
|
|||||||||||
28 | PIMCO EQUITY SERIES | See Accompanying Notes |
December 31, 2022 | (Unaudited) |
SHARES | MARKET VALUE (000S) |
|||||||||||
UTILITIES 0.2% |
| |||||||||||
Electricity Generating PCL |
7,300 | $ | 36 | |||||||||
Gulf Energy Development PCL |
25,700 | 41 | ||||||||||
Ratch Group PCL |
20,550 | 26 | ||||||||||
|
|
|||||||||||
103 | ||||||||||||
|
|
|||||||||||
Total Thailand |
4,468 | |||||||||||
|
|
|||||||||||
TURKEY 4.5% |
| |||||||||||
COMMUNICATION SERVICES 0.5% |
| |||||||||||
Turk Telekomunikasyon AS |
14,474 | 19 | ||||||||||
Turkcell Iletisim Hizmetleri AS |
164,408 | 331 | ||||||||||
|
|
|||||||||||
350 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.5% |
| |||||||||||
Arcelik AS |
21,607 | 130 | ||||||||||
Dogan Sirketler Grubu Holding AS |
15,244 | 8 | ||||||||||
Ford Otomotiv Sanayi AS |
4,061 | 114 | ||||||||||
Tofas Turk Otomobil Fabrikasi AS |
9,528 | 84 | ||||||||||
|
|
|||||||||||
336 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.3% |
| |||||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS |
11,121 | 40 | ||||||||||
BIM Birlesik Magazalar AS |
22,845 | 167 | ||||||||||
Coca-Cola Icecek AS |
3,061 | 34 | ||||||||||
|
|
|||||||||||
241 | ||||||||||||
|
|
|||||||||||
ENERGY 0.6% |
| |||||||||||
Turkiye Petrol Rafinerileri AS (b) |
14,885 | 422 | ||||||||||
|
|
|||||||||||
FINANCIALS 1.2% |
| |||||||||||
Akbank TAS |
167,671 | 175 | ||||||||||
Haci Omer Sabanci Holding AS |
89,249 | 216 | ||||||||||
Is Yatirim Menkul Degerler AS |
24,325 | 85 | ||||||||||
Turkiye Halk Bankasi AS (b) |
45,786 | 33 | ||||||||||
Turkiye Is Bankasi AS ‘C’ |
280,823 | 192 | ||||||||||
Turkiye Vakiflar Bankasi TAO ‘D’ (b) |
85,427 | 54 | ||||||||||
Yapi ve Kredi Bankasi AS |
127,722 | 81 | ||||||||||
|
|
|||||||||||
836 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 1.2% |
| |||||||||||
AG Anadolu Grubu Holding AS |
3,315 | 20 | ||||||||||
Enka Insaat ve Sanayi AS |
61,056 | 109 | ||||||||||
KOC Holding AS |
52,657 | 236 | ||||||||||
Turk Hava Yollari AO (b) |
57,069 | 430 | ||||||||||
Turkiye Sise ve Cam Fabrikalari AS |
41,659 | 95 | ||||||||||
|
|
|||||||||||
890 | ||||||||||||
|
|
|||||||||||
MATERIALS 0.1% |
| |||||||||||
Eregli Demir ve Celik Fabrikalari TAS |
29,062 | 64 | ||||||||||
Petkim Petrokimya Holding AS (b) |
41,560 | 44 | ||||||||||
|
|
|||||||||||
108 | ||||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
UTILITIES 0.1% |
| |||||||||||
Aygaz AS |
9,215 | $ | 47 | |||||||||
Enerjisa Enerji AS |
13,775 | 27 | ||||||||||
|
|
|||||||||||
74 | ||||||||||||
|
|
|||||||||||
Total Turkey |
3,257 | |||||||||||
|
|
|||||||||||
UNITED STATES 0.0% |
| |||||||||||
CONSUMER DISCRETIONARY 0.0% |
| |||||||||||
Nexteer Automotive Group Ltd. |
45,000 | 29 | ||||||||||
|
|
|||||||||||
Total United States |
29 | |||||||||||
|
|
|||||||||||
Total Common Stocks (Cost $72,270) |
69,814 | |||||||||||
|
|
|||||||||||
PREFERRED STOCKS 2.2% |
| |||||||||||
BRAZIL 1.9% |
| |||||||||||
BANKING & FINANCE 0.4% |
| |||||||||||
Banco do Estado do Rio Grande do Sul SA |
22,248 | 41 | ||||||||||
Itau Unibanco Holding SA |
48,016 | 227 | ||||||||||
|
|
|||||||||||
268 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.5% |
| |||||||||||
Braskem SA |
5,490 | 25 | ||||||||||
Gerdau SA |
34,661 | 190 | ||||||||||
Metalurgica Gerdau SA |
68,792 | 168 | ||||||||||
|
|
|||||||||||
383 | ||||||||||||
|
|
|||||||||||
UTILITIES 1.0% |
| |||||||||||
Cia de Transmissao de Energia Eletrica Paulista |
14,821 | 65 | ||||||||||
Cia Energetica de Minas Gerais |
135,690 | 281 | ||||||||||
Petroleo Brasileiro SA |
73,998 | 343 | ||||||||||
|
|
|||||||||||
689 | ||||||||||||
|
|
|||||||||||
Total Brazil |
1,340 | |||||||||||
|
|
|||||||||||
CHILE 0.3% |
| |||||||||||
INDUSTRIALS 0.3% |
| |||||||||||
Embotelladora Andina SA |
6,709 | 17 | ||||||||||
Sociedad Quimica y Minera de Chile SA |
2,430 | 196 | ||||||||||
|
|
|||||||||||
213 | ||||||||||||
|
|
|||||||||||
Total Chile |
213 | |||||||||||
|
|
|||||||||||
RUSSIA 0.0% |
| |||||||||||
UTILITIES 0.0% |
| |||||||||||
Bashneft PJSC « |
2,929 | 0 | ||||||||||
Transneft PJSC «(d) |
22 | 0 | ||||||||||
|
|
|||||||||||
0 | ||||||||||||
|
|
|||||||||||
Total Russia |
0 | |||||||||||
|
|
|||||||||||
Total Preferred Stocks (Cost $1,212) |
1,553 | |||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
REAL ESTATE INVESTMENT TRUSTS 0.1% |
| |||||||||||
INDIA 0.0% |
| |||||||||||
REAL ESTATE 0.0% |
| |||||||||||
Embassy Office Parks REIT |
7,314 | $ | 29 | |||||||||
|
|
|||||||||||
Total India |
29 | |||||||||||
|
|
|||||||||||
SOUTH AFRICA 0.0% |
| |||||||||||
REAL ESTATE 0.0% |
| |||||||||||
Growthpoint Properties Ltd. |
20,902 | 18 | ||||||||||
|
|
|||||||||||
Total South Africa |
18 | |||||||||||
|
|
|||||||||||
TURKEY 0.1% |
| |||||||||||
REAL ESTATE 0.1% |
| |||||||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS |
113,556 | 53 | ||||||||||
|
|
|||||||||||
Total Turkey |
53 | |||||||||||
|
|
|||||||||||
Total Real Estate Investment Trusts (Cost $91) |
100 | |||||||||||
|
|
|||||||||||
SHORT-TERM INSTRUMENTS 0.4% |
| |||||||||||
REPURCHASE AGREEMENTS (f) 0.4% |
| |||||||||||
257 | ||||||||||||
|
|
|||||||||||
Total Short-Term Instruments (Cost $257) |
257 | |||||||||||
|
|
|||||||||||
Total Investments in Securities (Cost $73,830) |
71,724 | |||||||||||
|
|
|||||||||||
INVESTMENTS IN AFFILIATES 0.0% |
| |||||||||||
SHORT-TERM INSTRUMENTS 0.0% |
| |||||||||||
MUTUAL FUNDS 0.0% |
| |||||||||||
PIMCO Government Money Market Fund 4.310% (c)(d)(e) |
6,387 | 6 | ||||||||||
|
|
|||||||||||
Total Short-Term Instruments (Cost $6) |
6 | |||||||||||
|
|
|||||||||||
Total Investments in Affiliates (Cost $6) |
6 | |||||||||||
Total Investments 99.6% (Cost $73,836) |
|
$ | 71,730 | |||||||||
Other Assets and Liabilities, net 0.4% | 314 | |||||||||||
|
|
|||||||||||
Net Assets 100.0% |
|
$ | 72,044 | |||||||||
|
|
NOTES TO SCHEDULE OF INVESTMENTS:
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
^ |
Security is in default. |
« |
Security valued using significant unobservable inputs (Level 3). |
(a) |
Security is not accruing income as of the date of this report. |
See Accompanying Notes | SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 29 |
Schedule of Investments | PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | (Cont.) |
(b) |
Security did not produce income within the last twelve months. |
(c) |
Institutional Class Shares of each Fund. |
(d) |
Securities with an aggregate market value of $5 were out on loan in exchange for $6 of cash collateral as of December 31, 2022. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements. |
(e) |
Coupon represents a 7-Day Yield. |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(f) REPURCHASE AGREEMENTS:
Counterparty | Lending Rate |
Settlement Date |
Maturity Date |
Principal Amount |
Collateralized By | Collateral (Received) |
Repurchase Agreements, at Value |
Repurchase Agreement Proceeds to be Received(1) |
||||||||||||||||||||||
FICC | 1.900 | % | 12/30/2022 | 01/03/2023 | $ | 257 | U.S. Treasury Bills 0.000% due 12/28/2023 | $ | (262 | ) | $ | 257 | $ | 257 | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||
Total Repurchase Agreements |
|
$ | (262 | ) | $ | 257 | $ | 257 | ||||||||||||||||||||||
|
|
|
|
|
|
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:
Counterparty | Repurchase Agreement Proceeds to be Received(1) |
Payable for Reverse Repurchase Agreements |
Payable for Sale-Buyback Transactions |
Securities Out on loan |
Total Borrowings and Other Financing Transactions |
Collateral Pledged/(Received) |
Net Exposure(2) | |||||||||||||||||||||
Global/Master Repurchase Agreement |
| |||||||||||||||||||||||||||
FICC |
$ | 257 | $ | 0 | $ | 0 | $ | 0 | $ | 257 | $ | (262 | ) | $ | (5 | ) | ||||||||||||
Master Securities lending Agreement |
| |||||||||||||||||||||||||||
UBS |
0 | 0 | 0 | 5 | 5 | (6 | ) | (1 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Borrowings and Other Financing Transactions |
$ | 257 | $ | 0 | $ | 0 | $ | 5 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements
Overnight and Continuous |
Up to 30 days | 31-90 days | Greater Than 90 days | Total | ||||||||||||||||
Securities Lending Transactions(3) |
| |||||||||||||||||||
Preferred Securities |
$ | 6 | $ | 0 | $ | 0 | $ | 0 | $ | 6 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Borrowings |
$ | 6 | $ | 0 | $ | 0 | $ | 0 | $ | 6 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Payable for securities on loan - cash collateral |
|
$ | 6 | |||||||||||||||||
|
|
(1) |
Includes accrued interest. |
(2) |
Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
(3) |
Includes cash collateral as described in Note 5 in the Notes to Financial Statements. |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:
Category and Subcategory |
Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2022 |
||||||||||||
Investments in Securities, at Value |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Brazil |
| |||||||||||||||
Communication Services |
$ | 0 | $ | 46 | $ | 0 | $ | 46 | ||||||||
Consumer Discretionary |
0 | 160 | 0 | 160 | ||||||||||||
Consumer Staples |
0 | 466 | 0 | 466 | ||||||||||||
Energy |
0 | 192 | 0 | 192 | ||||||||||||
Financials |
0 | 626 | 0 | 626 | ||||||||||||
Health Care |
0 | 61 | 0 | 61 | ||||||||||||
Industrials |
0 | 148 | 0 | 148 |
Category and Subcategory |
Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2022 |
||||||||||||
Materials |
$ | 0 | $ | 1,412 | $ | 0 | $ | 1,412 | ||||||||
Utilities |
0 | 263 | 0 | 263 | ||||||||||||
Chile |
| |||||||||||||||
Consumer Discretionary |
0 | 60 | 0 | 60 | ||||||||||||
Consumer Staples |
73 | 57 | 0 | 130 | ||||||||||||
Energy |
38 | 0 | 0 | 38 | ||||||||||||
Financials |
167 | 0 | 0 | 167 | ||||||||||||
Materials |
24 | 0 | 0 | 24 | ||||||||||||
Utilities |
172 | 0 | 0 | 172 |
30 | PIMCO EQUITY SERIES | See Accompanying Notes |
December 31, 2022 | (Unaudited) |
Category and Subcategory |
Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2022 |
||||||||||||
China |
| |||||||||||||||
Communication Services |
$ | 90 | $ | 75 | $ | 0 | $ | 165 | ||||||||
Consumer Discretionary |
1,245 | 1,085 | 0 | 2,330 | ||||||||||||
Consumer Staples |
0 | 676 | 0 | 676 | ||||||||||||
Energy |
0 | 1,936 | 0 | 1,936 | ||||||||||||
Financials |
26 | 3,837 | 0 | 3,863 | ||||||||||||
Health Care |
0 | 369 | 0 | 369 | ||||||||||||
Industrials |
0 | 1,393 | 0 | 1,393 | ||||||||||||
Information Technology |
0 | 191 | 0 | 191 | ||||||||||||
Materials |
0 | 608 | 0 | 608 | ||||||||||||
Real Estate |
135 | 96 | 12 | 243 | ||||||||||||
Utilities |
0 | 642 | 0 | 642 | ||||||||||||
Greece |
| |||||||||||||||
Communication Services |
0 | 65 | 0 | 65 | ||||||||||||
Consumer Discretionary |
0 | 54 | 0 | 54 | ||||||||||||
Energy |
0 | 33 | 0 | 33 | ||||||||||||
Financials |
0 | 276 | 0 | 276 | ||||||||||||
Industrials |
0 | 8 | 0 | 8 | ||||||||||||
Utilities |
0 | 22 | 0 | 22 | ||||||||||||
Hong Kong |
| |||||||||||||||
Consumer Staples |
0 | 56 | 0 | 56 | ||||||||||||
Financials |
0 | 360 | 0 | 360 | ||||||||||||
Industrials |
0 | 103 | 0 | 103 | ||||||||||||
Real Estate |
0 | 630 | 0 | 630 | ||||||||||||
Utilities |
0 | 842 | 0 | 842 | ||||||||||||
India |
| |||||||||||||||
Communication Services |
0 | 466 | 0 | 466 | ||||||||||||
Consumer Discretionary |
0 | 944 | 0 | 944 | ||||||||||||
Consumer Staples |
0 | 1,037 | 0 | 1,037 | ||||||||||||
Energy |
0 | 1,764 | 0 | 1,764 | ||||||||||||
Financials |
0 | 2,407 | 0 | 2,407 | ||||||||||||
Health Care |
0 | 581 | 0 | 581 | ||||||||||||
Industrials |
0 | 759 | 0 | 759 | ||||||||||||
Information Technology |
0 | 2,499 | 0 | 2,499 | ||||||||||||
Materials |
0 | 710 | 0 | 710 | ||||||||||||
Utilities |
0 | 689 | 0 | 689 | ||||||||||||
Indonesia |
| |||||||||||||||
Communication Services |
0 | 304 | 0 | 304 | ||||||||||||
Consumer Discretionary |
0 | 160 | 0 | 160 | ||||||||||||
Consumer Staples |
7 | 138 | 0 | 145 | ||||||||||||
Energy |
0 | 391 | 0 | 391 | ||||||||||||
Financials |
0 | 695 | 0 | 695 | ||||||||||||
Health Care |
0 | 44 | 0 | 44 | ||||||||||||
Materials |
0 | 51 | 0 | 51 | ||||||||||||
Utilities |
0 | 47 | 0 | 47 | ||||||||||||
Malaysia |
| |||||||||||||||
Communication Services |
0 | 126 | 0 | 126 | ||||||||||||
Consumer Discretionary |
0 | 89 | 0 | 89 | ||||||||||||
Consumer Staples |
31 | 107 | 0 | 138 | ||||||||||||
Energy |
37 | 0 | 0 | 37 | ||||||||||||
Financials |
0 | 580 | 0 | 580 | ||||||||||||
Industrials |
0 | 114 | 0 | 114 | ||||||||||||
Materials |
0 | 107 | 0 | 107 | ||||||||||||
Utilities |
25 | 65 | 0 | 90 | ||||||||||||
Mexico |
| |||||||||||||||
Communication Services |
830 | 0 | 0 | 830 | ||||||||||||
Consumer Staples |
961 | 0 | 0 | 961 | ||||||||||||
Financials |
174 | 0 | 0 | 174 | ||||||||||||
Industrials |
122 | 0 | 0 | 122 | ||||||||||||
Materials |
240 | 0 | 0 | 240 | ||||||||||||
Philippines |
| |||||||||||||||
Communication Services |
0 | 57 | 0 | 57 | ||||||||||||
Consumer Staples |
0 | 37 | 0 | 37 | ||||||||||||
Financials |
0 | 86 | 0 | 86 | ||||||||||||
Industrials |
0 | 83 | 0 | 83 | ||||||||||||
Real Estate |
0 | 33 | 0 | 33 | ||||||||||||
Utilities |
0 | 31 | 0 | 31 | ||||||||||||
Poland |
| |||||||||||||||
Communication Services |
0 | 59 | 0 | 59 | ||||||||||||
Energy |
0 | 298 | 0 | 298 | ||||||||||||
Financials |
0 | 135 | 0 | 135 | ||||||||||||
Materials |
0 | 84 | 0 | 84 | ||||||||||||
Utilities |
0 | 60 | 0 | 60 |
Category and Subcategory |
Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2022 |
||||||||||||
Russia |
| |||||||||||||||
Financials |
$ | 0 | $ | 0 | $ | 1 | $ | 1 | ||||||||
Saudi Arabia |
| |||||||||||||||
Communication Services |
0 | 289 | 0 | 289 | ||||||||||||
Consumer Discretionary |
0 | 36 | 0 | 36 | ||||||||||||
Consumer Staples |
0 | 50 | 0 | 50 | ||||||||||||
Energy |
0 | 429 | 0 | 429 | ||||||||||||
Financials |
0 | 546 | 0 | 546 | ||||||||||||
Health Care |
0 | 17 | 0 | 17 | ||||||||||||
Materials |
0 | 589 | 0 | 589 | ||||||||||||
Real Estate |
0 | 11 | 0 | 11 | ||||||||||||
Utilities |
0 | 23 | 0 | 23 | ||||||||||||
Singapore |
| |||||||||||||||
Industrials |
0 | 44 | 0 | 44 | ||||||||||||
South Africa |
| |||||||||||||||
Communication Services |
134 | 413 | 0 | 547 | ||||||||||||
Consumer Discretionary |
40 | 493 | 0 | 533 | ||||||||||||
Consumer Staples |
175 | 231 | 0 | 406 | ||||||||||||
Energy |
0 | 124 | 0 | 124 | ||||||||||||
Financials |
64 | 519 | 0 | 583 | ||||||||||||
Health Care |
0 | 41 | 0 | 41 | ||||||||||||
Industrials |
46 | 0 | 0 | 46 | ||||||||||||
Materials |
53 | 1,036 | 0 | 1,089 | ||||||||||||
South Korea |
| |||||||||||||||
Communication Services |
0 | 907 | 0 | 907 | ||||||||||||
Consumer Discretionary |
0 | 2,424 | 0 | 2,424 | ||||||||||||
Consumer Staples |
0 | 556 | 0 | 556 | ||||||||||||
Energy |
0 | 346 | 0 | 346 | ||||||||||||
Financials |
0 | 1,595 | 0 | 1,595 | ||||||||||||
Health Care |
0 | 61 | 0 | 61 | ||||||||||||
Industrials |
0 | 1,110 | 0 | 1,110 | ||||||||||||
Information Technology |
0 | 949 | 0 | 949 | ||||||||||||
Materials |
0 | 1,577 | 0 | 1,577 | ||||||||||||
Utilities |
0 | 358 | 0 | 358 | ||||||||||||
Taiwan |
| |||||||||||||||
Communication Services |
0 | 574 | 0 | 574 | ||||||||||||
Consumer Discretionary |
0 | 398 | 0 | 398 | ||||||||||||
Consumer Staples |
0 | 242 | 0 | 242 | ||||||||||||
Energy |
0 | 44 | 0 | 44 | ||||||||||||
Financials |
0 | 2,390 | 0 | 2,390 | ||||||||||||
Industrials |
0 | 619 | 0 | 619 | ||||||||||||
Information Technology |
12 | 4,188 | 0 | 4,200 | ||||||||||||
Materials |
0 | 1,103 | 0 | 1,103 | ||||||||||||
Real Estate |
0 | 109 | 0 | 109 | ||||||||||||
Thailand |
| |||||||||||||||
Communication Services |
0 | 366 | 0 | 366 | ||||||||||||
Consumer Discretionary |
0 | 72 | 0 | 72 | ||||||||||||
Consumer Staples |
0 | 654 | 0 | 654 | ||||||||||||
Energy |
0 | 878 | 0 | 878 | ||||||||||||
Financials |
0 | 864 | 0 | 864 | ||||||||||||
Health Care |
0 | 303 | 0 | 303 | ||||||||||||
Industrials |
0 | 375 | 0 | 375 | ||||||||||||
Materials |
0 | 584 | 0 | 584 | ||||||||||||
Real Estate |
0 | 269 | 0 | 269 | ||||||||||||
Utilities |
0 | 103 | 0 | 103 | ||||||||||||
Turkey |
| |||||||||||||||
Communication Services |
0 | 350 | 0 | 350 | ||||||||||||
Consumer Discretionary |
0 | 336 | 0 | 336 | ||||||||||||
Consumer Staples |
74 | 167 | 0 | 241 | ||||||||||||
Energy |
0 | 422 | 0 | 422 | ||||||||||||
Financials |
229 | 607 | 0 | 836 | ||||||||||||
Industrials |
0 | 890 | 0 | 890 | ||||||||||||
Materials |
0 | 108 | 0 | 108 | ||||||||||||
Utilities |
47 | 27 | 0 | 74 | ||||||||||||
United States |
| |||||||||||||||
Consumer Discretionary |
0 | 29 | 0 | 29 | ||||||||||||
Preferred Stocks |
| |||||||||||||||
Brazil |
| |||||||||||||||
Banking & Finance |
0 | 268 | 0 | 268 | ||||||||||||
Industrials |
0 | 383 | 0 | 383 | ||||||||||||
Utilities |
0 | 689 | 0 | 689 | ||||||||||||
Chile |
| |||||||||||||||
Industrials |
17 | 196 | 0 | 213 |
See Accompanying Notes | SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 31 |
Schedule of Investments | PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | (Cont.) | December 31, 2022 | (Unaudited) |
Category and Subcategory |
Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2022 |
||||||||||||
Real Estate Investment Trusts |
| |||||||||||||||
India |
| |||||||||||||||
Real Estate |
$ | 0 | $ | 29 | $ | 0 | $ | 29 | ||||||||
South Africa |
| |||||||||||||||
Real Estate |
18 | 0 | 0 | 18 | ||||||||||||
Turkey |
| |||||||||||||||
Real Estate |
0 | 53 | 0 | 53 |
Category and Subcategory |
Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2022 |
||||||||||||
Short-Term Instruments |
| |||||||||||||||
Repurchase Agreements |
$ | 0 | $ | 257 | $ | 0 | $ | 257 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 5,306 | $ | 66,405 | $ | 13 | $ | 71,724 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Investments in Affiliates, at Value |
| |||||||||||||||
Short-Term Instruments |
| |||||||||||||||
Mutual Funds |
6 | 0 | 0 | 6 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 5,312 | $ | 66,405 | $ | 13 | $ | 71,730 | ||||||||
|
|
|
|
|
|
|
|
There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.
