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PIMCO ETF TRUST

Annual Report

June 30, 2023

Index Exchange-Traded Funds

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | ZROZ | NYSE Arca

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | STPZ | NYSE Arca

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | LTPZ | NYSE Arca

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | TIPZ | NYSE Arca

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | HYS | NYSE Arca

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | CORP | NYSE Arca

Actively-Managed Exchange-Traded Funds

PIMCO Active Bond Exchange-Traded Fund | BOND | NYSE

PIMCO Enhanced Low Duration Active Exchange-Traded Fund | LDUR | NYSE Arca

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | EMNT | NYSE Arca

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | MINT | NYSE Arca

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | MUNI | NYSE Arca

PIMCO Multisector Bond Active Exchange-Traded Fund | PYLD | NYSE Arca

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | MINO | NYSE Arca

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | PRFD | NYSE Arca

PIMCO Senior Loan Active Exchange-Traded Fund | LONZ | NYSE Arca

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | SMMU | NYSE Arca

PIMCO Ultra Short Government Active Exchange-Traded Fund | BILZ | NYSE Arca

PIMCO Commodity Strategy Active Exchange-Traded Fund | CMDT | NYSE Arca

 


Table of Contents

Table of Contents

 

            Page  
     

Market Insights

        2  

Important Information About the Funds

        3  

Expense Examples

        26  

Financial Highlights

        28  

Statements of Assets and Liabilities

        32  

Consolidated Statement of Assets and Liabilities

        34  

Statements of Operations

        35  

Consolidated Statement of Operations

        38  

Statements of Changes in Net Assets

        39  

Consolidated Statements of Changes in Net Assets

        43  

Notes to Financial Statements

        143  

Report of Independent Registered Public Accounting Firm

        175  

Glossary

        177  

Federal Income Tax Information

        178  

Distribution Information

        180  

Approval of Investment Management Agreement

        183  

Management of the Trust

        186  

Privacy Policy

        189  

Liquidity Risk Management Program

        190  
     
Fund    Fund
Summary
     Schedule of
Investments
 
     

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

     8        44  

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

     9        45  

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

     10        46  

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

     11        47  

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

     12        48  

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

     13        58  

PIMCO Active Bond Exchange-Traded Fund

     14        70  

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

     15        80  

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

     16        87  

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

     17        92  

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

     18        100  

PIMCO Multisector Bond Active Exchange-Traded Fund

     19        107  

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

     20        112  

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

     21        117  

PIMCO Senior Loan Active Exchange-Traded Fund

     22        122  

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

     23        127  

PIMCO Ultra Short Government Active Exchange-Traded Fund

     24        133  

PIMCO Commodity Strategy Active Exchange-Traded Fund(1)

     25        135  

 

  (1) 

Consolidated Schedule of Investments

This material is authorized for use only when preceded or accompanied by the current PIMCO ETF Trust prospectus.


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Market Insights              

 

Dear Shareholder,

This annual report covers the 12-month reporting period ended June 30, 2023 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of certain factors that affected performance during the reporting period.

Amid elevated inflation in many countries during the reporting period, the global economy faced challenges from higher interest rates, tighter credit conditions stemming from the turmoil in the banking sector (especially in the United States (“U.S.”)), and geopolitical concerns. While the U.S. economy showed signs of resilience, some European economies experienced slower growth over the reporting period.

Continued central bank efforts to combat inflation

While inflation remained elevated over the reporting period, many central banks raised interest rates to rein in rising prices. The U.S. Federal Reserve (the “Fed”) raised the federal funds rate at 10 consecutive meetings, beginning in March 2022 through May 2023. In June 2023, the Fed then paused from raising rates in order to “assess additional information and its implications for monetary policy.” Meanwhile, the Bank of England and European Central Bank raised interest rates for the 13th and eighth consecutive time, respectively, as of June 2023. In contrast, the Bank of Japan maintained its accommodative monetary policy stance.

Mixed financial market returns

The yield on the benchmark 10-year U.S. Treasury rose over the reporting period, as did 10-year bond yields in most other developed market countries. The overall global credit bond market delivered positive total returns. Higher-rated global bonds underperformed lower-rated bonds. Global equities rallied, while commodity prices were volatile and produced mixed returns. The U.S. dollar weakened against the euro and the British pound, but appreciated against the Japanese yen.

Amid evolving conditions, we will continue to work diligently to navigate global markets and manage the assets that you have entrusted with us. We encourage you to speak with your financial advisor about your goals, and visit global.pimco.com for our latest insights.

 

LOGO  

Sincerely,

 

LOGO

 

Peter G. Strelow

Chairman of the Board
PIMCO ETF Trust

 

 

 
Total Returns of Certain Asset Classes for the
Period Ended June 30, 2023
   
Asset Class (as measured by, currency)   12-Month
   

U.S. large cap equities (S&P 500 Index, USD)

  19.59%
   

Global equities (MSCI World Index, USD)

  18.51%
   

European equities (MSCI Europe Index, EUR)

  16.72%
   

Emerging market equities (MSCI Emerging Markets Index, EUR)

  1.75%
   

Japanese equities (Nikkei 225 Index, JPY)

  28.61%
   

Emerging market local bonds (JPMorgan Government Bond Index-Emerging Markets Global Diversified Index, USD Unhedged)

  11.38%
   

Emerging market external debt (JPMorgan Emerging Markets Bond Index (EMBI) Global, USD Hedged)

  6.85%
   

Below investment grade bonds

(ICE BofAML Developed Markets High Yield Constrained Index, USD Hedged)

  9.48%
   

Global investment grade credit bonds (Bloomberg Global Aggregate Credit Index, USD Hedged)

  1.36%
   

Fixed-rate, local currency government debt of investment grade countries (Bloomberg Global Treasury Index, USD Hedged)

  0.07%

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.

Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.

 

       
2   PIMCO ETF TRUST            


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Important Information About the Funds              

 

PIMCO ETF Trust (the “Trust”) is an open-end management investment company that includes the PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund, PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund, PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund, PIMCO Broad U.S. TIPS Index Exchange-Traded Fund, PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund, and PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund, 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 (collectively, the “Index Funds”). Each Index 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. An Index 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. The PIMCO Active Bond Exchange-Traded Fund, PIMCO Commodity Strategy Active Exchange-Traded Fund, PIMCO Enhanced Low Duration Active Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund, PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund, PIMCO Multisector Bond Active Exchange-Traded Fund, PIMCO Municipal Income Opportunities Active Exchange-Traded Fund, PIMCO Preferred and Capital Securities Active Exchange-Traded Fund, PIMCO Senior Loan Active Exchange-Traded Fund, PIMCO Short Term Municipal Bond Active Exchange-Traded Fund, and PIMCO Ultra Short Government Active Exchange-Traded Fund unlike the Index Funds, are actively managed ETFs that do not seek to track the performance of a specified index (collectively, the “Active Funds” and together with the Index Funds, a “Fund” or the “Funds”). Shares of the Funds, except PIMCO Active Bond Exchange-Traded Fund, will be listed and traded at market prices on NYSE Arca, Inc. (“NYSE Arca”), and the shares of the PIMCO Active Bond Exchange-Traded Fund are listed and traded at market prices on the New York Stock Exchange (“NYSE”), each a national securities exchange, 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 bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in

an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Funds are likely to decrease in value. A wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and 2023. Thus, the Funds currently face a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to “make markets”.

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

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’ prospectuses, 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.

 

         ANNUAL REPORT     |     JUNE 30, 2023     3
    


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Important Information About the Funds   (Cont.)  

 

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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that have provided material aid to Russia’s aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures have had and may continue to have an adverse effect on the Russian, Belarusian and other securities and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia’s military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European, and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold. PIMCO will continue to actively manage these positions in the best interests of a Fund and its shareholders.

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR was traditionally 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. Although the transition process away from LIBOR for many instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or continued use of LIBOR on the Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how, and when industry participants adopt new reference rates for affected instruments. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise may also result in a reduction in the value of certain instruments held by the Fund or a reduction in the effectiveness of related Fund transactions such as hedges. In addition, an instrument’s transition to a replacement rate could result in variations in the reported yields of the Fund that holds such instrument. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

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.

U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, continued volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Funds and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

 

       
4   PIMCO ETF TRUST            


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On each Fund Summary page in this Shareholder Report, the Average Annual Total Return table and 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 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

      10/30/09       Diversified  

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

      08/20/09       Diversified  

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

      09/03/09       Diversified  

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

      09/03/09       Diversified  

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

      06/16/11       Diversified  

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

      09/20/10       Diversified  

PIMCO Active Bond Exchange-Traded Fund

      02/29/12       Diversified  

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

      01/22/14       Diversified  

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

      12/10/19       Diversified  

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

      11/16/09       Diversified  

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

      11/30/09       Diversified  

PIMCO Multisector Bond Active Exchange-Traded Fund

      06/21/23       Diversified  

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

      09/08/21       Diversified  

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

      01/18/23       Diversified  

PIMCO Senior Loan Active Exchange-Traded Fund

      06/08/22       Diversified  

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

      02/01/10       Diversified  

PIMCO Ultra Short Government Active Exchange-Traded Fund

      06/21/23       Diversified  

PIMCO Commodity Strategy Active Exchange-Traded Fund

      05/09/23       Non-diversified  

 

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

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.

 

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Important Information About the Funds   (Cont.)  

 

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 the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 400-4ETF, on the Funds’ website at www.pimcoetfs.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Funds file their portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds’ complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.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 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.

 

       
6   PIMCO ETF TRUST            


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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.

On May 19, 2023, a supplement was filed to provide notification of a change to the definition of “Capital Securities” for purposes of the PIMCO Preferred and Capital Securities Active Exchange-Traded Fund’s 80% policy. As of July 31, 2023, the definition of “Capital Securities” will include “(1) securities issued by U.S. and non U.S. financial institutions (including, but not limited to, banks and insurance companies) that can be used to satisfy their regulatory capital requirements and (2) securities, which may include instruments referred to as hybrid securities, that would be subordinated (i.e., fall lower in the capital structure) to at least one type of debt.”

 

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PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

 

 
 
  Ticker Symbol - ZROZ

 

Cumulative Returns Through June 30, 2023

 

LOGO

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

 

Allocation Breakdown as of June 30, 2023§

 

U.S. Treasury Obligations

    99.6%  

Short-Term Instruments

    0.4%  
   

% of Investments, at value.

 

  § 

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

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(10/30/2009)
 
LOGO   PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (Based on Net Asset Value)     (12.87)%       (2.38)%       2.24%       4.21%  
LOGO   PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (At Market Price)(1)     (12.75)%       (2.30)%       2.25%       4.22%  
LOGO   The ICE BofAML Long U.S. Treasury Principal STRIPS Index±     (12.98)%       (2.24)%       2.46%       4.35%  

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.

± The ICE BofAML Long U.S. Treasury Principal STRIPS Index is an unmanaged index comprised of long maturity Separate Trading of Registered Interest and Principal of Securities (STRIPS) representing the final principal payment of U.S. Treasury bonds.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on 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 via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.15%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofA Long US Treasury Principal STRIPS Index (the “Underlying Index”), by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

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

 

»  

U.S. interest rate strategies including duration, curve positioning, and instrument selection contributed to performance due to underweight exposure to the back end of the curve, as U.S. Treasury yields rose.

 

»  

There were no other material contributors or detractors for this Fund.

 

       
8   PIMCO ETF TRUST            


Table of Contents

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

 

 
 
  Ticker Symbol - STPZ

 

Cumulative Returns Through June 30, 2023

 

LOGO

 

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

 

Allocation Breakdown as of June 30, 2023§

 

U.S. Treasury Obligations

    99.9%  

Short-Term Instruments

    0.1%  
   

% of Investments, at value.

 

  § 

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

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(08/20/2009)
 
LOGO   PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value)     (0.71)%       2.42%       1.47%       1.88%  
LOGO   PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (At Market Price)(1)     (0.67)%       2.42%       1.47%       1.88%  
LOGO   The ICE BofAML 1-5 Year U.S. Inflation-Linked Treasury Index±     (0.60)%       2.61%       1.68%       2.09%  

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.

± The ICE BofAML 1-5 Year U.S. Inflation-Linked Treasury Index is an unmanaged index comprised of TIPS (Treasury Inflation Protected Securities) with a maturity of at least 1 year and less than 5 years.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on 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 via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.20%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofA 1-5 Year US Inflation-Linked Treasury Index (the “Underlying Index”), by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

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

 

»  

Exposure to U.S. real yields detracted from absolute performance for both the Fund and the 1-5 Year U.S. Treasury Inflation-Protected Securities (“TIPS”) Index, as real yields moved higher.

 

»  

No other material contributors or detractors over the period.

 

         ANNUAL REPORT     |     JUNE 30, 2023     9
    


Table of Contents

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

 

 
 
  Ticker Symbol - LTPZ

 

Cumulative Returns Through June 30, 2023

 

LOGO

 

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

 

Allocation Breakdown as of June 30, 2023§

 

U.S. Treasury Obligations

    99.9%  

Short-Term Instruments

    0.1%  
   

% of Investments, at value.

 

  § 

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

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(09/03/2009)
 
LOGO   PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value)     (3.33)%       1.06%       2.50%       3.98%  
LOGO   PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (At Market Price)(1)     (3.27)%       1.06%       2.52%       3.98%  
LOGO   The ICE BofAML 15+ Year U.S. Inflation-Linked Treasury Index±     (3.49)%       1.20%       2.67%       4.17%  

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.

± The ICE BofAML 15+ Year US Inflation-Linked Treasury Index is an unmanaged index comprised of TIPS (Treasury Inflation Protected Securities) with a maturity of at least 15 years.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on 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 via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.20%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofA 15+ Year US Inflation-Linked Treasury Index (the “Underlying Index”), by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

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

 

»  

Exposure to U.S. real yields detracted from absolute performance for both the Fund and the 15+ Year U.S. Treasury Inflation-Protected Securities (“TIPS”) Index, as real yields moved higher.

 

»  

No other material contributors or detractors over the period.

 

       
10   PIMCO ETF TRUST            


Table of Contents

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

 

 
 
  Ticker Symbol - TIPZ

 

Cumulative Returns Through June 30, 2023

 

LOGO

 

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

 

Allocation Breakdown as of June 30, 2023§

 

U.S. Treasury Obligations

    99.9%  

Short-Term Instruments

    0.1%  
   

% of Investments, at value.

 

  § 

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

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(09/03/2009)
 
LOGO   PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value)     (1.06)%       2.31%       1.98%       2.96%  
LOGO   PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (At Market Price)(1)     (0.94)%       2.31%       1.99%       2.96%  
LOGO   The ICE BofAML U.S. Inflation-Linked Treasury Index±     (1.41)%       2.47%       2.15%       3.14%  

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.

± The ICE BofAML U.S. Inflation-Linked Treasury Index is an unmanaged index comprised of TIPS (Treasury Inflation Protected Securities).

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on 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 via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.20%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofA US Inflation-Linked Treasury Index (the “Underlying Index”), by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. PIMCO uses an indexing approach in managing the Fund’s investments. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

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

 

»  

Exposure to U.S. real yields detracted from absolute performance for both the Fund and the U.S. Treasury Inflation-Protected Securities (“TIPS”) Index, as real yields moved higher.

 

»  

No other material contributors or detractors over the period.

 

         ANNUAL REPORT     |     JUNE 30, 2023     11
    


Table of Contents

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

 

 
 
  Ticker Symbol - HYS

 

Cumulative Returns Through June 30, 2023

LOGO

 

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

 

Allocation Breakdown as of June 30, 2023§

 

Corporate Bonds & Notes

    83.0%  

Short-Term Instruments

    15.3%  

Other

    1.7%  
   

% of Investments, at value.

 

  § 

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

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(06/16/2011)
 
LOGO   PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Based on Net Asset Value)     8.99%       2.90%       3.72%       4.23%  
LOGO   PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (At Market Price)(1)     9.26%       3.06%       3.73%       4.26%  
LOGO   ICE BofAML 0-5 Year US High Yield Constrained Index±     9.09%       3.35%       4.20%       4.76%  

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.

± The ICE BofAML 0-5 Year US High Yield Constrained Index tracks the performance of short-term U.S. dollar denominated below investment grade corporate debt issued in the U.S. domestic market with less than five years remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $250 million, issued publicly. Allocations to an individual issuer will not exceed 2%.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on 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 via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.55%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofA 0-5 Year US High Yield Constrained Index (the “Underlying Index”), by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

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

 

»  

Security selection within the forest products, paper, and packaging sector, specifically overweight exposure to a food and beverage package producer, contributed to performance, as spreads tightened amid the continued focus on deleveraging.

 

»  

Underweight exposure to duration contributed to performance, as rates rose amid the U.S. Federal Reserve rate hike cycle.

 

»  

Underweight exposure to the retailers sector contributed to performance, as the sector underperformed the broader high yield market amid secular headwinds to the industry.

 

»  

Security selection within the finance and insurance sector, specifically underweight exposure to a Chinese transportation and asset leasing company, detracted from performance, as spreads tightened amid China’s post-pandemic reopening.

 

»  

Security selection within the telecommunications sector, specifically overweight exposure to a U.S.-based satellite operator, detracted from performance, as the company underperformed amid its restructuring process.

 

»  

Security selection within commercial mortgage backed securities and real estate investment trusts, specifically underweight exposure to a firm focused in hotel properties, detracted from performance, as spreads tightened amid global recovery in travel.

 

       
12   PIMCO ETF TRUST            


Table of Contents

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

 

 
 
  Ticker Symbol - CORP

 

Cumulative Returns Through June 30, 2023

 

LOGO

 

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

 

Allocation Breakdown as of June 30, 2023§

 

Industrials

    47.2%  

Banking & Finance

    35.0%  

Utilities

    12.9%  

U.S. Treasury Obligations

    4.2%  

Short-Term Instruments

    0.7%  
   

% of Investments, at value.

 

  § 

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

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(09/20/2010)
 
LOGO   PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Based on Net Asset Value)     2.12%       2.01%       2.78%       3.14%  
LOGO   PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (At Market Price)(1)     2.15%       2.06%       2.83%       3.15%  
LOGO   ICE BofAML U.S. Corporate Index±     1.69%       1.85%       2.69%       3.17%  

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.

± ICE BofAML US Corporate Index is an unmanaged index comprised of U.S. dollar denominated investment grade, fixed rate corporate debt securities publicly issued in the U.S. domestic market with at least one year remaining term to final maturity and at least $250 million outstanding.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on 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 via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.20%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofA US Corporate Index (the “Underlying Index”), by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

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

 

»  

Security selection within the utilities sector, specifically overweight exposure to a U.S. electricity company, contributed to performance, as spreads tightened amid the reduction of capital expenditures, dividend payouts, and non-core assets.

 

»  

Security selection within the banks and brokerage sector, specifically underweight exposure to a select U.S. regional bank, contributed to performance, as spreads widened amid heightened deposit outflows in the second quarter of 2023.

 

»  

Underweight exposure to duration contributed to performance, as rates rose amid the U.S. Federal Reserve rate hike cycle.

 

»  

Security selection within emerging markets, specifically underweight exposure to a Middle Eastern oil company, detracted from performance, as spreads tightened amid rising energy prices.

 

»  

Underweight exposure to the automotive industry detracted from performance, as spreads tightened amid normalizing production and sales.

 

»  

Specialty finance positioning, particularly overweight exposure in March 2023 and underweight exposure in the third quarter of 2022, detracted from performance, as spreads widened in March 2023 amid growing volatility and spreads tightened in the third quarter of 2022 amid elevated profit levels in the financial sector.

 

         ANNUAL REPORT     |     JUNE 30, 2023     13
    


Table of Contents

PIMCO Active Bond Exchange-Traded Fund

 

 
 
  Ticker Symbol - BOND

 

Cumulative Returns Through June 30, 2023

LOGO

 

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

 

Allocation Breakdown as of June 30, 2023§

 

U.S. Government Agencies

    37.6%  

Corporate Bonds & Notes

    20.8%  

U.S. Treasury Obligations

    17.0%  

Asset-Backed Securities

    14.0%  

Non-Agency Mortgage-Backed Securities

    6.9%  

Municipal Bonds & Notes

    1.4%  

Preferred Securities

    1.2%  

Other

    1.1%  
   

% of Investments, at value.

 

  § 

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

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(02/29/2012)
 
LOGO   PIMCO Active Bond Exchange-Traded Fund (Based on Net Asset Value)     (0.13)%       0.74%       1.83%       2.44%  
LOGO   PIMCO Active Bond Exchange-Traded Fund (At Market Price)(1)     (0.23)%       0.75%       1.84%       2.44%  
LOGO   Bloomberg U.S. Aggregate Index±     (0.94)%       0.77%       1.52%       1.41%  

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.

± Bloomberg U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on 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 via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.56%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Active Bond Exchange-Traded Fund seeks current income and long-term capital appreciation, consistent with prudent investment management, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

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

 

»  

Overweight exposure to investment grade corporate credit, particularly a preference for financials, contributed to relative performance, as spreads tightened.

 

»  

Underweight exposure to U.S. duration contributed to relative performance, as interest rates rose.

 

»  

Long exposure to senior securitized assets, particularly AAA-rated collateralized loan obligations, contributed to returns, as spreads tightened.

 

»  

Exposure to emerging market external debt contributed to relative performance, as spreads tightened.

 

»  

Short exposure to U.K. and U.S. breakeven inflation in July and August of 2022 detracted from relative performance, as breakeven inflation rates rose.

 

»  

Local rate exposure in Canada detracted from relative performance during the first half of the reporting period, as yields rose.

 

»  

There were no other material detractors for this Fund.

 

       
14   PIMCO ETF TRUST            


Table of Contents

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

 

 
 
  Ticker Symbol - LDUR

 

Cumulative Returns Through June 30, 2023

LOGO

 

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

 

Allocation Breakdown as of June 30, 2023§

 

U.S. Treasury Obligations

    29.1%  

Corporate Bonds & Notes

    26.4%  

Asset-Backed Securities

    23.8%  

Non-Agency Mortgage-Backed Securities

    10.4%  

U.S. Government Agencies

    8.2%  

Short-Term Instruments

    1.5%  

Other

    0.6%  
   

% of Investments, at value.

 

  § 

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

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     Fund Inception
(01/22/2014)
 
LOGO   PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Based on Net Asset Value)     0.54%       1.17%       1.60%  
LOGO   PIMCO Enhanced Low Duration Active Exchange-Traded Fund (At Market Price)(1)     0.53%       1.12%       1.59%  
LOGO   ICE BofAML 1-3 Year U.S. Treasury Index±     0.13%       0.95%       0.77%  

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.

± The ICE BofAML 1-3 Year U.S. Treasury Index is an unmanaged index comprised of U.S. Treasury securities, other than inflation-protection securities and STRIPS, with at least $1 billion in outstanding face value and a remaining term to final maturity of at least one year and less than three years.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on 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 via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.53%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Enhanced Low Duration Active Exchange-Traded Fund seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 80% of its net assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

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

 

»  

Overweight exposure to investment grade corporate credit, specifically financials and industrials, contributed to relative performance, as corporate credit spreads tightened.

 

»  

Underweight exposure to United States (“U.S.”) duration contributed to relative performance, as interest rates rose.

 

»  

Overweight exposure to collateralized loan obligations contributed to relative performance, as spreads tightened.

 

»  

Underweight exposure to investment grade corporate credit default swap indices detracted from relative performance, as investment grade corporate spreads tightened.

 

»  

A long bias to the Japanese yen versus the U.S. dollar detracted from relative performance, as the Japanese yen depreciated.

 

»  

A long bias to the Australian dollar versus the U.S. dollar detracted from relative performance, as the Australian dollar depreciated.

 

         ANNUAL REPORT     |     JUNE 30, 2023     15
    


Table of Contents

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

 

 
 
  Ticker Symbol - EMNT

 

Cumulative Returns Through June 30, 2023

LOGO

 

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

 

Allocation Breakdown as of June 30, 2023§

 

Corporate Bonds & Notes

    49.9%  

Short-Term Instruments

    24.6%  

Asset-Backed Securities

    14.8%  

U.S. Government Agencies

    5.8%  

Non-Agency Mortgage-Backed Securities

    3.8%  

Sovereign Issues

    1.1%  
   

% of Investments, at value.

 

  § 

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

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     Fund Inception
(12/10/2019)
 
LOGO   PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (Based on Net Asset Value)     3.56%       1.29%  
LOGO   PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (At Market Price)(1)(2)     3.48%       1.28%  
LOGO   FTSE 3-Month Treasury Bill Index±     3.75%       1.29%  

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 December 10, 2019, but was not listed for trading until December 12, 2019. Accordingly, there is no Market Price information for December 10, 2019 through December 11, 2019.

± FTSE 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on 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 via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.37%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund seeks maximum current income, consistent with preservation of capital and daily liquidity, while incorporating PIMCO’s ESG investment strategy. The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its net assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will not invest in the securities of any non-governmental issuer determined by PIMCO to be engaged principally in the manufacture of alcoholic beverages, tobacco products or military equipment, the operation of gambling casinos, the production or trade of pornographic materials, or in the oil industry, including extraction, production, and refining or the production, distribution of coal and coal fired generation. To the extent possible on the basis of information available to PIMCO, an issuer will be deemed to be principally engaged in an activity if it derives more than 10% of its gross revenues from such activities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

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

 

»  

Overweight exposure to investment grade corporate credit, specifically in the financial sector, contributed to relative performance, as spreads tightened.

 

»  

Overweight exposure to agency mortgage-backed securities detracted from relative performance, as spreads widened.

 

»  

Overweight exposure to U.S. duration detracted from relative performance, as interest rates rose.

 

»  

Overweight exposure to U.K. duration detracted from relative performance, as local interest rates rose.

 

»  

There were no other material contributors for this Fund.

 

       
16   PIMCO ETF TRUST            


Table of Contents

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

 

 
 
  Ticker Symbol - MINT

 

Cumulative Returns Through June 30, 2023

LOGO

 

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

 

Allocation Breakdown as of June 30, 2023§

 

Corporate Bonds & Notes

    37.9%  

Short-Term Instruments

    26.1%  

Asset-Backed Securities

    22.1%  

U.S. Government Agencies

    7.0%  

Non-Agency Mortgage-Backed Securities

    5.0%  

Sovereign Issues

    1.9%  
   

% of Investments, at value.

 

  § 

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

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(11/16/2009)
 
LOGO   PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Based on Net Asset Value)     4.09%       1.54%       1.40%       1.38%  
LOGO   PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (At Market Price)(1)     4.10%       1.55%       1.40%       1.38%  
LOGO   FTSE 3-Month Treasury Bill Index±     3.75%       1.57%       0.98%       0.74%¨  

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

¨ Average annual total return since 11/30/2009.

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.

± FTSE 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on 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 via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.36%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund seeks maximum current income, consistent with preservation of capital and daily liquidity, by investing under normal circumstances at least 80% of its net assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund primarily invests in U.S. dollar-denominated investment grade debt securities, rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, determined by PIMCO to be of comparable quality. The Fund may invest, without limitation, in U.S. dollar-denominated securities and instruments of foreign issuers. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

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

 

»  

Overweight exposure to investment grade corporate credit, specifically in the financial sector, contributed to relative performance, as spreads tightened.

 

»  

Overweight exposure to select securitized credit, primarily from collateralized loan obligations, contributed to relative performance, as spreads tightened.

 

»  

Underweight exposure to U.S. duration during the second quarter of 2023 contributed to relative performance, as interest rates rose.

 

»  

Overweight exposure to agency mortgage-backed securities detracted from relative performance, as spreads widened in the sector.

 

»  

Overweight exposure to agency debt detracted from relative performance, as spreads widened in the sector.

 

         ANNUAL REPORT     |     JUNE 30, 2023     17
    


Table of Contents

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

 

 
 
  Ticker Symbol - MUNI

 

Cumulative Returns Through June 30, 2023

LOGO

 

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

 

Allocation Breakdown as of June 30, 2023§

 

Municipal Bonds & Notes

 

Health, Hospital & Nursing Home Revenue

    15.9%  

Ad Valorem Property Tax

    13.9%  

Natural Gas Revenue

    7.2%  

Income Tax Revenue

    6.0%  

Water Revenue

    5.9%  

Miscellaneous Revenue

    5.5%  

Electric Power & Light Revenue

    5.3%  

Tobacco Settlement Funded

    4.5%  

Sales Tax Revenue

    4.5%  

Highway Revenue Tolls

    3.8%  

Fuel Sales Tax Revenue

    3.2%  

Industrial Revenue

    3.1%  

General Fund

    2.6%  

Lease (Appropriation)

    2.5%  

Appropriations

    2.2%  

Port, Airport & Marina Revenue

    2.1%  

Nuclear Revenue

    1.9%  

College & University Revenue

    1.2%  

Sewer Revenue

    1.1%  

Other

    3.6%  

Short-Term Instruments

    4.0%  
   

% of Investments, at value.

 

  § 

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

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(11/30/2009)
 
LOGO   PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Based on Net Asset Value)     3.26%       1.81%       2.17%       2.53%  
LOGO   PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (At Market Price)(1)     3.44%       1.82%       2.21%       2.53%  
LOGO   Bloomberg 1-15 Year Municipal Bond Index±     2.78%       1.83%       2.34%       2.77%  

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.

± Bloomberg 1-15 Year Municipal Bond Index consists of a broad selection of investment grade general obligation and revenue bonds of maturities ranging from one year to 17 years. It is an unmanaged index representative of the tax exempt bond market.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on 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 via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.35%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund seeks attractive tax-exempt income, consistent with preservation of capital, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”). Municipal Bonds generally are issued by or on behalf of states and local governments and their agencies, authorities and other instrumentalities. The Fund does not intend to invest in Municipal Bonds whose interest is subject to the federal alternative minimum tax. The Fund may only invest in U.S. dollar-denominated investment grade debt securities, rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, determined by PIMCO to be of comparable quality. The Fund may invest 25% or more of its total assets in Municipal Bonds that finance similar projects, such as those relating to education, health care, housing, transportation, and utilities, and 25% or more of its total assets in industrial development bonds. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

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

 

»  

Underweight duration positioning contributed to performance, as municipal yields broadly rose.

 

»  

Overweight exposure to the special tax sector contributed to performance, as the sector outperformed the broader municipal market.

 

»  

Overweight exposure to the healthcare sector contributed to performance, as the sector outperformed the broader municipal market.

 

»  

Underweight exposure to the education sector detracted from performance, as the sector outperformed the broader municipal market.

 

»  

Underweight exposure to the transportation sector detracted from performance, as the sector outperformed the broader municipal market.

 

»  

Overweight exposure to the electric utility sector detracted from performance, as the sector underperformed the broader municipal market.

 

       
18   PIMCO ETF TRUST            


Table of Contents

PIMCO Multisector Bond Active Exchange-Traded Fund

 

 
 
  Ticker Symbol - PYLD

 

Allocation Breakdown as of June 30, 2023§

 

Corporate Bonds & Notes

    38.4%  

U.S. Government Agencies

    24.0%  

Short-Term Instruments

    19.5%  

U.S. Treasury Obligations

    9.6%  

Asset-Backed Securities

    5.9%  

Non-Agency Mortgage-Backed Securities

    1.7%  

Other

    0.9%  
   

% of Investments, at value.

 

  § 

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

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

 

 

Investment Objective and Strategy Overview

 

PIMCO Multisector Bond Active Exchange-Traded Fund seeks to maximize yield and long term capital appreciation consistent with prudent investment management, by investing, under normal circumstances, at least 80% of its assets in a multi-sector portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will generally allocate its assets among several investment sectors, without limitation, which may include: (i) high yield securities (“junk bonds”) and investment grade corporate bonds of issuers located in the United States and non-U.S. countries, including emerging market countries; (ii) fixed income securities issued by U.S. and non-U.S. governments (including emerging market governments), their agencies and instrumentalities; (iii) mortgage-related and other asset backed securities; and (iv) foreign currencies, including those of emerging market countries. However, the Fund is not required to gain exposure to any one investment sector, and the Fund’s exposure to any one investment sector will vary over time. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

 

         ANNUAL REPORT     |     JUNE 30, 2023     19
    


Table of Contents

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

 

 
 
  Ticker Symbol - MINO

 

Cumulative Returns Through June 30, 2023

LOGO

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

 

Allocation Breakdown as of June 30, 2023§

 

Municipal Bonds & Notes

 

Health, Hospital & Nursing Home Revenue

    18.1%  

Port, Airport & Marina Revenue

    7.1%  

Sales Tax Revenue

    6.7%  

Tobacco Settlement Funded

    6.3%  

Electric Power & Light Revenue

    6.1%  

Industrial Revenue

    5.6%  

Natural Gas Revenue

    4.2%  

Miscellaneous Revenue

    3.9%  

Appropriations

    3.7%  

Ad Valorem Property Tax

    3.6%  

Local or Guaranteed Housing

    2.7%  

Special Assessment

    2.5%  

Lease (Appropriation)

    2.5%  

General Fund

    2.1%  

Economic Development Revenue

    2.0%  

College & University Revenue

    1.9%  

Highway Revenue Tolls

    1.7%  

Water Revenue

    1.7%  

Miscellaneous Taxes

    1.5%  

Income Tax Revenue

    1.2%  

Other

    4.1%  

Short-Term Instruments

    9.3%  

Other

    1.5%  
   

% of Investments, at value.

 

  § 

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

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     Fund Inception
(09/08/2021)
 
LOGO   PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Based on Net Asset Value)     4.87%       (3.68)%  
LOGO   PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (At Market Price)(1)     4.67%       (3.70)%  
LOGO   Bloomberg Municipal Bond Index±     3.19%       (3.40)%  

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.

± Bloomberg Municipal Bond Index consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. The index is made up of all investment grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on 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 via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.49%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund seeks current income exempt from federal income tax and long-term capital appreciation, by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”). Municipal Bonds generally are issued by or on behalf of states and local governments and their agencies, authorities and other instrumentalities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

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

 

»  

Underweight duration positioning contributed to performance, as municipal yields broadly rose.

 

»  

Security selection within the industrial revenue sector contributed to performance, as the sector underperformed the broader municipal market.

 

»  

Overweight exposure to the special tax sector contributed to performance, as the sector outperformed the broader municipal market.

 

»  

Underweight exposure to the transportation sector detracted from performance, as the sector outperformed the broader municipal market.

 

»  

Underweight exposure to the education sector detracted from performance, as the sector outperformed the broader municipal market.

 

»  

Security selection within the water and sewer sector detracted from performance, as the sector underperformed the broader municipal market.

 

       
20   PIMCO ETF TRUST            


Table of Contents

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

 

 
 
  Ticker Symbol - PRFD

 

Allocation Breakdown as of June 30, 2023§

 

Corporate Bonds & Notes

    49.4%  

Preferred Securities

    44.9%  

U.S. Treasury Obligations

    3.0%  

Short-Term Instruments

    2.7%  
   

% of Investments, at value.

 

  § 

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

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

Average Annual Total Return for the period ended June 30, 2023  
        Fund Inception
(01/18/2023)*
 
  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (Based on Net Asset Value)     (5.20)%  
  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (At Market Price)(1)     (5.12)%  
    ICE BofA US All Capital Securities Index±     (3.54)%  

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

* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

 

(1) 

The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

± ICE BofA US All Capital Securities Index tracks the performance of fixed rate, US dollar denominated hybrid corporate and preferred securities publicly issued in the US domestic market. Qualifying securities must be rated by Moody’s, S&P or Fitch. Floating rate coupon or dividend securities are excluded, but zero, step and rating-dependent coupons are included.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on 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 via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.88%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund seeks maximum total return, with a secondary objective of income generation, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of preferred securities and Capital Securities. “Capital Securities” include (1) securities issued by U.S. and non-U.S. financial institutions (including, but not limited to, banks and insurance companies) that can be used to satisfy their regulatory capital requirements and (2) securities, which may include instruments referred to as hybrid securities, that would be subordinated (i.e., fall lower in the capital structure) to at least one type of debt. Preferred securities and Capital Securities may be represented by forwards or derivatives such as options, futures contracts or swap agreements. Assets not invested in preferred securities or Capital Securities may be invested in other types of Fixed Income Instruments, including derivative Fixed Income Instruments. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

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

 

»  

Underweight exposure to Preferred securities of a select U.S. regional bank contributed to performance, as the bank collapsed amid broader volatility in the U.S. regional bank sector.

 

»  

Security selection within senior financials, particularly overweight exposure to a major Swiss bank, contributed to performance, as spreads tightened amid its takeover by another major Swiss bank in March 2023.

 

»  

Security selection within insurance capital, particularly an overweight to a U.S. insurance company, contributed to performance, as spreads tightened.

 

»  

Security selection within Swiss Additional Tier 1 securities, particularly overweight exposure to a major Swiss bank, detracted from performance, as the bank was taken over by another major Swiss bank following its collapse in March 2023.

 

»  

Overweight exposure to Preferred securities of a select U.S. regional bank detracted from performance, as the bank collapsed amid broader volatility in the U.S. regional bank sector.

 

»  

Overweight exposure to German, French, and U.K. Additional Tier 1 securities detracted from performance, as spread widened amid broader volatility in the global banking sector.

 

         ANNUAL REPORT     |     JUNE 30, 2023     21
    


Table of Contents

PIMCO Senior Loan Active Exchange-Traded Fund

 

 
 
  Ticker Symbol - LONZ

 

Cumulative Returns Through June 30, 2023

LOGO

 

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

 

Allocation Breakdown as of June 30, 2023§

 

Loan Participations and Assignments

    84.8%  

Short-Term Instruments

    7.7%  

Corporate Bonds & Notes

    7.5%  
   

% of Investments, at value.

 

  § 

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

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     Fund Inception
(06/08/2022)
 
LOGO   PIMCO Senior Loan Active Exchange-Traded Fund (Based on Net Asset Value)     10.98%       6.54%  
LOGO   PIMCO Senior Loan Active Exchange-Traded Fund (At Market Price)(1)     10.73%       6.55%  
LOGO   iBoxx USD Liquid Leveraged Loans Index±     11.02%       6.83%  

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.

± iBoxx USD Liquid Leveraged Loans Index comprises approximately 100 of the most liquid, tradable USD leveraged loans. Index constituents are derived using selection criteria such as loan type, minimum size, liquidity, credit ratings, initial spreads and minimum time to maturity.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on 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 via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.72%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Senior Loan Active Exchange-Traded Fund seeks to provide current income consistent with prudent investment management by investing, under normal circumstances, at least 80% of its assets in a diversified portfolio of Senior Loans, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. “Senior Loans” include senior secured floating rate bank loans, also referred to as leveraged loans, bank loans and floating rate loans, that are first or second lien loans. The Fund may also invest in collateralized loan obligations and high-yield corporate debt securities, which may also be represented by forwards or derivatives such as options, futures contracts or swap agreements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

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

 

»  

Security selection in the gaming & lodging sector contributed to performance, as prices of an overweight position within the sector rose.

 

»  

Underweight exposure to the media, entertainment & publishing sector contributed to performance, as the sector underperformed the broader market.

 

»  

Overweight exposure to gaming & lodging sector contributed to performance, as the sector outperformed the broader market.

 

»  

Security selection in the technology sector detracted from performance, as prices of an overweight position within the sector fell.

 

»  

Security selection in the media, entertainment & publishing sector detracted from performance, as prices of an overweight position within the sector fell.

 

»  

Security selection in the healthcare sector detracted from performance, as prices of an overweight position within the sector fell.

 

       
22   PIMCO ETF TRUST            


Table of Contents

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

 

 
 
  Ticker Symbol - SMMU

 

Cumulative Returns Through June 30, 2023

LOGO

 

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

 

Allocation Breakdown as of June 30, 2023§

 

Municipal Bonds & Notes

 

Health, Hospital & Nursing Home Revenue

    14.0%  

Ad Valorem Property Tax

    13.1%  

Electric Power & Light Revenue

    10.3%  

Natural Gas Revenue

    7.2%  

College & University Revenue

    4.8%  

Water Revenue

    4.3%  

Industrial Revenue

    3.3%  

Sales Tax Revenue

    3.2%  

General Fund

    3.2%  

Economic Development Revenue

    3.2%  

Highway Revenue Tolls

    3.0%  

Local or Guaranteed Housing

    2.5%  

Port, Airport & Marina Revenue

    2.3%  

Lease (Appropriation)

    2.2%  

Tobacco Settlement Funded

    2.1%  

Income Tax Revenue

    2.0%  

Fuel Sales Tax Revenue

    1.5%  

Lease (Abatement)

    1.5%  

Hotel Occupancy Tax

    1.1%  

Other

    4.4%  

Short-Term Instruments

    10.6%  

U.S. Treasury Obligations

    0.2%  
   

% of Investments, at value.

 

  § 

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

 

Average Annual Total Return for the period ended June 30, 2023  
        1 Year     5 Years     10 Years     Fund Inception
(02/01/2010)
 
LOGO   PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Based on Net Asset Value)     2.16%       1.29%       1.08%       1.10%  
LOGO   PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (At Market Price)(1)     1.93%       1.30%       1.09%       1.09%  
LOGO   Bloomberg 1-Year Municipal Bond Index±     1.24%       1.05%       0.91%       0.96%  

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.

± The Bloomberg 1-Year Municipal Bond Index is the 1 Year (1-2) component of the Municipal Bond Index. The Index is a rules-based, market-value-weighted index engineered for the long term tax-exempt bond market. To be included in the Index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. Remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on 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 via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.35%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund seeks attractive tax-exempt income, consistent with preservation of capital, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”). Municipal Bonds generally are issued by or on behalf of states and local governments and their agencies, authorities and other instrumentalities. The Fund does not intend to invest in Municipal Bonds whose interest is subject to the federal alternative minimum tax. The Fund may only invest in U.S. dollar-denominated investment grade debt securities, rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, determined by PIMCO to be of comparable quality. The Fund may invest 25% or more of its total assets in Municipal Bonds that finance similar projects, such as those relating to education, health care, housing, transportation, and utilities, and 25% or more of its total assets in industrial development bonds. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

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

 

»  

Underweight duration positioning contributed to performance, as rates broadly rose.

 

»  

Security selection within the healthcare sector contributed to performance, as the sector outperformed the broader municipal market.

 

»  

Overweight exposure to the special tax sector contributed to performance, as the sector outperformed the broader municipal market.

 

»  

Underweight exposure to the lease-backed sector detracted from performance, as the sector outperformed the broader municipal market.

 

»  

There were no other material detractors for this Fund.

 

         ANNUAL REPORT     |     JUNE 30, 2023     23
    


Table of Contents

PIMCO Ultra Short Government Active Exchange-Traded Fund

 

 
 
  Ticker Symbol - BILZ

 

Allocation Breakdown as of June 30, 2023§

 

Short-Term Instruments     100.0%  
   

% of Investments, at value.

 

  § 

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

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

 

 

Investment Objective and Strategy Overview

 

PIMCO Ultra Short Government Active Exchange-Traded Fund seeks maximum current income, consistent with preservation of capital and daily liquidity investing under normal circumstances at least 80% of its assets in U.S. government securities. The Fund invests 100% of its total assets in (i) cash, (ii) U.S. government securities, such as U.S. Treasury bills, notes, and other obligations issued by, or guaranteed as to principal and interest by, the U.S. government (including its agencies and instrumentalities), and (iii) repurchase agreements that are collateralized fully by such U.S. government securities or cash. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

 

       
24   PIMCO ETF TRUST            


Table of Contents

PIMCO Commodity Strategy Active Exchange-Traded Fund (Consolidated)

 

 
 
  Ticker Symbol - CMDT

 

Allocation Breakdown as of June 30, 2023§

 

Short-Term Instruments

    79.6%  

Corporate Bonds & Notes

    17.8%  

Sovereign Issues

    1.7%  

Other

    0.9%  
   

% of Investments, at value.

 

  § 

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

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

Average Annual Total Return for the period ended June 30, 2023  
        Fund Inception
(05/09/2023)*
 
  PIMCO Commodity Strategy Active Exchange-Traded Fund (Based on Net Asset Value)     0.92%  
  PIMCO Commodity Strategy Active Exchange-Traded Fund (At Market Price)(1)     0.84%  
    Bloomberg Commodity Index Total Return±     (1.26)%  

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

* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

 

(1) 

The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

± Bloomberg Commodity Index Total Return is an unmanaged index composed of futures contracts on a number of physical commodities. The index is designed to be a highly liquid and diversified benchmark for commodities as an asset class. The futures exposures of the benchmark are collateralized by US T-bills.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on 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 via (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 1.16%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.

 

Investment Objective and Strategy Overview

 

PIMCO Commodity Strategy Active Exchange-Traded Fund seeks total return which exceeds that of the Bloomberg Commodity Index Total Return, consistent with prudent investment management, by investing, under normal circumstances, in commodity-linked derivative instruments backed by an actively managed and diversified portfolio of Fixed Income Instruments of varying maturities and may also invest directly in commodities. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public-or private-sector entities. The Fund may also invest in leveraged or unleveraged commodity index-linked notes, which are derivative debt instruments with principal and/or coupon payments linked to the performance of commodity indices. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights at NAV

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

 

»  

Relative value positions in grains, particularly a preference for wheat against corn in the latter half of June, contributed to relative performance, as wheat outperformed corn.

 

»  

Underweight exposure to precious metals, particularly gold, contributed to relative performance, as the subsector posted negative returns.

 

»  

Underweight exposure to base metals contributed to relative performance, as the subsector posted negative returns.

 

»  

Overweight exposure to petroleum contributed to relative performance, as the subsector posted positive returns.

 

»  

Underweight exposure to livestock detracted from relative performance, as the subsector posted positive returns.

 

»  

Underweight exposure to soybean oil detracted from relative performance, as the commodity posted positive returns.

 

»  

Underweight exposure to natural gas detracted from relative performance, as the natural gas subsector posted positive returns.

 

         ANNUAL REPORT     |     JUNE 30, 2023     25
    


Table of Contents
Expense Examples              

 

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of Fund shares and (2) ongoing costs, management fees and other Fund expenses. You may also pay brokerage commissions on your purchases and sales of Fund shares, which are not reflected in the Example. 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 exchange-traded 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 is from January 1, 2023 to June 30, 2023 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the column titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other exchange-traded funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other exchange-traded 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 brokerage commissions paid on purchases and sales of shares of the Funds. 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 exchange-traded funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses not covered by the management fees (such as expenses of the independent trustees and their counsel, extraordinary expenses and interest expense).

 

          Actual           Hypothetical
(5% return before expenses)
              
          Beginning
Account Value
(01/01/23)
    Ending
Account Value
(06/30/23)
    Expenses Paid
During Period*
          Beginning
Account Value
(01/01/23)
    Ending
Account Value
(06/30/23)
    Expenses Paid
During Period*
          Net Annualized
Expense Ratio**
 
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund     $  1,000.00     $  1,060.50     $  0.77             $  1,000.00     $  1,024.05     $  0.75               0.15
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund       1,000.00       1,013.50       1.00               1,000.00       1,023.80       1.00               0.20  
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund       1,000.00       1,043.00       1.01               1,000.00       1,023.80       1.00               0.20  
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund       1,000.00       1,021.40       1.00               1,000.00       1,023.80       1.00               0.20  
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund       1,000.00       1,048.10       2.84               1,000.00       1,022.02       2.81               0.56  
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund       1,000.00       1,036.00       1.26               1,000.00       1,023.55       1.25               0.25  
PIMCO Active Bond Exchange-Traded Fund       1,000.00       1,027.50       2.92               1,000.00       1,021.92       2.91               0.58  
PIMCO Enhanced Low Duration Active Exchange-Traded Fund       1,000.00       1,010.70       2.74               1,000.00       1,022.07       2.76               0.55  
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund       1,000.00       1,025.70       1.26               1,000.00       1,023.55       1.25               0.25  
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund       1,000.00       1,029.40       1.76               1,000.00       1,023.06       1.76               0.35  
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund       1,000.00       1,022.40       1.76               1,000.00       1,023.06       1.76               0.35  
PIMCO Multisector Bond Active Exchange-Traded Fund(a)       1,000.00       1,000.80       0.17               1,000.00       1,022.02       2.81               0.56  
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund       1,000.00       1,040.30       2.02               1,000.00       1,022.81       2.01               0.40  
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund(b)       1,000.00       948.00       3.30               1,000.00       1,021.08       3.76               0.75  
PIMCO Senior Loan Active Exchange-Traded Fund       1,000.00       1,060.70       2.76               1,000.00       1,022.12       2.71               0.54  
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund       1,000.00       1,015.90       1.75               1,000.00       1,023.06       1.76               0.35  

 

       
26   PIMCO ETF TRUST            


Table of Contents
        

 

          Actual           Hypothetical
(5% return before expenses)
              
          Beginning
Account Value
(01/01/23)
    Ending
Account Value
(06/30/23)
    Expenses Paid
During Period*
          Beginning
Account Value
(01/01/23)
    Ending
Account Value
(06/30/23)
    Expenses Paid
During Period*
          Net Annualized
Expense Ratio**
 
PIMCO Ultra Short Government Active Exchange-Traded Fund(a)     $  1,000.00     $  1,001.50     $  0.05             $  1,000.00     $  1,024.05     $  0.75               0.15 %  
PIMCO Commodity Strategy Active Exchange-Traded Fund (Consolidated) (c)       1,000.00       1,008.40       1.03         1,000.00       1,021.37       3.46         0.69  

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (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.

(a) The Beginning Account Value is reflective as of 06/21/23 for Actual expense. Expenses paid in the Actual expense section are equal to the Net Annualized Expense Ratio for the Fund, multiplied by the average account value over the period, multiplied by 11/365 (to reflect the period since inception date of 06/21/23). Hypothetical expenses reflect an amount as if the Fund had been operational for the entire fiscal year.

(b) The Beginning Account Value is reflective as of 01/18/23 for Actual expense. Expenses paid in the Actual expense section are equal to the Net Annualized Expense Ratio for the Fund, multiplied by the average account value over the period, multiplied by 165/365 (to reflect the period since inception date of 01/18/23). Hypothetical expenses reflect an amount as if the Fund had been operational for the entire fiscal year.

(c) The Beginning Account Value is reflective as of 05/09/23 for Actual expense. Expenses paid in the Actual expense section are equal to the Net Annualized Expense Ratio for the Fund, multiplied by the average account value over the period, multiplied by 54/365 (to reflect the period since inception date of 05/09/23). Hypothetical expenses reflect an amount as if the Fund had been operational for the entire fiscal year.

 

         ANNUAL REPORT     |     JUNE 30, 2023     27
    


Table of Contents
Financial Highlights              

 

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

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

               

06/30/2023

  $   108.27     $   3.12     $   (16.97   $   (13.85   $   (2.59   $ 0.00     $ 0.00     $   (2.59

06/30/2022

    145.38       2.59       (37.32     (34.73     (2.38     0.00       0.00       (2.38

06/30/2021

    173.14       2.49       (27.75     (25.26     (2.50     0.00       0.00       (2.50

06/30/2020

    128.17       2.99       45.06       48.05       (3.08     0.00       0.00       (3.08

06/30/2019

    115.51       3.15       12.73       15.88       (3.22     0.00       0.00       (3.22

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

               

06/30/2023

  $ 52.31     $ 1.66     $ (2.01   $ (0.35   $ (1.66   $ 0.00     $ 0.00     $ (1.66

06/30/2022

    55.05       2.97       (2.83     0.14       (2.88     0.00       0.00       (2.88

06/30/2021

    53.21       1.85       1.35       3.20       (1.36     0.00       0.00       (1.36

06/30/2020

    52.62       0.26       1.56       1.82       (1.07     0.00       (0.16     (1.23

06/30/2019

    51.76       0.97       0.64       1.61       (0.75     0.00       0.00       (0.75

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

               

06/30/2023

  $ 65.19     $ 3.08     $ (5.12   $ (2.04   $ (3.14   $ 0.00     $ 0.00     $ (3.14

06/30/2022

    86.49       4.78       (21.26     (16.48     (4.82     0.00       0.00       (4.82

06/30/2021

    83.31       2.10       2.85       4.95       (1.77     0.00       0.00       (1.77

06/30/2020

    69.61       0.19       15.22       15.41       (1.71     0.00       (0.00     (1.71

06/30/2019

    67.57       1.58       1.72       3.30       (1.26     0.00       0.00       (1.26

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

               

06/30/2023

  $ 57.62     $ 3.34     $ (3.90   $ (0.56   $ (2.98   $ 0.00     $ 0.00     $ (2.98

06/30/2022

    65.77       3.65       (7.47     (3.82     (3.79     (0.54     0.00       (4.33

06/30/2021

    63.20       2.07       1.89       3.96       (1.39     0.00       0.00       (1.39

06/30/2020

    59.46       0.22       4.82       5.04       (1.09     0.00       (0.21     (1.30

06/30/2019

    57.61       1.08       1.57       2.65       (0.80     0.00       0.00       (0.80

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

               

06/30/2023

  $ 88.56     $ 5.18     $ 2.56     $ 7.74     $ (5.32   $ 0.00     $ 0.00     $ (5.32

06/30/2022

    99.99       3.33       (11.31     (7.98     (3.45     0.00       0.00       (3.45

06/30/2021

    91.45       3.70       9.16       12.86       (4.32     0.00       0.00       (4.32

06/30/2020

    100.71       4.08       (8.54     (4.46     (4.80     0.00       0.00       (4.80

06/30/2019

    100.07       4.63       0.90       5.53       (4.89     0.00       0.00       (4.89

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

               

06/30/2023

  $ 96.33     $ 3.67     $ (1.69   $ 1.98     $ (3.54   $ 0.00     $ 0.00     $ (3.54

06/30/2022

    114.60       2.64       (18.11     (15.47     (2.72     (0.08     0.00       (2.80

06/30/2021

    114.04       2.92       0.79       3.71       (3.01     (0.14     0.00       (3.15

06/30/2020

    107.27       3.40       6.88       10.28       (3.51     0.00       0.00       (3.51

06/30/2019

    100.41       3.44       6.96       10.40       (3.54     0.00       0.00       (3.54

PIMCO Active Bond Exchange-Traded Fund

               

06/30/2023

  $ 95.16     $ 3.65     $ (3.80   $ (0.15   $ (3.39   $ 0.00     $ 0.00     $ (3.39

06/30/2022

    111.01       2.52       (15.52     (13.00     (2.85     0.00       0.00       (2.85

06/30/2021

    111.39       2.27       0.16       2.43       (2.81     0.00       0.00       (2.81

06/30/2020

    107.54       2.88       4.42       7.30       (3.45     0.00       0.00       (3.45

06/30/2019

    103.19       3.54       4.49       8.03       (3.68     0.00       0.00       (3.68

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

               

06/30/2023

  $ 96.16     $ 3.30     $ (2.83   $ 0.47     $   (2.77   $ 0.00     $ 0.00     $ (2.77

06/30/2022

    101.78       1.43       (5.87     (4.44     (1.18     0.00       0.00       (1.18

06/30/2021

    101.79       1.16       0.43       1.59       (1.60     0.00       0.00       (1.60

06/30/2020

    100.15       2.61       2.06       4.67       (3.03     0.00       0.00       (3.03

06/30/2019

    99.61       2.96       0.62       3.58       (3.04     0.00       0.00       (3.04

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

               

06/30/2023

  $ 98.43     $ 3.15     $ 0.27     $ 3.42     $ (3.91   $ 0.00     $ 0.00     $ (3.91

06/30/2022

    100.66       0.67       (2.11     (1.44     (0.71       (0.08     0.00       (0.79

06/30/2021

    100.64       0.74       0.26       1.00       (0.98     0.00       0.00       (0.98

12/10/2019 - 06/30/2020

    100.00       1.04       0.49       1.53       (0.89     0.00       0.00       (0.89

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

               

06/30/2023

  $ 99.13     $ 3.48     $ 0.49     $ 3.97     $ (3.32   $ 0.00     $ 0.00     $ (3.32

06/30/2022

    101.99       0.67       (2.90     (2.23     (0.62     (0.01     0.00       (0.63

06/30/2021

    101.65       0.52       0.39       0.91       (0.57     0.00       0.00       (0.57

06/30/2020

    101.75       2.06       0.15       2.21       (2.31     0.00       0.00       (2.31

06/30/2019

    101.58       2.73       0.11       2.84       (2.67     0.00       0.00       (2.67

 

       
28   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
        

 

            Ratios/Supplemental Data  
                  Ratios to Average Net Assets        
Net Asset
Value 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(e)
 
               
$   91.83       (12.87 )%    $   947,726       0.15     0.15     0.15     0.15     3.30     26
    108.27       (24.29     435,244       0.15       0.15       0.15       0.15       1.90       12  
  145.38       (14.70     395,447       0.15       0.15       0.15       0.15       1.59       25  
  173.14       37.97       375,713       0.15       0.15       0.15       0.15       1.98       14  
  128.17       14.17       265,315       0.15       0.15       0.15       0.15       2.79       21  
               
$ 50.30       (0.71 )%    $ 833,417       0.20     0.20     0.20     0.20     3.26     25
  52.31       0.18       1,575,509       0.20       0.20       0.20       0.20       5.46       23  
  55.05       6.07       972,716       0.20       0.20       0.20       0.20       3.40       26  
  53.21       3.52       628,978       0.20       0.20       0.20       0.20       0.49       30  
  52.62       3.17       748,304       0.20       0.20       0.20       0.20       1.89       36  
               
$ 60.01       (3.33 )%    $ 670,356       0.20     0.20     0.20     0.20     4.99     5
  65.19       (20.04     620,606       0.20       0.20       0.20       0.20       5.69       4  
  86.49       6.00       602,828       0.20       0.20       0.20       0.20       2.46       4  
  83.31       22.47       614,024       0.20       0.20       0.20       0.20       0.25       9  
  69.61       5.06       178,903       0.20       0.20       0.20       0.20       2.45       6  
               
$ 54.08       (1.06 )%    $ 131,420       0.20     0.20     0.20     0.20     5.95     213
  57.62       (6.25     194,771       0.20       0.20       0.20       0.20       5.70       177  
  65.77       6.31       176,261       0.20       0.20       0.20       0.20       3.19       5  
  63.20       8.61       61,936       0.20       0.20       0.20       0.20       0.35       10  
  59.46       4.69       52,327       0.20       0.20       0.20       0.20       1.89       9  
               
$ 90.98       8.98   $ 1,100,838       0.56     0.56     0.55     0.55     5.71     42
  88.56       (8.24     1,115,806       0.55       0.55       0.55       0.55       3.43       45  
  99.99       14.35       2,239,839       0.55       0.55       0.55       0.55       3.81       65  
  91.45       (4.56     1,156,826       0.56       0.56       0.55       0.55       4.22       36  
  100.71       5.71       1,460,224       0.56       0.56       0.55       0.55       4.66       27  
               
$ 94.77       2.12   $ 742,059       0.23     0.23     0.20     0.20     3.85     17
  96.33       (13.77     580,883       0.20       0.20       0.20       0.20       2.42       41  
  114.60       3.29       794,189       0.20       0.20       0.20       0.20       2.55       21  
  114.04       9.76       659,123       0.20       0.20       0.20       0.20       3.10       18  
  107.27       10.65       797,018       0.20       0.20       0.20       0.20       3.41       27  
               
$ 91.62       (0.13 )%    $ 3,478,849       0.58     0.58     0.55     0.55     3.93     352
  95.16       (11.96     3,224,915       0.56       0.56       0.55       0.55       2.37       368  
  111.01       2.20       4,282,895       0.55       0.55       0.55       0.55       2.04       273  
  111.39       6.92       3,400,704       0.57       0.57       0.55       0.55       2.65       146  
  107.54       7.99       2,422,925       0.73       0.73       0.55       0.55       3.42       155  
               
$ 93.86       0.51   $ 1,041,832       0.51     0.51     0.46     0.46     3.47     133
  96.16       (4.38     1,444,341       0.53       0.53       0.46       0.46       1.44       269  
  101.78       1.57       1,129,706       0.47       0.49       0.44       0.46       1.13       73  
  101.79       4.77       496,743       0.49       0.56       0.39       0.46       2.61       378  
  100.15       3.66       352,514       0.79       0.86       0.39       0.46       2.98       1,613  
               
$ 97.94       3.56   $ 150,823       0.24     0.36     0.24     0.36     3.20     53
  98.43       (1.43     184,071       0.25       0.37       0.24       0.36       0.67       75  
  100.66       0.99       153,000       0.25       0.37       0.25       0.37       0.74       120  
  100.64       1.54       87,553       0.27     0.51     0.24     0.48     1.87     102  
               
$ 99.78       4.09   $ 9,257,897       0.35     0.35     0.35     0.35     3.49     35
  99.13       (2.20     11,757,526       0.36       0.36       0.35       0.35       0.67       100  
  101.99       0.89       14,024,433       0.35       0.35       0.35       0.35       0.51       71  
  101.65       2.21       13,914,440       0.37       0.37       0.35       0.35       2.03       81  
  101.75       2.84       11,939,913       0.36       0.36       0.35       0.35       2.70       72  

 

         ANNUAL REPORT     |     JUNE 30, 2023     29
    


Table of Contents
Financial Highlights   (Cont.)  

 

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

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

               

06/30/2023

  $ 51.56     $ 1.48     $ 0.17     $ 1.65     $ (1.39   $ 0.00     $ 0.00     $ (1.39

06/30/2022

    56.72       0.92       (5.19     (4.27     (0.89     0.00       0.00       (0.89

06/30/2021

    55.73       0.97       1.00       1.97       (0.98     0.00       0.00       (0.98

06/30/2020

    54.77       1.24       0.96       2.20       (1.24     0.00       0.00       (1.24

06/30/2019

    52.84       1.40       1.93       3.33       (1.40     0.00       0.00       (1.40

PIMCO Multisector Bond Active Exchange-Traded Fund

               

06/21/2023 - 06/30/2023

  $ 25.00     $ 0.04     $ (0.02   $ 0.02     $ 0.00     $ 0.00     $ 0.00     $ 0.00  

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

               

06/30/2023

  $ 44.06     $ 1.69     $ 0.40     $ 2.09     $ (1.57   $ 0.00     $ 0.00     $ (1.57

09/08/2021 - 06/30/2022

    50.00       0.66       (6.07     (5.41     (0.53     0.00       0.00       (0.53

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

               

01/18/2023 - 06/30/2023

  $ 50.00     $ 1.11     $ (3.69   $ (2.58   $ (0.81   $ 0.00     $ 0.00     $ (0.81

PIMCO Senior Loan Active Exchange-Traded Fund

               

06/30/2023

  $ 48.18     $ 3.93     $ 1.18     $ 5.11     $ (3.42   $ 0.00     $ 0.00     $ (3.42

06/08/2022 - 06/30/2022

    50.00       0.06       (1.88     (1.82     0.00       0.00       0.00       0.00  

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

               

06/30/2023

  $ 49.56     $ 1.12     $ (0.06   $ 1.06     $ (1.05   $ 0.00     $ 0.00     $ (1.05

06/30/2022

    51.41       0.34       (1.89       (1.55       (0.30     0.00       0.00       (0.30

06/30/2021

    51.04       0.42       0.42       0.84       (0.47     0.00       0.00       (0.47

06/30/2020

    50.53       0.81       0.51       1.32       (0.81     0.00       0.00       (0.81

06/30/2019

    49.91       0.95       0.61       1.56       (0.94     0.00       0.00         (0.94

PIMCO Ultra Short Government Active Exchange-Traded Fund

               

06/21/2023 - 06/30/2023

  $   100.00     $   0.18     $   (0.03   $ 0.15     $ 0.00     $   0.00     $   0.00     $ 0.00  

PIMCO Commodity Strategy Active Exchange-Traded Fund (Consolidated)

               

05/09/2023 - 06/30/2023

  $ 25.00     $ 0.18     $ 0.05     $ 0.23     $ 0.00     $ 0.00     $ 0.00     $ 0.00  

 

^

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

*

Annualized, except for organizational expense, if any.

(a) 

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

(b) 

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

(c) 

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

(d) 

Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

(e) 

Portfolio turnover rate excludes securities received or delivered from in-kind processing of creation or redemptions.

 

       
30   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
        

 

            Ratios/Supplemental Data  
                  Ratios to Average Net Assets        
Net Asset
Value 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(e)
 
               
$ 51.82       3.26   $ 981,032       0.35     0.35     0.35     0.35     2.86     47
  51.56       (7.63     847,128       0.35       0.35       0.35       0.35       1.68       50  
  56.72       3.56       647,152       0.35       0.35       0.35       0.35       1.72       16  
  55.73       4.06       468,662       0.35       0.35       0.35       0.35       2.25       34  
  54.77       6.41       304,515       0.35       0.35       0.35       0.35       2.63       39  
               
$ 25.02       0.08   $ 65,053       0.55 %*      0.82 %*      0.55 %*      0.82 %*      4.29 %*      20
               
$ 44.58       4.87   $ 74,899       0.39     0.49     0.39     0.49     3.80     84
  44.06       (10.89     42,296       0.40     0.68     0.40     0.68     1.71     238  
               
$ 46.61       (5.18 )%    $ 93,214       0.74 %*      1.04 %*      0.69 %*      0.99 %*      5.18 %*      22
               
$ 49.87       10.94   $ 165,559       0.52     0.72     0.50     0.70     7.98     46
  48.18       (3.64     64,557       0.50     0.95     0.50     0.95     1.95     0  
               
$ 49.57       2.16   $   525,450       0.35     0.35     0.35     0.35     2.26     64
  49.56       (3.03     562,994       0.35       0.35       0.35       0.35       0.67       64  
  51.41       1.66       452,932       0.35       0.35       0.35       0.35       0.83       27  
  51.04       2.64       176,581       0.35       0.35       0.35       0.35       1.60       55  
  50.53       3.17       96,505       0.35       0.35       0.35       0.35       1.91       49  
               
$   100.15       0.15   $ 13,019       0.14 %*      0.69 %*      0.14 %*      0.69 %*      5.01 %*      0
               
$ 25.23       0.92   $ 198,722       0.64 %*      1.13 %*      0.63 %*      1.12 %*      4.10 %*      7

 

         ANNUAL REPORT     |     JUNE 30, 2023     31
    


Table of Contents
Statements of Assets and Liabilities         

 

(Amounts in thousands, except per share amounts)   PIMCO
25+ Year Zero
Coupon U.S.
Treasury Index
Exchange-
Traded Fund
    PIMCO
1-5 Year
U.S. TIPS Index
Exchange-
Traded Fund
    PIMCO
15+ Year
U.S. TIPS Index
Exchange-
Traded Fund
    PIMCO
Broad U.S.
TIPS Index
Exchange-
Traded Fund
    PIMCO
0-5 Year High
Yield Corporate
Bond Index
Exchange-
Traded Fund
    PIMCO
Investment
Grade Corporate
Bond Index
Exchange-
Traded Fund
    PIMCO
Active Bond
Exchange-
Traded Fund
 

Assets:

             

Investments, at value

                                                       

Investments in securities*^

  $ 947,851     $ 831,675     $ 667,670     $ 131,080     $ 1,144,752     $ 748,551     $ 3,824,996  

Investments in Affiliates

    0       0       0       0       25,063       2,928       18,827  

Financial Derivative Instruments

                                                       

Exchange-traded or centrally cleared

    0       0       0       0       574       64       72  

Over the counter

    0       0       0       0       0       0       2  

Cash

    0       0       0       0       0       0       0  

Deposits with counterparty

    0       0       0       0       9,991       2,178       13,928  

Foreign currency, at value

    0       0       0       0       0       1       546  

Receivable for investments sold

    0       0       0       0       2,677       0       4,503  

Receivable for TBA investments sold

    0       0       0       0       0       0       464,474  

Receivable for Fund shares sold

    0       0       0       0       0       0       7,309  

Interest and/or dividends receivable

    1       1,892       2,804       364       18,164       8,613       27,633  

Reimbursement receivable from PIMCO

    0       0       0       0       0       0       8  

Prepaid expenses

    0       0       0       0       0       0       0  

Other assets

    0       0       0       0       0       0       0  

Total Assets

    947,852       833,567       670,474       131,444       1,201,221       762,335       4,362,298  

Liabilities:

             

Borrowings & Other Financing Transactions

                                                       

Payable for reverse repurchase agreements

  $ 0     $ 0     $ 0     $ 0     $ 632     $ 14,918     $ 17,142  

Payable for sale-buyback transactions

    0       0       0       0       0       0       0  

Financial Derivative Instruments

                                                       

Exchange-traded or centrally cleared

    0       0       0       0       0       0       1  

Over the counter

    0       0       0       0       0       0       54  

Payable for investments purchased

    0       0       0       0       73,941       2,299       0  

Payable for TBA investments purchased

    0       0       0       0       0       0       864,410  

Payable for unfunded loan commitments

    0       0       0       0       227       0       0  

Payable upon return of securities loaned

    0       0       0       0       25,063       2,928       0  

Deposits from counterparty

    0       0       0       0       0       0       174  

Overdraft due to custodian

    0       0       0       1       0       0       5  

Accrued management fees

    126       150       118       23       520       128       1,663  

Accrued reimbursement to PIMCO

    0       0       0       0       0       0       0  

Other liabilities

    0       0       0       0       0       0       0  

Foreign capital gains tax payable

    0       0       0       0       0       3       0  

Total Liabilities

    126       150       118       24       100,383       20,276       883,449  

Net Assets

  $ 947,726     $ 833,417     $ 670,356     $ 131,420     $ 1,100,838     $ 742,059     $ 3,478,849  

Net Assets Consist of:

             

Paid in capital

  $   1,231,659     $ 937,175     $ 949,945     $   164,435     $ 1,379,562     $ 827,703     $ 4,123,441  

Distributable earnings (accumulated loss)

    (283,933       (103,758       (279,589     (33,015     (278,724     (85,644     (644,592

Net Assets

  $ 947,726     $ 833,417     $ 670,356     $ 131,420     $ 1,100,838     $ 742,059     $ 3,478,849  

Shares Issued and Outstanding

    10,320       16,570       11,170       2,430       12,100       7,830       37,970  

Net Asset Value Per Share Outstanding(a):

  $ 91.83     $ 50.30     $ 60.01     $ 54.08     $ 90.98     $ 94.77     $ 91.62  

Cost of investments in securities

  $ 1,128,818     $ 903,611     $ 910,100     $ 139,607     $   1,197,773     $   808,905     $   4,032,056  

Cost of investments in Affiliates

  $ 0     $ 0     $ 0     $ 0     $ 25,063     $ 2,928     $ 18,570  

Cost of foreign currency held

  $ 0     $ 0     $ 0     $ 0     $ 0     $ 1     $ 603  

Cost or premiums of financial derivative instruments, net

  $ 0     $ 0     $ 0     $ 0     $ (96   $ 511     $ 1,328  

* Includes repurchase agreements of:

  $ 3,674     $ 624     $ 721     $ 106     $ 154,358     $ 2,584     $ 1,359  

^ Includes securities on loan of:

  $ 0     $ 0     $ 0     $ 0     $ 24,569     $ 2,871     $ 0  

 

 

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

(a) 

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

 

       
32   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
    June 30, 2023

 

PIMCO
Enhanced Low
Duration Active
Exchange-
Traded Fund
    PIMCO
Enhanced Short
Maturity Active
ESG Exchange-
Traded Fund
    PIMCO
Enhanced Short
Maturity Active
Exchange-
Traded Fund
    PIMCO
Intermediate
Municipal
Bond Active
Exchange-
Traded Fund
    PIMCO
Multisector
Bond Active
Exchange-
Traded Fund
    PIMCO
Municipal Income
Opportunities
Active
Exchange-
Traded Fund
    PIMCO
Preferred and
Capital
Securities Active
Exchange-
Traded Fund
    PIMCO
Senior Loan
Active
Exchange-
Traded Fund
    PIMCO
Short Term
Municipal Bond
Active
Exchange-
Traded Fund
    PIMCO
Ultra Short
Government
Active
Exchange-
Traded Fund
 
                 
                                                                             
$ 1,084,230     $ 152,455     $ 9,366,003     $ 971,785     $ 83,679     $ 70,826     $ 91,503     $ 168,632     $ 542,655     $ 17,901  
  0       0       149       0       0       0       0       0       0       0  
                                                                             
  24       1       55       0       62       0       132       7       0       0  
  67       739       0       0       0       0       15       0       0       0  
  0       2,650       8,037       0       754       553       722       0       0       136  
  8,155       48       5,758       0       366       129       526       2,384       0       0  
  41       121       0       0       0       0       16       0       0       0  
  82,258       0       2,068       0       0       0       158       4,229       0       0  
  73,555       0       0       0       11,520       0       0       0       0       0  
  0       0       13,963       0       2,002       6,241       0       0       0       0  
  6,337       880       49,738       9,546       511       598       1,024       1,431       4,286       5  
  0       16       0       0       1       5       12       27       0       0  
  0       0       0       0       0       0       0       1       0       0  
  0       0       0       0       0       0       0       0       0       0  
  1,254,667       156,910       9,445,771       981,331       98,895       78,352       94,108       176,711       546,941       18,042  
                 
                                                                             
$ 81,609     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0  
  0       0       0       0       0       0       698       0       0       0  
                                                                             
  479       0       0       0       0       5       12       3       0       0  
  907       660       0       0       0       0       33       0       0       0  
  18       5,067       185,005       0       2,155       3,420       23       10,973       21,331       5,023  
  129,388       0       0       0       31,676       0       0       0       0       0  
  0       0       0       0       0       0       0       53       0       0  
  0       0       149       0       0       0       0       0       0       0  
  0       311       0       0       0       0       60       0       0       0  
  1       0       0       0       0       0       0       30       0       0  
  428       49       2,720       299       11       28       68       91       160       0  
  5       0       0       0       0       0       0       0       0       0  
  0       0       0       0       0       0       0       2       0       0  
  0       0       0       0       0       0       0       0       0       0  
  212,835       6,087       187,874       299       33,842       3,453       894       11,152       21,491       5,023  
$ 1,041,832     $ 150,823     $ 9,257,897     $ 981,032     $ 65,053     $ 74,899     $ 93,214     $ 165,559     $ 525,450     $ 13,019  
                 
$ 1,140,216     $ 155,207     $ 9,560,580     $   1,012,694     $   65,023     $   79,086     $   96,190     $ 164,967     $ 541,928     $ 13,007  
  (98,384     (4,384     (302,683     (31,662     30       (4,187     (2,976     592       (16,478     12  
$ 1,041,832     $ 150,823     $ 9,257,897     $ 981,032     $ 65,053     $ 74,899     $ 93,214     $ 165,559     $ 525,450     $ 13,019  
  11,100       1,540       92,780       18,930       2,600       1,680       2,000       3,320       10,600       130  
$ 93.86     $ 97.94     $ 99.78     $ 51.82     $ 25.02     $ 44.58     $ 46.61     $ 49.87     $ 49.57     $ 100.15  
$   1,102,685     $   154,570     $   9,461,609     $ 971,540     $ 83,803     $ 70,108     $ 93,828     $   168,179     $   549,065     $   17,902  
$ 0     $ 0     $ 149     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0  
$ 45     $ 120     $ 0     $ 0     $ 0     $ 0     $ 16     $ 0     $ 0     $ 0  
$ (1,367   $ 0     $ 0     $ 0     $ 331     $ 0     $ 0     $ 482     $ 0     $ 0  
$ 2,436     $ 6,800     $ 489,637     $ 610     $ 16,300     $ 6,600     $ 0     $ 13,000     $ 621     $ 11,300  
$ 0     $ 0     $ 146     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0  

 

         ANNUAL REPORT     |     JUNE 30, 2023     33
    


Table of Contents
Consolidated Statement of Assets and Liabilities          June 30, 2023

 

(Amounts in thousands, except per share amounts)  

PIMCO
Commodity Strategy
Active Exchange-

Traded Fund

 

Assets:

 

Investments, at value

       

Investments in securities*

  $ 270,504  

Financial Derivative Instruments

       

Exchange-traded or centrally cleared

    2,835  

Over the counter

    3  

Cash

    2,122  

Deposits with counterparty

    9,685  

Foreign currency, at value

    8  

Interest and/or dividends receivable

    434  

Reimbursement receivable from PIMCO

    10  

Other assets

    1  

Total Assets

    285,602  

Liabilities:

 

Financial Derivative Instruments

       

Exchange-traded or centrally cleared

  $ 406  

Over the counter

    188  

Payable for investments purchased

    86,241  

Accrued management fees

    45  

Total Liabilities

    86,880  

Net Assets

  $ 198,722  

Net Assets Consist of:

 

Paid in capital

  $ 198,677  

Distributable earnings (accumulated loss)

    45  

Net Assets

  $ 198,722  

Shares Issued and Outstanding:

    7,875  

Net Asset Value Per Share Outstanding(a):

  $ 25.23  

Cost of investments in securities

  $   270,539  

Cost of foreign currency held

  $ 9  

Cost or premiums of financial derivative instruments, net

  $ (92

* Includes repurchase agreements of:

  $ 170,400  

 

 

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

(a) 

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

 

       
34   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
Statements of Operations              

 

Year Ended June 30, 2023                        
(Amounts in thousands)  

PIMCO

25+ Year Zero
Coupon U.S.
Treasury Index
Exchange-
Traded Fund

   

PIMCO

1-5 Year

U.S. TIPS Index
Exchange-
Traded Fund

   

PIMCO

15+ Year
U.S. TIPS Index
Exchange-
Traded Fund

   

PIMCO

Broad U.S.
TIPS Index
Exchange-
Traded Fund

 

Investment Income:

       

Interest, net of foreign taxes*

  $ 24,616     $ 40,873     $ 34,676     $ 11,649  

Dividends, net of foreign taxes**

    0       0       0       0  

Dividends from Investments in Affiliates

    0       0       0       0  

Securities lending income

    0       0       0       0  

Miscellaneous income

    0       0       0       0  

Total Income

    24,616       40,873       34,676       11,649  

Expenses:

       

Management fees

    1,068       2,361       1,337       379  

Trustee fees

    9       20       10       3  

Interest expense

    0       0       0       0  

Organizational expense

    0       0       0       0  

Miscellaneous expense

    0       0       0       0  

Total Expenses

    1,077       2,381       1,347       382  

Waiver and/or Reimbursement by PIMCO

    0       0       0       0  

Net Expenses

    1,077       2,381       1,347       382  

Net Investment Income (Loss)

    23,539       38,492       33,329       11,267  

Net Realized Gain (Loss):

       

Investments in securities

    (78,978     (14,193     (19,999       (21,494

In-kind redemptions

    13,291       (41,381     5,025       (6,881

Exchange-traded or centrally cleared financial derivative instruments

    0       0       0       0  

Over the counter financial derivative instruments

    0       0       0       0  

Foreign currency

    0       0       0       0  

Net Realized Gain (Loss)

    (65,687     (55,574     (14,974     (28,375

Net Change in Unrealized Appreciation (Depreciation):

       

Investments in securities

    (23,073     6,387       (35,660     10,856  

Investments in Affiliates

    0       0       0       0  

Exchange-traded or centrally cleared financial derivative instruments

    0       0       0       0  

Over the counter financial derivative instruments

    0       0       0       0  

Foreign currency assets and liabilities

    0       0       0       0  

Net Change in Unrealized Appreciation (Depreciation)

    (23,073     6,387       (35,660     10,856  

Net Increase (Decrease) in Net Assets Resulting from Operations

  $   (65,221   $   (10,695   $   (17,305   $ (6,252

* Foreign tax withholdings

  $ 0     $ 0     $ 0     $ 0  

** Foreign tax withholdings - Dividends

  $ 0     $ 0     $ 0     $ 0  

 

 

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

 

         ANNUAL REPORT     |     JUNE 30, 2023     35
    


Table of Contents
Statements of Operations   (Cont.)  

 

Year Ended June 30, 2023                        
(Amounts in thousands)  

PIMCO

0-5 Year High
Yield Corporate
Bond Index
Exchange-
Traded  Fund

    PIMCO
Investment
Grade Corporate
Bond Index
Exchange-
Traded Fund
   

PIMCO

Active Bond
Exchange-
Traded Fund

    PIMCO
Enhanced Low
Duration Active
Exchange-
Traded Fund
 

Investment Income:

       

Interest, net of foreign taxes*

  $ 79,297     $ 29,442     $ 145,533     $ 53,981  

Dividends, net of foreign taxes**

    1       0       1,029       0  

Dividends from Investments in Affiliates

    0       0       70       0  

Securities lending income

    495       28       0       0  

Miscellaneous income

    0       0       92       0  

Total Income

    79,793       29,470       146,724       53,981  

Expenses:

       

Management fees

    7,001       1,444       17,893       6,242  

Trustee fees

    21       10       49       21  

Interest expense

    85       200       877       614  

Organizational expense

    0       0       0       0  

Miscellaneous expense

    0       0       3       67  

Total Expenses

    7,107       1,654       18,822       6,944  

Waiver and/or Reimbursement by PIMCO

    0       0       (8     (21

Net Expenses

    7,107       1,654       18,814       6,923  

Net Investment Income (Loss)

    72,686       27,816       127,910       47,058  

Net Realized Gain (Loss):

       

Investments in securities

    (29,933     (12,927     (158,612     (40,267

In-kind redemptions

    (19,153     (3,062     0       0  

Exchange-traded or centrally cleared financial derivative instruments

    2,066       1,185       (32,289       (18,692

Over the counter financial derivative instruments

    955       265       583       (5,763

Foreign currency

    0       0       (1,605     (598

Net Realized Gain (Loss)

    (46,065       (14,539       (191,923     (65,320

Net Change in Unrealized Appreciation (Depreciation):

       

Investments in securities

    69,292       12,657       27,002       25,834  

Investments in Affiliates

    0       0       257       0  

Exchange-traded or centrally cleared financial derivative instruments

    5,965       695       31,223       (1,155

Over the counter financial derivative instruments

    1,016       (104     (152     737  

Foreign currency assets and liabilities

    0       0       669       18  

Net Change in Unrealized Appreciation (Depreciation)

    76,273       13,248       58,999       25,434  

Net Increase (Decrease) in Net Assets Resulting from Operations

  $   102,894     $   26,525     $ (5,014   $ 7,172  

* Foreign tax withholdings

  $ 0     $ 1     $ 0     $ 0  

** Foreign tax withholdings - Dividends

  $ 0     $ 0     $ 17     $ 0  

 

 

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

(a) 

Inception date of the Fund was June 21, 2023.

(b) 

Inception date of the Fund was January 18, 2023.

 

       
36   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
        

 

                                                   
PIMCO
Enhanced Short
Maturity Active
ESG Exchange-
Traded Fund
    PIMCO
Enhanced Short
Maturity Active
Exchange-
Traded Fund
    PIMCO
Intermediate
Municipal
Bond Active
Exchange-
Traded Fund
    PIMCO
Multisector
Bond Active
Exchange-
Traded Fund(a)
   

PIMCO

Municipal Income
Opportunities
Active
Exchange-
Traded Fund

    PIMCO
Preferred and
Capital
Securities Active
Exchange-
Traded Fund(b)
    PIMCO
Senior Loan
Active
Exchange-
Traded Fund
    PIMCO
Short Term
Municipal Bond
Active
Exchange-
Traded Fund
    PIMCO
Ultra Short
Government
Active
Exchange-
Traded Fund(a)
 
               
$ 5,733     $ 371,281     $ 29,331     $ 87     $ 2,308     $ 1,535     $ 10,171     $ 14,523     $ 13  
  0       0       0       0       0       20       0       0       0  
  0       0       0       0       0       0       0       0       0  
  0       19       0       0       0       0       0       0       0  
  0       0       0       0       0       0       0       0       0  
  5,733       371,300       29,331       87       2,308       1,555       10,171       14,523       13  
               
  599       33,790       3,195       11       269       220       836       1,946       0  
  2       159       13       0       1       3       3       8       0  
  8       103       12       0       0       14       30       10       0  
  0       0       0       91       0       90       0       0       39  
  8       0       0       0       3       0       6       0       0  
  617       34,052       3,220       102       273       327       875       1,964       39  
  (202     0       0       (93     (56     (130     (238     0         (38
  415       34,052       3,220       9       217       197       637       1,964       1  
  5,318       337,248       26,111       78       2,091       1,358       9,534       12,559       12  
               
    (1,084       (146,045       (14,815     (24       (1,430       (1,208       (1,101       (4,077     1  
  0       0       0       0       0       0       0       0       0  
  24       9,634       (146     (4     182       55       334       0       0  
  87       0       0       0       0       (9     (497     0       0  
  8       0       0       0       0       (4     0       0       0  
  (965     (136,411     (14,961     (28     (1,248     (1,166     (1,264     (4,077     1  
               
  1,555       148,049       22,905         (124     1,799       (2,325     2,928       3,177       (1
  0       0       0       0       0       0       0       0       0  
  40       7,467       0       104       42       103       323       0       0  
  (495     0       0       0       0       (18     0       0       0  
  1       0       0       0       0       0       0       0       0  
  1,101       155,516       22,905       (20     1,841       (2,240     3,251       3,177       (1
$ 5,454     $ 356,353     $ 34,055     $ 30     $ 2,684     $ (2,048   $ 11,521     $ 11,659     $ 12  
$ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0  
$ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0  

 

         ANNUAL REPORT     |     JUNE 30, 2023     37
    


Table of Contents
Consolidated Statement of Operations              

 

(Amounts in thousands)   PIMCO
Commodity Strategy
Active Exchange-
Traded Fund(a)
 

Investment Income:

 

Interest

  $ 305  

Total Income

    305  

Expenses:

 

Management fees

    48  

Interest expense

    1  

Organizational expense

    107  

Total Expenses

    156  

Waiver and/or Reimbursement by PIMCO

    (118

Net Expenses

    38  

Net Investment Income (Loss)

    267  

Net Realized Gain (Loss):

 

Investments in securities

    (1

Exchange-traded or centrally cleared financial derivative instruments

    (374

Over the counter financial derivative instruments

    208  

Foreign currency

    (2

Net Realized Gain (Loss)

    (169

Net Change in Unrealized Appreciation (Depreciation):

 

Investments in securities

    (34

Exchange-traded or centrally cleared financial derivative instruments

    (774

Over the counter financial derivative instruments

    (101

Net Change in Unrealized Appreciation (Depreciation)

    (909

Net Increase (Decrease) in Net Assets Resulting from Operations

  $   (811

 

 

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

(a) 

Inception date of the Fund was May 09, 2023.

 

       
38   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
Statements of Changes in Net Assets              

 

    PIMCO
25+ Year Zero Coupon
U.S. Treasury Index
Exchange-Traded Fund
    PIMCO
1-5 Year U.S. TIPS Index
Exchange-Traded Fund
    PIMCO
15+ Year U.S. TIPS Index
Exchange-Traded Fund
    PIMCO
Broad U.S. TIPS Index
Exchange-Traded Fund
 
(Amounts in thousands)   Year Ended
June 30, 2023
    Year Ended
June 30, 2022
    Year Ended
June 30, 2023
    Year Ended
June 30, 2022
    Year Ended
June 30, 2023
    Year Ended
June 30, 2022
    Year Ended
June 30, 2023
    Year Ended
June 30, 2022
 

Increase (Decrease) in Net Assets from:

               

Operations:

               

Net investment income (loss)

  $ 23,539     $ 7,604     $ 38,492     $ 71,273     $ 33,329     $ 43,867     $ 11,267     $ 12,262  

Net realized gain (loss)

    (65,687     (247     (55,574     8,287       (14,974     (7,376     (28,375     685  

Net change in unrealized appreciation (depreciation)

    (23,073     (117,925     6,387       (88,032     (35,660     (206,156     10,856       (26,644

Net Increase (Decrease) in Net Assets Resulting from Operations

    (65,221       (110,568     (10,695     (8,472     (17,305     (169,665     (6,252     (13,697

Distributions to Shareholders:

               

From net investment income and/or net realized capital gains

    (17,750     (6,660     (43,653     (69,174     (33,083     (42,424     (11,385     (14,257

Total Distributions(a)

    (17,750     (6,660     (43,653     (69,174     (33,083     (42,424     (11,385     (14,257

Fund Share Transactions:

               

Receipts for shares sold

    975,442       391,628       197,650       949,963       310,521       567,756       170,980       132,061  

Cost of shares redeemed

      (379,989     (234,603     (885,394       (269,524       (210,383       (337,889       (216,694     (85,597

Net increase (decrease) resulting from Fund share transactions

    595,453       157,025       (687,744     680,439       100,138       229,867       (45,714     46,464  

Total Increase (Decrease) in Net Assets

    512,482       39,797         (742,092     602,793       49,750       17,778       (63,351     18,510  

Net Assets:

               

Beginning of year

    435,244       395,447         1,575,509       972,716       620,606       602,828       194,771       176,261  

End of year

  $ 947,726     $ 435,244     $ 833,417     $   1,575,509     $ 670,356     $ 620,606     $ 131,420     $   194,771  

Shares of Beneficial Interest:

               

Shares sold

    10,450       2,900       3,900       17,400       5,100       6,600       2,950       2,050  

Shares redeemed

    (4,150     (1,600     (17,450     (4,950     (3,450     (4,050     (3,900     (1,350

Net increase (decrease) in shares outstanding

    6,300       1,300       (13,550     12,450       1,650       2,550       (950     700  

 

 

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

(a) 

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

 

         ANNUAL REPORT     |     JUNE 30, 2023     39
    


Table of Contents
Statements of Changes in Net Assets   (Cont.)  

 

    PIMCO
0-5 Year High Yield
Corporate Bond Index
Exchange-Traded Fund
    PIMCO
Investment Grade
Corporate Bond Index
Exchange-Traded Fund
    PIMCO
Active Bond
Exchange-Traded Fund
    PIMCO
Enhanced Low
Duration Active
Exchange-Traded Fund
 
(Amounts in thousands)   Year Ended
June 30, 2023
    Year Ended
June 30, 2022
    Year Ended
June 30, 2023
    Year Ended
June 30, 2022
    Year Ended
June 30, 2023
    Year Ended
June 30, 2022
    Year Ended
June 30, 2023
    Year Ended
June 30, 2022
 

Increase (Decrease) in Net Assets from:

               

Operations:

               

Net investment income (loss)

  $ 72,686     $ 61,463     $ 27,816     $ 18,264     $ 127,910     $ 96,634     $ 47,058     $ 17,500  

Net realized gain (loss)

    (46,065     (61,057     (14,539     (15,120     (191,923     (203,891     (65,320     (18,028

Net change in unrealized appreciation (depreciation)

    76,273       (149,141     13,248       (108,859     58,999       (397,304     25,434       (54,812

Net Increase (Decrease) in Net Assets Resulting from Operations

    102,894       (148,735     26,525       (105,715     (5,014     (504,561     7,172       (55,340

Distributions to Shareholders:

               

From net investment income and/or net realized capital gains

    (74,597     (64,850     (26,827     (19,457     (118,150     (109,815     (39,335     (14,527

Total Distributions(a)

    (74,597     (64,850     (26,827     (19,457     (118,150     (109,815     (39,335     (14,527

Fund Share Transactions:

               

Receipts for shares sold

    924,963       984,145       466,947       165,347       571,460       396,091       106,412       434,297  

Cost of shares redeemed

    (968,228     (1,894,593     (305,469     (253,481     (194,362     (839,695     (476,758     (49,795

Net increase (decrease) resulting from Fund share transactions

    (43,265     (910,448     161,478       (88,134     377,098       (443,604     (370,346     384,502  

Total Increase (Decrease) in Net Assets

    (14,968     (1,124,033     161,176         (213,306     253,934         (1,057,980     (402,509     314,635  

Net Assets:

               

Beginning of year

    1,115,806       2,239,839       580,883       794,189       3,224,915       4,282,895       1,444,341       1,129,706  

End of year

  $   1,100,838     $   1,115,806     $   742,059     $ 580,883     $   3,478,849     $   3,224,915     $   1,041,832     $   1,444,341  

Shares of Beneficial Interest:

               

Shares sold

    10,250       10,250       5,000       1,450       6,200       3,690       1,120       4,420  

Shares redeemed

    (10,750     (20,050     (3,200     (2,350     (2,120     (8,380     (5,040     (500

Net increase (decrease) in shares outstanding

    (500     (9,800     1,800       (900     4,080       (4,690     (3,920     3,920  

 

 

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

(a) 

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

(b) 

Inception date of the Fund was June 8, 2022.

(c) 

Inception date of the Fund was September 8, 2021.

(d) 

Inception date of the Fund was January 18, 2023.

(e) 

Inception date of the Fund was June 21, 2023.

 

       
40   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
        

 

PIMCO
Enhanced Short
Maturity Active ESG
Exchange-Traded Fund
    PIMCO
Enhanced Short
Maturity Active
Exchange-Traded Fund
    PIMCO
Intermediate Municipal
Bond Active
Exchange-Traded Fund
    PIMCO
Multisector
Bond Active
Exchange-Traded  Fund
    PIMCO
Municipal Income
Opportunities Active
Exchange-Traded Fund
 
Year Ended
June 30, 2023
    Year Ended
June 30, 2022
    Year Ended
June 30, 2023
    Year Ended
June 30, 2022
    Year Ended
June 30, 2023
    Year Ended
June 30, 2022
    Inception date through
June 30, 2023(e)
    Year Ended
June 30, 2023
    Inception date through
June 30, 2022(c)
 
               
               
$ 5,318     $ 1,154     $ 337,248     $ 90,004     $ 26,111     $ 11,992     $ 78     $ 2,091     $ 564  
  (965     (68     (136,411     (111,160     (14,961     (15,189     (28     (1,248     (3,982
  1,101       (3,625     155,516       (272,391     22,905       (53,344     (20     1,841       (1,057

 

5,454

 

    (2,539     356,353       (293,547     34,055       (56,541     30       2,684       (4,475
               

 

(6,454

    (1,355     (312,603     (82,303     (24,441     (11,421     0       (1,943     (453
  (6,454     (1,355     (312,603     (82,303     (24,441     (11,421     0       (1,943     (453
               
  24,464       90,055       2,822,438       2,413,528       421,766       442,545       65,023       55,524       53,425  
  (56,712     (55,090       (5,365,817       (4,304,585       (297,476       (174,607     0         (23,662     (6,201

 

(32,248

    34,965       (2,543,379     (1,891,057     124,290       267,938       65,023       31,862       47,224  
  (33,248     31,071       (2,499,629     (2,266,907     133,904       199,976       65,053       32,603       42,296  
               
  184,071       153,000       11,757,526       14,024,433       847,128       647,152       0       42,296       0  
$   150,823     $   184,071     $ 9,257,897     $ 11,757,526     $ 981,032     $ 847,128     $   65,053     $ 74,899     $   42,296  
               
  250       900       28,420       23,940       8,220       8,340       2,600       1,260       1,100  
  (580     (550     (54,250     (42,840     (5,720     (3,320     0       (540     (140
  (330     350       (25,830     (18,900     2,500       5,020       2,600       720       960  

 

         ANNUAL REPORT     |     JUNE 30, 2023     41
    


Table of Contents
Statements of Changes in Net Assets   (Cont.)  

