UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number: 811-22250
PIMCO ETF Trust
(Exact name of registrant as specified in charter)
650 Newport Center Drive, Newport Beach, CA 92660
(Address of principal executive office)
Bijal Y. Parikh
Treasurer (Principal Financial & Accounting Officer)
PIMCO ETF Trust
650 Newport Center Drive, Newport Beach, CA 92660
(Name and address of agent for service)
Copies to:
Adam T. Teufel
Dechert LLP
1900 K Street, N.W.
Washington, D.C. 20006
Registrant’s telephone number, including area code: (888) 877-4626
Date of fiscal year end: June 30
Date of reporting period: June 30, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
| Item 1. | Reports to Shareholders. |
| | (a) | The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30e-1). |
| | ● | | 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 Exchange-Traded Fund |
| | ● | | PIMCO Active Bond 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 Municipal Income Opportunities Active Exchange-Traded Fund |
| | ● | | PIMCO Senior Loan Active Exchange-Traded Fund |
| | ● | | PIMCO Short Term Municipal Bond Active Exchange-Traded Fund |
PIMCO ETF TRUST
Annual Report
June 30, 2022
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 Arca
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 Municipal Income Opportunities Active Exchange-Traded Fund | MINO | NYSE Arca
PIMCO Senior Loan Active Exchange-Traded Fund | LONZ | NYSE Arca
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | SMMU | NYSE Arca
Table of Contents
This material is authorized for use only when preceded or accompanied by the current PIMCO ETF Trust prospectus.
Dear Shareholder,
We hope that you and your family are remaining safe and healthy during these challenging times. We continue to work tirelessly to navigate markets and manage the assets that you have entrusted to us. Following this letter is the PIMCO ETF Annual Report, which covers the 12-month reporting period ended June 30, 2022. On the subsequent pages, you will find specific details regarding investment results and a discussion of the factors that most affected performance during the reporting period.
For the 12-month reporting period ended June 30, 2022
The global economy continued to be affected by the COVID-19 pandemic (“COVID-19”) and its variants. Looking back, third quarter 2021 U.S. annualized gross domestic product (“GDP”) grew 2.3%. Economic activity accelerated during the fourth quarter, as GDP growth was 6.9%. However, the U.S. economy then experienced a setback, as first quarter 2022 GDP growth was -1.6%. Finally, the Commerce Department’s initial estimate for second quarter 2022 GDP growth — released after the reporting period ended — was -0.9%.
In the U.S., the Federal Reserve Board (the “Fed”) took several steps to tighten monetary policy to combat elevated inflation. The Fed reduced the monthly pace of its net asset purchases of Treasury securities and agency mortgage-backed securities in November 2021 and again in December. The Fed ended its monthly asset purchases in mid-March 2022. The Fed then raised the federal funds rate 0.25% to a range between 0.25% and 0.50% in March 2022, its first rate hike since 2018. The central bank then raised rates 0.50% in its May 2022 meeting and 0.75% in its June meeting. Finally, on July 27, 2022 — after the reporting period ended — the Fed raised rates 0.75%, to a range between 2.25% and 2.50%.
Economies outside the U.S. also continued to be impacted by the pandemic. The war in Ukraine and its repercussions also led to increased uncertainties around the world. In its April 2022 World Economic Outlook Update, the International Monetary Fund (“IMF”) said it expects U.S. gross domestic product (“GDP”) growth to be 3.7% in 2022, compared to 5.7% in 2021. Elsewhere, the IMF expects 2022 GDP to grow 2.8% in the eurozone (from 5.3% in 2021), 3.7% in the U.K. (from 7.4% in 2021) and 2.4% in Japan (from 1.6% in 2021).
Several other central banks began tightening monetary policy during the period. In December 2021, the Bank of England (the “BoE”) surprised the market and raised rates for the first time since COVID-19 began. The BoE again raised rates at its meetings in February, March, May and June 2022. The European Central Bank (the “ECB”) indicated that it intended to raise rates at its September 2022 meeting. Elsewhere, the Bank of Japan (the “BoJ”) maintained its loose monetary policy and appears likely to remain accommodative in the near future given the headwinds facing its economy.
During the reporting period, short- and long-term U.S. Treasury yields moved sharply higher. The yield on the benchmark 10-year U.S. Treasury note was 2.98% on June 30, 2022, versus 1.45% on June 30, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -7.91%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -12.75%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -12.85%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -19.25%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -19.28%.
Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -10.62%. Global equities, as represented by the MSCI World Index, returned -14.34%, while emerging market
equities, as measured by the MSCI Emerging Markets Index, returned -25.28%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned -8.33% and European equities, as represented by the MSCI Europe Index (in EUR), returned -6.54%.
Commodity prices were volatile and generated mixed returns. Brent crude oil, which was approximately $75 a barrel at the start of the reporting period, rose to roughly $112 a barrel at the end of June 2022. We believe the oil-price increase was driven by supply shortages and stronger demand due to economic re-openings as COVID-19 restrictions eased. Repercussions from the war in Ukraine also contributed to higher oil prices. In terms of other commodities prices, copper declined, whereas gold rose during the period.
Finally, there were also periods of volatility in the foreign exchange markets. We believe this was due to several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 11.59%, 11.95% and 18.13% versus the euro, the British pound and the Japanese yen, respectively.
Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs. For any questions regarding the PIMCO ETF Trust, please contact your financial adviser, or call one of our shareholder associates at (888) 400-4ETF. We also invite you to visit our website at www.pimco.com to learn more about PIMCO ETFs.
| | |
 | | Sincerely, 
Peter G. Strelow Chairman of the Board
PIMCO ETF Trust |
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.
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| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 3 |
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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 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 Municipal Income Opportunities Active Exchange-Traded Fund, PIMCO Senior Loan Active Exchange-Traded Fund, and PIMCO Short Term Municipal Bond 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 will be listed and traded at market prices on NYSE Arca, Inc. (“NYSE Arca”) and other secondary markets. The market price for each Fund’s shares may be different from the Fund’s net asset value (“NAV”). Each Fund issues and redeems shares at its NAV only in blocks of a specified number of shares (“Creation Units”). Only certain large institutional investors may purchase or redeem Creation Units directly with the Funds at NAV (“Authorized Participants”). These transactions are in exchange for certain securities similar to a Fund’s portfolio and/or cash. Except when aggregated in Creation Units, shares of a Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares from the Funds at NAV.
We believe that 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 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, are ascending from historically low levels. 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’ prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.
The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security’s country of incorporation may be different from its country of economic exposure.
Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to
adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds’ performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds’ service providers and disrupt the Funds’ operations.
The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from other countries, each with a focus on China, has contributed to international trade tensions and may impact portfolio securities.
The United Kingdom’s withdrawal from the European Union may impact Fund returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.
A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. The transition may also result in a reduction in the value of certain instruments held by a Fund or a reduction in the effectiveness of related Fund transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.
Engaging in a responsible investment strategy, which may select or exclude securities of certain issuers for reasons other than performance, carries the risk that a Fund may underperform funds that do not utilize
a responsible investment strategy. The application of this strategy may affect a Fund’s exposure to certain sectors or types of investments, which could negatively impact the Fund’s performance. Responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized or any judgment exercised in pursuing a responsible investment strategy will reflect the beliefs or values of any particular investor. In evaluating a company, the information and data obtained through voluntary or third-party reporting may be incomplete, inaccurate or unavailable, which could cause an incorrect assessment of a company’s business practices with respect to the environment, social responsibility and corporate governance (“ESG practices”). Socially responsible norms differ by region, and a company’s ESG practices or the assessment of a company’s ESG practices may change over time.
On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and 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 | |
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| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 5 |
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| Important Information About the Funds | | (Cont.) | | |
| | | | | | | | | | | | |
| Fund Name (Cont.) | | | | | Fund
Inception | | | Diversification
Status | |
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 Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | 09/08/21 | | | | 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 | |
An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Funds.
The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus nor a Fund’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust’s then-current prospectus or SAI.
On each business day, before commencement of trading on NYSE Arca, each Fund will disclose on www.pimcoetfs.com the identities and quantities of the Fund’s portfolio holdings. The frequency at which the daily market prices were at a discount or premium to each Fund’s NAV is disclosed on www.pimcoetfs.com. Please see “Disclosure of Portfolio
Holdings” in the SAI for information about the availability of the complete schedule of each Fund’s holdings. Fund fact sheets provide additional information regarding a Fund and may be requested by calling (888) 400-4ETF and are available on the Fund’s website at www.pimcoetfs.com.
PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of 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 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 August 2020, the SEC proposed changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which, if adopted, will change the disclosures provided to shareholders.
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 that was applicable to the Funds as of the date of this report. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements is August 19, 2022.
In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Investment Company Act of 1940 (the “Act”) without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022.
In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the associated recordkeeping requirements is September 8, 2022.
In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and
valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.
In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Funds) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.
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| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 7 |
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund
Cumulative Returns Through June 30, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2022†§
| | | | |
U.S. Treasury Obligations | | | 100.0% | |
| |
Short-Term Instruments | | | 0.0% | |
| | † | % 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, 2022 | |
| | | | | |
| | | | | 1 Year | | | 5 Year | | | 10 Years | | | Fund Inception
(10/30/2009) | |
 | | PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (Based on Net Asset Value) | | | (24.29)% | | | | 0.56% | | | | 1.87% | | | | 5.69% | |
 | | PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (At Market Price)(1) | | | (24.12)% | | | | 0.59% | | | | 1.92% | | | | 5.70% | |
 | | The ICE BofAML Long U.S. Treasury Principal STRIPS Index± | | | (24.22)% | | | | 0.82% | | | | 2.15% | | | | 5.86% | |
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 US 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 in effect as of period end was 0.15%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
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:
| » | | Rising yields in the 25+ year segment of the U.S. Treasury STRIPS (zero-coupon) curve detracted from absolute performance, as the return of both the Fund and the underlying index were negatively impacted. |
| » | | There were no material contributors for this Fund. |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund
Cumulative Returns Through June 30, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2022†§
| | | | |
U.S. Treasury Obligations | | | 100.0% | |
| | † | % 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, 2022 | |
| | | | | |
| | | | | 1 Year | | | 5 Year | | | 10 Years | | | Fund Inception
(08/20/2009) | |
| | PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value) | | | 0.18% | | | | 2.77% | | | | 1.43% | | | | 2.08% | |
| | PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (At Market Price)(1) | | | 0.12% | | | | 2.76% | | | | 1.43% | | | | 2.08% | |
| | The ICE BofAML 1-5 Year U.S. Inflation-Linked Treasury Index± | | | 0.34% | | | | 2.98% | | | | 1.65% | | | | 2.30% | |
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 US 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 in effect as of period end was 0.20%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
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 Index, as yields moved higher. |
| » | | There were no other material contributors or detractors for the Fund. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 9 |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund
Cumulative Returns Through June 30, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2022†§
| | | | |
U.S. Treasury Obligations | | | 99.7% | |
| |
Short-Term Instruments | | | 0.3% | |
| | † | % 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, 2022 | |
| | | | | |
| | | | | 1 Year | | | 5 Year | | | 10 Years | | | Fund Inception
(09/03/2009) | |
| | PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value) | | | (20.04)% | | | | 2.92% | | | | 1.62% | | | | 4.57% | |
| | PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (At Market Price)(1) | | | (19.97)% | | | | 2.91% | | | | 1.62% | | | | 4.57% | |
| | The ICE BofAML 15+ Year U.S. Inflation-Linked Treasury Index± | | | (19.70)% | | | | 3.17% | | | | 1.86% | | | | 4.79% | |
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 in effect as of period end was 0.20%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
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 Index, as yields moved higher. |
| » | | There were no other material contributors or detractors for the Fund. |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund
Cumulative Returns Through June 30, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2022†§
| | | | |
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, 2022 | |
| | | | | |
| | | | | 1 Year | | | 5 Year | | | 10 Years | | | Fund Inception
(09/03/2009) | |
| | PIMCO Broad U.S. TIPS Index Exchange-Traded Fund
(Based on Net Asset Value) | | | (6.25)% | | | | 2.95% | | | | 1.51% | | | | 3.27% | |
| | PIMCO Broad U.S. TIPS Index Exchange-Traded Fund
(At Market Price)(1) | | | (6.30)% | | | | 2.93% | | | | 1.51% | | | | 3.27% | |
| | The ICE BofAML U.S. Inflation-Linked Treasury Index± | | | (5.69)% | | | | 3.24% | | | | 1.76% | | | | 3.50% | |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
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 US 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 in effect as of period end was 0.20%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
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 Index, as yields moved higher. |
| » | | There were no other material contributors or detractors for the Fund. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 11 |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund
Cumulative Returns Through June 30, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2022†§
| | | | |
Corporate Bonds & Notes | | | 85.7% | |
| |
Short-Term Instruments | | | 13.4% | |
| |
Other | | | 0.9% | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
| | | | | | | | | | | | | | | | | | |
|
| Average Annual Total Return for the period ended June 30, 2022 | |
| | | | | |
| | | | | 1 Year | | | 5 Year | | | 10 Years | | | Fund Inception
(06/16/2011) | |
| | PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Based on Net Asset Value) | | | (8.25)% | | | | 1.78% | | | | 3.65% | | | | 3.81% | |
| | PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (At Market Price)(1) | | | (8.22)% | | | | 1.83% | | | | 3.61% | | | | 3.82% | |
| | ICE BofAML 0-5 Year US High Yield Constrained Index± | | | (7.82)% | | | | 2.35% | | | | 4.24% | | | | 4.38% | |
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 in effect as of period end was 0.55%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
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 healthcare sector contributed to performance, as overweight exposure to select issuers outperformed the Underlying Index’s broader exposure to the sector. |
| » | | Security selection within the gaming and lodging sector contributed to performance, as underweight exposure to select issuers underperformed the Underlying Index’s broader exposure to the sector. |
| » | | Security selection within the finance and insurance sector contributed to performance, as overweight exposure to select issuers outperformed the Underlying Index’s broader exposure to the sector. |
| » | | Underweight exposure to, and security selection within, the energy sector detracted from performance, as the sector outperformed. |
| » | | Security selection within the telecommunications sector detracted from performance, as overweight exposure to select issuers underperformed the Underlying Index’s broader exposure to the sector. |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund
Cumulative Returns Through June 30, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2022†§
| | | | |
Industrials | | | 42.7% | |
| |
Banking & Finance | | | 31.1% | |
| |
Utilities | | | 12.7% | |
| |
Short-Term Instruments | | | 11.1% | |
| |
U.S. Treasury Obligations | | | 2.3% | |
| |
Other | | | 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, 2022 | |
| | | | | |
| | | | | 1 Year | | | 5 Year | | | 10 Years | | | Fund Inception
(09/20/2010) | |
| | PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Based on Net Asset Value) | | | (13.77)% | | | | 1.35% | | | | 2.66% | | | | 3.23% | |
| | PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (At Market Price)(1) | | | (13.64)% | | | | 1.32% | | | | 2.66% | | | | 3.24% | |
| | ICE BofAML US Corporate Index± | | | (14.00)% | | | | 1.37% | | | | 2.70% | | | | 3.29% | |
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. |
± 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 in effect as of period end was 0.20%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
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:
| » | | The Fund had negative performance over the period, as the underlying index had negative performance over the period. |
| » | | There were no material contributors for this Fund. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 13 |
PIMCO Active Bond Exchange-Traded Fund
Cumulative Returns Through June 30, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2022†§
| | | | |
Corporate Bonds & Notes | | | 30.6% | |
| |
U.S. Government Agencies | | | 25.6% | |
| |
Asset-Backed Securities | | | 15.9% | |
| |
U.S. Treasury Obligations | | | 12.8% | |
| |
Non-Agency Mortgage-Backed Securities | | | 6.8% | |
| |
Preferred Securities | | | 3.6% | |
| |
Short-Term Instruments | | | 2.2% | |
| |
Municipal Bonds & Notes | | | 1.7% | |
| |
Other | | | 0.8% | |
| | † | % 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, 2022 | |
| | | | | |
| | | | | 1 Year | | | 5 Year | | | 10 Years | | | Fund Inception
(02/29/2012) | |
| | PIMCO Active Bond Exchange-Traded Fund (Based on Net Asset Value) | | | (11.96)% | | | | 0.85% | | | | 2.16% | | | | 2.69% | |
| | PIMCO Active Bond Exchange-Traded Fund (At Market Price)(1) | | | (11.83)% | | | | 0.86% | | | | 2.17% | | | | 2.70% | |
| | Bloomberg U.S. Aggregate Index± | | | (10.29)% | | | | 0.88% | | | | 1.54% | | | | 1.64% | |
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 in effect as of period end was 0.55%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
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:
| » | | Short exposure to duration in the U.K. contributed to relative performance, as interest rates rose. |
| » | | Tactical U.S. duration positioning, primarily underweight exposure for most of the reporting period, contributed to relative performance, as interest rates rose. |
| » | | There were no other material contributors for this Fund. |
| » | | Selection within investment grade corporate credit, particularly a preference for financials detracted from relative performance, as spread widened. |
| » | | Long exposure to duration in Canada detracted from relative performance, as interest rates rose. |
| » | | Positions in high yield credit detracted from relative performance, as spreads widened. |
| » | | Positions in non-agency mortgage-backed securities and other securitized assets detracted from relative performance, as spread widened. |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund
Cumulative Returns Through June 30, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2022†§
| | | | |
Corporate Bonds & Notes | | | 51.0% | |
| |
U.S. Treasury Obligations | | | 19.8% | |
| |
Asset-Backed Securities | | | 10.8% | |
| |
Non-Agency Mortgage-Backed Securities | | | 9.1% | |
| |
Short-Term Instruments | | | 6.4% | |
| |
U.S. Government Agencies | | | 2.8% | |
| |
Other | | | 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, 2022 | |
| | | | |
| | | | | 1 Year | | | 5 Year | | | Fund Inception
(01/22/2014) | |
| | PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Based on Net Asset Value) | | | (4.41)% | | | | 1.28% | | | | 1.73% | |
| | PIMCO Enhanced Low Duration Active Exchange-Traded Fund (At Market Price)(1) | | | (4.46)% | | | | 1.23% | | | | 1.72% | |
| | ICE BofAML 1-3 Year U.S. Treasury Index± | | | (3.30)% | | | | 0.94% | | | | 0.85% | |
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 in effect as of period end was 0.49%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
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:
| » | | Cash management strategies contributed to relative performance, as the U.S. dollar overnight rate provided positive total return. |
| » | | There were no other material contributors for this Fund. |
| » | | Overweight exposure to U.S. duration at the front-end of the U.S. yield curve detracted from relative performance, as front-end U.S. interest rates rose. |
| » | | A long bias to the Japanese yen versus the U.S. dollar detracted from relative performance, as the Japanese yen depreciated. |
| » | | Select holdings of securitized credit detracted from relative performance, as holdings of commercial mortgage-backed securities provided negative total return. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 15 |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund
Cumulative Returns Through June 30, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2022†§
| | | | |
Corporate Bonds & Notes | | | 53.7% | |
| |
Asset-Backed Securities | | | 16.2% | |
| |
Short-Term Instruments | | | 15.7% | |
| |
U.S. Government Agencies | | | 8.1% | |
| |
Non-Agency Mortgage-Backed Securities | | | 5.1% | |
| |
Other | | | 1.2% | |
| | † | % 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, 2022 | |
| | | |
| | | | | 1 Year | | | Fund Inception
(12/10/2019) | |
| | PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (Based on Net Asset Value) | | | (1.43)% | | | | 0.42% | |
| | PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (At Market Price)(1)(2) | | | (1.39)% | | | | 0.43% | |
| | FTSE 3-Month Treasury Bill Index± | | | 0.19% | | | | 0.35% | |
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. |
| (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 in effect as of period end was 0.36%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
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:
| » | | Cash management strategies contributed to relative performance, as the U.S. dollar overnight rate provided positive total return. |
| » | | There were no other material contributors for this Fund. |
| » | | Overweight exposure to U.S. duration detracted from relative performance, as U.S. interest rates rose. |
| » | | Overweight exposure to non-agency residential mortgage-backed securities (“MBS”) detracted from relative performance, as spreads widened. |
| » | | Holdings of agency MBS detracted from relative performance, as the asset class provided negative total return. |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
Cumulative Returns Through June 30, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2022†§
| | | | |
Corporate Bonds & Notes | | | 57.1% | |
| |
Asset-Backed Securities | | | 14.8% | |
| |
Non-Agency Mortgage-Backed Securities | | | 9.5% | |
| |
U.S. Treasury Obligations | | | 6.9% | |
| |
U.S. Government Agencies | | | 5.7% | |
| |
Short-Term Instruments | | | 4.5% | |
| |
Sovereign Issues | | | 1.4% | |
| |
Municipal Bonds & Notes | | | 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, 2022 | |
| | | | | |
| | | | | 1 Year | | | 5 Year | | | 10 Years | | | Fund Inception
(11/16/2009) | |
| | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Based on Net Asset Value) | | | (2.20)% | | | | 1.07% | | | | 1.11% | | | | 1.17% | |
| | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (At Market Price)(1) | | | (2.21)% | | | | 1.07% | | | | 1.10% | | | | 1.17% | |
| | FTSE 3-Month Treasury Bill Index± | | | 0.19% | | | | 1.09% | | | | 0.62% | | | | 0.51%¨ | |
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 in effect as of period end was 0.35%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
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:
| » | | There were no material contributors for the Fund. |
| » | | Overweight exposure to U.S. duration on the 1-5 year portion of the yield curve detracted from relative performance, as front-end U.S. interest rates rose. |
| » | | Overweight exposure to non-agency residential mortgage-backed securities detracted from relative performance, as spreads widened. |
| » | | Holdings of investment grade corporate credit detracted from relative performance, as corporate credit spreads widened. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 17 |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund
Cumulative Returns Through June 30, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2022†§
| | | | |
Municipal Bonds & Notes | | | | |
| |
Health, Hospital & Nursing Home Revenue | | | 11.3% | |
| |
Ad Valorem Property Tax | | | 10.3% | |
| |
Natural Gas Revenue | | | 5.9% | |
| |
Electric Power & Light Revenue | | | 5.8% | |
| |
Water Revenue | | | 5.7% | |
| |
Miscellaneous Revenue | | | 4.6% | |
| |
General Fund | | | 3.7% | |
| |
Tobacco Settlement Funded | | | 3.7% | |
| |
Highway Revenue Tolls | | | 3.6% | |
| |
Income Tax Revenue | | | 3.5% | |
| |
Sales Tax Revenue | | | 3.4% | |
| |
Appropriations | | | 3.2% | |
| |
Industrial Revenue | | | 2.6% | |
| |
Fuel Sales Tax Revenue | | | 2.3% | |
| |
Miscellaneous Taxes | | | 2.2% | |
| |
College & University Revenue | | | 2.0% | |
| |
Port, Airport & Marina Revenue | | | 1.8% | |
| |
Nuclear Revenue | | | 1.7% | |
| |
Lease (Appropriation) | | | 1.4% | |
| |
Other | | | 5.4% | |
| |
Short-Term Instruments | | | 15.9% | |
| | † | % 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, 2022 | |
| | | | | |
| | | | | 1 Year | | | 5 Year | | | 10 Years | | | Fund Inception
(11/30/2009) | |
| | PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Based on Net Asset Value) | | | (7.63)% | | | | 1.41% | | | | 1.76% | | | | 2.47% | |
| | PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (At Market Price)(1) | | | (7.85)% | | | | 1.39% | | | | 1.75% | | | | 2.46% | |
| | Bloomberg 1-15 Year Municipal Bond Index± | | | (6.53)% | | | | 1.47% | | | | 2.08% | | | | 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 in effect as of period end was 0.35%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
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 benchmark municipal yields broadly rose. |
| » | | Underweight exposure to the transportation sector contributed to performance, as the sector underperformed the broad municipal market. |
| » | | Underweight exposure to the education sector contributed to performance, as the sector underperformed the broad municipal market. |
| » | | Overweight exposure to the industrial revenue sector detracted from performance, as the sector underperformed the broad municipal market. |
| » | | Overweight exposure to the healthcare sector detracted from performance, as the sector underperformed the broad municipal market. |
| » | | Security selection within the special tax sector detracted from performance, as holdings underperformed the broad municipal market. |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund
Cumulative Returns Through June 30, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2022†§
| | | | | | | | |
Municipal Bonds & Notes | | | | | | | | |
| | |
Health, Hospital & Nursing Home Revenue | | | 20.2% | | | | | |
| | |
Sales Tax Revenue | | | 13.3% | | | | | |
| | |
Electric Power & Light Revenue | | | 8.0% | | | | | |
| | |
Natural Gas Revenue | | | 7.1% | | | | | |
| | |
Industrial Revenue | | | 5.9% | | | | | |
| | |
Miscellaneous Revenue | | | 5.5% | | | | | |
| | |
Tobacco Settlement Funded | | | 4.9% | | | | | |
| | |
Economic Development Revenue | | | 4.8% | | | | | |
| | |
Port, Airport & Marina Revenue | | | 4.7% | | | | | |
| | |
Appropriations | | | 4.0% | | | | | |
| | |
Ad Valorem Property Tax | | | 3.9% | | | | | |
| | |
Lease (Appropriation) | | | 2.5% | | | | | |
| | |
Local or Guaranteed Housing | | | 2.3% | | | | | |
| | |
College & University Revenue | | | 1.2% | | | | | |
| | |
Other | | | 4.0% | | | | | |
| | |
Short-Term Instruments | | | 7.7% | | | | | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
| | | | | | |
|
| Cumulative Total Return for the period ended June 30, 2022 | |
| | |
| | | | | Fund Inception
(09/08/2021)* | |
| | PIMCO Municipal Income Opportunities Active Exchange-Traded Fund
(Based on Net Asset Value) | | | (10.89)% | |
| | PIMCO Municipal Income Opportunities Active Exchange-Traded Fund
(At Market Price)(1) | | | (10.75)% | |
| | Bloomberg Municipal Bond Index± | | | (8.96)% | |
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.
* 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 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 in effect as of period end was 0.54%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
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 benchmark municipal yields broadly rose. |
| » | | Security selection within the water and sewer sector contributed to performance, as holdings outperformed the broad municipal market. |
| » | | Underweight exposure to the transportation sector contributed to performance, as the sector underperformed the broad municipal market. |
| » | | Overweight exposure to the industrial revenue sector detracted from performance, as the sector underperformed the broad municipal market. |
| » | | Overweight exposure to the healthcare sector detracted from performance, as the sector underperformed the broad municipal market. |
| » | | Security selection within the special tax sector detracted from performance, as holdings underperformed the broad municipal market. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 19 |
PIMCO Senior Loan Active Exchange-Traded Fund
Allocation Breakdown as of June 30, 2022†§
| | | | |
Loan Participations and Assignments | | | 52.3% | |
| |
Short-Term Instruments | | | 42.7% | |
| |
Corporate Bonds & Notes | | | 5.0% | |
| † | % 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.
| | | | | | |
|
| Cumulative Total Return for the period ended June 30, 2022 | |
| | |
| | | | | Fund Inception
(06/08/2022)* | |
| | PIMCO Senior Loan Active Exchange-Traded Fund (Based on Net Asset Value) | | | (3.68)% | |
| | PIMCO Senior Loan Active Exchange-Traded Fund (At Market Price)(1) | | | (3.40)% | |
| | | iBoxx USD Liquid Leveraged Loans Index± | | | (3.39)% | |
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. |
± 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 in effect as of period end was 0.80%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
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 diversified media sector contributed to performance, as the Fund’s diversified media positions outperformed the broader sector. |
| » | | Security selection in the gaming lodging and leisure sector contributed to performance, as the Fund’s gaming lodging and leisure positions outperformed the broader sector. |
| » | | Overweight exposure to the broadcasting sector contributed to performance, as the sector outperformed the broader market. |
| » | | Security selection in the broadcasting sector detracted from performance, as the Fund’s broadcasting positions underperformed the broader sector. |
| » | | Security selection in the healthcare sector detracted from performance, as the Fund’s healthcare positions underperformed the broader sector. |
| » | | Security selection in the housing sector detracted from performance, as the Fund’s housing positions underperformed the broader sector. |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund
Cumulative Returns Through June 30, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2022†§
| | | | |
Municipal Bonds & Notes | | | | |
| |
Ad Valorem Property Tax | | | 17.1% | |
| |
Health, Hospital & Nursing Home Revenue | | | 11.8% | |
| |
Natural Gas Revenue | | | 6.5% | |
| |
Electric Power & Light Revenue | | | 5.9% | |
| |
College & University Revenue | | | 5.6% | |
| |
Water Revenue | | | 3.8% | |
| |
Sales Tax Revenue | | | 3.4% | |
| |
General Fund | | | 3.3% | |
| |
Highway Revenue Tolls | | | 3.0% | |
| |
Tobacco Settlement Funded | | | 2.8% | |
| |
Appropriations | | | 2.7% | |
| |
Income Tax Revenue | | | 2.5% | |
| |
Industrial Revenue | | | 1.6% | |
| |
Lease (Appropriation) | | | 1.1% | |
| |
Miscellaneous Revenue | | | 1.0% | |
| |
Other | | | 12.1% | |
| |
Short-Term Instruments | | | 15.5% | |
| |
U.S. Treasury Obligations | | | 0.3% | |
| | † | % 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, 2022 | |
| | | | | |
| | | | | 1 Year | | | 5 Year | | | 10 Years | | | Fund Inception
(02/01/2010) | |
| | PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Based on Net Asset Value) | | | (3.03)% | | | | 1.03% | | | | 0.88% | | | | 1.01% | |
| | PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (At Market Price)(1) | | | (2.98)% | | | | 1.09% | | | | 0.90% | | | | 1.02% | |
| | Bloomberg 1-Year Municipal Bond Index± | | | (1.24)% | | | | 0.99% | | | | 0.85% | | | | 0.94% | |
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 in effect as of period end was 0.35%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
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:
| » | | Security selection within the pre-refunded segment contributed to performance, as holdings outperformed the broad municipal market. |
| » | | There were no other material contributors for this Fund. |
| » | | Overweight duration positioning detracted from performance, as benchmark municipal yields increased. |
| » | | Overweight exposure to the industrial revenue sector detracted from performance, as the sector underperformed the broad municipal market. |
| » | | Overweight exposure to the healthcare sector detracted from performance, as the sector underperformed the broad municipal market. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 21 |
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. 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, 2022 to June 30, 2022 unless noted otherwise in the table and footnotes below.
Actual Expenses
The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the 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
(01/01/22) | | | Ending
Account Value
(06/30/22) | | | Expenses Paid
During Period* | | | | | | Beginning
Account Value
(01/01/22) | | | Ending
Account Value
(06/30/22) | | | Expenses Paid
During Period* | | | | | | Net Annualized
Expense Ratio** | |
| PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | | | | | | $ | 1,000.00 | | | $ | 712.10 | | | $ | 0.63 | | | | | | | $ | 1,000.00 | | | $ | 1,023.78 | | | $ | 0.74 | | | | | | | | 0.15 | % |
| PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 977.40 | | | | 0.97 | | | | | | | | 1,000.00 | | | | 1,023.54 | | | | 0.99 | | | | | | | | 0.20 | |
| PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 738.00 | | | | 0.85 | | | | | | | | 1,000.00 | | | | 1,023.54 | | | | 0.99 | | | | | | | | 0.20 | |
| PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 900.80 | | | | 0.93 | | | | | | | | 1,000.00 | | | | 1,023.54 | | | | 0.99 | | | | | | | | 0.20 | |
| PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 910.90 | | | | 2.58 | | | | | | | | 1,000.00 | | | | 1,021.82 | | | | 2.73 | | | | | | | | 0.55 | |
| PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 862.00 | | | | 0.91 | | | | | | | | 1,000.00 | | | | 1,023.54 | | | | 0.99 | | | | | | | | 0.20 | |
| PIMCO Active Bond Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 879.60 | | | | 2.58 | | | | | | | | 1,000.00 | | | | 1,021.77 | | | | 2.78 | | | | | | | | 0.56 | |
| PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 961.00 | | | | 2.74 | | | | | | | | 1,000.00 | | | | 1,021.73 | | | | 2.83 | | | | | | | | 0.57 | |
| PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 986.00 | | | | 1.27 | | | | | | | | 1,000.00 | | | | 1,023.25 | | | | 1.29 | | | | | | | | 0.26 | |
| PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 979.40 | | | | 1.75 | | | | | | | | 1,000.00 | | | | 1,022.76 | | | | 1.79 | | | | | | | | 0.36 | |
| PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 923.00 | | | | 1.65 | | | | | | | | 1,000.00 | | | | 1,022.80 | | | | 1.74 | | | | | | | | 0.35 | |
| PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 888.40 | | | | 1.85 | | | | | | | | 1,000.00 | | | | 1,022.56 | | | | 1.98 | | | | | | | | 0.40 | |
| PIMCO Senior Loan Active Exchange-Traded Fund(a) | | | | | | | 1,000.00 | | | | 963.20 | | | | 0.30 | | | | | | | | 1,000.00 | | | | 1,022.02 | | | | 2.53 | | | | | | | | 0.51 | |
| PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 970.60 | | | | 1.69 | | | | | | | | 1,000.00 | | | | 1,022.80 | | | | 1.74 | | | | | | | | 0.35 | |
* 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 179/365 (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 06/08/22 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 22/365 (to reflect the period since inception date of 06/08/22). Hypothetical expenses reflect an amount as if the Fund had been operational for the entire fiscal year.
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| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 23 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | 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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/30/2022 | | $ | 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 | ) |
| | | | | | | | |
06/30/2018 | | | 117.38 | | | | 3.11 | | | | (1.85 | ) | | | 1.26 | | | | (3.13 | ) | | | 0.00 | | | | 0.00 | | | | (3.13 | ) |
| | | | | | | | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
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 | ) |
| | | | | | | | |
06/30/2018 | | | 52.18 | | | | 1.04 | | | | (0.51 | ) | | | 0.53 | | | | (0.95 | ) | | | 0.00 | | | | 0.00 | | | | (0.95 | ) |
| | | | | | | | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
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 | ) |
| | | | | | | | |
06/30/2018 | | | 65.64 | | | | 2.03 | | | | 1.79 | | | | 3.82 | | | | (1.89 | ) | | | 0.00 | | | | 0.00 | | | | (1.89 | ) |
| | | | | | | | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
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 | ) |
| | | | | | | | |
06/30/2018 | | | 57.61 | | | | 1.25 | | | | (0.07 | ) | | | 1.18 | | | | (1.18 | ) | | | 0.00 | | | | 0.00 | | | | (1.18 | ) |
| | | | | | | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
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 | ) |
| | | | | | | | |
06/30/2018 | | | 101.62 | | | | 4.44 | | | | (1.28 | ) | | | 3.16 | | | | (4.71 | ) | | | 0.00 | | | | 0.00 | | | | (4.71 | ) |
| | | | | | | | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
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 | ) |
| | | | | | | | |
06/30/2018 | | | 104.90 | | | | 3.31 | | | | (4.43 | ) | | | (1.12 | ) | | | (3.31 | ) | | | (0.06 | ) | | | 0.00 | | | | (3.37 | ) |
| | | | | | | | |
PIMCO Active Bond Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
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 | ) |
| | | | | | | | |
06/30/2018 | | | 106.07 | | | | 3.17 | | | | (2.73 | ) | | | 0.44 | | | | (3.06 | ) | | | 0.00 | | | | (0.26 | ) | | | (3.32 | ) |
| | | | | | | | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
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 | ) |
| | | | | | | | |
06/30/2018 | | | 101.02 | | | | 2.51 | | | | (1.42 | ) | | | 1.09 | | | | (2.50 | ) | | | 0.00 | | | | 0.00 | | | | (2.50 | ) |
| | | | | | | | |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/30/2022 | | $ | 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 | ) |
| | | | | | | | |
06/30/2018 | | | 101.74 | | | | 1.95 | | | | (0.23 | ) | | | 1.72 | | | | (1.85 | ) | | | (0.03 | ) | | | 0.00 | | | | (1.88 | ) |
| | | | | | |
| 24 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | 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) | |
| | | | | | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 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 | |
| | | | | | | | |
| | 115.51 | | | | 1.08 | | | | 164,028 | | | | 0.15 | | | | 0.15 | | | | 0.15 | | | | 0.15 | | | | 2.71 | | | | 19 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 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 | |
| | | | | | | | |
| | 51.76 | | | | 1.02 | | | | 826,530 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 2.01 | | | | 32 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 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 | |
| | | | | | | | |
| | 67.57 | | | | 5.88 | | | | 254,745 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 3.05 | | | | 10 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 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 | |
| | | | | | | | |
| | 57.61 | | | | 2.07 | | | | 50,695 | | | | 0.21 | | | | 0.21 | | | | 0.21 | | | | 0.21 | | | | 2.18 | | | | 8 | |
| | | | | | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 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 | |
| | | | | | | | |
| | 100.07 | | | | 3.18 | | | | 1,666,164 | | | | 0.56 | | | | 0.56 | | | | 0.55 | | | | 0.55 | | | | 4.41 | | | | 42 | |
| | | | | | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 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 | |
| | | | | | | | |
| | 100.41 | | | | (1.12 | ) | | | 756,084 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 3.20 | | | | 10 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 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 | |
| | | | | | | | |
| | 103.19 | | | | 0.41 | | | | 2,072,132 | | | | 0.76 | | | | 0.76 | | | | 0.55 | | | | 0.55 | | | | 3.03 | | | | 142 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 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 | |
| | | | | | | | |