32 | PIMCO EQUITY SERIES | See Accompanying Notes |
Schedule of Investments | PIMCO RAFI Dynamic Multi-Factor International Equity ETF | December 31, 2022 | (Unaudited) |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
SHARES | MARKET VALUE (000S) |
|||||||||||
INVESTMENTS IN SECURITIES 99.7% |
| |||||||||||
COMMON STOCKS 97.0% |
| |||||||||||
AUSTRALIA 5.0% |
| |||||||||||
COMMUNICATION SERVICES 0.1% |
| |||||||||||
carsales.com Ltd. |
1,666 | $ | 24 | |||||||||
Nine Entertainment Co. Holdings Ltd. |
5,940 | 7 | ||||||||||
REA Group Ltd. |
372 | 28 | ||||||||||
SEEK Ltd. |
2,248 | 32 | ||||||||||
|
|
|||||||||||
91 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.5% |
| |||||||||||
Aristocrat Leisure Ltd. |
921 | 19 | ||||||||||
Breville Group Ltd. |
844 | 10 | ||||||||||
Domino’s Pizza Enterprises Ltd. |
589 | 27 | ||||||||||
Flight Centre Travel Group Ltd. (a) |
2,375 | 23 | ||||||||||
Harvey Norman Holdings Ltd. |
10,608 | 30 | ||||||||||
JB Hi-Fi Ltd. |
1,698 | 48 | ||||||||||
Super Retail Group Ltd. |
4,720 | 34 | ||||||||||
Tabcorp Holdings Ltd. |
9,281 | 7 | ||||||||||
Wesfarmers Ltd. |
9,448 | 295 | ||||||||||
|
|
|||||||||||
493 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.5% |
| |||||||||||
Blackmores Ltd. |
414 | 20 | ||||||||||
Coles Group Ltd. |
11,301 | 128 | ||||||||||
GrainCorp Ltd. ‘A’ |
9,032 | 46 | ||||||||||
Metcash Ltd. |
24,209 | 66 | ||||||||||
Woolworths Group Ltd. |
13,761 | 314 | ||||||||||
|
|
|||||||||||
574 | ||||||||||||
|
|
|||||||||||
ENERGY 0.6% |
| |||||||||||
Ampol Ltd. |
3,976 | 76 | ||||||||||
New Hope Corp. Ltd. |
2,643 | 11 | ||||||||||
Santos Ltd. |
7,210 | 36 | ||||||||||
Viva Energy Group Ltd. |
20,190 | 37 | ||||||||||
Whitehaven Coal Ltd. |
12,101 | 77 | ||||||||||
Woodside Energy Group Ltd. |
12,882 | 312 | ||||||||||
WorleyParsons Ltd. |
5,467 | 56 | ||||||||||
|
|
|||||||||||
605 | ||||||||||||
|
|
|||||||||||
FINANCIALS 0.9% |
| |||||||||||
AMP Ltd. (a) |
62,332 | 55 | ||||||||||
ASX Ltd. |
583 | 27 | ||||||||||
Bank of Queensland Ltd. |
6,349 | 30 | ||||||||||
Bendigo & Adelaide Bank Ltd. |
5,818 | 39 | ||||||||||
Insurance Australia Group Ltd. |
10,504 | 34 | ||||||||||
Medibank Pvt Ltd. |
44,356 | 88 | ||||||||||
National Australia Bank Ltd. |
12,257 | 249 | ||||||||||
NIB Holdings Ltd. |
5,689 | 30 | ||||||||||
Perpetual Ltd. |
854 | 14 | ||||||||||
QBE Insurance Group Ltd. |
9,871 | 89 | ||||||||||
Suncorp Group Ltd. |
24,756 | 202 | ||||||||||
Westpac Banking Corp. |
6,647 | 105 | ||||||||||
|
|
|||||||||||
962 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 0.2% |
| |||||||||||
Ansell Ltd. |
1,349 | 26 | ||||||||||
Cochlear Ltd. |
239 | 33 | ||||||||||
CSL Ltd. |
421 | 82 | ||||||||||
Sonic Healthcare Ltd. |
2,135 | 44 | ||||||||||
|
|
|||||||||||
185 | ||||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
INDUSTRIALS 0.3% |
| |||||||||||
Aurizon Holdings Ltd. |
36,752 | $ | 93 | |||||||||
Brambles Ltd. |
10,654 | 87 | ||||||||||
Downer EDI Ltd. |
9,410 | 24 | ||||||||||
Monadelphous Group Ltd. |
1,177 | 11 | ||||||||||
Qantas Airways Ltd. (a) |
9,507 | 38 | ||||||||||
Reece Ltd. |
1,112 | 11 | ||||||||||
Transurban Group |
13,563 | 119 | ||||||||||
|
|
|||||||||||
383 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 0.1% |
| |||||||||||
Computershare Ltd. |
3,290 | 58 | ||||||||||
|
|
|||||||||||
MATERIALS 1.5% |
| |||||||||||
BHP Group Ltd. |
14,681 | 455 | ||||||||||
BlueScope Steel Ltd. |
6,442 | 73 | ||||||||||
Champion Iron Ltd. |
2,371 | 12 | ||||||||||
CSR Ltd. |
11,171 | 36 | ||||||||||
Fortescue Metals Group Ltd. |
23,224 | 325 | ||||||||||
IGO Ltd. |
4,775 | 44 | ||||||||||
Iluka Resources Ltd. |
4,721 | 30 | ||||||||||
Incitec Pivot Ltd. |
31,206 | 79 | ||||||||||
Mineral Resources Ltd. |
951 | 50 | ||||||||||
Newcrest Mining Ltd. |
4,956 | 69 | ||||||||||
Northern Star Resources Ltd. |
5,758 | 43 | ||||||||||
Nufarm Ltd. |
2,587 | 11 | ||||||||||
Orica Ltd. |
3,132 | 32 | ||||||||||
Rio Tinto Ltd. |
3,786 | 299 | ||||||||||
Sims Ltd. |
5,224 | 46 | ||||||||||
|
|
|||||||||||
1,604 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.0% |
| |||||||||||
Lendlease Corp. Ltd. |
6,788 | 36 | ||||||||||
|
|
|||||||||||
UTILITIES 0.3% |
| |||||||||||
AGL Energy Ltd. |
19,189 | 105 | ||||||||||
APA Group |
6,343 | 46 | ||||||||||
Origin Energy Ltd. |
36,401 | 191 | ||||||||||
|
|
|||||||||||
342 | ||||||||||||
|
|
|||||||||||
Total Australia |
5,333 | |||||||||||
|
|
|||||||||||
AUSTRIA 0.3% |
| |||||||||||
ENERGY 0.1% |
| |||||||||||
OMV AG |
1,857 | 95 | ||||||||||
|
|
|||||||||||
FINANCIALS 0.0% |
| |||||||||||
UNIQA Insurance Group AG |
4,431 | 33 | ||||||||||
|
|
|||||||||||
INDUSTRIALS 0.1% |
| |||||||||||
Andritz AG |
736 | 42 | ||||||||||
|
|
|||||||||||
MATERIALS 0.1% |
| |||||||||||
Lenzing AG |
222 | 13 | ||||||||||
voestalpine AG |
2,174 | 58 | ||||||||||
|
|
|||||||||||
71 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.0% |
| |||||||||||
CA Immobilien Anlagen AG |
1,392 | 42 | ||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
UTILITIES 0.0% |
| |||||||||||
Verbund AG |
355 | $ | 30 | |||||||||
|
|
|||||||||||
Total Austria |
313 | |||||||||||
|
|
|||||||||||
BELGIUM 0.5% |
| |||||||||||
COMMUNICATION SERVICES 0.0% |
| |||||||||||
Proximus SADP |
3,514 | 34 | ||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.0% |
| |||||||||||
Telenet Group Holding NV |
1,323 | 22 | ||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.2% |
| |||||||||||
Anheuser-Busch InBev SA NV |
1,262 | 76 | ||||||||||
Etablissements Franz Colruyt NV |
1,713 | 39 | ||||||||||
Lotus Bakeries NV |
5 | 34 | ||||||||||
|
|
|||||||||||
149 | ||||||||||||
|
|
|||||||||||
ENERGY 0.0% |
| |||||||||||
Euronav NV |
1,064 | 18 | ||||||||||
|
|
|||||||||||
FINANCIALS 0.1% |
| |||||||||||
Ageas SA |
1,027 | 46 | ||||||||||
Gimv NV |
489 | 23 | ||||||||||
|
|
|||||||||||
69 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 0.1% |
| |||||||||||
UCB SA |
958 | 75 | ||||||||||
|
|
|||||||||||
INDUSTRIALS 0.0% |
| |||||||||||
Ackermans & Van Haaren NV |
198 | 34 | ||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 0.1% |
| |||||||||||
Barco NV |
1,678 | 41 | ||||||||||
|
|
|||||||||||
MATERIALS 0.0% |
| |||||||||||
Solvay SA |
334 | 34 | ||||||||||
|
|
|||||||||||
Total Belgium |
476 | |||||||||||
|
|
|||||||||||
CANADA 6.9% |
| |||||||||||
COMMUNICATION SERVICES 0.5% |
| |||||||||||
BCE, Inc. |
4,026 | 177 | ||||||||||
Cineplex, Inc. (a) |
3,577 | 21 | ||||||||||
Cogeco Communications, Inc. |
435 | 25 | ||||||||||
Quebecor, Inc. ‘B’ |
1,672 | 37 | ||||||||||
Rogers Communications, Inc. ‘B’ |
2,040 | 95 | ||||||||||
Shaw Communications, Inc. ‘B’ |
3,432 | 99 | ||||||||||
TELUS Corp. |
4,958 | 96 | ||||||||||
|
|
|||||||||||
550 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.7% |
| |||||||||||
Canadian Tire Corp. Ltd. ‘A’ |
967 | 101 | ||||||||||
Dollarama, Inc. |
2,151 | 126 | ||||||||||
Gildan Activewear, Inc. |
1,299 | 36 | ||||||||||
Lululemon Athletica, Inc. (a) |
154 | 49 | ||||||||||
Magna International, Inc. |
6,002 | 337 | ||||||||||
Restaurant Brands International, Inc. |
1,532 | 99 | ||||||||||
Uni-Select, Inc. (a) |
500 | 16 | ||||||||||
|
|
|||||||||||
764 | ||||||||||||
|
|
|||||||||||
See Accompanying Notes | SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 33 |
Schedule of Investments | PIMCO RAFI Dynamic Multi-Factor International Equity ETF | (Cont.) |
SHARES | MARKET VALUE (000S) |
|||||||||||
CONSUMER STAPLES 0.7% |
| |||||||||||
Alimentation Couche-Tard, Inc. |
3,360 | $ | 148 | |||||||||
Empire Co. Ltd. ‘A’ |
3,965 | 104 | ||||||||||
George Weston Ltd. |
1,043 | 129 | ||||||||||
Loblaw Cos., Ltd. |
1,940 | 172 | ||||||||||
Maple Leaf Foods, Inc. |
1,080 | 20 | ||||||||||
Metro, Inc. |
2,118 | 117 | ||||||||||
North West Co., Inc. |
1,121 | 29 | ||||||||||
Premium Brands Holdings Corp. |
418 | 25 | ||||||||||
Saputo, Inc. |
1,759 | 44 | ||||||||||
|
|
|||||||||||
788 | ||||||||||||
|
|
|||||||||||
ENERGY 1.8% |
| |||||||||||
ARC Resources Ltd. |
9,582 | 129 | ||||||||||
Birchcliff Energy Ltd. |
4,779 | 33 | ||||||||||
Cameco Corp. |
700 | 16 | ||||||||||
Canadian Natural Resources Ltd. |
2,680 | 149 | ||||||||||
Crescent Point Energy Corp. |
32,453 | 232 | ||||||||||
Enbridge, Inc. |
5,030 | 197 | ||||||||||
Enerplus Corp. |
4,379 | 77 | ||||||||||
Gibson Energy, Inc. |
2,932 | 51 | ||||||||||
Imperial Oil Ltd. |
4,053 | 197 | ||||||||||
MEG Energy Corp. (a) |
5,777 | 80 | ||||||||||
Peyto Exploration & Development Corp. |
4,753 | 49 | ||||||||||
Precision Drilling Corp. (a) |
500 | 38 | ||||||||||
Suncor Energy, Inc. |
12,716 | 403 | ||||||||||
TC Energy Corp. |
2,988 | 119 | ||||||||||
Tourmaline Oil Corp. |
110 | 6 | ||||||||||
Vermilion Energy, Inc. |
1,889 | 34 | ||||||||||
Whitecap Resources, Inc. |
11,698 | 93 | ||||||||||
|
|
|||||||||||
1,903 | ||||||||||||
|
|
|||||||||||
FINANCIALS 0.6% |
| |||||||||||
Bank of Montreal |
235 | 21 | ||||||||||
Canadian Imperial Bank of Commerce |
1,290 | 52 | ||||||||||
CI Financial Corp. |
3,493 | 35 | ||||||||||
Fairfax Financial Holdings Ltd. |
315 | 187 | ||||||||||
Great-West Lifeco, Inc. |
1,525 | 35 | ||||||||||
Home Capital Group, Inc. |
1,489 | 47 | ||||||||||
IGM Financial, Inc. |
1,099 | 31 | ||||||||||
Intact Financial Corp. |
882 | 127 | ||||||||||
Onex Corp. |
584 | 28 | ||||||||||
Power Corp. of Canada |
3,534 | 83 | ||||||||||
|
|
|||||||||||
646 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.8% |
| |||||||||||
Aecon Group, Inc. |
2,837 | 19 | ||||||||||
Canadian National Railway Co. |
1,308 | 155 | ||||||||||
Canadian Pacific Railway Ltd. |
3,618 | 270 | ||||||||||
Finning International, Inc. |
2,375 | 59 | ||||||||||
Ritchie Bros Auctioneers, Inc. |
751 | 43 | ||||||||||
Russel Metals, Inc. |
1,409 | 30 | ||||||||||
TFI International, Inc. |
874 | 88 | ||||||||||
Thomson Reuters Corp. |
1,083 | 124 | ||||||||||
Toromont Industries Ltd. |
1,010 | 73 | ||||||||||
Westshore Terminals Investment Corp. |
2,251 | 37 | ||||||||||
|
|
|||||||||||
898 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 0.3% |
| |||||||||||
Celestica, Inc. (a) |
4,601 | 52 |
SHARES | MARKET VALUE (000S) |
|||||||||||
CGI, Inc. (a) |
1,407 | $ | 121 | |||||||||
Constellation Software, Inc. |
48 | 75 | ||||||||||
Open Text Corp. |
915 | 27 | ||||||||||
|
|
|||||||||||
275 | ||||||||||||
|
|
|||||||||||
MATERIALS 1.0% |
| |||||||||||
Agnico Eagle Mines Ltd. |
2,036 | 106 | ||||||||||
Barrick Gold Corp. |
3,005 | 52 | ||||||||||
Eldorado Gold Corp. (a) |
4,473 | 37 | ||||||||||
First Quantum Minerals Ltd. |
3,562 | 75 | ||||||||||
Franco-Nevada Corp. |
816 | 111 | ||||||||||
Interfor Corp. (a) |
1,558 | 24 | ||||||||||
Methanex Corp. |
1,621 | 61 | ||||||||||
Nutrien Ltd. |
1,534 | 112 | ||||||||||
Resolute Forest Products, Inc. (a) |
1,499 | 32 | ||||||||||
Stelco Holdings, Inc. |
1,315 | 43 | ||||||||||
Teck Resources Ltd. ‘B’ |
6,985 | 264 | ||||||||||
Transcontinental, Inc. ‘A’ |
2,238 | 25 | ||||||||||
West Fraser Timber Co. Ltd. |
993 | 72 | ||||||||||
Wheaton Precious Metals Corp. |
1,200 | 47 | ||||||||||
|
|
|||||||||||
1,061 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.1% |
| |||||||||||
Colliers International Group, Inc. |
322 | 30 | ||||||||||
FirstService Corp. |
369 | 45 | ||||||||||
|
|
|||||||||||
75 | ||||||||||||
|
|
|||||||||||
UTILITIES 0.4% |
| |||||||||||
Algonquin Power & Utilities Corp. |
1,820 | 12 | ||||||||||
Atco Ltd. ‘I’ |
1,773 | 55 | ||||||||||
Canadian Utilities Ltd. ‘A’ |
1,205 | 33 | ||||||||||
Emera, Inc. |
1,897 | 72 | ||||||||||
Fortis, Inc. |
2,208 | 88 | ||||||||||
Hydro One Ltd. |
3,057 | 82 | ||||||||||
Northland Power, Inc. |
1,646 | 45 | ||||||||||
Superior Plus Corp. |
3,444 | 29 | ||||||||||
TransAlta Renewables, Inc. |
2,315 | 19 | ||||||||||
|
|
|||||||||||
435 | ||||||||||||
|
|
|||||||||||
Total Canada |
7,395 | |||||||||||
|
|
|||||||||||
CHILE 0.1% |
| |||||||||||
MATERIALS 0.1% |
| |||||||||||
Antofagasta PLC |
3,105 | 58 | ||||||||||
|
|
|||||||||||
Total Chile |
58 | |||||||||||
|
|
|||||||||||
DENMARK 2.4% |
| |||||||||||
CONSUMER DISCRETIONARY 0.0% |
| |||||||||||
Pandora AS |
395 | 28 | ||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.1% |
| |||||||||||
Carlsberg AS ‘B’ |
612 | 81 | ||||||||||
Royal Unibrew AS |
503 | 36 | ||||||||||
Scandinavian Tobacco Group AS |
2,043 | 36 | ||||||||||
|
|
|||||||||||
153 | ||||||||||||
|
|
|||||||||||
FINANCIALS 0.1% |
| |||||||||||
Sydbank AS |
1,180 | 50 | ||||||||||
Topdanmark AS |
807 | 42 | ||||||||||
Tryg AS |
1,557 | 37 | ||||||||||
|
|
|||||||||||
129 | ||||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
HEALTH CARE 1.4% |
| |||||||||||
Coloplast AS ‘B’ |
306 | $ | 36 | |||||||||
Genmab AS (a) |
65 | 27 | ||||||||||
Novo Nordisk AS ‘B’ |
10,706 | 1,454 | ||||||||||
|
|
|||||||||||
1,517 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.6% |
| |||||||||||
AP Moller - Maersk AS ‘B’ |
127 | 284 | ||||||||||
D/S Norden AS |
1,503 | 91 | ||||||||||
DSV AS |
617 | 97 | ||||||||||
ISS AS (a) |
2,002 | 42 | ||||||||||
Solar AS ‘B’ |
290 | 26 | ||||||||||
Vestas Wind Systems AS |
2,112 | 62 | ||||||||||
|
|
|||||||||||
602 | ||||||||||||
|
|
|||||||||||
MATERIALS 0.1% |
| |||||||||||
CHR Hansen Holding AS |
464 | 33 | ||||||||||
Novozymes AS ‘B’ |
1,608 | 82 | ||||||||||
|
|
|||||||||||
115 | ||||||||||||
|
|
|||||||||||
UTILITIES 0.1% |
| |||||||||||
Orsted AS |
672 | 61 | ||||||||||
|
|
|||||||||||
Total Denmark |
2,605 | |||||||||||
|
|
|||||||||||
FINLAND 1.2% |
| |||||||||||
COMMUNICATION SERVICES 0.1% |
| |||||||||||
Elisa Oyj |
1,338 | 71 | ||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.1% |
| |||||||||||
Kesko Oyj ‘B’ |
5,228 | 116 | ||||||||||
|
|
|||||||||||
ENERGY 0.1% |
| |||||||||||
Neste Oyj |
3,005 | 139 | ||||||||||
|
|
|||||||||||
FINANCIALS 0.2% |
| |||||||||||
Nordea Bank Abp |
7,490 | 80 | ||||||||||
Sampo Oyj ‘A’ |
4,773 | 250 | ||||||||||
|
|
|||||||||||
330 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 0.1% |
| |||||||||||
Orion Oyj ‘B’ |
1,466 | 80 | ||||||||||
|
|
|||||||||||
INDUSTRIALS 0.1% |
| |||||||||||
Kone Oyj ‘B’ |
2,066 | 107 | ||||||||||
Metso Outotec Oyj |
1,267 | 13 | ||||||||||
Wartsila Oyj Abp |
1,240 | 10 | ||||||||||
|
|
|||||||||||
130 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 0.1% |
| |||||||||||
TietoEVRY Oyj |
3,066 | 87 | ||||||||||
|
|
|||||||||||
MATERIALS 0.2% |
| |||||||||||
Kemira Oyj |
2,326 | 36 | ||||||||||
Outokumpu Oyj |
8,577 | 43 | ||||||||||
Stora Enso Oyj ‘R’ |
4,449 | 63 | ||||||||||
UPM-Kymmene Oyj |
2,687 | 100 | ||||||||||
|
|
|||||||||||
242 | ||||||||||||
|
|
|||||||||||
34 | PIMCO EQUITY SERIES | See Accompanying Notes |
December 31, 2022 | (Unaudited) |
SHARES | MARKET VALUE (000S) |
|||||||||||
REAL ESTATE 0.1% |
| |||||||||||
Citycon Oyj |
4,812 | $ | 32 | |||||||||
Kojamo Oyj |
2,138 | 32 | ||||||||||
|
|
|||||||||||
64 | ||||||||||||
|
|
|||||||||||
UTILITIES 0.1% |
| |||||||||||
Fortum Oyj |
3,752 | 62 | ||||||||||
|
|
|||||||||||
Total Finland |
1,321 | |||||||||||
|
|
|||||||||||
FRANCE 7.8% |
| |||||||||||
COMMUNICATION SERVICES 0.8% |
| |||||||||||
Eutelsat Communications SA |
6,790 | 50 | ||||||||||
Metropole Television SA |
1,903 | 31 | ||||||||||
Orange SA |
67,895 | 674 | ||||||||||
Publicis Groupe SA |
1,691 | 108 | ||||||||||
Television Francaise 1 |
2,704 | 21 | ||||||||||
Ubisoft Entertainment SA (a) |
380 | 11 | ||||||||||
|
|
|||||||||||
895 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 1.3% |
| |||||||||||
Accor SA (a) |
738 | 18 | ||||||||||
Cie Generale des Etablissements Michelin SCA |
2,988 | 83 | ||||||||||
Faurecia SE (a) |
2,516 | 38 | ||||||||||
Hermes International |
91 | 141 | ||||||||||
Kering SA |
210 | 107 | ||||||||||
LVMH Moet Hennessy Louis Vuitton SE |
539 | 392 | ||||||||||
Renault SA |
15,506 | 518 | ||||||||||
SEB SA |
408 | 34 | ||||||||||
Sodexo SA |
621 | 60 | ||||||||||
Valeo SA |
1,177 | 21 | ||||||||||
|
|
|||||||||||
1,412 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.7% |
| |||||||||||
Carrefour SA |
23,465 | 392 | ||||||||||
Casino Guichard Perrachon SA (a) |
2,093 | 22 | ||||||||||
Danone SA |
4,281 | 226 | ||||||||||
L’Oreal SA |
139 | 50 | ||||||||||
Pernod Ricard SA |
470 | 92 | ||||||||||
|
|
|||||||||||
782 | ||||||||||||
|
|
|||||||||||
ENERGY 0.7% |
| |||||||||||
TotalEnergies SE |
12,239 | 768 | ||||||||||
|
|
|||||||||||
FINANCIALS 0.9% |
| |||||||||||
AXA SA |
4,789 | 134 | ||||||||||
BNP Paribas SA |
2,533 | 144 | ||||||||||
SCOR SE |
1,425 | 33 | ||||||||||
Societe Generale SA |
25,596 | 642 | ||||||||||
|
|
|||||||||||
953 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 0.6% |
| |||||||||||
BioMerieux |
359 | 38 | ||||||||||
Sanofi |
5,932 | 572 | ||||||||||
Sartorius Stedim Biotech |
126 | 41 | ||||||||||
|
|
|||||||||||
651 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 1.6% |
| |||||||||||
Airbus SE |
1,740 | 207 | ||||||||||
Alstom SA |
2,517 | 62 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Bouygues SA |
5,476 | $ | 164 | |||||||||
Bureau Veritas SA |
3,816 | 101 | ||||||||||
Cie de Saint-Gobain |
2,251 | 110 | ||||||||||
Dassault Aviation SA |
365 | 62 | ||||||||||
Edenred |
549 | 30 | ||||||||||
Elis SA |
2,325 | 34 | ||||||||||
Getlink SE |
1,121 | 18 | ||||||||||
Legrand SA |
533 | 43 | ||||||||||
Nexans SA |
664 | 60 | ||||||||||
Rexel SA |
7,786 | 154 | ||||||||||
Safran SA |
1,575 | 197 | ||||||||||
Societe BIC SA |
675 | 46 | ||||||||||
Thales SA |
1,091 | 139 | ||||||||||
Vinci SA |
3,031 | 302 | ||||||||||
|
|
|||||||||||
1,729 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 0.1% |
| |||||||||||
Alten SA |
287 | 36 | ||||||||||
Worldline SA (a) |
651 | 25 | ||||||||||
|
|
|||||||||||
61 | ||||||||||||
|
|
|||||||||||
MATERIALS 0.2% |
| |||||||||||
Air Liquide SA |
1,138 | 162 | ||||||||||
Eramet SA |
157 | 14 | ||||||||||
Vicat SA |
973 | 24 | ||||||||||
|
|
|||||||||||
200 | ||||||||||||
|
|
|||||||||||
UTILITIES 0.9% |
| |||||||||||
Electricite de France SA |
14,987 | 192 | ||||||||||
Engie SA |
41,552 | 595 | ||||||||||
Veolia Environnement SA |
6,251 | 161 | ||||||||||
|
|
|||||||||||
948 | ||||||||||||
|
|
|||||||||||
Total France |
8,399 | |||||||||||
|
|
|||||||||||
GERMANY 5.2% |
| |||||||||||
COMMUNICATION SERVICES 0.3% |
| |||||||||||
CTS Eventim AG & Co. KGaA (a) |
553 | 35 | ||||||||||
Deutsche Telekom AG (a) |
6,279 | 125 | ||||||||||
Freenet AG |
2,897 | 63 | ||||||||||
ProSiebenSat.1 Media SE |
3,205 | 28 | ||||||||||
Scout24 SE |
575 | 29 | ||||||||||
Telefonica Deutschland Holding AG |
19,438 | 48 | ||||||||||
|
|
|||||||||||
328 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 1.6% |
| |||||||||||
Adidas AG |
558 | 76 | ||||||||||
Bayerische Motoren Werke AG |
9,823 | 870 | ||||||||||
Continental AG |
1,442 | 86 | ||||||||||
ElringKlinger AG |
2,925 | 22 | ||||||||||
Fielmann AG |
627 | 25 | ||||||||||
Hella GmbH & Co. KGaA |
411 | 33 | ||||||||||
Hornbach Holding AG & Co. KGaA |
506 | 42 | ||||||||||
Hugo Boss AG |
1,343 | 78 | ||||||||||
Mercedes-Benz Group AG |
6,615 | 432 | ||||||||||
Vitesco Technologies Group AG (a) |
992 | 57 | ||||||||||
|
|
|||||||||||
1,721 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.2% |
| |||||||||||
Beiersdorf AG |
646 | 74 | ||||||||||
Metro AG |
5,414 | 53 | ||||||||||
Suedzucker AG |
2,249 | 39 | ||||||||||
|
|
|||||||||||
166 | ||||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
FINANCIALS 1.1% |
| |||||||||||
Allianz SE |
786 | $ | 168 | |||||||||
Commerzbank AG |
37,718 | 353 | ||||||||||
Deutsche Bank AG |
19,239 | 216 | ||||||||||
Deutsche Boerse AG |
1,204 | 207 | ||||||||||
Deutsche Pfandbriefbank AG |
5,232 | 40 | ||||||||||
Hannover Rueck SE |
373 | 74 | ||||||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |
315 | 102 | ||||||||||
Talanx AG |
928 | 44 | ||||||||||
|
|
|||||||||||
1,204 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 0.3% |
| |||||||||||
Bayer AG |
1,855 | 95 | ||||||||||
Carl Zeiss Meditec AG |
294 | 37 | ||||||||||
Fresenius Medical Care AG & Co. KGaA |
865 | 28 | ||||||||||
Gerresheimer AG |
413 | 28 | ||||||||||
Merck KGaA |
582 | 112 | ||||||||||
Siemens Healthineers AG |
1,121 | 56 | ||||||||||
|
|
|||||||||||
356 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.6% |
| |||||||||||
Bilfinger SE |
1,115 | 32 | ||||||||||
Deutsche Lufthansa AG |
26,631 | 219 | ||||||||||
Deutsche Post AG |
3,527 | 132 | ||||||||||
Hapag-Lloyd AG |
218 | 41 | ||||||||||
Kloeckner & Co. SE |
3,220 | 32 | ||||||||||
Knorr-Bremse AG |
512 | 28 | ||||||||||
MTU Aero Engines AG |
285 | 61 | ||||||||||
Rational AG |
34 | 20 | ||||||||||
Rheinmetall AG |
144 | 29 | ||||||||||
Siemens AG |
588 | 81 | ||||||||||
|
|
|||||||||||
675 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 0.2% |
| |||||||||||
SAP SE |
2,108 | 218 | ||||||||||
|
|
|||||||||||
MATERIALS 0.5% |
| |||||||||||
Aurubis AG |
881 | 72 | ||||||||||
BASF SE |
3,049 | 150 | ||||||||||
Covestro AG |
2,146 | 83 | ||||||||||
K&S AG |
6,473 | 128 | ||||||||||
Salzgitter AG |
1,911 | 58 | ||||||||||
Symrise AG |
202 | 22 | ||||||||||
Wacker Chemie AG |
118 | 15 | ||||||||||
|
|
|||||||||||
528 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.1% |
| |||||||||||
LEG Immobilien SE |
993 | 65 | ||||||||||
TAG Immobilien AG |
1,402 | 9 | ||||||||||
Vonovia SE |
1,431 | 34 | ||||||||||
|
|
|||||||||||
108 | ||||||||||||
|
|
|||||||||||
UTILITIES 0.3% |
| |||||||||||
E.ON SE |
11,311 | 112 | ||||||||||
RWE AG |
4,164 | 184 | ||||||||||
|
|
|||||||||||
296 | ||||||||||||
|
|
|||||||||||
Total Germany |
5,600 | |||||||||||
|
|
|||||||||||
See Accompanying Notes | SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 35 |
Schedule of Investments | PIMCO RAFI Dynamic Multi-Factor International Equity ETF | (Cont.) |
SHARES | MARKET VALUE (000S) |
|||||||||||
HONG KONG 1.8% |
| |||||||||||
COMMUNICATION SERVICES 0.1% |
| |||||||||||
HKBN Ltd. |
33,500 | $ | 22 | |||||||||
HKT Trust & HKT Ltd. |
48,000 | 59 | ||||||||||
PCCW Ltd. |
125,295 | 56 | ||||||||||
|
|
|||||||||||
137 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.2% |
| |||||||||||
Bosideng International Holdings Ltd. |
84,000 | 40 | ||||||||||
Chow Tai Fook Jewellery Group Ltd. |
25,600 | 52 | ||||||||||
Galaxy Entertainment Group Ltd. |
7,000 | 46 | ||||||||||
Melco Resorts & Entertainment Ltd. ADR (a) |
1,269 | 15 | ||||||||||
SJM Holdings Ltd. (a) |
20,000 | 11 | ||||||||||
Skyworth Group Ltd. |
68,000 | 29 | ||||||||||
|
|
|||||||||||
193 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.0% |
| |||||||||||
WH Group Ltd. |
64,000 | 37 | ||||||||||
|
|
|||||||||||
FINANCIALS 0.2% |
| |||||||||||
AIA Group Ltd. |
19,200 | 212 | ||||||||||
Hong Kong Exchanges & Clearing Ltd. |
1,200 | 52 | ||||||||||
|
|
|||||||||||
264 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.5% |
| |||||||||||
Cathay Pacific Airways Ltd. (a) |
48,000 | 52 | ||||||||||
CK Hutchison Holdings Ltd. |
22,000 | 132 | ||||||||||
Hutchison Port Holdings Trust |
188,900 | 36 | ||||||||||
Jardine Matheson Holdings Ltd. |
1,700 | 86 | ||||||||||
MTR Corp. Ltd. |
20,000 | 106 | ||||||||||
NWS Holdings Ltd. |
39,000 | 34 | ||||||||||
Pacific Basin Shipping Ltd. |
70,000 | 23 | ||||||||||
SITC International Holdings Co. Ltd. |
12,000 | 27 | ||||||||||
Xinyi Glass Holdings Ltd. |
15,000 | 28 | ||||||||||
|
|
|||||||||||
524 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 0.1% |
| |||||||||||
Kingboard Holdings Ltd. |
10,200 | 33 | ||||||||||
Kingboard Laminates Holdings Ltd. |
23,000 | 25 | ||||||||||
Truly International Holdings Ltd. |
116,000 | 18 | ||||||||||
|
|
|||||||||||
76 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.5% |
| |||||||||||
CK Asset Holdings Ltd. |
21,000 | 129 | ||||||||||
Hongkong Land Holdings Ltd. |
14,900 | 69 | ||||||||||
Hopson Development Holdings Ltd. |
27,071 | 26 | ||||||||||
New World Development Co. Ltd. |
19,000 | 53 | ||||||||||
Sun Hung Kai Properties Ltd. |
14,500 | 198 | ||||||||||
Swire Pacific Ltd. ‘A’ |
8,000 | 70 | ||||||||||
Wharf Holdings Ltd. |
12,000 | 35 | ||||||||||
|
|
|||||||||||
580 | ||||||||||||
|
|
|||||||||||
UTILITIES 0.2% |
| |||||||||||
CLP Holdings Ltd. |
12,100 | 88 | ||||||||||
HK Electric Investments & HK Electric Investments Ltd. |
28,000 | 19 | ||||||||||
Hong Kong & China Gas Co. Ltd. |
33,972 | 32 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Power Assets Holdings Ltd. |
6,000 | $ | 33 | |||||||||
|
|
|||||||||||
172 | ||||||||||||
|
|
|||||||||||
Total Hong Kong |
1,983 | |||||||||||
|
|
|||||||||||
IRELAND 1.0% |
| |||||||||||
CONSUMER DISCRETIONARY 0.0% |
| |||||||||||
Flutter Entertainment PLC (a) |
221 | 30 | ||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.1% |
| |||||||||||
Glanbia PLC |
3,992 | 51 | ||||||||||
Kerry Group PLC ‘A’ |
890 | 80 | ||||||||||
|
|
|||||||||||
131 | ||||||||||||
|
|
|||||||||||
FINANCIALS 0.1% |
| |||||||||||
Bank of Ireland Group PLC |
6,663 | 64 | ||||||||||
|
|
|||||||||||
HEALTH CARE 0.5% |
| |||||||||||
ICON PLC (a) |
537 | 104 | ||||||||||
Jazz Pharmaceuticals PLC (a) |
386 | 62 | ||||||||||
Medtronic PLC |
4,327 | 336 | ||||||||||
|
|
|||||||||||
502 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.2% |
| |||||||||||
Allegion PLC |