 

    PIMCO
Preferred and Capital
Securities Active
Exchange-Traded Fund
    PIMCO
Senior Loan Active
Exchange-Traded Fund
    PIMCO
Short Term Municipal
Bond Active
Exchange-Traded Fund
    PIMCO
Ultra Short
Government Active
Exchange-Traded Fund
 
(Amounts in thousands)   Inception date through
June 30, 2023(d)
    Year Ended
June 30, 2023
    Inception date through
June 30, 2022(b)
    Year Ended
June 30, 2023
    Year Ended
June 30, 2022
    Inception date through
June 30, 2023(e)
 

Increase (Decrease) in Net Assets from:

           

Operations:

           

Net investment income (loss)

  $ 1,358     $ 9,534     $ 76     $ 12,559     $ 3,532     $ 12  

Net realized gain (loss)

    (1,166     (1,264     3       (4,077     (6,193     1  

Net change in unrealized appreciation (depreciation)

    (2,240     3,251       (2,475     3,177       (14,179     (1

Net Increase (Decrease) in Net Assets Resulting from Operations

    (2,048     11,521       (2,396     11,659       (16,840     12  

Distributions to Shareholders:

           

From net investment income and/or net realized capital gains

    (928     (8,533     0       (11,652     (3,141     0  

Total Distributions(a)

    (928     (8,533     0       (11,652     (3,141     0  

Fund Share Transactions:

           

Receipts for shares sold

    96,190       122,579       66,953       73,279       232,044       13,007  

Cost of shares redeemed

    0       (24,565     0         (110,830       (102,001     0  

Net increase (decrease) resulting from Fund share transactions

    96,190       98,014       66,953       (37,551     130,043       13,007  

Total Increase (Decrease) in Net Assets

    93,214       101,002       64,557       (37,544     110,062       13,019  

Net Assets:

           

Beginning of year

    0       64,557       0       562,994       452,932       0  

End of year

  $   93,214     $   165,559     $   64,557     $ 525,450     $ 562,994     $   13,019  

Shares of Beneficial Interest:

           

Shares sold

    2,000       2,480       1,340       1,480       4,570       130  

Shares redeemed

    0       (500     0       (2,240     (2,020     0  

Net increase (decrease) in shares outstanding

    2,000       1,980       1,340       (760     2,550       130  

 

 

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

(a) 

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

(b) 

Inception date of the Fund was June 8, 2022.

(c) 

Inception date of the Fund was September 8 2021.

(d)

Inception date of the Fund was January 18, 2023.

(e) 

Inception date of the Fund was June 21, 2023.

 

       
42   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
Consolidated Statement of Changes in Net Assets              

 

    PIMCO
Commodity Strategy
Active Exchange-
Traded Fund
 
(Amounts in thousands)   Inception date through
June 30, 2023(a)
 

Increase (Decrease) in Net Assets from:

 

Operations:

 

Net investment income (loss)

  $ 267  

Net realized gain (loss)

    (169

Net change in unrealized appreciation (depreciation)

    (909

Net Increase (Decrease) in Net Assets Resulting from Operations

    (811

Fund Share Transactions:

 

Receipts for shares sold

    205,797  

Cost of shares redeemed

    (6,264

Net increase (decrease) resulting from Fund share transactions

    199,533  

Total Increase (Decrease) in Net Assets

    198,722  

Net Assets:

 

Beginning of year

    0  

End of year

  $   198,722  

Shares of Beneficial Interest:

 

Shares sold

    8,125  

Shares redeemed

    (250

Net increase (decrease) in shares outstanding

    7,875  

 

 

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

(a)

Inception date of the Fund was May 09, 2023.

 

         ANNUAL REPORT     |     JUNE 30, 2023     43
    


Table of Contents
Schedule of Investments   PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded  Fund          June 30, 2023

 

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
INVESTMENTS IN SECURITIES 100.0%

 

U.S. TREASURY OBLIGATIONS 99.6%

 

U.S. Treasury STRIPS (a)

 

0.000% due 08/15/2047

  $     116     $     45  

0.000% due 11/15/2047

      139         53  

0.000% due 02/15/2048

      277         106  

0.000% due 05/15/2048

      132,930           50,306  

0.000% due 08/15/2048

      133,229         50,103  

0.000% due 11/15/2048

      145,334         54,499  

0.000% due 02/15/2049

      133,668         49,869  

0.000% due 05/15/2049

      132,510         49,148  

0.000% due 08/15/2049

      154,104         56,740  

0.000% due 11/15/2049

      148,299         54,282  

0.000% due 02/15/2050

      125,908         45,721  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

0.000% due 05/15/2050

  $     132,434     $     47,700  

0.000% due 08/15/2050

      117,526         41,992  

0.000% due 11/15/2050

      117,656         41,775  

0.000% due 02/15/2051

      134,393         47,488  

0.000% due 05/15/2051

      117,866         41,302  

0.000% due 08/15/2051

      117,369         40,948  

0.000% due 11/15/2051

      125,708         43,619  

0.000% due 02/15/2052

      119,365         41,112  

0.000% due 05/15/2052

      131,410         45,034  

0.000% due 08/15/2052

      146,482         49,898  

0.000% due 11/15/2052

      145,782         50,244  

0.000% due 02/15/2053

      124,740         42,193  
       

 

 

 

Total U.S. Treasury Obligations
(Cost $1,125,144)

      944,177  
 

 

 

 
                  MARKET
VALUE
(000S)
 
SHORT-TERM INSTRUMENTS 0.4%

 

REPURCHASE AGREEMENTS (b) 0.4%

 

      $     3,674  
       

 

 

 
Total Short-Term Instruments
(Cost $3,674)
    3,674  
 

 

 

 
       
Total Investments in Securities
(Cost $1,128,818)
    947,851  
 
Total Investments 100.0%
(Cost $1,128,818)

 

  $     947,851  
Other Assets and Liabilities, net 0.0%     (125
 

 

 

 
Net Assets 100.0%

 

  $       947,726  
   

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

*

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

 

(a)

Zero coupon security.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate
    Settlement
Date
    Maturity
Date
    Principal
Amount
    Collateralized By   Collateral
(Received)
    Repurchase
Agreements,
at Value
    Repurchase
Agreement
Proceeds
to be
Received(1)
 
FICC     2.400     06/30/2023       07/03/2023     $     3,674     U.S. Treasury Notes 1.625% due 10/31/2026   $ (3,748   $ 3,674     $ 3,674  
           

 

 

   

 

 

   

 

 

 

Total Repurchase Agreements

 

    $     (3,748   $     3,674     $     3,674  
           

 

 

   

 

 

   

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:

 

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

  $ 3,674     $ 0     $ 0     $ 0     $     3,674     $     (3,748   $     (74
 

 

 

   

 

 

   

 

 

   

 

 

       

Total Borrowings and Other Financing Transactions

  $     3,674     $     0     $     0     $     0        
 

 

 

   

 

 

   

 

 

   

 

 

       

 

(1) 

Includes accrued interest.

(2) 

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Securities, at Value

 

U.S. Treasury Obligations

  $ 0     $ 944,177     $ 0     $ 944,177  

Short-Term Instruments

 

Repurchase Agreements

    0       3,674       0       3,674  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments

  $     0     $     947,851     $     0     $     947,851  
 

 

 

   

 

 

   

 

 

   

 

 

 

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

 

       
44   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
Schedule of Investments   PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded  Fund          June 30, 2023

 

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
INVESTMENTS IN SECURITIES 99.8%

 

U.S. TREASURY OBLIGATIONS 99.7%

 

U.S. Treasury Inflation Protected Securities (a)

 

0.125% due 07/15/2024

  $     47,236     $     45,824  

0.125% due 10/15/2024

      31,599         30,482  

0.125% due 04/15/2025

      67,228           63,963  

0.125% due 10/15/2025

      11,681         11,076  

0.125% due 04/15/2026

      99,871         93,667  

0.125% due 07/15/2026

      26,658         25,046  

0.125% due 10/15/2026

      30,713         28,719  

0.125% due 04/15/2027

      10,224         9,466  

0.125% due 01/15/2032

      8,351         7,356  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

0.250% due 01/15/2025

  $     60,067     $     57,589  

0.375% due 07/15/2025

      65,505         62,696  

0.375% due 01/15/2027

      62,279         58,452  

0.375% due 07/15/2027

      27,628         25,906  

0.500% due 01/15/2028

      64,767         60,600  

0.625% due 01/15/2026

      103,262         98,481  

0.750% due 07/15/2028

      30,886         29,278  

0.875% due 01/15/2029

      38,458         36,417  

1.625% due 10/15/2027

      32,752         32,281  

2.375% due 01/15/2025

      54,313         53,752  
       

 

 

 

Total U.S. Treasury Obligations
(Cost $902,987)

      831,051  
       

 

 

 
                  MARKET
VALUE
(000S)
 
SHORT-TERM INSTRUMENTS 0.1%

 

REPURCHASE AGREEMENTS (b) 0.1%

 

      $     624  
       

 

 

 
Total Short-Term Instruments
(Cost $624)
    624  
       

 

 

 
       
Total Investments in Securities
(Cost $903,611)
    831,675  
       
Total Investments 99.8%
(Cost $903,611)

 

  $     831,675  
Other Assets and Liabilities, net 0.2%     1,742  
       

 

 

 
Net Assets 100.0%       $       833,417  
       

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

*

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

 

(a)

Principal amount of security is adjusted for inflation.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate
    Settlement
Date
    Maturity
Date
    Principal
Amount
    Collateralized By   Collateral
(Received)
    Repurchase
Agreements,
at Value
    Repurchase
Agreement
Proceeds
to be
Received(1)
 
FICC     2.400     06/30/2023       07/03/2023     $     624     U.S. Treasury Notes 1.625% due 10/31/2026   $ (637   $ 624     $ 624  
           

 

 

   

 

 

   

 

 

 

Total Repurchase Agreements

 

    $     (637   $     624     $     624  
           

 

 

   

 

 

   

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:

 

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

  $ 624     $ 0     $ 0     $ 0     $     624     $     (637   $     (13
 

 

 

   

 

 

   

 

 

   

 

 

       

Total Borrowings and Other Financing Transactions

  $     624     $     0     $     0     $     0        
 

 

 

   

 

 

   

 

 

   

 

 

       

 

(1)

Includes accrued interest.

(2)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Securities, at Value

 

U.S. Treasury Obligations

  $ 0     $ 831,051     $ 0     $ 831,051  

Short-Term Instruments

 

Repurchase Agreements

    0       624       0       624  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments

  $     0     $     831,675     $     0     $     831,675  
 

 

 

   

 

 

   

 

 

   

 

 

 

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     45
    


Table of Contents
Schedule of Investments   PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund          June 30, 2023

 

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
INVESTMENTS IN SECURITIES 99.6%

 

U.S. TREASURY OBLIGATIONS 99.5%

 

U.S. Treasury Inflation Protected Securities (a)

 

0.125% due 02/15/2051

  $     24,414     $     16,312  

0.125% due 02/15/2052

      28,084         18,658  

0.250% due 02/15/2050

      44,888         31,435  

0.625% due 02/15/2043

      85,901         70,541  

0.750% due 02/15/2042

      75,691         64,376  

0.750% due 02/15/2045

      88,847         73,505  

0.875% due 02/15/2047

      72,211         60,653  

1.000% due 02/15/2046

      72,915         63,321  

1.000% due 02/15/2048

      72,142         62,126  

1.000% due 02/15/2049

      46,014         39,617  

1.375% due 02/15/2044

      84,824         79,978  

1.500% due 02/15/2053

      3,026         2,941  

2.125% due 02/15/2040

      12,678         13,614  

2.125% due 02/15/2041

      65,062         69,872  
       

 

 

 

Total U.S. Treasury Obligations (Cost $909,379)

      666,949  
       

 

 

 
                  MARKET
VALUE
(000S)
 
SHORT-TERM INSTRUMENTS 0.1%

 

REPURCHASE AGREEMENTS (b) 0.1%

 

      $     721  
       

 

 

 
Total Short-Term Instruments
(Cost $721)

 

      721  
       

 

 

 
       
Total Investments in Securities (Cost $910,100)

 

      667,670  
       
Total Investments 99.6%
(Cost $910,100)

 

  $     667,670  
Other Assets and Liabilities, net 0.4%

 

      2,686  
       

 

 

 
Net Assets 100.0%       $       670,356  
       

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

*

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

 

(a)

Principal amount of security is adjusted for inflation.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate
    Settlement
Date
    Maturity
Date
    Principal
Amount
    Collateralized By   Collateral
(Received)
    Repurchase
Agreements,
at Value
    Repurchase
Agreement
Proceeds
to be
Received(1)
 
FICC     2.400     06/30/2023       07/03/2023     $     721     U.S. Treasury Notes 1.625% due 10/31/2026   $ (736   $ 721     $ 721  
           

 

 

   

 

 

   

 

 

 

Total Repurchase Agreements

 

    $     (736   $     721     $     721  
           

 

 

   

 

 

   

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:

 

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

  $ 721     $ 0     $ 0     $ 0     $     721     $     (736   $     (15
 

 

 

   

 

 

   

 

 

   

 

 

       

Total Borrowings and Other Financing Transactions

  $     721     $     0     $     0     $     0        
 

 

 

   

 

 

   

 

 

   

 

 

       

 

(1)

Includes accrued interest.

(2)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Securities, at Value

 

U.S. Treasury Obligations

  $ 0     $ 666,949     $ 0     $ 666,949  

Short-Term Instruments

 

Repurchase Agreements

    0       721       0       721  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments

  $     0     $     667,670     $     0     $     667,670  
 

 

 

   

 

 

   

 

 

   

 

 

 

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

 

       
46   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
Schedule of Investments   PIMCO Broad U.S. TIPS Index Exchange-Traded Fund          June 30, 2023

 

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
INVESTMENTS IN SECURITIES 99.7%

 

U.S. TREASURY OBLIGATIONS 99.6%

 

U.S. Treasury Inflation Protected Securities (a)

 

0.125% due 07/15/2024

  $     6,879     $     6,674  

0.125% due 10/15/2024

      5,244         5,059  

0.125% due 04/15/2025

      4,538         4,318  

0.125% due 10/15/2025

      6,008         5,697  

0.125% due 04/15/2026

      872         818  

0.125% due 07/15/2026

      1,094         1,027  

0.125% due 10/15/2026

      6,172         5,771  

0.125% due 04/15/2027

      1,657         1,534  

0.125% due 01/15/2030

      5,582         5,010  

0.125% due 07/15/2030

      5,771         5,178  

0.125% due 01/15/2031

      5,764         5,126  

0.125% due 07/15/2031

      5,969         5,296  

0.125% due 01/15/2032

      3,382         2,979  

0.250% due 01/15/2025

      6,981           6,693  

0.250% due 07/15/2029

      1,228         1,121  

0.375% due 07/15/2025

      6,209         5,942  

0.375% due 01/15/2027

      2,159         2,026  

0.375% due 07/15/2027

      1,958         1,836  

0.500% due 04/15/2024

      1,085         1,059  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

0.500% due 01/15/2028

  $     1,129     $     1,056  

0.625% due 01/15/2024

      948         932  

0.625% due 01/15/2026

      1,549         1,477  

0.625% due 07/15/2032

      6,836         6,287  

0.625% due 02/15/2043

      5,718         4,695  

0.750% due 07/15/2028

      823         780  

0.750% due 02/15/2042

      5,604           4,767  

0.750% due 02/15/2045

      5,666         4,688  

0.875% due 01/15/2029

      688         652  

0.875% due 02/15/2047

      630         529  

1.000% due 02/15/2046

      4,698         4,080  

1.000% due 02/15/2049

      93         80  

1.125% due 01/15/2033

      2,385         2,287  

1.375% due 02/15/2044

      5,211         4,913  

1.500% due 02/15/2053

      2,523         2,452  

1.625% due 10/15/2027

      5,998         5,911  

2.000% due 01/15/2026

      434         428  

2.125% due 02/15/2040

      163         175  

2.125% due 02/15/2041

      211         226  

2.375% due 01/15/2025

      5,152         5,099  

2.375% due 01/15/2027

      1,705         1,714  

2.500% due 01/15/2029

      3,685         3,797  

3.625% due 04/15/2028

      141         151  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

3.875% due 04/15/2029

  $     574     $     634  
       

 

 

 

Total U.S. Treasury Obligations
(Cost $139,501)

    130,974  
       

 

 

 
SHORT-TERM INSTRUMENTS 0.1%

 

REPURCHASE AGREEMENTS (b) 0.1%

 

          106  
       

 

 

 
Total Short-Term Instruments
(Cost $106)
    106  
       

 

 

 
Total Investments in Securities
(Cost $139,607)
    131,080  
       
Total Investments 99.7%
(Cost $139,607)

 

  $     131,080  
Other Assets and Liabilities, net 0.3%     340  
       

 

 

 
Net Assets 100.0%

 

  $       131,420  
       

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

*

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

 

(a)

Principal amount of security is adjusted for inflation.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate
    Settlement
Date
    Maturity
Date
    Principal
Amount
    Collateralized By   Collateral
(Received)
    Repurchase
Agreements,
at Value
    Repurchase
Agreement
Proceeds
to be
Received(1)
 
FICC     2.400     06/30/2023       07/03/2023     $     106     U.S. Treasury Notes 1.500% due 01/31/2027   $ (108   $ 106     $ 106  
           

 

 

   

 

 

   

 

 

 

Total Repurchase Agreements

 

    $     (108   $     106     $     106  
           

 

 

   

 

 

   

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:

 

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

  $ 106     $ 0     $ 0     $ 0     $     106     $     (108   $     (2
 

 

 

   

 

 

   

 

 

   

 

 

       

Total Borrowings and Other Financing Transactions

  $     106     $     0     $     0     $     0        
 

 

 

   

 

 

   

 

 

   

 

 

       

 

(1)

Includes accrued interest.

(2)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Securities, at Value

 

U.S. Treasury Obligations

  $ 0     $ 130,974     $ 0     $ 130,974  

Short-Term Instruments

 

Repurchase Agreements

    0       106       0       106  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments

  $     0     $     131,080     $     0     $     131,080  
 

 

 

   

 

 

   

 

 

   

 

 

 

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     47
    


Table of Contents
Schedule of Investments   PIMCO 0-5 Year High Yield Corporate Bond Index  Exchange-Traded Fund         

 

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
INVESTMENTS IN SECURITIES 104.0%

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6%

 

AmSurg LLC

 

0.500% - 11.000% (PRIME + 2.750%) due 07/20/2026 «~

  $     546     $     547  

Envision Healthcare Corp.

 

16.070% due 04/29/2027

      1,865         2,224  

16.695% due 04/28/2028 «

      765         563  

Incora

 

TBD% - 13.725% due 03/01/2024 «µ

      376         376  

Intelsat Jackson Holdings SA

 

9.443% due 02/01/2029

      1,495         1,491  

TransDigm, Inc.

 

8.492% due 08/24/2028

      998         998  
     

 

 

 

Total Loan Participations and Assignments (Cost $6,616)

      6,199  
 

 

 

 
CORPORATE BONDS & NOTES 88.2%

 

BANKING & FINANCE 16.9%

 

Acrisure LLC

 

7.000% due 11/15/2025

      667         647  

10.125% due 08/01/2026

      1,181         1,211  

Advisor Group Holdings, Inc.

 

10.750% due 08/01/2027

      444         447  

AerCap Holdings NV

 

5.875% due 10/10/2079 •

      606         572  

AG TTMT Escrow Issuer LLC

 

8.625% due 09/30/2027

      792         813  

Alliant Holdings Intermediate LLC

 

4.250% due 10/15/2027

      592         532  

6.750% due 10/15/2027

      2,915         2,744  

6.750% due 04/15/2028

      753         748  

Allied Universal Holdco LLC

 

   

6.625% due 07/15/2026

      2,585         2,456  

9.750% due 07/15/2027

      2,396         2,121  

Ally Financial, Inc.

 

   

5.750% due 11/20/2025

      3,637         3,505  

AssuredPartners, Inc.

 

   

7.000% due 08/15/2025

      839         830  

Brookfield Property REIT, Inc.

 

   

4.500% due 04/01/2027

      2,323         1,959  

5.750% due 05/15/2026

      1,930         1,770  

Burford Capital Global Finance LLC

 

   

6.250% due 04/15/2028

      886         816  

Castlelake Aviation Finance DAC

 

   

5.000% due 04/15/2027 (f)

      1,361         1,206  

Citizens Bank NA

 

   

2.250% due 04/28/2025

      1,486         1,345  

Commerzbank AG

 

   

8.125% due 09/19/2023

      2,612         2,603  

Credit Acceptance Corp.

 

5.125% due 12/31/2024

      825         802  

6.625% due 03/15/2026 (f)

      2,344         2,255  

Cushman & Wakefield US Borrower LLC

 

6.750% due 05/15/2028

      1,692         1,533  

Diversified Healthcare Trust

 

9.750% due 06/15/2025

      1,500         1,441  

Enova International, Inc.

 

8.500% due 09/01/2024

      411         407  

8.500% due 09/15/2025

      1,230         1,199  

Five Point Operating Co. LP

 

7.875% due 11/15/2025

      1,332         1,204  

Ford Motor Credit Co. LLC

 

2.300% due 02/10/2025

      2,262         2,117  

2.700% due 08/10/2026

      2,195         1,962  

3.370% due 11/17/2023

      20         20  

3.375% due 11/13/2025

      742         691  

3.664% due 09/08/2024

      1,000         967  

3.810% due 01/09/2024

      367         362  

3.815% due 11/02/2027

      200         179  

4.063% due 11/01/2024

      734         711  

4.125% due 08/17/2027

      1,156         1,057  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

4.134% due 08/04/2025

  $     1,204     $     1,143  

4.271% due 01/09/2027

      2,358         2,185  

4.389% due 01/08/2026

      3,088         2,925  

4.542% due 08/01/2026

      2,056         1,934  

4.687% due 06/09/2025

      802         773  

4.950% due 05/28/2027

      1,325         1,251  

5.125% due 06/16/2025

      4,180           4,069  

6.800% due 05/12/2028

      812         814  

6.950% due 06/10/2026

      1,100         1,107  

7.350% due 11/04/2027

      1,344         1,376  

Fortress Transportation & Infrastructure Investors LLC

 

5.500% due 05/01/2028

      942         863  

6.500% due 10/01/2025

      1,467         1,447  

9.750% due 08/01/2027

      1,479         1,529  

Freedom Mortgage Corp.

 

6.625% due 01/15/2027

      586         508  

7.625% due 05/01/2026

      1,399         1,289  

8.125% due 11/15/2024

      966         958  

8.250% due 04/15/2025

      1,179         1,151  

Getty Images, Inc.

 

9.750% due 03/01/2027

      2,051         2,028  

Global Aircraft Leasing Co. Ltd. (6.500% Cash or 7.250% PIK)

 

6.500% due 09/15/2024 (b)

      155         142  

Global Atlantic Fin Co.

 

4.700% due 10/15/2051 •

      2,714         1,929  

Greystar Real Estate Partners LLC

 

5.750% due 12/01/2025

      242         237  

GTCR AP Finance, Inc.

 

8.000% due 05/15/2027

      1,498         1,470  

HAT Holdings LLC

 

3.375% due 06/15/2026

      3,139         2,817  

6.000% due 04/15/2025

      1,100         1,086  

Home Point Capital, Inc.

 

5.000% due 02/01/2026

      1,396         1,253  

HUB International Ltd.

 

7.000% due 05/01/2026

      3,344         3,339  

Icahn Enterprises LP

 

4.750% due 09/15/2024

      1,649         1,577  

5.250% due 05/15/2027

      1,790         1,545  

6.250% due 05/15/2026

      1,177         1,072  

6.375% due 12/15/2025

      1,308         1,217  

Intesa Sanpaolo SpA

 

5.017% due 06/26/2024

      5,379         5,212  

5.710% due 01/15/2026

      872         831  

Iron Mountain, Inc.

 

4.875% due 09/15/2027

      1,288         1,218  

5.000% due 07/15/2028

      444         412  

5.250% due 03/15/2028

      812         760  

Jefferson Capital Holdings LLC

 

6.000% due 08/15/2026

      1,435         1,168  

Ladder Capital Finance Holdings LLLP

 

4.250% due 02/01/2027

      2,554         2,221  

5.250% due 10/01/2025

      1,441         1,362  

LD Holdings Group LLC

 

6.500% due 11/01/2025

      496         392  

LFS Topco LLC

 

5.875% due 10/15/2026

      2,021         1,778  

Liberty Mutual Group, Inc.

 

4.125% due 12/15/2051 •

      3,312         2,609  

Midcap Financial Issuer Trust

 

6.500% due 05/01/2028

      1,422         1,267  

MPT Operating Partnership LP

 

5.000% due 10/15/2027

      1,760         1,482  

Nationstar Mortgage Holdings, Inc.

 

6.000% due 01/15/2027

      3,326         3,098  

Navient Corp.

 

5.000% due 03/15/2027

      401         359  

5.875% due 10/25/2024

      687         676  

6.125% due 03/25/2024

      3,761         3,735  

6.750% due 06/25/2025

      607         597  

6.750% due 06/15/2026

      1,311         1,265  

7.250% due 09/25/2023

      100         100  

NCL Finance Ltd.

 

6.125% due 03/15/2028

      1,224         1,103  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Newmark Group, Inc.

 

6.125% due 11/15/2023

  $     1,799     $     1,783  

NFP Corp.

 

6.875% due 08/15/2028

      402         349  

NMI Holdings, Inc.

 

7.375% due 06/01/2025

      1,205           1,219  

Office Properties Income Trust

 

2.400% due 02/01/2027

      250         168  

4.500% due 02/01/2025

      396         343  

OneMain Finance Corp.

 

3.500% due 01/15/2027

      40         34  

6.125% due 03/15/2024

      3,394         3,385  

6.625% due 01/15/2028

      969         915  

6.875% due 03/15/2025

      1,341         1,329  

7.125% due 03/15/2026

      4,685         4,607  

Oxford Finance LLC

 

6.375% due 02/01/2027

      3,239         3,017  

Park Intermediate Holdings LLC

 

7.500% due 06/01/2025

      2,365         2,368  

PennyMac Financial Services, Inc.

 

5.375% due 10/15/2025

      2,942         2,783  

Popular, Inc.

 

7.250% due 03/13/2028

      1,124         1,124  

PRA Group, Inc.

 

7.375% due 09/01/2025

      1,909         1,816  

8.375% due 02/01/2028

      1,687         1,530  

Provident Funding Associates LP

 

6.375% due 06/15/2025

      1,883         1,664  

RHP Hotel Properties LP

 

4.750% due 10/15/2027

      592         552  

7.250% due 07/15/2028

      1,500         1,517  

RLJ Lodging Trust LP

 

3.750% due 07/01/2026

      2,489         2,286  

Rocket Mortgage LLC

 

2.875% due 10/15/2026

      3,105         2,751  

SBA Communications Corp.

 

3.875% due 02/15/2027

      1,427         1,316  

Service Properties Trust

 

4.350% due 10/01/2024

      1,490         1,436  

4.650% due 03/15/2024

      550         542  

4.750% due 10/01/2026

      1,378         1,198  

5.500% due 12/15/2027

      702         618  

7.500% due 09/15/2025

      4,273         4,200  

SLM Corp.

 

3.125% due 11/02/2026

      3,115         2,698  

4.200% due 10/29/2025

      1,327         1,234  

Starwood Property Trust, Inc.

 

3.625% due 07/15/2026

      854         736  

3.750% due 12/31/2024

      1,802         1,691  

4.375% due 01/15/2027

      2,068         1,783  

4.750% due 03/15/2025

      289         273  

UniCredit SpA

 

5.861% due 06/19/2032 •

      768         699  

United Wholesale Mortgage LLC

 

5.500% due 11/15/2025

      990         943  

Uniti Group LP

 

10.500% due 02/15/2028

      5,913         5,871  

USI, Inc.

 

6.875% due 05/01/2025

      2,622         2,606  

Voyager Aviation Holdings LLC

 

8.500% due 05/09/2026

      1,147         906  

XHR LP

 

6.375% due 08/15/2025

      1,403         1,379  
       

 

 

 
            185,580  
       

 

 

 
INDUSTRIALS 64.9%

 

Adient Global Holdings

 

7.000% due 04/15/2028

      466         472  

Adient Global Holdings Ltd.

 

4.875% due 08/15/2026

      1,821         1,732  

AECOM

 

5.125% due 03/15/2027

      10         10  

 

       
48   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

AerCap Global Aviation Trust

 

6.500% due 06/15/2045 •

  $     110     $     107  

Air Canada

 

3.875% due 08/15/2026

      4,361         4,046  

Albertsons Cos., Inc.

 

3.250% due 03/15/2026

      1,563         1,445  

4.625% due 01/15/2027

      245         232  

5.875% due 02/15/2028

      1,540         1,498  

6.500% due 02/15/2028

      578         580  

7.500% due 03/15/2026

      2,034           2,070  

Albion Financing 1 SARL

 

6.125% due 10/15/2026

      1,394         1,312  

Albion Financing 2 SARL

 

8.750% due 04/15/2027

      794         738  

Allegiant Travel Co.

 

7.250% due 08/15/2027

      3,791         3,781  

Allen Media LLC

 

10.500% due 02/15/2028

      496         256  

Alteryx, Inc.

 

8.750% due 03/15/2028 (f)

      762         749  

Altice Financing SA

 

5.000% due 01/15/2028

      1,825         1,460  

Altice France Holding SA

 

6.000% due 02/15/2028

      1,083         529  

10.500% due 05/15/2027

      4,501         2,731  

Altice France SA

 

5.500% due 01/15/2028

      842         637  

8.125% due 02/01/2027

      4,006         3,473  

AMC Entertainment Holdings, Inc. (10.000% PIK)

 

10.000% due 06/15/2026 (b)(f)

      2,218         1,594  

AMC Networks, Inc.

 

4.750% due 08/01/2025

      3,776         3,306  

5.000% due 04/01/2024

      978         964  

American Airlines Pass-Through Trust

 

3.375% due 11/01/2028

      1,102         989  

3.700% due 04/01/2028

      293         264  

American Airlines, Inc.

 

5.500% due 04/20/2026

      8,847         8,772  

7.250% due 02/15/2028

      1,156         1,150  

11.750% due 07/15/2025

      2,513         2,758  

American Axle & Manufacturing, Inc.

 

6.875% due 07/01/2028

      812         760  

American Builders & Contractors Supply Co., Inc.

 

4.000% due 01/15/2028

      250         228  

Aramark Services, Inc.

 

5.000% due 02/01/2028

      4,042         3,815  

Arconic Corp.

 

6.000% due 05/15/2025

      1,477         1,492  

ARD Finance SA (6.500% Cash or 7.250% PIK)

 

6.500% due 06/30/2027 (b)

      3,804         3,087  

Ardagh Packaging Finance PLC

 

4.125% due 08/15/2026

      2,897         2,702  

5.250% due 04/30/2025

      945         925  

5.250% due 08/15/2027

      1,348         1,144  

Artera Services LLC

 

9.033% due 12/04/2025

      2,175         1,906  

Ascent Resources Utica Holdings LLC

 

7.000% due 11/01/2026

      3,640         3,527  

Aston Martin Capital Holdings Ltd.

 

10.500% due 11/30/2025

      1,885         1,905  

ATP Tower Holdings LLC

 

4.050% due 04/27/2026 (f)

      1,736         1,495  

Audacy Capital Corp.

 

6.500% due 05/01/2027

      700         14  

Avient Corp.

 

5.750% due 05/15/2025

      1,585         1,567  

Avis Budget Car Rental LLC

 

4.750% due 04/01/2028

      396         365  

Axalta Coating Systems LLC

 

4.750% due 06/15/2027

      1,404         1,325  

B&G Foods, Inc.

 

5.250% due 04/01/2025

      2,394         2,289  

5.250% due 09/15/2027

      900         783  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

B.C. Unlimited Liability Co.

 

3.875% due 01/15/2028

  $     200     $     183  

4.375% due 01/15/2028

      4,947         4,574  

5.750% due 04/15/2025

      385         385  

Ball Corp.

 

4.000% due 11/15/2023

      19         19  

4.875% due 03/15/2026

      1,360         1,324  

5.250% due 07/01/2025

      1,814         1,800  

Bath & Body Works, Inc.

 

6.694% due 01/15/2027

      801         806  

9.375% due 07/01/2025 (f)

      1,334         1,417  

Bausch Health Cos., Inc.

 

5.500% due 11/01/2025

      3,690           3,265  

6.125% due 02/01/2027

      606         389  

9.000% due 12/15/2025 (f)

      1,584         1,384  

11.000% due 09/30/2028

      1,366         974  

BC Ltd.

 

9.000% due 01/30/2028

      953         956  

BCPE Empire Holdings, Inc.

 

7.625% due 05/01/2027

      2,616         2,436  

BCPE Ulysses Intermediate, Inc. (7.750% Cash or 8.500% PIK)

 

7.750% due 04/01/2027 (b)

      500         441  

Beacon Roofing Supply, Inc.

 

4.500% due 11/15/2026 (f)

      1,569         1,490  

Berry Global, Inc.

 

4.500% due 02/15/2026

      602         574  

Blackstone Mortgage Trust, Inc.

 

3.750% due 01/15/2027

      10         8  

Block Communications, Inc.

 

4.875% due 03/01/2028

      500         414  

Block, Inc.

 

2.750% due 06/01/2026

      2,483         2,263  

Bombardier, Inc.

 

7.125% due 06/15/2026

      7,277         7,236  

7.875% due 04/15/2027

      817         816  

Boxer Parent Co., Inc.

 

7.125% due 10/02/2025

      1,309         1,312  

9.125% due 03/01/2026

      786         783  

Boyd Gaming Corp.

 

4.750% due 12/01/2027

      1,280         1,214  

Buckeye Partners LP

 

3.950% due 12/01/2026

      672         608  

4.125% due 03/01/2025

      573         546  

4.150% due 07/01/2023

      253         253  

4.350% due 10/15/2024

      269         263  

4.500% due 03/01/2028

      1,401         1,257  

Caesars Entertainment, Inc.

 

6.250% due 07/01/2025

      5,722         5,701  

8.125% due 07/01/2027

      4,972         5,094  

Calumet Specialty Products Partners LP

 

8.125% due 01/15/2027

      812         778  

Camelot Finance SA

 

4.500% due 11/01/2026

      1,495         1,410  

Cargo Aircraft Management, Inc.

 

4.750% due 02/01/2028

      284         249  

Carnival Corp.

 

5.750% due 03/01/2027

      6,891         6,350  

7.625% due 03/01/2026 (f)

      4,524         4,435  

9.875% due 08/01/2027

      556         580  

10.500% due 02/01/2026

      3,809         4,007  

Carnival Holdings Bermuda Ltd.

 

10.375% due 05/01/2028

      1,089         1,192  

Carvana Co.

 

5.625% due 10/01/2025

      2,264         1,961  

Cascades, Inc.

 

5.375% due 01/15/2028

      416         389  

Catalent Pharma Solutions, Inc.

 

5.000% due 07/15/2027

      1,697         1,559  

CCO Holdings LLC

 

5.000% due 02/01/2028

      4,214         3,844  

5.125% due 05/01/2027

      4,251         3,963  

5.500% due 05/01/2026

      3,004         2,932  

CD&R Smokey Buyer, Inc.

 

6.750% due 07/15/2025

      2,101         1,955  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

CEC Entertainment LLC

 

6.750% due 05/01/2026

  $     1,264     $     1,207  

Cedar Fair LP

 

5.500% due 05/01/2025

      1,772         1,760  

Cengage Learning, Inc.

 

9.500% due 06/15/2024

      21         21  

CGG SA

 

8.750% due 04/01/2027 (f)

      1,854         1,555  

Chemours Co.

 

5.375% due 05/15/2027

      1,826         1,722  

Cheplapharm Arzneimittel GmbH

 

5.500% due 01/15/2028

      864         783  

Chesapeake Energy Corp.

 

5.500% due 02/01/2026

      2,920         2,850  

Chobani LLC

 

7.500% due 04/15/2025

      1,867         1,860  

Churchill Downs, Inc.

 

5.500% due 04/01/2027

      3,259         3,137  

Cinemark USA, Inc.

 

5.250% due 07/15/2028 (f)

      1,260         1,110  

5.875% due 03/15/2026

      559         531  

Citgo Holding, Inc.

 

9.250% due 08/01/2024

      259         259  

Citgo Petroleum Corp.

 

6.375% due 06/15/2026

      1,065         1,027  

7.000% due 06/15/2025

      979         962  

Clarios Global LP

 

6.250% due 05/15/2026

      2,157         2,146  

6.750% due 05/15/2025

      2,372         2,376  

8.500% due 05/15/2027

      2,081         2,088  

Clear Channel International BV

 

6.625% due 08/01/2025

      1,053         1,049  

Clear Channel Outdoor Holdings, Inc.

 

5.125% due 08/15/2027

      1,504         1,367  

7.750% due 04/15/2028

      496         390  

Clearwater Paper Corp.

 

5.375% due 02/01/2025

      319         312  

Cleveland-Cliffs, Inc.

 

6.750% due 03/15/2026

      1,472         1,489  

Cloud Software Group, Inc.

 

6.500% due 03/31/2029

      1,089         971  

CMG Media Corp.

 

8.875% due 12/15/2027

      319         224  

CNX Resources Corp.

 

7.250% due 03/14/2027

      819         811  

Cogent Communications Group, Inc.

 

7.000% due 06/15/2027

      3,076         2,979  

CommScope Technologies LLC

 

5.000% due 03/15/2027

      1,696         1,183  

6.000% due 06/15/2025

      600         560  

CommScope, Inc.

 

6.000% due 03/01/2026

      3,347         3,123  

8.250% due 03/01/2027

      3,937           3,155  

Community Health Systems, Inc.

 

5.625% due 03/15/2027

      3,995         3,524  

8.000% due 03/15/2026

      5,206         5,076  

8.000% due 12/15/2027

      732         709  

Connect Finco SARL

 

6.750% due 10/01/2026

      4,919         4,782  

Cooper-Standard Automotive, Inc.

 

5.625% due 11/15/2026

      297         158  

CoreLogic, Inc.

 

4.500% due 05/01/2028

      1,392         1,124  

Coty, Inc.

 

5.000% due 04/15/2026

      1,442         1,383  

6.500% due 04/15/2026 (f)

      715         709  

Crown Americas LLC

 

4.250% due 09/30/2026

      886         840  

4.750% due 02/01/2026

      489         474  

Crown Cork & Seal Co., Inc.

 

7.375% due 12/15/2026

      1,805         1,868  

CSC Holdings LLC

 

5.250% due 06/01/2024

      1,000         931  

5.375% due 02/01/2028

      1,801         1,450  

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     49
    


Table of Contents
Schedule of Investments   PIMCO 0-5 Year High Yield Corporate Bond Index  Exchange-Traded Fund   (Cont.)  

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

5.500% due 04/15/2027

  $     2,812     $     2,344  

7.500% due 04/01/2028

      1,000         572  

11.250% due 05/15/2028

      990         961  

CVR Energy, Inc.

 

5.250% due 02/15/2025

      497         480  

Dana, Inc.

 

5.375% due 11/15/2027

      1,386         1,314  

Dave & Buster’s, Inc.

 

7.625% due 11/01/2025

      240         244  

Dealer Tire LLC

 

8.000% due 02/01/2028

      353         322  

Delta Air Lines, Inc.

 

2.900% due 10/28/2024

      814         782  

7.375% due 01/15/2026

      3,350           3,495  

Diamond Foreign Asset Co. (9.000% Cash or 13.000% PIK)

 

9.000% due 04/22/2027 (b)

      157         151  

DirecTV Financing LLC

 

5.875% due 08/15/2027

      8,530         7,735  

DISH DBS Corp.

 

5.250% due 12/01/2026

      2,578         2,073  

5.875% due 11/15/2024

      6,208         5,437  

7.750% due 07/01/2026

      2,083         1,280  

DISH Network Corp.

 

11.750% due 11/15/2027

      8,230         8,041  

Earthstone Energy Holdings LLC

 

8.000% due 04/15/2027

      372         360  

Eco Material Technologies, Inc.

 

7.875% due 01/31/2027

      444         421  

Enerflex Ltd.

 

9.000% due 10/15/2027

      450         438  

Energean PLC

 

6.500% due 04/30/2027

      1,349         1,233  

Energizer Holdings, Inc.

 

6.500% due 12/31/2027

      939         904  

EnLink Midstream Partners LP

 

4.150% due 06/01/2025

      611         593  

4.850% due 07/15/2026

      632         610  

EnQuest PLC

 

11.625% due 11/01/2027

      162         147  

Ensign Drilling, Inc.

 

9.250% due 04/15/2024

      588         574  

Enviri Corp.

 

5.750% due 07/31/2027

      647         564  

EQM Midstream Partners LP

 

4.000% due 08/01/2024

      932         913  

4.125% due 12/01/2026

      974         907  

6.000% due 07/01/2025

      1,956         1,936  

7.500% due 06/01/2027

      1,394         1,409  

FAGE International SA

 

5.625% due 08/15/2026

      1,064         1,007  

Fair Isaac Corp.

 

5.250% due 05/15/2026

      377         368  

FMG Resources Pty. Ltd.

 

4.500% due 09/15/2027

      1,449         1,351  

Foundation Building Materials, Inc.

 

6.000% due 03/01/2029

      298         249  

Frontier Communications Holdings LLC

 

5.000% due 05/01/2028

      1,190         1,028  

5.875% due 10/15/2027

      3,265         3,000  

Gannett Holdings LLC

 

6.000% due 11/01/2026

      420         354  

Garda World Security Corp.

 

4.625% due 02/15/2027

      1,038         951  

7.750% due 02/15/2028

      656         652  

9.500% due 11/01/2027

      3,389         3,278  

Gates Global LLC

 

6.250% due 01/15/2026

      1,805         1,778  

Gen Digital, Inc.

 

5.000% due 04/15/2025

      990         970  

6.750% due 09/30/2027

      737         736  

GFL Environmental, Inc.

 

3.750% due 08/01/2025

      1,843         1,755  

4.250% due 06/01/2025

      427         412  

5.125% due 12/15/2026

      700         676  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

goeasy Ltd.

 

4.375% due 05/01/2026

  $     2,259     $       2,063  

5.375% due 12/01/2024

      1,650         1,602  

Golden Entertainment, Inc.

 

7.625% due 04/15/2026

      563         566  

Goodyear Tire & Rubber Co.

 

4.875% due 03/15/2027

      1,158         1,104  

5.000% due 07/15/2029

      990         894  

9.500% due 05/31/2025

      234         239  

GoTo Group, Inc.

 

5.500% due 09/01/2027

      1,544         852  

Gran Tierra Energy International Holdings Ltd.

 

6.250% due 02/15/2025

      420         361  

Gran Tierra Energy, Inc.

 

7.750% due 05/23/2027

      597         452  

Graphic Packaging International LLC

 

4.750% due 07/15/2027

      546         520  

Gray Television, Inc.

 

5.875% due 07/15/2026

      1,500         1,346  

7.000% due 05/15/2027

      856         731  

Griffon Corp.

 

5.750% due 03/01/2028

      137         128  

GrubHub Holdings, Inc.

 

5.500% due 07/01/2027

      607         349  

Gulfport Energy Corp.

 

8.000% due 05/17/2026

      405         407  

H-Food Holdings LLC

 

8.500% due 06/01/2026

      1,349         535  

Hanesbrands, Inc.

 

4.875% due 05/15/2026

      1,521         1,422  

Harbour Energy PLC

 

5.500% due 10/15/2026

      1,667         1,535  

Hawaiian Brand Intellectual Property Ltd.

 

5.750% due 01/20/2026

      764         724  

Heartland Dental LLC

 

8.500% due 05/01/2026

      439         394  

10.500% due 04/30/2028

      1,138         1,132  

Herc Holdings, Inc.

 

5.500% due 07/15/2027

      1,060         1,017  

Hertz Corp.

 

4.625% due 12/01/2026

      1,015         917  

Hess Midstream Operations LP

 

5.625% due 02/15/2026

      1,326         1,306  

Hillenbrand, Inc.

 

5.000% due 09/15/2026

      930         912  

5.750% due 06/15/2025

      208         206  

Hilton Domestic Operating Co., Inc.

 

5.375% due 05/01/2025

      957         947  

Howard Midstream Energy Partners LLC

 

6.750% due 01/15/2027

      2,623         2,501  

Howmet Aerospace, Inc.

 

5.900% due 02/01/2027

      2,987         3,014  

6.875% due 05/01/2025

      1,329         1,351  

HTA Group Ltd.

 

7.000% due 12/18/2025

      1,544         1,465  

Hudbay Minerals, Inc.

 

4.500% due 04/01/2026

      2,037         1,899  

Hughes Satellite Systems Corp.

 

5.250% due 08/01/2026

      1,700         1,588  

6.625% due 08/01/2026

      890         833  

iHeartCommunications, Inc.

 

4.750% due 01/15/2028

      496         375  

5.250% due 08/15/2027

      1,913         1,465  

6.375% due 05/01/2026

      977         821  

8.375% due 05/01/2027 (f)

      1,829         1,221  

IHO Verwaltungs GmbH (4.750% Cash or 5.500% PIK)

 

4.750% due 09/15/2026 (b)

      1,267         1,170  

IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)

 

6.000% due 05/15/2027 (b)

      1,271         1,197  

INEOS Quattro Finance 2 PLC

 

3.375% due 01/15/2026

      1,791         1,636  

Innophos Holdings, Inc.

 

9.375% due 02/15/2028

      416         413  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Installed Building Products, Inc.

 

5.750% due 02/01/2028

  $     444     $     419  

Intelsat Jackson Holdings SA

 

6.500% due 03/15/2030

      1,400           1,278  

International Game Technology PLC

 

4.125% due 04/15/2026

      1,031         980  

6.250% due 01/15/2027

      800         798  

6.500% due 02/15/2025

      589         590  

IQVIA, Inc.

 

5.000% due 10/15/2026

      1,954         1,888  

5.000% due 05/15/2027

      1,657         1,595  

IRB Holding Corp.

 

7.000% due 06/15/2025

      1,202         1,210  

Jaguar Land Rover Automotive PLC

 

4.500% due 10/01/2027

      995         875  

5.875% due 01/15/2028

      1,749         1,616  

7.750% due 10/15/2025

      1,404         1,411  

JELD-WEN, Inc.

 

4.625% due 12/15/2025

      521         505  

4.875% due 12/15/2027

      1,158         1,027  

6.250% due 05/15/2025

      242         244  

Kaiser Aluminum Corp.

 

4.625% due 03/01/2028

      2,077         1,820  

Kronos Acquisition Holdings, Inc.

 

5.000% due 12/31/2026

      291         267  

7.000% due 12/31/2027

      534         473  

LABL, Inc.

 

6.750% due 07/15/2026

      835         822  

10.500% due 07/15/2027

      2,728         2,622  

Las Vegas Sands Corp.

 

2.900% due 06/25/2025

      2,888         2,715  

3.200% due 08/08/2024

      2,970         2,879  

3.500% due 08/18/2026

      2,380         2,218  

LCPR Senior Secured Financing DAC

 

6.750% due 10/15/2027

      2,054         1,927  

Legacy LifePoint Health LLC

 

4.375% due 02/15/2027

      702         544  

6.750% due 04/15/2025

      1,116         1,038  

Legends Hospitality Holding Co. LLC

 

5.000% due 02/01/2026

      940         847  

Level 3 Financing, Inc.

 

4.625% due 09/15/2027

      3,337         2,326  

Life Time, Inc.

 

5.750% due 01/15/2026

      1,397         1,363  

8.000% due 04/15/2026

      938         927  

Ligado Networks LLC (15.500% PIK)

 

15.500% due 11/01/2023 (b)

      5,925         2,123  

Ligado Networks LLC (17.500% PIK)

 

17.500% due 05/01/2024 (b)

      754         57  

Lindblad Expeditions HO

 

9.000% due 05/15/2028

      884         898  

Lindblad Expeditions LLC

 

6.750% due 02/15/2027

      1,023         975  

Live Nation Entertainment, Inc.

 

3.750% due 01/15/2028

      383         343  

4.750% due 10/15/2027

      43         40  

4.875% due 11/01/2024

      1,664         1,640  

5.625% due 03/15/2026

      680         665  

6.500% due 05/15/2027

      3,056         3,075  

LSF9 Atlantis Holdings LLC

 

7.750% due 02/15/2026

      1,400         1,305  

Magnolia Oil & Gas Operating LLC

 

6.000% due 08/01/2026

      1,023         991  

Manitowoc Co., Inc.

 

9.000% due 04/01/2026 (f)

      2,414         2,404  

Marriott Ownership Resorts, Inc.

 

4.750% due 01/15/2028

      536         483  

Matador Resources Co.

 

6.875% due 04/15/2028 (f)

      2,088         2,069  

Matthews International Corp.

 

5.250% due 12/01/2025

      396         380  

Mauser Packaging Solutions Holding Co.

 

7.875% due 08/15/2026

      4,631         4,606  

9.250% due 04/15/2027

      4,411         4,077  

 

       
50   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Mclaren Finance PLC

 

7.500% due 08/01/2026

  $     2,057     $     1,765  

MEG Energy Corp.

 

7.125% due 02/01/2027

      818         832  

Melco Resorts Finance Ltd.

 

5.250% due 04/26/2026

      800         741  

Mercer International, Inc.

 

5.500% due 01/15/2026

      40         37  

Merlin Entertainments Ltd.

 

5.750% due 06/15/2026

      372         359  

MGM Resorts International

 

4.625% due 09/01/2026

      632         597  

5.500% due 04/15/2027

      1,101         1,056  

5.750% due 06/15/2025

      1,998           1,982  

6.750% due 05/01/2025

      1,848         1,854  

Michaels Cos., Inc.

 

5.250% due 05/01/2028

      2,290         1,853  

Mileage Plus Holdings LLC

 

6.500% due 06/20/2027

      486         488  

Millennium Escrow Corp.

 

6.625% due 08/01/2026

      824         607  

Mineral Resources Ltd.

 

8.000% due 11/01/2027

      713         713  

8.125% due 05/01/2027

      3,202         3,205  

ModivCare, Inc.

 

5.875% due 11/15/2025

      444         412  

Mohegan Tribal Gaming Authority

 

8.000% due 02/01/2026

      577         552  

Moss Creek Resources Holdings, Inc.

 

7.500% due 01/15/2026

      384         353  

Motion Bondco DAC

 

6.625% due 11/15/2027

      1,110         1,017  

Murphy Oil USA, Inc.

 

5.625% due 05/01/2027

      272         265  

Nabors Industries Ltd.

 

7.250% due 01/15/2026

      957         895  

Nabors Industries, Inc.

 

5.750% due 02/01/2025

      100         97  

7.375% due 05/15/2027

      1,452         1,383  

NCL Corp. Ltd.

 

3.625% due 12/15/2024

      1,369         1,319  

5.875% due 03/15/2026

      6,250         5,853  

5.875% due 02/15/2027

      1,468         1,430  

Neptune Energy Bondco PLC

 

6.625% due 05/15/2025

      526         526  

New Fortress Energy, Inc.

 

6.500% due 09/30/2026

      1,496         1,340  

6.750% due 09/15/2025

      2,533         2,379  

Newell Brands, Inc.

 

4.700% due 04/01/2026

      3,318         3,120  

6.375% due 09/15/2027

      1,316         1,264  

Nexstar Media, Inc.

 

5.625% due 07/15/2027

      3,076         2,870  

NextEra Energy Operating Partners LP

 

3.875% due 10/15/2026

      35         33  

4.250% due 07/15/2024

      1,171         1,146  

4.500% due 09/15/2027

      592         550  

Nordstrom, Inc.

 

4.000% due 03/15/2027

      250         223  

Northern Oil & Gas, Inc.

 

8.125% due 03/01/2028

      444         436  

Northriver Midstream Finance LP

 

5.625% due 02/15/2026

      1,585         1,480  

NOVA Chemicals Corp.

 

4.875% due 06/01/2024

      1,865         1,824  

5.250% due 06/01/2027

      792         705  

Novelis Corp.

 

3.250% due 11/15/2026

      1,111         1,007  

NuStar Logistics LP

 

5.625% due 04/28/2027

      1,651         1,588  

5.750% due 10/01/2025

      2,169         2,117  

6.000% due 06/01/2026

      655         639  

Olympus Water U.S. Holding Corp.

 

7.125% due 10/01/2027

      2,824         2,549  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Open Text Corp.

 

3.875% due 02/15/2028

  $     2,145     $       1,891  

Organon & Co.

 

4.125% due 04/30/2028

      3,170         2,817  

Oriflame Investment Holding PLC

 

5.125% due 05/04/2026

      733         344  

Outfront Media Capital LLC

 

5.000% due 08/15/2027

      1,110         1,009  

6.250% due 06/15/2025

      628         626  

Owens-Brockway Glass Container, Inc.

 

6.375% due 08/15/2025

      602         604  

Pactiv Evergreen Group Issuer, Inc.

 

4.000% due 10/15/2027

      1,286         1,139  

Pactiv LLC

 

7.950% due 12/15/2025

      1,449         1,463  

Paramount Global

 

6.375% due 03/30/2062 •

      1,230         1,027  

Parkland Corp.

 

5.875% due 07/15/2027

      689         665  

PDC Energy, Inc.

 

5.750% due 05/15/2026

      1,528         1,523  

Penske Automotive Group, Inc.

 

3.500% due 09/01/2025

      353         336  

Perenti Finance Pty. Ltd.

 

6.500% due 10/07/2025 (f)

      1,105         1,083  

Performance Food Group, Inc.

 

5.500% due 10/15/2027

      1,246         1,202  

6.875% due 05/01/2025

      1,333         1,335  

Permian Resources Operating LLC

 

5.375% due 01/15/2026

      1,125         1,073  

6.875% due 04/01/2027

      264         261  

7.750% due 02/15/2026

      2,360         2,378  

Perrigo Finance Unlimited Co.

 

3.900% due 12/15/2024

      1,600         1,550  

4.375% due 03/15/2026

      1,948         1,854  

PetSmart, Inc.

 

4.750% due 02/15/2028

      1,316         1,218  

Post Holdings, Inc.

 

5.625% due 01/15/2028

      290         279  

5.750% due 03/01/2027

      1,105         1,080  

PRA Health Sciences, Inc.

 

2.875% due 07/15/2026

      1,277         1,157  

Presidio Holdings, Inc.

 

4.875% due 02/01/2027

      1,856         1,744  

8.250% due 02/01/2028

      592         564  

Prime Healthcare Services, Inc.

 

7.250% due 11/01/2025

      3,577         3,394  

Prime Security Services Borrower LLC

 

5.250% due 04/15/2024

      1,461         1,450  

5.750% due 04/15/2026

      2,558         2,513  

6.250% due 01/15/2028

      3,272         3,070  

PTC, Inc.

 

3.625% due 02/15/2025

      974         941  

QVC, Inc.

 

4.450% due 02/15/2025

      1,095         969  

4.750% due 02/15/2027

      484         313  

4.850% due 04/01/2024

      1,063         1,040  

Rackspace Technology Global, Inc.

 

3.500% due 02/15/2028

      597         269  

Radiate Holdco LLC

 

4.500% due 09/15/2026

      3,747         2,992  

Rakuten Group, Inc.

 

10.250% due 11/30/2024

      1,965         1,950  

Range Resources Corp.

 

4.875% due 05/15/2025

      1,187         1,164  

Rayonier AM Products, Inc.

 

7.625% due 01/15/2026

      224         195  

RegionalCare Hospital Partners Holdings, Inc.

 

9.750% due 12/01/2026

      3,724         3,128  

Ritchie Bros Holdings, Inc.

 

6.750% due 03/15/2028

      1,198         1,209  

Rite Aid Corp.

 

8.000% due 11/15/2026

      1,155         568  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Rockies Express Pipeline LLC

 

3.600% due 05/15/2025

  $     394     $     373  

Rolls-Royce PLC

 

3.625% due 10/14/2025

      2,163         2,054  

5.750% due 10/15/2027

      1,390         1,361  

Royal Caribbean Cruises Ltd.

 

4.250% due 07/01/2026

      1,520         1,397  

5.375% due 07/15/2027

      3,195           2,991  

5.500% due 08/31/2026

      1,869         1,774  

7.500% due 10/15/2027

      6,558         6,594  

11.500% due 06/01/2025

      1,019         1,083  

RP Escrow Issuer LLC

 

5.250% due 12/15/2025

      791         584  

Sabre Global, Inc.

 

7.375% due 09/01/2025

      2,700         2,400  

9.250% due 04/15/2025

      666         622  

Scientific Games International, Inc.

 

7.000% due 05/15/2028

      1,100         1,095  

8.625% due 07/01/2025

      818         836  

SCIH Salt Holdings, Inc.

 

4.875% due 05/01/2028

      1,190         1,064  

SCIL LLC

 

5.375% due 11/01/2026

      1,021         932  

Scripps Escrow, Inc.

 

5.875% due 07/15/2027

      2,719         2,204  

Seagate HDD Cayman

 

4.750% due 01/01/2025

      596         588  

Sealed Air Corp.

 

5.500% due 09/15/2025

      371         366  

6.125% due 02/01/2028

      2,239         2,225  

Select Medical Corp.

 

6.250% due 08/15/2026

      1,867         1,837  

Sensata Technologies BV

 

5.000% due 10/01/2025

      593         581  

5.625% due 11/01/2024

      767         762  

Shift4 Payments LLC

 

4.625% due 11/01/2026

      1,965         1,845  

Shutterfly Finance LLC

 

9.750% due 10/01/2027

      268         265  

Shutterfly Finance LLC (4.250% Cash and 4.250% PIK)

 

8.500% due 10/01/2027 (b)

      2,208         1,374  

Sigma Holdco BV

 

7.875% due 05/15/2026

      991         853  

Silgan Holdings, Inc.

 

4.125% due 02/01/2028

      100         92  

Sirius XM Radio, Inc.

 

3.125% due 09/01/2026

      2,589         2,321  

5.000% due 08/01/2027

      3,084         2,864  

Six Flags Theme Parks, Inc.

 

7.000% due 07/01/2025

      522         525  

Skillz, Inc.

 

10.250% due 12/15/2026

      353         286  

SM Energy Co.

 

5.625% due 06/01/2025

      820         802  

6.625% due 01/15/2027

      698         679  

6.750% due 09/15/2026

      1,028         1,003  

Southwestern Energy Co.

 

5.700% due 01/23/2025

      669         666  

Specialty Building Products Holdings LLC

 

6.375% due 09/30/2026

      1,236         1,170  

Spectrum Brands, Inc.

 

5.750% due 07/15/2025

      715         715  

Spirit AeroSystems, Inc.

 

3.850% due 06/15/2026

      281         261  

4.600% due 06/15/2028 (f)

      1,252         1,052  

7.500% due 04/15/2025

      3,930         3,888  

9.375% due 11/30/2029

      591         633  

Spirit Loyalty Cayman Ltd.

 

8.000% due 09/20/2025

      2,430         2,450  

SS&C Technologies, Inc.

 

5.500% due 09/30/2027

      4,458         4,274  

Standard Industries, Inc.

 

4.750% due 01/15/2028

      444         414  

5.000% due 02/15/2027

      1,630         1,555  

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     51
    


Table of Contents
Schedule of Investments   PIMCO 0-5 Year High Yield Corporate Bond Index  Exchange-Traded Fund   (Cont.)  

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Staples, Inc.

 

7.500% due 04/15/2026

  $     2,190     $     1,812  

10.750% due 04/15/2027

      1,140         664  

Station Casinos LLC

 

4.500% due 02/15/2028

      1,302         1,170  

Stena AB

 

7.000% due 02/01/2024

      812         812  

Strathcona Resources Ltd.

 

6.875% due 08/01/2026

      793         695  

Sugarhouse HSP Gaming Prop Mezz LP

 

5.875% due 05/15/2025

      2,434           2,352  

Summer BC Bidco B LLC

 

5.500% due 10/31/2026

      2,653         2,236  

Sunnova Energy Corp.

 

5.875% due 09/01/2026

      614         562  

Surgery Center Holdings, Inc.

 

10.000% due 04/15/2027

      487         499  

Tap Rock Resources LLC

 

7.000% due 10/01/2026

      821         846  

Team Health Holdings, Inc.

 

6.375% due 02/01/2025

      3,696         1,966  

TEGNA, Inc.

 

4.750% due 03/15/2026

      473         452  

Telesat Canada

 

5.625% due 12/06/2026 (f)

      1,496         925  

Tempo Acquisition LLC

 

5.750% due 06/01/2025

      1,359         1,359  

Tenet Healthcare Corp.

 

4.875% due 01/01/2026

      4,701         4,583  

6.125% due 10/01/2028

      298         287  

6.250% due 02/01/2027

      3,510         3,478  

Titan Acquisition Ltd.

 

7.750% due 04/15/2026

      416         378  

TK Elevator U.S. Newco, Inc.

 

5.250% due 07/15/2027

      3,283         3,037  

TransDigm U.K. Holdings PLC

 

6.875% due 05/15/2026

      2,658         2,637  

TransDigm, Inc.

 

5.500% due 11/15/2027

      2,904         2,742  

6.250% due 03/15/2026

      6,915         6,887  

6.375% due 06/15/2026

      2,942         2,907  

7.500% due 03/15/2027

      703         705  

Transocean Titan Financing Ltd.

 

8.375% due 02/01/2028

      1,495         1,528  

Transocean, Inc.

 

7.500% due 01/15/2026

      500         476  

8.000% due 02/01/2027

      742         673  

8.750% due 02/15/2030

      762         774  

Travel & Leisure Co.

 

5.650% due 04/01/2024

      751         743  

6.600% due 10/01/2025

      254         255  

6.625% due 07/31/2026

      2,842         2,823  

Trinity Industries, Inc.

 

4.550% due 10/01/2024

      506         496  

7.750% due 07/15/2028

      500         503  

Trinseo Materials Operating SCA

 

5.375% due 09/01/2025

      810         678  

TripAdvisor, Inc.

 

7.000% due 07/15/2025

      1,295         1,296  

Triumph Group, Inc.

 

7.750% due 08/15/2025

      1,947         1,895  

9.000% due 03/15/2028

      3,323         3,397  

Trivium Packaging Finance BV

 

5.500% due 08/15/2026

      1,258         1,210  

8.500% due 08/15/2027

      1,089         1,050  

Tutor Perini Corp.

 

6.875% due 05/01/2025 (j)

      860         714  

U.S. Acute Care Solutions LLC

 

6.375% due 03/01/2026

      3,425         2,936  

U.S. Foods, Inc.

 

6.250% due 04/15/2025

      1,727         1,728  

U.S. Renal Care, Inc.

 

10.625% due 07/15/2027

      932         238  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Uber Technologies, Inc.

 

7.500% due 05/15/2025

  $     2,413     $     2,445  

7.500% due 09/15/2027

      2,998         3,070  

Under Armour, Inc.

 

3.250% due 06/15/2026

      1,022         940  

Unisys Corp.

 

6.875% due 11/01/2027

      500         361  

United Airlines, Inc.

 

4.375% due 04/15/2026

      5,007           4,762  

United Rentals North America, Inc.

 

3.875% due 11/15/2027

      525         491  

4.875% due 01/15/2028

      1,358         1,294  

5.500% due 05/15/2027

      990         975  

Univision Communications, Inc.

 

5.125% due 02/15/2025

      1,393         1,365  

6.625% due 06/01/2027

      3,741         3,622  

UPC Holding BV

 

5.500% due 01/15/2028

      776         678  

USA Compression Partners LP

 

6.875% due 04/01/2026

      4,412         4,326  

6.875% due 09/01/2027

      590         564  

Vail Resorts, Inc.

 

6.250% due 05/15/2025

      991         993  

Venture Global LNG, Inc.

 

8.125% due 06/01/2028

      1,980         2,013  

Vericast Corp.

 

11.000% due 09/15/2026

      1,669         1,751  

Veritas US, Inc.

 

7.500% due 09/01/2025

      2,178         1,770  

Viasat, Inc.

 

5.625% due 09/15/2025

      2,080         2,018  

5.625% due 04/15/2027

      2,154         2,013  

Videotron Ltd.

 

5.375% due 06/15/2024

      768         761  

Viking Cruises Ltd.

 

5.875% due 09/15/2027

      1,158         1,066  

6.250% due 05/15/2025

      2,474         2,427  

13.000% due 05/15/2025

      1,784         1,874  

VistaJet Malta Finance PLC

 

7.875% due 05/01/2027

      500         450  

Vital Energy, Inc.

 

9.500% due 01/15/2025

      254         252  

VOC Escrow Ltd.

 

5.000% due 02/15/2028

      860         790  

WASH Multifamily Acquisition, Inc.

 

5.750% due 04/15/2026

      298         279  

Waste Pro USA, Inc.

 

5.500% due 02/15/2026

      1,518         1,410  

Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)

 

10.500% due 11/15/2026 ^(b)(c)

      1,533         1,395  

WESCO Distribution, Inc.

 

7.125% due 06/15/2025

      1,799         1,820  

Western Digital Corp.

 

4.750% due 02/15/2026

      3,840         3,661  

White Cap Buyer LLC

 

6.875% due 10/15/2028

      860         781  

White Cap Parent LLC (8.250% Cash or 9.000% PIK)

 

8.250% due 03/15/2026 (b)(f)

      2,557         2,452  

Williams Scotsman International, Inc.

 

6.125% due 06/15/2025

      1,171         1,164  

Winnebago Industries, Inc.

 

6.250% due 07/15/2028

      250         245  

Wynn Las Vegas LLC

 

5.250% due 05/15/2027 (f)

      1,789         1,697  

5.500% due 03/01/2025

      3,588         3,534  

Wynn Macau Ltd.

 

5.500% due 10/01/2027

      1,015         905  

Xerox Holdings Corp.

 

5.000% due 08/15/2025

      1,093         1,033  

XPO Escrow Sub LLC

 

7.500% due 11/15/2027

      606         620  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

XPO, Inc.

 

6.250% due 06/01/2028

  $     990     $     975  

Zayo Group Holdings, Inc.

 

4.000% due 03/01/2027

      2,371         1,677  

6.125% due 03/01/2028 (f)

      1,684         1,054  

ZF North America Capital, Inc.

 

4.750% due 04/29/2025

      2,927         2,856  

6.875% due 04/14/2028

      696         706  

Ziggo Bond Co. BV

 

6.000% due 01/15/2027

      1,075         988  
       

 

 

 
            714,863  
       

 

 

 
UTILITIES 6.4%

 

Aethon United BR LP

 

8.250% due 02/15/2026

      745         733  

AmeriGas Partners LP

 

5.500% due 05/20/2025

      1,331         1,286  

5.875% due 08/20/2026

      2,838         2,672  

Antero Midstream Partners LP

 

5.750% due 03/01/2027

      1,942         1,875  

7.875% due 05/15/2026

      1,478         1,500  

Archrock Partners LP

 

6.250% due 04/01/2028

      419         394  

6.875% due 04/01/2027

      500         481  

Blue Racer Midstream LLC

 

6.625% due 07/15/2026

      732         726  

7.625% due 12/15/2025

      1,049         1,061  

C&W Senior Financing DAC

 

6.875% due 09/15/2027

      2,970         2,594  

Calpine Corp.

 

4.500% due 02/15/2028

      200         181  

5.125% due 03/15/2028

      4,337         3,876  

5.250% due 06/01/2026

      908         878  

Calumet Specialty Products Partners LP

 

9.750% due 07/15/2028

      1,000         985  

Clearway Energy Operating LLC

 

4.750% due 03/15/2028

      1,102         1,018  

Crestwood Midstream Partners LP

 

5.625% due 05/01/2027

      1,451         1,377  

5.750% due 04/01/2025

      2,587         2,544  

CrownRock LP

 

5.625% due 10/15/2025

      1,591         1,569  

Diamond Offshore Drilling, Inc.

 

9.000% due 12/21/2026 «

      79         77  

DPL, Inc.

 

4.125% due 07/01/2025

      281         268  

Drax Finco PLC

 

6.625% due 11/01/2025

      1,200         1,184  

Endeavor Energy Resources LP

 

5.750% due 01/30/2028

      1,525         1,493  

Enviva Partners LP

 

6.500% due 01/15/2026

      333         263  

FirstEnergy Corp.

 

1.600% due 01/15/2026

      292         265  

2.050% due 03/01/2025

      584         547  

4.150% due 07/15/2027

      2,678         2,546  

Genesis Energy LP

 

6.250% due 05/15/2026

      2,175         2,068  

6.500% due 10/01/2025

      839         827  

8.000% due 01/15/2027

      4,629         4,518  

8.875% due 04/15/2030

      200         196  

Holly Energy Partners LP

 

6.375% due 04/15/2027

      423         418  

Howard Midstream Energy Partners LLC

 

8.875% due 07/15/2028 (a)

      500         503  

Iliad Holding SASU

 

6.500% due 10/15/2026

      2,593         2,450  

Lumen Technologies, Inc.

 

4.000% due 02/15/2027

      2,023         1,510  

NGL Energy Operating LLC

 

7.500% due 02/01/2026

      5,302         5,227  

NGL Energy Partners LP

 

6.125% due 03/01/2025

      588         565  

 

       
52   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

NRG Energy, Inc.

 

5.750% due 01/15/2028

  $     1,158     $     1,099  

PBF Holding Co. LLC

 

6.000% due 02/15/2028

      352         329  

7.250% due 06/15/2025

      2,412         2,410  

Qwest Corp.

 

7.250% due 09/15/2025

      913         884  

Summit Midstream Holdings LLC

 

9.000% due 10/15/2026 þ

      367         357  

Tallgrass Energy Partners LP

 

5.500% due 01/15/2028

      1,043         955  

6.000% due 03/01/2027

      1,135         1,068  

7.500% due 10/01/2025

      1,682         1,680  

Telecom Italia SpA

 

5.303% due 05/30/2024

      2,547         2,478  

TerraForm Power Operating LLC

 

5.000% due 01/31/2028

      1,388         1,279  

Transocean Poseidon Ltd.

 

6.875% due 02/01/2027

      1,706         1,685  

Vistra Operations Co. LLC

 

5.500% due 09/01/2026

      1,633         1,573  

5.625% due 02/15/2027

      4,192         4,022  
       

 

 

 
          70,494  
       

 

 

 

Total Corporate Bonds & Notes
(Cost $1,013,309)

      970,937  
 

 

 

 
U.S. TREASURY OBLIGATIONS 0.9%

 

U.S. Treasury Notes

 

3.625% due 05/31/2028

      10,000         9,782  
       

 

 

 

Total U.S. Treasury Obligations
(Cost $9,871)

    9,782  
 

 

 

 
        SHARES            
COMMON STOCKS 0.2%

 

FINANCIALS 0.2%

 

Intelsat Emergence SA «(d)(h)

      90,699         2,086  

Newco, Inc. «(d)

      5,855         419  
       

 

 

 
          2,505  
       

 

 

 
        SHARES         MARKET
VALUE
(000S)
 
HEALTH CARE 0.0%

 

TRU (UK) ASIA Ltd. «(d)(h)

      7,256     $     0  
       

 

 

 
INDUSTRIALS 0.0%

 

Bruin Blocker LLC «(d)(h)

      182,994         0  

Voyager Aviation Holdings LLC «(d)

      530         0  
       

 

 

 
          0  
       

 

 

 
INFORMATION TECHNOLOGY 0.0%

 

Riverbed Technology, Inc. «(d)(h)

      22,812         5  
       

 

 

 
REAL ESTATE 0.0%

 

Stearns Holding LLC ‘B’ «(d)

      214,645         0  
       

 

 

 

Total Common Stocks (Cost $9,147)

      2,510  
 

 

 

 
RIGHTS 0.0%

 

FINANCIALS 0.0%

 

Intelsat Jackson Holdings SA «(d)

      19,758         94  
       

 

 

 

Total Rights (Cost $0)

    94  
 

 

 

 
WARRANTS 0.0%

 

FINANCIALS 0.0%

 

Guranteed Rate, Inc. - Exp. 12/31/2060 «

      1,029         0  

Intelsat Emergence SA - Exp. 02/17/2027 «

      28,334         44  

Intelsat Jackson Holdings SA - Exp. 12/05/2025 «

      8,526         62  
       

 

 

 

Total Warrants (Cost $3,431)

    106  
 

 

 

 
        SHARES         MARKET
VALUE
(000S)
 
PREFERRED SECURITIES 0.1%

 

INDUSTRIALS 0.1%

 

Voyager Aviation Holdings LLC «

      3,178     $     766  
       

 

 

 

Total Preferred Securities (Cost $1,041)

    766  
 

 

 

 
SHORT-TERM INSTRUMENTS 14.0%

 

       
REPURCHASE AGREEMENTS (i) 14.0%

 

          154,358  
       

 

 

 
Total Short-Term Instruments (Cost $154,358)     154,358  
 

 

 

 
       
Total Investments in Securities (Cost $1,197,773)       1,144,752  
 

 

 

 
INVESTMENTS IN AFFILIATES 2.3%

 

SHORT-TERM INSTRUMENTS 2.3%

 

MUTUAL FUNDS 2.3%

 

PIMCO Government Money Market Fund

 

5.210% (e)(f)(g)

    25,063,251         25,063  
       

 

 

 
Total Short-Term Instruments
(Cost $25,063)
    25,063  
 

 

 

 
       
Total Investments in Affiliates
(Cost $25,063)
    25,063  
 
Total Investments 106.3%
(Cost $1,222,836)

 

  $     1,169,815  

Financial Derivative
Instruments (k) 0.0%

(Cost or Premiums, net $(96))

 

 

      574  
Other Assets and Liabilities, net (6.3)%     (69,551
 

 

 

 
Net Assets 100.0%

 

  $     1,100,838  
       

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

*

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

 

^

Security is in default.

 

«

Security valued using significant unobservable inputs (Level 3).

 

µ

All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

 

~

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

 

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

 

þ

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

 

(a)

When-issued security.

 

(b)

Payment in-kind security.

 

(c)

Security is not accruing income as of the date of this report.

 

(d)

Security did not produce income within the last twelve months.

 

(e)

Institutional Class Shares of each Fund.

 

(f)

Securities with an aggregate market value of $24,569 were out on loan in exchange for $25,063 of cash collateral as of June 30, 2023. See Note 5(e), Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral.

 

(g)

Coupon represents a 7-Day Yield.

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     53
    


Table of Contents
Schedule of Investments   PIMCO 0-5 Year High Yield Corporate Bond Index  Exchange-Traded Fund   (Cont.)  

 

(h)  RESTRICTED SECURITIES:

 

Issuer Description                  Acquisition
Date
    Cost     Market
Value
    Market Value
as Percentage
of Net Assets
 

Bruin Blocker LLC

         04/20/2021     $ 0     $ 0       0.00

Intelsat Emergence SA

         10/02/2018 - 02/23/2022           6,884           2,086       0.19  

Riverbed Technology, Inc.

         04/24/2018 - 12/07/2021       1,634       5       0.00  

TRU (UK) ASIA Ltd.

         02/17/2023       0       0       0.00  
        

 

 

   

 

 

   

 

 

 
  $ 8,518     $ 2,091       0.19
 

 

 

   

 

 

   

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(i)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate
    Settlement
Date
    Maturity
Date
    Principal
Amount
    Collateralized By   Collateral
(Received)
    Repurchase
Agreements,
at Value
    Repurchase
Agreement
Proceeds
to  be
Received(1)
 
BPS     5.120     06/30/2023       07/03/2023     $     68,900     U.S. Treasury Notes 3.500% due 01/31/2030   $ (70,341   $ 68,900     $ 68,929  
    5.140       07/03/2023       07/05/2023       68,000     U.S. Treasury Notes 0.375% due 04/30/2025     (69,387     68,000       68,000  
    5.160       06/30/2023       07/03/2023       10,000     U.S. Treasury Inflation Protected Securities 0.125% due 07/15/2031     (10,252     10,000       10,004  
FICC     2.400       06/30/2023       07/03/2023       7,458     U.S. Treasury Notes 1.625% due 10/31/2026     (7,607     7,458       7,459  
           

 

 

   

 

 

   

 

 

 

Total Repurchase Agreements

 

    $     (157,587   $     154,358     $     154,392  
   

 

 

   

 

 

   

 

 

 

REVERSE REPURCHASE AGREEMENTS:

 

Counterparty   Borrowing
Rate(2)
    Settlement
Date
    Maturity
Date
     Amount
Borrowed(2)
    Payable for
Reverse
Repurchase
Agreements
 

BRC

    (1.000 )%      06/20/2023       TBD (3)     $         (632   $ (632
            

 

 

 

Total Reverse Repurchase Agreements

 

         $     (632
            

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:

 

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(4)  

Global/Master Repurchase Agreement

 

BPS

  $ 146,933     $ 0     $ 0     $ 0     $     146,933     $     (149,980   $     (3,047

BRC

    0       (632     0       0       (632     714       82  

FICC

    7,459       0       0       0       7,459       (7,607     (148

Master Securities Lending Agreement

 

BCY

    0       0       0       11,057       11,057       (11,279     (222

BOS

    0       0       0       1,906       1,906       (1,944     (38

BSN

    0       0       0       448       448       (457     (9

GSC

    0       0       0       7,946       7,946       (8,105     (159

RDR

    0       0       0       3,212       3,212       (3,278     (66
 

 

 

   

 

 

   

 

 

   

 

 

       

Total Borrowings and Other Financing Transactions

  $     154,392     $     (632   $     0     $     24,569        
 

 

 

   

 

 

   

 

 

   

 

 

       

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

 

     Overnight and
Continuous
    Up to 30 days     31-90 days     Greater Than 90 days     Total  

Securities Lending Transactions(5)

 

Corporate Bonds & Notes

  $ 25,063     $ 0     $ 0     $ 0     $ 25,063  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $     25,063     $     0     $     0     $     0     $     25,063  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

       
54   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

     Overnight and
Continuous
    Up to 30 days     31-90 days     Greater Than 90 days     Total  

Reverse Repurchase Agreements

 

Corporate Bonds & Notes

  $ 0     $ 0     $ 0     $ (632   $ (632
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 0     $ 0     $ 0     $ (632   $ (632
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Borrowings

  $     25,063     $     0     $     0     $     (632   $     24,431  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Payable for reverse repurchase agreements and securities on loan - cash collateral

 

  $ 24,431  
 

 

 

 

 

(j)

Securities with an aggregate market value of $714 have been pledged as collateral under the terms of the above master agreements as of June 30, 2023.

 

(1)

Includes accrued interest.

(2)

The average amount of borrowings outstanding during the period ended June 30, 2023 was $(129) at a weighted average interest rate of (1.852%). Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(3)

Open maturity reverse repurchase agreement.

(4)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(5)

Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

(k)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

 

Description   Expiration
Month
    # of
Contracts
    Notional
Amount
    Unrealized
Appreciation/
(Depreciation)
    Variation Margin  
  Asset      Liability  

U.S. Treasury 5-Year Note September Futures

    09/2023       125     $     13,387     $ (273   $ 0      $ 0  
       

 

 

   

 

 

    

 

 

 

Total Futures Contracts

 

  $     (273   $     0      $     0  
 

 

 

   

 

 

    

 

 

 

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(1)

 

Reference Entity

 

Fixed
Receive Rate

   

Payment
Frequency

   

Maturity
Date

    Implied
Credit Spread at
June 30, 2023(2)
   

Notional
Amount(3)

    Premiums
Paid/(Received)
    Unrealized
Appreciation/
(Depreciation)
   

Market
Value(4)

    Variation Margin  
  Asset     Liability  

Newell Brands, Inc.

    1.000     Quarterly       06/20/2028       4.555   $     4,600     $     (681   $     40     $     (641   $     15     $     0  
           

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

 

Index/Tranches

  

Fixed
Receive Rate

   

Payment
Frequency

    

Maturity
Date

    

Notional
Amount(3)

    Premiums
Paid/(Received)
     Unrealized
Appreciation/
(Depreciation)
   

Market
Value(4)

    Variation Margin  
  Asset     Liability  

CDX.HY-39 5-Year Index

     5.000     Quarterly        12/20/2027      $ 6,534     $ 66      $ 154     $ 220     $ 48     $ 0  

CDX.HY-40 5-Year Index

     5.000       Quarterly        06/20/2028            68,300       519        1,512       2,031       511       0  
            

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 
             $ 585      $ 1,666     $ 2,251     $ 559     $ 0  
            

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total Swap Agreements

 

  $     (96    $     1,706     $     1,610     $     574     $     0  
            

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:

 

    Financial Derivative Assets           Financial Derivative Liabilities  
    Market Value     Variation Margin
Asset
                Market Value     Variation Margin
Liability
       
     Purchased
Options
    Futures     Swap
Agreements
    Total           Written
Options
    Futures     Swap
Agreements
    Total  

Total Exchange-Traded or Centrally Cleared

  $     0     $     0     $     574     $     574       $     0     $     0     $     0     $     0  
 

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

 

 

 

Cash of $9,991 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

 

(1)

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

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     55
    


Table of Contents
Schedule of Investments   PIMCO 0-5 Year High Yield Corporate Bond Index  Exchange-Traded Fund   (Cont.)  

 

(2)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(3)

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

(4)

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:

 

    Derivatives not accounted for as hedging instruments  
     Commodity
Contracts
    Credit
Contracts
    Equity
Contracts
    Foreign
Exchange
Contracts
    Interest
Rate Contracts
    Total  

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

 

Swap Agreements

  $     0     $     574     $     0     $     0     $     0     $     574  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

 

 

    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

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $ (1,023   $     (1,023

Swap Agreements

    0       3,097       0       0       (8     3,089  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 3,097     $ 0     $ 0     $     (1,031   $ 2,066  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Swap Agreements

  $ 0     $ 3     $ 0     $ 0     $ 952     $ 955  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 3,100     $ 0     $ 0     $ (79   $ 3,021  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $ (183   $ (183

Swap Agreements

    0       6,148       0       0       0       6,148  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $     0     $     6,148     $ 0     $ 0     $ (183   $ 5,965  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Swap Agreements

  $ 0     $ 0     $     0     $     0     $ 1,016     $ 1,016  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 6,148     $ 0     $ 0     $ 833     $ 6,981  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Securities, at Value

 

Loan Participations and Assignments

  $     0     $ 4,713     $     1,486     $ 6,199  

Corporate Bonds & Notes

 

Banking & Finance

    0       185,580       0           185,580  

Industrials

    0           714,863       0       714,863  

Utilities

    0       70,417       77       70,494  

U.S. Treasury Obligations

    0       9,782       0       9,782  

Common Stocks

 

Financials

    0       0       2,505       2,505  

Information Technology

    0       0       5       5  
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Rights

 

Financials

  $ 0     $ 0     $ 94     $ 94  

Warrants

 

Financials

    0       0       106       106  

Preferred Securities

 

Industrials

    0       0       766       766  

Short-Term Instruments

 

Repurchase Agreements

    0       154,358       0       154,358  
 

 

 

   

 

 

   

 

 

   

 

 

 
  $     0     $     1,139,713     $     5,039     $     1,144,752  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

       
56   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Affiliates, at Value

 

Short-Term Instruments

 

Mutual Funds

  $ 25,063     $ 0     $ 0     $ 25,063  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments

  $     25,063     $     1,139,713     $     5,039     $     1,169,815  
 

 

 

   

 

 

   

 

 

   

 

 

 
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

  $ 0     $ 574     $ 0     $ 574  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Financial Derivative Instruments

  $ 0     $ 574     $ 0     $ 574  
 

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $     25,063     $     1,140,287     $     5,039     $     1,170,389  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     57
    


Table of Contents
Schedule of Investments   PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund         

 

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
INVESTMENTS IN SECURITIES 100.9%

 

CORPORATE BONDS & NOTES 96.3%

 

BANKING & FINANCE 35.5%

 

AerCap Ireland Capital DAC

 

2.450% due 10/29/2026

  $     2,572     $     2,299  

3.300% due 01/30/2032

      692         566  

3.400% due 10/29/2033

      146         117  

3.850% due 10/29/2041

      63         48  

4.450% due 10/01/2025

      493         474  

Aflac, Inc.

 

4.750% due 01/15/2049

      51         48  

AIA Group Ltd.

 

4.950% due 04/04/2033

      1,100         1,101  

Aircastle Ltd.

 

4.250% due 06/15/2026

      10         9  

Alexandria Real Estate Equities, Inc.

 

1.875% due 02/01/2033

      2,051         1,501  

4.900% due 12/15/2030

      48         47  

Alleghany Corp.

 

3.250% due 08/15/2051

      1,607         1,152  

Ally Financial, Inc.

 

1.450% due 10/02/2023

      354         349  

2.200% due 11/02/2028

      38         30  

3.875% due 05/21/2024

      40         39  

5.800% due 05/01/2025

      130         128  

American Express Co.

 

3.950% due 08/01/2025

      763         741  

4.050% due 12/03/2042

      123         107  

4.420% due 08/03/2033 •

      757         715  

American International Group, Inc.

 

3.900% due 04/01/2026

      594         571  

American Tower Corp.

 

2.750% due 01/15/2027

      569         518  

2.900% due 01/15/2030

      1,155         997  

2.950% due 01/15/2051

      753         476  

3.125% due 01/15/2027

      350         323  

3.600% due 01/15/2028

      719         663  

ANZ New Zealand International Ltd.

 

1.250% due 06/22/2026

      136         121  

Aon Corp.

 

2.800% due 05/15/2030

      923         800  

2.900% due 08/23/2051

      740         484  

Arch Capital Group Ltd.

 

3.635% due 06/30/2050

      142         104  

Ares Capital Corp.

 

2.875% due 06/15/2027

      272         236  

2.875% due 06/15/2028

      10         8  

Assured Guaranty U.S. Holdings, Inc.

 

3.150% due 06/15/2031

      56         47  

Athene Global Funding

 

0.914% due 08/19/2024

      505         472  

1.000% due 04/16/2024

      10         10  

1.608% due 06/29/2026

      1,511         1,294  

1.716% due 01/07/2025

      41         38  

2.673% due 06/07/2031

      10         8  

Australia & New Zealand Banking Group Ltd.

 

2.570% due 11/25/2035 •(f)

      741         563  

2.950% due 07/22/2030 •

      238         218  

Aviation Capital Group LLC

 

1.950% due 01/30/2026

      168         150  

6.250% due 04/15/2028

      1,775         1,773  

Avolon Holdings Funding Ltd.

 

2.125% due 02/21/2026

      45         40  

2.528% due 11/18/2027

      361         305  

2.875% due 02/15/2025

      1,612           1,500  

5.500% due 01/15/2026

      1,586         1,538  

Banco Bilbao Vizcaya Argentaria SA

 

5.862% due 09/14/2026 •

      47         46  

Banco de Credito e Inversiones SA

 

3.500% due 10/12/2027

      870         804  

Banco Santander Chile

 

2.700% due 01/10/2025

      125         120  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand

 

5.375% due 04/17/2025

  $     147     $     146  

Banco Santander SA

 

1.849% due 03/25/2026

      86         77  

5.147% due 08/18/2025

      707         695  

Bank of America Corp.

 

1.530% due 12/06/2025 •

      1,067         998  

2.572% due 10/20/2032 •

      3,212         2,617  

2.676% due 06/19/2041 •

      450         316  

2.687% due 04/22/2032 •

      58         48  

3.384% due 04/02/2026 •

      1,008         967  

3.419% due 12/20/2028 •

      1,829         1,679  

3.458% due 03/15/2025 •

      1,362         1,335  

3.500% due 04/19/2026

      984         944  

3.970% due 03/05/2029 •

      100         94  

4.000% due 04/01/2024

      425         420  

4.083% due 03/20/2051 •

      2,084         1,730  

4.271% due 07/23/2029 •

      1,082         1,027  

4.827% due 07/22/2026 •

      651         640  

4.948% due 07/22/2028 •

      648         637  

5.015% due 07/22/2033 •

      1,714         1,678  

5.080% due 01/20/2027 •

      1,241         1,222  

6.204% due 11/10/2028 •

      839         863  

Bank of New York Mellon Corp.

 

5.802% due 10/25/2028 •

      46         47  

5.834% due 10/25/2033 •

      994           1,037  

Bank of New Zealand

 

1.000% due 03/03/2026

      110         98  

Bank of Nova Scotia

 

1.050% due 03/02/2026

      53         47  

Barclays PLC

 

3.932% due 05/07/2025 •

      128         125  

4.375% due 01/12/2026

      3,936         3,783  

7.437% due 11/02/2033 •

      44         48  

Berkshire Hathaway Finance Corp.

 

2.850% due 10/15/2050

      948         661  

3.850% due 03/15/2052

      623         516  

4.200% due 08/15/2048

      394         355  

4.250% due 01/15/2049

      217         198  

5.750% due 01/15/2040

      737         818  

Berkshire Hathaway, Inc.

 

4.500% due 02/11/2043

      666         643  

BGC Partners, Inc.

 

5.375% due 07/24/2023

      50         50  

Blackstone Holdings Finance Co. LLC

 

2.800% due 09/30/2050

      75         43  

2.850% due 08/05/2051

      1,696         976  

3.500% due 09/10/2049

      588         391  

Blackstone Secured Lending Fund

 

2.750% due 09/16/2026

      293         256  

3.625% due 01/15/2026

      128         118  

Block Financial LLC

 

3.875% due 08/15/2030

      641         566  

Blue Owl Finance LLC

 

3.125% due 06/10/2031

      278         212  

4.125% due 10/07/2051

      488         306  

BNP Paribas SA

 

1.323% due 01/13/2027 •

      804         714  

3.800% due 01/10/2024

      10         10  

4.400% due 08/14/2028

      2,085         1,970  

BOC Aviation Ltd.

 

3.250% due 04/29/2025

      66         63  

Brookfield Finance, Inc.

 

3.625% due 02/15/2052

      733         499  

3.900% due 01/25/2028

      1,123         1,041  

4.850% due 03/29/2029

      1,439         1,382  

Brown & Brown, Inc.

 

2.375% due 03/15/2031

      146         118  

4.950% due 03/17/2052

      100         86  

Capital One Financial Corp.

 

5.247% due 07/26/2030 •

      178         168  

Charles Schwab Corp.

 

1.650% due 03/11/2031

      2,428         1,851  

1.950% due 12/01/2031

      164         125  

2.000% due 03/20/2028

      10         9  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

2.300% due 05/13/2031

  $     10     $     8  

2.900% due 03/03/2032

      100         82  

China Cinda Finance Ltd.

 

4.250% due 04/23/2025

      212         204  

Chubb INA Holdings, Inc.

 

1.375% due 09/15/2030

      60         48  

Citigroup, Inc.

 

2.561% due 05/01/2032 •(h)

      1,500         1,225  

2.572% due 06/03/2031 •(h)

      500         417  

3.057% due 01/25/2033 •(h)

      168         140  

3.400% due 05/01/2026

      500         476  

3.668% due 07/24/2028 •

      10         9  

3.700% due 01/12/2026

      100         96  

3.887% due 01/10/2028 •

      2,547         2,415  

4.658% due 05/24/2028 •

      49         48  

4.910% due 05/24/2033 •

      3,093         2,994  

6.270% due 11/17/2033 •(h)

      689         732  

Citizens Bank NA

 

3.750% due 02/18/2026

      80         73  

Citizens Financial Group, Inc.

 

3.250% due 04/30/2030

      10         8  

CNH Industrial Capital LLC

 

1.950% due 07/02/2023

      50         50  

Commonwealth Bank of Australia

 

2.688% due 03/11/2031 (f)

      1,524         1,196  

3.743% due 09/12/2039 (f)

      458         345  

5.316% due 03/13/2026

      1,026           1,029  

Cooperatieve Rabobank UA

 

5.800% due 09/30/2110

      3         3  

Credit Agricole SA

 

1.247% due 01/26/2027 •

      930         824  

1.907% due 06/16/2026 •

      51         47  

Credit Suisse AG

 

1.250% due 08/07/2026

      360         310  

Crown Castle, Inc.

 

1.350% due 07/15/2025

      23         21  

2.100% due 04/01/2031

      20         16  

2.250% due 01/15/2031

      832         679  

2.500% due 07/15/2031

      10         8  

2.900% due 03/15/2027

      462         423  

2.900% due 04/01/2041

      172         121  

3.100% due 11/15/2029

      1,195         1,042  

3.250% due 01/15/2051

      27         18  

3.300% due 07/01/2030

      100         88  

4.300% due 02/15/2029

      509         479  

4.450% due 02/15/2026

      1,079         1,051  

CubeSmart LP

 

3.000% due 02/15/2030

      56         48  

Danske Bank AS

 

3.244% due 12/20/2025 •

      1,260         1,197  

5.375% due 01/12/2024

      846         841  

Deutsche Bank AG

 

2.129% due 11/24/2026 •(h)

      1,278         1,138  

2.222% due 09/18/2024 •

      627         619  

3.961% due 11/26/2025 •

      219         209  

4.100% due 01/13/2026

      1,030         965  

7.079% due 02/10/2034 •

      936         866  

Digital Realty Trust LP

 

3.600% due 07/01/2029

      310         276  

3.700% due 08/15/2027

      51         47  

Discover Bank

 

4.650% due 09/13/2028

      697         648  

DNB Bank ASA

 

1.535% due 05/25/2027 •

      1,181         1,041  

Empower Finance LP

 

1.776% due 03/17/2031

      61         48  

3.075% due 09/17/2051

      1,738         1,123  

Enstar Group Ltd.

 

3.100% due 09/01/2031

      436         342  

Equinix, Inc.

 

1.450% due 05/15/2026

      10         9  

2.150% due 07/15/2030

      278         225  

2.625% due 11/18/2024

      50         48  

3.000% due 07/15/2050

      789         512  

3.200% due 11/18/2029

      1,118         983  

 

       
58   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Equitable Holdings, Inc.

 

5.000% due 04/20/2048

  $     731     $     627  

Essex Portfolio LP

 

2.650% due 03/15/2032

      2,201         1,773  

3.500% due 04/01/2025

      50         48  

Extra Space Storage LP

 

2.350% due 03/15/2032

      1,884         1,475  

F&G Global Funding

 

1.750% due 06/30/2026

      135         120  

2.300% due 04/11/2027

      515         456  

Fairfax Financial Holdings Ltd.

 

5.625% due 08/16/2032

      546         528  

Federation des Caisses Desjardins du Quebec

 

5.700% due 03/14/2028

      2,445         2,443  

Fidelity National Financial, Inc.

 

3.200% due 09/17/2051

      313         183  

Fifth Third Bacorp

 

4.055% due 04/25/2028 •

      1,300         1,198  

First American Financial Corp.