| | 99.61 | | | | 1.09 | | | | 157,382 | | | | 1.02 | | | | 1.09 | | | | 0.39 | | | | 0.46 | | | | 2.51 | | | | 326 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 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 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 99.13 | | | | (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 | |
| | | | | | | | |
| | 101.58 | | | | 1.70 | | | | 9,410,140 | | | | 0.42 | | | | 0.42 | | | | 0.35 | | | | 0.35 | | | | 1.92 | | | | 86 | |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 25 |
| | | | |
| 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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/30/2022 | | $ | 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 | ) |
| | | | | | | | |
06/30/2018 | | | 53.48 | | | | 1.30 | | | | (0.64 | ) | | | 0.66 | | | | (1.30 | ) | | | 0.00 | | | | 0.00 | | | | (1.30 | ) |
| | | | | | | | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
09/08/2021 - 06/30/2022 | | $ | 50.00 | | | $ | 0.66 | | | $ | (6.07 | ) | | $ | (5.41 | ) | | $ | (0.53 | ) | | $ | 0.00 | | | $ | 0.00 | | | $ | (0.53 | ) |
| | | | | | | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/30/2022 | | $ | 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 | ) |
| | | | | | | | |
06/30/2018 | | | 50.25 | | | | 0.77 | | | | (0.35 | ) | | | 0.42 | | | | (0.76 | ) | | | 0.00 | | | | 0.00 | | | | (0.76 | ) |
| ^ | 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. |
| | | | | | |
| 26 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | 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) | |
| | | | | | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 51.56 | | | | (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 | |
| | | | | | | | |
| | 52.84 | | | | 1.25 | | | | 275,309 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 2.44 | | | | 27 | |
| | | | | | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 44.06 | | | | (10.89 | )% | | $ | 42,296 | | | | 0.40 | %* | | | 0.68 | %* | | | 0.40 | %* | | | 0.68 | %* | | | 1.71 | %* | | | 238 | % |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 48.18 | | | | (3.64 | )% | | $ | 64,557 | | | | 0.50 | %* | | | 0.95 | %* | | | 0.50 | %* | | | 0.95 | %* | | | 1.95 | %* | | | 0 | % |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 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 | |
| | | | | | | | |
| | 49.91 | | | | 0.83 | | | | 67,874 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 1.55 | | | | 87 | |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 27 |
| | | | |
| 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 | |
| | | | |
Assets: | | | | | | | | | | | | | | | | |
| | | | |
Investments, at value | | | | | | | | | | | | | | | | |
Investments in securities*^ | | $ | 435,292 | | | $ | 1,572,489 | | | $ | 618,308 | | | $ | 194,087 | |
Investments in Affiliates | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Financial Derivative Instruments | | | | | | | | | | | | | | | | |
Exchange-traded or centrally cleared | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Over the counter | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Cash | | | 0 | | | | 252 | | | | 0 | | | | 0 | |
Deposits with counterparty | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Foreign currency, at value | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Receivable for investments sold | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Receivable for investments sold on a delayed-delivery basis | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Receivable for TBA investments sold | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Receivable for Fund shares sold | | | 5,414 | | | | 0 | | | | 13,189 | | | | 0 | |
Interest and/or dividends receivable | | | 0 | | | | 3,028 | | | | 2,404 | | | | 716 | |
Reimbursement receivable from PIMCO | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Other assets | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Total Assets | | | 440,706 | | | | 1,575,769 | | | | 633,901 | | | | 194,803 | |
| | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| | | | |
Borrowings & Other Financing Transactions | | | | | | | | | | | | | | | | |
Payable for reverse repurchase agreements | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
Payable for sale-buyback transactions | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Financial Derivative Instruments | | | | | | | | | | | | | | | | |
Exchange-traded or centrally cleared | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Over the counter | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Payable for investments purchased | | | 5,410 | | | | 0 | | | | 13,130 | | | | 0 | |
Payable for unfunded loan commitments | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Payable for TBA investments purchased | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Payable upon return of securities loaned | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Deposits from counterparty | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Payable for Fund shares redeemed | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Distributions payable | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Overdraft due to custodian | | | 0 | | | | 0 | | | | 59 | | | | 0 | |
Accrued management fees | | | 52 | | | | 260 | | | | 106 | | | | 32 | |
Accrued reimbursement to PIMCO | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Other liabilities | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Total Liabilities | | | 5,462 | | | | 260 | | | | 13,295 | | | | 32 | |
| | | | |
Net Assets | | $ | 435,244 | | | $ | 1,575,509 | | | $ | 620,606 | | | $ | 194,771 | |
| | | | |
Net Assets Consist of: | | | | | | | | | | | | | | | | |
| | | | |
Paid in capital | | $ | 622,916 | | | $ | 1,666,329 | | | $ | 844,782 | | | $ | 218,046 | |
Distributable earnings (accumulated loss) | | | (187,672 | ) | | | (90,820 | ) | | | (224,176 | ) | | | (23,275 | ) |
| | | | |
Net Assets | | $ | 435,244 | | | $ | 1,575,509 | | | $ | 620,606 | | | $ | 194,771 | |
| | | | |
Shares Issued and Outstanding | | | 4,020 | | | | 30,120 | | | | 9,520 | | | | 3,380 | |
| | | | |
Net Asset Value Per Share Outstanding(a): | | $ | 108.27 | | | $ | 52.31 | | | $ | 65.19 | | | $ | 57.62 | |
| | | | |
Cost of investments in securities | | $ | 593,185 | | | $ | 1,650,813 | | | $ | 825,078 | | | $ | 213,470 | |
Cost of investments in Affiliates | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
Cost of foreign currency held | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
Cost or premiums of financial derivative instruments, net | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | |
* Includes repurchase agreements of: | | $ | 144 | | | $ | 0 | | | $ | 2,033 | | | $ | 172 | |
^ Includes securities on loan of: | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (a) | Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. |
| | | | | | |
| 28 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1,091,945 | | | $ | 574,024 | | | $ | 4,007,468 | | | $ | 1,426,424 | | | $ | 182,696 | | | $ | 11,723,602 | | | $ | 847,407 | | | $ | 43,023 | | | $ | 101,966 | | | $ | 553,729 | |
| | 12,399 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 3,879 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 174 | | | | 203 | | | | 715 | | | | 2,568 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 85 | | | | 207 | | | | 445 | | | | 582 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 8,039 | | | | 0 | | | | 18,880 | | | | 505 | | | | 170 | | | | 0 | | | | 0 | | | | 840 | | | | 545 | | | | 0 | |
| | 8,875 | | | | 1,922 | | | | 45,863 | | | | 12,893 | | | | 0 | | | | 0 | | | | 0 | | | | 72 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | 1,804 | | | | 40 | | | | 136 | | | | 1 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 44,800 | | | | 0 | | | | 20,557 | | | | 24 | | | | 7 | | | | 348,855 | | | | 18,389 | | | | 0 | | | | 48,572 | | | | 0 | |
| | 0 | | | | 0 | | | | 7,030 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | 708,661 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 7,200 | | | | 1,763 | | | | 0 | | | | 13,876 | |
| | 16,993 | | | | 5,374 | | | | 20,850 | | | | 6,802 | | | | 834 | | | | 41,227 | | | | 7,144 | | | | 360 | | | | 89 | | | | 3,574 | |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 18 | | | | 0 | | | | 0 | | | | 3 | | | | 7 | | | | 0 | |
| | 0 | | | | 0 | | | | 11 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 1,183,225 | | | | 581,608 | | | | 4,832,046 | | | | 1,449,701 | | | | 184,443 | | | | 12,117,564 | | | | 880,140 | | | | 46,061 | | | | 151,179 | | | | 571,179 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 0 | | | $ | 0 | | | $ | 127,964 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | 0 | | | | 0 | | | | 7,029 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 97 | | | | 107 | | | | 1,400 | | | | 2,241 | | | | 0 | | | | 0 | | | | 0 | | | | 21 | | | | 0 | | | | 0 | |
| | 1,057 | | | | 0 | | | | 107 | | | | 2,038 | | | | 8 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 5,716 | | | | 499 | | | | 0 | | | | 539 | | | | 0 | | | | 331,643 | | | | 32,778 | | | | 3,727 | | | | 86,595 | | | | 8,028 | |
| | 76 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | 1,449,309 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 15,399 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 3,879 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | 910 | | | | 0 | | | | 310 | | | | 387 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 44,412 | | | | 0 | | | | 18,927 | | | | 0 | | | | 0 | | | | 20,817 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 20 | | | | 0 | | | | 0 | | | | 0 | | | | 8 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 662 | | | | 97 | | | | 1,485 | | | | 539 | | | | 54 | | | | 3,304 | | | | 234 | | | | 17 | | | | 27 | | | | 157 | |
| | 0 | | | | 0 | | | | 0 | | | | 3 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 2 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 67,419 | | | | 725 | | | | 1,607,131 | | | | 5,360 | | | | 372 | | | | 360,038 | | | | 33,012 | | | | 3,765 | | | | 86,622 | | | | 8,185 | |
| | | | | | | | | |
| $ | 1,115,806 | | | $ | 580,883 | | | $ | 3,224,915 | | | $ | 1,444,341 | | | $ | 184,071 | | | $ | 11,757,526 | | | $ | 847,128 | | | $ | 42,296 | | | $ | 64,557 | | | $ | 562,994 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| $ | 1,442,135 | | | $ | 669,287 | | | $ | 3,746,344 | | | $ | 1,510,601 | | | $ | 187,455 | | | $ | 12,103,959 | | | $ | 888,403 | | | $ | 47,224 | | | $ | 66,953 | | | $ | 579,479 | |
| | (326,329 | ) | | | (88,404 | ) | | | (521,429 | ) | | | (66,260 | ) | | | (3,384 | ) | | | (346,433 | ) | | | (41,275 | ) | | | (4,928 | ) | | | (2,396 | ) | | | (16,485 | ) |
| | | | | | | | | |
| $ | 1,115,806 | | | $ | 580,883 | | | $ | 3,224,915 | | | $ | 1,444,341 | | | $ | 184,071 | | | $ | 11,757,526 | | | $ | 847,128 | | | $ | 42,296 | | | $ | 64,557 | | | $ | 562,994 | |
| | | | | | | | | |
| | 12,600 | | | | 6,030 | | | | 33,890 | | | | 15,020 | | | | 1,870 | | | | 118,610 | | | | 16,430 | | | | 960 | | | | 1,340 | | | | 11,360 | |
| | | | | | | | | |
| $ | 88.56 | | | $ | 96.33 | | | $ | 95.16 | | | $ | 96.16 | | | $ | 98.43 | | | $ | 99.13 | | | $ | 51.56 | | | $ | 44.06 | | | $ | 48.18 | | | $ | 49.56 | |
| | | | | | | | | |
| $ | 1,214,259 | | | $ | 647,035 | | | $ | 4,241,541 | | | $ | 1,470,712 | | | $ | 186,366 | | | $ | 11,967,256 | | | $ | 870,068 | | | $ | 44,105 | | | $ | 104,441 | | | $ | 563,316 | |
| $ | 12,399 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 3,879 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| $ | 0 | | | $ | 0 | | | $ | 1,879 | | | $ | 45 | | | $ | 137 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| $ | 2,324 | | | $ | 430 | | | $ | 2,728 | | | $ | (7,211 | ) | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | |
| $ | 53,014 | | | $ | 21,268 | | | $ | 70,222 | | | $ | 75,490 | | | $ | 24,300 | | | $ | 525,114 | | | $ | 516 | | | $ | 0 | | | $ | 9,400 | | | $ | 611 | |
| $ | 15,098 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 3,802 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 29 |
| | | | | | | | | | | | | | | | |
| Year Ended June 30, 2022 | | | | | | | | | | | | |
| (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* | | $ | 8,210 | | | $ | 73,920 | | | $ | 45,418 | | | $ | 12,695 | |
Dividends, net of foreign taxes** | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Securities lending income | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Total Income | | | 8,210 | | | | 73,920 | | | | 45,418 | | | | 12,695 | |
| | | | |
Expenses: | | | | | | | | | | | | | | | | |
| | | | |
Management fees | | | 601 | | | | 2,605 | | | | 1,540 | | | | 430 | |
Trustee fees | | | 5 | | | | 14 | | | | 9 | | | | 3 | |
Interest expense | | | 0 | | | | 28 | | | | 2 | | | | 0 | |
Organizational expense | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Miscellaneous expense | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Total Expenses | | | 606 | | | | 2,647 | | | | 1,551 | | | | 433 | |
Waiver and/or Reimbursement by PIMCO | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Net Expenses | | | 606 | | | | 2,647 | | | | 1,551 | | | | 433 | |
| | | | |
Net Investment Income (Loss) | | | 7,604 | | | | 71,273 | | | | 43,867 | | | | 12,262 | |
| | | | |
Net Realized Gain (Loss): | | | | | | | | | | | | | | | | |
| | | | |
Investments in securities | | | (7,836 | ) | | | 648 | | | | (4,869 | ) | | | (1,808 | ) |
In-kind redemptions | | | 7,589 | | | | 7,639 | | | | (2,507 | ) | | | 2,493 | |
Exchange-traded or centrally cleared financial derivative instruments | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Over the counter financial derivative instruments | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Short sales | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Foreign currency | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | |
Net Realized Gain (Loss) | | | (247 | ) | | | 8,287 | | | | (7,376 | ) | | | 685 | |
| | | | |
Net Change in Unrealized Appreciation (Depreciation): | | | | | | | | | | | | | | | | |
| | | | |
Investments in securities | | | (117,925 | ) | | | (88,032 | ) | | | (206,156 | ) | | | (26,644 | ) |
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) | | | (117,925 | ) | | | (88,032 | ) | | | (206,156 | ) | | | (26,644 | ) |
| | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | (110,568 | ) | | $ | (8,472 | ) | | $ | (169,665 | ) | | $ | (13,697 | ) |
| | | | |
* 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. |
| (a) | Inception date of the Fund was September 08, 2021. |
| (b) | Inception date of the Fund was June 08, 2022. |
| | | | | | |
| 30 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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(a) | | | PIMCO Senior Loan
Active
Exchange- Traded Fund(b) | | | PIMCO
Short Term
Municipal
Bond Active
Exchange-
Traded Fund | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| $ | 71,121 | | | $ | 19,787 | | | $ | 116,927 | | | $ | 23,960 | | | $ | 1,597 | | | $ | 138,559 | | | $ | 14,495 | | | $ | 695 | | | $ | 95 | | | $ | 5,397 | |
| | 16 | | | | 0 | | | | 2,458 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 241 | | | | 2 | | | | 0 | | | | 0 | | | | 0 | | | | 6 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 71,378 | | | | 19,789 | | | | 119,385 | | | | 23,960 | | | | 1,597 | | | | 138,565 | | | | 14,495 | | | | 695 | | | | 95 | | | | 5,397 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 9,882 | | | | 1,510 | | | | 22,454 | | | | 5,592 | | | | 622 | | | | 47,285 | | | | 2,494 | | | | 162 | | | | 27 | | | | 1,857 | |
| | 24 | | | | 10 | | | | 53 | | | | 14 | | | | 2 | | | | 174 | | | | 8 | | | | 0 | | | | 0 | | | | 6 | |
| | 9 | | | | 5 | | | | 240 | | | | 808 | | | | 20 | | | | 1,102 | | | | 1 | | | | 1 | | | | 0 | | | | 2 | |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 79 | | | | 159 | | | | 0 | |
| | 0 | | | | 0 | | | | 4 | | | | 60 | | | | 9 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 9,915 | | | | 1,525 | | | | 22,751 | | | | 6,474 | | | | 653 | | | | 48,561 | | | | 2,503 | | | | 242 | | | | 186 | | | | 1,865 | |
| | 0 | | | | 0 | | | | 0 | | | | (14 | ) | | | (210 | ) | | | 0 | | | | 0 | | | | (111 | ) | | | (167 | ) | | | 0 | |
| | 9,915 | | | | 1,525 | | | | 22,751 | | | | 6,460 | | | | 443 | | | | 48,561 | | | | 2,503 | | | | 131 | | | | 19 | | | | 1,865 | |
| | | | | | | | | |
| | 61,463 | | | | 18,264 | | | | 96,634 | | | | 17,500 | | | | 1,154 | | | | 90,004 | | | | 11,992 | | | | 564 | | | | 76 | | | | 3,532 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | (6,092 | ) | | | (11,917 | ) | | | (232,630 | ) | | | (46,039 | ) | | | (1,564 | ) | | | (111,160 | ) | | | (15,666 | ) | | | (4,558 | ) | | | 3 | | | | (6,193 | ) |
| | (51,230 | ) | | | 762 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | (402 | ) | | | 566 | | | | 30,469 | | | | 28,340 | | | | 0 | | | | 0 | | | | 477 | | | | 576 | | | | 0 | | | | 0 | |
| | (3,333 | ) | | | (4,531 | ) | | | (486 | ) | | | (627 | ) | | | 1,590 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | 0 | | | | (76 | ) | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | (1,244 | ) | | | 374 | | | | (94 | ) | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | |
| | (61,057 | ) | | | (15,120 | ) | | | (203,891 | ) | | | (18,028 | ) | | | (68 | ) | | | (111,160 | ) | | | (15,189 | ) | | | (3,982 | ) | | | 3 | | | | (6,193 | ) |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | (141,480 | ) | | | (108,124 | ) | | | (366,645 | ) | | | (50,044 | ) | | | (4,049 | ) | | | (272,391 | ) | | | (53,344 | ) | | | (1,082 | ) | | | (2,475 | ) | | | (14,179 | ) |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | (5,628 | ) | | | (622 | ) | | | (30,312 | ) | | | (2,412 | ) | | | 0 | | | | 0 | | | | 0 | | | | 25 | | | | 0 | | | | 0 | |
| | (2,033 | ) | | | (113 | ) | | | 156 | | | | (2,311 | ) | | | 420 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | (503 | ) | | | (45 | ) | | | 4 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | |
| | (149,141 | ) | | | (108,859 | ) | | | (397,304 | ) | | | (54,812 | ) | | | (3,625 | ) | | | (272,391 | ) | | | (53,344 | ) | | | (1,057 | ) | | | (2,475 | ) | | | (14,179 | ) |
| | | | | | | | | |
| $ | (148,735 | ) | | $ | (105,715 | ) | | $ | (504,561 | ) | | $ | (55,340 | ) | | $ | (2,539 | ) | | $ | (293,547 | ) | | $ | (56,541 | ) | | $ | (4,475 | ) | | $ | (2,396 | ) | | $ | (16,840 | ) |
| | | | | | | | | |
| $ | 0 | | | $ | 2 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| $ | 0 | | | $ | 0 | | | $ | 3 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 31 |
| | | | |
| 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 | |
| | | | |
| (Amounts in thousands†) | | Year Ended
June 30, 2022 | | | Year Ended
June 30, 2021 | | | Year Ended
June 30, 2022 | | | Year Ended
June 30, 2021 | |
| | | | |
Increase (Decrease) in Net Assets from: | | | | | | | | | | | | | | | | |
| | | | |
Operations: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income (loss) | | $ | 7,604 | | | $ | 6,076 | | | $ | 71,273 | | | $ | 25,012 | |
Net realized gain (loss) | | | (247 | ) | | | 17,975 | | | | 8,287 | | | | 27,758 | |
Net change in unrealized appreciation (depreciation) | | | (117,925 | ) | | | (88,252 | ) | | | (88,032 | ) | | | (10,060 | ) |
| | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (110,568 | ) | | | (64,201 | ) | | | (8,472 | ) | | | 42,710 | |
| | | | |
Distributions to Shareholders: | | | | | | | | | | | | | | | | |
| | | | |
From net investment income and/or net realized capital gains | | | (6,660 | ) | | | (5,991 | ) | | | (69,174 | ) | | | (19,529 | ) |
| | | | |
Total Distributions(a) | | | (6,660 | ) | | | (5,991 | ) | | | (69,174 | ) | | | (19,529 | ) |
| | | | |
Fund Share Transactions: | | | | | | | | | | | | | | | | |
| | | | |
Receipts for shares sold | | | 391,628 | | | | 324,692 | | | | 949,963 | | | | 768,465 | |
Cost of shares redeemed | | | (234,603 | ) | | | (234,766 | ) | | | (269,524 | ) | | | (447,908 | ) |
Net increase (decrease) resulting from Fund share transactions | | | 157,025 | | | | 89,926 | | | | 680,439 | | | | 320,557 | |
| | | | |
Total Increase (Decrease) in Net Assets | | | 39,797 | | | | 19,734 | | | | 602,793 | | | | 343,738 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
| | | | |
Beginning of year | | | 395,447 | | | | 375,713 | | | | 972,716 | | | | 628,978 | |
End of year | | $ | 435,244 | | | $ | 395,447 | | | $ | 1,575,509 | | | $ | 972,716 | |
| | | | |
Shares of Beneficial Interest: | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 2,900 | | | | 2,100 | | | | 17,400 | | | | 14,000 | |
Shares redeemed | | | (1,600 | ) | | | (1,550 | ) | | | (4,950 | ) | | | (8,150 | ) |
Net increase (decrease) in shares outstanding | | | 1,300 | | | | 550 | | | | 12,450 | | | | 5,850 | |
| † | 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. |
| | | | | | |
| 32 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 | |
| | | | | | | | | |
Year Ended
June 30, 2022 | | | Year Ended
June 30, 2021 | | | Year Ended
June 30, 2022 | | | Year Ended
June 30, 2021 | | | Year Ended
June 30, 2022 | | | Year Ended
June 30, 2021 | | | Year Ended
June 30, 2022 | | | Year Ended
June 30, 2021 | | | Year Ended
June 30, 2022 | | | Year Ended
June 30, 2021 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| $ | 43,867 | | | $ | 15,612 | | | $ | 12,262 | | | $ | 4,038 | | | $ | 61,463 | | | $ | 63,288 | | | $ | 18,264 | | | $ | 20,166 | | | $ | 96,634 | | | $ | 80,879 | |
| | (7,376 | ) | | | 57,958 | | | | 685 | | | | 10 | | | | (61,057 | ) | | | 12,321 | | | | (15,120 | ) | | | 7,369 | | | | (203,891 | ) | | | 9,305 | |
| | (206,156 | ) | | | (41,410 | ) | | | (26,644 | ) | | | 2,963 | | | | (149,141 | ) | | | 128,592 | | | | (108,859 | ) | | | (5,626 | ) | | | (397,304 | ) | | | (10,833 | ) |
| | | | | | | | | |
| | (169,665 | ) | | | 32,160 | | | | (13,697 | ) | | | 7,011 | | | | (148,735 | ) | | | 204,201 | | | | (105,715 | ) | | | 21,909 | | | | (504,561 | ) | | | 79,351 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | (42,424 | ) | | | (12,067 | ) | | | (14,257 | ) | | | (2,953 | ) | | | (64,850 | ) | | | (72,424 | ) | | | (19,457 | ) | | | (21,539 | ) | | | (109,815 | ) | | | (99,158 | ) |
| | | | | | | | | |
| | (42,424 | ) | | | (12,067 | ) | | | (14,257 | ) | | | (2,953 | ) | | | (64,850 | ) | | | (72,424 | ) | | | (19,457 | ) | | | (21,539 | ) | | | (109,815 | ) | | | (99,158 | ) |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 567,756 | | | | 628,567 | | | | 132,061 | | | | 110,267 | | | | 984,145 | | | | 1,556,050 | | | | 165,347 | | | | 214,022 | | | | 396,091 | | | | 973,960 | |
| | (337,889 | ) | | | (659,856 | ) | | | (85,597 | ) | | | 0 | | | | (1,894,593 | ) | | | (604,814 | ) | | | (253,481 | ) | | | (79,326 | ) | | | (839,695 | ) | | | (71,962 | ) |
| | 229,867 | | | | (31,289 | ) | | | 46,464 | | | | 110,267 | | | | (910,448 | ) | | | 951,236 | | | | (88,134 | ) | | | 134,696 | | | | (443,604 | ) | | | 901,998 | |
| | | | | | | | | |
| | 17,778 | | | | (11,196 | ) | | | 18,510 | | | | 114,325 | | | | (1,124,033 | ) | | | 1,083,013 | | | | (213,306 | ) | | | 135,066 | | | | (1,057,980 | ) | | | 882,191 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 602,828 | | | | 614,024 | | | | 176,261 | | | | 61,936 | | | | 2,239,839 | | | | 1,156,826 | | | | 794,189 | | | | 659,123 | | | | 4,282,895 | | | | 3,400,704 | |
| $ | 620,606 | | | $ | 602,828 | | | $ | 194,771 | | | $ | 176,261 | | | $ | 1,115,806 | | | $ | 2,239,839 | | | $ | 580,883 | | | $ | 794,189 | | | $ | 3,224,915 | | | $ | 4,282,895 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 6,600 | | | | 7,300 | | | | 2,050 | | | | 1,700 | | | | 10,250 | | | | 16,000 | | | | 1,450 | | | | 1,850 | | | | 3,690 | | | | 8,700 | |
| | (4,050 | ) | | | (7,700 | ) | | | (1,350 | ) | | | 0 | | | | (20,050 | ) | | | (6,250 | ) | | | (2,350 | ) | | | (700 | ) | | | (8,380 | ) | | | (650 | ) |
| | 2,550 | | | | (400 | ) | | | 700 | | | | 1,700 | | | | (9,800 | ) | | | 9,750 | | | | (900 | ) | | | 1,150 | | | | (4,690 | ) | | | 8,050 | |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 33 |
| | | | |
| Statements of Changes in Net Assets | | (Cont.) | | |
| | | | | | | | | | | | | | | | |
| | | PIMCO
Enhanced Low
Duration Active
Exchange-Traded Fund | | | PIMCO
Enhanced Short
Maturity Active ESG
Exchange-Traded Fund | |
| | | | |
| (Amounts in thousands†) | | Year Ended
June 30, 2022 | | | Year Ended
June 30, 2021 | | | Year Ended
June 30, 2022 | | | Year Ended
June 30, 2021 | |
| | | | |
Increase (Decrease) in Net Assets from: | | | | | | | | | | | | | | | | |
| | | | |
Operations: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income (loss) | | $ | 17,500 | | | $ | 9,248 | | | $ | 1,154 | | | $ | 1,034 | |
Net realized gain (loss) | | | (18,028 | ) | | | (2,369 | ) | | | (68 | ) | | | 121 | |
Net change in unrealized appreciation (depreciation) | | | (54,812 | ) | | | 3,264 | | | | (3,625 | ) | | | 112 | |
| | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (55,340 | ) | | | 10,143 | | | | (2,539 | ) | | | 1,267 | |
| | | | |
Distributions to Shareholders: | | | | | | | | | | | | | | | | |
| | | | |
From net investment income and/or net realized capital gains | | | (14,527 | ) | | | (11,473 | ) | | | (1,355 | ) | | | (1,306 | ) |
| | | | |
Total Distributions(a) | | | (14,527 | ) | | | (11,473 | ) | | | (1,355 | ) | | | (1,306 | ) |
| | | | |
Fund Share Transactions: | | | | | | | | | | | | | | | | |
| | | | |
Receipts for shares sold | | | 434,297 | | | | 646,514 | | | | 90,055 | | | | 80,592 | |
Cost of shares redeemed | | | (49,795 | ) | | | (12,221 | ) | | | (55,090 | ) | | | (15,106 | ) |
Net increase (decrease) resulting from Fund share transactions | | | 384,502 | | | | 634,293 | | | | 34,965 | | | | 65,486 | |
| | | | |
Total Increase (Decrease) in Net Assets | | | 314,635 | | | | 632,963 | | | | 31,071 | | | | 65,447 | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
| | | | |
Beginning of year | | | 1,129,706 | | | | 496,743 | | | | 153,000 | | | | 87,553 | |
End of year | | $ | 1,444,341 | | | $ | 1,129,706 | | | $ | 184,071 | | | $ | 153,000 | |
| | | | |
Shares of Beneficial Interest: | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 4,420 | | | | 6,340 | | | | 900 | | | | 800 | |
Shares redeemed | | | (500 | ) | | | (120 | ) | | | (550 | ) | | | (150 | ) |
Net increase (decrease) in shares outstanding | | | 3,920 | | | | 6,220 | | | | 350 | | | | 650 | |
| † | 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 September 08, 2021. |
| (c) | Inception date of the Fund was June 08, 2022. |
| | | | | | |
| 34 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 | |
| | | | | | | |
Year Ended
June 30, 2022 | | | Year Ended
June 30, 2021 | | | Year Ended
June 30, 2022 | | | Year Ended
June 30, 2021 | | | Inception date through June 30, 2022(b) | | | Inception date through June 30, 2022(c) | | | Year Ended
June 30, 2022 | | | Year Ended
June 30, 2021 | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| $ | 90,004 | | | $ | 73,593 | | | $ | 11,992 | | | $ | 9,789 | | | $ | 564 | | | $ | 76 | | | $ | 3,532 | | | $ | 2,510 | |
| | (111,160 | ) | | | 6,470 | | | | (15,189 | ) | | | 93 | | | | (3,982 | ) | | | 3 | | | | (6,193 | ) | | | 34 | |
| | (272,391 | ) | | | 45,995 | | | | (53,344 | ) | | | 9,214 | | | | (1,057 | ) | | | (2,475 | ) | | | (14,179 | ) | | | 1,568 | |
| | | | | | | |
| | (293,547 | ) | | | 126,058 | | | | (56,541 | ) | | | 19,096 | | | | (4,475 | ) | | | (2,396 | ) | | | (16,840 | ) | | | 4,112 | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | (82,303 | ) | | | (80,109 | ) | | | (11,421 | ) | | | (9,729 | ) | | | (453 | ) | | | 0 | | | | (3,141 | ) | | | (2,520 | ) |
| | | | | | | |
| | (82,303 | ) | | | (80,109 | ) | | | (11,421 | ) | | | (9,729 | ) | | | (453 | ) | | | 0 | | | | (3,141 | ) | | | (2,520 | ) |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 2,413,528 | | | | 1,941,343 | | | | 442,545 | | | | 169,123 | | | | 53,425 | | | | 66,953 | | | | 232,044 | | | | 274,759 | |
| | (4,304,585 | ) | | | (1,877,299 | ) | | | (174,607 | ) | | | 0 | | | | (6,201 | ) | | | 0 | | | | (102,001 | ) | | | 0 | |
| | (1,891,057 | ) | | | 64,044 | | | | 267,938 | | | | 169,123 | | | | 47,224 | | | | 66,953 | | | | 130,043 | | | | 274,759 | |
| | | | | | | |
| | (2,266,907 | ) | | | 109,993 | | | | 199,976 | | | | 178,490 | | | | 42,296 | | | | 64,557 | | | | 110,062 | | | | 276,351 | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 14,024,433 | | | | 13,914,440 | | | | 647,152 | | | | 468,662 | | | | 0 | | | | 0 | | | | 452,932 | | | | 176,581 | |
| $ | 11,757,526 | | | $ | 14,024,433 | | | $ | 847,128 | | | $ | 647,152 | | | $ | 42,296 | | | $ | 64,557 | | | $ | 562,994 | | | $ | 452,932 | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 23,940 | | | | 19,040 | | | | 8,340 | | | | 3,000 | | | | 1,100 | | | | 1,340 | | | | 4,570 | | | | 5,350 | |
| | (42,840 | ) | | | (18,410 | ) | | | (3,320 | ) | | | 0 | | | | (140 | ) | | | 0 | | | | (2,020 | ) | | | 0 | |
| | (18,900 | ) | | | 630 | | | | 5,020 | | | | 3,000 | | | | 960 | | | | 1,340 | | | | 2,550 | | | | 5,350 | |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 35 |
| | | | | | |
| Statement of Cash Flows | | PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | |
| | | | |
| Year Ended June 30, 2022 | | | |
| (Amounts in thousands†) | | | |
| |
Cash Flows Provided by (Used for) Operating Activities: | | | | |
| |
Net increase (decrease) in net assets resulting from operations | | $ | (55,340 | ) |
| |
Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities: | | | | |
| |
Purchases of long-term securities | | | (4,782,929 | ) |
| |
Proceeds from sales of long-term securities | | | 4,918,231 | |
| |
(Purchases) Proceeds from sales of short-term portfolio investments, net | | | (80,330 | ) |
| |
(Increase) decrease in deposits with counterparty | | | (10,467 | ) |
| |
(Increase) decrease in receivable for investments sold | | | (24 | ) |
| |
(Increase) decrease in interest and/or dividends receivable | | | (2,004 | ) |
| |
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | | | 25,424 | |
| |
Proceeds from (Payments on) over the counter financial derivative instruments | | | (971 | ) |
| |
(Increase) decrease in reimbursement receivable from PIMCO | | | (2 | ) |
| |
Increase (decrease) in payable for investments purchased | | | (5,562 | ) |
| |
Increase (decrease) in deposits from counterparty | | | (520 | ) |
| |
Increase (decrease) in accrued management fees | | | 110 | |
| |
Proceeds from (Payments on) short sales transactions, net | | | (76 | ) |
| |
Proceeds from (Payments on) foreign currency transactions | | | 329 | |
Net Realized (Gain) Loss | | | | |
Investments in securities | | | 46,039 | |
Exchange-traded or centrally cleared financial derivative instruments | | | (28,340 | ) |
Over the counter financial derivative instruments | | | 627 | |
Short sales | | | 76 | |
Foreign currency | | | (374 | ) |
Net Change in Unrealized (Appreciation) Depreciation | | | | |
Investments in securities | | | 50,044 | |
Exchange-traded or centrally cleared financial derivative instruments | | | 2,412 | |
Over the counter financial derivative instruments | | | 2,311 | |
Foreign currency assets and liabilities | | | 45 | |
Net amortization (accretion) on investments | | | 5,981 | |
| |
Net Cash Provided by (Used for) Operating Activities | | | 84,690 | |
| |
Cash Flows Received from (Used for) Financing Activities: | | | | |
| |
Proceeds from shares sold | | | 434,297 | |
Payments on shares redeemed | | | (49,795 | ) |
Cash distributions paid | | | (14,527 | ) |
Proceeds from reverse repurchase agreements | | | 71,328,175 | |
Payments on reverse repurchase agreements | | | (71,650,347 | ) |
Proceeds from sale-buyback transactions | | | 29,896,538 | |
Payments on sale-buyback transactions | | | (30,029,260 | ) |
| |
Net Cash Received from (Used for) Financing Activities | | | (84,919 | ) |
| |
Net Increase (Decrease) in Cash and Foreign Currency | | | (229 | ) |
| |
Cash and Foreign Currency: | | | | |
| |
Beginning of year | | | 774 | |
End of year | | $ | 545 | |
| |
Supplemental Disclosure of Cash Flow Information: | | | | |
| |
Interest expense paid during the year | | $ | 808 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
A Statement of Cash Flows is presented when the Fund has a significant amount of borrowing during the year, based on the average total borrowing outstanding in relation to total assets or when substantially all of the Fund’s investments are not classified as Level 1 or 2 in the fair value hierarchy.
| | | | | | |
| 36 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | |
| Schedule of Investments | | PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | | | | June 30, 2022 |
(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 100.0% | |
|
U.S. Treasury STRIPS (a) | |
0.000% due 02/15/2047 | | $ | | | 42,959 | | | $ | | | 18,641 | |
0.000% due 05/15/2047 | | | | | 49,633 | | | | | | 21,432 | |
0.000% due 08/15/2047 | | | | | 49,156 | | | | | | 21,149 | |
0.000% due 11/15/2047 | | | | | 49,392 | | | | | | 21,183 | |
0.000% due 02/15/2048 | | | | | 49,688 | | | | | | 21,331 | |
0.000% due 05/15/2048 | | | | | 49,336 | | | | | | 21,232 | |
0.000% due 08/15/2048 | | | | | 49,469 | | | | | | 21,081 | |
0.000% due 11/15/2048 | | | | | 56,641 | | | | | | 24,284 | |
0.000% due 02/15/2049 | | | | | 52,103 | | | | | | 22,307 | |
0.000% due 05/15/2049 | | | | | 51,628 | | | | | | 22,020 | |
0.000% due 08/15/2049 | | | | | 51,808 | | | | | | 21,869 | |
0.000% due 11/15/2049 | | | | | 49,956 | | | | | | 21,066 | |
0.000% due 02/15/2050 | | | | | 49,058 | | | | | | 20,463 | |
0.000% due 05/15/2050 | | | | | 51,625 | | | | | | 21,245 | |
0.000% due 08/15/2050 | | | | | 54,058 | | | | | | 22,159 | |
0.000% due 11/15/2050 | | | | | 53,737 | | | | | | 21,903 | |
0.000% due 02/15/2051 | | | | | 52,377 | | | | | | 21,317 | |
0.000% due 05/15/2051 | | | | | 62,888 | | | | | | 25,551 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
0.000% due 08/15/2051 | | $ | | | 62,715 | | | $ | | | 25,264 | |
0.000% due 11/15/2051 | | | | | 48,984 | | | | | | 19,651 | |
| | | | | | | | | | | | |
Total U.S. Treasury Obligations
(Cost $593,041) | | | 435,148 | |
| | | | |
| |
| SHORT-TERM INSTRUMENTS 0.0% | |
| |
| REPURCHASE AGREEMENTS (b) 0.0% | |
| | | | | | | | | | | 144 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $144) | | | 144 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
Total Investments in Securities
(Cost $593,185) | | | 435,292 | |
| |
| | | | |
Total Investments 100.0%
(Cost $593,185) | | | $ | | | 435,292 | |
| |
| Other Assets and Liabilities, net 0.0% | | | (48 | ) |
| | | | |
| Net Assets 100.0% | | | $ | | | 435,244 | |
| | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
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 | | | 0.400 | % | | | 06/30/2022 | | | | 07/01/2022 | | | $ | 144 | | | U.S. Treasury Notes 2.875% due 06/15/2025 | | $ | (147 | ) | | $ | 144 | | | $ | 144 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (147 | ) | | $ | 144 | | | $ | 144 | |
| | | | | | | | | | | | | | | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
FICC | | $ | 144 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 144 | | | $ | (147 | ) | | $ | (3 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 144 | | | $ | 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, 2022 | | | 37 |
| | | | | | |
| Schedule of Investments | | PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | | (Cont.) | | June 30, 2022 |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Investments in Securities, at Value | |
U.S. Treasury Obligations | | $ | 0 | | | $ | 435,148 | | | $ | 0 | | | $ | 435,148 | |
Short-Term Instruments | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | 0 | | | | 144 | | | | 0 | | | | 144 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 435,292 | | | $ | 0 | | | $ | 435,292 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.
| | | | | | |
| 38 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | |
| Schedule of Investments | | PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | June 30, 2022 |
(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 99.8% | |
|
U.S. Treasury Inflation Protected Securities (a) | |
0.125% due 07/15/2024 | | $ | | | 141,530 | | | $ | | | 142,914 | |
0.125% due 10/15/2024 | | | | | 54,837 | | | | | | 55,185 | |
0.125% due 04/15/2025 | | | | | 116,518 | | | | | | 116,607 | |
0.125% due 10/15/2025 | | | | | 20,186 | | | | | | 20,177 | |
0.125% due 04/15/2026 | | | | | 192,271 | | | | | | 190,543 | |
0.125% due 07/15/2026 | | | | | 18,119 | | | | | | 17,979 | |
0.125% due 10/15/2026 | | | | | 26,781 | | | | | | 26,548 | |
0.125% due 04/15/2027 | | | | | 27,529 | | | | | | 27,117 | |
0.125% due 01/15/2032 | | | | | 14,456 | | | | | | 13,734 | |
0.250% due 01/15/2025 | | | | | 104,177 | | | | | | 104,834 | |
0.375% due 07/15/2023 | | | | | 74,933 | | | | | | 76,258 | |
0.375% due 07/15/2025 | | | | | 113,592 | | | | | | 114,764 | |
0.375% due 01/15/2027 | | | | | 7,919 | | | | | | 7,893 | |
0.375% due 07/15/2027 | | | | | 47,779 | | | | | | 47,630 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
0.500% due 04/15/2024 | | $ | | | 111,765 | | | $ | | | 113,331 | |
0.500% due 01/15/2028 | | | | | 47,383 | | | | | | 47,084 | |
0.625% due 01/15/2024 | | | | | 138,791 | | | | | | 141,188 | |
0.625% due 01/15/2026 | | | | | 181,863 | | | | | | 183,964 | |
0.750% due 07/15/2028 | | | | | 24,772 | | | | | | 24,964 | |
2.375% due 01/15/2025 | | | | | 94,137 | | | | | | 99,775 | |
| | | | | | | | | | | | |
Total U.S. Treasury Obligations (Cost $1,650,813) | | | 1,572,489 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments in Securities (Cost $1,650,813) | | | 1,572,489 | |
| | | | |
| | | | | | | | | | | | |
| Total Investments 99.8% (Cost $1,650,813) | | | $ | | | 1,572,489 | |
| |
| Other Assets and Liabilities, net 0.2% | | | 3,020 | |
| | | | | | | | | | | | |
| Net Assets 100.0% | | | $ | | | 1,575,509 | |
| | | | | | | | | | | | |
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. |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Investments in Securities, at Value | |
U.S. Treasury Obligations | | $ | 0 | | | $ | 1,572,489 | | | $ | 0 | | | $ | 1,572,489 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 39 |
| | | | | | |
| Schedule of Investments | | PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | June 30, 2022 |
(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 99.3% | |
|
U.S. Treasury Inflation Protected Securities (a) | |
0.125% due 02/15/2051 | | $ | | | 15,148 | | | $ | | | 11,693 | |
0.125% due 02/15/2052 | | | | | 12,277 | | | | | | 9,553 | |
0.250% due 02/15/2050 | | | | | 30,097 | | | | | | 23,812 | |
0.625% due 02/15/2043 | | | | | 72,622 | | | | | | 64,283 | |
0.750% due 02/15/2042 | | | | | 70,417 | | | | | | 64,449 | |
0.750% due 02/15/2045 | | | | | 74,421 | | | | | | 66,764 | |
0.875% due 02/15/2047 | | | | | 61,659 | | | | | | 57,088 | |
1.000% due 02/15/2046 | | | | | 65,629 | | | | | | 62,311 | |
1.000% due 02/15/2048 | | | | | 58,600 | | | | | | 56,052 | |
1.000% due 02/15/2049 | | | | | 42,738 | | | | | | 41,215 | |
1.375% due 02/15/2044 | | | | | 73,449 | | | | | | 75,257 | |
2.125% due 02/15/2040 | | | | | 8,615 | | | | | | 10,071 | |
2.125% due 02/15/2041 | | | | | 63,364 | | | | | | 73,727 | |
| | | | | | | | | | | | |
| Total U.S. Treasury Obligations (Cost $823,045) | | | 616,275 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| SHORT-TERM INSTRUMENTS 0.3% | |
| |
| REPURCHASE AGREEMENTS (b) 0.3% | |
| | | | | | | | $ | | | 2,033 | |
| | | | | | | | | | | | |
Total Short-Term Instruments (Cost $2,033) | | | 2,033 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments in Securities (Cost $825,078) | | | 618,308 | |
| | | | |
| | | | | | | | | | | | |
| Total Investments 99.6% (Cost $825,078) | | | $ | | | 618,308 | |
| |
| Other Assets and Liabilities, net 0.4% | | | 2,298 | |
| | | | | | | | | | | | |
| Net Assets 100.0% | | | $ | | | 620,606 | |
| | | | | | | | | | | | |
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 | | | 0.400 | % | | | 06/30/2022 | | | | 07/01/2022 | | | $ | 2,033 | | | U.S. Treasury Notes 2.875% due 06/15/2025 | | $ | (2,074 | ) | | $ | 2,033 | | | $ | 2,033 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (2,074 | ) | | $ | 2,033 | | | $ | 2,033 | |
| | | | | | | | | | | | | | | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
FICC | | $ | 2,033 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 2,033 | | | $ | (2,074 | ) | | $ | (41 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 2,033 | | | $ | 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, 2022 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Investments in Securities, at Value | |
U.S. Treasury Obligations | | $ | 0 | | | $ | 616,275 | | | $ | 0 | | | $ | 616,275 | |
Short-Term Instruments | |
Repurchase Agreements | | | 0 | | | | 2,033 | | | | 0 | | | | 2,033 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 0 | | | $ | 618,308 | | | $ | 0 | | | $ | 618,308 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.
| | | | | | |
| 40 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | |
| Schedule of Investments | | PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | June 30, 2022 |
(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 07/15/2024 | | $ | | | 2,032 | | | $ | | | 2,052 | |
0.125% due 10/15/2024 | | | | | 551 | | | | | | 554 | |
0.125% due 04/15/2025 | | | | | 5,755 | | | | | | 5,760 | |
0.125% due 10/15/2025 | | | | | 8,987 | | | | | | 8,983 | |
0.125% due 04/15/2026 | | | | | 8,731 | | | | | | 8,652 | |
0.125% due 07/15/2026 | | | | | 8,503 | | | | | | 8,437 | |
0.125% due 10/15/2026 | | | | | 9,018 | | | | | | 8,939 | |
0.125% due 01/15/2030 | | | | | 9,574 | | | | | | 9,146 | |
0.125% due 07/15/2030 | | | | | 2,183 | | | | | | 2,083 | |
0.125% due 01/15/2031 | | | | | 1,691 | | | | | | 1,610 | |
0.125% due 07/15/2031 | | | | | 2,566 | | | | | | 2,442 | |
0.125% due 01/15/2032 | | | | | 4,172 | | | | | | 3,964 | |
0.250% due 01/15/2025 | | | | | 1,812 | | | | | | 1,824 | |
0.250% due 07/15/2029 | | | | | 1,622 | | | | | | 1,573 | |
0.375% due 07/15/2023 | | | | | 1,840 | | | | | | 1,872 | |
0.375% due 07/15/2025 | | | | | 1,889 | | | | | | 1,909 | |
0.375% due 01/15/2027 | | | | | 9,419 | | | | | | 9,388 | |
0.375% due 07/15/2027 | | | | | 1,465 | | | | | | 1,461 | |
0.500% due 04/15/2024 | | | | | 335 | | | | | | 339 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
0.500% due 01/15/2028 | | $ | | | 9,042 | | | $ | | | 8,985 | |
0.625% due 01/15/2024 | | | | | 2,158 | | | | | | 2,195 | |
0.625% due 01/15/2026 | | | | | 9,466 | | | | | | 9,575 | |
0.625% due 02/15/2043 | | | | | 640 | | | | | | 566 | |
0.750% due 07/15/2028 | | | | | 1,092 | | | | | | 1,100 | |
0.750% due 02/15/2042 | | | | | 7,590 | | | | | | 6,946 | |
0.750% due 02/15/2045 | | | | | 6,904 | | | | | | 6,193 | |
0.875% due 01/15/2029 | | | | | 1,007 | | | | | | 1,017 | |
1.000% due 02/15/2046 | | | | | 6,309 | | | | | | 5,991 | |
1.000% due 02/15/2049 | | | | | 132 | | | | | | 127 | |
1.375% due 02/15/2044 | | | | | 7,034 | | | | | | 7,207 | |
1.750% due 01/15/2028 | | | | | 5,875 | | | | | | 6,239 | |
2.000% due 01/15/2026 | | | | | 7,518 | | | | | | 7,964 | |
2.125% due 02/15/2040 | | | | | 2,449 | | | | | | 2,863 | |
2.125% due 02/15/2041 | | | | | 7,013 | | | | | | 8,160 | |
2.375% due 01/15/2025 | | | | | 1,202 | | | | | | 1,274 | |
2.375% due 01/15/2027 | | | | | 6,761 | | | | | | 7,346 | |
2.500% due 01/15/2029 | | | | | 6,162 | | | | | | 6,854 | |
3.375% due 04/15/2032 | | | | | 3,602 | | | | | | 4,504 | |
3.625% due 04/15/2028 | | | | | 7,270 | | | | | | 8,496 | |
3.875% due 04/15/2029 | | | | | 7,719 | | | | | | 9,325 | |
| | | | | | | | | | | | |
Total U.S. Treasury Obligations
(Cost $213,298) | | | | | | 193,915 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | MARKET
VALUE
(000S) | |
| SHORT-TERM INSTRUMENTS 0.1% | |
| |
| REPURCHASE AGREEMENTS (b) 0.1% | |
| | | | | | | | $ | | | 172 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $172) | | | 172 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | |
Total Investments in Securities
(Cost $213,470) | | | 194,087 | |
| | | | |
| | | | | | | | | | | | |
Total Investments 99.6%
(Cost $213,470) | | | $ | | | 194,087 | |
| |
| Other Assets and Liabilities, net 0.4% | | | 684 | |
| | | | | | | | | | | | |
| Net Assets 100.0% | | | $ | | | 194,771 | |
| | | | | | | | | | | | |
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 | | | 0.400 | % | | | 06/30/2022 | | | | 07/01/2022 | | | $ | 172 | | | U.S. Treasury Notes 2.875% due 06/15/2025 | | $ | (175 | ) | | $ | 172 | | | $ | 172 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (175 | ) | | $ | 172 | | | $ | 172 | |
| | | | | | | | | | | | | | | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
FICC | | $ | 172 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 172 | | | $ | (175 | ) | | $ | (3 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 172 | | | $ | 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, 2022 | | | 41 |
| | | | | | |
| Schedule of Investments | | PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | (Cont.) | | June 30, 2022 |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Investments in Securities, at Value | |
U.S. Treasury Obligations | | $ | 0 | | | $ | 193,915 | | | $ | 0 | | | $ | 193,915 | |
Short-Term Instruments | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | 0 | | | | 172 | | | | 0 | | | | 172 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 194,087 | | | $ | 0 | | | $ | 194,087 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.