313 | 33 | ||||||||||
DCC PLC |
457 | 22 | ||||||||||
Experian PLC |
2,452 | 83 | ||||||||||
Grafton Group PLC |
3,008 | 29 | ||||||||||
Kingspan Group PLC |
601 | 33 | ||||||||||
Trane Technologies PLC |
395 | 66 | ||||||||||
|
|
|||||||||||
266 | ||||||||||||
|
|
|||||||||||
MATERIALS 0.1% |
| |||||||||||
James Hardie Industries PLC |
4,478 | 80 | ||||||||||
Smurfit Kappa Group PLC |
889 | 33 | ||||||||||
|
|
|||||||||||
113 | ||||||||||||
|
|
|||||||||||
Total Ireland |
1,106 | |||||||||||
|
|
|||||||||||
ISRAEL 0.9% |
| |||||||||||
COMMUNICATION SERVICES 0.1% |
| |||||||||||
Bezeq The Israeli Telecommunication Corp. Ltd. |
48,619 | 84 | ||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.0% |
| |||||||||||
Strauss Group Ltd. |
1,133 | 30 | ||||||||||
|
|
|||||||||||
ENERGY 0.1% |
| |||||||||||
Delek Group Ltd. (a) |
512 | 56 | ||||||||||
Oil Refineries Ltd. |
161,744 | 57 | ||||||||||
Paz Oil Co. Ltd. (a) |
219 | 27 | ||||||||||
|
|
|||||||||||
140 | ||||||||||||
|
|
|||||||||||
FINANCIALS 0.3% |
| |||||||||||
Bank Hapoalim BM |
10,557 | 95 | ||||||||||
Bank Leumi Le-Israel BM |
12,670 | 105 | ||||||||||
Harel Insurance Investments & Financial Services Ltd. |
3,279 | 29 | ||||||||||
Israel Discount Bank Ltd. ‘A’ |
9,678 | 51 | ||||||||||
Mizrahi Tefahot Bank Ltd. |
1,293 | 42 | ||||||||||
Plus500 Ltd. |
1,262 | 27 | ||||||||||
|
|
|||||||||||
349 | ||||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
HEALTH CARE 0.1% |
| |||||||||||
Teva Pharmaceutical Industries Ltd. SP - ADR (a) |
6,884 | $ | 63 | |||||||||
|
|
|||||||||||
INDUSTRIALS 0.1% |
| |||||||||||
Elbit Systems Ltd. |
205 | 33 | ||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 0.1% |
| |||||||||||
Check Point Software Technologies Ltd. (a) |
781 | 99 | ||||||||||
Nice Ltd. (a) |
169 | 32 | ||||||||||
SolarEdge Technologies, Inc. (a) |
33 | 9 | ||||||||||
|
|
|||||||||||
140 | ||||||||||||
|
|
|||||||||||
MATERIALS 0.1% |
| |||||||||||
ICL Group Ltd. |
15,162 | 110 | ||||||||||
|
|
|||||||||||
REAL ESTATE 0.0% |
| |||||||||||
Azrieli Group Ltd. |
166 | 11 | ||||||||||
G City Ltd. |
5,396 | 17 | ||||||||||
|
|
|||||||||||
28 | ||||||||||||
|
|
|||||||||||
Total Israel |
977 | |||||||||||
|
|
|||||||||||
ITALY 2.7% |
| |||||||||||
COMMUNICATION SERVICES 0.2% |
| |||||||||||
Infrastrutture Wireless Italiane SpA |
3,529 | 36 | ||||||||||
MFE-MediaForEurope NV ‘A’ |
30,822 | 12 | ||||||||||
MFE-MediaForEurope NV ‘B’ |
10,816 | 6 | ||||||||||
Telecom Italia SpA |
756,967 | 175 | ||||||||||
|
|
|||||||||||
229 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.2% |
| |||||||||||
Brembo SpA |
3,123 | 35 | ||||||||||
Ferrari NV |
334 | 72 | ||||||||||
Moncler SpA |
760 | 40 | ||||||||||
|
|
|||||||||||
147 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.0% |
| |||||||||||
MARR SpA |
1,729 | 21 | ||||||||||
|
|
|||||||||||
ENERGY 0.9% |
| |||||||||||
Eni SpA |
66,249 | 942 | ||||||||||
Saipem SpA (a) |
9,922 | 12 | ||||||||||
Saras SpA (a) |
24,345 | 30 | ||||||||||
|
|
|||||||||||
984 | ||||||||||||
|
|
|||||||||||
FINANCIALS 0.7% |
| |||||||||||
Anima Holding SpA |
7,638 | 31 | ||||||||||
Azimut Holding SpA |
2,661 | 60 | ||||||||||
Banca Generali SpA |
839 | 29 | ||||||||||
Banca IFIS SpA |
2,917 | 41 | ||||||||||
Banca Popolare di Sondrio SpA |
10,327 | 42 | ||||||||||
Banco BPM SpA |
25,828 | 92 | ||||||||||
BPER Banca |
22,585 | 46 | ||||||||||
FinecoBank Banca Fineco SpA |
2,745 | 46 | ||||||||||
Intesa Sanpaolo SpA |
13,771 | 30 | ||||||||||
UniCredit SpA |
16,947 | 240 | ||||||||||
Unipol Gruppo SpA |
15,176 | 74 | ||||||||||
|
|
|||||||||||
731 | ||||||||||||
|
|
|||||||||||
36 | PIMCO EQUITY SERIES | See Accompanying Notes |
December 31, 2022 | (Unaudited) |
SHARES | MARKET VALUE (000S) |
|||||||||||
HEALTH CARE 0.1% |
| |||||||||||
Amplifon SpA |
1,113 | $ | 33 | |||||||||
DiaSorin SpA |
358 | 50 | ||||||||||
Recordati Industria Chimica e Farmaceutica SpA |
1,261 | 53 | ||||||||||
|
|
|||||||||||
136 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.1% |
| |||||||||||
Enav SpA |
6,057 | 26 | ||||||||||
Leonardo SpA |
9,889 | 85 | ||||||||||
|
|
|||||||||||
111 | ||||||||||||
|
|
|||||||||||
UTILITIES 0.5% |
| |||||||||||
Enel SpA |
59,081 | 318 | ||||||||||
ERG SpA |
1,450 | 45 | ||||||||||
Iren SpA |
12,572 | 20 | ||||||||||
Snam SpA |
15,262 | 74 | ||||||||||
Terna - Rete Elettrica Nazionale |
14,117 | 104 | ||||||||||
|
|
|||||||||||
561 | ||||||||||||
|
|
|||||||||||
Total Italy |
2,920 | |||||||||||
|
|
|||||||||||
JAPAN 25.6% |
| |||||||||||
COMMUNICATION SERVICES 2.4% |
| |||||||||||
Avex, Inc. |
2,800 | 36 | ||||||||||
Capcom Co. Ltd. |
2,800 | 89 | ||||||||||
Fuji Media Holdings, Inc. |
4,300 | 35 | ||||||||||
Internet Initiative Japan, Inc. |
2,200 | 41 | ||||||||||
Kadokawa Corp. |
2,600 | 48 | ||||||||||
KDDI Corp. |
22,900 | 695 | ||||||||||
Konami Group Corp. (a) |
400 | 18 | ||||||||||
Nexon Co. Ltd. |
1,800 | 40 | ||||||||||
Nintendo Co. Ltd. |
7,800 | 328 | ||||||||||
Nippon Telegraph & Telephone Corp. |
24,700 | 704 | ||||||||||
Nippon Television Holdings, Inc. |
4,700 | 37 | ||||||||||
Softbank Corp. |
33,000 | 373 | ||||||||||
SoftBank Group Corp. |
2,000 | 85 | ||||||||||
Square Enix Holdings Co. Ltd. |
600 | 28 | ||||||||||
Toho Co. Ltd. |
900 | 35 | ||||||||||
Yahoo Japan Corp. |
11,400 | 28 | ||||||||||
|
|
|||||||||||
2,620 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 4.3% |
| |||||||||||
Aisin Corp. |
3,900 | 103 | ||||||||||
Arata Corp. |
100 | 3 | ||||||||||
Bandai Namco Holdings, Inc. |
1,700 | 107 | ||||||||||
Bridgestone Corp. |
6,400 | 227 | ||||||||||
Casio Computer Co. Ltd. |
3,300 | 34 | ||||||||||
DCM Holdings Co. Ltd. |
6,000 | 55 | ||||||||||
EDION Corp. |
3,800 | 37 | ||||||||||
Exedy Corp. |
2,800 | 34 | ||||||||||
Fast Retailing Co. Ltd. (a) |
200 | 122 | ||||||||||
Food & Life Cos., Ltd. |
2,300 | 45 | ||||||||||
Geo Holdings Corp. (a) |
700 | 12 | ||||||||||
H2O Retailing Corp. |
1,200 | 12 | ||||||||||
Haseko Corp. |
2,600 | 29 | ||||||||||
Heiwa Corp. (a) |
700 | 13 | ||||||||||
Hikari Tsushin, Inc. |
200 | 28 | ||||||||||
HIS Co. Ltd. (a) |
1,400 | 22 | ||||||||||
Honda Motor Co. Ltd. |
24,500 | 559 | ||||||||||
Iida Group Holdings Co. Ltd. |
2,600 | 40 | ||||||||||
Isetan Mitsukoshi Holdings Ltd. |
13,100 | 142 | ||||||||||
Isuzu Motors Ltd. |
14,900 | 173 |
SHARES | MARKET VALUE (000S) |
|||||||||||
J Front Retailing Co. Ltd. |
5,000 | $ | 45 | |||||||||
JTEKT Corp. |
6,900 | 48 | ||||||||||
K’s Holdings Corp. |
5,400 | 46 | ||||||||||
Kohnan Shoji Co. Ltd. |
2,000 | 52 | ||||||||||
Mazda Motor Corp. |
25,500 | 191 | ||||||||||
McDonald’s Holdings Co. Japan Ltd. |
900 | 34 | ||||||||||
Mitsubishi Motors Corp. (a) |
21,400 | 81 | ||||||||||
NHK Spring Co. Ltd. |
4,000 | 25 | ||||||||||
Nikon Corp. |
5,400 | 48 | ||||||||||
Nishimatsuya Chain Co. Ltd. |
2,900 | 34 | ||||||||||
Nissan Motor Co. Ltd. |
86,900 | 272 | ||||||||||
Nitori Holdings Co. Ltd. |
300 | 39 | ||||||||||
NOK Corp. |
3,800 | 33 | ||||||||||
Oriental Land Co. Ltd. |
800 | 116 | ||||||||||
Paltac Corp. |
100 | 4 | ||||||||||
Pan Pacific International Holdings Corp. |
3,900 | 72 | ||||||||||
Rinnai Corp. |
100 | 7 | ||||||||||
Round One Corp. |
9,700 | 35 | ||||||||||
Saizeriya Co. Ltd. |
1,600 | 36 | ||||||||||
Sankyo Co. Ltd. |
1,500 | 61 | ||||||||||
Sega Sammy Holdings, Inc. |
1,900 | 29 | ||||||||||
Sekisui Chemical Co. Ltd. |
3,000 | 42 | ||||||||||
Sekisui House Ltd. |
3,900 | 69 | ||||||||||
Shimamura Co. Ltd. |
800 | 80 | ||||||||||
Shimano, Inc. |
400 | 63 | ||||||||||
Skylark Holdings Co. Ltd. |
2,000 | 23 | ||||||||||
Stanley Electric Co. Ltd. |
1,900 | 36 | ||||||||||
Subaru Corp. |
5,000 | 76 | ||||||||||
Sumitomo Electric Industries Ltd. |
13,200 | 149 | ||||||||||
Sumitomo Forestry Co. Ltd. |
3,300 | 58 | ||||||||||
Sumitomo Rubber Industries Ltd. |
5,900 | 51 | ||||||||||
Suzuki Motor Corp. |
2,200 | 71 | ||||||||||
Takashimaya Co. Ltd. |
3,500 | 49 | ||||||||||
Tokai Rika Co. Ltd. |
2,100 | 22 | ||||||||||
Tomy Co. Ltd. |
2,800 | 27 | ||||||||||
Toyo Tire Corp. |
2,900 | 33 | ||||||||||
Toyoda Gosei Co. Ltd. |
2,500 | 39 | ||||||||||
Toyota Boshoku Corp. |
3,800 | 50 | ||||||||||
Toyota Motor Corp. |
14,700 | 201 | ||||||||||
TS Tech Co. Ltd. |
2,700 | 31 | ||||||||||
USS Co. Ltd. |
2,700 | 43 | ||||||||||
Yamada Holdings Co. Ltd. |
35,000 | 124 | ||||||||||
Yamaha Corp. |
700 | 26 | ||||||||||
Yamaha Motor Co. Ltd. |
2,300 | 52 | ||||||||||
Yoshinoya Holdings Co. Ltd. |
1,600 | 28 | ||||||||||
Zensho Holdings Co. Ltd. |
1,500 | 38 | ||||||||||
|
|
|||||||||||
4,586 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 2.8% |
| |||||||||||
Aeon Co. Ltd. |
4,900 | 103 | ||||||||||
Ain Holdings, Inc. |
100 | 5 | ||||||||||
Ajinomoto Co., Inc. |
7,700 | 235 | ||||||||||
Calbee, Inc. |
1,700 | 39 | ||||||||||
Cawachi Ltd. |
1,900 | 32 | ||||||||||
Earth Corp. |
100 | 4 | ||||||||||
Fuji Oil Holdings, Inc. |
4,400 | 68 | ||||||||||
House Foods Group, Inc. |
1,600 | 34 | ||||||||||
Itoham Yonekyu Holdings, Inc. |
6,900 | 37 | ||||||||||
Japan Tobacco, Inc. |
24,600 | 496 | ||||||||||
Kagome Co. Ltd. |
1,400 | 32 | ||||||||||
Kao Corp. |
3,400 | 135 | ||||||||||
Kewpie Corp. |
2,000 | 36 | ||||||||||
Kikkoman Corp. |
700 | 37 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Kirin Holdings Co. Ltd. |
10,500 | $ | 160 | |||||||||
Kobe Bussan Co. Ltd. |
1,300 | 37 | ||||||||||
Lawson, Inc. |
800 | 31 | ||||||||||
Maruha Nichiro Corp. |
1,800 | 34 | ||||||||||
MatsukiyoCocokara & Co. |
200 | 10 | ||||||||||
MEIJI Holdings Co. Ltd. |
2,100 | 108 | ||||||||||
Mitsubishi Shokuhin Co. Ltd. |
1,600 | 38 | ||||||||||
Mitsui DM Sugar Holdings Co. Ltd. |
2,400 | 37 | ||||||||||
Morinaga & Co. Ltd. |
1,400 | 42 | ||||||||||
Morinaga Milk Industry Co. Ltd. |
800 | 30 | ||||||||||
NH Foods Ltd. |
2,700 | 75 | ||||||||||
Nichirei Corp. |
700 | 15 | ||||||||||
Nippn Corp. |
2,900 | 36 | ||||||||||
Nisshin Oillio Group Ltd. |
1,400 | 35 | ||||||||||
Nisshin Seifun Group, Inc. |
2,900 | 36 | ||||||||||
Nissin Foods Holdings Co. Ltd. |
600 | 47 | ||||||||||
Pola Orbis Holdings, Inc. |
2,900 | 41 | ||||||||||
Sakata Seed Corp. |
200 | 7 | ||||||||||
Seven & i Holdings Co. Ltd. |
10,700 | 459 | ||||||||||
Sugi Holdings Co. Ltd. |
200 | 9 | ||||||||||
Sundrug Co. Ltd. |
1,700 | 50 | ||||||||||
Suntory Beverage & Food Ltd. |
1,900 | 65 | ||||||||||
Toyo Suisan Kaisha Ltd. |
700 | 27 | ||||||||||
Tsuruha Holdings, Inc. |
600 | 46 | ||||||||||
Unicharm Corp. |
1,900 | 73 | ||||||||||
United Super Markets Holdings, Inc. |
4,200 | 36 | ||||||||||
Yakult Honsha Co. Ltd. |
800 | 52 | ||||||||||
Yamazaki Baking Co. Ltd. |
2,800 | 33 | ||||||||||
Yokorei Co. Ltd. |
5,500 | 45 | ||||||||||
|
|
|||||||||||
3,007 | ||||||||||||
|
|
|||||||||||
ENERGY 0.9% |
| |||||||||||
Cosmo Energy Holdings Co. Ltd. |
2,800 | 74 | ||||||||||
ENEOS Holdings, Inc. |
91,600 | 312 | ||||||||||
Idemitsu Kosan Co. Ltd. |
6,712 | 157 | ||||||||||
Inpex Corp. |
32,300 | 347 | ||||||||||
Iwatani Corp. |
700 | 31 | ||||||||||
Japan Petroleum Exploration Co. Ltd. (a) |
600 | 18 | ||||||||||
|
|
|||||||||||
939 | ||||||||||||
|
|
|||||||||||
FINANCIALS 1.9% |
| |||||||||||
Aozora Bank Ltd. |
2,100 | 41 | ||||||||||
Daiwa Securities Group, Inc. |
10,000 | 44 | ||||||||||
Hokuhoku Financial Group, Inc. |
5,600 | 41 | ||||||||||
Hyakujushi Bank Ltd. |
3,000 | 44 | ||||||||||
Jafco Co. Ltd. |
900 | 15 | ||||||||||
Japan Post Bank Co. Ltd. |
9,300 | 80 | ||||||||||
Japan Post Holdings Co. Ltd. |
64,400 | 542 | ||||||||||
Japan Post Insurance Co. Ltd. |
2,300 | 40 | ||||||||||
Mebuki Financial Group, Inc. |
19,800 | 50 | ||||||||||
Mitsubishi UFJ Financial Group, Inc. |
30,500 | 205 | ||||||||||
Mizuho Financial Group, Inc. |
14,000 | 197 | ||||||||||
MS&AD Insurance Group Holdings, Inc. |
5,100 | 163 | ||||||||||
Nanto Bank Ltd. |
2,900 | 56 | ||||||||||
Nishi-Nippon Financial Holdings, Inc. |
11,100 | 81 | ||||||||||
Resona Holdings, Inc. |
10,500 | 58 | ||||||||||
Senshu Ikeda Holdings, Inc. |
29,700 | 57 | ||||||||||
Seven Bank Ltd. |
20,100 | 40 | ||||||||||
Sompo Holdings, Inc. |
600 | 27 | ||||||||||
Sumitomo Mitsui Financial Group, Inc. |
2,900 | 117 | ||||||||||
Sumitomo Mitsui Trust Holdings, Inc. |
2,500 | 87 |
See Accompanying Notes | SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 37 |
Schedule of Investments | PIMCO RAFI Dynamic Multi-Factor International Equity ETF | (Cont.) |
SHARES | MARKET VALUE (000S) |
|||||||||||
Tokio Marine Holdings, Inc. |
4,300 | $ | 92 | |||||||||
Zenkoku Hosho Co. Ltd. |
200 | 8 | ||||||||||
|
|
|||||||||||
2,085 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 1.8% |
| |||||||||||
Alfresa Holdings Corp. |
3,000 | 38 | ||||||||||
Asahi Intecc Co. Ltd. (a) |
1,000 | 16 | ||||||||||
Astellas Pharma, Inc. |
24,900 | 379 | ||||||||||
Chugai Pharmaceutical Co. Ltd. |
1,400 | 36 | ||||||||||
Daiichi Sankyo Co. Ltd. |
3,800 | 122 | ||||||||||
Eisai Co. Ltd. |
1,400 | 92 | ||||||||||
H.U. Group Holdings, Inc. |
1,600 | 35 | ||||||||||
Hoya Corp. |
600 | 57 | ||||||||||
Kaken Pharmaceutical Co. Ltd. |
1,300 | 38 | ||||||||||
M3, Inc. |
800 | 22 | ||||||||||
Medipal Holdings Corp. |
3,700 | 49 | ||||||||||
Olympus Corp. |
5,600 | 99 | ||||||||||
Ono Pharmaceutical Co. Ltd. |
1,700 | 40 | ||||||||||
Otsuka Holdings Co. Ltd. |
1,900 | 62 | ||||||||||
Rohto Pharmaceutical Co. Ltd. (a) |
1,600 | 28 | ||||||||||
Shionogi & Co. Ltd. |
900 | 45 | ||||||||||
Suzuken Co. Ltd. |
1,500 | 40 | ||||||||||
Sysmex Corp. |
400 | 24 | ||||||||||
Taisho Pharmaceutical Holdings Co. Ltd. |
600 | 26 | ||||||||||
Takeda Pharmaceutical Co. Ltd. |
18,841 | 589 | ||||||||||
Terumo Corp. |
1,900 | 54 | ||||||||||
Toho Holdings Co. Ltd. |
2,500 | 42 | ||||||||||
Tsumura & Co. |
1,400 | 31 | ||||||||||
|
|
|||||||||||
1,964 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 6.2% |
| |||||||||||
AGC, Inc. |
3,000 | 100 | ||||||||||
ANA Holdings, Inc. (a) |
5,800 | 123 | ||||||||||
Central Glass Co. Ltd. |
1,700 | 36 | ||||||||||
COMSYS Holdings Corp. |
1,900 | 33 | ||||||||||
Dai Nippon Printing Co. Ltd. |
4,100 | 82 | ||||||||||
Daikin Industries Ltd. |
600 | 91 | ||||||||||
East Japan Railway Co. |
4,600 | 262 | ||||||||||
EXEO Group, Inc. |
2,100 | 36 | ||||||||||
FANUC Corp. |
400 | 60 | ||||||||||
Fuji Electric Co. Ltd. |
500 | 19 | ||||||||||
Fujikura Ltd. |
8,600 | 65 | ||||||||||
Fujitec Co. Ltd. |
1,700 | 39 | ||||||||||
Hankyu Hanshin Holdings, Inc. |
1,600 | 47 | ||||||||||
Hanwa Co. Ltd. |
1,400 | 40 | ||||||||||
Harmonic Drive Systems, Inc. (a) |
500 | 14 | ||||||||||
Hazama Ando Corp. |
3,500 | 22 | ||||||||||
Hino Motors Ltd. |
9,100 | 35 | ||||||||||
Hitachi Ltd. |
9,500 | 478 | ||||||||||
Hitachi Zosen Corp. |
7,200 | 45 | ||||||||||
Hoshizaki Corp. |
200 | 7 | ||||||||||
IHI Corp. |
1,900 | 55 | ||||||||||
ITOCHU Corp. |
3,900 | 122 | ||||||||||
Japan Airlines Co. Ltd. (a) |
7,100 | 145 | ||||||||||
Japan Pulp & Paper Co. Ltd. (a) |
1,400 | 54 | ||||||||||
Kajima Corp. |
3,400 | 40 | ||||||||||
Kamigumi Co. Ltd. |
1,700 | 35 | ||||||||||
Kandenko Co. Ltd. |
5,500 | 36 | ||||||||||
Kawasaki Heavy Industries Ltd. |
4,800 | 111 | ||||||||||
Kawasaki Kisen Kaisha Ltd. |
2,600 | 55 | ||||||||||
Keio Corp. |
700 | 26 | ||||||||||
Kinden Corp. |
2,900 | 32 | ||||||||||
Kintetsu Group Holdings Co. Ltd. ‘L’ |
1,500 | 49 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Komatsu Ltd. |
1,700 | $ | 37 | |||||||||
Kubota Corp. |
2,000 | 27 | ||||||||||
Kurita Water Industries Ltd. |
800 | 33 | ||||||||||
Kyushu Railway Co. |
2,000 | 44 | ||||||||||
LIXIL Group Corp. |
2,000 | 30 | ||||||||||
Marubeni Corp. |
38,400 | 440 | ||||||||||
Meitec Corp. |
1,300 | 24 | ||||||||||
Minebea Mitsumi, Inc. |
2,600 | 38 | ||||||||||
MIRAIT ONE Corp. |
2,400 | 28 | ||||||||||
Mitsubishi Corp. |
3,700 | 120 | ||||||||||
Mitsubishi Heavy Industries Ltd. |
10,900 | 431 | ||||||||||
Mitsui & Co. Ltd. |
4,400 | 128 | ||||||||||
Mitsui OSK Lines Ltd. |
12,900 | 322 | ||||||||||
MonotaRO Co. Ltd. |
600 | 8 | ||||||||||
Nagase & Co. Ltd. |
2,600 | 39 | ||||||||||
Nagoya Railroad Co. Ltd. (a) |
2,000 | 33 | ||||||||||
Nankai Electric Railway Co. Ltd. |
1,800 | 39 | ||||||||||
Nippon Steel Trading Corp. |
700 | 49 | ||||||||||
Nippon Yusen KK |
22,600 | 533 | ||||||||||
Nisshinbo Holdings, Inc. |
5,800 | 43 | ||||||||||
NSK Ltd. |
14,300 | 75 | ||||||||||
NTN Corp. |
16,600 | 33 | ||||||||||
Obayashi Corp. |
7,100 | 54 | ||||||||||
Park24 Co. Ltd. (a) |
1,200 | 20 | ||||||||||
Persol Holdings Co. Ltd. |
1,900 | 40 | ||||||||||
Recruit Holdings Co. Ltd. |
2,700 | 84 | ||||||||||
Secom Co. Ltd. |
1,400 | 80 | ||||||||||
Senko Group Holdings Co. Ltd. |
5,000 | 37 | ||||||||||
SG Holdings Co. Ltd. |
1,700 | 24 | ||||||||||
Shibaura Machine Co. Ltd. |
1,600 | 32 | ||||||||||
Shinmaywa Industries Ltd. |
3,900 | 31 | ||||||||||
SHO-BOND Holdings Co. Ltd. |
200 | 8 | ||||||||||
SMC Corp. |
100 | 42 | ||||||||||
Sohgo Security Services Co. Ltd. |
1,400 | 38 | ||||||||||
Sojitz Corp. |
6,940 | 132 | ||||||||||
Sotetsu Holdings, Inc. |
1,900 | 32 | ||||||||||
Sumitomo Corp. |
2,700 | 45 | ||||||||||
Taikisha Ltd. |
1,500 | 38 | ||||||||||
Taisei Corp. |
4,000 | 129 | ||||||||||
Takeuchi Manufacturing Co. Ltd. |
1,800 | 39 | ||||||||||
Tobu Railway Co. Ltd. |
2,200 | 51 | ||||||||||
Tokyu Corp. |
5,900 | 74 | ||||||||||
Toppan, Inc. |
6,000 | 89 | ||||||||||
Toshiba Corp. |
6,100 | 212 | ||||||||||
TOTO Ltd. |
900 | 31 | ||||||||||
Toyota Tsusho Corp. |
3,700 | 136 | ||||||||||
West Japan Railway Co. |
3,400 | 148 | ||||||||||
Yaskawa Electric Corp. |
900 | 29 | ||||||||||
Yuasa Trading Co. Ltd. |
1,400 | 38 | ||||||||||
|
|
|||||||||||
6,661 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 2.1% |
| |||||||||||
Advantest Corp. |
700 | 45 | ||||||||||
Alps Alpine Co. Ltd. |
4,000 | 36 | ||||||||||
Azbil Corp. |
700 | 18 | ||||||||||
BIPROGY, Inc. |
1,300 | 33 | ||||||||||
Brother Industries Ltd. |
1,900 | 29 | ||||||||||
Canon Marketing Japan, Inc. |
1,900 | 43 | ||||||||||
Canon, Inc. |
18,000 | 390 | ||||||||||
Citizen Watch Co. Ltd. |
9,200 | 41 | ||||||||||
Daiwabo Holdings Co. Ltd. |
2,500 | 37 | ||||||||||
Dexerials Corp. |
800 | 15 | ||||||||||
Disco Corp. |
100 | 28 | ||||||||||
DTS Corp. |
1,800 | 41 |
SHARES | MARKET VALUE (000S) |
|||||||||||
FUJIFILM Holdings Corp. |
2,800 | $ | 140 | |||||||||
Fujitsu Ltd. |
700 | 93 | ||||||||||
Horiba Ltd. |
100 | 4 | ||||||||||
Hosiden Corp. |
3,000 | 36 | ||||||||||
Ibiden Co. Ltd. |
1,800 | 65 | ||||||||||
Kanematsu Electronics Ltd. (a) |
1,100 | 37 | ||||||||||
Konica Minolta, Inc. |
14,400 | 57 | ||||||||||
Macnica Holdings, Inc. |
1,700 | 40 | ||||||||||
Maxell Ltd. |
2,900 | 30 | ||||||||||
Murata Manufacturing Co. Ltd. |
2,100 | 104 | ||||||||||
NEC Corp. |
5,100 | 179 | ||||||||||
Nippon Electric Glass Co. Ltd. |
3,000 | 53 | ||||||||||
Nomura Research Institute Ltd. |
2,400 | 57 | ||||||||||
Obic Co. Ltd. |
300 | 44 | ||||||||||
Omron Corp. |
900 | 43 | ||||||||||
Otsuka Corp. |
400 | 13 | ||||||||||
Renesas Electronics Corp. (a) |
3,700 | 33 | ||||||||||
Ricoh Co. Ltd. |
14,400 | 110 | ||||||||||
SCSK Corp. |
300 | 5 | ||||||||||
Seiko Epson Corp. |
2,700 | 39 | ||||||||||
Shinko Electric Industries Co. Ltd. |
2,400 | 61 | ||||||||||
SUMCO Corp. |
2,100 | 28 | ||||||||||
TIS, Inc. |
2,500 | 66 | ||||||||||
Tokyo Electron Ltd. |
400 | 117 | ||||||||||
Tokyo Seimitsu Co. Ltd. |
200 | 6 | ||||||||||
Toshiba TEC Corp. |
200 | 5 | ||||||||||
Trend Micro, Inc. |
400 | 19 | ||||||||||
Ulvac, Inc. |
500 | 21 | ||||||||||
|
|
|||||||||||
2,261 | ||||||||||||
|
|
|||||||||||
MATERIALS 1.9% |
| |||||||||||
Asahi Holdings, Inc. |
1,900 | 28 | ||||||||||
Daicel Corp. |
5,700 | 41 | ||||||||||
Dowa Holdings Co. Ltd. |
200 | 6 | ||||||||||
FP Corp. |
200 | 6 | ||||||||||
JFE Holdings, Inc. |
21,900 | 254 | ||||||||||
Kaneka Corp. |
1,300 | 32 | ||||||||||
Kobe Steel Ltd. |
18,800 | 91 | ||||||||||
Mitsubishi Chemical Group Corp. |
28,300 | 146 | ||||||||||
Mitsubishi Materials Corp. |
2,100 | 33 | ||||||||||
Mitsui Chemicals, Inc. |
3,000 | 67 | ||||||||||
Nippon Light Metal Holdings Co. Ltd. |
1,000 | 11 | ||||||||||
Nippon Paper Industries Co. Ltd. ‘L’ |
12,500 | 93 | ||||||||||
Nippon Steel Corp. |
29,700 | 515 | ||||||||||
Nissan Chemical Corp. |
600 | 26 | ||||||||||
Nitto Denko Corp. |
1,800 | 104 | ||||||||||
Oji Holdings Corp. |
12,100 | 49 | ||||||||||
Shin-Etsu Chemical Co. Ltd. |
200 | 24 | ||||||||||
Sumitomo Chemical Co. Ltd. |
36,400 | 131 | ||||||||||
Sumitomo Metal Mining Co. Ltd. |
600 | 21 | ||||||||||
Sumitomo Osaka Cement Co. Ltd. |
1,800 | 44 | ||||||||||
Taiheiyo Cement Corp. |
2,100 | 33 | ||||||||||
Tokuyama Corp. |
2,500 | 34 | ||||||||||
Tokyo Ohka Kogyo Co. Ltd. |
900 | 41 | ||||||||||
Tokyo Steel Manufacturing Co. Ltd. |
4,100 | 37 | ||||||||||
Tosoh Corp. |
2,500 | 30 | ||||||||||
Toyo Seikan Group Holdings Ltd. |
4,200 | 52 | ||||||||||
UACJ Corp. (a) |
1,000 | 17 | ||||||||||
UBE Corp. |
2,100 | 31 | ||||||||||
|
|
|||||||||||
1,997 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.1% |
| |||||||||||
Daito Trust Construction Co. Ltd. |
700 | 72 | ||||||||||
Mitsubishi Estate Co. Ltd. |
2,300 | 30 |
38 | PIMCO EQUITY SERIES | See Accompanying Notes |
December 31, 2022 | (Unaudited) |
SHARES | MARKET VALUE (000S) |
|||||||||||
Mitsui Fudosan Co. Ltd. |
2,000 | $ | 36 | |||||||||
|
|
|||||||||||
138 | ||||||||||||
|
|
|||||||||||
UTILITIES 1.2% |
| |||||||||||
Chubu Electric Power Co., Inc. |
15,300 | 158 | ||||||||||
Chugoku Electric Power Co., Inc. |
10,000 | 51 | ||||||||||
Electric Power Development Co. Ltd. ‘C’ |
6,800 | 108 | ||||||||||
Hokkaido Electric Power Co., Inc. |
9,600 | 34 | ||||||||||
Hokuriku Electric Power Co. |
8,200 | 34 | ||||||||||
Kansai Electric Power Co., Inc. |
11,700 | 114 | ||||||||||
Kyushu Electric Power Co., Inc. |
10,200 | 58 | ||||||||||
Nippon Gas Co. Ltd. |
800 | 12 | ||||||||||
Okinawa Electric Power Co., Inc. |
4,200 | 32 | ||||||||||
Osaka Gas Co. Ltd. |
6,200 | 100 | ||||||||||
Shikoku Electric Power Co., Inc. |
6,200 | 36 | ||||||||||
Toho Gas Co. Ltd. |
1,700 | 32 | ||||||||||
Tohoku Electric Power Co., Inc. |
8,700 | 46 | ||||||||||
Tokyo Electric Power Co. Holdings, Inc. (a) |
99,300 | 358 | ||||||||||
Tokyo Gas Co. Ltd. |
8,100 | 159 | ||||||||||
|
|
|||||||||||
1,332 | ||||||||||||
|
|
|||||||||||
Total Japan |
27,590 | |||||||||||
|
|
|||||||||||
LUXEMBOURG 0.6% |
| |||||||||||
COMMUNICATION SERVICES 0.1% |
| |||||||||||
Millicom International Cellular SA (a) |
926 | 12 | ||||||||||
RTL Group SA |
832 | 35 | ||||||||||
SES SA |
11,244 | 73 | ||||||||||
|
|
|||||||||||
120 | ||||||||||||
|
|
|||||||||||
MATERIALS 0.5% |
| |||||||||||
APERAM SA |
987 | 31 | ||||||||||
ArcelorMittal SA |
19,217 | 507 | ||||||||||
|
|
|||||||||||
538 | ||||||||||||
|
|
|||||||||||
Total Luxembourg |
658 | |||||||||||
|
|
|||||||||||
MACAU 0.0% |
| |||||||||||
CONSUMER DISCRETIONARY 0.0% |
| |||||||||||
Sands China Ltd. (a) |
4,400 | 15 | ||||||||||
|
|
|||||||||||
Total Macau |
15 | |||||||||||
|
|
|||||||||||
NETHERLANDS 3.9% |
| |||||||||||
COMMUNICATION SERVICES 0.2% |
| |||||||||||
Koninklijke KPN NV |
53,682 | 166 | ||||||||||
Universal Music Group NV |
2,245 | 54 | ||||||||||
VEON Ltd. ADR «(a) |
57,207 | 0 | ||||||||||
|
|
|||||||||||
220 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.4% |
| |||||||||||
Stellantis NV |
28,039 | 398 | ||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.9% |
| |||||||||||
Heineken Holding NV |
1,015 | 79 | ||||||||||
Heineken NV |
1,324 | 125 | ||||||||||
Koninklijke Ahold Delhaize NV |
26,586 | 764 | ||||||||||
|
|
|||||||||||
968 | ||||||||||||
|
|
|||||||||||
ENERGY 0.0% |
| |||||||||||
Koninklijke Vopak NV |
1,070 | 32 | ||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
FINANCIALS 1.0% |
| |||||||||||
ABN AMRO Bank NV |
20,858 | $ | 289 | |||||||||
Aegon NV |
59,262 | 300 | ||||||||||
ASR Nederland NV |
831 | 39 | ||||||||||
Euronext NV |
1,028 | 76 | ||||||||||
Flow Traders |
1,049 | 24 | ||||||||||
ING Groep NV |
14,081 | 172 | ||||||||||
NN Group NV |
4,986 | 204 | ||||||||||
|
|
|||||||||||
1,104 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 0.1% |
| |||||||||||
Qiagen NV (a) |
1,220 | 61 | ||||||||||
|
|
|||||||||||
INDUSTRIALS 0.4% |
| |||||||||||
Arcadis NV |
1,049 | 41 | ||||||||||
IMCD NV |
467 | 67 | ||||||||||
Randstad NV |
1,059 | 65 | ||||||||||
Signify NV |
4,459 | 150 | ||||||||||
TKH Group NV |
432 | 17 | ||||||||||
Wolters Kluwer NV |
1,542 | 162 | ||||||||||
|
|
|||||||||||
502 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 0.5% |
| |||||||||||
ASM International NV |
339 | 86 | ||||||||||
ASML Holding NV |
477 | 260 | ||||||||||
BE Semiconductor Industries NV |
561 | 34 | ||||||||||
NXP Semiconductors NV |
937 | 148 | ||||||||||
|
|
|||||||||||
528 | ||||||||||||
|
|
|||||||||||
MATERIALS 0.4% |
| |||||||||||
Akzo Nobel NV |
2,954 | 198 | ||||||||||
Corbion NV |
886 | 30 | ||||||||||
Koninklijke DSM NV |
1,592 | 196 | ||||||||||
|
|
|||||||||||
424 | ||||||||||||
|
|
|||||||||||
Total Netherlands |
4,237 | |||||||||||
|
|
|||||||||||
NEW ZEALAND 0.3% |
| |||||||||||
COMMUNICATION SERVICES 0.1% |
| |||||||||||
Spark New Zealand Ltd. |
17,219 | 59 | ||||||||||
|
|
|||||||||||
HEALTH CARE 0.0% |