 

4.000% due 05/15/2030

      53         47  

First-Citizens Bank & Trust Co.

 

2.969% due 09/27/2025 •

      50         47  

FS KKR Capital Corp.

 

1.650% due 10/12/2024

      265         247  

3.125% due 10/12/2028

      183         149  

3.400% due 01/15/2026

      277         252  

GA Global Funding Trust

 

0.800% due 09/13/2024

      134         125  

1.950% due 09/15/2028

      181         152  

2.250% due 01/06/2027

      524         465  

GAIF Bond Issuer Pty. Ltd.

 

3.400% due 09/30/2026

      30         28  

GATX Corp.

 

3.500% due 06/01/2032

      50         43  

4.700% due 04/01/2029

      842         807  

General Motors Financial Co., Inc.

 

1.050% due 03/08/2024

      734         710  

1.250% due 01/08/2026

      1,284           1,146  

1.500% due 06/10/2026

      10         9  

2.350% due 01/08/2031

      150         118  

2.750% due 06/20/2025

      10         9  

4.300% due 04/06/2029

      52         48  

5.100% due 01/17/2024

      10         10  

Global Atlantic Fin Co.

 

3.125% due 06/15/2031

      100         75  

Globe Life, Inc.

 

4.800% due 06/15/2032

      100         96  

GLP Capital LP

 

3.250% due 01/15/2032

      100         81  

4.000% due 01/15/2030

      1,179         1,023  

4.000% due 01/15/2031

      408         353  

5.300% due 01/15/2029

      1,099         1,047  

Goldman Sachs Group, Inc.

 

1.431% due 03/09/2027 •

      1,491         1,333  

1.948% due 10/21/2027 •

      2,188         1,947  

1.992% due 01/27/2032 •

      2,975         2,343  

2.600% due 02/07/2030

      10         9  

2.615% due 04/22/2032 •

      2,001         1,642  

2.640% due 02/24/2028 •

      763         693  

3.102% due 02/24/2033 •

      738         624  

3.615% due 03/15/2028 •

      51         48  

3.800% due 03/15/2030

      10         9  

4.017% due 10/31/2038 •

      55         47  

4.482% due 08/23/2028 •

      1,489         1,441  

Guardian Life Global Funding

 

1.625% due 09/16/2028

      663         557  

Guardian Life Insurance Co. of America

 

4.850% due 01/24/2077

      1,550         1,293  

Highwoods Realty LP

 

3.050% due 02/15/2030

      1,152         896  

Host Hotels & Resorts LP

 

3.875% due 04/01/2024

      246         242  

HSBC Holdings PLC

 

1.589% due 05/24/2027 •

      950         839  

2.206% due 08/17/2029 •

      142         119  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

2.357% due 08/18/2031 •

  $     146     $     117  

2.871% due 11/22/2032 •

      61         49  

3.900% due 05/25/2026

      985         939  

3.973% due 05/22/2030 •

      2,213           1,989  

4.300% due 03/08/2026

      1,196         1,157  

4.583% due 06/19/2029 •

      1,849         1,742  

6.254% due 03/09/2034 •

      1,916         1,965  

Hudson Pacific Properties LP

 

5.950% due 02/15/2028

      288         229  

Hutchison Whampoa International Ltd.

 

7.450% due 11/24/2033

      1,268         1,502  

ING Bank NV

 

5.800% due 09/25/2023

      148         148  

ING Groep NV

 

4.017% due 03/28/2028 •

      60         56  

Intercontinental Exchange, Inc.

 

5.200% due 06/15/2062

      100         99  

Intesa Sanpaolo SpA

 

7.000% due 11/21/2025

      100         101  

8.248% due 11/21/2033 •

      618         650  

Invitation Homes Operating Partnership LP

 

2.000% due 08/15/2031

      1,091         837  

Jackson National Life Global Funding

 

1.750% due 01/12/2025

      200         186  

JPMorgan Chase & Co.

 

1.045% due 11/19/2026 •

      100         90  

1.470% due 09/22/2027 •

      1,473         1,301  

1.561% due 12/10/2025 •

      346         324  

1.764% due 11/19/2031 •

      542         429  

2.005% due 03/13/2026 •

      1,467         1,378  

2.580% due 04/22/2032 •

      3,168           2,633  

2.947% due 02/24/2028 •

      876         805  

2.950% due 10/01/2026

      932         874  

2.963% due 01/25/2033 •

      711         599  

3.509% due 01/23/2029 •

      693         641  

4.005% due 04/23/2029 •

      50         47  

4.080% due 04/26/2026 •

      393         382  

4.323% due 04/26/2028 •

      773         747  

4.565% due 06/14/2030 •

      698         671  

4.586% due 04/26/2033 •

      100         95  

4.851% due 07/25/2028 •

      672         663  

4.912% due 07/25/2033 •

      2,407         2,353  

5.400% due 01/06/2042

      668         679  

Key Corp.

 

3.878% due 05/23/2025 •

      76         70  

Kimco Realty OP LLC

 

2.250% due 12/01/2031

      594         463  

KKR Group Finance Co. LLC

 

3.250% due 12/15/2051

      1,304         838  

Lazard Group LLC

 

3.750% due 02/13/2025

      2,238         2,154  

Liberty Mutual Group, Inc.

 

3.951% due 10/15/2050

      1,554         1,139  

5.500% due 06/15/2052

      687         648  

Lloyds Banking Group PLC

 

3.750% due 01/11/2027

      1,641         1,539  

3.750% due 03/18/2028 •

      51         47  

3.870% due 07/09/2025 •

      757         738  

LSEGA Financing PLC

 

2.000% due 04/06/2028

      1,053         904  

3.200% due 04/06/2041

      100         75  

Macquarie Group Ltd.

 

1.935% due 04/14/2028 •

      1,146         991  

3.763% due 11/28/2028 •

      60         55  

Manulife Financial Corp.

 

4.150% due 03/04/2026

      812         787  

Marsh & McLennan Cos., Inc.

 

2.375% due 12/15/2031

      100         82  

4.350% due 01/30/2047

      126         108  

MassMutual Global Funding

 

4.150% due 08/26/2025

      287         279  

Mastercard, Inc.

 

4.875% due 03/09/2028

      956         968  

Meiji Yasuda Life Insurance Co.

 

5.200% due 10/20/2045 •

      49         47  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

MET Tower Global Funding

 

1.250% due 09/14/2026

  $     111     $     97  

MetLife, Inc.

 

5.000% due 07/15/2052

      100         94  

9.250% due 04/08/2068

      163         189  

Metropolitan Life Global Funding

 

1.875% due 01/11/2027

      2,782         2,481  

5.150% due 03/28/2033

      1,280         1,267  

Mitsubishi HC Capital, Inc.

 

5.080% due 09/15/2027

      1,353         1,322  

Mitsubishi UFJ Financial Group, Inc.

 

2.048% due 07/17/2030

      1,565         1,270  

2.309% due 07/20/2032 •

      164         131  

2.341% due 01/19/2028 •

      795         712  

3.195% due 07/18/2029

      662         585  

3.751% due 07/18/2039

      120         102  

4.788% due 07/18/2025 •

      1,178         1,162  

5.017% due 07/20/2028 •

      448         439  

5.719% due 02/20/2026 •

      1,018         1,013  

Mizuho Financial Group, Inc.

 

3.170% due 09/11/2027

      60         55  

5.414% due 09/13/2028 •

      996         989  

Morgan Stanley

 

1.928% due 04/28/2032 •

      2,214         1,729  

2.511% due 10/20/2032 •

      119         96  

2.630% due 02/18/2026 •

      300         285  

3.620% due 04/17/2025 •

      531         521  

3.622% due 04/01/2031 •

      2,195         1,979  

4.210% due 04/20/2028 •

      496         477  

4.679% due 07/17/2026 •

      1,386         1,361  

4.889% due 07/20/2033 •

      1,309         1,261  

5.050% due 01/28/2027 •

      577         572  

5.123% due 02/01/2029 •

      1,051         1,037  

6.296% due 10/18/2028 •

      46         47  

Morgan Stanley Domestic Holdings, Inc.

 

4.500% due 06/20/2028

      2,000         1,928  

National Australia Bank Ltd.

 

2.990% due 05/21/2031 (f)

      100         80  

3.347% due 01/12/2037 •(f)

      110         87  

Nationwide Building Society

 

2.972% due 02/16/2028 •

      50         45  

3.960% due 07/18/2030 •

      1,333           1,184  

Nationwide Mutual Insurance Co.

 

4.350% due 04/30/2050

      1,506         1,145  

4.950% due 04/22/2044

      54         46  

NatWest Group PLC

 

3.032% due 11/28/2035 •

      202         155  

4.269% due 03/22/2025 •

      694         682  

4.892% due 05/18/2029 •

      2,350         2,238  

New York Life Global Funding

 

2.350% due 07/14/2026

      100         92  

New York Life Insurance Co.

 

3.750% due 05/15/2050

      135         103  

4.450% due 05/15/2069

      169         141  

6.750% due 11/15/2039

      515         587  

Nippon Life Insurance Co.

 

2.900% due 09/16/2051 •

      348         284  

3.400% due 01/23/2050 •(e)

      691         606  

5.100% due 10/16/2044 •

      333         325  

Nissan Motor Acceptance Co. LLC

 

1.125% due 09/16/2024

      100         93  

1.850% due 09/16/2026

      125         106  

2.000% due 03/09/2026

      581         509  

2.450% due 09/15/2028

      100         80  

Nomura Holdings, Inc.

 

2.172% due 07/14/2028

      57         48  

2.329% due 01/22/2027

      1,998         1,768  

2.648% due 01/16/2025

      1,642         1,555  

NongHyup Bank

 

1.250% due 07/20/2025

      37         34  

Nordea Bank Abp

 

1.500% due 09/30/2026

      55         48  

5.375% due 09/22/2027

      614         607  

Norinchukin Bank

 

4.867% due 09/14/2027 (e)

      739         728  

5.071% due 09/14/2032

      47         47  

5.430% due 03/09/2028 (e)

      1,243         1,255  

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     59
    


Table of Contents
Schedule of Investments   PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund   (Cont.)  

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Northwestern Mutual Global Funding

 

4.000% due 07/01/2025

  $     20     $     19  

NTT Finance Corp.

 

1.162% due 04/03/2026

      120         107  

Nuveen Finance LLC

 

4.125% due 11/01/2024

      877         852  

Oversea-Chinese Banking Corp. Ltd.

 

1.832% due 09/10/2030 •(f)

      336         306  

Owl Rock Capital Corp.

 

2.875% due 06/11/2028

      157         128  

3.400% due 07/15/2026

      126         112  

4.250% due 01/15/2026

      10         9  

Pacific Life Global Funding

 

1.600% due 09/21/2028

      2,563           2,098  

Pacific LifeCorp

 

5.400% due 09/15/2052

      719         696  

PNC Bank NA

 

3.800% due 07/25/2023

      901         900  

PNC Financial Services Group, Inc.

 

5.068% due 01/24/2034 •

      700         672  

5.354% due 12/02/2028 •

      47         47  

Popular, Inc.

 

7.250% due 03/13/2028

      1,761         1,761  

Pricoa Global Funding

 

0.800% due 09/01/2025

      933         840  

Principal Life Global Funding

 

3.000% due 04/18/2026

      864         801  

Progressive Corp.

 

3.000% due 03/15/2032

      367         320  

3.700% due 03/15/2052

      100         78  

Prologis LP

 

3.000% due 04/15/2050

      68         46  

4.000% due 09/15/2028

      1,388         1,333  

Protective Life Global Funding

 

1.303% due 09/20/2026

      738         645  

1.646% due 01/13/2025

      584         545  

Prudential Financial, Inc.

 

3.000% due 03/10/2040

      172         129  

3.905% due 12/07/2047

      135         108  

Prudential Funding Asia PLC

 

3.125% due 04/14/2030

      285         251  

3.625% due 03/24/2032

      589         524  

Realty Income Corp.

 

3.250% due 01/15/2031

      132         116  

3.400% due 01/15/2028

      485         448  

4.700% due 12/15/2028

      1,550           1,503  

Regency Centers LP

 

2.950% due 09/15/2029

      819         703  

Reinsurance Group of America, Inc.

 

3.950% due 09/15/2026

      853         804  

Reliance Standard Life Global Funding

 

1.512% due 09/28/2026

      157         136  

Rexford Industrial Realty LP

 

2.150% due 09/01/2031

      1,211         945  

RGA Global Funding

 

2.000% due 11/30/2026

      53         47  

Royal Bank of Canada

 

3.625% due 05/04/2027

      50         47  

Sabra Health Care LP

 

3.200% due 12/01/2031

      303         226  

Santander Holdings USA, Inc.

 

2.490% due 01/06/2028 •

      484         418  

4.500% due 07/17/2025

      1,069         1,038  

6.499% due 03/09/2029 •

      1,340         1,326  

Santander U.K. Group Holdings PLC

 

1.673% due 06/14/2027 •

      2,089         1,801  

Scentre Group Trust

 

3.500% due 02/12/2025

      50         48  

SITE Centers Corp.

 

3.625% due 02/01/2025

      258         243  

SMBC Aviation Capital Finance DAC

 

1.900% due 10/15/2026

      785         687  

4.125% due 07/15/2023

      40         40  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Societe Generale SA

 

1.488% due 12/14/2026 •

  $     1,954     $       1,721  

1.792% due 06/09/2027 •

      105         92  

2.797% due 01/19/2028 •

      841         746  

3.337% due 01/21/2033 •

      702         563  

4.250% due 04/14/2025

      747         713  

6.691% due 01/10/2034 •

      592         603  

Spirit Realty LP

 

3.400% due 01/15/2030

      711         605  

4.450% due 09/15/2026

      500         471  

Standard Chartered PLC

 

2.678% due 06/29/2032 •

      84         66  

2.819% due 01/30/2026 •

      2,932         2,766  

4.644% due 04/01/2031 •

      1,312         1,211  

State Street Corp.

 

5.751% due 11/04/2026 •

      1,070         1,076  

5.820% due 11/04/2028 •

      1,180         1,210  

Stellantis Finance U.S., Inc.

 

1.711% due 01/29/2027

      137         120  

Sumitomo Life Insurance Co.

 

6.500% due 09/20/2073 •

      145         144  

Sumitomo Mitsui Financial Group, Inc.

 

2.222% due 09/17/2031

      1,096         876  

2.472% due 01/14/2029

      564         482  

2.750% due 01/15/2030

      2,027         1,750  

4.306% due 10/16/2028

      50         47  

5.766% due 01/13/2033

      47         48  

Sumitomo Mitsui Trust Bank Ltd.

 

4.950% due 09/15/2027

      1,871         1,852  

Sun Communities Operating LP

 

2.300% due 11/01/2028

      56         47  

SVB Financial Group

 

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

      1         1  

Synchrony Financial

 

2.875% due 10/28/2031

      1,003         730  

5.150% due 03/19/2029

      122         111  

Teachers Insurance & Annuity Association of America

 

6.850% due 12/16/2039

      1         1  

Toronto-Dominion Bank

 

3.200% due 03/10/2032

      800         693  

4.108% due 06/08/2027

      49         47  

Toyota Motor Credit Corp.

 

5.810% due 12/11/2023 •

      882         883  

Truist Financial Corp.

 

1.125% due 08/03/2027

      15         13  

UBS AG

 

1.250% due 06/01/2026

      200         176  

4.500% due 06/26/2048

      473         430  

UBS Group AG

 

1.305% due 02/02/2027 •

      187         164  

2.193% due 06/05/2026 •

      871         799  

3.126% due 08/13/2030 •

      55         46  

4.125% due 09/24/2025

      1,855         1,773  

4.194% due 04/01/2031 •

      60         53  

4.751% due 05/12/2028 •

      300         285  

4.875% due 05/15/2045

      812         704  

6.373% due 07/15/2026 •

      259         257  

6.442% due 08/11/2028 •

      347         349  

6.537% due 08/12/2033 •

      462         474  

UDR, Inc.

 

2.100% due 08/01/2032

      1,891         1,439  

3.000% due 08/15/2031

      100         85  

UniCredit SpA

 

1.982% due 06/03/2027 •

      140         123  

2.569% due 09/22/2026 •

      52         47  

3.127% due 06/03/2032 •

      145         114  

USAA Capital Corp.

 

2.125% due 05/01/2030

      57         47  

VICI Properties LP

 

4.625% due 12/01/2029

      3,066         2,786  

5.125% due 05/15/2032

      51         48  

5.625% due 05/15/2052

      282         252  

Visa, Inc.

 

1.900% due 04/15/2027

      247         225  

2.700% due 04/15/2040

      164         126  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Wells Fargo & Co.

 

3.068% due 04/30/2041 •

  $     63     $     46  

3.526% due 03/24/2028 •

      1,183         1,105  

3.908% due 04/25/2026 •

      995         962  

4.150% due 01/24/2029

      624         592  

4.611% due 04/25/2053 •

      322         283  

4.808% due 07/25/2028 •

      1,696         1,659  

4.897% due 07/25/2033 •

      4,007         3,846  

5.013% due 04/04/2051 •

      800         746  

Welltower, Inc.

 

4.250% due 04/15/2028

      1,119         1,054  

Westpac Banking Corp.

 

2.894% due 02/04/2030 •(f)

      10         9  

2.963% due 11/16/2040 (f)

      158         106  

3.020% due 11/18/2036 •(f)

      60         46  

5.405% due 08/10/2033 •(f)

      51         48  

Weyerhaeuser Co.

 

6.875% due 12/15/2033

      367         400  

7.375% due 03/15/2032

      1,036         1,157  

Willis North America, Inc.

 

4.650% due 06/15/2027

      1,406         1,367  
       

 

 

 
            263,198  
       

 

 

 
INDUSTRIALS 47.7%

 

7-Eleven, Inc.

 

0.800% due 02/10/2024

      10         10  

0.950% due 02/10/2026

      1,502         1,342  

AbbVie, Inc.

 

2.950% due 11/21/2026

      1,639         1,532  

3.200% due 05/14/2026

      25         24  

3.800% due 03/15/2025

      214         208  

3.850% due 06/15/2024

      152         149  

4.050% due 11/21/2039

      1,665         1,450  

4.400% due 11/06/2042

      52         47  

4.550% due 03/15/2035

      647         617  

4.700% due 05/14/2045

      3,328         3,043  

4.850% due 06/15/2044

      27         25  

Activision Blizzard, Inc.

 

1.350% due 09/15/2030

      10         8  

Aetna, Inc.

 

3.875% due 08/15/2047

      731         570  

Agilent Technologies, Inc.

 

2.300% due 03/12/2031

      10         8  

Aker BP ASA

 

2.000% due 07/15/2026

      136         122  

3.100% due 07/15/2031

      80         66  

Alcon Finance Corp.

 

2.600% due 05/27/2030

      1,055         901  

Alibaba Group Holding Ltd.

 

3.400% due 12/06/2027

      932         867  

3.600% due 11/28/2024

      966         936  

4.400% due 12/06/2057

      346         272  

Allegion PLC

 

3.500% due 10/01/2029

      54         48  

Alphabet, Inc.

 

0.450% due 08/15/2025

      283         259  

Amazon.com, Inc.

 

2.100% due 05/12/2031

      3,108           2,615  

2.700% due 06/03/2060

      1,338         862  

3.100% due 05/12/2051

      140         105  

3.250% due 05/12/2061

      143         104  

3.875% due 08/22/2037

      1,752         1,601  

4.100% due 04/13/2062

      116         100  

Amcor Flexibles North America, Inc.

 

2.690% due 05/25/2031

      40         33  

America Movil SAB de CV

 

3.625% due 04/22/2029

      914         841  

Amgen, Inc.

 

3.000% due 02/22/2029

      100         90  

3.150% due 02/21/2040

      2,743         2,100  

3.200% due 11/02/2027

      353         330  

3.625% due 05/22/2024

      610         599  

4.200% due 02/22/2052

      100         83  

4.400% due 05/01/2045

      969         840  

4.400% due 02/22/2062

      172         141  

 

       
60   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

4.663% due 06/15/2051

  $     324     $     290  

4.950% due 10/01/2041

      455         423  

5.150% due 03/02/2028

      532         532  

5.250% due 03/02/2025

      432         430  

5.750% due 03/02/2063

      68         69  

Amphenol Corp.

 

2.800% due 02/15/2030

      160         140  

AngloGold Ashanti Holdings PLC

 

3.750% due 10/01/2030

      506         435  

Anheuser-Busch Cos. LLC

 

4.700% due 02/01/2036

      945         920  

4.900% due 02/01/2046

      3,555         3,401  

Anheuser-Busch InBev Finance, Inc.

 

4.900% due 02/01/2046

      30         29  

Anheuser-Busch InBev Worldwide, Inc.

 

4.000% due 04/13/2028

      49         47  

5.450% due 01/23/2039

      637         660  

5.800% due 01/23/2059

      140         153  

Apache Corp.

 

5.100% due 09/01/2040

      77         63  

Apple, Inc.

 

1.200% due 02/08/2028

      10         9  

1.650% due 05/11/2030

      1,756         1,480  

2.200% due 09/11/2029

      10         9  

2.375% due 02/08/2041

      120         89  

2.800% due 02/08/2061

      73         49  

2.850% due 08/05/2061

      172         117  

3.250% due 02/23/2026

      2,300         2,216  

3.350% due 08/08/2032 (e)

      925         863  

3.450% due 05/06/2024

      149         147  

3.850% due 08/04/2046

      1,692           1,491  

3.950% due 08/08/2052

      737         650  

4.650% due 02/23/2046

      1,208         1,193  

Aptiv PLC

 

2.396% due 02/18/2025

      128         122  

ArcelorMittal SA

 

4.250% due 07/16/2029

      52         49  

Ashtead Capital, Inc.

 

4.250% due 11/01/2029

      102         93  

5.500% due 08/11/2032

      1,243         1,203  

Astrazeneca Finance LLC

 

1.750% due 05/28/2028

      55         48  

2.250% due 05/28/2031

      10         8  

AstraZeneca PLC

 

0.700% due 04/08/2026

      81         72  

1.375% due 08/06/2030

      791         637  

4.000% due 01/17/2029

      643         621  

6.450% due 09/15/2037

      2,413         2,768  

Autodesk, Inc.

 

2.850% due 01/15/2030

      55         48  

Bacardi Ltd.

 

2.750% due 07/15/2026

      100         92  

4.450% due 05/15/2025

      10         10  

5.300% due 05/15/2048

      40         38  

BAE Systems Holdings, Inc.

 

3.850% due 12/15/2025

      409         392  

BAE Systems PLC

 

1.900% due 02/15/2031

      1,429         1,150  

3.400% due 04/15/2030

      891         807  

Baidu, Inc.

 

1.720% due 04/09/2026

      53         48  

4.125% due 06/30/2025

      46         44  

BAT Capital Corp.

 

3.222% due 08/15/2024

      450         437  

4.540% due 08/15/2047

      874         644  

Bayer U.S. Finance LLC

 

4.250% due 12/15/2025

      1,568           1,513  

4.375% due 12/15/2028

      619         587  

4.875% due 06/25/2048

      1,014         913  

Becton Dickinson & Co.

 

1.957% due 02/11/2031

      60         49  

2.823% due 05/20/2030

      2,423         2,121  

4.298% due 08/22/2032

      49         46  

Berry Global, Inc.

 

4.875% due 07/15/2026

      1,048         1,008  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

BMW U.S. Capital LLC

 

2.550% due 04/01/2031

  $     55     $     47  

3.300% due 04/06/2027

      50         47  

3.900% due 04/09/2025

      10         10  

4.150% due 04/09/2030

      486         465  

Boardwalk Pipelines LP

 

3.400% due 02/15/2031

      270         233  

Boeing Co.

 

2.196% due 02/04/2026

      2,140         1,965  

2.750% due 02/01/2026

      10         9  

3.100% due 05/01/2026

      10         9  

3.625% due 02/01/2031

      1,200         1,081  

3.950% due 08/01/2059

      2,335         1,727  

5.705% due 05/01/2040

      732         731  

Boston Scientific Corp.

 

1.900% due 06/01/2025

      10         9  

4.550% due 03/01/2039

      1,321           1,232  

6.500% due 11/15/2035

      93         104  

BP Capital Markets America, Inc.

 

3.119% due 05/04/2026

      74         70  

3.937% due 09/21/2028

      300         287  

Bristol-Myers Squibb Co.

 

3.400% due 07/26/2029

      500         465  

3.900% due 02/20/2028

      1,900         1,846  

4.350% due 11/15/2047

      1,667         1,509  

4.550% due 02/20/2048

      8         7  

5.875% due 11/15/2036

      138         147  

Broadcom, Inc.

 

1.950% due 02/15/2028

      1,053         911  

2.600% due 02/15/2033

      748         585  

3.137% due 11/15/2035

      770         591  

3.187% due 11/15/2036

      1,096         829  

3.419% due 04/15/2033

      551         461  

3.469% due 04/15/2034

      806         661  

4.000% due 04/15/2029

      494         457  

4.150% due 04/15/2032

      217         197  

4.926% due 05/15/2037

      962         871  

Broadridge Financial Solutions, Inc.

 

2.900% due 12/01/2029

      1,003         856  

Cameron LNG LLC

 

3.701% due 01/15/2039

      1,244         1,028  

Canadian Natural Resources Ltd.

 

3.900% due 02/01/2025

      1,121         1,084  

6.450% due 06/30/2033

      45         46  

Canadian Pacific Railway Co.

 

2.050% due 03/05/2030

      1,027         863  

3.100% due 12/02/2051

      1,052         748  

3.500% due 05/01/2050

      1,411         1,082  

Carrier Global Corp.

 

2.242% due 02/15/2025

      2         2  

2.700% due 02/15/2031

      10         8  

2.722% due 02/15/2030

      1,941         1,672  

3.577% due 04/05/2050

      453         335  

Caterpillar, Inc.

 

5.300% due 09/15/2035

      30         31  

CDW LLC

 

2.670% due 12/01/2026

      53         48  

3.276% due 12/01/2028

      50         43  

4.125% due 05/01/2025

      96         93  

Cenovus Energy, Inc.

 

6.750% due 11/15/2039

      112         118  

Centene Corp.

 

3.000% due 10/15/2030

      57         48  

4.250% due 12/15/2027

      51         48  

4.625% due 12/15/2029

      1,300         1,198  

CenterPoint Energy Resources Corp.

 

1.750% due 10/01/2030

      149         120  

CH Robinson Worldwide, Inc.

 

4.200% due 04/15/2028

      50         48  

Charter Communications Operating LLC

 

2.250% due 01/15/2029

      227         189  

2.300% due 02/01/2032

      392         297  

3.950% due 06/30/2062

      1,297         799  

4.800% due 03/01/2050

      2,561         1,934  

4.908% due 07/23/2025

      2,938         2,882  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Cheniere Corpus Christi Holdings LLC

 

3.700% due 11/15/2029

  $     129     $     117  

Cheniere Energy Partners LP

 

3.250% due 01/31/2032

      2,060           1,698  

Choice Hotels International, Inc.

 

3.700% due 01/15/2031

      50         42  

Cigna Group

 

3.400% due 03/01/2027

      2,389         2,252  

4.125% due 11/15/2025

      10         10  

4.500% due 02/25/2026

      10         10  

Clorox Co.

 

3.100% due 10/01/2027

      804         746  

Coca-Cola Co.

 

1.375% due 03/15/2031

      56         45  

2.125% due 09/06/2029

      139         122  

2.500% due 06/01/2040

      32         24  

3.450% due 03/25/2030

      260         246  

Comcast Corp.

 

2.887% due 11/01/2051

      1,800         1,208  

2.937% due 11/01/2056

      150         98  

2.987% due 11/01/2063

      1,500         952  

3.200% due 07/15/2036

      354         291  

3.950% due 10/15/2025

      121         118  

5.250% due 11/07/2025

      100         101  

5.350% due 11/15/2027

      1,831         1,865  

5.500% due 11/15/2032

      689         716  

Conagra Brands, Inc.

 

4.300% due 05/01/2024

      1,372         1,354  

Constellation Brands, Inc.

 

2.875% due 05/01/2030

      774         672  

3.150% due 08/01/2029

      1,503         1,356  

4.100% due 02/15/2048

      179         146  

5.250% due 11/15/2048

      1,452         1,392  

Continental Resources, Inc.

 

2.268% due 11/15/2026

      759         676  

3.800% due 06/01/2024

      50         49  

4.375% due 01/15/2028

      100         94  

5.750% due 01/15/2031

      1,583         1,505  

Corebridge Financial, Inc.

 

3.500% due 04/04/2025

      1,132         1,079  

3.650% due 04/05/2027

      975         911  

3.850% due 04/05/2029

      291         262  

3.900% due 04/05/2032

      196         171  

4.400% due 04/05/2052

      100         79  

Corning, Inc.

 

5.450% due 11/15/2079

      908         821  

Corp. Nacional del Cobre de Chile

 

3.150% due 01/14/2030

      210         186  

4.500% due 09/16/2025

      12         12  

Cox Communications, Inc.

 

1.800% due 10/01/2030

      2,686         2,114  

CRH America Finance, Inc.

 

3.400% due 05/09/2027

      576         539  

CSL Finanace PLC Co.

 

4.050% due 04/27/2029

      50         47  

CSX Corp.

 

2.400% due 02/15/2030

      300         259  

6.220% due 04/30/2040

      1,134         1,228  

CVS Health Corp.

 

1.750% due 08/21/2030

      10         8  

3.000% due 08/15/2026

      20         19  

3.250% due 08/15/2029

      804         722  

3.375% due 08/12/2024

      1,000         975  

3.625% due 04/01/2027

      467         444  

3.750% due 04/01/2030

      729         669  

4.125% due 04/01/2040

      164         138  

5.050% due 03/25/2048

      1,944         1,793  

5.125% due 07/20/2045

      1,559         1,443  

DCP Midstream Operating LP

 

5.375% due 07/15/2025

      48         48  

Dell International LLC

 

4.000% due 07/15/2024

      10         10  

8.100% due 07/15/2036

      507         594  

Delta Air Lines, Inc.

 

4.750% due 10/20/2028

      10         10  

7.000% due 05/01/2025

      2,959         3,024  

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     61
    


Table of Contents
Schedule of Investments   PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund   (Cont.)  

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Diageo Capital PLC

 

5.300% due 10/24/2027

  $     646     $     657  

5.500% due 01/24/2033

      45         48  

Diamondback Energy, Inc.

 

6.250% due 03/15/2033

      91         94  

Discovery Communications LLC

 

4.000% due 09/15/2055

      740         493  

4.650% due 05/15/2050

      169         129  

DT Midstream, Inc.

 

4.300% due 04/15/2032

      142         123  

Eastern Energy Gas Holdings LLC

 

3.600% due 12/15/2024

      353         341  

eBay, Inc.

 

2.700% due 03/11/2030

      443         381  

5.900% due 11/22/2025

      533         539  

6.300% due 11/22/2032

      1,029           1,082  

Electronic Arts, Inc.

 

1.850% due 02/15/2031

      874         708  

Elevance Health, Inc.

 

2.250% due 05/15/2030

      2,031         1,703  

2.550% due 03/15/2031

      50         42  

3.125% due 05/15/2050

      169         118  

3.700% due 09/15/2049

      10         8  

4.100% due 05/15/2032

      51         48  

4.550% due 03/01/2048

      623         548  

4.850% due 08/15/2054

      888         775  

5.350% due 10/15/2025

      171         171  

5.950% due 12/15/2034

      22         23  

Eli Lilly & Co.

 

2.750% due 06/01/2025

      615         590  

4.150% due 03/15/2059

      957         848  

5.950% due 11/15/2037

      362         392  

Enbridge, Inc.

 

2.500% due 01/15/2025

      1,938         1,844  

2.500% due 08/01/2033

      1,056         826  

3.125% due 11/15/2029

      40         35  

Energy Transfer LP

 

4.050% due 03/15/2025

      152         148  

4.200% due 09/15/2023

      487         485  

4.200% due 04/15/2027

      268         256  

4.950% due 05/15/2028

      1,140         1,104  

5.300% due 04/15/2047

      875         762  

5.500% due 06/01/2027

      368         366  

5.875% due 01/15/2024

      10         10  

6.250% due 04/15/2049

      647         633  

Eni SpA

 

4.000% due 09/12/2023

      877         873  

Entergy Louisiana LLC

 

4.200% due 09/01/2048

      2,411         2,020  

Enterprise Products Operating LLC

 

3.200% due 02/15/2052

      615         433  

3.750% due 02/15/2025

      1,700         1,654  

4.200% due 01/31/2050

      469         393  

4.250% due 02/15/2048

      10         8  

EQT Corp.

 

3.900% due 10/01/2027

      50         46  

5.000% due 01/15/2029

      1,272         1,199  

5.700% due 04/01/2028

      535         529  

Equifax, Inc.

 

5.100% due 12/15/2027

      902         893  

7.000% due 07/01/2037

      397         422  

Equinor ASA

 

2.375% due 05/22/2030

      2,505         2,177  

3.625% due 04/06/2040

      15         13  

3.700% due 04/06/2050

      151         123  

7.150% due 11/15/2025

      26         27  

ERAC USA Finance LLC

 

3.300% due 12/01/2026

      152         141  

4.200% due 11/01/2046

      277         233  

7.000% due 10/15/2037

      318         364  

Essential Utilities, Inc.

 

2.704% due 04/15/2030

      56         47  

Estee Lauder Cos., Inc.

 

4.375% due 05/15/2028

      1,700         1,675  

Evernorth Health, Inc.

 

3.500% due 06/15/2024

      170         166  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Expedia Group, Inc.

 

6.250% due 05/01/2025

  $     10     $     10  

Exxon Mobil Corp.

 

3.176% due 03/15/2024

      13         13  

FedEx Corp.

 

3.250% due 04/01/2026

      812         777  

4.250% due 05/15/2030

      50         48  

Fibria Overseas Finance Ltd.

 

4.000% due 01/14/2025

      196         190  

Fidelity National Information Services, Inc.

 

1.150% due 03/01/2026

      134         120  

2.250% due 03/01/2031

      797         637  

4.700% due 07/15/2027

      354         345  

5.100% due 07/15/2032

      100         97  

5.625% due 07/15/2052

      100         94  

Fiserv, Inc.

 

2.250% due 06/01/2027

      10         9  

2.650% due 06/01/2030

      141         120  

3.200% due 07/01/2026

      1,035         972  

3.500% due 07/01/2029

      677         618  

Fortune Brands Innovations, Inc.

 

4.000% due 03/25/2032

      168         149  

4.500% due 03/25/2052

      100         78  

Fox Corp.

 

4.709% due 01/25/2029

      49         48  

5.476% due 01/25/2039

      100         93  

5.576% due 01/25/2049

      400         375  

Freeport-McMoRan, Inc.

 

4.125% due 03/01/2028

      1,825         1,712  

4.625% due 08/01/2030

      101         95  

Fresenius Medical Care U.S. Finance, Inc.

 

2.375% due 02/16/2031

      50         38  

GE Capital Funding LLC

 

3.450% due 05/15/2025

      221         211  

General Mills, Inc.

 

2.875% due 04/15/2030

      1,144           1,017  

General Motors Co.

 

5.400% due 04/01/2048

      923         794  

6.600% due 04/01/2036

      10         10  

6.750% due 04/01/2046

      46         47  

6.800% due 10/01/2027 (h)

      511         531  

Gilead Sciences, Inc.

 

2.800% due 10/01/2050

      181         123  

Glencore Funding LLC

 

1.625% due 09/01/2025

      10         9  

2.625% due 09/23/2031

      100         81  

2.850% due 04/27/2031

      452         373  

3.875% due 10/27/2027

      100         94  

3.875% due 04/27/2051

      10         7  

4.125% due 03/12/2024

      120         119  

5.400% due 05/08/2028

      1,244         1,233  

Global Payments, Inc.

 

2.900% due 05/15/2030

      918         779  

4.150% due 08/15/2049

      172         129  

4.950% due 08/15/2027

      665         648  

5.300% due 08/15/2029

      446         435  

5.400% due 08/15/2032

      646         630  

5.950% due 08/15/2052

      100         96  

Graphic Packaging International LLC

 

0.821% due 04/15/2024

      157         151  

1.512% due 04/15/2026

      234         209  

GS Caltex Corp.

 

3.000% due 06/04/2024

      298         290  

Haleon U.S. Capital LLC

 

3.375% due 03/24/2027

      2,395         2,243  

Harley-Davidson Financial Services, Inc.

 

6.500% due 03/10/2028

      956         957  

Hasbro, Inc.

 

3.550% due 11/19/2026

      10         9  

3.900% due 11/19/2029

      776         702  

HCA, Inc.

 

3.125% due 03/15/2027

      163         150  

3.500% due 09/01/2030

      8         7  

3.625% due 03/15/2032

      220         191  

4.125% due 06/15/2029

      877         812  

4.375% due 03/15/2042

      1,074         891  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

5.000% due 03/15/2024

  $     661     $     657  

5.250% due 06/15/2049

      1,663         1,502  

5.875% due 02/01/2029

      60         60  

Hess Corp.

 

5.800% due 04/01/2047

      476         463  

Home Depot, Inc.

 

2.950% due 06/15/2029

      20         18  

3.125% due 12/15/2049

      1,751         1,283  

4.250% due 04/01/2046

      7         6  

4.500% due 09/15/2032 (e)

      1,341         1,326  

4.500% due 12/06/2048

      70         65  

4.950% due 09/15/2052

      500         497  

Humana, Inc.

 

3.125% due 08/15/2029

      75         66  

3.700% due 03/23/2029

      2,023         1,854  

5.750% due 03/01/2028

      530         540  

5.875% due 03/01/2033

      569         592  

8.150% due 06/15/2038

      349         416  

Huntington Ingalls Industries, Inc.

 

2.043% due 08/16/2028

      1,091         917  

Hyatt Hotels Corp.

 

1.300% due 10/01/2023

      394         390  

1.800% due 10/01/2024

      100         95  

4.850% due 03/15/2026

      100         98  

5.375% due 04/23/2025

      108         107  

5.750% due 01/30/2027 (a)

      2,300         2,295  

Hyundai Capital America

 

0.800% due 01/08/2024

      129         126  

0.875% due 06/14/2024

      210         200  

1.000% due 09/17/2024

      854         804  

1.250% due 09/18/2023

      100         99  

1.500% due 06/15/2026

      237         210  

1.650% due 09/17/2026

      1,244         1,097  

1.800% due 10/15/2025

      133         121  

2.000% due 06/15/2028

      296         249  

2.100% due 09/15/2028

      251         211  

Illumina, Inc.

 

2.550% due 03/23/2031

      631         521  

Imperial Brands Finance PLC

 

3.125% due 07/26/2024

      551         533  

3.500% due 07/26/2026

      1,079           1,006  

6.125% due 07/27/2027

      403         404  

Indonesia Asahan Aluminium Persero PT

 

5.710% due 11/15/2023

      305         304  

Infor, Inc.

 

1.750% due 07/15/2025

      15         14  

Intel Corp.

 

3.100% due 02/15/2060

      1,200         769  

4.875% due 02/10/2028

      808         805  

International Business Machines Corp.

 

4.400% due 07/27/2032

      640         614  

4.900% due 07/27/2052

      1,284         1,201  

5.600% due 11/30/2039

      29         30  

International Flavors & Fragrances, Inc.

 

4.450% due 09/26/2028

      906         850  

JDE Peet’s NV

 

0.800% due 09/24/2024

      1,182         1,109  

2.250% due 09/24/2031

      165         128  

Kenvue, Inc.

 

5.050% due 03/22/2028

      1,134         1,144  

Keurig Dr Pepper, Inc.

 

4.050% due 04/15/2032

      1,573         1,463  

4.417% due 05/25/2025

      34         33  

4.500% due 04/15/2052

      908         801  

Kia Corp.

 

1.000% due 04/16/2024

      93         90  

Kinder Morgan, Inc.

 

5.450% due 08/01/2052

      574         525  

5.550% due 06/01/2045

      852         786  

5.625% due 11/15/2023

      520         520  

KLA Corp.

 

4.650% due 07/15/2032

      48         48  

Kraft Heinz Foods Co.

 

4.875% due 10/01/2049

      52         47  

6.875% due 01/26/2039

      732         826  

 

       
62   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

L3Harris Technologies, Inc.

 

3.850% due 12/15/2026

  $     2,068     $       1,972  

4.400% due 06/15/2028

      15         14  

Lafarge SA

 

7.125% due 07/15/2036

      135         146  

Leidos, Inc.

 

2.300% due 02/15/2031

      772         609  

4.375% due 05/15/2030

      754         693  

Lennar Corp.

 

5.250% due 06/01/2026

      48         48  

Lockheed Martin Corp.

 

3.900% due 06/15/2032

      51         48  

Lowe’s Cos., Inc.

 

2.500% due 04/15/2026

      352         329  

LYB International Finance LLC

 

1.250% due 10/01/2025

      114         103  

Marathon Petroleum Corp.

 

3.800% due 04/01/2028

      1,743         1,624  

Marriott International, Inc.

 

2.750% due 10/15/2033

      160         127  

2.850% due 04/15/2031

      140         118  

4.625% due 06/15/2030

      2,137         2,048  

Marvell Technology, Inc.

 

2.450% due 04/15/2028

      56         49  

Masco Corp.

 

1.500% due 02/15/2028

      57         49  

Massachusetts Institute of Technology

 

3.885% due 07/01/2116

      172         132  

McCormick & Co., Inc.

 

0.900% due 02/15/2026

      1,221         1,089  

McDonald’s Corp.

 

3.500% due 07/01/2027

      1,758         1,675  

4.875% due 12/09/2045

      1,778         1,703  

5.700% due 02/01/2039

      50         52  

Mead Johnson Nutrition Co.

 

4.125% due 11/15/2025

      156         152  

Medtronic Global Holdings SCA

 

4.250% due 03/30/2028

      2,072         2,024  

Mercedes-Benz Finance North America LLC

 

1.450% due 03/02/2026

      317         288  

4.950% due 03/30/2025

      1,676         1,664  

Merck & Co., Inc.

 

1.700% due 06/10/2027

      1,812         1,624  

2.900% due 12/10/2061

      1,184         785  

3.400% due 03/07/2029

      1,163           1,089  

Meta Platforms, Inc.

 

3.850% due 08/15/2032

      890         827  

4.450% due 08/15/2052

      640         557  

4.650% due 08/15/2062

      640         563  

Micron Technology, Inc.

 

4.185% due 02/15/2027

      966         926  

5.327% due 02/06/2029

      100         98  

Microsoft Corp.

 

2.525% due 06/01/2050

      3,517         2,435  

2.675% due 06/01/2060

      695         467  

2.921% due 03/17/2052

      60         45  

Mondelez International Holdings Netherlands BV

 

1.250% due 09/24/2026

      957         841  

2.250% due 09/19/2024

      26         25  

4.250% due 09/15/2025

      48         47  

Mondelez International, Inc.

 

1.875% due 10/15/2032

      85         66  

6.500% due 11/01/2031

      1,009         1,070  

Moody’s Corp.

 

3.100% due 11/29/2061

      1,435         946  

3.750% due 02/25/2052

      172         137  

4.875% due 02/15/2024

      976         971  

Motorola Solutions, Inc.

 

2.300% due 11/15/2030

      250         202  

2.750% due 05/24/2031

      146         120  

5.500% due 09/01/2044

      929         883  

MPLX LP

 

1.750% due 03/01/2026

      52         47  

4.125% due 03/01/2027

      1,561         1,495  

4.700% due 04/15/2048

      40         33  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

4.950% due 03/14/2052

  $     689     $     586  

5.200% due 03/01/2047

      618         543  

5.500% due 02/15/2049

      122         111  

MSCI, Inc.

 

3.875% due 02/15/2031

      55         48  

Nestle Holdings, Inc.

 

5.000% due 03/14/2028

      784         794  

Netflix, Inc.

 

3.625% due 06/15/2025

      1,055           1,017  

4.375% due 11/15/2026

      28         27  

4.875% due 04/15/2028

      1,828         1,810  

5.375% due 11/15/2029

      350         352  

5.875% due 02/15/2025

      50         50  

6.375% due 05/15/2029

      45         48  

NIKE, Inc.

 

3.250% due 03/27/2040

      58         48  

Nissan Motor Co. Ltd.

 

3.043% due 09/15/2023

      151         150  

3.522% due 09/17/2025

      128         119  

Norfolk Southern Corp.

 

4.100% due 05/15/2121

      67         47  

5.590% due 05/17/2025

      812         811  

Northrop Grumman Corp.

 

3.850% due 04/15/2045

      200         163  

Novartis Capital Corp.

 

2.000% due 02/14/2027

      50         46  

NXP BV

 

2.500% due 05/11/2031

      1,069         872  

3.150% due 05/01/2027

      132         121  

4.300% due 06/18/2029

      132         124  

4.400% due 06/01/2027

      100         97  

5.000% due 01/15/2033

      100         96  

Occidental Petroleum Corp.

 

6.450% due 09/15/2036

      944         970  

OCI NV

 

6.700% due 03/16/2033

      1,270         1,242  

Open Text Corp.

 

6.900% due 12/01/2027

      724         738  

Oracle Corp.

 

1.650% due 03/25/2026 (h)

      453         411  

2.300% due 03/25/2028 (h)

      1,186         1,047  

3.950% due 03/25/2051 (h)

      2,673         2,023  

4.125% due 05/15/2045

      1,899         1,489  

4.900% due 02/06/2033

      808         785  

5.375% due 07/15/2040

      60         57  

5.800% due 11/10/2025 (h)

      70         71  

Otis Worldwide Corp.

 

2.056% due 04/05/2025

      35         33  

2.565% due 02/15/2030

      10         9  

Owens Corning

 

3.400% due 08/15/2026

      100         94  

Panasonic Holdings Corp.

 

2.679% due 07/19/2024

      50         48  

Paramount Global

 

4.750% due 05/15/2025

      354         346  

Penske Truck Leasing Co. LP

 

1.200% due 11/15/2025

      514         457  

1.700% due 06/15/2026

      2         2  

3.400% due 11/15/2026

      125         115  

PepsiCo, Inc.

 

2.850% due 02/24/2026

      126         120  

3.500% due 03/19/2040

      56         47  

3.900% due 07/18/2032

      2,175           2,093  

4.600% due 07/17/2045

      738         699  

Pertamina Persero PT

 

6.000% due 05/03/2042

      350         352  

Pfizer Investment Enterprises Pte. Ltd.

 

4.650% due 05/19/2030

      500         494  

Philip Morris International, Inc.

 

1.750% due 11/01/2030

      192         152  

2.750% due 02/25/2026

      158         149  

3.375% due 08/11/2025

      155         149  

3.600% due 11/15/2023

      438         435  

3.875% due 08/21/2042

      487         386  

5.000% due 11/17/2025

      349         347  

5.625% due 11/17/2029

      349         356  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

5.750% due 11/17/2032

  $     349     $     358  

6.375% due 05/16/2038

      475         519  

Phillips 66

 

2.450% due 12/15/2024

      1,548         1,473  

Pioneer Natural Resources Co.

 

1.125% due 01/15/2026

      135         122  

5.100% due 03/29/2026

      1,478           1,470  

Prosus NV

 

3.680% due 01/21/2030

      305         259  

4.027% due 08/03/2050

      116         73  

4.193% due 01/19/2032

      180         152  

Qorvo, Inc.

 

1.750% due 12/15/2024

      52         48  

4.375% due 10/15/2029

      50         45  

QUALCOMM, Inc.

 

5.400% due 05/20/2033

      839         884  

6.000% due 05/20/2053

      774         867  

Quanta Services, Inc.

 

2.350% due 01/15/2032

      1,327         1,045  

2.900% due 10/01/2030

      56         48  

Ras Laffan Liquefied Natural Gas Co. Ltd.

 

5.838% due 09/30/2027

      264         268  

Raytheon Technologies Corp.

 

1.900% due 09/01/2031

      59         47  

4.125% due 11/16/2028

      50         48  

4.800% due 12/15/2043

      1,809         1,684  

Reliance Industries Ltd.

 

3.625% due 01/12/2052

      1,455         1,040  

4.125% due 01/28/2025

      203         198  

Reliance Steel & Aluminum Co.

 

1.300% due 08/15/2025

      178         163  

RELX Capital, Inc.

 

3.000% due 05/22/2030

      365         326  

4.000% due 03/18/2029

      1,503         1,434  

Renesas Electronics Corp.

 

1.543% due 11/26/2024

      484         453  

2.170% due 11/25/2026

      1,161         1,022  

Republic Services, Inc.

 

3.375% due 11/15/2027

      949         893  

Reynolds American, Inc.

 

4.450% due 06/12/2025

      1,341         1,304  

Rio Tinto Finance USA PLC

 

5.000% due 03/09/2033

      1,260         1,272  

Rogers Communications, Inc.

 

3.200% due 03/15/2027

      800         744  

5.000% due 03/15/2044

      50         44  

Royalty Pharma PLC

 

0.750% due 09/02/2023

      100         99  

1.200% due 09/02/2025

      26         23  

3.300% due 09/02/2040

      132         94  

3.350% due 09/02/2051

      184         119  

3.550% due 09/02/2050

      873         590  

S&P Global, Inc.

 

4.250% due 05/01/2029

      1,508         1,466  

4.750% due 08/01/2028

      885         880  

Sabine Pass Liquefaction LLC

 

4.500% due 05/15/2030

      122         116  

5.900% due 09/15/2037

      46         47  

Sands China Ltd.

 

2.800% due 03/08/2027

      727         632  

3.350% due 03/08/2029

      210         175  

4.300% due 01/08/2026

      41         39  

5.625% due 08/08/2025

      13         13  

Santos Finance Ltd.

 

3.649% due 04/29/2031

      1,004         834  

Saudi Arabian Oil Co.

 

3.500% due 04/16/2029

      8         7  

3.500% due 11/24/2070

      2,429           1,619  

Seagate HDD Cayman

 

4.091% due 06/01/2029

      740         652  

Sealed Air Corp.

 

1.573% due 10/15/2026

      1,352         1,177  

Sherwin-Williams Co.

 

4.250% due 08/08/2025

      1,054         1,032  

4.550% due 08/01/2045

      53         45  

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     63
    


Table of Contents
Schedule of Investments   PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund   (Cont.)  

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Sitios Latinoamerica SAB de CV

 

5.375% due 04/04/2032

  $     405     $     367  

SK Hynix, Inc.

 

1.500% due 01/19/2026

      54         48  

Sky Ltd.

 

3.750% due 09/16/2024

      184         180  

Smith & Nephew PLC

 

2.032% due 10/14/2030

      105         85  

South32 Treasury Ltd.

 

4.350% due 04/14/2032

      1,155         1,015  

Southern Co.

 

3.700% due 04/30/2030

      2,672           2,453  

4.400% due 07/01/2046

      737         631  

Southern Copper Corp.

 

3.875% due 04/23/2025

      149         145  

Southwest Airlines Co.

 

5.125% due 06/15/2027

      118         117  

Stanley Black & Decker, Inc.

 

4.000% due 03/15/2060 •

      131         100  

6.000% due 03/06/2028

      956         983  

Starbucks Corp.

 

2.000% due 03/12/2027

      129         116  

2.550% due 11/15/2030

      10         9  

3.000% due 02/14/2032

      2,482         2,156  

Steel Dynamics, Inc.

 

2.800% due 12/15/2024

      115         110  

3.250% due 01/15/2031

      50         43  

Stryker Corp.

 

1.150% due 06/15/2025

      277         255  

3.500% due 03/15/2026

      1,412         1,355  

4.625% due 03/15/2046

      512         477  

Suzano Austria GmbH

 

6.000% due 01/15/2029

      50         50  

Sydney Airport Finance Co. Pty. Ltd.

 

3.625% due 04/28/2026

      50         47  

Sysco Corp.

 

5.950% due 04/01/2030

      45         47  

T-Mobile USA, Inc.

 

1.500% due 02/15/2026

      532         481  

2.250% due 11/15/2031

      35         28  

2.400% due 03/15/2029

      165         142  

2.625% due 04/15/2026

      51         47  

2.700% due 03/15/2032

      165         136  

3.000% due 02/15/2041

      587         429  

3.400% due 10/15/2052

      850         607  

3.500% due 04/15/2025

      110         106  

3.600% due 11/15/2060

      1,721         1,210  

3.750% due 04/15/2027

      1,681         1,592  

3.875% due 04/15/2030

      51         47  

4.375% due 04/15/2040

      550         486  

5.200% due 01/15/2033

      924         918  

5.650% due 01/15/2053

      100         102  

Take-Two Interactive Software, Inc.

 

3.700% due 04/14/2027

      774         733  

Targa Resources Corp.

 

5.200% due 07/01/2027

      1,688         1,658  

6.250% due 07/01/2052

      100         98  

TC PipeLines LP

 

4.375% due 03/13/2025

      363         353  

TCI Communications, Inc.

 

7.875% due 02/15/2026

      1,691         1,799  

Teck Resources Ltd.

 

6.000% due 08/15/2040

      345         337  

Telefonica Emisiones SA

 

4.103% due 03/08/2027

      130         125  

4.665% due 03/06/2038

      56         47  

Tencent Holdings Ltd.

 

3.280% due 04/11/2024

      183         180  

3.290% due 06/03/2060

      469         291  

3.925% due 01/19/2038

      59         49  

3.940% due 04/22/2061

      1,482           1,057  

3.975% due 04/11/2029

      490         456  

4.525% due 04/11/2049

      212         177  

Tennessee Gas Pipeline Co. LLC

 

7.625% due 04/01/2037

      749         853  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Textron, Inc.

 

3.900% due 09/17/2029

  $     52     $     48  

Thermo Fisher Scientific, Inc.

 

0.797% due 10/18/2023

      506         499  

1.215% due 10/18/2024

      500         473  

Toyota Industries Corp.

 

3.566% due 03/16/2028

      504         470  

TransCanada PipeLines Ltd.

 

4.100% due 04/15/2030

      10         9  

4.250% due 05/15/2028

      50         48  

4.625% due 03/01/2034

      300         275  

7.625% due 01/15/2039

      891         1,032  

TSMC Arizona Corp.

 

2.500% due 10/25/2031

      57         48  

TSMC Global Ltd.

 

0.750% due 09/28/2025

      478         430  

TWDC Enterprises 18 Corp.

 

7.000% due 03/01/2032

      128         146  

Tyson Foods, Inc.

 

4.000% due 03/01/2026

      300         290  

4.875% due 08/15/2034

      1,148         1,109  

Union Pacific Corp.

 

2.150% due 02/05/2027

      363         332  

4.500% due 01/20/2033

      49         48  

United Airlines Pass-Through Trust

 

5.800% due 07/15/2037

      1,800         1,832  

United Rentals North America, Inc.

 

3.875% due 11/15/2027

      353         330  

6.000% due 12/15/2029

      47         47  

UnitedHealth Group, Inc.

 

1.150% due 05/15/2026

      79         71  

2.000% due 05/15/2030

      34         29  

2.900% due 05/15/2050

      146         102  

3.050% due 05/15/2041

      139         108  

3.375% due 04/15/2027

      156         148  

3.700% due 08/15/2049

      152         122  

4.250% due 01/15/2029

      1,576         1,532  

4.750% due 07/15/2045

      1,450         1,389  

5.050% due 04/15/2053

      900         895  

5.350% due 02/15/2033

      46         48  

6.625% due 11/15/2037

      41         47  

6.875% due 02/15/2038

      603         718  

Vale Overseas Ltd.

 

3.750% due 07/08/2030

      215         189  

6.875% due 11/21/2036

      1,011         1,058  

Valero Energy Corp.

 

4.350% due 06/01/2028

      1,486         1,421  

VeriSign, Inc.

 

5.250% due 04/01/2025

      356         352  

Verisk Analytics, Inc.

 

4.125% due 03/15/2029

      1,183         1,130  

VF Corp.

 

6.000% due 10/15/2033

      35         34  

Viatris, Inc.

 

1.650% due 06/22/2025

      261         240  

VMware, Inc.

 

1.000% due 08/15/2024

      51         48  

1.400% due 08/15/2026

      700         618  

1.800% due 08/15/2028

      35         29  

4.500% due 05/15/2025

      10         10  

Volkswagen Group of America Finance LLC

 

1.250% due 11/24/2025

      1,125         1,014  

4.250% due 11/13/2023

      251         250  

Walmart, Inc.

 

4.500% due 04/15/2053

      1,150         1,122  

Walt Disney Co.

 

2.750% due 09/01/2049

      100         68  

3.500% due 05/13/2040

      116         96  

4.950% due 10/15/2045

      1,017         982  

6.400% due 12/15/2035

      77         87  

7.750% due 12/01/2045

      933         1,214  

Warnermedia Holdings, Inc.

 

5.050% due 03/15/2042

      344         290  

5.141% due 03/15/2052

      274         223  

5.391% due 03/15/2062

      2,108           1,719  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Waste Connections, Inc.

 

2.600% due 02/01/2030

  $     1,740     $     1,507  

2.950% due 01/15/2052

      371         254  

Weir Group PLC

 

2.200% due 05/13/2026

      949         851  

Western Digital Corp.

 

2.850% due 02/01/2029

      100         80  

Western Midstream Operating LP

 

6.150% due 04/01/2033

      861         869  

Westinghouse Air Brake Technologies Corp.

 

4.950% due 09/15/2028

      2,225         2,145  

Westlake Corp.

 

0.875% due 08/15/2024

      51         48  

Whirlpool Corp.

 

4.500% due 06/01/2046

      50         40  

Williams Cos., Inc.

 

3.750% due 06/15/2027

      50         47  

4.300% due 03/04/2024

      137         135  

4.650% due 08/15/2032

      1,215         1,151  

5.300% due 08/15/2052

      100         92  

5.400% due 03/04/2044

      1,519         1,403  

Woodside Finance Ltd.

 

3.650% due 03/05/2025

      1,217         1,172  

3.700% due 09/15/2026

      1,313         1,236  

Workday, Inc.

 

3.700% due 04/01/2029

      700         649  

3.800% due 04/01/2032

      459         413  

Wyeth LLC

 

5.950% due 04/01/2037

      1,011         1,106  

Zimmer Biomet Holdings, Inc.

 

3.550% due 03/20/2030

      55         48  

Zoetis, Inc.

 

2.000% due 05/15/2030

      144         120  

3.000% due 05/15/2050

      419         293  

4.700% due 02/01/2043

      872         812  

5.400% due 11/14/2025

      349         350  
       

 

 

 
            354,267  
       

 

 

 
UTILITIES 13.1%

 

AEP Texas, Inc.

 

3.450% due 01/15/2050

      666         479  

4.700% due 05/15/2032

      100         96  

5.250% due 05/15/2052

      100         95  

AES Corp.

 

2.450% due 01/15/2031

      1,147         928  

Alabama Power Co.

 

3.940% due 09/01/2032

      578         534  

Ameren Corp.

 

3.500% due 01/15/2031

      1,353         1,208  

Ameren Illinois Co.

 

4.800% due 12/15/2043

      51         45  

American Electric Power Co., Inc.

 

2.300% due 03/01/2030

      100         83  

American Water Capital Corp.

 

2.800% due 05/01/2030

      2,396         2,097  

3.000% due 12/01/2026

      51         47  

4.200% due 09/01/2048

      56         47  

Appalachian Power Co.

 

7.000% due 04/01/2038

      950         1,070  

Arizona Public Service Co.

 

2.200% due 12/15/2031

      61         48  

4.500% due 04/01/2042

      56         48  

AT&T, Inc.

 

1.650% due 02/01/2028

      10         9  

3.500% due 09/15/2053

      1,682         1,192  

3.650% due 09/15/2059

      1,028         716  

4.100% due 02/15/2028

      1,453         1,390  

4.300% due 02/15/2030

      1,953         1,855  

4.350% due 03/01/2029

      904         869  

4.500% due 03/09/2048

      797         675  

4.750% due 05/15/2046

      50         44  

Atmos Energy Corp.

 

1.500% due 01/15/2031

      50         39  

4.150% due 01/15/2043

      1,526         1,321  

 

       
64   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Avangrid, Inc.

 

3.800% due 06/01/2029

  $     453     $     413  

Bell Telephone Co. of Canada

 

3.650% due 03/17/2051

      347         265  

3.650% due 08/15/2052

      63         48  

Berkshire Hathaway Energy Co.

 

1.650% due 05/15/2031

      746         579  

3.700% due 07/15/2030

      5         5  

4.050% due 04/15/2025

      253         247  

6.125% due 04/01/2036

      1,165           1,217  

BG Energy Capital PLC

 

5.125% due 10/15/2041

      110         103  

Bharti Airtel International Netherlands BV

 

5.350% due 05/20/2024

      272         270  

Bharti Airtel Ltd.

 

4.375% due 06/10/2025

      156         152  

Black Hills Corp.

 

3.150% due 01/15/2027

      1,441         1,337  

4.200% due 09/15/2046

      100         79  

BP Capital Markets PLC

 

4.875% due 03/22/2030 •(c)

      51         47  

British Telecommunications PLC

 

5.125% due 12/04/2028

      1,121         1,103  

9.625% due 12/15/2030

      39         48  

Brooklyn Union Gas Co.

 

4.487% due 03/04/2049

      58         45  

CenterPoint Energy Houston Electric LLC

 

4.950% due 04/01/2033

      1,888         1,886  

CenterPoint Energy, Inc.

 

1.450% due 06/01/2026

      646         578  

CMS Energy Corp.

 

4.750% due 06/01/2050 •

      215         185  

Commonwealth Edison Co.

 

4.000% due 03/01/2048

      1,191         997  

Consolidated Edison Co. of New York, Inc.

 

3.000% due 12/01/2060

      283         180  

3.600% due 06/15/2061

      407         296  

3.850% due 06/15/2046

      1,277         990  

6.150% due 11/15/2052

      837         922  

Constellation Energy Generation LLC

 

5.600% due 06/15/2042

      805         779  

Dominion Energy, Inc.

 

1.450% due 04/15/2026

      1,017         914  

3.071% due 08/15/2024 þ

      589         569  

3.375% due 04/01/2030

      10         9  

DTE Electric Co.

 

3.000% due 03/01/2032

      55         47  

3.650% due 03/01/2052

      100         78  

DTE Energy Co.

 

1.050% due 06/01/2025

      260         238  

3.400% due 06/15/2029

      615         551  

Duke Energy Carolinas LLC

 

2.550% due 04/15/2031

      219         186  

2.850% due 03/15/2032

      100         85  

3.550% due 03/15/2052

      100         76  

3.875% due 03/15/2046

      60         48  

6.000% due 12/01/2028

      617         646  

Duke Energy Corp.

 

2.450% due 06/01/2030

      278         234  

2.550% due 06/15/2031

      10         8  

3.400% due 06/15/2029

      10         9  

3.500% due 06/15/2051

      146         106  

3.750% due 09/01/2046

      100         76  

3.950% due 10/15/2023

      571         568  

4.300% due 03/15/2028

      260         250  

4.500% due 08/15/2032

      1,119           1,055  

5.000% due 08/15/2052

      178         163  

Duke Energy Florida LLC

 

2.400% due 12/15/2031

      497         409  

3.400% due 10/01/2046

      100         75  

5.650% due 04/01/2040

      11         11  

5.950% due 11/15/2052

      100         109  

Duke Energy Progress LLC

 

3.400% due 04/01/2032

      100         89  

3.450% due 03/15/2029

      10         9  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

3.600% due 09/15/2047

  $     100     $     77  

4.000% due 04/01/2052

      100         81  

5.250% due 03/15/2033

      1,146         1,165  

Duquesne Light Holdings, Inc.

 

3.616% due 08/01/2027

      53         48  

East Ohio Gas Co.

 

1.300% due 06/15/2025

      10         9  

Edison International

 

3.550% due 11/15/2024

      60         58  

5.750% due 06/15/2027

      502         502  

Electricite de France SA

 

4.875% due 01/22/2044

      811         670  

6.900% due 05/23/2053

      1,044         1,083  

Enel Finance International NV

 

1.375% due 07/12/2026

      138         122  

4.250% due 06/15/2025

      517         502  

4.625% due 06/15/2027

      592         573  

5.000% due 06/15/2032

      1,094         1,035  

5.500% due 06/15/2052

      398         360  

6.000% due 10/07/2039

      872         857  

Entergy Corp.

 

0.900% due 09/15/2025

      10         9  

1.900% due 06/15/2028

      10         9  

2.400% due 06/15/2031

      75         61  

2.800% due 06/15/2030

      2,250           1,910  

Evergy, Inc.

 

2.450% due 09/15/2024

      155         149  

2.900% due 09/15/2029

      73         64  

Eversource Energy

 

0.800% due 08/15/2025

      9         8  

1.650% due 08/15/2030

      764         606  

4.600% due 07/01/2027

      1,069         1,043  

Exelon Corp.

 

4.050% due 04/15/2030

      1,926         1,802  

4.450% due 04/15/2046

      210         179  

Fells Point Funding Trust

 

3.046% due 01/31/2027

      1,637         1,506  

Florida Power & Light Co.

 

3.150% due 10/01/2049

      916         669  

4.125% due 02/01/2042

      100         88  

Fortis, Inc.

 

3.055% due 10/04/2026

      28         26  

Galaxy Pipeline Assets Bidco Ltd.

 

1.750% due 09/30/2027

      3         3  

Idaho Power Co.

 

4.200% due 03/01/2048

      21         18  

Indiana Michigan Power Co.

 

4.250% due 08/15/2048

      1,476         1,245  

Interstate Power & Light Co.

 

3.100% due 11/30/2051

      28         19  

3.700% due 09/15/2046

      25         19  

6.250% due 07/15/2039

      8         9  

Kentucky Utilities Co.

 

5.125% due 11/01/2040

      100         96  

5.450% due 04/15/2033

      2,078         2,118  

KeySpan Gas East Corp.

 

2.742% due 08/15/2026

      1,667         1,515  

LLPL Capital Pte. Ltd.

 

6.875% due 02/04/2039

      222         199  

MidAmerican Energy Co.

 

4.250% due 07/15/2049

      1,357         1,156  

National Rural Utilities Cooperative Finance Corp.

 

4.400% due 11/01/2048

      1,341         1,152  

New York State Electric & Gas Corp.

 

2.150% due 10/01/2031

      100         78  

NextEra Energy Capital Holdings, Inc.

 

1.900% due 06/15/2028

      60         51  

2.250% due 06/01/2030

      58         48  

2.750% due 11/01/2029

      3,753         3,256  

4.800% due 12/01/2077 •

      402         354  

NiSource, Inc.

 

0.950% due 08/15/2025

      10         9  

Northern States Power Co.

 

2.900% due 03/01/2050

      1         0  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

NSTAR Electric Co.

 

4.400% due 03/01/2044

  $     43     $     38  

Oklahoma Gas & Electric Co.

 

4.150% due 04/01/2047

      10         8  

4.550% due 03/15/2044

      30         25  

Oncor Electric Delivery Co. LLC

 

3.100% due 09/15/2049

      172         122  

ONEOK, Inc.

 

3.400% due 09/01/2029

      581         507  

4.550% due 07/15/2028

      573         544  

5.200% due 07/15/2048

      1,135         969  

6.100% due 11/15/2032

      689         701  

Pacific Gas & Electric Co.

 

2.500% due 02/01/2031

      20         16  

3.250% due 06/01/2031

      1,200         977  

3.300% due 08/01/2040

      150         101  

3.450% due 07/01/2025

      128         120  

3.750% due 07/01/2028

      722         647  

3.950% due 12/01/2047

      740         505  

4.550% due 07/01/2030

      103         93  

4.650% due 08/01/2028

      52         48  

4.950% due 07/01/2050

      103         81  

5.450% due 06/15/2027

      305         297  

5.900% due 06/15/2032

      100         96  

6.100% due 01/15/2029

      1,000         985  

PacifiCorp

 

4.150% due 02/15/2050

      70         54  

PECO Energy Co.

 

3.000% due 09/15/2049

      68         47  

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

 

4.000% due 06/30/2050

      607         434  

Piedmont Natural Gas Co., Inc.

 

2.500% due 03/15/2031

      58         47  

3.500% due 06/01/2029

      442         401  

Pinnacle West Capital Corp.

 

1.300% due 06/15/2025

      50         46  

Plains All American Pipeline LP

 

3.550% due 12/15/2029

      133         117  

5.150% due 06/01/2042

      657         546  

Public Service Co. of Colorado

 

3.550% due 06/15/2046

      52         37  

Public Service Electric & Gas Co.

 

4.650% due 03/15/2033

      1,676           1,646  

Public Service Enterprise Group, Inc.

 

0.800% due 08/15/2025

      928         840  

Puget Sound Energy, Inc.

 

5.795% due 03/15/2040

      30         31  

San Diego Gas & Electric Co.

 

1.700% due 10/01/2030

      10         8  

Saudi Electricity Global Sukuk Co.

 

5.500% due 04/08/2044

      255         253  

Sempra Energy

 

3.300% due 04/01/2025

      1,552         1,489  

3.700% due 04/01/2029

      845         773  

Shell International Finance BV

 

2.875% due 05/10/2026

      1,300         1,239  

Sinopec Group Overseas Development Ltd.

 

1.450% due 01/08/2026

      79         72  

2.150% due 05/13/2025

      254         239  

4.125% due 09/12/2025

      210         204  

Southern California Edison Co.

 

2.850% due 08/01/2029

      1,198         1,048  

3.650% due 02/01/2050

      1,314         979  

4.125% due 03/01/2048

      1,160         943  

5.850% due 11/01/2027

      689         705  

5.950% due 11/01/2032

      100         105  

Southern California Gas Co.

 

4.125% due 06/01/2048

      999         813  

4.450% due 03/15/2044

      52         44  

Southern Power Co.

 

5.150% due 09/15/2041

      635         596  

Southwest Gas Corp.

 

4.050% due 03/15/2032

      353         318  

5.450% due 03/23/2028

      1,280         1,277  

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     65
    


Table of Contents
Schedule of Investments   PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund   (Cont.)  

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Southwestern Electric Power Co.

 

4.100% due 09/15/2028

  $     486     $     461  

Southwestern Public Service Co.

 

3.150% due 05/01/2050

      10         7  

3.700% due 08/15/2047

      9         7  

6.000% due 10/01/2036

      1,032           1,047  

Tampa Electric Co.

 

4.350% due 05/15/2044

      30         26  

5.000% due 07/15/2052

      100         93  

Union Electric Co.

 

3.900% due 04/01/2052

      100         82  

Verizon Communications, Inc.

 

2.355% due 03/15/2032

      3,122         2,512  

2.550% due 03/21/2031

      1,250         1,044  

3.150% due 03/22/2030

      54         48  

4.125% due 03/16/2027

      1,474         1,432  

4.125% due 08/15/2046

      740         609  

4.400% due 11/01/2034

      454         419  

4.500% due 08/10/2033

      60         57  

4.812% due 03/15/2039

      396         371  

4.862% due 08/21/2046

      889         816  

Virginia Electric & Power Co.

 

3.750% due 05/15/2027

      213         204  

4.625% due 05/15/2052

      100         89  

6.000% due 01/15/2036

      60         63  

8.875% due 11/15/2038

      1,390         1,850  

Vistra Operations Co. LLC

 

4.300% due 07/15/2029

      566         502  

Vodafone Group PLC

 

4.125% due 05/30/2025

      157         153  

7.875% due 02/15/2030

      109         125  

WEC Energy Group, Inc.

 

2.200% due 12/15/2028

      1,197         1,031  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Wisconsin Power & Light Co.

 

3.950% due 09/01/2032

  $     929     $     858  

Wisconsin Public Service Corp.

 

3.671% due 12/01/2042

      3         2  

Xcel Energy, Inc.

 

4.600% due 06/01/2032

      50         47  
       

 

 

 
          97,126  
       

 

 

 

Total Corporate Bonds & Notes
(Cost $774,442)

      714,591  
 

 

 

 
U.S. TREASURY OBLIGATIONS 4.3%

 

U.S. Treasury Bonds

 

3.000% due 08/15/2052 (j)

      5,646         4,803  

3.375% due 08/15/2042

      2,402         2,181  

4.000% due 11/15/2042

      3,186         3,167  

4.000% due 11/15/2052

      1,534         1,576  

U.S. Treasury Notes

 

2.750% due 08/15/2032

      6,387         5,856  

3.375% due 05/15/2033 (j)

      14,300         13,793  
       

 

 

 

Total U.S. Treasury Obligations
(Cost $31,879)

    31,376  
 

 

 

 
SHORT-TERM INSTRUMENTS 0.3%

 

REPURCHASE AGREEMENTS (i) 0.3%

 

          2,584  
       

 

 

 
Total Short-Term Instruments
(Cost $2,584)
    2,584  
       

 

 

 
 
Total Investments in Securities
(Cost $808,905)
    748,551  
 

 

 

 
        SHARES         MARKET
VALUE
(000S)
 
INVESTMENTS IN AFFILIATES 0.4%

 

SHORT-TERM INSTRUMENTS 0.4%

 

MUTUAL FUNDS 0.4%

 

PIMCO Government Money Market Fund

 

5.210% (d)(e)(g)

      2,927,697     $     2,928  
       

 

 

 
Total Short-Term Instruments
(Cost $2,928)
    2,928  
 

 

 

 
       
Total Investments in Affiliates
(Cost $2,928)
    2,928  
 
Total Investments 101.3%
(Cost $811,833)

 

  $       751,479  

Financial Derivative
Instruments (k) 0.0%

(Cost or Premiums, net $511)

 

 

      64  
Other Assets and Liabilities, net (1.3)%     (9,484
 

 

 

 
Net Assets 100.0%

 

  $     742,059  
   

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

*

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

 

^

Security is in default.

 

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

 

þ

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

 

(a)

When-issued security.

 

(b)

Security is not accruing income as of the date of this report.

 

(c)

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

 

(d)

Institutional Class Shares of each Fund.

 

(e)

Securities with an aggregate market value of $2,871 were out on loan in exchange for $2,928 of cash collateral as of June 30, 2023. See Note 5(e), Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral.

 

(f)

Contingent convertible security.

 

(g)

Coupon represents a 7-Day Yield.

(h)  RESTRICTED SECURITIES:

 

Issuer Description    Coupon     Maturity
Date
    Acquisition
Date
    Cost     Market
Value
    Market Value
as Percentage
of Net Assets
 

Citigroup, Inc.

     2.561     05/01/2032       06/21/2021     $ 1,516     $ 1,225       0.17

Citigroup, Inc.

     2.572       06/03/2031       07/01/2021 - 07/29/2022       487       417       0.06  

Citigroup, Inc.

     3.057       01/25/2033       01/18/2022       168       140       0.02  

Citigroup, Inc.

     6.270       11/17/2033       11/09/2022       689       732       0.10  

Deutsche Bank AG

     2.129       11/24/2026       08/11/2021 - 12/27/2022       1,171       1,138       0.15  

General Motors Co.

     6.800       10/01/2027       11/04/2021 - 03/23/2023       552       531       0.07  

Oracle Corp.

     1.650       03/25/2026       03/06/2023 - 05/24/2023       414       411       0.06  

Oracle Corp.

     2.300       03/25/2028       09/23/2021 - 12/27/2022       1,134       1,047       0.14  

Oracle Corp.

     3.950       03/25/2051       04/09/2021 - 05/24/2023       2,718       2,023       0.27  

Oracle Corp.

     5.800       11/10/2025       05/09/2023       72       71       0.01  
        

 

 

   

 

 

   

 

 

 
       $     8,921     $     7,735       1.05
      

 

 

   

 

 

   

 

 

 

 

       
66   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(i)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate
    Settlement
Date
    Maturity
Date
    Principal
Amount
    Collateralized By   Collateral
(Received)
    Repurchase
Agreements,
at Value
    Repurchase
Agreement
Proceeds
to  be
Received(1)
 
FICC     2.400     06/30/2023       07/03/2023     $     2,584     U.S. Treasury Notes 1.500% due 01/31/2027   $ (2,636   $ 2,584     $ 2,584  
           

 

 

   

 

 

   

 

 

 

Total Repurchase Agreements

 

    $     (2,636   $     2,584     $     2,584  
   

 

 

   

 

 

   

 

 

 

REVERSE REPURCHASE AGREEMENTS:

 

Counterparty   Borrowing
Rate(2)
    Settlement
Date
    Maturity
Date
    Amount
Borrowed(2)
    Payable for
Reverse
Repurchase
Agreements
 

BSN

    5.180     05/04/2023       07/06/2023     $ (967   $ (975

DEU

    5.060       06/26/2023       07/10/2023           (7,029     (7,036
    5.130       06/22/2023       07/06/2023       (6,896     (6,907
         

 

 

 

Total Reverse Repurchase Agreements

 

      $     (14,918
         

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:

 

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(3)  

Global/Master Repurchase Agreement

 

BSN

  $ 0     $ (975   $     0     $ 0     $ (975   $ 936     $ (39

DEU

    0           (13,943     0       0           (13,943         13,793           (150

FICC

        2,584       0       0       0       2,584       (2,636     (52

Master Securities Lending Agreement

 

BMO

    0       0       0       1,296       1,296       (1,321     (25

BCY

    0       0       0       6       6       (6     (0

GSC

    0       0       0       1,277       1,277       (1,303     (26

RDR

    0       0       0       292       292       (298     (6
 

 

 

   

 

 

   

 

 

   

 

 

       

Total Borrowings and Other Financing Transactions

  $ 2,584     $ (14,918   $ 0     $     2,871        
 

 

 

   

 

 

   

 

 

   

 

 

       

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

 

     Overnight and
Continuous
    Up to 30 days     31-90 days     Greater Than 90 days     Total  

Securities Lending Transactions(4)

 

Corporate Bonds & Notes

  $ 2,928     $ 0     $ 0     $ 0     $ 2,928  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 2,928     $ 0     $ 0     $ 0     $ 2,928  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reverse Repurchase Agreements

 

U.S. Treasury Obligations

    0       (14,918     0       0       (14,918
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 0     $ (14,918   $ 0     $ 0     $ (14,918
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Borrowings

  $     2,928     $     (14,918   $     0     $     0     $     (11,990
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Payable for reverse repurchase agreements and securities on loan - cash collateral

 

  $ (11,990
         

 

 

 

 

(j)

Securities with an aggregate market value of $14,728 have been pledged as collateral under the terms of the above master agreements as of June 30, 2023.

 

(1)

Includes accrued interest.

(2)

The average amount of borrowings outstanding during the period ended June 30, 2023 was $(3,351) at a weighted average interest rate of 4.933%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(3)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(4) 

Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     67
    


Table of Contents
Schedule of Investments   PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund   (Cont.)  

 

(k)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

 

Description   Expiration
Month
    # of
Contracts
    Notional
Amount
    Unrealized
Appreciation/
(Depreciation)
    Variation Margin  
  Asset     Liability  

U.S. Treasury 10-Year Note September Futures

    09/2023       4     $     449     $ (8   $ 1     $ 0  
       

 

 

   

 

 

   

 

 

 

Total Futures Contracts

 

  $     (8   $     1     $     0  
 

 

 

   

 

 

   

 

 

 

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(1)

 

Reference Entity   Fixed
Receive Rate
  Payment
Frequency
  Maturity
Date
   

Implied
Credit Spread at

June 30, 2023(2)

    Notional
Amount(3)
    Premiums
Paid/(Received)
    Unrealized
Appreciation/
(Depreciation)
    Market
Value(4)
    Variation Margin  
  Asset      Liability  

National Rural Utilities Cooperative Finance Corp.

  1.000%   Quarterly     12/20/2026       0.235     $    100     $     3     $     (1   $     2     $     0      $     0  
           

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

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

 

Index/Tranches

  Fixed
Receive Rate
    Payment
Frequency
    Maturity
Date
    Notional
Amount(3)
    Premiums
Paid/(Received)
    Unrealized
Appreciation/
(Depreciation)
    Market
Value(4)
    Variation Margin  
  Asset     Liability  

CDX.IG-37 5-Year Index

    1.000     Quarterly       12/20/2026     $ 200     $ 4     $ (1   $ 3     $ 0     $ 0  

CDX.IG-38 5-Year Index

    1.000       Quarterly       06/20/2027           1,200       5       14       19       1       0  

CDX.IG-39 5-Year Index

    1.000       Quarterly       12/20/2027       2,200       27       6       33       3       0  

CDX.IG-40 5-Year Index

    1.000       Quarterly       6/20/2028       43,700       472       198       670       59       0  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
        $ 508     $ 217     $ 725     $ 63     $ 0  
         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Swap Agreements

 

  $     511     $     216     $     727     $     63     $     0  
       

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:

 

    Financial Derivative Assets           Financial Derivative Liabilities  
    Market Value     Variation Margin
Asset
   

Total

          Market Value     Variation Margin
Liability
   

Total

 
     Purchased
Options
    Futures     Swap
Agreements
          Written
Options
    Futures     Swap
Agreements
 

Total Exchange-Traded or Centrally Cleared

  $     0     $     1     $     63     $     64       $     0     $     0     $     0     $     0  
 

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

 

 

 

Cash of $2,178 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

 

 

(1)

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

(2)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(3)

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

(4)

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

 

       
68   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:

 

    Derivatives not accounted for as hedging instruments  
     Commodity
Contracts
    Credit
Contracts
    Equity
Contracts
    Foreign
Exchange
Contracts
    Interest
Rate Contracts
    Total  

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $ 1     $ 1  

Swap Agreements

    0       63       0       0       0       63  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $     0     $     63     $     0     $     0     $     1     $     64  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

 

    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

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $ 376     $ 376  

Swap Agreements

    0       813       0       0       (4     809  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 813     $ 0     $ 0     $ 372     $ 1,185  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Swap Agreements

  $ 0     $ 0     $ 0     $ 0     $ 265     $ 265  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 813     $ 0     $ 0     $ 637     $     1,450  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $ 33     $ 33  

Swap Agreements

    0       662       0       0       0       662  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 662     $ 0     $ 0     $ 33     $ 695  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Swap Agreements

  $ 0     $ 0     $ 0     $ 0     $     (104   $ (104
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $     0     $     662     $     0     $     0     $ (71   $ 591  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Securities, at Value

 

Corporate Bonds & Notes

 

Banking & Finance

  $     0     $     263,198     $     0     $     263,198  

Industrials

    0       354,267       0       354,267  

Utilities

    0       97,126       0       97,126  

U.S. Treasury Obligations

    0       31,376       0       31,376  

Short-Term Instruments

 

Repurchase Agreements

    0       2,584       0       2,584  
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 748,551     $ 0     $ 748,551  
 

 

 

   

 

 

   

 

 

   

 

 

 

Investments in Affiliates, at Value

 

Short-Term Instruments

 

Mutual Funds

  $ 2,928     $ 0     $ 0     $ 2,928  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments

  $     2,928     $ 748,551     $ 0     $ 751,479  
 

 

 

   

 

 

   

 

 

   

 

 

 
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

  $ 0     $ 64     $ 0     $ 64  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Financial Derivative Instruments

  $ 0     $ 64     $ 0     $ 64  
 

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $     2,928     $     748,615     $     0     $     751,543  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     69
    


Table of Contents
Schedule of Investments   PIMCO Active Bond Exchange-Traded Fund         

 

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
INVESTMENTS IN SECURITIES 110.0%

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6%

 

Air Canada

 

8.839% (LIBOR03M + 3.500%) due 08/11/2028 ~

  $     2,574     $     2,578  

American Airlines, Inc.

 

10.000% (LIBOR03M + 4.750%) due 04/20/2028 ~

      3,700         3,784  

Avolon TLB Borrower 1 (U.S.) LLC

 

7.396% (LIBOR01M + 2.250%) due 12/01/2027 ~

      1,274         1,274  

Castlelake LP

 

2.950% (LIBOR03M + 2.950%) due 05/13/2031 «~

      5,760         5,241  

SkyMiles IP Ltd.

 

8.798% due 10/20/2027

      4,410         4,586  

United Airlines, Inc.

 

9.292% (LIBOR03M + 3.750%) due 04/21/2028 ~

      1,563         1,565  

Zephyrus Capital Aviation Partners LLC

 

4.605% due 10/15/2038

      1,944         1,708  
       

 

 

 

Total Loan Participations and Assignments
(Cost $21,251)

      20,736  
 

 

 

 
CORPORATE BONDS & NOTES 23.0%

 

BANKING & FINANCE 15.1%

 

AerCap Ireland Capital DAC

 

3.875% due 01/23/2028

      2,100         1,933  

Aircastle Ltd.

 

4.250% due 06/15/2026

      3,800         3,581  

American Assets Trust LP

 

3.375% due 02/01/2031

      2,800         2,193  

American Homes 4 Rent LP

 

4.250% due 02/15/2028

      2,900         2,732  

American Tower Corp.

 

3.650% due 03/15/2027

      3,000         2,812  

AmFam Holdings, Inc.

 

2.805% due 03/11/2031

      700         524  

Antares Holdings LP

 

2.750% due 01/15/2027

      4,050         3,331  

3.750% due 07/15/2027

      3,700         3,099  

3.950% due 07/15/2026

      1,000         879  

Arch Capital Group Ltd.

 

3.635% due 06/30/2050

      6,900         5,066  

Ares Capital Corp.

 

2.875% due 06/15/2027

      6,000         5,205  

2.875% due 06/15/2028

      4,000         3,313  

3.250% due 07/15/2025

      1,800         1,666  

Ares Finance Co. LLC

 

3.250% due 06/15/2030

      3,500         2,950  

Aviation Capital Group LLC

 

3.500% due 11/01/2027

      500         442  

Avolon Holdings Funding Ltd.

 

2.875% due 02/15/2025

      3,900         3,629  

4.250% due 04/15/2026

      1,800         1,678  

Banco Santander SA

 

2.958% due 03/25/2031

      2,200         1,816  

3.490% due 05/28/2030

      1,400         1,222  

Bank of America Corp.

 

2.687% due 04/22/2032 •

      10,000         8,292  

3.593% due 07/21/2028 •

      7,000         6,513  

4.948% due 07/22/2028 •

      4,000         3,932  

5.202% due 04/25/2029 •

      8,400         8,313  

6.204% due 11/10/2028 •

      1,800         1,852  

Barclays PLC

 

2.667% due 03/10/2032 •

      800         629  

4.972% due 05/16/2029 •

      1,000         946  

7.385% due 11/02/2028 •

      7,000         7,297  

7.437% due 11/02/2033 •

      5,000         5,412  

BGC Partners, Inc.

 

3.750% due 10/01/2024

      3,300         3,117  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Blackstone Holdings Finance Co. LLC

 

1.625% due 08/05/2028

  $     3,000     $     2,483  

Blue Owl Finance LLC

 

3.125% due 06/10/2031

      4,300         3,276  

BNP Paribas SA

 

1.904% due 09/30/2028 •

      3,200         2,729  

2.159% due 09/15/2029 •

      800         667  

2.591% due 01/20/2028 •

      7,500         6,710  

4.500% due 02/25/2030 •(e)(g)

      200         142  

4.625% due 02/25/2031 •(e)(g)

      2,000         1,432  

BPCE SA

 

5.975% due 01/18/2027 •

      4,000         3,964  

Brixmor Operating Partnership LP

 

4.050% due 07/01/2030

      2,000         1,806  

4.125% due 05/15/2029

      3,000         2,680  

Carlyle Finance Subsidiary LLC

 

3.500% due 09/19/2029

      4,500         3,957  

CI Financial Corp.

 

3.200% due 12/17/2030

      4,000         3,003  

Citigroup, Inc.

 

2.976% due 11/05/2030 •

      4,700         4,077  

3.785% due 03/17/2033 •(h)

      4,500         3,978  

4.075% due 04/23/2029 •

      3,000         2,827  

Credit Suisse AG

 

5.000% due 07/09/2027

      3,500         3,381  

6.500% due 08/08/2023 (g)

      15,400         15,343  

Credit Suisse AG AT1 Claim^

      8,900         356  

Crown Castle, Inc.

 

3.100% due 11/15/2029

      2,200         1,919  

DAE Sukuk Difc Ltd.

 

3.750% due 02/15/2026

      1,300         1,237  

Deutsche Bank AG

 

2.311% due 11/16/2027 •

      4,500         3,870  

2.552% due 01/07/2028 •

      6,500         5,641  

3.547% due 09/18/2031 •

      600         499  

3.742% due 01/07/2033 •

      900         661  

3.961% due 11/26/2025 •

      5,300         5,056  

6.720% due 01/18/2029 •

      2,500         2,506  

Doctors Co. An Interinsurance Exchange

 

4.500% due 01/18/2032

      7,800         6,193  

Equitable Holdings, Inc.

 

5.594% due 01/11/2033

      1,000         982  

F&G Global Funding

 

2.000% due 09/20/2028

      800         661  

Fairfax Financial Holdings Ltd.

 

4.850% due 04/17/2028

      300         289  

5.625% due 08/16/2032

      2,000         1,933  

Farmers Insurance Exchange

 

4.747% due 11/01/2057 •

      2,000         1,573  

Fidelity National Financial, Inc.

 

2.450% due 03/15/2031

      1,050         823  

3.400% due 06/15/2030

      1,800         1,574  

First American Financial Corp.

 

4.000% due 05/15/2030

      4,000         3,510  

Ford Motor Credit Co. LLC

 

2.700% due 08/10/2026

      3,600         3,217  

2.900% due 02/10/2029

      2,000         1,657  

6.950% due 03/06/2026

      1,500         1,509  

Freedom Mortgage Corp.

 

8.250% due 04/15/2025

      1,564         1,527  

FS KKR Capital Corp.

 

1.650% due 10/12/2024

      1,000         930  

2.625% due 01/15/2027

      4,000         3,414  

3.125% due 10/12/2028

      1,200         978  

3.400% due 01/15/2026

      1,900         1,730  

GA Global Funding Trust

 

2.250% due 01/06/2027

      7,500           6,650  

3.850% due 04/11/2025

      1,000         953  

Global Atlantic Fin Co.

 

4.400% due 10/15/2029

      6,000         5,066  

GLP Capital LP

 

4.000% due 01/15/2030

      5,100         4,425  

5.300% due 01/15/2029

      400         381  

5.750% due 06/01/2028

      3,000         2,938  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Goldman Sachs Group, Inc.

 

2.650% due 10/21/2032 •

  $     2,600     $     2,120  

3.102% due 02/24/2033 •

      2,500         2,113  

4.482% due 08/23/2028 •

      10,000         9,675  

6.941% (SOFRRATE + 1.850%) due 03/15/2028 ~

      3,000         3,047  

Golub Capital BDC, Inc.

 

2.050% due 02/15/2027

      1,500         1,263  

2.500% due 08/24/2026

      3,000         2,597  

Goodman U.S. Finance Three LLC

 

3.700% due 03/15/2028

      5,000         4,538  

Healthcare Realty Holdings LP

 

3.750% due 07/01/2027

      4,600         4,251  

HSBC Holdings PLC

 

2.251% due 11/22/2027 •

      4,000         3,552  

2.804% due 05/24/2032 •

      2,000         1,619  

2.848% due 06/04/2031 •

      7,000         5,812  

4.583% due 06/19/2029 •

      5,300         4,993  

4.755% due 06/09/2028 •

      2,500         2,404  

5.402% due 08/11/2033 •

      4,200         4,109  

Hyundai Capital Services, Inc.

 

0.750% due 09/15/2023

      5,000         4,947  

ING Groep NV

 

3.875% due 05/16/2027 •(e)(g)

      600         430  

4.250% due 05/16/2031 •(e)(g)

      600         401  

Intesa Sanpaolo SpA

 

4.950% due 06/01/2042 •

      4,000         2,639  

JPMorgan Chase & Co.

 

2.963% due 01/25/2033 •

      5,500         4,635  

4.323% due 04/26/2028 •

      9,500         9,175  

4.565% due 06/14/2030 •

      12,000         11,542  

5.350% due 06/01/2034

      14,000         14,117  

KKR Financial Holdings LLC

 

5.400% due 05/23/2033

      6,000         5,592  

KKR Group Finance Co. LLC

 

3.250% due 12/15/2051

      1,000         643  

3.750% due 07/01/2029

      1,250         1,114  

Liberty Mutual Group, Inc.

 

4.125% due 12/15/2051 •

      4,000         3,151  

4.300% due 02/01/2061

      4,800         3,033  

Life Storage LP

 

3.875% due 12/15/2027

      2,100         1,952  

Lloyds Banking Group PLC

 

4.976% due 08/11/2033 •

      8,500         7,956  

5.871% due 03/06/2029 •

      5,000         4,964  

7.500% due 09/27/2025 •(e)(g)

      5,000         4,688  

Low Income Investment Fund

 

3.711% due 07/01/2029

      2,500         2,244  

LXP Industrial Trust

 

2.375% due 10/01/2031

      3,500         2,667  

Maple Grove Funding Trust

 

4.161% due 08/15/2051

      5,500         3,862  

Massachusetts Mutual Life Insurance Co.

 

5.077% due 02/15/2069 •

      3,250         2,968  

Mitsubishi UFJ Financial Group, Inc.

 

3.195% due 07/18/2029

      1,500         1,327  

5.354% due 09/13/2028 •

      2,500         2,483  

MMcapS Funding Ltd.

 

5.832% (US0003M + 0.290%) due 12/26/2039 ~

      564         524  

Morgan Stanley

 

0.000% due 04/02/2032 þ(h)

      9,000         5,625  

2.511% due 10/20/2032 •

      4,700         3,798  

5.164% due 04/20/2029 •

      2,000         1,977  

5.250% due 04/21/2034

      2,400         2,371  

6.296% due 10/18/2028 •

      20,000           20,569  

NatWest Group PLC

 

4.600% due 06/28/2031 •(e)(g)

      200         139  

New York Life Insurance Co.

 

4.450% due 05/15/2069

      3,700         3,088  

Nissan Motor Acceptance Co. LLC

 

1.850% due 09/16/2026

      4,500         3,820  

Nomura Holdings, Inc.

 

1.653% due 07/14/2026

      3,000         2,641  

2.608% due 07/14/2031

      4,000         3,177  

 

       
70   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

2.710% due 01/22/2029

  $     950     $     802  

5.842% due 01/18/2028

      1,500         1,504  

Nordea Bank Abp

 

3.750% due 03/01/2029 •(e)(g)

      5,000         3,712  

6.125% due 09/23/2024 •(e)(g)

      550         520  

6.625% due 03/26/2026 •(e)(g)

      5,600         5,308  

Ohio National Financial Services, Inc.

 

6.800% due 01/24/2030

      3,300         3,072  

Omega Healthcare Investors, Inc.

 

4.750% due 01/15/2028

      3,350         3,063  

Owl Rock Capital Corp.

 

2.875% due 06/11/2028

      4,300         3,508  

4.000% due 03/30/2025

      1,700         1,595  

Pacific Life Insurance Co.