| | | | | | |
| 42 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | |
| Schedule of Investments | | PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | June 30, 2022 |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 97.9% | |
| |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% . | |
|
AmSurg Corp. | |
13.000% due 04/30/2028 « | | $ | | | 713 | | | $ | | | 663 | |
|
Diamond Sports Group LLC | |
9.181% due 05/26/2026 | | | | | 1,543 | | | | | | 1,523 | |
|
Envision Healthcare Corp. | |
TBD% due 04/30/2027 µ | | | | | 77 | | | | | | 76 | |
8.875% due 04/30/2027 | | | | | 423 | | | | | | 418 | |
|
Intelsat Jackson Holdings SA | |
4.920% due 02/01/2029 | | | | | 1,707 | | | | | | 1,566 | |
| | | | | | | | | | | | |
Total Loan Participations and Assignments (Cost $4,735) | | | 4,246 | |
| | | | |
| |
| CORPORATE BONDS & NOTES 84.8% | |
| |
| BANKING & FINANCE 15.9% | |
|
Acrisure LLC | |
7.000% due 11/15/2025 | | | | | 783 | | | | | | 706 | |
10.125% due 08/01/2026 | | | | | 833 | | | | | | 810 | |
|
AerCap Holdings NV | |
5.875% due 10/10/2079 • | | | | | 625 | | | | | | 536 | |
|
Allied Universal Holdco LLC | |
6.625% due 07/15/2026 | | | | | 7,462 | | | | | | 6,862 | |
|
Ally Financial, Inc. | |
5.750% due 11/20/2025 | | | | | 2,913 | | | | | | 2,875 | |
|
AssuredPartners, Inc. | |
7.000% due 08/15/2025 | | | | | 379 | | | | | | 357 | |
|
Brookfield Property REIT, Inc. | |
4.500% due 04/01/2027 | | | | | 350 | | | | | | 291 | |
5.750% due 05/15/2026 | | | | | 3,813 | | | | | | 3,490 | |
|
Commerzbank AG | |
8.125% due 09/19/2023 | | | | | 1,352 | | | | | | 1,382 | |
|
Credit Acceptance Corp. | |
5.125% due 12/31/2024 | | | | | 830 | | | | | | 784 | |
6.625% due 03/15/2026 | | | | | 2,576 | | | | | | 2,417 | |
|
Deutsche Bank AG | |
4.296% due 05/24/2028 • | | | | | 208 | | | | | | 187 | |
4.500% due 04/01/2025 | | | | | 5,009 | | | | | | 4,775 | |
|
Diversified Healthcare Trust | |
9.750% due 06/15/2025 | | | | | 1,952 | | | | | | 1,928 | |
|
Enact Holdings, Inc. | |
6.500% due 08/15/2025 | | | | | 3,331 | | | | | | 3,148 | |
|
Enova International, Inc. | |
8.500% due 09/01/2024 | | | | | 843 | | | | | | 785 | |
8.500% due 09/15/2025 | | | | | 2,806 | | | | | | 2,444 | |
|
Five Point Operating Co. LP | |
7.875% due 11/15/2025 | | | | | 3,078 | | | | | | 2,586 | |
|
Fly Leasing Ltd. | |
7.000% due 10/15/2024 | | | | | 1,615 | | | | | | 1,177 | |
|
Ford Motor Credit Co. LLC | |
2.300% due 02/10/2025 | | | | | 923 | | | | | | 831 | |
2.700% due 08/10/2026 | | | | | 362 | | | | | | 309 | |
2.979% due 08/03/2022 | | | | | 520 | | | | | | 520 | |
3.350% due 11/01/2022 | | | | | 674 | | | | | | 670 | |
3.370% due 11/17/2023 | | | | | 20 | | | | | | 20 | |
3.550% due 10/07/2022 | | | | | 335 | | | | | | 334 | |
3.664% due 09/08/2024 | | | | | 1,672 | | | | | | 1,584 | |
3.810% due 01/09/2024 | | | | | 723 | | | | | | 703 | |
3.815% due 11/02/2027 | | | | | 200 | | | | | | 170 | |
4.063% due 11/01/2024 | | | | | 1,400 | | | | | | 1,332 | |
4.134% due 08/04/2025 | | | | | 1,495 | | | | | | 1,420 | |
4.250% due 09/20/2022 | | | | | 894 | | | | | | 894 | |
4.271% due 01/09/2027 | | | | | 2,861 | | | | | | 2,572 | |
4.389% due 01/08/2026 | | | | | 1,443 | | | | | | 1,333 | |
4.542% due 08/01/2026 | | | | | 1,004 | | | | | | 921 | |
4.687% due 06/09/2025 | | | | | 1,665 | | | | | | 1,577 | |
4.950% due 05/28/2027 | | | | | 1,004 | | | | | | 935 | |
5.125% due 06/16/2025 | | | | | 370 | | | | | | 354 | |
5.584% due 03/18/2024 | | | | | 2,184 | | | | | | 2,177 | |
|
Fortress Transportation & Infrastructure Investors LLC | |
6.500% due 10/01/2025 | | | | | 5,750 | | | | | | 5,436 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Freedom Mortgage Corp. | |
6.625% due 01/15/2027 | | $ | | | 843 | | | $ | | | 626 | |
7.625% due 05/01/2026 | | | | | 318 | | | | | | 248 | |
8.125% due 11/15/2024 | | | | | 1,993 | | | | | | 1,722 | |
8.250% due 04/15/2025 | | | | | 1,929 | | | | | | 1,626 | |
|
Geo Group, Inc. | |
5.125% due 04/01/2023 (i) | | | | | 1,286 | | | | | | 1,216 | |
|
Getty Images, Inc. | |
9.750% due 03/01/2027 | | | | | 1,054 | | | | | | 1,003 | |
|
Global Aircraft Leasing Co. Ltd. (6.500% Cash or 7.250% PIK) | |
6.500% due 09/15/2024 (b) | | | | | 150 | | | | | | 114 | |
|
Global Atlantic Fin Co. | |
4.700% due 10/15/2051 • | | | | | 2,244 | | | | | | 1,805 | |
|
Greystar Real Estate Partners LLC | |
5.750% due 12/01/2025 | | | | | 250 | | | | | | 237 | |
|
HAT Holdings LLC | |
3.375% due 06/15/2026 | | | | | 4,939 | | | | | | 4,260 | |
|
Icahn Enterprises LP | |
4.750% due 09/15/2024 | | | | | 2,182 | | | | | | 2,043 | |
6.250% due 05/15/2026 | | | | | 604 | | | | | | 567 | |
6.375% due 12/15/2025 | | | | | 379 | | | | | | 359 | |
|
Intesa Sanpaolo SpA | |
5.017% due 06/26/2024 | | | | | 6,828 | | | | | | 6,521 | |
5.710% due 01/15/2026 | | | | | 623 | | | | | | 594 | |
|
iStar, Inc. | |
4.250% due 08/01/2025 | | | | | 286 | | | | | | 265 | |
4.750% due 10/01/2024 | | | | | 1,046 | | | | | | 986 | |
|
Jefferson Capital Holdings LLC | |
6.000% due 08/15/2026 | | | | | 1,021 | | | | | | 895 | |
|
KCA Deutag U.K. Finance PLC | |
9.875% due 12/01/2025 (k) | | | | | 264 | | | | | | 251 | |
|
Ladder Capital Finance Holdings LLLP | |
4.250% due 02/01/2027 | | | | | 771 | | | | | | 624 | |
5.250% due 10/01/2025 | | | | | 1,794 | | | | | | 1,627 | |
|
LFS Topco LLC | |
5.875% due 10/15/2026 | | | | | 1,317 | | | | | | 1,042 | |
|
Liberty Mutual Group, Inc. | |
4.125% due 12/15/2051 • | | | | | 2,871 | | | | | | 2,295 | |
|
MPT Operating Partnership LP | |
5.250% due 08/01/2026 | | | | | 350 | | | | | | 331 | |
|
Navient Corp. | |
5.000% due 03/15/2027 | | | | | 360 | | | | | | 297 | |
5.500% due 01/25/2023 | | | | | 253 | | | | | | 251 | |
5.875% due 10/25/2024 | | | | | 759 | | | | | | 699 | |
6.125% due 03/25/2024 | | | | | 3,252 | | | | | | 3,089 | |
6.750% due 06/25/2025 | | | | | 846 | | | | | | 765 | |
6.750% due 06/15/2026 | | | | | 2,824 | | | | | | 2,503 | |
7.250% due 09/25/2023 | | | | | 20 | | | | | | 20 | |
|
Newmark Group, Inc. | |
6.125% due 11/15/2023 | | | | | 3,673 | | | | | | 3,666 | |
|
NFP Corp. | |
6.875% due 08/15/2028 | | | | | 786 | | | | | | 651 | |
|
NMI Holdings, Inc. | |
7.375% due 06/01/2025 | | | | | 1,222 | | | | | | 1,200 | |
|
OneMain Finance Corp. | |
3.500% due 01/15/2027 | | | | | 20 | | | | | | 16 | |
5.625% due 03/15/2023 | | | | | 8,114 | | | | | | 8,021 | |
6.125% due 03/15/2024 | | | | | 4,748 | | | | | | 4,546 | |
6.875% due 03/15/2025 | | | | | 681 | | | | | | 647 | |
7.125% due 03/15/2026 | | | | | 3,112 | | | | | | 2,884 | |
8.250% due 10/01/2023 | | | | | 90 | | | | | | 90 | |
|
Oxford Finance LLC | |
6.375% due 02/01/2027 | | | | | 3,114 | | | | | | 2,988 | |
|
Park Intermediate Holdings LLC | |
7.500% due 06/01/2025 | | | | | 3,517 | | | | | | 3,515 | |
|
PennyMac Financial Services, Inc. | |
5.375% due 10/15/2025 | | | | | 5,106 | | | | | | 4,458 | |
|
PRA Group, Inc. | |
7.375% due 09/01/2025 | | | | | 3,329 | | | | | | 3,243 | |
|
Provident Funding Associates LP | |
6.375% due 06/15/2025 | | | | | 3,495 | | | | | | 3,150 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Radian Group, Inc. | |
4.500% due 10/01/2024 | | $ | | | 377 | | | $ | | | 355 | |
4.875% due 03/15/2027 | | | | | 819 | | | | | | 735 | |
6.625% due 03/15/2025 | | | | | 2,094 | | | | | | 2,048 | |
|
RLJ Lodging Trust LP | |
3.750% due 07/01/2026 | | | | | 2,591 | | | | | | 2,250 | |
|
Rocket Mortgage LLC | |
2.875% due 10/15/2026 | | | | | 1,502 | | | | | | 1,246 | |
|
SBA Communications Corp. | |
3.875% due 02/15/2027 | | | | | 10 | | | | | | 9 | |
|
Service Properties Trust | |
4.750% due 10/01/2026 | | | | | 1,355 | | | | | | 989 | |
7.500% due 09/15/2025 | | | | | 2,867 | | | | | | 2,630 | |
|
Sitka Holdings LLC | |
6.750% due 07/06/2026 • | | | | | 1,605 | | | | | | 1,554 | |
|
SLM Corp. | |
3.125% due 11/02/2026 | | | | | 4,887 | | | | | | 3,953 | |
4.200% due 10/29/2025 | | | | | 1,127 | | | | | | 1,023 | |
|
Starwood Property Trust, Inc. | |
3.625% due 07/15/2026 | | | | | 1,311 | | | | | | 1,113 | |
3.750% due 12/31/2024 | | | | | 2,389 | | | | | | 2,178 | |
4.375% due 01/15/2027 | | | | | 1,672 | | | | | | 1,454 | |
4.750% due 03/15/2025 | | | | | 369 | | | | | | 341 | |
5.500% due 11/01/2023 | | | | | 1,005 | | | | | | 996 | |
|
United Wholesale Mortgage LLC | |
5.500% due 11/15/2025 | | | | | 1,100 | | | | | | 944 | |
|
Uniti Group LP | |
7.875% due 02/15/2025 | | | | | 1,978 | | | | | | 1,915 | |
|
USI, Inc. | |
6.875% due 05/01/2025 | | | | | 3,389 | | | | | | 3,275 | |
|
VICI Properties LP | |
3.750% due 02/15/2027 | | | | | 10 | | | | | | 9 | |
4.625% due 06/15/2025 | | | | | 2,069 | | | | | | 1,972 | |
5.625% due 05/01/2024 | | | | | 3,610 | | | | | | 3,572 | |
5.750% due 02/01/2027 | | | | | 807 | | | | | | 767 | |
|
Voyager Aviation Holdings LLC | |
8.500% due 05/09/2026 | | | | | 1,147 | | | | | | 1,027 | |
|
XHR LP | |
6.375% due 08/15/2025 | | | | | 1,105 | | | | | | 1,067 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 177,010 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 62.2% | |
|
Adient Global Holdings Ltd. | |
4.875% due 08/15/2026 | | | | | 3,520 | | | | | | 3,094 | |
|
ADT Security Corp. | |
4.125% due 06/15/2023 | | | | | 770 | | | | | | 758 | |
|
AECOM | |
5.125% due 03/15/2027 | | | | | 10 | | | | | | 9 | |
|
AerCap Global Aviation Trust | |
6.500% due 06/15/2045 • | | | | | 110 | | | | | | 101 | |
|
Air Canada | |
3.875% due 08/15/2026 | | | | | 3,339 | | | | | | 2,831 | |
|
Albertsons Cos., Inc. | |
3.250% due 03/15/2026 | | | | | 2,007 | | | | | | 1,752 | |
3.500% due 02/15/2023 | | | | | 1,527 | | | | | | 1,512 | |
4.625% due 01/15/2027 | | | | | 245 | | | | | | 219 | |
7.500% due 03/15/2026 | | | | | 2,948 | | | | | | 2,938 | |
|
Albion Financing 1 SARL | |
6.125% due 10/15/2026 | | | | | 2,205 | | | | | | 1,891 | |
|
Albion Financing 2 SARL | |
8.750% due 04/15/2027 | | | | | 330 | | | | | | 277 | |
|
Altice France Holding SA | |
10.500% due 05/15/2027 | | | | | 1,871 | | | | | | 1,574 | |
|
Altice France SA | |
8.125% due 02/01/2027 | | | | | 4,510 | | | | | | 4,159 | |
|
AMC Entertainment Holdings, Inc. | |
10.000% due 06/15/2026 (i) | | | | | 1,097 | | | | | | 731 | |
|
AMC Networks, Inc. | |
4.750% due 08/01/2025 | | | | | 4,796 | | | | | | 4,477 | |
5.000% due 04/01/2024 | | | | | 1,590 | | | | | | 1,543 | |
|
American Airlines Group, Inc. | |
3.750% due 03/01/2025 (i) | | | | | 781 | | | | | | 659 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 43 |
| | | | | | |
| Schedule of Investments | | PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
American Airlines, Inc. | |
5.500% due 04/20/2026 | | $ | | | 8,460 | | | $ | | | 7,802 | |
11.750% due 07/15/2025 | | | | | 4,282 | | | | | | 4,446 | |
|
Antero Resources Corp. | |
8.375% due 07/15/2026 | | | | | 870 | | | | | | 922 | |
|
Aramark Services, Inc. | |
5.000% due 04/01/2025 | | | | | 312 | | | | | | 299 | |
6.375% due 05/01/2025 | | | | | 2,238 | | | | | | 2,194 | |
|
Arconic Corp. | |
6.000% due 05/15/2025 | | | | | 1,615 | | | | | | 1,579 | |
|
Ardagh Packaging Finance PLC | |
4.125% due 08/15/2026 | | | | | 3,653 | | | | | | 3,102 | |
5.250% due 04/30/2025 | | | | | 1,089 | | | | | | 1,009 | |
5.250% due 08/15/2027 | | | | | 606 | | | | | | 434 | |
|
Artera Services LLC | |
9.033% due 12/04/2025 | | | | | 4,948 | | | | | | 4,000 | |
|
Ascent Resources Utica Holdings LLC | |
7.000% due 11/01/2026 | | | | | 2,611 | | | | | | 2,432 | |
|
At Home Group, Inc. | |
4.875% due 07/15/2028 | | | | | 358 | | | | | | 260 | |
7.125% due 07/15/2029 | | | | | 353 | | | | | | 201 | |
|
ATP Tower Holdings LLC | |
4.050% due 04/27/2026 | | | | | 3,169 | | | | | | 2,624 | |
|
Avient Corp. | |
5.250% due 03/15/2023 | | | | | 1,549 | | | | | | 1,544 | |
5.750% due 05/15/2025 | | | | | 1,286 | | | | | | 1,235 | |
|
B&G Foods, Inc. | |
5.250% due 04/01/2025 | | | | | 2,413 | | | | | | 2,229 | |
|
B.C. Unlimited Liability Co. | |
5.750% due 04/15/2025 | | | | | 609 | | | | | | 614 | |
|
Ball Corp. | |
4.000% due 11/15/2023 | | | | | 19 | | | | | | 19 | |
4.875% due 03/15/2026 | | | | | 370 | | | | | | 365 | |
5.250% due 07/01/2025 | | | | | 1,714 | | | | | | 1,718 | |
|
Banijay Entertainment SASU | |
5.375% due 03/01/2025 | | | | | 1,046 | | | | | | 985 | |
|
Bath & Body Works, Inc. | |
6.694% due 01/15/2027 | | | | | 1,794 | | | | | | 1,680 | |
9.375% due 07/01/2025 | | | | | 1,304 | | | | | | 1,325 | |
|
Bausch Health Americas, Inc. | |
9.250% due 04/01/2026 | | | | | 2,436 | | | | | | 1,748 | |
|
Bausch Health Cos., Inc. | |
5.500% due 11/01/2025 | | | | | 989 | | | | | | 870 | |
9.000% due 12/15/2025 | | | | | 4,589 | | | | | | 3,403 | |
|
BCPE Empire Holdings, Inc. | |
7.625% due 05/01/2027 | | | | | 1,990 | | | | | | 1,623 | |
|
BCPE Ulysses Intermediate, Inc. (7.750% Cash or 8.500% PIK) | |
7.750% due 04/01/2027 (b) | | | | | 618 | | | | | | 381 | |
|
Beacon Roofing Supply, Inc. | |
4.500% due 11/15/2026 | | | | | 767 | | | | | | 693 | |
|
Berry Global, Inc. | |
4.500% due 02/15/2026 | | | | | 1,275 | | | | | | 1,188 | |
|
Blackstone Mortgage Trust, Inc. | |
3.750% due 01/15/2027 | | | | | 10 | | | | | | 8 | |
|
Block, Inc. | |
2.750% due 06/01/2026 | | | | | 3,315 | | | | | | 2,950 | |
|
Bombardier, Inc. | |
7.125% due 06/15/2026 | | | | | 5,028 | | | | | | 4,162 | |
7.500% due 03/15/2025 | | | | | 3,421 | | | | | | 3,101 | |
|
Boxer Parent Co., Inc. | |
7.125% due 10/02/2025 | | | | | 2,862 | | | | | | 2,744 | |
|
Brink’s Co. | |
5.500% due 07/15/2025 | | | | | 1,770 | | | | | | 1,706 | |
|
Buckeye Partners LP | |
3.950% due 12/01/2026 | | | | | 1,110 | | | | | | 973 | |
4.125% due 03/01/2025 | | | | | 805 | | | | | | 746 | |
4.150% due 07/01/2023 | | | | | 192 | | | | | | 188 | |
4.350% due 10/15/2024 | | | | | 348 | | | | | | 328 | |
6.375% due 01/22/2078 • | | | | | 1,842 | | | | | | 1,465 | |
|
Caesars Entertainment, Inc. | |
6.250% due 07/01/2025 | | | | | 7,904 | | | | | | 7,644 | |
|
Caesars Resort Collection LLC | |
5.750% due 07/01/2025 | | | | | 1,087 | | | | | | 1,042 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Callon Petroleum Co. | |
6.125% due 10/01/2024 | | $ | | | 2,500 | | | $ | | | 2,540 | |
9.000% due 04/01/2025 | | | | | 2,500 | | | | | | 2,652 | |
|
Camelot Finance SA | |
4.500% due 11/01/2026 | | | | | 725 | | | | | | 662 | |
|
Carnival Corp. | |
7.625% due 03/01/2026 | | | | | 1,770 | | | | | | 1,375 | |
10.500% due 02/01/2026 | | | | | 631 | | | | | | 629 | |
|
Carvana Co. | |
5.625% due 10/01/2025 | | | | | 4,024 | | | | | | 3,096 | |
|
Cascades, Inc. | |
5.125% due 01/15/2026 | | | | | 661 | | | | | | 607 | |
|
CCO Holdings LLC | |
4.500% due 08/15/2030 | | | | | 1,015 | | | | | | 846 | |
5.500% due 05/01/2026 | | | | | 1,460 | | | | | | 1,427 | |
|
CD&R Smokey Buyer, Inc. | |
6.750% due 07/15/2025 | | | | | 981 | | | | | | 872 | |
|
CEC Entertainment LLC | |
6.750% due 05/01/2026 | | | | | 1,264 | | | | | | 1,115 | |
|
Cedar Fair LP | |
5.500% due 05/01/2025 | | | | | 1,285 | | | | | | 1,250 | |
|
Centennial Resource Production LLC | |
5.375% due 01/15/2026 | | | | | 1,125 | | | | | | 1,018 | |
6.875% due 04/01/2027 | | | | | 323 | | | | | | 307 | |
|
CGG SA | |
8.750% due 04/01/2027 | | | | | 1,585 | | | | | | 1,351 | |
|
Change Healthcare Holdings LLC | |
5.750% due 03/01/2025 | | | | | 3,762 | | | | | | 3,671 | |
|
Chesapeake Energy Corp. | |
5.500% due 02/01/2026 | | | | | 2,152 | | | | | | 2,053 | |
|
Chobani LLC | |
7.500% due 04/15/2025 (i) | | | | | 2,276 | | | | | | 2,094 | |
|
Churchill Downs, Inc. | |
5.500% due 04/01/2027 | | | | | 2,651 | | | | | | 2,522 | |
|
Cimpress PLC | |
7.000% due 06/15/2026 | | | | | 4,724 | | | | | | 3,770 | |
|
Cinemark USA, Inc. | |
5.875% due 03/15/2026 | | | | | 632 | | | | | | 565 | |
8.750% due 05/01/2025 | | | | | 871 | | | | | | 881 | |
|
Citgo Holding, Inc. | |
9.250% due 08/01/2024 | | | | | 265 | | | | | | 257 | |
|
Citgo Petroleum Corp. | |
7.000% due 06/15/2025 | | | | | 266 | | | | | | 258 | |
|
Clarios Global LP | |
6.250% due 05/15/2026 | | | | | 753 | | | | | | 726 | |
6.750% due 05/15/2025 | | | | | 3,510 | | | | | | 3,482 | |
|
Clarivate Science Holdings Corp. | |
4.875% due 07/01/2029 | | | | | 300 | | | | | | 247 | |
|
Clear Channel International BV | |
6.625% due 08/01/2025 | | | | | 900 | | | | | | 838 | |
|
Clearwater Paper Corp. | |
5.375% due 02/01/2025 | | | | | 537 | | | | | | 523 | |
|
Cleveland-Cliffs, Inc. | |
6.750% due 03/15/2026 | | | | | 1,798 | | | | | | 1,788 | |
|
CNX Resources Corp. | |
7.250% due 03/14/2027 | | | | | 1,523 | | | | | | 1,495 | |
|
Cogent Communications Group, Inc. | |
3.500% due 05/01/2026 | | | | | 1,614 | | | | | | 1,488 | |
7.000% due 06/15/2027 | | | | | 2,100 | | | | | | 2,014 | |
|
Colgate Energy Partners LLC | |
7.750% due 02/15/2026 | | | | | 619 | | | | | | 590 | |
|
CommScope Technologies LLC | |
5.000% due 03/15/2027 | | | | | 772 | | | | | | 572 | |
6.000% due 06/15/2025 | | | | | 2,206 | | | | | | 1,912 | |
|
CommScope, Inc. | |
6.000% due 03/01/2026 | | | | | 3,113 | | | | | | 2,873 | |
8.250% due 03/01/2027 | | | | | 3,160 | | | | | | 2,506 | |
|
Community Health Systems, Inc. | |
5.625% due 03/15/2027 | | | | | 10 | | | | | | 8 | |
8.000% due 03/15/2026 | | | | | 6,739 | | | | | | 6,157 | |
|
Connect Finco SARL | |
6.750% due 10/01/2026 | | | | | 6,094 | | | | | | 5,497 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Consensus Cloud Solutions, Inc. | |
6.000% due 10/15/2026 | | $ | | | 373 | | | $ | | | 321 | |
|
Cooper-Standard Automotive, Inc. | |
5.625% due 11/15/2026 (i) | | | | | 502 | | | | | | 236 | |
|
Coty, Inc. | |
5.000% due 04/15/2026 | | | | | 5,958 | | | | | | 5,469 | |
6.500% due 04/15/2026 (i) | | | | | 1,621 | | | | | | 1,497 | |
|
Crescent Energy Finance LLC | |
7.250% due 05/01/2026 | | | | | 284 | | | | | | 259 | |
|
Crown Americas LLC | |
4.250% due 09/30/2026 | | | | | 605 | | | | | | 559 | |
4.750% due 02/01/2026 | | | | | 457 | | | | | | 436 | |
|
Crown Cork & Seal Co., Inc. | |
7.375% due 12/15/2026 | | | | | 2,085 | | | | | | 2,138 | |
|
CSC Holdings LLC | |
5.250% due 06/01/2024 | | | | | 1,959 | | | | | | 1,835 | |
5.500% due 04/15/2027 | | | | | 350 | | | | | | 318 | |
5.875% due 09/15/2022 | | | | | 1,322 | | | | | | 1,317 | |
|
CVR Energy, Inc. | |
5.250% due 02/15/2025 | | | | | 1,897 | | | | | | 1,747 | |
|
Dave & Buster’s, Inc. | |
7.625% due 11/01/2025 | | | | | 259 | | | | | | 256 | |
|
DCP Midstream Operating LP | |
3.875% due 03/15/2023 | | | | | 824 | | | | | | 818 | |
5.375% due 07/15/2025 | | | | | 737 | | | | | | 718 | |
5.850% due 05/21/2043 • | | | | | 3,538 | | | | | | 2,979 | |
|
Delta Air Lines, Inc. | |
2.900% due 10/28/2024 | | | | | 2,583 | | | | | | 2,392 | |
3.800% due 04/19/2023 | | | | | 621 | | | | | | 616 | |
7.375% due 01/15/2026 | | | | | 5,681 | | | | | | 5,687 | |
|
Diamond Foreign Asset Co. (9.000% Cash or 13.000% PIK) | |
9.000% due 04/22/2027 (b) | | | | | 157 | | | | | | 154 | |
|
Diamond Offshore Drilling, Inc. | |
13.000% due 12/21/2026 «(a) | | | | | 79 | | | | | | 79 | |
|
Diamond Sports Group LLC | |
5.375% due 08/15/2026 (i) | | | | | 4,217 | | | | | | 1,060 | |
|
Diebold Nixdorf, Inc. | |
9.375% due 07/15/2025 (i) | | | | | 2,737 | | | | | | 1,917 | |
|
DirecTV Financing LLC | |
5.875% due 08/15/2027 | | | | | 1,805 | | | | | | 1,546 | |
|
DISH DBS Corp. | |
5.000% due 03/15/2023 | | | | | 887 | | | | | | 846 | |
5.250% due 12/01/2026 | | | | | 10,822 | | | | | | 8,503 | |
5.875% due 07/15/2022 | | | | | 2,713 | | | | | | 2,706 | |
5.875% due 11/15/2024 | | | | | 1,798 | | | | | | 1,521 | |
7.750% due 07/01/2026 | | | | | 802 | | | | | | 628 | |
|
DKT Finance ApS | |
9.375% due 06/17/2023 | | | | | 736 | | | | | | 714 | |
|
Earthstone Energy Holdings LLC | |
8.000% due 04/15/2027 | | | | | 734 | | | | | | 696 | |
|
Endeavour Mining PLC | |
5.000% due 10/14/2026 | | | | | 639 | | | | | | 521 | |
|
Endo Dac | |
5.875% due 10/15/2024 | | | | | 1,493 | | | | | | 1,142 | |
|
EnLink Midstream Partners LP | |
4.150% due 06/01/2025 | | | | | 2,370 | | | | | | 2,211 | |
4.400% due 04/01/2024 | | | | | 293 | | | | | | 287 | |
4.850% due 07/15/2026 | | | | | 1,143 | | | | | | 1,057 | |
|
Ensign Drilling, Inc. | |
9.250% due 04/15/2024 (i) | | | | | 1,343 | | | | | | 1,272 | |
|
EQM Midstream Partners LP | |
4.000% due 08/01/2024 | | | | | 386 | | | | | | 359 | |
4.125% due 12/01/2026 | | | | | 1,488 | | | | | | 1,288 | |
6.000% due 07/01/2025 | | | | | 1,177 | | | | | | 1,131 | |
7.500% due 06/01/2027 | | | | | 2,624 | | | | | | 2,536 | |
|
EQT Corp. | |
6.625% due 02/01/2025 | | | | | 2,505 | | | | | | 2,582 | |
|
Exela Intermediate LLC | |
11.500% due 07/15/2026 | | | | | 1,688 | | | | | | 565 | |
|
FAGE International SA | |
5.625% due 08/15/2026 | | | | | 1,989 | | | | | | 1,698 | |
|
Fair Isaac Corp. | |
5.250% due 05/15/2026 | | | | | 390 | | | | | | 388 | |
| | | | | | |
| 44 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
FMG Resources Pty. Ltd. | |
5.125% due 05/15/2024 | | $ | | | 280 | | | $ | | | 273 | |
|
Freeport-McMoRan, Inc. | |
3.875% due 03/15/2023 | | | | | 381 | | | | | | 380 | |
|
Gannett Holdings LLC | |
6.000% due 11/01/2026 | | | | | 828 | | | | | | 695 | |
|
Garda World Security Corp. | |
4.625% due 02/15/2027 | | | | | 1,149 | | | | | | 990 | |
|
Gates Global LLC | |
6.250% due 01/15/2026 | | | | | 4,705 | | | | | | 4,370 | |
|
GFL Environmental, Inc. | |
3.750% due 08/01/2025 | | | | | 3,028 | | | | | | 2,814 | |
4.250% due 06/01/2025 | | | | | 655 | | | | | | 619 | |
5.125% due 12/15/2026 | | | | | 319 | | | | | | 306 | |
|
Global Medical Response, Inc. | |
6.500% due 10/01/2025 | | | | | 1,538 | | | | | | 1,372 | |
|
goeasy Ltd. | |
4.375% due 05/01/2026 | | | | | 1,712 | | | | | | 1,454 | |
5.375% due 12/01/2024 | | | | | 2,121 | | | | | | 1,950 | |
|
Golden Entertainment, Inc. | |
7.625% due 04/15/2026 | | | | | 561 | | | | | | 556 | |
|
Goodyear Tire & Rubber Co. | |
9.500% due 05/31/2025 | | | | | 289 | | | | | | 299 | |
|
Graphic Packaging International LLC | |
4.875% due 11/15/2022 | | | | | 267 | | | | | | 268 | |
|
Gray Television, Inc. | |
5.875% due 07/15/2026 | | | | | 950 | | | | | | 889 | |
|
Gulfport Energy Corp. | |
8.000% due 05/17/2026 | | | | | 789 | | | | | | 778 | |
|
H-Food Holdings LLC | |
8.500% due 06/01/2026 | | | | | 2,277 | | | | | | 1,597 | |
|
Hadrian Merger Sub, Inc. | |
8.500% due 05/01/2026 | | | | | 2,147 | | | | | | 2,044 | |
|
Hanesbrands, Inc. | |
4.625% due 05/15/2024 | | | | | 2,616 | | | | | | 2,566 | |
4.875% due 05/15/2026 | | | | | 795 | | | | | | 738 | |
|
Harbour Energy PLC | |
5.500% due 10/15/2026 | | | | | 2,164 | | | | | | 1,949 | |
|
Hawaiian Brand Intellectual Property Ltd. | |
5.750% due 01/20/2026 | | | | | 616 | | | | | | 554 | |
|
HCA, Inc. | |
3.125% due 03/15/2027 | | | | | 290 | | | | | | 264 | |
5.375% due 02/01/2025 | | | | | 836 | | | | | | 834 | |
5.375% due 09/01/2026 | | | | | 273 | | | | | | 271 | |
5.875% due 02/15/2026 | | | | | 291 | | | | | | 293 | |
7.690% due 06/15/2025 | | | | | 10 | | | | | | 11 | |
|
Hertz Corp. | |
4.625% due 12/01/2026 | | | | | 2,370 | | | | | | 1,984 | |
|
Hess Midstream Operations LP | |
5.625% due 02/15/2026 | | | | | 984 | | | | | | 939 | |
|
Hexcel Corp. | |
4.200% due 02/15/2027 | | | | | 213 | | | | | | 200 | |
4.950% due 08/15/2025 | | | | | 377 | | | | | | 369 | |
|
Hillenbrand, Inc. | |
5.750% due 06/15/2025 | | | | | 208 | | | | | | 213 | |
|
Hilton Domestic Operating Co., Inc. | |
5.375% due 05/01/2025 | | | | | 2,809 | | | | | | 2,760 | |
|
Howard Midstream Energy Partners LLC | |
6.750% due 01/15/2027 | | | | | 859 | | | | | | 741 | |
|
Howmet Aerospace, Inc. | |
5.125% due 10/01/2024 | | | | | 160 | | | | | | 159 | |
5.900% due 02/01/2027 | | | | | 1,048 | | | | | | 1,034 | |
6.875% due 05/01/2025 | | | | | 1,046 | | | | | | 1,076 | |
|
Hudbay Minerals, Inc. | |
4.500% due 04/01/2026 | | | | | 1,429 | | | | | | 1,198 | |
|
iHeartCommunications, Inc. | |
6.375% due 05/01/2026 | | | | | 1,350 | | | | | | 1,253 | |
8.375% due 05/01/2027 | | | | | 1,350 | | | | | | 1,076 | |
|
IHO Verwaltungs GmbH (4.750% Cash or 5.500% PIK) | |
4.750% due 09/15/2026 (b) | | | | | 891 | | | | | | 767 | |
|
IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK) | |
6.000% due 05/15/2027 (b) | | | | | 2,244 | | | | | | 2,001 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
INEOS Quattro Finance 2 PLC | |
3.375% due 01/15/2026 | | $ | | | 2,954 | | | $ | | | 2,486 | |
|
Intelsat Jackson Holdings SA | |
6.500% due 03/15/2030 | | | | | 2,638 | | | | | | 2,183 | |
|
International Game Technology PLC | |
4.125% due 04/15/2026 | | | | | 565 | | | | | | 512 | |
6.500% due 02/15/2025 | | | | | 3,142 | | | | | | 3,132 | |
|
IQVIA, Inc. | |
5.000% due 10/15/2026 | | | | | 3,765 | | | | | | 3,596 | |
5.000% due 05/15/2027 | | | | | 350 | | | | | | 332 | |
|
IRB Holding Corp. | |
7.000% due 06/15/2025 | | | | | 2,375 | | | | | | 2,328 | |
|
Jaguar Land Rover Automotive PLC | |
5.625% due 02/01/2023 (i) | | | | | 2,267 | | | | | | 2,202 | |
7.750% due 10/15/2025 | | | | | 2,607 | | | | | | 2,418 | |
|
JELD-WEN, Inc. | |
4.625% due 12/15/2025 | | | | | 1,964 | | | | | | 1,672 | |
6.250% due 05/15/2025 | | | | | 261 | | | | | | 251 | |
|
KAR Auction Services, Inc. | |
5.125% due 06/01/2025 | | | | | 3,573 | | | | | | 3,405 | |
|
KB Home | |
7.500% due 09/15/2022 | | | | | 2,059 | | | | | | 2,082 | |
7.625% due 05/15/2023 | | | | | 285 | | | | | | 289 | |
|
Kronos Acquisition Holdings, Inc. | |
5.000% due 12/31/2026 | | | | | 2,729 | | | | | | 2,337 | |
|
LABL, Inc. | |
6.750% due 07/15/2026 | | | | | 3,132 | | | | | | 2,825 | |
|
Laredo Petroleum, Inc. | |
9.500% due 01/15/2025 | | | | | 287 | | | | | | 285 | |
|
Legacy LifePoint Health LLC | |
4.375% due 02/15/2027 | | | | | 10 | | | | | | 9 | |
6.750% due 04/15/2025 | | | | | 2,569 | | | | | | 2,487 | |
|
Legends Hospitality Holding Co. LLC | |
5.000% due 02/01/2026 | | | | | 2,211 | | | | | | 1,856 | |
|
Life Time, Inc. | |
5.750% due 01/15/2026 | | | | | 1,096 | | | | | | 986 | |
|
Ligado Networks LLC (15.500% PIK) | |
15.500% due 11/01/2023 (b) | | | | | 7,984 | | | | | | 4,145 | |
|
Ligado Networks LLC (17.500% PIK) | |
17.500% due 05/01/2024 (b) | | | | | 638 | | | | | | 189 | |
|
Lindblad Expeditions LLC | |
6.750% due 02/15/2027 | | | | | 1,192 | | | | | | 1,024 | |
|
Live Nation Entertainment, Inc. | |
4.875% due 11/01/2024 | | | | | 1,092 | | | | | | 1,045 | |
5.625% due 03/15/2026 | | | | | 1,431 | | | | | | 1,361 | |
6.500% due 05/15/2027 | | | | | 2,624 | | | | | | 2,586 | |
|
LSF9 Atlantis Holdings LLC | |
7.750% due 02/15/2026 | | | | | 1,823 | | | | | | 1,546 | |
|
Magnolia Oil & Gas Operating LLC | |
6.000% due 08/01/2026 | | | | | 354 | | | | | | 334 | |
|
Manitowoc Co., Inc. | |
9.000% due 04/01/2026 | | | | | 2,463 | | | | | | 2,297 | |
|
Marriott Ownership Resorts, Inc. | |
6.125% due 09/15/2025 | | | | | 2,065 | | | | | | 2,047 | |
|
Mattel, Inc. | |
3.150% due 03/15/2023 (i) | | | | | 1,238 | | | | | | 1,223 | |
3.375% due 04/01/2026 | | | | | 298 | | | | | | 274 | |
|
Matthews International Corp. | |
5.250% due 12/01/2025 | | | | | 290 | | | | | | 268 | |
|
Mauser Packaging Solutions Holding Co. | |
5.500% due 04/15/2024 | | | | | 5,340 | | | | | | 5,110 | |
7.250% due 04/15/2025 | | | | | 2,426 | | | | | | 2,121 | |
|
Mclaren Finance PLC | |
7.500% due 08/01/2026 | | | | | 2,549 | | | | | | 1,901 | |
|
MEG Energy Corp. | |
7.125% due 02/01/2027 | | | | | 3,715 | | | | | | 3,750 | |
|
Mercer International, Inc. | |
5.500% due 01/15/2026 | | | | | 40 | | | | | | 39 | |
|
Merlin Entertainments Ltd. | |
5.750% due 06/15/2026 | | | | | 623 | | | | | | 569 | |
|
MGM China Holdings Ltd. | |
5.375% due 05/15/2024 | | | | | 787 | | | | | | 672 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
MGM Resorts International | |
4.625% due 09/01/2026 | | $ | | | 1,455 | | | $ | | | 1,293 | |
5.500% due 04/15/2027 | | | | | 450 | | | | | | 404 | |
5.750% due 06/15/2025 | | | | | 856 | | | | | | 817 | |
6.000% due 03/15/2023 | | | | | 396 | | | | | | 396 | |
6.750% due 05/01/2025 | | | | | 3,333 | | | | | | 3,276 | |
|
Millennium Escrow Corp. | |
6.625% due 08/01/2026 | | | | | 1,881 | | | | | | 1,521 | |
|
Mineral Resources Ltd. | |
8.125% due 05/01/2027 | | | | | 350 | | | | | | 342 | |
|
Mohegan Gaming & Entertainment | |
8.000% due 02/01/2026 | | | | | 1,332 | | | | | | 1,136 | |
|
MoneyGram International, Inc. | |
5.375% due 08/01/2026 | | | | | 1,426 | | | | | | 1,360 | |
|
Moss Creek Resources Holdings, Inc. | |
7.500% due 01/15/2026 | | | | | 708 | | | | | | 634 | |
|
Nabors Industries Ltd. | |
7.250% due 01/15/2026 | | | | | 1,813 | | | | | | 1,610 | |
|
Nabors Industries, Inc. | |
5.750% due 02/01/2025 | | | | | 3,338 | | | | | | 2,948 | |
7.375% due 05/15/2027 | | | | | 200 | | | | | | 190 | |
9.000% due 02/01/2025 | | | | | 1,028 | | | | | | 1,024 | |
|
NCL Corp. Ltd. | |
3.625% due 12/15/2024 | | | | | 3,209 | | | | | | 2,674 | |
5.875% due 03/15/2026 | | | | | 4,761 | | | | | | 3,751 | |
5.875% due 02/15/2027 | | | | | 1,286 | | | | | | 1,102 | |
|
New Fortress Energy, Inc. | |
6.500% due 09/30/2026 | | | | | 10 | | | | | | 9 | |
6.750% due 09/15/2025 | | | | | 666 | | | | | | 631 | |
|
Newell Brands, Inc. | |
4.100% due 04/01/2023 | | | | | 2,885 | | | | | | 2,864 | |
4.450% due 04/01/2026 | | | | | 2,844 | | | | | | 2,718 | |
4.875% due 06/01/2025 | | | | | 290 | | | | | | 286 | |
|
NextEra Energy Operating Partners LP | |
3.875% due 10/15/2026 | | | | | 35 | | | | | | 32 | |
4.250% due 07/15/2024 | | | | | 413 | | | | | | 396 | |
|
Nielsen Co. Luxembourg SARL | |
5.000% due 02/01/2025 | | | | | 110 | | | | | | 108 | |
|
Nine Energy Service, Inc. | |
8.750% due 11/01/2023 | | | | | 468 | | | | | | 297 | |
|
Northriver Midstream Finance LP | |
5.625% due 02/15/2026 | | | | | 1,240 | | | | | | 1,126 | |
|
Northwest Acquisitions ULC | |
7.125% due 11/01/2022 ^(c) | | | | | 2,388 | | | | | | 0 | |
|
NortonLifeLock, Inc. | |
5.000% due 04/15/2025 | | | | | 671 | | | | | | 656 | |
|
NOVA Chemicals Corp. | |
4.875% due 06/01/2024 | | | | | 618 | | | | | | 589 | |
|
Novelis Corp. | |
3.250% due 11/15/2026 | | | | | 2,366 | | | | | | 2,004 | |
|
NuStar Logistics LP | |
5.750% due 10/01/2025 | | | | | 2,370 | | | | | | 2,220 | |
6.000% due 06/01/2026 | | | | | 2,138 | | | | | | 2,003 | |
|
Occidental Petroleum Corp. | |
2.700% due 02/15/2023 | | | | | 276 | | | | | | 272 | |
5.500% due 12/01/2025 (k) | | | | | 1,614 | | | | | | 1,592 | |
5.550% due 03/15/2026 | | | | | 3,757 | | | | | | 3,738 | |
5.875% due 09/01/2025 | | | | | 2,911 | | | | | | 2,904 | |
6.950% due 07/01/2024 | | | | | 1,713 | | | | | | 1,767 | |
8.000% due 07/15/2025 | | | | | 100 | | | | | | 105 | |
|
Oriflame Investment Holding PLC | |
5.125% due 05/04/2026 | | | | | 280 | | | | | | 179 | |
|
Outfront Media Capital LLC | |
6.250% due 06/15/2025 | | | | | 1,301 | | | | | | 1,236 | |
|
Owens-Brockway Glass Container, Inc. | |
5.375% due 01/15/2025 | | | | | 262 | | | | | | 247 | |
5.875% due 08/15/2023 | | | | | 2,276 | | | | | | 2,256 | |
|
Pactiv LLC | |
7.950% due 12/15/2025 | | | | | 3,754 | | | | | | 3,327 | |
|
Par Pharmaceutical, Inc. | |
7.500% due 04/01/2027 | | | | | 337 | | | | | | 257 | |
|
PDC Energy, Inc. | |
5.750% due 05/15/2026 | | | | | 2,165 | | | | | | 2,024 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 45 |
| | | | | | |
| Schedule of Investments | | PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Penske Automotive Group, Inc. | |
3.500% due 09/01/2025 | | $ | | | 573 | | | $ | | | 538 | |
|
Perenti Finance Pty. Ltd. | |
6.500% due 10/07/2025 (i) | | | | | 540 | | | | | | 515 | |
|
Performance Food Group, Inc. | |
6.875% due 05/01/2025 | | | | | 1,813 | | | | | | 1,807 | |
|
Perrigo Finance Unlimited Co. | |
4.375% due 03/15/2026 | | | | | 2,867 | | | | | | 2,713 | |
|
Photo Holdings Merger Sub, Inc. | |
8.500% due 10/01/2026 | | | | | 4,703 | | | | | | 3,558 | |
|
Picasso Finance Sub, Inc. | |
6.125% due 06/15/2025 | | | | | 1,466 | | | | | | 1,432 | |
|
Post Holdings, Inc. | |
5.750% due 03/01/2027 | | | | | 319 | | | | | | 309 | |
|
PRA Health Sciences, Inc. | |
2.875% due 07/15/2026 | | | | | 287 | | | | | | 256 | |
|
Precision Drilling Corp. | |
7.125% due 01/15/2026 | | | | | 629 | | | | | | 592 | |
|
Presidio Holdings, Inc. | |
4.875% due 02/01/2027 | | | | | 808 | | | | | | 743 | |
|
Prime Healthcare Services, Inc. | |
7.250% due 11/01/2025 | | | | | 2,880 | | | | | | 2,467 | |
|
Prime Security Services Borrower LLC | |
5.250% due 04/15/2024 | | | | | 3,329 | | | | | | 3,260 | |
5.750% due 04/15/2026 | | | | | 2,930 | | | | | | 2,738 | |
|
PTC, Inc. | |
3.625% due 02/15/2025 | | | | | 443 | | | | | | 420 | |
|
Quebecor Media, Inc. | |
5.750% due 01/15/2023 | | | | | 3,905 | | | | | | 3,917 | |
|
QVC, Inc. | |
4.850% due 04/01/2024 | | | | | 631 | | | | | | 591 | |
|
Radiate Holdco LLC | |
4.500% due 09/15/2026 | | | | | 4,835 | | | | | | 4,176 | |
|
Range Resources Corp. | |
4.875% due 05/15/2025 | | | | | 1,427 | | | | | | 1,394 | |
5.000% due 03/15/2023 | | | | | 4,774 | | | | | | 4,746 | |
|
Rattler Midstream LP | |
5.625% due 07/15/2025 | | | | | 986 | | | | | | 987 | |
|
RegionalCare Hospital Partners Holdings, Inc. | |
9.750% due 12/01/2026 | | | | | 4,264 | | | | | | 4,155 | |
|
Resolute Forest Products, Inc. | |
4.875% due 03/01/2026 (i) | | | | | 2,017 | | | | | | 1,828 | |
|
Revlon Consumer Products Corp. | |
6.250% due 08/01/2024 | | | | | 775 | | | | | | 64 | |
|
Ritchie Bros Auctioneers, Inc. | |
5.375% due 01/15/2025 | | | | | 10 | | | | | | 10 | |
|
Rite Aid Corp. | |
7.500% due 07/01/2025 | | | | | 2,245 | | | | | | 1,822 | |
8.000% due 11/15/2026 | | | | | 2,084 | | | | | | 1,624 | |
|
Rockies Express Pipeline LLC | |
3.600% due 05/15/2025 | | | | | 300 | | | | | | 272 | |
|
Rockpoint Gas Storage Canada Ltd. | |
7.000% due 03/31/2023 | | | | | 2,132 | | | | | | 2,097 | |
|
Rolls-Royce PLC | |
3.625% due 10/14/2025 | | | | | 3,516 | | | | | | 3,139 | |
5.750% due 10/15/2027 | | | | | 780 | | | | | | 705 | |
|
Royal Caribbean Cruises Ltd. | |
5.375% due 07/15/2027 | | | | | 2,626 | | | | | | 1,915 | |
9.125% due 06/15/2023 | | | | | 1,597 | | | | | | 1,583 | |
10.875% due 06/01/2023 | | | | | 6,631 | | | | | | 6,669 | |
11.500% due 06/01/2025 | | | | | 1,438 | | | | | | 1,481 | |
|
RP Escrow Issuer LLC | |
5.250% due 12/15/2025 | | | | | 1,802 | | | | | | 1,560 | |
|
Sabre Global, Inc. | |
7.375% due 09/01/2025 | | | | | 2,631 | | | | | | 2,445 | |
9.250% due 04/15/2025 | | | | | 4,965 | | | | | | 4,794 | |
|
Scientific Games International, Inc. | |
8.625% due 07/01/2025 | | | | | 4,131 | | | | | | 4,241 | |
|
SCIL LLC | |
5.375% due 11/01/2026 | | | | | 984 | | | | | | 789 | |
|
Seagate HDD Cayman | |
4.750% due 06/01/2023 | | | | | 777 | | | | | | 771 | |
4.875% due 03/01/2024 | | | | | 1,059 | | | | | | 1,047 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Sealed Air Corp. | |
5.125% due 12/01/2024 | | $ | | | 285 | | | $ | | | 283 | |
5.500% due 09/15/2025 | | | | | 283 | | | | | | 283 | |
|
Select Medical Corp. | |
6.250% due 08/15/2026 | | | | | 2,607 | | | | | | 2,439 | |
|
Sensata Technologies BV | |
4.875% due 10/15/2023 | | | | | 1,635 | | | | | | 1,611 | |
5.000% due 10/01/2025 | | | | | 332 | | | | | | 319 | |
5.625% due 11/01/2024 | | | | | 1,027 | | | | | | 1,015 | |
|
Shift4 Payments LLC | |
4.625% due 11/01/2026 | | | | | 946 | | | | | | 839 | |
|
Sigma Holdco BV | |
7.875% due 05/15/2026 (i) | | | | | 2,306 | | | | | | 1,313 | |
|
Sinclair Television Group, Inc. | |
5.125% due 02/15/2027 | | | | | 296 | | | | | | 250 | |
|
Sirius XM Radio, Inc. | |
3.125% due 09/01/2026 | | | | | 2,108 | | | | | | 1,886 | |
|
Six Flags Entertainment Corp. | |
4.875% due 07/31/2024 | | | | | 3,072 | | | | | | 2,925 | |
|
Six Flags Theme Parks, Inc. | |
7.000% due 07/01/2025 | | | | | 1,934 | | | | | | 1,961 | |
|
Skillz, Inc. | |
10.250% due 12/15/2026 | | | | | 381 | | | | | | 268 | |
|
SM Energy Co. | |
5.625% due 06/01/2025 | | | | | 1,795 | | | | | | 1,699 | |
6.625% due 01/15/2027 | | | | | 962 | | | | | | 901 | |
6.750% due 09/15/2026 | | | | | 2,358 | | | | | | 2,228 | |
|
Southwestern Energy Co. | |
5.950% due 01/23/2025 | | | | | 368 | | | | | | 364 | |
|
Spectrum Brands, Inc. | |
5.750% due 07/15/2025 | | | | | 530 | | | | | | 524 | |
|
Spirit AeroSystems, Inc. | |
3.850% due 06/15/2026 | | | | | 303 | | | | | | 260 | |
3.950% due 06/15/2023 | | | | | 2,825 | | | | | | 2,653 | |
5.500% due 01/15/2025 | | | | | 261 | | | | | | 242 | |
7.500% due 04/15/2025 | | | | | 3,673 | | | | | | 3,422 | |
|
Standard Industries, Inc. | |
5.000% due 02/15/2027 | | | | | 1,094 | | | | | | 978 | |
|
Staples, Inc. | |
7.500% due 04/15/2026 | | | | | 5,117 | | | | | | 4,257 | |
10.750% due 04/15/2027 | | | | | 618 | | | | | | 410 | |
|
Stevens Holding Co., Inc. | |
6.125% due 10/01/2026 | | | | | 424 | | | | | | 409 | |
|
Strathcona Resources Ltd. | |
6.875% due 08/01/2026 | | | | | 990 | | | | | | 902 | |
|
Sugarhouse HSP Gaming Prop Mezz LP | |
5.875% due 05/15/2025 | | | | | 1,709 | | | | | | 1,574 | |
|
Summer BC Bidco B LLC | |
5.500% due 10/31/2026 | | | | | 1,307 | | | | | | 1,173 | |
|
Sunnova Energy Corp. | |
5.875% due 09/01/2026 (i) | | | | | 1,242 | | | | | | 1,082 | |
|
Surgery Center Holdings, Inc. | |
6.750% due 07/01/2025 | | | | | 675 | | | | | | 620 | |
10.000% due 04/15/2027 | | | | | 621 | | | | | | 602 | |
|
T-Mobile USA, Inc. | |
2.250% due 02/15/2026 | | | | | 4,362 | | | | | | 3,933 | |
2.625% due 04/15/2026 | | | | | 60 | | | | | | 55 | |
5.375% due 04/15/2027 | | | | | 2,796 | | | | | | 2,769 | |
|
Tap Rock Resources LLC | |
7.000% due 10/01/2026 | | | | | 373 | | | | | | 353 | |
|
Team Health Holdings, Inc. | |
6.375% due 02/01/2025 | | | | | 3,858 | | | | | | 2,700 | |
|
TEGNA, Inc. | |
4.750% due 03/15/2026 | | | | | 771 | | | | | | 741 | |
|
Tempo Acquisition LLC | |
5.750% due 06/01/2025 | | | | | 1,899 | | | | | | 1,790 | |
|
Tenet Healthcare Corp. | |
4.625% due 07/15/2024 | | | | | 1,155 | | | | | | 1,110 | |
4.625% due 09/01/2024 | | | | | 3,267 | | | | | | 3,141 | |
4.875% due 01/01/2026 | | | | | 2,496 | | | | | | 2,305 | |
6.250% due 02/01/2027 | | | | | 10 | | | | | | 9 | |
6.750% due 06/15/2023 | | | | | 9,337 | | | | | | 9,616 | |
|
TransDigm U.K. Holdings PLC | |
6.875% due 05/15/2026 | | | | | 536 | | | | | | 501 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
TransDigm, Inc. | |
6.250% due 03/15/2026 | | $ | | | 9,430 | | | $ | | | 9,119 | |
6.375% due 06/15/2026 | | | | | 3,869 | | | | | | 3,625 | |
7.500% due 03/15/2027 | | | | | 10 | | | | | | 9 | |
8.000% due 12/15/2025 | | | | | 2,269 | | | | | | 2,299 | |
|
Transocean Guardian Ltd. | |
5.875% due 01/15/2024 | | | | | 1,208 | | | | | | 1,118 | |
|
Transocean Pontus Ltd. | |
6.125% due 08/01/2025 | | | | | 263 | | | | | | 241 | |
|
Transocean, Inc. | |
7.250% due 11/01/2025 | | | | | 369 | | | | | | 274 | |
7.500% due 01/15/2026 | | | | | 607 | | | | | | 435 | |
|
Travel & Leisure Co. | |
3.900% due 03/01/2023 | | | | | 20 | | | | | | 20 | |
5.650% due 04/01/2024 | | | | | 2,091 | | | | | | 2,058 | |
6.000% due 04/01/2027 | | | | | 426 | | | | | | 387 | |
6.600% due 10/01/2025 | | | | | 395 | | | | | | 384 | |
6.625% due 07/31/2026 | | | | | 2,155 | | | | | | 2,047 | |
|
Trident TPI Holdings, Inc. | |
6.625% due 11/01/2025 | | | | | 2,620 | | | | | | 2,410 | |
9.250% due 08/01/2024 | | | | | 1,372 | | | | | | 1,257 | |
|
Trinity Industries, Inc. | |
4.550% due 10/01/2024 | | | | | 531 | | | | | | 515 | |
|
Trinseo Materials Operating S.C.A. | |
5.375% due 09/01/2025 | | | | | 1,357 | | | | | | 1,158 | |
|
TripAdvisor, Inc. | |
7.000% due 07/15/2025 | | | | | 1,962 | | | | | | 1,902 | |