| |||||||||||
Fisher & Paykel Healthcare Corp. Ltd. ‘C’ |
2,622 | 38 | ||||||||||
|
|
|||||||||||
INDUSTRIALS 0.1% |
| |||||||||||
Auckland International Airport Ltd. (a) |
7,268 | 36 | ||||||||||
Fletcher Building Ltd. |
11,150 | 33 | ||||||||||
|
|
|||||||||||
69 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.0% |
| |||||||||||
Kiwi Property Group Ltd. |
52,519 | 30 | ||||||||||
|
|
|||||||||||
UTILITIES 0.1% |
| |||||||||||
Contact Energy Ltd. |
6,718 | 33 | ||||||||||
Meridian Energy Ltd. |
9,489 | 32 | ||||||||||
|
|
|||||||||||
65 | ||||||||||||
|
|
|||||||||||
Total New Zealand |
261 | |||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
NORWAY 1.9% |
| |||||||||||
COMMUNICATION SERVICES 0.1% |
| |||||||||||
Telenor ASA |
13,107 | $ | 122 | |||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.2% |
| |||||||||||
Mowi ASA |
5,023 | 86 | ||||||||||
Orkla ASA |
9,060 | 65 | ||||||||||
Salmar ASA |
811 | 32 | ||||||||||
|
|
|||||||||||
183 | ||||||||||||
|
|
|||||||||||
ENERGY 1.0% |
| |||||||||||
Aker Solutions ASA |
19,803 | 76 | ||||||||||
Equinor ASA |
28,894 | 1,039 | ||||||||||
Frontline Ltd. |
919 | 11 | ||||||||||
|
|
|||||||||||
1,126 | ||||||||||||
|
|
|||||||||||
FINANCIALS 0.1% |
| |||||||||||
Gjensidige Forsikring ASA |
2,116 | 42 | ||||||||||
SpareBank 1 Nord Norge |
2,890 | 28 | ||||||||||
|
|
|||||||||||
70 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.1% |
| |||||||||||
Tomra Systems ASA |
3,396 | 57 | ||||||||||
Wallenius Wilhelmsen ASA |
1,133 | 11 | ||||||||||
|
|
|||||||||||
68 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 0.1% |
| |||||||||||
Atea ASA |
7,364 | 86 | ||||||||||
|
|
|||||||||||
MATERIALS 0.3% |
| |||||||||||
Norsk Hydro ASA |
19,009 | 142 | ||||||||||
Yara International ASA |
5,300 | 233 | ||||||||||
|
|
|||||||||||
375 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.0% |
| |||||||||||
Entra ASA |
2,208 | 24 | ||||||||||
|
|
|||||||||||
Total Norway |
2,054 | |||||||||||
|
|
|||||||||||
PORTUGAL 0.5% |
| |||||||||||
CONSUMER STAPLES 0.1% |
| |||||||||||
Jeronimo Martins SGPS SA |
2,873 | 62 | ||||||||||
|
|
|||||||||||
ENERGY 0.0% |
| |||||||||||
Galp Energia SGPS SA |
1,769 | 24 | ||||||||||
|
|
|||||||||||
UTILITIES 0.4% |
| |||||||||||
EDP - Energias de Portugal SA |
79,757 | 398 | ||||||||||
REN - Redes Energeticas Nacionais SGPS SA |
12,224 | 33 | ||||||||||
|
|
|||||||||||
431 | ||||||||||||
|
|
|||||||||||
Total Portugal |
517 | |||||||||||
|
|
|||||||||||
SINGAPORE 1.5% |
| |||||||||||
COMMUNICATION SERVICES 0.2% |
| |||||||||||
NetLink NBN Trust |
44,900 | 28 | ||||||||||
Singapore Telecommunications Ltd. |
116,300 | 223 | ||||||||||
|
|
|||||||||||
251 | ||||||||||||
|
|
|||||||||||
See Accompanying Notes | SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 39 |
Schedule of Investments | PIMCO RAFI Dynamic Multi-Factor International Equity ETF | (Cont.) |
SHARES | MARKET VALUE (000S) |
|||||||||||
CONSUMER STAPLES 0.2% |
| |||||||||||
Golden Agri-Resources Ltd. |
321,400 | $ | 60 | |||||||||
Wilmar International Ltd. |
46,900 | 146 | ||||||||||
|
|
|||||||||||
206 | ||||||||||||
|
|
|||||||||||
ENERGY 0.0% |
| |||||||||||
BW LPG Ltd. |
5,637 | 44 | ||||||||||
|
|
|||||||||||
FINANCIALS 0.6% |
| |||||||||||
DBS Group Holdings Ltd. |
7,400 | 187 | ||||||||||
Oversea-Chinese Banking Corp. Ltd. |
19,500 | 177 | ||||||||||
United Overseas Bank Ltd. |
10,600 | 243 | ||||||||||
|
|
|||||||||||
607 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.4% |
| |||||||||||
ComfortDelGro Corp. Ltd. |
32,300 | 30 | ||||||||||
Jardine Cycle & Carriage Ltd. |
2,500 | 53 | ||||||||||
Keppel Corp. Ltd. |
11,700 | 64 | ||||||||||
Singapore Airlines Ltd. |
46,300 | 191 | ||||||||||
Singapore Technologies Engineering Ltd. |
20,400 | 51 | ||||||||||
|
|
|||||||||||
389 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 0.0% |
| |||||||||||
Venture Corp. Ltd. |
2,800 | 36 | ||||||||||
|
|
|||||||||||
UTILITIES 0.1% |
| |||||||||||
Sembcorp Industries Ltd. |
37,500 | 94 | ||||||||||
|
|
|||||||||||
Total Singapore |
1,627 | |||||||||||
|
|
|||||||||||
SOUTH AFRICA 0.0% |
| |||||||||||
HEALTH CARE 0.0% |
| |||||||||||
Mediclinic International PLC |
5,460 | 33 | ||||||||||
|
|
|||||||||||
Total South Africa |
33 | |||||||||||
|
|
|||||||||||
SPAIN 4.3% |
| |||||||||||
COMMUNICATION SERVICES 0.6% |
| |||||||||||
Mediaset Espana Comunicacion SA (a) |
826 | 3 | ||||||||||
Telefonica SA |
165,789 | 600 | ||||||||||
|
|
|||||||||||
603 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.1% |
| |||||||||||
Gestamp Automocion SA |
9,312 | 36 | ||||||||||
Industria de Diseno Textil SA |
3,500 | 93 | ||||||||||
|
|
|||||||||||
129 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.1% |
| |||||||||||
Viscofan SA |
849 | 55 | ||||||||||
|
|
|||||||||||
ENERGY 0.8% |
| |||||||||||
Repsol SA |
50,741 | 808 | ||||||||||
|
|
|||||||||||
FINANCIALS 1.4% |
| |||||||||||
Banco Bilbao Vizcaya Argentaria SA |
34,256 | 206 | ||||||||||
Banco de Sabadell SA |
214,242 | 202 | ||||||||||
Banco Santander SA |
282,346 | 844 | ||||||||||
Bankinter SA |
7,368 | 49 | ||||||||||
CaixaBank SA |
4,531 | 18 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Mapfre SA |
60,295 | $ | 117 | |||||||||
Unicaja Banco SA |
77,239 | 85 | ||||||||||
|
|
|||||||||||
1,521 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 0.0% |
| |||||||||||
Almirall SA |
3,024 | 29 | ||||||||||
|
|
|||||||||||
INDUSTRIALS 0.2% |
| |||||||||||
ACS Actividades de Construccion y Servicios SA |
2,442 | 70 | ||||||||||
Aena SME SA (a) |
352 | 44 | ||||||||||
Cia de Distribucion Integral Logista Holdings SA |
1,996 | 50 | ||||||||||
Ferrovial SA |
20 | 1 | ||||||||||
Sacyr SA |
10,022 | 28 | ||||||||||
|
|
|||||||||||
193 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 0.0% |
| |||||||||||
Amadeus IT Group SA (a) |
1,010 | 52 | ||||||||||
|
|
|||||||||||
MATERIALS 0.0% |
| |||||||||||
Acerinox SA |
4,161 | 41 | ||||||||||
|
|
|||||||||||
UTILITIES 1.1% |
| |||||||||||
Acciona SA |
261 | 48 | ||||||||||
EDP Renovaveis SA |
1,946 | 43 | ||||||||||
Enagas SA |
1,422 | 24 | ||||||||||
Endesa SA |
8,470 | 160 | ||||||||||
Iberdrola SA |
57,360 | 669 | ||||||||||
Naturgy Energy Group SA |
6,328 | 164 | ||||||||||
Red Electrica Corp. SA |
6,970 | 121 | ||||||||||
|
|
|||||||||||
1,229 | ||||||||||||
|
|
|||||||||||
Total Spain |
4,660 | |||||||||||
|
|
|||||||||||
SWEDEN 2.2% |
| |||||||||||
COMMUNICATION SERVICES 0.2% |
| |||||||||||
Tele2 AB ‘B’ |
6,489 | 53 | ||||||||||
Telia Co. AB |
85,903 | 219 | ||||||||||
|
|
|||||||||||
272 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.3% |
| |||||||||||
Autoliv, Inc. |
589 | 45 | ||||||||||
Betsson AB |
1,382 | 11 | ||||||||||
Bilia AB ‘A’ |
2,271 | 25 | ||||||||||
Electrolux AB |
6,134 | 83 | ||||||||||
Evolution AB |
556 | 54 | ||||||||||
H & M Hennes & Mauritz AB ‘B’ |
3,655 | 40 | ||||||||||
Scandic Hotels Group AB |
10,142 | 31 | ||||||||||
|
|
|||||||||||
289 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.3% |
| |||||||||||
AAK AB |
1,946 | 33 | ||||||||||
Axfood AB |
1,363 | 37 | ||||||||||
Cloetta AB ‘B’ |
15,743 | 32 | ||||||||||
Essity AB ‘B’ |
7,249 | 190 | ||||||||||
|
|
|||||||||||
292 | ||||||||||||
|
|
|||||||||||
ENERGY 0.1% |
| |||||||||||
Orron Energy ab |
32,738 | 71 | ||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
FINANCIALS 0.3% |
| |||||||||||
EQT AB |
1,221 | $ | 26 | |||||||||
Skandinaviska Enskilda Banken AB ‘A’ |
3,637 | 42 | ||||||||||
Svenska Handelsbanken AB ‘A’ |
10,821 | 109 | ||||||||||
Swedbank AB ‘A’ |
7,923 | 135 | ||||||||||
|
|
|||||||||||
312 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.7% |
| |||||||||||
Assa Abloy AB ‘B’ |
1,969 | 42 | ||||||||||
Atlas Copco AB ‘A’ |
14,430 | 171 | ||||||||||
Epiroc AB |
4,077 | 74 | ||||||||||
Indutrade AB |
1,763 | 36 | ||||||||||
Sandvik AB |
4,089 | 74 | ||||||||||
SKF AB ‘B’ |
3,297 | 51 | ||||||||||
Volvo AB ‘B’ |
16,238 | 293 | ||||||||||
|
|
|||||||||||
741 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 0.0% |
| |||||||||||
Telefonaktiebolaget LM Ericsson ‘B’ |
8,030 | 47 | ||||||||||
|
|
|||||||||||
MATERIALS 0.2% |
| |||||||||||
Boliden AB |
1,886 | 71 | ||||||||||
Hexpol AB |
2,034 | 22 | ||||||||||
SSAB AB ‘A’ |
29,744 | 163 | ||||||||||
Svenska Cellulosa AB SCA. ‘B’ |
904 | 11 | ||||||||||
|
|
|||||||||||
267 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.1% |
| |||||||||||
Atrium Ljungberg AB ‘B’ |
2,208 | 36 | ||||||||||
Hufvudstaden AB ‘A’ |
2,521 | 36 | ||||||||||
|
|
|||||||||||
72 | ||||||||||||
|
|
|||||||||||
Total Sweden |
2,363 | |||||||||||
|
|
|||||||||||
SWITZERLAND 6.9% |
| |||||||||||
COMMUNICATION SERVICES 0.2% |
| |||||||||||
Swisscom AG |
349 | 191 | ||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.3% |
| |||||||||||
Cie Financiere Richemont SA |
1,498 | 194 | ||||||||||
Forbo Holding AG |
20 | 24 | ||||||||||
Garmin Ltd. |
793 | 73 | ||||||||||
|
|
|||||||||||
291 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 1.1% |
| |||||||||||
Aryzta AG (a) |
32,655 | 39 | ||||||||||
Barry Callebaut AG |
23 | 45 | ||||||||||
Chocoladefabriken Lindt & Spruengli AG |
8 | 82 | ||||||||||
Emmi AG |
28 | 24 | ||||||||||
Nestle SA |
8,840 | 1,021 | ||||||||||
|
|
|||||||||||
1,211 | ||||||||||||
|
|
|||||||||||
FINANCIALS 1.6% |
| |||||||||||
Banque Cantonale Vaudoise |
512 | 49 | ||||||||||
Cembra Money Bank AG |
538 | 45 | ||||||||||
Partners Group Holding AG |
56 | 49 | ||||||||||
St Galler Kantonalbank AG |
63 | 33 | ||||||||||
Swiss Life Holding AG |
270 | 139 | ||||||||||
Swiss Re AG |
2,674 | 250 | ||||||||||
UBS Group AG |
9,302 | 173 |
40 | PIMCO EQUITY SERIES | See Accompanying Notes |
December 31, 2022 | (Unaudited) |
SHARES | MARKET VALUE (000S) |
|||||||||||
Valiant Holding AG |
453 | $ | 49 | |||||||||
Zurich Insurance Group AG |
1,909 | 913 | ||||||||||
|
|
|||||||||||
1,700 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 1.1% |
| |||||||||||
Galenica AG |
719 | 59 | ||||||||||
Novartis AG |
4,130 | 374 | ||||||||||
Roche Holding AG |
2,307 | 725 | ||||||||||
Sonova Holding AG |
157 | 37 | ||||||||||
Straumann Holding AG |
328 | 37 | ||||||||||
|
|
|||||||||||
1,232 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.8% |
| |||||||||||
ABB Ltd. |
11,665 | 356 | ||||||||||
Adecco Group AG |
1,641 | 54 | ||||||||||
Bucher Industries AG |
83 | 35 | ||||||||||
DKSH Holding AG |
539 | 41 | ||||||||||
dormakaba Holding AG |
96 | 35 | ||||||||||
Flughafen Zurich AG (a) |
185 | 29 | ||||||||||
Geberit AG |
168 | 79 | ||||||||||
Georg Fischer AG |
520 | 32 | ||||||||||
Kuehne & Nagel International AG |
539 | 125 | ||||||||||
Schindler Holding AG |
351 | 66 | ||||||||||
SGS SA |
22 | 51 | ||||||||||
|
|
|||||||||||
903 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 0.1% |
| |||||||||||
Landis & Gyr Group AG |
600 | 42 | ||||||||||
Logitech International SA |
923 | 57 | ||||||||||
Temenos AG |
162 | 9 | ||||||||||
|
|
|||||||||||
108 | ||||||||||||
|
|
|||||||||||
MATERIALS 1.5% |
| |||||||||||
EMS-Chemie Holding AG |
43 | 29 | ||||||||||
Givaudan SA |
35 | 107 | ||||||||||
Glencore PLC |
181,542 | 1,211 | ||||||||||
Holcim AG |
862 | 45 | ||||||||||
SIG Group AG |
1,965 | 43 | ||||||||||
Sika AG |
588 | 141 | ||||||||||
|
|
|||||||||||
1,576 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.2% |
| |||||||||||
Allreal Holding AG |
196 | 32 | ||||||||||
PSP Swiss Property AG |
560 | 66 | ||||||||||
Swiss Prime Site AG |
1,045 | 90 | ||||||||||
|
|
|||||||||||
188 | ||||||||||||
|
|
|||||||||||
UTILITIES 0.0% |
| |||||||||||
BKW AG |
364 | 50 | ||||||||||
|
|
|||||||||||
Total Switzerland |
7,450 | |||||||||||
|
|
|||||||||||
UNITED KINGDOM 13.5% |
| |||||||||||
COMMUNICATION SERVICES 0.9% |
| |||||||||||
BT Group PLC |
141,320 | 191 | ||||||||||
Informa PLC |
2,791 | 21 | ||||||||||
Pearson PLC |
13,869 | 156 | ||||||||||
Vodafone Group PLC |
591,224 | 599 | ||||||||||
|
|
|||||||||||
967 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.9% |
| |||||||||||
B&M European Value Retail SA |
6,839 | 34 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Barratt Developments PLC |
2,170 | $ | 10 | |||||||||
Berkeley Group Holdings PLC |
597 | 27 | ||||||||||
Burberry Group PLC |
2,193 | 53 | ||||||||||
Compass Group PLC |
11,613 | 268 | ||||||||||
Frasers Group PLC (a) |
4,123 | 35 | ||||||||||
Greggs PLC |
1,591 | 45 | ||||||||||
Halfords Group PLC |
7,263 | 18 | ||||||||||
Inchcape PLC |
3,799 | 38 | ||||||||||
InterContinental Hotels Group PLC |
576 | 33 | ||||||||||
Kingfisher PLC |
72,480 | 206 | ||||||||||
Mitchells & Butlers PLC (a) |
11,448 | 19 | ||||||||||
Next PLC |
1,037 | 73 | ||||||||||
Persimmon PLC |
5,264 | 77 | ||||||||||
Pets at Home Group PLC |
6,108 | 21 | ||||||||||
Taylor Wimpey PLC |
18,604 | 23 | ||||||||||
|
|
|||||||||||
980 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 2.6% |
| |||||||||||
Associated British Foods PLC |
3,804 | 72 | ||||||||||
British American Tobacco PLC |
10,012 | 396 | ||||||||||
Cranswick PLC |
710 | 26 | ||||||||||
Diageo PLC |
8,871 | 388 | ||||||||||
Imperial Brands PLC |
20,295 | 506 | ||||||||||
J Sainsbury PLC |
47,104 | 124 | ||||||||||
Marks & Spencer Group PLC (a) |
42,583 | 63 | ||||||||||
Premier Foods PLC |
24,163 | 32 | ||||||||||
Reckitt Benckiser Group PLC |
4,605 | 319 | ||||||||||
Tate & Lyle PLC |
5,770 | 49 | ||||||||||
Tesco PLC |
103,820 | 280 | ||||||||||
Unilever PLC |
11,257 | 568 | ||||||||||
|
|
|||||||||||
2,823 | ||||||||||||
|
|
|||||||||||
ENERGY 2.3% |
| |||||||||||
BP PLC |
252,550 | 1,457 | ||||||||||
Shell PLC |
32,103 | 905 | ||||||||||
Subsea 7 SA |
8,544 | 99 | ||||||||||
|
|
|||||||||||
2,461 | ||||||||||||
|
|
|||||||||||
FINANCIALS 0.9% |
| |||||||||||
3i Group PLC |
3,883 | 63 | ||||||||||
Admiral Group PLC |
1,965 | 50 | ||||||||||
Aviva PLC |
6,864 | 36 | ||||||||||
Direct Line Insurance Group PLC |
31,758 | 85 | ||||||||||
IG Group Holdings PLC |
4,167 | 39 | ||||||||||
London Stock Exchange Group PLC |
1,139 | 98 | ||||||||||
M&G PLC |
59,862 | 135 | ||||||||||
Man Group PLC |
16,897 | 44 | ||||||||||
NatWest Group PLC |
36,477 | 116 | ||||||||||
Provident Financial PLC |
8,209 | 19 | ||||||||||
Schroders PLC |
4,752 | 25 | ||||||||||
Standard Chartered PLC |
23,337 | 174 | ||||||||||
Standard Life Aberdeen PLC |
30,143 | 69 | ||||||||||
|
|
|||||||||||
953 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 2.0% |
| |||||||||||
AstraZeneca PLC |
11,851 | 1,604 | ||||||||||
ConvaTec Group PLC |
12,675 | 35 | ||||||||||
GSK PLC |
25,748 | 445 | ||||||||||
Indivior PLC (a) |
2,537 | 57 | ||||||||||
Smith & Nephew PLC |
3,578 | 48 | ||||||||||
|
|
|||||||||||
2,189 | ||||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
INDUSTRIALS 1.8% |
| |||||||||||
Ashtead Group PLC |
1,836 | $ | 104 | |||||||||
BAE Systems PLC |
45,437 | 469 | ||||||||||
Balfour Beatty PLC |
9,995 | 41 | ||||||||||
Bunzl PLC |
2,045 | 68 | ||||||||||
CNH Industrial NV |
7,894 | 127 | ||||||||||
Diploma PLC |
1,137 | 38 | ||||||||||
easyJet PLC (a) |
2,429 | 10 | ||||||||||
Ferguson PLC |
895 | 112 | ||||||||||
Firstgroup PLC |
30,469 | 37 | ||||||||||
Howden Joinery Group PLC |
5,802 | 39 | ||||||||||
IMI PLC |
2,591 | 41 | ||||||||||
International Consolidated Airlines Group SA |
92,008 | 137 | ||||||||||
International Distributions Services PLC |
27,095 | 70 | ||||||||||
Morgan Sindall Group PLC |
1,289 | 24 | ||||||||||
Pagegroup PLC |
4,727 | 26 | ||||||||||
RELX PLC |
12,853 | 355 | ||||||||||
Rentokil Initial PLC |
9,143 | 56 | ||||||||||
RS GROUP PLC |
4,019 | 43 | ||||||||||
Spirax-Sarco Engineering PLC |
464 | 59 | ||||||||||
Travis Perkins PLC |
2,473 | 27 | ||||||||||
|
|
|||||||||||
1,883 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 0.1% |
| |||||||||||
Computacenter PLC |
1,047 | 24 | ||||||||||
Micro Focus International PLC |
13,529 | 87 | ||||||||||
|
|
|||||||||||
111 | ||||||||||||
|
|
|||||||||||
MATERIALS 1.2% |
| |||||||||||
Anglo American PLC |
7,363 | 288 | ||||||||||
Croda International PLC |
706 | 56 | ||||||||||
Johnson Matthey PLC |
3,208 | 82 | ||||||||||
Mondi PLC |
2,133 | 36 | ||||||||||
Rio Tinto PLC |
11,940 | 841 | ||||||||||
|
|
|||||||||||
1,303 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.0% |
| |||||||||||
Grainger PLC |
6,328 | 19 | ||||||||||
Savills PLC |
2,171 | 22 | ||||||||||
|
|
|||||||||||
41 | ||||||||||||
|
|
|||||||||||
UTILITIES 0.8% |
| |||||||||||
Centrica PLC |
170,001 | 198 | ||||||||||
Drax Group PLC |
8,501 | 72 | ||||||||||
National Grid PLC |
28,212 | 338 | ||||||||||
Severn Trent PLC |
1,210 | 39 | ||||||||||
SSE PLC |
7,170 | 147 | ||||||||||
United Utilities Group PLC |
7,526 | 90 | ||||||||||
|
|
|||||||||||
884 | ||||||||||||
|
|
|||||||||||
Total United Kingdom |
14,595 | |||||||||||
|
|
|||||||||||
UNITED STATES 0.0% |
| |||||||||||
CONSUMER DISCRETIONARY 0.0% |
| |||||||||||
Carnival PLC (a) |
1,491 | 10 | ||||||||||
|
|
|||||||||||
Total United States |
10 | |||||||||||
|
|
|||||||||||
Total Common Stocks (Cost $101,004) |
104,556 | |||||||||||
|
|
|||||||||||
See Accompanying Notes | SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 41 |
Schedule of Investments | PIMCO RAFI Dynamic Multi-Factor International Equity ETF | (Cont.) |
SHARES | MARKET VALUE (000S) |
|||||||||||
PREFERRED STOCKS 0.8% |
| |||||||||||
GERMANY 0.8% |
| |||||||||||
INDUSTRIALS 0.8% |
| |||||||||||
Fuchs Petrolub SE |
2,519 | $ | 88 | |||||||||
Henkel AG & Co. KGaA |
2,312 | 160 | ||||||||||
Sartorius AG |
70 | 28 | ||||||||||
Schaeffler AG |
4,668 | 31 | ||||||||||
Volkswagen AG |
4,586 | 569 | ||||||||||
|
|
|||||||||||
876 | ||||||||||||
|
|
|||||||||||
Total Preferred Stocks (Cost $1,137) |
876 | |||||||||||
|
|
|||||||||||
REAL ESTATE INVESTMENT TRUSTS 1.6% |
| |||||||||||
AUSTRALIA 0.1% |
| |||||||||||
REAL ESTATE 0.1% |
| |||||||||||
GPT Group |
10,924 | 31 | ||||||||||
Stockland |
12,667 | 31 | ||||||||||
Vicinity Ltd. |
18,149 | 25 | ||||||||||
|
|
|||||||||||
87 | ||||||||||||
|
|
|||||||||||
Total Australia |
87 | |||||||||||
|
|
|||||||||||
BELGIUM 0.1% |
| |||||||||||
REAL ESTATE 0.1% |
| |||||||||||
Cofinimmo SA |
234 | 21 | ||||||||||
Retail Estates REIT |
439 | 29 | ||||||||||
Warehouses De Pauw CVA |
1,043 | 30 | ||||||||||
|
|
|||||||||||
80 | ||||||||||||
|
|
|||||||||||
Total Belgium |
80 | |||||||||||
|
|
|||||||||||
CANADA 0.1% |
| |||||||||||
REAL ESTATE 0.1% |
| |||||||||||
Allied Properties Real Estate Investment Trust |
1,050 | 20 | ||||||||||
Canadian Apartment Properties REIT |
890 | 28 | ||||||||||
Dream Office Real Estate Investment Trust |
1,609 | 17 | ||||||||||
Granite Real Estate Investment Trust |
645 | 33 | ||||||||||
|
|
|||||||||||
98 | ||||||||||||
|
|
|||||||||||
Total Canada |
98 | |||||||||||
|
|
|||||||||||
FRANCE 0.1% |
| |||||||||||
REAL ESTATE 0.1% |
| |||||||||||
Klepierre SA |
1,698 | 39 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Unibail-Rodamco-Westfield (a) |
894 | $ | 47 | |||||||||
|
|
|||||||||||
86 | ||||||||||||
|
|
|||||||||||
Total France |
86 | |||||||||||
|
|
|||||||||||
HONG KONG 0.1% |
| |||||||||||
REAL ESTATE 0.1% |
| |||||||||||
Fortune REIT |
33,000 | 27 | ||||||||||
Link REIT |
8,900 | 65 | ||||||||||
|
|
|||||||||||
92 | ||||||||||||
|
|
|||||||||||
Total Hong Kong |
92 | |||||||||||
|
|
|||||||||||
JAPAN 0.9% |
| |||||||||||
REAL ESTATE 0.9% |
| |||||||||||
Activia Properties, Inc. |
7 | 22 | ||||||||||
Advance Residence Investment Corp. |
16 | 41 | ||||||||||
AEON REIT Investment Corp. |
30 | 35 | ||||||||||
Daiwa House REIT Investment Corp. |
15 | 33 | ||||||||||
Daiwa Office Investment Corp. |
2 | 10 | ||||||||||
Daiwa Securities Living Investments Corp. |
47 | 41 | ||||||||||
Frontier Real Estate Investment Corp. |
2 | 8 | ||||||||||
Fukuoka REIT Corp. |
22 | 29 | ||||||||||
GLP J-Reit |
28 | 32 | ||||||||||
Hulic Reit, Inc. |
22 | 27 | ||||||||||
Industrial & Infrastructure Fund Investment Corp. |
22 | 25 | ||||||||||
Invincible Investment Corp. |
109 | 42 | ||||||||||
Japan Excellent, Inc. |
29 | 29 | ||||||||||
Japan Hotel REIT Investment Corp. |
138 | 81 | ||||||||||
Japan Logistics Fund, Inc. |
16 | 38 | ||||||||||
Japan Metropolitan Fund Invest |
64 | 51 | ||||||||||
Japan Prime Realty Investment Corp. |
8 | 23 | ||||||||||
Japan Real Estate Investment Corp. |
7 | 31 | ||||||||||
Kenedix Office Investment Corp. |
11 | 27 | ||||||||||
Mori Hills REIT Investment Corp. |
23 | 28 | ||||||||||
Mori Trust Sogo Reit, Inc. |
29 | 32 | ||||||||||
Nippon Accommodations Fund, Inc. |
3 | 14 | ||||||||||
Nippon Building Fund, Inc. |
9 | 40 | ||||||||||
Nippon Prologis REIT, Inc. |
15 | 35 | ||||||||||
Nomura Real Estate Master Fund, Inc. |
30 | 37 | ||||||||||
NTT UD REIT Investment Corp. |
34 | 36 | ||||||||||
Orix JREIT, Inc. |
27 | 38 | ||||||||||
Sekisui House Reit, Inc. |
56 | 32 | ||||||||||
United Urban Investment Corp. |
33 | 38 | ||||||||||
|
|
|||||||||||
955 | ||||||||||||
|
|
|||||||||||
Total Japan |
955 | |||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
SINGAPORE 0.1% |
| |||||||||||
REAL ESTATE 0.1% |
| |||||||||||
CapitaLand Ascendas REIT |
25,900 | $ | 53 | |||||||||
CapitaLand Integrated Commercial Trust |
21,300 | 32 | ||||||||||
Keppel DC REIT |
20,900 | 28 | ||||||||||
Mapletree Industrial Trust |
18,835 | 31 | ||||||||||
|
|
|||||||||||
144 | ||||||||||||
|
|
|||||||||||
Total Singapore |
144 | |||||||||||
|
|
|||||||||||
SPAIN 0.0% |
| |||||||||||
REAL ESTATE 0.0% |
| |||||||||||
Inmobiliaria Colonial Socimi SA |
2,164 | 14 | ||||||||||
|
|
|||||||||||
Total Spain |
14 | |||||||||||
|
|
|||||||||||
UNITED KINGDOM 0.1% |
| |||||||||||
REAL ESTATE 0.1% |
| |||||||||||
Assura PLC |
23,889 | 16 | ||||||||||
Big Yellow Group PLC |
1,857 | 26 | ||||||||||
Great Portland Estates PLC |
3,166 | 19 | ||||||||||
LondonMetric Property PLC |
11,622 | 24 | ||||||||||
Segro PLC |
5,025 | 46 | ||||||||||
Tritax Big Box REIT PLC |
23,830 | 40 | ||||||||||
|
|
|||||||||||
171 | ||||||||||||
|
|
|||||||||||
Total United Kingdom |
171 | |||||||||||
|
|
|||||||||||
Total Real Estate Investment Trusts |
1,727 | |||||||||||
|
|
|||||||||||
SHORT-TERM INSTRUMENTS 0.3% |
| |||||||||||
REPURCHASE AGREEMENTS (b) 0.3% |
| |||||||||||
320 | ||||||||||||
|
|
|||||||||||
Total Short-Term Instruments (Cost $320) |
320 | |||||||||||
|
|
|||||||||||
Total Investments in Securities (Cost $104,448) |
107,479 | |||||||||||
Total Investments 99.7% (Cost $104,448) |
|
$ | 107,479 | |||||||||
Financial Derivative Instruments (c)
0.0% (Cost or Premiums, net $0) |
0 | |||||||||||
Other Assets and Liabilities, net 0.3% | 331 | |||||||||||
|
|
|||||||||||
Net Assets 100.0% |
|
$ | 107,810 | |||||||||
|
|
NOTES TO SCHEDULE OF INVESTMENTS:
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
« |
Security valued using significant unobservable inputs (Level 3). |
(a) |
Security did not produce income within the last twelve months. |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(b) REPURCHASE AGREEMENTS:
Counterparty | Lending Rate |
Settlement Date |
Maturity Date |
Principal Amount |
Collateralized By | Collateral (Received) |
Repurchase Agreements, at Value |
Repurchase Agreement Proceeds to be Received(1) |
||||||||||||||||||||||
FICC | 1.900 | % | 12/30/2022 | 01/03/2023 | $ | 320 | U.S. Treasury Bills 0.000% due 12/28/2023 | $ | (327 | ) | $ | 320 | $ | 320 | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||
Total Repurchase Agreements |
|
$ | (327 | ) | $ | 320 | $ | 320 | ||||||||||||||||||||||
|
|
|
|
|
|
42 | PIMCO EQUITY SERIES | See Accompanying Notes |
December 31, 2022 | (Unaudited) |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:
Counterparty | Repurchase Agreement Proceeds to be Received(1) |
Payable for Reverse Repurchase Agreements |
Payable for Sale-Buyback Transactions |
Total Borrowings and Other Financing Transactions |
Collateral Pledged/(Received) |
Net Exposure(2) | ||||||||||||||||||
Global/Master Repurchase Agreement |
| |||||||||||||||||||||||
FICC |
$ | 320 | $ | 0 | $ | 0 | $ | 320 | $ | (327 | ) | $ | (7 | ) | ||||||||||
|
|
|
|
|
|
|||||||||||||||||||
Total Borrowings and Other Financing Transactions |
$ | 320 | $ | 0 | $ | 0 | ||||||||||||||||||
|
|
|
|
|
|
(1) |
Includes accrued interest. |
(2) |
Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
(c) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty |
Settlement |
Currency to |
Currency to be Received |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||
Asset | Liability | |||||||||||||||||||||||
MBC |
01/2023 | CAD | 46 | $ | 34 | $ | 0 | $ | 0 | |||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total Forward Foreign Currency Contracts |
|
$ | 0 | $ | 0 | |||||||||||||||||||
|
|
|
|
FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:
Derivatives not accounted for as hedging instruments | ||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Total | |||||||||||||||||||
Net Realized Gain (Loss) on Financial Derivative Instruments |
||||||||||||||||||||||||
Over the counter |
||||||||||||||||||||||||
Forward Foreign Currency Contracts |
$ | 0 | $ | 0 | $ | 0 | $ | 4 | $ | 0 | $ | 4 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2022 |
||||||||||||
Investments in Securities, at Value |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Australia |