 

9.250% due 06/15/2039

      5,000         6,602  

Park Aerospace Holdings Ltd.

 

5.500% due 02/15/2024

      699         691  

Physicians Realty LP

 

4.300% due 03/15/2027

      2,000         1,885  

Preferred Term Securities Ltd.

 

5.852% (US0003M + 0.300%) due 03/22/2037 ~

      1,861         1,637  

Realty Income Corp.

 

3.250% due 01/15/2031

      2,100         1,838  

RGA Global Funding

 

2.700% due 01/18/2029

      2,900         2,501  

Santander Holdings USA, Inc.

 

2.490% due 01/06/2028 •

      3,400         2,940  

6.499% due 03/09/2029 •

      1,700         1,683  

Santander U.K. Group Holdings PLC

 

3.823% due 11/03/2028 •

      5,000         4,505  

6.534% due 01/10/2029 •

      5,000         5,039  

6.833% due 11/21/2026 •

      3,000         3,009  

Societe Generale SA

 

6.446% due 01/10/2029 •

      6,300         6,316  

6.691% due 01/10/2034 •

      2,500         2,547  

Spirit Realty LP

 

4.450% due 09/15/2026

      700         660  

Sumitomo Mitsui Financial Group, Inc.

 

5.520% due 01/13/2028

      4,000         4,019  

5.766% due 01/13/2033

      3,000         3,088  

Trust Fibra Uno

 

4.869% due 01/15/2030

      4,900         4,334  

6.950% due 01/30/2044

      300         255  

UBS Group AG

 

5.125% due 07/29/2026 •(e)(g)

      800         699  

6.373% due 07/15/2026 •

      1,600         1,590  

7.000% due 02/19/2025 •(e)(g)

      200         191  

Wells Fargo & Co.

 

2.572% due 02/11/2031 •

      9,500         8,049  

2.879% due 10/30/2030 •

      1,000         865  

4.897% due 07/25/2033 •

      10,000         9,598  

Willis North America, Inc.

 

2.950% due 09/15/2029

      1,300         1,120  
       

 

 

 
            526,584  
       

 

 

 
INDUSTRIALS 6.4%

 

Air Canada

 

3.875% due 08/15/2026

      1,000         928  

Air Canada Pass-Through Trust

 

5.250% due 10/01/2030

      1,783         1,731  

American Airlines Pass-Through Trust

 

3.375% due 11/01/2028

      8,137         7,305  

3.700% due 04/01/2028

      1,710         1,540  

4.000% due 01/15/2027

      2,335         2,109  

American Airlines, Inc.

 

5.500% due 04/20/2026

      3,900         3,867  

5.750% due 04/20/2029

      1,400         1,361  

Ashtead Capital, Inc.

 

4.250% due 11/01/2029

      5,000         4,542  

Bacardi Ltd.

 

5.150% due 05/15/2038

      1,200         1,129  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

BAT Capital Corp.

 

4.390% due 08/15/2037

  $     3,200     $     2,562  

Boeing Co.

 

5.150% due 05/01/2030

      2,000         1,982  

Bowdoin College

 

4.693% due 07/01/2112

      3,400         2,859  

Broadcom, Inc.

 

2.450% due 02/15/2031

      10,000         8,137  

3.187% due 11/15/2036

      3,600         2,723  

3.469% due 04/15/2034

      500         410  

4.000% due 04/15/2029

      2,000         1,849  

4.110% due 09/15/2028

      1,000         945  

California Institute of Technology

 

4.283% due 09/01/2116

      3,000         2,280  

CDW LLC

 

2.670% due 12/01/2026

      3,000         2,697  

Centene Corp.

 

3.000% due 10/15/2030

      1,500         1,251  

Charter Communications Operating LLC

 

2.800% due 04/01/2031

      2,100         1,691  

5.050% due 03/30/2029

      2,000         1,908  

Cheniere Energy Partners LP

 

3.250% due 01/31/2032

      2,000         1,648  

Choice Hotels International, Inc.

 

3.700% due 12/01/2029

      6,700         5,785  

Claremont Mckenna College

 

3.775% due 01/01/2122

      3,000         2,081  

CommonSpirit Health

 

4.187% due 10/01/2049

      7,300         5,930  

Corebridge Financial, Inc.

 

3.850% due 04/05/2029

      2,000         1,801  

CVS Health Corp.

 

5.300% due 12/05/2043

      2,000         1,915  

DAE Funding LLC

 

2.625% due 03/20/2025

      4,000         3,766  

3.375% due 03/20/2028

      5,000         4,512  

Dell International LLC

 

5.300% due 10/01/2029

      7,400         7,351  

Delta Air Lines, Inc.

 

3.750% due 10/28/2029

      3,400         3,061  

4.750% due 10/20/2028

      5,000         4,857  

Discovery Communications LLC

 

4.000% due 09/15/2055

      300         200  

Energy Transfer LP

 

5.550% due 02/15/2028

      2,500         2,495  

Expedia Group, Inc.

 

3.250% due 02/15/2030

      2,200         1,916  

Ferguson Finance PLC

 

3.250% due 06/02/2030

      2,000         1,738  

Flex Intermediate Holdco LLC

 

3.363% due 06/30/2031

      2,700         2,150  

4.317% due 12/30/2039

      2,700         1,955  

Flex Ltd.

 

4.875% due 06/15/2029

      2,000         1,914  

General Electric Co.

 

4.250% due 05/01/2040

      6,000         4,874  

Georgetown University

 

5.215% due 10/01/2118

      6,560         6,032  

Global Payments, Inc.

 

3.200% due 08/15/2029

      600         522  

5.400% due 08/15/2032

      5,100         4,972  

HCA, Inc.

 

3.625% due 03/15/2032

      3,000         2,605  

Imperial Brands Finance PLC

 

3.500% due 07/26/2026

      5,000           4,660  

3.875% due 07/26/2029

      3,000         2,647  

Infor, Inc.

 

1.750% due 07/15/2025

      2,600         2,375  

Las Vegas Sands Corp.

 

3.500% due 08/18/2026

      1,100         1,025  

Massachusetts Institute of Technology

 

4.678% due 07/01/2114

      1,360         1,270  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Melco Resorts Finance Ltd.

 

5.750% due 07/21/2028

  $     400     $     354  

Micron Technology, Inc.

 

5.375% due 04/15/2028

      1,900         1,883  

Mileage Plus Holdings LLC

 

6.500% due 06/20/2027

      4,080         4,094  

MPLX LP

 

4.250% due 12/01/2027

      2,000         1,901  

National Fuel Gas Co.

 

2.950% due 03/01/2031

      3,900         3,123  

New York & Presbyterian Hospital

 

4.763% due 08/01/2116

      3,000         2,557  

Nissan Motor Co. Ltd.

 

4.345% due 09/17/2027

      2,500         2,275  

NXP BV

 

5.000% due 01/15/2033

      900         865  

Oracle Corp.

 

4.900% due 02/06/2033

      1,000         971  

Pacific National Finance Pty. Ltd.

 

4.750% due 03/22/2028

      4,300         3,910  

Petroleos Mexicanos

 

6.490% due 01/23/2027

      311         277  

6.700% due 02/16/2032

      4,600         3,502  

Prosus NV

 

3.680% due 01/21/2030

      2,700         2,294  

4.193% due 01/19/2032

      2,300         1,938  

Quanta Services, Inc.

 

2.900% due 10/01/2030

      2,000         1,701  

Reynolds American, Inc.

 

5.850% due 08/15/2045

      710         632  

Rockies Express Pipeline LLC

 

3.600% due 05/15/2025

      3,000         2,838  

Studio City Finance Ltd.

 

6.000% due 07/15/2025

      200         186  

T-Mobile USA, Inc.

 

2.700% due 03/15/2032

      2,500         2,067  

Targa Resources Corp.

 

6.125% due 03/15/2033

      3,000         3,067  

Tennessee Gas Pipeline Co. LLC

 

2.900% due 03/01/2030

      8,000         6,838  

Time Warner Cable LLC

 

6.550% due 05/01/2037

      600         576  

7.300% due 07/01/2038

      2,500         2,550  

Trustees of the University of Pennsylvania

 

4.674% due 09/01/2112

      1,180         1,053  

Turkish Airlines Pass-Through Trust

 

4.200% due 09/15/2028

      2,746         2,530  

U.S. Airways Pass-Through Trust

 

3.950% due 05/15/2027

      1,726         1,612  

United Airlines Pass-Through Trust

 

3.100% due 01/07/2030

      994         900  

3.450% due 01/07/2030

      2,981         2,580  

4.550% due 08/25/2031

      2,028         1,810  

United Airlines, Inc.

 

4.375% due 04/15/2026

      3,400         3,233  

4.625% due 04/15/2029

      2,500         2,280  

Vmed O2 U.K. Financing PLC

 

4.750% due 07/15/2031

      3,900         3,247  

VMware, Inc.

 

2.200% due 08/15/2031

      2,000         1,572  

Wesleyan University

 

4.781% due 07/01/2116

      3,248         2,755  

Westinghouse Air Brake Technologies Corp.

 

4.950% due 09/15/2028

      6,130         5,909  
       

 

 

 
            221,743  
       

 

 

 
UTILITIES 1.5%

 

Enel Finance International NV

 

7.500% due 10/14/2032

      2,000         2,219  

Israel Electric Corp. Ltd.

 

3.750% due 02/22/2032

      6,300         5,391  

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     71
    


Table of Contents
Schedule of Investments   PIMCO Active Bond Exchange-Traded Fund   (Cont.)  

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Metropolitan Edison Co.

 

4.300% due 01/15/2029

  $     600     $     568  

NGPL PipeCo LLC

 

4.875% due 08/15/2027

      3,200         3,035  

Pacific Gas & Electric Co.

 

2.500% due 02/01/2031

      2,400         1,881  

3.300% due 08/01/2040

      2,200         1,485  

3.500% due 08/01/2050

      500         319  

4.450% due 04/15/2042

      2,000         1,517  

4.500% due 07/01/2040

      1,700         1,324  

4.550% due 07/01/2030

      5,200         4,710  

4.950% due 07/01/2050

      1,700         1,337  

5.900% due 06/15/2032

      1,500         1,445  

6.150% due 01/15/2033

      2,200         2,153  

Pennsylvania Electric Co.

 

3.250% due 03/15/2028

      1,100         998  

3.600% due 06/01/2029

      2,000         1,818  

5.150% due 03/30/2026

      900         887  

Puget Energy, Inc.

 

4.224% due 03/15/2032 (h)

      3,000         2,699  

Texas Electric Market Stabilization Funding N LLC

 

5.057% due 08/01/2048

      15,500         15,205  

Toledo Edison Co.

 

2.650% due 05/01/2028

      2,918         2,582  
       

 

 

 
          51,573  
       

 

 

 

Total Corporate Bonds & Notes (Cost $868,712)

      799,900  
 

 

 

 
MUNICIPAL BONDS & NOTES 1.5%

 

CALIFORNIA 0.6%

 

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021

 

3.487% due 06/01/2036

      3,300         2,700  

3.850% due 06/01/2050

      4,290         3,895  

Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021

 

2.587% due 06/01/2029

      2,515         2,152  

Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020

 

3.706% due 05/15/2120

      2,000         1,342  

University of California Revenue Bond, Series 2012

 

4.858% due 05/15/2112

      10,501         9,362  

University of California Revenue Bonds, Series 2015

 

4.767% due 05/15/2115

      2,100         1,837  
       

 

 

 
          21,288  
       

 

 

 
GEORGIA 0.0%

 

Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010

 

6.637% due 04/01/2057

      1,074         1,229  
       

 

 

 
ILLINOIS 0.2%

 

State of Illinois

 

7.350% due 07/01/2035

      6,314         6,812  
       

 

 

 
MICHIGAN 0.1%

 

University of Michigan Revenue Bonds, Series 2022

 

4.454% due 04/01/2122

      2,000         1,740  
       

 

 

 
NEW JERSEY 0.1%

 

Rutgers, The State University of New Jersey Revenue Bonds, Series 2019

 

3.915% due 05/01/2119

      5,400         3,906  
       

 

 

 
NEW YORK 0.2%

 

New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2006

 

6.027% due 01/01/2046

      600         611  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Port Authority of New York & New Jersey Revenue Bonds, Series 2018

 

5.072% due 07/15/2053

  $     6,000     $     6,147  
       

 

 

 
          6,758  
       

 

 

 
TEXAS 0.1%

 

Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019

 

3.922% due 12/31/2049

      4,200         3,416  
       

 

 

 
VIRGINIA 0.1%

 

University of Virginia Revenue Bonds, Series 2019

 

3.227% due 09/01/2119

      6,500         4,087  
       

 

 

 
WEST VIRGINIA 0.1%

 

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020

 

4.875% due 06/01/2049

      4,940         4,495  
       

 

 

 

Total Municipal Bonds & Notes (Cost $63,227)

      53,731  
 

 

 

 
U.S. GOVERNMENT AGENCIES 41.5%

 

Fannie Mae

 

0.000% due 07/25/2031 - 02/25/2040 (b)(d)

    82         70  

0.000% due 05/25/2042 •

      134         97  

0.850% due 09/25/2042 •(a)

      21,279         2,608  

1.270% due 04/25/2040 •(a)

      33         2  

2.050% due 05/25/2036 •(a)

      756         62  

3.000% due 03/25/2033 - 05/01/2052

      6,101         5,381  

3.500% due 06/25/2042

      517         485  

4.000% due 10/01/2026 - 05/01/2053

      50,407         47,344  

4.030% due 11/01/2035 •

      2         2  

4.218% due 09/01/2034 •

      20         20  

4.321% due 01/25/2036 •

      86         75  

4.500% due 09/01/2024 - 06/01/2051

      944         903  

5.000% due 05/01/2026 - 07/01/2053

      170,937         167,749  

5.195% due 04/01/2036 •

      4         4  

5.500% due 12/01/2031 - 04/01/2039

      541         532  

5.630% due 12/01/2028 •

      136         135  

6.000% due 05/25/2031 - 09/01/2037

      499         501  

6.500% due 01/01/2036 - 05/01/2038

      46         47  

7.000% due 04/01/2037 - 03/01/2038

      43         44  

7.500% due 10/01/2037

      59         61  

Freddie Mac

 

0.000% due 01/15/2033 - 07/15/2039 (b)(d)

      373         331  

0.000% due 06/15/2040 ~(a)

      7,686         310  

0.000% due 12/15/2040 - 11/15/2048 •(a)

      20,779         581  

0.000% due 01/15/2041 - 06/15/2042 •

      4,482         3,797  

3.000% due 01/01/2043 - 05/01/2052

      110,802         97,712  

3.500% due 12/15/2028 (a)

      544         18  

3.500% due 10/01/2033 - 04/01/2049

      43,254         40,014  

4.000% due 09/01/2033 - 06/01/2049

      51,445         49,140  

4.105% due 07/01/2036 •

      2         2  

4.500% due 02/01/2034 - 11/01/2044

      3,485         3,418  

4.973% due 12/01/2031 •

      42         41  

5.000% due 03/01/2033 - 07/15/2041

      319         314  

5.250% due 04/15/2033

      21         21  

5.381% due 05/15/2033 •

      27         26  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

5.500% due 08/01/2025 - 10/01/2037

  $     713     $     707  

5.763% due 10/15/2023 •

      2         2  

6.000% due 12/01/2034 - 08/01/2037

      83         84  

6.500% due 01/01/2037 - 07/01/2037

      18         18  

9.500% due 01/01/2025

      4         4  

10.000% due 04/01/2025

      1         1  

Ginnie Mae

 

3.500% due 12/20/2040 - 03/20/2047

      8,823         8,251  

4.000% due 09/20/2040 - 06/15/2047

      13,519         13,040  

4.500% due 08/20/2038 - 02/20/2047

      1,436         1,392  

4.750% due 01/20/2035

      48         47  

5.000% due 03/20/2034 - 04/20/2040

      292         288  

5.500% due 04/16/2034 - 11/20/2038

      32         32  

6.000% due 08/20/2038 - 02/20/2039

      53         54  

6.500% due 12/20/2038

      25         25  

Ginnie Mae, TBA

 

3.500% due 08/01/2053

      102,800         95,002  

Tennessee Valley Authority

 

4.250% due 09/15/2065

      10,000         8,984  

Tennessee Valley Authority STRIPS

 

0.000% due 06/15/2038 (d)

      2,500         1,228  

Uniform Mortgage-Backed Security

 

2.500% due 06/01/2051 - 07/01/2051

      119,239         101,575  

3.000% due 03/01/2050 - 07/01/2052

      112,185         99,099  

3.500% due 06/01/2045 - 07/01/2052

      114,716         105,620  

4.000% due 01/01/2024 - 01/01/2053

      144,171         136,733  

4.500% due 06/01/2039 - 10/01/2052

      127,351         122,871  

5.000% due 09/01/2052

      24,156         23,896  

Uniform Mortgage-Backed Security, TBA

 

2.500% due 08/01/2053

      82,378         69,970  

3.000% due 08/01/2053

      153,366         135,196  

4.500% due 08/01/2053

      60,000         57,717  

5.000% due 08/01/2053

      40,000         39,203  
       

 

 

 

Total U.S. Government Agencies (Cost $1,486,575)

      1,442,886  
 

 

 

 
U.S. TREASURY OBLIGATIONS 18.8%

 

U.S. Treasury Bonds

 

3.375% due 08/15/2042 (j)

      275,000         249,745  

3.625% due 05/15/2053

      15,000         14,419  

U.S. Treasury Notes

 

3.500% due 01/31/2028

      170,000         165,106  

3.625% due 05/15/2026 (j)

      25,000         24,394  

3.750% due 06/30/2030

      100,000         98,687  

4.625% due 03/15/2026

      100,000         100,121  
       

 

 

 

Total U.S. Treasury Obligations (Cost $661,640)

    652,472  
 

 

 

 
NON-AGENCY MORTGAGE-BACKED SECURITIES 7.7%

 

American Home Mortgage Investment Trust

 

5.510% due 12/25/2046 •

      3,083         2,587  

Arbor Multifamily Mortgage Securities Trust

 

2.756% due 05/15/2053

      4,600         3,934  

BAMLL Commercial Mortgage Securities Trust

 

6.393% due 03/15/2034 •

      5,385         5,311  

Banc of America Funding Trust

 

3.925% due 08/27/2036 ~

      7,821         7,211  

Barclays Commercial Mortgage Securities Trust

 

4.314% due 12/15/2051

      1,000         943  

BCAP LLC Trust

 

5.450% due 05/25/2047 ^•

      1,588         1,476  

 

       
72   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Bear Stearns ALT-A Trust

 

5.790% due 04/25/2034 «•

  $     10     $     9  

BFLD Trust

 

6.351% due 10/15/2034 •

      2,320         2,303  

BWAY Mortgage Trust

 

6.443% due 09/15/2036 •

      5,000         4,698  

BX Commercial Mortgage Trust

 

5.923% due 10/15/2036 •

      1,639         1,589  

Chase Mortgage Finance Trust

 

6.000% due 05/25/2036

      3,546         1,651  

ChaseFlex Trust

 

6.500% due 02/25/2037

      3,875         1,492  

CIM Trust

 

5.500% due 08/25/2064 ~

      13,855         13,677  

Citigroup Commercial Mortgage Trust

 

3.209% due 05/10/2049

      7,800         7,234  

3.778% due 09/10/2058

      8,100         7,648  

Citigroup Mortgage Loan Trust

 

5.470% due 09/25/2036 •

      593         560  

5.500% due 08/25/2034

      1,241         1,198  

5.950% due 08/25/2035 ^•

      286         275  

Commercial Mortgage Trust

 

6.494% due 12/15/2038 •

      6,400           5,967  

Countrywide Alternative Loan Trust

 

5.400% due 06/25/2037 ^•

      524         440  

5.500% due 07/25/2035

      1,056         775  

5.500% due 08/25/2035

      309         266  

5.500% due 12/25/2035

      707         504  

5.500% due 02/25/2036

      1,427         1,135  

5.510% due 05/25/2047 •

      149         128  

5.750% due 05/25/2036

      362         155  

5.797% due 12/20/2035 •

      3,136         2,928  

6.000% due 04/25/2037

      2,928         2,501  

6.250% due 08/25/2036

      328         194  

Countrywide Home Loan Mortgage Pass-Through Trust

 

3.793% due 02/20/2036 ~

      553         484  

3.826% due 03/20/2036 ~

      540         482  

3.884% due 11/25/2037 ~

      2,310         2,112  

5.690% due 03/25/2035 •

      71         63  

Countrywide Home Loan Reperforming REMIC Trust

 

5.490% due 01/25/2036 •

      1,192         1,094  

Credit Suisse First Boston Mortgage Securities Corp.

 

4.234% due 11/25/2034 «~

      21         19  

5.800% due 11/25/2031 «•

      27         16  

Credit Suisse Mortgage Capital Certificates

 

2.436% due 02/25/2061 ~

      1,770         1,641  

6.000% due 07/25/2037 ^

      371         310  

Credit Suisse Mortgage Capital Mortgage-Backed Trust

 

5.500% due 03/25/2037

      736         408  

6.421% due 10/25/2037 ~

      2,966         1,840  

Credit Suisse Mortgage Capital Trust

 

1.796% due 12/27/2060 ~

      2,185         2,024  

1.926% due 07/27/2061 ~

      3,373         3,111  

2.691% due 03/25/2060 ~

      4,653         4,515  

3.023% due 08/25/2060 ~

      3,475         3,389  

Deutsche ALT-A Securities, Inc. Mortgage Loan Trust

 

5.630% due 01/25/2047 •

      3,871         3,530  

Deutsche ALT-B Securities, Inc. Mortgage Loan Trust

 

5.431% due 02/25/2036 ~

      138         121  

5.665% due 02/25/2036 ~

      1,284         1,120  

EQUS Mortgage Trust

 

5.948% due 10/15/2038 •

      4,700         4,570  

GCAT LLC

 

2.981% due 09/25/2025 þ

      1,931         1,889  

Great Hall Mortgages PLC

 

5.644% due 06/18/2039 •

      767         759  

GS Mortgage Securities Corp. Trust

 

8.547% due 08/15/2039 •

      2,300         2,302  

GSMPS Mortgage Loan Trust

 

5.500% due 01/25/2036 •

      1,970         1,606  

GSR Mortgage Loan Trust

 

3.657% due 11/25/2035 ~

      7         6  

3.935% due 01/25/2036 ~

      1,082         1,060  

4.250% due 09/25/2034 ~

      100         99  

6.000% due 03/25/2036

      4,151         1,690  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

6.500% due 05/25/2036

  $     625     $     214  

HarborView Mortgage Loan Trust

 

5.537% due 01/19/2038 •

      2,987           2,766  

5.567% due 12/19/2036 •

      2,180         1,822  

5.697% due 03/19/2035 •

      836         821  

Impac Secured Assets Trust

 

5.550% due 11/25/2036 •

      350         346  

IndyMac INDX Mortgage Loan Trust

 

3.609% due 09/25/2036 ~

      1,518         1,032  

JP Morgan Alternative Loan Trust

 

4.667% due 12/25/2035 ^~

      491         366  

JP Morgan Chase Commercial Mortgage Securities Corp.

 

6.493% due 05/15/2034 •

      5,000         4,952  

JP Morgan Chase Commercial Mortgage Securities Trust

 

3.648% due 12/15/2049 ~

      3,700         3,435  

JP Morgan Mortgage Trust

 

4.121% due 02/25/2036 ^~

      772         604  

4.186% due 07/25/2035 ~

      14         13  

6.000% due 08/25/2037 ^

      802         436  

6.500% due 01/25/2036 ^

      4,925         2,721  

Key Commercial Mortgage Securities Trust

 

2.233% due 09/16/2052

      10,000         8,168  

Legacy Mortgage Asset Trust

 

1.750% due 07/25/2061 þ

      1,255         1,180  

1.875% due 10/25/2068 þ

      3,323         3,059  

1.892% due 10/25/2066 þ

      1,596         1,496  

1.991% due 09/25/2060 ~

      485         478  

2.250% due 07/25/2067 þ

      2,109         1,959  

Lehman XS Trust

 

4.976% due 11/25/2035 «•

      12         11  

5.510% due 12/25/2036 •

      2,464         2,390  

5.530% due 11/25/2046 •

      2,826         2,459  

MASTR Adjustable Rate Mortgages Trust

 

3.590% due 04/25/2034 «~

      162         125  

4.038% due 03/25/2035 «~

      28         26  

7.480% due 12/25/2035 •

      3,306         3,239  

Merrill Lynch Mortgage Investors Trust

 

5.710% due 07/25/2029 «•

      115         106  

6.002% due 05/25/2029 «~

      11         9  

MFA Trust

 

1.014% due 01/26/2065 ~

      1,991         1,782  

1.324% due 01/26/2065 ~

      542         487  

1.381% due 04/25/2065 ~

      3,448         3,098  

1.632% due 01/26/2065 ~

      1,042         923  

1.638% due 04/25/2065 ~

      1,425         1,282  

MHC Commercial Mortgage Trust

 

6.062% due 04/15/2038 •

      5,875         5,773  

Mill City Mortgage Loan Trust

 

2.750% due 07/25/2059 ~

      2,730         2,566  

2.750% due 08/25/2059 ~

      757         706  

Morgan Stanley Mortgage Loan Trust

 

6.115% due 06/25/2036 ~

      2,427         2,386  

Natixis Commercial Mortgage Securities Trust

 

6.143% due 08/15/2038 •

      900         841  

New York Mortgage Trust

 

1.670% due 08/25/2061 þ

      3,286         2,996  

Nomura Asset Acceptance Corp. Alternative Loan Trust

 

5.400% due 06/25/2037 •

      5,813         5,027  

Nomura Resecuritization Trust

 

6.500% due 10/26/2037

      1,833         898  

OBX Trust

 

6.120% due 11/25/2062 ~

      6,135         6,110  

6.567% due 06/25/2063

      3,900         3,899  

One New York Plaza Trust

 

6.143% due 01/15/2036 •

      6,100         5,789  

Preston Ridge Partners Mortgage LLC

 

3.720% due 02/25/2027 þ

      3,930         3,740  

RBSGC Mortgage Loan Trust

 

5.530% due 12/25/2034 •

      1,361         1,208  

Residential Accredit Loans, Inc. Trust

 

6.000% due 06/25/2036

      1,320         1,053  

6.000% due 12/25/2036 ^

      1,051         844  

6.500% due 07/25/2037 ^

      2,261         1,823  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Residential Asset Securitization Trust

 

5.500% due 08/25/2034

  $     1,427     $     1,367  

5.700% due 08/25/2033 «•

      21         18  

Residential Funding Mortgage Securities, Inc. Trust

 

6.000% due 06/25/2036 ^

      449         373  

Sequoia Mortgage Trust

 

5.608% due 02/20/2035 «•

      386         353  

5.857% due 07/20/2033 •

      15         13  

Starwood Mortgage Residential Trust

 

1.439% due 11/25/2055 ~

      614         548  

1.593% due 11/25/2055 ~

      793         710  

Thornburg Mortgage Securities Trust

 

3.442% due 10/25/2046 •

      926         874  

7.151% due 06/25/2037 •

      227         193  

Towd Point Mortgage Trust

 

3.250% due 07/25/2058 ~

      4,737         4,532  

Verus Securitization Trust

 

1.824% due 11/25/2066 ~

      3,048         2,561  

3.035% due 03/25/2060 ~

      100         95  

3.889% due 03/25/2060 ~

      300         283  

WaMu Mortgage Pass-Through Certificates Trust

 

3.168% due 01/25/2037 ^~

      2,441         2,078  

3.809% due 07/25/2037 ^~

      2,116         1,958  

5.476% due 10/25/2046 •

      1,032         933  

Washington Mutual Mortgage Pass-Through Certificates Trust

 

4.163% due 10/25/2036 ^þ

      7,491         2,800  

4.946% due 05/25/2046 ^•

      386         314  

5.670% due 12/25/2035 •

      7,075         6,214  

Wells Fargo Commercial Mortgage Trust

 

2.448% due 06/15/2053

      13,900         11,442  

3.451% due 02/15/2048

      3,500         3,326  

Wells Fargo Mortgage-Backed Securities Trust

 

4.531% due 12/28/2037 ~

      1,428         1,259  

4.890% due 08/25/2036 ^~

      284         266  

Worldwide Plaza Trust

 

3.526% due 11/10/2036

      8,900         7,512  
       

 

 

 

Total Non-Agency Mortgage-Backed Securities (Cost $296,471)

      266,535  
 

 

 

 
ASSET-BACKED SECURITIES 15.5%

 

510 Asset-Backed Trust

 

2.240% due 06/25/2061 þ

      2,015         1,862  

522 Funding CLO Ltd.

 

6.290% due 10/20/2031 •

      4,400         4,340  

AASET Trust

 

2.798% due 01/15/2047

      2,521         2,144  

3.844% due 01/16/2038

      1,472         933  

3.967% due 05/16/2042

      988         825  

ACE Securities Corp. Home Equity Loan Trust

 

5.650% due 10/25/2036 •

      4,586         1,747  

ACREC Ltd.

 

6.308% due 10/16/2036 •

      1,947         1,920  

Aegis Asset-Backed Securities Trust

 

5.870% due 08/25/2035 •

      152         146  

ALESCO Preferred Funding Ltd.

 

5.870% due 12/23/2036 •

      958         812  

6.290% due 09/23/2038 •

      2,260         2,034  

Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates

 

2.817% due 06/25/2033 •

      3,707         3,397  

Apex Credit CLO Ltd.

 

6.500% due 09/20/2029 •

      1,945         1,933  

Argent Securities Trust

 

5.530% due 03/25/2036 •

      3,374         2,965  

Argent Securities, Inc. Asset-Backed Pass-Through Certificates

 

5.610% due 01/25/2036 •

      5,071         4,601  

Asset-Backed Funding Certificates Trust

 

5.290% due 10/25/2036 •

      1,246         1,138  

5.310% due 01/25/2037 •

      1,898         1,101  

5.630% due 09/25/2036 •

      3,913         3,731  

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     73
    


Table of Contents
Schedule of Investments   PIMCO Active Bond Exchange-Traded Fund   (Cont.)  

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Asset-Backed Securities Corp. Home Equity Loan Trust

 

5.855% due 11/25/2035 •

  $     2,214     $     2,165  

5.960% due 06/25/2034 •

      2,541         2,413  

5.975% due 04/25/2034 •

      719         683  

8.418% due 08/15/2032 •

      345         325  

Atlas Senior Loan Fund Ltd.

 

6.410% due 01/16/2030 •

      5,401         5,375  

Bear Stearns Asset-Backed Securities Trust

 

5.183% due 03/25/2034 •

      2,037         2,006  

5.317% due 12/25/2034 •

      1,775         1,756  

5.610% due 11/25/2036 •

      3,200         2,935  

6.275% due 03/25/2035 •

      383         378  

BSPRT Issuer Ltd.

 

7.443% due 07/15/2039 •

      4,000         3,985  

BXMT Ltd.

 

6.616% due 11/15/2037 •

      7,500         7,169  

Carlyle Global Market Strategies CLO Ltd.

 

6.271% due 08/14/2030 •

      9,374         9,313  

Carrington Mortgage Loan Trust

 

5.310% due 10/25/2036 •

      2,494         1,959  

5.410% due 02/25/2037 •

      4,509         4,080  

6.200% due 05/25/2035 •

      4,755         4,550  

6.280% due 04/17/2031 •

      3,300         3,261  

Castlelake Aircraft Securitization Trust

 

4.125% due 06/15/2043

      586         529  

Cathedral Lake Ltd.

 

1.929% due 10/20/2030

      8,247         7,724  

CIT Mortgage Loan Trust

 

6.500% due 10/25/2037 •

      251         250  

6.650% due 10/25/2037 •

      5,000         4,868  

Citigroup Mortgage Loan Trust

 

5.410% due 03/25/2037 •

      231         195  

5.470% due 09/25/2036 •

      1,133         828  

5.825% due 10/25/2035 ^•

      485         469  

6.050% due 01/25/2036 •

      1,780         1,716  

6.664% due 05/25/2036 þ

      4,317         1,729  

CLNC Ltd.

 

6.455% due 08/20/2035 •

      125         123  

Countrywide Asset-Backed Certificates Trust

 

5.290% due 06/25/2035 •

      2,994         2,609  

5.290% due 05/25/2037 •

      3,057         2,818  

5.350% due 06/25/2047 ^•

      7,611         6,587  

5.370% due 09/25/2037 ^•

      1,805         1,810  

5.380% due 04/25/2047 •

      6,800           6,189  

5.950% due 08/25/2047 •

      300         297  

6.200% due 09/25/2034 «•

      441         424  

Daimler Trucks Retail Trust

 

5.390% due 01/15/2030

      2,500         2,482  

Diamond Issuer

 

2.305% due 11/20/2051

      1,800         1,539  

Dryden Senior Loan Fund

 

6.268% due 04/15/2029 •

      7,150         7,114  

ECMC Group Student Loan Trust

 

6.150% due 01/27/2070 •

      3,517         3,441  

EMC Mortgage Loan Trust

 

6.250% due 08/25/2040 •

      939         901  

First Franklin Mortgage Loan Asset-Backed Certificates

 

5.975% due 05/25/2034 •

      1,556         1,525  

First Franklin Mortgage Loan Trust

 

5.260% due 12/25/2037 •

      2,591         2,431  

5.470% due 10/25/2036 •

      3,264         2,198  

5.750% due 11/25/2035 «•

      229         214  

6.335% due 12/25/2034 •

      1,475         1,436  

6.575% due 10/25/2034 •

      1,004         1,000  

Fremont Home Loan Trust

 

6.020% due 11/25/2034 •

      5,894         5,113  

6.200% due 11/25/2034 •

      429         401  

Galaxy CLO Ltd.

 

6.230% due 10/15/2030 •

      682         677  

GSAA Home Equity Trust

 

5.590% due 03/25/2047 •

      2,922         1,151  

GSAMP Trust

 

5.900% due 01/25/2034 •

      948         901  

5.930% due 07/25/2045 •

      2,342         2,254  

7.025% due 08/25/2034 •

      4,885         4,493  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Hertz Vehicle Financing LLC

 

1.990% due 06/25/2026

  $     2,300     $     2,136  

2.330% due 06/26/2028

      4,700         4,137  

Home Equity Asset Trust

 

5.630% due 08/25/2037 •

      589         580  

Home Equity Mortgage Loan Asset-Backed Trust

 

5.340% due 07/25/2037 •

      7,953         3,245  

5.390% due 11/25/2036 •

      6,129         4,570  

Horizon Aircraft Finance Ltd.

 

3.721% due 07/15/2039

      3,782         3,267  

JP Morgan Mortgage Acquisition Corp.

 

5.735% due 05/25/2035 •

      2,321         2,268  

JP Morgan Mortgage Acquisition Trust

 

3.815% due 07/25/2036 •

      1,510         1,370  

5.530% due 07/25/2036 •

      1,100         1,052  

KDAC Aviation Finance Ltd.

 

4.212% due 12/15/2042

      2,613         2,173  

KKR CLO Ltd.

 

6.210% due 07/15/2030 •

      8,028         7,965  

LCCM Trust

 

6.461% due 12/13/2038 •

      2,900         2,834  

6.711% due 11/15/2038 •

      3,000         2,966  

LCM LP

 

6.250% due 07/20/2030 •

      8,349         8,293  

Lehman XS Trust

 

4.284% due 06/25/2036 þ

      2,006         1,883  

6.260% due 11/25/2035 þ

      3,257         1,512  

LL ABS Trust

 

1.070% due 05/15/2029

      374         364  

LoanCore Issuer Ltd.

 

6.493% due 11/15/2038 •

      3,300         3,166  

Long Beach Mortgage Loan Trust

 

6.200% due 06/25/2035 •

      4,130         3,998  

6.300% due 09/25/2034 •

      705         690  

Lunar Aircraft Ltd.

 

3.376% due 02/15/2045

      1,995         1,739  

Madison Park Funding Ltd.

 

6.103% due 04/22/2027 •

      1,037         1,031  

Magnetite Ltd.

 

6.201% due 11/15/2028 •

      2,880         2,862  

Marathon CLO Ltd.

 

6.410% due 04/15/2029 •

      1,812         1,809  

Marble Point CLO Ltd.

 

6.300% due 10/15/2030 •

      3,582         3,558  

Merrill Lynch Mortgage Investors Trust

 

3.929% due 02/25/2037 ^þ

      12,256         1,691  

METAL LLC

 

4.581% due 10/15/2042

      2,815         1,714  

MF1 Ltd.

 

6.417% due 02/19/2037 •

      7,300         7,138  

6.961% due 11/15/2035 •

      3,846         3,809  

MKS CLO Ltd.

 

6.250% due 07/20/2030 •

      3,365         3,330  

Morgan Stanley ABS Capital, Inc. Trust

 

5.220% due 10/25/2036 •

      72         31  

5.280% due 01/25/2037 •

      1,766         810  

5.290% due 05/25/2037 •

      114         99  

5.300% due 10/25/2036 •

      288         152  

5.370% due 11/25/2036 •

      2,926         1,386  

5.650% due 07/25/2036 •

      1,497         578  

5.650% due 08/25/2036 •

      13,395           6,974  

5.810% due 11/25/2035 •

      4,798         4,578  

5.930% due 01/25/2035 •

      112         108  

6.065% due 07/25/2034 •

      769         767  

6.400% due 07/25/2037 •

      6,420         5,382  

Morgan Stanley Mortgage Loan Trust

 

6.465% due 09/25/2046 ^þ

      2,730         928  

Mountain View CLO LLC

 

6.350% due 10/16/2029 •

      2,637         2,621  

Navient Private Education Loan Trust

 

6.643% due 07/16/2040 •

      1,135         1,133  

Navient Private Education Refi Loan Trust

 

1.310% due 01/15/2069

      1,153         1,043  

1.330% due 04/15/2069

      3,344         2,938  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

New Century Home Equity Loan Trust

 

6.035% due 08/25/2034 •

  $     709     $     693  

Nomura Home Equity Loan, Inc. Home Equity Loan Trust

 

5.915% due 05/25/2035 •

      1,139         1,109  

Octane Receivables Trust

 

1.210% due 09/20/2028

      3,355         3,226  

Option One Mortgage Loan Trust

 

5.330% due 04/25/2037 •

      2,272         1,139  

5.430% due 07/25/2036 •

      2,040         1,179  

Pagaya AI Debt Selection Trust

 

1.150% due 05/15/2029

      424         420  

Palmer Square Loan Funding Ltd.

 

6.060% due 10/15/2029 •

      4,376         4,331  

6.179% due 02/20/2028 •

      960         955  

PRET LLC

 

1.744% due 07/25/2051 þ

      1,278         1,183  

1.868% due 07/25/2051 þ

      3,658         3,354  

1.992% due 02/25/2061 þ

      1,420         1,318  

2.487% due 10/25/2051 ~

      1,111         1,011  

5.240% due 04/25/2052 þ

      5,444         5,171  

Raptor Aircraft Finance LLC

 

4.213% due 08/23/2044

      2,033         1,601  

Ready Capital Mortgage Financing LLC

 

7.636% due 10/25/2039 •

      5,392         5,407  

Renaissance Home Equity Loan Trust

 

5.530% due 11/25/2035 •

      846         726  

5.586% due 11/25/2036 þ

      662         243  

5.608% due 05/25/2036 þ

      13,821           6,695  

5.812% due 11/25/2036 þ

      12,195         4,657  

5.893% due 06/25/2037 ^þ

      2,722         820  

6.115% due 08/25/2036 þ

      8,664         3,664  

6.120% due 11/25/2036 þ

      1,166         468  

Residential Asset Mortgage Products Trust

 

4.369% due 03/25/2032 •

      876         779  

5.660% due 03/25/2036 •

      1,389         1,338  

Residential Asset Securities Corp. Trust

 

5.370% due 02/25/2037 •

      4,390         4,188  

Santander Revolving Auto Lease Trust

 

2.510% due 01/26/2032

      3,500         3,323  

Sapphire Aviation Finance Ltd.

 

4.250% due 03/15/2040

      2,107         1,756  

Saranac CLO Ltd.

 

6.684% due 08/13/2031 •

      8,500         8,399  

Saxon Asset Securities Trust

 

1.942% due 05/25/2035 •

      595         421  

2.029% due 03/25/2035 ^•

      363         352  

6.875% due 12/26/2034 •

      1,773         1,290  

6.900% due 12/25/2037 •

      567         517  

Securitized Asset-Backed Receivables LLC Trust

 

5.730% due 12/25/2035 •

      1,726         1,665  

5.930% due 02/25/2034 •

      2,308         2,244  

Shackleton CLO Ltd.

 

6.170% due 10/20/2027 •

      405         404  

Signal Peak CLO Ltd.

 

6.365% due 04/25/2031 •

      3,750         3,726  

SLM Private Credit Student Loan Trust

 

5.822% due 12/15/2039 •

      2,341         2,196  

5.862% due 12/15/2038 •

      385         369  

SLM Private Education Loan Trust

 

9.943% due 10/15/2041 •

      3,266         3,411  

SLM Student Loan Trust

 

6.005% due 04/25/2049

      682         678  

6.155% due 07/25/2023 •

      3,218         3,158  

6.955% due 07/25/2023 •

      1,371         1,370  

SMB Private Education Loan Trust

 

6.000% due 09/15/2054 •

      2,662         2,610  

Sound Point CLO Ltd.

 

6.173% due 01/23/2029 •

      4,469         4,463  

6.235% due 07/25/2030 •

      10,888         10,764  

6.300% due 10/20/2028 •

      4,192         4,188  

6.460% due 07/20/2032 •

      13,000         12,764  

Soundview Home Loan Trust

 

5.400% due 07/25/2037 •

      3,889         2,966  

 

       
74   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Specialty Underwriting & Residential Finance Trust

 

5.450% due 09/25/2037 •

  $     6,405     $     4,445  

Starwood Commercial Mortgage Trust

 

6.358% due 04/18/2038 •

      10,100         9,734  

Stonepeak ABS

 

2.301% due 02/28/2033

      755         683  

Structured Asset Investment Loan Trust

 

5.323% due 07/25/2036 •

      4,814         2,871  

5.780% due 11/25/2035 •

      2,355         2,256  

5.855% due 03/25/2034 •

      2,290         2,209  

6.650% due 11/25/2034 •

      3,668           3,655  

Structured Asset Securities Corp. Mortgage Loan Trust

 

6.020% due 07/25/2035 •

      3,343         3,328  

6.185% due 07/25/2035 •

      2,915         2,825  

Theorem Funding Trust

 

1.210% due 12/15/2027

      231         230  

1.850% due 02/15/2028

      461         454  

THL Credit Wind River CLO Ltd.

 

6.340% due 04/15/2031 •

      9,000         8,890  

TPG Real Estate Finance Issuer Ltd.

 

6.358% due 03/15/2038 •

      7,202         6,952  

6.717% due 02/15/2039 •

      5,000         4,863  

Venture CLO Ltd.

 

6.140% due 04/15/2027 •

      4,368         4,355  

6.150% due 10/20/2028 •

      3,781         3,765  

6.240% due 07/20/2030 •

      4,717         4,650  

6.270% due 04/20/2029 •

      4,706         4,700  

6.300% due 07/20/2030 •

      3,662         3,627  

6.311% due 09/07/2030 •

      9,951         9,869  

6.320% due 07/15/2031 •

      4,700         4,640  

6.493% due 08/28/2029 •

      7,788         7,748  

Vertical Bridge Holdings LLC

 

2.636% due 09/15/2050

      8,000         7,305  

3.706% due 02/15/2057

      2,400         1,960  

Vibrant CLO Ltd.

 

6.290% due 09/15/2030 •

      7,527         7,442  

Voya CLO Ltd.

 

6.248% due 10/15/2030 •

      2,796         2,777  

WaMu Asset-Backed Certificates WaMu Trust

 

5.375% due 05/25/2037 •

      2,055         1,883  

WAVE LLC

 

3.597% due 09/15/2044

      3,769         3,143  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Wellfleet CLO Ltd.

 

6.140% due 04/20/2029 •

  $     768     $     767  

6.140% due 07/20/2029 •

      458         453  

Wells Fargo Home Equity Asset-Backed Securities Trust

 

5.900% due 12/25/2035 •

      3,100         3,031  

7.700% due 04/25/2035 •

      131         131  

Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates

 

5.750% due 04/25/2034 •

      70         67  
       

 

 

 

Total Asset-Backed Securities (Cost $571,280)

      537,513  
 

 

 

 
SOVEREIGN ISSUES 0.1%

 

Mexico Government International Bond

 

5.750% due 10/12/2110

      4,000         3,580  
       

 

 

 

Total Sovereign Issues (Cost $4,211)

    3,580  
 

 

 

 
        SHARES            
PREFERRED SECURITIES 1.3%

 

FINANCIALS 1.2%

 

American AgCredit Corp.

 

5.250% due 06/15/2026 •(e)

      4,000,000         3,561  

Bank of America Corp.

 

5.875% due 03/15/2028 •(e)

      5,300,000         4,847  

Capital Farm Credit ACA

 

5.000% due 03/15/2026 •(e)

      3,300,000         3,065  

Charles Schwab Corp.

 

4.000% due 12/01/2030 •(e)

      11,000,000         8,079  

5.000% due 12/01/2027 •(e)

      1,900,000         1,450  

CoBank ACB

 

4.250% due 01/01/2027 •(e)

      1,700,000         1,351  

Farm Credit Bank of Texas

 

5.700% due 09/15/2025 •(e)

      4,250,000         3,591  

Goldman Sachs Group, Inc.

 

3.650% due 08/10/2026 •(e)

      6,000,000         4,662  

Northern Trust Corp.

 

4.600% due 10/01/2026 •(e)

      6,000,000         5,319  

PNC Financial Services Group, Inc.

 

3.400% due 09/15/2026 •(e)

      1,000,000         740  
        SHARES         MARKET
VALUE
(000S)
 

SVB Financial Group

 

4.100% due 02/15/2031 ^(c)(e)

      2,800,000     $     201  

Wells Fargo & Co.

 

5.900% due 06/15/2024 ~(e)

      6,800,000         6,718  
       

 

 

 
          43,584  
       

 

 

 
INDUSTRIALS 0.1%

 

Energy Transfer LP

 

6.750% due 05/15/2025 •(e)

      3,000,000         2,700  
       

 

 

 

Total Preferred Securities (Cost $57,330)

      46,284  
 

 

 

 
SHORT-TERM INSTRUMENTS 0.0%

 

REPURCHASE AGREEMENTS (i) 0.0%

 

          1,359  
       

 

 

 
Total Short-Term Instruments
(Cost $1,359)
    1,359  
 

 

 

 
       
Total Investments in Securities (Cost $4,032,056)     3,824,996  
 

 

 

 
INVESTMENTS IN AFFILIATES 0.5%

 

MUTUAL FUNDS (f) 0.5%

 

PIMCO Senior Loan Active Exchange-Traded Fund

      377,300         18,827  
       

 

 

 
Total Mutual Funds (Cost $18,570)     18,827  
 

 

 

 
       
Total Investments in Affiliates (Cost $18,570)     18,827  
       
Total Investments 110.5% (Cost $4,050,626)

 

  $       3,843,823  

Financial Derivative
Instruments (k)(l) 0.0%

(Cost or Premiums, net $1,328)

    19  
Other Assets and Liabilities, net (10.5)%     (364,993
 

 

 

 
Net Assets 100.0%

 

  $     3,478,849  
   

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

*

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

 

^

Security is in default.

 

«

Security valued using significant unobservable inputs (Level 3).

 

~

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

 

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

 

þ

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

 

(a)

Security is an Interest Only (“IO”) or IO Strip.

 

(b)

Principal only security.

 

(c)

Security is not accruing income as of the date of this report.

 

(d)

Zero coupon security.

 

(e)

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

 

(f)

Institutional Class Shares of each Fund.

 

(g)

Contingent convertible security.

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     75
    


Table of Contents
Schedule of Investments   PIMCO Active Bond Exchange-Traded Fund   (Cont.)  

 

(h)  RESTRICTED SECURITIES:

 

Issuer Description    Coupon     Maturity
Date
    Acquisition
Date
    Cost     Market
Value
    Market Value
as Percentage
of Net Assets
 

Citigroup, Inc.

     3.785     03/17/2033       06/07/2023     $ 3,970     $ 3,978       0.11

Morgan Stanley

     0.000       04/02/2032       02/11/2020       7,877       5,625       0.16  

Puget Energy, Inc.

     4.224       03/15/2032       03/14/2022       3,000       2,699       0.08  
        

 

 

   

 

 

   

 

 

 
    $     14,847     $     12,302       0.35
   

 

 

   

 

 

   

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(i)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate
    Settlement
Date
    Maturity
Date
    Principal
Amount
    Collateralized By   Collateral
(Received)
    Repurchase
Agreements,
at Value
    Repurchase
Agreement
Proceeds
to be
Received(1)
 
FICC     2.400     06/30/2023       07/03/2023     $     1,359     U.S. Treasury Notes 1.500% - 1.625% due 10/31/2026 - 01/31/2027   $ (1,387   $ 1,359     $ 1,359  
           

 

 

   

 

 

   

 

 

 

Total Repurchase Agreements

 

    $     (1,387   $     1,359     $     1,359  
   

 

 

   

 

 

   

 

 

 

REVERSE REPURCHASE AGREEMENTS:

 

Counterparty

  Borrowing
Rate(2)
    Settlement
Date
    Maturity
Date
    Amount
Borrowed(2)
    Payable for
Reverse
Repurchase
Agreements
 

BOS

    5.130     06/30/2023       07/03/2023     $ (1,376   $ (1,377
    5.190       06/30/2023       07/03/2023           (12,137     (12,142

DEU

    5.100       06/30/2023       07/06/2023       (3,621     (3,623
         

 

 

 

Total Reverse Repurchase Agreements

 

      $     (17,142
         

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:

 

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(3)  

Global/Master Repurchase Agreement

 

BOS

  $  0     $ (13,519   $ 0     $ 0     $     (13,519   $     13,462     $     (57

DEU

    0       (3,623     0       0       (3,623     3,610       (13

FICC

    1,359       0       0       0       1,359       (1,387     (28
 

 

 

   

 

 

   

 

 

   

 

 

       

Total Borrowings and Other Financing Transactions

  $     1,359     $     (17,142   $     0     $     0        
 

 

 

   

 

 

   

 

 

   

 

 

       

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

 

     Overnight and
Continuous
    Up to 30 days     31-90 days     Greater Than 90 days     Total  

Reverse Repurchase Agreements

 

Corporate Bonds & Notes

  $ 0     $ (13,519   $ 0     $ 0     $ (13,519

U.S. Treasury Obligations

    0       (3,623     0       0       (3,623
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Borrowings

  $     0     $     (17,142   $     0     $     0     $     (17,142
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Payable for reverse repurchase agreements

 

  $ (17,142
 

 

 

 

 

(j)

Securities with an aggregate market value of $17,072 have been pledged as collateral under the terms of the above master agreements as of June 30, 2023.

 

(1)

Includes accrued interest.

(2)

The average amount of borrowings outstanding during the period ended June 30, 2023 was $(21,144) at a weighted average interest rate of 2.180%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

 

       
76   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

(3)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(k)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(1)

 

Reference Entity   Fixed
Receive Rate
  Payment
Frequency
    Maturity
Date
    Implied
Credit Spread at
June 30, 2023(2)
    Notional
Amount(3)
    Premiums
Paid/(Received)
    Unrealized
Appreciation/
(Depreciation)
    Market
Value(4)
    Variation Margin  
  Asset     Liability  

AES Corp.

  5.000%     Quarterly       06/20/2026       0.903     $       3,400     $ 695     $     (306   $ 389     $ 0     $ 0  

American International Group, Inc.

  1.000     Quarterly       12/20/2026       0.611         1,400       30       (12     18       1       0  

AT&T, Inc.

  1.000     Quarterly       06/20/2024       0.553         1,500       0       7       7       1       0  

Boeing Co.

  1.000     Quarterly       12/20/2023       0.378         1,800       12       (6     6       0       0  

Boeing Co.

  1.000     Quarterly       06/20/2026       0.680         1,500       (11     25       14       1       0  

Boeing Co.

  1.000     Quarterly       12/20/2026       0.743         5,300       (22     67       45       3       0  

British Telecommunications PLC

  1.000     Quarterly       12/20/2027       0.978       EUR       200       (1     1       0       0       0  

British Telecommunications PLC

  1.000     Quarterly       06/20/2028       1.083         8,200       (50     20       (30     8       0  

British Telecommunications PLC

  1.000     Quarterly       12/20/2028       1.224         800       (10     1       (9     0       0  

Devon Energy Corp.

  1.000     Quarterly       12/20/2026       0.923       $       2,000       (16     22       6       1       0  

Devon Energy Corp.

  1.000     Quarterly       06/20/2027       1.010         1,000       (26     26       0       1       0  

Energy Transfer Operating LP

  1.000     Quarterly       12/20/2025       0.572         1,100       (14     25       11       0       0  

Ford Motor Credit Co. LLC

  5.000     Quarterly       06/20/2027       2.230         300       16       13       29       0       0  

General Electric Co.

  1.000     Quarterly       12/20/2026       0.648         700       8       0       8       0       0  

General Motors Co.

  5.000     Quarterly       12/20/2026       1.301         2,130       417       (165     252       2       0  

General Motors Co.

  5.000     Quarterly       06/20/2028       1.723         5,605       707       92       799       13       0  

Hess Corp.

  1.000     Quarterly       06/20/2026       0.772         3,600       (86     110       24       2       0  

Rolls-Royce PLC

  1.000     Quarterly       12/20/2025       1.535       EUR       1,400       (143     125       (18     0       0  

Rolls-Royce PLC

  1.000     Quarterly       06/20/2026       1.704         2,100       (215     171       (44     2       0  

Telefonica Emisiones SAU

  1.000     Quarterly       06/20/2028       0.912         300       0       1       1       0       0  

Tesco PLC

  1.000     Quarterly       06/20/2028       0.860         900       1       6       7       3       0  

Valeo SA

  1.000     Quarterly       06/20/2026       1.468         1,800       (25     0       (25     5       0  

Valeo SA

  1.000     Quarterly       06/20/2028       2.439         2,500       (106     (63     (169     17       0  

Verizon Communications, Inc.

  1.000     Quarterly       06/20/2026       0.740       $       900       20       (13     7       1       0  

Verizon Communications, Inc.

  1.000     Quarterly       12/20/2026       0.796         5,600       132       (94     38       7       0  

Verizon Communications, Inc.

  1.000     Quarterly       06/20/2028       0.954         1,500       (4     8       4       4       0  

Williams Cos., Inc.

  1.000     Quarterly       12/20/2026       0.640         2,600       19       12       31       0       (1
             

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Swap Agreements

 

  $     1,328     $ 73     $     1,401     $     72     $     (1
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:

 

    Financial Derivative Assets           Financial Derivative Liabilities  
    Market Value     Variation Margin
Asset
    Total           Market Value     Variation Margin
Liability
    Total  
     Purchased
Options
    Futures     Swap
Agreements
          Written
Options
    Futures     Swap
Agreements
 

Total Exchange-Traded or Centrally Cleared

  $     0     $     0     $     72     $     72       $     0     $     0     $       (1)    $     (1
 

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

 

 

 

Cash of $13,928 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

 

(1)

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

(2)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(3)

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

(4)

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

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     77
    


Table of Contents
Schedule of Investments   PIMCO Active Bond Exchange-Traded Fund   (Cont.)  

 

(l)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

 

Counterparty

  

Settlement
Month

    Currency to
be Delivered
   

Currency to
be Received

    Unrealized Appreciation/
(Depreciation)
 
  Asset     Liability  

CBK

     07/2023     EUR     1,070     $     1,148     $ 0     $ (20

MBC

     07/2023     CAD     1,058         781       0       (18
     07/2023     GBP     454         562       0       (15

TOR

     07/2023     $     799     CAD     1,058       1       (1
     07/2023         577     GBP     454       0       0  
     08/2023     CAD     1,058     $     800       1       0  
     08/2023     GBP     454         577       0       0  
            

 

 

   

 

 

 

Total Forward Foreign Currency Contracts

 

  $     2     $     (54
 

 

 

   

 

 

 

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2023:

 

    Financial Derivative Assets           Financial Derivative Liabilities                     
Counterparty   Forward
Foreign
Currency
Contracts
     Purchased
Options
     Swap
Agreements
     Total
Over the
Counter
           Forward
Foreign
Currency
Contracts
    Written
Options
     Swap
Agreements
     Total
Over the
Counter
    Net Market
Value of OTC
Derivatives
    Collateral
Pledged/
(Received)
     Net
Exposure(1)
 

CBK

  $ 0      $ 0      $ 0      $ 0       $ (20   $ 0      $ 0      $ (20   $     (20   $     0      $     (20

MBC

    0        0        0        0         (33     0        0        (33     (33     0        (33

TOR

    2        0        0        2         (1     0        0        (1     1       0        1  
 

 

 

    

 

 

    

 

 

    

 

 

     

 

 

   

 

 

    

 

 

    

 

 

        

Total Over the Counter

  $     2      $     0      $     0      $     2       $     (54   $     0      $     0      $     (54       
 

 

 

    

 

 

    

 

 

    

 

 

     

 

 

   

 

 

    

 

 

    

 

 

        

 

(1)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:

 

    Derivatives not accounted for as hedging instruments  
     Commodity
Contracts
    Credit
Contracts
    Equity
Contracts
    Foreign
Exchange
Contracts
    Interest
Rate Contracts
    Total  

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

 

Swap Agreements

  $ 0     $ 72     $ 0     $ 0     $ 0     $ 72  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Forward Foreign Currency Contracts

  $ 0     $ 0     $ 0     $ 2     $ 0     $ 2  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $     72     $ 0     $ 2     $ 0     $ 74  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Financial Derivative Instruments - Liabilities

 

Exchange-traded or centrally cleared

 

Swap Agreements

  $ 0     $ 1     $ 0     $ 0     $ 0     $ 1  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Forward Foreign Currency Contracts

  $ 0     $ 0     $ 0     $ 54     $ 0     $ 54  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $     0     $ 1     $     0     $     54     $     0     $     55  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

       
78   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

 

    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

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $ 3,316     $ 3,316  

Swap Agreements

    0       1,471       0       0       (37,076     (35,605
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 1,471     $ 0     $ 0     $ (33,760   $ (32,289
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Forward Foreign Currency Contracts

  $ 0     $ 0     $ 0     $ 583     $ 0     $ 583  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 1,471     $ 0     $ 583     $ (33,760   $ (31,706
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $ 119     $ 119  

Swap Agreements

    0       3,828       0       0       27,276       31,104  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 3,828     $ 0     $ 0     $ 27,395     $ 31,223  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Forward Foreign Currency Contracts

  $ 0     $ 0     $ 0     $ (152   $ 0     $ (152
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $     0     $     3,828     $     0     $     (152   $     27,395     $     31,071  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Securities, at Value

 

Loan Participations and Assignments

  $ 0     $ 15,495     $ 5,241     $ 20,736  

Corporate Bonds & Notes

 

Banking & Finance

    0       526,584       0       526,584  

Industrials

    0       221,743       0       221,743  

Utilities

    0       51,573       0       51,573  

Municipal Bonds & Notes

 

California

    0       21,288       0       21,288  

Georgia

    0       1,229       0       1,229  

Illinois

    0       6,812       0       6,812  

Michigan

    0       1,740       0       1,740  

New Jersey

    0       3,906       0       3,906  

New York

    0       6,758       0       6,758  

Texas

    0       3,416       0       3,416  

Virginia

    0       4,087       0       4,087  

West Virginia

    0       4,495       0       4,495  

U.S. Government Agencies

    0       1,442,886       0       1,442,886  

U.S. Treasury Obligations

    0       652,472       0       652,472  

Non-Agency Mortgage-Backed Securities

    0       265,843       692       266,535  

Asset-Backed Securities

    0       536,875       638       537,513  

Sovereign Issues

    0       3,580       0       3,580  

Preferred Securities

 

Financials

    0       43,584       0       43,584  

Industrials

    0       2,700       0       2,700  

Short-Term Instruments

 

Repurchase Agreements

    0       1,359       0       1,359  
 

 

 

   

 

 

   

 

 

   

 

 

 
  $     0     $     3,818,425     $     6,571     $     3,824,996  
 

 

 

   

 

 

   

 

 

   

 

 

 
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Affiliates, at Value

 

Mutual Funds

  $ 18,827     $ 0     $ 0     $ 18,827  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments

  $ 18,827     $ 3,818,425     $ 6,571     $ 3,843,823  
 

 

 

   

 

 

   

 

 

   

 

 

 

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

    0       72       0       72  

Over the counter

    0       2       0       2  
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 74     $ 0     $ 74  
 

 

 

   

 

 

   

 

 

   

 

 

 

Financial Derivative Instruments - Liabilities

 

Exchange-traded or centrally cleared

    0       (1     0       (1

Over the counter

    0       (54     0       (54
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ (55   $ 0     $ (55
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Financial Derivative Instruments

  $ 0     $ 19     $ 0     $ 19  
 

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $     18,827     $     3,818,444     $     6,571     $     3,843,842  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     79
    


Table of Contents
Schedule of Investments   PIMCO Enhanced Low Duration Active Exchange-Traded Fund         

 

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
INVESTMENTS IN SECURITIES 104.1%

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6%

 

Qatar National Bank QPSC

 

5.966% due 10/10/2023 «

  $     6,400     $     6,400  
       

 

 

 

Total Loan Participations and Assignments (Cost $6,387)

    6,400  
 

 

 

 
CORPORATE BONDS & NOTES 27.5%

 

BANKING & FINANCE 19.5%

 

AerCap Ireland Capital DAC

 

5.772% (SOFRRATE + 0.680%) due 09/29/2023 ~

      2,535         2,532  

Athene Global Funding

 

0.950% due 01/08/2024

      8,770         8,512  

5.790% (SOFRINDX + 0.700%) due 05/24/2024 ~

      2,000         1,981  

Avolon Holdings Funding Ltd.

 

5.125% due 10/01/2023

      400         398  

Bank of America Corp.

 

4.827% due 07/22/2026 •

      5,000         4,917  

Barclays PLC

 

1.007% due 12/10/2024 •

      350         341  

2.852% due 05/07/2026 •

      800         750  

3.932% due 05/07/2025 •

      2,000         1,955  

5.304% due 08/09/2026 •

      7,700         7,514  

BGC Partners, Inc.

 

5.375% due 07/24/2023

      6,543         6,539  

BNP Paribas SA

 

3.375% due 01/09/2025

      4,000         3,844  

4.705% due 01/10/2025 •

      748         741  

BOC Aviation Ltd.

 

6.667% (US0003M + 1.125%) due 09/26/2023 ~

      2,700         2,700  

BPCE SA

 

2.375% due 01/14/2025

      582         546  

Cantor Fitzgerald LP

 

4.875% due 05/01/2024

      6,874         6,727  

Citigroup, Inc.

 

4.140% due 05/24/2025 •

      4,000         3,932  

Deutsche Bank AG

 

2.222% due 09/18/2024 •

      9,000         8,887  

First Abu Dhabi Bank PJSC

 

6.174% (US0003M + 0.850%) due 08/08/2023 ~

      4,000         4,004  

FS KKR Capital Corp.

 

1.650% due 10/12/2024

      5,000         4,652  

GA Global Funding Trust

 

0.800% due 09/13/2024

      2,153         2,004  

1.000% due 04/08/2024

      1,750         1,669  

1.250% due 12/08/2023

      3,500         3,419  

5.591% (SOFRRATE + 0.500%) due 09/13/2024 ~

      1,110         1,088  

6.380% (SOFRRATE + 1.360%) due 04/11/2025 ~

      3,000         2,939  

General Motors Financial Co., Inc.

 

6.290% (SOFRRATE + 1.200%) due 11/17/2023 ~

      5,600         5,604  

HSBC Holdings PLC

 

6.770% (US0003M + 1.230%) due 03/11/2025 ~

      10,107           10,149  

6.920% (US0003M + 1.380%) due 09/12/2026 ~

      4,850         4,884  

ING Groep NV

 

3.869% due 03/28/2026 •

      1,500         1,441  

JPMorgan Chase & Co.

 

2.595% due 02/24/2026 •

      1,000         949  

KKR Financial Holdings LLC

 

5.400% due 05/23/2033

      5,500         5,126  

Lloyds Banking Group PLC

 

3.511% due 03/18/2026 •

      2,500         2,381  

4.716% due 08/11/2026 •

      3,000         2,916  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Mitsubishi UFJ Financial Group, Inc.

 

0.848% due 09/15/2024 •

  $     14,000     $     13,845  

6.029% (SOFRRATE + 0.940%) due 02/20/2026 ~

      3,500         3,506  

Mizuho Financial Group, Inc.

 

1.241% due 07/10/2024 •

      2,000         1,999  

6.201% (US0003M + 0.990%) due 07/10/2024 ~

      1,500         1,500  

Morgan Stanley

 

4.679% due 07/17/2026 •

      5,000         4,909  

Nationwide Building Society

 

4.363% due 08/01/2024 •

      1,163         1,161  

NatWest Group PLC

 

4.269% due 03/22/2025 •

      5,000         4,913  

Nissan Motor Acceptance Co. LLC

 

1.050% due 03/08/2024

      1,200         1,153  

3.875% due 09/21/2023

      4,000         3,978  

Nomura Holdings, Inc.

 

2.648% due 01/16/2025

      2,000         1,894  

Nordea Bank Abp

 

3.600% due 06/06/2025

      2,000         1,917  

Pacific Life Global Funding

 

5.710% (SOFRRATE + 0.620%) due 06/04/2026 ~

      1,496         1,473  

Piper Sandler Cos.

 

5.200% due 10/15/2023

      600         598  

QNB Finance Ltd.

 

6.764% (US0003M + 1.250%) due 03/21/2024 ~

      2,600         2,610  

Santander U.K. Group Holdings PLC

 

4.796% due 11/15/2024 •

      2,000         1,985  

SMBC Aviation Capital Finance DAC

 

3.550% due 04/15/2024

      1,500         1,469  

4.125% due 07/15/2023

      940         939  

Societe Generale SA

 

2.625% due 01/22/2025

      6,824         6,416  

3.875% due 03/28/2024

      300         294  

Standard Chartered PLC

 

3.785% due 05/21/2025 •

      2,000         1,952  

3.971% due 03/30/2026 •

      2,300         2,200  

6.832% (SOFRRATE + 1.740%) due 03/30/2026 ~

      5,000         5,038  

Synchrony Bank

 

5.400% due 08/22/2025

      7,200         6,894  

UBS Group AG

 

4.488% due 05/12/2026 •

      12,000         11,607  

6.373% due 07/15/2026 •

      1,900         1,888  

VICI Properties LP

 

4.375% due 05/15/2025

      1,700         1,644  
       

 

 

 
            203,823  
       

 

 

 
INDUSTRIALS 6.6%

 

American Airlines Pass-Through Trust

 

4.000% due 01/15/2027

      413         373  

Bayer U.S. Finance LLC

 

6.562% (US0003M + 1.010%) due 12/15/2023 ~

      2,000         1,998  

Berry Global, Inc.

 

4.875% due 07/15/2026

      2,000         1,924  

Canadian Pacific Railway Co.

 

3.125% due 06/01/2026

      700         655  

Charter Communications Operating LLC

 

4.500% due 02/01/2024

      840         833  

6.949% (US0003M + 1.650%) due 02/01/2024 ~

      10,500         10,545  

Corebridge Financial, Inc.

 

3.500% due 04/04/2025

      7,700         7,341  

Daimler Truck Finance North America LLC

 

5.841% (SOFRRATE + 0.750%) due 12/13/2024 ~

      750         749  

Dell International LLC

 

4.900% due 10/01/2026

      1,700         1,689  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Illumina, Inc.

 

5.800% due 12/12/2025

  $     1,700     $     1,705  

Imperial Brands Finance PLC

 

3.125% due 07/26/2024

      8,100         7,829  

4.250% due 07/21/2025

      1,841         1,767  

6.125% due 07/27/2027

      4,000         4,010  

Nissan Motor Co. Ltd.

 

3.043% due 09/15/2023

      8,796         8,734  

Pioneer Natural Resources Co.

 

5.100% due 03/29/2026

      3,300         3,281  

Renesas Electronics Corp.

 

1.543% due 11/26/2024

      9,700         9,070  

Sands China Ltd.

 

5.625% due 08/08/2025

      2,800         2,734  

Warnermedia Holdings, Inc.

 

3.788% due 03/15/2025

      3,300         3,183  
       

 

 

 
          68,420  
       

 

 

 
UTILITIES 1.4%

 

Enel Finance International NV

 

6.800% due 10/14/2025

      2,500         2,548  

Pacific Gas & Electric Co.

 

3.850% due 11/15/2023

      1,000         991  

4.950% due 06/08/2025

      3,500         3,394  

Sprint LLC

 

7.875% due 09/15/2023

      900         903  

Verizon Communications, Inc.

 

6.421% (US0003M + 1.100%) due 05/15/2025 ~

      6,613         6,670  
       

 

 

 
          14,506  
       

 

 

 

Total Corporate Bonds & Notes (Cost $291,277)

      286,749  
 

 

 

 
U.S. GOVERNMENT AGENCIES 8.6%

 

Fannie Mae

 

4.000% due 06/01/2042 - 03/01/2047

      498         474  

5.000% due 07/01/2033 - 07/01/2044

      1,325         1,297  

5.150% due 05/01/2035

      38         38  

5.350% due 02/01/2035 - 01/01/2038

      371         365  

5.450% due 04/01/2036

      88         86  

5.500% due 12/01/2031 - 03/01/2050

      1,079         1,078  

6.000% due 09/01/2028 - 04/01/2048

      748         749  

6.500% due 07/01/2036 - 09/01/2048

      319         322  

Freddie Mac

 

2.000% due 02/01/2028 - 04/01/2028

      3         4  

2.500% due 10/25/2048

      154         136  

5.000% due 01/01/2024 - 02/01/2038

      302         298  

5.310% due 11/15/2024

      5,400         5,382  

5.400% due 09/01/2037 - 11/01/2038

      412         414  

5.500% due 08/01/2033 - 06/01/2047

      1,185         1,188  

5.520% due 05/28/2025

      15,700         15,666  

5.550% due 06/01/2037 - 07/01/2037

      99         99  

6.000% due 09/01/2031 - 05/01/2033

      40         40  

6.500% due 11/01/2036 - 10/17/2038

      340         346  

7.000% due 05/01/2029

      13         13  

Ginnie Mae

 

2.500% due 10/20/2049

      126         111  

3.000% due 11/20/2046

      88         80  

3.500% due 05/20/2042

      64         59  

3.700% due 04/15/2042

      117         112  

3.740% due 03/20/2042 - 07/20/2042

      75         71  

 

       
80   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

3.750% due 04/15/2042 - 03/20/2044

  $     144     $     138  

4.000% due 04/20/2040 - 06/20/2043

      567         535  

4.500% due 08/20/2038 - 11/20/2048

      501         489  

5.350% due 12/15/2036 - 01/15/2038

      327         329  

5.400% due 06/20/2039

      84         84  

5.500% due 03/20/2034 - 08/20/2041

      347         340  

5.816% due 10/20/2072 •

      1,733         1,724  

6.000% due 09/20/2038

      39         39  

6.158% due 08/16/2039 •

      4         4  

6.500% due 09/20/2025 - 07/20/2039

      33         33  

7.000% due 09/15/2024 - 06/20/2039

      583         589  

Uniform Mortgage-Backed Security

 

4.250% due 01/01/2036

      83         81  

4.750% due 09/01/2034 - 04/01/2036

      318         315  

5.340% due 09/01/2029

      49         49  

6.000% due 06/01/2031

      1         1  

Uniform Mortgage-Backed Security, TBA

 

5.000% due 08/01/2053 - 09/01/2053

      56,800         55,679  
       

 

 

 

Total U.S. Government Agencies (Cost $89,838)

    88,857  
 

 

 

 
U.S. TREASURY OBLIGATIONS 30.3%

 

U.S. Treasury Notes

 

4.250% due 05/31/2025 (b)

      259,900         256,646  

4.500% due 11/15/2025 (d)(f)

      59,000         58,703  
       

 

 

 

Total U.S. Treasury Obligations (Cost $316,750)

      315,349  
 

 

 

 
NON-AGENCY MORTGAGE-BACKED SECURITIES 10.9%

 

Angel Oak Mortgage Trust

 

1.469% due 06/25/2065 ~

      601         554  

Bear Stearns Adjustable Rate Mortgage Trust

 

4.482% due 02/25/2033 «~

      1         1  

Bear Stearns ALT-A Trust

 

4.195% due 05/25/2035 ~

      28         27  

5.470% due 02/25/2034 •

      826         736  

Beneria Cowen & Pritzer Collateral Funding Corp.

 

5.992% due 06/15/2038 •

      5,600         5,014  

BFLD Trust

 

6.343% due 10/15/2035 •

      2,000         1,669  

Brass PLC

 

6.018% due 11/16/2066 •

      18         18  

BWAY Mortgage Trust

 

6.443% due 09/15/2036 •

      3,000         2,819  

BX Commercial Mortgage Trust

 

5.961% due 01/15/2034 •

      3,436         3,375  

Chase Mortgage Finance Trust

 

4.120% due 02/25/2037 «~

      352         332  

Chevy Chase Funding LLC Mortgage-Backed Certificates

 

5.350% due 01/25/2036 •

      32         28  

5.380% due 10/25/2035 •

      175         162  

5.450% due 08/25/2035 «•

      20         18  

Citigroup Commercial Mortgage Trust

 

6.373% due 10/15/2036 •

      1,950         1,911  

Citigroup Mortgage Loan Trust

 

5.000% due 05/25/2051 •

      3,879         3,570  

Countrywide Alternative Loan Trust

 

5.430% due 06/25/2037 •

      57         51  

Credit Suisse Mortgage Capital Trust

 

3.037% due 12/26/2059 ~

      999         996  

DROP Mortgage Trust

 

6.343% due 10/15/2043 •

      6,000         5,473  

Extended Stay America Trust

 

6.274% due 07/15/2038 •

      5,397         5,297  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

First Horizon Alternative Mortgage Securities Trust

 

5.383% due 02/25/2035 ~

  $     180     $     168  

GCAT Trust

 

1.348% due 05/25/2066 ~

      2,717         2,208  

1.503% due 05/25/2066 ~

      2,454         1,956  

2.650% due 10/25/2068 ~

      386         362  

2.885% due 12/27/2066 ~

      2,088         1,838  

GCT Commercial Mortgage Trust

 

5.993% due 02/15/2038 •

      800         686  

Ginnie Mae

 

6.066% due 05/20/2073

      11,218           11,235  

GS Mortgage Securities Corp. Trust

 

8.547% due 08/15/2039 •

      7,300         7,307  

GS Mortgage-Backed Securities Trust

 

5.000% due 12/25/2051 •

      2,568         2,363  

5.000% due 02/25/2052 •

      4,238         3,836  

GSR Mortgage Loan Trust

 

4.662% due 09/25/2035 «~

      2         2  

7.480% due 08/25/2033 «•

      66         60  

Impac CMB Trust

 

5.790% due 03/25/2035 •

      80         73  

InTown Mortgage Trust

 

7.636% due 08/15/2039 •

      2,900         2,906  

JP Morgan Chase Commercial Mortgage Securities Trust

 

3.379% due 09/15/2050

      300         289  

6.061% due 04/15/2038 •

      945         930  

6.643% due 12/15/2031 •

      635         566  

JP Morgan Mortgage Trust

 

4.186% due 07/25/2035 ~

      203         190  

JPMBB Commercial Mortgage Securities Trust

 

3.801% due 09/15/2047

      4,410         4,258  

Legacy Mortgage Asset Trust

 

1.991% due 09/25/2060 ~

      766         754  

MASTR Adjustable Rate Mortgages Trust

 

4.578% due 04/21/2034 «~

      16         15  

Merrill Lynch Mortgage Investors Trust

 

4.674% due 12/25/2035 ~

      191         182  

5.610% due 04/25/2029 •

      113         104  

MFA Trust

 

1.131% due 07/25/2060 ~

      2,630         2,321  

Morgan Stanley Mortgage Loan Trust

 

6.230% due 11/25/2035 •

      755         749  

Morgan Stanley Residential Mortgage Loan Trust

 

5.000% due 09/25/2051 •

      849         782  

New Residential Mortgage Loan Trust

 

0.941% due 10/25/2058 ~

      1,434         1,276  

2.464% due 01/26/2060 ~

      5,251         4,748  

3.500% due 12/25/2057 ~

      1,102         1,034  

3.500% due 10/25/2059 ~

      431         399  

4.500% due 05/25/2058 ~

      107         102  

NYO Commercial Mortgage Trust

 

6.356% due 11/15/2038 •

      6,000         5,464  

OBX Trust

 

1.957% due 10/25/2061 ~

      240         196  

One New York Plaza Trust

 

6.143% due 01/15/2036 •

      3,700         3,512  

ONE Park Mortgage Trust

 

5.961% due 03/15/2036 •

      3,914         3,705  

RESIMAC Bastille Trust

 

5.813% due 02/03/2053 •

      2,174         2,156  

Sequoia Mortgage Trust

 

5.557% due 07/20/2036 •

      605         519  

5.817% due 06/20/2033 «•

      1         1  

Starwood Mortgage Residential Trust

 

1.486% due 04/25/2065 ~

      385         355  

Starwood Mortgage Trust

 

6.243% due 04/15/2034 •

      3,100         3,042  

Structured Asset Mortgage Investments Trust

 

5.726% due 07/19/2034 «•

      3         3  

5.806% due 09/19/2032 •

      5         5  

Thornburg Mortgage Securities Trust

 

3.837% due 04/25/2045 «~

      41         38  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Towd Point Mortgage Trust

 

2.250% due 11/25/2061 ~

  $     811     $     721  

2.250% due 12/25/2061 ~

      3,357         3,067  

3.750% due 05/25/2058 ~

      2,294         2,165  

4.604% due 02/25/2057 •

      79         79  

6.150% due 05/25/2058 •

      900         899  

6.150% due 10/25/2059 •

      603         597  

WaMu Mortgage Pass-Through Certificates Trust

 

3.597% due 07/25/2037 ^~

      386         327  

4.830% due 06/25/2033 «~

      1         1  

4.956% due 06/25/2046 •

      22         20  

5.770% due 01/25/2045 •

      7         7  

5.950% due 06/25/2044 •

      382         351  

6.010% due 10/25/2045 •

      65         62  

Wells Fargo Commercial Mortgage Trust

 

4.218% due 07/15/2046 ~

      93         93  
       

 

 

 

Total Non-Agency Mortgage-Backed Securities (Cost $120,215)

      113,135  
 

 

 

 
ASSET-BACKED SECURITIES 24.7%

 

American Money Management Corp. CLO Ltd.

 

6.231% due 04/14/2029 •

      98         98  

Anchorage Capital CLO Ltd.

 

6.310% due 07/15/2030 •

      2,699         2,683  

Apex Credit CLO Ltd.

 

6.500% due 09/20/2029 •

      648         644  

AREIT Trust

 

7.333% due 06/17/2039 •

      7,200         7,201  

Ares CLO Ltd.

 

6.312% due 04/18/2031 •

      4,400         4,353  

Asset-Backed Securities Corp. Home Equity Loan Trust

 

5.960% due 06/25/2034 •

      68         64  

Atlas Static Senior Loan Fund Ltd.

 

7.586% due 07/15/2030 •

      4,306         4,324  

Bear Stearns Asset-Backed Securities Trust

 

5.885% due 09/25/2035 •

      790         785  

5.950% due 10/27/2032 •

      18         17  

6.050% due 08/25/2034 •

      448         432  

Benefit Street Partners CLO Ltd.

 

6.210% due 10/15/2030 •

      1,416         1,404  

6.290% due 01/17/2032 •

      400         396  

BXMT Ltd.

 

6.616% due 11/15/2037 •

      3,900         3,728  

Carlyle U.S. CLO Ltd.

 

6.250% due 04/20/2031 •

      5,600         5,530  

Carrington Mortgage Loan Trust

 

6.370% due 10/20/2029 •

      6,933         6,889  

Chase Funding Trust

 

5.750% due 07/25/2033 «•

      210         195  

Countrywide Asset-Backed Certificates Trust

 

3.221% due 03/25/2036 •

      187         182  

5.450% due 09/25/2046 •

      215         213  

CQS U.S. CLO Ltd.

 

7.698% due 07/20/2031 •

      1,453         1,462  

DLLAD LLC

 

5.190% due 04/20/2026

      6,000         5,946  

Dryden CLO Ltd.

 

6.310% due 07/15/2031 •

      7,400         7,345  

Dryden Senior Loan Fund

 

6.240% due 04/15/2028 •

      2,061         2,052  

6.268% due 04/15/2029 •

      2,925         2,910  

Elevation CLO Ltd.

 

6.205% due 10/25/2030 •

      7,516         7,462  

ELFI Graduate Loan Program LLC

 

1.530% due 12/26/2046

      4,852         4,127  

Enterprise Fleet Financing LLC

 

5.510% due 01/22/2029

      7,000         6,945  

5.760% due 10/22/2029

      7,000         6,977  

Finance America Mortgage Loan Trust

 

5.975% due 08/25/2034 •

      121         113  

First Franklin Mortgage Loan Trust

 

5.470% due 04/25/2036 •

      1,118         1,069  

5.900% due 11/25/2034 •

      102         98  

6.080% due 07/25/2034 «•

      55         55  

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     81
    


Table of Contents
Schedule of Investments   PIMCO Enhanced Low Duration Active Exchange-Traded Fund   (Cont.)  

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Ford Credit Auto Owner Trust

 

4.850% due 08/15/2035

  $     6,100     $     5,978  

GM Financial Automobile Leasing Trust

 

5.270% due 06/20/2025

      5,000         4,981  

GM Financial Consumer Automobile Receivables Trust

 

5.687% due 03/16/2026 •

      5,500         5,507  

Golden Credit Card Trust

 

4.310% due 09/15/2027

      10,000         9,777  

Greenwood Park CLO Ltd.

 

6.270% due 04/15/2031 •

      4,100         4,041  

Greystone Commercial Real Estate Notes Ltd.

 

6.373% due 09/15/2037 •

      451         445  

GSAA Home Equity Trust

 

5.690% due 07/25/2037 •

      140         134  

GSAMP Trust

 

5.670% due 06/25/2036 •

      570         545  

HERA Commercial Mortgage Ltd.

 

6.207% due 02/18/2038 •

      2,851         2,751  

Home Equity Asset Trust

 

6.200% due 11/25/2034 •

      871         852  

Hyundai Auto Lease Securitization Trust

 

5.200% due 04/15/2025

      6,574           6,549  

Hyundai Auto Receivables Trust

 

5.350% due 11/17/2025

      2,809         2,801  

KKR CLO Ltd.

 

6.202% due 07/18/2030 •

      493         489  

6.210% due 07/15/2030 •

      1,927         1,912  

LCCM Trust

 

6.461% due 12/13/2038 •

      4,000         3,909  

LCM LP

 

6.135% due 07/19/2027 •

      623         619  

6.250% due 07/20/2030 •

      4,091         4,064  

6.290% due 10/20/2027 •

      63         63  

LCM Ltd.

 

6.330% due 04/20/2031 •

      1,100         1,078  

LoanCore Issuer Ltd.

 

5.981% due 07/15/2035 •

      904         885  

MF1 Ltd.

 

6.961% due 11/15/2035 •

      1,039         1,030  

MF1 Multifamily Housing Mortgage Loan Trust

 

6.111% due 07/15/2036 •

      1,303         1,284  

MidOcean Credit CLO

 

6.329% due 01/29/2030 •

      2,331         2,318  

MKS CLO Ltd.

 

6.250% due 07/20/2030 •

      4,074         4,031  

MMAF Equipment Finance LLC

 

4.924% due 12/01/2023

      773         772  

Mountain View CLO LLC

 

6.350% due 10/16/2029 •

      203         202  

Nassau Ltd.

 

6.410% due 10/15/2029 •

      821         820  

Navient Private Education Loan Trust

 

2.460% due 11/15/2068

      804         738  

6.393% due 12/15/2028 •

      5         5  

6.643% due 07/16/2040 •

      2,063         2,060  

Navient Private Education Refi Loan Trust

 

0.840% due 05/15/2069

      1,247         1,083  

1.170% due 09/16/2069

      1,753         1,552  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

1.310% due 01/15/2069

  $     689     $     623  

1.690% due 05/15/2069

      2,369         2,115  

2.230% due 07/15/2070

      4,897         4,250  

6.193% due 04/15/2069 •

      1,858         1,829  

New Century Home Equity Loan Trust

 

6.080% due 11/25/2034 •

      357         342  

NovaStar Mortgage Funding Trust

 

5.810% due 01/25/2036 •

      300         295  

Oaktree CLO Ltd.

 

6.383% due 04/22/2030 •

      1,600         1,576  

Palmer Square Loan Funding Ltd.

 

6.060% due 10/15/2029 •

      151         149  

6.179% due 02/20/2028 •

      281         279  

PFP Ltd.

 

6.158% due 08/09/2037 •

      1,094         1,067  

7.376% due 08/19/2035 •

      6,000         6,009  

PRET LLC

 

1.992% due 02/25/2061 þ

      1,590         1,476  

2.487% due 07/25/2051 þ

      2,575         2,390  

RAAC Trust

 

5.700% due 01/25/2046 •

      420         414  

Ready Capital Mortgage Financing LLC

 

7.463% due 10/25/2039 •

      2,000         2,008  

Renaissance Home Equity Loan Trust

 

3.823% due 08/25/2033 •

      738         667  

Residential Asset Securities Corp. Trust

 

5.850% due 06/25/2035 •

      444         441  

6.245% due 03/25/2035 •

      253         247  

Saranac CLO Ltd.

 

6.684% due 08/13/2031 •

      5,200         5,138  

Saxon Asset Securities Trust

 

1.942% due 05/25/2035 •

      148         136  

SBA Tower Trust

 

3.869% due 10/15/2049 þ

      1,000         970  

Securitized Asset-Backed Receivables LLC Trust

 

5.825% due 01/25/2035 •

      107         100  

SLM Student Loan Trust

 

6.005% due 04/25/2049

      92         92  

6.955% due 07/25/2023 •

      131         130  

SMB Private Education Loan Trust

 

1.600% due 09/15/2054

      1,029         913  

2.230% due 09/15/2037

      1,702         1,561  

4.480% due 05/16/2050

      2,932         2,809  

5.793% due 03/17/2053 •

      462         450  

6.000% due 09/15/2054 •

      4,099         4,026  

SoFi Consumer Loan Program Trust

 

5.810% due 05/15/2031

      5,276         5,268  

SoFi Professional Loan Program LLC

 

3.020% due 02/25/2040

      60         57  

SoFi Professional Loan Program Trust

 

1.950% due 02/15/2046

      626         561  

Sound Point CLO Ltd.

 

6.173% due 01/23/2029 •

      2,234           2,231  

6.235% due 07/25/2030 •

      2,160         2,135  

Soundview Home Loan Trust

 

5.825% due 06/25/2035 •

      286         276  

Structured Asset Investment Loan Trust

 

5.700% due 09/25/2034 •

      1,588         1,480  

5.855% due 03/25/2034 •

      469         452  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Structured Asset Securities Corp. Mortgage Loan Trust

 

5.285% due 07/25/2036 •

  $     233     $     231  

Towd Point Asset Trust

 

5.857% due 11/20/2061 •

      1,426         1,401  

Towd Point Mortgage Trust

 

3.000% due 11/25/2058 ~

      117         115  

Toyota Auto Receivables Owner Trust

 

5.270% due 01/15/2026

      4,858         4,845  

5.280% due 05/15/2026

      6,100         6,076  

Venture CLO Ltd.

 

6.270% due 04/20/2029 •

      1,046         1,045  

6.300% due 07/20/2030 •

      8,384         8,305  

6.350% due 01/20/2029 •

      1,030         1,023  

6.380% due 04/20/2032 •

      1,100         1,083  

Vibrant CLO Ltd.

 

6.370% due 07/20/2032 •

      300         295  

VMC Finance LLC

 

6.257% due 06/16/2036 •

      2,079         2,040  

Voya CLO Ltd.

 

6.210% due 04/17/2030 •

      4,135         4,105  

6.248% due 10/15/2030 •

      3,263         3,239  

Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates

 

5.750% due 04/25/2034 •

      987         949  

World Omni Auto Receivables Trust

 

5.510% due 03/16/2026

      3,957         3,951  

World Omni Automobile Lease Securitization Trust

 

5.470% due 11/17/2025

      5,000         4,976  
       

 

 

 

Total Asset-Backed Securities (Cost $262,071)

    257,615  
 

 

 

 
SHORT-TERM INSTRUMENTS 1.5%

 

COMMERCIAL PAPER 1.3%

 

AT&T, Inc.

 

5.700% due 03/19/2024

      14,300         13,689  
       

 

 

 
REPURCHASE AGREEMENTS (a) 0.2%

 

          2,436  
       

 

 

 
Total Short-Term Instruments (Cost $16,147)     16,125  
 

 

 

 
       
Total Investments in Securities (Cost $1,102,685)     1,084,230  
       
Total Investments 104.1% (Cost $1,102,685)

 

  $     1,084,230  
       

Financial Derivative
Instruments (c)(e) (0.1)%

(Cost or Premiums, net $(1,367))

 

 

      (1,295
Other Assets and Liabilities, net (4.0)%     (41,103
 

 

 

 
Net Assets 100.0%

 

  $       1,041,832  
   

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS:    

 

*

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

 

^

Security is in default.

 

«

Security valued using significant unobservable inputs (Level 3).

 

~

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

 

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

 

þ

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

 

       
82   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(a)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate
    Settlement
Date
    Maturity
Date
    Principal
Amount
    Collateralized By   Collateral
(Received)
    Repurchase
Agreements,
at Value
    Repurchase
Agreement
Proceeds
to  be
Received(1)
 
FICC     2.400     06/30/2023       07/03/2023     $     2,436     U.S. Treasury Notes 1.625% due 10/31/2026   $ (2,485   $ 2,436     $ 2,436  
           

 

 

   

 

 

   

 

 

 

Total Repurchase Agreements

 

    $     (2,485   $     2,436     $     2,436  
   

 

 

   

 

 

   

 

 

 

REVERSE REPURCHASE AGREEMENTS:

 

Counterparty   Borrowing
Rate(2)
    Settlement
Date
    Maturity
Date
    Amount
Borrowed(2)
    Payable for
Reverse
Repurchase
Agreements
 

JPS

    4.900     06/30/2023       07/03/2023     $     (81,576   $ (81,609
         

 

 

 

Total Reverse Repurchase Agreements

 

      $     (81,609
         

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:

 

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(3)  

Global/Master Repurchase Agreement

 

FICC

  $ 2,436     $ 0     $ 0     $ 0     $ 2,436     $ (2,485   $ (49

JPS

    0       (81,609     0       0           (81,609         81,368           (241
 

 

 

   

 

 

   

 

 

   

 

 

       

Total Borrowings and Other Financing Transactions

  $     2,436     $     (81,609   $     0     $     0        
 

 

 

   

 

 

   

 

 

   

 

 

       

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

 

     Overnight and
Continuous
    Up to 30 days     31-90 days     Greater Than 90 days     Total  

Reverse Repurchase Agreements

 

Non-Agency Mortgage-Backed Securities

  $ 0     $ (81,609   $ 0     $ 0     $ (81,609
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Borrowings

  $     0     $     (81,609   $     0     $     0     $     (81,609
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Payable for reverse repurchase agreements

 

  $ (81,609
 

 

 

 

 

(b)

Securities with an aggregate market value of $81,368 have been pledged as collateral under the terms of the above master agreements as of June 30, 2023.

 

(1)

Includes accrued interest.

(2)

The average amount of borrowings outstanding during the period ended June 30, 2023 was $(30,993) at a weighted average interest rate of 1.678%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(3)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

 

LONG FUTURES CONTRACTS                                            
Description   Expiration
Month
    # of
Contracts
    Notional
Amount
    Unrealized
Appreciation/
(Depreciation)
     Variation Margin  
   Asset      Liability  

U.S. Treasury 2-Year Note September Futures

    09/2023       2,460       $       500,226     $     (3,967    $     24      $     (63
         

 

 

    

 

 

    

 

 

 

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     83
    


Table of Contents
Schedule of Investments   PIMCO Enhanced Low Duration Active Exchange-Traded Fund   (Cont.)  

 

SHORT FUTURES CONTRACTS                                            
Description   Expiration
Month
    # of
Contracts
    Notional
Amount
    Unrealized
Appreciation/
(Depreciation)
     Variation Margin  
   Asset      Liability  

U.S. Treasury 5-Year Note September Futures

    09/2023       397     $         (42,516   $ 224      $ 0      $ 0  

U.S. Treasury 10-Year Note September Futures

    09/2023       84         (9,430     166        0        (12

U.S. Treasury Ultra 10-Year Note September Futures

    09/2023       441         (52,231     342        0        (131

U.S. Treasury Ultra Long-Term Bond September Futures

    09/2023       16         (2,180     (31      0        (20
         

 

 

    

 

 

    

 

 

 
          $ 701      $ 0      $ (163
         

 

 

    

 

 

    

 

 

 

Total Futures Contracts

 

    $     (3,266    $     24      $     (226
   

 

 

    

 

 

    

 

 

 

SWAP AGREEMENTS:

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

 

Index/Tranches   Fixed
(Pay) Rate
    Payment
Frequency
  Maturity
Date
    Notional
Amount(2)
    Premiums
Paid/(Received)
    Unrealized
Appreciation/
(Depreciation)
    Market
Value(3)
    Variation Margin  
  Asset     Liability  

CDX.IG-40 5-Year Index

    (1.000 )%    Quarterly     06/20/2028     $         187,800     $ (1,367   $ (1,510   $ (2,877   $ 0     $ (253
           

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Swap Agreements

 

  $     (1,367   $     (1,510   $     (2,877   $     0     $     (253
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:

 

    Financial Derivative Assets           Financial Derivative Liabilities  
    Market Value     Variation Margin
Asset
   

Total

          Market Value     Variation Margin
Liability
   

Total

 
     Purchased
Options
    Futures     Swap
Agreements
          Written
Options
    Futures     Swap
Agreements
 

Total Exchange-Traded or Centrally Cleared

  $     0     $     24     $     0     $     24       $     0     $     (226   $     (253   $     (479
 

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

 

 

 

 

 

(d)

Securities with an aggregate market value of $1,538 and cash of $8,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

 

(1)

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

(2)

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

(3)

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

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

 

Counterparty    Settlement
Month
    Currency to
be Delivered
    Currency to
be Received
    Unrealized Appreciation/
(Depreciation)
 
  Asset     Liability  

BOA

     07/2023     JPY     900     $     6     $ 0     $ 0  
     08/2023     $     17,946     AUD     26,548       0       (239

BPS

     07/2023         16,828     JPY     2,339,050       0       (618
     08/2023         10,644         1,531,951       18       0  

JPM

     07/2023     JPY     796,247     $     5,568       49       0  
     08/2023     $     5,568     JPY     792,864       0       (50
            

 

 

   

 

 

 

Total Forward Foreign Currency Contracts

 

  $   67     $   (907
 

 

 

   

 

 

 

 

       
84   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2023:

 

    Financial Derivative Assets           Financial Derivative Liabilities                     
Counterparty   Forward
Foreign
Currency
Contracts
     Purchased
Options
     Swap
Agreements
     Total
Over the
Counter
           Forward
Foreign
Currency
Contracts
    Written
Options
     Swap
Agreements
     Total
Over the
Counter
    Net Market
Value of OTC
Derivatives
    Collateral
Pledged/
(Received)
     Net
Exposure(1)
 

BOA

  $ 0      $ 0      $ 0      $ 0       $ (239   $ 0      $ 0      $ (239   $     (239   $     364      $     125  

BPS

    18        0        0        18         (618     0        0        (618     (600     548        (52

JPM

    49        0        0        49         (50     0        0        (50     (1     0        (1
 

 

 

    

 

 

    

 

 

    

 

 

     

 

 

   

 

 

    

 

 

    

 

 

        

Total Over the Counter

  $     67      $     0      $     0      $     67       $     (907   $     0      $     0      $     (907       
 

 

 

    

 

 

    

 

 

    

 

 

     

 

 

   

 

 

    

 

 

    

 

 

        

 

 

(f)

Securities with an aggregate market value of $912 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2023.