|
Triumph Group, Inc. | |
6.250% due 09/15/2024 | | | | | 4,926 | | | | | | 4,400 | |
7.750% due 08/15/2025 (i) | | | | | 2,230 | | | | | | 1,720 | |
8.875% due 06/01/2024 | | | | | 629 | | | | | | 634 | |
|
Trivium Packaging Finance BV | |
5.500% due 08/15/2026 | | | | | 284 | | | | | | 269 | |
|
U.S. Acute Care Solutions LLC | |
6.375% due 03/01/2026 | | | | | 5,139 | | | | | | 4,609 | |
|
U.S. Foods, Inc. | |
6.250% due 04/15/2025 | | | | | 5,845 | | | | | | 5,843 | |
|
Uber Technologies, Inc. | |
7.500% due 05/15/2025 | | | | | 2,273 | | | | | | 2,257 | |
7.500% due 09/15/2027 | | | | | 671 | | | | | | 651 | |
8.000% due 11/01/2026 | | | | | 619 | | | | | | 618 | |
|
Under Armour, Inc. | |
3.250% due 06/15/2026 | | | | | 1,455 | | | | | | 1,255 | |
|
United Airlines, Inc. | |
4.375% due 04/15/2026 | | | | | 6,638 | | | | | | 5,873 | |
|
Univision Communications, Inc. | |
5.125% due 02/15/2025 | | | | | 3,086 | | | | | | 2,910 | |
|
USA Compression Partners LP | |
6.875% due 04/01/2026 | | | | | 3,299 | | | | | | 3,005 | |
|
Vail Resorts, Inc. | |
6.250% due 05/15/2025 | | | | | 2,365 | | | | | | 2,366 | |
|
Vericast Corp. | |
11.000% due 09/15/2026 | | | | | 5,314 | | | | | | 5,117 | |
|
Veritas U.S., Inc. | |
7.500% due 09/01/2025 | | | | | 4,414 | | | | | | 3,321 | |
|
Viasat, Inc. | |
5.625% due 09/15/2025 | | | | | 3,742 | | | | | | 3,032 | |
|
Videotron Ltd. | |
5.375% due 06/15/2024 | | | | | 537 | | | | | | 534 | |
|
Viking Cruises Ltd. | |
6.250% due 05/15/2025 | | | | | 1,552 | | | | | | 1,310 | |
13.000% due 05/15/2025 | | | | | 3,760 | | | | | | 3,858 | |
|
VOC Escrow Ltd. | |
5.000% due 02/15/2028 | | | | | 200 | | | | | | 161 | |
|
W&T Offshore, Inc. | |
9.750% due 11/01/2023 | | | | | 2,072 | | | | | | 1,977 | |
|
Waste Pro USA, Inc. | |
5.500% due 02/15/2026 | | | | | 2,198 | | | | | | 1,955 | |
|
Weatherford International Ltd. | |
11.000% due 12/01/2024 | | | | | 292 | | | | | | 295 | |
|
Weir Group PLC | |
2.200% due 05/13/2026 | | | | | 1,061 | | | | | | 934 | |
|
Wesco Aircraft Holdings, Inc. | |
9.000% due 11/15/2026 (i) | | | | | 523 | | | | | | 306 | |
| | | | | | |
| 46 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK) | |
10.500% due 11/15/2026 «(b) | | $ | | | 1,840 | | | $ | | | 1,746 | |
|
WESCO Distribution, Inc. | |
7.125% due 06/15/2025 | | | | | 3,979 | | | | | | 3,979 | |
|
Western Digital Corp. | |
4.750% due 02/15/2026 | | | | | 3,550 | | | | | | 3,398 | |
|
Western Midstream Operating LP | |
3.600% due 02/01/2025 | | | | | 3,538 | | | | | | 3,266 | |
3.950% due 06/01/2025 | | | | | 322 | | | | | | 304 | |
4.650% due 07/01/2026 | | | | | 618 | | | | | | 583 | |
|
White Cap Parent LLC (8.250% Cash or 9.000% PIK) | |
8.250% due 03/15/2026 (b) | | | | | 2,860 | | | | | | 2,385 | |
|
WR Grace Holdings LLC | |
5.625% due 10/01/2024 | | | | | 261 | | | | | | 254 | |
|
Wynn Las Vegas LLC | |
4.250% due 05/30/2023 | | | | | 1,865 | | | | | | 1,793 | |
5.250% due 05/15/2027 | | | | | 100 | | | | | | 86 | |
5.500% due 03/01/2025 | | | | | 4,827 | | | | | | 4,426 | |
|
Wynn Macau Ltd. | |
4.875% due 10/01/2024 | | | | | 317 | | | | | | 236 | |
5.500% due 01/15/2026 | | | | | 400 | | | | | | 278 | |
5.625% due 08/26/2028 | | | | | 200 | | | | | | 124 | |
|
Wynn Resorts Finance LLC | |
7.750% due 04/15/2025 | | | | | 1,098 | | | | | | 1,070 | |
|
Xerox Holdings Corp. | |
5.000% due 08/15/2025 | | | | | 2,144 | | | | | | 1,997 | |
|
XPO Logistics, Inc. | |
6.250% due 05/01/2025 | | | | | 757 | | | | | | 753 | |
|
Yum! Brands, Inc. | |
3.875% due 11/01/2023 | | | | | 1,087 | | | | | | 1,083 | |
|
Zayo Group Holdings, Inc. | |
4.000% due 03/01/2027 | | | | | 4,974 | | | | | | 4,136 | |
|
ZF North America Capital, Inc. | |
4.750% due 04/29/2025 | | | | | 3,549 | | | | | | 3,284 | |
|
Ziggo Bond Co. BV | |
6.000% due 01/15/2027 | | | | | 2,532 | | | | | | 2,244 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 694,222 | |
| | | | | | | | | | | | |
| |
| UTILITIES 6.7% | |
|
AmeriGas Partners LP | |
5.500% due 05/20/2025 | | | | | 100 | | | | | | 94 | |
|
Antero Midstream Partners LP | |
5.750% due 03/01/2027 | | | | | 3,432 | | | | | | 3,198 | |
7.875% due 05/15/2026 | | | | | 605 | | | | | | 605 | |
|
Blue Racer Midstream LLC | |
6.625% due 07/15/2026 | | | | | 274 | | | | | | 247 | |
7.625% due 12/15/2025 | | | | | 860 | | | | | | 814 | |
|
Calpine Corp. | |
5.250% due 06/01/2026 | | | | | 1,778 | | | | | | 1,692 | |
|
Crestwood Midstream Partners LP | |
5.750% due 04/01/2025 | | | | | 1,015 | | | | | | 951 | |
|
CrownRock LP | |
5.625% due 10/15/2025 | | | | | 3,204 | | | | | | 3,020 | |
|
DPL, Inc. | |
4.125% due 07/01/2025 | | | | | 467 | | | | | | 432 | |
|
Drax Finco PLC | |
6.625% due 11/01/2025 | | | | | 1,608 | | | | | | 1,571 | |
|
Electricite de France SA | |
5.250% due 01/29/2023 •(g) | | | | | 2,502 | | | | | | 2,370 | |
5.625% due 01/22/2024 •(g) | | | | | 3,381 | | | | | | 3,100 | |
|
Endeavor Energy Resources LP | |
6.625% due 07/15/2025 | | | | | 2,018 | | | | | | 2,031 | |
|
FirstEnergy Corp. | |
1.600% due 01/15/2026 | | | | | 319 | | | | | | 279 | |
2.050% due 03/01/2025 | | | | | 304 | | | | | | 279 | |
|
FirstEnergy Transmission LLC | |
4.350% due 01/15/2025 | | | | | 276 | | | | | | 272 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Genesis Energy LP | |
5.625% due 06/15/2024 | | $ | | | 672 | | | $ | | | 631 | |
6.250% due 05/15/2026 | | | | | 731 | | | | | | 654 | |
6.500% due 10/01/2025 | | | | | 1,960 | | | | | | 1,811 | |
8.000% due 01/15/2027 | | | | | 2,829 | | | | | | 2,512 | |
|
Holly Energy Partners LP | |
6.375% due 04/15/2027 | | | | | 831 | | | | | | 784 | |
|
Iliad Holding SASU | |
6.500% due 10/15/2026 | | | | | 4,051 | | | | | | 3,653 | |
|
Koninklijke KPN NV | |
7.000% due 03/28/2073 • | | | | | 268 | | | | | | 266 | |
|
Lumen Technologies, Inc. | |
4.000% due 02/15/2027 | | | | | 1,738 | | | | | | 1,475 | |
6.750% due 12/01/2023 | | | | | 10 | | | | | | 10 | |
7.500% due 04/01/2024 | | | | | 789 | | | | | | 780 | |
|
NGL Energy Operating LLC | |
7.500% due 02/01/2026 | | | | | 2,884 | | | | | | 2,606 | |
|
NGL Energy Partners LP | |
6.125% due 03/01/2025 (i) | | | | | 371 | | | | | | 282 | |
|
PBF Holding Co. LLC | |
7.250% due 06/15/2025 | | | | | 628 | | | | | | 588 | |
9.250% due 05/15/2025 | | | | | 6,071 | | | | | | 6,356 | |
|
PBF Logistics LP | |
6.875% due 05/15/2023 | | | | | 1,683 | | | | | | 1,660 | |
|
Qwest Corp. | |
7.250% due 09/15/2025 | | | | | 263 | | | | | | 272 | |
|
Sprint Communications, Inc. | |
6.000% due 11/15/2022 | | | | | 2,401 | | | | | | 2,419 | |
|
Sprint Corp. | |
7.125% due 06/15/2024 | | | | | 2,851 | | | | | | 2,935 | |
7.625% due 02/15/2025 | | | | | 848 | | | | | | 886 | |
7.625% due 03/01/2026 | | | | | 2,278 | | | | | | 2,405 | |
7.875% due 09/15/2023 | | | | | 6,906 | | | | | | 7,141 | |
|
Summit Midstream Holdings LLC | |
8.500% due 10/15/2026 | | | | | 626 | | | | | | 563 | |
|
Tallgrass Energy Partners LP | |
6.000% due 03/01/2027 | | | | | 276 | | | | | | 247 | |
7.500% due 10/01/2025 | | | | | 3,540 | | | | | | 3,432 | |
|
Telecom Italia SpA | |
5.303% due 05/30/2024 | | | | | 2,561 | | | | | | 2,467 | |
|
Transocean Phoenix 2 Ltd. | |
7.750% due 10/15/2024 | | | | | 368 | | | | | | 351 | |
|
Transocean Poseidon Ltd. | |
6.875% due 02/01/2027 | | | | | 2,016 | | | | | | 1,776 | |
|
Transocean Proteus Ltd. | |
6.250% due 12/01/2024 | | | | | 379 | | | | | | 354 | |
|
Transocean Sentry Ltd. | |
5.375% due 05/15/2023 | | | | | 2,278 | | | | | | 2,154 | |
|
Vistra Operations Co. LLC | |
5.500% due 09/01/2026 | | | | | 1,435 | | | | | | 1,358 | |
5.625% due 02/15/2027 | | | | | 808 | | | | | | 761 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | 74,544 | |
| | | | | | | | | | | | |
Total Corporate Bonds & Notes
(Cost $1,057,124) | | | 945,776 | |
| | | | |
| |
| | | | | SHARES | | | | | | |
| COMMON STOCKS 0.4% | |
| |
| COMMUNICATION SERVICES 0.1% | |
| | | | |
iHeartMedia, Inc. ‘B’ «(d) | | | | | 122,615 | | | | | | 871 | |
| | | | | | | | | | | | |
| |
| FINANCIALS 0.3% | |
| | | | |
Intelsat SA «(d)(k) | | | | | 90,699 | | | | | | 2,539 | |
| | | | |
Newco, Inc. «(d) | | | | | 5,855 | | | | | | 460 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,999 | |
| | | | | | | | | | | | |
| |
| | | | | | | | | | | | |
| | | | | SHARES | | | | | MARKET
VALUE
(000S) | |
| INDUSTRIALS 0.0% | |
| | | | |
Bruin Blocker LLC «(d)(k) | | | | | 182,994 | | | $ | | | 0 | |
| | | | |
Diamond Offshore Drilling, Inc. (d) | | | | | 34,561 | | | | | | 204 | |
| | | | |
Voyager Aviation Holdings LLC «(d) | | | | | 530 | | | | | | 0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 204 | |
| | | | | | | | | | | | |
| |
| INFORMATION TECHNOLOGY 0.0% | |
| | | | |
Riverbed Technology, Inc. «(d)(k) | | | | | 22,812 | | | | | | 459 | |
| | | | | | | | | | | | |
| |
| REAL ESTATE 0.0% | |
| | | | |
Stearns Holding LLC ‘B’ «(d) | | | | | 214,645 | | | | | | 0 | |
| | | | | | | | | | | | |
Total Common Stocks (Cost $11,679) | | | 4,533 | |
| | | | |
| |
| 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 | | | | | | 76 | |
| | | | |
Intelsat Jackson Holdings SA - Exp. 12/05/2025 « | | | | | 8,526 | | | | | | 42 | |
| | | | | | | | | | | | |
Total Warrants (Cost $3,431) | | | 118 | |
| | | | |
| |
| PREFERRED SECURITIES 0.1% | |
| |
| BANKING & FINANCE 0.0% | |
|
AGFC Capital Trust | |
2.794% (US0003M + 1.750%) due 01/15/2067 ~ | | | | | 453,000 | | | | | | 248 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 0.1% | |
|
Voyager Aviation Holdings LLC | |
9.500% « | | | | | 3,178 | | | | | | 961 | |
| | | | | | | | | | | | |
Total Preferred Securities (Cost $1,312) | | | 1,209 | |
| | | | |
| |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | | |
| SHORT-TERM INSTRUMENTS 12.2% | |
| |
| REPURCHASE AGREEMENTS (l) 4.8% | |
| | | | | | | | | | | 53,014 | |
| | | | | | | | | | | | |
| |
| U.S. TREASURY BILLS 7.4% | |
0.804% due 07/05/2022 - 08/09/2022 (e)(f)(o) | | $ | | | 83,000 | | | | | | 82,955 | |
| | | | | | | | | | | | |
| Total Short-Term Instruments (Cost $135,978) | | | 135,969 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments in Securities (Cost $1,214,259) | | | 1,091,945 | |
| | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 47 |
| | | | | | |
| Schedule of Investments | | PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | SHARES | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN AFFILIATES 1.1% | |
| |
| SHORT-TERM INSTRUMENTS 1.1% | |
| |
| MUTUAL FUNDS 1.1% | |
|
PIMCO Government Money Market Fund | |
1.450% (h)(i)(j) | | | | | 12,398,576 | | | $ | | | 12,399 | |
| | | | | | | | | | | | |
| Total Short-Term Instruments (Cost $12,399) | | | 12,399 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments in Affiliates (Cost $12,399) | | | 12,399 | |
| |
| | | | |
| Total Investments 99.0% (Cost $1,226,658) | | | $ | | | 1,104,344 | |
| |
Financial Derivative
Instruments (m)(n) (0.1)% (Cost or Premiums, net $2,324) | | | (980 | ) |
| |
| Other Assets and Liabilities, net 1.1% | | | 12,442 | |
| | | | |
| Net Assets 100.0% | | | $ | | | 1,115,806 | |
| | | | | | | |
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). |
| 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. |
| (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) | Coupon represents a weighted average yield to maturity. |
| (g) | Perpetual maturity; date shown, if applicable, represents next contractual call date. |
| (h) | Institutional Class Shares of each Fund. |
| (i) | Securities with an aggregate market value of $15,098 were out on loan in exchange for $15,399 of cash collateral as of June 30, 2022. See Note 5, Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral. |
| (j) | Coupon represents a 7-Day Yield. |
(k) 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 SA | | | 10/02/2018 - 02/23/2022 | | | | 6,884 | | | | 2,539 | | | | 0.23 | |
KCA Deutag U.K. Finance PLC 9.875% due 12/01/2025 | | | 12/21/2020 | | | | 273 | | | | 251 | | | | 0.02 | |
Occidental Petroleum Corp. 5.500% due 12/01/2025 | | | 07/22/2021 - 12/28/2021 | | | | 1,760 | | | | 1,592 | | | | 0.14 | |
Riverbed Technology, Inc. | | | 04/24/2018 - 12/07/2021 | | | | 1,634 | | | | 459 | | | | 0.04 | |
| | | | | | | | | | | | | | | | |
| | | | | | $ | 10,551 | | | $ | 4,841 | | | | 0.43 | % |
| | | | | | | | | | | | | | | | |
| | | | | | |
| 48 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(l) 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 | | | 0.400 | % | | | 06/30/2022 | | | | 07/01/2022 | | | $ | 6,314 | | | U.S. Treasury Notes 2.875% due 06/15/2025 | | $ | (6,440 | ) | | $ | 6,314 | | | $ | 6,314 | |
| MBC | | | 1.490 | | | | 06/30/2022 | | | | 07/01/2022 | | | | 46,700 | | | U.S. Treasury Notes 0.875% due 01/31/2024 | | | (48,216 | ) | | | 46,700 | | | | 46,702 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (54,656 | ) | | $ | 53,014 | | | $ | 53,016 | |
| | | | | | | | | | | | | | | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
FICC | | $ | 6,314 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 6,314 | | | $ | (6,440 | ) | | $ | (126 | ) |
MBC | | | 46,702 | | | | 0 | | | | 0 | | | | 0 | | | | 46,702 | | | | (48,216 | ) | | | (1,514 | ) |
|
Master Securities Lending Agreement | |
BCY | | | 0 | | | | 0 | | | | 0 | | | | 1,327 | | | | 1,327 | | | | (1,351 | ) | | | (24 | ) |
BMO | | | 0 | | | | 0 | | | | 0 | | | | 194 | | | | 194 | | | | (198 | ) | | | (4 | ) |
FOB | | | 0 | | | | 0 | | | | 0 | | | | 1,897 | | | | 1,897 | | | | (1,935 | ) | | | (38 | ) |
GSC | | | 0 | | | | 0 | | | | 0 | | | | 11,680 | | | | 11,680 | | | | (11,915 | ) | | | (235 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 53,016 | | | $ | 0 | | | $ | 0 | | | $ | 15,098 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 | | $ | 15,399 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 15,399 | |
| | | | | | | | | | | | | | | | | | | | |
Total Borrowings | | $ | 15,399 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 15,399 | |
| | | | | | | | | | | | | | | | | | | | |
Payable for securities on loan - cash collateral | | | | | | | | | | | | | | | | | | $ | 15,399 | |
| | | | | | | | | | | | | | | | | | | | |
| (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, 2022 was $(439) at a weighted average interest rate of (0.559%). Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(m) 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 | | | 09/2022 | | | | 247 | | | $ | 27,726 | | | $ | (89 | ) | | $ | 174 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Futures Contracts | | | $ | (89 | ) | | $ | 174 | | | $ | 0 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 49 |
| | | | | | |
| Schedule of Investments | | PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | (Cont.) | | |
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(1)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Index/Tranches | | Fixed
Receive Rate | | | Payment
Frequency | | Maturity
Date | | | Notional
Amount(2) | | | Premiums
Paid/(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Market
Value(3) | | | Variation Margin | |
| | Asset | | | Liability | |
CDX.HY-38 5-Year Index | | | 5.000 | % | | Quarterly | | | 06/20/2027 | | | $ | 74,646 | | | $ | 2,367 | | | $ | (4,443 | ) | | $ | (2,076 | ) | | $ | 0 | | | $ | (97 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Swap Agreements | | | $ | 2,367 | | | $ | (4,443 | ) | | $ | (2,076 | ) | | $ | 0 | | | $ | (97 | ) |
| | | | | | | | | | | | | | | | | | | | | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 | | | $ | 174 | | | $ | 0 | | | $ | 174 | | | | | | | $ | 0 | | | $ | 0 | | | $ | | (97) | | $ | (97) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash of $8,875 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2022. 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) | 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. |
(n) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
SWAP AGREEMENTS:
TOTAL RETURN SWAPS ON INTEREST RATE 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 | |
| BPS | | Receive | | iBoxx USD Liquid High Yield Index | | N/A | | 1.044% | | Maturity | | | 09/20/2022 | | | $ | 7,000 | | | $ | (8 | ) | | $ | (301 | ) | | $ | 0 | | | $ | (309 | ) |
| | | | | | | | | | | |
| JPM | | Receive | | iBoxx USD Liquid High Yield Index | | N/A | | 1.044% | | Maturity | | | 09/20/2022 | | | | 8,900 | | | | (11 | ) | | | (60 | ) | | | 0 | | | | (71 | ) |
| | | | | | | | | | | |
| MYC | | Receive | | iBoxx USD Liquid High Yield Index | | N/A | | 1.044% | | Maturity | | | 09/20/2022 | | | | 21,500 | | | | (24 | ) | | | (653 | ) | | | 0 | | | | (677 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Swap Agreements | | | $ | (43 | ) | | $ | (1,014 | ) | | $ | 0 | | | $ | (1,057 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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) | |
BPS | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | $ | 0 | | | $ | 0 | | | $ | (309 | ) | | $ | (309 | ) | | $ | (309 | ) | | $ | 326 | | | $ | 17 | |
JPM | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | | | | | 0 | | | | 0 | | | | (71 | ) | | | (71 | ) | | | (71 | ) | | | 0 | | | | (71 | ) |
MYC | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | | | | | 0 | | | | 0 | | | | (677 | ) | | | (677 | ) | | | (677 | ) | | | 621 | | | | (56 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Over the Counter | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | $ | 0 | | | $ | 0 | | | $ | (1,057 | ) | | $ | (1,057 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (o) | Securities with an aggregate market value of $947 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2022. |
| | | | | | |
| 50 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| (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. |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 | | | $ | 174 | | | $ | 174 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Swap Agreements | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 174 | | | $ | 174 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | |
Swap Agreements | | $ | 0 | | | $ | 97 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 97 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Swap Agreements | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 1,057 | | | $ | 1,057 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 97 | | | $ | 0 | | | $ | 0 | | | $ | 1,057 | | | $ | 1,154 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Net Realized Gain (Loss) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 1,548 | | | $ | 1,548 | |
Swap Agreements | | | 0 | | | | (1,938 | ) | | | 0 | | | | 0 | | | | (12 | ) | | | (1,950 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (1,938 | ) | | $ | 0 | | | $ | 0 | | | $ | 1,536 | | | $ | (402 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Swap Agreements | | $ | 0 | | | $ | 3 | | | $ | 0 | | | $ | 0 | | | $ | (3,336 | ) | | $ | (3,333 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (1,935 | ) | | $ | 0 | | | $ | 0 | | | $ | (1,800 | ) | | $ | (3,735 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (112 | ) | | $ | (112 | ) |
Swap Agreements | | | 0 | | | | (5,516 | ) | | | 0 | | | | 0 | | | | 0 | | | | (5,516 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (5,516 | ) | | $ | 0 | | | $ | 0 | | | $ | (112 | ) | | $ | (5,628 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Swap Agreements | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (2,033 | ) | | $ | (2,033 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (5,516 | ) | | $ | 0 | | | $ | 0 | | | $ | (2,145 | ) | | $ | (7,661 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 51 |
| | | | | | |
| Schedule of Investments | | PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | (Cont.) | | June 30, 2022 |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Investments in Securities, at Value | |
Loan Participations and Assignments | | $ | 0 | | | $ | 3,583 | | | $ | 663 | | | $ | 4,246 | |
Corporate Bonds & Notes | |
Banking & Finance | | | 0 | | | | 177,010 | | | | 0 | | | | 177,010 | |
Industrials | | | 0 | | | | 692,397 | | | | 1,825 | | | | 694,222 | |
Utilities | | | 0 | | | | 74,544 | | | | 0 | | | | 74,544 | |
Common Stocks | |
Communication Services | | | 0 | | | | 0 | | | | 871 | | | | 871 | |
Financials | | | 0 | | | | 0 | | | | 2,999 | | | | 2,999 | |
Industrials | | | 0 | | | | 204 | | | | 0 | | | | 204 | |
Information Technology | | | 0 | | | | 0 | | | | 459 | | | | 459 | |
Rights | |
Financials | | | 0 | | | | 0 | | | | 94 | | | | 94 | |
Warrants | |
Financials | | | 0 | | | | 0 | | | | 118 | | | | 118 | |
Preferred Securities | |
Banking & Finance | | | 0 | | | | 248 | | | | 0 | | | | 248 | |
Industrials | | | 0 | | | | 0 | | | | 961 | | | | 961 | |
Short-Term Instruments | |
Repurchase Agreements | | | 0 | | | | 53,014 | | | | 0 | | | | 53,014 | |
U.S. Treasury Bills | | | 0 | | | | 82,955 | | | | 0 | | | | 82,955 | |
| | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 1,083,955 | | | $ | 7,990 | | | $ | 1,091,945 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Investments in Affiliates, at Value | |
Short-Term Instruments | |
Mutual Funds | | $ | 12,399 | | | $ | 0 | | | $ | 0 | | | $ | 12,399 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 12,399 | | | $ | 1,083,955 | | | $ | 7,990 | | | $ | 1,104,344 | |
| | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | | | 0 | | | | 174 | | | | 0 | | | | 174 | |
| | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 174 | | | $ | 0 | | | $ | 174 | |
| | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | | | 0 | | | | (97 | ) | | | 0 | | | | (97 | ) |
Over the counter | | | 0 | | | | (1,057 | ) | | | 0 | | | | (1,057 | |
| | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (1,154 | ) | | $ | 0 | | | $ | (1,154 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Total Financial Derivative Instruments | | $ | 0 | | | $ | (980 | ) | | $ | 0 | | | $ | (980 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Totals | | $ | 12,399 | | | $ | 1,082,975 | | | $ | 7,990 | | | $ | 1,103,364 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.
| | | | | | |
| 52 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | |
| Schedule of Investments | | PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | June 30, 2022 |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 98.8% | |
| |
| CORPORATE BONDS & NOTES 85.5% | |
| |
| BANKING & FINANCE 30.7% | |
|
AerCap Ireland Capital DAC | |
2.450% due 10/29/2026 | | $ | | | 286 | | | $ | | | 249 | |
3.300% due 01/30/2032 | | | | | 168 | | | | | | 135 | |
3.400% due 10/29/2033 | | | | | 146 | | | | | | 115 | |
4.450% due 10/01/2025 | | | | | 396 | | | | | | 383 | |
|
AIB Group PLC | |
4.750% due 10/12/2023 | | | | | 404 | | | | | | 405 | |
|
Aircastle Ltd. | |
4.250% due 06/15/2026 | | | | | 10 | | | | | | 9 | |
|
Alexandria Real Estate Equities, Inc. | |
1.875% due 02/01/2033 | | | | | 613 | | | | | | 462 | |
|
Alleghany Corp. | |
3.250% due 08/15/2051 | | | | | 1,176 | | | | | | 857 | |
|
Ally Financial, Inc. | |
1.450% due 10/02/2023 | | | | | 418 | | | | | | 404 | |
3.875% due 05/21/2024 | | | | | 40 | | | | | | 40 | |
5.800% due 05/01/2025 | | | | | 138 | | | | | | 141 | |
|
American Express Co. | |
4.050% due 12/03/2042 | | | | | 123 | | | | | | 113 | |
|
American International Group, Inc. | |
3.900% due 04/01/2026 | | | | | 291 | | | | | | 286 | |
|
American Tower Corp. | |
1.450% due 09/15/2026 | | | | | 100 | | | | | | 88 | |
2.100% due 06/15/2030 | | | | | 1,067 | | | | | | 856 | |
2.300% due 09/15/2031 | | | | | 100 | | | | | | 79 | |
2.400% due 03/15/2025 | | | | | 1,416 | | | | | | 1,340 | |
2.750% due 01/15/2027 | | | | | 860 | | | | | | 787 | |
2.900% due 01/15/2030 | | | | | 1,810 | | | | | | 1,551 | |
2.950% due 01/15/2051 | | | | | 1,214 | | | | | | 824 | |
3.125% due 01/15/2027 | | | | | 541 | | | | | | 503 | |
3.375% due 10/15/2026 | | | | | 794 | | | | | | 751 | |
3.500% due 01/31/2023 | | | | | 1,274 | | | | | | 1,274 | |
3.600% due 01/15/2028 | | | | | 671 | | | | | | 628 | |
|
ANZ New Zealand International Ltd. | |
1.250% due 06/22/2026 | | | | | 136 | | | | | | 122 | |
|
Aon Corp. | |
2.800% due 05/15/2030 | | | | | 277 | | | | | | 242 | |
2.900% due 08/23/2051 | | | | | 627 | | | | | | 436 | |
|
Arch Capital Group Ltd. | |
3.635% due 06/30/2050 | | | | | 142 | | | | | | 111 | |
|
Ares Capital Corp. | |
2.875% due 06/15/2027 | | | | | 413 | | | | | | 345 | |
2.875% due 06/15/2028 | | | | | 10 | | | | | | 8 | |
|
Athene Global Funding | |
1.608% due 06/29/2026 | | | | | 139 | | | | | | 121 | |
2.673% due 06/07/2031 | | | | | 10 | | | | | | 8 | |
|
Athene Holding Ltd. | |
4.125% due 01/12/2028 | | | | | 295 | | | | | | 278 | |
|
Australia & New Zealand Banking Group Ltd. | |
2.570% due 11/25/2035 •(e) | | | | | 444 | | | | | | 353 | |
2.950% due 07/22/2030 • | | | | | 126 | | | | | | 119 | |
|
Aviation Capital Group LLC | |
1.950% due 01/30/2026 | | | | | 139 | | | | | | 121 | |
|
Avolon Holdings Funding Ltd. | |
2.125% due 02/21/2026 | | | | | 45 | | | | | | 39 | |
2.528% due 11/18/2027 | | | | | 381 | | | | | | 311 | |
2.875% due 02/15/2025 | | | | | 2,289 | | | | | | 2,108 | |
5.500% due 01/15/2026 | | | | | 889 | | | | | | 864 | |
|
Banco de Credito e Inversiones SA | |
3.500% due 10/12/2027 | | | | | 1,371 | | | | | | 1,290 | |
|
Banco Santander Chile | |
2.700% due 01/10/2025 | | | | | 125 | | | | | | 120 | |
|
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | |
4.125% due 11/09/2022 | | | | | 195 | | | | | | 195 | |
5.375% due 04/17/2025 | | | | | 181 | | | | | | 182 | |
|
Bank of America Corp. | |
1.530% due 12/06/2025 • | | | | | 778 | | | | | | 725 | |
2.572% due 10/20/2032 • | | | | | 3,850 | | | | | | 3,180 | |
3.384% due 04/02/2026 • | | | | | 888 | | | | | | 862 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
3.419% due 12/20/2028 • | | $ | | | 1,644 | | | $ | | | 1,532 | |
3.458% due 03/15/2025 • | | | | | 1,874 | | | | | | 1,849 | |
3.500% due 04/19/2026 | | | | | 1,539 | | | | | | 1,502 | |
4.000% due 04/01/2024 | | | | | 641 | | | | | | 646 | |
4.083% due 03/20/2051 • | | | | | 2,079 | | | | | | 1,797 | |
4.271% due 07/23/2029 • | | | | | 1,634 | | | | | | 1,572 | |
7.750% due 05/14/2038 | | | | | 176 | | | | | | 217 | |
|
Bank of New Zealand | |
1.000% due 03/03/2026 | | | | | 110 | | | | | | 98 | |
|
Barclays PLC | |
4.375% due 01/12/2026 | | | | | 3,111 | | | | | | 3,084 | |
|
Berkshire Hathaway Finance Corp. | |
2.850% due 10/15/2050 | | | | | 181 | | | | | | 131 | |
3.850% due 03/15/2052 | | | | | 888 | | | | | | 762 | |
4.200% due 08/15/2048 | | | | | 218 | | | | | | 200 | |
4.250% due 01/15/2049 | | | | | 280 | | | | | | 259 | |
5.750% due 01/15/2040 | | | | | 1,036 | | | | | | 1,143 | |
|
Berkshire Hathaway, Inc. | |
4.500% due 02/11/2043 | | | | | 1,019 | | | | | | 974 | |
|
Blackstone Secured Lending Fund | |
2.750% due 09/16/2026 | | | | | 294 | | | | | | 257 | |
3.625% due 01/15/2026 | | | | | 128 | | | | | | 117 | |
|
Block Financial LLC | |
3.875% due 08/15/2030 | | | | | 238 | | | | | | 214 | |
|
Blue Owl Finance LLC | |
3.125% due 06/10/2031 | | | | | 419 | | | | | | 324 | |
4.125% due 10/07/2051 | | | | | 401 | | | | | | 267 | |
|
BNP Paribas SA | |
1.323% due 01/13/2027 • | | | | | 230 | | | | | | 204 | |
2.591% due 01/20/2028 • | | | | | 715 | | | | | | 644 | |
3.132% due 01/20/2033 • | | | | | 313 | | | | | | 262 | |
4.400% due 08/14/2028 | | | | | 1,239 | | | | | | 1,187 | |
|
Boston Properties LP | |
2.550% due 04/01/2032 | | | | | 10 | | | | | | 8 | |
3.250% due 01/30/2031 | | | | | 10 | | | | | | 9 | |
3.400% due 06/21/2029 | | | | | 10 | | | | | | 9 | |
|
BPCE SA | |
4.500% due 03/15/2025 | | | | | 210 | | | | | | 207 | |
4.625% due 09/12/2028 | | | | | 185 | | | | | | 179 | |
|
Brookfield Finance, Inc. | |
3.625% due 02/15/2052 | | | | | 418 | | | | | | 309 | |
3.900% due 01/25/2028 | | | | | 498 | | | | | | 476 | |
4.850% due 03/29/2029 | | | | | 1,740 | | | | | | 1,725 | |
|
Brown & Brown, Inc. | |
2.375% due 03/15/2031 | | | | | 146 | | | | | | 116 | |
4.950% due 03/17/2052 | | | | | 100 | | | | | | 88 | |
|
Camden Property Trust | |
2.800% due 05/15/2030 | | | | | 10 | | | | | | 9 | |
|
Cboe Global Markets, Inc. | |
3.650% due 01/12/2027 | | | | | 350 | | | | | | 342 | |
|
Charles Schwab Corp. | |
1.650% due 03/11/2031 | | | | | 419 | | | | | | 336 | |
1.950% due 12/01/2031 | | | | | 172 | | | | | | 139 | |
2.000% due 03/20/2028 | | | | | 10 | | | | | | 9 | |
2.300% due 05/13/2031 | | | | | 10 | | | | | | 8 | |
2.900% due 03/03/2032 | | | | | 100 | | | | | | 88 | |
|
China Cinda Finance Ltd. | |
4.250% due 04/23/2025 | | | | | 287 | | | | | | 287 | |
|
Chubb INA Holdings, Inc. | |
4.350% due 11/03/2045 | | | | | 251 | | | | | | 237 | |
|
Citigroup, Inc. | |
2.561% due 05/01/2032 •(f) | | | | | 1,874 | | | | | | 1,545 | |
2.572% due 06/03/2031 •(f) | | | | | 675 | | | | | | 568 | |
2.666% due 01/29/2031 • | | | | | 10 | | | | | | 8 | |
3.057% due 01/25/2033 •(f) | | | | | 176 | | | | | | 149 | |
3.106% due 04/08/2026 • | | | | | 10 | | | | | | 10 | |
3.400% due 05/01/2026 | | | | | 781 | | | | | | 756 | |
3.668% due 07/24/2028 • | | | | | 10 | | | | | | 9 | |
3.700% due 01/12/2026 | | | | | 433 | | | | | | 425 | |
3.887% due 01/10/2028 • | | | | | 603 | | | | | | 580 | |
|
Citizens Financial Group, Inc. | |
3.250% due 04/30/2030 | | | | | 10 | | | | | | 9 | |
|
Commonwealth Bank of Australia | |
2.688% due 03/11/2031 (e) | | | | | 418 | | | | | | 341 | |
3.743% due 09/12/2039 (e) | | | | | 274 | | | | | | 224 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Corebridge Financial, Inc. | |
3.500% due 04/04/2025 | | $ | | | 272 | | | $ | | | 265 | |
3.650% due 04/05/2027 | | | | | 272 | | | | | | 256 | |
3.850% due 04/05/2029 | | | | | 182 | | | | | | 168 | |
3.900% due 04/05/2032 | | | | | 182 | | | | | | 163 | |
4.400% due 04/05/2052 | | | | | 100 | | | | | | 84 | |
|
Credit Suisse AG | |
1.250% due 08/07/2026 | | | | | 454 | | | | | | 397 | |
|
Credit Suisse Group AG | |
1.305% due 02/02/2027 • | | | | | 141 | | | | | | 121 | |
2.193% due 06/05/2026 • | | | | | 792 | | | | | | 719 | |
3.800% due 06/09/2023 | | | | | 1,600 | | | | | | 1,586 | |
4.194% due 04/01/2031 • | | | | | 60 | | | | | | 53 | |
4.875% due 05/15/2045 | | | | | 898 | | | | | | 765 | |
|
Crown Castle International Corp. | |
1.350% due 07/15/2025 | | | | | 23 | | | | | | 21 | |
2.100% due 04/01/2031 | | | | | 20 | | | | | | 16 | |
2.250% due 01/15/2031 | | | | | 1,227 | | | | | | 996 | |
2.500% due 07/15/2031 | | | | | 10 | | | | | | 8 | |
2.900% due 03/15/2027 | | | | | 180 | | | | | | 166 | |
2.900% due 04/01/2041 | | | | | 172 | | | | | | 124 | |
3.100% due 11/15/2029 | | | | | 1,036 | | | | | | 916 | |
3.300% due 07/01/2030 | | | | | 100 | | | | | | 88 | |
4.300% due 02/15/2029 | | | | | 244 | | | | | | 235 | |
4.450% due 02/15/2026 | | | | | 1,431 | | | | | | 1,418 | |
|
Danske Bank AS | |
3.244% due 12/20/2025 • | | | | | 165 | | | | | | 157 | |
5.375% due 01/12/2024 | | | | | 342 | | | | | | 345 | |
|
Deutsche Bank AG | |
2.129% due 11/24/2026 •(f) | | | | | 230 | | | | | | 205 | |
2.222% due 09/18/2024 • | | | | | 181 | | | | | | 175 | |
4.100% due 01/13/2026 | | | | | 1,261 | | | | | | 1,239 | |
|
Digital Realty Trust LP | |
3.600% due 07/01/2029 | | | | | 10 | | | | | | 9 | |
|
Discover Bank | |
4.650% due 09/13/2028 | | | | | 814 | | | | | | 784 | |
|
DNB Bank ASA | |
1.535% due 05/25/2027 • | | | | | 373 | | | | | | 333 | |
|
Duke Realty LP | |
4.000% due 09/15/2028 | | | | | 1,315 | | | | | | 1,276 | |
|
Enstar Group Ltd. | |
3.100% due 09/01/2031 | | | | | 652 | | | | | | 521 | |
|
Equinix, Inc. | |
1.450% due 05/15/2026 | | | | | 10 | | | | | | 9 | |
2.150% due 07/15/2030 | | | | | 419 | | | | | | 339 | |
2.625% due 11/18/2024 | | | | | 50 | | | | | | 48 | |
3.000% due 07/15/2050 | | | | | 1,164 | | | | | | 799 | |
3.200% due 11/18/2029 | | | | | 152 | | | | | | 135 | |
|
Equitable Holdings, Inc. | |
5.000% due 04/20/2048 | | | | | 611 | | | | | | 566 | |
|
Essex Portfolio LP | |
2.650% due 03/15/2032 | | | | | 1,738 | | | | | | 1,445 | |
|
Extra Space Storage LP | |
2.350% due 03/15/2032 | | | | | 1,842 | | | | | | 1,462 | |
|
F&G Global Funding | |
1.750% due 06/30/2026 | | | | | 135 | | | | | | 120 | |
2.300% due 04/11/2027 | | | | | 715 | | | | | | 639 | |
|
Fairfax Financial Holdings Ltd. | |
4.850% due 04/17/2028 | | | | | 902 | | | | | | 897 | |
|
Fidelity National Financial, Inc. | |
2.450% due 03/15/2031 | | | | | 10 | | | | | | 8 | |
3.200% due 09/17/2051 | | | | | 454 | | | | | | 286 | |
3.400% due 06/15/2030 | | | | | 136 | | | | | | 119 | |
|
First Republic Bank | |
4.375% due 08/01/2046 | | | | | 165 | | | | | | 147 | |
|
FS KKR Capital Corp. | |
1.650% due 10/12/2024 | | | | | 236 | | | | | | 210 | |
3.125% due 10/12/2028 | | | | | 236 | | | | | | 188 | |
3.400% due 01/15/2026 | | | | | 418 | | | | | | 371 | |
|
GA Global Funding Trust | |
0.800% due 09/13/2024 | | | | | 134 | | | | | | 123 | |
1.950% due 09/15/2028 | | | | | 230 | | | | | | 195 | |
2.250% due 01/06/2027 | | | | | 715 | | | | | | 640 | |
|
GATX Corp. | |
4.700% due 04/01/2029 | | | | | 1,054 | | | | | | 1,040 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 53 |
| | | | | | |
| Schedule of Investments | | PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
General Motors Financial Co., Inc. | |
1.050% due 03/08/2024 | | $ | | | 267 | | | $ | | | 253 | |
1.250% due 01/08/2026 | | | | | 389 | | | | | | 343 | |
1.500% due 06/10/2026 | | | | | 10 | | | | | | 9 | |
2.350% due 01/08/2031 | | | | | 150 | | | | | | 116 | |
2.750% due 06/20/2025 | | | | | 10 | | | | | | 9 | |
4.150% due 06/19/2023 | | | | | 10 | | | | | | 10 | |
5.100% due 01/17/2024 | | | | | 10 | | | | | | 10 | |
|
Global Atlantic Fin Co. | |
3.125% due 06/15/2031 | | | | | 100 | | | | | | 80 | |
|
Globe Life, Inc. | |
4.800% due 06/15/2032 | | | | | 100 | | | | | | 98 | |
|
GLP Capital LP | |
3.250% due 01/15/2032 | | | | | 100 | | | | | | 80 | |
4.000% due 01/15/2030 | | | | | 1,012 | | | | | | 888 | |
4.000% due 01/15/2031 | | | | | 230 | | | | | | 199 | |
5.300% due 01/15/2029 | | | | | 1,070 | | | | | | 1,024 | |
|
Goldman Sachs Group, Inc. | |
1.431% due 03/09/2027 • | | | | | 267 | | | | | | 237 | |
1.948% due 10/21/2027 • | | | | | 1,871 | | | | | | 1,657 | |
1.992% due 01/27/2032 • | | | | | 713 | | | | | | 564 | |
2.600% due 02/07/2030 | | | | | 10 | | | | | | 9 | |
2.615% due 04/22/2032 • | | | | | 1,874 | | | | | | 1,558 | |
2.640% due 02/24/2028 • | | | | | 418 | | | | | | 380 | |
3.102% due 02/24/2033 • | | | | | 418 | | | | | | 357 | |
3.800% due 03/15/2030 | | | | | 10 | | | | | | 9 | |
6.750% due 10/01/2037 | | | | | 1,194 | | | | | | 1,324 | |
|
Guardian Life Global Funding | |
1.625% due 09/16/2028 | | | | | 759 | | | | | | 633 | |
|
Guardian Life Insurance Co. of America | |
4.850% due 01/24/2077 | | | | | 165 | | | | | | 149 | |
|
Highwoods Realty LP | |
3.050% due 02/15/2030 | | | | | 1,758 | | | | | | 1,515 | |
|
HSBC Holdings PLC | |
1.589% due 05/24/2027 • | | | | | 172 | | | | | | 151 | |
2.206% due 08/17/2029 • | | | | | 142 | | | | | | 119 | |
2.357% due 08/18/2031 • | | | | | 146 | | | | | | 118 | |
3.900% due 05/25/2026 | | | | | 1,499 | | | | | | 1,468 | |
3.973% due 05/22/2030 • | | | | | 277 | | | | | | 255 | |
4.300% due 03/08/2026 | | | | | 1,373 | | | | | | 1,361 | |
4.583% due 06/19/2029 • | | | | | 925 | | | | | | 893 | |
|
Hutchison Whampoa International Ltd. | |
7.450% due 11/24/2033 | | | | | 852 | | | | | | 1,082 | |
|
Intercontinental Exchange, Inc. | |
4.600% due 03/15/2033 | | | | | 294 | | | | | | 293 | |
4.950% due 06/15/2052 | | | | | 100 | | | | | | 98 | |
5.200% due 06/15/2062 | | | | | 100 | | | | | | 100 | |
|
Invitation Homes Operating Partnership LP | |
2.000% due 08/15/2031 | | | | | 541 | | | | | | 417 | |
|
Jackson National Life Global Funding | |
1.750% due 01/12/2025 | | | | | 172 | | | | | | 162 | |
|
JPMorgan Chase & Co. | |
1.045% due 11/19/2026 • | | | | | 100 | | | | | | 89 | |
1.470% due 09/22/2027 • | | | | | 1,891 | | | | | | 1,660 | |
1.764% due 11/19/2031 • | | | | | 230 | | | | | | 182 | |
2.005% due 03/13/2026 • | | | | | 603 | | | | | | 565 | |
2.580% due 04/22/2032 • | | | | | 3,850 | | | | | | 3,243 | |
2.947% due 02/24/2028 • | | | | | 864 | | | | | | 801 | |
2.950% due 10/01/2026 | | | | | 1,468 | | | | | | 1,398 | |
2.963% due 01/25/2033 • | | | | | 325 | | | | | | 279 | |
3.509% due 01/23/2029 • | | | | | 603 | | | | | | 565 | |
4.080% due 04/26/2026 • | | | | | 469 | | | | | | 464 | |
4.323% due 04/26/2028 • | | | | | 469 | | | | | | 462 | |
4.565% due 06/14/2030 • | | | | | 400 | | | | | | 393 | |
4.586% due 04/26/2033 • | | | | | 100 | | | | | | 98 | |
4.850% due 02/01/2044 | | | | | 1,475 | | | | | | 1,417 | |
5.400% due 01/06/2042 | | | | | 180 | | | | | | 184 | |
|
Kilroy Realty LP | |
2.650% due 11/15/2033 | | | | | 100 | | | | | | 78 | |
|
Kimco Realty Corp. | |
2.250% due 12/01/2031 | | | | | 816 | | | | | | 657 | |
|
KKR Group Finance Co. LLC | |
3.250% due 12/15/2051 | | | | | 307 | | | | | | 218 | |
|
Lazard Group LLC | |
3.750% due 02/13/2025 | | | | | 2,248 | | | | | | 2,207 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Liberty Mutual Group, Inc. | |
3.951% due 10/15/2050 | | $ | | | 556 | | | $ | | | 423 | |
5.500% due 06/15/2052 | | | | | 970 | | | | | | 920 | |
|
Lloyds Banking Group PLC | |
2.907% due 11/07/2023 • | | | | | 2,318 | | | | | | 2,310 | |
3.750% due 01/11/2027 | | | | | 1,378 | | | | | | 1,331 | |
|
LSEGA Financing PLC | |
2.000% due 04/06/2028 | | | | | 343 | | | | | | 301 | |
|
Macquarie Group Ltd. | |
1.935% due 04/14/2028 • | | | | | 1,532 | | | | | | 1,321 | |
|
Manulife Financial Corp. | |
4.150% due 03/04/2026 | | | | | 397 | | | | | | 392 | |
|
Marsh & McLennan Cos., Inc. | |
2.375% due 12/15/2031 | | | | | 100 | | | | | | 84 | |
2.900% due 12/15/2051 | | | | | 100 | | | | | | 70 | |
3.750% due 03/14/2026 | | | | | 203 | | | | | | 201 | |
4.350% due 01/30/2047 | | | | | 126 | | | | | | 114 | |
|
MET Tower Global Funding | |
1.250% due 09/14/2026 | | | | | 975 | | | | | | 866 | |
|
MetLife, Inc. | |
9.250% due 04/08/2068 | | | | | 235 | | | | | | 277 | |
|
Metropolitan Life Global Funding | |
1.875% due 01/11/2027 | | | | | 1,594 | | | | | | 1,445 | |
|
Mitsubishi UFJ Financial Group, Inc. | |
2.048% due 07/17/2030 | | | | | 2,428 | | | | | | 1,982 | |
2.309% due 07/20/2032 • | | | | | 172 | | | | | | 140 | |
2.341% due 01/19/2028 • | | | | | 783 | | | | | | 706 | |
2.559% due 02/25/2030 | | | | | 603 | | | | | | 517 | |
2.852% due 01/19/2033 • | | | | | 783 | | | | | | 664 | |
3.195% due 07/18/2029 | | | | | 603 | | | | | | 545 | |
3.751% due 07/18/2039 | | | | | 120 | | | | | | 104 | |
3.850% due 03/01/2026 | | | | | 385 | | | | | | 378 | |
|
Mizuho Financial Group, Inc. | |
2.564% due 09/13/2031 | | | | | 172 | | | | | | 137 | |
|
Morgan Stanley | |
1.512% due 07/20/2027 • | | | | | 172 | | | | | | 151 | |
1.928% due 04/28/2032 • | | | | | 1,874 | | | | | | 1,488 | |
2.630% due 02/18/2026 • | | | | | 426 | | | | | | 407 | |
3.217% due 04/22/2042 • | | | | | 230 | | | | | | 181 | |
3.620% due 04/17/2025 • | | | | | 469 | | | | | | 463 | |
3.622% due 04/01/2031 • | | | | | 556 | | | | | | 511 | |
4.210% due 04/20/2028 • | | | | | 469 | | | | | | 459 | |
4.350% due 09/08/2026 | | | | | 539 | | | | | | 535 | |
5.297% due 04/20/2037 • | | | | | 186 | | | | | | 180 | |
|
Morgan Stanley Domestic Holdings, Inc. | |
4.500% due 06/20/2028 | | | | | 2,318 | | | | | | 2,322 | |
|
Nasdaq, Inc. | |
3.950% due 03/07/2052 | | | | | 100 | | | | | | 82 | |
|
National Australia Bank Ltd. | |
