N-CSRS

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.

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.

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

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.

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.

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.

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

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

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

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.

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.

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.

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.

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.

^§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

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

⁽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.

^± 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.

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.

^§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.

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

⁽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.

^± 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.

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.

^§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.

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

⁽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.

^§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.

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

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.

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.

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).

* 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.

(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


	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


	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


	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


	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


	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


	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

Total India

SOUTH AFRICA 0.0%

REAL ESTATE 0.0%

Growthpoint Properties Ltd.

20,902

Total South Africa

TURKEY 0.1%

REAL ESTATE 0.1%

Emlak Konut Gayrimenkul Yatirim Ortakligi AS

113,556

Total Turkey

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

Total Short-Term Instruments
(Cost $6)

Total Investments in Affiliates
(Cost $6)

Total Investments 99.6%
(Cost $73,836)

71,730

Other Assets and Liabilities, net 0.4%

314

Net Assets 100.0%

72,044

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:

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
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


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.

(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


	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


	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


	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


	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


	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


	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


	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


	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


	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 (Cost $1,987)					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

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:

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:

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


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


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.

(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


	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


	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


	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


	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


	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 (Cost $3,062)					2,940

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:

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
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.

(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


	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 (Cost $503)					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

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.

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

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

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

Quarterly

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

Quarterly

PIMCO RAFI ESG U.S. ETF

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.

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

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:

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

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Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets

or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

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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.

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.

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.

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^†):

(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

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.

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

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.

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

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

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.

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^†):

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^†):

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.

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.

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^†):

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.

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,

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

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.

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.

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.



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 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)%



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%



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%



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%


	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



			Page


Chairman’s Letter				2

Important Information About the Funds				4

Expense Examples				17

Financial Highlights				18

Statements of Assets and Liabilities				20

Statements of Operations				21

Statements of Changes in Net Assets				22

Notes to Financial Statements				55

Glossary				70

Distribution Information				71

Approval of Investment Advisory Contract and Other Agreements				72


Fund	Fund Summary		Schedule of Investments


PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		9		23

PIMCO RAFI Dynamic Multi-Factor International Equity ETF		11		33

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		13		46

PIMCO RAFI ESG U.S. ETF		15		53


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%


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%


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%


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%


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%


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%


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%


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%


			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	)


2		PIMCO EQUITY SERIES


4		PIMCO EQUITY SERIES


Important Information About the Funds		(Cont.)


6		PIMCO EQUITY SERIES


					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


Statements of Assets and Liabilities				December 31, 2022		(Unaudited)


(Amounts in thousands^†, except per share amounts)	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

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


Six Months Ended December 31, 2022 (Unaudited)
(Amounts in thousands^†)	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

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


	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


Schedule of Investments		PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF				December 31, 2022		(Unaudited)


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


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


	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


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
MBC		01/2023	CAD	46	$	34	$	0	$	0

Total Forward Foreign Currency Contracts							$	0	$	0


	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


Notes to Financial Statements				December 31, 2022		(Unaudited)


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


	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


	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


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%


	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


	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	)


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