 

(1)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:

 

    Derivatives not accounted for as hedging instruments  
     Commodity
Contracts
    Credit
Contracts
    Equity
Contracts
    Foreign
Exchange
Contracts
    Interest
Rate Contracts
    Total  

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $ 24     $ 24  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Forward Foreign Currency Contracts

  $ 0     $ 0     $ 0     $ 67     $ 0     $ 67  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 0     $ 0     $ 67     $ 24     $ 91  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Financial Derivative Instruments - Liabilities

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $ 226     $ 226  

Swap Agreements

    0       253       0       0       0       253  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 253     $ 0     $ 0     $ 226     $ 479  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Forward Foreign Currency Contracts

  $ 0     $ 0     $ 0     $ 907     $ 0     $ 907  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $     0     $     253     $     0     $     907     $     226     $     1,386  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

 

    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

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $ 11,848     $ 11,848  

Swap Agreements

    0       (2,898     0       0       (27,642     (30,540
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ (2,898   $ 0     $ 0     $ (15,794   $ (18,692
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Forward Foreign Currency Contracts

  $ 0     $ 0     $ 0     $ (5,866   $ 0     $ (5,866

Written Options

    0       103       0       0       0       103  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 103     $ 0     $ (5,866   $ 0     $ (5,763
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $     0     $     (2,795   $     0     $     (5,866   $     (15,794   $     (24,455
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     85
    


Table of Contents
Schedule of Investments   PIMCO Enhanced Low Duration Active Exchange-Traded Fund   (Cont.)   June 30, 2023

 

    Derivatives not accounted for as hedging instruments  
     Commodity
Contracts
    Credit
Contracts
    Equity
Contracts
    Foreign
Exchange
Contracts
    Interest
Rate Contracts
    Total  

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $     (5,805   $     (5,805

Swap Agreements

    0       (5,261     0       0       9,911       4,650  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ (5,261   $ 0     $ 0     $ 4,106     $ (1,155
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Forward Foreign Currency Contracts

  $ 0     $ 0     $ 0     $ 747     $ 0     $ 747  

Written Options

    0       (10     0       0       0       (10
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ (10   $ 0     $ 747     $ 0     $ 737  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $     0     $     (5,271   $     0     $     747     $     4,106     $ (418
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Securities, at Value

 

Loan Participations and Assignments

  $ 0     $ 0     $ 6,400     $ 6,400  

Corporate Bonds & Notes

 

Banking & Finance

    0       203,823       0       203,823  

Industrials

    0       68,420       0       68,420  

Utilities

    0       14,506       0       14,506  

U.S. Government Agencies

    0       88,857       0       88,857  

U.S. Treasury Obligations

    0       315,349       0       315,349  

Non-Agency Mortgage-Backed Securities

    0       112,664       471       113,135  

Asset-Backed Securities

    0       257,365       250       257,615  

Short-Term Instruments

 

Commercial Paper

    0       13,689       0       13,689  

Repurchase Agreements

    0       2,436       0       2,436  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments

  $     0     $     1,077,109     $     7,121     $     1,084,230  
 

 

 

   

 

 

   

 

 

   

 

 

 
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

  $ 0     $ 24     $ 0     $ 24  

Over the counter

    0       67       0       67  
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 91     $ 0     $ 91  
 

 

 

   

 

 

   

 

 

   

 

 

 

Financial Derivative Instruments - Liabilities

 

Exchange-traded or centrally cleared

    0       (479     0       (479

Over the counter

    0       (907     0       (907
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ (1,386   $ 0     $ (1,386
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Financial Derivative Instruments

  $ 0     $ (1,295   $ 0     $ (1,295
 

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $     0     $     1,075,814     $     7,121     $     1,082,935  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

 

       
86   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
Schedule of Investments   PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund          June 30, 2023

 

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
INVESTMENTS IN SECURITIES 101.1%

 

CORPORATE BONDS & NOTES 50.5%

 

BANKING & FINANCE 33.6%

 

AerCap Ireland Capital DAC

 

5.772% (SOFRRATE + 0.680%) due 09/29/2023 ~

  $     1,460     $     1,458  

American Express Co.

 

6.052% (US0003M + 0.750%) due 08/03/2023 ~

      225         225  

American Tower Corp.

 

0.600% due 01/15/2024

      500         486  

5.000% due 02/15/2024

      1,500         1,492  

Athene Global Funding

 

0.950% due 01/08/2024

      1,200         1,165  

1.200% due 10/13/2023

      200         197  

Aviation Capital Group LLC

 

4.375% due 01/30/2024

      500         492  

Banco Santander SA

 

3.892% due 05/24/2024

      1,300         1,275  

Bank of America Corp.

 

5.751% (SOFRRATE + 0.690%) due 04/22/2025 ~

      200         200  

Bank of Montreal

 

5.440% (SOFRINDX + 0.350%) due 12/08/2023 ~

      1,000         1,000  

5.800% (SOFRINDX + 0.710%) due 12/12/2024 ~

      300         300  

Bank of Nova Scotia

 

0.650% due 07/31/2024

      1,500         1,421  

Barclays PLC

 

1.007% due 12/10/2024 •

      1,000         975  

BPCE SA

 

4.000% due 09/12/2023

      700         697  

6.780% (US0003M + 1.240%) due 09/12/2023 ~

      800         801  

CNH Industrial Capital LLC

 

4.200% due 01/15/2024

      500         495  

Crown Castle, Inc.

 

3.150% due 07/15/2023

      2,095         2,092  

Deutsche Bank AG

 

0.898% due 05/28/2024 (d)

      1,000         950  

0.962% due 11/08/2023

      500         490  

Five Corners Funding Trust

 

4.419% due 11/15/2023

      1,900         1,879  

GA Global Funding Trust

 

1.000% due 04/08/2024

      1,400         1,335  

Goldman Sachs Group, Inc.

 

5.700% due 11/01/2024

      500         499  

7.063% (US0003M + 1.600%) due 11/29/2023 ~

      1,800         1,809  

Hana Bank

 

3.500% due 01/30/2024

      1,500         1,480  

Intesa Sanpaolo SpA

 

5.250% due 01/12/2024

      1,150           1,141  

JPMorgan Chase & Co.

 

0.768% due 08/09/2025 •

      800         754  

4.023% due 12/05/2024 •

      800         793  

Lloyds Banking Group PLC

 

4.050% due 08/16/2023

      1,140         1,138  

Mitsubishi UFJ Financial Group, Inc.

 

2.527% due 09/13/2023

      2,000         1,986  

Mizuho Financial Group, Inc.

 

0.849% due 09/08/2024 •

      1,000         990  

Morgan Stanley

 

3.000% due 02/07/2024 (d)

  CAD     1,900         1,414  

National Bank of Canada

 

0.550% due 11/15/2024 •

  $     500         490  

Nationwide Building Society

 

4.363% due 08/01/2024 •

      1,338         1,335  

NatWest Group PLC

 

3.875% due 09/12/2023

      500         497  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Nomura Holdings, Inc.

 

2.648% due 01/16/2025

  $     1,400     $     1,326  

Nordea Bank Abp

 

6.403% (US0003M + 0.940%) due 08/30/2023 ~

      1,000         1,001  

NTT Finance Corp.

 

4.142% due 07/26/2024

      714         703  

ORIX Corp.

 

4.050% due 01/16/2024

      1,400         1,384  

Royal Bank of Canada

 

5.427% (SOFRINDX + 0.360%) due 07/29/2024 ~

      1,369         1,363  

SBA Tower Trust

 

2.836% due 01/15/2050

      400         380  

Societe Generale SA

 

3.875% due 03/28/2024

      850         832  

6.096% (SOFRRATE + 1.050%) due 01/21/2026 ~

      1,000         991  

Standard Chartered PLC

 

1.214% due 03/23/2025 •

      600         577  

Sumitomo Mitsui Financial Group, Inc.

 

0.508% due 01/12/2024

      3,000         2,917  

Sumitomo Mitsui Trust Bank Ltd.

 

0.850% due 03/25/2024

      700         675  

Swedbank AB

 

0.600% due 09/25/2023

      200         198  

0.850% due 03/18/2024

      1,300         1,254  

Toronto-Dominion Bank

 

5.542% (SOFRRATE + 0.450%) due 09/28/2023 ~

      2,315         2,316  

Vonovia Finance BV

 

5.000% due 10/02/2023

      1,000         995  
       

 

 

 
            50,663  
       

 

 

 
INDUSTRIALS 13.2%

 

Baxter International, Inc.

 

5.351% (SOFRINDX + 0.260%) due 12/01/2023 ~

      1,500         1,497  

Central Japan Railway Co.

 

3.400% due 09/06/2023

      2,395         2,384  

CNH Industrial NV

 

4.500% due 08/15/2023

      700         699  

ERAC USA Finance LLC

 

2.700% due 11/01/2023

      1,700         1,683  

General Mills, Inc.

 

3.650% due 02/15/2024

      1,000         987  

HCA, Inc.

 

5.000% due 03/15/2024

      1,400         1,391  

Hyundai Capital America

 

5.800% due 06/26/2025

      1,500         1,498  

JDE Peet’s NV

 

0.800% due 09/24/2024

      1,585         1,487  

John Lewis PLC

 

6.125% due 01/21/2025

  GBP     1,000         1,223  

Keurig Dr Pepper, Inc.

 

0.750% due 03/15/2024

  $     1,600         1,544  

Kia Corp.

 

1.000% due 04/16/2024

      700         674  

Komatsu Finance America, Inc.

 

0.849% due 09/09/2023

      1,600         1,585  

SK Broadband Co. Ltd.

 

3.875% due 08/13/2023

      200         200  

Takeda Pharmaceutical Co. Ltd.

 

4.400% due 11/26/2023

      710         706  

VMware, Inc.

 

0.600% due 08/15/2023

      1,500         1,491  

Warnermedia Holdings, Inc.

 

3.528% due 03/15/2024

      400         393  

Weyerhaeuser Co.

 

4.750% due 05/15/2026

      500         491  
       

 

 

 
          19,933  
       

 

 

 
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
UTILITIES 3.7%

 

American Water Capital Corp.

 

3.850% due 03/01/2024

  $     1,500     $     1,481  

AT&T, Inc.

 

6.720% (US0003M + 1.180%) due 06/12/2024 ~

      1,000         1,009  

Avangrid, Inc.

 

3.150% due 12/01/2024

      500         480  

Enel Finance International NV

 

2.650% due 09/10/2024

      1,500         1,444  

Verizon Communications, Inc.

 

6.421% (US0003M + 1.100%) due 05/15/2025 ~

      1,100         1,109  
       

 

 

 
          5,523  
       

 

 

 

Total Corporate Bonds & Notes (Cost $76,723)

      76,119  
 

 

 

 
U.S. GOVERNMENT AGENCIES 5.9%

 

Fannie Mae

 

4.285% due 08/25/2044 •

      859         838  

5.650% due 05/25/2046 •

      242         236  

Federal Home Loan Bank

 

5.280% due 05/06/2024

      1,500         1,496  

5.330% due 05/24/2024

      1,400         1,396  

5.350% due 05/17/2024

      1,000         998  

5.650% due 05/28/2025

      1,000         999  

5.710% due 03/14/2025

      1,400         1,401  

Freddie Mac

 

5.793% due 01/15/2054 •

      470         457  

Ginnie Mae

 

3.000% due 06/20/2051 •

      1,195         1,015  
       

 

 

 

Total U.S. Government Agencies (Cost $9,060)

    8,836  
 

 

 

 
NON-AGENCY MORTGAGE-BACKED SECURITIES 3.8%

 

280 Park Avenue Mortgage Trust

 

6.062% due 09/15/2034 •

      500         485  

BSST Mortgage Trust

 

6.447% due 02/15/2037 •

      500         453  

DROP Mortgage Trust

 

6.343% due 10/15/2043 •

      1,000         912  

GCAT Trust

 

2.885% due 12/27/2066 ~

      261         230  

Gemgarto PLC

 

5.479% due 12/16/2067 •

  GBP     238         302  

Hilton USA Trust

 

2.828% due 11/05/2035

  $     800         743  

OBX Trust

 

2.305% due 11/25/2061 ~

      654         550  

2.783% due 01/25/2062 þ

      515         465  

One Market Plaza Trust

 

3.614% due 02/10/2032

      600         555  

RESIMAC Premier

 

5.922% due 07/10/2052 •

      165         165  

Starwood Mortgage Residential Trust

 

1.027% due 11/25/2055 ~

      179         159  

Towd Point Mortgage Trust

 

3.750% due 05/25/2058 ~

      328         309  

VASA Trust

 

6.093% due 07/15/2039 •

      500         441  
       

 

 

 

Total Non-Agency Mortgage-Backed Securities (Cost $6,347)

    5,769  
 

 

 

 
ASSET-BACKED SECURITIES 14.9%

 

ACAS CLO Ltd.

 

6.152% due 10/18/2028 •

      550         547  

American Money Management Corp. CLO Ltd.

 

6.130% due 04/17/2029 •

      68         68  

Apres Static CLO Ltd.

 

6.330% due 10/15/2028 •

      107         107  

Ares CLO Ltd.

 

6.130% due 01/15/2029 •

      579         575  

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     87
    


Table of Contents
Schedule of Investments   PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund   (Cont.)  

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

BMW Canada Auto Trust

 

5.430% due 01/20/2026

  CAD     1,300     $     979  

College Avenue Student Loans LLC

 

6.350% due 12/26/2047 •

  $     604         596  

Commonbond Student Loan Trust

 

1.980% due 08/25/2050

      1,350           1,147  

3.560% due 09/25/2045

      593         552  

Dryden Senior Loan Fund

 

6.240% due 04/15/2028 •

      330         328  

Ford Auto Securitization Trust Asset-Backed Notes

 

4.956% due 10/15/2024

  CAD     159         120  

Halseypoint CLO Ltd.

 

6.350% due 07/20/2031 •

  $     974         968  

LAD Auto Receivables Trust

 

5.440% due 05/15/2024

      388         388  

LCM LP

 

6.135% due 07/19/2027 •

      467         465  

Madison Park Funding Ltd.

 

6.010% due 04/15/2029 •

      760         752  

Marathon Static CLO Ltd.

 

7.268% due 07/20/2030 •

      1,027         1,029  

Nassau Ltd.

 

6.410% due 10/15/2029 •

      205         205  

Navient Private Education Loan Trust

 

2.650% due 12/15/2028

      1         1  

Navient Private Education Refi Loan Trust

 

1.060% due 10/15/2069

      1,065         920  

1.310% due 01/15/2069

      160         145  

2.400% due 10/15/2068

      147         135  

2.600% due 08/15/2068

      934         857  

3.130% due 02/15/2068

      890         842  

6.193% due 04/15/2069 •

      265         261  

OCP CLO Ltd.

 

6.370% due 07/20/2029 •

      519         516  

OSD CLO Ltd.

 

6.130% due 04/17/2031 •

      977         966  

Palmer Square Loan Funding Ltd.

 

6.060% due 10/15/2029 •

      1,358         1,344  

PRET LLC

 

1.868% due 07/25/2051 þ

      406         373  

SMB Private Education Loan Trust

 

1.390% due 01/15/2053

      680         589  

5.993% due 01/15/2053 •

      842         819  

6.693% due 04/15/2032 •

      519         520  

SoFi Professional Loan Program LLC

 

2.630% due 07/25/2040

      22         22  

5.850% due 03/26/2040 •

      24         24  

Sound Point CLO Ltd.

 

6.300% due 10/20/2028 •

      92         92  

Stratus CLO Ltd.

 

6.150% due 12/28/2029 •

      494         488  

6.200% due 12/29/2029 •

      640         635  

Symphony Static CLO Ltd.

 

6.085% due 10/25/2029 •

      1,491         1,475  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Tesla Auto Lease Trust

 

0.360% due 09/22/2025

  $     255     $     253  

0.630% due 09/22/2025

      1,124         1,072  

Towd Point HE Trust

 

0.918% due 02/25/2063 ~

      111         103  

Toyota Auto Receivables Owner Trust

 

5.837% due 01/15/2026 •

      874         876  

Venture CLO Ltd.

 

6.493% due 08/28/2029 •

      300         298  

Wellfleet CLO Ltd.

 

6.140% due 07/20/2029 •

      92         91  
       

 

 

 

Total Asset-Backed Securities (Cost $23,318)

      22,543  
 

 

 

 
SOVEREIGN ISSUES 1.1%

 

Korea Development Bank

 

5.340% (SOFRINDX + 0.250%) due 03/09/2024 ~

      185         185  

Korea Land & Housing Finance Corp.

 

0.625% due 11/03/2023

      1,500         1,474  
       

 

 

 

Total Sovereign Issues (Cost $1,662)

    1,659  
 

 

 

 
SHORT-TERM INSTRUMENTS 24.9%

 

COMMERCIAL PAPER 19.8%

 

Arrow Electronics, Inc.

 

5.730% due 07/18/2023

      300         299  

AT&T, Inc.

 

5.500% due 03/19/2024

      250         239  

5.600% due 11/21/2023

      250         244  

5.700% due 03/19/2024

      400         383  

Bank of Nova Scotia

 

4.740% due 07/19/2023

  CAD     2,300         1,732  

Becton Dickinson & Co.

 

5.390% due 07/10/2023

  $     800         799  

Canadian Imperial Bank of Commerce

 

4.711% due 07/21/2023

  CAD     4,200         3,161  

Conagra Brands, Inc.

 

5.750% due 07/05/2023

  $     1,500         1,499  

Consolidated Edison Co. of New York, Inc.

 

5.420% due 07/17/2023

      1,500         1,496  

Constellation Energy Corp.

 

5.300% due 07/13/2023

      300         299  

Electricite de France SA

 

5.570% due 07/14/2023

      1,500         1,497  

Global Payments, Inc.

 

5.930% due 07/21/2023

      600         598  

5.930% due 07/28/2023

      600         597  

5.950% due 07/14/2023

      1,100         1,098  

Haleon UK Capital PLC

 

5.550% due 07/17/2023

      1,200         1,197  

5.550% due 07/18/2023

      300         299  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Humana, Inc.

 

5.450% due 07/10/2023

  $     400     $     399  

5.450% due 07/17/2023

      1,900         1,895  

International Flavors & Fragrances, Inc.

 

6.000% due 07/28/2023

      300         299  

Marriott International

 

5.420% due 07/18/2023

      600         598  

5.450% due 08/04/2023

      600         597  

McCormick & Co., Inc.

 

5.350% due 07/25/2023

      300         299  

Parker-Hannifin Corp.

 

5.400% due 07/19/2023

      300         299  

5.400% due 07/21/2023

      800         798  

Quanta Services, Inc.

 

5.900% due 07/05/2023

      250         250  

5.900% due 07/11/2023

      650         649  

5.900% due 07/13/2023

      400         399  

5.900% due 07/18/2023

      300         299  

Royal Bank of Canada

 

4.739% due 07/18/2023

  CAD     2,400         1,807  

S&P Global, Inc.

 

5.400% due 07/06/2023

  $     1,500         1,499  

Trane Technologies Financing Ltd.

 

5.550% due 07/24/2023

      1,400         1,395  

Walgreens Boots Alliance, Inc.

 

5.850% due 07/10/2023 (a)

      1,100         1,098  

6.000% due 07/05/2023

      1,500         1,499  

Waste Management, Inc.

 

5.400% due 08/09/2023

      300         298  
       

 

 

 
          29,814  
       

 

 

 
REPURCHASE AGREEMENTS (e) 4.5%

 

          6,800  
       

 

 

 
JAPAN TREASURY BILLS 0.4%

 

(0.173)% due 08/07/2023 (b)(c)

  JPY     90,000         624  
       

 

 

 
U.S. TREASURY BILLS 0.2%

 

5.206% due 09/14/2023 (b)(c)(h)

  $     294         291  
       

 

 

 
Total Short-Term Instruments
(Cost $37,460)
    37,529  
 

 

 

 
       
Total Investments in Securities (Cost $154,570)     152,455  
       
Total Investments 101.1% (Cost $154,570)

 

  $     152,455  
       

Financial Derivative
Instruments (f)(g) 0.1%

(Cost or Premiums, net $0)

 

 

      80  
Other Assets and Liabilities, net (1.2)%     (1,712
 

 

 

 
Net Assets 100.0%

 

  $       150,823  
   

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

*

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

 

~

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

 

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

 

þ

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

 

(a)

When-issued security.

 

(b)

Zero coupon security.

 

(c)

Coupon represents a yield to maturity.

 

       
88   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

(d)  RESTRICTED SECURITIES:

 

Issuer Description    Coupon   Maturity
Date
    Acquisition
Date
    Cost     Market
Value
    Market Value
as Percentage
of Net Assets
 

Deutsche Bank AG

   0.898%     05/28/2024       05/31/2023     $ 952     $ 950       0.63

Morgan Stanley

   3.000     02/07/2024       06/01/2023       1,393       1,414       0.94  
        

 

 

   

 

 

   

 

 

 
       $     2,345     $     2,364       1.57
      

 

 

   

 

 

   

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate
    Settlement
Date
    Maturity
Date
    Principal
Amount
    Collateralized By   Collateral
(Received)
    Repurchase
Agreements,
at Value
    Repurchase
Agreement
Proceeds
to  be
Received(1)
 
BPS     5.160     06/30/2023       07/03/2023     $     6,800     U.S. Treasury Inflation Protected Securities 0.125% due 07/15/2031   $ (6,971   $ 6,800     $ 6,803  
           

 

 

   

 

 

   

 

 

 

Total Repurchase Agreements

 

    $     (6,971   $     6,800     $     6,803  
   

 

 

   

 

 

   

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:

 

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

 

BPS

  $ 6,803     $ 0     $ 0     $ 0     $     6,803     $     (6,971   $     (168
 

 

 

   

 

 

   

 

 

   

 

 

       

Total Borrowings and Other Financing Transactions

  $     6,803     $     0     $     0     $     0        
 

 

 

   

 

 

   

 

 

   

 

 

       

 

(1)

Includes accrued interest.

(2)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(f)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS

 

Description   Expiration
Month
    # of
Contracts
    Notional
Amount
    Unrealized
Appreciation/
(Depreciation)
    Variation Margin  
  Asset      Liability  

U.S. Treasury 2-Year Note September Futures

    09/2023       25     $     (5,084   $ 40     $ 1      $ 0  
       

 

 

   

 

 

    

 

 

 

Total Futures Contracts

 

  $     40     $     1      $     0  
 

 

 

   

 

 

    

 

 

 

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:

 

    Financial Derivative Assets           Financial Derivative Liabilities  
    Market Value     Variation Margin
Asset
   

Total

          Market Value     Variation Margin
Liability
    Total  
     Purchased
Options
    Futures     Swap
Agreements
          Written
Options
    Futures     Swap
Agreements
 

Total Exchange-Traded or Centrally Cleared

  $     0     $     1     $     0     $     1       $     0     $     0     $     0     $     0  
 

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

 

 

 

Cash of $48 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     89
    


Table of Contents
Schedule of Investments   PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund   (Cont.)  

 

(g)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

 

Counterparty

   Settlement
Month
    Currency to
be Delivered
    Currency to
be Received
    Unrealized Appreciation/
(Depreciation)
 
  Asset     Liability  

BOA

     12/2023     CAD     1,300     $     957     $ 0     $ (27

CBK

     07/2023         219         161       0       (5
     07/2023     $     2,794     CAD     3,700       0       0  
     08/2023     CAD     2,064     $     1,558       0       0  

JPM

     07/2023         6,600         4,897       0       (86
     07/2023     $     1,612     GBP     1,275       7       0  
     07/2023         5,555     JPY     760,000       0       (278
     08/2023     GBP     1,275     $     1,612       0       (7

MBC

     07/2023     CAD     7,847         5,830       0       (95
     07/2023     GBP     1,275         1,578       0       (41
     07/2023     JPY     390,000         2,956       245       0  

RBC

     08/2023         420,000         3,155       230       0  

SCX

     08/2023     $     2,419     JPY     330,000       0       (121

UAG

     07/2023     JPY     370,000     $     2,823       257       0  
            

 

 

   

 

 

 

Total Forward Foreign Currency Contracts

 

  $     739     $     (660
 

 

 

   

 

 

 

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2023:

 

    Financial Derivative Assets           Financial Derivative Liabilities                    
Counterparty   Forward
Foreign
Currency
Contracts
    Purchased
Options
    Swap
Agreements
    Total
Over the
Counter
           Forward
Foreign
Currency
Contracts
    Written
Options
    Swap
Agreements
    Total
Over the
Counter
    Net Market
Value of OTC
Derivatives
    Collateral
Pledged/(Received)
    Net
Exposure(1)
 

BOA

  $ 0     $ 0     $ 0     $ 0       $ (27   $ 0     $ 0     $ (27   $ (27   $ 0     $ (27

CBK

    0       0       0       0         (5     0       0       (5     (5     0       (5

JPM

    7       0       0       7         (371     0       0       (371         (364     291       (73

MBC

    245       0       0       245         (136     0       0       (136     109       (50     59  

RBC

    230       0       0       230         0       0       0       0       230       0       230  

SCX

    0       0       0       0         (121     0       0       (121     (121     0           (121

UAG

    257       0       0       257         0       0       0       0       257           (260     (3
 

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

 

 

       

Total Over the Counter

  $     739     $     0     $     0     $     739       $     (660   $     0     $     0     $     (660      
 

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

 

 

       

 

(h)

Securities with an aggregate market value of $291 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2023.

 

(1)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:

 

    Derivatives not accounted for as hedging instruments  
     Commodity
Contracts
    Credit
Contracts
    Equity
Contracts
    Foreign
Exchange
Contracts
    Interest
Rate Contracts
    Total  

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $ 1     $ 1  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Forward Foreign Currency Contracts

  $ 0     $ 0     $ 0     $ 739     $ 0     $ 739  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $     0     $     0     $     0     $     739     $     1     $     740  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Financial Derivative Instruments - Liabilities

 

Over the counter

 

Forward Foreign Currency Contracts

  $     0     $     0     $     0     $     660     $     0     $     660  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

       
90   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

 

    Derivatives not accounted for as hedging instruments  
     Commodity
Contracts
    Credit
Contracts
    Equity
Contracts
    Foreign
Exchange
Contracts
    Interest
Rate Contracts
    Total  

Net Realized Gain on Financial Derivative Instruments

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $ 24     $ 24  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Forward Foreign Currency Contracts

  $ 0     $ 0     $ 0     $ 87     $ 0     $ 87  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 0     $ 0     $ 87     $ 24     $ 111  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $ 40     $ 40  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Forward Foreign Currency Contracts

  $ 0     $ 0     $ 0     $ (495   $ 0     $ (495
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $     0     $     0     $     0     $     (495   $     40     $     (455
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Securities, at Value

 

Corporate Bonds & Notes

 

Banking & Finance

  $ 0     $ 50,663     $ 0     $ 50,663  

Industrials

    0       19,933       0       19,933  

Utilities

    0       5,523       0       5,523  

U.S. Government Agencies

    0       8,836       0       8,836  

Non-Agency Mortgage-Backed Securities

    0       5,769       0       5,769  

Asset-Backed Securities

    0       22,543       0       22,543  

Sovereign Issues

    0       1,659       0       1,659  

Short-Term Instruments

 

Commercial Paper

    0       29,814       0       29,814  

Repurchase Agreements

    0       6,800       0       6,800  

Japan Treasury Bills

    0       624       0       624  

U.S. Treasury Bills

    0       291       0       291  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments

  $     0     $     152,455     $     0     $     152,455  
 

 

 

   

 

 

   

 

 

   

 

 

 
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

  $ 0     $ 1     $ 0     $ 1  

Over the counter

    0       739       0       739  
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 740     $ 0     $ 740  
 

 

 

   

 

 

   

 

 

   

 

 

 

Financial Derivative Instruments - Liabilities

 

Over the counter

  $ 0     $ (660   $ 0     $ (660
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Financial Derivative Instruments

  $ 0     $ 80     $ 0     $ 80  
 

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $     0     $     152,535     $     0     $     152,535  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     91
    


Table of Contents
Schedule of Investments   PIMCO Enhanced Short Maturity Active Exchange-Traded Fund         

 

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
INVESTMENTS IN SECURITIES 101.2%

 

CORPORATE BONDS & NOTES 38.4%

 

BANKING & FINANCE 26.4%

 

AerCap Ireland Capital DAC

 

1.750% due 10/29/2024

  $     23,800     $     22,364  

3.150% due 02/15/2024

      10,000         9,812  

5.772% (SOFRRATE + 0.680%) due 09/29/2023 ~

      12,885         12,868  

American Express Co.

 

5.801% (SOFRINDX + 0.720%) due 05/03/2024 ~

      2,160         2,164  

6.052% (US0003M + 0.750%) due 08/03/2023 ~

      812         812  

American Honda Finance Corp.

 

5.933% (US0003M + 0.420%) due 09/08/2023 ~

      3,247         3,247  

American Tower Corp.

 

0.600% due 01/15/2024 (c)

      19,078         18,551  

5.000% due 02/15/2024

      32,086         31,906  

Aozora Bank Ltd.

 

1.050% due 09/09/2024

      61,280         57,497  

Athene Global Funding

 

0.950% due 01/08/2024

      7,540         7,318  

1.200% due 10/13/2023

      22,405         22,052  

2.514% due 03/08/2024

      1,287         1,252  

2.750% due 06/25/2024

      4,450         4,281  

5.790% (SOFRINDX + 0.700%) due 05/24/2024 ~

      31,030         30,735  

5.941% (US0003M + 0.730%) due 01/08/2024 ~

      11,702           11,656  

Banco Bilbao Vizcaya Argentaria SA

 

0.875% due 09/18/2023

      29,400         29,097  

Banco Santander SA

 

3.892% due 05/24/2024

      24,500         24,028  

5.770% due 06/30/2024 •

      49,200         48,937  

Bank of America Corp.

 

0.976% due 04/22/2025 •

      5,000         4,795  

3.458% due 03/15/2025 •

      1,000         980  

3.864% due 07/23/2024 •

      13,200         13,184  

5.501% (SOFRRATE + 0.410%) due 06/14/2024 ~

      17,000         16,977  

5.751% (SOFRRATE + 0.690%) due 04/22/2025 ~

      37,879         37,847  

5.791% due 10/24/2024 •

      31,400         31,402  

Bank of Montreal

 

5.356% (SOFRINDX + 0.265%) due 09/15/2023 ~

      2,275         2,275  

5.440% (SOFRINDX + 0.350%) due 12/08/2023 ~

      253         253  

5.800% (SOFRINDX + 0.710%) due 03/08/2024 ~

      8,279         8,283  

5.800% (SOFRINDX + 0.710%) due 12/12/2024 ~

      9,900         9,896  

Bank of Nova Scotia

 

2.440% due 03/11/2024

      4,647         4,538  

5.351% (SOFRRATE + 0.260%) due 09/15/2023 ~

      2,270         2,270  

5.474% (SOFRINDX + 0.445%) due 04/15/2024 ~

      14,779         14,759  

5.641% (SOFRRATE + 0.550%) due 09/15/2023 ~

      5,739         5,742  

6.050% (SOFRINDX + 0.960%) due 03/11/2024 ~

      27,100         27,185  

Banque Federative du Credit Mutuel SA

 

0.650% due 02/27/2024

      1,135         1,097  

3.750% due 07/20/2023

      3,899         3,895  

6.210% (US0003M + 0.960%) due 07/20/2023 ~

      5,400         5,401  

Barclays Bank PLC

 

3.750% due 05/15/2024

      1,494         1,464  

Barclays PLC

 

1.007% due 12/10/2024 •

      17,202         16,773  

3.932% due 05/07/2025 •

      57,923         56,626  

BGC Partners, Inc.

 

5.375% due 07/24/2023

      900         899  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

BNP Paribas SA

 

3.375% due 01/09/2025

  $     25,000     $     24,024  

3.800% due 01/10/2024

      64,721         63,916  

4.705% due 01/10/2025 •

      13,830         13,709  

4.705% due 01/10/2025

      530         525  

6.490% (US0003M + 1.230%) due 01/15/2024 ~

      4,000         4,021  

BPCE SA

 

4.000% due 09/12/2023

      12,365         12,309  

6.780% (US0003M + 1.240%) due 09/12/2023 ~

      19,482         19,503  

Canadian Imperial Bank of Commerce

 

5.490% (SOFRRATE + 0.400%) due 12/14/2023 ~

      10,588         10,578  

6.204% (US0003M + 0.660%) due 09/13/2023 ~

      7,869         7,876  

Caterpillar Financial Services Corp.

 

5.361% (SOFRRATE + 0.270%) due 09/13/2024 ~

      125         125  

5.539% (SOFRRATE + 0.450%) due 11/13/2023 ~

      200         200  

Citigroup, Inc.

 

0.981% due 05/01/2025 •(e)

      3,987         3,816  

CNH Industrial Capital LLC

 

4.200% due 01/15/2024

      41,801         41,393  

Cooperatieve Rabobank UA

 

5.320% due 01/12/2024 •

      1,480         1,480  

6.402% (US0003M + 0.860%) due 09/26/2023 ~

      1,860         1,863  

Corebridge Global Funding

 

0.400% due 09/13/2023

      2,000         1,978  

Credit Suisse AG

 

5.464% (SOFRRATE + 0.390%) due 02/02/2024 ~

      62,400         61,916  

5.470% (SOFRINDX + 0.380%) due 08/09/2023 ~

      5,658         5,649  

Danske Bank AS

 

3.875% due 09/12/2023

      5,500         5,479  

5.375% due 01/12/2024

      48,069           47,796  

6.600% (US0003M + 1.060%) due 09/12/2023 ~

      38,888         38,943  

Deutsche Bank AG

 

0.898% due 05/28/2024 (e)

      6,500         6,178  

0.962% due 11/08/2023

      26,350         25,824  

3.700% due 05/30/2024

      24,170         23,509  

5.589% due 11/08/2023 •

      36,687         36,609  

Federation des Caisses Desjardins du Quebec

 

0.700% due 05/21/2024

      6,012         5,742  

5.520% (SOFRRATE + 0.430%) due 05/21/2024 ~

      4,897         4,888  

First Abu Dhabi Bank PJSC

 

6.174% (US0003M + 0.850%) due 08/08/2023 ~

      9,000         9,009  

Five Corners Funding Trust

 

4.419% due 11/15/2023

      16,056         15,882  

GA Global Funding Trust

 

1.000% due 04/08/2024

      63,900         60,958  

5.591% (SOFRRATE + 0.500%) due 09/13/2024 ~

      50,720         49,712  

6.380% (SOFRRATE + 1.360%) due 04/11/2025 ~

      17,100         16,752  

General Motors Financial Co., Inc.

 

1.050% due 03/08/2024

      882         853  

1.700% due 08/18/2023

      865         861  

3.950% due 04/13/2024

      22,051         21,712  

5.100% due 01/17/2024

      28,357         28,259  

5.850% (SOFRRATE + 0.760%) due 03/08/2024 ~

      1,226         1,223  

6.290% (SOFRRATE + 1.200%) due 11/17/2023 ~

      32,344         32,369  

Goldman Sachs Group, Inc.

 

1.757% due 01/24/2025 •

      14,644         14,261  

5.536% (SOFRRATE + 0.490%) due 10/21/2024 ~

      26,600         26,514  

5.700% due 11/01/2024

      2,400         2,397  

6.481% (SOFRRATE + 1.390%) due 03/15/2024 ~

      16,600         16,676  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

7.063% (US0003M + 1.600%) due 11/29/2023 ~

  $     34,178     $     34,342  

Hana Bank

 

6.068% (US0003M + 0.800%) due 07/26/2023 ~

      3,000         3,001  

6.294% (US0003M + 0.750%) due 06/13/2024 ~

      1,900         1,902  

HSBC Holdings PLC

 

6.770% (US0003M + 1.230%) due 03/11/2025 ~

      2,300         2,310  

Hyundai Capital Services, Inc.

 

0.750% due 09/15/2023

      2,300         2,276  

ING Groep NV

 

3.550% due 04/09/2024

      5,053         4,961  

4.100% due 10/02/2023

      23,031         22,927  

6.533% (US0003M + 1.000%) due 10/02/2023 ~

      40,754         40,798  

Jackson National Life Global Funding

 

6.242% (SOFRRATE + 1.150%) due 06/28/2024 ~

      41,900         41,961  

John Deere Capital Corp.

 

5.117% (SOFRRATE + 0.120%) due 07/10/2023 ~

      765         765  

JPMorgan Chase & Co.

 

3.797% due 07/23/2024 •

      27,717           27,684  

4.023% due 12/05/2024 •

      39,965         39,626  

6.010% due 02/24/2026 •

      12,682         12,699  

Mitsubishi HC Capital, Inc.

 

3.559% due 02/28/2024

      7,515         7,383  

3.960% due 09/19/2023

      4,210         4,189  

Mitsubishi UFJ Financial Group, Inc.

 

0.848% due 09/15/2024 •

      17,625         17,431  

3.761% due 07/26/2023

      15,100         15,081  

6.128% (US0003M + 0.860%) due 07/26/2023 ~

      52,317         52,330  

6.475% (SOFRRATE + 1.385%) due 09/12/2025 ~

      5,300         5,331  

6.682% (SOFRRATE + 1.650%) due 07/18/2025 ~

      4,570         4,606  

Mizuho Financial Group, Inc.

 

0.849% due 09/08/2024 •

      4,025         3,984  

6.050% (SOFRRATE + 0.960%) due 05/22/2026 ~

      36,640         36,535  

6.123% (US0003M + 0.610%) due 09/08/2024 ~

      48,300         48,323  

6.201% (US0003M + 0.990%) due 07/10/2024 ~

      3,760         3,760  

Morgan Stanley

 

0.790% due 05/30/2025 •

      10,000         9,503  

5.519% (SOFRRATE + 0.455%) due 01/25/2024 ~

      15,746         15,732  

5.555% (SOFRRATE + 0.466%) due 11/10/2023 ~

      4,704         4,701  

6.040% (SOFRRATE + 0.950%) due 02/18/2026 ~

      66,700         66,841  

MUFG Bank Ltd.

 

4.100% due 09/09/2023

      1,757         1,751  

National Bank of Canada

 

5.579% (SOFRRATE + 0.490%) due 08/06/2024 ~

      5,443         5,432  

Nationwide Building Society

 

0.550% due 01/22/2024

      950         922  

NatWest Group PLC

 

3.875% due 09/12/2023

      600         597  

NatWest Markets PLC

 

6.541% (SOFRRATE + 1.450%) due 03/22/2025 ~

      1,500         1,507  

New York Life Global Funding

 

5.406% (SOFRINDX + 0.360%) due 10/21/2023 ~

      110         110  

Nissan Motor Acceptance Co. LLC

 

1.050% due 03/08/2024

      2,100         2,017  

3.875% due 09/21/2023

      6,700         6,663  

6.153% (US0003M + 0.640%) due 03/08/2024 ~

      39,530         39,249  

 

       
92   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Nomura Holdings, Inc.

 

2.648% due 01/16/2025

  $     100,795     $     95,474  

Nordea Bank Abp

 

3.750% due 08/30/2023

      3,000         2,992  

6.050% (SOFRRATE + 0.960%) due 06/06/2025 ~

      12,000         12,028  

6.403% (US0003M + 0.940%) due 08/30/2023 ~

      1,675         1,677  

ORIX Corp.

 

4.050% due 01/16/2024

      7,292         7,210  

QNB Finance Ltd.

 

6.764% (US0003M + 1.250%) due 03/21/2024 ~

      25,000         25,094  

Royal Bank of Canada

 

5.568% (SOFRRATE + 0.525%) due 01/20/2026 ~

      31,476         31,189  

Santander Holdings USA, Inc.

 

3.500% due 06/07/2024

      39,775         38,638  

Skandinaviska Enskilda Banken AB

 

5.816% (US0003M + 0.320%) due 09/01/2023 ~

      1,788         1,788  

6.050% (SOFRRATE + 0.960%) due 06/09/2025 ~

      31,750         31,823  

Societe Generale SA

 

3.875% due 03/28/2024

      32,668         31,975  

4.250% due 09/14/2023

      22,708         22,601  

Standard Chartered PLC

 

6.021% (SOFRRATE + 0.930%) due 11/23/2025 ~

      50,400         50,002  

6.832% (SOFRRATE + 1.740%) due 03/30/2026 ~

      5,300         5,340  

Sumitomo Mitsui Financial Group, Inc.

 

6.060% (US0003M + 0.800%) due 10/16/2023 ~

      18,167         18,190  

6.125% (US0003M + 0.860%) due 07/19/2023 ~

      1,292         1,292  

Sumitomo Mitsui Trust Bank Ltd.

 

2.550% due 03/10/2025

      4,100         3,874  

5.530% (SOFRRATE + 0.440%) due 09/16/2024 ~

      4,650         4,631  

Swedbank AB

 

0.600% due 09/25/2023

      580         573  

6.003% (SOFRINDX + 0.910%) due 04/04/2025 ~

      4,500         4,495  

Toronto-Dominion Bank

 

5.542% (SOFRRATE + 0.450%) due 09/28/2023 ~

      14,011         14,015  

6.000% (SOFRRATE + 0.910%) due 03/08/2024 ~

      44,480         44,588  

Toyota Motor Credit Corp.

 

5.340% (SOFRRATE + 0.330%) due 01/11/2024 ~

      515         515  

5.352% (SOFRINDX + 0.260%) due 06/18/2024 ~

      1,050         1,049  

5.742% (SOFRINDX + 0.650%) due 12/29/2023 ~

      930         931  

5.810% due 12/11/2023 •

      3,048         3,052  

UBS Group AG

6.669% (SOFRRATE + 1.580%) due 05/12/2026 ~

      21,200         21,310  
       

 

 

 
            2,437,981  
       

 

 

 
INDUSTRIALS 7.9%

 

7-Eleven, Inc.

 

0.800% due 02/10/2024

      33,165         32,150  

Anheuser-Busch InBev Worldwide, Inc.

 

5.938% (US0003M + 0.740%) due 01/12/2024 ~

      2,150         2,154  

AstraZeneca PLC

 

5.995% (US0003M + 0.665%) due 08/17/2023 ~

      1,895         1,896  

Baxter International, Inc.

 

5.351% (SOFRINDX + 0.260%) due 12/01/2023 ~

      13,767         13,737  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Bayer U.S. Finance LLC

 

3.375% due 07/15/2024

  $     931     $     910  

3.875% due 12/15/2023

      19,458         19,273  

6.562% (US0003M + 1.010%) due 12/15/2023 ~

      70,557         70,488  

BMW U.S. Capital LLC

 

5.522% due 04/01/2024

      1,755         1,756  

Boeing Co.

 

1.433% due 02/04/2024

      89,473         87,112  

Charter Communications Operating LLC

 

4.500% due 02/01/2024

      19,000         18,836  

6.949% (US0003M + 1.650%) due 02/01/2024 ~

      60,346         60,607  

Cigna Group

 

6.150% (US0003M + 0.890%) due 07/15/2023 ~

      25,946         25,941  

CNH Industrial NV

 

4.500% due 08/15/2023

      46,930         46,858  

Conagra Brands, Inc.

 

4.300% due 05/01/2024

      23,480         23,169  

Daimler Truck Finance North America LLC

 

1.125% due 12/14/2023

      1,450         1,420  

5.691% (SOFRRATE + 0.600%) due 12/14/2023 ~

      26,450         26,463  

6.093% (SOFRRATE + 1.000%) due 04/05/2024 ~

      3,933         3,938  

Danone SA

 

2.589% due 11/02/2023

      5,408         5,352  

DuPont de Nemours, Inc.

 

6.431% (US0003M + 1.110%) due 11/15/2023 ~

      553         554  

Energy Transfer LP

 

4.250% due 04/01/2024

      19,464         19,170  

4.500% due 11/01/2023

      6,000         5,976  

4.500% due 04/15/2024

      18,082         17,879  

5.875% due 01/15/2024

      5,630         5,631  

Eni SpA

 

4.000% due 09/12/2023

      5,350         5,328  

ERAC USA Finance LLC

 

2.700% due 11/01/2023

      2,500         2,474  

Haleon U.S. Capital LLC

 

3.024% due 03/24/2024

      18,000         17,613  

HCA, Inc.

 

5.000% due 03/15/2024

      28,664         28,488  

Hyundai Capital America

 

1.250% due 09/18/2023

      18,870         18,692  

Kinder Morgan, Inc.

 

5.625% due 11/15/2023

      2,695         2,694  

Nissan Motor Co. Ltd.

 

3.043% due 09/15/2023

      3,821         3,794  

Penske Truck Leasing Co. LP

 

3.900% due 02/01/2024

      25,250         24,925  

SK Hynix, Inc.

 

1.000% due 01/19/2024

      3,700         3,597  

Thermo Fisher Scientific, Inc.

 

5.422% (SOFRINDX + 0.390%) due 10/18/2023 ~

      39,900         39,901  

5.562% (SOFRINDX + 0.530%) due 10/18/2024 ~

      3,000         3,000  

VMware, Inc.

 

0.600% due 08/15/2023

      32,321         32,128  

Volkswagen Group of America Finance LLC

 

4.250% due 11/13/2023

      3,148         3,130  

6.040% (SOFRRATE + 0.950%) due 06/07/2024 ~

      1,827         1,832  

Warnermedia Holdings, Inc.

 

3.528% due 03/15/2024

      40,423         39,702  

Westinghouse Air Brake Technologies Corp.

 

4.400% due 03/15/2024

      12,188         12,028  
       

 

 

 
            730,596  
       

 

 

 
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
UTILITIES 4.1%

 

American Electric Power Co., Inc.

 

5.779% (US0003M + 0.480%) due 11/01/2023 ~

  $     111,600     $     111,527  

AT&T, Inc.

 

6.720% (US0003M + 1.180%) due 06/12/2024 ~

      2,397         2,418  

Chugoku Electric Power Co., Inc.

 

2.401% due 08/27/2024

      11,600         11,118  

Dominion Energy, Inc.

 

6.082% (US0003M + 0.530%) due 09/15/2023 ~

      2,000         2,000  

Enel Finance International NV

 

2.650% due 09/10/2024

      29,100         28,011  

Florida Power & Light Co.

 

5.400% (SOFRINDX + 0.380%) due 01/12/2024 ~

      830         830  

Jersey Central Power & Light Co.

 

4.700% due 04/01/2024

      1,482         1,467  

Mississippi Power Co.

 

5.392% (SOFRRATE + 0.300%) due 06/28/2024 ~

      18,190         18,064  

NextEra Energy Capital Holdings, Inc.

 

5.481% (SOFRINDX + 0.400%) due 11/03/2023 ~

      9,587         9,586  

6.112% (SOFRINDX + 1.020%) due 03/21/2024 ~

      39,160         39,177  

Pacific Gas & Electric Co.

 

3.850% due 11/15/2023

      3,855         3,822  

4.250% due 08/01/2023

      24,070         24,046  

Southern California Edison Co.

 

1.100% due 04/01/2024

      8,000         7,725  

5.922% (SOFRRATE + 0.830%) due 04/01/2024 ~

      449         448  

Verizon Communications, Inc.

 

6.421% (US0003M + 1.100%) due 05/15/2025 ~

      120,952         121,991  
       

 

 

 
          382,230  
       

 

 

 

Total Corporate Bonds & Notes (Cost $3,572,871)

      3,550,807  
 

 

 

 
U.S. GOVERNMENT AGENCIES 7.1%

 

Fannie Mae

 

2.000% due 12/25/2044

      938         822  

4.119% due 10/25/2044 •

      3,504         3,418  

4.318% due 07/25/2046 •

      3,435         3,370  

4.320% due 08/25/2044 •

      2,670         2,604  

4.322% due 09/25/2049 •

      6,620         6,451  

4.340% due 03/25/2060 •

      7,624         7,418  

4.342% due 10/25/2059 •

      4,406         4,290  

4.345% due 05/01/2038 •

      211         214  

4.364% due 07/25/2046 •

      249         244  

4.454% due 06/25/2048 •

      7,468         7,303  

4.507% due 08/25/2044 •

      5,259         5,120  

4.522% due 07/25/2044 •

      2,111         2,067  

4.577% due 07/25/2046 •

      5,401         5,294  

4.711% due 01/25/2037 •

      236         229  

4.715% due 01/01/2036 •

      1,582         1,604  

5.400% due 05/25/2037 •

      9         9  

5.450% due 12/25/2045 •

      1,703         1,650  

5.480% due 02/25/2037 •

      16         16  

5.500% due 11/25/2036 •

      37         36  

5.546% due 04/18/2028 - 09/18/2031 •

      224         224  

5.550% due 06/25/2026 •

      45         45  

5.560% due 09/25/2035 •

      219         215  

5.570% due 03/25/2037 •

      146         142  

5.600% due 02/25/2038 - 06/25/2059 •

      5,383         5,218  

5.646% due 05/18/2032 •

      52         52  

5.650% due 06/25/2031 •

      49         49  

5.696% due 03/18/2032 •

      66         66  

5.830% due 12/25/2037 •

      248         245  

5.850% due 05/25/2037 •

      49         49  

5.900% due 03/25/2037 - 02/25/2040 •

      47         47  

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     93
    


Table of Contents
Schedule of Investments   PIMCO Enhanced Short Maturity Active Exchange-Traded Fund   (Cont.)  

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

5.930% due 02/25/2038 •

  $     631     $     631  

6.000% due 07/25/2038 •

      11         11  

6.050% due 03/25/2032 •

      10         10  

Federal Home Loan Bank

 

5.350% due 05/17/2024

      20,000         19,965  

5.360% due 05/10/2024

      63,000         62,891  

5.420% due 05/30/2024

      100,000         99,881  

5.650% due 05/28/2025

      21,900         21,873  

Freddie Mac

 

1.000% due 08/15/2044

      4,344         3,483  

4.152% due 03/15/2043 •

      4,423         4,261  

4.190% due 05/15/2041 •

      1,905         1,850  

4.227% due 02/15/2038 •

      4,199         4,082  

4.241% due 08/15/2042 •

      3,763         3,737  

4.248% due 03/15/2037 •

      5,305         5,157  

4.256% due 12/15/2042 •

      1,418         1,375  

4.266% due 06/15/2044 •

      5,924         5,705  

4.269% due 10/15/2038 •

      377         365  

4.280% due 10/15/2037 •

      2,707         2,650  

4.303% due 10/15/2037 •

      10,596         10,262  

4.350% due 05/15/2038 •

      1,808         1,749  

4.442% due 09/01/2037 •

      1,198         1,215  

4.574% due 11/15/2044 •

      3,146         3,036  

4.578% due 12/15/2037 •

      970         947  

5.375% due 04/24/2025

      26,000         25,880  

5.443% due 11/15/2036 - 01/15/2040 •

      11         10  

5.513% due 02/15/2037 •

      596         581  

5.520% due 05/28/2025

      11,800         11,774  

5.613% due 04/15/2041 •

      155         153  

5.643% due 09/15/2048 - 04/15/2049 •

      3,945         3,812  

5.680% due 04/03/2025

      80,000         79,900  

5.683% due 02/25/2026 •

      2,524         2,517  

5.693% due 07/15/2039 •

      21         21  

5.800% due 07/03/2025 (a)

      85,000         84,936  

Ginnie Mae

 

2.500% due 01/20/2049 - 10/20/2049

      2,755         2,432  

3.000% due 07/20/2046

      301         284  

3.643% due 12/20/2068 •

      5,259         5,136  

4.296% due 12/20/2064 •

      5,593         5,513  

4.795% due 02/20/2066 •

      8,231         8,162  

5.021% due 09/20/2066 •

      1,065         1,058  

5.120% due 07/20/2065 •

      3,401         3,389  

5.170% due 05/20/2063 •

      372         370  

5.465% due 07/20/2066 •

      2,141         2,131  

5.564% due 06/20/2067 •

      867         858  

5.594% due 03/20/2061 - 07/20/2067 •

      2,959         2,942  

5.596% due 06/20/2049 •

      4,406         4,300  

5.607% due 03/20/2049 - 04/20/2049 •

      9,050         8,828  

5.616% due 06/20/2067 •

      4,515         4,509  

5.694% due 05/20/2065 •

      6,923         6,859  

5.744% due 10/20/2065 •

      7,598         7,504  

5.746% due 09/20/2040 •

      3,110         3,035  

5.766% due 05/20/2041 •

      6,030         5,896  

5.787% due 10/20/2040 •

      5,662         5,538  

5.794% due 04/20/2070 •

      34,615         33,654  

5.796% due 05/20/2041 •

      1,658         1,638  

5.858% due 01/16/2040 •

      2,280         2,264  

5.886% due 02/20/2040 •

      1,941         1,933  

5.916% due 04/20/2040 •

      3,993         3,980  

5.924% due 08/20/2066 •

      732         728  

5.946% due 03/20/2040 •

      4,193         4,182  

6.000% due 12/15/2033

      9         10  

6.094% due 01/20/2066 •

      3,377         3,346  

6.464% due 04/20/2067 •

      1,242         1,236  

6.500% due 11/15/2033 - 09/15/2034

      14         14  

7.000% due 02/15/2024 - 07/15/2032

      26         26  

7.500% due 07/15/2024 - 06/15/2028

      19         19  
       

 

 

 

Total U.S. Government Agencies (Cost $662,299)

      655,005  
 

 

 

 
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
NON-AGENCY MORTGAGE-BACKED SECURITIES 5.0%

 

Arroyo Mortgage Trust

 

1.175% due 10/25/2048 ~

  $     14,003     $     11,241  

Ashford Hospitality Trust

 

6.219% due 04/15/2035 •

      1,484         1,450  

6.319% due 06/15/2035 •

      8,068         7,860  

Bear Stearns Adjustable Rate Mortgage Trust

 

4.342% due 08/25/2033 «~

      294         274  

Beast Mortgage Trust

 

6.243% due 03/15/2036 •

      600         525  

Beneria Cowen & Pritzer Collateral Funding Corp.

 

5.992% due 06/15/2038 •

      5,500         4,924  

BHP Trust

 

6.168% due 08/15/2036 •

      1,695         1,675  

Brass PLC

 

6.018% due 11/16/2066 •

      595         595  

BSST Mortgage Trust

 

6.447% due 02/15/2037 •

      8,000         7,242  

COLT Mortgage Loan Trust

 

1.397% due 10/25/2066 ~

      26,630         21,040  

Commercial Mortgage Trust

 

6.494% due 12/15/2038 •

      10,000         9,324  

Credit Suisse Mortgage Capital Trust

 

5.943% due 07/15/2032 •

      8,479         8,087  

6.543% due 10/15/2037 •

      8,700         8,379  

CRSNT Commercial Mortgage Trust

 

6.020% due 04/15/2036 •

      52,400         48,953  

DBCG Mortgage Trust

 

5.894% due 06/15/2034 •

      78,640         77,660  

DBWF Mortgage Trust

 

6.276% due 12/19/2030 •

      900         888  

Extended Stay America Trust

 

6.274% due 07/15/2038 •

      2,313         2,270  

GCAT Trust

 

2.650% due 10/25/2068 ~

      1,835         1,721  

2.885% due 12/27/2066 ~

      24,618         21,667  

GS Mortgage Securities Trust

 

3.648% due 01/10/2047

      589         587  

Hilton USA Trust

 

2.828% due 11/05/2035

      11,600         10,777  

JP Morgan Chase Commercial Mortgage Securities Trust

 

6.443% due 09/15/2029 •

      39,072         36,273  

Legacy Mortgage Asset Trust

 

1.892% due 10/25/2066 þ

      5,245         4,915  

MAD Mortgage Trust

 

3.294% due 08/15/2034 ~

      3,528         3,247  

Mellon Residential Funding Corp. Mortgage Pass-Through Certificates

 

5.893% due 11/15/2031 •

      291         277  

MF1 Ltd.

 

6.217% due 12/15/2034 •

      2,700         2,611  

Mill City Mortgage Loan Trust

 

2.750% due 07/25/2059 ~

      553         519  

Morgan Stanley Capital Trust

 

6.093% due 07/15/2035 •

      2,300         2,274  

6.168% due 11/15/2034 •

      4,535         4,456  

6.362% due 12/15/2038 •

      47,200         44,494  

Natixis Commercial Mortgage Securities Trust

 

6.143% due 08/15/2038 •

      3,000         2,804  

OBX Trust

 

2.783% due 01/25/2062 þ

      45,972         41,557  

RESIMAC Bastille Trust

 

5.813% due 02/03/2053 •

      15,855         15,721  

RESIMAC Premier

 

5.922% due 07/10/2052 •

      4,132         4,113  

Starwood Mortgage Residential Trust

 

1.027% due 11/25/2055 ~

      4,265         3,782  

Starwood Mortgage Trust

 

6.051% due 11/15/2036 •

      17,200         16,753  

Tharaldson Hotel Portfolio Trust

 

6.241% due 11/11/2034 •

      4,467         4,411  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Towd Point Mortgage Trust

 

2.900% due 10/25/2059 ~

  $     14,878     $     13,686  

3.750% due 03/25/2058 ~

      9,607         9,034  

4.604% due 02/25/2057 •

      593         592  

6.150% due 10/25/2059 •

      1,508         1,493  

Verus Securitization Trust

 

0.820% due 10/25/2063 ~

      6,195         5,524  
       

 

 

 

Total Non-Agency Mortgage-Backed Securities (Cost $501,432)

      465,675  
 

 

 

 
ASSET-BACKED SECURITIES 22.4%

 

ACAS CLO Ltd.

 

6.152% due 10/18/2028 •

      18,274         18,161  

American Money Management Corp. CLO Ltd.

 

6.130% due 04/17/2029 •

      2,171         2,172  

Anchorage Capital CLO Ltd.

 

6.310% due 07/15/2030 •

      4,241         4,216  

Apex Credit CLO Ltd.

 

6.500% due 09/20/2029 •

      6,612         6,571  

Apidos CLO

 

6.162% due 07/18/2029 •

      24,598         24,413  

6.190% due 07/17/2030 •

      15,626         15,504  

6.260% due 04/20/2031 •

      9,450         9,360  

Arbor Realty Commercial Real Estate Notes Ltd.

 

6.293% due 05/15/2036 •

      6,400         6,292  

AREIT Trust

 

6.237% due 11/17/2038 •

      21,327         20,780  

6.317% due 01/20/2037 •

      38,109         37,152  

Ares CLO Ltd.

 

6.130% due 01/15/2029 •

      5,597         5,562  

6.312% due 04/18/2031 •

      2,200         2,176  

Atlas Senior Loan Fund Ltd.

 

6.120% due 04/20/2028 •

      240         241  

6.353% due 04/22/2031 •

      2,000         1,960  

BA Credit Card Trust

 

0.440% due 09/15/2026

      6,210         5,966  

Barings CLO Ltd.

 

6.200% due 07/20/2029 •

      3,611         3,606  

Benefit Street Partners CLO Ltd.

 

6.210% due 10/15/2030 •

      11,608         11,515  

6.290% due 01/17/2032 •

      8,600         8,505  

BlueMountain CLO Ltd.

 

6.453% due 10/22/2030 •

      3,982         3,964  

BXMT Ltd.

 

6.616% due 11/15/2037 •

      57,900         55,346  

Capital One Multi-Asset Execution Trust

 

5.773% due 07/15/2027 •

      38,600         38,663  

Capital One Prime Auto Receivables Trust

 

5.717% due 09/15/2025 •

      34,026         34,032  

Carlyle Global Market Strategies CLO Ltd.

 

6.271% due 08/14/2030 •

      38,770         38,517  

6.342% due 07/27/2031 •

      4,711         4,668  

Carlyle U.S. CLO Ltd.

 

6.250% due 04/20/2031 •

      10,000         9,876  

Carmax Auto Owner Trust

 

5.767% due 01/15/2026 •

      20,300         20,331  

CarMax Auto Owner Trust

 

5.917% due 06/15/2026

      17,000         17,059  

Carmax Auto Owner Trust

 

5.967% due 12/15/2025 •

      25,356         25,400  

Carrington Mortgage Loan Trust

 

6.500% due 07/20/2030 •

      6,431         6,407  

Catamaran CLO Ltd.

 

6.373% due 04/22/2030 •

      18,523         18,413  

Chesapeake Funding LLC

 

0.870% due 08/15/2032

      3,981         3,961  

5.843% due 08/15/2032 •

      4,335         4,335  

6.317% due 05/15/2035

      12,685         12,709  

CIFC Funding Ltd.

 

6.223% due 10/24/2030 •

      41,888         41,596  

CIT Mortgage Loan Trust

 

6.500% due 10/25/2037 •

      1,560         1,558  

 

       
94   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Citibank Credit Card Issuance Trust

 

5.774% due 04/22/2026 •

  $     57,584     $       57,694  

5.801% due 08/07/2027 •

      34,100         34,202  

5.988% due 05/14/2029 •

      5,550         5,551  

Citizens Auto Receivables Trust

 

6.016% due 07/15/2026

      15,000         14,969  

Commonbond Student Loan Trust

 

6.000% due 05/25/2041 •

      273         268  

Crestline Denali CLO Ltd.

 

6.280% due 04/20/2030 •

      17,497         17,344  

Daimler Trucks Retail Trust

 

5.070% due 09/16/2024

      456         455  

Dell Equipment Finance Trust

 

5.840% due 01/22/2029

      23,000         23,048  

Discover Card Execution Note Trust

 

5.583% due 03/15/2026 •

      16,000         15,999  

5.793% due 12/15/2026 •

      34,100         34,117  

DLLAD LLC

 

5.190% due 04/20/2026

      17,500         17,341  

DLLMT LLC

 

1.000% due 07/21/2025

      2,970         2,872  

Dryden CLO Ltd.

 

6.236% due 01/17/2033 •

      3,400         3,354  

Dryden Senior Loan Fund

 

6.240% due 04/15/2028 •

      3,958         3,940  

Edsouth Indenture LLC

 

5.880% due 04/25/2039 •

      325         322  

Elevation CLO Ltd.

 

6.205% due 10/25/2030 •

      15,032         14,923  

ELFI Graduate Loan Program LLC

 

1.530% due 12/26/2046

      6,931         5,896  

Enterprise Fleet Financing LLC

 

3.030% due 01/20/2028

      17,000         16,561  

5.330% due 03/20/2024

      9,050         9,042  

Ford Credit Auto Lease Trust

 

5.717% due 06/15/2025 •

      9,700         9,704  

Ford Credit Auto Owner Trust

 

5.028% due 04/15/2024

      1,451         1,451  

5.587% due 04/15/2025 •

      15,157         15,162  

5.787% due 03/15/2026 •

      40,000         40,114  

Ford Credit Floorplan Master Owner Trust

 

5.693% due 09/15/2025 •

      47,700         47,713  

Foursight Capital Automobile Receivables Trust

 

1.150% due 09/15/2025

      5,140         5,103  

Galaxy CLO Ltd.

 

6.230% due 10/15/2030 •

      6,722         6,675  

Gallatin CLO Ltd.

 

6.350% due 07/15/2031 •

      6,000         5,885  

GM Financial Automobile Leasing Trust

 

5.886% due 10/20/2025

      17,000         17,048  

GM Financial Consumer Automobile Receivables Trust

 

5.667% due 09/16/2025 •

      28,807         28,814  

5.687% due 03/16/2026 •

      21,000         21,028  

5.717% due 11/17/2025 •

      10,776         10,790  

5.817% due 05/18/2026

      25,000         25,033  

GoldenTree Loan Management U.S. CLO Ltd.

 

6.160% due 11/20/2030 •

      31,500         31,315  

GPMT Ltd.

 

6.407% due 07/16/2035 •

      21,800         21,083  

Halseypoint CLO Ltd.

 

6.350% due 07/20/2031 •

      12,912         12,827  

Harley Davidson Motorcycle Trust

 

5.597% due 06/15/2026 •

      3,450         3,446  

Harley Davidson Motorcycle Trust

 

5.320% due 06/15/2026

      4,000         3,980  

Honda Auto Receivables Owner Trust

 

5.410% due 04/15/2026

      9,000         8,976  

Hyundai Auto Lease Securitization Trust

 

5.767% due 01/15/2025 •

      11,458         11,470  

Hyundai Auto Receivables Trust

 

5.817% due 12/15/2025

      25,000         25,041  

KKR CLO Ltd.

 

6.202% due 07/18/2030 •

      3,287         3,257  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Kubota Credit Owner Trust

 

5.400% due 02/17/2026

  $     10,000     $     9,916  

LAD Auto Receivables Trust

 

5.440% due 05/15/2024

      12,888           12,888  

5.930% due 06/15/2027

      15,000         14,932  

LCM LP

 

6.135% due 07/19/2027 •

      2,905         2,891  

6.250% due 07/20/2030 •

      668         663  

6.290% due 10/20/2027 •

      439         440  

LCM Ltd.

 

6.330% due 04/15/2031 •

      1,000         986  

6.410% due 10/20/2028 •

      4,727         4,698  

LMREC LLC

 

6.200% due 04/22/2037 •

      3,430         3,351  

LoanCore Issuer Ltd.

 

5.981% due 07/15/2035 •

      6,026         5,899  

Madison Park Funding Ltd.

 

6.193% due 01/22/2028 •

      395         392  

6.240% due 04/20/2032 •

      4,500         4,441  

6.261% due 07/21/2030 •

      3,889         3,864  

6.262% due 07/27/2031 •

      7,275         7,212  

6.375% due 04/25/2032 •

      6,800         6,735  

6.499% due 07/29/2030 ~

      3,951         3,938  

Magnetite Ltd.

 

6.201% due 11/15/2028 •

      3,981         3,956  

Marathon CLO Ltd.

 

6.410% due 04/15/2029 •

      11,005           10,991  

Marble Point CLO Ltd.

 

6.442% due 12/18/2030 •

      5,185         5,110  

Mercedes-Benz Auto Receivables Trust

 

5.090% due 01/15/2026

      12,300         12,254  

MMAF Equipment Finance LLC

 

4.924% due 12/01/2023

      5,408         5,404  

Mountain View CLO LLC

 

6.300% due 01/16/2031 •

      16,327         16,129  

6.350% due 10/16/2029 •

      6,761         6,719  

Nassau Ltd.

 

6.410% due 10/15/2029 •

      10,883         10,869  

Navient Private Education Refi Loan Trust

 

0.840% due 05/15/2069

      4,959         4,305  

1.310% due 01/15/2069

      14,127         12,772  

1.580% due 04/15/2070

      33,578         28,854  

1.690% due 05/15/2069

      7,822         7,028  

2.230% due 07/15/2070

      26,475         22,979  

3.130% due 02/15/2068

      2,553         2,414  

6.193% due 04/15/2069 •

      9,024         8,884  

Navient Student Loan Trust

 

5.950% due 07/26/2066 •

      5,358         5,210  

6.200% due 12/27/2066 •

      14,467         14,332  

Nelnet Student Loan Trust

 

1.420% due 04/20/2062

      779         692  

5.348% due 12/24/2035 •

      1,977         1,934  

5.750% due 03/25/2030 •

      218         218  

5.950% due 09/25/2065 •

      9,461         9,365  

5.950% due 08/25/2067 •

      14,896         14,692  

6.000% due 02/25/2066 •

      7,538         7,395  

Neuberger Berman CLO Ltd.

 

6.192% due 10/18/2029 •

      1,958         1,942  

6.285% due 04/19/2030 •

      1,339         1,331  

6.290% due 04/20/2031 •

      850         838  

Nissan Auto Lease Trust

 

5.686% due 08/15/2025

      25,250         25,204  

Nissan Auto Receivables Owner Trust

 

5.717% due 02/17/2026

      11,000         11,021  

Northstar Education Finance, Inc.

 

5.850% due 12/26/2031 •

      194         193  

Octagon Investment Partners Ltd.

 

6.321% due 02/14/2031 •

      3,900         3,855  

Oscar U.S. Funding LLC

 

0.390% due 08/12/2024 «

      434         434  

1.600% due 03/10/2025

      18,587         18,315  

OZLM Ltd.

 

6.240% due 10/17/2029 •

      23,948         23,799  

6.270% due 07/17/2029 •

      2,206         2,200  

6.348% due 05/16/2030 •

      5,183         5,147  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Palmer Square Loan Funding Ltd.

 

6.150% due 04/20/2029 •

  $     2,431     $     2,415  

6.179% due 02/20/2028 •

      4,268         4,245  

Pawneee Equipment Receivables LLC

 

4.840% due 02/15/2028

      3,217         3,200  

PFP Ltd.

 

6.043% due 04/14/2038 •

      1,352         1,327  

PHEAA Student Loan Trust

 

6.088% due 11/25/2065 •

      4,223         4,170  

PRET LLC

 

1.868% due 07/25/2051 þ

      4,552         4,174  

Ready Capital Mortgage Financing LLC

 

6.150% due 04/25/2038 •

      12,803         12,537  

6.717% due 01/25/2037 •

      23,866         23,546  

Romark CLO Ltd.

 

6.303% due 10/23/2030 •

      40,207         39,755  

Saranac CLO Ltd.

 

6.684% due 08/13/2031 •

      16,400         16,205  

SFS Auto Receivables Securitization Trust

 

5.867% due 03/22/2027

      4,800         4,794  

SLM Private Credit Student Loan Trust

 

5.862% due 12/15/2038 •

      4,505         4,327  

SLM Student Loan Trust

 

5.395% due 10/25/2028 •

      84         84  

5.800% due 12/27/2038 •

      1,931         1,882  

5.850% due 01/25/2029 •

      2,241         2,148  

SMB Private Education Loan Trust

 

1.290% due 07/15/2053

      14,755         13,159  

2.340% due 09/15/2034

      2,139         2,060  

5.793% due 03/17/2053 •

      6,007         5,855  

6.093% due 09/15/2034 •

      4,337         4,314  

6.293% due 09/15/2034 •

      1,670         1,665  

6.293% due 07/15/2053 •

      1,861         1,841  

SoFi Consumer Loan Program Trust

 

5.810% due 05/15/2031

      8,517         8,505  

SoFi Professional Loan Program LLC

 

2.650% due 09/25/2040

      986         939  

2.740% due 05/25/2040

      216         215  

5.850% due 03/26/2040 •

      16         16  

6.450% due 02/25/2040 •

      309         308  

SoFi Professional Loan Program Trust

 

1.950% due 02/15/2046

      12,511         11,215  

Sound Point CLO Ltd.

 

6.173% due 01/23/2029 •

      3,932         3,927  

6.230% due 10/20/2030 •

      4,331         4,282  

6.235% due 07/25/2030 •

      26,410           26,110  

6.263% due 01/23/2029 •

      2,858         2,859  

6.300% due 10/20/2028 •

      590         589  

6.340% due 04/15/2030 •

      2,260         2,235  

6.368% due 07/26/2031 •

      600         590  

6.412% due 04/18/2031 •

      1,000         983  

Starwood Mortgage Trust

 

6.417% due 11/15/2038 •

      23,200         22,540  

Stratus CLO Ltd.

 

6.150% due 12/28/2029 •

      4,278         4,228  

Symphony Static CLO Ltd.

 

6.085% due 10/25/2029 •

      3,521         3,483  

TCW CLO Ltd.

 

6.225% due 04/25/2031 •

      19,100         18,906  

Towd Point HE Trust

 

0.918% due 02/25/2063 ~

      7,436         6,947  

Toyota Auto Receivables Owner Trust

 

5.637% due 08/15/2025 •

      7,740         7,742  

Venture CLO Ltd.

 

6.240% due 07/20/2030 •

      32,450         32,084  

6.270% due 04/20/2029 •

      15,252         15,232  

6.300% due 07/20/2030 •

      8,191         8,114  

6.493% due 08/28/2029 •

      21,807         21,695  

Vibrant CLO Ltd.

 

6.460% due 06/20/2029 •

      4,520         4,514  

VMC Finance LLC

 

6.257% due 06/16/2036 •

      10,536         10,333  

Volkswagen Auto Loan Enhanced Trust

 

5.587% due 12/21/2026

      42,750         42,784  

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     95
    


Table of Contents
Schedule of Investments   PIMCO Enhanced Short Maturity Active Exchange-Traded Fund   (Cont.)  

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Voya CLO Ltd.

 

6.210% due 04/17/2030 •

  $     25,221     $     25,038  

6.240% due 06/07/2030 •

      8,534         8,477  

6.248% due 10/15/2030 •

      13,516         13,420  

Wellfleet CLO Ltd.

 

6.140% due 04/20/2029 •

      4,944         4,938  

6.140% due 07/20/2029 •

      9,025         8,927  

World Omni Auto Receivables Trust

 

5.497% due 07/15/2026 •

      23,850         23,855  

5.637% due 10/15/2025 •

      5,096         5,096  

5.777% due 11/16/2026

      23,500         23,543  
       

 

 

 

Total Asset-Backed Securities (Cost $2,103,028)

      2,073,203  
 

 

 

 
SOVEREIGN ISSUES 1.9%

 

CPPIB Capital, Inc.

 

6.308% due 03/11/2026

      26,000         26,580  

6.342% (SOFRINDX + 1.250%) due 04/04/2025 ~

      72,750         73,924  

Korea Development Bank

 

5.340% (SOFRINDX + 0.250%) due 03/09/2024 ~

      500         500  

Korea National Oil Corp.

 

6.135% (US0003M + 0.875%) due 07/16/2023 ~

      7,400         7,401  

PSP Capital, Inc.

 

5.331% (SOFRINDX + 0.240%) due 03/03/2025 ~

      66,447         66,380  
       

 

 

 

Total Sovereign Issues (Cost $174,615)

      174,785  
 

 

 

 
SHORT-TERM INSTRUMENTS 26.4%

 

COMMERCIAL PAPER 20.9%

 

AES Corp.

 

6.050% due 07/03/2023

      7,600         7,596  

Amcor Flexibles North America, Inc.

 

5.430% due 07/20/2023

      53,000         52,839  

5.450% due 07/11/2023

      1,000         998  

Arrow Electronics, Inc.

 

5.730% due 07/18/2023

      14,800         14,758  

AT&T, Inc.

 

5.700% due 11/21/2023

      69,200         67,633  

Bacardi Martini BV

 

5.750% due 07/12/2023

      700         699  

5.900% due 07/19/2023

      31,600         31,511  

Conagra Brands, Inc.

 

5.600% due 07/20/2023

      39,800         39,673  

5.750% due 07/05/2023

      58,360         58,316  

5.750% due 07/06/2023

      29,400         29,373  

Consolidated Edison Co. of New York, Inc.

 

5.420% due 07/17/2023

      88,200         87,979  

Constellation Brands, Inc.

 

5.580% due 07/17/2023

      1,100         1,097  

5.580% due 07/18/2023

      12,100         12,066  

5.580% due 07/24/2023

      4,950         4,931  

5.580% due 07/25/2023

      1,900         1,892  

5.590% due 07/03/2023

      5,650         5,647  

5.590% due 07/05/2023

      25,450         25,431  

Constellation Energy Corp.

 

5.300% due 07/13/2023

      16,000         15,966  

Crown Castle, Inc.

 

5.870% due 07/20/2023

      9,400         9,371  

5.890% due 07/05/2023

      6,150         6,145  

CVS Corp.

 

5.280% due 07/06/2023

      26,150         26,127  

Daimler Truck Finance North America LLC

 

5.350% due 07/21/2023

      2,800         2,791  

Dominion Resources, Inc.

 

5.430% due 07/31/2023

      34,600         34,440  

5.490% due 07/11/2023

      6,550         6,540  

5.500% due 08/15/2023

      36,200         35,948  

Duke Energy Corp.

 

5.400% due 07/10/2023

      20,900         20,870  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

5.400% due 08/08/2023

  $     32,300     $     32,108  

Electricite de France SA

 

5.510% due 08/03/2023

      44,250         44,017  

5.510% due 08/04/2023

      44,250         44,010  

Enbridge (US), Inc.

 

5.400% due 07/12/2023

      19,850         19,814  

5.440% due 07/20/2023

      19,850         19,789  

5.450% due 07/25/2023

      17,950         17,881  

5.450% due 07/26/2023

      14,800         14,741  

5.480% due 07/17/2023

      20,200         20,148  

Enel Finance America LLC

 

5.450% due 07/26/2023

      16,700         16,635  

Entergy Corp.

 

5.400% due 07/11/2023

      16,100         16,074  

5.450% due 07/20/2023

      26,300         26,222  

Global Payments, Inc.

 

5.930% due 07/21/2023

      85,200         84,910  

5.930% due 07/26/2023

      2,250         2,240  

5.930% due 07/28/2023

      42,600         42,406  

5.950% due 07/14/2023

      9,000         8,979  

Haleon UK Capital PLC

 

5.520% due 07/19/2023

      35,150         35,049  

5.520% due 07/24/2023

      13,800         13,750  

5.550% due 07/17/2023

      1,600         1,596  

5.550% due 07/18/2023

      400         399  

Humana, Inc.

 

5.400% due 07/11/2023

      27,750         27,703  

5.430% due 07/20/2023

      3,000         2,991  

5.450% due 07/13/2023

      21,150         21,108  

5.450% due 07/18/2023

      3,950         3,939  

5.500% due 08/01/2023

      13,200           13,134  

5.510% due 08/02/2023

      13,800         13,729  

5.510% due 08/03/2023

      9,850         9,798  

International Flavors & Fragrances, Inc.

 

6.000% due 07/03/2023

      2,300         2,299  

6.000% due 07/05/2023

      3,200         3,198  

6.000% due 07/28/2023

      10,150         10,107  

Keurig Dr Pepper, Inc.

 

5.250% due 07/05/2023

      24,500         24,482  

5.350% due 07/20/2023

      38,100         37,988  

L3Harris Technologies, Inc.

 

5.530% due 07/17/2023

      47,650         47,531  

Leidos, Inc.

 

5.900% due 07/10/2023

      23,500         23,463  

LVMH Moet Hennessy Louis Vuitton SE

 

5.490% due 01/29/2024

      25,000         24,191  

McCormick & Co., Inc.

 

5.350% due 07/25/2023

      11,000         10,959  

Mondelez International, Inc.

 

5.370% due 07/25/2023

      30,400         30,288  

5.430% due 07/13/2023

      750         749  

5.430% due 07/14/2023

      750         748  

National Grid North America, Inc.

 

5.450% due 07/13/2023

      29,200         29,144  

NextEra Energy Capital Holdings, Inc.

 

5.500% due 07/18/2023

      700         698  

Northrop Grumman Corp.

 

5.600% due 08/17/2023

      25,900         25,711  

Penske Truck Leasing Co. LP

 

5.400% due 07/10/2023

      16,800         16,775  

Quanta Services, Inc.

 

5.900% due 07/07/2023

      5,700         5,694  

5.900% due 07/12/2023

      50,000         49,907  

5.900% due 07/13/2023

      22,400         22,355  

5.900% due 07/17/2023

      5,800         5,785  

5.900% due 07/18/2023

      17,500         17,451  

Raytheon Technologies Corp.

 

5.450% due 07/12/2023

      9,500         9,483  

Targa Resources Corp.

 

5.950% due 07/26/2023

      9,800         9,764  

6.000% due 07/07/2023

      31,300         31,271  

Thomson Reuters Corp.

 

5.470% due 07/12/2023

      27,250         27,202  

5.470% due 07/13/2023

      56,550         56,441  

5.500% due 07/18/2023

      8,700         8,677  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Trane Technologies Financing Ltd.

 

5.550% due 07/24/2023

  $     11,300     $     11,260  

5.550% due 07/25/2023

      3,700         3,692  

VW Credit, Inc.

 

5.400% due 07/25/2023

      51,100         50,909  

5.400% due 07/26/2023

      33,700         33,569  

5.430% due 07/27/2023

      2,600         2,589  

5.430% due 08/01/2023

      2,400         2,388  

Walgreens Boots Alliance, Inc.

 

5.850% due 07/10/2023 (a)

      52,650         52,566  

6.000% due 07/05/2023

      34,350         34,323  

6.000% due 07/06/2023

      43,200         43,159  

Waste Management, Inc.

 

5.400% due 08/09/2023

      14,200         14,114  
       

 

 

 
            1,934,737  
       

 

 

 
REPURCHASE AGREEMENTS (f) 5.3%

 

          489,637  
       

 

 

 
SHORT-TERM NOTES 0.2%

 

CCG Receivables Trust

 

5.395% due 03/14/2024

      6,015         6,013  

Toyota Motor Credit Corp.

 

5.810% (SOFRRATE + 0.750%) due 07/25/2023 ~

      375         375  

Warnermedia Holdings, Inc.

 

3.428% due 03/15/2024

      16,054         15,766  
       

 

 

 
          22,154  
       

 

 

 
Total Short-Term Instruments (Cost $2,447,364)     2,446,528  
 

 

 

 
       
Total Investments in Securities (Cost $9,461,609)     9,366,003  
 

 

 

 
        SHARES            
INVESTMENTS IN AFFILIATES 0.0%

 

SHORT-TERM INSTRUMENTS 0.0%

 

MUTUAL FUNDS 0.0%

 

PIMCO Government Money Market Fund

 

5.210% (b)(c)(d)

      149,100         149  
       

 

 

 
Total Short-Term Instruments
(Cost $149)
    149  
 

 

 

 
       
Total Investments in Affiliates
(Cost $149)
    149  
       
Total Investments 101.2% (Cost $9,461,758)

 

  $     9,366,152  

Financial Derivative
Instruments (g) 0.0%

(Cost or Premiums, net $0)

          55  
Other Assets and Liabilities, net (1.2)%     (108,310
 

 

 

 
Net Assets 100.0%

 

  $       9,257,897  
   

 

 

 

 

       
96   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

NOTES TO SCHEDULE OF INVESTMENTS:    

 

*

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

 

«

Security valued using significant unobservable inputs (Level 3).

 

~

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

 

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

 

þ

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

 

(a)

When-issued security.

 

(b)

Institutional Class Shares of each Fund.

 

(c)

Securities with an aggregate market value of $146 were out on loan in exchange for $149 of cash collateral as of June 30, 2023. See Note 5(e), Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral.

 

(d)

Coupon represents a 7-Day Yield.

(e)  RESTRICTED SECURITIES:

 

Issuer Description    Coupon     Maturity
Date
    Acquisition
Date
    Cost     Market
Value
    Market Value
as Percentage
of Net Assets
 

Citigroup, Inc.

     0.981     05/01/2025       06/02/2023     $ 3,817     $ 3,816       0.04

Deutsche Bank AG

     0.898       05/28/2024       06/26/2023       6,193       6,178       0.07  
        

 

 

   

 

 

   

 

 

 
       $     10,010     $     9,994       0.11
      

 

 

   

 

 

   

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(f)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate
    Settlement
Date
    Maturity
Date
    Principal
Amount
    Collateralized By   Collateral
(Received)
    Repurchase
Agreements,
at Value
    Repurchase
Agreement
Proceeds
to  be
Received(1)
 
BPS     5.110     06/30/2023       07/03/2023     $     357,800     U.S. Treasury Notes 3.875% due 12/31/2027   $ (364,737   $ 357,800     $ 357,952  
FICC     2.400       06/30/2023       07/03/2023       1,837     U.S. Treasury Notes 1.500% due 01/31/2027     (1,874     1,837       1,837  
RCY     5.160       06/30/2023       07/03/2023       130,000     U.S. Treasury Notes 2.250% due 08/15/2027     (132,912     130,000       130,056  
           

 

 

   

 

 

   

 

 

 

Total Repurchase Agreements

 

    $     (499,523   $     489,637     $     489,845  
   

 

 

   

 

 

   

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:

 

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

 

BPS

  $ 357,952     $ 0     $ 0     $ 0     $ 357,952     $     (364,737   $     (6,785

FICC

    1,837       0       0       0       1,837       (1,874     (37

RCY

    130,056       0       0       0           130,056       (132,912     (2,856

Master Securities Lending Agreement

 

BCY

    0       0       0       146       146       (149     (3
 

 

 

   

 

 

   

 

 

   

 

 

       

Total Borrowings and Other Financing Transactions

  $     489,845     $     0     $     0     $     146        
 

 

 

   

 

 

   

 

 

   

 

 

       

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

 

     Overnight and
Continuous
    Up to 30 days     31-90 days     Greater Than 90 days     Total  

Securities Lending Transactions(3)

 

Corporate Bonds & Notes

  $ 149     $ 0     $ 0     $ 0     $ 149  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Borrowings

  $     149     $     0     $     0     $     0     $     149  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Payable for securities on loan - cash collateral

 

  $ 149  
 

 

 

 

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     97
    


Table of Contents
Schedule of Investments   PIMCO Enhanced Short Maturity Active Exchange-Traded Fund   (Cont.)  

 

(1)

Includes accrued interest.