2.990% due 05/21/2031 (e) | | | | | 100 | | | | | | 84 | |
|
Nationwide Building Society | |
3.960% due 07/18/2030 • | | | | | 1,678 | | | | | | 1,559 | |
|
Nationwide Mutual Insurance Co. | |
4.350% due 04/30/2050 | | | | | 414 | | | | | | 345 | |
|
Natwest Group PLC | |
4.892% due 05/18/2029 • | | | | | 1,485 | | | | | | 1,441 | |
|
New York Life Global Funding | |
2.350% due 07/14/2026 | | | | | 100 | | | | | | 95 | |
|
New York Life Insurance Co. | |
3.750% due 05/15/2050 | | | | | 135 | | | | | | 111 | |
4.450% due 05/15/2069 | | | | | 180 | | | | | | 155 | |
6.750% due 11/15/2039 | | | | | 776 | | | | | | 911 | |
|
Nippon Life Insurance Co. | |
2.900% due 09/16/2051 • | | | | | 539 | | | | | | 437 | |
3.400% due 01/23/2050 • | | | | | 1,013 | | | | | | 880 | |
5.100% due 10/16/2044 • | | | | | 275 | | | | | | 273 | |
|
Nissan Motor Acceptance Co. LLC | |
1.125% due 09/16/2024 | | | | | 100 | | | | | | 92 | |
1.850% due 09/16/2026 | | | | | 125 | | | | | | 105 | |
2.000% due 03/09/2026 | | | | | 138 | | | | | | 120 | |
2.450% due 09/15/2028 | | | | | 100 | | | | | | 81 | |
|
Nomura Holdings, Inc. | |
2.329% due 01/22/2027 | | | | | 646 | | | | | | 573 | |
2.648% due 01/16/2025 | | | | | 1,391 | | | | | | 1,329 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
NTT Finance Corp. | |
1.162% due 04/03/2026 | | $ | | | 120 | | | $ | | | 108 | |
|
Nuveen Finance LLC | |
4.125% due 11/01/2024 | | | | | 1,386 | | | | | | 1,377 | |
|
Oversea-Chinese Banking Corp. Ltd. | |
1.832% due 09/10/2030 •(e) | | | | | 290 | | | | | | 268 | |
|
Owl Rock Capital Corp. | |
2.875% due 06/11/2028 | | | | | 160 | | | | | | 126 | |
3.400% due 07/15/2026 | | | | | 126 | | | | | | 111 | |
4.250% due 01/15/2026 | | | | | 10 | | | | | | 9 | |
|
Pacific Life Global Funding II | |
1.600% due 09/21/2028 | | | | | 392 | | | | | | 328 | |
|
PNC Bank N.A. | |
3.800% due 07/25/2023 | | | | | 1,437 | | | | | | 1,441 | |
|
Principal Life Global Funding | |
1.375% due 01/10/2025 | | | | | 1,594 | | | | | | 1,488 | |
3.000% due 04/18/2026 | | | | | 775 | | | | | | 740 | |
|
Progressive Corp. | |
3.000% due 03/15/2032 | | | | | 180 | | | | | | 161 | |
3.700% due 03/15/2052 | | | | | 100 | | | | | | 84 | |
|
Protective Life Global Funding | |
1.303% due 09/20/2026 | | | | | 759 | | | | | | 677 | |
1.646% due 01/13/2025 | | | | | 783 | | | | | | 739 | |
|
Prudential Financial, Inc. | |
3.000% due 03/10/2040 | | | | | 180 | | | | | | 146 | |
3.905% due 12/07/2047 | | | | | 135 | | | | | | 117 | |
|
Prudential PLC | |
3.125% due 04/14/2030 | | | | | 244 | | | | | | 225 | |
3.625% due 03/24/2032 | | | | | 888 | | | | | | 824 | |
|
Realty Income Corp. | |
3.250% due 01/15/2031 | | | | | 132 | | | | | | 120 | |
3.400% due 01/15/2028 | | | | | 172 | | | | | | 163 | |
|
Regency Centers LP | |
2.950% due 09/15/2029 | | | | | 1,067 | | | | | | 939 | |
|
Reinsurance Group of America, Inc. | |
3.950% due 09/15/2026 | | | | | 904 | | | | | | 891 | |
|
Reliance Standard Life Global Funding | |
1.512% due 09/28/2026 | | | | | 165 | | | | | | 146 | |
|
Rexford Industrial Realty LP | |
2.150% due 09/01/2031 | | | | | 635 | | | | | | 499 | |
|
Sabra Health Care LP | |
3.200% due 12/01/2031 | | | | | 302 | | | | | | 240 | |
|
Santander Holdings USA, Inc. | |
2.490% due 01/06/2028 • | | | | | 244 | | | | | | 216 | |
4.500% due 07/17/2025 | | | | | 1,033 | | | | | | 1,024 | |
|
Santander U.K. Group Holdings PLC | |
1.673% due 06/14/2027 • | | | | | 138 | | | | | | 121 | |
|
SMBC Aviation Capital Finance DAC | |
1.900% due 10/15/2026 | | | | | 775 | | | | | | 659 | |
|
Societe Generale SA | |
1.488% due 12/14/2026 • | | | | | 1,720 | | | | | | 1,520 | |
1.792% due 06/09/2027 • | | | | | 105 | | | | | | 92 | |
2.797% due 01/19/2028 • | | | | | 783 | | | | | | 700 | |
3.337% due 01/21/2033 • | | | | | 783 | | | | | | 642 | |
4.250% due 04/14/2025 | | | | | 302 | | | | | | 296 | |
|
Spirit Realty LP | |
3.400% due 01/15/2030 | | | | | 904 | | | | | | 784 | |
4.450% due 09/15/2026 | | | | | 769 | | | | | | 758 | |
|
Standard Chartered PLC | |
2.819% due 01/30/2026 • | | | | | 1,496 | | | | | | 1,418 | |
4.644% due 04/01/2031 • | | | | | 2,005 | | | | | | 1,913 | |
|
Stellantis Finance U.S., Inc. | |
1.711% due 01/29/2027 | | | | | 137 | | | | | | 119 | |
|
Sumitomo Life Insurance Co. | |
6.500% due 09/20/2073 • | | | | | 180 | | | | | | 183 | |
|
Sumitomo Mitsui Financial Group, Inc. | |
2.222% due 09/17/2031 | | | | | 777 | | | | | | 629 | |
2.472% due 01/14/2029 | | | | | 482 | | | | | | 420 | |
2.750% due 01/15/2030 | | | | | 2,204 | | | | | | 1,919 | |
|
SVB Financial Group | |
1.800% due 02/02/2031 | | | | | 1 | | | | | | 1 | |
|
Svenska Handelsbanken AB | |
1.418% due 06/11/2027 • | | | | | 135 | | | | | | 120 | |
| | | | | | |
| 54 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Synchrony Financial | |
2.875% due 10/28/2031 | | $ | | | 301 | | | $ | | | 228 | |
5.150% due 03/19/2029 | | | | | 122 | | | | | | 114 | |
|
Truist Financial Corp. | |
1.125% due 08/03/2027 | | | | | 15 | | | | | | 13 | |
|
UBS Group AG | |
4.125% due 09/24/2025 | | | | | 1,120 | | | | | | 1,113 | |
|
UDR, Inc. | |
2.100% due 08/01/2032 | | | | | 603 | | | | | | 470 | |
3.000% due 08/15/2031 | | | | | 100 | | | | | | 86 | |
|
UniCredit SpA | |
1.982% due 06/03/2027 • | | | | | 140 | | | | | | 121 | |
3.127% due 06/03/2032 • | | | | | 145 | | | | | | 113 | |
|
VICI Properties LP | |
4.625% due 12/01/2029 | | | | | 1,458 | | | | | | 1,306 | |
|
Visa, Inc. | |
1.900% due 04/15/2027 | | | | | 155 | | | | | | 143 | |
2.700% due 04/15/2040 | | | | | 172 | | | | | | 139 | |
|
WEA Finance LLC | |
3.750% due 09/17/2024 | | | | | 1,422 | | | | | | 1,373 | |
|
Wells Fargo & Co. | |
3.526% due 03/24/2028 • | | | | | 538 | | | | | | 510 | |
3.900% due 05/01/2045 | | | | | 483 | | | | | | 407 | |
3.908% due 04/25/2026 • | | | | | 934 | | | | | | 920 | |
4.150% due 01/24/2029 | | | | | 815 | | | | | | 789 | |
4.400% due 06/14/2046 | | | | | 153 | | | | | | 134 | |
4.611% due 04/25/2053 • | | | | | 469 | | | | | | 435 | |
5.013% due 04/04/2051 • | | | | | 1,671 | | | | | | 1,643 | |
|
Welltower, Inc. | |
4.250% due 04/15/2028 | | | | | 1,310 | | | | | | 1,272 | |
|
Westpac Banking Corp. | |
2.894% due 02/04/2030 •(e) | | | | | 10 | | | | | | 9 | |
2.963% due 11/16/2040 (e) | | | | | 158 | | | | | | 115 | |
|
Willis North America, Inc. | |
4.650% due 06/15/2027 | | | | | 1,943 | | | | | | 1,913 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 178,715 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 42.2% | |
|
7-Eleven, Inc. | |
0.800% due 02/10/2024 | | | | | 10 | | | | | | 9 | |
0.950% due 02/10/2026 | | | | | 418 | | | | | | 369 | |
1.300% due 02/10/2028 | | | | | 20 | | | | | | 17 | |
|
Abbott Laboratories | |
1.400% due 06/30/2030 | | | | | 181 | | | | | | 151 | |
|
AbbVie, Inc. | |
2.950% due 11/21/2026 | | | | | 415 | | | | | | 394 | |
3.200% due 05/14/2026 | | | | | 25 | | | | | | 24 | |
3.850% due 06/15/2024 | | | | | 180 | | | | | | 180 | |
4.050% due 11/21/2039 | | | | | 174 | | | | | | 155 | |
4.550% due 03/15/2035 | | | | | 145 | | | | | | 141 | |
4.700% due 05/14/2045 | | | | | 2,428 | | | | | | 2,291 | |
|
Activision Blizzard, Inc. | |
1.350% due 09/15/2030 | | | | | 10 | | | | | | 8 | |
|
Aetna, Inc. | |
3.875% due 08/15/2047 | | | | | 743 | | | | | | 615 | |
|
Agilent Technologies, Inc. | |
2.300% due 03/12/2031 | | | | | 10 | | | | | | 8 | |
|
Alcon Finance Corp. | |
2.600% due 05/27/2030 | | | | | 418 | | | | | | 356 | |
|
Alibaba Group Holding Ltd. | |
2.800% due 06/06/2023 | | | | | 190 | | | | | | 189 | |
3.400% due 12/06/2027 | | | | | 1,304 | | | | | | 1,247 | |
3.600% due 11/28/2024 | | | | | 1,518 | | | | | | 1,509 | |
|
Alphabet, Inc. | |
0.450% due 08/15/2025 | | | | | 424 | | | | | | 390 | |
2.050% due 08/15/2050 | | | | | 155 | | | | | | 104 | |
|
Amazon.com, Inc. | |
2.100% due 05/12/2031 | | | | | 287 | | | | | | 246 | |
2.700% due 06/03/2060 | | | | | 310 | | | | | | 211 | |
3.100% due 05/12/2051 | | | | | 140 | | | | | | 110 | |
3.250% due 05/12/2061 | | | | | 143 | | | | | | 109 | |
3.875% due 08/22/2037 | | | | | 1,974 | | | | | | 1,875 | |
|
Amcor Flexibles North America, Inc. | |
2.690% due 05/25/2031 | | | | | 40 | | | | | | 33 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Amgen, Inc. | |
3.000% due 02/22/2029 | | $ | | | 100 | | | $ | | | 92 | |
3.150% due 02/21/2040 | | | | | 1,367 | | | | | | 1,083 | |
3.200% due 11/02/2027 | | | | | 503 | | | | | | 479 | |
3.625% due 05/22/2024 | | | | | 909 | | | | | | 908 | |
4.200% due 02/22/2052 | | | | | 100 | | | | | | 88 | |
4.400% due 05/01/2045 | | | | | 418 | | | | | | 378 | |
4.400% due 02/22/2062 | | | | | 180 | | | | | | 157 | |
4.663% due 06/15/2051 | | | | | 220 | | | | | | 206 | |
4.950% due 10/01/2041 | | | | | 513 | | | | | | 498 | |
|
Amphenol Corp. | |
2.800% due 02/15/2030 | | | | | 168 | | | | | | 147 | |
|
AngloGold Ashanti Holdings PLC | |
3.750% due 10/01/2030 | | | | | 775 | | | | | | 639 | |
|
Anheuser-Busch Cos. LLC | |
4.700% due 02/01/2036 | | | | | 230 | | | | | | 221 | |
4.900% due 02/01/2046 | | | | | 2,431 | | | | | | 2,289 | |
|
Anheuser-Busch InBev Worldwide, Inc. | |
4.500% due 06/01/2050 | | | | | 180 | | | | | | 162 | |
5.450% due 01/23/2039 | | | | | 180 | | | | | | 183 | |
5.800% due 01/23/2059 | | | | | 180 | | | | | | 188 | |
|
Apache Corp. | |
5.100% due 09/01/2040 | | | | | 77 | | | | | | 65 | |
|
Apple, Inc. | |
1.200% due 02/08/2028 | | | | | 10 | | | | | | 9 | |
1.650% due 05/11/2030 | | | | | 1,060 | | | | | | 899 | |
2.200% due 09/11/2029 | | | | | 10 | | | | | | 9 | |
2.375% due 02/08/2041 | | | | | 120 | | | | | | 92 | |
2.800% due 02/08/2061 | | | | | 10 | | | | | | 7 | |
2.850% due 08/05/2061 | | | | | 172 | | | | | | 125 | |
3.250% due 02/23/2026 | | | | | 2,649 | | | | | | 2,635 | |
3.450% due 05/06/2024 | | | | | 195 | | | | | | 196 | |
3.850% due 08/04/2046 | | | | | 343 | | | | | | 315 | |
4.650% due 02/23/2046 | | | | | 929 | | | | | | 959 | |
|
Astrazeneca Finance LLC | |
2.250% due 05/28/2031 | | | | | 10 | | | | | | 9 | |
|
AstraZeneca PLC | |
1.375% due 08/06/2030 | | | | | 168 | | | | | | 138 | |
4.000% due 01/17/2029 | | | | | 1,011 | | | | | | 1,008 | |
6.450% due 09/15/2037 | | | | | 1,840 | | | | | | 2,213 | |
|
Automatic Data Processing, Inc. | |
1.250% due 09/01/2030 | | | | | 287 | | | | | | 235 | |
|
Bacardi Ltd. | |
2.750% due 07/15/2026 | | | | | 100 | | | | | | 92 | |
|
BAE Systems PLC | |
1.900% due 02/15/2031 | | | | | 181 | | | | | | 146 | |
3.400% due 04/15/2030 | | | | | 419 | | | | | | 383 | |
|
Baker Hughes Holdings LLC | |
3.138% due 11/07/2029 | | | | | 290 | | | | | | 262 | |
4.486% due 05/01/2030 | | | | | 367 | | | | | | 362 | |
|
BAT Capital Corp. | |
3.222% due 08/15/2024 | | | | | 666 | | | | | | 648 | |
4.540% due 08/15/2047 | | | | | 1,379 | | | | | | 1,013 | |
|
Baxter International, Inc. | |
2.272% due 12/01/2028 | | | | | 1,500 | | | | | | 1,315 | |
|
Bayer U.S. Finance LLC | |
4.250% due 12/15/2025 | | | | | 1,874 | | | | | | 1,853 | |
4.375% due 12/15/2028 | | | | | 90 | | | | | | 88 | |
4.875% due 06/25/2048 | | | | | 1,602 | | | | | | 1,444 | |
|
Becton Dickinson & Co. | |
2.823% due 05/20/2030 | | | | | 1,943 | | | | | | 1,711 | |
|
Berry Global, Inc. | |
4.875% due 07/15/2026 | | | | | 274 | | | | | | 262 | |
|
BMW U.S. Capital LLC | |
2.550% due 04/01/2031 | | | | | 55 | | | | | | 48 | |
3.900% due 04/09/2025 | | | | | 10 | | | | | | 10 | |
4.150% due 04/09/2030 | | | | | 264 | | | | | | 259 | |
|
Boardwalk Pipelines LP | |
3.400% due 02/15/2031 | | | | | 180 | | | | | | 154 | |
|
Boeing Co. | |
2.196% due 02/04/2026 | | | | | 834 | | | | | | 753 | |
2.750% due 02/01/2026 | | | | | 10 | | | | | | 9 | |
2.950% due 02/01/2030 | | | | | 182 | | | | | | 152 | |
3.100% due 05/01/2026 | | | | | 10 | | | | | | 9 | |
3.200% due 03/01/2029 | | | | | 136 | | | | | | 118 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
3.625% due 02/01/2031 | | $ | | | 1,874 | | | $ | | | 1,619 | |
3.750% due 02/01/2050 | | | | | 2,118 | | | | | | 1,499 | |
3.900% due 05/01/2049 | | | | | 236 | | | | | | 168 | |
3.950% due 08/01/2059 | | | | | 2,428 | | | | | | 1,638 | |
5.040% due 05/01/2027 | | | | | 10 | | | | | | 10 | |
5.150% due 05/01/2030 | | | | | 21 | | | | | | 20 | |
5.705% due 05/01/2040 | | | | | 328 | | | | | | 306 | |
|
Booking Holdings, Inc. | |
4.625% due 04/13/2030 | | | | | 10 | | | | | | 10 | |
|
BorgWarner, Inc. | |
3.375% due 03/15/2025 | | | | | 125 | | | | | | 122 | |
|
Boston Scientific Corp. | |
1.900% due 06/01/2025 | | | | | 10 | | | | | | 9 | |
2.650% due 06/01/2030 | | | | | 139 | | | | | | 121 | |
4.550% due 03/01/2039 | | | | | 386 | | | | | | 361 | |
|
BP Capital Markets America, Inc. | |
1.749% due 08/10/2030 | | | | | 50 | | | | | | 41 | |
3.017% due 01/16/2027 | | | | | 181 | | | | | | 173 | |
3.379% due 02/08/2061 | | | | | 419 | | | | | | 311 | |
3.633% due 04/06/2030 | | | | | 277 | | | | | | 262 | |
3.937% due 09/21/2028 | | | | | 498 | | | | | | 488 | |
|
Bristol-Myers Squibb Co. | |
3.200% due 06/15/2026 | | | | | 272 | | | | | | 269 | |
3.400% due 07/26/2029 | | | | | 897 | | | | | | 867 | |
3.900% due 02/20/2028 | | | | | 182 | | | | | | 182 | |
4.350% due 11/15/2047 | | | | | 313 | | | | | | 299 | |
4.550% due 02/20/2048 | | | | | 8 | | | | | | 8 | |
|
Broadcom, Inc. | |
1.950% due 02/15/2028 | | | | | 1,396 | | | | | | 1,190 | |
2.600% due 02/15/2033 | | | | | 181 | | | | | | 139 | |
3.137% due 11/15/2035 | | | | | 307 | | | | | | 234 | |
3.187% due 11/15/2036 | | | | | 1,303 | | | | | | 992 | |
3.419% due 04/15/2033 | | | | | 832 | | | | | | 689 | |
3.469% due 04/15/2034 | | | | | 1,290 | | | | | | 1,052 | |
4.000% due 04/15/2029 | | | | | 278 | | | | | | 258 | |
4.150% due 04/15/2032 | | | | | 181 | | | | | | 164 | |
4.926% due 05/15/2037 | | | | | 311 | | | | | | 279 | |
|
Broadridge Financial Solutions, Inc. | |
2.900% due 12/01/2029 | | | | | 498 | | | | | | 436 | |
|
Campbell Soup Co. | |
2.375% due 04/24/2030 | | | | | 431 | | | | | | 364 | |
|
Canadian Natural Resources Ltd. | |
3.900% due 02/01/2025 | | | | | 603 | | | | | | 597 | |
|
Canadian Pacific Railway Co. | |
2.050% due 03/05/2030 | | | | | 414 | | | | | | 351 | |
3.100% due 12/02/2051 | | | | | 1,067 | | | | | | 788 | |
|
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 | | | | | 172 | | | | | | 149 | |
3.577% due 04/05/2050 | | | | | 277 | | | | | | 210 | |
|
Cenovus Energy, Inc. | |
5.375% due 07/15/2025 | | | | | 115 | | | | | | 118 | |
6.750% due 11/15/2039 | | | | | 180 | | | | | | 192 | |
|
CenterPoint Energy Resources Corp. | |
1.750% due 10/01/2030 | | | | | 149 | | | | | | 121 | |
|
Charter Communications Operating LLC | |
2.250% due 01/15/2029 | | | | | 236 | | | | | | 194 | |
2.300% due 02/01/2032 | | | | | 603 | | | | | | 457 | |
3.950% due 06/30/2062 | | | | | 1,568 | | | | | | 1,051 | |
4.800% due 03/01/2050 | | | | | 1,591 | | | | | | 1,264 | |
4.908% due 07/23/2025 | | | | | 3,192 | | | | | | 3,204 | |
|
Cheniere Corpus Christi Holdings LLC | |
3.700% due 11/15/2029 | | | | | 129 | | | | | | 118 | |
|
Cigna Corp. | |
2.400% due 03/15/2030 | | | | | 10 | | | | | | 9 | |
3.400% due 03/01/2027 | | | | | 172 | | | | | | 166 | |
3.400% due 03/15/2051 | | | | | 267 | | | | | | 206 | |
4.125% due 11/15/2025 | | | | | 10 | | | | | | 10 | |
4.500% due 02/25/2026 | | | | | 10 | | | | | | 10 | |
4.800% due 08/15/2038 | | | | | 180 | | | | | | 175 | |
|
Citrix Systems, Inc. | |
1.250% due 03/01/2026 | | | | | 277 | | | | | | 268 | |
3.300% due 03/01/2030 | | | | | 1,722 | | | | | | 1,681 | |
4.500% due 12/01/2027 | | | | | 1,377 | | | | | | 1,364 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 55 |
| | | | | | |
| Schedule of Investments | | PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Clorox Co. | |
3.100% due 10/01/2027 | | $ | | | 603 | | | $ | | | 577 | |
|
Coca-Cola Co. | |
2.125% due 09/06/2029 | | | | | 139 | | | | | | 124 | |
3.450% due 03/25/2030 | | | | | 126 | | | | | | 123 | |
|
Comcast Corp. | |
1.500% due 02/15/2031 | | | | | 10 | | | | | | 8 | |
1.950% due 01/15/2031 | | | | | 10 | | | | | | 8 | |
2.650% due 02/01/2030 | | | | | 10 | | | | | | 9 | |
2.800% due 01/15/2051 | | | | | 267 | | | | | | 189 | |
2.887% due 11/01/2051 | | | | | 452 | | | | | | 323 | |
2.937% due 11/01/2056 | | | | | 150 | | | | | | 105 | |
3.200% due 07/15/2036 | | | | | 429 | | | | | | 364 | |
|
Conagra Brands, Inc. | |
4.300% due 05/01/2024 | | | | | 1,496 | | | | | | 1,503 | |
5.300% due 11/01/2038 | | | | | 20 | | | | | | 19 | |
|
Constellation Brands, Inc. | |
2.875% due 05/01/2030 | | | | | 284 | | | | | | 247 | |
3.150% due 08/01/2029 | | | | | 1,810 | | | | | | 1,631 | |
4.100% due 02/15/2048 | | | | | 189 | | | | | | 161 | |
5.250% due 11/15/2048 | | | | | 849 | | | | | | 838 | |
|
Continental Resources, Inc. | |
2.268% due 11/15/2026 | | | | | 168 | | | | | | 149 | |
4.375% due 01/15/2028 | | | | | 100 | | | | | | 94 | |
4.500% due 04/15/2023 | | | | | 51 | | | | | | 51 | |
|
Corning, Inc. | |
5.450% due 11/15/2079 | | | | | 302 | | | | | | 273 | |
|
Corp. Nacional del Cobre de Chile | |
3.150% due 01/14/2030 | | | | | 302 | | | | | | 264 | |
|
Cox Communications, Inc. | |
1.800% due 10/01/2030 | | | | | 348 | | | | | | 276 | |
|
CRH America Finance, Inc. | |
3.400% due 05/09/2027 | | | | | 270 | | | | | | 258 | |
|
CSX Corp. | |
2.400% due 02/15/2030 | | | | | 603 | | | | | | 529 | |
3.800% due 11/01/2046 | | | | | 723 | | | | | | 614 | |
4.250% due 03/15/2029 | | | | | 171 | | | | | | 170 | |
6.220% due 04/30/2040 | | | | | 691 | | | | | | 776 | |
|
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 | | | | | 653 | | | | | | 597 | |
3.375% due 08/12/2024 | | | | | 1,264 | | | | | | 1,257 | |
3.625% due 04/01/2027 | | | | | 244 | | | | | | 238 | |
3.750% due 04/01/2030 | | | | | 179 | | | | | | 168 | |
4.125% due 04/01/2040 | | | | | 172 | | | | | | 150 | |
5.050% due 03/25/2048 | | | | | 1,194 | | | | | | 1,145 | |
5.125% due 07/20/2045 | | | | | 653 | | | | | | 630 | |
|
Daimler Finance North America LLC | |
1.450% due 03/02/2026 | | | | | 136 | | | | | | 123 | |
|
Dell International LLC | |
4.000% due 07/15/2024 | | | | | 10 | | | | | | 10 | |
4.900% due 10/01/2026 | | | | | 100 | | | | | | 100 | |
5.300% due 10/01/2029 | | | | | 75 | | | | | | 74 | |
5.450% due 06/15/2023 | | | | | 687 | | | | | | 694 | |
8.100% due 07/15/2036 | | | | | 660 | | | | | | 772 | |
8.350% due 07/15/2046 | | | | | 161 | | | | | | 201 | |
|
Delta Air Lines, Inc. | |
4.500% due 10/20/2025 | | | | | 181 | | | | | | 176 | |
4.750% due 10/20/2028 | | | | | 10 | | | | | | 9 | |
|
Devon Energy Corp. | |
4.500% due 01/15/2030 | | | | | 537 | | | | | | 508 | |
|
DH Europe Finance SARL | |
2.600% due 11/15/2029 | | | | | 277 | | | | | | 249 | |
|
Diamondback Energy, Inc. | |
3.500% due 12/01/2029 | | | | | 146 | | | | | | 134 | |
|
Discovery Communications LLC | |
4.000% due 09/15/2055 | | | | | 1,164 | | | | | | 818 | |
4.650% due 05/15/2050 | | | | | 172 | | | | | | 136 | |
|
DP World Ltd. | |
5.625% due 09/25/2048 | | | | | 537 | | | | | | 505 | |
|
DT Midstream, Inc. | |
4.300% due 04/15/2032 | | | | | 100 | | | | | | 92 | |
|
Eastern Energy Gas Holdings LLC | |
3.600% due 12/15/2024 | | | | | 517 | | | | | | 513 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
eBay, Inc. | |
1.400% due 05/10/2026 | | $ | | | 181 | | | $ | | | 163 | |
2.600% due 05/10/2031 | | | | | 50 | | | | | | 42 | |
2.700% due 03/11/2030 | | | | | 227 | | | | | | 194 | |
4.000% due 07/15/2042 | | | | | 168 | | | | | | 143 | |
|
Electronic Arts, Inc. | |
1.850% due 02/15/2031 | | | | | 603 | | | | | | 491 | |
|
Elevance Health, Inc. | |
2.250% due 05/15/2030 | | | | | 431 | | | | | | 369 | |
2.550% due 03/15/2031 | | | | | 50 | | | | | | 43 | |
3.125% due 05/15/2050 | | | | | 172 | | | | | | 130 | |
3.700% due 09/15/2049 | | | | | 10 | | | | | | 8 | |
4.550% due 03/01/2048 | | | | | 182 | | | | | | 172 | |
|
Eli Lilly & Co. | |
2.750% due 06/01/2025 | | | | | 928 | | | | | | 914 | |
|
Enbridge, Inc. | |
2.500% due 01/15/2025 | | | | | 1,458 | | | | | | 1,404 | |
2.500% due 08/01/2033 | | | | | 172 | | | | | | 139 | |
3.125% due 11/15/2029 | | | | | 40 | | | | | | 36 | |
3.400% due 08/01/2051 | | | | | 389 | | | | | | 293 | |
|
Energy Transfer LP | |
4.050% due 03/15/2025 | | | | | 100 | | | | | | 99 | |
4.200% due 09/15/2023 | | | | | 603 | | | | | | 604 | |
4.200% due 04/15/2027 | | | | | 409 | | | | | | 393 | |
4.500% due 04/15/2024 | | | | | 10 | | | | | | 10 | |
4.950% due 05/15/2028 | | | | | 1,764 | | | | | | 1,726 | |
5.250% due 04/15/2029 | | | | | 257 | | | | | | 255 | |
5.300% due 04/15/2047 | | | | | 593 | | | | | | 515 | |
5.500% due 06/01/2027 | | | | | 302 | | | | | | 307 | |
5.875% due 01/15/2024 | | | | | 10 | | | | | | 10 | |
6.250% due 04/15/2049 | | | | | 180 | | | | | | 175 | |
|
Eni SpA | |
4.000% due 09/12/2023 | | | | | 1,294 | | | | | | 1,288 | |
4.750% due 09/12/2028 | | | | | 779 | | | | | | 778 | |
|
Entergy Louisiana LLC | |
4.200% due 09/01/2048 | | | | | 1,284 | | | | | | 1,181 | |
|
Enterprise Products Operating LLC | |
3.200% due 02/15/2052 | | | | | 181 | | | | | | 130 | |
3.750% due 02/15/2025 | | | | | 1,982 | | | | | | 1,961 | |
4.200% due 01/31/2050 | | | | | 396 | | | | | | 331 | |
4.250% due 02/15/2048 | | | | | 10 | | | | | | 8 | |
|
EQT Corp. | |
5.000% due 01/15/2029 | | | | | 779 | | | | | | 755 | |
|
Equifax, Inc. | |
7.000% due 07/01/2037 | | | | | 418 | | | | | | 473 | |
|
Equinor ASA | |
2.375% due 05/22/2030 | | | | | 172 | | | | | | 151 | |
3.625% due 04/06/2040 | | | | | 15 | | | | | | 13 | |
3.700% due 04/06/2050 | | | | | 104 | | | | | | 90 | |
|
ERAC USA Finance LLC | |
3.300% due 12/01/2026 | | | | | 160 | | | | | | 152 | |
4.200% due 11/01/2046 | | | | | 418 | | | | | | 351 | |
7.000% due 10/15/2037 | | | | | 459 | | | | | | 539 | |
|
Expedia Group, Inc. | |
6.250% due 05/01/2025 | | | | | 10 | | | | | | 10 | |
|
Exxon Mobil Corp. | |
3.176% due 03/15/2024 | | | | | 13 | | | | | | 13 | |
|
Fidelity National Information Services, Inc. | |
1.150% due 03/01/2026 | | | | | 134 | | | | | | 119 | |
2.250% due 03/01/2031 | | | | | 225 | | | | | | 183 | |
|
Fiserv, Inc. | |
2.250% due 06/01/2027 | | | | | 10 | | | | | | 9 | |
2.650% due 06/01/2030 | | | | | 141 | | | | | | 120 | |
3.200% due 07/01/2026 | | | | | 172 | | | | | | 163 | |
3.500% due 07/01/2029 | | | | | 178 | | | | | | 163 | |
|
Fomento Economico Mexicano SAB de CV | |
2.875% due 05/10/2023 | | | | | 1,400 | | | | | | 1,383 | |
|
Fortune Brands Home & Security, Inc. | |
4.000% due 03/25/2032 | | | | | 182 | | | | | | 161 | |
4.500% due 03/25/2052 | | | | | 100 | | | | | | 77 | |
|
Fox Corp. | |
5.476% due 01/25/2039 | | | | | 451 | | | | | | 439 | |
|
Freeport-McMoRan, Inc. | |
4.125% due 03/01/2028 | | | | | 1,943 | | | | | | 1,807 | |
|
GE Capital International Funding Co. Unlimited Co. | |
4.418% due 11/15/2035 | | | | | 790 | | | | | | 739 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
General Dynamics Corp. | |
3.625% due 04/01/2030 | | $ | | | 50 | | | $ | | | 49 | |
|
General Mills, Inc. | |
2.875% due 04/15/2030 | | | | | 267 | | | | | | 237 | |
3.000% due 02/01/2051 | | | | | 10 | | | | | | 7 | |
|
General Motors Co. | |
5.400% due 04/01/2048 | | | | | 962 | | | | | | 839 | |
6.600% due 04/01/2036 | | | | | 10 | | | | | | 10 | |
6.800% due 10/01/2027 (f) | | | | | 128 | | | | | | 135 | |
|
Gilead Sciences, Inc. | |
2.800% due 10/01/2050 | | | | | 181 | | | | | | 127 | |
|
Glencore Finance Canada Ltd. | |
4.250% due 10/25/2022 | | | | | 2,217 | | | | | | 2,220 | |
|
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 | | | | | 297 | | | | | | 246 | |
3.875% due 04/27/2051 | | | | | 10 | | | | | | 8 | |
4.125% due 03/12/2024 | | | | | 120 | | | | | | 119 | |
|
Global Payments, Inc. | |
2.900% due 05/15/2030 | | | | | 205 | | | | | | 173 | |
4.150% due 08/15/2049 | | | | | 180 | | | | | | 141 | |
|
GSK Consumer Healthcare Capital U.S. LLC | |
3.375% due 03/24/2027 | | | | | 1,780 | | | | | | 1,705 | |
3.375% due 03/24/2029 | | | | | 1,810 | | | | | | 1,695 | |
|
Halliburton Co. | |
5.000% due 11/15/2045 | | | | | 540 | | | | | | 496 | |
|
Hasbro, Inc. | |
3.550% due 11/19/2026 | | | | | 10 | | | | | | 10 | |
3.900% due 11/19/2029 | | | | | 180 | | | | | | 165 | |
|
HCA, Inc. | |
3.125% due 03/15/2027 | | | | | 180 | | | | | | 164 | |
3.625% due 03/15/2032 | | | | | 180 | | | | | | 152 | |
4.125% due 06/15/2029 | | | | | 1,135 | | | | | | 1,036 | |
4.375% due 03/15/2042 | | | | | 970 | | | | | | 782 | |
4.625% due 03/15/2052 | | | | | 180 | | | | | | 144 | |
5.000% due 03/15/2024 | | | | | 603 | | | | | | 606 | |
5.250% due 06/15/2049 | | | | | 1,491 | | | | | | 1,287 | |
|
Hess Corp. | |
5.800% due 04/01/2047 | | | | | 182 | | | | | | 182 | |
|
Home Depot, Inc. | |
1.375% due 03/15/2031 | | | | | 10 | | | | | | 8 | |
2.700% due 04/15/2030 | | | | | 10 | | | | | | 9 | |
2.950% due 06/15/2029 | | | | | 20 | | | | | | 19 | |
3.125% due 12/15/2049 | | | | | 171 | | | | | | 133 | |
4.250% due 04/01/2046 | | | | | 7 | | | | | | 7 | |
4.500% due 12/06/2048 | | | | | 70 | | | | | | 68 | |
|
Humana, Inc. | |
3.125% due 08/15/2029 | | | | | 75 | | | | | | 68 | |
3.700% due 03/23/2029 | | | | | 355 | | | | | | 336 | |
|
Huntington Ingalls Industries, Inc. | |
2.043% due 08/16/2028 | | | | | 558 | | | | | | 477 | |
|
Hyatt Hotels Corp. | |
1.300% due 10/01/2023 | | | | | 168 | | | | | | 163 | |
1.800% due 10/01/2024 | | | | | 100 | | | | | | 95 | |
2.563% (SOFRINDX + 1.050%) due 10/01/2023 ~ | | | | | 236 | | | | | | 236 | |
4.850% due 03/15/2026 | | | | | 100 | | | | | | 100 | |
|
Hyundai Capital America | |
0.800% due 01/08/2024 | | | | | 129 | | | | | | 123 | |
0.875% due 06/14/2024 | | | | | 302 | | | | | | 283 | |
1.000% due 09/17/2024 | | | | | 426 | | | | | | 396 | |
1.250% due 09/18/2023 | | | | | 100 | | | | | | 97 | |
1.500% due 06/15/2026 | | | | | 138 | | | | | | 122 | |
1.650% due 09/17/2026 | | | | | 975 | | | | | | 861 | |
1.800% due 10/15/2025 | | | | | 133 | | | | | | 122 | |
2.000% due 06/15/2028 | | | | | 274 | | | | | | 231 | |
2.100% due 09/15/2028 | | | | | 392 | | | | | | 331 | |
|
Illumina, Inc. | |
2.550% due 03/23/2031 | | | | | 603 | | | | | | 491 | |
|
Imperial Brands Finance PLC | |
3.125% due 07/26/2024 | | | | | 842 | | | | | | 816 | |
3.500% due 07/26/2026 | | | | | 1,697 | | | | | | 1,593 | |
|
Intel Corp. | |
3.100% due 02/15/2060 | | | | | 1,874 | | | | | | 1,342 | |
| | | | | | |
| 56 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
International Business Machines Corp. | |
5.600% due 11/30/2039 | | $ | | | 29 | | | $ | | | 31 | |
|
International Flavors & Fragrances, Inc. | |
4.450% due 09/26/2028 | | | | | 1,179 | | | | | | 1,153 | |
|
JDE Peet’s NV | |
0.800% due 09/24/2024 | | | | | 230 | | | | | | 214 | |
2.250% due 09/24/2031 | | | | | 165 | | | | | | 129 | |
|
Kansas City Southern | |
3.500% due 05/01/2050 | | | | | 1,067 | | | | | | 835 | |
|
Kellogg Co. | |
2.100% due 06/01/2030 | | | | | 1,943 | | | | | | 1,619 | |
|
Keurig Dr Pepper, Inc. | |
3.200% due 05/01/2030 | | | | | 135 | | | | | | 121 | |
4.050% due 04/15/2032 | | | | | 934 | | | | | | 875 | |
4.417% due 05/25/2025 | | | | | 34 | | | | | | 34 | |
4.500% due 04/15/2052 | | | | | 934 | | | | | | 826 | |
|
Kinder Morgan, Inc. | |
5.550% due 06/01/2045 | | | | | 1,180 | | | | | | 1,114 | |
|
KLA Corp. | |
4.650% due 11/01/2024 | | | | | 176 | | | | | | 179 | |
|
L3Harris Technologies, Inc. | |
3.850% due 12/15/2026 | | | | | 230 | | | | | | 226 | |
4.400% due 06/15/2028 | | | | | 15 | | | | | | 15 | |
|
Las Vegas Sands Corp. | |
3.200% due 08/08/2024 | | | | | 274 | | | | | | 259 | |
|
Leidos, Inc. | |
2.300% due 02/15/2031 | | | | | 970 | | | | | | 774 | |
4.375% due 05/15/2030 | | | | | 870 | | | | | | 806 | |
|
Lockheed Martin Corp. | |
4.090% due 09/15/2052 | | | | | 1,262 | | | | | | 1,178 | |
|
Lundin Energy Finance BV | |
2.000% due 07/15/2026 | | | | | 136 | | | | | | 122 | |
3.100% due 07/15/2031 | | | | | 80 | | | | | | 66 | |
|
Magallanes, Inc. | |
5.050% due 03/15/2042 | | | | | 272 | | | | | | 232 | |
5.141% due 03/15/2052 | | | | | 355 | | | | | | 298 | |
5.391% due 03/15/2062 | | | | | 2,918 | | | | | | 2,445 | |
|
Marathon Petroleum Corp. | |
3.800% due 04/01/2028 | | | | | 1,943 | | | | | | 1,842 | |
|
Marriott International, Inc. | |
2.750% due 10/15/2033 | | | | | 100 | | | | | | 79 | |
2.850% due 04/15/2031 | | | | | 140 | | | | | | 116 | |
4.625% due 06/15/2030 | | | | | 1,943 | | | | | | 1,865 | |
|
Massachusetts Institute of Technology | |
3.885% due 07/01/2116 | | | | | 180 | | | | | | 151 | |
|
McCormick & Co., Inc. | |
0.900% due 02/15/2026 | | | | | 172 | | | | | | 153 | |
|
McDonald’s Corp. | |
3.500% due 07/01/2027 | | | | | 1,874 | | | | | | 1,838 | |
4.875% due 12/09/2045 | | | | | 2,066 | | | | | | 2,035 | |
|
Medtronic, Inc. | |
4.625% due 03/15/2045 | | | | | 159 | | | | | | 160 | |
|
Merck & Co., Inc. | |
1.700% due 06/10/2027 | | | | | 2,340 | | | | | | 2,127 | |
2.900% due 12/10/2061 | | | | | 474 | | | | | | 338 | |
3.400% due 03/07/2029 | | | | | 297 | | | | | | 287 | |
|
Micron Technology, Inc. | |
4.185% due 02/15/2027 | | | | | 603 | | | | | | 589 | |
5.327% due 02/06/2029 | | | | | 100 | | | | | | 100 | |
|
Microsoft Corp. | |
2.525% due 06/01/2050 | | | | | 2,548 | | | | | | 1,880 | |
2.675% due 06/01/2060 | | | | | 274 | | | | | | 197 | |
|
Mondelez International Holdings Netherlands BV | |
1.250% due 09/24/2026 | | | | | 759 | | | | | | 675 | |
|
Mondelez International, Inc. | |
1.875% due 10/15/2032 | | | | | 85 | | | | | | 66 | |
|
Moody’s Corp. | |
3.100% due 11/29/2061 | | | | | 1,164 | | | | | | 801 | |
3.750% due 02/25/2052 | | | | | 180 | | | | | | 147 | |
4.875% due 02/15/2024 | | | | | 2,519 | | | | | | 2,569 | |
|
Motorola Solutions, Inc. | |
2.300% due 11/15/2030 | | | | | 391 | | | | | | 306 | |
2.750% due 05/24/2031 | | | | | 146 | | | | | | 118 | |
5.500% due 09/01/2044 | | | | | 1,136 | | | | | | 1,060 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
MPLX LP | |
4.125% due 03/01/2027 | | $ | | | 1,468 | | | $ | | | 1,421 | |
4.700% due 04/15/2048 | | | | | 40 | | | | | | 34 | |
4.950% due 03/14/2052 | | | | | 272 | | | | | | 236 | |
5.200% due 03/01/2047 | | | | | 744 | | | | | | 676 | |
5.500% due 02/15/2049 | | | | | 122 | | | | | | 113 | |
|
Netflix, Inc. | |
3.625% due 06/15/2025 | | | | | 180 | | | | | | 172 | |
4.875% due 04/15/2028 | | | | | 2,428 | | | | | | 2,290 | |
5.375% due 11/15/2029 | | | | | 172 | | | | | | 163 | |
|
Nissan Motor Co. Ltd. | |
3.043% due 09/15/2023 | | | | | 179 | | | | | | 176 | |
3.522% due 09/17/2025 | | | | | 128 | | | | | | 121 | |
|
Norfolk Southern Corp. | |
2.300% due 05/15/2031 | | | | | 230 | | | | | | 196 | |
4.650% due 01/15/2046 | | | | | 775 | | | | | | 749 | |
|
Northrop Grumman Corp. | |
3.850% due 04/15/2045 | | | | | 523 | | | | | | 442 | |
|
NXP BV | |
2.500% due 05/11/2031 | | | | | 146 | | | | | | 120 | |
3.150% due 05/01/2027 | | | | | 132 | | | | | | 122 | |
4.300% due 06/18/2029 | | | | | 132 | | | | | | 126 | |
4.400% due 06/01/2027 | | | | | 100 | | | | | | 99 | |
5.000% due 01/15/2033 | | | | | 100 | | | | | | 98 | |
|
ONEOK Partners LP | |
5.000% due 09/15/2023 | | | | | 165 | | | | | | 167 | |
|
Oracle Corp. | |
2.300% due 03/25/2028 (f) | | | | | 603 | | | | | | 519 | |
3.950% due 03/25/2051 (f) | | | | | 3,626 | | | | | | 2,669 | |
4.125% due 05/15/2045 | | | | | 2,208 | | | | | | 1,683 | |
|
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 | | | | | | 96 | |
|
PayPal Holdings, Inc. | |
2.850% due 10/01/2029 | | | | | 135 | | | | | | 122 | |
3.250% due 06/01/2050 | | | | | 523 | | | | | | 396 | |
|
Penske Truck Leasing Co. LP | |
1.200% due 11/15/2025 | | | | | 274 | | | | | | 245 | |
1.700% due 06/15/2026 | | | | | 2 | | | | | | 2 | |
3.400% due 11/15/2026 | | | | | 125 | | | | | | 119 | |
|
PepsiCo, Inc. | |
2.850% due 02/24/2026 | | | | | 126 | | | | | | 124 | |
|
Pertamina Persero PT | |
4.300% due 05/20/2023 | | | | | 265 | | | | | | 266 | |
6.000% due 05/03/2042 | | | | | 541 | | | | | | 521 | |
|
Petroleos Mexicanos | |
6.700% due 02/16/2032 | | | | | 145 | | | | | | 111 | |
|
Pfizer, Inc. | |
4.400% due 05/15/2044 | | | | | 541 | | | | | | 531 | |
|
Philip Morris International, Inc. | |
1.750% due 11/01/2030 | | | | | 230 | | | | | | 178 | |
2.750% due 02/25/2026 | | | | | 180 | | | | | | 173 | |
3.375% due 08/11/2025 | | | | | 195 | | | | | | 192 | |
3.600% due 11/15/2023 | | | | | 654 | | | | | | 656 | |
3.875% due 08/21/2042 | | | | | 703 | | | | | | 551 | |
6.375% due 05/16/2038 | | | | | 691 | | | | | | 724 | |
|
Phillips 66 | |
3.700% due 04/06/2023 | | | | | 15 | | | | | | 15 | |
4.900% due 10/01/2046 | | | | | 673 | | | | | | 639 | |
|
Pioneer Natural Resources Co. | |
1.125% due 01/15/2026 | | | | | 135 | | | | | | 121 | |
|
Quanta Services, Inc. | |
2.350% due 01/15/2032 | | | | | 893 | | | | | | 692 | |
|
Ras Laffan Liquefied Natural Gas Co. Ltd. | |
5.838% due 09/30/2027 | | | | | 468 | | | | | | 488 | |
|
Raytheon Technologies Corp. | |
4.800% due 12/15/2043 | | | | | 1,082 | | | | | | 1,056 | |
|
Regeneron Pharmaceuticals, Inc. | |
1.750% due 09/15/2030 | | | | | 17 | | | | | | 14 | |
|
Reliance Industries Ltd. | |
3.625% due 01/12/2052 | | | | | 1,943 | | | | | | 1,413 | |
4.125% due 01/28/2025 | | | | | 275 | | | | | | 275 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
RELX Capital, Inc. | |
3.000% due 05/22/2030 | | $ | | | 283 | | | $ | | | 255 | |
4.000% due 03/18/2029 | | | | | 1,360 | | | | | | 1,319 | |
|
Renesas Electronics Corp. | |
1.543% due 11/26/2024 | | | | | 466 | | | | | | 435 | |
2.170% due 11/25/2026 | | | | | 401 | | | | | | 358 | |
|
Republic Services, Inc. | |
3.375% due 11/15/2027 | | | | | 1,061 | | | | | | 1,014 | |
|
Reynolds American, Inc. | |
4.450% due 06/12/2025 | | | | | 2,090 | | | | | | 2,080 | |
|
Roche Holdings, Inc. | |
1.930% due 12/13/2028 | | | | | 586 | | | | | | 518 | |
2.076% due 12/13/2031 | | | | | 586 | | | | | | 500 | |
|
Royalty Pharma PLC | |
0.750% due 09/02/2023 | | | | | 100 | | | | | | 96 | |
|
S&P Global, Inc. | |
4.250% due 05/01/2029 | | | | | 1,787 | | | | | | 1,769 | |
4.750% due 08/01/2028 | | | | | 785 | | | | | | 798 | |
|
Sabine Pass Liquefaction LLC | |
4.500% due 05/15/2030 | | | | | 122 | | | | | | 117 | |
|
Sands China Ltd. | |
2.550% due 03/08/2027 | | | | | 454 | | | | | | 331 | |
3.100% due 03/08/2029 | | | | | 302 | | | | | | 214 | |
5.400% due 08/08/2028 | | | | | 1,503 | | | | | | 1,161 | |
|
Santos Finance Ltd. | |
3.649% due 04/29/2031 | | | | | 274 | | | | | | 233 | |
|
Seagate HDD Cayman | |
4.091% due 06/01/2029 | | | | | 1,156 | | | | | | 996 | |
|
Sealed Air Corp. | |
1.573% due 10/15/2026 | | | | | 706 | | | | | | 615 | |
|
Sky Ltd. | |
3.750% due 09/16/2024 | | | | | 186 | | | | | | 186 | |
|
Smith & Nephew PLC | |
2.032% due 10/14/2030 | | | | | 105 | | | | | | 84 | |
|
South32 Treasury Ltd. | |
4.350% due 04/14/2032 | | | | | 1,810 | | | | | | 1,693 | |
|
Southern Co. | |
3.700% due 04/30/2030 | | | | | 3,850 | | | | | | 3,576 | |
4.400% due 07/01/2046 | | | | | 1,141 | | | | | | 994 | |
|
Southwest Airlines Co. | |
4.750% due 05/04/2023 | | | | | 23 | | | | | | 23 | |
5.125% due 06/15/2027 | | | | | 118 | | | | | | 119 | |
|
Stanley Black & Decker, Inc. | |
4.000% due 03/15/2060 • | | | | | 131 | | | | | | 114 | |
|
Starbucks Corp. | |
2.000% due 03/12/2027 | | | | | 129 | | | | | | 117 | |
2.550% due 11/15/2030 | | | | | 10 | | | | | | 9 | |
3.000% due 02/14/2032 | | | | | 843 | | | | | | 734 | |
|
Stellantis NV | |
5.250% due 04/15/2023 | | | | | 603 | | | | | | 608 | |
|
Stryker Corp. | |
3.500% due 03/15/2026 | | | | | 1,595 | | | | | | 1,567 | |
4.625% due 03/15/2046 | | | | | 565 | | | | | | 535 | |
|
Suncor Energy, Inc. | |
5.950% due 05/15/2035 | | | | | 779 | | | | | | 810 | |
|
T-Mobile USA, Inc. | |
1.500% due 02/15/2026 | | | | | 230 | | | | | | 208 | |
2.250% due 11/15/2031 | | | | | 35 | | | | | | 28 | |
2.400% due 03/15/2029 | | | | | 173 | | | | | | 150 | |
2.700% due 03/15/2032 | | | | | 173 | | | | | | 145 | |
3.000% due 02/15/2041 | | | | | 193 | | | | | | 144 | |
3.400% due 10/15/2052 | | | | | 917 | | | | | | 679 | |
3.500% due 04/15/2025 | | | | | 110 | | | | | | 108 | |
3.600% due 11/15/2060 | | | | | 2,177 | | | | | | 1,591 | |
3.750% due 04/15/2027 | | | | | 996 | | | | | | 960 | |
4.375% due 04/15/2040 | | | | | 205 | | | | | | 183 | |
|
Take-Two Interactive Software, Inc. | |
3.700% due 04/14/2027 | | | | | 181 | | | | | | 176 | |
4.000% due 04/14/2032 | | | | | 970 | | | | | | 912 | |
|
Targa Resources Corp. | |
5.200% due 07/01/2027 (a) | | | | | 400 | | | | | | 402 | |
6.250% due 07/01/2052 (a) | | | | | 100 | | | | | | 100 | |
|
TCI Communications, Inc. | |
7.875% due 02/15/2026 | | | | | 2,318 | | | | | | 2,605 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 57 |
| | | | | | |
| Schedule of Investments | | PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Teck Resources Ltd. | |
6.000% due 08/15/2040 | | $ | | | 284 | | | $ | | | 285 | |
|
Telefonica Emisiones SA | |
7.045% due 06/20/2036 | | | | | 1,528 | | | | | | 1,708 | |
|
Tencent Holdings Ltd. | |
3.280% due 04/11/2024 | | | | | 255 | | | | | | 253 | |
3.975% due 04/11/2029 | | | | | 759 | | | | | | 720 | |
|
Thermo Fisher Scientific, Inc. | |
0.797% due 10/18/2023 | | | | | 775 | | | | | | 751 | |
1.215% due 10/18/2024 | | | | | 775 | | | | | | 735 | |
|
Toyota Industries Corp. | |
3.566% due 03/16/2028 | | | | | 773 | | | | | | 755 | |
|
TransCanada PipeLines Ltd. | |
4.100% due 04/15/2030 | | | | | 10 | | | | | | 10 | |
4.625% due 03/01/2034 | | | | | 608 | | | | | | 584 | |
7.625% due 01/15/2039 | | | | | 914 | | | | | | 1,126 | |
|
TWDC Enterprises 18 Corp. | |
4.125% due 06/01/2044 | | | | | 898 | | | | | | 814 | |
|
Tyson Foods, Inc. | |
4.000% due 03/01/2026 | | | | | 159 | | | | | | 158 | |
4.875% due 08/15/2034 | | | | | 1,186 | | | | | | 1,197 | |
|
United Rentals North America, Inc. | |
3.875% due 11/15/2027 | | | | | 274 | | | | | | 255 | |
|
UnitedHealth Group, Inc. | |
2.000% due 05/15/2030 | | | | | 34 | | | | | | 29 | |
2.900% due 05/15/2050 | | | | | 146 | | | | | | 110 | |
3.050% due 05/15/2041 | | | | | 139 | | | | | | 112 | |
3.700% due 08/15/2049 | | | | | 152 | | | | | | 130 | |
4.750% due 07/15/2045 | | | | | 1,768 | | | | | | 1,783 | |
6.875% due 02/15/2038 | | | | | 508 | | | | | | 630 | |
|
Vale Overseas Ltd. | |
3.750% due 07/08/2030 | | | | | 290 | | | | | | 255 | |
6.875% due 11/21/2036 | | | | | 1,594 | | | | | | 1,715 | |
|
Valero Energy Corp. | |
4.000% due 04/01/2029 | | | | | 133 | | | | | | 126 | |
4.350% due 06/01/2028 | | | | | 1,386 | | | | | | 1,349 | |
|
Verisk Analytics, Inc. | |
4.125% due 03/15/2029 | | | | | 150 | | | | | | 145 | |
|
VMware, Inc. | |
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 | | | | | 297 | | | | | | 266 | |
3.125% due 05/12/2023 | | | | | 100 | | | | | | 99 | |
|
Walt Disney Co. | |
3.500% due 05/13/2040 | | | | | 15 | | | | | | 13 | |
4.950% due 10/15/2045 | | | | | 1,137 | | | | | | 1,140 | |
6.400% due 12/15/2035 | | | | | 77 | | | | | | 90 | |
|
Waste Connections, Inc. | |
2.600% due 02/01/2030 | | | | | 274 | | | | | | 240 | |
2.950% due 01/15/2052 | | | | | 771 | | | | | | 554 | |
|
Weir Group PLC | |
2.200% due 05/13/2026 | | | | | 1,496 | | | | | | 1,317 | |
|
Western Digital Corp. | |
2.850% due 02/01/2029 | | | | | 100 | | | | | | 82 | |
|
Westinghouse Air Brake Technologies Corp. | |
4.950% due 09/15/2028 | | | | | 2,436 | | | | | | 2,355 | |
|
Williams Cos., Inc. | |
5.400% due 03/04/2044 | | | | | 817 | | | | | | 780 | |
|
Woodside Finance Ltd. | |
3.700% due 09/15/2026 | | | | | 566 | | | | | | 546 | |
|
Workday, Inc. | |