| |||||||||||||||
Communication Services |
$ | 0 | $ | 91 | $ | 0 | $ | 91 | ||||||||
Consumer Discretionary |
0 | 493 | 0 | 493 | ||||||||||||
Consumer Staples |
0 | 574 | 0 | 574 | ||||||||||||
Energy |
0 | 605 | 0 | 605 | ||||||||||||
Financials |
0 | 962 | 0 | 962 | ||||||||||||
Health Care |
0 | 185 | 0 | 185 | ||||||||||||
Industrials |
0 | 383 | 0 | 383 | ||||||||||||
Information Technology |
0 | 58 | 0 | 58 | ||||||||||||
Materials |
0 | 1,604 | 0 | 1,604 | ||||||||||||
Real Estate |
0 | 36 | 0 | 36 | ||||||||||||
Utilities |
0 | 342 | 0 | 342 | ||||||||||||
Austria |
| |||||||||||||||
Energy |
0 | 95 | 0 | 95 | ||||||||||||
Financials |
0 | 33 | 0 | 33 | ||||||||||||
Industrials |
0 | 42 | 0 | 42 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2022 |
||||||||||||
Materials |
$ | 0 | $ | 71 | $ | 0 | $ | 71 | ||||||||
Real Estate |
0 | 42 | 0 | 42 | ||||||||||||
Utilities |
0 | 30 | 0 | 30 | ||||||||||||
Belgium |
| |||||||||||||||
Communication Services |
0 | 34 | 0 | 34 | ||||||||||||
Consumer Discretionary |
0 | 22 | 0 | 22 | ||||||||||||
Consumer Staples |
0 | 149 | 0 | 149 | ||||||||||||
Energy |
0 | 18 | 0 | 18 | ||||||||||||
Financials |
0 | 69 | 0 | 69 | ||||||||||||
Health Care |
0 | 75 | 0 | 75 | ||||||||||||
Industrials |
0 | 34 | 0 | 34 | ||||||||||||
Information Technology |
0 | 41 | 0 | 41 | ||||||||||||
Materials |
0 | 34 | 0 | 34 | ||||||||||||
Canada |
| |||||||||||||||
Communication Services |
550 | 0 | 0 | 550 | ||||||||||||
Consumer Discretionary |
764 | 0 | 0 | 764 | ||||||||||||
Consumer Staples |
788 | 0 | 0 | 788 | ||||||||||||
Energy |
1,903 | 0 | 0 | 1,903 |
See Accompanying Notes | SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 43 |
Schedule of Investments | PIMCO RAFI Dynamic Multi-Factor International Equity ETF | (Cont.) |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2022 |
||||||||||||
Financials |
$ | 646 | $ | 0 | $ | 0 | $ | 646 | ||||||||
Industrials |
898 | 0 | 0 | 898 | ||||||||||||
Information Technology |
275 | 0 | 0 | 275 | ||||||||||||
Materials |
1,061 | 0 | 0 | 1,061 | ||||||||||||
Real Estate |
75 | 0 | 0 | 75 | ||||||||||||
Utilities |
435 | 0 | 0 | 435 | ||||||||||||
Chile |
| |||||||||||||||
Materials |
0 | 58 | 0 | 58 | ||||||||||||
Denmark |
| |||||||||||||||
Consumer Discretionary |
0 | 28 | 0 | 28 | ||||||||||||
Consumer Staples |
0 | 153 | 0 | 153 | ||||||||||||
Financials |
0 | 129 | 0 | 129 | ||||||||||||
Health Care |
0 | 1,517 | 0 | 1,517 | ||||||||||||
Industrials |
0 | 602 | 0 | 602 | ||||||||||||
Materials |
0 | 115 | 0 | 115 | ||||||||||||
Utilities |
0 | 61 | 0 | 61 | ||||||||||||
Finland |
| |||||||||||||||
Communication Services |
0 | 71 | 0 | 71 | ||||||||||||
Consumer Staples |
0 | 116 | 0 | 116 | ||||||||||||
Energy |
0 | 139 | 0 | 139 | ||||||||||||
Financials |
0 | 330 | 0 | 330 | ||||||||||||
Health Care |
0 | 80 | 0 | 80 | ||||||||||||
Industrials |
0 | 130 | 0 | 130 | ||||||||||||
Information Technology |
0 | 87 | 0 | 87 | ||||||||||||
Materials |
0 | 242 | 0 | 242 | ||||||||||||
Real Estate |
0 | 64 | 0 | 64 | ||||||||||||
Utilities |
0 | 62 | 0 | 62 | ||||||||||||
France |
| |||||||||||||||
Communication Services |
0 | 895 | 0 | 895 | ||||||||||||
Consumer Discretionary |
0 | 1,412 | 0 | 1,412 | ||||||||||||
Consumer Staples |
0 | 782 | 0 | 782 | ||||||||||||
Energy |
0 | 768 | 0 | 768 | ||||||||||||
Financials |
0 | 953 | 0 | 953 | ||||||||||||
Health Care |
0 | 651 | 0 | 651 | ||||||||||||
Industrials |
0 | 1,729 | 0 | 1,729 | ||||||||||||
Information Technology |
0 | 61 | 0 | 61 | ||||||||||||
Materials |
0 | 200 | 0 | 200 | ||||||||||||
Utilities |
0 | 948 | 0 | 948 | ||||||||||||
Germany |
| |||||||||||||||
Communication Services |
0 | 328 | 0 | 328 | ||||||||||||
Consumer Discretionary |
0 | 1,721 | 0 | 1,721 | ||||||||||||
Consumer Staples |
0 | 166 | 0 | 166 | ||||||||||||
Financials |
0 | 1,204 | 0 | 1,204 | ||||||||||||
Health Care |
0 | 356 | 0 | 356 | ||||||||||||
Industrials |
0 | 675 | 0 | 675 | ||||||||||||
Information Technology |
0 | 218 | 0 | 218 | ||||||||||||
Materials |
0 | 528 | 0 | 528 | ||||||||||||
Real Estate |
0 | 108 | 0 | 108 | ||||||||||||
Utilities |
0 | 296 | 0 | 296 | ||||||||||||
Hong Kong |
| |||||||||||||||
Communication Services |
0 | 137 | 0 | 137 | ||||||||||||
Consumer Discretionary |
15 | 178 | 0 | 193 | ||||||||||||
Consumer Staples |
0 | 37 | 0 | 37 | ||||||||||||
Financials |
0 | 264 | 0 | 264 | ||||||||||||
Industrials |
0 | 524 | 0 | 524 | ||||||||||||
Information Technology |
0 | 76 | 0 | 76 | ||||||||||||
Real Estate |
0 | 580 | 0 | 580 | ||||||||||||
Utilities |
0 | 172 | 0 | 172 | ||||||||||||
Ireland |
| |||||||||||||||
Consumer Discretionary |
0 | 30 | 0 | 30 | ||||||||||||
Consumer Staples |
0 | 131 | 0 | 131 | ||||||||||||
Financials |
0 | 64 | 0 | 64 | ||||||||||||
Health Care |
502 | 0 | 0 | 502 | ||||||||||||
Industrials |
99 | 167 | 0 | 266 | ||||||||||||
Materials |
0 | 113 | 0 | 113 | ||||||||||||
Israel |
| |||||||||||||||
Communication Services |
0 | 84 | 0 | 84 | ||||||||||||
Consumer Staples |
0 | 30 | 0 | 30 | ||||||||||||
Energy |
0 | 140 | 0 | 140 | ||||||||||||
Financials |
0 | 349 | 0 | 349 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2022 |
||||||||||||
Health Care |
$ | 63 | $ | 0 | $ | 0 | $ | 63 | ||||||||
Industrials |
0 | 33 | 0 | 33 | ||||||||||||
Information Technology |
108 | 32 | 0 | 140 | ||||||||||||
Materials |
0 | 110 | 0 | 110 | ||||||||||||
Real Estate |
0 | 28 | 0 | 28 | ||||||||||||
Italy |
| |||||||||||||||
Communication Services |
0 | 229 | 0 | 229 | ||||||||||||
Consumer Discretionary |
0 | 147 | 0 | 147 | ||||||||||||
Consumer Staples |
0 | 21 | 0 | 21 | ||||||||||||
Energy |
0 | 984 | 0 | 984 | ||||||||||||
Financials |
0 | 731 | 0 | 731 | ||||||||||||
Health Care |
0 | 136 | 0 | 136 | ||||||||||||
Industrials |
0 | 111 | 0 | 111 | ||||||||||||
Utilities |
0 | 561 | 0 | 561 | ||||||||||||
Japan |
| |||||||||||||||
Communication Services |
0 | 2,620 | 0 | 2,620 | ||||||||||||
Consumer Discretionary |
0 | 4,586 | 0 | 4,586 | ||||||||||||
Consumer Staples |
0 | 3,007 | 0 | 3,007 | ||||||||||||
Energy |
0 | 939 | 0 | 939 | ||||||||||||
Financials |
0 | 2,085 | 0 | 2,085 | ||||||||||||
Health Care |
0 | 1,964 | 0 | 1,964 | ||||||||||||
Industrials |
0 | 6,661 | 0 | 6,661 | ||||||||||||
Information Technology |
0 | 2,261 | 0 | 2,261 | ||||||||||||
Materials |
0 | 1,997 | 0 | 1,997 | ||||||||||||
Real Estate |
0 | 138 | 0 | 138 | ||||||||||||
Utilities |
0 | 1,332 | 0 | 1,332 | ||||||||||||
Luxembourg |
| |||||||||||||||
Communication Services |
0 | 120 | 0 | 120 | ||||||||||||
Materials |
0 | 538 | 0 | 538 | ||||||||||||
Macau |
| |||||||||||||||
Consumer Discretionary |
0 | 15 | 0 | 15 | ||||||||||||
Netherlands |
| |||||||||||||||
Communication Services |
0 | 220 | 0 | 220 | ||||||||||||
Consumer Discretionary |
0 | 398 | 0 | 398 | ||||||||||||
Consumer Staples |
0 | 968 | 0 | 968 | ||||||||||||
Energy |
0 | 32 | 0 | 32 | ||||||||||||
Financials |
24 | 1,080 | 0 | 1,104 | ||||||||||||
Health Care |
61 | 0 | 0 | 61 | ||||||||||||
Industrials |
0 | 502 | 0 | 502 | ||||||||||||
Information Technology |
148 | 380 | 0 | 528 | ||||||||||||
Materials |
0 | 424 | 0 | 424 | ||||||||||||
New Zealand |
| |||||||||||||||
Communication Services |
0 | 59 | 0 | 59 | ||||||||||||
Health Care |
0 | 38 | 0 | 38 | ||||||||||||
Industrials |
0 | 69 | 0 | 69 | ||||||||||||
Real Estate |
0 | 30 | 0 | 30 | ||||||||||||
Utilities |
0 | 65 | 0 | 65 | ||||||||||||
Norway |
| |||||||||||||||
Communication Services |
0 | 122 | 0 | 122 | ||||||||||||
Consumer Staples |
0 | 183 | 0 | 183 | ||||||||||||
Energy |
11 | 1,115 | 0 | 1,126 | ||||||||||||
Financials |
0 | 70 | 0 | 70 | ||||||||||||
Industrials |
0 | 68 | 0 | 68 | ||||||||||||
Information Technology |
0 | 86 | 0 | 86 | ||||||||||||
Materials |
0 | 375 | 0 | 375 | ||||||||||||
Real Estate |
0 | 24 | 0 | 24 | ||||||||||||
Portugal |
| |||||||||||||||
Consumer Staples |
0 | 62 | 0 | 62 | ||||||||||||
Energy |
0 | 24 | 0 | 24 | ||||||||||||
Utilities |
0 | 431 | 0 | 431 | ||||||||||||
Singapore |
| |||||||||||||||
Communication Services |
0 | 251 | 0 | 251 | ||||||||||||
Consumer Staples |
0 | 206 | 0 | 206 | ||||||||||||
Energy |
0 | 44 | 0 | 44 | ||||||||||||
Financials |
0 | 607 | 0 | 607 | ||||||||||||
Industrials |
0 | 389 | 0 | 389 | ||||||||||||
Information Technology |
0 | 36 | 0 | 36 | ||||||||||||
Utilities |
0 | 94 | 0 | 94 | ||||||||||||
South Africa |
| |||||||||||||||
Health Care |
0 | 33 | 0 | 33 |
44 | PIMCO EQUITY SERIES | See Accompanying Notes |
December 31, 2022 | (Unaudited) |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2022 |
||||||||||||
Spain |
| |||||||||||||||
Communication Services |
$ | 0 | $ | 603 | $ | 0 | $ | 603 | ||||||||
Consumer Discretionary |
0 | 129 | 0 | 129 | ||||||||||||
Consumer Staples |
0 | 55 | 0 | 55 | ||||||||||||
Energy |
0 | 808 | 0 | 808 | ||||||||||||
Financials |
0 | 1,521 | 0 | 1,521 | ||||||||||||
Health Care |
0 | 29 | 0 | 29 | ||||||||||||
Industrials |
0 | 193 | 0 | 193 | ||||||||||||
Information Technology |
0 | 52 | 0 | 52 | ||||||||||||
Materials |
0 | 41 | 0 | 41 | ||||||||||||
Utilities |
0 | 1,229 | 0 | 1,229 | ||||||||||||
Sweden |
| |||||||||||||||
Communication Services |
0 | 272 | 0 | 272 | ||||||||||||
Consumer Discretionary |
45 | 244 | 0 | 289 | ||||||||||||
Consumer Staples |
0 | 292 | 0 | 292 | ||||||||||||
Energy |
0 | 71 | 0 | 71 | ||||||||||||
Financials |
0 | 312 | 0 | 312 | ||||||||||||
Industrials |
0 | 741 | 0 | 741 | ||||||||||||
Information Technology |
0 | 47 | 0 | 47 | ||||||||||||
Materials |
0 | 267 | 0 | 267 | ||||||||||||
Real Estate |
0 | 72 | 0 | 72 | ||||||||||||
Switzerland |
| |||||||||||||||
Communication Services |
0 | 191 | 0 | 191 | ||||||||||||
Consumer Discretionary |
73 | 218 | 0 | 291 | ||||||||||||
Consumer Staples |
0 | 1,211 | 0 | 1,211 | ||||||||||||
Financials |
0 | 1,700 | 0 | 1,700 | ||||||||||||
Health Care |
0 | 1,232 | 0 | 1,232 | ||||||||||||
Industrials |
0 | 903 | 0 | 903 | ||||||||||||
Information Technology |
0 | 108 | 0 | 108 | ||||||||||||
Materials |
0 | 1,576 | 0 | 1,576 | ||||||||||||
Real Estate |
0 | 188 | 0 | 188 | ||||||||||||
Utilities |
0 | 50 | 0 | 50 | ||||||||||||
United Kingdom |
| |||||||||||||||
Communication Services |
0 | 967 | 0 | 967 | ||||||||||||
Consumer Discretionary |
39 | 941 | 0 | 980 | ||||||||||||
Consumer Staples |
58 | 2,765 | 0 | 2,823 | ||||||||||||
Energy |
0 | 2,461 | 0 | 2,461 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2022 |
||||||||||||
Financials |
$ | 19 | $ | 934 | $ | 0 | $ | 953 | ||||||||
Health Care |
0 | 2,189 | 0 | 2,189 | ||||||||||||
Industrials |
41 | 1,842 | 0 | 1,883 | ||||||||||||
Information Technology |
0 | 111 | 0 | 111 | ||||||||||||
Materials |
0 | 1,303 | 0 | 1,303 | ||||||||||||
Real Estate |
19 | 22 | 0 | 41 | ||||||||||||
Utilities |
0 | 884 | 0 | 884 | ||||||||||||
United States |
| |||||||||||||||
Consumer Discretionary |
0 | 10 | 0 | 10 | ||||||||||||
Preferred Stocks |
| |||||||||||||||
Germany |
| |||||||||||||||
Industrials |
0 | 876 | 0 | 876 | ||||||||||||
Real Estate Investment Trusts |
| |||||||||||||||
Australia |
| |||||||||||||||
Real Estate |
0 | 87 | 0 | 87 | ||||||||||||
Belgium |
| |||||||||||||||
Real Estate |
0 | 80 | 0 | 80 | ||||||||||||
Canada |
| |||||||||||||||
Real Estate |
98 | 0 | 0 | 98 | ||||||||||||
France |
| |||||||||||||||
Real Estate |
0 | 86 | 0 | 86 | ||||||||||||
Hong Kong |
| |||||||||||||||
Real Estate |
0 | 92 | 0 | 92 | ||||||||||||
Japan |
| |||||||||||||||
Real Estate |
0 | 955 | 0 | 955 | ||||||||||||
Singapore |
| |||||||||||||||
Real Estate |
0 | 144 | 0 | 144 | ||||||||||||
Spain |
| |||||||||||||||
Real Estate |
0 | 14 | 0 | 14 | ||||||||||||
United Kingdom |
| |||||||||||||||
Real Estate |
16 | 155 | 0 | 171 | ||||||||||||
Short-Term Instruments |
| |||||||||||||||
Repurchase Agreements |
0 | 320 | 0 | 320 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 8,834 | $ | 98,645 | $ | 0 | $ | 107,479 | ||||||||
|
|
|
|
|
|
|
|
There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.
See Accompanying Notes | SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 45 |
Schedule of Investments | PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
SHARES | MARKET VALUE (000S) |
|||||||||||
INVESTMENTS IN SECURITIES 100.3% |
| |||||||||||
COMMON STOCKS 97.1% |
| |||||||||||
IRELAND 0.1% |
| |||||||||||
INFORMATION TECHNOLOGY 0.1% |
| |||||||||||
Accenture PLC ‘A’ |
523 | $ | 139 | |||||||||
|
|
|||||||||||
Total Ireland |
139 | |||||||||||
|
|
|||||||||||
SWITZERLAND 0.1% |
| |||||||||||
FINANCIALS 0.1% |
| |||||||||||
Chubb Ltd. |
371 | 82 | ||||||||||
|
|
|||||||||||
Total Switzerland |
82 | |||||||||||
|
|
|||||||||||
UNITED KINGDOM 0.5% |
| |||||||||||
COMMUNICATION SERVICES 0.1% |
| |||||||||||
Liberty Global PLC ‘C’ (a) |
7,138 | 139 | ||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.0% |
| |||||||||||
Nomad Foods Ltd. (a) |
26 | 0 | ||||||||||
|
|
|||||||||||
ENERGY 0.0% |
| |||||||||||
TechnipFMC PLC (a) |
3,600 | 44 | ||||||||||
|
|
|||||||||||
FINANCIALS 0.1% |
| |||||||||||
Willis Towers Watson PLC |
447 | 109 | ||||||||||
|
|
|||||||||||
INDUSTRIALS 0.1% |
| |||||||||||
Nvent Electric PLC |
293 | 11 | ||||||||||
Pentair PLC |
1,198 | 54 | ||||||||||
|
|
|||||||||||
65 | ||||||||||||
|
|
|||||||||||
MATERIALS 0.2% |
| |||||||||||
Amcor PLC |
4,300 | 51 | ||||||||||
Linde PLC |
461 | 151 | ||||||||||
|
|
|||||||||||
202 | ||||||||||||
|
|
|||||||||||
Total United Kingdom |
559 | |||||||||||
|
|
|||||||||||
UNITED STATES 96.4% |
| |||||||||||
COMMUNICATION SERVICES 4.8% |
| |||||||||||
Activision Blizzard, Inc. |
1,790 | 137 | ||||||||||
AMC Entertainment Holdings, Inc. ‘A’ (a) |
1,480 | 6 | ||||||||||
AMC Networks, Inc. ‘A’ (a) |
683 | 11 | ||||||||||
AT&T, Inc. |
122,899 | 2,263 | ||||||||||
Cable One, Inc. |
12 | 9 | ||||||||||
Charter Communications, Inc. ‘A’ (a) |
447 | 152 | ||||||||||
Cinemark Holdings, Inc. (a) |
1,319 | 11 | ||||||||||
Comcast Corp. ‘A’ |
16,438 | 575 | ||||||||||
Electronic Arts, Inc. |
1,291 | 158 | ||||||||||
Fox Corp. ‘A’ |
1,931 | 59 | ||||||||||
Interpublic Group of Cos., Inc. |
2,134 | 71 | ||||||||||
John Wiley & Sons, Inc. ‘A’ |
354 | 14 | ||||||||||
Liberty Broadband Corp. ‘C’ (a) |
218 | 17 | ||||||||||
Liberty Media Corp.-Liberty Formula One ‘C’ (a) |
387 | 23 | ||||||||||
Liberty Media Corp.-Liberty SiriusXM ‘C’ (a) |
3,327 | 130 | ||||||||||
Lumen Technologies, Inc. |
23,896 | 125 | ||||||||||
New York Times Co. ‘A’ |
333 | 11 | ||||||||||
News Corp. ‘A’ |
3,378 | 61 | ||||||||||
Nexstar Media Group, Inc. ‘A’ |
285 | 50 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Omnicom Group, Inc. |
1,642 | $ | 134 | |||||||||
Paramount Global |
5,409 | 91 | ||||||||||
Pinterest, Inc. ‘A’ (a) |
1,373 | 33 | ||||||||||
Scholastic Corp. |
260 | 10 | ||||||||||
T-Mobile U.S., Inc. (a) |
1,635 | 229 | ||||||||||
Take-Two Interactive Software, Inc. (a) |
238 | 25 | ||||||||||
TEGNA, Inc. |
3,027 | 64 | ||||||||||
Telephone & Data Systems, Inc. |
1,641 | 17 | ||||||||||
TripAdvisor, Inc. (a) |
634 | 11 | ||||||||||
Verizon Communications, Inc. |
23,188 | 914 | ||||||||||
Walt Disney Co. (a) |
1,346 | 117 | ||||||||||
Yelp, Inc. (a) |
524 | 14 | ||||||||||
Zillow Group, Inc. ‘C’ (a) |
544 | 17 | ||||||||||
|
|
|||||||||||
5,559 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 10.0% |
| |||||||||||
Abercrombie & Fitch Co. ‘A’ (a) |
1,098 | 25 | ||||||||||
Academy Sports & Outdoors, Inc. |
641 | 34 | ||||||||||
Adient PLC (a) |
2,227 | 77 | ||||||||||
Adtalem Global Education, Inc. (a) |
763 | 27 | ||||||||||
Advance Auto Parts, Inc. |
101 | 15 | ||||||||||
American Axle & Manufacturing Holdings, Inc. (a) |
2,121 | 17 | ||||||||||
American Eagle Outfitters, Inc. |
3,906 | 55 | ||||||||||
Aramark |
580 | 24 | ||||||||||
Asbury Automotive Group, Inc. (a) |
448 | 80 | ||||||||||
AutoNation, Inc. (a) |
1,032 | 111 | ||||||||||
AutoZone, Inc. (a) |
125 | 308 | ||||||||||
Bath & Body Works, Inc. |
607 | 26 | ||||||||||
Bed Bath & Beyond, Inc. (a) |
6,886 | 17 | ||||||||||
Best Buy Co., Inc. |
3,232 | 259 | ||||||||||
Bloomin’ Brands, Inc. |
683 | 14 | ||||||||||
Booking Holdings, Inc. (a) |
93 | 187 | ||||||||||
BorgWarner, Inc. |
1,600 | 64 | ||||||||||
Bright Horizons Family Solutions, Inc. (a) |
110 | 7 | ||||||||||
Brunswick Corp. |
580 | 42 | ||||||||||
Buckle, Inc. |
663 | 30 | ||||||||||
Carnival Corp. (a) |
6,685 | 54 | ||||||||||
Carter’s, Inc. |
1,152 | 86 | ||||||||||
Cheesecake Factory, Inc. |
845 | 27 | ||||||||||
Chipotle Mexican Grill, Inc. (a) |
47 | 65 | ||||||||||
Churchill Downs, Inc. |
140 | 30 | ||||||||||
Cracker Barrel Old Country Store, Inc. |
413 | 39 | ||||||||||
Dana, Inc. |
3,584 | 54 | ||||||||||
Darden Restaurants, Inc. |
226 | 31 | ||||||||||
Dave & Buster’s Entertainment, Inc. (a) |
370 | 13 | ||||||||||
Deckers Outdoor Corp. (a) |
120 | 48 | ||||||||||
Designer Brands, Inc. ’A’ |
1,902 | 19 | ||||||||||
Dick’s Sporting Goods, Inc. |
1,141 | 137 | ||||||||||
Dillard’s, Inc. ‘A’ |
81 | 26 | ||||||||||
Dollar General Corp. |
1,361 | 335 | ||||||||||
Dollar Tree, Inc. (a) |
1,136 | 161 | ||||||||||
Domino’s Pizza, Inc. |
336 | 116 | ||||||||||
Dorman Products, Inc. (a) |
180 | 15 | ||||||||||
eBay, Inc. |
6,001 | 249 | ||||||||||
Foot Locker, Inc. |
2,940 | 111 | ||||||||||
Ford Motor Co. |
82,035 | 954 | ||||||||||
G-III Apparel Group Ltd. (a) |
1,427 | 20 | ||||||||||
Gap, Inc. |
7,773 | 88 | ||||||||||
General Motors Co. |
25,059 | 843 | ||||||||||
Genesco, Inc. (a) |
249 | 11 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Gentex Corp. |
1,446 | $ | 39 | |||||||||
Genuine Parts Co. |
390 | 68 | ||||||||||
Goodyear Tire & Rubber Co. (a) |
10,456 | 106 | ||||||||||
Graham Holdings Co. ‘B’ |
32 | 19 | ||||||||||
Grand Canyon Education, Inc. (a) |
212 | 22 | ||||||||||
Group 1 Automotive, Inc. |
294 | 53 | ||||||||||
Guess?, Inc. |
513 | 11 | ||||||||||
H&R Block, Inc. |
3,575 | 131 | ||||||||||
Hanesbrands, Inc. |
2,647 | 17 | ||||||||||
Harley-Davidson, Inc. |
851 | 35 | ||||||||||
Hasbro, Inc. |
141 | 9 | ||||||||||
Hilton Grand Vacations, Inc. (a) |
450 | 17 | ||||||||||
Hilton Worldwide Holdings, Inc. |
383 | 48 | ||||||||||
Home Depot, Inc. |
1,182 | 373 | ||||||||||
International Game Technology PLC |
1,076 | 24 | ||||||||||
Jack in the Box, Inc. |
656 | 45 | ||||||||||
Kohl’s Corp. |
5,178 | 131 | ||||||||||
Kontoor Brands, Inc. |
550 | 22 | ||||||||||
La-Z-Boy, Inc. |
697 | 16 | ||||||||||
Las Vegas Sands Corp. (a) |
1,393 | 67 | ||||||||||
Lear Corp. |
710 | 88 | ||||||||||
Leggett & Platt, Inc. |
1,516 | 49 | ||||||||||
Light & Wonder, Inc. ‘A’ (a) |
236 | 14 | ||||||||||
Lithia Motors, Inc. |
80 | 16 | ||||||||||
LKQ Corp. |
397 | 21 | ||||||||||
Lowe’s Cos., Inc. |
1,237 | 246 | ||||||||||
Macy’s, Inc. |
6,550 | 135 | ||||||||||
Marriott International, Inc. ‘A’ |
586 | 87 | ||||||||||
Marriott Vacations Worldwide Corp. |
149 | 20 | ||||||||||
McDonald’s Corp. |
3,559 | 938 | ||||||||||
MDC Holdings, Inc. |
404 | 13 | ||||||||||
Meritage Homes Corp. (a) |
330 | 30 | ||||||||||
MGM Resorts International |
533 | 18 | ||||||||||
Murphy USA, Inc. |
786 | 220 | ||||||||||
Newell Brands, Inc. |
688 | 9 | ||||||||||
NIKE, Inc. ‘B’ |
505 | 59 | ||||||||||
Nordstrom, Inc. |
2,753 | 44 | ||||||||||
Norwegian Cruise Line Holdings Ltd. (a) |
1,089 | 13 | ||||||||||
O’Reilly Automotive, Inc. (a) |
405 | 342 | ||||||||||
ODP Corp. (a) |
977 | 45 | ||||||||||
Penn Entertainment, Inc. (a) |
512 | 15 | ||||||||||
Penske Automotive Group, Inc. |
674 | 77 | ||||||||||
Polaris, Inc. |
191 | 19 | ||||||||||
Pool Corp. |
222 | 67 | ||||||||||
PulteGroup, Inc. |
2,319 | 106 | ||||||||||
PVH Corp. |
449 | 32 | ||||||||||
Qurate Retail, Inc. (a) |
14,364 | 23 | ||||||||||
Ralph Lauren Corp. |
610 | 64 | ||||||||||
Ross Stores, Inc. |
355 | 41 | ||||||||||
Royal Caribbean Cruises Ltd. (a) |
268 | 13 | ||||||||||
Sally Beauty Holdings, Inc. (a) |
3,030 | 38 | ||||||||||
Service Corp. International |
1,267 | 88 | ||||||||||
Signet Jewelers Ltd. |
827 | 56 | ||||||||||
Sonic Automotive, Inc. ‘A’ |
275 | 14 | ||||||||||
Steven Madden Ltd. |
475 | 15 | ||||||||||
Strategic Education, Inc. |
146 | 11 | ||||||||||
Target Corp. |
5,596 | 834 | ||||||||||
Taylor Morrison Home Corp. ‘A’ (a) |
1,947 | 59 | ||||||||||
Tempur Sealy International, Inc. |
1,268 | 44 | ||||||||||
Texas Roadhouse, Inc. |
332 | 30 | ||||||||||
Thor Industries, Inc. |
609 | 46 | ||||||||||
TJX Cos., Inc. |
1,051 | 84 | ||||||||||
Toll Brothers, Inc. |
1,393 | 70 | ||||||||||
Tractor Supply Co. |
412 | 93 |
46 | PIMCO EQUITY SERIES | See Accompanying Notes |
December 31, 2022 | (Unaudited) |
SHARES | MARKET VALUE (000S) |
|||||||||||
Tri Pointe Homes, Inc. (a) |
2,001 | $ | 37 | |||||||||
Ulta Beauty, Inc. (a) |
289 | 136 | ||||||||||
Urban Outfitters, Inc. (a) |
1,324 | 32 | ||||||||||
Vail Resorts, Inc. |
244 | 58 | ||||||||||
VF Corp. |
343 | 10 | ||||||||||
Vista Outdoor, Inc. (a) |
274 | 7 | ||||||||||
Visteon Corp. (a) |
505 | 66 | ||||||||||
Wendy’s Co. |
3,665 | 83 | ||||||||||
Whirlpool Corp. |
940 | 133 | ||||||||||
Williams-Sonoma, Inc. |
928 | 107 | ||||||||||
Wyndham Hotels & Resorts, Inc. |
449 | 32 | ||||||||||
Wynn Resorts Ltd. (a) |
282 | 23 | ||||||||||
Yum! Brands, Inc. |
1,762 | 226 | ||||||||||
|
|
|||||||||||
11,500 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 14.5% |
| |||||||||||
Altria Group, Inc. |
17,298 | 791 | ||||||||||
Andersons, Inc. |
425 | 15 | ||||||||||
Archer-Daniels-Midland Co. |
6,930 | 643 | ||||||||||
B&G Foods, Inc. |
801 | 9 | ||||||||||
Boston Beer Co., Inc. ‘A’ (a) |
37 | 12 | ||||||||||
Brown-Forman Corp. ‘B’ |
1,856 | 122 | ||||||||||
Bunge Ltd. |
3,368 | 336 | ||||||||||
Cal-Maine Foods, Inc. |
917 | 50 | ||||||||||
Campbell Soup Co. |
1,126 | 64 | ||||||||||
Casey’s General Stores, Inc. |
527 | 118 | ||||||||||
Central Garden & Pet Co. ‘A’ (a) |
301 | 11 | ||||||||||
Church & Dwight Co., Inc. |
980 | 79 | ||||||||||
Clorox Co. |
620 | 87 | ||||||||||
Coca-Cola Co. |
19,905 | 1,266 | ||||||||||
Colgate-Palmolive Co. |
4,460 | 351 | ||||||||||
Conagra Brands, Inc. |
2,695 | 104 | ||||||||||
Constellation Brands, Inc. ‘A’ |
665 | 154 | ||||||||||
Costco Wholesale Corp. |
1,388 | 634 | ||||||||||
Darling Ingredients, Inc. (a) |
390 | 24 | ||||||||||
Edgewell Personal Care Co. |
1,080 | 42 | ||||||||||
Estee Lauder Cos., Inc. ‘A’ |
109 | 27 | ||||||||||
Flowers Foods, Inc. |
2,403 | 69 | ||||||||||
General Mills, Inc. |
3,820 | 320 | ||||||||||
Hain Celestial Group, Inc. (a) |
412 | 7 | ||||||||||
Herbalife Nutrition Ltd. (a) |
549 | 8 | ||||||||||
Hershey Co. |
535 | 124 | ||||||||||
Hormel Foods Corp. |
1,518 | 69 | ||||||||||
Ingles Markets, Inc. ‘A’ |
200 | 19 | ||||||||||
Ingredion, Inc. |
888 | 87 | ||||||||||
J & J Snack Foods Corp. |
132 | 20 | ||||||||||
J M Smucker Co. |
905 | 143 | ||||||||||
Kellogg Co. |
1,883 | 134 | ||||||||||
Keurig Dr Pepper, Inc. |
3,879 | 138 | ||||||||||
Kimberly-Clark Corp. |
1,984 | 269 | ||||||||||
Kraft Heinz Co. |
9,599 | 391 | ||||||||||
Kroger Co. |
14,450 | 644 | ||||||||||
Lamb Weston Holdings, Inc. |
1,073 | 96 | ||||||||||
Lancaster Colony Corp. |
222 | 44 | ||||||||||
McCormick & Co., Inc. |
1,429 | 118 | ||||||||||
Molson Coors Beverage Co. ‘B’ |
3,523 | 181 | ||||||||||
Mondelez International, Inc. ‘A’ |
7,585 | 506 | ||||||||||
Monster Beverage Corp. (a) |
697 | 71 | ||||||||||
National Beverage Corp. (a) |
183 | 9 | ||||||||||
Nu Skin Enterprises, Inc. ‘A’ |
1,137 | 48 | ||||||||||
PepsiCo, Inc. |
7,654 | 1,383 | ||||||||||
Performance Food Group Co. (a) |
1,334 | 78 | ||||||||||
Philip Morris International, Inc. |
9,842 | 996 | ||||||||||
Post Holdings, Inc. (a) |
801 | 72 |
SHARES | MARKET VALUE (000S) |
|||||||||||
PriceSmart, Inc. |
182 | $ | 11 | |||||||||
Procter & Gamble Co. |
11,868 | 1,799 | ||||||||||
SpartanNash Co. |
540 | 16 | ||||||||||
Sprouts Farmers Market, Inc. (a) |
3,698 | 120 | ||||||||||
Sysco Corp. |
1,580 | 121 | ||||||||||
TreeHouse Foods, Inc. (a) |
703 | 35 | ||||||||||
Tyson Foods, Inc. ‘A’ |
4,701 | 293 | ||||||||||
U.S. Foods Holding Corp. (a) |
2,961 | 101 | ||||||||||
United Natural Foods, Inc. (a) |
1,080 | 42 | ||||||||||
Universal Corp. |
203 | 11 | ||||||||||
Vector Group Ltd. |
1,837 | 22 | ||||||||||
Walgreens Boots Alliance, Inc. |
22,297 | 833 | ||||||||||
Walmart, Inc. |
16,437 | 2,331 | ||||||||||
Weis Markets, Inc. |
139 | 11 | ||||||||||
|
|
|||||||||||
16,729 | ||||||||||||
|
|
|||||||||||
ENERGY 12.7% |
| |||||||||||
Antero Resources Corp. (a) |
4,668 | 145 | ||||||||||
APA Corp. |
994 | 46 | ||||||||||
Arch Resources, Inc. |
66 | 9 | ||||||||||
Archrock, Inc. |
1,561 | 14 | ||||||||||
Baker Hughes Co. |
12,588 | 372 | ||||||||||
ChampionX Corp. (a) |
548 | 16 | ||||||||||
Cheniere Energy, Inc. |
505 | 76 | ||||||||||
Chevron Corp. |
14,919 | 2,678 | ||||||||||
CNX Resources Corp. (a) |
2,782 | 47 | ||||||||||
ConocoPhillips |
7,593 | 896 | ||||||||||
Coterra Energy, Inc. |
3,201 | 79 | ||||||||||
CVR Energy, Inc. |
628 | 20 | ||||||||||
Delek U.S. Holdings, Inc. |
2,702 | 73 | ||||||||||
Devon Energy Corp. |
4,553 | 280 | ||||||||||
Diamondback Energy, Inc. |