(2)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(3) 

Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

The average amount of borrowings outstanding during the period ended June 30, 2023 was $(925) at a weighted average interest rate of 4.936%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(g)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

 

SHORT FUTURES CONTRACTS                                            
Description   Expiration
Month
    # of
Contracts
    Notional
Amount
    Unrealized
Appreciation/
(Depreciation)
     Variation Margin  
   Asset      Liability  

U.S. Treasury 2-Year Note September Futures

    09/2023       1,764     $         (358,698   $ 4,723      $ 55      $ 0  

U.S. Treasury 5-Year Note September Futures

    09/2023       2,604         (278,872     2,744        0        0  
         

 

 

    

 

 

    

 

 

 

Total Futures Contracts

 

  $     7,467      $     55      $     0  
 

 

 

    

 

 

    

 

 

 

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:

 

    Financial Derivative Assets           Financial Derivative Liabilities  
    Market Value     Variation Margin
Asset
   

Total

          Market Value     Variation Margin
Liability
   

Total

 
     Purchased
Options
    Futures     Swap
Agreements
          Written
Options
    Futures     Swap
Agreements
 

Total Exchange-Traded or Centrally Cleared

  $     0     $     55     $     0     $     55       $     0     $     0     $     0     $     0  
 

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

 

 

 

Cash of $5,758 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:

 

    Derivatives not accounted for as hedging instruments  
     Commodity
Contracts
    Credit
Contracts
    Equity
Contracts
    Foreign
Exchange
Contracts
    Interest
Rate Contracts
    Total  

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

 

Futures

  $     0     $     0     $     0     $     0     $     55     $     55  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

 

    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

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $ 9,634     $ 9,634  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments

 

Exchange-traded or centrally cleared

 

Futures

  $     0     $     0     $     0     $     0     $     7,467     $     7,467  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

       
98   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Securities, at Value

 

Corporate Bonds & Notes

 

Banking & Finance

  $ 0     $ 2,437,981     $ 0     $ 2,437,981  

Industrials

    0       730,596       0       730,596  

Utilities

    0       382,230       0       382,230  

U.S. Government Agencies

    0       655,005       0       655,005  

Non-Agency Mortgage-Backed Securities

    0       465,401       274       465,675  

Asset-Backed Securities

    0       2,072,769       434       2,073,203  

Sovereign Issues

    0       174,785       0       174,785  

Short-Term Instruments

 

Commercial Paper

    0       1,934,737       0       1,934,737  

Repurchase Agreements

    0       489,637       0       489,637  

Short-Term Notes

    0       22,154       0       22,154  
 

 

 

   

 

 

   

 

 

   

 

 

 
  $     0     $     9,365,295     $     708     $     9,366,003  
 

 

 

   

 

 

   

 

 

   

 

 

 
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Affiliates, at Value

 

Short-Term Instruments

 

Mutual Funds

  $ 149     $ 0     $ 0     $ 149  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments

  $ 149     $ 9,365,295     $ 708     $ 9,366,152  
 

 

 

   

 

 

   

 

 

   

 

 

 

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

  $ 0     $ 55     $ 0     $ 55  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Financial Derivative Instruments

  $ 0     $ 55     $ 0     $ 55  
 

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $     149     $     9,365,350     $     708     $     9,366,207  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     99
    


Table of Contents
Schedule of Investments   PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund         

 

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
INVESTMENTS IN SECURITIES 99.1%

 

MUNICIPAL BONDS & NOTES 95.1%

 

ALABAMA 3.4%

 

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021

 

4.000% due 10/01/2052

  $     7,385     $     7,321  

4.360% (MUNIPSA)
due 10/01/2052 ~

      2,000         1,945  

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022

 

5.250% due 02/01/2053

      5,000         5,237  

Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020

 

5.000% due 08/01/2027

      1,000         1,061  

Healthcare Authority of Baptist Health, Alabama Revenue Bonds, Series 2023

 

5.000% due 11/15/2035

      1,500         1,652  

5.000% due 11/15/2036

      1,220         1,322  

5.000% due 11/15/2037

      875         938  

Jefferson County, Alabama Sewer Revenue Bonds, (AGM Insured), Series 2013

 

5.500% due 10/01/2053

      3,450         3,527  

Lower Alabama Gas District Revenue Bonds, Series 2020

 

4.000% due 12/01/2050

      3,000         2,983  

Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019

 

2.000% due 11/01/2033

      1,350         1,320  

Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021

 

4.000% due 12/01/2051

      2,935         2,855  

West Jefferson Industrial Development Board, Alabama Revenue Bonds, Series 1998

 

3.650% due 06/01/2028

      3,600         3,600  
       

 

 

 
            33,761  
       

 

 

 
ALASKA 0.3%

 

Alaska Housing Finance Corp. Revenue Bonds, Series 2022

 

5.000% due 12/01/2033

      1,905         2,138  

Alaska Municipal Bond Bank, Revenue Bond, Series 2023

 

5.000% due 12/01/2042

      1,000         1,083  
       

 

 

 
          3,221  
       

 

 

 
ARIZONA 2.5%

 

Arizona Health Facilities Authority Revenue Bonds, Series 2014

 

5.000% due 01/01/2044

      7,920         7,988  

Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2005

 

2.400% due 12/01/2035

      2,750         2,745  

Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2017

 

4.000% due 01/01/2041

      5,000         4,917  

Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019

 

5.000% due 01/01/2053

      2,000         2,157  

Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2014

 

4.750% due 07/01/2044

      2,200         2,234  

Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2017

 

3.125% due 07/01/2034

      425         409  

Phoenix, Arizona General Obligation Refunding Notes, Series 2022

 

5.000% due 07/01/2026

      1,500         1,589  

Town of Gilbert, Arizona General Obligation Notes, Series 2022

 

5.000% due 07/15/2027

      2,000         2,171  
       

 

 

 
          24,210  
       

 

 

 
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
CALIFORNIA 6.5%

 

Anaheim Public Financing Authority, California Revenue Notes, (AGM/CR Insured), Series 2019

 

5.000% due 09/01/2027

  $     2,500     $     2,685  

Bay Area Toll Authority, California Revenue Bonds, Series 2021

 

4.460% (MUNIPSA)
due 04/01/2056 ~

      2,000         1,978  

California Community Choice Financing Authority Revenue Bonds, Series 2023

 

5.250% due 01/01/2054

      8,500         8,897  

California Department of Water Resources State Revenue Bonds, Series 2020

 

1.789% due 12/01/2035

      2,500         1,805  

California Department of Water Resources State Revenue Bonds, Series 2021

 

2.132% due 12/01/2033

      3,315         2,618  

California Health Facilities Financing Authority Revenue Bonds, Series 2016

 

4.000% due 10/01/2036

      1,000         1,006  

California Health Facilities Financing Authority Revenue Bonds, Series 2020

 

4.000% due 04/01/2040

      3,250         3,177  

California State General Obligation Bonds, Series 2016

 

4.000% due 09/01/2037

      4,495         4,554  

California State General Obligation Notes, Series 2018

 

5.000% due 10/01/2028

      3,500         3,911  

California State General Obligation Notes, Series 2022

 

5.000% due 11/01/2026

      6,400         6,846  

Chino Valley Unified School District, California General Obligation Bonds, Series 2022

 

0.000% due 08/01/2041 (b)

      1,500         690  

Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2021

 

4.000% due 01/15/2033

      1,139         1,184  

Fremont Unified School District/Alameda County, California General Obligation Notes, Series 2021

 

1.313% due 08/01/2028

      5,735         4,863  

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021

 

2.746% due 06/01/2034

      3,000         2,447  

Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021

 

2.687% due 06/01/2030

      6,000         5,042  

Huntington Beach Union High School District, California General Obligation Notes, Series 2021

 

1.884% due 08/01/2029

      3,000         2,533  

Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022

 

5.000% due 06/01/2038

      1,000         1,145  

Los Angeles, California Wastewater System Revenue Bonds, Series 2015

 

5.000% due 06/01/2029

      1,350         1,408  

Sacramento Municipal Utility District, California Revenue Bonds, Series 2013

 

5.000% due 08/15/2029

      1,000         1,002  

San Francisco, California City & County Certificates of Participation Bonds, Series 2017

 

4.000% due 04/01/2036

      6,320         6,338  
       

 

 

 
            64,129  
       

 

 

 
COLORADO 1.1%

 

Colorado Health Facilities Authority Revenue Bonds, Series 2018

 

5.000% due 11/15/2048

      2,500         2,589  

Colorado Health Facilities Authority Revenue Bonds, Series 2019

 

5.000% due 08/01/2031

      850         915  

5.000% due 11/15/2049

      1,500         1,578  

Colorado Health Facilities Authority Revenue Bonds, Series 2022

 

5.250% due 11/01/2035

      1,200         1,334  

5.250% due 11/01/2037

      1,450         1,584  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2020

 

5.000% due 09/01/2035

  $     1,250     $     1,405  

Regional Transportation District, Colorado Revenue Notes, Series 2020

 

5.000% due 07/15/2028

      875         938  
       

 

 

 
          10,343  
       

 

 

 
CONNECTICUT 3.3%

 

Bridgeport, Connecticut General Obligation Notes, Series 2017

 

5.000% due 08/15/2023

      1,635         1,638  

5.000% due 08/15/2027

      3,000         3,249  

Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020

 

5.000% due 05/01/2031

      3,500         3,991  

5.000% due 05/01/2032

      1,380         1,572  

Connecticut Special Tax State Revenue Bonds, Series 2018

 

5.000% due 10/01/2033

      1,020         1,121  

Connecticut Special Tax State Revenue Bonds, Series 2022

 

5.000% due 07/01/2039

      5,000         5,641  

Connecticut State General Obligation Bonds, Series 2018

 

5.000% due 09/15/2030

      3,640         4,009  

Connecticut State General Obligation Bonds, Series 2020

 

4.000% due 06/01/2031

      1,750         1,879  

Connecticut State General Obligation Notes, Series 2022

 

5.000% due 09/15/2028

      1,000         1,107  

5.000% due 11/15/2028

      4,100         4,553  

Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2018

 

5.000% due 07/01/2029

      1,200         1,301  

Metropolitan District, Connecticut General Obligation Bonds, Series 2018

 

5.000% due 07/15/2029

      1,845         2,047  
       

 

 

 
            32,108  
       

 

 

 
DELAWARE 0.2%

 

Delaware State Economic Development Authority Revenue Bonds, Series 2020

 

1.250% due 10/01/2045

      2,000         1,826  
       

 

 

 
FLORIDA 1.7%

 

Broward County, Florida Airport System Revenue Bonds, Series 2012

 

5.000% due 10/01/2023

      1,000         1,001  

Central Florida Expressway Authority Revenue Bonds, Series 2018

 

5.000% due 07/01/2030

      450         496  

5.000% due 07/01/2031

      900         992  

Florida’s Turnpike Enterprise Revenue Bonds, Series 2018

 

4.000% due 07/01/2048

      4,500         4,478  

Miami-Dade County, Florida Aviation Revenue Bonds, Series 2020

 

5.000% due 10/01/2032

      1,000         1,130  

Orange County Health Facilities Authority, Florida Revenue Notes, Series 2023

 

5.000% due 10/01/2028

      1,450         1,583  

Orlando Utilities Commission, Florida Revenue Bonds, Series 2021

 

1.250% due 10/01/2046

      3,500         3,006  

Osceola County, Florida Transportation Revenue Bonds, Series 2020

 

0.000% due 10/01/2034 (b)

      1,850         1,117  

Osceola County, Florida Transportation Revenue Notes, Series 2020

 

0.000% due 10/01/2027 (b)

      350         291  

0.000% due 10/01/2029 (b)

      700         535  

 

       
100   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

School District of Broward County, Florida Certificates of Participation Bonds, Series 2020

 

5.000% due 07/01/2032

  $     2,000     $     2,263  

Tampa, Florida Revenue Bonds, Series 2020

 

0.000% due 09/01/2033 (b)

      200         133  
       

 

 

 
            17,025  
       

 

 

 
GEORGIA 4.2%

 

Bartow County, Georgia Development Authority Revenue Bonds, Series 1997

 

1.800% due 09/01/2029

      2,000         1,682  

Brookhaven Development Authority, Georgia Revenue Bonds, Series 2019

 

5.000% due 07/01/2038

      1,800         1,944  

Burke County, Georgia Development Authority Revenue Bonds, Series 2008

 

2.925% due 11/01/2048

      3,000         2,967  

Burke County, Georgia Development Authority Revenue Bonds, Series 2017

 

3.250% due 11/01/2045

      3,750         3,697  

Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2017

 

5.000% due 04/01/2028

      600         632  

Development Authority of Monroe County, Georgia Revenue Bonds, Series 2013

 

1.500% due 01/01/2039

      1,250         1,181  

Fulton County, Georgia Development Authority Revenue Bonds, Series 2019

 

5.000% due 07/01/2030

      1,000         1,122  

Georgia State General Obligation Notes, Series 2022

 

5.000% due 07/01/2030

      6,640         7,672  

LaGrange-Troup County, Georgia Hospital Authority Revenue Bonds, Series 2017

 

5.000% due 04/01/2028

      700         738  

Main Street Natural Gas Inc, Georgia Revenue Bonds, Series 2021

 

4.000% due 07/01/2052

      700         698  

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2018

 

4.294% (0.67*US0001M + 0.830%) due 08/01/2048 ~

      1,510         1,509  

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019

 

5.000% due 05/15/2033

      2,500         2,570  

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021

 

4.000% due 05/01/2052

      1,915         1,887  

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023

 

5.000% due 06/01/2053

      3,000         3,108  

5.000% due 07/01/2053

      3,000         3,136  

Municipal Electric Authority of Georgia Revenue Bonds, Series 2019

 

5.000% due 01/01/2031

      1,200         1,285  

Municipal Electric Authority of Georgia Revenue Notes, (AGM Insured), Series 2021

 

5.000% due 01/01/2027

      335         356  

5.000% due 01/01/2028

      400         432  

5.000% due 01/01/2029

      450         493  

5.000% due 01/01/2031

      360         400  

5.000% due 01/01/2032

      285         315  

Municipal Electric Authority of Georgia Revenue Notes, Series 2019

 

5.000% due 01/01/2029

      1,000         1,069  

Municipal Electric Authority of Georgia Revenue Notes, Series 2021

 

5.000% due 01/01/2028

      175         185  

5.000% due 01/01/2029

      165         176  

Municipal Electric Authority of Georgia Revenue Notes, Series 2023

 

5.890% due 07/01/2033

      1,500         1,510  
       

 

 

 
          40,764  
       

 

 

 
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
GUAM 0.1%

 

Guam Government Waterworks Authority Revenue Notes, Series 2014

 

5.000% due 07/01/2023

  $     770     $     770  
       

 

 

 
HAWAII 0.5%

 

City & County Honolulu, Hawaii General Obligation Bonds, Series 2015

 

5.000% due 10/01/2030

      2,000         2,082  

City & County Honolulu, Hawaii Wastewater System Revenue Notes, Series 2020

 

1.473% due 07/01/2030

      3,750         3,056  
       

 

 

 
          5,138  
       

 

 

 
ILLINOIS 5.8%

 

Chicago Midway International Airport, Illinois Revenue Bonds, Series 2014

 

5.000% due 01/01/2035

      6,500         6,538  

Chicago Transit Authority Sales Tax Receipts Fund, Illinois Revenue Bonds, Series 2014

 

5.000% due 12/01/2044

      2,500         2,525  

Chicago, Illinois General Obligation Bonds, Series 2017

 

5.625% due 01/01/2030

      1,865         1,983  

Illinois Finance Authority Revenue Bonds, Series 2008

 

4.000% due 11/01/2030

      1,000         1,009  

Illinois Finance Authority Revenue Bonds, Series 2020

 

3.550% due 08/15/2049

      7,600         7,600  

Illinois State General Obligation Bonds, Series 2012

 

5.000% due 08/01/2023

      2,590         2,592  

Illinois State General Obligation Bonds, Series 2021

 

5.000% due 03/01/2037

      5,860         6,287  

Illinois State General Obligation Notes, Series 2017

 

5.000% due 11/01/2023

      2,765         2,777  

Illinois State General Obligation Notes, Series 2020

 

5.000% due 10/01/2025

      2,300         2,372  

Illinois State General Obligation Notes, Series 2022

 

5.000% due 03/01/2026

      7,000         7,267  

Illinois State Revenue Bonds, Series 2013

 

5.000% due 06/15/2026

      1,500         1,501  

Illinois State Toll Highway Authority Revenue Bonds, Series 2019

 

5.000% due 01/01/2030

      2,500         2,766  

Illinois State Toll Highway Authority Revenue Notes, Series 2019

 

5.000% due 01/01/2027

      775         827  

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022

 

0.000% due 06/15/2036 (b)

      500         285  

0.000% due 06/15/2037 (b)

      1,500         803  

Regional Transportation Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2003

 

5.750% due 06/01/2033

      1,800         2,140  

Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018

 

5.000% due 01/01/2037

      1,350         1,421  

Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2023

 

5.000% due 01/01/2037

      1,000         1,073  

Sales Tax Securitization Corp., Illinois Revenue Notes, Series 2020

 

5.000% due 01/01/2028

      4,500         4,846  
       

 

 

 
            56,612  
       

 

 

 
INDIANA 0.8%

 

Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012

 

4.250% due 11/01/2030

      1,500         1,495  

Indiana Finance Authority Revenue Bonds, Series 2010

 

2.500% due 11/01/2030

      3,825         3,351  

Indiana Finance Authority Revenue Bonds, Series 2018

 

5.000% due 02/01/2030

      1,500         1,648  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Indiana Municipal Power Agency Revenue Notes, Series 2019

 

5.000% due 01/01/2029

  $     285     $     315  

Rockport, Indiana Revenue Bonds, Series 2009

 

3.050% due 06/01/2025

      1,500         1,477  
       

 

 

 
          8,286  
       

 

 

 
IOWA 0.2%

 

Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022

 

4.000% due 12/01/2050

      2,000         1,972  
       

 

 

 
KENTUCKY 0.4%

 

Kentucky Public Energy Authority Revenue Bonds, Series 2018

 

4.000% due 04/01/2048

      500         499  

Kentucky Public Energy Authority Revenue Bonds, Series 2020

 

4.000% due 12/01/2050

      3,000         2,995  
       

 

 

 
          3,494  
       

 

 

 
LOUISIANA 1.2%

 

Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Notes, Series 2022

 

5.000% due 08/15/2027

      1,200         1,285  

5.000% due 08/15/2028

      1,200         1,285  

Louisiana Public Facilities Authority Revenue Bonds, Series 2023

 

5.000% due 10/15/2036

      1,000         1,132  

Louisiana State General Obligation Bonds, Series 2015

 

4.000% due 05/01/2035

      1,700         1,722  

Louisiana State Highway Improvement Revenue Notes, Series 2021

 

1.592% due 06/15/2030

      2,000         1,637  

Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017

 

2.100% due 06/01/2037

      2,900         2,845  

Tangipahoa Parish Hospital Service District No 1, Louisiana Revenue Bonds, Series 2021

 

4.000% due 02/01/2037

      2,000         1,967  
       

 

 

 
            11,873  
       

 

 

 
MAINE 0.1%

 

Portland, Maine General Airport Revenue Notes, Series 2019

 

5.000% due 01/01/2028

      300         323  

5.000% due 01/01/2029

      225         245  

5.000% due 01/01/2030

      270         300  
       

 

 

 
          868  
       

 

 

 
MARYLAND 2.0%

 

Maryland Department of Transportation State Revenue Bonds, Series 2019

 

4.000% due 10/01/2032

      1,450         1,508  

Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021

 

4.000% due 06/01/2037

      225         217  

5.000% due 06/01/2033

      445         480  

Maryland Health & Higher Educational Facilities Authority Revenue Notes, Series 2021

 

5.000% due 06/01/2031

      350         380  

Maryland State General Obligation Bonds, Series 2022

 

5.000% due 06/01/2035

      7,000         8,213  

5.000% due 06/01/2036

      8,000         9,299  
       

 

 

 
            20,097  
       

 

 

 

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     101
    


Table of Contents
Schedule of Investments   PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund   (Cont.)  

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
MASSACHUSETTS 2.2%

 

Commonwealth of Massachusetts General Obligation Bonds, Series 2022

 

5.000% due 10/01/2037

  $     3,400     $     3,888  

Commonwealth of Massachusetts General Obligation Notes, Series 2022

 

5.000% due 10/01/2031

      5,200         6,092  

Massachusetts Bay Transportation Authority Revenue Notes, Series 2021

 

5.000% due 07/01/2028

      1,000         1,109  

Massachusetts Bay Transportation Authority Sales Tax Revenue Notes, Series 2023

 

5.000% due 07/01/2033

      1,500         1,814  

Massachusetts Development Finance Agency Revenue Bonds, Series 2013

 

5.000% due 07/01/2044

      3,220         3,124  

Massachusetts Development Finance Agency Revenue Bonds, Series 2018

 

5.000% due 07/01/2030

      1,500         1,614  

Massachusetts Development Finance Agency Revenue Bonds, Series 2019

 

4.610% (MUNIPSA)
due 07/01/2049 ~

      1,000         989  

Massachusetts Development Finance Agency Revenue Bonds, Series 2022

 

5.000% due 10/01/2038

      1,500         1,712  

Massachusetts State College Building Authority Revenue Notes, Series 2022

 

5.000% due 05/01/2030

      500         572  

5.000% due 05/01/2031

      500         579  
       

 

 

 
            21,493  
       

 

 

 
MICHIGAN 2.0%

 

Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001

 

6.000% due 05/01/2029

      3,675         4,093  

Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006

 

4.068% (US0003M) due 07/01/2032 ~

    3,000         2,842  

Grand Traverse County, Michigan Hospital Finance Authority Revenue Notes, Series 2021

 

5.000% due 07/01/2029

      1,175         1,294  

5.000% due 07/01/2030

      1,715         1,904  

Lake Orion Community School District, Michigan General Obligation Notes, (Q-SBLF Insured), Series 2022

 

4.000% due 05/01/2030

      500         534  

Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022

 

4.760% (MUNIPSA) due 04/15/2047 ~

    3,500         3,429  

Michigan Finance Authority Revenue Bonds, Series 2015

 

5.000% due 07/01/2030

      1,200         1,233  

Michigan Finance Authority Revenue Bonds, Series 2020

 

5.000% due 06/01/2040

      2,500         2,605  

Michigan State Hospital Finance Authority Revenue Bonds, Series 2010

 

5.000% due 11/15/2047

      1,500         1,554  
       

 

 

 
            19,488  
       

 

 

 
MINNESOTA 0.2%

 

Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Notes, Series 2022

 

5.000% due 01/01/2031

      500         569  

Rochester, Minnesota Electric Utility Revenue Bonds, Series 2017

 

5.000% due 12/01/2029

      1,000         1,062  
       

 

 

 
          1,631  
       

 

 

 
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
MISSISSIPPI 0.2%

 

Mississippi Business Finance Corp. Revenue Bonds, Series 2002

 

3.200% due 09/01/2028

  $     1,500     $     1,476  
       

 

 

 
MISSOURI 0.9%

 

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2023

 

5.000% due 05/01/2033

      4,000         4,671  

Republic, Missouri Revenue Notes, Series 2022

 

4.000% due 05/01/2028

      500         518  

St Louis School District, Missouri General Obligation Bonds, (AGM Insured), Series 2022

 

4.000% due 04/01/2024

      3,385         3,405  
       

 

 

 
          8,594  
       

 

 

 
NEBRASKA 0.5%

 

Douglas County, Nebraska Revenue Bonds, Series 2021

 

4.540% (MUNIPSA)
due 07/01/2035 ~

      1,980         1,949  

Public Power Generation Agency, Nebraska Revenue Bonds, Series 2015

 

5.000% due 01/01/2030

      1,085         1,104  

Public Power Generation Agency, Nebraska Revenue Notes, Series 2015

 

5.000% due 01/01/2025

      1,905         1,946  
       

 

 

 
          4,999  
       

 

 

 
NEVADA 2.2%

 

Clark County, Nevada Revenue Bonds, Series 2010

 

2.100% due 06/01/2031

      5,000         4,184  

Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2019

 

5.000% due 06/15/2028

      5,000         5,477  

Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2020

 

5.000% due 06/15/2028

      1,000         1,095  

5.000% due 06/15/2029

      2,030         2,267  

Las Vegas Redevelopment Agency, Nevada Tax Allocation Bonds, Series 2016

 

5.000% due 06/15/2031

      1,465         1,517  

Las Vegas Valley Water District, Nevada General Obligation Bonds, Series 2015

 

5.000% due 06/01/2034

      1,500         1,536  

Las Vegas Valley Water District, Nevada General Obligation Notes, Series 2021

 

5.000% due 06/01/2029

      5,000         5,636  
       

 

 

 
            21,712  
       

 

 

 
NEW HAMPSHIRE 0.1%

 

New Hampshire Business Finance Authority Revenue Notes, Series 2021

 

4.000% due 01/01/2024

      220         220  

4.000% due 01/01/2025

      285         282  
       

 

 

 
          502  
       

 

 

 
NEW JERSEY 5.0%

 

New Jersey Economic Development Authority Revenue Bonds, Series 2015

 

5.250% due 06/15/2027

      2,100         2,185  

New Jersey Economic Development Authority Revenue Bonds, Series 2021

 

4.000% due 06/15/2034

      500         516  

New Jersey Economic Development Authority Revenue Bonds, Series 2022

 

5.000% due 11/01/2036

      2,500         2,756  

New Jersey Economic Development Authority Revenue Notes, Series 2023

 

5.135% due 03/01/2029

      2,500         2,482  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

New Jersey State General Obligation Notes, Series 2020

 

5.000% due 06/01/2026

  $     2,000     $     2,109  

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009

 

0.000% due 12/15/2034 (b)

      1,500         960  

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018

 

5.000% due 12/15/2036

      1,380         1,462  

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020

 

4.000% due 06/15/2035

      2,250         2,300  

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023

 

5.000% due 06/15/2036

      6,500         7,231  

5.000% due 06/15/2037

      7,185         7,900  

New Jersey Turnpike Authority Revenue Bonds, Series 2017

 

4.000% due 01/01/2034

      7,500         7,739  

5.000% due 01/01/2030

      2,250         2,396  

Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018

 

5.000% due 06/01/2031

      7,870         8,453  

Tobacco Settlement Financing Corp., New Jersey Revenue Notes, Series 2018

 

5.000% due 06/01/2025

      1,020         1,047  
       

 

 

 
            49,536  
       

 

 

 
NEW MEXICO 1.2%

 

Farmington, New Mexico Revenue Bonds, Series 2005

 

1.800% due 04/01/2029

      5,000         4,304  

New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017

 

4.000% due 08/01/2039

      7,950         7,805  
       

 

 

 
          12,109  
       

 

 

 
NEW YORK 16.2%

 

Battery Park City Authority, New York Revenue Bonds, Series 2019

 

5.000% due 11/01/2038

      3,750         4,152  

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014

 

5.000% due 11/15/2029

      3,000         3,078  

Monroe County Industrial Development Corp, New York Revenue Bonds, Series 2017

 

5.000% due 07/01/2030

      1,040         1,128  

Nassau County, New York General Obligation Bonds, Series 2016

 

5.000% due 04/01/2038

      2,500         2,584  

Nassau County, New York General Obligation Notes, Series 2016

 

5.000% due 04/01/2026

      1,360         1,436  

New York City Industrial Development Agency, New York Revenue Notes, (AGM Insured), Series 2021

 

5.000% due 01/01/2030

      2,005         2,226  

New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2018

 

5.000% due 07/15/2031

      1,520         1,678  

New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2021

 

4.000% due 07/15/2036

      5,000         5,173  

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2012

 

5.000% due 08/01/2029

      2,300         2,589  

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2014

 

3.750% due 11/01/2042

      20,000         20,000  

5.000% due 08/01/2031

      5,000         5,090  

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2019

 

3.750% due 11/01/2044

      8,000         8,000  

 

       
102   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2022

 

5.000% due 08/01/2035

  $     2,000     $     2,324  

5.250% due 08/01/2040

      4,890         5,580  

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Notes, Series 2020

 

5.000% due 11/01/2024

      1,500         1,539  

New York City, New York General Obligation Bonds, Series 2013

 

5.000% due 08/01/2036

      2,500         2,895  

New York City, New York General Obligation Bonds, Series 2015

 

3.750% due 06/01/2044

      5,000         5,000  

New York City, New York General Obligation Bonds, Series 2018

 

3.750% due 12/01/2047

      10,000         10,000  

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013

 

3.550% due 06/15/2048

      20,000         20,000  

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2021

 

5.000% due 06/15/2032

      5,000         5,857  

New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022

 

5.000% due 06/15/2028

      2,000         2,221  

New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023

 

5.000% due 02/01/2039

      3,000         3,390  

New York Liberty Development Corp. Revenue Bonds, Series 2005

 

5.250% due 10/01/2035

      2,150         2,457  

New York State Dormitory Authority Northwell Health Obligated Group Revenue Bonds, Series 2022

 

4.000% due 05/01/2045

      4,740         4,513  

New York State Dormitory Authority Revenue Bonds, Series 2018

 

5.000% due 03/15/2031

      3,000         3,313  

5.000% due 01/15/2032

      500         546  

New York State Dormitory Authority Revenue Bonds, Series 2020

 

4.000% due 03/15/2034

      4,705         4,995  

4.000% due 02/15/2047

      5,000         4,892  

New York State Dormitory Authority Revenue Notes, Series 2021

 

1.952% due 03/15/2029

      5,000         4,287  

New York State Energy Research & Development Authority Revenue Bonds, Series 1994

 

3.500% due 10/01/2029

      3,000         2,921  

New York Transportation Development Corp. Revenue Notes, Series 2020

 

5.000% due 12/01/2026

      1,070         1,122  

Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2023

 

5.250% due 05/15/2058

      4,000         4,428  

Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2022

 

5.000% due 11/15/2032

      4,200         5,002  

TSASC, Inc., New York Revenue Notes, Series 2017

 

5.000% due 06/01/2026

      1,270         1,315  

5.000% due 06/01/2027

      2,800         2,929  
       

 

 

 
            158,660  
       

 

 

 
NORTH CAROLINA 2.8%

 

Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007

 

3.750% due 01/15/2037

      17,765         17,765  

Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021

 

5.000% due 01/15/2049

      2,000         2,263  

Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Notes, Series 2022

 

5.000% due 01/15/2028

      1,000         1,088  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

State of North Carolina Build Revenue Notes, Series 2022

 

5.000% due 05/01/2028

  $     5,625     $     6,213  

University of North Carolina at Greensboro Revenue Bonds, Series 2014

 

5.000% due 04/01/2026

      250         253  
       

 

 

 
            27,582  
       

 

 

 
OHIO 3.1%

 

Akron Bath Copley Joint Township Hospital District, Ohio Revenue Notes, Series 2022

 

5.000% due 11/15/2028

      400         438  

Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020

 

5.000% due 06/01/2035

      1,000         1,076  

5.000% due 06/01/2036

      2,065         2,205  

Butler County, Ohio Revenue Bonds, Series 2017

 

5.000% due 11/15/2030

      1,235         1,296  

Cleveland Department of Public Utilities Division of Water, Ohio Revenue Bonds, Series 2020

 

5.000% due 01/01/2033

      700         793  

Cuyahoga County, Ohio Certificates of Participation Bonds, Series 2014

 

5.000% due 12/01/2025

      3,000         3,038  

Kent State University, Ohio Revenue Bonds, Series 2022

 

5.000% due 05/01/2033

      510         582  

Northeast Ohio Medical University Revenue Notes, Series 2021

 

5.000% due 12/01/2029

      115         123  

Ohio Air Quality Development Authority Revenue Bonds, Series 2014

 

2.400% due 12/01/2038

      3,200         2,787  

Ohio Higher Educational Facility Commission Revenue Bonds, Series 2008

 

3.700% due 01/01/2043

      8,000         8,000  

Ohio Water Development Authority Revenue Notes, Series 2019

 

5.000% due 12/01/2028

      1,000         1,116  

Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2020

 

5.000% due 12/01/2032

      2,000         2,294  

5.000% due 12/01/2037

      4,985         5,767  

Worthington City School District, Ohio General Obligation, Series 2023

 

0.000% due 12/01/2031 (b)

      845         624  

0.000% due 12/01/2032 (b)

      880         623  
       

 

 

 
          30,762  
       

 

 

 
OREGON 0.8%

 

Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020

 

5.000% due 08/15/2035

      1,500         1,633  

5.000% due 08/15/2036

      1,500         1,619  

5.000% due 08/15/2037

      1,600         1,714  

5.000% due 08/15/2038

      1,000         1,066  

Salem-Keizer School District No 24J, Oregon General Obligation Notes, Series 2020

 

5.000% due 06/15/2028

      700         774  

5.000% due 06/15/2029

      800         903  
       

 

 

 
          7,709  
       

 

 

 
PENNSYLVANIA 4.5%

 

Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018

 

4.000% due 06/01/2039

      2,250         2,215  

Commonwealth Financing Authority, Pennsylvania Revenue Notes, Series 2018

 

5.000% due 06/01/2025

      1,500         1,540  

Commonwealth of Pennsylvania General Obligation Notes, Series 2016

 

5.000% due 01/15/2027

      2,000         2,141  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Commonwealth of Pennsylvania General Obligation Notes, Series 2019

 

5.000% due 07/15/2024

  $     5,000     $     5,097  

Commonwealth of Pennsylvania, General Obligation Bonds, Series 2022

 

5.000% due 10/01/2033

      5,000         5,904  

Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds Series 2023

 

4.000% due 03/01/2035

      1,100         1,158  

Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2007

 

4.432% (US0003M)
due 06/01/2037 ~

      4,000         3,577  

Delaware Valley Regional Finance Authority, Pennsylvania Revenue Notes, Series 2023

 

4.000% due 03/01/2033

      600         642  

Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020

 

5.000% due 04/01/2043

      4,500         4,705  

Lehigh County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2016

 

3.000% due 09/01/2029

      3,500         3,401  

Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023

 

4.100% due 06/01/2029

      5,500         5,633  

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2015

 

5.000% due 08/15/2029

      340         355  

5.000% due 08/15/2031

      300         313  

5.000% due 08/15/2033

      1,000         1,043  

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2017

 

5.000% due 08/15/2029

      1,250         1,351  

Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022

 

5.250% due 06/01/2042

      3,750         4,225  

Southeastern Pennsylvania Transportation Authority Revenue Notes, Series 2022

 

5.000% due 06/01/2031

      1,000         1,159  
       

 

 

 
            44,459  
       

 

 

 
PUERTO RICO 2.2%

 

Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007

 

3.988% (0.67*US0003M + 0.520%) due 07/01/2029 ~

      1,280         1,187  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018

 

0.000% due 07/01/2051 (b)

      26,355         5,571  

4.500% due 07/01/2034

      8,671         8,628  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019

 

4.329% due 07/01/2040

      7,000         6,675  
       

 

 

 
            22,061  
       

 

 

 
RHODE ISLAND 1.3%

 

Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015

 

5.000% due 06/01/2035

      11,000         11,167  

5.000% due 06/01/2040

      2,000         2,014  
       

 

 

 
          13,181  
       

 

 

 
SOUTH CAROLINA 0.4%

 

Charleston Educational Excellence Finance Corp., South Carolina Revenue Notes, Series 2020

 

1.869% due 12/01/2029

      4,200         3,503  
       

 

 

 
SOUTH DAKOTA 0.2%

 

South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2014

 

5.000% due 11/01/2027

      925         948  

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     103
    


Table of Contents
Schedule of Investments   PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund   (Cont.)  

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015

 

5.000% due 11/01/2028

  $     900     $     940  
       

 

 

 
          1,888  
       

 

 

 
TENNESSEE 2.2%

 

Knox County, Tennessee Health Educational & Housing Facility Board Revenue Notes, Series 2022

 

3.950% due 12/01/2027

      3,500         3,489  

Tennergy Corp, Tennessee Revenue Bonds, Series 2022

 

5.500% due 10/01/2053

      6,000         6,356  

Tennergy Corp., Tennessee Revenue Bonds, Series 2019

 

5.000% due 02/01/2050

      4,500         4,555  

Tennergy Corp., Tennessee Revenue Bonds, Series 2021

 

4.000% due 12/01/2051

      2,000         1,974  

Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006

 

5.000% due 02/01/2027

      3,000         3,025  

5.250% due 09/01/2026

      1,745         1,783  
       

 

 

 
            21,182  
       

 

 

 
TEXAS 5.9%

 

Arlington Higher Education Finance Corp., Texas Revenue Notes, (PSF Insured), Series 2021

 

4.000% due 02/15/2028

      300         308  

Austin Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022

 

5.000% due 08/01/2028

      2,000         2,214  

Central Texas Turnpike System Revenue Bonds, (BHAC/CR/NPFGC Insured), Series 2002

 

0.000% due 08/15/2026 (b)

      3,000         2,711  

Central Texas Turnpike System Revenue Bonds, Series 2015

 

0.000% due 08/15/2037 (b)

      5,000         2,577  

Clifton Higher Education Finance Corp., Texas Revenue Bonds, (PSF Insured), Series 2021

 

4.000% due 08/15/2034

      950         985  

4.000% due 08/15/2036

      700         715  

Corpus Christi Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2016

 

5.000% due 08/15/2025

      2,115         2,197  

Cypress-Fairbanks Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2023

 

5.000% due 02/15/2037

      1,350         1,555  

Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2021

 

4.000% due 11/01/2045

      1,000         971  

Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022

 

5.000% due 11/01/2034

      3,000         3,497  

Dallas, Texas Waterworks & Sewer System Revenue Bonds, Series 2012

 

5.000% due 10/01/2023

      1,000         1,001  

Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020

 

5.000% due 08/15/2031

      920         1,035  

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2014

 

5.000% due 12/01/2025

      500         512  

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019

 

4.269% (US0001M) due 11/15/2046 ~

    1,000         1,000  

Harris County, Texas Municipal Utility District No 383 General Obligation Notes, (BAM Insured), Series 2015

 

5.000% due 08/15/2035

      2,960         3,463  

Houston, Texas Airport System Revenue Bonds, Series 2018

 

5.000% due 07/01/2030

      3,300         3,614  

Houston, Texas General Obligation Notes, Series 2019

 

5.000% due 03/01/2029

      1,100         1,226  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018

 

5.000% due 02/15/2029

  $     1,435     $     1,572  

Liberty Hill Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022

 

5.000% due 02/01/2030

      2,290         2,606  

North Texas Tollway Authority Revenue Bonds, Series 2016

 

5.000% due 01/01/2028

      2,875         3,012  

Permanent University Fund - University of Texas System Revenue Bonds, Series 2023

 

5.000% due 07/01/2040

      1,090         1,239  

Permanent University Fund - University of Texas System Revenue Notes, Series 2023

 

5.000% due 07/01/2033

      1,000         1,200  

San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015

 

1.125% due 12/01/2045

      2,500         2,210  

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2022

 

5.000% due 10/01/2030

      450         511  

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006

 

5.170% (US0003M) due 12/15/2026 ~

    2,500         2,464  

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008

 

6.250% due 12/15/2026

      1,185         1,235  

Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019

 

5.000% due 12/31/2033

      2,000         2,120  

Texas Water Development Board Revenue Bonds, Series 2018

 

5.000% due 04/15/2030

      250         277  

5.000% due 10/15/2030

      3,010         3,340  

Texas Water Development Board Revenue Notes, Series 2022

 

5.000% due 08/01/2029

      1,050         1,184  

5.000% due 10/15/2029

      1,200         1,359  

5.000% due 10/15/2030

      1,775         2,045  

Williamson County, Texas General Obligation Notes, Series 2021

 

0.640% due 02/15/2026

      2,500         2,237  
       

 

 

 
            58,192  
       

 

 

 
VIRGINIA 1.5%

 

Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020

 

5.000% due 07/01/2053

      6,700         7,421  

Virginia College Building Authority Revenue Notes, Series 2021

 

5.000% due 02/01/2028

      4,500         4,937  

Virginia Public School Authority Revenue Notes, Series 2022

 

5.000% due 01/15/2029

      2,320         2,604  
       

 

 

 
          14,962  
       

 

 

 
WASHINGTON 2.1%

 

Energy Northwest, Washington Revenue Bonds, Series 2018

 

5.000% due 07/01/2031

      3,035         3,347  

Energy Northwest, Washington Revenue Bonds, Series 2022

 

5.000% due 07/01/2035

      3,000         3,498  

5.000% due 07/01/2039

      5,000         5,683  

Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2017

 

4.000% due 09/01/2037

      5,000         5,066  

Seattle, Washington Solid Waste Revenue Notes, Series 2014

 

5.000% due 05/01/2024

      545         554  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

State of Washington General Obligation Refunding Notes, Series 2022

 

4.000% due 07/01/2026

  $     1,900     $     1,959  

Washington Health Care Facilities Authority Revenue Bonds, Series 2020

 

5.000% due 09/01/2032

      450         493  
       

 

 

 
          20,600  
       

 

 

 
WISCONSIN 3.1%

 

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021

 

4.000% due 10/01/2041

      2,250         2,259  

Public Finance Authority, Wisconsin Revenue Notes, Series 2021

 

4.000% due 10/01/2030

      265         249  

University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018

 

3.700% due 04/01/2048

      9,370         9,370  

University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2021

 

4.000% due 04/01/2046

      4,440         4,273  

Wisconsin Center District Revenue Notes, (AGM Insured), Series 2020

 

0.000% due 12/15/2028 (b)

      1,075         886  

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016

 

4.000% due 11/15/2046

      4,000         3,808  

Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2018

 

5.000% due 04/01/2029

      1,925         2,109  

Wisconsin State General Obligation Notes, Series 2022

 

4.430% (MUNIPSA)
due 05/01/2025 ~

      5,045         5,033  

Wisconsin State Revenue Notes, Series 2023

 

4.514% due 05/01/2031

      2,000         1,976  
       

 

 

 
          29,963  
       

 

 

 

Total Municipal Bonds & Notes
(Cost $932,460)

      932,741  
 

 

 

 
NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5%

 

Freddie Mac

 

4.140% due 01/25/2040

      4,997         4,649  
       

 

 

 

Total Non-Agency Mortgage-Backed Securities (Cost $4,686)

    4,649  
 

 

 

 
SHORT-TERM INSTRUMENTS 3.5%

 

REPURCHASE AGREEMENTS (c) 0.1%

 

          610  
       

 

 

 
U.S. TREASURY BILLS 3.4%

 

5.284% due 07/20/2023 - 08/31/2023 (a)(b)

      34,000         33,785  
       

 

 

 
Total Short-Term Instruments
(Cost $34,394)
    34,395  
       

 

 

 
 
Total Investments in Securities
(Cost $971,540)
    971,785  
 
Total Investments 99.1%
(Cost $971,540)

 

  $     971,785  
Other Assets and Liabilities, net 0.9%     9,247  
 

 

 

 
Net Assets 100.0%

 

  $       981,032  
   

 

 

 

 

       
104   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

*

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

 

~

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

 

(a)

Coupon represents a weighted average yield to maturity.

 

(b)

Zero coupon security.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(c)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate
    Settlement
Date
    Maturity
Date
    Principal
Amount
    Collateralized By   Collateral
(Received)
    Repurchase
Agreements,
at Value
    Repurchase
Agreement
Proceeds
to  be
Received(1)
 
FICC     2.400     06/30/2023       07/03/2023     $     610     U.S. Treasury Notes 1.500% due 01/31/2027   $ (622   $ 610     $ 610  
           

 

 

   

 

 

   

 

 

 

Total Repurchase Agreements

 

    $     (622   $     610     $     610  
           

 

 

   

 

 

   

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:

 

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

  $ 610     $ 0     $ 0     $ 0     $     610     $     (622   $     (12
 

 

 

   

 

 

   

 

 

   

 

 

       

Total Borrowings and Other Financing Transactions

  $     610     $     0     $     0     $     0        
 

 

 

   

 

 

   

 

 

   

 

 

       

 

(1)

Includes accrued interest.

(2)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

 

    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

 

       

Exchange-traded or centrally cleared

           

Futures

  $     0     $     0     $     0     $     0     $     (146   $     (146
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     105
    


Table of Contents
Schedule of Investments   PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund   (Cont.)   June 30, 2023

 

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Securities, at Value

 

Municipal Bonds & Notes

       

Alabama

  $     0     $     33,761     $     0     $     33,761  

Alaska

    0       3,221       0       3,221  

Arizona

    0       24,210       0       24,210  

California

    0       64,129       0       64,129  

Colorado

    0       10,343       0       10,343  

Connecticut

    0       32,108       0       32,108  

Delaware

    0       1,826       0       1,826  

Florida

    0       17,025       0       17,025  

Georgia

    0       40,764       0       40,764  

Guam

    0       770       0       770  

Hawaii

    0       5,138       0       5,138  

Illinois

    0       56,612       0       56,612  

Indiana

    0       8,286       0       8,286  

Iowa

    0       1,972       0       1,972  

Kentucky

    0       3,494       0       3,494  

Louisiana

    0       11,873       0       11,873  

Maine

    0       868       0       868  

Maryland

    0       20,097       0       20,097  

Massachusetts

    0       21,493       0       21,493  

Michigan

    0       19,488       0       19,488  

Minnesota

    0       1,631       0       1,631  

Mississippi

    0       1,476       0       1,476  

Missouri

    0       8,594       0       8,594  

Nebraska

    0       4,999       0       4,999  
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Nevada

  $ 0     $ 21,712     $ 0     $ 21,712  

New Hampshire

    0       502       0       502  

New Jersey

    0       49,536       0       49,536  

New Mexico

    0       12,109       0       12,109  

New York

    0       158,660       0       158,660  

North Carolina

    0       27,582       0       27,582  

Ohio

    0       30,762       0       30,762  

Oregon

    0       7,709       0       7,709  

Pennsylvania

    0       44,459       0       44,459  

Puerto Rico

    0       22,061       0       22,061  

Rhode Island

    0       13,181       0       13,181  

South Carolina

    0       3,503       0       3,503  

South Dakota

    0       1,888       0       1,888  

Tennessee

    0       21,182       0       21,182  

Texas

    0       58,192       0       58,192  

Virginia

    0       14,962       0       14,962  

Washington

    0       20,600       0       20,600  

Wisconsin

    0       29,963       0       29,963  

Non-Agency Mortgage-Backed Securities

    0       4,649       0       4,649  

Short-Term Instruments

 

Repurchase Agreements

    0       610       0       610  

U.S. Treasury Bills

    0       33,785       0       33,785  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments

  $     0     $     971,785     $     0     $     971,785  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

 

       
106   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
Schedule of Investments   PIMCO Multisector Bond Active Exchange-Traded Fund          June 30, 2023

 

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
INVESTMENTS IN SECURITIES 128.6%

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4%

 

Carnival Corp.

 

8.467% due 10/18/2028

  $     250     $     248  
       

 

 

 

Total Loan Participations and Assignments (Cost $247)

      248  
 

 

 

 
CORPORATE BONDS & NOTES 49.4%

 

BANKING & FINANCE 13.2%

 

AerCap Ireland Capital DAC

 

2.875% due 08/14/2024

      305         293  

Ally Financial, Inc.

 

5.800% due 05/01/2025

      60         59  

American Tower Corp.

 

2.750% due 01/15/2027

      275         250  

5.550% due 07/15/2033

      100         101  

Banco Santander SA

 

3.490% due 05/28/2030

      365         319  

Bank of America Corp.

 

5.288% due 04/25/2034

      710         704  

Barclays PLC

 

7.385% due 11/02/2028 •

      90         94  

Boston Properties LP

 

3.200% due 01/15/2025

      60         57  

Brixmor Operating Partnership LP

 

3.850% due 02/01/2025

      60         57  

Brookfield Finance, Inc.

 

4.350% due 04/15/2030

      90         83  

Brookfield Property REIT, Inc.

 

4.500% due 04/01/2027

      245         207  

Burford Capital Global Finance LLC

 

9.250% due 07/01/2031

      120         119  

Chubb INA Holdings, Inc.

 

3.050% due 12/15/2061

      275         185  

Credit Acceptance Corp.

 

6.625% due 03/15/2026

      60         58  

Credit Suisse USA, Inc.

 

7.125% due 07/15/2032

      215         238  

Crown Castle, Inc.

 

1.050% due 07/15/2026

      275         241  

Digital Realty Trust LP

 

3.700% due 08/15/2027

      60         55  

Equinix, Inc.

 

2.625% due 11/18/2024

      245         234  

Equitable Holdings, Inc.

 

4.350% due 04/20/2028

      60         56  

Fortress Transportation & Infrastructure Investors LLC

 

5.500% due 05/01/2028

      155         142  

Freedom Mortgage Corp.

 

6.625% due 01/15/2027

      60         52  

GLP Capital LP

 

5.375% due 04/15/2026

      155         152  

Goldman Sachs Group, Inc.

 

2.650% due 10/21/2032 •

      730         595  

HAT Holdings LLC

 

3.375% due 06/15/2026

      60         54  

JPMorgan Chase & Co.

 

5.350% due 06/01/2034

      710         716  

Liberty Mutual Group, Inc.

 

4.125% due 12/15/2051 •

      90         71  

Manulife Financial Corp.

 

4.150% due 03/04/2026

      60         58  

Marsh & McLennan Cos., Inc.

 

4.900% due 03/15/2049

      120         113  

Mitsubishi UFJ Financial Group, Inc.

 

5.406% due 04/19/2034

      365         362  

Morgan Stanley

 

5.164% due 04/20/2029 •

      218         216  

Nationstar Mortgage Holdings, Inc.

 

5.750% due 11/15/2031

      245         202  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

NatWest Group PLC

 

5.808% due 09/13/2029 •

  $     60     $     59  

OneMain Finance Corp.

 

9.000% due 01/15/2029

      335         338  

PennyMac Financial Services, Inc.

 

5.750% due 09/15/2031

      155         127  

Prologis LP

 

2.250% due 04/15/2030

      60         51  

Realty Income Corp.

 

3.250% due 01/15/2031

      60         53  

SBA Communications Corp.

 

3.875% due 02/15/2027

      245         226  

SLM Corp.

 

3.125% due 11/02/2026

      275         238  

Synchrony Bank

 

5.400% due 08/22/2025

      185         177  

UBS Group AG

 

6.537% due 08/12/2033 •

      60         61  

UniCredit SpA

 

7.296% due 04/02/2034 •

      90         85  

VICI Properties LP

 

4.950% due 02/15/2030

      120         113  

Wells Fargo & Co.

 

5.389% due 04/24/2034

      610         606  

Welltower, Inc.

 

4.000% due 06/01/2025

      185         179  

Weyerhaeuser Co.

 

7.375% due 03/15/2032

      90         101  

Willis North America, Inc.

 

4.650% due 06/15/2027

      60         58  
       

 

 

 
            8,615  
       

 

 

 
INDUSTRIALS 31.1%

 

AbbVie, Inc.

 

4.300% due 05/14/2036

      25         23  

4.850% due 06/15/2044

      395         368  

Acadia Healthcare Co., Inc.

 

5.000% due 04/15/2029

      90         83  

AECOM

 

5.125% due 03/15/2027

      60         58  

Air Canada Pass-Through Trust

 

3.300% due 07/15/2031

      170         151  

Alibaba Group Holding Ltd.

 

4.400% due 12/06/2057

      305         239  

Allison Transmission, Inc.

 

4.750% due 10/01/2027

      60         57  

Altice France SA

 

5.500% due 10/15/2029

      245         175  

America Movil SAB de CV

 

3.625% due 04/22/2029

      60         55  

American Airlines Pass-Through Trust

 

3.200% due 12/15/2029

      160         144  

American Airlines, Inc.

 

5.500% due 04/20/2026

      275         273  

Amgen, Inc.

 

5.750% due 03/02/2063

      365         371  

AstraZeneca PLC

 

6.450% due 09/15/2037

      215         247  

Axalta Coating Systems LLC

 

3.375% due 02/15/2029

      60         51  

B.C. Unlimited Liability Co.

 

4.000% due 10/15/2030

      490         420  

Becton Dickinson & Co.

 

1.957% due 02/11/2031

      60         49  

BHP Billiton Finance USA Ltd. Co.

 

4.750% due 02/28/2028

      60         60  

Biogen, Inc.

 

4.050% due 09/15/2025

      60         58  

Boeing Co.

 

3.625% due 02/01/2031

      25         23  

5.930% due 05/01/2060

      305         302  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Boston Scientific Corp.

 

2.650% due 06/01/2030

  $     60     $     52  

British Airways Pass-Through Trust

 

3.300% due 06/15/2034

      151         131  

Broadcom Corp.

 

3.500% due 01/15/2028

      100         92  

Broadcom, Inc.

 

3.187% due 11/15/2036

      395         299  

4.926% due 05/15/2037

      100         91  

Camelot Finance SA

 

4.500% due 11/01/2026

      120         113  

Carnival Corp.

 

4.000% due 08/01/2028

      100         89  

Carrier Global Corp.

 

2.242% due 02/15/2025

      185         175  

Catalent Pharma Solutions, Inc.

 

5.000% due 07/15/2027

      60         55  

CDW LLC

 

3.569% due 12/01/2031

      155         131  

Centene Corp.

 

3.000% due 10/15/2030

      400         334  

3.375% due 02/15/2030

      275           237  

Charter Communications Operating LLC

 

2.800% due 04/01/2031

      100         81  

3.850% due 04/01/2061

      610         369  

Cheniere Corpus Christi Holdings LLC

 

5.875% due 03/31/2025

      60         60  

Chesapeake Energy Corp.

 

5.875% due 02/01/2029

      185         176  

Churchill Downs, Inc.

 

5.500% due 04/01/2027

      60         58  

Cigna Group

 

1.250% due 03/15/2026

      245         220  

Cogent Communications Group, Inc.

 

7.000% due 06/15/2027

      90         87  

Comcast Corp.

 

3.550% due 05/01/2028

      60         57  

Constellation Brands, Inc.

 

3.150% due 08/01/2029

      60         54  

Continental Resources, Inc.

 

4.375% due 01/15/2028

      60         56  

Coty, Inc.

 

5.000% due 04/15/2026

      120         115  

Crowdstrike Holdings, Inc.

 

3.000% due 02/15/2029

      60         52  

Crown Cork & Seal Co., Inc.

 

7.375% due 12/15/2026

      60         62  

DCP Midstream Operating LP

 

5.375% due 07/15/2025

      60         59  

DISH DBS Corp.

 

5.750% due 12/01/2028

      245         183  

Elevance Health, Inc.

 

1.500% due 03/15/2026

      305         276  

Enbridge, Inc.

 

3.400% due 08/01/2051

      245         171  

5.700% due 03/08/2033

      90         91  

Energy Transfer LP

 

6.125% due 12/15/2045

      335         319  

Entergy Louisiana LLC

 

4.000% due 03/15/2033

      275         250  

EQM Midstream Partners LP

 

4.500% due 01/15/2029

      172         154  

EQT Corp.

 

6.125% due 02/01/2025

      60         60  

First Student Bidco, Inc.

 

4.000% due 07/31/2029

      103         87  

Ford Motor Co.

 

3.250% due 02/12/2032

      185         146  

5.291% due 12/08/2046

      200         165  

Freeport-McMoRan, Inc.

 

5.450% due 03/15/2043

      90         84  

Garda World Security Corp.

 

4.625% due 02/15/2027

      90         82  

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     107
    


Table of Contents
Schedule of Investments   PIMCO Multisector Bond Active Exchange-Traded Fund   (Cont.)  

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Gartner, Inc.

 

3.750% due 10/01/2030

  $     335     $     292  

GFL Environmental, Inc.

 

4.000% due 08/01/2028

      60         54  

Global Payments, Inc.

 

2.650% due 02/15/2025

      90         85  

Haleon U.K. Capital PLC

 

3.125% due 03/24/2025

      60         57  

HCA, Inc.

 

4.500% due 02/15/2027

      335         323  

Hess Corp.

 

4.300% due 04/01/2027

      60         58  

Hilton Domestic Operating Co., Inc.

 

3.625% due 02/15/2032

      114         95  

Home Depot, Inc.

 

2.950% due 06/15/2029

      60         55  

Howmet Aerospace, Inc.

 

5.950% due 02/01/2037

      305         311  

6.750% due 01/15/2028

      60         62  

Humana, Inc.

 

3.700% due 03/23/2029

      245         225  

5.875% due 03/01/2033

      100           104  

Hyatt Hotels Corp.

 

1.800% due 10/01/2024

      60         57  

iHeartCommunications, Inc.

 

6.375% due 05/01/2026

      125         105  

Imola Merger Corp.

 

4.750% due 05/15/2029

      155         135  

IQVIA, Inc.

 

5.700% due 05/15/2028

      60         59  

Jazz Securities DAC

 

4.375% due 01/15/2029

      60         54  

Kenvue, Inc.

 

5.050% due 03/22/2028

      60         61  

Keurig Dr Pepper, Inc.

 

3.950% due 04/15/2029

      60         57  

Kinder Morgan, Inc.

 

4.300% due 06/01/2025

      60         59  

Kraft Heinz Foods Co.

 

4.625% due 10/01/2039

      60         54  

Las Vegas Sands Corp.

 

3.900% due 08/08/2029

      490         438  

Legacy LifePoint Health LLC

 

4.375% due 02/15/2027

      120         93  

Live Nation Entertainment, Inc.

 

3.750% due 01/15/2028

      315         282  

Marathon Petroleum Corp.

 

5.125% due 12/15/2026

      60         59  

Marriott International, Inc.

 

3.125% due 06/15/2026

      60         56  

Mauser Packaging Solutions Holding Co.

 

7.875% due 08/15/2026

      185         184  

McDonald’s Corp.

 

3.800% due 04/01/2028

      60         58  

Mondelez International, Inc.

 

2.625% due 03/17/2027

      60         55  

Motorola Solutions, Inc.

 

4.600% due 02/23/2028

      60         58  

MPH Acquisition Holdings LLC

 

5.500% due 09/01/2028

      90         77  

MPLX LP

 

1.750% due 03/01/2026

      60         55  

NCL Corp. Ltd.

 

5.875% due 02/15/2027

      60         58  

Neptune Bidco US, Inc.

 

9.290% due 04/15/2029

      185         170  

Netflix, Inc.

 

4.375% due 11/15/2026

      185         181  

Newell Brands, Inc.

 

4.875% due 06/01/2025

      185         179  

Noble Finance LLC

 

8.000% due 04/15/2030

      90         92  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Novartis Capital Corp.

 

2.200% due 08/14/2030

  $     155     $     134  

NXP BV

 

3.875% due 06/18/2026

      245         235  

Occidental Petroleum Corp.

 

5.550% due 03/15/2026

      245         242  

8.875% due 07/15/2030

      100         115  

Olympus Water U.S. Holding Corp.

 

4.250% due 10/01/2028

      90         71  

Oracle Corp.

 

4.900% due 02/06/2033

      365         354  

Organon & Co.

 

4.125% due 04/30/2028

      60         53  

PepsiCo, Inc.

 

3.450% due 10/06/2046

      155         128  

Post Holdings, Inc.

 

4.500% due 09/15/2031

      215         184  

Rand Parent LLC

 

8.500% due 02/15/2030

      60         54  

Raytheon Technologies Corp.

 

3.500% due 03/15/2027

      60         57  

Ritchie Bros Holdings, Inc.

 

7.750% due 03/15/2031

      60         62  

Rogers Communications, Inc.

 

2.950% due 03/15/2025

      60         57  

Royal Caribbean Cruises Ltd.

 

9.250% due 01/15/2029

      275         293  

Royalty Pharma PLC

 

1.200% due 09/02/2025

      155         140  

Scientific Games International, Inc.

 

7.000% due 05/15/2028

      60         60  

Seagate HDD Cayman

 

8.250% due 12/15/2029

      60         63  

Sensata Technologies, Inc.

 

4.375% due 02/15/2030

      245           219  

Sherwin-Williams Co.

 

3.450% due 06/01/2027

      60         57  

Shire Acquisitions Investments Ireland DAC

 

3.200% due 09/23/2026

      60         56  

Sirius XM Radio, Inc.

 

3.875% due 09/01/2031

      155         120  

Southern Co.

 

3.250% due 07/01/2026

      200         188  

Spirit AeroSystems, Inc.

 

7.500% due 04/15/2025

      60         59  

Stagwell Global LLC

 

5.625% due 08/15/2029

      90         77  

Station Casinos LLC

 

4.625% due 12/01/2031

      90         76  

Stryker Corp.

 

1.950% due 06/15/2030

      60         50  

Sysco Corp.

 

3.300% due 07/15/2026

      60         57  

T-Mobile USA, Inc.

 

3.750% due 04/15/2027

      155         147  

Thermo Fisher Scientific, Inc.

 

2.600% due 10/01/2029

      60         53  

TopBuild Corp.

 

4.125% due 02/15/2032

      60         51  

TransCanada PipeLines Ltd.

 

1.000% due 10/12/2024

      60         56  

Transcontinental Gas Pipe Line Co. LLC

 

7.850% due 02/01/2026

      60         63  

TransDigm, Inc.

 

4.625% due 01/15/2029

      215         192  

Transocean Titan Financing Ltd.

 

8.375% due 02/01/2028

      185         189  

Triumph Group, Inc.

 

9.000% due 03/15/2028

      60         61  

U.S. Foods, Inc.

 

4.750% due 02/15/2029

      215         197  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

United Airlines Pass-Through Trust

 

5.875% due 04/15/2029

  $     208     $     207  

UnitedHealth Group, Inc.

 

5.200% due 04/15/2063

      60         60  

USA Compression Partners LP

 

6.875% due 09/01/2027

      60         57  

Valaris Ltd.

 

8.375% due 04/30/2030

      190         191  

Vale Overseas Ltd.

 

3.750% due 07/08/2030

      60         53  

Venture Global Calcasieu Pass LLC

 

3.875% due 11/01/2033

      275         226  

Venture Global LNG, Inc.

 

8.375% due 06/01/2031

      215         217  

Viasat, Inc.

 

5.625% due 04/15/2027

      60         56  

Viking Cruises Ltd.

 

9.125% due 07/15/2031

      75         76  

Vmed O2 U.K. Financing PLC

 

4.250% due 01/31/2031

      305         247  

VMware, Inc.

 

1.400% due 08/15/2026

      60         53  

VOC Escrow Ltd.

 

5.000% due 02/15/2028

      155         142  

Walgreens Boots Alliance, Inc.

 

3.800% due 11/18/2024

      60         59  

Warnermedia Holdings, Inc.

 

3.755% due 03/15/2027

      335         313  

Western Digital Corp.

 

4.750% due 02/15/2026

      147         140  

Western Midstream Operating LP

 

3.350% due 02/01/2025

      60         57  

Westinghouse Air Brake Technologies Corp.

 

3.450% due 11/15/2026

      60         56  

WMG Acquisition Corp.

 

3.000% due 02/15/2031

      335         271  

Workday, Inc.

 

3.500% due 04/01/2027

      60         57  

Wynn Las Vegas LLC

 

5.250% due 05/15/2027

      245         232  

ZF North America Capital, Inc.

 

7.125% due 04/14/2030

      90         92  

Zimmer Biomet Holdings, Inc.

 

3.550% due 04/01/2025

      60         58  
       

 

 

 
            20,227  
       

 

 

 
UTILITIES 5.1%

 

AES Corp.

 

5.450% due 06/01/2028

      60         59  

Antero Midstream Partners LP

 

5.750% due 03/01/2027

      60         58  

Clearway Energy Operating LLC

 

3.750% due 02/15/2031

      185         154  

Constellation Energy Generation LLC

 

3.250% due 06/01/2025

      120         114  

Crestwood Midstream Partners LP

 

6.000% due 02/01/2029

      315         294  

Electricite de France SA

 

9.125% due 03/15/2033 •(b)

      120         123  

Exelon Corp.

 

3.400% due 04/15/2026

      305         290  

FirstEnergy Corp.

 

2.250% due 09/01/2030

      90         73  

3.400% due 03/01/2050

      490         338  

Georgia Power Co.

 

4.950% due 05/17/2033

      90         89  

Howard Midstream Energy Partners LLC

 

8.875% due 07/15/2028 (a)

      150         151  

MidAmerican Energy Co.

 

3.650% due 04/15/2029

      335         311  

 

       
108   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Pacific Gas & Electric Co.

 

4.550% due 07/01/2030

  $     365     $     331  

Southern California Edison Co.

 

5.875% due 12/01/2053

      275         281  

Sprint Capital Corp.

 

6.875% due 11/15/2028

      305         324  

Tallgrass Energy Partners LP

 

6.000% due 12/31/2030

      275         243  

Targa Resources Partners LP

 

5.000% due 01/15/2028

      60         57  
       

 

 

 
          3,290  
       

 

 

 

Total Corporate Bonds & Notes (Cost $32,127)

      32,132  
 

 

 

 
MUNICIPAL BONDS & NOTES 0.7%

 

CALIFORNIA 0.5%

 

California State General Obligation Bonds, Series 2023

 

5.125% due 03/01/2038

      155         156  

California State University Revenue Bonds, Series 2020

 

2.975% due 11/01/2051

      215         155  
       

 

 

 
          311  
       

 

 

 
FLORIDA 0.2%

 

State Board of Administration Finance Corp., Florida Revenue Notes, Series 2020

 

1.705% due 07/01/2027

      185         164  
       

 

 

 

Total Municipal Bonds & Notes (Cost $475)

    475  
 

 

 

 
U.S. GOVERNMENT AGENCIES 30.8%

 

Fannie Mae, TBA

 

6.000% due 08/01/2053

      7,150         7,212  

Uniform Mortgage-Backed Security, TBA

 

5.000% due 07/01/2053

      6,300         6,174  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

5.500% due 07/01/2053 - 08/01/2053

  $     6,700     $     6,667  
       

 

 

 

Total U.S. Government Agencies (Cost $20,134)

      20,053  
 

 

 

 
U.S. TREASURY OBLIGATIONS 12.3%

 

U.S. Treasury Notes

 

3.625% due 05/15/2053

      482         463  

3.875% due 05/15/2043

      3,837         3,744  

3.375% due 05/15/2033

      2,100         2,026  

3.625% due 05/31/2028

      400         391  

3.750% due 05/31/2030

      300         296  

4.125% due 06/15/2026 (e)

      1,100         1,089  
       

 

 

 

Total U.S. Treasury Obligations (Cost $8,063)

    8,009  
 

 

 

 
NON-AGENCY MORTGAGE-BACKED SECURITIES 2.2%

 

CIM Trust

 

6.639% due 12/25/2067

      500         500  

OBX Trust

 

6.567% due 06/25/2063

      500         500  

Verus Securitization Trust

 

6.193% due 03/25/2068 þ

      476         473  
       

 

 

 

Total Non-Agency Mortgage-Backed Securities (Cost $1,474)

    1,473  
 

 

 

 
ASSET-BACKED SECURITIES 7.7%

 

Avis Budget Rental Car Funding AESOP LLC

 

5.200% due 10/20/2027

      500         490  

Benefit Street Partners CLO Ltd.

 

6.210% due 10/15/2030 •

      472         468  

CIFC Funding Ltd.

 

6.223% due 10/24/2030 •

      286         284  

Elevation CLO Ltd.

 

6.540% due 07/15/2029 •

      309         308  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Enterprise Fleet Financing LLC

 

5.420% due 10/22/2029

  $     574     $     572  

Hertz Vehicle Financing LLC

 

5.490% due 06/25/2027

      500         494  

IXIS Real Estate Capital Trust

 

5.750% due 03/25/2036

      163         84  

Madison Park Funding Ltd.

 

6.201% due 10/21/2030 •

      496         492  

OCP CLO Ltd.

 

6.370% due 07/20/2029 •

      346         344  

SFS Auto Receivables Securitization Trust

 

0.010% due 12/20/2029

      500         498  

Venture CLO Ltd.

 

6.380% due 04/20/2032 •

      500         492  

Voya CLO Ltd.

 

6.248% due 10/15/2030 •

      466         463  
       

 

 

 
Total Asset-Backed Securities (Cost $4,983)     4,989  
 

 

 

 
SHORT-TERM INSTRUMENTS 25.1%

 

REPURCHASE AGREEMENTS (c) 25.1%

 

          16,300  
       

 

 

 
Total Short-Term Instruments (Cost $16,300)       16,300  
 

 

 

 
       
Total Investments in Securities
(Cost $83,803)
    83,679  
       
Total Investments 128.6%
(Cost $83,803)

 

  $     83,679  

Financial Derivative
Instruments (d) 0.1%

(Cost or Premiums, net $331)

          62  
Other Assets and Liabilities, net (28.7)%     (18,688
 

 

 

 
Net Assets 100.0%

 

  $     65,053  
   

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

*

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

 

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

 

þ

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

 

(a)

When-issued security.

 

(b)

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(c)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate
    Settlement
Date
    Maturity
Date
    Principal
Amount
    Collateralized By   Collateral
(Received)
    Repurchase
Agreements,
at Value
    Repurchase
Agreement
Proceeds
to  be
Received(1)
 
BOS     5.140     06/30/2023       07/03/2023     $     16,300     U.S. Treasury Bonds 4.750% due 02/15/2041   $ (16,738   $ 16,300     $ 16,307  
           

 

 

   

 

 

   

 

 

 

Total Repurchase Agreements

 

    $     (16,738   $     16,300     $     16,307  
   

 

 

   

 

 

   

 

 

 

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     109
    


Table of Contents
Schedule of Investments   PIMCO Multisector Bond Active Exchange-Traded Fund   (Cont.)  

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:

 

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

 

BOS

  $ 16,307     $ 0     $ 0     $ 0     $     16,307     $     (16,738   $     (431
 

 

 

   

 

 

   

 

 

   

 

 

       

Total Borrowings and Other Financing Transactions

  $     16,307     $     0     $     0     $     0        
 

 

 

   

 

 

   

 

 

   

 

 

       

 

(1)

Includes accrued interest.

(2)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(d)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(1)

 

Reference Entity   Fixed
Receive Rate
    Payment
Frequency
    Maturity
Date
    Implied
Credit Spread at
June 30, 2023(2)
    Notional
Amount(3)
    Premiums
Paid/(Received)
    Unrealized
Appreciation/
(Depreciation)
    Market
Value(4)
    Variation Margin  
  Asset      Liability  

AT&T, Inc.

    1.000     Quarterly       06/20/2028       0.962   $     500     $ (2   $ 3     $ 1     $ 1      $ 0  

Bombardier, Inc.

    0.000       Quarterly       06/20/2028       3.913       100       4       1       5       0        0  

Calpine Corp.

    1.000       Quarterly       06/20/2028       4.408       175       5           (1     4       0        0  

Ford Motor Credit Co. LLC

    5.000       Quarterly       06/20/2028       2.602       200       20       0       20       0        0  

Verizon Communications, Inc.

    1.000       Quarterly       06/20/2028       0.954       300       (1     2       1       1        0  
           

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 
        $     26     $ 5     $     31     $     2      $     0  
       

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

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

 

Index/Tranches

  Fixed
Receive Rate
    Payment
Frequency
    Maturity
Date
    Notional
Amount(3)
    Premiums
Paid/(Received)
    Unrealized
Appreciation/
(Depreciation)
    Market
Value(4)
    Variation Margin  
  Asset      Liability  

CDX.EM-39 5-Year Index

    1.000     Quarterly       06/20/2028     $ 500     $ (25   $ 1     $ (24   $ 1      $ 0  

CDX.HY-40 5-Year Index

    5.000       Quarterly       06/20/2028           4,700       90       50       140       35        0  

CDX.IG-40 05-Year Index

    1.000       Quarterly       06/20/2028       18,800       240       48       288       24        0  
         

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 
        $ 305     $ 99     $ 404     $ 60      $ 0  
       

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total Swap Agreements

 

  $     331     $     104     $     435     $     62      $     0  
 

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:

 

    Financial Derivative Assets           Financial Derivative Liabilities  
    Market Value     Variation Margin
Asset
    Total           Market Value     Variation Margin
Liability
    Total  
     Purchased
Options
    Futures     Swap
Agreements
          Written
Options
    Futures     Swap
Agreements
 

Total Exchange-Traded or Centrally Cleared

  $     0     $     0     $     62     $     62       $     0     $     0     $     0     $     0  
 

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

 

 

 

 

 

(e)

Securities with an aggregate market value of $933 and cash of $366 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

 

(1)

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

(2)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

 

       
110   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

(3)

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

(4)

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:

 

    Derivatives not accounted for as hedging instruments  
     Commodity
Contracts
    Credit
Contracts
    Equity
Contracts
    Foreign
Exchange
Contracts
    Interest
Rate Contracts
    Total  

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

 

Swap Agreements

  $     0     $     62     $     0     $     0     $     0     $     62  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

 

    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

 

Exchange-traded or centrally cleared

 

Swap Agreements

  $ 0     $ (4   $ 0     $ 0     $ 0     $ (4
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments

 

Exchange-traded or centrally cleared

 

Swap Agreements

  $     0     $     104     $     0     $     0     $     0     $     104  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Securities, at Value

 

Loan Participations and Assignments

  $     0     $ 248     $ 0     $ 248  

Corporate Bonds & Notes

 

Banking & Finance

    0       8,615       0       8,615  

Industrials

    0           20,227           0           20,227  

Utilities

    0       3,290       0       3,290  

Municipal Bonds & Notes

 

California

    0       311       0       311  

Florida

    0       164       0       164  

U.S. Government Agencies

    0       20,053       0       20,053  

U.S. Treasury Obligations

    0       8,009       0       8,009  

Non-Agency Mortgage-Backed Securities

    0       1,473       0       1,473  

Asset-Backed Securities

    0       4,989       0       4,989  
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Short-Term Instruments

 

Repurchase Agreements

  $ 0     $ 16,300     $ 0     $ 16,300  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments

  $ 0     $ 83,679     $ 0     $ 83,679  
 

 

 

   

 

 

   

 

 

   

 

 

 

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

  $ 0     $ 62     $ 0     $ 62  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Financial Derivative Instruments

  $ 0     $ 62     $ 0     $ 62  
 

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $     0     $     83,741     $     0     $     83,741  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     111
    


Table of Contents
Schedule of Investments   PIMCO Municipal Income Opportunities Active Exchange-Traded Fund         

 

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
INVESTMENTS IN SECURITIES 94.6%

 

CORPORATE BONDS & NOTES 1.0%

 

INDUSTRIALS 1.0%

 

Providence St Joseph Health Obligated Group

 

5.403% due 10/01/2033

  $     500     $     494  

Toledo Hospital

 

5.325% due 11/15/2028

      250         203  
       

 

 

 

Total Corporate Bonds & Notes (Cost $700)

    697  
 

 

 

 
MUNICIPAL BONDS & NOTES 84.3%

 

ALABAMA 1.6%

 

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021

 

4.000% due 10/01/2052

      1,000         991  

Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019

 

4.500% due 05/01/2032

      233         218  
       

 

 

 
            1,209  
       

 

 

 
ALASKA 0.4%

 

Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022

 

5.250% due 11/01/2062

      250         266  
       

 

 

 
ARIZONA 0.7%

 

Arizona Industrial Development Authority Revenue Bonds, Series 2019

 

4.250% due 01/01/2040

      480         288  

Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2022

 

5.000% due 09/01/2052

      250         256  
       

 

 

 
          544  
       

 

 

 
ARKANSAS 1.0%

 

Arkansas Development Finance Authority Revenue Bonds, Series 2019

 

4.500% due 09/01/2049

      300         272  

County of Pulaski Hospital, Arkansas Revenue Bonds, Series 2023

 

4.250% due 03/01/2048

      500         491  
       

 

 

 
          763  
       

 

 

 
CALIFORNIA 16.0%

 

Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022

 

0.000% due 10/01/2047 (c)

      500         255  

California Community Choice Financing Authority Revenue Bonds, Series 2021

 

4.000% due 02/01/2052

      1,000         994  

California Community Choice Financing Authority Revenue Bonds, Series 2023

 

5.250% due 01/01/2054

      500         523  

California Community Housing Agency Revenue Bonds, Series 2019

 

5.000% due 04/01/2049

      300         249  

California Community Housing Agency Revenue Bonds, Series 2022

 

4.500% due 08/01/2052

      100         84  

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020

 

3.650% due 01/01/2050

      1,400           1,394  

California Municipal Finance Authority Revenue Bonds, Series 2021

 

4.000% due 11/01/2036

      250         230  

California Pollution Control Financing Authority Revenue Bonds, Series 2019

 

7.500% due 12/01/2040

      250         150  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

California State General Obligation Bonds, Series 2023

 

3.875% due 12/01/2030

  $     600     $     594  

California State Public Works Board Revenue Bonds, Series 2022

 

5.000% due 12/01/2035

      550         647  

California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022

 

5.375% due 08/15/2057

      250         268  

California Statewide Communities Development Authority Revenue Bonds, Series 2006

 

2.625% due 11/01/2033

      250         248  

California Statewide Communities Development Authority Revenue Bonds, Series 2016

 

5.250% due 12/01/2056

      250         242  

CMFA Special Finance Agency, California Revenue Bonds, Series 2021

 

4.000% due 08/01/2045

      500         409  

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021

 

3.500% due 10/01/2046

      500         381  

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022

 

0.000% due 09/01/2062 (c)

      200         100  

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021

 

0.000% due 06/01/2066 (b)

      3,500         382  

3.850% due 06/01/2050

      900         817  

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022

 

5.000% due 06/01/2051

      250         261  

Irvine Facilities Financing Authority, California Special Tax Bonds, Series 2023

 

4.000% due 09/01/2058

      500         487  

Long Beach Bond Finance Authority, California Revenue Bonds, Series 2023

 

4.000% due 08/01/2053

      750         734  

Los Angeles Department of Airports, California Revenue Bonds, Series 2023

 

5.000% due 05/15/2036

      500         552  

Sacramento County, California Special Tax Bonds, Series 2022

 

5.000% due 09/01/2047

      150         147  

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019

 

5.000% due 05/01/2038

      650         684  

San Joaquin Hills Transportation Corridor Agency, California Revenue Bonds, Series 1993

 

0.000% due 01/01/2025 (b)

      500         478  

Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021

 

0.000% due 06/01/2060 (b)

      1,000         156  

University of California Revenue Bonds, Series 2015

 

5.000% due 05/15/2040

      500         514  
       

 

 

 
            11,980  
       

 

 

 
COLORADO 3.4%

 

Colorado Health Facilities Authority Revenue Bonds, Series 2022

 

4.560% (MUNIPSA)
due 05/15/2061 ~

      500         496  

5.000% due 05/15/2062

      1,500         1,576  

Denver, Colorado Airport System City & County Revenue Bonds, Series 2018

 

5.000% due 12/01/2031

      440         471  
       

 

 

 
          2,543  
       

 

 

 
DELAWARE 0.3%

 

Delaware State Economic Development Authority Revenue Bonds, Series 2020

 

1.250% due 10/01/2045

      250         228  
       

 

 

 
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
FLORIDA 3.1%

 

Florida Development Finance Corp. Revenue Bonds, Series 2021

 

5.000% due 09/01/2026 (a)

  $     500     $     520  

Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2015

 

5.000% due 10/01/2040

      500         507  

Hernando County, Florida Revenue Bonds, Series 2022

 

5.250% due 06/01/2052

      400         433  

Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014

 

5.000% due 05/01/2029

      250         250  

Palm Beach County, Florida Health Facilities Authority Revenue Notes, Series 2022

 

5.000% due 11/01/2029

      375         397  

Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023

 

4.250% due 05/01/2028 (a)

      250         251  
       

 

 

 
          2,358  
       

 

 

 
GEORGIA 2.4%

 

DeKalb County, Georgia Water & Sewerage Revenue Bonds, Series 2022

 

5.000% due 10/01/2038

      260         296  

Main Street Natural Gas Inc, Georgia Revenue Bonds, Series 2021

 

4.000% due 07/01/2052

      1,000         997  

Municipal Electric Authority of Georgia Revenue Bonds, Series 2022

 

5.500% due 07/01/2063

      500         515  
       

 

 

 
          1,808  
       

 

 

 
IDAHO 0.3%

 

Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021

 

3.750% due 09/01/2051

      250         190  
       

 

 

 
ILLINOIS 5.6%

 

Chicago O’Hare International Airport, Illinois Revenue Bonds, Series 2022

 

5.500% due 01/01/2055

      1,000         1,074  

Illinois Sales Tax State Revenue Notes, Series 2021

 

5.000% due 06/15/2031

      1,000         1,095  

Illinois State General Obligation Bonds, Series 2016

 

4.000% due 06/01/2033

      1,000         1,003  

Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018

 

5.000% due 01/01/2037

      1,000         1,053  
       

 

 

 
          4,225  
       

 

 

 
INDIANA 2.4%

 

Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012

 

4.250% due 11/01/2030

      250         249  

Indiana Finance Authority Revenue Bonds, Series 2022

 

4.500% due 12/15/2046

      500         499  

Whiting, Indiana Revenue Bonds, Series 2019

 

5.000% due 12/01/2044

      1,000         1,030  
       

 

 

 
          1,778  
       

 

 

 
IOWA 0.3%

 

Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022

 

4.000% due 12/01/2050

      250         247  
       

 

 

 
KENTUCKY 1.5%

 

Scott County, Kentucky School District Finance Corp. Revenue Bonds, (BAM Insured), Series 2022

 

5.000% due 09/01/2041

      1,000           1,110  
       

 

 

 

 

       
112   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
LOUISIANA 1.0%

 

Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Notes, Series 2022

 

5.000% due 08/15/2026

  $     475     $     500  

Louisiana Public Facilities Authority Revenue Bonds, Series 2017

 

5.000% due 07/01/2040

      250         274  
       

 

 

 
          774  
       

 

 

 
MASSACHUSETTS 4.1%

 

Commonwealth of Massachusetts General Obligation Bonds, Series 2020

 

2.029% due 07/01/2035

      500         375  

Commonwealth of Massachusetts General Obligation Bonds, Series 2022

 

5.250% due 10/01/2047

      1,000         1,121  

Massachusetts Development Finance Agency Revenue Bonds, Series 2013

 

5.000% due 07/01/2044

      500         485  

Massachusetts Development Finance Agency Revenue Bonds, Series 2022

 

5.000% due 10/01/2038

      500         571  

Massachusetts Port Authority Revenue Bonds, Series 2022

 

5.000% due 07/01/2036

      500         549  
       

 

 

 
          3,101  
       

 

 

 
MICHIGAN 2.0%

 

Detroit, Michigan General Obligation Bonds, Series 2014

 

4.000% due 04/01/2044

      250         187  

Detroit, Michigan Sewage Disposal System Revenue Bonds, (FGIC Insured), Series 2001

 

5.500% due 07/01/2029

      500         527  

Michigan Finance Authority Revenue Bonds, Series 2020

 

0.000% due 06/01/2065 (b)

      2,500         244  

5.000% due 06/01/2040

      500         521  
       

 

 

 
          1,479  
       

 

 

 
NEVADA 0.2%

 

Reno, Nevada Revenue Bonds, Series 2018

 

0.000% due 07/01/2058 (b)

      1,000         130  
       

 

 

 
NEW JERSEY 2.5%

 

MiddleSex County Improvement Authority, New Jersey Revenue Bond, Series 2023

 

5.000% due 08/15/2053 (a)

      500         541  

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018

 

5.000% due 12/15/2036

      1,000         1,060  

Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018

 

5.000% due 06/01/2046

      235         236  
       

 

 

 
            1,837  
       

 

 

 
NEW MEXICO 0.5%

 

New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017

 

4.000% due 08/01/2039

      350         344  
       

 

 

 
NEW YORK 3.7%

 

New York City, New York General Obligation Bonds, Series 2022

 

5.250% due 10/01/2041

      250         285  

New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022

 

5.500% due 11/01/2045

      500         573  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

New York Liberty Development Corp. Revenue Bonds, Series 2014

 

5.000% due 11/15/2044

  $     350     $     345  

New York State Dormitory Authority Revenue Bonds, Series 2022

 

4.000% due 03/15/2039

      250         252  

New York Transportation Development Corp. Revenue Notes, Series 2020

 

4.000% due 10/01/2030

      250         250  

Port Authority of New York & New Jersey Revenue Bonds, Series 2018

 

5.000% due 07/15/2037

      335         365  

Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021

 

0.000% due 06/01/2066 (b)

      1,500         168  

4.000% due 06/01/2050

      300         268  

Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2022

 

5.000% due 11/15/2032

      250         298  
       

 

 

 
            2,804  
       

 

 

 
NORTH CAROLINA 1.5%

 

Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021

 

5.000% due 01/15/2049

      1,000         1,132  
       

 

 

 
OHIO 4.1%

 

Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020

 

4.000% due 06/01/2048

      500         463  

5.000% due 06/01/2055

      250         235  

Franklin County, Ohio Revenue Bonds, Series 2022

 

3.550% due 11/01/2042

      1,000         1,000  

Ohio Air Quality Development Authority Duke Energy Corporation Project Revenue Bonds, Series 2022

 

4.250% due 11/01/2039

      1,045         1,038  

Ohio Air Quality Development Authority Revenue Bonds, Series 2019

 

5.000% due 07/01/2049

      400         369  
       

 

 

 
          3,105  
       

 

 

 
PENNSYLVANIA 8.0%

 

Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022

 

5.250% due 05/01/2042

      200         200  

Commonwealth of Pennsylvania General Obligation Bonds, Series 2016

 

4.000% due 09/15/2034

      500         512  

General Authority of Southcentral Pennsylvania Revenue Bonds, Series 2019

 

3.850% due 06/01/2037

      2,000         2,000  

Lehigh County, Pennsylvania Revenue Bonds, Series 2019

 

5.110% (MUNIPSA)
due 08/15/2038 ~(d)

      970         959  

Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023

 

4.100% due 06/01/2029

      500         512  

Montgomery County, Pennsylvania Higher Education and Health Authority Revenue Bonds, Series 2022

 

4.000% due 05/01/2038

      500         483  

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015

 

5.000% due 12/31/2030

      250         257  

5.000% due 12/31/2038

      500         506  

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022

 

5.500% due 06/30/2039

      500         551  
       

 

 

 
          5,980  
       

 

 

 
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
PUERTO RICO 5.2%

 

Commonwealth of Puerto Rico Bonds, Series 2022

 

0.000% due 11/01/2043

  $     273     $     138  

0.000% due 11/01/2051

      1,749         823  

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021

 

4.000% due 07/01/2041

      400         349  

GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018

 

7.500% due 08/20/2040

      475         393  

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022

 

0.000% due 07/01/2053 (c)

      1,025         628  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018

 

0.000% due 07/01/2046 (b)

      500         141  

0.000% due 07/01/2051 (b)

      5,400         1,141  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019

 

4.550% due 07/01/2040

      250         245  
       

 

 

 
            3,858  
       

 

 

 
RHODE ISLAND 0.9%

 

Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015

 

5.000% due 06/01/2040

      500         503  

5.000% due 06/01/2050

      200         198  
       

 

 

 
          701  
       

 

 

 
SOUTH CAROLINA 0.9%

 

Columbia, South Carolina Waterworks & Sewer System Revenue Bonds, Series 2022

 

4.250% due 02/01/2041

      625         641  
       

 

 

 
TENNESSEE 1.3%

 

Tennergy Corp., Tennessee Revenue Bonds, Series 2021

 

4.000% due 12/01/2051

      1,000         987  
       

 

 

 
TEXAS 3.0%

 

Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021

 

5.250% due 12/01/2045

      250         250  

Austin, Texas Electric Utility Revenue Bonds, Series 2023

 

5.000% due 11/15/2048

      500         548  

Central Texas Turnpike System Revenue Bonds, Series 2015

 

0.000% due 08/15/2037 (b)

      250         129  

Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2021

 

4.000% due 11/01/2045

      500         485  

Houston, Texas Airport System Revenue Bonds, Series 2023

 

5.000% due 07/01/2038 (a)

      100         108  

Matagorda County, Texas Navigation District No 1 Revenue Bonds, Series 2001

 

2.600% due 11/01/2029

      250         226  

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2019

 

4.000% due 12/01/2054

      250         171  

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021

 

5.500% due 01/01/2057

      100         72  

Texas Water Development Board Revenue Bonds, Series 2022

 

5.000% due 10/15/2057

      250         272  
       

 

 

 
          2,261  
       

 

 

 

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     113
    


Table of Contents
Schedule of Investments   PIMCO Municipal Income Opportunities Active Exchange-Traded Fund   (Cont.)  

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
U.S. VIRGIN ISLANDS 0.7%

 

Matching Fund Special Purpose Securitization Corp., U.S. Virgin Islands Revenue Bonds, Series 2022

 

5.000% due 10/01/2039

  $     500     $     495  
       

 

 

 
VIRGINIA 1.1%

 

Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021

 

3.750% due 03/01/2036

      580         549  

Virginia College Building Authority Revenue Bonds, Series 2019

 

4.000% due 02/01/2034

      250         261  
       

 

 

 
            810  
       

 

 

 
WASHINGTON 0.4%

 

Washington State Convention Center Public Facilities District Revenue Notes, Series 2021

 

4.000% due 07/01/2031

      350         336  
       

 

 

 
WISCONSIN 4.2%

 

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021

 

4.000% due 10/01/2041

      250         251  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

4.000% due 03/31/2056

  $     250     $     200  

Public Finance Authority, Wisconsin Revenue Bonds, Series 2022

 

4.000% due 10/01/2052

      400         376  

University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2021

 

4.000% due 04/01/2046

      750         722  

Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020

 

0.000% due 12/15/2045 (b)

      1,000         345  

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021

 

4.000% due 04/01/2035

      1,000         1,000  

Wisconsin State General Obligation Notes, Series 2022

 

4.430% (MUNIPSA) due 05/01/2025 ~

    240         239  
       

 

 

 
          3,133  
       

 

 

 

Total Municipal Bonds & Notes (Cost $62,433)

      63,157  
 

 

 

 
NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5%

 

Freddie Mac

 

4.140% due 01/25/2040

      400         372  
       

 

 

 

Total Non-Agency Mortgage-Backed Securities (Cost $375)

    372  
 

 

 

 
                  MARKET
VALUE
(000S)
 
SHORT-TERM INSTRUMENTS 8.8%

 

REPURCHASE AGREEMENTS (e) 8.8%

 

      $     6,600  
       

 

 

 
Total Short-Term Instruments
(Cost $6,600)
    6,600  
 

 

 

 
       
Total Investments in Securities
(Cost $70,108)
    70,826  
       
Total Investments 94.6%
(Cost $70,108)

 

  $     70,826  

Financial Derivative
Instruments (f) (0.0)%

(Cost or Premiums, net $0)

          (5
Other Assets and Liabilities, net 5.4%     4,078  
 

 

 

 
Net Assets 100.0%

 

  $       74,899  
   

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS:    

 

*

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

 

~

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

 

(a)

When-issued security.

 

(b)

Zero coupon security.

 

(c)

Security becomes interest bearing at a future date.

(d)  RESTRICTED SECURITIES:

 

Issuer Description    Coupon     Maturity
Date
    Acquisition
Date
    Cost     Market
Value
    Market Value
as Percentage
of Net Assets
 

Lehigh County, Pennsylvania Revenue Bonds, Series 2019

     5.110%       08/15/2038       09/14/2021     $     991     $     959       1.28%  
        

 

 

   

 

 

   

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate
    Settlement
Date
    Maturity
Date
    Principal
Amount
    Collateralized By   Collateral
(Received)
    Repurchase
Agreements,
at Value
    Repurchase
Agreement
Proceeds
to  be
Received(1)
 
BPS     5.110     06/30/2023       07/03/2023     $     2,200     U.S. Treasury Notes 1.250% due 08/15/2031   $ (2,246   $ 2,200     $ 2,201  
    5.160       06/30/2023       07/03/2023       2,200     U.S. Treasury Inflation Protected Securities 0.125% due 07/15/2031     (2,255     2,200       2,201  
MBC     5.160       06/30/2023       07/03/2023       2,200     U.S. Treasury Notes 1.875% due 02/15/2032     (2,267     2,200       2,201  
           

 

 

   

 

 

   

 

 

 

Total Repurchase Agreements

 

    $     (6,768   $     6,600     $     6,603  
   

 

 

   

 

 

   

 

 

 

 

       
114   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:

 

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

 

BPS

  $ 4,402     $ 0     $ 0     $ 0     $     4,402     $     (4,501   $     (99

MBC

    2,201       0       0       0       2,201       (2,267     (66
 

 

 

   

 

 

   

 

 

   

 

 

       

Total Borrowings and Other Financing Transactions

  $     6,603     $     0     $     0     $     0        
 

 

 

   

 

 

   

 

 

   

 

 

       

 

(1)

Includes accrued interest.

(2)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(f)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

 

SHORT FUTURES CONTRACTS                                            
Description   Expiration
Month
    # of
Contracts
    Notional
Amount
    Unrealized
Appreciation/
(Depreciation)
     Variation Margin  
   Asset      Liability  

U.S. Treasury 10-Year Note September Futures

    09/2023       32     $         (3,593   $ 66      $ 0      $ (5
         

 

 

    

 

 

    

 

 

 

Total Futures Contracts

 

    $     66      $     0      $     (5
   

 

 

    

 

 

    

 

 

 

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:

 

    Financial Derivative Assets           Financial Derivative Liabilities  
    Market Value     Variation Margin
Asset
   

Total

          Market Value     Variation Margin
Liability
   

Total

 
     Purchased
Options
    Futures     Swap
Agreements
          Written
Options
    Futures     Swap
Agreements
 

Total Exchange-Traded or Centrally Cleared

  $     0     $     0     $     0     $     0       $     0       $    (5)     $     0       $    (5)  
 

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

 

 

 

Cash of $129 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:

 

    Derivatives not accounted for as hedging instruments  
     Commodity
Contracts
    Credit
Contracts
    Equity
Contracts
    Foreign
Exchange
Contracts
    Interest
Rate Contracts
    Total  

Financial Derivative Instruments - Liabilities

 

Exchange-traded or centrally cleared

 

Futures

  $     0     $     0     $     0     $     0     $     5     $     5  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     115
    


Table of Contents
Schedule of Investments   PIMCO Municipal Income Opportunities Active Exchange-Traded Fund   (Cont.)   June 30, 2023

 

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

 

    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

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $     182     $     182  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments

 

Exchange-traded or centrally cleared

 

Futures

  $     0     $     0     $     0     $     0     $ 42     $ 42  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Securities, at Value

 

Corporate Bonds & Notes

 

Industrials

  $     0     $ 697     $     0     $ 697  

Municipal Bonds & Notes

 

Alabama

    0       1,209       0       1,209  

Alaska

    0       266       0       266  

Arizona

    0       544       0       544  

Arkansas

    0       763       0       763  

California

    0           11,980       0           11,980  

Colorado

    0       2,543       0       2,543  

Delaware

    0       228       0       228  

Florida

    0       2,358       0       2,358  

Georgia

    0       1,808       0       1,808  

Idaho

    0       190       0       190  

Illinois

    0       4,225       0       4,225  

Indiana

    0       1,778       0       1,778  

Iowa

    0       247       0       247  

Kentucky

    0       1,110       0       1,110  

Louisiana

    0       774       0       774  

Massachusetts

    0       3,101       0       3,101  

Michigan

    0       1,479       0       1,479  

Nevada

    0       130       0       130  

New Jersey

    0       1,837       0       1,837  

New Mexico

    0       344       0       344  

New York

    0       2,804       0       2,804  

North Carolina

    0       1,132       0       1,132  
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Ohio

  $ 0     $ 3,105     $ 0     $ 3,105  

Pennsylvania

    0       5,980       0       5,980  

Puerto Rico

    0       3,858       0       3,858  

Rhode Island

    0       701       0       701  

South Carolina

    0       641       0       641  

Tennessee

    0       987       0       987  

Texas

    0       2,261       0       2,261  

U.S. Virgin Islands

    0       495       0       495  

Virginia

    0       810       0       810  

Washington

    0       336       0       336  

Wisconsin

    0       3,133       0       3,133  

Non-Agency Mortgage-Backed Securities

    0       372       0       372  

Short-Term Instruments

 

Repurchase Agreements

    0       6,600       0       6,600  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments

  $ 0     $ 70,826     $ 0     $ 70,826  
 

 

 

   

 

 

   

 

 

   

 

 

 

Financial Derivative Instruments - Liabilities

 

Exchange-traded or centrally cleared

  $     0     $ (5   $ 0     $ (5
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Financial Derivative Instruments

  $ 0     $ (5   $ 0     $ (5
 

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $ 0     $     70,821     $     0     $     70,821  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

 

       
116   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
Schedule of Investments   PIMCO Preferred and Capital Securities Active Exchange-Traded  Fund          June 30, 2023

 

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
INVESTMENTS IN SECURITIES 98.2%

 

CORPORATE BONDS & NOTES 48.5%

 

BANKING & FINANCE 37.5%

 

Allstate Corp.

 

5.750% due 08/15/2053 •

  $     800     $     788  

Bank of Nova Scotia

 

3.625% due 10/27/2081 •(e)(f)

      1,400         991  

Barclays PLC

 

8.000% due 03/15/2029 •(d)(e)

      2,000         1,792  

BNP Paribas SA

 

4.625% due 02/25/2031 •(d)(e)

      1,400         1,003  

7.750% due 08/16/2029 •(d)(e)

      300         291  

9.250% due 11/17/2027 •(d)(e)

      1,400         1,446  

Burford Capital Global Finance LLC

 

9.250% due 07/01/2031

      1,000         995  

Cooperatieve Rabobank UA

 

4.875% due 06/29/2029 •(d)(e)

  EUR     2,600         2,388  

Credit Agricole SA

 

7.875% due 01/23/2024 •(d)(e)

  $     1,600         1,587  

Credit Suisse AG AT1 Claim^

      800         32  

Deutsche Bank AG

 

4.789% due 04/30/2025 •(d)(e)

      400         315  

5.882% due 07/08/2031 •

      300         263  

7.079% due 02/10/2034 •

      500         463  

Global Atlantic Fin Co.

 

4.400% due 10/15/2029

      700         591  

HSBC Holdings PLC

 

6.375% due 03/30/2025 •(d)(e)

      500         480  

6.500% due 03/23/2028 •(d)(e)

      300         271  

ING Groep NV

 

6.750% due 04/16/2024 •(d)(e)

      2,500         2,391  

Intesa Sanpaolo SpA

 

8.248% due 11/21/2033 •

      1,500         1,577  

Liberty Mutual Group, Inc.

 

3.625% due 05/23/2059 •

  EUR     1,800         1,871  

Lloyds Banking Group PLC

 

7.500% due 06/27/2024 •(d)(e)

  $     1,400         1,339  

8.000% due 09/27/2029 •(d)(e)

      1,500         1,374  

Morgan Stanley

 

5.948% due 01/19/2038 •

      2,150         2,123  

Munich Re

 

5.875% due 05/23/2042 •

      1,400         1,408  

NatWest Group PLC

 

4.600% due 06/28/2031 •(d)(e)

      1,500         1,042  

6.000% due 12/29/2025 •(d)(e)

      500         464  

8.000% due 08/10/2025 •(d)(e)

      800         779  

Prudential Financial, Inc.

 

6.000% due 09/01/2052 •

      800         762  

Societe Generale SA

 

6.691% due 01/10/2034 •

      600         611  

9.375% due 11/22/2027 •(d)(e)

      700         686  

Svenska Handelsbanken AB

 

4.750% due 03/01/2031 •(d)(e)

      400         310  

Toronto-Dominion Bank

 

8.125% due 10/31/2082 •(e)

      900         917  

UBS Group AG

 

9.016% due 11/15/2033 •

      1,100         1,319  

UniCredit SpA

 

5.459% due 06/30/2035 •

      1,300         1,104  

Voya Financial, Inc.

 

4.700% due 01/23/2048 •

      1,500         1,204  
       

 

 

 
            34,977  
       

 

 

 
INDUSTRIALS 4.7%

 

Corebridge Financial, Inc.

 

6.875% due 12/15/2052

      800         768  

Enbridge, Inc.

 

5.750% due 07/15/2080 •

      900         814  

Enterprise Products Operating LLC

 

5.375% due 02/15/2078 •

      1,000         830  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

8.304% (US0003M + 2.986%) due 08/16/2077 ~

  $     700     $     690  

Plains All American Pipeline LP

 

9.431% (US0003M + 4.110%) due 07/31/2023 ~(d)

      1,000         895  

Southern Co.

 

3.750% due 09/15/2051 •

      400         342  
       

 

 

 
          4,339  
       

 

 

 
UTILITIES 6.3%

 

American Electric Power Co., Inc.

 

3.875% due 02/15/2062 •

      500         400  

British Telecommunications PLC

 

4.875% due 11/23/2081 •

      500         407  

Duke Energy Corp.

 

3.250% due 01/15/2082 •

      800         598  

Electricite de France SA

 

9.125% due 03/15/2033 •(d)

      1,400         1,439  

National Rural Utilities Cooperative Finance Corp.

 

7.125% due 09/15/2053

      600         602  

Sempra Energy

 

4.125% due 04/01/2052 •

      1,000         810  

Transcanada Trust

 

5.600% due 03/07/2082 •

      1,900         1,603  
       

 

 

 
          5,859  
       

 

 

 

Total Corporate Bonds & Notes (Cost $45,780)

      45,175  
 

 

 

 
U.S. TREASURY OBLIGATIONS 3.0%

 

U.S. Treasury Bonds

 

4.000% due 11/15/2042 (g)

      2,800         2,783  
       

 

 

 

Total U.S. Treasury Obligations (Cost $2,818)

    2,783  
 

 

 

 
        SHARES            
PREFERRED SECURITIES 44.0%

 

BANKING & FINANCE 5.3%

 

Bank of New York Mellon Corp.

 

3.750% due 12/20/2026 •(d)

      1,100,000         911  

Citigroup, Inc.

 

7.375% due 05/15/2028 •(d)

      1,300,000         1,294  

Equitable Holdings, Inc.

 

4.950% due 09/15/2025 •(d)

      300,000         281  

General Motors Financial Co., Inc.

 

5.700% due 09/30/2030 •(d)

      900,000         796  

PNC Financial Services Group, Inc.

 

5.000% due 11/01/2026 •(d)

      400,000         345  

6.250% due 03/15/2030 •(d)

      1,500,000         1,354  
       

 

 

 
          4,981  
       

 

 

 
FINANCIALS 35.9%

 

Aircastle Ltd.

 

5.250% due 06/15/2026 •(d)

      1,100,000         767  

Ally Financial, Inc.

 

4.700% due 05/15/2028 •(d)

      1,900,000         1,241  

American Express Co.

 

3.550% due 09/15/2026 •(d)

      1,400,000         1,163  

Bank of America Corp.

 

4.375% due 01/27/2027 •(d)

      3,000,000         2,597  

5.875% due 03/15/2028 •(d)

      2,300,000         2,104  

Charles Schwab Corp.

 

4.000% due 12/01/2030 •(d)

      4,300,000         3,158  

Citigroup, Inc.

 

4.000% due 12/10/2025 •(d)

      2,500,000         2,151  

4.150% due 11/15/2026 •(d)

      400,000         322  

CoBank ACB

 

4.250% due 01/01/2027 •(d)

      700,000         556  

Discover Financial Services

 

5.500% due 10/30/2027 •(d)

      1,900,000         1,453  
        SHARES         MARKET
VALUE
(000S)
 

Goldman Sachs Group, Inc.