3.700% due 04/01/2029 | | | | | 888 | | | | | | 831 | |
3.800% due 04/01/2032 | | | | | 272 | | | | | | 249 | |
|
Wyeth LLC | |
5.950% due 04/01/2037 | | | | | 1,610 | | | | | | 1,861 | |
|
Yara International ASA | |
4.750% due 06/01/2028 | | | | | 1,196 | | | | | | 1,147 | |
|
Zoetis, Inc. | |
2.000% due 05/15/2030 | | | | | 144 | | | | | | 121 | |
3.000% due 05/15/2050 | | | | | 713 | | | | | | 529 | |
3.900% due 08/20/2028 | | | | | 503 | | | | | | 487 | |
4.700% due 02/01/2043 | | | | | 857 | | | | | | 822 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 245,216 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| UTILITIES 12.6% | |
|
Acwa Power Management & Investments One Ltd. | |
5.950% due 12/15/2039 | | $ | | | 640 | | | $ | | | 650 | |
|
AEP Texas, Inc. | |
3.450% due 01/15/2050 | | | | | 541 | | | | | | 423 | |
4.700% due 05/15/2032 | | | | | 100 | | | | | | 100 | |
5.250% due 05/15/2052 | | | | | 100 | | | | | | 102 | |
|
AES Corp. | |
2.450% due 01/15/2031 | | | | | 970 | | | | | | 781 | |
|
Ameren Corp. | |
3.500% due 01/15/2031 | | | | | 544 | | | | | | 499 | |
|
American Electric Power Co., Inc. | |
2.300% due 03/01/2030 | | | | | 100 | | | | | | 84 | |
|
American Water Capital Corp. | |
2.800% due 05/01/2030 | | | | | 302 | | | | | | 271 | |
|
Appalachian Power Co. | |
7.000% due 04/01/2038 | | | | | 399 | | | | | | 464 | |
|
AT&T, Inc. | |
3.500% due 09/15/2053 | | | | | 1,901 | | | | | | 1,444 | |
3.650% due 09/15/2059 | | | | | 777 | | | | | | 584 | |
4.100% due 02/15/2028 | | | | | 1,010 | | | | | | 990 | |
4.300% due 02/15/2030 | | | | | 2,188 | | | | | | 2,137 | |
4.350% due 03/01/2029 | | | | | 195 | | | | | | 192 | |
4.500% due 03/09/2048 | | | | | 845 | | | | | | 751 | |
|
Atmos Energy Corp. | |
4.150% due 01/15/2043 | | | | | 1,012 | | | | | | 899 | |
|
Avangrid, Inc. | |
3.800% due 06/01/2029 | | | | | 277 | | | | | | 259 | |
|
Bell Telephone Co. of Canada | |
3.650% due 03/17/2051 | | | | | 428 | | | | | | 342 | |
|
Berkshire Hathaway Energy Co. | |
1.650% due 05/15/2031 | | | | | 294 | | | | | | 237 | |
3.700% due 07/15/2030 | | | | | 5 | | | | | | 5 | |
4.050% due 04/15/2025 | | | | | 394 | | | | | | 397 | |
6.125% due 04/01/2036 | | | | | 1,524 | | | | | | 1,686 | |
|
BG Energy Capital PLC | |
5.125% due 10/15/2041 | | | | | 110 | | | | | | 112 | |
|
Black Hills Corp. | |
3.150% due 01/15/2027 | | | | | 180 | | | | | | 172 | |
4.200% due 09/15/2046 | | | | | 100 | | | | | | 85 | |
|
British Telecommunications PLC | |
5.125% due 12/04/2028 | | | | | 366 | | | | | | 365 | |
|
CenterPoint Energy, Inc. | |
1.450% due 06/01/2026 | | | | | 284 | | | | | | 256 | |
|
CMS Energy Corp. | |
4.750% due 06/01/2050 • | | | | | 290 | | | | | | 255 | |
|
Commonwealth Edison Co. | |
4.000% due 03/01/2048 | | | | | 419 | | | | | | 378 | |
|
Consolidated Edison Co. of New York, Inc. | |
3.000% due 12/01/2060 | | | | | 424 | | | | | | 291 | |
3.600% due 06/15/2061 | | | | | 274 | | | | | | 217 | |
3.850% due 06/15/2046 | | | | | 885 | | | | | | 748 | |
|
Constellation Energy Generation LLC | |
5.600% due 06/15/2042 | | | | | 703 | | | | | | 678 | |
|
Consumers Energy Co. | |
3.125% due 08/31/2024 | | | | | 1,355 | | | | | | 1,335 | |
|
Dominion Energy, Inc. | |
1.450% due 04/15/2026 | | | | | 136 | | | | | | 123 | |
3.071% due 08/15/2024 þ | | | | | 349 | | | | | | 341 | |
3.375% due 04/01/2030 | | | | | 10 | | | | | | 9 | |
|
DTE Electric Co. | |
3.650% due 03/15/2024 | | | | | 1,377 | | | | | | 1,386 | |
3.650% due 03/01/2052 | | | | | 100 | | | | | | 87 | |
|
DTE Energy Co. | |
1.050% due 06/01/2025 | | | | | 194 | | | | | | 179 | |
3.400% due 06/15/2029 | | | | | 603 | | | | | | 555 | |
|
Duke Energy Carolinas LLC | |
2.550% due 04/15/2031 | | | | | 264 | | | | | | 231 | |
2.850% due 03/15/2032 | | | | | 100 | | | | | | 89 | |
3.550% due 03/15/2052 | | | | | 100 | | | | | | 83 | |
3.950% due 11/15/2028 | | | | | 484 | | | | | | 478 | |
6.000% due 12/01/2028 | | | | | 603 | | | | | | 652 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Duke Energy Corp. | |
2.450% due 06/01/2030 | | $ | | | 419 | | | $ | | | 354 | |
2.550% due 06/15/2031 | | | | | 10 | | | | | | 8 | |
3.400% due 06/15/2029 | | | | | 10 | | | | | | 9 | |
3.500% due 06/15/2051 | | | | | 146 | | | | | | 110 | |
3.750% due 09/01/2046 | | | | | 100 | | | | | | 79 | |
3.950% due 10/15/2023 | | | | | 865 | | | | | | 869 | |
|
Duke Energy Florida LLC | |
2.400% due 12/15/2031 | | | | | 172 | | | | | | 147 | |
3.400% due 10/01/2046 | | | | | 100 | | | | | | 79 | |
|
Duke Energy Progress LLC | |
3.400% due 04/01/2032 | | | | | 100 | | | | | | 93 | |
3.450% due 03/15/2029 | | | | | 10 | | | | | | 10 | |
3.600% due 09/15/2047 | | | | | 100 | | | | | | 84 | |
4.000% due 04/01/2052 | | | | | 100 | | | | | | 90 | |
|
E.ON International Finance BV | |
6.650% due 04/30/2038 | | | | | 691 | | | | | | 756 | |
|
East Ohio Gas Co. | |
1.300% due 06/15/2025 | | | | | 10 | | | | | | 9 | |
|
Edison International | |
5.750% due 06/15/2027 | | | | | 274 | | | | | | 278 | |
|
Electricite de France SA | |
4.875% due 01/22/2044 | | | | | 858 | | | | | | 727 | |
|
Enel Finance International NV | |
1.375% due 07/12/2026 | | | | | 138 | | | | | | 121 | |
4.250% due 06/15/2025 | | | | | 200 | | | | | | 198 | |
4.625% due 06/15/2027 | | | | | 500 | | | | | | 492 | |
5.000% due 06/15/2032 | | | | | 500 | | | | | | 483 | |
5.500% due 06/15/2052 | | | | | 500 | | | | | | 476 | |
6.000% due 10/07/2039 | | | | | 1,368 | | | | | | 1,363 | |
|
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 | | | | | 2,428 | | | | | | 2,085 | |
|
Evergy, Inc. | |
2.450% due 09/15/2024 | | | | | 201 | | | | | | 193 | |
2.900% due 09/15/2029 | | | | | 73 | | | | | | 65 | |
|
Eversource Energy | |
1.650% due 08/15/2030 | | | | | 230 | | | | | | 183 | |
4.600% due 07/01/2027 | | | | | 500 | | | | | | 504 | |
|
Exelon Corp. | |
3.950% due 06/15/2025 | | | | | 944 | | | | | | 942 | |
4.050% due 04/15/2030 | | | | | 1,874 | | | | | | 1,800 | |
4.450% due 04/15/2046 | | | | | 302 | | | | | | 274 | |
|
Fells Point Funding Trust | |
3.046% due 01/31/2027 | | | | | 2,530 | | | | | | 2,335 | |
|
Florida Power & Light Co. | |
3.150% due 10/01/2049 | | | | | 277 | | | | | | 221 | |
4.125% due 02/01/2042 | | | | | 100 | | | | | | 94 | |
|
Indiana Michigan Power Co. | |
4.250% due 08/15/2048 | | | | | 704 | | | | | | 625 | |
|
Infraestructura Energetica Nova SAB de CV | |
4.875% due 01/14/2048 | | | | | 362 | | | | | | 267 | |
|
Kentucky Utilities Co. | |
5.125% due 11/01/2040 | | | | | 100 | | | | | | 100 | |
|
KeySpan Gas East Corp. | |
2.742% due 08/15/2026 | | | | | 546 | | | | | | 516 | |
|
LLPL Capital Pte. Ltd. | |
6.875% due 02/04/2039 | | | | | 357 | | | | | | 332 | |
|
MidAmerican Energy Co. | |
4.250% due 07/15/2049 | | | | | 479 | | | | | | 446 | |
|
National Rural Utilities Cooperative Finance Corp. | |
4.400% due 11/01/2048 | | | | | 180 | | | | | | 168 | |
|
New York State Electric & Gas Corp. | |
2.150% due 10/01/2031 | | | | | 100 | | | | | | 83 | |
|
NextEra Energy Capital Holdings, Inc. | |
2.750% due 11/01/2029 | | | | | 1,821 | | | | | | 1,612 | |
|
NiSource, Inc. | |
0.950% due 08/15/2025 | | | | | 10 | | | | | | 9 | |
|
Northern States Power Co. | |
2.900% due 03/01/2050 | | | | | 1 | | | | | | 0 | |
|
Oncor Electric Delivery Co. LLC | |
3.100% due 09/15/2049 | | | | | 180 | | | | | | 140 | |
| | | | | | |
| 58 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
ONEOK, Inc. | |
3.400% due 09/01/2029 | | $ | | | 880 | | | $ | | | 778 | |
4.550% due 07/15/2028 | | | | | 800 | | | | | | 774 | |
5.200% due 07/15/2048 | | | | | 1,759 | | | | | | 1,563 | |
|
Pacific Gas & Electric Co. | |
2.500% due 02/01/2031 | | | | | 20 | | | | | | 15 | |
3.250% due 06/01/2031 | | | | | 1,874 | | | | | | 1,516 | |
3.300% due 08/01/2040 | | | | | 150 | | | | | | 104 | |
3.450% due 07/01/2025 | | | | | 128 | | | | | | 120 | |
3.750% due 07/01/2028 | | | | | 128 | | | | | | 113 | |
3.950% due 12/01/2047 | | | | | 1,164 | | | | | | 808 | |
4.550% due 07/01/2030 | | | | | 103 | | | | | | 91 | |
4.950% due 07/01/2050 | | | | | 103 | | | | | | 82 | |
5.450% due 06/15/2027 | | | | | 194 | | | | | | 188 | |
5.900% due 06/15/2032 | | | | | 100 | | | | | | 97 | |
|
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | |
4.000% due 06/30/2050 | | | | | 906 | | | | | | 632 | |
|
Piedmont Natural Gas Co., Inc. | |
3.500% due 06/01/2029 | | | | | 603 | | | | | | 562 | |
|
Plains All American Pipeline LP | |
3.550% due 12/15/2029 | | | | | 133 | | | | | | 117 | |
5.150% due 06/01/2042 | | | | | 598 | | | | | | 503 | |
|
Public Service Enterprise Group, Inc. | |
0.800% due 08/15/2025 | | | | | 274 | | | | | | 248 | |
|
San Diego Gas & Electric Co. | |
1.700% due 10/01/2030 | | | | | 10 | | | | | | 8 | |
|
Sempra Energy | |
3.300% due 04/01/2025 | | | | | 888 | | | | | | 868 | |
3.700% due 04/01/2029 | | | | | 182 | | | | | | 171 | |
|
Shell International Finance BV | |
2.875% due 05/10/2026 | | | | | 1,571 | | | | | | 1,520 | |
|
Southern California Edison Co. | |
2.850% due 08/01/2029 | | | | | 778 | | | | | | 690 | |
3.650% due 02/01/2050 | | | | | 1,921 | | | | | | 1,472 | |
4.125% due 03/01/2048 | | | | | 1,174 | | | | | | 968 | |
|
Southern California Gas Co. | |
3.150% due 09/15/2024 | | | | | 1,000 | | | | | | 995 | |
4.125% due 06/01/2048 | | | | | 778 | | | | | | 683 | |
|
Southern Power Co. | |
5.150% due 09/15/2041 | | | | | 995 | | | | | | 940 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Southwest Gas Corp. | |
4.050% due 03/15/2032 | | $ | | | 272 | | | $ | | | 247 | |
|
Southwestern Electric Power Co. | |
4.100% due 09/15/2028 | | | | | 713 | | | | | | 690 | |
|
Southwestern Public Service Co. | |
3.150% due 05/01/2050 | | | | | 10 | | | | | | 8 | |
6.000% due 10/01/2036 | | | | | 895 | | | | | | 954 | |
|
Union Electric Co. | |
2.625% due 03/15/2051 | | | | | 172 | | | | | | 120 | |
3.900% due 04/01/2052 | | | | | 100 | | | | | | 88 | |
|
Verizon Communications, Inc. | |
2.355% due 03/15/2032 | | | | | 4,149 | | | | | | 3,444 | |
2.550% due 03/21/2031 | | | | | 1,874 | | | | | | 1,604 | |
4.125% due 03/16/2027 | | | | | 1,874 | | | | | | 1,871 | |
4.125% due 08/15/2046 | | | | | 540 | | | | | | 480 | |
4.400% due 11/01/2034 | | | | | 660 | | | | | | 633 | |
4.812% due 03/15/2039 | | | | | 180 | | | | | | 177 | |
4.862% due 08/21/2046 | | | | | 772 | | | | | | 762 | |
|
Virginia Electric & Power Co. | |
3.750% due 05/15/2027 | | | | | 194 | | | | | | 192 | |
4.625% due 05/15/2052 | | | | | 100 | | | | | | 97 | |
8.875% due 11/15/2038 | | | | | 1,295 | | | | | | 1,840 | |
|
Vistra Operations Co. LLC | |
4.300% due 07/15/2029 | | | | | 274 | | | | | | 248 | |
|
WEC Energy Group, Inc. | |
2.200% due 12/15/2028 | | | | | 778 | | | | | | 681 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 73,072 | |
| | | | | | | | | | | | |
Total Corporate Bonds & Notes (Cost $568,468) | | | 497,003 | |
| | | | |
| |
| U.S. TREASURY OBLIGATIONS 2.3% | |
|
U.S. Treasury Bonds | |
2.375% due 02/15/2042 | | | | | 3,692 | | | | | | 3,132 | |
2.875% due 05/15/2052 | | | | | 3,300 | | | | | | 3,118 | |
|
U.S. Treasury STRIPS | |
0.000% due 05/15/2051 (c) | | | | | 3,533 | | | | | | 1,435 | |
0.000% due 11/15/2051 (c) | | | | | 5,945 | | | | | | 2,385 | |
0.000% due 05/15/2052 (c) | | | | | 8,000 | | | | | | 3,223 | |
| | | | | | | | | | | | |
Total U.S. Treasury Obligations (Cost $14,830) | | | 13,293 | |
| | | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| SOVEREIGN ISSUES 0.0% | |
|
Korea Hydro & Nuclear Power Co. Ltd. | |
3.000% due 09/19/2022 | | $ | | | 190 | | | $ | | | 190 | |
| | | | | | | | | | | | |
Total Sovereign Issues (Cost $190) | | | 190 | |
| | | | |
| |
| SHORT-TERM INSTRUMENTS 11.0% | |
| |
| REPURCHASE AGREEMENTS (g) 3.7% | |
| | | | | | | | | | | 21,268 | |
| | | | | | | | | | | | |
| |
| U.S. TREASURY BILLS 7.2% | |
0.737% due 07/05/2022 - 08/25/2022 (b)(c) | | | | | 41,700 | | | | | | 41,673 | |
| | | | | | | | | | | | |
| |
| U.S. TREASURY CASH MANAGEMENT BILLS 0.1% | |
1.416% due 10/04/2022 (c)(d) | | | | | 600 | | | | | | 597 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $63,547) | | | 63,538 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
Total Investments in Securities
(Cost $647,035) | | | 574,024 | |
| |
| | | | |
Total Investments 98.8%
(Cost $647,035) | | | $ | | | 574,024 | |
| |
Financial Derivative
Instruments (h)(i) 0.0% (Cost or Premiums, net $430) | | | | | | 181 | |
| |
| Other Assets and Liabilities, net 1.2% | | | 6,678 | |
| | | | |
| Net Assets 100.0% | | | $ | | | 580,883 | |
| | | | | | | |
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. |
| (b) | Coupon represents a weighted average yield to maturity. |
| (d) | Coupon represents a yield to maturity. |
| (e) | Contingent convertible security. |
(f) 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 | | | $ | 1,896 | | | $ | 1,545 | | | | 0.27 | % |
Citigroup, Inc. | | | 2.572 | | | | 06/03/2031 | | | | 07/01/2021 | | | | 691 | | | | 568 | | | | 0.10 | |
Citigroup, Inc. | | | 3.057 | | | | 01/25/2033 | | | | 01/18/2022 | | | | 176 | | | | 149 | | | | 0.03 | |
Deutsche Bank AG | | | 2.129 | | | | 11/24/2026 | | | | 08/11/2021 | | | | 233 | | | | 205 | | | | 0.04 | |
General Motors Co. | | | 6.800 | | | | 10/01/2027 | | | | 11/04/2021 | | | | 155 | | | | 135 | | | | 0.02 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 59 |
| | | | | | |
| Schedule of Investments | | PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Issuer Description | | Coupon | | | Maturity
Date | | | Acquisition
Date | | | Cost | | | Market
Value | | �� | Market Value
as Percentage
of Net Assets
| |
Oracle Corp. | | | 2.300 | % | | | 03/25/2028 | | | | 09/23/2021 | | | $ | 619 | | | $ | 519 | | | | 0.09 | % |
Oracle Corp. | | | 3.950 | | | | 03/25/2051 | | | | 04/09/2021 | | | | 3,757 | | | | 2,669 | | | | 0.46 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | $ | 7,527 | | | $ | 5,790 | | | | 1.01 | % |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(g) 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 | | | 0.400 | % | | | 06/30/2022 | | | | 07/01/2022 | | | $ | 568 | | | U.S. Treasury Notes 2.875% due 06/15/2025 | | $ | (579 | ) | | $ | 568 | | | $ | 568 | |
| JPS | | | 1.350 | | | | 06/30/2022 | | | | 07/01/2022 | | | | 20,700 | | | U.S. Treasury Bonds 3.250% due 05/15/2042 | | | (21,182 | ) | | | 20,700 | | | | 20,701 | |
| | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | $ | (21,761 | ) | | $ | 21,268 | | | $ | 21,269 | |
| | | | | | | | | | | | | | | | | | | | | | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FICC | | $ | 568 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 568 | | | $ | (579 | ) | | $ | (11 | ) |
JPS | | | 20,701 | | | | 0 | | | | 0 | | | | 0 | | | | 20,701 | | | | (21,182 | ) | | | (481 | ) |
| | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 21,269 | | | $ | 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, 2022 was $(660) at a weighted average interest rate of 0.062%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(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 5-Year Note September Futures | | | 09/2022 | | | | 200 | | | $ | 22,450 | | | $ | (72 | ) | | $ | 141 | | | $ | 0 | |
U.S. Treasury 10-Year Ultra September Futures | | | 09/2022 | | | | 47 | | | | 5,987 | | | | (44 | ) | | | 62 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | (116 | ) | | $ | 203 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
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 | | | 09/2022 | | | | 99 | | | $ | (11,735 | ) | | $ | 74 | | | $ | 0 | | | $ | (101 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Futures Contracts | | | | | | | | | | | | | | $ | (42 | ) | | $ | 203 | | | $ | (101 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| 60 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
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, 2022(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 | | | | 0.398 | % | | | $ 100 | | | $ | 3 | | | $ | 0 | | | $ | 3 | | | $ | 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 | | | $ | 600 | | | $ | 13 | | | $ | (12 | ) | | $ | 1 | | | $ | 0 | | | $ | 0 | |
CDX.IG-38 5-Year Index | | | 1.000 | | | | Quarterly | | | | 06/20/2027 | | | | 32,500 | | | | 433 | | | | (433 | ) | | | 0 | | | | 0 | | | | (6 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 446 | | | $ | (445 | ) | | $ | 1 | | | $ | 0 | | | $ | (6 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Swap Agreements | | | $ | 449 | | | $ | (445 | ) | | $ | 4 | | | $ | 0 | | | $ | (6 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 | | | $ | 203 | | | $ | 0 | | | $ | 203 | | | | | | | $ | 0 | | | $ | (101) | | | $ | | (6) | | $ | (107) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash of $1,922 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2022. 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. |
(i) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
SWAP AGREEMENTS:
TOTAL RETURN SWAPS ON INTEREST RATE 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 | |
| GST | | Receive | | iBoxx USD Liquid High Yield Index | | | N/A | | | 1.044% | | | Maturity | | | | 09/20/2022 | | | $ | 15,000 | | | $ | (19 | ) | | $ | 104 | | | $ | 85 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Swap Agreements | | | $ | (19 | ) | | $ | 104 | | | $ | 85 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 61 |
| | | | | | |
| Schedule of Investments | | PIMCO Investment Grade Corporate Bond Index 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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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) | |
GST | | $ | 0 | | | $ | 0 | | | $ | 85 | | | $ | 85 | | | | | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 85 | | | $ | 0 | | | $ | 85 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (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. |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 | | | $ | 203 | | | $ | 203 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Swap Agreements | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 85 | | | $ | 85 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 288 | | | $ | 288 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 101 | | | $ | 101 | |
Swap Agreements | | | 0 | | | | 6 | | | | 0 | | | | 0 | | | | 0 | | | | 6 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 6 | | | $ | 0 | | | $ | 0 | | | $ | 101 | | | $ | 107 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Net Realized Gain (Loss) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 574 | | | $ | 574 | |
Swap Agreements | | | 0 | | | | (2 | ) | | | 0 | | | | 0 | | | | (6 | ) | | | (8 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (2 | ) | | $ | 0 | | | $ | 0 | | | $ | 568 | | | $ | 566 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Swap Agreements | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (4,531 | ) | | $ | (4,531 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (2 | ) | | $ | 0 | | | $ | 0 | | | $ | (3,963 | ) | | $ | (3,965 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (42 | ) | | $ | (42 | ) |
Swap Agreements | | | 0 | | | | (580 | ) | | | 0 | | | | 0 | | | | 0 | | | | (580 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (580 | ) | | $ | 0 | | | $ | 0 | | | $ | (42 | ) | | $ | (622 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Swap Agreements | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (113 | ) | | $ | (113 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (580 | ) | | $ | 0 | | | $ | 0 | | | $ | (155 | ) | | $ | (735 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| 62 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Investments in Securities, at Value | |
Corporate Bonds & Notes | |
Banking & Finance | | $ | 0 | | | $ | 178,715 | | | $ | 0 | | | $ | 178,715 | |
Industrials | | | 0 | | | | 245,216 | | | | 0 | | | | 245,216 | |
Utilities | | | 0 | | | | 73,072 | | | | 0 | | | | 73,072 | |
U.S. Treasury Obligations | | | 0 | | | | 13,293 | | | | 0 | | | | 13,293 | |
Sovereign Issues | | | 0 | | | | 190 | | | | 0 | | | | 190 | |
Short-Term Instruments | |
Repurchase Agreements | | | 0 | | | | 21,268 | | | | 0 | | | | 21,268 | |
U.S. Treasury Bills | | | 0 | | | | 41,673 | | | | 0 | | | | 41,673 | |
U.S. Treasury Cash Management Bills | | | 0 | | | | 597 | | | | 0 | | | | 597 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 574,024 | | | $ | 0 | | | $ | 574,024 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | | $ | 0 | | | $ | 203 | | | $ | 0 | | | $ | 203 | |
Over the counter | | | 0 | | | | 85 | | | | 0 | | | | 85 | |
| | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 288 | | | $ | 0 | | | $ | 288 | |
| | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | | $ | 0 | | | $ | (107 | ) | | $ | 0 | | | $ | (107 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Total Financial Derivative Instruments | | $ | 0 | | | $ | 181 | | | $ | 0 | | | $ | 181 | |
| | | | | | | | | | | | | | | | |
| | | | |
Totals | | $ | 0 | | | $ | 574,205 | | | $ | 0 | | | $ | 574,205 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 63 |
| | | | | | |
| 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 124.3% | |
| |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% | |
|
AAdvantage Loyalty IP Ltd. | |
5.813% (LIBOR03M + 4.750%) due 04/20/2028 ~ | | $ | | | 3,700 | | | $ | | | 3,545 | |
|
Air Canada | |
4.250% (LIBOR03M + 3.500%) due 08/11/2028 «~ | | | | | 2,600 | | | | | | 2,398 | |
|
Avolon TLB Borrower 1 (U.S.) LLC | |
3.845% (LIBOR01M + 2.250%) due 12/01/2027 ~ | | | | | 1,287 | | | | | | 1,226 | |
|
Castlelake LP | |
2.950% (LIBOR01M + 2.950%) due 05/13/2031 «~ | | | | | 6,389 | | | | | | 5,814 | |
|
SkyMiles IP Ltd. | |
4.813% (LIBOR03M + 3.750%) due 10/20/2027 ~ | | | | | 4,900 | | | | | | 4,866 | |
|
Twin River Worldwide Holdings, Inc. | |
4.370% (LIBOR01M + 3.250%) due 10/02/2028 ~ | | | | | 3,990 | | | | | | 3,717 | |
|
United Airlines, Inc. | |
5.150% - 5.392% LIBOR01M+ 3.750%) due 04/21/2028 ~ | | | | | 1,979 | | | | | | 1,843 | |
|
Zephyrus Capital Aviation Partners LLC | |
4.605% due 10/15/2038 | | | | | 2,296 | | | | | | 2,021 | |
| | | | | | | | | | | | |
Total Loan Participations and Assignments
(Cost $27,168) | | | 25,430 | |
| | | | |
| |
| CORPORATE BONDS & NOTES 38.1% | |
| |
| BANKING & FINANCE 23.6% | |
|
AerCap Ireland Capital DAC | |
3.875% due 01/23/2028 | | | | | 2,100 | | | | | | 1,897 | |
|
Aircastle Ltd. | |
4.250% due 06/15/2026 | | | | | 3,800 | | | | | | 3,520 | |
|
American Assets Trust LP | |
3.375% due 02/01/2031 | | | | | 2,800 | | | | | | 2,399 | |
|
American Homes 4 Rent LP | |
4.250% due 02/15/2028 | | | | | 2,900 | | | | | | 2,772 | |
|
American Tower Corp. | |
1.300% due 09/15/2025 | | | | | 4,000 | | | | | | 3,626 | |
3.375% due 10/15/2026 | | | | | 3,300 | | | | | | 3,123 | |
|
AmFam Holdings, Inc. | |
2.805% due 03/11/2031 | | | | | 700 | | | | | | 590 | |
|
Antares Holdings LP | |
2.750% due 01/15/2027 | | | | | 4,050 | | | | | | 3,238 | |
3.750% due 07/15/2027 | | | | | 3,700 | | | | | | 3,114 | |
3.950% due 07/15/2026 | | | | | 1,000 | | | | | | 869 | |
|
Arch Capital Group Ltd. | |
3.635% due 06/30/2050 | | | | | 6,900 | | | | | | 5,379 | |
|
Ares Capital Corp. | |
2.875% due 06/15/2027 | | | | | 6,000 | | | | | | 5,013 | |
2.875% due 06/15/2028 | | | | | 6,000 | | | | | | 4,759 | |
|
Ares Finance Co. LLC | |
3.250% due 06/15/2030 | | | | | 3,500 | | | | | | 3,107 | |
|
AvalonBay Communities, Inc. | |
2.450% due 01/15/2031 | | | | | 2,550 | | | | | | 2,206 | |
|
Aviation Capital Group LLC | |
3.500% due 11/01/2027 | | | | | 500 | | | | | | 442 | |
5.500% due 12/15/2024 | | | | | 1,500 | | | | | | 1,488 | |
|
Avolon Holdings Funding Ltd. | |
2.528% due 11/18/2027 | | | | | 1,993 | | | | | | 1,626 | |
2.875% due 02/15/2025 | | | | | 3,900 | | | | | | 3,592 | |
3.950% due 07/01/2024 | | | | | 3,500 | | | | | | 3,354 | |
|
Banco de Credito e Inversiones SA | |
2.875% due 10/14/2031 | | | | | 2,800 | | | | | | 2,315 | |
|
Banco Santander SA | |
3.490% due 05/28/2030 | | | | | 3,400 | | | | | | 3,011 | |
|
Bank of America Corp. | |
3.093% due 10/01/2025 • | | | | | 6,500 | | | | | | 6,297 | |
3.419% due 12/20/2028 • | | | | | 11,018 | | | | | | 10,271 | |
3.593% due 07/21/2028 • | | | | | 9,000 | | | | | | 8,496 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Barclays Bank PLC | |
7.625% due 11/21/2022 (f) | | $ | | | 18,600 | | | $ | | | 18,787 | |
|
Barclays PLC | |
2.667% due 03/10/2032 • | | | | | 800 | | | | | | 646 | |
2.852% due 05/07/2026 • | | | | | 2,100 | | | | | | 1,986 | |
4.375% due 01/12/2026 | | | | | 4,100 | | | | | | 4,065 | |
4.375% due 03/15/2028 •(e)(f) | | | | | 2,200 | | | | | | 1,693 | |
4.972% due 05/16/2029 • | | | | | 1,000 | | | | | | 984 | |
7.750% due 09/15/2023 •(e)(f) | | | | | 1,100 | | | | | | 1,083 | |
|
BGC Partners, Inc. | |
3.750% due 10/01/2024 | | | | | 3,300 | | | | | | 3,224 | |
5.375% due 07/24/2023 | | | | | 5,000 | | | | | | 5,034 | |
|
Blackstone Holdings Finance Co. LLC | |
1.625% due 08/05/2028 | | | | | 3,000 | | | | | | 2,538 | |
|
Blue Owl Finance LLC | |
3.125% due 06/10/2031 | | | | | 4,300 | | | | | | 3,323 | |
|
BNP Paribas SA | |
2.219% due 06/09/2026 • | | | | | 9,250 | | | | | | 8,552 | |
4.400% due 08/14/2028 | | | | | 700 | | | | | | 670 | |
4.500% due 02/25/2030 •(e)(f) | | | | | 200 | | | | | | 150 | |
4.625% due 02/25/2031 •(e)(f) | | | | | 2,000 | | | | | | 1,481 | |
|
Brandywine Operating Partnership LP | |
3.950% due 11/15/2027 | | | | | 1,500 | | | | | | 1,416 | |
|
Brixmor Operating Partnership LP | |
3.650% due 06/15/2024 | | | | | 7,000 | | | | | | 6,904 | |
4.125% due 05/15/2029 | | | | | 5,000 | | | | | | 4,663 | |
|
Cantor Fitzgerald LP | |
4.875% due 05/01/2024 | | | | | 1,300 | | | | | | 1,306 | |
|
Capital One Financial Corp. | |
4.200% due 10/29/2025 | | | | | 15 | | | | | | 15 | |
|
Carlyle Finance Subsidiary LLC | |
3.500% due 09/19/2029 | | | | | 4,500 | | | | | | 4,083 | |
|
CI Financial Corp. | |
3.200% due 12/17/2030 | | | | | 4,000 | | | | | | 3,132 | |
4.100% due 06/15/2051 | | | | | 2,500 | | | | | | 1,624 | |
|
Citigroup, Inc. | |
2.976% due 11/05/2030 • | | | | | 10,000 | | | | | | 8,737 | |
3.668% due 07/24/2028 • | | | | | 7,300 | | | | | | 6,898 | |
3.887% due 01/10/2028 • | | | | | 10,750 | | | | | | 10,344 | |
|
CNO Global Funding | |
1.650% due 01/06/2025 | | | | | 5,700 | | | | | | 5,382 | |
|
Corebridge Financial, Inc. | |
3.850% due 04/05/2029 | | | | | 2,000 | | | | | | 1,850 | |
|
Credit Suisse AG | |
6.500% due 08/08/2023 (f) | | | | | 15,400 | | | | | | 15,438 | |
|
Credit Suisse Group AG | |
3.750% due 03/26/2025 | | | | | 5,600 | | | | | | 5,432 | |
6.250% due 12/18/2024 •(e)(f) | | | | | 200 | | | | | | 183 | |
7.125% due 07/29/2022 •(e)(f) | | | | | 7,700 | | | | | | 7,696 | |
7.500% due 07/17/2023 •(e)(f) | | | | | 2,000 | | | | | | 1,850 | |
7.500% due 12/11/2023 •(e)(f) | | | | | 6,700 | | | | | | 6,400 | |
|
Crown Castle International Corp. | |
4.300% due 02/15/2029 | | | | | 2,000 | | | | | | 1,922 | |
4.450% due 02/15/2026 | | | | | 5,200 | | | | | | 5,153 | |
|
DAE Sukuk Difc Ltd. | |
3.750% due 02/15/2026 | | | | | 1,300 | | | | | | 1,231 | |
|
Deutsche Bank AG | |
2.129% due 11/24/2026 •(g) | | | | | 2,000 | | | | | | 1,779 | |
3.035% due 05/28/2032 •(g) | | | | | 12,700 | | | | | | 10,062 | |
3.547% due 09/18/2031 • | | | | | 10,700 | | | | | | 8,968 | |
3.729% due 01/14/2032 •(g) | | | | | 2,200 | | | | | | 1,656 | |
3.742% due 01/07/2033 • | | | | | 2,900 | | | | | | 2,114 | |
3.961% due 11/26/2025 • | | | | | 2,500 | | | | | | 2,418 | |
4.500% due 04/01/2025 | | | | | 300 | | | | | | 286 | |
|
Discover Financial Services | |
4.500% due 01/30/2026 | | | | | 5,400 | | | | | | 5,298 | |
|
Doctors Co. An Interinsurance Exchange | |
4.500% due 01/18/2032 | | | | | 7,800 | | | | | | 6,848 | |
|
Doric Nimrod Air Alpha Pass-Through Trust | |
5.250% due 05/30/2025 | | | | | 251 | | | | | | 248 | |
|
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust | |
5.125% due 11/30/2024 | | | | | 109 | | | | | | 108 | |
|
Equitable Holdings, Inc. | |
4.350% due 04/20/2028 | | | | | 1,000 | | | | | | 966 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
F&G Global Funding | |
2.000% due 09/20/2028 | | $ | | | 800 | | | $ | | | 674 | |
|
Fairfax Financial Holdings Ltd. | |
4.850% due 04/17/2028 | | | | | 300 | | | | | | 298 | |
|
Farmers Insurance Exchange | |
4.747% due 11/01/2057 • | | | | | 2,000 | | | | | | 1,808 | |
|
Fidelity National Financial, Inc. | |
2.450% due 03/15/2031 | | | | | 3,050 | | | | | | 2,431 | |
|
First American Financial Corp. | |
4.000% due 05/15/2030 | | | | | 4,000 | | | | | | 3,600 | |
|
Ford Motor Credit Co. LLC | |
2.300% due 02/10/2025 | | | | | 3,300 | | | | | | 2,970 | |
2.700% due 08/10/2026 | | | | | 3,600 | | | | | | 3,072 | |
2.900% due 02/10/2029 | | | | | 2,000 | | | | | | 1,572 | |
3.550% due 10/07/2022 | | | | | 5,000 | | | | | | 4,984 | |
|
Freedom Mortgage Corp. | |
8.250% due 04/15/2025 | | | | | 1,564 | | | | | | 1,319 | |
|
FS KKR Capital Corp. | |
2.625% due 01/15/2027 | | | | | 6,000 | | | | | | 5,050 | |
3.125% due 10/12/2028 | | | | | 1,200 | | | | | | 958 | |
|
GA Global Funding Trust | |
1.625% due 01/15/2026 | | | | | 4,200 | | | | | | 3,810 | |
2.250% due 01/06/2027 | | | | | 7,500 | | | | | | 6,715 | |
|
General Motors Financial Co., Inc. | |
3.275% (US0003M + 0.990%) due 01/05/2023 ~ | | | | | 500 | | | | | | 500 | |
|
Global Atlantic Fin Co. | |
4.400% due 10/15/2029 | | | | | 6,000 | | | | | | 5,445 | |
|
GLP Capital LP | |
4.000% due 01/15/2030 | | | | | 5,100 | | | | | | 4,475 | |
5.300% due 01/15/2029 | | | | | 400 | | | | | | 383 | |
5.750% due 06/01/2028 | | | | | 3,000 | | | | | | 2,935 | |
|
Goldman Sachs Group, Inc. | |
3.330% (SOFRRATE + 1.850%) due 03/15/2028 ~ | | | | | 5,500 | | | | | | 5,456 | |
3.615% due 03/15/2028 • | | | | | 3,100 | | | | | | 2,936 | |
3.691% due 06/05/2028 • | | | | | 7,600 | | | | | | 7,213 | |
3.850% due 01/26/2027 | | | | | 13,900 | | | | | | 13,447 | |
4.223% due 05/01/2029 • | | | | | 3,200 | | | | | | 3,079 | |
|
Golub Capital BDC, Inc. | |
2.050% due 02/15/2027 | | | | | 1,500 | | | | | | 1,219 | |
2.500% due 08/24/2026 | | | | | 3,000 | | | | | | 2,515 | |
|
Goodman U.S. Finance Three LLC | |
3.700% due 03/15/2028 | | | | | 5,000 | | | | | | 4,791 | |
|
Healthcare Trust of America Holdings LP | |
3.750% due 07/01/2027 | | | | | 4,600 | | | | | | 4,372 | |
|
HSBC Holdings PLC | |
2.099% due 06/04/2026 • | | | | | 3,500 | | | | | | 3,237 | |
2.804% due 05/24/2032 • | | | | | 9,000 | | | | | | 7,399 | |
4.250% due 03/14/2024 | | | | | 6,000 | | | | | | 5,977 | |
4.250% due 08/18/2025 | | | | | 7,660 | | | | | | 7,564 | |
4.292% due 09/12/2026 • | | | | | 750 | | | | | | 734 | |
4.583% due 06/19/2029 • | | | | | 5,300 | | | | | | 5,114 | |
6.000% due 05/22/2027 •(e)(f) | | | | | 2,600 | | | | | | 2,337 | |
6.250% due 03/23/2023 •(e)(f) | | | | | 200 | | | | | | 196 | |
6.500% due 03/23/2028 •(e)(f) | | | | | 3,300 | | | | | | 2,997 | |
|
Hudson Pacific Properties LP | |
3.950% due 11/01/2027 | | | | | 900 | | | | | | 858 | |
|
Hyundai Capital Services, Inc. | |
0.750% due 09/15/2023 | | | | | 5,000 | | | | | | 4,814 | |
|
ING Groep NV | |
3.875% due 05/16/2027 •(e)(f) | | | | | 600 | | | | | | 437 | |
4.250% due 05/16/2031 •(e)(f) | | | | | 600 | | | | | | 411 | |
|
Intesa Sanpaolo SpA | |
4.950% due 06/01/2042 • | | | | | 8,000 | | | | | | 5,415 | |
|
Jackson National Life Global Funding | |
1.750% due 01/12/2025 | | | | | 3,500 | | | | | | 3,304 | |
|
JPMorgan Chase & Co. | |
2.963% due 01/25/2033 • | | | | | 3,000 | | | | | | 2,577 | |
3.540% due 05/01/2028 • | | | | | 850 | | | | | | 807 | |
3.782% due 02/01/2028 • | | | | | 13,000 | | | | | | 12,495 | |
4.023% due 12/05/2024 • | | | | | 140 | | | | | | 140 | |
4.493% due 03/24/2031 • | | | | | 15,000 | | | | | | 14,666 | |
|
KKR Financial Holdings LLC | |
5.400% due 05/23/2033 | | | | | 6,000 | | | | | | 6,030 | |
| | | | | | |
| 64 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
KKR Group Finance Co. LLC | |
3.250% due 12/15/2051 | | $ | | | 1,000 | | | $ | | | 710 | |
3.750% due 07/01/2029 | | | | | 1,250 | | | | | | 1,170 | |
|
LeasePlan Corp. NV | |
2.875% due 10/24/2024 | | | | | 3,300 | | | | | | 3,163 | |
|
Liberty Mutual Group, Inc. | |
4.125% due 12/15/2051 • | | | | | 4,000 | | | | | | 3,197 | |
4.300% due 02/01/2061 | | | | | 4,800 | | | | | | 3,257 | |
|
Life Storage LP | |
3.875% due 12/15/2027 | | | | | 2,100 | | | | | | 2,002 | |
|
Lloyds Banking Group PLC | |
3.574% due 11/07/2028 • | | | | | 16,300 | | | | | | 15,266 | |
4.450% due 05/08/2025 | | | | | 1,000 | | | | | | 1,002 | |
7.500% due 09/27/2025 •(e)(f) | | | | | 5,000 | | | | | | 4,886 | |
|
Loews Corp. | |
3.200% due 05/15/2030 | | | | | 2,050 | | | | | | 1,868 | |
|
Low Income Investment Fund | |
3.711% due 07/01/2029 | | | | | 2,500 | | | | | | 2,427 | |
|
LXP Industrial Trust | |
2.375% due 10/01/2031 | | | | | 3,500 | | | | | | 2,710 | |
|
Maple Grove Funding Trust | |
4.161% due 08/15/2051 | | | | | 5,500 | | | | | | 4,294 | |
|
Massachusetts Mutual Life Insurance Co. | |
5.077% due 02/15/2069 • | | | | | 3,250 | | | | | | 3,136 | |
|
Metropolitan Life Global Funding | |
1.875% due 01/11/2027 | | | | | 5,000 | | | | | | 4,533 | |
|
Mid-America Apartments LP | |
4.000% due 11/15/2025 | | | | | 7,500 | | | | | | 7,454 | |
|
Mitsubishi UFJ Financial Group, Inc. | |
2.341% due 01/19/2028 • | | | | | 10,000 | | | | | | 9,021 | |
|
MMcapS Funding Ltd. | |
2.487% (US0003M + 0.290%) due 12/26/2039 ~ | | | | | 566 | | | | | | 535 | |
|
Morgan Stanley | |
0.000% due 04/02/2032 þ(g) | | | | | 9,000 | | | | | | 5,621 | |
2.699% due 01/22/2031 • | | | | | 10,000 | | | | | | 8,670 | |
3.125% due 07/27/2026 | | | | | 660 | | | | | | 631 | |
3.772% due 01/24/2029 • | | | | | 5,500 | | | | | | 5,224 | |
4.431% due 01/23/2030 • | | | | | 1,900 | | | | | | 1,848 | |
|
Morgan Stanley Domestic Holdings, Inc. | |
4.500% due 06/20/2028 | | | | | 1,000 | | | | | | 1,002 | |
|
Natwest Group PLC | |
4.519% due 06/25/2024 • | | | | | 5,000 | | | | | | 4,990 | |
4.600% due 06/28/2031 •(e)(f) | | | | | 200 | | | | | | 148 | |
4.800% due 04/05/2026 | | | | | 1,000 | | | | | | 998 | |
|
New York Life Insurance Co. | |
4.450% due 05/15/2069 | | | | | 3,700 | | | | | | 3,179 | |
|
Nippon Life Insurance Co. | |
2.750% due 01/21/2051 • | | | | | 5,750 | | | | | | 4,665 | |
|
Nissan Motor Acceptance Co. LLC | |
2.450% due 09/15/2028 | | | | | 1,000 | | | | | | 807 | |
2.600% due 09/28/2022 | | | | | 1,000 | | | | | | 995 | |
2.650% due 07/13/2022 | | | | | 1,800 | | | | | | 1,800 | |
2.924% due 09/28/2022 • | | | | | 1,000 | | | | | | 997 | |
3.875% due 09/21/2023 | | | | | 3,800 | | | | | | 3,776 | |
|
Nomura Holdings, Inc. | |
2.329% due 01/22/2027 | | | | | 5,000 | | | | | | 4,431 | |
2.608% due 07/14/2031 | | | | | 9,300 | | | | | | 7,427 | |
2.648% due 01/16/2025 | | | | | 2,300 | | | | | | 2,197 | |
2.710% due 01/22/2029 | | | | | 950 | | | | | | 812 | |
|
Nordea Bank Abp | |
3.750% due 03/01/2029 •(e)(f) | | | | | 5,000 | | | | | | 3,695 | |
6.125% due 09/23/2024 •(e)(f) | | | | | 550 | | | | | | 530 | |
6.625% due 03/26/2026 •(e)(f) | | | | | 5,600 | | | | | | 5,370 | |
|
Ohio National Financial Services, Inc. | |
5.800% due 01/24/2030 | | | | | 3,300 | | | | | | 3,180 | |
|
Omega Healthcare Investors, Inc. | |
4.750% due 01/15/2028 | | | | | 3,350 | | | | | | 3,177 | |
5.250% due 01/15/2026 | | | | | 200 | | | | | | 198 | |
|
Owl Rock Capital Corp. | |
2.875% due 06/11/2028 | | | | | 6,300 | | | | | | 4,953 | |
|
Pacific Life Insurance Co. | |
9.250% due 06/15/2039 | | | | | 5,000 | | | | | | 7,192 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Park Aerospace Holdings Ltd. | |
5.500% due 02/15/2024 | | $ | | | 699 | | | $ | | | 694 | |
|
Physicians Realty LP | |
4.300% due 03/15/2027 | | | | | 2,000 | | | | | | 1,962 | |
|
Preferred Term Securities Ltd. | |
2.129% (US0003M + 0.300%) due 03/22/2037 ~ | | | | | 1,930 | | | | | | 1,768 | |
|
Realty Income Corp. | |
3.100% due 12/15/2029 | | | | | 4,000 | | | | | | 3,644 | |
3.950% due 08/15/2027 | | | | | 300 | | | | | | 293 | |
|
RGA Global Funding | |
2.700% due 01/18/2029 | | | | | 2,900 | | | | | | 2,568 | |
|
Santander Holdings USA, Inc. | |
2.490% due 01/06/2028 • | | | | | 5,400 | | | | | | 4,770 | |
|
Santander U.K. Group Holdings PLC | |
1.673% due 06/14/2027 • | | | | | 10,000 | | | | | | 8,741 | |
2.469% due 01/11/2028 • | | | | | 5,000 | | | | | | 4,422 | |
3.373% due 01/05/2024 • | | | | | 2,900 | | | | | | 2,887 | |
3.823% due 11/03/2028 • | | | | | 5,000 | | | | | | 4,646 | |
|
Service Properties Trust | |
3.950% due 01/15/2028 | | | | | 3,000 | | | | | | 2,058 | |
|
Societe Generale SA | |
5.375% due 11/18/2030 •(e)(f) | | | | | 3,200 | | | | | | 2,488 | |
7.375% due 10/04/2023 •(e)(f) | | | | | 1,300 | | | | | | 1,253 | |
|
Spirit Realty LP | |
4.450% due 09/15/2026 | | | | | 700 | | | | | | 690 | |
|
Standard Chartered PLC | |
2.104% (SOFRRATE + 1.250%) due 10/14/2023 ~ | | | | | 15,000 | | | | | | 15,001 | |
4.750% due 01/14/2031 •(e)(f) | | | | | 200 | | | | | | 153 | |
|
STORE Capital Corp. | |
4.625% due 03/15/2029 | | | | | 2,100 | | | | | | 2,051 | |
|
Sumitomo Mitsui Financial Group, Inc. | |
2.448% due 09/27/2024 | | | | | 6,800 | | | | | | 6,554 | |
|
Swedbank AB | |
4.000% due 03/17/2029 •(e)(f) | | | | | 400 | | | | | | 306 | |
|
Trust Fibra Uno | |
4.869% due 01/15/2030 | | | | | 4,900 | | | | | | 4,153 | |
6.950% due 01/30/2044 | | | | | 300 | | | | | | 256 | |
|
UBS AG | |
7.625% due 08/17/2022 (f) | | | | | 17,550 | | | | | | 17,602 | |
|
UBS Group AG | |
5.125% due 07/29/2026 •(e)(f) | | | | | 800 | | | | | | 719 | |
7.000% due 02/19/2025 •(e)(f) | | | | | 200 | | | | | | 199 | |
|
UDR, Inc. | |
3.500% due 07/01/2027 | | | | | 2,400 | | | | | | 2,290 | |
|
UniCredit SpA | |
7.830% due 12/04/2023 | | | | | 5,000 | | | | | | 5,180 | |
|
Wells Fargo & Co. | |
3.350% due 03/02/2033 • | | | | | 4,500 | | | | | | 3,997 | |
3.550% due 09/29/2025 | | | | | 800 | | | | | | 787 | |
3.584% due 05/22/2028 • | | | | | 17,250 | | | | | | 16,379 | |
4.478% due 04/04/2031 • | | | | | 10,000 | | | | | | 9,790 | |
|
Willis North America, Inc. | |
2.950% due 09/15/2029 | | | | | 1,300 | | | | | | 1,116 | |
|
WP Carey, Inc. | |
2.400% due 02/01/2031 | | | | | 3,900 | | | | | | 3,189 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 760,416 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 12.1% | |
|
Adani Electricity Mumbai Ltd. | |
3.949% due 02/12/2030 | | | | | 3,000 | | | | | | 2,453 | |
|
Air Canada | |
3.875% due 08/15/2026 | | | | | 1,000 | | | | | | 848 | |
|
Air Canada Pass-Through Trust | |
5.250% due 10/01/2030 | | | | | 2,110 | | | | | | 2,112 | |
|
Alcon Finance Corp. | |
2.600% due 05/27/2030 | | | | | 3,200 | | | | | | 2,724 | |
|
American Airlines Pass-Through Trust | |
3.375% due 11/01/2028 | | | | | 8,822 | | | | | | 7,923 | |
3.700% due 04/01/2028 | | | | | 1,861 | | | | | | 1,615 | |
4.000% due 01/15/2027 | | | | | 2,573 | | | | | | 2,370 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
American Airlines, Inc. | |
5.500% due 04/20/2026 | | $ | | | 3,900 | | | $ | | | 3,597 | |
5.750% due 04/20/2029 | | | | | 1,400 | | | | | | 1,200 | |
|
Arrow Electronics, Inc. | |
3.250% due 09/08/2024 | | | | | 5,000 | | | | | | 4,892 | |
3.875% due 01/12/2028 | | | | | 2,500 | | | | | | 2,381 | |
|
Ashtead Capital, Inc. | |
4.250% due 11/01/2029 | | | | | 5,000 | | | | | | 4,404 | |
|
Bacardi Ltd. | |
4.450% due 05/15/2025 | | | | | 5,000 | | | | | | 4,955 | |