394 | 54 | ||||||||||
Dril-Quip, Inc. (a) |
400 | 11 | ||||||||||
DT Midstream, Inc. |
170 | 9 | ||||||||||
EOG Resources, Inc. |
608 | 79 | ||||||||||
EQT Corp. |
899 | 30 | ||||||||||
Equitrans Midstream Corp. |
1,510 | 10 | ||||||||||
Exxon Mobil Corp. |
27,157 | 2,995 | ||||||||||
Halliburton Co. |
1,354 | 53 | ||||||||||
Helmerich & Payne, Inc. |
1,767 | 88 | ||||||||||
Hess Corp. |
1,239 | 176 | ||||||||||
Kinder Morgan, Inc. |
7,401 | 134 | ||||||||||
Kosmos Energy Ltd. (a) |
2,118 | 13 | ||||||||||
Marathon Oil Corp. |
16,474 | 446 | ||||||||||
Marathon Petroleum Corp. |
10,479 | 1,220 | ||||||||||
Matador Resources Co. |
192 | 11 | ||||||||||
Murphy Oil Corp. |
2,730 | 117 | ||||||||||
Nabors Industries Ltd. (a) |
84 | 13 | ||||||||||
NOV, Inc. |
8,452 | 177 | ||||||||||
Occidental Petroleum Corp. |
8,977 | 565 | ||||||||||
Oceaneering International, Inc. (a) |
2,115 | 37 | ||||||||||
ONEOK, Inc. |
650 | 43 | ||||||||||
Ovintiv, Inc. |
735 | 37 | ||||||||||
Patterson-UTI Energy, Inc. |
5,671 | 95 | ||||||||||
PBF Energy, Inc. ‘A’ |
4,626 | 189 | ||||||||||
PDC Energy, Inc. |
172 | 11 | ||||||||||
Peabody Energy Corp. (a) |
1,837 | 48 | ||||||||||
Permian Resources Corp. |
3,423 | 32 | ||||||||||
Phillips 66 |
9,057 | 943 | ||||||||||
Pioneer Natural Resources Co. |
246 | 56 | ||||||||||
Range Resources Corp. |
2,161 | 54 | ||||||||||
Schlumberger Ltd. |
6,376 | 341 | ||||||||||
SM Energy Co. |
2,546 | 89 | ||||||||||
Targa Resources Corp. |
1,422 | 104 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Transocean Ltd. (a) |
19,865 | $ | 91 | |||||||||
Valero Energy Corp. |
10,966 | 1,391 | ||||||||||
Williams Cos., Inc. |
1,128 | 37 | ||||||||||
World Fuel Services Corp. |
1,248 | 34 | ||||||||||
|
|
|||||||||||
14,584 | ||||||||||||
|
|
|||||||||||
FINANCIALS 11.4% |
| |||||||||||
Affiliated Managers Group, Inc. |
327 | 52 | ||||||||||
Aflac, Inc. |
1,832 | 132 | ||||||||||
Allstate Corp. |
4,670 | 633 | ||||||||||
Ally Financial, Inc. |
6,121 | 150 | ||||||||||
American Equity Investment Life Holding Co. |
899 | 41 | ||||||||||
American Express Co. |
613 | 91 | ||||||||||
American Financial Group, Inc. |
124 | 17 | ||||||||||
American International Group, Inc. |
11,888 | 752 | ||||||||||
Ameriprise Financial, Inc. |
79 | 25 | ||||||||||
Aon PLC ‘A’ |
657 | 197 | ||||||||||
Ares Management Corp. |
581 | 40 | ||||||||||
Arthur J Gallagher & Co. |
728 | 137 | ||||||||||
Artisan Partners Asset Management, Inc. ‘A’ |
350 | 10 | ||||||||||
Assurant, Inc. |
93 | 12 | ||||||||||
Bank of New York Mellon Corp. |
5,582 | 254 | ||||||||||
Bank OZK |
291 | 12 | ||||||||||
Berkshire Hathaway, Inc. ‘B’ (a) |
1,882 | 581 | ||||||||||
Blackstone, Inc. |
534 | 40 | ||||||||||
Brighthouse Financial, Inc. (a) |
1,503 | 77 | ||||||||||
Brightsphere Investment Group, Inc. |
611 | 13 | ||||||||||
Brown & Brown, Inc. |
1,142 | 65 | ||||||||||
Cadence Bank |
552 | 14 | ||||||||||
Capital One Financial Corp. |
5,625 | 523 | ||||||||||
Capitol Federal Financial, Inc. |
932 | 8 | ||||||||||
Charles Schwab Corp. |
1,573 | 131 | ||||||||||
Cincinnati Financial Corp. |
111 | 11 | ||||||||||
Citigroup, Inc. |
34,911 | 1,579 | ||||||||||
Citizens Financial Group, Inc. |
629 | 25 | ||||||||||
CME Group, Inc. |
864 | 145 | ||||||||||
CNO Financial Group, Inc. |
2,031 | 46 | ||||||||||
Commerce Bancshares, Inc. |
201 | 14 | ||||||||||
Cullen/Frost Bankers, Inc. |
99 | 13 | ||||||||||
Discover Financial Services |
1,644 | 161 | ||||||||||
East West Bancorp, Inc. |
244 | 16 | ||||||||||
Equitable Holdings, Inc. |
716 | 21 | ||||||||||
Erie Indemnity Co. ‘A’ |
121 | 30 | ||||||||||
Evercore, Inc. ‘A’ |
344 | 37 | ||||||||||
FactSet Research Systems, Inc. |
184 | 74 | ||||||||||
Federated Hermes, Inc. ‘B’ |
808 | 29 | ||||||||||
First American Financial Corp. |
1,030 | 54 | ||||||||||
First Citizens BancShares, Inc. ‘A’ |
34 | 26 | ||||||||||
First Horizon Corp. |
1,053 | 26 | ||||||||||
FNB Corp. |
928 | 12 | ||||||||||
Franklin Resources, Inc. |
4,630 | 122 | ||||||||||
Genworth Financial, Inc. ‘A’ (a) |
8,372 | 44 | ||||||||||
Glacier Bancorp, Inc. |
220 | 11 | ||||||||||
Globe Life, Inc. |
112 | 13 | ||||||||||
Goldman Sachs Group, Inc. |
1,244 | 427 | ||||||||||
Hanover Insurance Group, Inc. |
327 | 44 | ||||||||||
Hartford Financial Services Group, Inc. |
263 | 20 | ||||||||||
Home BancShares, Inc. |
517 | 12 | ||||||||||
Houlihan Lokey, Inc. |
463 | 40 | ||||||||||
Huntington Bancshares, Inc. |
1,138 | 16 | ||||||||||
Interactive Brokers Group, Inc. ‘A’ |
338 | 24 | ||||||||||
Intercontinental Exchange, Inc. |
1,452 | 149 |
See Accompanying Notes | SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 47 |
Schedule of Investments | PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | (Cont.) |
SHARES | MARKET VALUE (000S) |
|||||||||||
Invesco Ltd. |
6,888 | $ | 124 | |||||||||
Jackson Financial, Inc. |
397 | 14 | ||||||||||
Jefferies Financial Group, Inc. |
966 | 33 | ||||||||||
Kemper Corp. |
224 | 11 | ||||||||||
Lincoln National Corp. |
3,358 | 103 | ||||||||||
Loews Corp. |
1,969 | 115 | ||||||||||
LPL Financial Holdings, Inc. |
801 | 173 | ||||||||||
M&T Bank Corp. |
285 | 41 | ||||||||||
Markel Corp. (a) |
20 | 26 | ||||||||||
MarketAxess Holdings, Inc. |
53 | 15 | ||||||||||
Marsh & McLennan Cos., Inc. |
1,925 | 319 | ||||||||||
Mercury General Corp. |
353 | 12 | ||||||||||
MetLife, Inc. |
4,611 | 334 | ||||||||||
MGIC Investment Corp. |
1,112 | 14 | ||||||||||
Moelis & Co. ‘A’ |
248 | 9 | ||||||||||
Moody’s Corp. |
32 | 9 | ||||||||||
Morgan Stanley |
1,417 | 120 | ||||||||||
Morningstar, Inc. |
115 | 25 | ||||||||||
MSCI, Inc. |
98 | 46 | ||||||||||
Nasdaq, Inc. |
1,095 | 67 | ||||||||||
Navient Corp. |
4,164 | 68 | ||||||||||
Nelnet, Inc. ‘A’ |
113 | 10 | ||||||||||
New York Community Bancorp, Inc. |
3,710 | 32 | ||||||||||
OneMain Holdings, Inc. |
1,163 | 39 | ||||||||||
PacWest Bancorp |
731 | 17 | ||||||||||
Primerica, Inc. |
158 | 22 | ||||||||||
Principal Financial Group, Inc. |
411 | 34 | ||||||||||
ProAssurance Corp. |
553 | 10 | ||||||||||
Progressive Corp. |
2,774 | 360 | ||||||||||
Prosperity Bancshares, Inc. |
153 | 11 | ||||||||||
Prudential Financial, Inc. |
4,984 | 496 | ||||||||||
Raymond James Financial, Inc. |
302 | 32 | ||||||||||
Regions Financial Corp. |
1,070 | 23 | ||||||||||
Reinsurance Group of America, Inc. |
118 | 17 | ||||||||||
RLI Corp. |
208 | 27 | ||||||||||
S&P Global, Inc. |
110 | 37 | ||||||||||
SEI Investments Co. |
1,193 | 70 | ||||||||||
Selective Insurance Group, Inc. |
133 | 12 | ||||||||||
SLM Corp. |
2,735 | 45 | ||||||||||
South State Corp. |
141 | 11 | ||||||||||
State Street Corp. |
388 | 30 | ||||||||||
Stewart Information Services Corp. |
396 | 17 | ||||||||||
Stifel Financial Corp. |
176 | 10 | ||||||||||
Synchrony Financial |
5,945 | 195 | ||||||||||
Synovus Financial Corp. |
284 | 11 | ||||||||||
T Rowe Price Group, Inc. |
381 | 42 | ||||||||||
Travelers Cos., Inc. |
3,164 | 593 | ||||||||||
United Bankshares, Inc. |
310 | 13 | ||||||||||
Unum Group |
4,141 | 170 | ||||||||||
Valley National Bancorp |
965 | 11 | ||||||||||
Virtu Financial, Inc. ‘A’ |
1,290 | 26 | ||||||||||
Voya Financial, Inc. |
370 | 23 | ||||||||||
Washington Federal, Inc. |
374 | 13 | ||||||||||
Webster Financial Corp. |
465 | 22 | ||||||||||
Wells Fargo & Co. |
38,870 | 1,605 | ||||||||||
White Mountains Insurance Group Ltd. |
23 | 33 | ||||||||||
Wintrust Financial Corp. |
129 | 11 | ||||||||||
WR Berkley Corp. |
324 | 23 | ||||||||||
|
|
|||||||||||
13,079 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 17.9% |
| |||||||||||
AbbVie, Inc. |
5,460 | 882 | ||||||||||
Acadia Healthcare Co., Inc. (a) |
180 | 15 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Agilent Technologies, Inc. |
321 | $ | 48 | |||||||||
Alnylam Pharmaceuticals, Inc. (a) |
303 | 72 | ||||||||||
AmerisourceBergen Corp. |
550 | 91 | ||||||||||
Amgen, Inc. |
3,907 | 1,026 | ||||||||||
AMN Healthcare Services, Inc. (a) |
287 | 30 | ||||||||||
Baxter International, Inc. |
2,434 | 124 | ||||||||||
Becton Dickinson & Co. |
1,126 | 286 | ||||||||||
Bio-Rad Laboratories, Inc. ‘A’ (a) |
53 | 22 | ||||||||||
Biogen, Inc. (a) |
420 | 116 | ||||||||||
BioMarin Pharmaceutical, Inc. (a) |
474 | 49 | ||||||||||
Boston Scientific Corp. (a) |
1,826 | 84 | ||||||||||
Bristol-Myers Squibb Co. |
12,352 | 889 | ||||||||||
Brookdale Senior Living, Inc. (a) |
2,240 | 6 | ||||||||||
Bruker Corp. |
237 | 16 | ||||||||||
Cardinal Health, Inc. |
8,590 | 660 | ||||||||||
Centene Corp. (a) |
685 | 56 | ||||||||||
Chemed Corp. |
118 | 60 | ||||||||||
Cigna Corp. |
354 | 117 | ||||||||||
Cooper Cos., Inc. |
143 | 47 | ||||||||||
CVS Health Corp. |
16,008 | 1,492 | ||||||||||
Danaher Corp. |
912 | 242 | ||||||||||
DaVita, Inc. (a) |
1,850 | 138 | ||||||||||
Dentsply Sirona, Inc. |
1,212 | 39 | ||||||||||
Elevance Health, Inc. |
1,143 | 586 | ||||||||||
Eli Lilly & Co. |
2,992 | 1,095 | ||||||||||
Encompass Health Corp. |
1,228 | 73 | ||||||||||
Envista Holdings Corp. (a) |
282 | 9 | ||||||||||
Exelixis, Inc. (a) |
554 | 9 | ||||||||||
Gilead Sciences, Inc. |
21,970 | 1,886 | ||||||||||
Globus Medical, Inc. ‘A’ (a) |
357 | 27 | ||||||||||
Haemonetics Corp. (a) |
324 | 25 | ||||||||||
HCA Healthcare, Inc. |
303 | 73 | ||||||||||
Henry Schein, Inc. (a) |
964 | 77 | ||||||||||
Hologic, Inc. (a) |
2,271 | 170 | ||||||||||
Humana, Inc. |
381 | 195 | ||||||||||
ICU Medical, Inc. (a) |
146 | 23 | ||||||||||
IDEXX Laboratories, Inc. (a) |
29 | 12 | ||||||||||
Incyte Corp. (a) |
869 | 70 | ||||||||||
Ionis Pharmaceuticals, Inc. (a) |
260 | 10 | ||||||||||
Johnson & Johnson |
13,016 | 2,299 | ||||||||||
Laboratory Corp. of America Holdings |
171 | 40 | ||||||||||
LHC Group, Inc. (a) |
122 | 20 | ||||||||||
Masimo Corp. (a) |
201 | 30 | ||||||||||
McKesson Corp. |
2,490 | 934 | ||||||||||
Merck & Co., Inc. |
19,553 | 2,169 | ||||||||||
Mettler-Toledo International, Inc. (a) |
71 | 103 | ||||||||||
Moderna, Inc. (a) |
82 | 15 | ||||||||||
Molina Healthcare, Inc. (a) |
393 | 130 | ||||||||||
Myriad Genetics, Inc. (a) |
836 | 12 | ||||||||||
Organon & Co. |
6,159 | 172 | ||||||||||
Owens & Minor, Inc. (a) |
1,586 | 31 | ||||||||||
Patterson Cos., Inc. |
1,803 | 51 | ||||||||||
Pediatrix Medical Group, Inc. (a) |
1,143 | 17 | ||||||||||
Pfizer, Inc. |
31,685 | 1,624 | ||||||||||
Premier, Inc. ‘A’ |
828 | 29 | ||||||||||
Quest Diagnostics, Inc. |
901 | 141 | ||||||||||
Regeneron Pharmaceuticals, Inc. (a) |
282 | 203 | ||||||||||
ResMed, Inc. |
445 | 93 | ||||||||||
Royalty Pharma PLC ‘A’ |
1,521 | 60 | ||||||||||
Sarepta Therapeutics, Inc. (a) |
240 | 31 | ||||||||||
Seagen, Inc. (a) |
326 | 42 | ||||||||||
Select Medical Holdings Corp. |
435 | 11 | ||||||||||
STERIS PLC |
341 | 63 | ||||||||||
Stryker Corp. |
336 | 82 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Teleflex, Inc. |
78 | $ | 19 | |||||||||
Tenet Healthcare Corp. (a) |
2,204 | 108 | ||||||||||
United Therapeutics Corp. (a) |
811 | 226 | ||||||||||
UnitedHealth Group, Inc. |
999 | 530 | ||||||||||
Universal Health Services, Inc. ‘B’ |
545 | 77 | ||||||||||
Vertex Pharmaceuticals, Inc. (a) |
314 | 91 | ||||||||||
Viatris, Inc. |
13,977 | 156 | ||||||||||
Waters Corp. (a) |
109 | 37 | ||||||||||
West Pharmaceutical Services, Inc. |
77 | 18 | ||||||||||
Zimmer Biomet Holdings, Inc. |
222 | 28 | ||||||||||
Zoetis, Inc. |
147 | 22 | ||||||||||
|
|
|||||||||||
20,661 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 9.9% |
| |||||||||||
3M Co. |
1,804 | 216 | ||||||||||
A O Smith Corp. |
763 | 44 | ||||||||||
AAR Corp. (a) |
394 | 18 | ||||||||||
ABM Industries, Inc. |
911 | 40 | ||||||||||
Acuity Brands, Inc. |
259 | 43 | ||||||||||
AECOM |
946 | 80 | ||||||||||
Aerojet Rocketdyne Holdings, Inc. (a) |
784 | 44 | ||||||||||
AGCO Corp. |
707 | 98 | ||||||||||
Allison Transmission Holdings, Inc. |
2,017 | 84 | ||||||||||
American Airlines Group, Inc. (a) |
8,557 | 109 | ||||||||||
AMETEK, Inc. |
170 | 24 | ||||||||||
Apogee Enterprises, Inc. |
294 | 13 | ||||||||||
Applied Industrial Technologies, Inc. |
110 | 14 | ||||||||||
Arcosa, Inc. |
294 | 16 | ||||||||||
Armstrong World Industries, Inc. |
150 | 10 | ||||||||||
Atlas Air Worldwide Holdings, Inc. (a) |
446 | 45 | ||||||||||
Avis Budget Group, Inc. (a) |
2,175 | 357 | ||||||||||
Boeing Co. (a) |
652 | 124 | ||||||||||
Boise Cascade Co. |
555 | 38 | ||||||||||
Booz Allen Hamilton Holding Corp. |
1,733 | 181 | ||||||||||
BWX Technologies, Inc. |
816 | 47 | ||||||||||
CACI International, Inc. ‘A’ (a) |
246 | 74 | ||||||||||
Carlisle Cos., Inc. |
85 | 20 | ||||||||||
Carrier Global Corp. |
831 | 34 | ||||||||||
Caterpillar, Inc. |
1,027 | 246 | ||||||||||
CH Robinson Worldwide, Inc. |
1,422 | 130 | ||||||||||
Cintas Corp. |
159 | 72 | ||||||||||
Clean Harbors, Inc. (a) |
217 | 25 | ||||||||||
Comfort Systems USA, Inc. |
108 | 12 | ||||||||||
Copart, Inc. (a) |
1,267 | 77 | ||||||||||
CoreCivic, Inc. (a) |
2,794 | 32 | ||||||||||
CoStar Group, Inc. (a) |
1,032 | 80 | ||||||||||
CSX Corp. |
4,951 | 153 | ||||||||||
Cummins, Inc. |
448 | 109 | ||||||||||
Curtiss-Wright Corp. |
331 | 55 | ||||||||||
Deere & Co. |
285 | 122 | ||||||||||
Deluxe Corp. |
417 | 7 | ||||||||||
Donaldson Co., Inc. |
778 | 46 | ||||||||||
Dun & Bradstreet Holdings, Inc. |
886 | 11 | ||||||||||
Dycom Industries, Inc. (a) |
112 | 11 | ||||||||||
Eaton Corp. PLC |
410 | 64 | ||||||||||
EMCOR Group, Inc. |
100 | 15 | ||||||||||
Emerson Electric Co. |
1,417 | 136 | ||||||||||
Encore Wire Corp. |
267 | 37 | ||||||||||
Equifax, Inc. |
310 | 60 | ||||||||||
Expeditors International of Washington, Inc. |
866 | 90 | ||||||||||
Fastenal Co. |
800 | 38 |
48 | PIMCO EQUITY SERIES | See Accompanying Notes |
December 31, 2022 | (Unaudited) |
SHARES | MARKET VALUE (000S) |
|||||||||||
Fluor Corp. (a) |
4,426 | $ | 153 | |||||||||
Fortive Corp. |
433 | 28 | ||||||||||
Franklin Electric Co., Inc. |
132 | 11 | ||||||||||
FTI Consulting, Inc. (a) |
558 | 89 | ||||||||||
GATX Corp. |
325 | 35 | ||||||||||
Generac Holdings, Inc. (a) |
215 | 22 | ||||||||||
General Dynamics Corp. |
294 | 73 | ||||||||||
General Electric Co. |
7,743 | 649 | ||||||||||
GMS, Inc. (a) |
284 | 14 | ||||||||||
Graco, Inc. |
379 | 26 | ||||||||||
Granite Construction, Inc. |
617 | 22 | ||||||||||
Greenbrier Cos., Inc. |
996 | 33 | ||||||||||
Hawaiian Holdings, Inc. (a) |
1,401 | 14 | ||||||||||
Healthcare Services Group, Inc. |
1,130 | 14 | ||||||||||
HEICO Corp. |
176 | 27 | ||||||||||
Hexcel Corp. |
991 | 58 | ||||||||||
Hillenbrand, Inc. |
283 | 12 | ||||||||||
HNI Corp. |
381 | 11 | ||||||||||
Honeywell International, Inc. |
673 | 144 | ||||||||||
Howmet Aerospace, Inc. |
1,352 | 53 | ||||||||||
Hub Group, Inc. ‘A’ (a) |
336 | 27 | ||||||||||
Hubbell, Inc. |
209 | 49 | ||||||||||
Huntington Ingalls Industries, Inc. |
96 | 22 | ||||||||||
IDEX Corp. |
340 | 78 | ||||||||||
Illinois Tool Works, Inc. |
701 | 154 | ||||||||||
Insperity, Inc. |
174 | 20 | ||||||||||
ITT, Inc. |
399 | 32 | ||||||||||
JB Hunt Transport Services, Inc. |
211 | 37 | ||||||||||
JetBlue Airways Corp. (a) |
4,922 | 32 | ||||||||||
KAR Auction Services, Inc. (a) |
2,186 | 29 | ||||||||||
KBR, Inc. |
1,367 | 72 | ||||||||||
Knight-Swift Transportation Holdings, Inc. |
1,626 | 85 | ||||||||||
L3Harris Technologies, Inc. |
1,142 | 238 | ||||||||||
Landstar System, Inc. |
433 | 71 | ||||||||||
Leidos Holdings, Inc. |
838 | 88 | ||||||||||
Lennox International, Inc. |
299 | 72 | ||||||||||
Lincoln Electric Holdings, Inc. |
466 | 67 | ||||||||||
Lockheed Martin Corp. |
1,611 | 784 | ||||||||||
ManpowerGroup, Inc. |
959 | 80 | ||||||||||
Masco Corp. |
517 | 24 | ||||||||||
MasTec, Inc. (a) |
151 | 13 | ||||||||||
MDU Resources Group, Inc. |
2,360 | 72 | ||||||||||
MillerKnoll, Inc. |
463 | 10 | ||||||||||
Moog, Inc. ‘A’ |
252 | 22 | ||||||||||
MSA Safety, Inc. |
222 | 32 | ||||||||||
MSC Industrial Direct Co., Inc. ‘A’ |
686 | 56 | ||||||||||
Mueller Industries, Inc. |
743 | 44 | ||||||||||
Nordson Corp. |
198 | 47 | ||||||||||
Norfolk Southern Corp. |
249 | 61 | ||||||||||
Northrop Grumman Corp. |
936 | 511 | ||||||||||
NOW, Inc. (a) |
1,427 | 18 | ||||||||||
Oshkosh Corp. |
646 | 57 | ||||||||||
Otis Worldwide Corp. |
810 | 63 | ||||||||||
Owens Corning |
579 | 49 | ||||||||||
PACCAR, Inc. |
511 | 51 | ||||||||||
Parker-Hannifin Corp. |
157 | 46 | ||||||||||
Parsons Corp. (a) |
250 | 12 | ||||||||||
Pitney Bowes, Inc. |
2,353 | 9 | ||||||||||
Primoris Services Corp. |
452 | 10 | ||||||||||
Quanta Services, Inc. |
969 | 138 | ||||||||||
Raytheon Technologies Corp. |
1,597 | 161 | ||||||||||
Republic Services, Inc. |
964 | 124 | ||||||||||
Resideo Technologies, Inc. (a) |
1,290 | 21 | ||||||||||
Robert Half International, Inc. |
448 | 33 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Rollins, Inc. |
1,682 | $ | 61 | |||||||||
Rush Enterprises, Inc. ‘A’ |
486 | 25 | ||||||||||
Ryder System, Inc. |
1,002 | 84 | ||||||||||
Schneider National, Inc. ‘B’ |
714 | 17 | ||||||||||
SkyWest, Inc. (a) |
449 | 7 | ||||||||||
Snap-on, Inc. |
142 | 32 | ||||||||||
Spirit AeroSystems Holdings, Inc. ‘A’ |
2,060 | 61 | ||||||||||
Steelcase, Inc. ‘A’ |
1,274 | 9 | ||||||||||
Stericycle, Inc. (a) |
638 | 32 | ||||||||||
Terex Corp. |
1,528 | 65 | ||||||||||
Tetra Tech, Inc. |
92 | 13 | ||||||||||
Textron, Inc. |
346 | 25 | ||||||||||
Timken Co. |
713 | 50 | ||||||||||
Toro Co. |
1,147 | 130 | ||||||||||
TransDigm Group, Inc. |
79 | 50 | ||||||||||
Trinity Industries, Inc. |
1,195 | 35 | ||||||||||
U-Haul Holding Co. |
665 | 38 | ||||||||||
Uber Technologies, Inc. (a) |
1,652 | 41 | ||||||||||
UFP Industries, Inc. |
532 | 42 | ||||||||||
UniFirst Corp. |
157 | 30 | ||||||||||
Union Pacific Corp. |
1,764 | 365 | ||||||||||
United Airlines Holdings, Inc. (a) |
932 | 35 | ||||||||||
United Parcel Service, Inc. ‘B’ |
2,957 | 514 | ||||||||||
United Rentals, Inc. (a) |
82 | 29 | ||||||||||
Univar Solutions, Inc. (a) |
584 | 19 | ||||||||||
Valmont Industries, Inc. |
39 | 13 | ||||||||||
Verisk Analytics, Inc. |
810 | 143 | ||||||||||
Wabtec Corp. |
310 | 31 | ||||||||||
Waste Connections, Inc. |
877 | 116 | ||||||||||
Waste Management, Inc. |
1,697 | 266 | ||||||||||
Watsco, Inc. |
427 | 107 | ||||||||||
Werner Enterprises, Inc. |
1,203 | 48 | ||||||||||
WESCO International, Inc. (a) |
1,040 | 130 | ||||||||||
Woodward, Inc. |
124 | 12 | ||||||||||
WW Grainger, Inc. |
124 | 69 | ||||||||||
Xylem, Inc. |
434 | 48 | ||||||||||
|
|
|||||||||||
11,402 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 9.4% |
| |||||||||||
Akamai Technologies, Inc. (a) |
475 | 40 | ||||||||||
Amdocs Ltd. |
1,100 | 100 | ||||||||||
Amkor Technology, Inc. |
1,161 | 28 | ||||||||||
Amphenol Corp. ‘A’ |
644 | 49 | ||||||||||
Analog Devices, Inc. |
455 | 75 | ||||||||||
Ansys, Inc. (a) |
126 | 30 | ||||||||||
Apple, Inc. |
3,553 | 462 | ||||||||||
Applied Materials, Inc. |
1,090 | 106 | ||||||||||
Arista Networks, Inc. (a) |
567 | 69 | ||||||||||
Arrow Electronics, Inc. (a) |
1,274 | 133 | ||||||||||
Autodesk, Inc. (a) |
684 | 128 | ||||||||||
Automatic Data Processing, Inc. |
892 | 213 | ||||||||||
Avnet, Inc. |
2,212 | 92 | ||||||||||
Belden, Inc. |
498 | 36 | ||||||||||
Black Knight, Inc. (a) |
508 | 31 | ||||||||||
Bread Financial Holdings, Inc. |
1,747 | 66 | ||||||||||
Broadcom, Inc. |
233 | 130 | ||||||||||
Broadridge Financial Solutions, Inc. |
787 | 106 | ||||||||||
Cadence Design Systems, Inc. (a) |
332 | 53 | ||||||||||
CDW Corp. |
251 | 45 | ||||||||||
Cirrus Logic, Inc. (a) |
292 | 22 | ||||||||||
Cisco Systems, Inc. |
10,279 | 490 | ||||||||||
CommScope Holding Co., Inc. (a) |
1,547 | 11 | ||||||||||
Corning, Inc. |
11,496 | 367 |
SHARES | MARKET VALUE (000S) |
|||||||||||
CSG Systems International, Inc. |
290 | $ | 17 | |||||||||
Dell Technologies, Inc. ‘C’ |
68 | 3 | ||||||||||
Dolby Laboratories, Inc. ‘A’ |
252 | 18 | ||||||||||
Dropbox, Inc. (a) |
584 | 13 | ||||||||||
DXC Technology Co. (a) |
2,840 | 75 | ||||||||||
Fair Isaac Corp. (a) |
121 | 72 | ||||||||||
First Solar, Inc. (a) |
263 | 39 | ||||||||||
Fiserv, Inc. (a) |
683 | 69 | ||||||||||
FleetCor Technologies, Inc. (a) |
133 | 24 | ||||||||||
Flex Ltd. (a) |
3,302 | 71 | ||||||||||
Fortinet, Inc. (a) |
804 | 39 | ||||||||||
Gartner, Inc. (a) |
255 | 86 | ||||||||||
Gen Digital, Inc. |
5,022 | 108 | ||||||||||
Genpact Ltd. |
1,204 | 56 | ||||||||||
Global Payments, Inc. |
274 | 27 | ||||||||||
GoDaddy, Inc. ‘A’ (a) |
282 | 21 | ||||||||||
Hewlett Packard Enterprise Co. |
32,459 | 518 | ||||||||||
HP, Inc. |
3,846 | 103 | ||||||||||
Insight Enterprises, Inc. (a) |
239 | 24 | ||||||||||
International Business Machines Corp. |
12,859 | 1,812 | ||||||||||
Intuit, Inc. |
60 | 23 | ||||||||||
Jabil, Inc. |
1,896 | 129 | ||||||||||
Jack Henry & Associates, Inc. |
680 | 119 | ||||||||||
Juniper Networks, Inc. |
8,990 | 287 | ||||||||||
KLA Corp. |
287 | 108 | ||||||||||
Kyndryl Holdings, Inc. (a) |
6,370 | 71 | ||||||||||
Lam Research Corp. |
118 | 50 | ||||||||||
Manhattan Associates, Inc. (a) |
109 | 13 | ||||||||||
Mastercard, Inc. ‘A’ |
1,294 | 450 | ||||||||||
MAXIMUS, Inc. |
756 | 55 | ||||||||||
Microchip Technology, Inc. |
586 | 41 | ||||||||||
Motorola Solutions, Inc. |
359 | 93 | ||||||||||
National Instruments Corp. |
656 | 24 | ||||||||||
NCR Corp. (a) |
1,251 | 29 | ||||||||||
NetApp, Inc. |
395 | 24 | ||||||||||
NetScout Systems, Inc. (a) |
1,147 | 37 | ||||||||||
ON Semiconductor Corp. (a) |
699 | 44 | ||||||||||
Oracle Corp. |
11,814 | 966 | ||||||||||
OSI Systems, Inc. (a) |
142 | 11 | ||||||||||
Palo Alto Networks, Inc. (a) |
730 | 102 | ||||||||||
Paychex, Inc. |
1,129 | 131 | ||||||||||
Plexus Corp. (a) |
217 | 22 | ||||||||||
PTC, Inc. (a) |
250 | 30 | ||||||||||
Pure Storage, Inc. ‘A’ (a) |
489 | 13 | ||||||||||
QUALCOMM, Inc. |
1,838 | 202 | ||||||||||
Roper Technologies, Inc. |
125 | 54 | ||||||||||
Sanmina Corp. (a) |
719 | 41 | ||||||||||
Science Applications International Corp. |
275 | 31 | ||||||||||
Seagate Technology Holdings PLC |
565 | 30 | ||||||||||
Skyworks Solutions, Inc. |
199 | 18 | ||||||||||
Splunk, Inc. (a) |
424 | 37 | ||||||||||
Super Micro Computer, Inc. (a) |
432 | 35 | ||||||||||
Synaptics, Inc. (a) |
246 | 23 | ||||||||||
Synopsys, Inc. (a) |
217 | 69 | ||||||||||
Teledyne Technologies, Inc. (a) |
169 | 68 | ||||||||||
Teradata Corp. (a) |
658 | 22 | ||||||||||
Teradyne, Inc. |
563 | 49 | ||||||||||
Texas Instruments, Inc. |
1,941 | 321 | ||||||||||
TTM Technologies, Inc. (a) |
748 | 11 | ||||||||||
Tyler Technologies, Inc. (a) |
34 | 11 | ||||||||||
VeriSign, Inc. (a) |
102 | 21 | ||||||||||
Visa, Inc. ‘A’ |
2,609 | 542 | ||||||||||
Vishay Intertechnology, Inc. |
2,774 | 60 |
See Accompanying Notes | SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 49 |
Schedule of Investments | PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | (Cont.) |
SHARES | MARKET VALUE (000S) |
|||||||||||
VMware, Inc. ‘A’ (a) |
217 | $ | 27 | |||||||||
Western Digital Corp. (a) |
2,760 | 87 | ||||||||||
Western Union Co. |
1,693 | 23 | ||||||||||
WEX, Inc. (a) |
104 | 17 | ||||||||||
Wolfspeed, Inc. (a) |
239 | 17 | ||||||||||
Xerox Holdings Corp. |
3,270 | 48 | ||||||||||
|
|
|||||||||||
10,813 | ||||||||||||
|
|
|||||||||||
MATERIALS 3.7% |
| |||||||||||
Air Products & Chemicals, Inc. |
244 | 75 | ||||||||||
Albemarle Corp. |
293 | 64 | ||||||||||
Alcoa Corp. |
3,104 | 141 | ||||||||||
AptarGroup, Inc. |
536 | 59 | ||||||||||
Arconic Corp. (a) |
1,502 | 32 | ||||||||||
Ashland, Inc. |
88 | 9 | ||||||||||
ATI, Inc. (a) |
636 | 19 | ||||||||||
Avery Dennison Corp. |
359 | 65 | ||||||||||
Axalta Coating Systems Ltd. (a) |
1,258 | 32 | ||||||||||
Ball Corp. |
902 | 46 | ||||||||||
Berry Global Group, Inc. |
1,005 | 61 | ||||||||||
Cabot Corp. |
673 | 45 | ||||||||||
Carpenter Technology Corp. |
514 | 19 | ||||||||||
Celanese Corp. |
211 | 22 | ||||||||||
CF Industries Holdings, Inc. |
336 | 29 | ||||||||||
Chemours Co. |
1,224 | 38 | ||||||||||
Commercial Metals Co. |
1,674 | 81 | ||||||||||
Compass Minerals International, Inc. |
272 | 11 | ||||||||||
Corteva, Inc. |
1,308 | 77 | ||||||||||
Crown Holdings, Inc. |
865 | 71 | ||||||||||
Dow, Inc. |
634 | 32 | ||||||||||
DuPont de Nemours, Inc. |
5,487 | 377 | ||||||||||
Eastman Chemical Co. |
308 | 25 | ||||||||||
Ecolab, Inc. |
199 | 29 | ||||||||||
FMC Corp. |
216 | 27 | ||||||||||
Freeport-McMoRan, Inc. |
1,405 | 53 | ||||||||||
Graphic Packaging Holding Co. |
5,554 | 124 | ||||||||||
Greif, Inc. ‘A’ |
414 | 28 | ||||||||||
Huntsman Corp. |
298 | 8 | ||||||||||
Innospec, Inc. |
141 | 15 | ||||||||||
International Flavors & Fragrances, Inc. |
510 | 53 | ||||||||||
International Paper Co. |
1,194 | 41 | ||||||||||
Kaiser Aluminum Corp. |
144 | 11 | ||||||||||
Louisiana-Pacific Corp. |
796 | 47 | ||||||||||
LyondellBasell Industries NV ‘A’ |
4,159 | 345 | ||||||||||
Mosaic Co. |
10,116 | 444 | ||||||||||
NewMarket Corp. |
51 | 16 | ||||||||||
Newmont Corp. |
1,850 | 87 | ||||||||||
Nucor Corp. |
1,410 | 186 | ||||||||||
O-I Glass, Inc. (a) |
3,262 | 54 | ||||||||||
Olin Corp. |
1,862 | 99 | ||||||||||
Packaging Corp. of America |
120 | 15 | ||||||||||
PPG Industries, Inc. |
345 | 43 | ||||||||||
Reliance Steel & Aluminum Co. |
872 | 177 | ||||||||||
Royal Gold, Inc. |
326 | 37 | ||||||||||