 

3.800% due 05/10/2026 •(d)

      2,800,000     $     2,241  

4.400% due 02/10/2025 •(d)

      1,800,000         1,504  

HSBC Capital Funding Dollar LP

 

10.176% due 06/30/2030 •(d)

      600,000         743  

JPMorgan Chase & Co.

 

4.600% due 02/01/2025 •(d)

      2,900,000         2,710  

MetLife, Inc.

 

5.875% due 03/15/2028 •(d)

      3,000,000         2,794  

Reinsurance Group of America, Inc.

 

5.750% (US0003M + 4.040%) due 06/15/2056 ~

      9,900         249  

Selective Insurance Group, Inc.

 

4.600% due 12/15/2025 (d)

      21,100         345  

SVB Financial Group

 

4.100% due 02/15/2031 ^(a)(d)

      1,200,000         86  

Truist Financial Corp.

 

5.100% due 03/01/2030 •(d)

      1,700,000         1,468  

U.S. Bancorp

 

5.300% due 04/15/2027 •(d)

      1,400,000         1,137  

Wells Fargo & Co.

 

3.900% due 03/15/2026 •(d)

      5,300,000         4,666  
       

 

 

 
          33,455  
       

 

 

 
INDUSTRIALS 0.8%

 

Energy Transfer LP

 

6.625% due 02/15/2028 •(d)

      900,000         692  

General Electric Co.

 

8.882% (US0003M + 3.330%) due 09/15/2023 ~(d)

      92,000         92  
       

 

 

 
          784  
       

 

 

 
UTILITIES 2.0%

 

CenterPoint Energy, Inc.

 

6.125% due 09/01/2023 •(d)

      1,000,000         972  

Edison International

 

5.000% due 12/15/2026 •(d)

      1,000,000         867  
       

 

 

 
          1,839  
       

 

 

 

Total Preferred Securities (Cost $42,744)

    41,059  
 

 

 

 
        PRINCIPAL
AMOUNT
(000S)
           
SHORT-TERM INSTRUMENTS 2.7%

 

U.S. TREASURY BILLS 2.7%

 

5.214% due 08/10/2023 (b)(c)

  $     2,500         2,486  
       

 

 

 
Total Short-Term Instruments
(Cost $2,486)
    2,486  
 

 

 

 
       
Total Investments in Securities
(Cost $93,828)
    91,503  
       
Total Investments 98.2%
(Cost $93,828)

 

  $     91,503  

Financial Derivative
Instruments (h)(i) 0.1%

(Cost or Premiums, net $0)

          102  
Other Assets and Liabilities, net 1.7%     1,609  
 

 

 

 
Net Assets 100.0%

 

  $       93,214  
   

 

 

 

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     117
    


Table of Contents
Schedule of Investments   PIMCO Preferred and Capital Securities Active Exchange-Traded  Fund   (Cont.)  

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

*

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

 

^

Security is in default.

 

~

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

 

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

 

(a)

Security is not accruing income as of the date of this report.

 

(b)

Coupon represents a weighted average yield to maturity.

 

(c)

Zero coupon security.

 

(d)

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

 

(e)

Contingent convertible security.

(f)  RESTRICTED SECURITIES:

 

Issuer Description    Coupon     Maturity
Date
    Acquisition
Date
    Cost     Market
Value
    Market Value
as Percentage
of Net Assets
 

Bank of Nova Scotia

     3.625     10/27/2081       01/18/2023 - 05/24/2023     $     1,036     $     991       1.06%  
        

 

 

   

 

 

   

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS

SALE-BUYBACK TRANSACTIONS:

 

Counterparty   Borrowing
Rate(1)
    Borrowing
Date
    Maturity
Date
    Amount
Borrowed(1)
    Payable  for
Sale-Buyback
Transactions(2)
 

BPG

    5.190     06/15/2023       07/13/2023     $     (696   $ (698
         

 

 

 

Total Sale-Buyback Transactions

 

      $     (698
         

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:

 

Counterparty   Repurchase
Agreement
Proceeds
to be
Received
    Payable for
Reverse
Repurchase
Agreements
    Payable  for
Sale-Buyback
Transactions(2)
    Securities
Out on Loan
    Total
Borrowings and
Other Financing
Transactions
    Collateral
Pledged/(Received)
    Net Exposure(3)  

Master Securities Forward Transaction Agreement

 

BPG

  $ 0     $ 0     $ (698   $ 0     $     (698   $     696     $     (2
 

 

 

   

 

 

   

 

 

   

 

 

       

Total Borrowings and Other Financing Transactions

  $     0     $     0     $     (698   $     0        
 

 

 

   

 

 

   

 

 

   

 

 

       

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

 

     Overnight and
Continuous
    Up to 30 days     31-90 days     Greater Than 90 days     Total  

Sale-Buyback Transactions

 

U.S. Treasury Obligations

  $     0     $ (698   $ 0     $ 0     $ (698
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Borrowings

  $ 0     $     (698   $     0     $     0     $     (698
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Payable for sale-buyback financing transactions

 

  $ (698
 

 

 

 

 

 

(g)

Securities with an aggregate market value of $696 have been pledged as collateral under the terms of the above master agreements as of June 30, 2023.

 

(1)

The average amount of borrowings outstanding during the period ended June 30, 2023 was $(169) at a weighted average interest rate of 5.102%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(2)

Payable for sale-buyback transactions includes $(1) of deferred price drop.

(3)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

 

       
118   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

(h)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

 

LONG FUTURES CONTRACTS                                            
Description   Expiration
Month
    # of
Contracts
    Notional
Amount
    Unrealized
Appreciation/
(Depreciation)
     Variation Margin  
   Asset      Liability  

U.S. Treasury 2-Year Note September Futures

    09/2023       65     $         13,217     $ (171    $ 3      $ (2

U.S. Treasury Ultra Long-Term Bond September Futures

    09/2023       71         9,672       32        116        0  
         

 

 

    

 

 

    

 

 

 
          $ (139    $ 119      $ (2
         

 

 

    

 

 

    

 

 

 
SHORT FUTURES CONTRACTS                                            
Description   Expiration
Month
    # of
Contracts
    Notional
Amount
    Unrealized
Appreciation/
(Depreciation)
     Variation Margin  
   Asset      Liability  

Euro-Bobl September Futures

    09/2023       11     $         (1,389   $ 20      $ 6      $ 0  

Euro-Bund September Futures

    09/2023       5         (730     7        5        (1

U.S. Treasury 5-Year Note September Futures

    09/2023       99         (10,602     204        0        (4

U.S. Treasury Ultra 10-Year Note September Futures

    09/2023       12         (1,421     11        0        (5
         

 

 

    

 

 

    

 

 

 
          $ 242      $ 11      $ (10
         

 

 

    

 

 

    

 

 

 

Total Futures Contracts

 

  $     103      $     130      $     (12
 

 

 

    

 

 

    

 

 

 

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:

 

    Financial Derivative Assets           Financial Derivative Liabilities  
    Market Value     Variation Margin
Asset(1)
   

Total

          Market Value     Variation Margin
Liability
   

Total

 
     Purchased
Options
    Futures     Swap
Agreements
          Written
Options
    Futures     Swap
Agreements
 

Total Exchange-Traded or Centrally Cleared

  $     0     $     132     $     0     $     132       $     0     $     (12   $     0     $     (12
 

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

 

 

 

Cash of $526 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

 

(1)

Unsettled variation margin asset of $2 for closed futures is outstanding at period end.

(i)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

 

Counterparty    Settlement
Month
    Currency to
be Delivered
    Currency to
be Received
    Unrealized Appreciation/
(Depreciation)
 
  Asset     Liability  

BOA

     08/2023     EUR     627     $     676     $ 0     $ (10
     08/2023     $     81     EUR     74       0       0  

CBK

     08/2023     EUR     1,527     $     1,647       0       (23
     08/2023     $     61     EUR     56       0       0  

JPM

     08/2023     EUR     1,857     $     2,045       15       0  
            

 

 

   

 

 

 

Total Forward Foreign Currency Contracts

 

  $     15     $     (33
 

 

 

   

 

 

 

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     119
    


Table of Contents
Schedule of Investments   PIMCO Preferred and Capital Securities Active Exchange-Traded  Fund   (Cont.)  

 

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2023:

 

    Financial Derivative Assets           Financial Derivative Liabilities                    
Counterparty   Forward
Foreign
Currency
Contracts
     Purchased
Options
     Swap
Agreements
     Total
Over the
Counter
           Forward
Foreign
Currency
Contracts
    Written
Options
     Swap
Agreements
     Total
Over the
Counter
    Net Market
Value of OTC
Derivatives
   

Collateral
Pledged/

(Received)

    Net
Exposure(1)
 

BOA

  $ 0      $ 0      $ 0      $ 0       $ (10   $ 0      $ 0      $ (10   $     (10   $ 0     $ (10

CBK

    0        0        0        0         (23     0        0        (23     (23     0           (23

JPM

    15        0        0        15         0       0        0        0       15           (60     (45
 

 

 

    

 

 

    

 

 

    

 

 

     

 

 

   

 

 

    

 

 

    

 

 

       

Total Over the Counter

  $     15      $     0      $     0      $     15       $     (33   $     0      $     0      $     (33      
 

 

 

    

 

 

    

 

 

    

 

 

     

 

 

   

 

 

    

 

 

    

 

 

       

 

(1)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:

 

    Derivatives not accounted for as hedging instruments  
     Commodity
Contracts
    Credit
Contracts
    Equity
Contracts
    Foreign
Exchange
Contracts
    Interest
Rate Contracts
    Total  

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $ 132     $ 132  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Forward Foreign Currency Contracts

  $ 0     $ 0     $ 0     $ 15     $ 0     $ 15  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 0     $ 0     $ 15     $     132     $     147  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Financial Derivative Instruments - Liabilities

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $ 12     $ 12  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Forward Foreign Currency Contracts

  $ 0     $ 0     $ 0     $ 33     $ 0     $ 33  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $     0     $     0     $     0     $     33     $ 12     $ 45  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

 

    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

 

Exchange-traded or centrally cleared

 

Futures

  $     0     $     0     $     0     $ 0     $ 55     $ 55  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Forward Foreign Currency Contracts

  $ 0     $ 0     $ 0     $ (9   $ 0     $ (9
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 0     $ 0     $ (9   $ 55     $ 46  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $     103     $     103  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Forward Foreign Currency Contracts

  $ 0     $ 0     $ 0     $     (18   $ 0     $ (18
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 0     $ 0     $ (18   $ 103     $ 85  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

       
120   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Securities, at Value

 

Corporate Bonds & Notes

 

Banking & Finance

  $ 0     $ 34,977     $ 0     $ 34,977  

Industrials

    0       4,339       0       4,339  

Utilities

    0       5,859       0       5,859  

U.S. Treasury Obligations

    0       2,783       0       2,783  

Preferred Securities

 

Banking & Finance

    0       4,981       0       4,981  

Financials

    594       32,861       0       33,455  

Industrials

    0       784       0       784  

Utilities

    0       1,839       0       1,839  

Short-Term Instruments

 

U.S. Treasury Bills

    0       2,486       0       2,486  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments

  $     594     $     90,909     $     0     $     91,503  
 

 

 

   

 

 

   

 

 

   

 

 

 
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

  $ 11     $ 119     $ 0     $ 130  

Over the counter

    0       15       0       15  
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 11     $ 134     $ 0     $ 145  
 

 

 

   

 

 

   

 

 

   

 

 

 

Financial Derivative Instruments - Liabilities

 

Exchange-traded or centrally cleared

    (1     (11     0       (12

Over the counter

    0       (33     0       (33
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ (1   $ (44   $ 0     $ (45
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Financial Derivative Instruments

  $ 10     $ 90     $ 0     $ 100  
 

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $     604     $     90,999     $     0     $     91,603  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     121
    


Table of Contents
Schedule of Investments   PIMCO Senior Loan Active Exchange-Traded Fund         

 

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
INVESTMENTS IN SECURITIES 101.8%

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 86.3%

 

Air Canada

 

8.839% (LIBOR03M + 3.500%) due 08/11/2028 ~

  $     1,496     $     1,498  

Al Aqua Merger Sub, Inc.

 

8.557% - 8.896% due 07/31/2028

      2,490         2,448  

Albion Financing 3 SARL

 

10.651% due 08/17/2026

      998         995  

Alliant Holdings Intermediate LLC

 

8.647% due 11/05/2027

      798         794  

Allied Universal Holdco LLC

 

8.952% due 05/12/2028

      2,424         2,360  

Altice France SA

 

10.486% due 08/15/2028

      995         889  

American Airlines, Inc.

 

10.000% (LIBOR03M + 4.750%) due 04/20/2028 ~

      2,150         2,199  

AmWINS Group, Inc.

 

7.834% due 02/19/2028

      1,097         1,096  

Amynta Agency Borrower, Inc.

 

10.202% due 02/28/2028

      800         780  

AP Core Holdings LLC

 

10.717% due 09/01/2027 «

      650         630  

Applied Systems, Inc.

 

9.742% due 09/18/2026

      898         900  

AppLovin Corp.

 

8.452% due 08/15/2025

      396         396  

Arches Buyer, Inc.

 

8.452% due 12/06/2027

      497         481  

Armor Holding LLC

 

10.087% due 12/11/2028

      247         248  

ASP Unifrax Holdings, Inc.

 

9.288% (LIBOR03M + 3.750%) due 12/12/2025 ~

      272         243  

Asplundh Tree Expert LLC

 

6.952% due 09/07/2027

      798         797  

AssuredPartners, Inc.

 

8.602% due 02/12/2027

      396         393  

Asurion LLC

 

8.788% (LIBOR03M + 3.250%) due 12/23/2026 ~

      1,554         1,500  

Bally’s Corp.

 

8.396% (LIBOR01M + 3.250%) due 10/02/2028 ~

      942         922  

Banff Merger Sub, Inc.

 

8.967% due 10/02/2025

      1,780           1,768  

BCPE Empire Holdings, Inc.

 

9.832% due 12/11/2028

      1,146         1,145  

Belron Finance U.S. LLC

 

7.832% due 04/18/2029

      750         751  

Birkenstock GmbH & Co. KG

 

8.593% (LIBOR03M + 3.250%) due 04/28/2028 ~

      233         232  

Brookfield WEC Holdings, Inc.

 

7.943% (LIBOR01M + 2.750%) due 08/01/2025 ~

      1,883         1,882  

Caesars Entertainment Corp.

 

8.452% due 02/06/2030

      698         699  

Carnival Corp.

 

8.217% due 06/30/2025

      247         247  

Castlelake Aviation Ltd.

 

8.004% due 10/22/2027

      448         446  

CDK Global, Inc.

 

9.492% due 07/06/2029

      2,989         2,984  

Cengage Learning, Inc.

 

9.880% (LIBOR03M + 4.750%) due 07/14/2026 ~

      499         490  

CenturyLink, Inc.

 

7.467% due 03/15/2027

      1,396         1,081  

Charter Next Generation, Inc.

 

8.967% due 12/01/2027

      1,000         993  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Clarios Global LP

 

8.852% due 05/06/2030

  $     800     $     799  

Clear Channel Outdoor Holdings, Inc.

 

8.584% - 8.807% (LIBOR03M + 3.500%) due 08/21/2026 ~

      1,185         1,134  

Clydesdale Acquisition Holdings, Inc.

 

9.377% due 04/13/2029

      2,604         2,567  

CMG Media Corp.

 

8.842% due 12/17/2026

      592         532  

CommScope, Inc.

 

8.467% (LIBOR01M + 3.250%) due 04/06/2026 ~

      148         143  

Cornerstone OnDemand, Inc.

 

9.253% due 10/16/2028

      247         231  

Covanta Holding Corp.

 

8.148% due 11/30/2028

      1,700         1,695  

CQP Holdco LP

 

8.693% (LIBOR03M + 3.750%) due 06/05/2028 ~

      1,739         1,738  

DaVita, Inc.

 

6.967% due 08/12/2026

      399         394  

DirecTV Financing LLC

 

10.217% due 08/02/2027

      2,588         2,536  

Dotdash Meredith, Inc.

 

9.260% due 12/01/2028 «

      248         227  

Dun & Bradstreet Corp.

 

8.434% due 02/06/2026

      1,945         1,949  

Elanco Animal Health, Inc.

 

7.010% due 08/01/2027

      1,895         1,863  

EMRLD Borrower LP

 

8.264% due 05/31/2030

      901         902  

Endure Digital, Inc.

 

8.792% (LIBOR03M + 3.500%) due 02/10/2028 «~

      494         461  

Ensono LP

 

9.288% (LIBOR03M + 3.750%) due 05/26/2028 ~

      342         309  

Entain Holdings Gibraltar Ltd

 

TBD% due 10/31/2029

      100         100  

eResearchTechnology, Inc.

 

9.717% due 02/04/2027

      499         481  

Fertitta Entertainment LLC

 

9.102% due 01/27/2029

      1,197         1,184  

Finastra USA, Inc.

 

9.038% - 9.231% (LIBOR03M + 3.500%) due 06/13/2024 ~

      2,033         1,960  

First Student Bidco, Inc.

 

8.529% (LIBOR03M + 3.000%) due 07/21/2028 ~

      991         961  

Focus Financial Partners LLC

 

TBD% due 06/30/2028

      350         349  

Fortrea Holdings, Inc.

 

TBD% due 06/12/2030

      350         351  

Foundation Building Materials Holding Co. LLC

 

8.443% - 8.523% (LIBOR01M + 3.250%) due 01/31/2028 ~

      1,095           1,066  

Froneri International Ltd.

 

7.452% due 01/29/2027

      1,387         1,382  

Garda World Security Corp.

 

9.427% due 10/30/2026

      250         249  

Graham Packaging Co., Inc.

 

8.217% due 08/04/2027

      832         828  

Gray Television, Inc.

 

7.775% due 01/02/2026

      150         148  

Great Outdoors Group LLC

 

8.943% (LIBOR01M + 3.750%) due 03/06/2028 ~

      798         793  

Greeneden U.S. Holdings LLC

 

9.193% due 12/01/2027

      1,559         1,557  

Grifols Worldwide Operations USA, Inc.

 

7.414% due 11/15/2027

      1,300         1,281  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Grinding Media, Inc.

 

9.199% (LIBOR03M + 4.000%) due 10/12/2028 ~

  $     247     $     241  

Hub International Ltd.

 

8.255% (LIBOR03M + 3.000%) due 04/25/2025 ~

      517         517  

8.770% (LIBOR01M + 3.250%) due 04/25/2025 ~

      3,079           3,078  

9.059% - 9.239% due 11/10/2029

      398         398  

Hyland Software, Inc.

 

8.693% (LIBOR01M + 3.500%) due 07/01/2024 ~

      3,315         3,292  

Incora

 

TBD% - 13.725% due 03/01/2024 «µ

      87         87  

INEOS Enterprises Holdings U.S. Finco LLC

 

8.864% due 08/28/2026

      396         396  

Intelsat Jackson Holdings SA

 

9.443% due 02/01/2029

      1,723         1,718  

IRB Holding Corp.

 

8.202% due 12/15/2027

      2,292         2,280  

Ivanti Software, Inc.

 

9.420% (LIBOR01M + 4.250%) due 12/01/2027 ~

      593         503  

Jane Street Group LLC

 

7.967% due 01/26/2028

      798         797  

Jazz Financing Lux SARL

 

8.693% (LIBOR01M + 3.500%) due 05/05/2028 ~

      897         897  

LABL, Inc.

 

10.202% due 10/29/2028

      671         666  

LBM Acquisition LLC

 

8.943% (LIBOR01M + 3.750%) due 12/17/2027 ~

      939         904  

LifeMiles Ltd.

 

10.514% (LIBOR03M + 5.250%) due 08/30/2026 «~

      691         682  

LSF11 A5 HoldCo LLC

 

9.452% due 10/15/2028

      750         746  

Madison IAQ LLC

 

8.302% (LIBOR06M + 3.250%) due 06/21/2028 ~

      1,836         1,801  

Mauser Packaging Solutions Holding Co.

 

9.160% due 08/14/2026

      250         250  

Mavis Tire Express Services Corp.

 

TBD% due 05/04/2028

      798         792  

McAfee LLC

 

10.030% (LIBOR03M + 4.750%) due 07/27/2028 ~

      663         501  

Medline Borrower LP

 

8.352% due 10/23/2028

      3,484         3,448  

Messer Industrie GmbH

 

8.003% due 03/02/2026

      596         596  

MH Sub LLC

 

9.352% due 05/03/2028

      1,986         1,908  

Mitchell International, Inc.

 

8.943% (LIBOR01M + 3.750%) due 10/15/2028 ~

      1,411         1,383  

MPH Acquisition Holdings LLC

 

9.726% (LIBOR03M + 4.250%) due 09/01/2028 ~

      691         620  

Neptune Bidco U.S., Inc.

 

10.004% due 04/11/2029

      1,000         884  

NortonLifeLock, Inc.

 

7.202% due 09/12/2029

      798         795  

Nouryon Finance BV

 

9.318% due 04/03/2028

      1,300         1,290  

Olympus Water U.S. Holding Corp.

 

TBD% due 11/09/2028

      1,095         1,058  

Open Text Corp.

 

8.702% due 01/31/2030

      546         549  

Padagis LLC

 

9.969% (LIBOR03M + 4.750%) due 07/06/2028 ~

      275         261  

 

       
122   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Parexel International Corp.

 

8.443% (LIBOR01M + 3.250%) due 11/15/2028 ~

  $     2,188     $     2,174  

Park River Holdings, Inc.

 

8.522% (LIBOR06M + 3.250%) due 12/28/2027 ~

      545         524  

Petco Health and Wellness Company, Inc.

 

8.753% due 03/03/2028

      1,639         1,630  

PetSmart, Inc.

 

8.952% due 02/11/2028

      800         800  

Phoenix Guarantor, Inc.

 

8.352% (LIBOR01M + 3.250%) due 03/05/2026 ~

      691         684  

Playa Resorts Holding BV

 

9.341% due 01/05/2029

      995         994  

Polaris Newco LLC

 

9.538% (LIBOR03M + 4.000%) due 06/02/2028 ~

      2,573           2,376  

Prairie ECI Acquiror LP

 

9.943% (LIBOR01M + 4.750%) due 03/11/2026 ~

      650         643  

Proofpoint, Inc.

 

8.467% due 08/31/2028

      1,785         1,750  

PUG LLC

 

9.452% (LIBOR01M + 4.250%) due 02/12/2027 «~

      248         225  

Quartz Acquireco LLC

 

TBD% due 06/28/2030 «

      275         275  

Radiate Holdco LLC

 

8.477% due 09/25/2026

      2,574         2,155  

Rand Parent LLC

 

9.492% due 03/17/2030

      399         377  

RealPage, Inc.

 

8.217% due 04/24/2028

      2,203         2,158  

RegionalCare Hospital Partners Holdings, Inc.

 

9.023% (LIBOR03M + 3.750%) due 11/16/2025 ~

      2,400         2,229  

Samsonite International SA

 

7.826% due 06/21/2030

      450         452  

Scientific Games Holdings LP

 

8.421% due 04/04/2029

      149         147  

SCIH Salt Holdings, Inc.

 

9.193% (LIBOR01M + 4.000%) due 03/16/2027 ~

      272         268  

SCUR-Alpha 1503 GmbH

 

10.602% due 03/28/2030

      998         946  

Sedgwick Claims Management Services, Inc.

 

8.852% due 02/17/2028

      499         497  

Sigma Bidco BV

 

7.460% due 07/02/2025

      345         344  

Speciality Buildings Products

 

TBD% due 10/15/2028

      349         335  

Spirit AeroSystems, Inc.

 

9.545% due 01/15/2027

      299         299  

Stars Group Holdings BV

 

7.753% due 07/21/2026

      839         840  

8.753% due 07/22/2028

      422         423  

Station Casinos LLC

 

7.450% (LIBOR01M + 2.250%) due 02/08/2027 ~

      395         394  

Sunshine Investments BV

 

9.336% due 07/12/2029 «

      274         274  

Surgery Center Holdings, Inc.

 

8.896% (LIBOR01M + 3.750%) due 08/31/2026 ~

      314         314  

Syniverse Holdings, Inc.

 

12.242% due 05/13/2027

      496         456  

Taboola.com Ltd.

 

9.200% (LIBOR01M + 4.000%) due 09/01/2028 ~

      452         448  

Tibco Software, Inc.

 

9.739% - 9.842% due 03/30/2029

      2,494         2,338  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Trans Union LLC

 

6.952% due 11/16/2026

  $     789     $     788  

7.467% due 12/01/2028

      386         386  

TransDigm, Inc.

 

8.492% due 08/24/2028

      1,550         1,551  

Trident TPI Holdings, Inc.

 

9.742% due 09/15/2028

      398         389  

Triton Water Holdings, Inc.

 

5.242% due 03/31/2028

      1,696         1,643  

U.S. Renal Care, Inc.

 

10.193% (LIBOR01M + 5.000%) due 06/26/2026 ~

      395         185  

Uber Technologies, Inc.

 

7.999% - 8.026% due 03/03/2030

      898         899  

UFC Holdings LLC

 

TBD% due 04/29/2026

      598         598  

UGI Energy Services LLC

 

8.452% due 02/22/2030

      572         569  

Ultimate Software Group, Inc.

 

8.271% (LIBOR03M + 3.250%) due 05/04/2026 ~

      2,383         2,342  

8.895% due 05/04/2026

      1,382         1,365  

United Airlines, Inc.

 

9.292% (LIBOR03M + 3.750%) due 04/21/2028 ~

      1,179         1,180  

Univision Communications, Inc.

 

8.443% (LIBOR01M + 3.250%) due 03/15/2026 ~

      843         837  

8.443% (LIBOR01M + 3.250%) due 01/31/2029 ~

      148         146  

USI, Inc.

 

8.992% due 11/22/2029

      320         320  

Venga Finance SARL

 

10.275% due 06/28/2029

      645         621  

Vertical U.S. Newco, Inc.

 

8.602% (LIBOR06M + 3.500%) due 07/30/2027 ~

      695         690  

Viad Corp.

 

10.217% due 07/30/2028

      346         337  

Whatabrands LLC

 

3.250% - 8.467% (LIBOR01M + 3.250%) due 08/03/2028 ~

      1,188         1,182  

William Morris Endeavor Entertainment

 

7.950% (LIBOR01M + 2.750%) due 05/18/2025 ~

      498         498  

Windstream Services LLC

 

11.452% due 09/21/2027

      495         463  

Worldwide Express Operations LLC

 

9.503% due 07/26/2028

      346         329  

Zayo Group Holdings, Inc.

 

9.352% due 03/09/2027

      2,580         2,056  
       

 

 

 

Total Loan Participations and Assignments
(Cost $142,378)

      142,938  
 

 

 

 
CORPORATE BONDS & NOTES 7.7%

 

BANKING & FINANCE 0.3%

 

PRA Group, Inc.

 

8.375% due 02/01/2028

      500         453  
       

 

 

 
INDUSTRIALS 7.3%

 

Allegiant Travel Co.

 

7.250% due 08/15/2027

      300         299  

American Airlines Pass-Through Trust

 

3.375% due 11/01/2028

      180         162  

Community Health Systems, Inc.

 

5.250% due 05/15/2030

      400         316  

DISH DBS Corp.

 

5.250% due 12/01/2026

      400         322  

DISH Network Corp.

 

11.750% due 11/15/2027

      300         293  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

EQM Midstream Partners LP

 

4.500% due 01/15/2029

  $     500     $     446  

Foundation Building Materials, Inc.

 

6.000% due 03/01/2029

      250         209  

GYP Holdings Corp.

 

4.625% due 05/01/2029

      500         441  

Innophos Holdings, Inc.

 

9.375% due 02/15/2028

      500         497  

Kaiser Aluminum Corp.

 

4.500% due 06/01/2031

      800         639  

LBM Acquisition LLC

 

6.250% due 01/15/2029

      400         331  

Lindblad Expeditions HO

 

9.000% due 05/15/2028

      800         812  

Manitowoc Co., Inc.

 

9.000% due 04/01/2026

      500         498  

NCL Corp. Ltd.

 

5.875% due 02/15/2027

      900         877  

Olympus Water U.S. Holding Corp.

 

7.125% due 10/01/2027

      100         90  

Option Care Health, Inc.

 

4.375% due 10/31/2029

      900         793  

Pactiv Evergreen Group Issuer, Inc.

 

4.000% due 10/15/2027

      850         753  

Rand Parent LLC

 

8.500% due 02/15/2030

      400         363  

Spirit AeroSystems, Inc.

 

4.600% due 06/15/2028

      400         336  

TK Elevator U.S. Newco, Inc.

 

5.250% due 07/15/2027

      800         740  

Triumph Group, Inc.

 

9.000% due 03/15/2028

      600         613  

Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)

 

10.500% due 11/15/2026 ^(a)(b)

      355         323  

White Cap Buyer LLC

 

6.875% due 10/15/2028

      1,850         1,679  

ZF North America Capital, Inc.

 

6.875% due 04/14/2028

      150         152  

7.125% due 04/14/2030

      150         153  
       

 

 

 
          12,137  
       

 

 

 
UTILITIES 0.1%

 

Genesis Energy LP

 

8.875% due 04/15/2030

      100         98  
       

 

 

 

Total Corporate Bonds & Notes
(Cost $12,795)

    12,688  
 

 

 

 
SHORT-TERM INSTRUMENTS 7.8%

 

REPURCHASE AGREEMENTS (e) 7.8%

 

          13,000  
       

 

 

 
U.S. TREASURY BILLS 0.0%

 

5.233% due 09/12/2023 (c)(d)

      6         6  
       

 

 

 
Total Short-Term Instruments
(Cost $13,006)
    13,006  
       

 

 

 
 
Total Investments in Securities
(Cost $168,179)
    168,632  
 
Total Investments 101.8%
(Cost $168,179)

 

  $     168,632  

Financial Derivative
Instruments (f) 0.0%

(Cost or Premiums, net $482)

          4  
Other Assets and Liabilities, net (1.8)%     (3,077
 

 

 

 
Net Assets 100.0%

 

  $       165,559  
   

 

 

 

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     123
    


Table of Contents
Schedule of Investments   PIMCO Senior Loan Active Exchange-Traded Fund   (Cont.)  

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

*

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

 

^

Security is in default.

 

«

Security valued using significant unobservable inputs (Level 3).

 

µ

All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

 

~

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

 

(a)

Payment in-kind security.

 

(b)

Security is not accruing income as of the date of this report.

 

(c)

Zero coupon security.

 

(d)

Coupon represents a weighted average yield to maturity.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate
    Settlement
Date
    Maturity
Date
    Principal
Amount
    Collateralized By   Collateral
(Received)
    Repurchase
Agreements,
at Value
    Repurchase
Agreement
Proceeds
to  be
Received(1)
 
BPS     5.110     06/30/2023       07/03/2023     $     13,000     U.S. Treasury Notes 1.250% due 08/15/2031   $ (13,271   $ 13,000     $ 13,006  
           

 

 

   

 

 

   

 

 

 

Total Repurchase Agreements

 

    $     (13,271   $     13,000     $     13,006  
           

 

 

   

 

 

   

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:

 

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

 

BPS

  $ 13,006     $ 0     $ 0     $ 0     $     13,006     $     (13,271   $     (265
 

 

 

   

 

 

   

 

 

   

 

 

       

Total Borrowings and Other Financing Transactions

  $     13,006     $     0     $     0     $     0        
 

 

 

   

 

 

   

 

 

   

 

 

       

 

(1)

Includes accrued interest.

(2)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(f)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS

 

Description

 

Expiration
Month

   

# of
Contracts

   

Notional
Amount

    Unrealized
Appreciation/
(Depreciation)
     Variation Margin  
   Asset      Liability  

U.S. Treasury 2-Year Note September Futures

    09/2023       8     $     (1,627   $     24      $     0      $ 0  

U.S. Treasury 5-Year Note September Futures

    09/2023       21       (2,249     46        0        0  

U.S. Treasury Ultra 10-Year Note September Futures

    09/2023       11       (1,303     14        0        (3
       

 

 

    

 

 

    

 

 

 

Total Futures Contracts

 

  $ 84      $ 0      $     (3
 

 

 

    

 

 

    

 

 

 

 

       
124   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(1)

 

Reference Entity

 

Fixed
Receive Rate

   

Payment
Frequency

   

Maturity
Date

    Implied
Credit Spread at
June 30, 2023(2)
   

Notional
Amount(3)

   

Premiums
Paid/(Received)

    Unrealized
Appreciation/
(Depreciation)
   

Market
Value(4)

    Variation Margin  
  Asset     Liability  

Calpine Corp.

    5.000%       Quarterly       06/20/2028       4.408     $    1,500     $ 39     $     (2   $ 37     $ 1     $ 0  

Charter Communications

    5.000       Quarterly       06/20/2028       3.221       2,200       156       9       165       5       0  
           

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
        $     195     $ 7     $     202     $     6     $     0  
       

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

INTEREST RATE SWAPS

 

Pay/Receive
Floating Rate
 

Floating Rate Index

 

Fixed Rate

   

Payment
Frequency

   

Maturity
Date

   

Notional
Amount

    Premiums
Paid/(Received)
    Unrealized
Appreciation/
(Depreciation)
   

Market
Value

    Variation Margin  
  Asset     Liability  

Pay

 

1-Day USD-SOFR Compounded-OIS

    1.750     Annual       06/15/2027     $         6,000     $ 287     $ 231     $ 518     $ 1     $ 0  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Swap Agreements

 

    $     482     $     238     $     720     $     7     $     0  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:

 

    Financial Derivative Assets           Financial Derivative Liabilities  
    Market Value     Variation Margin
Asset
                Market Value     Variation Margin
Liability
       
     Purchased
Options
    Futures     Swap
Agreements
    Total           Written
Options
    Futures     Swap
Agreements
    Total  

Total Exchange-Traded or Centrally Cleared

  $     0     $     0     $     7     $     7       $     0     $     (3)     $     0     $     (3)  
 

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

 

 

 

Cash of $2,384 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

 

(1)

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

(2)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(3)

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

(4)

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:

 

    Derivatives not accounted for as hedging instruments  
     Commodity
Contracts
    Credit
Contracts
    Equity
Contracts
    Foreign
Exchange
Contracts
    Interest
Rate Contracts
    Total  

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

 

Swap Agreements

  $ 0     $ 6     $ 0     $ 0     $ 1     $ 7  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Financial Derivative Instruments - Liabilities

 

Exchange-traded or centrally cleared

 

Futures

  $     0     $     0     $     0     $     0     $     3     $     3  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     125
    


Table of Contents
Schedule of Investments   PIMCO Senior Loan Active Exchange-Traded Fund   (Cont.)   June 30, 2023

 

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

 

    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

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $ 92     $ 92  

Swap Agreements

    0       99       0       0       143       242  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $ 99     $ 0     $ 0     $ 235     $ 334  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Swap Agreements

  $ 0     $ 0     $ 0     $ 0     $ (497   $ (497
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 0     $     99     $     0     $     0     $     (262   $     (163
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments

 

Exchange-traded or centrally cleared

 

Futures

  $ 0     $ 0     $ 0     $ 0     $ 85     $ 85  

Swap Agreements

    0       7       0       0       231       238  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $     0     $ 7     $ 0     $ 0     $ 316     $ 323  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Securities, at Value

 

Loan Participations and Assignments

  $ 0     $ 140,077     $ 2,861     $ 142,938  

Corporate Bonds & Notes

 

Banking & Finance

    0       453       0       453  

Industrials

    0       12,137       0       12,137  

Utilities

    0       98       0       98  

Short-Term Instruments

 

Repurchase Agreements

    0       13,000       0       13,000  

U.S. Treasury Bills

    0       6       0       6  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments

  $     0     $     165,771     $     2,861     $     168,632  
 

 

 

   

 

 

   

 

 

   

 

 

 
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

  $ 0     $ 7     $ 0     $ 7  
 

 

 

   

 

 

   

 

 

   

 

 

 

Financial Derivative Instruments - Liabilities

 

Exchange-traded or centrally cleared

  $ 0     $ (3   $ 0     $ (3
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Financial Derivative Instruments

  $ 0     $ 4     $ 0     $ 4  
 

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $     0     $     165,775     $     2,861     $     168,636  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended June 30, 2023:

 

Category and Subcategory   Beginning
Balance
at 06/30/2022
    Net
Purchases
    Net
Sales/
Settlements
    Accrued
Discounts/
(Premiums)
    Realized
Gain/(Loss)
    Net Change in
Unrealized
Appreciation/
(Depreciation)(1)
    Transfers into
Level 3
    Transfers out
of Level 3
    Ending
Balance
at 06/30/2023
    Net Change in
Unrealized
Appreciation/
(Depreciation)
on Investments
Held at
06/30/2023(1)
 

Investments in Securities, at Value

 

Loan Participations and Assignments

  $ 328     $ 1,106     $ (280   $ 5     $ 1     $ (10   $ 2,048     $ (337   $ 2,861     $ (21

Corporate Bonds & Notes

 

Industrials

    332       5       0       1       0       (15     0       (323     0       0  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $     660     $     1,111     $     (280   $     6     $     1     $     (25   $     2,048     $     (660   $     2,861     $     (21
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

 

Category and Subcategory   Ending
Balance
at 06/30/2023
     Valuation
Technique
   Unobservable
Inputs
  (% Unless Noted Otherwise)  
  Input Value(s)
     Weighted
Average
 

Investments in Securities, at Value

 

Loan Participations and Assignments

  $ 86      Recent Transaction    Purchase Price     100.000         
        2,775      Third Party Vendor    Broker Quote     90.750-100.125        96.465  
 

 

 

            

Total

  $ 2,861             
 

 

 

            

 

(1)

Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2023 may be due to an investment no longer held or categorized as Level 3 at period end.

 

       
126   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
Schedule of Investments   PIMCO Short Term Municipal Bond Active Exchange-Traded Fund          June 30, 2023

 

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
INVESTMENTS IN SECURITIES 103.3%

 

MUNICIPAL BONDS & NOTES 92.1%

 

ALABAMA 3.8%

 

Birmingham Airport Authority, Alabama Revenue Notes, (BAM Insured), Series 2020

 

5.000% due 07/01/2023

  $     250     $     250  

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021

 

4.360% (MUNIPSA) due 10/01/2052 ~

      1,500         1,459  

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022

 

4.000% due 12/01/2052

      1,250         1,215  

Black Belt Energy Gas District, Alabama Revenue Notes, Series 2021

 

4.000% due 12/01/2023

      1,250         1,250  

Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020

 

5.000% due 08/01/2025

      1,000         1,028  

Healthcare Authority of Baptist Health, Alabama Revenue Notes, Series 2023

 

5.000% due 11/15/2025

      1,000         1,031  

Industrial Development Board of the City of Mobile Alabama Revenue Bonds, Series 2007

 

1.000% due 06/01/2034

      4,625         4,386  

Lower Alabama Gas District Revenue Bonds, Series 2020

 

4.000% due 12/01/2050

      3,000         2,983  

Prattville Industrial Development Board, Alabama Revenue Bonds, Series 2019

 

2.000% due 11/01/2033

      450         440  

Southeast Alabama Gas Supply District Revenue Bonds, Series 2018

 

4.000% due 06/01/2049

      2,000         1,996  

Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022

 

5.000% due 05/01/2053

      3,750         3,879  
       

 

 

 
            19,917  
       

 

 

 
ARIZONA 3.1%

 

Arizona Health Facilities Authority Revenue Bonds, Series 2014

 

5.000% due 01/01/2044

      4,000         4,034  

Arizona Health Facilities Authority Revenue Bonds, Series 2015

 

4.260% (MUNIPSA) due 01/01/2046 ~

      1,125         1,103  

Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2005

 

2.400% due 12/01/2035

      1,000         998  

Coconino County, Arizona Pollution Control Corp. Revenue Bonds, Series 2017

 

3.750% due 03/01/2039

      1,000         1,003  

Industrial Development Authority of the City of Phoenix, Arizona Revenue Notes, Series 2018

 

5.000% due 07/01/2024

      200         202  

Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019

 

5.000% due 01/01/2053

      1,500         1,567  

Maricopa County, Arizona Special Health Care District General Obligation Notes, Series 2018

 

5.000% due 07/01/2024

      350         356  

Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2014

 

4.750% due 07/01/2044

      1,410         1,432  

Tempe, Arizona Certificates of Participation Notes, Series 2021

 

0.623% due 07/01/2024

      1,350         1,282  

Town of Gilbert, Arizona General Obligation Notes, Series 2022

 

5.000% due 07/15/2028

      1,425         1,581  

University of Arizona Revenue Notes, Series 2021

 

5.000% due 06/01/2026

      2,850         3,016  
       

 

 

 
          16,574  
       

 

 

 
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
CALIFORNIA 13.6%

 

Bay Area Toll Authority, California Revenue Bonds, Series 2021

 

4.420% (MUNIPSA) due 04/01/2056 ~

  $     2,000     $     1,946  

4.460% (MUNIPSA) due 04/01/2056 ~

      1,500         1,484  

California Community Choice Financing Authority Revenue Bonds, Series 2021

 

4.000% due 02/01/2052

      1,250         1,243  

California Community Choice Financing Authority Revenue Bonds, Series 2023

 

5.250% due 01/01/2054

      4,750         4,972  

California County Tobacco Securitization Agency Revenue Notes, Series 2020

 

5.000% due 06/01/2024

      500         508  

California Health Facilities Financing Authority Revenue Bonds, Series 2021

 

3.000% due 08/15/2054

      3,000         2,995  

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2018

 

4.360% (MUNIPSA) due 08/01/2047 ~

      4,500         4,449  

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021

 

4.710% (MUNIPSA) due 12/01/2050 ~

      1,000         972  

California Infrastructure & Economic Development Bank Revenue Notes, Series 2018

 

5.000% due 10/01/2025

      2,250         2,356  

California State General Obligation Bonds, (AGM Insured), Series 2007

 

5.250% due 08/01/2032

      1,000         1,198  

California State General Obligation Notes, Series 2020

 

5.000% due 11/01/2027

      1,250         1,369  

California State Public Works Board Revenue Notes, Series 2021

 

5.000% due 11/01/2029

      1,500         1,714  

California Statewide Communities Development Authority Revenue Bonds, Series 2004

 

5.000% due 04/01/2038

      2,500         2,809  

California Statewide Communities Development Authority Revenue Bonds, Series 2006

 

2.625% due 11/01/2033

      1,000         992  

California Statewide Communities Development Authority Revenue Notes, Series 2021

 

1.462% due 02/01/2028

      3,680         3,100  

East Side Union High School District, California General Obligation Bonds, (NPFGC Insured), Series 2003

 

5.250% due 02/01/2026

      3,305         3,435  

Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2017

 

5.000% due 06/01/2024

      2,135         2,173  

Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021

 

0.988% due 06/01/2024

      2,000         1,911  

2.587% due 06/01/2029

      5,875           5,028  

Los Angeles County, California Facilities Inc Revenue Bonds, Series 2018

 

5.000% due 06/28/2024 (a)

      5,000         5,089  

Los Angeles Unified School District, California General Obligation Bonds, Series 2014

 

5.000% due 07/01/2025

      2,220         2,264  

Metropolitan Water District of Southern California Revenue Bonds, Series 2017

 

4.150% (MUNIPSA) due 07/01/2047 ~

      1,200         1,199  

Pasadena Unified School District, California General Obligation Notes, Series 2021

 

2.000% due 08/01/2025

      2,110         2,041  

Port of Los Angeles, California Revenue Bonds, Series 2014

 

5.000% due 06/27/2024 (a)

      4,600         4,677  

Sacramento City Unified School District, California General Obligation Notes, (AGM Insured), Series 2021

 

4.000% due 07/01/2023

      900         900  

San Bernardino County, California Certificates of Participation Bonds, Series 1992

 

6.875% due 08/01/2024

      2,970         3,060  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

San Francisco, California Special Tax District, City & County Revenue Notes, Series 2020

 

1.340% due 11/01/2027

  $     1,000     $     869  

Silicon Valley Clean Water, California Revenue Notes, Series 2021

 

0.500% due 03/01/2026

      2,500         2,268  

Southern California Public Power Authority Revenue Bonds, Series 2020

 

0.650% due 07/01/2040

      1,000         945  

Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019

 

5.000% due 06/01/2030

      1,000         1,104  

Visalia Unified School District, California General Obligation Bonds, Series 2013

 

5.000% due 08/01/2043

      2,380         2,383  
       

 

 

 
            71,453  
       

 

 

 
COLORADO 3.4%

 

Colorado Health Facilities Authority Revenue Bonds, Series 2019

 

5.000% due 08/01/2049

      1,700         1,752  

5.000% due 11/15/2058 (a)

      1,000         1,093  

Colorado Health Facilities Authority Revenue Bonds, Series 2022

 

4.560% (MUNIPSA) due 05/15/2061 ~

      5,000         4,955  

Colorado Health Facilities Authority Revenue Notes, Series 2020

 

2.800% due 12/01/2026

      380         356  

Colorado Health Facilities Authority Revenue Notes, Series 2022

 

5.000% due 11/01/2026

      500         520  

E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2021

 

3.740% (SOFRRATE) due 09/01/2039 ~

      3,000         2,988  

Regional Transportation District, Colorado Revenue Notes, Series 2020

 

3.000% due 07/15/2023

      100         100  

5.000% due 01/15/2024

      400         401  

5.000% due 07/15/2024

      325         328  

University of Colorado Revenue Bonds, Series 2019

 

2.000% due 06/01/2054

      5,500         5,365  
       

 

 

 
          17,858  
       

 

 

 
CONNECTICUT 3.8%

 

Bridgeport, Connecticut General Obligation Notes, Series 2017

 

5.000% due 08/15/2023

      500         501  

Connecticut Special Tax Revenue State Special Tax Notes, Series 2020

 

5.000% due 05/01/2025

      350         362  

Connecticut Special Tax State Revenue Notes, Series 2018

 

5.000% due 10/01/2025

      1,000         1,042  

Connecticut Special Tax State Revenue Notes, Series 2022

 

5.000% due 07/01/2027

      1,000         1,081  

5.000% due 07/01/2029

      3,000         3,372  

Connecticut State General Obligation Bonds, Series 2013

 

4.960% (MUNIPSA + 0.950%) due 03/01/2024 ~

      1,020         1,020  

Connecticut State General Obligation Notes, Series 2015

 

5.000% due 08/01/2025

      350         363  

Connecticut State General Obligation Notes, Series 2022

 

5.000% due 11/15/2028

      1,500         1,666  

Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2013

 

3.400% due 07/01/2042

      10,000         10,000  

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     127
    


Table of Contents
Schedule of Investments   PIMCO Short Term Municipal Bond Active Exchange-Traded Fund   (Cont.)  

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Metropolitan District, Connecticut General Obligation Notes, Series 2018

 

5.000% due 07/15/2023

  $     500     $     500  
       

 

 

 
          19,907  
       

 

 

 
DELAWARE 0.5%

 

Delaware State Economic Development Authority Revenue Bonds, Series 2020

 

1.050% due 01/01/2031

      750         710  

1.250% due 10/01/2045

      2,000         1,826  
       

 

 

 
          2,536  
       

 

 

 
FLORIDA 2.1%

 

Central Florida Expressway Authority Revenue Notes, Series 2018

 

5.000% due 07/01/2023

      700         700  

Florida Development Finance Corp. Revenue Bonds, Series 2021

 

5.000% due 09/01/2025 (a)

      3,800         3,895  

5.000% due 09/01/2026 (a)

      1,550         1,613  

Florida Municipal Power Agency Revenue Notes, Series 2019

 

5.000% due 10/01/2025

      250         260  

5.000% due 10/01/2026

      470         498  

Lee Memorial Health System, Florida Revenue Bonds, Series 2019

 

5.000% due 04/01/2033

      1,000         1,030  

Miami-Dade County, Florida Water & Sewer System Revenue Notes, Series 2015

 

5.000% due 10/01/2024

      710         727  

Miami-Dade Seaport Department, Florida Revenue Notes, Series 2013

 

5.000% due 10/01/2023

      550         552  

Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015

 

5.000% due 10/01/2035

      2,000         2,028  
       

 

 

 
            11,303  
       

 

 

 
GEORGIA 2.4%

 

Bartow County, Georgia Development Authority Revenue Bonds, Series 1997

 

1.800% due 09/01/2029

      3,000         2,522  

Burke County, Georgia Development Authority Revenue Bonds, Series 2008

 

2.925% due 11/01/2048

      500         495  

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2018

 

4.000% due 04/01/2048

      3,750         3,754  

4.294% (0.67*US0001M + 0.830%) due 08/01/2048 ~

      500         500  

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021

 

4.000% due 05/01/2052

      1,000         985  

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023

 

5.000% due 06/01/2053

      2,000         2,072  

Main Street Natural Gas, Inc., Georgia Revenue Notes, Series 2021

 

4.000% due 12/01/2024

      750         749  

Municipal Electric Authority of Georgia Revenue Notes, (AGM Insured), Series 2021

 

5.000% due 01/01/2025

      625         638  

Municipal Electric Authority of Georgia Revenue Notes, Series 2020

 

5.000% due 01/01/2024

      490         493  

Municipal Electric Authority of Georgia Revenue Notes, Series 2021

 

5.000% due 01/01/2024

      360         362  
       

 

 

 
          12,570  
       

 

 

 
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
ILLINOIS 4.7%

 

Chicago Transit Authority, Illinois Revenue Notes, Series 2020

 

1.838% due 12/01/2023

  $     1,500     $     1,476  

Chicago, Illinois General Obligation Bonds, Series 2021

 

5.000% due 01/01/2034

      1,000         1,082  

Chicago, Illinois General Obligation Notes, Series 2021

 

5.000% due 01/01/2030

      3,000         3,235  

Cook County, Illinois General Obligation Notes, Series 2021

 

5.000% due 11/15/2024

      1,750         1,787  

Illinois Finance Authority Revenue Bonds, Series 2021

 

4.710% (MUNIPSA) due 05/01/2042 ~

      1,000         976  

Illinois Finance Authority Revenue Notes, Series 2020

 

5.000% due 08/15/2026

      250         265  

Illinois State General Obligation Bonds, Series 2012

 

5.000% due 08/01/2023

      510         511  

Illinois State General Obligation Notes, Series 2020

 

5.000% due 10/01/2025

      1,700         1,753  

5.000% due 10/01/2028

      3,200         3,463  

Illinois State General Obligation Notes, Series 2022

 

5.000% due 03/01/2026

      7,750         8,045  

Metropolitan Pier & Exposition Authority, Illinois Revenue Notes, Series 2022

 

3.000% due 06/15/2025

      1,125         1,106  

Sales Tax Securitization Corp., Illinois Revenue Notes, Series 2020

 

2.325% due 01/01/2025

      1,000         952  
       

 

 

 
            24,651  
       

 

 

 
INDIANA 1.6%

 

Indiana Finance Authority Revenue Bonds, Series 2010

 

3.000% due 11/01/2030

      2,500         2,267  

Indiana Finance Authority Revenue Bonds, Series 2019

 

5.000% due 10/01/2062 (a)

      2,000         2,176  

Indiana Finance Authority Revenue Notes, Series 2021

 

0.650% due 08/01/2025

      4,500         4,119  
       

 

 

 
          8,562  
       

 

 

 
IOWA 0.6%

 

Cedar Rapids, Iowa Revenue Bonds, (AMBAC Insured), Series 2003

 

4.500% due 08/15/2032

      950         945  

Cedar Rapids, Iowa Revenue Bonds, (AMBAC Insured), Series 2005

 

5.740% due 08/15/2029

      1,610         1,608  

PEFA Inc, Iowa Revenue Bonds, Series 2019

 

5.000% due 09/01/2049

      650         663  
       

 

 

 
          3,216  
       

 

 

 
KANSAS 0.5%

 

Kansas Department of Transportation State Revenue Bonds, Series 2004

 

4.119% (0.7*US0001M + 0.500%) due 09/01/2024 ~

      2,500         2,496  
       

 

 

 
KENTUCKY 0.7%

 

Kentucky Public Energy Authority Revenue Bonds, Series 2020

 

4.000% due 12/01/2050

      500         499  

Kentucky Public Energy Authority Revenue Notes, Series 2018

 

4.000% due 06/01/2025

      2,505         2,498  

Kentucky State Property & Building Commission Revenue Notes, Series 2022

 

5.000% due 06/01/2031

      500         571  
       

 

 

 
          3,568  
       

 

 

 
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
LOUISIANA 1.4%

 

Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2020

 

0.875% due 02/01/2046

  $     1,700     $     1,617  

Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017

 

2.100% due 06/01/2037

      2,925         2,870  

2.375% due 06/01/2037

      2,810         2,669  
       

 

 

 
          7,156  
       

 

 

 
MARYLAND 0.9%

 

Howard County, Maryland General Obligation Notes, Series 2018

 

5.000% due 02/15/2027

      3,000         3,225  

Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020

 

5.000% due 07/01/2045

      1,500         1,532  
       

 

 

 
          4,757  
       

 

 

 
MASSACHUSETTS 1.9%

 

Commonwealth of Massachusetts Revenue Bonds,(BAM Insured), Series 2005

 

5.500% due 01/01/2034

      5,000         5,976  

Massachusetts Bay Transportation Authority Sales Tax Revenue Notes, Series 2023

 

5.000% due 07/01/2029

      1,300         1,473  

Massachusetts Development Finance Agency Revenue Bonds, Series 2019

 

4.610% (MUNIPSA) due 07/01/2049 ~

      1,750         1,731  

Massachusetts Development Finance Agency Revenue Notes, Series 2021

 

0.674% due 07/01/2023

      500         500  

Massachusetts State College Building Authority Revenue Notes, Series 2022

 

5.000% due 05/01/2024

      500         508  
       

 

 

 
            10,188  
       

 

 

 
MICHIGAN 1.7%

 

Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006

 

4.068% (US0003M) due 07/01/2032 ~

      2,000         1,895  

Grand Traverse County, Michigan Hospital Finance Authority Revenue Notes, Series 2021

 

5.000% due 07/01/2023

      425         425  

Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022

 

4.760% (MUNIPSA) due 04/15/2047 ~

      3,000         2,939  

Michigan Finance Authority Revenue Bonds, Series 2015

 

1.200% due 10/15/2030

      2,000         1,748  

Michigan Finance Authority Revenue Notes, Series 2020

 

2.326% due 06/01/2030

      565         534  

Michigan State Building Authority Revenue Bonds, Series 2020

 

4.090% due 10/15/2042

      1,000         1,000  

Michigan State Hospital Finance Authority Revenue Bonds, Series 2010

 

4.000% due 11/15/2047

      500         502  
       

 

 

 
          9,043  
       

 

 

 
MINNESOTA 0.4%

 

Minneapolis, Minnesota Revenue Bonds, Series 2018

 

3.650% due 11/15/2048

      1,900         1,900  
       

 

 

 
MISSISSIPPI 0.1%

 

Warren County, Mississippi Revenue Bonds, Series 2018

 

2.900% due 09/01/2032

      750         749  
       

 

 

 

 

       
128   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
MISSOURI 1.2%

 

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2023

 

5.000% due 05/01/2033

  $     2,650     $     3,095  

St Louis School District, Missouri General Obligation Bonds, (AGM Insured), Series 2022

 

4.000% due 04/01/2024

      2,000         2,012  

St Louis School District, Missouri General Obligation Bonds, (AGM Insured), Series 2023

 

5.000% due 04/01/2034

      1,000         1,155  
       

 

 

 
          6,262  
       

 

 

 
NEBRASKA 0.8%

 

Douglas County, Nebraska Revenue Bonds, Series 2021

 

4.540% (MUNIPSA) due 07/01/2035 ~

      2,480         2,442  

Nebraska Public Power District Revenue Bonds, Series 2023

 

5.000% due 07/01/2028

      1,750         1,903  
       

 

 

 
          4,345  
       

 

 

 
NEVADA 0.5%

 

Clark County, Nevada General Obligation Bonds, Series 2019

 

5.000% due 07/01/2031

      2,150         2,418  
       

 

 

 
NEW HAMPSHIRE 0.1%

 

New Hampshire Business Finance Authority Revenue Notes, Series 2021

 

4.000% due 01/01/2026

      265         261  

4.000% due 01/01/2027

      250         244  
       

 

 

 
          505  
       

 

 

 
NEW JERSEY 3.8%

 

New Jersey Economic Development Authority Revenue Notes, Series 2019

 

5.250% due 09/01/2024

      7,000         7,140  

New Jersey Economic Development Authority Revenue Notes, Series 2022

 

5.000% due 11/01/2023

      630         633  

5.000% due 11/01/2024

      825         841  

New Jersey Economic Development Authority Revenue Notes, Series 2023

 

5.000% due 03/01/2028

      2,200         2,366  

New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2019

 

5.000% due 07/01/2042

      900         927  

New Jersey State General Obligation Notes, Series 2020

 

5.000% due 06/01/2028

      2,000         2,194  

New Jersey Turnpike Authority Revenue Notes, Series 2020

 

5.000% due 01/01/2028

      5,000         5,273  

Newark Housing Authority Scholarship Foundation A New Jersey Non Revenue Bonds, (NPFGC Insured), Series 2007

 

5.250% due 01/01/2025

      600         611  
       

 

 

 
            19,985  
       

 

 

 
NEW YORK 14.7%

 

Chautauqua County, New York Capital Resource Corp. Revenue Bonds, Series 2020

 

4.250% due 04/01/2042

      2,500         2,468  

Iroquois Central School District, New York Revenue Bonds, Series 2023

 

4.500% due 06/21/2024

      1,550         1,563  

Long Island Power Authority, New York Revenue Bonds, Series 2022

 

4.460% (MUNIPSA) due 09/01/2038 ~

      2,000         1,988  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002

 

4.190% (SOFRRATE) due 11/01/2032 ~

  $     1,500     $     1,470  

New York City Housing Development Corp. Revenue Bonds, Series 2018

 

2.750% due 05/01/2050

      750         746  

New York City Industrial Development Agency, New York Revenue Notes, (AGM Insured), Series 2020

 

5.000% due 03/01/2028

      675         727  

New York City Water & Sewer System, New York Revenue Bonds, Series 2014

 

3.750% due 06/15/2050

      4,000         4,000  

New York City, New York General Obligation Bonds, Series 2012

 

4.210% due 04/01/2042

      6,300         6,300  

New York City, New York General Obligation Bonds, Series 2015

 

3.750% due 06/01/2044

      2,000         2,000  

New York City, New York General Obligation Bonds, Series 2018

 

3.750% due 12/01/2047

      5,000         5,000  

New York City, New York Housing Development Corp. Revenue Bonds, (FHA Insured), Series 2021

 

0.600% due 05/01/2061

      2,000         1,851  

4.000% due 05/01/2061

      7,505         7,505  

New York City, New York Industrial Development Agency Revenue Bonds, Series 2007

 

4.600% due 10/01/2042

      17,100         17,100  

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013

 

3.550% due 06/15/2048

      4,700         4,700  

New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022

 

5.000% due 06/15/2027

      1,250         1,310  

New York State Dormitory Authority Revenue Bonds, Series 2016

 

5.000% due 02/15/2028

      4,565         4,833  

New York State Dormitory Authority Revenue Bonds, Series 2019

 

5.000% due 05/01/2048

      2,500         2,511  

New York State Dormitory Authority Revenue Notes, Series 2020

 

5.000% due 02/15/2028

      2,245         2,460  

New York State Energy Research & Development Authority Revenue Bonds, Series 2004

 

2.625% due 04/01/2034

      1,045         1,045  

New York State Urban Development Corp. Revenue Notes, Series 2021

 

5.000% due 03/15/2024

      3,750         3,801  

New York Transportation Development Corp. Revenue Notes, Series 2020

 

5.000% due 12/01/2023

      250         252  

Port Authority of New York & New Jersey Revenue Notes, Series 2020

 

1.086% due 07/01/2023

      1,485         1,485  

Schenectady County Capital Resource Corp. Union College Project, New York Revenue Bonds Series 2022

 

4.500% due 06/14/2024

      1,075         1,084  

Town of Huntington, New York General Obligation Notes, Series 2021

 

5.000% due 07/15/2023

      455         455  

Town of Oyster Bay, New York General Obligation Notes, Series 2021

 

4.000% due 03/01/2024

      850         855  
       

 

 

 
            77,509  
       

 

 

 
OHIO 2.0%

 

Akron Bath Copley Joint Township Hospital District, Ohio Revenue Notes, Series 2022

 

5.000% due 11/15/2030

      1,000         1,124  

American Municipal Power, Inc., Ohio Revenue Bonds, Series 2021

 

1.000% due 02/15/2048

      2,000         1,935  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Butler County, Ohio Revenue Notes, Series 2017

 

4.000% due 11/15/2023

  $     500     $     499  

Northeast Ohio Medical University Revenue Notes, Series 2021

 

3.000% due 12/01/2023

      150         150  

Ohio Air Quality Development Authority Duke Energy Corporation Project Revenue Notes, Series 2022

 

4.000% due 09/01/2030

      2,900         2,878  

Ohio Air Quality Development Authority Revenue Bonds, Series 2009

 

1.500% due 02/01/2026

      2,200         2,012  

Ohio State Revenue Bonds, Series 2010

 

3.800% due 11/01/2035

      1,500         1,500  

Worthington City School District, Ohio General Obligation, Series 2023

 

0.000% due 12/01/2029 (c)

      500         399  
       

 

 

 
          10,497  
       

 

 

 
OREGON 0.4%

 

Multnomah County School District 40, Oregon General Obligations, Series 2023

 

0.000% due 06/15/2027 (c)

      325         285  

Oregon State Facilities Authority Revenue Notes, Series 2020

 

5.000% due 10/01/2026

      145         150  

Oregon State General Obligation Notes, Series 2023

 

5.000% due 05/01/2026

      1,625         1,718  
       

 

 

 
          2,153  
       

 

 

 
PENNSYLVANIA 4.0%

 

Bethlehem Area School District Authority, Pennsylvania Revenue Notes, Series 2021

 

3.740% (SOFRRATE) due 07/01/2031 ~

      3,665         3,588  

Commonwealth of Pennsylvania General Obligation Notes, Series 2019

 

5.000% due 07/15/2024

      2,500         2,548  

Lehigh County, Pennsylvania Revenue Bonds, Series 2019

 

5.110% (MUNIPSA) due 08/15/2038 ~(e)

      2,430         2,401  

Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023

 

4.100% due 06/01/2029

      4,500         4,609  

Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2018

 

4.659% (0.7*US0001M + 1.040%) due 08/15/2048 ~

      750         751  

Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2020

 

3.000% due 01/01/2025

      1,020         1,004  

Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2021

 

4.000% due 07/01/2023

      125         125  

4.000% due 10/15/2023

      700         701  

Pennsylvania Turnpike Commission Revenue Notes, Series 2018

 

4.610% (MUNIPSA + 0.600%) due 12/01/2023 ~

      1,000         1,000  

Pittsburgh Water & Sewer Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2017

 

4.660% (MUNIPSA) due 09/01/2040 ~

      2,400         2,400  

Westmoreland County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2020

 

4.000% due 07/01/2024

      900         898  

4.000% due 07/01/2026

      1,250         1,239  
       

 

 

 
            21,264  
       

 

 

 
PUERTO RICO 1.3%

 

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018

 

4.500% due 07/01/2034

      4,750         4,726  

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     129
    


Table of Contents
Schedule of Investments   PIMCO Short Term Municipal Bond Active Exchange-Traded Fund   (Cont.)  

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Notes, Series 2018

 

0.000% due 07/01/2024 (c)

  $     772     $     743  

0.000% due 07/01/2027 (c)

      1,843         1,567  
       

 

 

 
          7,036  
       

 

 

 
SOUTH CAROLINA 1.2%

 

Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2018

 

4.000% due 10/01/2048

      4,000         4,001  

4.324% (US0001M) due 10/01/2048 ~

      1,000         999  

South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020

 

5.000% due 12/01/2048

      1,250         1,285  
       

 

 

 
            6,285  
       

 

 

 
TENNESSEE 1.2%

 

Greeneville Health & Educational Facilities Board, Tennessee Revenue Notes, Series 2018

 

5.000% due 07/01/2023

      600         600  

Memphis-Shelby County, Tennessee Airport Authority Revenue Notes, Series 2021

 

5.000% due 07/01/2023

      2,250         2,250  

Tennergy Corp, Tennessee Revenue Bonds, Series 2022

 

5.500% due 10/01/2053

      1,250         1,324  

Tennergy Corp., Tennessee Revenue Bonds, Series 2019

 

5.000% due 02/01/2050

      1,500         1,518  

Tennessee Energy Acquisition Corp. Revenue Notes, Series 2021

 

5.000% due 11/01/2023

      250         251  

5.000% due 11/01/2024

      250         253  
       

 

 

 
          6,196  
       

 

 

 
TEXAS 7.8%

 

Alvin Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2014

 

0.450% due 02/15/2036

      1,000         996  

Arlington Higher Education Finance Corp., Texas Revenue Notes, (PSF Insured), Series 2021

 

4.000% due 02/15/2026

      280         284  

Austin, Texas Electric Utility Revenue Bonds, Series 2023

 

5.000% due 11/15/2024

      850         872  

5.000% due 11/15/2025

      1,200         1,253  

County of Williamson, Texas General Obligation Bonds, Series 2023

 

5.000% due 02/15/2025

      2,500         2,578  

Denton Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2020

 

5.000% due 08/15/2028

      2,000         2,047  

El Paso Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2020

 

5.000% due 08/15/2024

      400         408  

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019

 

4.269% (US0001M) due 11/15/2046 ~

      2,500         2,500  

5.000% due 07/01/2049

      2,500         2,625  

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2020

 

5.000% due 06/01/2032

      550         578  

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2019

 

5.000% due 12/01/2024

      350         358  

Harris County, Texas General Obligation Bonds, Series 2015

 

5.000% due 10/01/2026

      2,920         3,045  

Liberty Hill Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022

 

5.000% due 02/01/2027

      2,000         2,142  

Matagorda County, Texas Navigation District No 1 Revenue Bonds, Series 2001

 

2.600% due 11/01/2029

      1,500         1,355  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018

 

2.750% due 08/01/2048

  $     750     $     749  

Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019

 

1.600% due 08/01/2049

      735         715  

Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020

 

0.700% due 06/01/2050

      1,500         1,417  

Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022

 

2.000% due 06/01/2052

      1,300         1,225  

Pasadena Texas General Obligation Bonds, (PSF Insured), Series 2015

 

1.500% due 02/15/2044

      750         730  

San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015

 

1.125% due 12/01/2045

      2,500         2,210  

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022

 

5.000% due 11/15/2052

      1,900         1,975  

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2022

 

5.000% due 10/01/2026

      225         238  

Tarrant Regional Water District, Texas Revenue Notes, Series 2021

 

1.050% due 09/01/2027

      5,000         4,319  

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006

 

5.170% (US0003M) due 12/15/2026 ~

      1,000         985  

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008

 

6.250% due 12/15/2026

      180         188  

Texas Municipal Gas Acquisition & Supply Corp. Revenue Notes, Series 2021

 

5.000% due 12/15/2023

      500         502  

5.000% due 12/15/2026

      1,750         1,787  

Texas Water Development Board Revenue Notes, Series 2022

 

5.000% due 10/15/2025

      1,250         1,305  

Travis County, Texas Housing Finance Corp. Revenue Bonds, Series 2022

 

4.125% due 06/01/2045

      1,000         1,002  

Waco Educational Finance Corp., Texas Revenue Notes, Series 2021

 

4.000% due 03/01/2026

      525         534  
       

 

 

 
            40,922  
       

 

 

 
UTAH 0.2%

 

City of Salt Lake, Utah Revenue Notes, Series 2021

 

5.000% due 07/01/2024

      350         355  

5.000% due 07/01/2025

      450         465  
       

 

 

 
          820  
       

 

 

 
VIRGINIA 1.2%

 

Richmond Redevelopment & Housing Authority, Virgina Revenue Notes, Series 2023

 

4.250% due 03/01/2026

      1,500         1,510  

Wise County, Virginia Industrial Development Authority Revenue Bonds, Series 2009

 

0.750% due 10/01/2040

      3,800         3,485  

Wise County, Virginia Industrial Development Authority Revenue Bonds, Series 2010

 

1.200% due 11/01/2040

      1,150         1,116  
       

 

 

 
          6,111  
       

 

 

 
WASHINGTON 2.4%

 

Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes, Washington Revenue Bonds, Series 2015

 

4.210% (MUNIPSA) due 11/01/2045 ~

      4,500         4,398  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, Series 2015

 

4.460% (MUNIPSA + 0.450%) due 11/01/2045 ~

  $     750     $     750  

Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2018

 

4.500% (MUNIPSA + 0.490%) due 11/01/2046 ~

      675         675  

Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2021

 

4.260% (MUNIPSA) due 05/01/2045 ~

      3,000         2,951  

State of Washington General Obligation Refunding Notes, Series 2022

 

4.000% due 07/01/2026

      1,000         1,031  

University of Washington Revenue Bonds, Series 2022

 

4.000% due 05/01/2048

      2,500         2,569  
       

 

 

 
          12,374  
       

 

 

 
WISCONSIN 2.1%

 

Public Finance Authority, Wisconsin Revenue Bonds, Series 2022

 

3.700% due 10/01/2046

      2,500         2,521  

Public Finance Authority, Wisconsin Revenue Notes, Series 2021

 

4.000% due 10/01/2026

      305         298  

University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018

 

3.700% due 04/01/2048

      5,000         5,000  

Wisconsin Department of Transportation Revenue Notes, Series 2023

 

5.000% due 07/01/2025

      750         778  

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018

 

4.190% (MUNIPSA) due 08/15/2054 ~

      2,500         2,425  
       

 

 

 
          11,022  
       

 

 

 

Total Municipal Bonds & Notes (Cost $490,460)

      484,108  
       

 

 

 
U.S. TREASURY OBLIGATIONS 0.2%

 

U.S. Treasury Notes

 

1.500% due 11/30/2024

      1,100         1,045  
       

 

 

 

Total U.S. Treasury Obligations (Cost $1,102)

    1,045  
       

 

 

 
SHORT-TERM INSTRUMENTS 11.0%

 

REPURCHASE AGREEMENTS (f) 0.1%

 

          621  
       

 

 

 
SHORT-TERM NOTES 0.2%

 

Federal Home Loan Bank

 

5.059% due 07/14/2023 (c)(d)

      1,000         999  
       

 

 

 
U.S. TREASURY BILLS 10.7%

 

5.232 % due 07/20/2023 - 09/07/2023 (b)(c)

      56,200         55,882  
       

 

 

 
Total Short-Term Instruments (Cost $57,503)

 

      57,502  
       

 

 

 
       
Total Investments in Securities (Cost $549,065)

 

      542,655  
       
Total Investments 103.3% (Cost $549,065)

 

  $     542,655  
Other Assets and Liabilities, net (3.3)%

 

      (17,205
       

 

 

 
Net Assets 100.0%       $     525,450  
       

 

 

 

 

       
130   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

*

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

 

~

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

 

(a)

When-issued security.

 

(b)

Coupon represents a weighted average yield to maturity.

 

(c)

Zero coupon security.

 

(d)

Coupon represents a yield to maturity.

(e)  RESTRICTED SECURITIES:

 

Issuer Description    Coupon   Maturity
Date
    Acquisition
Date
    Cost     Market
Value
    Market Value
as Percentage
of Net Assets
 

Lehigh County, Pennsylvania Revenue Bonds, Series 2019

   5.110%     08/15/2038       09/14/2021       $    2,483     $     2,401       0.46%  
        

 

 

   

 

 

   

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(f)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate
    Settlement
Date
    Maturity
Date
    Principal
Amount
    Collateralized By   Collateral
(Received)
    Repurchase
Agreements,
at Value
    Repurchase
Agreement
Proceeds
to  be
Received(1)
 
FICC     2.400     06/30/2023       07/03/2023     $     621     U.S. Treasury Notes 1.625% due 10/31/2026   $ (633   $ 621     $ 621  
           

 

 

   

 

 

   

 

 

 

Total Repurchase Agreements

 

    $     (633   $     621     $     621  
   

 

 

   

 

 

   

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:

 

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

  $ 621     $ 0     $ 0     $ 0     $     621     $     (633   $     (12
 

 

 

   

 

 

   

 

 

   

 

 

       

Total Borrowings and Other Financing Transactions

  $     621     $     0     $     0     $     0        
 

 

 

   

 

 

   

 

 

   

 

 

       

 

(1)

Includes accrued interest.

(2)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     131
    


Table of Contents
Schedule of Investments   PIMCO Short Term Municipal Bond Active Exchange-Traded Fund   (Cont.)   June 30, 2023

 

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Securities, at Value

 

Municipal Bonds & Notes

 

Alabama

  $     0     $     19,917     $     0     $     19,917  

Arizona

    0       16,574       0       16,574  

California

    0       71,453       0       71,453  

Colorado

    0       17,858       0       17,858  

Connecticut

    0       19,907       0       19,907  

Delaware

    0       2,536       0       2,536  

Florida

    0       11,303       0       11,303  

Georgia

    0       12,570       0       12,570  

Illinois

    0       24,651       0       24,651  

Indiana

    0       8,562       0       8,562  

Iowa

    0       3,216       0       3,216  

Kansas

    0       2,496       0       2,496  

Kentucky

    0       3,568       0       3,568  

Louisiana

    0       7,156       0       7,156  

Maryland

    0       4,757       0       4,757  

Massachusetts

    0       10,188       0       10,188  

Michigan

    0       9,043       0       9,043  

Minnesota

    0       1,900       0       1,900  

Mississippi

    0       749       0       749  

Missouri

    0       6,262       0       6,262  

Nebraska

    0       4,345       0       4,345  
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Nevada

  $ 0     $ 2,418     $ 0     $ 2,418  

New Hampshire

    0       505       0       505  

New Jersey

    0       19,985       0       19,985  

New York

    0       77,509       0       77,509  

Ohio

    0       10,497       0       10,497  

Oregon

    0       2,153       0       2,153  

Pennsylvania

    0       21,264       0       21,264  

Puerto Rico

    0       7,036       0       7,036  

South Carolina

    0       6,285       0       6,285  

Tennessee

    0       6,196       0       6,196  

Texas

    0       40,922       0       40,922  

Utah

    0       820       0       820  

Virginia

    0       6,111       0       6,111  

Washington

    0       12,374       0       12,374  

Wisconsin

    0       11,022       0       11,022  

U.S. Treasury Obligations

    0       1,045       0       1,045  

Short-Term Instruments

 

Repurchase Agreements

    0       621       0       621  

Short-Term Notes

    0       999       0       999  

U.S. Treasury Bills

    0       55,882       0       55,882  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments

  $     0     $     542,655     $     0     $     542,655  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

 

       
132   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
Schedule of Investments   PIMCO Ultra Short Government Active Exchange-Traded Fund          June 30, 2023

 

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
INVESTMENTS IN SECURITIES 137.5%

 

SHORT-TERM INSTRUMENTS 137.5%

 

REPURCHASE AGREEMENTS (d) 86.8%

 

   
      $     11,300  
       

 

 

 
U.S. TREASURY BILLS 50.7%

 

5.320% due 08/01/2023 - 10/31/2023 (a)(b)(c)

  $     6,680         6,601  
       

 

 

 
Total Short-Term Instruments (Cost $17,902)           17,901  
       

 

 

 
       
Total Investments in Securities (Cost $17,902)           17,901  
       
Total Investments 137.5% (Cost $17,902)       $       17,901  
Other Assets and Liabilities, net (37.5)%     (4,882
 

 

 

 
Net Assets 100.0%

 

  $     13,019  
   

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

*

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

 

(a)

When-issued security.

 

(b)

Coupon represents a weighted average yield to maturity.

 

(c)

Zero coupon security.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate
    Settlement
Date
    Maturity
Date
    Principal
Amount
    Collateralized By   Collateral
(Received)
    Repurchase
Agreements,
at Value
    Repurchase
Agreement
Proceeds
to  be
Received(1)
 
NOM     5.160     06/30/2023       07/03/2023     $     11,300     U.S. Treasury Notes 2.750% due 08/15/2032   $ (11,543   $ 11,300     $ 11,305  
           

 

 

   

 

 

   

 

 

 

Total Repurchase Agreements

 

    $     (11,543   $     11,300     $     11,305  
   

 

 

   

 

 

   

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:

 

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

 

NOM

  $ 11,305     $ 0     $ 0     $ 0     $     11,305     $     (11,543   $     (238
 

 

 

   

 

 

   

 

 

   

 

 

       

Total Borrowings and Other Financing Transactions

  $     11,305     $     0     $     0     $     0        
 

 

 

   

 

 

   

 

 

   

 

 

       

 

(1)

Includes accrued interest.

(2)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     133
    


Table of Contents
Schedule of Investments   PIMCO Ultra Short Government Active Exchange-Traded Fund   (Cont.)   June 30, 2023

 

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Securities, at Value

 

Short-Term Instruments

 

Repurchase Agreements

  $ 0     $ 11,300     $ 0     $ 11,300  

U.S. Treasury Bills

    0       6,601       0       6,601  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments

  $     0     $     17,901     $     0     $     17,901  
 

 

 

   

 

 

   

 

 

   

 

 

 

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

 

       
134   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
Consolidated Schedule of Investments   PIMCO Commodity Strategy Active Exchange-Traded Fund          June 30, 2023

 

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
INVESTMENTS IN SECURITIES 136.1%

 

CORPORATE BONDS & NOTES 24.3%

 

BANKING & FINANCE 16.7%

 

AerCap Ireland Capital DAC

 

1.150% due 10/29/2023

  $     1,100     $     1,082  

American Express Co.

 

5.311% (SOFRINDX + 0.230%) due 11/03/2023 ~

      20         20  

American Honda Finance Corp.

 

5.933% (US0003M + 0.420%) due 09/08/2023 ~

      90         90  

American Tower Corp.

 

0.600% due 01/15/2024

      500         486  

Aozora Bank Ltd.

 

1.050% due 09/09/2024

      1,000         938  

Athene Global Funding

 

2.750% due 06/25/2024

      50         48  

Banco Santander SA

 

3.892% due 05/24/2024

      100         98  

5.770% due 06/30/2024 •

      3,300         3,282  

Bank of America Corp.

 

5.501% (SOFRRATE + 0.410%) due 06/14/2024 ~

      1,615         1,613  

5.791% due 10/24/2024 •

      100         100  

6.233% (US0003M + 0.960%) due 07/23/2024 ~

      75         75  

Bank of Montreal

 

5.356% (SOFRINDX + 0.265%) due 09/15/2023 ~

      85         85  

5.440% (SOFRINDX + 0.350%) due 12/08/2023 ~

      543         543  

Bank of Nova Scotia

 

5.351% (SOFRRATE + 0.260%) due 09/15/2023 ~

      100         100  

5.641% (SOFRRATE + 0.550%) due 09/15/2023 ~

      1,800         1,801  

Banque Federative du Credit Mutuel SA

 

0.998% due 02/04/2025

      100         92  

Barclays PLC

 

1.007% due 12/10/2024 •

      100         97  

3.932% due 05/07/2025 •

      1,000         978  

BNP Paribas SA

 

3.800% due 01/10/2024

      1,900         1,876  

BPCE SA

 

4.000% due 04/15/2024

      1,100           1,083  

Canadian Imperial Bank of Commerce

 

5.490% (SOFRRATE + 0.400%) due 12/14/2023 ~

      120         120  

6.204% (US0003M + 0.660%) due 09/13/2023 ~

      100         100  

Caterpillar Financial Services Corp.

 

5.179% due 01/10/2024 •

      55         55  

5.539% (SOFRRATE + 0.450%) due 11/13/2023 ~

      35         35  

Commonwealth Bank of Australia

 

6.319% (US0003M + 0.820%) due 06/04/2024 ~

      250         251  

Cooperatieve Rabobank UA

 

5.320% due 01/12/2024 •

      1,900         1,900  

Danske Bank AS

 

5.375% due 01/12/2024

      1,800         1,790  

Deutsche Bank AG

 

0.898% due 05/28/2024 (d)

      1,000         950  

0.962% due 11/08/2023

      1,100         1,078  

Federation des Caisses Desjardins du Quebec

 

5.520% (SOFRRATE + 0.430%) due 05/21/2024 ~

      100         100  

Five Corners Funding Trust

 

4.419% due 11/15/2023

      100         99  

General Motors Financial Co., Inc.

 

5.850% (SOFRRATE + 0.760%) due 03/08/2024 ~

      75         75  

6.290% (SOFRRATE + 1.200%) due 11/17/2023 ~

      232         232  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Goldman Sachs Group, Inc.

 

1.217% due 12/06/2023

  $     800     $     785  

7.063% (US0003M + 1.600%) due 11/29/2023 ~

      1,600         1,608  

ING Groep NV

 

6.533% (US0003M + 1.000%) due 10/02/2023 ~

      55         55  

Jackson National Life Global Funding

 

6.242% (SOFRRATE + 1.150%) due 06/28/2024 ~

      1,000         1,001  

John Deere Capital Corp.

 

5.117% (SOFRRATE + 0.120%) due 07/10/2023 ~

      35         35  

5.661% (SOFRRATE + 0.570%) due 03/03/2026 ~

      45         45  

JPMorgan Chase & Co.

 

3.220% due 03/01/2025 •

      1,200         1,177  

Lloyds Banking Group PLC

 

4.050% due 08/16/2023

      600         599  

Mizuho Financial Group, Inc.

 

6.123% (US0003M + 0.610%) due 09/08/2024 ~

      1,000         1,000  

Morgan Stanley

 

5.555% (SOFRRATE + 0.466%) due 11/10/2023 ~

      75         75  

MUFG Bank Ltd.

 

3.750% due 03/10/2024

      100         99  

National Bank of Canada

 

5.579% (SOFRRATE + 0.490%) due 08/06/2024 ~

      100         100  

New York Life Global Funding

 

5.406% (SOFRINDX + 0.360%) due 10/21/2023 ~

      100         100  

Nordea Bank Abp

 

6.403% (US0003M + 0.940%) due 08/30/2023 ~

      1,000         1,001  

Pacific Life Global Funding

 

0.500% due 09/23/2023

      100         99  

Public Storage

 

5.519% (SOFRRATE + 0.470%) due 04/23/2024 ~

      15         15  

Royal Bank of Canada

 

5.511% (SOFRRATE + 0.450%) due 10/26/2023 ~

      15         15  

6.205% (TSFR3M + 0.922%) due 10/05/2023 ~

      61         61  

Skandinaviska Enskilda Banken AB

 

0.550% due 09/01/2023

      100         99  

Societe Generale SA

 

3.875% due 03/28/2024

      1,995         1,953  

Sumitomo Mitsui Financial Group, Inc.

 

6.060% (US0003M + 0.800%) due 10/16/2023 ~

      1,900         1,902  

Toronto-Dominion Bank

 

5.905% (US0003M + 0.640%) due 07/19/2023 ~

      23         23  

Toyota Motor Credit Corp.

 

5.742% (SOFRINDX + 0.650%) due 12/29/2023 ~

      55         55  
       

 

 

 
            33,174  
       

 

 

 
INDUSTRIALS 4.7%

 

3M Co.

 

5.621% due 02/14/2024 •

      43         43  

Baxter International, Inc.

 

5.351% (SOFRINDX + 0.260%) due 12/01/2023 ~

      1,500         1,497  

Bayer U.S. Finance LLC

 

3.875% due 12/15/2023

      500         495  

6.562% (US0003M + 1.010%) due 12/15/2023 ~

      1,500         1,499  

BMW U.S. Capital LLC

 

5.622% (SOFRINDX + 0.530%) due 04/01/2024 ~

      29         29  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Boeing Co.

 

1.433% due 02/04/2024

  $     1,734     $     1,688  

Daimler Truck Finance North America LLC

 

1.125% due 12/14/2023

      800         784  

5.691% (SOFRRATE + 0.600%) due 12/14/2023 ~

      100         100  

Discovery Communications LLC

 

3.800% due 03/13/2024

      800         789  

DuPont de Nemours, Inc.

 

6.431% (US0003M + 1.110%) due 11/15/2023 ~

      15         15  

Energy Transfer LP

 

4.500% due 04/15/2024

      100         99  

Haleon U.S. Capital LLC

 

3.024% due 03/24/2024

      100         98  

HCA, Inc.

 

5.000% due 03/15/2024

      100         99  

Pfizer, Inc.

 

5.882% (US0003M + 0.330%) due 09/15/2023 ~

      90         90  

SK Broadband Co. Ltd.

 

3.875% due 08/13/2023

      2,000         1,995  
       

 

 

 
          9,320  
       

 

 

 
UTILITIES 2.9%

 

American Electric Power Co., Inc.

 

5.779% (US0003M + 0.480%) due 11/01/2023 ~

      69         69  

Chugoku Electric Power Co., Inc.

 

3.488% due 02/28/2024

      1,260         1,238  

Eversource Energy

 

5.339% (SOFRINDX + 0.250%) due 08/15/2023 ~

      35         35  

Mississippi Power Co.

 

5.392% (SOFRRATE + 0.300%) due 06/28/2024 ~

      600         596  

National Rural Utilities Cooperative Finance Corp.

 

5.362% (SOFRRATE + 0.330%) due 10/18/2024 ~

      15         15  

NextEra Energy Capital Holdings, Inc.

 

5.481% (SOFRINDX + 0.400%) due 11/03/2023 ~

      1,400         1,400  

6.112% (SOFRINDX + 1.020%) due 03/21/2024 ~

      500         500  

Pacific Gas & Electric Co.

 

1.700% due 11/15/2023

      1,900         1,867  

Vodafone Group PLC

 

6.250% (US0003M + 0.990%) due 01/16/2024 ~

      50         50  
       

 

 

 
          5,770  
       

 

 

 

Total Corporate Bonds & Notes (Cost $48,283)

      48,264  
 

 

 

 
U.S. GOVERNMENT AGENCIES 0.1%

 

Federal Home Loan Bank

 

5.650% due 05/28/2025

      100         100  

Freddie Mac

 

5.520% due 05/28/2025

      200         200  
       

 

 

 

Total U.S. Government Agencies (Cost $300)

    300  
 

 

 

 
ASSET-BACKED SECURITIES 1.0%

 

Citizens Auto Receivables Trust

 

6.016% due 07/15/2026

      1,000         998  

Hyundai Auto Lease Securitization Trust

 

5.817% due 09/15/2025

      200         200  

SFS Auto Receivables Securitization Trust

 

5.867% due 03/22/2027

      500         500  

World Omni Automobile Lease Securitization Trust

 

5.827% due 11/17/2025

      200         200  
       

 

 

 

Total Asset-Backed Securities (Cost $1,900)

    1,898  
 

 

 

 

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     135
    


Table of Contents
Consolidated Schedule of Investments   PIMCO Commodity Strategy Active Exchange-Traded Fund   (Cont.)  

 

        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 
SOVEREIGN ISSUES 2.3%

 

CPPIB Capital, Inc.

 

6.308% due 03/11/2026

  $     1,450     $     1,482  

6.342% (SOFRINDX + 1.250%) due 04/04/2025 ~

      1,000         1,016  

PSP Capital, Inc.

 

5.331% (SOFRINDX + 0.240%) due 03/03/2025 ~

      2,100         2,098  
       

 

 

 

Total Sovereign Issues (Cost $4,595)

      4,596  
 

 

 

 
SHORT-TERM INSTRUMENTS 108.4%

 

COMMERCIAL PAPER 22.6%

 

American Electric Power Co., Inc.

 

5.440% due 08/07/2023

      1,000         994  

5.440% due 08/08/2023

      800         795  

Arrow Electronics, Inc.

 

5.730% due 07/18/2023

      1,900         1,895  

Bacardi Martini BV

 

5.750% due 07/12/2023

      1,900         1,897  

Canadian Imperial Bank of Commerce

 

4.711% due 07/21/2023

  CAD     100         75  

Conagra Brands, Inc.

 

5.600% due 07/20/2023

  $     1,900         1,894  

Consolidated Edison Co. of New York, Inc.

 

5.420% due 07/17/2023

      250         249  

Constellation Brands, Inc.

 

5.580% due 07/18/2023

      800         798  

5.580% due 07/24/2023

      550         548  

5.580% due 07/25/2023

      250         249  

5.610% due 07/11/2023

      275         275  

Constellation Energy Corp.

 

5.300% due 07/13/2023

      1,900         1,896  

CVS Corp.

 

5.280% due 07/06/2023

      1,900         1,898  

Daimler Truck Finance North America LLC

 

5.350% due 07/21/2023

      1,000         997  

Dominion Resources, Inc.

 

5.430% due 07/31/2023

      1,900         1,891  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Duke Energy Corp.

 

5.400% due 08/08/2023

  $     1,900     $     1,889  

Enbridge (US), Inc.

 

5.450% due 07/25/2023

      1,900         1,893  

Enel Finance America LLC

 

5.450% due 07/26/2023

      1,100         1,096  

5.450% due 08/07/2023 (a)

      800         795  

Global Payments, Inc.

 

5.930% due 07/26/2023

      1,700         1,693  

5.930% due 07/28/2023

      900         896  

5.950% due 07/14/2023

      250         249  

Haleon UK Capital PLC

 

5.500% due 08/07/2023 (a)

      800         796  

5.500% due 08/08/2023 (a)

      1,000         994  

Humana, Inc.

 

5.500% due 08/01/2023

      900         896  

5.510% due 08/02/2023

      600         597  

5.510% due 08/03/2023

      400         398  

International Flavors & Fragrances, Inc.

 

6.000% due 07/28/2023

      1,900           1,892  

Keurig Dr Pepper, Inc.

 

5.350% due 07/20/2023

      1,900         1,894  

Marriott International

 

5.450% due 08/04/2023

      250         249  

McCormick & Co., Inc.

 

5.350% due 07/25/2023

      1,000         996  

Mondelez International, Inc.

 

5.370% due 07/24/2023

      1,100         1,096  

Northrop Grumman Corp.

 

5.600% due 08/22/2023

      100         99  

Penske Truck Leasing Co. LP

 

5.350% due 07/14/2023

      1,000         998  

Quanta Services, Inc.

 

5.900% due 07/13/2023

      250         249  

5.900% due 07/17/2023

      400         399  

5.900% due 07/18/2023

      1,200         1,197  

Raytheon Technologies Corp.

 

5.410% due 07/17/2023

      250         249  
        PRINCIPAL
AMOUNT
(000S)
        MARKET
VALUE
(000S)
 

Royal Bank of Canada

 

4.739% due 07/18/2023

  CAD     100     $     75  

Targa Resources Corp.

 

5.950% due 07/26/2023

  $     1,000         996  

Thomson Reuters Corp.

 

5.500% due 07/19/2023

      250         249  

Toronto-Dominion Bank

 

4.698% due 07/12/2023

  CAD     100         75  

VW Credit, Inc.

 

5.400% due 07/25/2023

  $     1,100         1,096  

5.430% due 07/27/2023

      800         797  

Walgreens Boots Alliance, Inc.

 

5.850% due 07/10/2023 (a)

      1,900         1,897  

Waste Management, Inc.

 

5.400% due 08/09/2023

      1,900         1,889  
       

 

 

 
          44,935  
       

 

 

 
REPURCHASE AGREEMENTS (e) 85.7%

 

          170,400  
       

 

 

 
U.S. TREASURY BILLS 0.1%

 

5.293% due 09/14/2023 (b)(c)(h)

      112         111  
       

 

 

 
Total Short-Term Instruments
(Cost $215,461)
    215,446  
 

 

 

 
       
Total Investments in Securities (Cost $270,539)     270,504  
       
Total Investments 136.1%
(Cost $270,539)

 

  $     270,504  

Financial Derivative
Instruments (f)(g) 1.1%

(Cost or Premiums, net $(92))

        2,244  
Other Assets and Liabilities, net (37.2)%       (74,026
 

 

 

 
Net Assets 100.0%

 

  $     198,722  
   

 

 

 

NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:

 

*

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

 

~

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

 

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

 

(a)

When-issued security.

 

(b)

Zero coupon security.

 

(c)

Coupon represents a yield to maturity.

(d)  RESTRICTED SECURITIES:

 

Issuer Description    Coupon   Maturity
Date
    Acquisition
Date
    Cost     Market
Value
    Market Value
as Percentage
of Net Assets
 

Deutsche Bank AG

   0.898%     05/28/2024       06/26/2023       $    953     $     950       0.48%  
        

 

 

   

 

 

   

 

 

 

 

 

       
136   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate
    Settlement
Date
    Maturity
Date
    Principal
Amount
    Collateralized By   Collateral
(Received)
    Repurchase
Agreements,
at Value
    Repurchase
Agreement
Proceeds
to  be
Received(1)
 
BPS     5.060     07/03/2023       07/05/2023     $     77,000     U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2025   $ (78,496   $ 77,000     $ 77,000  
    5.100       06/30/2023       07/03/2023       88,600     U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2027     (90,523     88,600       88,638  
    5.110       06/30/2023       07/03/2023       4,800     U.S. Treasury Notes 1.250% due 08/15/2031     (4,900     4,800       4,802  
           

 

 

   

 

 

   

 

 

 

Total Repurchase Agreements

 

    $     (173,919   $     170,400     $     170,440  
   

 

 

   

 

 

   

 

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:

 

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

 

BPS

  $ 170,440     $ 0     $ 0     $ 0     $     170,440     $     (173,919   $     (3,479
 

 

 

   

 

 

   

 

 

   

 

 

       

Total Borrowings and Other Financing Transactions

  $     170,440     $     0     $     0     $     0        
 

 

 

   

 

 

   

 

 

   

 

 

       

 

(1)

Includes accrued interest.

 

(2)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

The average amount of borrowings outstanding during the period ended June 30, 2023 was $(64) at a weighted average interest rate of 5.294%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(f)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

WRITTEN OPTIONS:

COMMODITY OPTIONS

 

Description    Strike
Price
    Expiration
Date
    # of
Contracts
     Notional
Amount
    Premiums
(Received)
    Market
Value
 

Put - EDX Natural Gas August 2023 Futures

   $     2.000       07/26/2023       7      $         70     $ (9   $ (1
             

 

 

   

 

 

 

Total Written Options

 

  $     (9   $     (1
 

 

 

   

 

 

 

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

 

Description   Expiration
Month
    # of
Contracts
    Notional
Amount
    Unrealized
Appreciation/
(Depreciation)
    Variation Margin  
  Asset      Liability  

Brent Crude March Futures

    01/2024       346     $         25,666     $ 267     $     204      $ 0  

California Carbon Allowance December Futures

    12/2023       177         5,834       (12     28        0  

Cocoa December Futures

    12/2023       151         5,078       197       133        0  

Copper September Futures

    09/2023       72         6,767       (149     109        0  

Cotton No. 2 December Futures

    12/2023       72         2,893       41       48        0  

European Climate Exchange December Futures

    12/2023       18         1,750       (18     27        0  

Gas Oil December Futures

    12/2023       98         6,774       30       137        0  

Gold 100 oz. December Futures

    12/2023       44         8,659       (82     51        0  

Hard Red Winter Wheat December Futures

    12/2023       94         3,761           (228     0        (6

Iron Ore September Futures

    09/2023       271         2,908       (10     0            (55

Live Cattle February Futures October Futures

    10/2023       43         3,088       81       32        0  

Natural Gas August Futures

    07/2023       44         1,231       47       43        0  

Natural Gas September Futures

    08/2023       39         1,082       (17     32        0  

New York Harbor ULSD December Futures

    11/2023       49         4,982       53       81        0  

Nickel September Futures

    09/2023       14         1,723       (141     0        (125

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     137
    


Table of Contents
Consolidated Schedule of Investments   PIMCO Commodity Strategy Active Exchange-Traded Fund   (Cont.)  