5.150% due 05/15/2038 | | | | | 1,200 | | | | | | 1,141 | |
|
BAT Capital Corp. | |
2.259% due 03/25/2028 | | | | | 5,200 | | | | | | 4,361 | |
4.390% due 08/15/2037 | | | | | 3,200 | | | | | | 2,544 | |
|
BAT International Finance PLC | |
1.668% due 03/25/2026 | | | | | 3,700 | | | | | | 3,280 | |
|
Bio-Rad Laboratories, Inc. | |
3.300% due 03/15/2027 | | | | | 1,000 | | | | | | 945 | |
|
Boeing Co. | |
5.705% due 05/01/2040 | | | | | 100 | | | | | | 93 | |
5.805% due 05/01/2050 | | | | | 100 | | | | | | 92 | |
|
Bowdoin College | |
4.693% due 07/01/2112 | | | | | 3,400 | | | | | | 3,356 | |
|
Broadcom, Inc. | |
3.187% due 11/15/2036 | | | | | 3,600 | | | | | | 2,742 | |
3.419% due 04/15/2033 | | | | | 2,000 | | | | | | 1,656 | |
3.469% due 04/15/2034 | | | | | 500 | | | | | | 408 | |
4.110% due 09/15/2028 | | | | | 7,435 | | | | | | 7,062 | |
|
California Institute of Technology | |
4.283% due 09/01/2116 | | | | | 3,000 | | | | | | 2,646 | |
|
CDW LLC | |
2.670% due 12/01/2026 | | | | | 3,000 | | | | | | 2,678 | |
|
CH Robinson Worldwide, Inc. | |
4.200% due 04/15/2028 | | | | | 1,000 | | | | | | 966 | |
|
Charter Communications Operating LLC | |
4.908% due 07/23/2025 | | | | | 2,000 | | | | | | 2,007 | |
5.050% due 03/30/2029 | | | | | 2,000 | | | | | | 1,927 | |
|
Cheniere Corpus Christi Holdings LLC | |
5.125% due 06/30/2027 | | | | | 5,000 | | | | | | 5,023 | |
|
Choice Hotels International, Inc. | |
3.700% due 12/01/2029 | | | | | 6,700 | | | | | | 6,040 | |
|
Citrix Systems, Inc. | |
3.300% due 03/01/2030 | | | | | 3,620 | | | | | | 3,534 | |
4.500% due 12/01/2027 | | | | | 3,000 | | | | | | 2,971 | |
|
Claremont Mckenna College | |
3.775% due 01/01/2122 | | | | | 3,000 | | | | | | 2,160 | |
|
CommonSpirit Health | |
4.187% due 10/01/2049 | | | | | 7,300 | | | | | | 6,146 | |
|
Corp. Nacional del Cobre de Chile | |
3.625% due 08/01/2027 | | | | | 4,000 | | | | | | 3,794 | |
4.500% due 09/16/2025 | | | | | 3,500 | | | | | | 3,496 | |
|
CVS Health Corp. | |
3.000% due 08/15/2026 | | | | | 4,000 | | | | | | 3,831 | |
3.750% due 04/01/2030 | | | | | 2,600 | | | | | | 2,435 | |
4.125% due 04/01/2040 | | | | | 4,200 | | | | | | 3,673 | |
5.300% due 12/05/2043 | | | | | 2,000 | | | | | | 2,002 | |
|
DAE Funding LLC | |
2.625% due 03/20/2025 | | | | | 4,000 | | | | | | 3,725 | |
3.375% due 03/20/2028 | | | | | 5,000 | | | | | | 4,405 | |
|
Dell International LLC | |
4.000% due 07/15/2024 | | | | | 6,500 | | | | | | 6,482 | |
4.900% due 10/01/2026 | | | | | 3,000 | | | | | | 3,007 | |
5.300% due 10/01/2029 | | | | | 2,400 | | | | | | 2,368 | |
6.020% due 06/15/2026 | | | | | 1,000 | | | | | | 1,040 | |
6.100% due 07/15/2027 | | | | | 700 | | | | | | 735 | |
6.200% due 07/15/2030 | | | | | 1,000 | | | | | | 1,042 | |
|
Delta Air Lines, Inc. | |
4.375% due 04/19/2028 | | | | | 800 | | | | | | 681 | |
4.750% due 10/20/2028 | | | | | 1,800 | | | | | | 1,702 | |
7.000% due 05/01/2025 | | | | | 200 | | | | | | 203 | |
7.375% due 01/15/2026 | | | | | 2,200 | | | | | | 2,202 | |
|
Diamondback Energy, Inc. | |
3.500% due 12/01/2029 | | | | | 200 | | | | | | 183 | |
|
eBay, Inc. | |
3.600% due 06/05/2027 | | | | | 1,000 | | | | | | 960 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 65 |
| | | | | | |
| Schedule of Investments | | PIMCO Active Bond Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Ecopetrol SA | |
5.875% due 09/18/2023 | | $ | | | 5,200 | | | $ | | | 5,223 | |
|
Energy Transfer LP | |
3.900% due 05/15/2024 | | | | | 2,750 | | | | | | 2,731 | |
3.900% due 07/15/2026 | | | | | 100 | | | | | | 96 | |
5.000% due 10/01/2022 | | | | | 2,500 | | | | | | 2,503 | |
5.950% due 12/01/2025 | | | | | 2,300 | | | | | | 2,384 | |
|
Enterprise Products Operating LLC | |
5.700% due 02/15/2042 | | | | | 200 | | | | | | 202 | |
|
Equinor ASA | |
3.125% due 04/06/2030 | | | | | 2,100 | | | | | | 1,949 | |
|
ERAC USA Finance LLC | |
3.800% due 11/01/2025 | | | | | 900 | | | | | | 885 | |
|
Expedia Group, Inc. | |
3.800% due 02/15/2028 | | | | | 2,500 | | | | | | 2,281 | |
6.250% due 05/01/2025 | | | | | 1,054 | | | | | | 1,087 | |
|
Ferguson Finance PLC | |
3.250% due 06/02/2030 | | | | | 2,000 | | | | | | 1,734 | |
|
Flex Intermediate Holdco LLC | |
3.363% due 06/30/2031 | | | | | 2,700 | | | | | | 2,208 | |
4.317% due 12/30/2039 | | | | | 2,700 | | | | | | 2,106 | |
|
Flex Ltd. | |
4.750% due 06/15/2025 | | | | | 1,600 | | | | | | 1,614 | |
4.875% due 06/15/2029 | | | | | 2,000 | | | | | | 1,928 | |
|
Ford Motor Co. | |
5.291% due 12/08/2046 | | | | | 1,000 | | | | | | 770 | |
|
GE Capital International Funding Co. Unlimited Co. | |
4.418% due 11/15/2035 | | | | | 6,950 | | | | | | 6,500 | |
|
General Electric Co. | |
4.250% due 05/01/2040 | | | | | 6,000 | | | | | | 5,059 | |
|
Georgetown University | |
5.215% due 10/01/2118 | | | | | 6,560 | | | | | | 6,346 | |
|
Global Payments, Inc. | |
2.650% due 02/15/2025 | | | | | 2,600 | | | | | | 2,484 | |
3.200% due 08/15/2029 | | | | | 2,600 | | | | | | 2,275 | |
|
Hyatt Hotels Corp. | |
1.800% due 10/01/2024 | | | | | 3,000 | | | | | | 2,838 | |
|
Hyundai Capital America | |
5.875% due 04/07/2025 | | | | | 6,000 | | | | | | 6,189 | |
|
Imperial Brands Finance PLC | |
3.500% due 07/26/2026 | | | | | 5,000 | | | | | | 4,692 | |
3.875% due 07/26/2029 | | | | | 3,000 | | | | | | 2,705 | |
|
Infor, Inc. | |
1.750% due 07/15/2025 | | | | | 6,100 | | | | | | 5,649 | |
|
KB Home | |
4.000% due 06/15/2031 | | | | | 4,000 | | | | | | 3,093 | |
|
Kinder Morgan, Inc. | |
5.625% due 11/15/2023 | | | | | 2,000 | | | | | | 2,037 | |
7.750% due 01/15/2032 | | | | | 3,000 | | | | | | 3,504 | |
|
Las Vegas Sands Corp. | |
3.200% due 08/08/2024 | | | | | 3,600 | | | | | | 3,404 | |
3.500% due 08/18/2026 | | | | | 1,100 | | | | | | 957 | |
|
Lundin Energy Finance BV | |
2.000% due 07/15/2026 | | | | | 700 | | | | | | 626 | |
3.100% due 07/15/2031 | | | | | 200 | | | | | | 166 | |
|
Magallanes, Inc. | |
5.391% due 03/15/2062 | | | | | 1,100 | | | | | | 922 | |
|
Marriott International, Inc. | |
2.750% due 10/15/2033 | | | | | 1,300 | | | | | | 1,024 | |
|
Massachusetts Institute of Technology | |
4.678% due 07/01/2114 | | | | | 1,360 | | | | | | 1,366 | |
|
MDC Holdings, Inc. | |
3.966% due 08/06/2061 | | | | | 5,000 | | | | | | 2,886 | |
6.000% due 01/15/2043 | | | | | 500 | | | | | | 409 | |
|
Melco Resorts Finance Ltd. | |
5.750% due 07/21/2028 | | | | | 400 | | | | | | 258 | |
|
MGM China Holdings Ltd. | |
5.250% due 06/18/2025 | | | | | 400 | | | | | | 307 | |
5.875% due 05/15/2026 | | | | | 200 | | | | | | 151 | |
|
Micron Technology, Inc. | |
4.185% due 02/15/2027 | | | | | 6,000 | | | | | | 5,862 | |
|
Mileage Plus Holdings LLC | |
6.500% due 06/20/2027 | | | | | 5,100 | | | | | | 5,028 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
MPLX LP | |
4.250% due 12/01/2027 | | $ | | | 4,200 | | | $ | | | 4,057 | |
|
National Fuel Gas Co. | |
2.950% due 03/01/2031 | | | | | 3,900 | | | | | | 3,169 | |
|
New York & Presbyterian Hospital | |
4.763% due 08/01/2116 | | | | | 3,000 | | | | | | 2,814 | |
|
Nissan Motor Co. Ltd. | |
3.043% due 09/15/2023 | | | | | 3,850 | | | | | | 3,787 | |
3.522% due 09/17/2025 | | | | | 3,800 | | | | | | 3,601 | |
|
NXP BV | |
3.150% due 05/01/2027 | | | | | 700 | | | | | | 649 | |
3.400% due 05/01/2030 | | | | | 1,000 | | | | | | 883 | |
|
ONEOK Partners LP | |
3.375% due 10/01/2022 | | | | | 3,200 | | | | | | 3,200 | |
|
Oracle Corp. | |
3.950% due 03/25/2051 (g) | | | | | 2,000 | | | | | | 1,472 | |
|
Pacific National Finance Pty. Ltd. | |
4.750% due 03/22/2028 | | | | | 4,300 | | | | | | 4,115 | |
|
Perrigo Finance Unlimited Co. | |
4.375% due 03/15/2026 | | | | | 200 | | | | | | 189 | |
4.400% due 06/15/2030 | | | | | 1,900 | | | | | | 1,698 | |
|
Petroleos Mexicanos | |
6.490% due 01/23/2027 | | | | | 311 | | | | | | 270 | |
6.700% due 02/16/2032 | | | | | 4,600 | | | | | | 3,517 | |
|
Prosus NV | |
3.257% due 01/19/2027 | | | | | 2,500 | | | | | | 2,175 | |
3.680% due 01/21/2030 | | | | | 2,700 | | | | | | 2,153 | |
4.193% due 01/19/2032 | | | | | 2,300 | | | | | | 1,839 | |
|
Quanta Services, Inc. | |
2.900% due 10/01/2030 | | | | | 4,850 | | | | | | 4,001 | |
|
RELX Capital, Inc. | |
3.000% due 05/22/2030 | | | | | 500 | | | | | | 450 | |
|
Reynolds American, Inc. | |
5.850% due 08/15/2045 | | | | | 710 | | | | | | 597 | |
|
Rockies Express Pipeline LLC | |
3.600% due 05/15/2025 | | | | | 3,000 | | | | | | 2,725 | |
|
Royalty Pharma PLC | |
1.750% due 09/02/2027 | | | | | 5,000 | | | | | | 4,266 | |
|
S&P Global, Inc. | |
4.750% due 08/01/2028 | | | | | 500 | | | | | | 509 | |
|
Sabine Pass Liquefaction LLC | |
5.625% due 03/01/2025 | | | | | 2,000 | | | | | | 2,042 | |
5.875% due 06/30/2026 | | | | | 3,000 | | | | | | 3,105 | |
|
Sands China Ltd. | |
2.550% due 03/08/2027 | | | | | 900 | | | | | | 657 | |
3.100% due 03/08/2029 | | | | | 2,000 | | | | | | 1,419 | |
3.250% due 08/08/2031 | | | | | 1,800 | | | | | | 1,192 | |
3.800% due 01/08/2026 | | | | | 800 | | | | | | 642 | |
5.125% due 08/08/2025 | | | | | 800 | | | | | | 672 | |
5.400% due 08/08/2028 | | | | | 2,300 | | | | | | 1,777 | |
|
ServiceNow, Inc. | |
1.400% due 09/01/2030 | | | | | 900 | | | | | | 705 | |
|
Sprint Spectrum Co. LLC | |
4.738% due 03/20/2025 | | | | | 4,469 | | | | | | 4,473 | |
|
Starbucks Corp. | |
4.450% due 08/15/2049 | | | | | 200 | | | | | | 180 | |
|
Studio City Finance Ltd. | |
5.000% due 01/15/2029 | | | | | 700 | | | | | | 362 | |
6.000% due 07/15/2025 | | | | | 200 | | | | | | 127 | |
|
Syngenta Finance NV | |
4.441% due 04/24/2023 | | | | | 5,400 | | | | | | 5,445 | |
|
T-Mobile USA, Inc. | |
1.500% due 02/15/2026 | | | | | 900 | | | | | | 814 | |
2.050% due 02/15/2028 | | | | | 5,000 | | | | | | 4,346 | |
|
Tennessee Gas Pipeline Co. LLC | |
2.900% due 03/01/2030 | | | | | 8,000 | | | | | | 6,918 | |
|
Time Warner Entertainment Co. LP | |
8.375% due 07/15/2033 | | | | | 500 | | | | | | 579 | |
|
Trustees of the University of Pennsylvania | |
4.674% due 09/01/2112 | | | | | 1,180 | | | | | | 1,155 | |
|
Turkish Airlines Pass-Through Trust | |
4.200% due 09/15/2028 | | | | | 3,198 | | | | | | 2,661 | |
|
U.S. Airways Pass-Through Trust | |
3.950% due 05/15/2027 | | | | | 2,000 | | | | | | 1,824 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
United Airlines Pass-Through Trust | |
3.100% due 01/07/2030 | | $ | | | 1,068 | | | $ | | | 977 | |
3.450% due 01/07/2030 | | | | | 3,203 | | | | | | 2,783 | |
4.550% due 08/25/2031 | | | | | 2,152 | | | | | | 1,929 | |
|
United Airlines, Inc. | |
4.375% due 04/15/2026 | | | | | 3,400 | | | | | | 3,008 | |
4.625% due 04/15/2029 | | | | | 2,500 | | | | | | 2,129 | |
|
Vmed O2 U.K. Financing PLC | |
4.750% due 07/15/2031 | | | | | 3,900 | | | | | | 3,159 | |
|
VMware, Inc. | |
4.700% due 05/15/2030 | | | | | 6,700 | | | | | | 6,467 | |
|
Weir Group PLC | |
2.200% due 05/13/2026 | | | | | 2,000 | | | | | | 1,761 | |
|
Wesleyan University | |
4.781% due 07/01/2116 | | | | | 3,248 | | | | | | 2,968 | |
|
Westinghouse Air Brake Technologies Corp. | |
3.200% due 06/15/2025 | | | | | 2,200 | | | | | | 2,100 | |
3.450% due 11/15/2026 | | | | | 1,200 | | | | | | 1,094 | |
4.950% due 09/15/2028 | | | | | 6,130 | | | | | | 5,926 | |
|
WRKCo, Inc. | |
3.900% due 06/01/2028 | | | | | 500 | | | | | | 482 | |
|
Wynn Macau Ltd. | |
5.500% due 01/15/2026 | | | | | 400 | | | | | | 278 | |
5.500% due 10/01/2027 | | | | | 200 | | | | | | 130 | |
5.625% due 08/26/2028 | | | | | 1,900 | | | | | | 1,176 | |
|
Yara International ASA | |
3.148% due 06/04/2030 | | | | | 1,500 | | | | | | 1,282 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 390,536 | |
| | | | | | | | | | | | |
| |
| UTILITIES 2.4% | |
|
American Transmission Systems, Inc. | |
5.000% due 09/01/2044 | | | | | 300 | | | | | | 290 | |
|
AT&T, Inc. | |
3.550% due 09/15/2055 | | | | | 60 | | | | | | 45 | |
3.650% due 09/15/2059 | | | | | 98 | | | | | | 74 | |
3.800% due 12/01/2057 | | | | | 602 | | | | | | 466 | |
|
Edison International | |
2.950% due 03/15/2023 | | | | | 700 | | | | | | 694 | |
|
Exelon Corp. | |
4.050% due 04/15/2030 | | | | | 3,250 | | | | | | 3,122 | |
|
FirstEnergy Corp. | |
4.400% due 07/15/2027 | | | | | 6,100 | | | | | | 5,765 | |
|
IPALCO Enterprises, Inc. | |
3.700% due 09/01/2024 | | | | | 4,450 | | | | | | 4,404 | |
|
Israel Electric Corp. Ltd. | |
3.750% due 02/22/2032 | | | | | 6,300 | | | | | | 5,648 | |
|
Jersey Central Power & Light Co. | |
4.300% due 01/15/2026 | | | | | 300 | | | | | | 297 | |
|
Metropolitan Edison Co. | |
4.300% due 01/15/2029 | | | | | 600 | | | | | | 591 | |
|
Mid-Atlantic Interstate Transmission LLC | |
4.100% due 05/15/2028 | | | | | 900 | | | | | | 879 | |
|
NGPL PipeCo LLC | |
4.875% due 08/15/2027 | | | | | 3,200 | | | | | | 3,169 | |
|
ONEOK, Inc. | |
7.150% due 01/15/2051 | | | | | 100 | | | | | | 106 | |
|
Pacific Gas & Electric Co. | |
3.300% due 03/15/2027 | | | | | 900 | | | | | | 807 | |
3.300% due 12/01/2027 | | | | | 100 | | | | | | 87 | |
3.300% due 08/01/2040 | | | | | 4,200 | | | | | | 2,902 | |
3.500% due 08/01/2050 | | | | | 500 | | | | | | 335 | |
3.750% due 07/01/2028 | | | | | 500 | | | | | | 442 | |
4.450% due 04/15/2042 | | | | | 2,000 | | | | | | 1,505 | |
4.500% due 07/01/2040 | | | | | 1,700 | | | | | | 1,320 | |
4.550% due 07/01/2030 | | | | | 9,100 | | | | | | 8,094 | |
|
Pennsylvania Electric Co. | |
3.250% due 03/15/2028 | | | | | 1,100 | | | | | | 1,022 | |
3.600% due 06/01/2029 | | | | | 2,000 | | | | | | 1,888 | |
|
Plains All American Pipeline LP | |
3.600% due 11/01/2024 | | | | | 7,987 | | | | | | 7,819 | |
|
Puget Energy, Inc. | |
4.224% due 03/15/2032 (g) | | | | | 3,000 | | | | | | 2,769 | |
| | | | | | |
| 66 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
SA Global Sukuk Ltd. | |
2.694% due 06/17/2031 | | $ | | | 2,100 | | | $ | | | 1,850 | |
|
SES SA | |
3.600% due 04/04/2023 | | | | | 1,700 | | | | | | 1,681 | |
|
Sprint Corp. | |
7.125% due 06/15/2024 | | | | | 500 | | | | | | 515 | |
|
Texas Electric Market Stabilization Funding N LLC | |
5.057% due 08/01/2048 | | | | | 15,500 | | | | | | 15,651 | |
|
Toledo Edison Co. | |
2.650% due 05/01/2028 | | | | | 2,918 | | | | | | 2,737 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 76,974 | |
| | | | | | | | | | | | |
Total Corporate Bonds & Notes (Cost $1,361,558) | | | 1,227,926 | |
| | | | |
| |
| MUNICIPAL BONDS & NOTES 2.1% | |
| |
| CALIFORNIA 0.8% | |
|
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | |
3.714% due 06/01/2041 | | | | | 3,700 | | | | | | 3,014 | |
3.850% due 06/01/2050 | | | | | 4,750 | | | | | | 4,290 | |
|
Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | |
2.158% due 06/01/2026 | | | | | 4,800 | | | | | | 4,468 | |
|
Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020 | |
3.706% due 05/15/2120 | | | | | 6,000 | | | | | | 4,383 | |
|
University of California Revenue Bonds, Series 2012 | |
4.858% due 05/15/2112 | | | | | 7,506 | | | | | | 7,158 | |
|
University of California Revenue Bonds, Series 2015 | |
4.767% due 05/15/2115 | | | | | 2,100 | | | | | | 1,966 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 25,279 | |
| | | | | | | | | | | | |
| |
| FLORIDA 0.2% | |
|
Palm Beach County, Florida Revenue Bonds, Series 2013 | |
5.250% due 11/01/2043 | | | | | 7,520 | | | | | | 7,738 | |
| | | | | | | | | | | | |
| |
| GEORGIA 0.0% | |
|
Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | |
6.637% due 04/01/2057 | | | | | 1,087 | | | | | | 1,279 | |
| | | | | | | | | | | | |
| |
| ILLINOIS 0.2% | |
|
Illinois State General Obligation Bonds, (BABs), Series 2010 | |
7.350% due 07/01/2035 | | | | | 6,800 | | | | | | 7,425 | |
| | | | | | | | | | | | |
| |
| MICHIGAN 0.1% | |
|
University of Michigan Revenue Bonds, Series 2022 | |
4.454% due 04/01/2122 | | | | | 2,000 | | | | | | 1,828 | |
| | | | | | | | | | | | |
| |
| NEW JERSEY 0.2% | |
|
New Jersey Economic Development Authority Revenue Notes, Series 2017 | |
3.800% due 07/01/2022 | | | | | 1,000 | | | | | | 1,000 | |
|
Rutgers, The State University of New Jersey Revenue Bonds, Series 2019 | |
3.915% due 05/01/2119 | | | | | 5,400 | | | | | | 4,215 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,215 | |
| | | | | | | | | | | | |
| |
| 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 | | | | | | 640 | |
|
Port Authority of New York & New Jersey Revenue Bonds, Series 2015 | |
4.810% due 10/15/2065 | | | | | 1,000 | | | | | | 1,036 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Port Authority of New York & New Jersey Revenue Bonds, Series 2019 | |
3.287% due 08/01/2069 | | $ | | | 7,500 | | | $ | | | 5,581 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,257 | |
| | | | | | | | | | | | |
| |
| TEXAS 0.1% | |
|
Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 | |
3.922% due 12/31/2049 | | | | | 4,200 | | | | | | 3,709 | |
| | | | | | | | | | | | |
| |
| VIRGINIA 0.1% | |
|
University of Virginia Revenue Bonds, Series 2017 | |
4.179% due 09/01/2117 | | | | | 870 | | | | | | 756 | |
|
University of Virginia Revenue Bonds, Series 2019 | |
3.227% due 09/01/2119 | | | | | 5,300 | | | | | | 3,560 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,316 | |
| | | | | | | | | | | | |
| |
| WEST VIRGINIA 0.2% | |
|
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | |
3.000% due 06/01/2035 | | | | | 883 | | | | | | 844 | |
4.875% due 06/01/2049 | | | | | 5,000 | | | | | | 4,581 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,425 | |
| | | | | | | | | | | | |
Total Municipal Bonds & Notes (Cost $81,447) | | | 69,471 | |
| | | | |
| |
| U.S. GOVERNMENT AGENCIES 31.8% | |
|
Fannie Mae | |
0.000% due 07/25/2031 -
02/25/2040 (b)(d) | | | | | 96 | | | | | | 83 | |
2.030% due 11/01/2035 • | | | | | 2 | | | | | | 2 | |
2.085% due 10/01/2035 • | | | | | 3 | | | | | | 3 | |
2.127% due 12/01/2028 • | | | | | 156 | | | | | | 156 | |
2.218% due 09/01/2034 • | | | | | 22 | | | | | | 22 | |
3.000% due 03/25/2033 - 02/25/2043 | | | | | 3 | | | | | | 3 | |
3.195% due 04/01/2036 • | | | | | 5 | | | | | | 5 | |
3.500% due 06/25/2042 | | | | | 599 | | | | | | 586 | |
4.000% due 10/01/2026 - 07/01/2044 | | | | | 885 | | | | | | 870 | |
4.376% due 09/25/2042 •(a) | | | | | 23,705 | | | | | | 4,183 | |
4.500% due 09/01/2023 - 06/01/2051 | | | | | 1,032 | | | | | | 1,030 | |
4.727% due 05/25/2042 • | | | | | 134 | | | | | | 114 | |
4.796% (US0001M + 6.420%) due 04/25/2040 ~(a) | | | | | 43 | | | | | | 5 | |
5.000% due 05/01/2026 - 11/01/2039 | | | | | 1,066 | | | | | | 1,070 | |
5.500% due 12/01/2031 - 04/01/2039 | | | | | 610 | | | | | | 624 | |
5.576% (US0001M + 7.200%) due 05/25/2036 ~(a) | | | | | 886 | | | | | | 109 | |
6.000% due 05/25/2031 - 09/01/2037 | | | | | 571 | | | | | | 594 | |
6.500% due 01/01/2036 - 05/01/2038 | | | | | 55 | | | | | | 59 | |
7.000% due 04/01/2037 - 03/01/2038 | | | | | 48 | | | | | | 51 | |
7.500% due 10/01/2037 | | | | | 68 | | | | | | 74 | |
15.783% due 01/25/2036 • | | | | | 106 | | | | | | 106 | |
16.923% (US0012M + 25.636%) due 07/25/2023 ~ | | | | | 1 | | | | | | 1 | |
|
Freddie Mac | |
0.000% due 01/15/2033 -
07/15/2039 (b)(d) | | | | | 464 | | | | | | 418 | |
1.089% due 06/15/2040 ~(a) | | | | | 9,639 | | | | | | 337 | |
2.355% due 07/01/2036 • | | | | | 5 | | | | | | 5 | |
2.433% due 10/01/2036 • | | | | | 1 | | | | | | 1 | |
2.995% due 12/01/2031 • | | | | | 49 | | | | | | 49 | |
3.000% due 01/01/2043 - 04/01/2043 | | | | | 5 | | | | | | 4 | |
3.471% due 11/15/2048 •(a) | | | | | 23,192 | | | | | | 1,147 | |
3.500% due 12/15/2028 (a) | | | | | 969 | | | | | | 48 | |
3.500% due 10/01/2033 - 04/01/2049 | | | | | 48,697 | | | | | | 47,639 | |
3.626% due 12/15/2040 •(a) | | | | | 1,315 | | | | | | 94 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
3.706% due 05/15/2041 • | | $ | | | 871 | | | $ | | | 761 | |
4.000% due 09/01/2033 - 06/01/2049 | | | | | 58,282 | | | | | | 58,460 | |
4.500% due 02/01/2034 - 11/01/2044 | | | | | 3,988 | | | | | | 4,082 | |
5.000% due 03/01/2033 - 07/15/2041 | | | | | 338 | | | | | | 348 | |
5.202% due 06/15/2042 • | | | | | 50 | | | | | | 37 | |
5.250% due 04/15/2033 | | | | | 23 | | | | | | 24 | |
5.500% due 01/01/2023 - 10/01/2037 | | | | | 815 | | | | | | 841 | |
6.000% due 01/01/2034 - 08/01/2037 | | | | | 122 | | | | | | 126 | |
6.500% due 01/01/2037 - 07/01/2037 | | | | | 20 | | | | | | 20 | |
7.252% due 01/15/2041 • | | | | | 4,165 | | | | | | 4,126 | |
9.000% due 12/01/2025 - 08/01/2030 | | | | | 2 | | | | | | 2 | |
9.500% due 01/01/2025 | | | | | 6 | | | | | | 6 | |
10.000% due 04/01/2025 | | | | | 1 | | | | | | 1 | |
15.824% due 10/15/2023 • | | | | | 18 | | | | | | 18 | |
16.022% (US0001M + 19.663%) due 05/15/2033 ~ | | | | | 31 | | | | | | 34 | |
|
Ginnie Mae | |
3.500% due 12/20/2040 - 03/20/2047 | | | | | 10,183 | | | | | | 10,055 | |
4.000% due 09/20/2040 - 06/15/2047 | | | | | 15,223 | | | | | | 15,433 | |
4.500% due 08/20/2038 - 02/20/2047 | | | | | 1,582 | | | | | | 1,613 | |
4.750% due 01/20/2035 | | | | | 46 | | | | | | 48 | |
5.000% due 03/20/2034 - 04/20/2040 | | | | | 392 | | | | | | 399 | |
5.500% due 04/16/2034 - 11/20/2038 | | | | | 37 | | | | | | 39 | |
6.000% due 08/20/2038 - 02/20/2039 | | | | | 56 | | | | | | 59 | |
6.500% due 12/20/2038 | | | | | 26 | | | | | | 26 | |
|
Ginnie Mae, TBA | |
3.500% due 07/01/2052 | | | | | 102,800 | | | | | | 99,909 | |
|
Tennessee Valley Authority STRIPS | |
0.000% due 06/15/2038 (d) | | | | | 2,500 | | | | | | 1,314 | |
4.250% due 09/15/2065 | | | | | 10,000 | | | | | | 10,254 | |
|
Uniform Mortgage-Backed Security | |
3.000% due 03/01/2050 | | | | | 13,943 | | | | | | 13,076 | |
3.500% due 09/01/2045 - 08/01/2049 | | | | | 39,742 | | | | | | 38,802 | |
4.000% due 04/01/2022 - 05/01/2049 | | | | | 58,179 | | | | | | 58,310 | |
4.500% due 06/01/2039 - 02/01/2049 | | | | | 19,487 | | | | | | 19,856 | |
7.000% due 10/01/2022 - 01/01/2023 | | | | | 11 | | | | | | 11 | |
|
Uniform Mortgage-Backed Security, TBA | |
2.000% due 08/01/2052 | | | | | 30,000 | | | | | | 26,016 | |
2.500% due 08/01/2052 | | | | | 222,778 | | | | | | 200,180 | |
3.000% due 08/01/2052 | | | | | 272,800 | | | | | | 253,875 | |
3.500% due 07/01/2052 - 08/01/2052 | | | | | 150,600 | | | | | | 144,747 | |
4.000% due 04/01/2052 | | | | | 2,000 | | | | | | 1,969 | |
| | | | | | | | | | | | |
Total U.S. Government Agencies (Cost $1,044,050) | | | 1,024,369 | |
| | | | |
| |
| U.S. TREASURY OBLIGATIONS 15.9% | |
|
U.S. Treasury Bonds | |
2.875% due 05/15/2052 | | | | | 75,000 | | | | | | 70,857 | |
3.250% due 05/15/2042 (i) | | | | | 310,000 | | | | | | 302,638 | |
|
U.S. Treasury Notes | |
2.875% due 06/15/2025 (i) | | | | | 140,000 | | | | | | 139,453 | |
| | | | | | | | | | | | |
Total U.S. Treasury Obligations (Cost $510,448) | | | 512,948 | |
| | | | |
| |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 8.4% | |
|
American Home Mortgage Investment Trust | |
1.984% due 12/25/2046 • | | | | | 3,341 | | | | | | 2,910 | |
|
Arbor Multifamily Mortgage Securities Trust | |
2.756% due 05/15/2053 | | | | | 4,600 | | | | | | 4,109 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 67 |
| | | | | | |
| Schedule of Investments | | PIMCO Active Bond Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
BAMLL Commercial Mortgage Securities Trust | |
2.524% due 03/15/2034 • | | $ | | | 5,385 | | | $ | | | 5,256 | |
|
Banc of America Funding Trust | |
1.144% due 08/27/2036 ~ | | | | | 8,673 | | | | | | 8,119 | |
|
Barclays Commercial Mortgage Securities Trust | |
4.314% due 12/15/2051 | | | | | 1,000 | | | | | | 1,002 | |
|
BCAP LLC Trust | |
1.924% due 05/25/2047 ^• | | | | | 1,750 | | | | | | 1,690 | |
|
Bear Stearns ALT-A Trust | |
2.264% (US0001M + 0.640%) due 04/25/2034 ~ | | | | | 14 | | | | | | 14 | |
|
BWAY Mortgage Trust | |
2.574% due 09/15/2036 • | | | | | 5,000 | | | | | | 4,815 | |
|
BX Commercial Mortgage Trust | |
2.054% due 10/15/2036 • | | | | | 2,200 | | | | | | 2,096 | |
|
BXMT Ltd. | |
2.288% (SOFR30A + 1.514%) due 11/15/2037 ~ | | | | | 7,500 | | | | | | 7,425 | |
|
Chase Mortgage Finance Trust | |
6.000% due 05/25/2036 | | | | | 3,694 | | | | | | 2,015 | |
|
ChaseFlex Trust | |
6.500% due 02/25/2037 | | | | | 3,936 | | | | | | 1,691 | |
|
Citigroup Commercial Mortgage Trust | |
3.209% due 05/10/2049 | | | | | 7,800 | | | | | | 7,509 | |
3.778% due 09/10/2058 | | | | | 8,100 | | | | | | 8,029 | |
|
Citigroup Mortgage Loan Trust | |
1.944% (US0001M + 0.320%) due 09/25/2036 ~ | | | | | 868 | | | | | | 826 | |
2.424% (US0001M + 0.800%) due 08/25/2035 ^~ | | | | | 469 | | | | | | 452 | |
|
Citigroup Mortgage Loan Trust, Inc. | |
5.500% due 08/25/2034 | | | | | 1,504 | | | | | | 1,472 | |
|
Commercial Mortgage Trust | |
2.625% due 12/15/2038 • | | | | | 6,400 | | | | | | 6,145 | |
|
Countrywide Alternative Loan Trust | |
1.874% (US0001M + 0.250%) due 06/25/2037 ^~ | | | | | 564 | | | | | | 465 | |
1.984% due 05/25/2047 • | | | | | 170 | | | | | | 148 | |
2.252% due 12/20/2035 • | | | | | 3,463 | | | | | | 3,176 | |
5.500% due 07/25/2035 | | | | | 1,195 | | | | | | 918 | |
5.500% due 08/25/2035 | | | | | 345 | | | | | | 318 | |
5.500% due 12/25/2035 | | | | | 773 | | | | | | 614 | |
5.500% due 02/25/2036 | | | | | 1,586 | | | | | | 1,358 | |
5.750% due 05/25/2036 | | | | | 374 | | | | | | 193 | |
6.000% due 04/25/2037 | | | | | 3,269 | | | | | | 2,974 | |
6.250% due 08/25/2036 | | | | | 344 | | | | | | 231 | |
|
Countrywide Home Loan Mortgage Pass-Through Trust | |
2.164% due 03/25/2035 • | | | | | 80 | | | | | | 74 | |
2.761% due 03/20/2036 ~ | | | | | 618 | | | | | | 590 | |
2.879% due 02/20/2036 ~ | | | | | 709 | | | | | | 676 | |
3.093% due 11/25/2037 ~ | | | | | 2,411 | | | | | | 2,268 | |
|
Countrywide Home Loan Reperforming REMIC Trust | |
1.964% due 01/25/2036 • | | | | | 1,561 | | | | | | 1,492 | |
|
Credit Suisse First Boston Mortgage Securities Corp. | |
2.274% due 11/25/2031 • | | | | | 29 | | | | | | 20 | |
3.055% due 11/25/2034 ~ | | | | | 24 | | | | | | 24 | |
|
Credit Suisse Mortgage Capital Certificates | |
2.436% due 02/25/2061 ~ | | | | | 1,959 | | | | | | 1,833 | |
6.000% due 07/25/2037 ^ | | | | | 485 | | | | | | 434 | |
|
Credit Suisse Mortgage Capital Mortgage-Backed Trust | |
5.500% due 03/25/2037 | | | | | 778 | | | | | | 483 | |
6.421% due 10/25/2037 ~ | | | | | 3,142 | | | | | | 2,335 | |
|
Credit Suisse Mortgage Capital Trust | |
1.796% due 12/27/2060 ~ | | | | | 2,449 | | | | | | 2,314 | |
1.926% due 07/27/2061 ~ | | | | | 3,884 | | | | | | 3,628 | |
2.691% due 03/25/2060 ~ | | | | | 5,398 | | | | | | 5,248 | |
3.023% due 08/25/2060 ~ | | | | | 4,098 | | | | | | 3,966 | |
|
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | |
2.104% due 01/25/2047 • | | | | | 4,354 | | | | | | 3,983 | |
|
Deutsche ALT-B Securities, Inc. Mortgage Loan Trust | |
5.431% due 02/25/2036 ~ | | | | | 155 | | | | | | 145 | |
5.665% due 02/25/2036 ~ | | | | | 1,437 | | | | | | 1,349 | |
|
GCAT LLC | |
2.981% due 09/25/2025 þ | | | | | 2,754 | | | | | | 2,709 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Great Hall Mortgages PLC | |
2.193% due 06/18/2039 • | | $ | | | 1,350 | | | $ | | | 1,326 | |
|
GSMPS Mortgage Loan Trust | |
1.974% due 01/25/2036 • | | | | | 2,181 | | | | | | 1,837 | |
|
GSR Mortgage Loan Trust | |
2.668% due 11/25/2035 ~ | | | | | 9 | | | | | | 9 | |
2.819% due 09/25/2034 ~ | | | | | 174 | | | | | | 171 | |
2.867% due 01/25/2036 ~ | | | | | 1,180 | | | | | | 1,171 | |
6.000% due 03/25/2036 | | | | | 4,392 | | | | | | 2,097 | |
6.500% due 05/25/2036 | | | | | 663 | | | | | | 244 | |
|
HarborView Mortgage Loan Trust | |
1.802% (US0001M + 0.190%) due 01/19/2038 ~ | | | | | 3,363 | | | | | | 3,052 | |
1.817% due 12/19/2036 • | | | | | 2,297 | | | | | | 2,020 | |
2.152% (US0001M + 0.540%) due 03/19/2035 ~ | | | | | 950 | | | | | | 930 | |
|
HomeBanc Mortgage Trust | |
2.284% (US0001M + 0.660%) due 10/25/2035 ~ | | | | | 90 | | | | | | 90 | |
|
Impac Secured Assets Trust | |
2.024% due 11/25/2036 • | | | | | 916 | | | | | | 891 | |
|
IndyMac INDX Mortgage Loan Trust | |
3.104% due 09/25/2036 ~ | | | | | 1,595 | | | | | | 1,168 | |
|
JP Morgan Alternative Loan Trust | |
2.892% due 12/25/2035 ^~ | | | | | 524 | | | | | | 408 | |
|
JP Morgan Chase Commercial Mortgage Securities Trust | |
3.648% due 12/15/2049 ~ | | | | | 3,700 | | | | | | 3,591 | |
|
JP Morgan Mortgage Trust | |
2.896% due 02/25/2036 ^~ | | | | | 839 | | | | | | 688 | |
2.947% due 07/25/2035 ~ | | | | | 15 | | | | | | 15 | |
6.000% due 08/25/2037 ^ | | | | | 819 | | | | | | 502 | |
6.500% due 01/25/2036 ^ | | | | | 5,164 | | | | | | 3,175 | |
|
JP Morgan Resecuritization Trust | |
5.035% due 07/27/2037 ~ | | | | | 1 | | | | | | 1 | |
|
Key Commercial Mortgage Securities Trust | |
2.233% due 09/16/2052 | | | | | 10,000 | | | | | | 8,513 | |
|
Legacy Mortgage Asset Trust | |
1.750% due 07/25/2061 þ | | | | | 1,398 | | | | | | 1,293 | |
1.875% due 10/25/2068 þ | | | | | 4,269 | | | | | | 4,094 | |
1.892% due 10/25/2066 þ | | | | | 1,756 | | | | | | 1,706 | |
1.991% due 09/25/2060 ~ | | | | | 935 | | | | | | 913 | |
2.250% due 07/25/2067 þ | | | | | 2,395 | | | | | | 2,243 | |
3.000% due 06/25/2059 þ | | | | | 3,451 | | | | | | 3,448 | |
|
Lehman XS Trust | |
1.476% (12MTA + 1.000%) due 11/25/2035 ~ | | | | | 18 | | | | | | 18 | |
1.984% due 12/25/2036 • | | | | | 2,740 | | | | | | 2,715 | |
2.004% (US0001M + 0.380%) due 11/25/2046 ~ | | | | | 3,071 | | | | | | 2,741 | |
|
LUXE Commercial Mortgage Trust | |
2.374% due 10/15/2038 • | | | | | 6,600 | | | | | | 6,366 | |
|
MASTR Adjustable Rate Mortgages Trust | |
0.000% due 04/25/2034 ~ | | | | | 567 | | | | | | 499 | |
2.506% due 03/25/2035 ~ | | | | | 31 | | | | | | 31 | |
4.446% (US0012M + 1.750%) due 12/25/2035 ~ | | | | | 3,914 | | | | | | 3,922 | |
|
Merrill Lynch Mortgage Investors Trust | |
2.184% (US0001M + 0.560%) due 07/25/2029 ~ | | | | | 231 | | | | | | 221 | |
2.603% due 05/25/2029 ~ | | | | | 12 | | | | | | 11 | |
|
MFA Trust | |
1.014% due 01/26/2065 ~ | | | | | 2,674 | | | | | | 2,583 | |
1.324% due 01/26/2065 ~ | | | | | 728 | | | | | | 704 | |
1.381% due 04/25/2065 ~ | | | | | 4,934 | | | | | | 4,756 | |
1.632% due 01/26/2065 ~ | | | | | 1,399 | | | | | | 1,354 | |
1.638% due 04/25/2065 ~ | | | | | 2,039 | | | | | | 1,967 | |
|
Mill City Mortgage Loan Trust | |
2.750% due 07/25/2059 ~ | | | | | 3,385 | | | | | | 3,313 | |
2.750% due 08/25/2059 ~ | | | | | 915 | | | | | | 890 | |
|
Morgan Stanley Mortgage Loan Trust | |
2.535% due 06/25/2036 ~ | | | | | 2,869 | | | | | | 2,831 | |
|
Natixis Commercial Mortgage Securities Trust | |
2.274% due 08/15/2038 • | | | | | 900 | | | | | | 868 | |
|
New York Mortgage Trust | |
1.670% due 08/25/2061 þ | | | | | 3,734 | | | | | | 3,429 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Nomura Asset Acceptance Corp. Alternative Loan Trust | |
1.874% due 06/25/2037 • | | $ | | | 6,164 | | | $ | | | 5,387 | |
|
Nomura Resecuritization Trust | |
6.500% due 10/26/2037 | | | | | 1,945 | | | | | | 1,074 | |
|
One New York Plaza Trust | |
2.274% due 01/15/2036 • | | | | | 6,100 | | | | | | 5,919 | |
|
Preston Ridge Partners Mortgage | |
3.720% due 02/25/2027 þ | | | | | 4,474 | | | | | | 4,314 | |
|
PRET LLC | |
2.487% due 10/25/2051 ~ | | | | | 1,235 | | | | | | 1,156 | |
|
Pretium Mortgage Credit Partners LLC | |
1.992% due 02/25/2061 þ | | | | | 1,714 | | | | | | 1,613 | |
|
RBSGC Mortgage Loan Trust | |
2.004% (US0001M + 0.380%) due 12/25/2034 ~ | | | | | 1,523 | | | | | | 1,363 | |
|
Residential Accredit Loans, Inc. Trust | |
6.000% due 06/25/2036 | | | | | 1,477 | | | | | | 1,277 | |
6.000% due 12/25/2036 ^ | | | | | 1,128 | | | | | | 988 | |
6.500% due 07/25/2037 ^ | | | | | 2,529 | | | | | | 2,189 | |
|
Residential Asset Securitization Trust | |
2.174% due 08/25/2033 • | | | | | 24 | | | | | | 23 | |
5.500% due 08/25/2034 | | | | | 1,536 | | | | | | 1,491 | |
|
Residential Funding Mortgage Securities, Inc. Trust | |
6.000% due 06/25/2036 ^ | | | | | 519 | | | | | | 455 | |
|
Sequoia Mortgage Trust | |
0.930% due 02/20/2035 • | | | | | 512 | | | | | | 470 | |
2.295% (US0001M + 0.700%) due 07/20/2033 ~ | | | | | 27 | | | | | | 25 | |
|
Starwood Mortgage Residential Trust | |
1.439% due 11/25/2055 ~ | | | | | 796 | | | | | | 775 | |
1.593% due 11/25/2055 ~ | | | | | 1,028 | | | | | | 1,000 | |
|
Thornburg Mortgage Securities Trust | |
2.489% due 10/25/2046 ~ | | | | | 1,124 | | | | | | 1,095 | |
4.783% (US0012M + 1.250%) due 06/25/2037 ~ | | | | | 250 | | | | | | 233 | |
|
Verus Securitization Trust | |
1.824% due 11/25/2066 ~ | | | | | 3,404 | | | | | | 3,080 | |
3.035% due 03/25/2060 ~ | | | | | 100 | | | | | | 98 | |
3.889% due 03/25/2060 ~ | | | | | 300 | | | | | | 297 | |
|
WaMu Mortgage Pass-Through Certificates Trust | |
1.723% (COF 11 + 1.500%) due 10/25/2046 ~ | | | | | 1,160 | | | | | | 1,066 | |
2.550% due 01/25/2037 ^~ | | | | | 2,828 | | | | | | 2,573 | |
3.176% due 07/25/2037 ^~ | | | | | 2,274 | | | | | | 2,171 | |
|
Washington Mutual Mortgage Pass-Through Certificates Trust | |
1.446% (12MTA + 0.970%) due 05/25/2046 ^~ | | | | | 415 | | | | | | 341 | |
2.144% (US0001M + 0.520%) due 12/25/2035 ~ | | | | | 7,485 | | | | | | 6,802 | |
4.168% due 10/25/2036 ^þ | | | | | 7,828 | | | | | | 3,288 | |
|
Wells Fargo Commercial Mortgage Trust | |
2.448% due 06/15/2053 | | | | | 13,900 | | | | | | 12,158 | |
3.451% due 02/15/2048 | | | | | 3,500 | | | | | | 3,432 | |
|
Wells Fargo Mortgage-Backed Securities Trust | |
2.933% due 12/28/2037 ~ | | | | | 1,612 | | | | | | 1,510 | |
3.260% due 08/25/2036 ^~ | | | | | 327 | | | | | | 310 | |
|
Worldwide Plaza Trust | |
3.526% due 11/10/2036 | | | | | 8,900 | | | | | | 8,300 | |
| | | | | | | | | | | | |
Total Non-Agency Mortgage-Backed Securities (Cost $292,798) | | | 270,629 | |
| | | | |
| |
| ASSET-BACKED SECURITIES 19.8% | |
|
510 Asset-Backed Trust | |
2.240% due 06/25/2061 þ | | | | | 2,788 | | | | | | 2,637 | |
|
522 Funding CLO Ltd. | |
2.103% due 10/20/2031 • | | | | | 4,400 | | | | | | 4,299 | |
|
A10 Bridge Asset Financing LLC | |
2.021% due 08/15/2040 | | | | | 1,265 | | | | | | 1,248 | |
|
AASET Trust | |
2.798% due 01/15/2047 | | | | | 2,913 | | | | | | 2,491 | |
3.967% due 05/16/2042 | | | | | 1,809 | | | | | | 1,505 | |
|
AASET U.S. Ltd. | |
3.844% due 01/16/2038 | | | | | 1,738 | | | | | | 1,188 | |
| | | | | | |
| 68 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
ACE Securities Corp. Home Equity Loan Trust | |
2.124% due 10/25/2036 • | | $ | | | 4,821 | | | $ | | | 2,085 | |
|
ACREC Ltd. | |
2.762% due 10/16/2036 • | | | | | 2,000 | | | | | | 1,911 | |
|
Aegis Asset-Backed Securities Trust | |
2.344% (US0001M + 0.720%) due 08/25/2035 ~ | | | | | 221 | | | | | | 215 | |
|
ALESCO Preferred Funding Ltd. | |
2.484% (US0003M + 0.330%) due 12/23/2036 ~ | | | | | 1,052 | | | | | | 985 | |
2.904% due 09/23/2038 • | | | | | 2,260 | | | | | | 2,139 | |
|
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | |
2.775% due 06/25/2033 • | | | | | 3,707 | | | | | | 3,572 | |
|
Apex Credit CLO Ltd. | |
3.086% due 09/20/2029 • | | | | | 2,842 | | | | | | 2,801 | |
|
Argent Securities Trust | |
2.004% due 03/25/2036 • | | | | | 3,550 | | | | | | 3,285 | |
|
Argent Securities, Inc. Asset-Backed Pass-Through Certificates | |
2.084% (US0001M + 0.460%) due 01/25/2036 ~ | | | | | 5,439 | | | | | | 5,112 | |
|
Asset-Backed Funding Certificates Trust | |
1.764% due 10/25/2036 • | | | | | 1,379 | | | | | | 1,283 | |
1.784% due 01/25/2037 • | | | | | 2,022 | | | | | | 1,246 | |
2.104% due 09/25/2036 • | | | | | 3,913 | | | | | | 3,774 | |
|
Asset-Backed Securities Corp. Home Equity Loan Trust | |
2.329% (US0001M + 0.705%) due 11/25/2035 ~ | | | | | 2,884 | | | | | | 2,846 | |
2.434% due 06/25/2034 • | | | | | 2,707 | | | | | | 2,522 | |
2.449% due 04/25/2034 • | | | | | 781 | | | | | | 732 | |
4.549% due 08/15/2032 • | | | | | 391 | | | | | | 370 | |
|
Atlas Senior Loan Fund Ltd. | |
2.194% due 01/16/2030 • | | | | | 7,185 | | | | | | 7,111 | |
|
Atrium Corp. | |
1.966% due 04/22/2027 • | | | | | 1,610 | | | | | | 1,586 | |
|
Bayview Opportunity Master Fund Trust | |
3.475% due 06/28/2034 þ | | | | | 721 | | | | | | 723 | |
|
Bear Stearns Asset-Backed Securities Trust | |
1.854% due 11/25/2036 • | | | | | 3,200 | | | | | | 2,931 | |
2.524% (US0001M + 0.900%) due 03/25/2034 ~ | | | | | 2,239 | | | | | | 2,177 | |
2.599% due 12/25/2034 • | | | | | 2,033 | | | | | | 1,993 | |
2.749% due 03/25/2035 • | | | | | 800 | | | | | | 789 | |
|
BSPRT Issuer Ltd. | |
1.000% (TSFR1M + 2.296%) due 07/15/2039 ~ | | | | | 4,000 | | | | | | 3,985 | |
|
Carlyle Global Market Strategies CLO Ltd. | |
2.361% due 08/14/2030 • | | | | | 10,300 | | | | | | 10,149 | |
|
Carrington Mortgage Loan Trust | |
1.784% due 10/25/2036 • | | | | | 2,699 | | | | | | 2,253 | |
1.884% due 02/25/2037 • | | | | | 4,817 | | | | | | 4,506 | |
2.674% (US0001M + 1.050%) due 05/25/2035 ~ | | | | | 5,100 | | | | | | 4,989 | |
|
Castlelake Aircraft Securitization Trust | |
4.125% due 06/15/2043 | | | | | 806 | | | | | | 726 | |
|
Cathedral Lake Ltd. | |
1.929% due 10/20/2030 | | | | | 9,000 | | | | | | 8,595 | |
|
CIT Mortgage Loan Trust | |
2.974% due 10/25/2037 • | | | | | 872 | | | | | | 869 | |
3.124% due 10/25/2037 • | | | | | 5,000 | | | | | | 4,682 | |
|
Citigroup Mortgage Loan Trust | |
1.944% (US0001M + 0.320%) due 09/25/2036 ~ | | | | | 1,235 | | | | | | 946 | |
6.664% due 05/25/2036 þ | | | | | 4,456 | | | | | | 1,842 | |
|
Citigroup Mortgage Loan Trust, Inc. | |
1.884% due 03/25/2037 • | | | | | 254 | | | | | | 231 | |
2.299% (US0001M + 0.675%) due 10/25/2035 ^~ | | | | | 681 | | | | | | 672 | |
2.524% due 01/25/2036 • | | | | | 1,780 | | | | | | 1,707 | |
|
CLNC Ltd. | |
2.874% (TSFR1M + 1.364%) due 08/20/2035 ~ | | | | | 3,691 | | | | | | 3,617 | |
|
Countrywide Asset-Backed Certificates Trust | |
1.764% due 06/25/2035 • | | | | | 3,175 | | | | | | 2,957 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
1.764% due 05/25/2037 • | | $ | | | 3,386 | | | $ | | | 3,206 | |
1.824% (US0001M + 0.200%) due 06/25/2047 ^~ | | | | | 8,147 | | | | | | 7,327 | |
1.844% due 09/25/2037 ^• | | | | | 2,117 | | | | | | 2,175 | |
1.854% due 04/25/2047 • | | | | | 6,800 | | | | | | 6,222 | |
|
Countrywide Asset-Backed Certificates Trust, Inc. | |
2.424% due 08/25/2047 • | | | | | 797 | | | | | | 791 | |
2.674% due 09/25/2034 • | | | | | 1,142 | | | | | | 1,111 | |
|
Diamond Issuer | |
2.305% due 11/20/2051 | | | | | 1,800 | | | | | | 1,586 | |
|
Dryden Senior Loan Fund | |
2.064% due 04/15/2029 • | | | | | 8,291 | | | | | | 8,180 | |
|
ECMC Group Student Loan Trust | |
2.624% due 01/27/2070 • | | | | | 4,354 | | | | | | 4,259 | |
|
EMC Mortgage Loan Trust | |
2.724% due 08/25/2040 • | | | | | 986 | | | | | | 950 | |
|
First Franklin Mortgage Loan Asset-Backed Certificates | |
2.449% (US0001M + 0.825%) due 05/25/2034 ~ | | | | | 1,865 | | | | | | 1,800 | |
|
First Franklin Mortgage Loan Trust | |
1.734% due 12/25/2037 • | | | | | 3,061 | | | | | | 2,926 | |
1.944% due 10/25/2036 • | | | | | 3,478 | | | | | | 2,520 | |
2.224% (US0001M + 0.600%) due 11/25/2035 ~ | | | | | 270 | | | | | | 259 | |
2.809% (US0001M + 1.185%) due 12/25/2034 ~ | | | | | 1,475 | | | | | | 1,426 | |
3.049% (US0001M + 1.425%) due 10/25/2034 ~ | | | | | 1,184 | | | | | | 1,161 | |
|
Fremont Home Loan Trust | |
2.494% due 11/25/2034 • | | | | | 6,165 | | | | | | 5,505 | |
2.674% due 11/25/2034 • | | | | | 477 | | | | | | 463 | |
|
Galaxy CLO Ltd. | |
2.014% (US0003M + 0.970%) due 10/15/2030 ~ | | | | | 700 | | | | | | 689 | |
|
GSAA Home Equity Trust | |
2.064% (US0001M + 0.440%) due 03/25/2047 ~ | | | | | 3,071 | | | | | | 1,324 | |
|
GSAMP Trust | |
2.374% due 01/25/2034 • | | | | | 1,089 | | | | | | 1,066 | |
2.404% due 07/25/2045 • | | | | | 3,231 | | | | | | 3,192 | |