RPM International, Inc. |
1,425 | 139 | ||||||||||
Scotts Miracle-Gro Co. |
332 | 16 | ||||||||||
Sealed Air Corp. |
2,110 | 105 | ||||||||||
Sensient Technologies Corp. |
308 | 22 | ||||||||||
Sherwin-Williams Co. |
333 | 79 | ||||||||||
Silgan Holdings, Inc. |
1,041 | 54 | ||||||||||
Sonoco Products Co. |
1,288 | 78 | ||||||||||
Steel Dynamics, Inc. |
834 | 82 | ||||||||||
Stepan Co. |
117 | 12 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Sylvamo Corp. |
927 | $ | 45 | |||||||||
United States Steel Corp. |
2,423 | 61 | ||||||||||
Warrior Met Coal, Inc. |
1,716 | 59 | ||||||||||
WestRock Co. |
5,038 | 177 | ||||||||||
Worthington Industries, Inc. |
250 | 12 | ||||||||||
|
|
|||||||||||
4,310 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.0% |
| |||||||||||
Anywhere Real Estate, Inc. (a) |
2,483 | 16 | ||||||||||
DigitalBridge Group, Inc. |
2,223 | 24 | ||||||||||
|
|
|||||||||||
40 | ||||||||||||
|
|
|||||||||||
UTILITIES 2.1% |
| |||||||||||
AES Corp. |
3,345 | 96 | ||||||||||
Alliant Energy Corp. |
374 | 21 | ||||||||||
Ameren Corp. |
417 | 37 | ||||||||||
American Electric Power Co., Inc. |
1,184 | 112 | ||||||||||
Atmos Energy Corp. |
240 | 27 | ||||||||||
Avista Corp. |
949 | 42 | ||||||||||
CenterPoint Energy, Inc. |
1,023 | 31 | ||||||||||
Clearway Energy, Inc. ‘C’ |
820 | 26 | ||||||||||
CMS Energy Corp. |
471 | 30 | ||||||||||
Consolidated Edison, Inc. |
428 | 41 | ||||||||||
Dominion Energy, Inc. |
1,536 | 94 | ||||||||||
DTE Energy Co. |
275 | 32 | ||||||||||
Duke Energy Corp. |
782 | 81 | ||||||||||
Edison International |
621 | 40 | ||||||||||
Entergy Corp. |
702 | 79 | ||||||||||
Essential Utilities, Inc. |
398 | 19 | ||||||||||
Evergy, Inc. |
815 | 51 | ||||||||||
Eversource Energy |
409 | 34 | ||||||||||
Exelon Corp. |
12,506 | 541 | ||||||||||
FirstEnergy Corp. |
931 | 39 | ||||||||||
Hawaiian Electric Industries, Inc. |
611 | 26 | ||||||||||
IDACORP, Inc. |
88 | 10 | ||||||||||
National Fuel Gas Co. |
854 | 54 | ||||||||||
NextEra Energy, Inc. |
2,127 | 178 | ||||||||||
NiSource, Inc. |
661 | 18 | ||||||||||
NRG Energy, Inc. |
712 | 23 | ||||||||||
OGE Energy Corp. |
353 | 14 | ||||||||||
Ormat Technologies, Inc. |
217 | 19 | ||||||||||
PG&E Corp. (a) |
2,182 | 35 | ||||||||||
Pinnacle West Capital Corp. |
150 | 11 | ||||||||||
PNM Resources, Inc. |
238 | 12 | ||||||||||
PPL Corp. |
1,155 | 34 | ||||||||||
Public Service Enterprise Group, Inc. |
1,794 | 110 | ||||||||||
Sempra Energy |
410 | 63 | ||||||||||
Southern Co. |
1,124 | 80 | ||||||||||
Southwest Gas Holdings, Inc. |
215 | 13 | ||||||||||
Vistra Corp. |
6,784 | 157 | ||||||||||
WEC Energy Group, Inc. |
367 | 34 | ||||||||||
Xcel Energy, Inc. |
637 | 45 | ||||||||||
|
|
|||||||||||
2,409 | ||||||||||||
|
|
|||||||||||
Total United States |
111,086 | |||||||||||
|
|
|||||||||||
Total Common Stocks (Cost $99,057) |
111,866 | |||||||||||
|
|
|||||||||||
REAL ESTATE INVESTMENT TRUSTS 2.6% |
| |||||||||||
UNITED STATES 2.6% |
| |||||||||||
FINANCIALS 0.4% |
| |||||||||||
AGNC Investment Corp. |
4,427 | 46 | ||||||||||
Annaly Capital Mangaement, Inc. |
2,510 | 53 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Apollo Commercial Real Estate Finance, Inc. |
1,251 | $ | 13 | |||||||||
Blackstone Mortgage Trust, Inc. ‘A’ |
1,729 | 36 | ||||||||||
Chimera Investment Corp. |
6,301 | 35 | ||||||||||
Ladder Capital Corp. REIT |
1,273 | 13 | ||||||||||
MFA Financial, Inc. |
2,500 | 25 | ||||||||||
New York Mortgage Trust, Inc. |
3,555 | 9 | ||||||||||
PennyMac Mortgage Investment Trust |
3,449 | 43 | ||||||||||
Redwood Trust, Inc. |
1,872 | 13 | ||||||||||
Rithm Capital Corp. |
9,395 | 77 | ||||||||||
Starwood Property Trust, Inc. |
3,053 | 56 | ||||||||||
Two Harbors Investment Corp. |
1,866 | 29 | ||||||||||
|
|
|||||||||||
448 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 2.2% |
| |||||||||||
Agree Realty Corp. |
129 | 9 | ||||||||||
Alexander & Baldwin, Inc. |
688 | 13 | ||||||||||
American Homes 4 Rent ‘A’ |
1,180 | 36 | ||||||||||
American Tower Corp. |
328 | 70 | ||||||||||
Americold Realty Trust, Inc. |
1,288 | 36 | ||||||||||
Apple Hospitality REIT, Inc. |
3,149 | 50 | ||||||||||
Brixmor Property Group, Inc. |
523 | 12 | ||||||||||
Camden Property Trust |
552 | 62 | ||||||||||
Corporate Office Properties Trust |
1,221 | 32 | ||||||||||
Crown Castle, Inc. |
696 | 94 | ||||||||||
CubeSmart |
966 | 39 | ||||||||||
DiamondRock Hospitality Co. |
1,763 | 14 | ||||||||||
Digital Realty Trust, Inc. |
352 | 35 | ||||||||||
Douglas Emmett, Inc. |
759 | 12 | ||||||||||
EastGroup Properties, Inc. |
146 | 22 | ||||||||||
Elme Communities |
730 | 13 | ||||||||||
Equinix, Inc. |
133 | 87 | ||||||||||
Equity Commonwealth |
851 | 21 | ||||||||||
Equity LifeStyle Properties, Inc. |
600 | 39 | ||||||||||
Extra Space Storage, Inc. |
436 | 64 | ||||||||||
First Industrial Realty Trust, Inc. |
557 | 27 | ||||||||||
Gaming & Leisure Properties, Inc. |
2,149 | 112 | ||||||||||
Healthcare Realty Trust, Inc. |
2,212 | 43 | ||||||||||
Host Hotels & Resorts, Inc. |
3,300 | 53 | ||||||||||
Invitation Homes, Inc. |
2,521 | 75 | ||||||||||
Iron Mountain, Inc. |
1,410 | 70 | ||||||||||
Kilroy Realty Corp. |
735 | 28 | ||||||||||
Kimco Realty Corp. |
2,699 | 57 | ||||||||||
Kite Realty Group Trust |
708 | 15 | ||||||||||
Lamar Advertising Co. ‘A’ |
453 | 43 | ||||||||||
Life Storage, Inc. |
404 | 40 | ||||||||||
LXP Industrial Trust |
1,903 | 19 | ||||||||||
Macerich Co. |
3,744 | 42 | ||||||||||
National Retail Properties, Inc. |
306 | 14 | ||||||||||
Office Properties Income Trust |
599 | 8 | ||||||||||
Omega Healthcare Investors, Inc. |
825 | 23 | ||||||||||
Outfront Media, Inc. |
1,003 | 17 | ||||||||||
Paramount Group, Inc. |
3,495 | 21 | ||||||||||
Park Hotels & Resorts, Inc. |
4,803 | 57 | ||||||||||
Physicians Realty Trust |
1,397 | 20 | ||||||||||
Piedmont Office Realty Trust, Inc. ‘A’ |
1,417 | 13 | ||||||||||
Prologis, Inc. |
476 | 54 | ||||||||||
Public Storage |
415 | 116 | ||||||||||
Rayonier, Inc. |
923 | 30 | ||||||||||
Realty Income Corp. |
691 | 44 | ||||||||||
Regency Centers Corp. |
855 | 53 | ||||||||||
RLJ Lodging Trust |
2,958 | 31 | ||||||||||
Ryman Hospitality Properties, Inc. |
259 | 21 | ||||||||||
SBA Communications Corp. |
134 | 38 | ||||||||||
Service Properties Trust |
3,597 | 26 |
50 | PIMCO EQUITY SERIES | See Accompanying Notes |
December 31, 2022 | (Unaudited) |
SHARES | MARKET VALUE (000S) |
|||||||||||
Simon Property Group, Inc. |
452 | $ | 53 | |||||||||
SITE Centers Corp. |
1,760 | 24 | ||||||||||
SL Green Realty Corp. |
251 | 9 | ||||||||||
Spirit Realty Capital, Inc. |
238 | 10 | ||||||||||
STORE Capital Corp. |
449 | 14 | ||||||||||
Sun Communities, Inc. |
352 | 50 | ||||||||||
Sunstone Hotel Investors, Inc. |
1,594 | 15 | ||||||||||
Tanger Factory Outlet Centers, Inc. |
637 | 11 | ||||||||||
UDR, Inc. |
1,432 | 55 | ||||||||||
Ventas, Inc. |
400 | 18 | ||||||||||
Veris Residential, Inc. (a) |
893 | 14 | ||||||||||
VICI Properties, Inc. |
3,820 | 124 | ||||||||||
WP Carey, Inc. |
1,433 | 112 | ||||||||||
Xenia Hotels & Resorts, Inc. |
946 | 13 | ||||||||||
|
|
|||||||||||
2,492 | ||||||||||||
|
|
|||||||||||
Total Real Estate Investment Trusts |
2,940 | |||||||||||
|
|
|||||||||||
MARKET VALUE (000S) |
||||||||||||
SHORT-TERM INSTRUMENTS 0.6% |
| |||||||||||
REPURCHASE AGREEMENTS (b) 0.6% |
| |||||||||||
$ | 709 | |||||||||||
|
|
|||||||||||
Total Short-Term Instruments (Cost $709) |
709 | |||||||||||
|
|
|||||||||||
Total Investments in Securities (Cost $102,828) |
115,515 | |||||||||||
Total Investments 100.3% (Cost $102,828) |
|
$ | 115,515 | |||||||||
Other Assets and Liabilities, net (0.3)% | (319 | ) | ||||||||||
|
|
|||||||||||
Net Assets 100.0% |
|
$ | 115,196 | |||||||||
|
|
NOTES TO SCHEDULE OF INVESTMENTS:
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
(a) |
Security did not produce income within the last twelve months. |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(b) REPURCHASE AGREEMENTS:
Counterparty | Lending Rate |
Settlement Date |
Maturity Date |
Principal Amount |
Collateralized By | Collateral (Received) |
Repurchase Agreements, at Value |
Repurchase Agreement Proceeds to be Received(1) |
||||||||||||||||||||||
FICC | 1.900 | % | 12/30/2022 | 01/03/2023 | $ | 709 | U.S. Treasury Bills 0.000% due 12/28/2023 | $ | (724 | ) | $ | 709 | $ | 709 | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||
Total Repurchase Agreements |
|
$ | (724 | ) | $ | 709 | $ | 709 | ||||||||||||||||||||||
|
|
|
|
|
|
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:
Counterparty |
Repurchase Agreement Proceeds to be Received(1) |
Payable for Reverse Repurchase Agreements |
Payable for Sale-Buyback Transactions |
Total Borrowings and Other Financing Transactions |
Collateral Pledged/(Received) |
Net Exposure(2) | ||||||||||||||||||
Global/Master Repurchase Agreement |
| |||||||||||||||||||||||
FICC |
$ | 709 | $ | 0 | $ | 0 | $ | 709 | $ | (724 | ) | $ | (15 | ) | ||||||||||
|
|
|
|
|
|
|||||||||||||||||||
Total Borrowings and Other Financing Transactions |
$ | 709 | $ | 0 | $ | 0 | ||||||||||||||||||
|
|
|
|
|
|
(1) |
Includes accrued interest. |
(2) |
Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2022 |
||||||||||||
Investments in Securities, at Value |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Ireland |
| |||||||||||||||
Information Technology |
$ | 139 | $ | 0 | $ | 0 | $ | 139 | ||||||||
Switzerland |
| |||||||||||||||
Financials |
82 | 0 | 0 | 82 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2022 |
||||||||||||
United Kingdom |
| |||||||||||||||
Communication Services |
$ | 139 | $ | 0 | $ | 0 | $ | 139 | ||||||||
Energy |
44 | 0 | 0 | 44 | ||||||||||||
Financials |
109 | 0 | 0 | 109 | ||||||||||||
Industrials |
65 | 0 | 0 | 65 | ||||||||||||
Materials |
202 | 0 | 0 | 202 |
See Accompanying Notes | SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 51 |
Schedule of Investments | PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | (Cont.) | December 31, 2022 | (Unaudited) |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2022 |
||||||||||||
United States |
| |||||||||||||||
Communication Services |
$ | 5,559 | $ | 0 | $ | 0 | $ | 5,559 | ||||||||
Consumer Discretionary |
11,500 | 0 | 0 | 11,500 | ||||||||||||
Consumer Staples |
16,729 | 0 | 0 | 16,729 | ||||||||||||
Energy |
14,584 | 0 | 0 | 14,584 | ||||||||||||
Financials |
13,079 | 0 | 0 | 13,079 | ||||||||||||
Health Care |
20,661 | 0 | 0 | 20,661 | ||||||||||||
Industrials |
11,402 | 0 | 0 | 11,402 | ||||||||||||
Information Technology |
10,813 | 0 | 0 | 10,813 | ||||||||||||
Materials |
4,310 | 0 | 0 | 4,310 | ||||||||||||
Real Estate |
40 | 0 | 0 | 40 | ||||||||||||
Utilities |
2,409 | 0 | 0 | 2,409 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2022 |
||||||||||||
Real Estate Investment Trusts |
| |||||||||||||||
United States |
| |||||||||||||||
Financials |
$ | 448 | $ | 0 | $ | 0 | $ | 448 | ||||||||
Real Estate |
2,492 | 0 | 0 | 2,492 | ||||||||||||
Short-Term Instruments |
| |||||||||||||||
Repurchase Agreements |
0 | 709 | 0 | 709 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 114,806 | $ | 709 | $ | 0 | $ | 115,515 | ||||||||
|
|
|
|
|
|
|
|
There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.
52 | PIMCO EQUITY SERIES | See Accompanying Notes |
Schedule of Investments | PIMCO RAFI ESG U.S. ETF | December 31, 2022 | (Unaudited) |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
SHARES | MARKET VALUE (000S) |
|||||||||||
INVESTMENTS IN SECURITIES 99.7% |
| |||||||||||
COMMON STOCKS 98.2% |
| |||||||||||
IRELAND 0.6% |
| |||||||||||
INFORMATION TECHNOLOGY 0.6% |
| |||||||||||
Accenture PLC ‘A’ |
609 | $ | 162 | |||||||||
|
|
|||||||||||
Total Ireland |
162 | |||||||||||
|
|
|||||||||||
UNITED KINGDOM 0.9% |
| |||||||||||
COMMUNICATION SERVICES 0.2% |
| |||||||||||
Liberty Global PLC ‘C’ (a) |
1,839 | 36 | ||||||||||
|
|
|||||||||||
MATERIALS 0.7% |
| |||||||||||
Amcor PLC |
1,850 | 22 | ||||||||||
Linde PLC |
541 | 176 | ||||||||||
|
|
|||||||||||
198 | ||||||||||||
|
|
|||||||||||
Total United Kingdom |
234 | |||||||||||
|
|
|||||||||||
UNITED STATES 96.7% |
| |||||||||||
COMMUNICATION SERVICES 8.9% |
| |||||||||||
AT&T, Inc. |
47,991 | 884 | ||||||||||
Comcast Corp. ‘A’ |
8,012 | 280 | ||||||||||
Electronic Arts, Inc. |
497 | 61 | ||||||||||
Lumen Technologies, Inc. |
5,370 | 28 | ||||||||||
Meta Platforms, Inc. ‘A’ (a) |
2,910 | 350 | ||||||||||
Omnicom Group, Inc. |
82 | 7 | ||||||||||
Verizon Communications, Inc. |
16,456 | 648 | ||||||||||
Walt Disney Co. (a) |
2,531 | 220 | ||||||||||
|
|
|||||||||||
2,478 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 7.5% |
| |||||||||||
Adient PLC (a) |
576 | 20 | ||||||||||
Bed Bath & Beyond, Inc. (a) |
2,159 | 5 | ||||||||||
Best Buy Co., Inc. |
1,308 | 105 | ||||||||||
Dollar General Corp. |
287 | 71 | ||||||||||
eBay, Inc. |
2,307 | 96 | ||||||||||
Foot Locker, Inc. |
490 | 18 | ||||||||||
Ford Motor Co. |
18,817 | 219 | ||||||||||
Gap, Inc. |
2,843 | 32 | ||||||||||
General Motors Co. |
9,795 | 329 | ||||||||||
Genuine Parts Co. |
111 | 19 | ||||||||||
Goodyear Tire & Rubber Co. (a) |
3,086 | 31 | ||||||||||
Hilton Worldwide Holdings, Inc. |
163 | 21 | ||||||||||
Home Depot, Inc. |
996 | 315 | ||||||||||
Kohl’s Corp. |
343 | 9 | ||||||||||
Lear Corp. |
248 | 31 | ||||||||||
LKQ Corp. |
59 | 3 | ||||||||||
Lowe’s Cos., Inc. |
905 | 180 | ||||||||||
Macy’s, Inc. |
514 | 11 | ||||||||||
Marriott International, Inc. ‘A’ |
297 | 44 | ||||||||||
Mohawk Industries, Inc. (a) |
48 | 5 | ||||||||||
Newell Brands, Inc. |
874 | 11 | ||||||||||
NIKE, Inc. ‘B’ |
958 | 112 | ||||||||||
PVH Corp. |
424 | 30 | ||||||||||
Target Corp. |
1,226 | 183 | ||||||||||
TJX Cos., Inc. |
1,527 | 122 | ||||||||||
VF Corp. |
1,126 | 31 | ||||||||||
Whirlpool Corp. |
320 | 45 | ||||||||||
|
|
|||||||||||
2,098 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 7.6% |
| |||||||||||
Archer-Daniels-Midland Co. |
1,625 | 151 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Campbell Soup Co. |
325 | $ | 18 | |||||||||
Church & Dwight Co., Inc. |
58 | 5 | ||||||||||
Clorox Co. |
239 | 33 | ||||||||||
Coca-Cola Co. |
4,747 | 302 | ||||||||||
Colgate-Palmolive Co. |
1,294 | 102 | ||||||||||
Conagra Brands, Inc. |
975 | 38 | ||||||||||
General Mills, Inc. |
1,115 | 93 | ||||||||||
Hershey Co. |
76 | 18 | ||||||||||
Ingredion, Inc. |
256 | 25 | ||||||||||
J M Smucker Co. |
271 | 43 | ||||||||||
Kellogg Co. |
530 | 38 | ||||||||||
Keurig Dr Pepper, Inc. |
226 | 8 | ||||||||||
Kimberly-Clark Corp. |
668 | 91 | ||||||||||
Kraft Heinz Co. |
1,783 | 73 | ||||||||||
Kroger Co. |
1,477 | 66 | ||||||||||
Molson Coors Beverage Co. ‘B’ |
222 | 11 | ||||||||||
Mondelez International, Inc. ‘A’ |
1,993 | 133 | ||||||||||
PepsiCo, Inc. |
446 | 81 | ||||||||||
Procter & Gamble Co. |
4,376 | 663 | ||||||||||
Sysco Corp. |
984 | 75 | ||||||||||
Tyson Foods, Inc. ‘A’ |
683 | 42 | ||||||||||
|
|
|||||||||||
2,109 | ||||||||||||
|
|
|||||||||||
FINANCIALS 15.0% |
| |||||||||||
Aflac, Inc. |
1,289 | 93 | ||||||||||
Allstate Corp. |
787 | 107 | ||||||||||
American Express Co. |
899 | 133 | ||||||||||
Ameriprise Financial, Inc. |
219 | 68 | ||||||||||
Bank of America Corp. |
17,546 | 581 | ||||||||||
Bank of New York Mellon Corp. |
2,823 | 128 | ||||||||||
BlackRock, Inc. |
166 | 118 | ||||||||||
Citigroup, Inc. |
14,086 | 637 | ||||||||||
Equitable Holdings, Inc. |
1,164 | 33 | ||||||||||
Goldman Sachs Group, Inc. |
659 | 226 | ||||||||||
Hartford Financial Services Group, Inc. |
773 | 59 | ||||||||||
JPMorgan Chase & Co. |
6,007 | 805 | ||||||||||
Lincoln National Corp. |
700 | 21 | ||||||||||
Marsh & McLennan Cos., Inc. |
17 | 3 | ||||||||||
MetLife, Inc. |
1,783 | 129 | ||||||||||
Moody’s Corp. |
67 | 19 | ||||||||||
PNC Financial Services Group, Inc. |
184 | 29 | ||||||||||
Principal Financial Group, Inc. |
497 | 42 | ||||||||||
Prudential Financial, Inc. |
1,530 | 152 | ||||||||||
S&P Global, Inc. |
208 | 70 | ||||||||||
State Street Corp. |
827 | 64 | ||||||||||
U.S. Bancorp |
912 | 40 | ||||||||||
Wells Fargo & Co. |
15,304 | 632 | ||||||||||
|
|
|||||||||||
4,189 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 22.9% | ||||||||||||
Abbott Laboratories |
1,932 | 212 | ||||||||||
Agilent Technologies, Inc. |
267 | 40 | ||||||||||
AmerisourceBergen Corp. |
216 | 36 | ||||||||||
Amgen, Inc. |
638 | 168 | ||||||||||
Baxter International, Inc. |
1,108 | 56 | ||||||||||
Becton Dickinson & Co. |
333 | 85 | ||||||||||
Biogen, Inc. (a) |
570 | 158 | ||||||||||
Boston Scientific Corp. (a) |
1,338 | 62 | ||||||||||
Bristol-Myers Squibb Co. |
4,647 | 334 | ||||||||||
Cardinal Health, Inc. |
1,433 | 110 | ||||||||||
Cigna Corp. |
942 | 312 | ||||||||||
CVS Health Corp. |
5,156 | 481 | ||||||||||
DaVita, Inc. (a) |
339 | 25 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Edwards Lifesciences Corp. (a) |
286 | $ | 21 | |||||||||
Elevance Health, Inc. |
650 | 333 | ||||||||||
Eli Lilly & Co. |
469 | 172 | ||||||||||
Embecta Corp. |
66 | 2 | ||||||||||
Gilead Sciences, Inc. |
3,287 | 282 | ||||||||||
Henry Schein, Inc. (a) |
56 | 4 | ||||||||||
Humana, Inc. |
377 | 193 | ||||||||||
Illumina, Inc. (a) |
149 | 30 | ||||||||||
Intuitive Surgical, Inc. (a) |
127 | 34 | ||||||||||
Johnson & Johnson |
5,424 | 958 | ||||||||||
Laboratory Corp. of America Holdings |
127 | 30 | ||||||||||
McKesson Corp. |
368 | 138 | ||||||||||
Merck & Co., Inc. |
5,966 | 662 | ||||||||||
Pfizer, Inc. |
13,483 | 691 | ||||||||||
Quest Diagnostics, Inc. |
340 | 53 | ||||||||||
Regeneron Pharmaceuticals, Inc. (a) |
105 | 76 | ||||||||||
UnitedHealth Group, Inc. |
1,137 | 603 | ||||||||||
Waters Corp. (a) |
85 | 29 | ||||||||||
Zimvie, Inc. (a) |
205 | 2 | ||||||||||
|
|
|||||||||||
6,392 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 4.6% |
| |||||||||||
3M Co. |
1,762 | 211 | ||||||||||
Carrier Global Corp. |
1,000 | 41 | ||||||||||
Cummins, Inc. |
560 | 136 | ||||||||||
Deere & Co. |
224 | 96 | ||||||||||
Dover Corp. |
204 | 28 | ||||||||||
FedEx Corp. |
550 | 95 | ||||||||||
Fortune Brands Innovations, Inc. |
100 | 6 | ||||||||||
Illinois Tool Works, Inc. |
381 | 84 | ||||||||||
Johnson Controls International PLC |
1,860 | 119 | ||||||||||
ManpowerGroup, Inc. |
419 | 35 | ||||||||||
Masterbrand, Inc. (a) |
100 | 1 | ||||||||||
Otis Worldwide Corp. |
123 | 10 | ||||||||||
Owens Corning |
397 | 34 | ||||||||||
Republic Services, Inc. |
237 | 30 | ||||||||||
Rockwell Automation, Inc. |
148 | 38 | ||||||||||
Stanley Black & Decker, Inc. |
350 | 26 | ||||||||||
United Parcel Service, Inc. ‘B’ |
763 | 133 | ||||||||||
United Rentals, Inc. (a) |
124 | 44 | ||||||||||
Waste Management, Inc. |
501 | 79 | ||||||||||
WW Grainger, Inc. |
78 | 43 | ||||||||||
|
|
|||||||||||
1,289 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 27.3% |
| |||||||||||
Adobe, Inc. (a) |
322 | 108 | ||||||||||
Akamai Technologies, Inc. (a) |
62 | 5 | ||||||||||
Amdocs Ltd. |
276 | 25 | ||||||||||
Analog Devices, Inc. |
393 | 64 | ||||||||||
Apple, Inc. |
9,508 | 1,235 | ||||||||||
Applied Materials, Inc. |
1,353 | 132 | ||||||||||
Arrow Electronics, Inc. (a) |
321 | 34 | ||||||||||
Automatic Data Processing, Inc. |
396 | 95 | ||||||||||
Avnet, Inc. |
735 | 31 | ||||||||||
Bread Financial Holdings, Inc. |
322 | 12 | ||||||||||
Broadcom, Inc. |
139 | 78 | ||||||||||
Cadence Design Systems, Inc. (a) |
146 | 23 | ||||||||||
CDW Corp. |
164 | 29 | ||||||||||
Cisco Systems, Inc. |
15,513 | 739 | ||||||||||
Cognizant Technology Solutions Corp. ‘A’ |
1,039 | 59 | ||||||||||
Corning, Inc. |
1,825 | 58 | ||||||||||
Dell Technologies, Inc. ‘C’ |
386 | 15 |
See Accompanying Notes | SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 53 |
Schedule of Investments | PIMCO RAFI ESG U.S. ETF | (Cont.) | December 31, 2022 | (Unaudited) |
SHARES | MARKET VALUE (000S) |
|||||||||||
DXC Technology Co. (a) |
1,210 | $ | 32 | |||||||||
Fidelity National Information Services, Inc. |
676 | 46 | ||||||||||
Fiserv, Inc. (a) |
136 | 14 | ||||||||||
Flex Ltd. (a) |
1,773 | 38 | ||||||||||
Gen Digital, Inc. |
1,682 | 36 | ||||||||||
Hewlett Packard Enterprise Co. |
10,706 | 171 | ||||||||||
HP, Inc. |
4,305 | 116 | ||||||||||
Intel Corp. |
27,696 | 732 | ||||||||||
International Business Machines Corp. |
3,250 | 458 | ||||||||||
Juniper Networks, Inc. |
1,431 | 46 | ||||||||||
Lam Research Corp. |
150 | 63 | ||||||||||
Marvell Technology, Inc. |
306 | 11 | ||||||||||
Mastercard, Inc. ‘A’ |
421 | 146 | ||||||||||
Micron Technology, Inc. |
3,128 | 156 | ||||||||||
Microsoft Corp. |
5,495 | 1,318 | ||||||||||
Motorola Solutions, Inc. |
173 | 45 | ||||||||||
NetApp, Inc. |
776 | 47 | ||||||||||
ON Semiconductor Corp. (a) |
513 | 32 | ||||||||||
Oracle Corp. |
4,572 | 374 | ||||||||||
Paychex, Inc. |
24 | 3 | ||||||||||
QUALCOMM, Inc. |
2,305 | 253 | ||||||||||
salesforce.com, Inc. (a) |
618 | 82 | ||||||||||
Seagate Technology Holdings PLC |
1,068 | 56 | ||||||||||
Skyworks Solutions, Inc. |
83 | 8 | ||||||||||
TE Connectivity Ltd. |
449 | 52 | ||||||||||
Texas Instruments, Inc. |
1,265 | 209 | ||||||||||
Visa, Inc. ‘A’ |
1,063 | 221 | ||||||||||
VMware, Inc. ‘A’ (a) |
239 | 29 | ||||||||||
Western Digital Corp. (a) |
1,809 | 57 | ||||||||||
Western Union Co. |
917 | 13 | ||||||||||
Xerox Holdings Corp. |
1,962 | 29 | ||||||||||
|
|
|||||||||||
7,635 | ||||||||||||
|
|
SHARES | MARKET VALUE (000S) |
|||||||||||
MATERIALS 2.4% |
| |||||||||||
CF Industries Holdings, Inc. |
73 | $ | 6 | |||||||||
Dow, Inc. |
1,962 | 99 | ||||||||||
DuPont de Nemours, Inc. |
2,385 | 164 | ||||||||||
Eastman Chemical Co. |
463 | 38 | ||||||||||
Ecolab, Inc. |
411 | 60 | ||||||||||
International Flavors & Fragrances, Inc. |
172 | 18 | ||||||||||
International Paper Co. |
1,359 | 47 | ||||||||||
Mosaic Co. |
684 | 30 | ||||||||||
Newmont Corp. |
1,719 | 81 | ||||||||||
Packaging Corp. of America |
182 | 23 | ||||||||||
PPG Industries, Inc. |
567 | 71 | ||||||||||
Sherwin-Williams Co. |
139 | 33 | ||||||||||
WestRock Co. |
346 | 12 | ||||||||||
|
|
|||||||||||
682 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.2% |
| |||||||||||
CBRE Group, Inc. ‘A’ (a) |
520 | 40 | ||||||||||
Jones Lang LaSalle, Inc. (a) |
141 | 22 | ||||||||||
|
|
|||||||||||
62 | ||||||||||||
|
|
|||||||||||
UTILITIES 0.3% |
| |||||||||||
American Water Works Co., Inc. |
239 | 37 | ||||||||||
Edison International |
885 | 56 | ||||||||||
|
|
|||||||||||
93 | ||||||||||||
|
|
|||||||||||
Total United States |
27,027 | |||||||||||
|
|
|||||||||||
Total Common Stocks (Cost $28,736) |
27,423 | |||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
REAL ESTATE INVESTMENT TRUSTS 1.5% |
| |||||||||||
UNITED STATES 1.5% |
| |||||||||||
REAL ESTATE 1.5% |
| |||||||||||
American Tower Corp. |
181 | $ | 38 | |||||||||
AvalonBay Communities, Inc. |
145 | 23 | ||||||||||
Crown Castle, Inc. |
127 | 17 | ||||||||||
Equinix, Inc. |
54 | 35 | ||||||||||
Equity Residential |
452 | 27 | ||||||||||
Essex Property Trust, Inc. |
69 | 15 | ||||||||||
Healthpeak Properties, Inc. |
920 | 23 | ||||||||||
Host Hotels & Resorts, Inc. |
2,169 | 35 | ||||||||||
Iron Mountain, Inc. |
719 | 36 | ||||||||||
Mid-America Apartment Communities, Inc. |
23 | 4 | ||||||||||
Ventas, Inc. |
1,155 | 52 | ||||||||||
Welltower, Inc. |
869 | 57 | ||||||||||
Weyerhaeuser Co. |
2,161 | 67 | ||||||||||
|
|
|||||||||||
429 | ||||||||||||
|
|
|||||||||||
Total Real Estate Investment Trusts |
429 | |||||||||||
|
|
|||||||||||
Total Investments in Securities (Cost $29,239) |
27,852 | |||||||||||
Total Investments 99.7% (Cost $29,239) |
|
$ | 27,852 | |||||||||
Other Assets and Liabilities, net 0.3% | 87 | |||||||||||
|
|
|||||||||||
Net Assets 100.0% |
|
$ | 27,939 | |||||||||
|
|
NOTES TO SCHEDULE OF INVESTMENTS:
* |
A zero balance may reflect actual amounts rounding to less than one thousand. |
(a) |
Security did not produce income within the last twelve months. |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2022 |
||||||||||||
Investments in Securities, at Value |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Ireland |
| |||||||||||||||
Information Technology |
$ | 162 | $ | 0 | $ | 0 | $ | 162 | ||||||||
United Kingdom |
| |||||||||||||||
Communication Services |
36 | 0 | 0 | 36 | ||||||||||||
Materials |
198 | 0 | 0 | 198 | ||||||||||||
United States |
| |||||||||||||||
Communication Services |
2,478 | 0 | 0 | 2,478 | ||||||||||||
Consumer Discretionary |
2,098 | 0 | 0 | 2,098 | ||||||||||||
Consumer Staples |
2,109 | 0 | 0 | 2,109 | ||||||||||||
Financials |
4,189 | 0 | 0 | 4,189 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2022 |
||||||||||||
Health Care |
$ | 6,392 | $ | 0 | $ | 0 | $ | 6,392 | ||||||||
Industrials |
1,289 | 0 | 0 | 1,289 | ||||||||||||
Information Technology |
7,635 | 0 | 0 | 7,635 | ||||||||||||
Materials |
682 | 0 | 0 | 682 | ||||||||||||
Real Estate |
62 | 0 | 0 | 62 | ||||||||||||
Utilities |
93 | 0 | 0 | 93 | ||||||||||||
Real Estate Investment Trusts |
| |||||||||||||||
United States |
| |||||||||||||||
Real Estate |
429 | 0 | 0 | 429 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 27,852 | $ | 0 | $ | 0 | $ | 27,852 | ||||||||
|
|
|
|
|
|
|
|
There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.