 

Description   Expiration
Month
    # of
Contracts
    Notional
Amount
    Unrealized
Appreciation/
(Depreciation)
    Variation Margin  
  Asset      Liability  

RBOB Gasoline December Futures

    11/2023       156     $         13,859     $ 116     $ 225      $ 0  

Silver December Futures

    12/2023       3         350       (3     3        0  

Silver September Futures

    09/2023       20         2,302       (40     22        0  

Soybean January Futures

    01/2024       26         1,751       61       94        0  

Soybean Meal December Futures

    12/2023       123         4,887       (34     207        0  

Soybean Meal January Futures

    01/2024       11         434       9       18        0  

Soybean November Futures

    11/2023       146         9,806       124       566        0  

Soybean Oil January Futures

    01/2024       13         456       21       29        0  

Sugar No. 11 March Futures

    02/2024       382         9,793       (909     282        0  

Sugar No. 11 October Futures

    09/2023       64         1,634       (172     51        0  

Wheat December Futures

    12/2023       287         9,604       (876     0        (219

WTI Crude December Futures

    11/2023       249         17,530       51       140        0  
         

 

 

   

 

 

    

 

 

 
          $     (1,593   $ 2,562      $ (405
         

 

 

   

 

 

    

 

 

 
SHORT FUTURES CONTRACTS                                           
Description   Expiration
Month
    # of
Contracts
    Notional
Amount
    Unrealized
Appreciation/
(Depreciation)
    Variation Margin  
  Asset      Liability  

Corn December Futures

    12/2023       162     $         (4,007   $ 809     $ 273      $ 0  

Nickel September Futures

    09/2023       1         (123     2       0        0  
         

 

 

   

 

 

    

 

 

 
          $ 811     $ 273      $ 0  
         

 

 

   

 

 

    

 

 

 

Total Futures Contracts

 

    $     (782   $     2,835      $     (405
   

 

 

   

 

 

    

 

 

 

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:

 

    Financial Derivative Assets           Financial Derivative Liabilities  
    Market Value     Variation Margin
Asset
    Total           Market Value     Variation Margin
Liability
    Total  
     Purchased
Options
    Futures     Swap
Agreements
          Written
Options
    Futures     Swap
Agreements
 

Total Exchange-Traded or Centrally Cleared

  $     0     $     2,835     $     0     $     2,835       $     (1)     $     (405   $     0     $     (406
 

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

 

 

 

Cash of $9,685 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(g)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

 

Counterparty    Settlement
Month
    Currency to
be Delivered
    Currency to
be Received
   

Unrealized Appreciation/

(Depreciation)

 
  Asset     Liability  

AZD

     08/2023     $     30     EUR     27     $ 0     $ 0  

JPM

     07/2023     CAD     200     $     148       0       (3
     08/2023     EUR     4         4       0       0  
     08/2023     $     8     EUR     7       0       0  

RBC

     07/2023     CAD     100     $     74       0       (1

RYL

     08/2023     EUR     5         6       0       0  
     08/2023     $     14     EUR     13       0       0  

SCX

     08/2023     EUR     253     $     279       2       0  
     08/2023     $     176     EUR     162       1       0  

SOG

     08/2023         3         3       0       0  
            

 

 

   

 

 

 

Total Forward Foreign Currency Contracts

 

  $     3     $     (4
 

 

 

   

 

 

 

 

       
138   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY INDICES

 

Counterparty   Pay/Receive(1)   Underlying Reference   # of Units     Financing Rate  

Payment
Frequency

  Maturity
Date
 

Notional
Amount

    Premiums
Paid/(Received)
    Unrealized
Appreciation/
(Depreciation)
    Swap Agreements,
at Value
 
  Asset     Liability  

CIB

 

Receive

 

PIMCODB Index(3)

    22,397    

0.000%

  Monthly   02/15/2024   $     4,206     $ 0     $ (43   $ 0     $ (43

GST

 

Receive

 

PIMCODB Index(4)

    75,411    

0.000%

  Monthly   02/15/2024     7,335       (58     (18     0       (76

JPM

 

Receive

 

JMABNIC5 Index(5)

    29,696    

0.000%

  Monthly   02/15/2024     5,319       (25     (5     0       (30

MAC

 

Receive

 

PIMCODB Index(6)

    20,052    

0.000%

  Monthly   02/15/2024     3,646       0       (35     0       (35
               

 

 

   

 

 

   

 

 

   

 

 

 

Total Swap Agreements

 

  $     (83   $     (101   $     0     $     (184
 

 

 

   

 

 

   

 

 

   

 

 

 

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2023:

 

    Financial Derivative Assets           Financial Derivative Liabilities                     
Counterparty   Forward
Foreign
Currency
Contracts
     Purchased
Options
     Swap
Agreements
     Total
Over the
Counter
           Forward
Foreign
Currency
Contracts
    Written
Options
     Swap
Agreements
    Total
Over the
Counter
    Net Market
Value of OTC
Derivatives
    Collateral
Pledged/
(Received)
     Net
Exposure(2)
 

CIB

  $ 0      $ 0      $ 0      $ 0       $ 0     $ 0      $ (43   $ (43   $     (43   $ 0      $ (43

GST

    0        0        0        0         0       0        (76     (76     (76         111        35  

JPM

    0        0        0        0         (3     0        (30     (33     (33     0            (33

MAC

    0        0        0        0         0       0        (35     (35     (35     0        (35

RBC

    0        0        0        0         (1     0        0       (1     (1     0        (1

SCX

    3        0        0        3         0       0        0       0       3       0        3  
 

 

 

    

 

 

    

 

 

    

 

 

     

 

 

   

 

 

    

 

 

   

 

 

        

Total Over the Counter

  $     3      $     0      $     0      $     3       $     (4   $     0      $     (184   $     (188       
 

 

 

    

 

 

    

 

 

    

 

 

     

 

 

   

 

 

    

 

 

   

 

 

        

 

 

(h)

Securities with an aggregate market value of $111 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2023.

 

(1)

Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

(2)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(3)

The following table represents the individual positions within the total return swap as of June 30, 2023:

 

Referenced Commodity — Long Futures Contracts   

%

of Index

    

Notional

Amount*

 

Brent Crude January 2024 Futures

     13.5    $ 566  

Cocoa December 2023 Futures

     3.9        164  

Copper September 2023 Futures

     2.8        116  

Corn December 2023 Futures

     3.5        147  

Cotton No. 02 December 2023 Futures

     1.6        69  

Gas Oil November 2023 Futures

     4.2        178  

Gold 100 oz. December 2023 Futures

     0.3        13  

Hard Red Winter Wheat December 2023 Futures

     3.0        125  

New York Harbor ULSD November 2023 Futures

     2.6        109  

RBOB Gasoline November 2023 Futures

     9.3        392  

Silver December 2023 Futures

     0.3        13  

Soybean Meal December 2023 Futures

     0.3        14  

Soybean Oil December 2023 Futures

     0.4        14  

Soybeans November 2023 Futures

     4.3        179  

Sugar No. 11 March 2024 Futures

     7.7        325  

Wheat December 2023 Futures

     0.1        5  

WTI Crude November 2023 Futures

     13.7        578  
     

 

 

 

Total Long Futures Contracts

      $ 3,007  
     

 

 

 

Cash

     28.5    $ 1,199  
     

 

 

 

Total Notional Amount

      $     4,206  
     

 

 

 

 

*

The notional amount is indicative of the quantity and proportionate value of each commodity futures contract.

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     139
    


Table of Contents
Consolidated Schedule of Investments   PIMCO Commodity Strategy Active Exchange-Traded Fund   (Cont.)  

 

(4)

The following table represents the individual positions within the total return swap as of June 30, 2023:

 

Referenced Commodity — Long Futures Contracts   

%

of Index

    

Notional

Amount*

 

Brent Crude January 2024 Futures

     20.5    $ 1,501  

Cocoa December 2023 Futures

     6.1        444  

Copper September 2023 Futures

     0.0        3  

Corn December 2023 Futures

     0.1        4  

Cotton No. 02 December 2023 Futures

     0.0        2  

Gas Oil November 2023 Futures

     6.5        480  

Gold 100 oz. December 2023 Futures

     0.5        36  

Hard Red Winter Wheat December 2023 Futures

     0.1        3  

New York Harbor ULSD November 2023 Futures

     0.0        3  

RBOB Gasoline November 2023 Futures

     0.1        10  

Silver December 2023 Futures

     0.5        35  

Soybean Meal December 2023 Futures

     0.5        37  

Soybean Oil December 2023 Futures

     0.0        0  

Soybeans November 2023 Futures

     0.1        5  

Sugar No. 11 March 2024 Futures

     0.1        9  

Wheat December 2023 Futures

     0.0        0  

WTI Crude November 2023 Futures

     20.8        1,527  
     

 

 

 

Total Long Futures Contracts

      $ 4,099  
     

 

 

 

Cash

     44.1    $ 3,236  
     

 

 

 

Total Notional Amount

      $     7,335  
     

 

 

 

 

*

The notional amount is indicative of the quantity and proportionate value of each commodity futures contract.

 

(5) 

The following table represents the individual positions within the total return swap as of June 30, 2023:

 

Referenced Commodity — Long Futures Contracts   

%

of Index

    

Notional

Amount*

 

Brent Crude December 2023 Futures

     27.8    $ 1,480  

Cotton No. 02 December 2023 Futures

     0.0        1  

Gas Oil November 2023 Futures

     4.0        215  

Gold 100 oz. August 2023 Futures

     27.3        1,450  

Live Cattle August 2023 Futures

     0.1        5  

LME - Copper August 2022 Futures

     10.8        574  

New York Harbor ULSD November 2023 Futures

     0.1        3  

Nickel August 2023 Futures

     5.5        292  

RBOB Gasoline November 2023 Futures

     0.1        4  

Silver September 2023 Futures

     7.8        417  

Soybean Meal December 2023 Futures

     16.2        864  

Soybeans November 2023 Futures

     0.2        11  

Sugar No. 11 October 2023 Futures

     0.1        3  
     

 

 

 

Total Long Futures Contracts

      $ 5,319  
     

 

 

 

Cash

     0.0    $ 0  
     

 

 

 

Total Notional Amount

      $     5,319  
     

 

 

 

 

*

The notional amount is indicative of the quantity and proportionate value of each commodity futures contract.

 

(6)

The following table represents the individual positions within the total return swap as of June 30, 2023:

 

Referenced Commodity — Long Futures Contracts   

%

of Index

    

Notional

Amount*

 

Brent Crude January 2024 Futures

     13.5    $ 491  

Cocoa December 2023 Futures

     3.9        142  

Copper September 2023 Futures

     2.8        101  

Corn December 2023 Futures

     3.5        127  

Cotton No. 02 December 2023 Futures

     1.6        60  

Gas Oil November 2023 Futures

     4.2        154  

Gold 100 oz. December 2023 Futures

     0.3        11  

Hard Red Winter Wheat December 2023 Futures

     3.0        108  

New York Harbor ULSD November 2023 Futures

     2.6        94  

RBOB Gasoline November 2023 Futures

     9.3        340  

Silver December 2023 Futures

     0.3        11  

Soybean Meal December 2023 Futures

     0.3        12  

Soybean Oil December 2023 Futures

     0.4        12  

Soybeans November 2023 Futures

     4.3        155  

Sugar No. 11 March 2024 Futures

     7.7        282  

Wheat December 2023 Futures

     0.1        5  

WTI Crude November 2023 Futures

     13.7        501  
     

 

 

 

Total Long Futures Contracts

      $ 2,606  
     

 

 

 

Cash

     28.5    $ 1,040  
     

 

 

 

Total Notional Amount

      $     3,646  
     

 

 

 

 

*

The notional amount is indicative of the quantity and proportionate value of each commodity futures contract.

 

       
140   PIMCO ETF TRUST      See Accompanying Notes  


Table of Contents
      June 30, 2023

 

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of June 30, 2023:

 

    Derivatives not accounted for as hedging instruments  
     Commodity
Contracts
    Credit
Contracts
    Equity
Contracts
    Foreign
Exchange
Contracts
    Interest
Rate Contracts
    Total  

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

 

Futures

  $ 2,835     $ 0     $ 0     $ 0     $ 0     $ 2,835  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Forward Foreign Currency Contracts

  $ 0     $ 0     $ 0     $ 3     $ 0     $ 3  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $     2,835     $     0     $     0     $     3     $     0     $     2,838  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Financial Derivative Instruments - Liabilities

 

Exchange-traded or centrally cleared

 

Written Options

  $ 1     $ 0     $ 0     $ 0     $ 0     $ 1  

Futures

    405       0       0       0       0       405  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 406     $ 0     $ 0     $ 0     $ 0     $ 406  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Forward Foreign Currency Contracts

  $ 0     $ 0     $ 0     $ 4     $ 0     $ 4  

Swap Agreements

    184       0       0       0       0       184  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 184     $ 0     $ 0     $ 4     $ 0     $ 188  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $     590     $     0     $     0     $     4     $     0     $     594  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended June 30, 2023:

 

    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

 

Exchange-traded or centrally cleared

 

Futures

  $ (374   $ 0     $ 0     $ 0     $ 0     $ (374
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Purchased Options

  $ 12     $ 0     $ 0     $ 0     $ 0     $ 12  

Swap Agreements

    196       0       0       0       0       196  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 208     $ 0     $ 0     $ 0     $ 0     $ 208  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ (166   $ 0     $ 0     $ 0     $ 0     $ (166
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments

 

Exchange-traded or centrally cleared

 

Written Options

  $ 8     $ 0     $ 0     $ 0     $ 0     $ 8  

Futures

    (782     0       0       0       0       (782
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ (774   $ 0     $ 0     $ 0     $ 0     $ (774
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Over the counter

 

Forward Foreign Currency Contracts

  $ 0     $ 0     $ 0     $ (1   $ 0     $ (1

Swap Agreements

    (100     0       0       0       0       (100
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ (100   $ 0     $ 0     $ (1   $ 0     $ (101
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $     (874   $     0     $     0     $     (1   $     0     $     (875
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

See Accompanying Notes     ANNUAL REPORT     |     JUNE 30, 2023     141
    


Table of Contents
Consolidated Schedule of Investments   PIMCO Commodity Strategy Active Exchange-Traded Fund   (Cont.)   June 30, 2023

 

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Investments in Securities, at Value

 

Corporate Bonds & Notes

 

Banking & Finance

  $ 0     $ 33,174     $ 0     $ 33,174  

Industrials

    0       9,320       0       9,320  

Utilities

    0       5,770       0       5,770  

U.S. Government Agencies

    0       300       0       300  

Asset-Backed Securities

    0       1,898       0       1,898  

Sovereign Issues

    0       4,596       0       4,596  

Short-Term Instruments

 

Commercial Paper

    1,790       43,145       0       44,935  

Repurchase Agreements

    0       170,400       0       170,400  

U.S. Treasury Bills

    0       111       0       111  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments

  $     1,790     $     268,714     $     0     $     270,504  
 

 

 

   

 

 

   

 

 

   

 

 

 
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
06/30/2023
 

Financial Derivative Instruments - Assets

 

Exchange-traded or centrally cleared

  $ 2,835     $ 0     $ 0     $ 2,835  

Over the counter

    0       3       0       3  
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 2,835     $ 3     $ 0     $ 2,838  
 

 

 

   

 

 

   

 

 

   

 

 

 

Financial Derivative Instruments - Liabilities

 

Exchange-traded or centrally cleared

    (406     0       0       (406

Over the counter

    0       (188     0       (188
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ (406   $ (188   $ 0     $ (594
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Financial Derivative Instruments

  $ 2,429     $ (185   $ 0     $ 2,244  
 

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $     4,219     $     268,529     $     0     $     272,748  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

 

       
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Table of Contents
Notes to Financial Statements          June 30, 2023

 

1. ORGANIZATION

PIMCO ETF Trust (the “Trust”) was established as a Delaware statutory trust on November 14, 2008. 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”) offered by the Trust. Pacific Investment Management Company LLC (“PIMCO” or “Manager”) serves as the investment adviser for the Funds.

The PIMCO Commodity Strategy Active Exchange-Traded Fund has established a Cayman Islands exempted company, the “Commodity Subsidiary”, which is wholly-owned and controlled by the Fund. See Note 15, Basis for Consolidation in the Notes to Financial Statements for more information regarding the Subsidiary.

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 Taxes  The Funds may be subject to foreign taxes on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by the Funds and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of June 30, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

(c) Foreign Currency Translation  The market values of foreign securities, currency holdings and other assets and liabilities

 

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Notes to Financial Statements   (Cont.)  

 

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.

(d) 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 1-5 Year U.S. TIPS Index Exchange-Traded Fund

      Monthly       Monthly  

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

      Monthly       Monthly  

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

      Monthly       Monthly  

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

      Monthly       Monthly  

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

      Monthly       Monthly  

PIMCO Active Bond Exchange-Traded Fund

      Monthly       Monthly  

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

      Monthly       Monthly  

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

      Monthly       Monthly  

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

      Monthly       Monthly  

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

      Monthly       Monthly  

PIMCO Multisector Bond Active Exchange-Traded Fund

      Monthly       Monthly  

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

      Monthly       Monthly  
      Distribution Frequency  
Fund Name         Declared     Distributed  

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

      Monthly       Monthly  

PIMCO Senior Loan Active Exchange-Traded Fund

      Monthly       Monthly  

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

      Monthly       Monthly  

PIMCO Ultra Short Government Active Exchange-Traded Fund

      Monthly       Monthly  

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

      Quarterly       Quarterly  

PIMCO Commodity Strategy Active Exchange-Traded Fund

      Quarterly       Quarterly  

In addition, each Fund distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently. The Funds 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

 

       
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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.

(e) 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 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.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business days after the trade date (T+1). The effective date was May 5, 2023, and the compliance date for the amendments is May 28, 2024.

 

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Notes to Financial Statements   (Cont.)  

 

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 a Fund’s 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 Fund 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 each Fund 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 a 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), a 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

 

       
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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 a Fund 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.

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

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Funds normally will be taken into account in calculating the NAV. The Fund’s whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

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 each Fund’s next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust’s and Valuation Designee’s policies and procedures are intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot

ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds’ use of fair valuation may also help to deter “stale price arbitrage” as discussed under the “Abusive Trading Practices” section in each Fund’s prospectus.

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

 

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

 

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

 

    Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. 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.

 

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Notes to Financial Statements   (Cont.)  

 

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value  The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

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

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

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

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

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

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

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

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.

 

       
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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.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Manager may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Manager does not

have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 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 PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

 

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund eligible to participate in securities lending may invest the cash collateral received for securities out on loan in the PIMCO Government Money Market Fund under the Securities Lending Agreement. All or a portion of Dividend Income as shown in the table below represents the income earned on the cash collateral invested in PIMCO Government Money Market Fund and is included on the Statements of Operations as a component of Securities Lending Income. PIMCO Government Money Market Fund is considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each affiliate fund’s shareholder report is also available at the SEC’s website at www.sec.gov, on the Funds’ website at www.pimco.com, or upon request, as applicable. The table below shows the Funds’ transactions in and earnings from investments in the affiliated Fund for the period ended June 30, 2023 (amounts in thousands):

Investments in PIMCO Government Money Market Fund

 

Fund Name         Market Value
06/30/2022
   

Purchases

at Cost

    Proceeds
from Sales
    Net
Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Market Value
06/30/2023
    Dividend
Income(1)
    Realized Net
Capital  Gain
Distributions(1)
 

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

    $   12,399     $   163,721     $   (151,057   $   0     $   0     $   25,063     $   1,193     $   0  

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

      0       22,909       (19,981     0       0       2,928       96       0  

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

      3,879       48,281       (52,011     0       0       149       53       0  

 

 

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

(1) 

The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

 

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The table below shows the Fund’s transactions in and earnings from investments in the affiliated Fund for the period ended June 30, 2023 (amounts in thousands):

PIMCO Active Bond Exchange-Traded Fund

 

Underlying PIMCO Fund         Market Value
06/30/2022
    Purchases
at Cost
    Proceeds
from Sales
    Net
Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Market Value
06/30/2023
    Dividend
Income(1)
    Realized Net
Capital  Gain
Distributions(1)
 

PIMCO Senior Loan Active Exchange-Traded Fund

    $   0     $   18,570     $   0     $   0     $   257     $   18,827     $   70     $   0  

 

 

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

(1) 

The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

 

(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.

Delayed-Delivery Transactions  involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds  are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities (“TIPS”). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments  are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a

portion of loans from third parties or investments in or originations of loans by the Fund or Funds. A loan is often administered by a bank or other financial institution (the “agent”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower’s obligation to the holder of such a loan, including in the event of the borrower’s insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the

 

       
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underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities  directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Debt Obligations  (“CDOs”) include Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs”) and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the

collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund’s prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations  (“CMOs”) are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as “tranches,” with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities  (“SMBS”) are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities  may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

 

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Perpetual Bonds  are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments  are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds as of June 30, 2023, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises  are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); and others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the

U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the “Single Security Initiative”). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds’ TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

Separate Trading of Registered Interest and Principal of Securities  (“STRIPS”) are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

Warrants  are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will

 

       
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expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

When-Issued Transactions  are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

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) Line of Credit  The PIMCO Senior Loan Active Exchange-Traded Fund entered into a 360-day liquidity loan facility agreement with State Street Bank & Trust Company. State Street Bank & Trust Company serves as both a bank and as an agent for the other banks that are parties to the agreement. The Fund pays financing charges based on a combination of an overnight bank funding rate based on variable rate plus a credit spread. The Fund also pays a fee of 0.15% per annum on the unused commitment amounts. As of June 30, 2023, if applicable, any outstanding borrowings would be disclosed as a payable for line of credit on the Statements of Assets and Liabilities. Interest and commitment and upfront fees, if any, paid by the Fund are disclosed as part of the interest expense on the Statements of Operations. Legal costs related to the annual renewal of the line of credit are included in Miscellaneous Expenses on the Statements of Operations.

As of June 30, 2023, the maximum available commitment and related fees for the revolving credit agreement are:

 

Maximum Available
Commitment
    Expiration Date     Commitment and
Upfront Fees
 
$   5,000,000       08/29/2023     $   1,806  

(b) 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 (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund’s custodian. 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.

(c) Reverse Repurchase Agreements  In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Manager or will otherwise cover its obligations under reverse repurchase agreements.

(d) Sale-Buybacks  A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the

 

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security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the ‘price drop.’ A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Manager or will otherwise cover its obligations under sale-buyback transactions.

(e) 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 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

PIMCO Senior Loan Active Exchange-Traded Fund

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.

(f) 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 June 30, 2023, 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

 

       
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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.

(a) 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.

(b) Futures Contracts  are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund (“Futures Variation Margin”). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts  may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (“call”) or purchased (“put”) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Commodity Options  are options on commodity futures contracts (“Commodity Option”). The underlying instrument for the Commodity Option is not the commodity itself, but rather a futures contract for that commodity. The exercise of a Commodity Option will not include physical delivery of the underlying commodity but will result in a cash

 

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transfer for the amount of the difference between the current market value of the underlying futures contract and the strike price. For an option that is in-the-money, a Fund will normally offset its position rather than exercise the option to retain any remaining time value.

(d) Swap Agreements  are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market (“OTC swaps”) or may be cleared through a third party, known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps (“Swap Variation Margin”), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund’s investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund’s investment policies and restrictions, the Funds will value the credit

default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund’s other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund’s credit quality guidelines (if any) because such value in general better reflects a Fund’s actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund’s prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund’s exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements  on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for

 

       
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the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each

sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Interest Rate Swap Agreements  may be entered into to help hedge against interest rate risk exposure and to maintain a Fund’s ability to generate income at prevailing market rates. The value of the fixed rate

 

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bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or ‘‘cap,’’ (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or ‘‘floor,’’ (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and

a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements  are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return, and would receive payments in the event of a net negative total return.

 

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

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

 

Risks         PIMCO 25+
Year Zero
Coupon  U.S.
Treasury
Index
Exchange-
Traded
Fund
    PIMCO 1-5
Year U.S.
TIPS  Index
Exchange-
Traded
Fund
    PIMCO 15+
Year U.S.
TIPS Index
Exchange-
Traded
Fund
    PIMCO
Broad U.S.
TIPS Index
Exchange-
Traded
Fund
    PIMCO 0-5
Year High
Yield
Corporate
Bond  Index
Exchange-
Traded
Fund
    PIMCO
Investment
Grade
Corporate
Bond Index
Exchange-
Traded
Fund
    PIMCO
Active Bond
Exchange-
Traded
Fund
    PIMCO
Enhanced
Low
Duration
Active
Exchange-
Traded
Fund
    PIMCO
Enhanced
Short
Maturity
Active ESG
Exchange-
Traded
Fund
    PIMCO
Enhanced
Short
Maturity
Active
Exchange-
Traded
Fund
    PIMCO
Intermediate
Municipal
Bond Active
Exchange-
Traded
Fund
    PIMCO
Municipal
Income
Opportunities
Active
Exchange-
Traded
Fund
    PIMCO
Senior
Loan
Active
Exchange-
Traded
Fund
    PIMCO
Short Term
Municipal
Bond Active
Exchange-
Traded
Fund
 

New Fund

                                                      X                   X       X        

Small Fund

                                                                        X       X        

Senior Loan

                                                                              X        

Market Trading

      X       X       X       X       X       X       X       X       X       X       X       X       X       X  

Interest Rate

      X       X       X       X       X       X       X       X       X       X       X       X       X       X  

Call

      X       X       X       X       X       X       X       X       X       X       X       X       X       X  

Inflation-Indexed Security

            X       X       X                                                              

Credit

      X       X       X       X       X       X       X       X       X       X       X       X       X       X  

Collateralized Loan Obligations

                                                                              X        

High Yield

                              X             X       X                         X       X        

Market

      X       X       X       X       X       X       X       X       X       X       X       X       X       X  

Municipal Bond

                                                                    X       X             X  

Issuer

                              X       X       X       X       X       X       X       X       X       X  

Liquidity

      X       X       X       X       X       X       X       X       X       X       X       X       X       X  

Derivatives

      X       X       X       X       X       X       X       X                   X       X       X       X  

Equity

                                          X                                     X        

Mortgage-Related and Other Asset Backed Securities

                              X             X       X       X       X                          

Foreign (Non-U.S.) Investment

                              X       X       X       X       X       X                   X        

Emerging Markets

                              X       X       X       X                                      

Sovereign Debt

                              X       X                                                  

 

       
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Risks         PIMCO 25+
Year Zero
Coupon U.S.
Treasury
Index
Exchange-
Traded
Fund
    PIMCO 1-5
Year U.S.
TIPS Index
Exchange-
Traded
Fund
    PIMCO 15+
Year U.S.
TIPS Index
Exchange-
Traded
Fund
    PIMCO
Broad U.S.
TIPS Index
Exchange-
Traded
Fund
    PIMCO 0-5
Year High
Yield
Corporate
Bond Index
Exchange-
Traded
Fund
    PIMCO
Investment
Grade
Corporate
Bond Index
Exchange-
Traded
Fund
    PIMCO
Active Bond
Exchange-
Traded
Fund
    PIMCO
Enhanced
Low
Duration
Active
Exchange-
Traded
Fund
    PIMCO
Enhanced
Short
Maturity
Active ESG
Exchange-
Traded
Fund
    PIMCO
Enhanced
Short
Maturity
Active
Exchange-
Traded
Fund
    PIMCO
Intermediate
Municipal
Bond Active
Exchange-
Traded
Fund
    PIMCO
Municipal
Income
Opportunities
Active
Exchange-
Traded
Fund
    PIMCO
Senior
Loan
Active
Exchange-
Traded
Fund
    PIMCO
Short Term
Municipal
Bond Active
Exchange-
Traded
Fund
 

Currency

                                          X       X       X                         X        

Leveraging

      X       X       X       X       X       X       X       X       X       X       X       X       X       X  

Management and Tracking Error

      X       X       X       X       X       X                                                  

Indexing

      X       X       X       X       X       X                                                  

Management

                                          X       X       X       X       X       X       X       X  

Asset-Backed Securities

                                                                              X        

California State-Specific

                                                                  X       X              

New York State-Specific

                                                                  X       X              

Puerto Rico-Specific

                                                                        X              

Municipal Project-Specific

                                                                  X       X             X  

Short Exposure

                                          X       X       X                         X        

Convertible Securities

                                          X                                            

Tax-Efficient Investing

                                          X       X                                      

Distribution Rate

                                          X       X                                      

Responsible Investing

                                                      X                                

LIBOR Transition

                                          X       X       X       X             X       X        

Futures Contract

                                                      X       X                          

 

Risks         PIMCO
Multisector
Bond  Active
Exchange-
Traded
Fund
    PIMCO
Preferred
and  Capital
Securities
Active
Exchange-
Traded
Fund
    PIMCO
Ultra Short
Government
Active
Exchange-
Traded
Fund
    PIMCO
Commodity
Strategy
Active
Exchange-
Traded
Fund
 

New Fund

      X       X       X       X  

Small Fund

      X       X       X       X  

Senior Loan

                         

Market Trading

      X       X       X       X  

Interest Rate

      X       X       X       X  

Call

      X       X       X       X  

Inflation-Indexed Security

                         

Credit

      X       X       X       X  

Collateralized Loan Obligations

                         

High Yield

      X       X              

Market

      X       X       X       X  

Municipal Bond

                         

Issuer

      X       X             X  

Liquidity

      X       X             X  

Derivatives

      X       X             X  

Equity

      X       X              

Mortgage-Related and Other Asset Backed Securities

      X                   X  

Foreign (Non-U.S.) Investment

      X       X             X  

Emerging Markets

      X       X              

Sovereign Debt

      X                   X  

Currency

      X       X             X  

Leveraging

      X       X             X  

Management and Tracking Error

                         

Indexing

                         

Management

      X       X       X       X  

Asset-Backed Securities

                         

California State-Specific

                         

New York State-Specific

                         

 

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Risks         PIMCO
Multisector
Bond Active
Exchange-
Traded
Fund
    PIMCO
Preferred
and Capital
Securities
Active
Exchange-
Traded
Fund
    PIMCO
Ultra Short
Government
Active
Exchange-
Traded
Fund
    PIMCO
Commodity
Strategy
Active
Exchange-
Traded
Fund
 

Puerto Rico-Specific

                         

Municipal Project-Specific

                         

Short Exposure

      X       X             X  

Convertible Securities

                         

Tax-Efficient Investing

                         

Distribution Rate

                         

Responsible Investing

                         

LIBOR Transition

      X       X             X  

Futures Contract

                         

Capital Securities

            X              

Preferred Securities

            X              

Concentration in Banking Industries

            X              

Contingent Convertible Securities

      X       X              

Commodity

                        X  

Issuer Non-Diversification

                        X  

Model

                        X  

Tax

                        X  

Subsidiary

                        X  

 

Please see “Description of Principal Risks” in a Fund’s prospectus for a more detailed description of the risks of investing in a Fund.

New Fund Risk  is the risk that a new fund’s performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading efficiencies.

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.

Senior Loan Risk  is the risk that investing in senior loans, including bank loans, exposes the Fund to heightened credit risk, call risk, settlement risk and liquidity risk. If an issuer of a senior loan prepays or redeems the loan prior to maturity, the Fund may have to reinvest the proceeds in instruments that pay lower interest rates. To the extent the Fund invests in senior loans that are covenant-lite obligations, the Fund may have fewer rights against a borrower (e.g., covenant-lite obligations may contain fewer maintenance covenants than other obligations, or no maintenance covenants) and may have a greater risk of loss on such investments as compared to investments in traditional loans.

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.

Interest Rate Risk  is the risk that fixed income securities will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

Call Risk  is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality). If an issuer calls a security that a Fund has invested in, a Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Inflation-Indexed Security Risk  is the risk that inflation-indexed debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPS, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity.

 

       
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Credit Risk  is the risk that a Fund could lose money if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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.

Collateralized Loan Obligations Risk  is the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly.

High Yield Risk  is the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

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.

Municipal Bond Risk  is the risk that by investing in Municipal Bonds a Fund may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of Municipal Bonds to pay interest or repay principal.

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, major litigation, investigations or other controversies, changes in financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives, financial leverage, reputation or reduced demand for the issuer’s goods or services.

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. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional

market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

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 investments 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 the 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 a Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives or similar investments and/or adversely affect the value of derivatives or similar investments and a Fund’s performance.

Equity Risk  is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities.

Asset-Backed Securities Risk  is the risk of investing in asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Mortgage-Related and Other Asset-Backed Securities Risk  is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk, and credit risk.

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

 

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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.

Sovereign Debt Risk  is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion.

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.

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.

Management Risk  is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

California State-Specific Risk  is the risk that by concentrating its investments in California Municipal Bonds, a Fund may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal.

New York State-Specific Risk  is the risk that by concentrating its investments in New York Municipal Bonds, a Fund may be affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or repay principal.

Puerto Rico-Specific Risk  is the risk that by investing in Municipal Bonds issued by Puerto Rico or its instrumentalities, a Fund may be affected by certain developments, such as political, economic, environmental, social, regulatory or debt restructuring developments, that impact the ability or obligation of Puerto Rico municipal issuers to pay interest or repay principal.

Municipal Project-Specific Risk  is the risk that a Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a single state.

Short Exposure Risk  is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Convertible Securities Risk  is the risk that arises when convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Tax-Efficient Investing Risk  is the risk that investment strategies intended to manage capital gain distributions may not succeed, and that such strategies may reduce investment returns or result in investment losses.

 

       
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Distribution Rate Risk  is the risk that a Fund’s distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors.

Responsible Investing Risk  is the risk that, because a Fund’s responsible investment strategy may select or exclude securities of certain issuers for reasons other than performance, the Fund may underperform funds that do not utilize a responsible investment strategy. Responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by PIMCO or any judgment exercised by PIMCO will reflect the beliefs or values of any particular investor.

LIBOR Transition Risk  is the risk related to the anticipated discontinuation and replacement of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by a Fund rely or relied in some fashion upon LIBOR. Although the transition process away from LIBOR for most instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or the continued use of LIBOR on a Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain and could result in losses to a Fund.

Futures Contract Risk  is the risk that, while the value of a futures contract tends to correlate with the value of the underlying asset that it represents, differences between the futures market and the market for the underlying asset may result in an imperfect correlation. Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying assets. The purchase or sale of a futures contract may result in losses in excess of the amount invested in the future contract.

Capital Securities Risk  is the risk that the value of securities, which may be in the form of debt, equity or a hybrid thereof, issued by U.S. and non-U.S. financial institutions that can be used to satisfy their regulatory capital requirements may decline in response to changes in legislation and regulations applicable to financial institutions and financial markets, increased competition, adverse changes in general or industry-specific economic conditions, or unfavorable interest rates. By investing under normal circumstances at least 80% of its assets in a combination of preferred securities and Capital Securities, the Fund will not be more susceptible to these risks than a fund that does not invest in Capital Securities to the same extent as the Fund.

Preferred Securities Risk  is the risk that preferred securities may be subject to greater credit or other risks than senior debt instruments. In addition, preferred securities are subject to other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rate, regulatory changes and special redemption rights.

Concentration in Banking Industries Risk  is the risk of concentrating in industries related to banking, including interest rate risk, market risk, the risk of heightened competition and the risk that legislation and other government actions could adversely affect such industries.

Contingent Convertible Securities Risk  is the risk of investing in contingent convertible securities, including the risk that interest payments will be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated as a result of conversion from debt to equity, the risk that principal amount due can be written down to a lesser amount, and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund.

Issuer Non-Diversification Risk  is the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are “non-diversified” may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are “diversified”.

Commodity Risk  is the risk that investing in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems and international economic, political and regulatory developments. Investments in commodities can also present risks associated with delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.

Model Risk  is the risk that the Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Fund.

Tax Risk  is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future

 

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regulatory or legislative changes that could affect whether income from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund’s taxable income or gains and distributions.

Subsidiary Risk  is the risk that, by investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of the Subsidiary will be achieved.

(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  A 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 a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund’s service providers, including PIMCO as a Fund’s investment adviser, rely, and could otherwise disrupt a Fund’s service providers’ ability to fulfill their obligations to a Fund.

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.

 

       
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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.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations, and other events, including, but not limited to, margin, execution, and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral 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

 

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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 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

      0.15%  

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

      0.20%  

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

      0.20%  

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

      0.20%  

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

      0.55%  

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

      0.20%  

PIMCO Active Bond Exchange-Traded Fund(1)

      0.55%  

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

      0.46%  

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund(2)

      0.36%  

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

      0.35%  

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

      0.35%  

PIMCO Multisector Bond Active Exchange-Traded Fund(3)

      0.65%  

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund(4)

      0.49%  

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund(6)

      0.84%  

PIMCO Senior Loan Active Exchange-Traded Fund(5)

      0.70%  

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

      0.35%  
Fund Name         Management Fee  

PIMCO Ultra Short Government Active Exchange-Traded Fund

      0.14%  

PIMCO Commodity Strategy Active Exchange-Traded Fund(6)

      0.79%  

 

(1) 

PIMCO has contractually agreed, through October 31, 2023, to waive or reduce its Management Fee in an amount equivalent to the Fund’s expenses or costs attributable to the SEC’s investigation and related settlement proceedings identified in Investment Advisers Act of 1940 Release No. 4577, dated December 1, 2016.

(2) 

PIMCO has contractually agreed, through October 31, 2023, to waive its management fee by 0.12% of the average daily net assets attributable to the Fund.

(3) 

PIMCO has contractually agreed, through October 31, 2025, to waive its management fee by 0.10% of the average daily net assets attributable to the Fund.

(4) 

PIMCO has contractually agreed, through October 31, 2023, to waive its management fee by 0.10% of the average daily net assets attributable to the Fund.

(5) 

PIMCO has contractually agreed, through October 31, 2023, to waive its management fee by 0.20% of the average daily net assets attributable to the Fund.

(6) 

PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its management fee by 0.15% of the average daily net assets attributable to the Fund.

(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 June 30, 2023 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, 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

 

       
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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.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2023, to waive or reduce its Management Fee for the PIMCO Active Bond Exchange-Traded Fund.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its Management Fee for the PIMCO Commodity Strategy Active Exchange-Traded Fund.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2023, to waive or reduce its Management Fee for the PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2025, to waive or reduce its Management Fee for the PIMCO Multisector Bond Active Exchange-Traded Fund.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2023, to waive or reduce its Management Fee for the PIMCO Municipal Income Opportunities Active Exchange-Traded Fund.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through January 18, 2024, to waive or reduce its Management Fee for the PIMCO Preferred and Capital Securities Active Exchange-Traded Fund.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2023, to waive or reduce its Management Fee for the PIMCO Senior Loan Active Exchange-Traded Fund.

Each waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

 

Prior to October 31, 2020, PIMCO had contractually agreed to waive its management fee for the PIMCO Enhanced Low Duration Active Exchange-Traded Fund. Except for PIMCO Active Bond Exchange Traded Fund, 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 as of June 30, 2023 were as follows (amounts in thousands):

 

           Expiring within         
Fund Name          12 months      13-24 months      25-36 months      Total  

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

     $   150      $ 14      $ 21      $   185  

PIMCO Enhanced Short Maturity Active ESG
Exchange-Traded Fund

       170          210          202        582  

PIMCO Multisector Bond Active Exchange-Traded Fund

       0        0        93        93  

PIMCO Municipal Income Opportunities Active
Exchange-Traded Fund

       0        108        56        164  

PIMCO Preferred and Capital Securities Active
Exchange-Traded Fund

       0        0        130        130  

PIMCO Senior Loan Active Exchange-Traded Fund

       0        161        238        399  

PIMCO Ultra Short Government Active Exchange-Traded Fund

       0        0        38        38  

PIMCO Commodity Strategy Active Exchange-Traded Fund

       0        0        116        116  

 

 

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

 

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(e) Acquired Fund Fees and Expenses  PIMCO has contractually agreed, through October 31, 2024, for the PIMCO Active Bond Exchange-Traded Fund to waive its Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and Management Fees of other series of the Trust indirectly incurred by the Fund’s investments in other series of the Trust. The waiver 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 of the then current term. The waiver is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

The Commodity Subsidiary has entered into a separate contract with PIMCO for the management of the Commodity Subsidiary’s portfolio

pursuant to which the Commodity Subsidiary pays PIMCO a management fee at the annual rate of 0.69% of its average daily net assets. PIMCO has contractually agreed to waive the Fund’s management fee in an amount equal to the management fee paid by the Commodity Subsidiary to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO’s contract with the Subsidiary is in place. PIMCO may not seek reimbursement from the Fund with respect to the management fees waived. The waiver, if any, is reflected on the Consolidated Statement of Operations as a component of Waiver and/ or Reimbursement by PIMCO. See Note 15, Basis for Consolidation in the Notes to Financial Statements for more information regarding the Commodity Subsidiary.

 

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.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rules and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rules and interpretations under the Act for the period ended June 30, 2023, were as follows (amounts in thousands):

 

Fund Name         Purchases     Sales     Realized
Gain/(Loss)
 

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

    $   28,377     $ 1,167     $ (362

PIMCO Active Bond Exchange-Traded Fund

      48,741         49,134         (8,442

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

        34,730       17,358       (441

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

      1,023       1,864       (39

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

      71,707         599,400         (5,585

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

      84,767       82,710       (6,683

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

      3,676       3,206       (243

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

      46,976       19,359       (882

 

 

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

 

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.

 

       
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Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2023, were as follows (amounts in thousands):

 

      U.S. Government/Agency     All Other  
Fund Name     Purchases     Sales     Purchases     Sales  

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

    $ 184,193     $ 203,761     $ 0     $ 0  

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

      292,655       335,729       0       0  

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

      29,889       55,636       0       0  

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

      390,121       401,086       0       0  

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

      9,869       0       526,509       458,034  

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

      52,702       21,185       153,085       97,677  

PIMCO Active Bond Exchange-Traded Fund

        12,787,035         12,091,345       538,884       988,894  

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

      1,253,730       1,144,524       400,517       675,839  

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

      7,300       11,646       43,231       75,043  

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

      422,207       1,138,393         2,153,966         5,347,578  

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

      4,688       0       598,482       390,047  

PIMCO Multisector Bond Active Exchange-Traded Fund

      39,739       11,520       15,086       0  

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

      375       0       65,689       42,312  

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

      2,818       0       102,358       12,616  

PIMCO Senior Loan Active Exchange-Traded Fund

      0       0       154,379       51,133  

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

      0       600       344,267       314,994  

PIMCO Commodity Strategy Active Exchange-Traded Fund

      300       0       15,539       400  

 

 

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

13. SHARES OF BENEFICIAL INTEREST

The following table discloses the number of shareholders that own 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of June 30, 2023. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

 

          Shareholders that own 10% or more
of outstanding shares
    Total percentage of portfolio held by
shareholders that own 10% or more
of outstanding shares
 
          Non-Related Parties     Related Parties     Non-Related Parties     Related Parties  

PIMCO Multisector Bond-Active Exchange-Traded Fund

      0       1       0%       31%  

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

      0       1       0%       18%  

PIMCO Ultra Short Government Active Exchange- Traded Fund

      0       1       0%       38%  
         

14. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by a Fund only in Creation Units. Except when aggregated in Creation Units, shares of a Fund are not redeemable. Transactions in capital shares for a Fund are disclosed in detail on the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund generally consists of a basket of cash and/or securities that a Fund specifies each business day. Authorized Participants may be charged transaction fees as set forth below. To offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, Authorized Participants are subject to standard creation and redemption transaction fees payable directly to State Street Bank and Trust Company, the custodian of the Funds. These standard transaction fees are not payable to the Funds, and therefore, generally do not impact the Funds’ financial statements. 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. To the extent a variable transaction fee is not charged, certain costs may be borne by a Fund.

 

Standard Creation/
Redemption
Transaction Fee*
  Maximum
Variable Charge
for Cash Creations**
  Maximum
Variable Charge
for Cash Redemptions**
$  500   3.00%   2.00%

 

*

Applicable to in-kind contributions or redemptions only.

**

As a percentage of the net asset value per Creation Unit purchased or redeemed, inclusive of the standard creation transaction fee (if imposed).

 

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15. INVESTMENT TRANSACTIONS

For the period ended June 30, 2023, certain Funds had in-kind contributions and in-kind redemptions as follows (amounts in thousands):

 

Fund Name         Contributions     Redemptions  

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

    $   971,536     $   378,765  

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

      197,345       883,902  

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

      308,787       209,095  

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

      170,682       216,015  

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

      912,346       944,789  

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

      452,454       300,358  

PIMCO Multisector Bond Active Exchange-Traded Fund

      24,209       0  

 

 

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.

16. BASIS FOR CONSOLIDATION

The Commodity Subsidiary, a Cayman Islands exempted company, was incorporated on January 19, 2023, as a wholly owned subsidiary acting as an investment vehicle for the PIMCO Commodity Strategy Active Exchange-Traded Fund in order to effect certain investments for the Fund consistent with the Fund’s investment objectives and policies as specified in its prospectus and statement of additional information. The Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the Commodity Subsidiary. The consolidated financial statements include the accounts of the Fund and the Commodity Subsidiary, if any. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and the Commodity Subsidiary, comprising the entire issued share capital of the Commodity Subsidiary, with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association, shares issued by the Commodity Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Commodity Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Commodity Subsidiary. The net assets of the Commodity Subsidiary as of period end represented 6.3% of the Fund’s consolidated net assets.

17. 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.

The foregoing speaks only as of the date of this report.

18. 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 June 30, 2023, 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.

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

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that a Fund derive at least 90% of its gross income from certain qualifying sources of income. The IRS has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by a Fund, is not qualifying income under Subchapter M of the Code. As such, the Funds’ ability to utilize direct investments in commodity-linked swaps as part of its investment strategy is limited to a maximum of 10% of its gross income. However, in a subsequent revenue ruling, the IRS provides that income from alternative investment instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its investments will constitute qualifying income.

 

       
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PIMCO Commodity Strategy Active Exchange-Traded Fund will continue to seek to gain exposure to the commodity markets primarily through investments in its Subsidiary and perhaps through commodity-linked notes. The Subsidiary will be treated as a controlled foreign corporation. As a result, a Fund with the Subsidiary will be required to include in gross income for U.S. federal income tax purposes all of its Subsidiary’s subpart F income, whether or not such income is distributed by the Subsidiary. It is expected that all of the Subsidiary’s income and realized gains and mark-to-market gains will be subpart F income. PIMCO Commodity Strategy Active Exchange-Traded Fund’s recognition of its Subsidiary’s subpart F income will increase the Fund’s tax basis in its Subsidiary. Distributions by the Subsidiary to PIMCO Commodity Strategy Active Exchange-Traded Fund will be tax-free, to the extent of its previously undistributed subpart F income, and will correspondingly reduce PIMCO Commodity Strategy Active Exchange-Traded Fund’s tax basis in its Subsidiary. Subpart F income is generally treated by PIMCO Commodity Strategy Active Exchange-Traded Fund as ordinary income, regardless of the character of the Subsidiary’s underlying income or gains.

If a net loss is realized by Subsidiary, such loss is not generally available to offset the income earned by such Subsidiary’s parent Fund, and such loss cannot be carried forward to offset taxable income of the parent Fund or the Subsidiary in future periods.

Under IRS regulations, income derived from a controlled foreign corporation will be considered qualifying income if distributed to a Fund or if the Funds’ income from in the subsidiary is derived with respect to the Funds’ business of investing in securities. A subsidiary

may pay such a distribution at any time. An IRS revenue procedure states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the Act.

There can be no assurance that the IRS will not change its position with respect to some or all of these conclusions or that future legislation will not adversely impact the tax treatment of PIMCO Commodity Strategy Active Exchange-Traded Fund’s commodity-linked investments. If the IRS were to change or reverse its position, or if future legislation adversely affected the tax treatment of a Fund’s commodity-linked investments, there would likely be a significant adverse impact on PIMCO Commodity Strategy Active Exchange-Traded Fund, including the possibility of failing to qualify as a regulated investment company. If PIMCO Commodity Strategy Active Exchange-Traded Fund did not qualify as a regulated investment company for any taxable year, its taxable income would be subject to tax at the Fund level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such income is distributed. Furthermore, the tax treatment of PIMCO Commodity Strategy Active Exchange-Traded Fund’s investments in its Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of a Fund’s taxable income or any distributions made by PIMCO Commodity Strategy Active Exchange-Traded Fund or result in the inability of PIMCO Commodity Strategy Active Exchange-Traded Fund to operate as described in this Prospectus.

 

As of June 30, 2023, the components of distributable taxable earnings are as follows (amounts in thousands):

 

          Undistributed
Tax Exempt
Income
    Undistributed
Ordinary
Income(1)
    Undistributed
Long-Term
Capital Gains
    Net Tax Basis
Unrealized
Appreciation/
(Depreciation)(2)
    Other
Book-to-Tax
Accounting
Differences (3)
    Accumulated
Capital
Losses(4)
    Qualified
Late-Year
Loss
Deferral -
Capital(5)
    Qualified
Late-Year
Loss
Deferral -
Ordinary(6)
    Total
Components
of
Distributable
Earnings
 

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

    $ 0     $ 8,237     $   0     $ (180,965   $ (5   $   (111,200   $   0     $ 0     $   (283,933

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

      0       1,723       0       (71,937     (4     (33,540     0       0       (103,758

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

      0       4,065       0       (243,474     (4     (40,176     0       0       (279,589

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

      0       872       0       (9,555     (4     (24,328     0       0       (33,015

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

      0       5,796       0       (62,180     (13     (222,327     0       0       (278,724

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

      0       2,675       0       (60,138       (11     (28,170     0       0       (85,644

PIMCO Active Bond Exchange-Traded Fund

      0       0       0         (209,781     (25     (422,769     0         (12,017     (644,592

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

      0       0       0       (20,614     (8     (74,501     0       (3,261     (98,384

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

      0       481       0       (2,113     0       (2,752     0       0       (4,384

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

      0         37,715       0       (96,093     (7     (244,298     0       0       (302,683

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

        3,059       0       0       244       (7     (34,958     0       0       (31,662

PIMCO Multisector Bond Active Exchange-Traded Fund

      0       88       0       (41     0       (17     0       0       30  

 

         ANNUAL REPORT     |     JUNE 30, 2023     171
    


Table of Contents
Notes to Financial Statements   (Cont.)  

 

          Undistributed
Tax Exempt
Income
    Undistributed
Ordinary
Income(1)
    Undistributed
Long-Term
Capital Gains
    Net Tax Basis
Unrealized
Appreciation/
(Depreciation)(2)
    Other
Book-to-Tax
Accounting
Differences(3)
    Accumulated
Capital
Losses(4)
    Qualified
Late-Year
Loss
Deferral  -
Capital(5)
    Qualified
Late-Year
Loss
Deferral  -
Ordinary(6)
    Total
Components
of
Distributable
Earnings
 

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

    $ 259     $ 0     $ 0     $ 692     $ 0     $ (5,138   $ 0     $ 0     $ (4,187

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

      0       406       0       (2,317     0       (1,065     0       0       (2,976

PIMCO Senior Loan Active Exchange-Traded Fund

      0       968       0       659       0       (1,035     0       0       592  

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

      1,458       0       0       (6,410     (8     (11,518     0       0       (16,478

PIMCO Ultra Short Government Active Exchange-Traded Fund

      0       13       0       (1     0       0       0       0       12  

PIMCO Commodity Strategy Active Exchange-Traded Fund

      0       246       0       (200     0       (1     0       0       45  

 

 

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

(1) 

Includes undistributed short-term capital gains, if any.

(2) 

Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, passive foreign investment companies (PFICs), interest accrued on defaulted securities, and controlled foreign corporation (CFC) transactions.

(3) 

Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America mainly for organizational expenditures.

(4) 

Capital losses available to offset future net capital gains as shown below.

(5) 

Capital losses realized during the period November 1, 2022 through June 30, 2023 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

(6) 

Specified losses realized during the period November 1, 2022 through June 30, 2023 and Ordinary losses realized during the period January 1, 2023 through June 30, 2023 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.    

As of June 30, 2023, the Funds had the following post-effective capital losses with no expiration (amounts in thousands):

 

          Short-Term     Long-Term  

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

    $ 31,458     $ 79,742  

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

      9,877       23,663  

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

      19,631       20,545  

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

      21,392       2,936  

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

      50,373       171,954  

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

      13,714       14,456  

PIMCO Active Bond Exchange-Traded Fund

        283,807         138,962  

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

      49,954       24,547  

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

      1,504       1,248  

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

      83,507       160,791  

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

      23,064       11,894  

PIMCO Multisector Bond Active Exchange-Traded Fund

      17       0  

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

      5,138       0  

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

      1,065       0  

PIMCO Senior Loan Active Exchange-Traded Fund

      983       52  

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

      5,525       5,993  

PIMCO Ultra Short Government Active Exchange-Traded Fund

      0       0  

PIMCO Commodity Strategy Active Exchange-Traded Fund

      1       0  

 

 

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

 

       
172   PIMCO ETF TRUST            


Table of Contents
    June 30, 2023

 

As of June 30, 2023, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands):

 

           Federal
Tax Cost
     Unrealized
Appreciation
     Unrealized
(Depreciation)
     Net  Unrealized
Appreciation/
(Depreciation)(7)
 

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

     $   1,128,818      $ 145      $   (181,111    $   (180,966

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

       903,611        0        (71,937      (71,937

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

       911,143        0        (243,473      (243,473

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

       140,634        10        (9,564      (9,554

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

       1,233,329        6,670        (68,847      (62,177

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

       812,337        1,588        (61,727      (60,139

PIMCO Active Bond Exchange-Traded Fund

       4,054,951        8,960        (218,738      (209,778

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

       1,097,839        1,903        (22,495      (20,592

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

       154,690        1,019        (3,135      (2,116

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

       9,469,713        9,979        (106,073      (96,094

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

       971,540          12,287        (12,043      244  

PIMCO Multisector Bond Active Exchange-Traded Fund

       84,156        188        (229      (41

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

       70,200        1,645        (953      692  

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

       93,905        675        (2,992      (2,317

PIMCO Senior Loan Active Exchange-Traded Fund

       168,778        2,239        (1,580      659  

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

       549,065        1,200        (7,611      (6,411

PIMCO Ultra Short Government Active Exchange-Traded Fund

       17,902        0        (1      (1

PIMCO Commodity Strategy Active Exchange-Traded Fund

       269,738        1,934        (2,136      (202

 

 

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

(7) 

Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, passive foreign investment companies (PFICs), interest accrued on defaulted securities, and controlled foreign corporation (CFC) transactions.

For the fiscal years ended June 30, 2023 and June 30, 2022, respectively, the Funds made the following tax basis distributions (amounts in thousands):

 

          June 30, 2023     June 30, 2022  
 
          Tax-Exempt
Income
Distributions
    Ordinary
Income
Distributions(8)
    Long-Term
Capital Gain
Distributions
    Return of
Capital(9)
    Tax-Exempt
Income
Distributions
    Ordinary
Income
Distributions(8)
    Long-Term
Capital Gain
Distributions
    Return of
Capital(9)
 
 

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

    $ 0     $ 17,750     $   0     $   0     $ 0     $ 6,660     $ 0     $   0  
 

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

      0       43,653       0       0       0       69,174       0       0  
 

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

      0       33,083       0       0       0       42,424       0       0  
 

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

      0       11,385       0       0       0       13,350         907       0  
 

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

      0       74,597       0       0       0       64,850       0       0  
 

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

      0       26,827       0       0       0       18,881       576       0  
 

PIMCO Active Bond Exchange-Traded Fund

      0       118,150       0       0       0         109,815       0       0  
 

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

      0       39,335       0       0       0       14,527       0       0  
 

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

      0       6,454       0       0       0       1,333       22       0  
 

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

      0         312,603       0       0       0       81,605       698       0  
 

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

        21,270       3,171       0       0         10,925       496       0       0  
 

PIMCO Multisector Bond Active Exchange-Traded Fund

      0       0       0       0       0       0       0       0  
 

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

      1,616       327       0       0       421       32       0       0  
 

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

      0       928       0       0       0       0       0       0  

 

         ANNUAL REPORT     |     JUNE 30, 2023     173
    


Table of Contents
Notes to Financial Statements   (Cont.)   June 30, 2023

 

          June 30, 2023     June 30, 2022  
 
          Tax-Exempt
Income
Distributions
    Ordinary
Income
Distributions(8)
    Long-Term
Capital Gain
Distributions
    Return of
Capital(9)
    Tax-Exempt
Income
Distributions
    Ordinary
Income
Distributions(8)
    Long-Term
Capital Gain
Distributions
    Return of
Capital(9)
 
 

PIMCO Senior Loan Active Exchange-Traded Fund

    $ 0     $ 8,533     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0  
 

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

      9,832       1,820       0       0       2,751       390       0       0  
 

PIMCO Ultra Short Government Active Exchange-Traded Fund

      0       0       0       0       0       0       0       0  
 

PIMCO Commodity Strategy Active Exchange-Traded Fund

      0       0       0       0       0       0       0       0  

 

 

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

(8) 

Includes short-term capital gains distributed, if any.

(9) 

A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

 

       
174   PIMCO ETF TRUST            


Table of Contents
Report of Independent Registered Public Accounting Firm              

 

To the Board of Trustees of PIMCO ETF Trust and Shareholders of PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund, PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund, PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund, PIMCO Broad U.S. TIPS Index Exchange-Traded Fund, PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund, PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund, PIMCO Active Bond Exchange-Traded Fund, PIMCO Enhanced Low Duration Active Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active Exchange-Traded Fund, PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund, PIMCO Multisector Bond Active Exchange-Traded Fund, PIMCO Municipal Income Opportunities Active Exchange-Traded Fund, PIMCO Preferred and Capital Securities Active Exchange-Traded Fund, PIMCO Senior Loan Active Exchange-Traded Fund, PIMCO Short Term Municipal Bond Active Exchange-Traded Fund, PIMCO Ultra Short Government Active Exchange-Traded Fund and PIMCO Commodity Strategy Active Exchange-Traded Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (constituting PIMCO ETF Trust, hereafter collectively referred to as the “Funds”) as of June 30, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2023, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund(1)

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund(1)

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund(1)

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund(1)

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund(1)

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund(1)

PIMCO Active Bond Exchange-Traded Fund(1)

PIMCO Enhanced Low Duration Active Exchange-Traded Fund(1)

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund(2)

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund(1)

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund(1)

PIMCO Multisector Bond Active Exchange-Traded Fund(3)

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund(4)

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund(5)

PIMCO Senior Loan Active Exchange-Traded Fund(6)

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund(1)

PIMCO Ultra Short Government Active Exchange-Traded Fund(3)

PIMCO Commodity Strategy Active Exchange-Traded Fund(7)

 

(1) 

Statement of assets and liabilities, including the schedule of investments, as of June 30, 2023, and the related statement of operations for the year ended June 30, 2023, statement of changes in net assets for each of the two years in the period ended June 30, 2023 and the financial highlights for each of the five years in the period ended June 30, 2023

(2) 

Statement of assets and liabilities, including the schedule of investments, as of June 30, 2023, and the related statement of operations for the year ended June 30, 2023, statement of changes in net assets for each of the two years in the period ended June 30, 2023 and the financial highlights for the years ended June 30, 2023, 2022, 2021 and the period from December 10, 2019 (inception date) through June 30, 2020

(3) 

Statement of assets and liabilities, including the schedule of investments, as of June 30, 2023, and the related statements of operations and changes in net assets and the financial highlights for the period June 21, 2023 (inception date) through June 30, 2023

(4) 

Statement of assets and liabilities, including the schedule of investments, as of June 30, 2023, and the related statement of operations for the year ended June 30, 2023, and the statements of changes in net assets and the financial highlights for the year ended June 30, 2023 and for the period September 8, 2021 (inception date) through June 30, 2022

(5) 

Statement of assets and liabilities, including the schedule of investments, as of June 30, 2023, and the related statements of operations and changes in net assets and the financial highlights for the period January 18, 2023 (inception date) through June 30, 2023

 

         ANNUAL REPORT     |     JUNE 30, 2023     175
    


Table of Contents
Report of Independent Registered Public Accounting Firm   (Cont.)  

 

(6) 

Statement of assets and liabilities, including the schedule of investments, as of June 30, 2023, and the related statement of operations for the year ended June 30, 2023, and the statements of changes in net assets and the financial highlights for the year ended June 30, 2023 and for the period June 8, 2022 (inception date) through June 30, 2022

(7) 

Consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of June 30, 2023, and the related consolidated statements of operations and changes in net assets and the consolidated financial highlights for the period May 9, 2023 (inception date) through June 30, 2023

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2023 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

August 25, 2023

We have served as the auditor of one or more investment companies in PIMCO ETF Trust since 2009

 

       
176   PIMCO ETF TRUST            


Table of Contents
Glossary:   (abbreviations that may be used in the preceding statements)          (Unaudited)

 

Counterparty Abbreviations:

               
AZD  

Australia and New Zealand Banking Group

  CIB  

Canadian Imperial Bank of Commerce

  NOM  

Nomura Securities International, Inc.

BCY  

Barclays Capital, Inc.

  DEU  

Deutsche Bank Securities, Inc.

  RBC  

Royal Bank of Canada

BMO  

BMO Capital Markets Corporation

  FICC  

Fixed Income Clearing Corporation

  RCY  

Royal Bank of Canada

BOA  

Bank of America N.A.

  GSC  

Goldman Sachs & Co. LLC

  RDR  

RBC Capital Markets LLC

BOS  

BofA Securities, Inc.

  GST  

Goldman Sachs International

  RYL  

NatWest Markets Plc

BPG  

BNP Paribas Securities Corp.

  JPM  

JP Morgan Chase Bank N.A.

  SCX  

Standard Chartered Bank, London

BPS  

BNP Paribas S.A.

  JPS  

J.P. Morgan Securities LLC

  SOG  

Societe Generale Paris

BRC  

Barclays Bank PLC

  MAC  

Macquarie Bank Limited

  TOR  

The Toronto-Dominion Bank

BSN  

The Bank of Nova Scotia - Toronto

  MBC  

HSBC Bank Plc

  UAG  

UBS AG Stamford

CBK  

Citibank N.A.

       

Currency Abbreviations:

               
AUD  

Australian Dollar

  EUR  

Euro

  JPY  

Japanese Yen

CAD  

Canadian Dollar

  GBP  

British Pound

  USD (or $)  

United States Dollar

Exchange Abbreviations:

               
OTC  

Over the Counter

       

Index/Spread Abbreviations:

               
CDX.EM  

Credit Derivatives Index - Emerging Markets

  LIBOR03M  

3 Month USD-LIBOR

  SOFR  

Secured Overnight Financing Rate

CDX.HY  

Credit Derivatives Index - High Yield

  LIBOR06M  

6 Month USD-LIBOR

  SOFRINDX  

Secured Overnight Financing Rate Index

CDX.IG  

Credit Derivatives Index - Investment Grade

  MUNIPSA  

Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index

  US0001M  

ICE 1-Month USD LIBOR

JMABNIC5  

J.P. Morgan Custom Commodity Index

  PIMCODB  

PIMCO Custom Commodity Basket

  US0003M  

ICE 3-Month USD LIBOR

LIBOR01M  

1 Month USD-LIBOR

  PRIME  

Daily US Prime Rate

   

Municipal Bond or Agency Abbreviations:

               
AGM  

Assured Guaranty Municipal

  BHAC  

Berkshire Hathaway Assurance Corporation

  NPFGC  

National Public Finance Guarantee Corp.

AMBAC  

American Municipal Bond Assurance Corp.

  FGIC  

Financial Guaranty Insurance Co.

  PSF  

Public School Fund

BAM  

Build America Mutual Assurance

  FHA  

Federal Housing Administration

  Q-SBLF  

Qualified School Bond Loan Fund

Other Abbreviations:

               
ABS  

Asset-Backed Security

  OIS  

Overnight Index Swap

  TBA  

To-Be-Announced

ALT  

Alternate Loan Trust

  oz.  

Ounce

  TBD  

To-Be-Determined

BABs  

Build America Bonds

  PIK  

Payment-in-Kind

  TBD%  

Interest rate to be determined when loan settles or at the time of funding

CLO  

Collateralized Loan Obligation

  RBOB  

Reformulated Blendstock for Oxygenate Blending

  WTI  

West Texas Intermediate

DAC  

Designated Activity Company

  REMIC  

Real Estate Mortgage Investment Conduit

   

 

         ANNUAL REPORT     |     JUNE 30, 2023     177
    


Table of Contents
Federal Income Tax Information      

 

As required by the Internal Revenue Code (“Code”) and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Funds’ fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Fund’s dividend distribution that qualifies under tax law. The percentage of the following Funds’ fiscal 2023 ordinary income dividend that qualifies for the corporate dividend corporate dividend received deduction is set forth below:

Qualified Dividend Income.  Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended June 30, 2023 was designated as ‘‘qualified dividend income’’ as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2023:

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).  Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2023 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2023 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section  163(j) Interest Dividends.  The Funds intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

 

            Dividend
Received
Deduction %
     Qualified
Dividend
Income %
     Qualified
Interest
Income
(000s)
     Qualified
Short-Term
Capital Gains
(000s)
     163(j)
Interest
Dividends
(000s)
 

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

        0.00%        0.00%      $ 17,750      $ 0      $ 17,697  

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

        0.00%        0.00%        43,653        0        41,104  

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

        0.00%        0.00%        33,083        0        32,042  

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

        0.00%        0.00%        11,385        0        11,385  

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

        0.00%        0.00%        73,105        0        71,084  

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

        0.00%        0.00%        23,339        0        26,284  

PIMCO Active Bond Exchange-Traded Fund

        0.00%        0.00%        106,335        0        105,364  

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

        0.00%        0.00%        36,582        0        35,137  

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

        0.00%        0.00%        5,680        0        4,479  

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

        0.00%        0.00%        284,468        0          312,603  

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

        0.00%        0.00%        24,441        0        0  

PIMCO Multisector Bond Active Exchange-Traded Fund

        0.00%        0.00%        0        0        0  

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

        0.00%        0.00%        1,943        0        0  

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

        39.15%        61.00%        649        0        0  

PIMCO Senior Loan Active Exchange-Traded Fund

        0.00%        0.00%        8,107        0        2,210  

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

        0.00%        0.00%          11,652          0        0  

PIMCO Ultra Short Government Active Exchange-Traded Fund

        0.00%        0.00%        0        0        0  

PIMCO Commodity Strategy Active Exchange-Traded Fund

        0.00%        0.00%        0        0        0  

 

 

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

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2024, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2023.

 

       
178   PIMCO ETF TRUST            


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    (Unaudited)

 

Section  199A Dividends.  Non-corporate fund shareholders of the funds below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the funds as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

 

            199A Dividends  

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

        0.00%  

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

        0.00%  

PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

        0.00%  

PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

        0.00%  

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

        0.00%  

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

        0.00%  

PIMCO Active Bond Exchange-Traded Fund

        0.00%  

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

        0.00%  

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

        0.00%  

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

        0.00%  

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

        0.00%  

PIMCO Multisector Bond Active Exchange-Traded Fund

        0.00%  

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

        0.00%  

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

        0.00%  

PIMCO Senior Loan Active Exchange-Traded Fund

        0.00%  

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

        0.00%  

PIMCO Ultra Short Government Active Exchange-Traded Fund

        0.00%  

PIMCO Commodity Strategy Active Exchange-Traded Fund

        0.00%  

 

         ANNUAL REPORT     |     JUNE 30, 2023     179
    


Table of Contents
Distribution Information    

 

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 June 30, 2023 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

 

PIMCO 25+ Year Zero Coupon U.S. Treasury Index
Exchange-Traded Fund
         Net Investment
Income*
     Net Realized
Capital Gains*
     Paid-in Surplus or
Other  Capital
Sources**
     Total (per
common share)
 

April 2023

     $ 0.7300      $ 0.0000      $ 0.0000      $ 0.7300  
PIMCO 1-5 Year U.S. TIPS Index Exchange-
Traded Fund
         Net Investment
Income*
     Net Realized
Capital Gains*
     Paid-in Surplus or
Other Capital
Sources**
     Total (per
common share)
 

January 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

February 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

March 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

April 2023

     $ 0.1000      $ 0.0000      $ 0.0000      $ 0.1000  

May 2023

     $ 0.1000      $ 0.0000      $ 0.0000      $ 0.1000  

June 2023

     $ 0.0500      $ 0.0000      $ 0.0000      $ 0.0500  
PIMCO 15+ Year U.S. TIPS Index Exchange-
Traded Fund
         Net Investment
Income*
     Net Realized
Capital Gains*
     Paid-in Surplus or
Other Capital
Sources**
     Total (per
common share)
 

January 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

February 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

March 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

April 2023

     $ 0.2100      $ 0.0000      $ 0.0000      $ 0.2100  

May 2023

     $ 0.3500      $ 0.0000      $ 0.0000      $ 0.3500  

June 2023

     $ 0.2400      $ 0.0000      $ 0.0000      $ 0.2400  
PIMCO Broad U.S. TIPS Index Exchange-
Traded Fund
         Net Investment
Income*
     Net Realized
Capital Gains*
     Paid-in Surplus or
Other Capital
Sources**
     Total (per
common share)
 

January 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

February 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

March 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

April 2023

     $ 0.3932      $ 0.0000      $ 0.0068      $ 0.4000  

May 2023

     $ 0.3144      $ 0.0000      $ 0.0256      $ 0.3400  

June 2023

     $ 0.2600      $ 0.0000      $ 0.0000      $ 0.2600  
PIMCO 0-5 Year High Yield Corporate Bond Index
Exchange-Traded Fund
         Net Investment
Income*
     Net Realized
Capital Gains*
     Paid-in Surplus or
Other Capital
Sources**
     Total (per
common share)
 

January 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

February 2023

     $ 0.4400      $ 0.0000      $ 0.0000      $ 0.4400  

March 2023

     $ 0.4500      $ 0.0000      $ 0.0000      $ 0.4500  

April 2023

     $ 0.4800      $ 0.0000      $ 0.0000      $ 0.4800  

May 2023

     $ 0.4800      $ 0.0000      $ 0.0000      $ 0.4800  

June 2023

     $ 0.5200      $ 0.0000      $ 0.0000      $ 0.5200  

 

       
180   PIMCO ETF TRUST            


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    (Unaudited)

 

PIMCO Investment Grade Corporate Bond Index
Exchange-Traded Fund
         Net Investment
Income*
     Net Realized
Capital Gains*
    

Paid-in Surplus or

Other Capital
Sources**

    

Total (per

common share)

 

January 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

February 2023

     $ 0.3300      $ 0.0000      $ 0.0000      $ 0.3300  

March 2023

     $ 0.3300      $ 0.0000      $ 0.0000      $ 0.3300  

April 2023

     $ 0.3300      $ 0.0000      $ 0.0000      $ 0.3300  

May 2023

     $ 0.3100      $ 0.0000      $ 0.0000      $ 0.3100  

June 2023

     $ 0.3400      $ 0.0000      $ 0.0000      $ 0.3400  
PIMCO Active Bond Exchange-Traded Fund          Net Investment
Income*
     Net Realized
Capital Gains*
    

Paid-in Surplus or

Other Capital
Sources**

     Total (per
common share)
 

January 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

February 2023

     $ 0.2800      $ 0.0000      $ 0.0000      $ 0.2800  

March 2023

     $ 0.2900      $ 0.0000      $ 0.0000      $ 0.2900  

April 2023

     $ 0.3000      $ 0.0000      $ 0.0000      $ 0.3000  

May 2023

     $ 0.2950      $ 0.0000      $ 0.0000      $ 0.2950  

June 2023

     $ 0.3100      $ 0.0000      $ 0.0000      $ 0.3100  
PIMCO Enhanced Low Duration Active Exchange-
Traded Fund
         Net Investment
Income*
     Net Realized
Capital Gains*
     Paid-in Surplus or
Other Capital
Sources**
     Total (per
common share)
 

January 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

February 2023

     $ 0.2300      $ 0.0000      $ 0.0000      $ 0.2300  

March 2023

     $ 0.2700      $ 0.0000      $ 0.0000      $ 0.2700  

April 2023

     $ 0.3100      $ 0.0000      $ 0.0000      $ 0.3100  

May 2023

     $ 0.2850      $ 0.0000      $ 0.0000      $ 0.2850  

June 2023

     $ 0.3100      $ 0.0000      $ 0.0000      $ 0.3100  
PIMCO Enhanced Short Maturity Active ESG
Exchange-Traded Fund
         Net Investment
Income*
     Net Realized
Capital Gains*
     Paid-in Surplus or
Other Capital
Sources**
     Total (per
common share)
 

January 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

February 2023

     $ 0.2800      $ 0.0000      $ 0.0000      $ 0.2800  

March 2023

     $ 0.2800      $ 0.0000      $ 0.0000      $ 0.2800  

April 2023

     $ 0.3500      $ 0.0000      $ 0.0000      $ 0.3500  

May 2023

     $ 0.3100      $ 0.0000      $ 0.0000      $ 0.3100  

June 2023

     $ 0.3400      $ 0.0000      $ 0.0000      $ 0.3400  
PIMCO Enhanced Short Maturity Active Exchange-
Traded Fund
         Net Investment
Income*
     Net Realized
Capital Gains*
     Paid-in Surplus or
Other Capital
Sources**
     Total (per
common share)
 

January 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

February 2023

     $ 0.3300      $ 0.0000      $ 0.0000      $ 0.3300  

March 2023

     $ 0.3300      $ 0.0000      $ 0.0000      $ 0.3300  

April 2023

     $ 0.3900      $ 0.0000      $ 0.0000      $ 0.3900  

May 2023

     $ 0.3600      $ 0.0000      $ 0.0000      $ 0.3600  

June 2023

     $ 0.4100      $ 0.0000      $ 0.0000      $ 0.4100  
PIMCO Intermediate Municipal Bond Active
Exchange-Traded Fund
         Net Investment
Income*
     Net Realized
Capital Gains*
     Paid-in Surplus or
Other Capital
Sources**
     Total (per
common share)
 

January 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

February 2023

     $ 0.1200      $ 0.0000      $ 0.0000      $ 0.1200  

March 2023

     $ 0.1350      $ 0.0000      $ 0.0000      $ 0.1350  

April 2023

     $ 0.1400      $ 0.0000      $ 0.0000      $ 0.1400  

May 2023

     $ 0.1200      $ 0.0000      $ 0.0000      $ 0.1200  

June 2023

     $ 0.1350      $ 0.0000      $ 0.0000      $ 0.1350  

 

         ANNUAL REPORT     |     JUNE 30, 2023     181
    


Table of Contents
Distribution Information   (Cont.)   (Unaudited)

 

PIMCO Multisector Bond Active Exchange-
Traded Fund
         Net Investment
Income*
     Net Realized
Capital Gains*
     Paid-in Surplus or
Other Capital
Sources**
     Total (per
common share)
 

June 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  
PIMCO Municipal Income Opportunities Active
Exchange-Traded Fund
         Net Investment
Income*
     Net Realized
Capital Gains*
     Paid-in Surplus or
Other Capital
Sources**
     Total (per
common share)
 

January 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

February 2023

     $ 0.1400      $ 0.0000      $ 0.0000      $ 0.1400  

March 2023

     $ 0.1355      $ 0.0000      $ 0.0000      $ 0.1355  

April 2023

     $ 0.1560      $ 0.0000      $ 0.0000      $ 0.1560  

May 2023

     $ 0.1320      $ 0.0000      $ 0.0000      $ 0.1320  

June 2023

     $ 0.1400      $ 0.0000      $ 0.0000      $ 0.1400  
PIMCO Preferred and Capital Securities Active
Exchange-Traded Fund
         Net Investment
Income*
     Net Realized
Capital Gains*
     Paid-in Surplus or
Other Capital
Sources**
     Total (per
common share)
 

January 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

February 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

March 2023

     $ 0.2200      $ 0.0000      $ 0.0000      $ 0.2200  

April 2023

     $ 0.2500      $ 0.0000      $ 0.0000      $ 0.2500  

May 2023

     $ 0.2100      $ 0.0000      $ 0.0000      $ 0.2100  

June 2023

     $ 0.1226      $ 0.0000      $ 0.0024      $ 0.1250  
PIMCO Senior Loan Active Exchange-Traded Fund         

Net Investment

Income*

    

Net Realized

Capital Gains*

    

Paid-in Surplus or

Other Capital
Sources**

     Total (per
common share)
 

January 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

February 2023

     $ 0.3500      $ 0.0000      $ 0.0000      $ 0.3500  

March 2023

     $ 0.3240      $ 0.0000      $ 0.0000      $ 0.3240  

April 2023

     $ 0.3800      $ 0.0000      $ 0.0000      $ 0.3800  

May 2023

     $ 0.3400      $ 0.0000      $ 0.0000      $ 0.3400  

June 2023

     $ 0.4000      $ 0.0000      $ 0.0000      $ 0.4000  
PIMCO Short Term Municipal Bond Active
Exchange-Traded Fund
         Net Investment
Income*
     Net Realized
Capital Gains*
     Paid-in Surplus or
Other Capital
Sources**
     Total (per
common share)
 

January 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

February 2023

     $ 0.0900      $ 0.0000      $ 0.0000      $ 0.0900  

March 2023

     $ 0.1050      $ 0.0000      $ 0.0000      $ 0.1050  

April 2023

     $ 0.1150      $ 0.0000      $ 0.0000      $ 0.1150  

May 2023

     $ 0.1000      $ 0.0000      $ 0.0000      $ 0.1000  

June 2023

     $ 0.1100      $ 0.0000      $ 0.0000      $ 0.1100  
PIMCO Ultra Short Government Active Exchange-
Traded Fund
         Net Investment
Income*
     Net Realized
Capital Gains*
     Paid-in Surplus or
Other Capital
Sources**
     Total (per
common share)
 

June 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  
PIMCO Commodity Strategy Active Exchange-
Traded Fund
         Net Investment
Income*
     Net Realized
Capital Gains*
     Paid-in Surplus or
Other Capital
Sources**
     Total (per
common share)
 

May 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

June 2023

     $ 0.0000      $ 0.0000      $ 0.0000      $ 0.0000  

 

*

The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits.

**

Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund’s net income, yield, earnings or investment performance.

 

       
182   PIMCO ETF TRUST            


Table of Contents
Approval of Investment Management Agreement     (Unaudited)

 

Approval of the Investment Management Agreement for PIMCO Preferred and Capital Securities Active Exchange-Traded Fund, PIMCO Commodity Strategy Active Exchange-Traded Fund and PIMCO Multisector Bond Active Exchange-Traded Fund

At a meeting held on November 15-16, 2022, the Board of Trustees (the “Board”) of PIMCO ETF Trust (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, for an initial two-year term, the Investment Management Agreement (the “PRFD Agreement”) between the Trust, on behalf of the PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (“PRFD”), and Pacific Investment Management Company LLC (“PIMCO”).

At a meeting held on February 7-8, 2023, the Board, including all of the Independent Trustees, considered and unanimously approved, for an initial two-year term, the Investment Management Agreement (the “CMDT Agreement”) between the Trust, on behalf of the PIMCO Commodity Strategy Active Exchange-Traded Fund (“CMDT”) and PIMCO. In addition, the Board considered and unanimously approved the investment management agreement between PIMCO and PIMCO Cayman Commodity Fund CMDT, Ltd., the wholly-owned subsidiary (the “Subsidiary”) of CMDT (the “Subsidiary Agreement”).

At a meeting held on May 16-17, 2023, the Board, including all of the Independent Trustees, considered and unanimously approved, for an initial two-year term, the Investment Management Agreement (the “PYLD Agreement” and, together with the together with the PRFD Agreement, CMDT Agreement and Subsidiary Agreement, the “Agreements”) between the Trust on behalf of the PIMCO Multisector Bond Active Exchange-Traded Fund (“PYLD”, together with PRFD and CMDT, the “New Funds”) and PIMCO.

The information, material factors and conclusions that formed the basis for the Board’s approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed:  The Trustees received a wide variety of materials relating to the services to be provided by PIMCO to the New Funds in connection with the November 15-16 2022, February 7-8, 2023 and May 16-17, 2023 meetings. The Trustees also considered information they had received from PIMCO in connection with the renewal of the Investment Management Agreement between PIMCO and the existing series of the Trust. The Board reviewed information relating to the proposed New Funds operations, including memoranda from PIMCO describing the New Funds, a term sheet detailing key features of each New Fund, fee comparisons for each New Fund from

Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company performance and fee and expense data, and memoranda from Dechert LLP describing the Trustees’ responsibilities in approving the Agreements. In considering whether to approve the Agreements, the Board also reviewed materials provided by PIMCO, which included, among other things, comparative industry data with regard to management fees and expense ratios of funds with investment objectives and policies similar to those of the New Funds.

With respect to the Subsidiary Agreement, the Trustees considered that CMDT may utilize its Subsidiary to execute its investment strategy and that PIMCO would provide investment advisory and administrative services to the Subsidiary pursuant to the Subsidiary Agreement in the same manner as it would for the CMDT under the CMDT Agreement. The Trustees also considered that, with respect to the Subsidiary, PIMCO would not retain a separate advisory or other fee from the Subsidiary, and that PIMCO’s profitability with respect to CMDT would not be positively impacted as a result of the Subsidiary Agreement. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreement collectively with their consideration of the CMDT Agreement.

(b) Review Process:  In connection with the approval of the Agreements, the Board reviewed written materials prepared by PIMCO encompassing a wide variety of topics, which included, among other things, comparative fee data prepared at the Board’s request by Broadridge. The Board also heard oral presentations on matters related to the Agreements. The approval determinations were 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 Agreements, 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 approval of the Agreements, 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 assets under management. The Board also considered the various services in addition to portfolio management that PIMCO proposes to provide

 

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Table of Contents
Approval of Investment Management Agreement   (Cont.)  

 

under the Agreements. 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 Agreements. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the New Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the New Funds’ investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the New Funds and their shareholders. The Board also considered PIMCO’s investment in new disciplines and talented personnel, which has enhanced PIMCO’s services to other funds in the Trust and has allowed PIMCO to introduce innovative new funds over time. In addition, the Board considered the nature, extent and quality of services to be provided by PIMCO to the Subsidiary.

Ultimately, the Board concluded that the nature, extent and quality of services proposed to be provided or procured by PIMCO under the Agreements are likely to benefit the New Funds and their shareholders.

(b) Other Services:  The Board also considered the nature, extent and quality of supervisory and administrative services to be provided by PIMCO to the New Funds under the Agreements. The Board considered the terms of the Agreements, under which the Trust will pay for the supervisory and administrative services provided pursuant to that agreement under a unified fee. In return, PIMCO will provide or procure certain supervisory and administrative services and bear the costs of various third party services required by the New Funds, including but not limited to audit, custodial, portfolio accounting, ordinary legal, transfer agency, exchange listing 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 Agreements will continue to increase. The Board considered PIMCO’s provision of these services to other series of the Trust and its supervision of the Trust’s third-party service providers to assure that these service providers 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 proposed to be provided or procured by PIMCO under the Agreements are likely to benefit the New Funds and their shareholders.

3. INVESTMENT PERFORMANCE

As the New Funds had not yet commenced operations at the time the Agreements were considered, the Trustees did not receive or consider investment performance information with respect to the New Funds.

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 the New Funds, it considered a number of factors, including, but not limited to, the type and complexity of the services to be provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the impact of potential returns from different levels of fees, the competitive marketplace for financial products and the attractiveness of potential returns to prospective investors in the New Fund.

The Board reviewed the proposed management fees and estimated total expenses of each New 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 fees, the Board reviewed data from the Broadridge Report that compared the average and median management fees of other funds in a “Expense Group” of comparable funds, where appropriate, as well as the universe of other similar funds. The Board also compared each New Fund’s total expenses to other funds in the Expense Group provided by Broadridge and found that each New Fund’s total expenses to be reasonable.

The Board considered the New Funds’ unified fee structure, under which the New Funds would pay for the advisory and supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO will provide or procure such services and bear the costs of various third party services required by the New Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency and printing costs. The Board considered that the unified fee would lead to fees for the New Funds 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 fees for the New Funds at competitive levels over the contract period even if the New Funds’ operating costs rise when assets remain flat or decrease. The Board concluded that the New Funds’ proposed management fees were reasonable in relation to the value of the services to be provided, and that the unified fee represents, in effect, a cap on overall fund

 

       
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    (Unaudited)

 

expenses that would be beneficial to the New Funds and their shareholders. The Board noted that each New Fund would be covered by a fee waiver agreement and an Expense Limitation Agreement that is designed to cap organizational expenses, expenses related to obtaining or maintaining a Legal Entity Identifier and trustee fees. In addition, the Board noted the fee waiver that was proposed to be put in place with respect to the management fee that might result from investments by CMDT in the Subsidiary.

Based on the information presented by PIMCO, members of the Board determined, in the exercise of their business judgment, that the management fee to be charged by PIMCO and that the estimated total expenses of the New Funds are reasonable and approval of the Agreement would benefit shareholders of the Fund.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

As the New Funds had not yet commenced operations at the time the Agreements were considered, information regarding PIMCO’s costs in providing services to the New Funds and the profitability of PIMCO’s relationship with the New Funds was not available.

The Trustees considered that the unified fee provides inherent economies of scale because the New Funds’ unified fee would remain fixed even if the New Funds’ assets decline and/or operating costs rise. The Trustees also considered, unlike the New Funds’ proposed unified fee structure, funds with “pass through” 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 Trustees noted that, by pricing the New Funds to scale at inception instead of instituting breakpoints, PIMCO is effectively sharing economies of scale, if any, with shareholders before it realizes such benefits.

The Board concluded that the New Funds’ proposed cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the New Funds’ unified fee structure, by generally pricing the New Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the New 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, including 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 also considered that affiliates of PIMCO will provide distribution and shareholder services to the New Fund and its shareholders. The Board also noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the New 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 to be rendered to the New Funds by PIMCO supported the approval of the Agreements. The Independent Trustees and the Board as a whole concluded that the New Fund Agreement was fair and reasonable to the New Funds and their shareholders, that the New Funds’ shareholders would likely receive reasonable value in return for the fees that would be paid to PIMCO by the New Funds under the Agreements, and that the approval of the Agreements were in the best interests of the New Funds and their shareholders.

 

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Table of Contents
Management of the Trust    

 

The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Funds’ Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 400-4ETF or visit the Funds’ website at www.pimcoetfs.com.

 

Name, Year of Birth and
Position Held with Trust*
  Term of
Office and
Length of
Time Served
  Principal Occupation(s) During Past 5 Years   Number of Funds
in Fund Complex
Overseen by Trustee
   Other Public Company and Investment Company
Directorships Held by Trustee During the Past 5 Years
Interested Trustees1         

Peter G. Strelow (1970)

Chairman of the Board and Trustee

 

05/2017 to present

 

Chairman 02/2019 to present

  Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO.   161    Chairman and Trustee, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT.

Kimberley G. Stafford (1978)

Trustee

  02/2021 to present   Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO.   161    Trustee, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT.
Independent Trustees         

George E. Borst (1948)

Trustee

  04/2015 to present   Executive Advisor, McKinsey & Company; Formerly, Executive Advisor, Toyota Financial Services; and CEO, Toyota Financial Services.   161    Trustee, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT; Director, MarineMax Inc.

Jennifer Holden Dunbar (1963)

Trustee

  04/2015 to present   Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P.   161    Trustee, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation.

Kym M. Hubbard (1957)

Trustee

  02/2017 to present   Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young.   161    Trustee, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT; Director, State Auto Financial Corporation.

Gary F. Kennedy (1955)

Trustee

  04/2015 to present   Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group).   161    Trustee, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT.

Peter B. McCarthy (1950)

Trustee

  04/2015 to present   Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance.   161    Trustee, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series and PIMCO Equity Series VIT.

Ronald C. Parker (1951)

Lead Independent Trustee

 

07/2009 to present

 

Lead Independent Trustee

02/2017 to present

  Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products).   161    Lead Independent Trustee, PIMCO Funds and PIMCO Variable Insurance Trust, PIMCO Equity Series and PIMCO Equity Series VIT.

 

*

Unless otherwise noted, the information for the individuals listed is as of June 30, 2023.

1 

Ms. Stafford and Mr. Strelow are “interested persons” of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO.

 

Trustees serve until their successors are duly elected and qualified.

 

       
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    (Unaudited)

 

Executive Officers

 

Name, Year of Birth and
Position Held with Trust*
   Term of Office and
Length of Time Served
   Principal Occupation(s) During Past 5 Years()

Eric D. Johnson (1970)

President

   06/2019 to present    Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO Sponsored Closed-End Funds and PIMCO Flexible Real Estate Income Fund.

Ryan G. Leshaw (1980)

Chief Legal Officer and Secretary

   08/2021 to present    Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP.

Keisha Audain-Pressley (1975)**

Chief Compliance Officer

   01/2020 to present    Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.

Joshua D. Ratner (1976)**

Senior Vice President

   05/2019 to present    Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.

Peter G. Strelow (1970)

Senior Vice President

   06/2019 to present    Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO.

Wu-Kwan Kit (1981)

Assistant Secretary

   08/2017 to present    Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp.

Douglas B. Burrill (1980)**

Vice President

   08/2022 to present    Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.

Elizabeth A. Duggan (1964)

Vice President

   02/2021 to present    Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.

Jason R. Duran (1977)

Vice President

   02/2023 to present    Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.

Mark A. Jelic (1981)

Vice President

   08/2021 to present    Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.

Kenneth W. Lee (1972)

Vice President

   08/2022 to present    Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.

Greg J. Mason (1980)***

Vice President

   05/2023 to present    Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Flexible Real Estate Income Fund.

Brian J. Pittluck (1977)

Vice President

   01/2020 to present    Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.

Keith A. Werber (1973)

Vice President

   05/2022 to present    Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.

Bijal Y. Parikh (1978)

Treasurer

   01/2021 to present    Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Flexible Real Estate Income Fund.

 

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Management of the Trust   (Cont.)   (Unaudited)

 

Name, Year of Birth and
Position Held with Trust*
   Term of Office and
Length of Time Served
   Principal Occupation(s) During Past 5 Years()

Erik C. Brown (1967)***

Assistant Treasurer

   02/2009 to present    Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.

Brandon T. Evans (1982)

Assistant Treasurer

   05/2019 to present    Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.

Maria M. Golota (1983)**

Assistant Treasurer

   02/2023 to present    Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Flexible Real Estate Income Fund.

 

*

Unless otherwise noted, the information for the individuals listed is as of June 30, 2023.

The term “PIMCO-Sponsored Closed-End Funds” as used herein includes: PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Access Income Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term “PIMCO-Sponsored Interval Funds” as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.

**

The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

***

The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

 

       
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Privacy Policy1     (Unaudited)

 

The Funds2,3 consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ non-public personal information. The Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers or sub-advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Funds do not disclose any non-public personal information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Funds or their affiliates may also retain non-affiliated companies to market Fund shares or products which use Fund shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Funds reserve the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Funds believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any Fund in which a shareholder has invested. In addition, the Funds may disclose information about a shareholder or a shareholder’s accounts to a non-affiliated third party at the shareholder’s request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Funds may share shareholder information with their affiliates in connection with servicing shareholders’ accounts, and subject to applicable law may provide shareholders with information about products and services that the Funds or their Advisers, distributors or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds may share may include, for example, a shareholder’s participation in the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), information about the Funds’ experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder’s accounts, subject to applicable law. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have implemented procedures that are designed to restrict access to a shareholder’s non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder’s non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Funds or their service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Funds or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Funds may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

1 Amended as of June 25, 2020.

2 PIMCO Investments LLC (“PI”) serves as the Funds’ distributor and does not provide brokerage services or any financial advice to investors in the Funds solely because it distributes the Funds. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to “the Funds” shall include PI when acting in this capacity.

3 When distributing this Policy, a Fund may combine the distribution with any similar distribution of its investment adviser’s privacy policy. The distributed, combined, policy may be written in the first person (i.e. by using “we” instead of “the Funds”).

 

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Table of Contents
Liquidity Risk Management Program     (Unaudited)

 

In compliance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940, as amended (“1940 Act”), PIMCO ETF Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for each series of the Trust (each a “Fund” and collectively, the “Funds”) not regulated as a money market fund under 1940 Act Rule 2a-7, which is reasonably designed to assess and manage the Funds’ liquidity risk. The Trust’s Board of Trustees (the “Board”) previously approved the designation of the PIMCO Liquidity Risk Committee (the “Administrator”) as Program administrator. The PIMCO Liquidity Risk Committee consists of senior members from certain PIMCO business areas, such as Portfolio Risk Management, Americas Operations, Compliance, Account Management and Portfolio Management, and is advised by members of PIMCO Legal.

A Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions. Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. Each Fund has adopted a “Highly Liquid Investment Minimum” (or “HLIM”), which is a minimum amount of Fund net assets to be invested in highly liquid investments that are assets. As required under the Liquidity Rule, each Fund’s HLIM is periodically reviewed, no less frequently than annually, and the Funds have adopted policies and procedures for responding to a shortfall of a Fund’s highly liquid investments below its HLIM. The Liquidity Rule also limits the Funds’ investments in illiquid investments by prohibiting a Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. Certain non-public reporting is generally required if a Fund’s holdings of illiquid investments that are assets were to exceed 15% of Fund net assets.

At a meeting of the Board held on February 7-8, 2023, the Board received a report (the “Report”) from the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the 12-month period ended December 31, 2022. The Report reviewed the operation of the Program’s components during such period and stated that the Program is operating effectively to assess and manage each Fund’s liquidity risk and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Funds’ liquidity developments. This has remained true for the 12-month period ended June 30, 2023.

 

       
190   PIMCO ETF TRUST            


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General Information

 

Investment Manager

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co

State Street Financial Center

One Congress Street, Suite 1

Boston, MA 02114-2016

Transfer Agent

State Street Bank & Trust Co

State Street Financial Center

One Congress Street, Suite 1

Boston, MA 02114-2016

Legal Counsel

Dechert LLP

1900 K Street N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

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


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