54 | PIMCO EQUITY SERIES | See Accompanying Notes |
Notes to Financial Statements | December 31, 2022 | (Unaudited) |
1. ORGANIZATION
PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on March 30, 2010. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the funds (each a “Fund” and collectively the “Funds”) indicated on the cover of this report. Pacific Investment Management Company LLC (“PIMCO” or “Manager”) serves as the investment adviser for the Funds. Prior to August 12, 2022, Parametric Portfolio Associates LLC (“Parametric” or “Sub-Adviser”) served as the sub-adviser to each Fund.
Each Fund is an exchange-traded fund (“ETF”). ETFs are funds that trade like other publicly-traded securities and may be designed to track an index or to be actively managed. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value (“NAV”), shares of a Fund may be directly purchased from and redeemed by a Fund at NAV solely by certain large institutional investors. Also unlike shares of a mutual fund, shares of each Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day. Each Fund offers and issues shares only in aggregations of a specified number of shares (“Creation Units”).
Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the “Board.”
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is
recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.
Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.
(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 55 |
Notes to Financial Statements | (Cont.) |
U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.
(c) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.
Distribution Frequency | ||||||||||||
Fund Name | Declared | Distributed | ||||||||||
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
Quarterly | Quarterly | ||||||||||
PIMCO RAFI Dynamic Multi-Factor International Equity ETF |
Quarterly | Quarterly | ||||||||||
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF |
Quarterly | Quarterly | ||||||||||
PIMCO RAFI ESG U.S. ETF |
Quarterly | Quarterly |
In addition, each Fund distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently. The Trust does not provide an automatic dividend and/or distributions reinvestment service. A Fund may revise its distribution policy or postpone the payment of distributions at any time.
Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund’s annual financial statements presented under U.S. GAAP.
Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular
distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.
Distributions classified as a tax basis return of capital at a Fund’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.
(d) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Funds’ financial statements.
56 | PIMCO EQUITY SERIES |
December 31, 2022 | (Unaudited) |
In October 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. 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. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds’ financial statements.
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 would 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 related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds’ financial statements.
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.
In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
(a) Investment Valuation Policies The NAV of the Funds’ shares, or each of their respective share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Funds or class, less any liabilities, as applicable, by the total number of shares outstanding.
On each day that the New York Stock Exchange (“NYSE”) is open, the Funds’ shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Funds may determine.
For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.
Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 57 |
Notes to Financial Statements | (Cont.) |
relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).
Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund’s NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.
If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may
be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.
Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund’s next calculated NAV.
Fair valuation may require subjective determinations about the value of a security. While the Trust’s and Valuation Designee’s policies and procedures are intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds’ use of fair valuation may also help to deter “stale price arbitrage” as discussed under the “Abusive Trading Practices” section in each Fund’s prospectus.
(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:
∎ | Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities. |
∎ |
Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets |
58 | PIMCO EQUITY SERIES |
December 31, 2022 | (Unaudited) |
or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |
∎ | Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments. |
In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.
For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.
(c) Valuation Techniques and the Fair Value Hierarchy
Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:
Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.
Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1
provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.
Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.
Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.
Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.
Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.
Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or pricing sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 59 |
Notes to Financial Statements | (Cont.) |
Equity-linked securities are valued by referencing the last reported sale or settlement price of the linked referenced equity on the day of valuation. Foreign exchange adjustments are applied to the last reported price to convert the linked equity’s trading currency to the contract’s settling currency. These investments are categorized as Level 2 of the fair value hierarchy.
Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and
options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.
Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs
or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.
Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.
When a fair valuation method is applied by the Adviser that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.
4. SECURITIES AND OTHER INVESTMENTS
(a) Investments in Affiliates
Each Fund eligible to participate in securities lending may invest the cash collateral received for securities out on loan in the PIMCO Government Money Market Fund under the Securities Lending Agreement. All or a portion of Dividend Income as shown in the table below represents the income earned on the cash collateral invested in PIMCO Government Money Market Fund and is included on the Statements of Operations as a component of Securities Lending Income. PIMCO Government Money Market Fund is considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each affiliate fund’s shareholder report is also available at the SEC’s website at www.sec.gov, on the Funds’ website at www.pimco.com, or upon request, as applicable. The table below shows the Funds’ transactions in and earnings from investments in the affiliated Fund for the period ended December 31, 2022 (amounts in thousands†):
Investments in PIMCO Government Money Market Fund | ||||||||||||||||||||||||||||||||||||
Fund Name | Market Value 06/30/2022 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Market Value 12/31/2022 |
Dividend Income(1) |
Realized Net Capital Gain Distributions(1) |
||||||||||||||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
$ | 72 | $ | 86 | $ | (152 | ) | $ | 0 | $ | 0 | $ | 6 | $ | 0 | $ | 0 | |||||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor International Equity ETF |
1,189 | 3,369 | (4,558 | ) | 0 | 0 | 0 | 3 | 0 | |||||||||||||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF |
25 | 283 | (308 | ) | 0 | 0 | 0 | 0 | 0 |
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
(1) |
The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. |
60 | PIMCO EQUITY SERIES |
December 31, 2022 | (Unaudited) |
(b) Investments in Securities
The Funds may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.
Real Estate Investment Trusts (“REITs”) are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so the Funds that invest in REITs will bear their proportionate share of the costs of the REITs’ operations.
5. BORROWINGS AND OTHER FINANCING TRANSACTIONS
The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund’s respective investment policies.
The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund’s financial statements is described below.
(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.
(b) Securities Lending The Funds listed below may seek to earn additional income by lending their securities to certain qualified broker-dealers and institutions on a short-term or long-term basis via a lending agent.
Fund Name |
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
PIMCO RAFI Dynamic Multi-Factor International Equity ETF |
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF |
PIMCO RAFI ESG U.S. ETF |
Securities on loan are required to be secured by cash collateral at least equal to 102% of the domestic, or 105% of the foreign security’s market value. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Funds will then invest the cash collateral received in the PIMCO Government Money Market Fund and record a liability for the return of the collateral during the period the securities are on loan. Each Fund is subject to a lending limit of 33.33% of total assets (including the value of collateral).
The loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail to return loaned securities, the Fund has the right to repurchase the securities using the collateral in the open market.
The borrower pays fees at the Funds’ direction to the lending agent. The lending agent may retain a portion of the fees and interest earned on the cash collateral invested as compensation for its services. Investments made with the cash collateral are disclosed on the Schedules of Investments, if applicable. The lending fees and the Funds’ portion of the interest income earned on cash collateral are included on the Statements of Operations as securities lending income, if applicable.
(c) Interfund Lending In accordance with an exemptive order (the “Order”) from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 61 |
Notes to Financial Statements | (Cont.) |
interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.
During the period ended December 31, 2022, the Funds did not participate in the Interfund Lending Program.
6. FINANCIAL DERIVATIVE INSTRUMENTS
The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund’s respective investment policies.
The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds’ financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the
amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.
Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.
7. PRINCIPAL AND OTHER RISKS
(a) Principal Risks
The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.
Risks |
PIMCO RAFI Dynamic |
PIMCO RAFI Dynamic |
PIMCO RAFI Dynamic |
PIMCO RAFI ESG U.S. ETF | ||||||||
Small Fund |
— | X | X | X | ||||||||
Market Trading |
X | X | X | X | ||||||||
Equity |
X | X | X | X | ||||||||
Credit |
X | X | X | X | ||||||||
Market |
X | X | X | X | ||||||||
Liquidity |
X | X | X | X | ||||||||
Issuer |
X | X | X | X | ||||||||
Derivatives |
X | X | X | X | ||||||||
Foreign (Non-U.S.) Investment |
X | X | — | — | ||||||||
Emerging Markets |
X | — | — | — | ||||||||
Currency |
X | X | — | — | ||||||||
Model |
X | X | X | X | ||||||||
Leveraging |
X | X | X | X | ||||||||
Management and Tracking Error |
X | X | X | X | ||||||||
Indexing |
X | X | X | X | ||||||||
Environmental, Social and Governance Investing |
— | — | — | X |
62 | PIMCO EQUITY SERIES |
December 31, 2022 | (Unaudited) |
Please see “Description of Principal Risks” in a Fund’s prospectus for a more detailed description of the risks of investing in a Fund.
Small Fund Risk is the risk that a smaller Fund may not achieve investment or trading efficiencies. Additionally, a smaller Fund may be more adversely affected by large purchases or redemptions of Fund shares.
Market Trading Risk is the risk that an active secondary trading market for Fund shares does not continue once developed, that a Fund may not continue to meet a listing exchange’s trading or listing requirements, or that Fund shares trade at prices other than a Fund’s net asset value particularly during times of market stress.
Equity Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.
Credit Risk is the risk that a Fund could lose money if the counterparty to a derivative contract is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.
Market Risk is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.
Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. The liquidity of a Fund’s shares may be constrained by the liquidity of a Fund’s portfolio holdings.
Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.
Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund’s use of derivatives may result in losses to a Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”)
derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange- traded or traded through a central clearing counterparty resides with a Fund’s clearing broker, or the clearinghouse. Changes in regulation relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives or other similar investments and/ or adversely affect the value of derivatives or other similar investments and a Fund’s performance.
Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.
Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.
Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect a Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign
(non-U.S.) currencies.
Model Risk is the risk that a Fund’s investment models used in making investment allocation decisions, including the indexation methodologies used in constructing the Underlying Index, may not adequately take into account certain factors, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data, any of which may result in a decline in the value of an investment in a Fund.
Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 63 |
Notes to Financial Statements | (Cont.) |
Management and Tracking Error Risk is the risk that the portfolio manager’s investment decisions may not produce the desired results or that a Fund’s portfolio may not closely track the Underlying Index for a number of reasons. A Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing a Fund’s portfolio to reflect changes in the composition of the Underlying Index. Performance of a Fund and the Underlying Index may vary due to asset valuation differences and differences between a Fund’s portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. The risk that performance of a Fund and the Underlying Index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, a Fund’s use of a representative sampling approach may cause a Fund to be less correlated to the return of the Underlying Index than if a Fund held all of the securities in the Underlying Index.
Indexing Risk is the risk that a Fund is negatively affected by general declines in the asset classes represented by the Underlying Index.
Environmental, Social and Governance Investing Risk is the risk that, because the Underlying Index may select or exclude securities of certain issuers for reasons other than performance, a Fund’s performance will differ from funds that do not utilize an ESG investing strategy. ESG investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by the Index Provider or any judgment exercised by the Index Provider in constructing the Underlying Index will reflect the opinions of any particular investor.
(b) Other Risks
In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund’s prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund’s performance.
Market Disruption Risk The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund’s service providers, including
PIMCO as the Fund’s investment adviser, rely, and could otherwise disrupt the Fund’s service providers’ ability to fulfill their obligations to the Fund. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds, and may adversely affect the Fund’s investments and operations. Additionally, to the extent the Fund invests in securities and instruments economically tied to Russia, the recent Russian invasion of Ukraine may adversely affect the Fund’s investments. Please see the Important Information section for additional discussion of the COVID-19 pandemic as well as the Russian invasion of Ukraine.
Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund’s ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund’s holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.
Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund’s ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.
Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have
64 | PIMCO EQUITY SERIES |
December 31, 2022 | (Unaudited) |
a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.
Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/ or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.
8. MASTER NETTING ARRANGEMENTS
A Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.
Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under
most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.
Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase, and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.
Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.
Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Portability of exposure reduces risk to the Funds. Variation margin, which reflects changes in
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 65 |
Notes to Financial Statements | (Cont.) |
market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedules of Investments.
International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.
9. FEES AND EXPENSES
(a) Management Fee PIMCO, a majority-owned subsidiary of Allianz Asset Management of America LLC (“Allianz Asset Management”), serves as the Manager to the Trust, pursuant to an investment management agreement. Each Fund pays PIMCO fees in return for providing investment advisory, supervisory and administrative services under an all-in fee structure. Each Fund will pay monthly management fees to PIMCO at an annual rate based on average daily net assets (the “Management Fee”), at an annual rate as noted in the table below.
Fund Name | Management Fee |
|||||||
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
0.49% | |||||||
PIMCO RAFI Dynamic Multi-Factor International Equity ETF |
0.39% | |||||||
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF |
0.29% | |||||||
PIMCO RAFI ESG U.S. ETF |
0.29% |
(b) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor (“Distributor”) of
each Fund’s Creation Units. The Distributor does not maintain a secondary market in shares of the Funds. During the period ended December 31, 2022 each Fund was permitted to compensate the Distributor at an annual rate of up to 0.25% of a Fund’s average daily net assets (the “12b-1 Plan Fee”). However, the Board of Trustees has determined not to authorize payment of a 12b-1 Plan Fee at this time. The 12b-1 Plan Fee may only be imposed or increased when the Board determines that it is in the best interests of shareholders to do so. Because these fees are paid out of a Fund’s assets on an ongoing basis, to the extent that a fee is authorized, over time it will increase the cost of an investment in the Fund. The 12b-1 Plan Fee may cost an investor more than other types of sales charges.
(c) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Funds bear other expenses which are not covered under the Management Fee which may vary and affect the total level of expenses paid by shareholders, such as (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) securities lending fees and expenses; (vi) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vii) extraordinary expenses, including costs of litigation and indemnification expenses; and (viii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles. The ratio of expenses to average net assets, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses as disclosed in the prospectus.
The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Manager, all of whom receive remuneration for their services to the Trust from the Manager or its affiliates.
(d) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through October 31, 2023, to waive a portion of the Funds’ Management Fee, or reimburse each Fund, to the extent that each Fund’s organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the “Expense Limit” (calculated as a percentage of the Fund’s average daily net assets). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.
66 | PIMCO EQUITY SERIES |
December 31, 2022 | (Unaudited) |
In any month in which the investment management agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the Management Fee and/or other expenses waived or reimbursed as set forth above (the “Reimbursement Amount”) within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO at December 31, 2022, were as follows (amounts in thousands†):
Expiring within | ||||||||||||||||||||
Fund Name | 12 months | 13-24 months | 25-36 months | Total | ||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
$ | 38 | $ | 38 | $ | 9 | $ | 85 | ||||||||||||
PIMCO RAFI Dynamic Multi-Factor International Equity ETF |
0 | 3 | 7 | 10 | ||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF |
5 | 4 | 7 | 16 | ||||||||||||||||
PIMCO RAFI ESG U.S. ETF |
76 | 1 | 2 | 79 |
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
The waivers are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, the amounts were (in thousands†):
Fund Name | Waived Fees | |||||||
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
$ | 3 | ||||||
PIMCO RAFI Dynamic Multi-Factor International Equity ETF |
3 | |||||||
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF |
3 | |||||||
PIMCO RAFI ESG U.S. ETF |
1 |
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
10. RELATED PARTY TRANSACTIONS
The Manager and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.
11. GUARANTEES AND INDEMNIFICATIONS
Under the Trust’s organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust’s investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out
of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.
12. PURCHASES AND SALES OF SECURITIES
The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.
Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands†):
U.S. Government/Agency | All Other | |||||||||||||||||||
Fund Name | Purchases | Sales | Purchases | Sales | ||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
$ | 0 | $ | 0 | $ | 27,884 | $ | 24,659 | ||||||||||||
PIMCO RAFI Dynamic Multi-Factor International Equity ETF |
0 | 0 | 13,375 | 10,940 | ||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF |
0 | 0 | 21,886 | 21,814 | ||||||||||||||||
PIMCO RAFI ESG U.S. ETF |
0 | 0 | 2,314 | 4,806 | ||||||||||||||||
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 67 |
Notes to Financial Statements | (Cont.) |
13. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by a Fund only in Creation Units. Except when aggregated in Creation Units, shares of a Fund are not redeemable. Transactions in capital shares for a Fund are disclosed in detail on the Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of a Fund generally consists of a basket of cash and/or securities that a Fund specifies each business day. Authorized Participants may be charged transaction fees as set forth below. To offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, Authorized Participants are subject to standard creation and redemption transaction fees payable directly to State Street Bank and Trust Company, the sub-administrator of the Funds. PIMCO may, from time to time, at its own expense, compensate purchasers of Creation Units who have purchased substantial amounts of Creation Units and other financial institutions for administrative or marketing services. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable charge up to the maximum amount shown in the table below.
Fund Name | Standard Creation/ Redemption Transaction Fee* |
Maximum Variable Charge for Cash Creations** |
Maximum Variable Charge for Cash Redemptions** |
|||||||||||||
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
$ | 2,250 | 3.00% | 2.00% | ||||||||||||
PIMCO RAFI Dynamic Multi-Factor International Equity ETF |
$ | 5,000 | 3.00% | 2.00% | ||||||||||||
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF |
$ | 2,250 | 3.00% | 2.00% | ||||||||||||
PIMCO RAFI ESG U.S. ETF |
$ | 500 | 3.00% | 2.00% |
* |
Applicable to in-kind contributions or redemptions only. |
** |
As a percentage of the net asset value per Creation Unit purchased or redeemed, inclusive of the standard creation transaction fee (if imposed). |
14. INVESTMENT TRANSACTIONS
For the period ended December 31, 2022, certain Funds had in-kind contributions and in-kind redemptions as follows (amounts in thousands†):
Fund Name | Contributions | Redemptions | ||||||||||
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
$ | 3,639 | $ | 6,514 | ||||||||
PIMCO RAFI Dynamic Multi-Factor International Equity ETF |
17,406 | 0 | ||||||||||
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF |
14,462 | 0 | ||||||||||
PIMCO RAFI ESG U.S. ETF |
2,781 | 4,281 |
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
The in-kind contributions and in-kind redemptions in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. The table represents the accumulation of each Fund’s daily net shareholder transactions which were executed in kind while the Statements of Changes in Net Assets reflect gross shareholder transactions including any cash component of the transactions.
15. REGULATORY AND LITIGATION MATTERS
The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.
On May 17, 2022, Allianz Global Investors U.S. LLC (“AGI U.S.”) pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described
above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Funds in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.-registered investment companies, including the Funds.
The foregoing speaks only as of the date of this report.
16. FEDERAL INCOME TAX MATTERS
Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.
A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.
In accordance with U.S. GAAP, the Manager has reviewed the Funds’ tax positions for all open tax years. As of December 31, 2022, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.
68 | PIMCO EQUITY SERIES |
December 31, 2022 | (Unaudited) |
The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.
Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.
As of their last fiscal year ended June 30, 2022, the Funds had the following post-effective capital losses with no expiration (amounts in thousands†):
Short-Term | Long-Term | |||||||||||
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
$ | 0 | $ | 0 | ||||||||
PIMCO RAFI Dynamic Multi-Factor International Equity ETF |
9,112 | 4,178 | ||||||||||
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF |
12,871 | 4,215 | ||||||||||
PIMCO RAFI ESG U.S. ETF |
1,048 | 115 |
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands†):
Federal Tax Cost |
Unrealized Appreciation |
Unrealized (Depreciation) |
Net
Unrealized Appreciation/ (Depreciation)(1) |
|||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
$ | 77,482 | $ | 8,740 | $ | (14,492 | ) | $ | (5,752 | ) | ||||||||||
PIMCO RAFI Dynamic Multi-Factor International Equity ETF |
104,542 | 9,528 | (6,591 | ) | 2,937 | |||||||||||||||
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF |
102,864 | 16,708 | (4,057 | ) | 12,651 | |||||||||||||||
PIMCO RAFI ESG U.S. ETF |
29,953 | 1,576 | (3,677 | ) | (2,101 | ) |
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
(1) |
Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for federal income tax purposes. |
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 69 |
Glossary: | (abbreviations that may be used in the preceding statements) | (Unaudited) |
Counterparty Abbreviations: |
||||||||||
FICC |
Fixed Income Clearing Corporation |
MBC |
HSBC Bank Plc |
UBS |
UBS Securities LLC | |||||
Currency Abbreviations: |
||||||||||
CAD |
Canadian Dollar |
USD (or $) |
United States Dollar |
|||||||
Other Abbreviations: |
||||||||||
ADR |
American Depositary Receipt |
REIT |
Real Estate Investment Trust |
TBA |
To-Be-Announced | |||||
JSC |
Joint Stock Company |
SP - ADR |
Sponsored American Depositary Receipt |
70 | PIMCO EQUITY SERIES |
Distribution Information | (Unaudited) |
For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2022 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.
PIMCO RAFI
Dynamic Multi-Factor
Emerging Markets Equity ETF |
Net Investment Income* |
Net Realized Capital Gains* |
Paid-in Surplus or Other Capital Sources** |
Total (per common share) |
||||||||||||||||
July 2022 |
$ | 0.1900 | $ | 0.0000 | $ | 0.0000 | $ | 0.1900 | ||||||||||||
October 2022 |
$ | 0.2900 | $ | 0.0000 | $ | 0.0000 | $ | 0.2900 | ||||||||||||
December 2022 |
$ | 0.0500 | $ | 0.0000 | $ | 0.0000 | $ | 0.0500 | ||||||||||||
PIMCO RAFI
Dynamic Multi-Factor International Equity ETF |
Net Investment Income* |
Net Realized Capital Gains* |
Paid-in Surplus or Other Capital Sources** |
Total (per common share) |
||||||||||||||||
July 2022 |
$ | 0.3100 | $ | 0.0000 | $ | 0.0000 | $ | 0.3100 | ||||||||||||
October 2022 |
$ | 0.1100 | $ | 0.0000 | $ | 0.0000 | $ | 0.1100 | ||||||||||||
December 2022 |
$ | 0.2100 | $ | 0.0000 | $ | 0.0000 | $ | 0.2100 | ||||||||||||
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | Net Investment Income* |
Net Realized Capital Gains* |
Paid-in Surplus or Other Capital Sources** |
Total (per common share) |
||||||||||||||||
July 2022 |
$ | 0.1800 | $ | 0.0000 | $ | 0.0000 | $ | 0.1800 | ||||||||||||
October 2022 |
$ | 0.2000 | $ | 0.0000 | $ | 0.0000 | $ | 0.2000 | ||||||||||||
December 2022 |
$ | 0.2300 | $ | 0.0000 | $ | 0.0000 | $ | 0.2300 | ||||||||||||
PIMCO RAFI ESG U.S. ETF | Net Investment Income* |
Net
Realized Capital Gains* |
Paid-in Surplus or Other Capital Sources** |
Total (per common share) |
||||||||||||||||
July 2022 |
$ | 0.1500 | $ | 0.0000 | $ | 0.0000 | $ | 0.1500 | ||||||||||||
October 2022 |
$ | 0.1400 | $ | 0.0000 | $ | 0.0000 | $ | 0.1400 | ||||||||||||
December 2022 |
$ | 0.1900 | $ | 0.0000 | $ | 0.0000 | $ | 0.1900 |
* |
The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. |
** |
Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund’s net income, yield, earnings or investment performance. |
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 71 |
Approval of Investment Advisory Contract and Other Agreements |
Approval of Renewal of the Investment Management Agreement for PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF and PIMCO RAFI ESG U.S. ETF
At a meeting held on August 23-24, 2022, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Management Agreement (the “Investment Management Agreement”) between the Trust, on behalf of PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF, PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF and PIMCO RAFI ESG U.S. ETF (each, a “Fund” and collectively, the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”), for an additional one-year term through August 31, 2023.
The information, material factors and conclusions that formed the basis for the Board’s approval are summarized below.
1. INFORMATION RECEIVED
(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO to the Trust. At each of its quarterly meetings, the Board reviewed the Funds’ investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds’ compliance program and other information relating to the nature, extent and quality of services provided by PIMCO to the Trust and each of the Funds. In considering whether to approve the renewal of the Investment Management Agreement, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; management fees; financial information for PIMCO; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees (“Counsel”), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Investment Management Agreement.
(b) Review Process: In connection with considering the renewal of the Investment Management Agreement, the Board reviewed written materials prepared by PIMCO in response to requests from Counsel
encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board’s request by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Investment Management Agreement and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Investment Management Agreement. In connection with its review of the Investment Management Agreement, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds where appropriate. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds, outflows for certain Funds, Fund performance and profitability.
The approval determination was made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Investment Management Agreement, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board’s consideration of the renewal of the Investment Management Agreement, but is not intended to summarize all of the factors considered by the Board.
2. NATURE, EXTENT AND QUALITY OF SERVICES
(a) PIMCO, its Personnel and Resources: The Board considered the depth and quality of PIMCO’s investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Management Agreement. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management,
72 | PIMCO EQUITY SERIES |
(Unaudited) |
compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Investment Management Agreement. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s investment in new disciplines and talented personnel, which has enhanced PIMCO’s services to the Funds and has allowed PIMCO to introduce innovative new funds over time.
In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Funds.
Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Investment Management Agreement are likely to continue to benefit the Funds and their shareholders.
(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Investment Management Agreement. The Board considered the terms of the Investment Management Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the “unified fee”). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Agreement continue to increase. The Board considered PIMCO’s provision of supervisory and administrative services and its supervision of the Trust’s third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.
Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.
3. INVESTMENT PERFORMANCE
The Board reviewed information from PIMCO concerning the Funds’ performance, as available, over short- and longer-term periods ended March 31, 2022 and other performance data, as available, over short- and longer-term periods ended June 30, 2022 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, over short- and longer-term periods ended March 31, 2022 (the “Broadridge Report”). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a materially improved comparison.
The Board considered information regarding both the short- and longer-term relative and absolute investment performance of each Fund relative to its peer group, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report.
The Board reviewed materials indicating that certain Funds outperformed their peer groups during the one-year period-ended March 31, 2022. The Board reviewed materials indicating that the Funds, had underperformed in comparison to their respective benchmark indexes on a net-of-fees basis over short- and longer-term periods ended March 31, 2022. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the longer-term, but that certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, on a net-of-fees basis over certain short- and longer-term periods. With respect to Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund’s performance notwithstanding that it lags its benchmark index or peer group for certain periods.
The Board ultimately concluded, within the context of all of its considerations in connection with the Investment Management Agreement, that PIMCO’s performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders, and merits the approval of the renewal of the Investment Management Agreement.
4. MANAGEMENT FEE AND TOTAL EXPENSES
The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 73 |
Approval of Investment Advisory Contract and Other Agreements | (Cont.) |
respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for management services may vary in light of these various factors. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Funds.
The Board reviewed the management fee and total expenses of each Fund (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. With respect to the management fee, the Board reviewed data from the Broadridge Report that compared the average and median management fees of other funds in a “Peer Group” of comparable funds, where appropriate, as well as the universe of other similar funds. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate. In addition, the Board considered the expense limitation agreement in place for all of the Funds.
The Board also reviewed data comparing certain Funds’ management fees to the fee rates PIMCO charges to clients (both advised and sub-advised) with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds and the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to external sub-advised funds or other investment products.
Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to
varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund’s investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.
The Board considered the Funds’ unified fee structure, under which each Fund pays for the advisory and supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures such services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency and printing costs. The Board also considered that the unified fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds’ operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO’s approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board concluded that each Fund’s fees were reasonable in relation to the value of the services provided, and that the unified fee represents, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.
The Board noted that the Funds’ total expenses continued to be generally in line with those of competitor funds. Upon comparing the Funds’ total expenses to other funds in the “Peer Groups” provided by the Broadridge Report, where appropriate, the Board found total expenses of each Fund to be reasonable.
Based on the information presented by PIMCO and Broadridge, members of the Board determined, in the exercise of their business judgment, that the management fees charged by PIMCO under the Investment Management Agreement and that the total expenses of each Fund, are reasonable.
5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE
The Board reviewed information regarding PIMCO’s costs of providing services to, as well as the resulting level of profits attributable to the Funds. The Board also noted that it had received information regarding the structure and manner in which PIMCO’s investment professionals were compensated, and PIMCO’s view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO’s investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.
74 | PIMCO EQUITY SERIES |
(Unaudited) |
The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. The Board also considered that the Funds’ unified fee rates had been set competitively and/or priced to scale from inception and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund’s shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the management fee. The Board further considered the challenges that arise when managing large funds, which can result in certain “diseconomies” of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.
The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund’s assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund’s assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also reviewed materials indicating that, unlike the Funds’ unified fee structure, funds with “pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive.
The Board concluded that the Funds’ cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds’ unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.
6. ANCILLARY BENEFITS
The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO’s institutional investment management business due to the reputation and market penetration of
the Trust or third party service providers’ relationship-level fee concessions, which decrease fees paid by PIMCO. The Board noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.
7. CONCLUSIONS
Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO supported the renewal of the Funds’ Investment Management Agreement. The Independent Trustees and the Board as a whole concluded that the Funds’ Investment Management Agreement continued to be fair and reasonable to the Funds and their shareholders, that the Funds’ shareholders received reasonable value in return for the fees paid to PIMCO by the Funds under the Investment Management Agreement, and that the renewal of the Investment Management Agreement was in the best interests of the Funds and their shareholders.
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 75 |
General Information
Investment Adviser and Administrator
Pacific Investment Management Company LLC
650 Newport Center Drive
Newport Beach, CA 92660
Distributor
PIMCO Investments LLC
1633 Broadway
New York, NY 10019
Custodian
State Street Bank & Trust Co.
State Street Financial Center
One Lincoln Street
Boston, MA 02111
Transfer Agent
State Street Bank & Trust Co.
State Street Financial Center
One Lincoln Street
Boston, MA 02111
Legal Counsel
Dechert LLP
1900 K Street, N.W.
Washington, D.C. 20006
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
1100 Walnut Street, Suite 1300
Kansas City, MO 64106
This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.
PES4004SAR_123122