3.499% due 08/25/2034 • | | | | | 4,885 | | | | | | 4,612 | |
|
Hertz Vehicle Financing LLC | |
1.990% due 06/25/2026 | | | | | 2,300 | | | | | | 2,157 | |
2.330% due 06/26/2028 | | | | | 4,700 | | | | | | 4,264 | |
|
Home Equity Asset Trust | |
2.104% (US0001M + 0.480%) due 08/25/2037 ~ | | | | | 1,048 | | | | | | 1,022 | |
|
Home Equity Mortgage Loan Asset-Backed Trust | |
1.814% due 07/25/2037 • | | | | | 8,331 | | | | | | 3,903 | |
1.864% due 11/25/2036 • | | | | | 6,129 | | | | | | 5,004 | |
|
Horizon Aircraft Finance Ltd. | |
3.721% due 07/15/2039 | | | | | 4,227 | | | | | | 3,748 | |
|
IXIS Real Estate Capital Trust | |
2.254% (US0001M + 0.630%) due 02/25/2036 ~ | | | | | 421 | | | | | | 438 | |
|
JP Morgan Mortgage Acquisition Corp. | |
2.209% due 05/25/2035 • | | | | | 3,132 | | | | | | 3,097 | |
|
JP Morgan Mortgage Acquisition Trust | |
2.004% due 07/25/2036 • | | | | | 1,100 | | | | | | 1,052 | |
2.074% (US0001M + 0.450%) due 07/25/2036 ~ | | | | | 1,510 | | | | | | 1,363 | |
|
KDAC Aviation Finance Ltd. | |
4.212% due 12/15/2042 | | | | | 3,683 | | | | | | 2,984 | |
|
KKR CLO Ltd. | |
1.994% due 07/15/2030 • | | | | | 10,000 | | | | | | 9,825 | |
|
LCCM Trust | |
2.524% due 12/13/2038 • | | | | | 2,900 | | | | | | 2,843 | |
2.774% due 11/15/2038 • | | | | | 3,000 | | | | | | 2,918 | |
|
LCM LP | |
2.063% due 07/20/2030 • | | | | | 10,000 | | | | | | 9,843 | |
|
Lehman XS Trust | |
4.157% due 06/25/2036 þ | | | | | 2,423 | | | | | | 2,432 | |
6.260% due 11/25/2035 þ | | | | | 3,540 | | | | | | 1,969 | |
|
LL ABS Trust | |
1.070% due 05/15/2029 | | | | | 1,065 | | | | | | 1,028 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
LoanCore Issuer Ltd. | |
2.624% (US0001M + 1.300%) due 11/15/2038 ~ | | $ | | | 3,300 | | | $ | | | 3,174 | |
|
Long Beach Mortgage Loan Trust | |
2.674% due 06/25/2035 • | | | | | 5,096 | | | | | | 4,986 | |
2.774% due 09/25/2034 • | | | | | 705 | | | | | | 682 | |
|
Lunar Aircraft Ltd. | |
3.376% due 02/15/2045 | | | | | 2,233 | | | | | | 1,912 | |
|
Magnetite Ltd. | |
2.291% due 11/15/2028 • | | | | | 3,352 | | | | | | 3,301 | |
|
Marathon CLO Ltd. | |
2.194% due 04/15/2029 • | | | | | 2,514 | | | | | | 2,483 | |
|
Marble Point CLO Ltd. | |
2.084% due 10/15/2030 • | | | | | 4,200 | | | | | | 4,139 | |
|
Merrill Lynch Mortgage Investors Trust | |
3.648% due 02/25/2037 ^þ | | | | | 12,441 | | | | | | 1,922 | |
|
METAL LLC | |
4.581% due 10/15/2042 | | | | | 3,038 | | | | | | 2,395 | |
|
MF1 Ltd. | |
2.142% (SOFR30A + 1.350%) due 02/19/2037 ~ | | | | | 7,300 | | | | | | 7,033 | |
3.148% (TSFR1M + 1.814%) due 11/15/2035 ~ | | | | | 7,400 | | | | | | 7,375 | |
|
MKS CLO Ltd. | |
2.063% (US0003M + 1.000%) due 07/20/2030 ~ | | | | | 3,800 | | | | | | 3,754 | |
|
Morgan Stanley ABS Capital, Inc. Trust | |
1.694% (US0001M + 0.070%) due 10/25/2036 ~ | | | | | 75 | | | | | | 38 | |
1.754% due 01/25/2037 • | | | | | 1,850 | | | | | | 984 | |
1.764% (US0001M + 0.140%) due 05/25/2037 ~ | | | | | 126 | | | | | | 111 | |
1.774% due 10/25/2036 • | | | | | 300 | | | | | | 169 | |
1.844% (US0001M + 0.220%) due 11/25/2036 ~ | | | | | 3,055 | | | | | | 1,637 | |
2.124% due 07/25/2036 • | | | | | 1,563 | | | | | | 680 | |
2.124% due 08/25/2036 • | | | | | 14,191 | | | | | | 7,891 | |
2.284% (US0001M + 0.660%) due 11/25/2035 ~ | | | | | 5,405 | | | | | | 5,254 | |
2.404% (US0001M + 0.780%) due 01/25/2035 ~ | | | | | 133 | | | | | | 129 | |
2.539% due 07/25/2034 • | | | | | 903 | | | | | | 875 | |
2.874% due 07/25/2037 • | | | | | 6,420 | | | | | | 5,838 | |
|
Morgan Stanley Mortgage Loan Trust | |
6.465% due 09/25/2046 ^þ | | | | | 2,891 | | | | | | 1,275 | |
|
Mountain View CLO LLC | |
2.134% (US0003M + 1.090%) due 10/16/2029 ~ | | | | | 3,786 | | | | | | 3,739 | |
|
Navient Private Education Loan Trust | |
1.330% due 04/15/2069 | | | | | 4,157 | | | | | | 3,823 | |
2.774% due 07/16/2040 • | | | | | 1,461 | | | | | | 1,457 | |
|
Navient Private Education Refi Loan Trust | |
1.310% due 01/15/2069 | | | | | 1,599 | | | | | | 1,491 | |
|
New Century Home Equity Loan Trust | |
2.509% due 08/25/2034 • | | | | | 830 | | | | | | 800 | |
|
Nomura Home Equity Loan, Inc. Home Equity Loan Trust | |
2.389% (US0001M + 0.765%) due 05/25/2035 ~ | | | | | 1,300 | | | | | | 1,271 | |
|
Octane Receivables Trust | |
1.210% due 09/20/2028 | | | | | 6,209 | | | | | | 6,006 | |
|
Option One Mortgage Loan Trust | |
1.804% due 04/25/2037 • | | | | | 2,347 | | | | | | 1,210 | |
1.904% due 07/25/2036 • | | | | | 2,165 | | | | | | 1,296 | |
|
Pagaya AI Debt Selection Trust | |
1.150% due 05/15/2029 | | | | | 2,024 | | | | | | 1,969 | |
|
Palmer Square Loan Funding Ltd. | |
1.844% (US0003M + 0.800%) due 10/15/2029 ~ | | | | | 5,302 | | | | | | 5,206 | |
2.278% due 02/20/2028 • | | | | | 2,981 | | | | | | 2,964 | |
2.328% (US0003M + 0.850%) due 08/20/2027 ~ | | | | | 1,942 | | | | | | 1,935 | |
|
PRET LLC | |
1.744% due 07/25/2051 þ | | | | | 1,510 | | | | | | 1,417 | |
1.868% due 07/25/2051 þ | | | | | 4,128 | | | | | | 3,728 | |
5.240% due 04/25/2052 þ | | | | | 6,779 | | | | | | 6,669 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 69 |
| | | | | | |
| Schedule of Investments | | PIMCO Active Bond Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Raptor Aircraft Finance LLC | |
4.213% due 08/23/2044 | | $ | | | 2,198 | | | $ | | | 1,701 | |
|
Renaissance Home Equity Loan Trust | |
2.004% due 11/25/2035 • | | | | | 893 | | | | | | 791 | |
5.586% due 11/25/2036 þ | | | | | 662 | | | | | | 276 | |
5.608% due 05/25/2036 þ | | | | | 13,964 | | | | | | 7,639 | |
5.812% due 11/25/2036 þ | | | | | 12,200 | | | | | | 5,286 | |
5.893% due 06/25/2037 ^þ | | | | | 2,722 | | | | | | 929 | |
6.115% due 08/25/2036 þ | | | | | 8,664 | | | | | | 4,163 | |
6.120% due 11/25/2036 þ | | | | | 1,166 | | | | | | 531 | |
|
Residential Asset Mortgage Products Trust | |
2.134% due 03/25/2036 • | | | | | 1,721 | | | | | | 1,673 | |
3.649% (US0001M + 1.350%) due 03/25/2032 ~ | | | | | 931 | | | | | | 836 | |
|
Residential Asset Securities Corp. Trust | |
1.844% due 02/25/2037 • | | | | | 5,081 | | | | | | 4,776 | |
|
S-Jets Ltd. | |
3.967% due 08/15/2042 | | | | | 4,235 | | | | | | 3,728 | |
|
Santander Retail Auto Lease Trust | |
2.510% due 01/26/2032 | | | | | 3,500 | | | | | | 3,348 | |
|
Sapphire Aviation Finance Ltd. | |
4.250% due 03/15/2040 | | | | | 2,655 | | | | | | 2,220 | |
|
Saranac CLO Ltd. | |
2.584% due 08/13/2031 • | | | | | 8,500 | | | | | | 8,326 | |
|
Saxon Asset Securities Trust | |
1.679% due 03/25/2035 ^• | | | | | 433 | | | | | | 419 | |
2.404% due 05/25/2035 • | | | | | 595 | | | | | | 499 | |
3.349% due 12/26/2034 • | | | | | 1,773 | | | | | | 1,530 | |
3.374% (US0001M + 1.750%) due 12/25/2037 ~ | | | | | 649 | | | | | | 637 | |
|
Securitized Asset-Backed Receivables LLC Trust | |
2.204% due 12/25/2035 • | | | | | 2,058 | | | | | | 1,998 | |
2.404% due 02/25/2034 • | | | | | 2,872 | | | | | | 2,790 | |
|
Shackleton CLO Ltd. | |
1.983% due 10/20/2027 • | | | | | 733 | | | | | | 729 | |
|
Signal Peak CLO Ltd. | |
2.294% due 04/25/2031 • | | | | | 3,750 | | | | | | 3,694 | |
|
SLM Private Credit Student Loan Trust | |
2.099% due 12/15/2039 • | | | | | 2,820 | | | | | | 2,686 | |
2.139% due 12/15/2038 • | | | | | 485 | | | | | | 469 | |
|
SLM Student Loan Trust | |
1.934% due 04/25/2023 • | | | | | 2,635 | | | | | | 2,563 | |
2.084% due 07/25/2023 • | | | | | 3,974 | | | | | | 3,894 | |
2.684% (US0003M + 1.500%) due 04/25/2023 ~ | | | | | 1,770 | | | | | | 1,757 | |
2.684% due 04/25/2023 • | | | | | 886 | | | | | | 885 | |
2.884% (US0003M + 1.700%) due 07/25/2023 ~ | | | | | 1,761 | | | | | | 1,759 | |
|
SMB Private Education Loan Trust | |
2.474% (US0001M + 0.850%) due 09/15/2054 ~ | | | | | 3,418 | | | | | | 3,362 | |
|
Sound Point CLO Ltd. | |
2.084% (US0003M + 0.900%) due 01/23/2029 ~ | | | | | 9,065 | | | | | | 8,936 | |
2.113% due 10/20/2028 • | | | | | 16,512 | | | | | | 16,313 | |
2.164% due 07/25/2030 • | | | | | 12,100 | | | | | | 11,900 | |
2.273% due 07/20/2032 • | | | | | 13,000 | | | | | | 12,668 | |
|
Soundview Home Loan Trust | |
1.874% (US0001M + 0.250%) due 07/25/2037 ~ | | | | | 4,204 | | | | | | 3,460 | |
|
Specialty Underwriting & Residential Finance Trust | |
1.924% due 09/25/2037 • | | | | | 6,920 | | | | | | 5,073 | |
|
Starwood Commercial Mortgage Trust | |
2.723% (US0001M + 1.200%) due 04/18/2038 ~ | | | | | 10,100 | | | | | | 9,971 | |
|
Stonepeak ABS | |
2.301% due 02/28/2033 | | | | | 987 | | | | | | 921 | |
|
Structured Asset Investment Loan Trust | |
1.796% (US0001M + 0.173%) due 07/25/2036 ~ | | | | | 5,108 | | | | | | 3,412 | |
2.254% due 11/25/2035 • | | | | | 2,804 | | | | | | 2,708 | |
2.329% due 03/25/2034 • | | | | | 2,619 | | | | | | 2,476 | |
3.124% due 11/25/2034 • | | | | | 4,555 | | | | | | 4,509 | |
|
Structured Asset Securities Corp. Mortgage Loan Trust | |
2.494% due 07/25/2035 • | | | | | 3,693 | | | | | | 3,632 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
2.659% (US0001M + 1.035%) due 07/25/2035 ~ | | $ | | | 2,915 | | | $ | | | 2,798 | |
|
Theorem Funding Trust | |
1.210% due 12/15/2027 | | | | | 1,911 | | | | | | 1,869 | |
1.850% due 02/15/2028 | | | | | 1,741 | | | | | | 1,707 | |
|
THL Credit Wind River Clo Ltd. | |
2.124% due 04/15/2031 • | | | | | 9,000 | | | | | | 8,777 | |
|
TICP CLO Ltd. | |
1.903% (US0003M + 0.840%) due 04/20/2028 ~ | | | | | 3,977 | | | | | | 3,952 | |
|
TPG Real Estate Finance Issuer Ltd. | |
2.424% due 02/15/2039 • | | | | | 5,000 | | | | | | 4,872 | |
2.723% (US0001M + 1.200%) due 03/15/2038 ~ | | | | | 8,300 | | | | | | 8,103 | |
|
Venture CLO Ltd. | |
1.924% due 04/15/2027 • | | | | | 6,566 | | | | | | 6,495 | |
1.963% due 10/20/2028 • | | | | | 5,136 | | | | | | 5,076 | |
2.053% due 07/20/2030 • | | | | | 5,000 | | | | | | 4,920 | |
2.083% due 04/20/2029 • | | | | | 9,362 | | | | | | 9,240 | |
2.104% due 07/15/2031 • | | | | | 4,700 | | | | | | 4,621 | |
2.113% due 07/20/2030 • | | | | | 3,800 | | | | | | 3,754 | |
2.401% due 09/07/2030 • | | | | | 10,650 | | | | | | 10,505 | |
2.628% due 08/28/2029 • | | | | | 12,449 | | | | | | 12,368 | |
|
Vertical Bridge Holdings LLC | |
2.636% due 09/15/2050 | | | | | 8,000 | | | | | | 7,448 | |
3.706% due 02/15/2057 | | | | | 2,400 | | | | | | 2,115 | |
|
Vibrant CLO Ltd. | |
2.103% due 09/15/2030 • | | | | | 9,000 | | | | | | 8,828 | |
|
Voya CLO Ltd. | |
2.044% (US0003M + 1.000%) due 10/15/2030 ~ | | | | | 3,000 | | | | | | 2,949 | |
|
WaMu Asset-Backed Certificates WaMu Trust | |
1.849% due 05/25/2037 • | | | | | 2,237 | | | | | | 2,087 | |
|
WAVE LLC | |
3.597% due 09/15/2044 | | | | | 4,220 | | | | | | 3,458 | |
|
Wellfleet CLO Ltd. | |
1.953% due 04/20/2029 • | | | | | 1,386 | | | | | | 1,376 | |
1.953% due 07/20/2029 • | | | | | 860 | | | | | | 852 | |
|
Wells Fargo Home Equity Asset-Backed Securities Trust | |
2.374% due 12/25/2035 • | | | | | 3,100 | | | | | | 3,024 | |
4.174% (US0001M + 2.550%) due 04/25/2035 ~ | | | | | 131 | | | | | | 127 | |
|
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates | |
2.224% (US0001M + 0.600%) due 04/25/2034 ~ | | | | | 81 | | | | | | 78 | |
| | | | | | | | | | | | |
Total Asset-Backed Securities (Cost $662,050) | | | 637,212 | |
| | | | |
| |
| SOVEREIGN ISSUES 0.1% | |
|
Chile Government International Bond | |
4.000% due 01/31/2052 | | | | | 1,800 | | | | | | 1,496 | |
|
Mexico Government International Bond | |
5.750% due 10/12/2110 | | | | | 4,000 | | | | | | 3,373 | |
| | | | | | | | | | | | |
Total Sovereign Issues (Cost $5,994) | | | 4,869 | |
| | | | |
| |
| | | | | SHARES | | | | | | |
| PREFERRED SECURITIES 4.5% | |
| |
| BANKING & FINANCE 3.2% | |
|
American AgCredit Corp. | |
5.250% due 06/15/2026 •(e) | | | | | 4,000,000 | | | | | | 3,675 | |
|
American Express Co. | |
3.550% due 09/15/2026 •(e) | | | | | 5,000,000 | | | | | | 4,081 | |
|
Bank of America Corp. | |
5.875% due 03/15/2028 •(e) | | | | | 5,300,000 | | | | | | 4,660 | |
|
Capital Farm Credit ACA | |
5.000% due 03/15/2026 •(e) | | | | | 3,300,000 | | | | | | 2,962 | |
|
Capital One Financial Corp. | |
3.950% due 09/01/2026 •(e) | | | | | 4,000,000 | | | | | | 3,220 | |
|
Charles Schwab Corp. | |
4.000% due 12/01/2030 •(e) | | | | | 11,000,000 | | | | | | 8,481 | |
5.000% due 12/01/2027 •(e) | | | | | 5,500,000 | | | | | | 4,451 | |
5.375% due 06/01/2025 •(e) | | | | | 2,000,000 | | | | | | 1,985 | |
| | | | | | | | | | | | |
| | | | | SHARES | | | | | MARKET
VALUE
(000S) | |
|
Citigroup, Inc. | |
4.000% due 12/10/2025 •(e) | | | | | 5,100,000 | | | $ | | | 4,424 | |
5.000% due 09/12/2024 •(e) | | | | | 1,500,000 | | | | | | 1,324 | |
|
CoBank ACB | |
4.250% due 01/01/2027 •(e) | | | | | 1,700,000 | | | | | | 1,458 | |
|
Farm Credit Bank of Texas | |
5.700% due 09/15/2025 •(e) | | | | | 4,250,000 | | | | | | 4,059 | |
|
Goldman Sachs Group, Inc. | |
3.650% due 08/10/2026 •(e) | | | | | 11,600,000 | | | | | | 9,034 | |
3.800% due 05/10/2026 •(e) | | | | | 1,400,000 | | | | | | 1,094 | |
|
JPMorgan Chase & Co. | |
5.000% due 08/01/2024 •(e) | | | | | 4,100,000 | | | | | | 3,621 | |
6.100% due 10/01/2024 •(e) | | | | | 7,700,000 | | | | | | 7,195 | |
|
Northern Trust Corp. | |
4.600% due 10/01/2026 •(e) | | | | | 8,700,000 | | | | | | 7,725 | |
|
PNC Financial Services Group, Inc. | |
3.400% due 09/15/2026 •(e) | | | | | 5,000,000 | | | | | | 3,809 | |
|
State Street Corp. | |
5.426% (US0003M + 3.597%) due 09/15/2022 ~(e) | | | | | 167,000 | | | | | | 163 | |
5.625% due 12/15/2023 •(e) | | | | | 5,000,000 | | | | | | 4,525 | |
|
SVB Financial Group | |
4.100% due 02/15/2031 •(e) | | | | | 2,800,000 | | | | | | 1,940 | |
|
Truist Financial Corp. | |
5.100% due 03/01/2030 •(e) | | | | | 5,000,000 | | | | | | 4,550 | |
|
U.S. Bancorp | |
5.300% due 04/15/2027 •(e) | | | | | 700,000 | | | | | | 597 | |
|
Wells Fargo & Co. | |
5.875% due 06/15/2025 •(e) | | | | | 700,000 | | | | | | 684 | |
5.900% due 06/15/2024 •(e) | | | | | 15,000,000 | | | | | | 13,600 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 103,317 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 0.4% | |
|
Energy Transfer LP | |
6.750% due 05/15/2025 •(e) | | | | | 3,000,000 | | | | | | 2,515 | |
|
General Electric Co. | |
5.159% (US0003M + 3.330%) due 09/15/2022 ~(e) | | | | | 9,800,000 | | | | | | 8,623 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,138 | |
| | | | | | | | | | | | |
| |
| UTILITIES 0.9% | |
|
AT&T Mobility LLC | |
7.000% due 10/20/2022 «(e)(g) | | | | | 1,196,060 | | | | | | 30,366 | |
| | | | | | | | | | | | |
| Total Preferred Securities (Cost $166,234) | | | 144,821 | |
| | | | | | | | | | | | |
| | | | |
| |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | | |
| SHORT-TERM INSTRUMENTS 2.8% | |
| |
| REPURCHASE AGREEMENTS (h) 2.2% | | | | |
| | | | | | | | | | | 70,222 | |
| | | | | | | | | | | | |
| |
| U.S. TREASURY BILLS 0.6% | |
1.323% due 08/18/2022 (c)(d)(i) | | $ | | | 19,606 | | | | | | 19,571 | |
| | | | | | | | | | | | |
| Total Short-Term Instruments (Cost $89,794) | | | 89,793 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments in Securities (Cost $4,241,541) | | | 4,007,468 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments 124.3% (Cost $4,241,541) | | | $ | | | 4,007,468 | |
| |
Financial Derivative
Instruments (j)(k) (0.0)% (Cost or Premiums, net $2,728) | | | (585 | ) |
| |
| Other Assets and Liabilities, net (24.3)% | | | (781,968 | ) |
| | | | | | | | | | | | |
| Net Assets 100.0% | | | $ | | | 3,224,915 | |
| | | | | | | | | | | | |
| | | | | | |
| 70 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
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) | Security is an Interest Only (“IO”) or IO Strip. |
| (b) | Principal only security. |
| (c) | Coupon represents a weighted average yield to maturity. |
| (e) | Perpetual maturity; date shown, if applicable, represents next contractual call date. |
| (f) | Contingent convertible security. |
(g) RESTRICTED SECURITIES:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Issuer Description | | Coupon | | | Maturity
Date | | | Acquisition
Date | | | Cost | | | Market
Value | | | Market Value
as Percentage
of Net Assets
| |
AT&T Mobility LLC | | | 7.000 | % | | | 10/20/2022 | | | | 09/24/2020 | | | $ | 32,351 | | | $ | 30,366 | | | | 0.94 | % |
Deutsche Bank AG | | | 2.129 | | | | 11/24/2026 | | | | 11/17/2020 | | | | 2,000 | | | | 1,779 | | | | 0.06 | |
Deutsche Bank AG | | | 3.035 | | | | 05/28/2032 | | | | 06/11/2021 - 08/31/2021 | | | | 13,030 | | | | 10,062 | | | | 0.31 | |
Deutsche Bank AG | | | 3.729 | | | | 01/14/2032 | | | | 01/11/2021 - 01/25/2021 | | | | 2,201 | | | | 1,656 | | | | 0.05 | |
Morgan Stanley | | | 0.000 | | | | 04/02/2032 | | | | 02/11/2020 | | | | 7,797 | | | | 5,621 | | | | 0.17 | |
Oracle Corp. | | | 3.950 | | | | 03/25/2051 | | | | 04/21/2022 | | | | 1,559 | | | | 1,472 | | | | 0.05 | |
Puget Energy, Inc. | | | 4.224 | | | | 03/15/2032 | | | | 03/14/2022 | | | | 3,000 | | | | 2,769 | | | | 0.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | $ | 61,938 | | | $ | 53,725 | | | | 1.67 | % |
| | | | | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(h) 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 | | | 0.400 | % | | | 06/30/2022 | | | | 07/01/2022 | | | $ | 4,122 | | | U.S. Treasury Notes 2.875% due 06/15/2025 | | $ | (4,204 | ) | | $ | 4,122 | | | $ | 4,122 | |
| MBC | | | 1.490 | | | | 06/30/2022 | | | | 07/01/2022 | | | | 66,100 | | | U.S. Treasury Notes 0.875% due 01/31/2024 | | | (68,246 | ) | | | 66,100 | | | | 66,103 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (72,450 | ) | | $ | 70,222 | | | $ | 70,225 | |
| | | | | | | | | | | | | | | |
REVERSE REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Borrowing Rate(2) | | | Settlement Date | | | Maturity Date | | | Amount
Borrowed(2) | | | Payable for
Reverse
Repurchase
Agreements | |
BOS | | | 1.350 | % | | | 06/28/2022 | | | | 07/01/2022 | | | $ | (59,323 | ) | | $ | (59,330 | ) |
| | | 1.550 | | | | 06/28/2022 | | | | 07/12/2022 | | | | (68,625 | ) | | | (68,634 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total Reverse Repurchase Agreements | | | | | | | | | | | $ | (127,964 | ) |
| | | | | | | | | | | | | | | | | | | | |
SALE-BUYBACK TRANSACTIONS:
| | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Borrowing Rate(2) | | | Borrowing Date | | | Maturity Date | | | Amount
Borrowed(2) | | | Payable for
Sale-Buyback
Transactions(3) | |
UBS | | | 1.375 | % | | | 06/07/2022 | | | | 08/12/2022 | | | $ | (7,023 | ) | | $ | (7,029 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total Sale-Buyback Transactions | | | | | | | | | | | $ | (7,029 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 71 |
| | | | | | |
| Schedule of Investments | | PIMCO Active Bond 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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(4) | |
Global/Master Repurchase Agreement | |
BOS | | $ | 0 | | | $ | (127,964 | ) | | $ | 0 | | | $ | 0 | | | $ | (127,964 | ) | | $ | 128,607 | | | $ | 643 | |
FICC | | | 4,122 | | | | 0 | | | | 0 | | | | 0 | | | | 4,122 | | | | (4,204 | ) | | | (82 | ) |
MBC | | | 66,103 | | | | 0 | | | | 0 | | | | 0 | | | | 66,103 | | | | (68,246 | ) | | | (2,143 | ) |
|
Master Securities Forward Transaction Agreement | |
UBS | | | 0 | | | | 0 | | | | (7,029 | ) | | | 0 | | | | (7,029 | ) | | | 6,973 | | | | (56 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 70,225 | | | $ | (127,964 | ) | | $ | (7,029 | ) | | $ | 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 | |
U.S. Treasury Obligations | | $ | (59,330 | ) | | $ | (68,634 | ) | | $ | 0 | | | $ | 0 | | | $ | (127,964 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | $ | (59,330 | ) | | $ | (68,634 | ) | | $ | 0 | | | $ | 0 | | | $ | (127,964 | ) |
| | | | | | | | | | | | | | | | | | | | |
Sale-Buyback Transactions | |
U.S. Treasury Obligations | | | 0 | | | | 0 | | | | (7,029 | ) | | | 0 | | | | (7,029 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | $ | 0 | | | $ | 0 | | | $ | (7,029 | ) | | $ | 0 | | | $ | (7,029 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total Borrowings | | $ | (59,330 | ) | | $ | (68,634 | ) | | $ | (7,029 | ) | | $ | 0 | | | $ | (134,993 | ) |
| | | | | | | | | | | | | | | | | | | | |
Payable for reverse repurchase agreements and sale-buyback financing transactions | | | $ | (134,993 | ) |
| | | | | | | | | | | | | | | | | | | | |
| (i) | Securities with an aggregate market value of $138,553 have been pledged as collateral under the terms of the above master agreements as of June 30, 2022. |
| (1) | Includes accrued interest. |
| (2) | The average amount of borrowings outstanding during the period ended June 30, 2022 was $(58,565) at a weighted average interest rate of 0.315%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| (3) | Payable for sale-buyback transactions includes $(11) of deferred price drop. |
| (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. |
(j) 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 Ultra September Futures | | | 09/2022 | | | | 469 | | | $ | (59,739 | ) | | $ | 600 | | | $ | 0 | | | $ | (458 | ) |
U.S. Treasury Ultra Long-Term Bond September Futures | | | 09/2022 | | | | 575 | | | | (88,748 | ) | | | (720 | ) | | | 0 | | | | (674 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Futures Contracts | | | $ | (120 | ) | | $ | 0 | | | $ | (1,132 | ) |
| | | | | | | | | | | | | |
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, 2022(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 | | | | 1.854 | % | | | $ | | | | 3,400 | | | $ | 695 | | | $ | (302 | ) | | $ | 393 | | | $ | 0 | | | $ | 0 | |
American International Group, Inc. | | 1.000 | | Quarterly | | | 12/20/2026 | | | | 0.982 | | | | | | | | 1,400 | | | | 30 | | | | (29 | ) | | | 1 | | | | 0 | | | | (2 | ) |
Bank of America Corp. | | 1.000 | | Quarterly | | | 12/20/2022 | | | | 0.502 | | | | | | | | 23,600 | | | | 174 | | | | (112 | ) | | | 62 | | | | 0 | | | | 0 | |
| | | | | | |
| 72 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reference Entity | | Fixed
Receive Rate | | Payment
Frequency | | Maturity
Date | | | Implied
Credit Spread at June 30, 2022(2) | | | Notional
Amount(3) | | | Premiums
Paid/(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Market
Value(4) | | | Variation Margin | |
| | Asset | | | Liability | |
Boeing Co. | | 1.000 % | | Quarterly | | | 06/20/2023 | | | | 1.520 | % | | | $ | | | | 13,800 | | | $ | 55 | | | $ | (120 | ) | | $ | (65 | ) | | $ | 0 | | | $ | (4 | ) |
Boeing Co. | | 1.000 | | Quarterly | | | 12/20/2023 | | | | 1.745 | | | | | | | | 1,800 | | | | 12 | | | | (31 | ) | | | (19 | ) | | | 0 | | | | (2 | ) |
Boeing Co. | | 1.000 | | Quarterly | | | 06/20/2026 | | | | 2.327 | | | | | | | | 1,500 | | | | (11 | ) | | | (59 | ) | | | (70 | ) | | | 0 | | | | (1 | ) |
Boeing Co. | | 1.000 | | Quarterly | | | 12/20/2026 | | | | 2.445 | | | | | | | | 5,300 | | | | (22 | ) | | | (278 | ) | | | (300 | ) | | | 0 | | | | (7 | ) |
British Telecommunications PLC | | 1.000 | | Quarterly | | | 12/20/2027 | | | | 1.575 | | | | EUR | | | | 200 | | | | (1 | ) | | | (5 | ) | | | (6 | ) | | | 0 | | | | (1 | ) |
British Telecommunications PLC | | 1.000 | | Quarterly | | | 06/20/2028 | | | | 1.697 | | | | | | | | 8,200 | | | | (50 | ) | | | (275 | ) | | | (325 | ) | | | 0 | | | | (64 | ) |
British Telecommunications PLC | | 1.000 | | Quarterly | | | 12/20/2028 | | | | 1.799 | | | | | | | | 800 | | | | (10 | ) | | | (29 | ) | | | (39 | ) | | | 0 | | | | (6 | ) |
Citigroup, Inc. | | 1.000 | | Quarterly | | | 12/20/2022 | | | | 0.587 | | | | $ | | | | 8,600 | | | | 62 | | | | (43 | ) | | | 19 | | | | 0 | | | | (1 | ) |
Devon Energy Corp. | | 1.000 | | Quarterly | | | 12/20/2026 | | | | 1.798 | | | | | | | | 2,000 | | | | (16 | ) | | | (48 | ) | | | (64 | ) | | | 0 | | | | (3 | ) |
Devon Energy Corp. | | 1.000 | | Quarterly | | | 06/20/2027 | | | | 1.939 | | | | | | | | 1,000 | | | | (26 | ) | | | (15 | ) | | | (41 | ) | | | 0 | | | | (1 | ) |
Energy Transfer Operating LP | | 1.000 | | Quarterly | | | 12/20/2025 | | | | 1.046 | | | | | | | | 1,100 | | | | (14 | ) | | | 13 | | | | (1 | ) | | | 0 | | | | (1 | ) |
Ford Motor Credit Co. LLC | | 5.000 | | Quarterly | | | 06/20/2027 | | | | 4.319 | | | | | | | | 300 | | | | 16 | | | | (7 | ) | | | 9 | | | | 0 | | | | (1 | ) |
General Electric Co. | | 1.000 | | Quarterly | | | 12/20/2026 | | | | 1.700 | | | | | | | | 700 | | | | 8 | | | | (28 | ) | | | (20 | ) | | | 0 | | | | (1 | ) |
General Motors Co. | | 5.000 | | Quarterly | | | 12/20/2026 | | | | 2.634 | | | | | | | | 5,600 | | | | 1,108 | | | | (579 | ) | | | 529 | | | | 0 | | | | (7 | ) |
Hess Corp. | | 1.000 | | Quarterly | | | 06/20/2026 | | | | 1.625 | | | | | | | | 3,600 | | | | (86 | ) | | | 5 | | | | (81 | ) | | | 0 | | | | (4 | ) |
JPMorgan Chase & Co. | | 1.000 | | Quarterly | | | 12/20/2022 | | | | 0.505 | | | | | | | | 8,600 | | | | 64 | | | | (41 | ) | | | 23 | | | | 0 | | | | 0 | |
Morgan Stanley | | 1.000 | | Quarterly | | | 12/20/2022 | | | | 0.568 | | | | | | | | 1,700 | | | | 12 | | | | (8 | ) | | | 4 | | | | 0 | | | | 0 | |
Rolls-Royce PLC | | 1.000 | | Quarterly | | | 06/20/2025 | | | | 3.730 | | | | EUR | | | | 6,000 | | | | (982 | ) | | | 506 | | | | (476 | ) | | | 0 | | | | (49 | ) |
Rolls-Royce PLC | | 1.000 | | Quarterly | | | 12/20/2025 | | | | 3.940 | | | | | | | | 1,400 | | | | (142 | ) | | | 6 | | | | (136 | ) | | | 0 | | | | (12 | ) |
Rolls-Royce PLC | | 1.000 | | Quarterly | | | 06/20/2026 | | | | 4.096 | | | | | | | | 2,100 | | | | (215 | ) | | | (26 | ) | | | (241 | ) | | | 0 | | | | (20 | ) |
Stellantis NV | | 5.000 | | Quarterly | | | 12/20/2026 | | | | 2.172 | | | | | | | | 800 | | | | 185 | | | | (85 | ) | | | 100 | | | | 0 | | | | (5 | ) |
Telefonica Emisiones SAU | | 1.000 | | Quarterly | | | 06/20/2028 | | | | 1.293 | | | | | | | | 300 | | | | 0 | | | | (5 | ) | | | (5 | ) | | | 0 | | | | (1 | ) |
Tesco PLC | | 1.000 | | Quarterly | | | 06/20/2028 | | | | 1.643 | | | | | | | | 900 | | | | 1 | | | | (34 | ) | | | (33 | ) | | | 0 | | | | (5 | ) |
Valeo SA | | 1.000 | | Quarterly | | | 06/20/2026 | | | | 2.759 | | | | | | | | 1,800 | | | | (25 | ) | | | (96 | ) | | | (121 | ) | | | 0 | | | | (8 | ) |
Valeo SA | | 1.000 | | Quarterly | | | 06/20/2028 | | | | 3.563 | | | | | | | | 2,500 | | | | (106 | ) | | | (234 | ) | | | (340 | ) | | | 0 | | | | (19 | ) |
Verizon Communications, Inc. | | 1.000 | | Quarterly | | | 06/20/2026 | | | | 1.105 | | | | $ | | | | 900 | | | | 20 | | | | (23 | ) | | | (3 | ) | | | 0 | | | | (1 | ) |
Verizon Communications, Inc. | | 1.000 | | Quarterly | | | 12/20/2026 | | | | 1.198 | | | | | | | | 5,600 | | | | 132 | | | | (176 | ) | | | (44 | ) | | | 0 | | | | (7 | ) |
Williams Cos., Inc. | | 1.000 | | Quarterly | | | 12/20/2026 | | | | 1.140 | | | | | | | | 2,600 | | | | 19 | | | | (33 | ) | | | (14 | ) | | | 0 | | | | (6 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 887 | | | $ | (2,191 | ) | | $ | (1,304 | ) | | $ | 0 | | | $ | (239 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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-36 5-Year Index | | | 1.000 | % | | | Quarterly | | | | 06/20/2026 | | | $ | 5,900 | | | $ | 140 | | | $ | (113 | ) | | $ | 27 | | | $ | 0 | | | $ | (2 | ) |
CDX.IG-37 5-Year Index | | | 1.000 | | | | Quarterly | | | | 12/20/2026 | | | | 4,600 | | | | 93 | | | | (81 | ) | | | 12 | | | | 0 | | | | (1 | ) |
CDX.IG-38 5-Year Index | | | 1.000 | | | | Quarterly | | | | 06/20/2027 | | | | 111,300 | | | | 1,346 | | | | (1,347 | ) | | | (1 | ) | | | 0 | | | | (22 | ) |
iTraxx Asia Ex-Japan 37 5-Year Index | | | 1.000 | | | | Quarterly | | | | 06/20/2027 | | | | 1,800 | | | | (9 | ) | | | (24 | ) | | | (33 | ) | | | 0 | | | | (4 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | $ | 1,570 | | | $ | (1,565 | ) | | $ | 5 | | | $ | 0 | | | $ | (29 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 | | 3-Month CAD-Bank Bill | | | 0.980 | % | | Semi-Annual | | | 02/26/2024 | | | | CAD | | | | 228,000 | | | $ | 92 | | | $ | (7,364 | ) | | $ | (7,272 | ) | | $ | 126 | | | $ | 0 | |
Pay | | 3-Month CAD-Bank Bill | | | 0.880 | | | Semi-Annual | | | 03/03/2024 | | | | | | | | 44,800 | | | | 3 | | | | (1,517 | ) | | | (1,514 | ) | | | 24 | | | | 0 | |
Pay | | 3-Month CAD-Bank Bill | | | 1.275 | | | Semi-Annual | | | 03/03/2025 | | | | | | | | 46,700 | | | | 0 | | | | (2,058 | ) | | | (2,058 | ) | | | 48 | | | | 0 | |
Pay | | 3-Month CAD-Bank Bill | | | 1.276 | | | Semi-Annual | | | 03/03/2025 | | | | | | | | 28,000 | | | | 0 | | | | (1,233 | ) | | | (1,233 | ) | | | 29 | | | | 0 | |
Pay | | 3-Month CAD-Bank Bill | | | 1.290 | | | Semi-Annual | | | 03/03/2025 | | | | | | | | 14,000 | | | | 0 | | | | (612 | ) | | | (612 | ) | | | 14 | | | | 0 | |
Pay | | 3-Month CAD-Bank Bill | | | 1.235 | | | Semi-Annual | | | 03/04/2025 | | | | | | | | 42,400 | | | | 29 | | | | (1,936 | ) | | | (1,907 | ) | | | 44 | | | | 0 | |
Pay | | 3-Month CAD-Bank Bill | | | 1.900 | | | Semi-Annual | | | 12/18/2029 | | | | | | | | 3,500 | | | | 147 | | | | (446 | ) | | | (299 | ) | | | 13 | | | | 0 | |
Pay | | CPURNSA | | | 2.670 | | | Maturity | | | 05/05/2026 | | | | $ | | | | 61,000 | | | | 0 | | | | (4,744 | ) | | | (4,744 | ) | | | 223 | | | | 0 | |
Pay | | CPURNSA | | | 2.597 | | | Maturity | | | 07/09/2026 | | | | | | | | 7,300 | | | | 0 | | | | (525 | ) | | | (525 | ) | | | 27 | | | | 0 | |
Pay | | CPURNSA | | | 2.573 | | | Maturity | | | 07/13/2026 | | | | | | | | 7,300 | | | | 0 | | | | (528 | ) | | | (528 | ) | | | 27 | | | | 0 | |
Pay | | UKRPI | | | 3.686 | | | Maturity | | | 06/15/2031 | | | | GBP | | | | 22,200 | | | | 0 | | | | (3,351 | ) | | | (3,351 | ) | | | 65 | | | | 0 | |
Pay | | UKRPI | | | 3.708 | | | Maturity | | | 07/15/2031 | | | | | | | | 11,100 | | | | 0 | | | | (1,654 | ) | | | (1,654 | ) | | | 32 | | | | 0 | |
Pay | | UKRPI | | | 3.858 | | | Maturity | | | 09/15/2031 | | | | | | | | 11,500 | | | | 0 | | | | (1,308 | ) | | | (1,308 | ) | | | 43 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | $ | 271 | | | $ | (27,276 | ) | | $ | (27,005 | ) | | $ | 715 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Swap Agreements | | | | | | | $ | 2,728 | | | $ | (31,032 | ) | | $ | (28,304 | ) | | $ | 715 | | | $ | (268 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 73 |
| | | | | | |
| Schedule of Investments | | PIMCO Active Bond Exchange-Traded Fund | | (Cont.) | | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 | | | $ | 715 | | | $ | 715 | | | | | | | $ | 0 | | | $ | (1,132) | | | $ | (268) | | | $ | (1,400) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash of $45,863 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2022. 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. |
(k) 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 | |
BPS | | | 07/2022 | | | CAD | | | 3,310 | | | $ | | | 2,621 | | | $ | 50 | | | $ | 0 | |
| | | 07/2022 | | | $ | | | 2,391 | | | CAD | | | 3,098 | | | | 16 | | | | 0 | |
| | | 07/2022 | | | | | | 3,643 | | | GBP | | | 2,920 | | | | 0 | | | | (89 | ) |
| | | | | | | |
CBK | | | 07/2022 | | | EUR | | | 1,722 | | | $ | | | 1,849 | | | | 44 | | | | 0 | |
| | | | | | | |
HUS | | | 07/2022 | | | CAD | | | 4,115 | | | | | | 3,259 | | | | 62 | | | | 0 | |
| | | 07/2022 | | | GBP | | | 433 | | | | | | 546 | | | | 19 | | | | 0 | |
| | | | | | | |
RBC | | | 07/2022 | | | CAD | | | 1,986 | | | | | | 1,546 | | | | 3 | | | | 0 | |
| | | | | | | |
SCX | | | 07/2022 | | | | | | 1,603 | | | | | | 1,240 | | | | 0 | | | | (5 | ) |
| | | | | | | |
SOG | | | 07/2022 | | | GBP | | | 2,487 | | | | | | 3,027 | | | | 0 | | | | (1 | ) |
| | | 08/2022 | | | $ | | | 3,028 | | | GBP | | | 2,487 | | | | 1 | | | | 0 | |
| | | | | | | |
TOR | | | 07/2022 | | | | | | 3,949 | | | CAD | | | 5,080 | | | | 5 | | | | (7 | ) |
| | | 08/2022 | | | CAD | | | 5,080 | | | $ | | | 3,949 | | | | 7 | | | | (5 | ) |
| | | | | | | | | |
Total Forward Foreign Currency Contracts | | | $ | 207 | | | $ | (107 | ) |
| | | | | | | | | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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) | |
BPS | | $ | 66 | | | $ | 0 | | | $ | 0 | | | $ | 66 | | | | | | | $ | (89 | ) | | $ | 0 | | | $ | 0 | | | $ | (89 | ) | | $ | (23 | ) | | $ | 0 | | | $ | (23 | ) |
CBK | | | 44 | | | | 0 | | | | 0 | | | | 44 | | | | | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 44 | | | | 0 | | | | 44 | |
HUS | | | 81 | | | | 0 | | | | 0 | | | | 81 | | | | | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 81 | | | | 0 | | | | 81 | |
RBC | | | 3 | | | | 0 | | | | 0 | | | | 3 | | | | | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 3 | | | | 0 | | | | 3 | |
SCX | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | | | | | (5 | ) | | | 0 | | | | 0 | | | | (5 | ) | | | (5 | ) | | | 0 | | | | (5 | ) |
SOG | | | 1 | | | | 0 | | | | 0 | | | | 1 | | | | | | | | (1 | ) | | | 0 | | | | 0 | | | | (1 | ) | | | 0 | | | | 0 | | | | 0 | |
TOR | | | 12 | | | | 0 | | | | 0 | | | | 12 | | | | | | | | (12 | ) | | | 0 | | | | 0 | | | | (12 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Over the Counter | | $ | 207 | | | $ | 0 | | | $ | 0 | | | $ | 207 | | | | | | | $ | (107 | ) | | $ | 0 | | | $ | 0 | | | $ | (107 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| 74 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| (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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 715 | | | $ | 715 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 207 | | | $ | 0 | | | $ | 207 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 207 | | | $ | 715 | | | $ | 922 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Financial Derivative Instruments - Liabilities | | | | | | | | | | | | | | | | | | | | | | | | |
Exchange-traded or centrally cleared | | | | | | | | | | | | | | | | | | | | | | | | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 1,132 | | | $ | 1,132 | |
Swap Agreements | | | 0 | | | | 268 | | | | 0 | | | | 0 | | | | 0 | | | | 268 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 268 | | | $ | 0 | | | $ | 0 | | | $ | 1,132 | | | $ | 1,400 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | | | | | | | | | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 107 | | | $ | 0 | | | $ | 107 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 268 | | | $ | 0 | | | $ | 107 | | | $ | 1,132 | | | $ | 1,507 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Net Realized Gain (Loss) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 28,477 | | | $ | 28,477 | |
Swap Agreements | | | 0 | | | | 1,271 | | | | 0 | | | | 0 | | | | 721 | | | | 1,992 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 1,271 | | | $ | 0 | | | $ | 0 | | | $ | 29,198 | | | $ | 30,469 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 259 | | | $ | 0 | | | $ | 259 | |
Purchased Options | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | (660 | ) | | | (660 | ) |
Written Options | | | 0 | | | | 384 | | | | 0 | | | | 0 | | | | (487 | ) | | | (103 | ) |
Swap Agreements | | | 0 | | | | 18 | | | | 0 | | | | 0 | | | | 0 | | | | 18 | |
| | $ | 0 | | | $ | 402 | | | $ | 0 | | | $ | 259 | | | $ | (1,147 | ) | | $ | (486 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 1,673 | | | $ | 0 | | | $ | 259 | | | $ | 28,051 | | | $ | 29,983 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 808 | | | $ | 808 | |
Swap Agreements | | | 0 | | | | (4,870 | ) | | | 0 | | | | 0 | | | | (26,250 | ) | | | (31,120 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (4,870 | ) | | $ | 0 | | | $ | 0 | | | $ | (25,442 | ) | | $ | (30,312 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 135 | | | $ | 0 | | | $ | 135 | |
Swap Agreements | | | 0 | | | | 21 | | | | 0 | | | | 0 | | | | 0 | | | | 21 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 21 | | | $ | 0 | | | $ | 135 | | | $ | 0 | | | $ | 156 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (4,849 | ) | | $ | 0 | | | $ | 135 | | | $ | (25,442 | ) | | $ | (30,156 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 75 |
| | | | | | |
| Schedule of Investments | | PIMCO Active Bond Exchange-Traded Fund | | (Cont.) | | June 30, 2022 |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Investments in Securities, at Value | |
Loan Participations and Assignments | | $ | 0 | | | $ | 17,218 | | | $ | 8,212 | | | $ | 25,430 | |
Corporate Bonds & Notes | |
Banking & Finance | | | 0 | | | | 760,416 | | | | 0 | | | | 760,416 | |
Industrials | | | 0 | | | | 390,536 | | | | 0 | | | | 390,536 | |
Utilities | | | 0 | | | | 76,974 | | | | 0 | | | | 76,974 | |
Municipal Bonds & Notes | |
California | | | 0 | | | | 25,279 | | | | 0 | | | | 25,279 | |
Florida | | | 0 | | | | 7,738 | | | | 0 | | | | 7,738 | |
Georgia | | | 0 | | | | 1,279 | | | | 0 | | | | 1,279 | |
Illinois | | | 0 | | | | 7,425 | | | | 0 | | | | 7,425 | |
Michigan | | | 0 | | | | 1,828 | | | | 0 | | | | 1,828 | |
New Jersey | | | 0 | | | | 5,215 | | | | 0 | | | | 5,215 | |
New York | | | 0 | | | | 7,257 | | | | 0 | | | | 7,257 | |
Texas | | | 0 | | | | 3,709 | | | | 0 | | | | 3,709 | |
Virginia | | | 0 | | | | 4,316 | | | | 0 | | | | 4,316 | |
West Virginia | | | 0 | | | | 5,425 | | | | 0 | | | | 5,425 | |
U.S. Government Agencies | | | 0 | | | | 1,024,369 | | | | 0 | | | | 1,024,369 | |
U.S. Treasury Obligations | | | 0 | | | | 512,948 | | | | 0 | | | | 512,948 | |
Non-Agency Mortgage-Backed Securities | | | 0 | | | | 270,629 | | | | 0 | | | | 270,629 | |
Asset-Backed Securities | | | 0 | | | | 637,212 | | | | 0 | | | | 637,212 | |
Sovereign Issues | | | 0 | | | | 4,869 | | | | 0 | | | | 4,869 | |
Preferred Securities | |
Banking & Finance | | | 0 | | | | 103,317 | | | | 0 | | | | 103,317 | |
Industrials | | | 0 | | | | 11,138 | | | | 0 | | | | 11,138 | |
Utilities | | | 0 | | | | 0 | | | | 30,366 | | | | 30,366 | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Short-Term Instruments | |
Repurchase Agreements | | $ | 0 | | | $ | 70,222 | | | $ | 0 | | | $ | 70,222 | |
U.S. Treasury Bills | | | 0 | | | | 19,571 | | | | 0 | | | | 19,571 | |
| | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 3,968,890 | | | $ | 38,578 | | | $ | 4,007,468 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 3,968,890 | | | $ | 38,578 | | | $ | 4,007,468 | |
| | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | | | 0 | | | | 715 | | | | 0 | | | | 715 | |
Over the counter | | | 0 | | | | 207 | | | | 0 | | | | 207 | |
| | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 922 | | | $ | 0 | | | $ | 922 | |
| | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | | | 0 | | | | (1,400 | ) | | | 0 | | | | (1,400 | ) |
Over the counter | | | 0 | | | | (107 | ) | | | 0 | | | | (107 | ) |
| | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (1,507 | ) | | $ | 0 | | | $ | (1,507 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Total Financial Derivative Instruments | | $ | 0 | | | $ | (585 | ) | | $ | 0 | | | $ | (585 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Totals | | $ | 0 | | | $ | 3,968,305 | | | $ | 38,578 | | | $ | 4,006,883 | |
| | | | | | | | | | | | | | | | |
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended June 30, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Category and Subcategory | | Beginning
Balance
at 06/30/2021 | | | Net
Purchases | | | Net
Sales/
Settlements | | | Accrued
Discounts/
(Premiums) | | | Realized
Gain/(Loss) | | | Net Change in
Unrealized
Appreciation/
(Depreciation)(1) | | | Transfers into
Level 3 | | | Transfers out
of Level 3 | | | Ending
Balance
at 06/30/2022 | | | Net Change in
Unrealized
Appreciation/
(Depreciation)
on Investments
Held at
06/30/2022(1) | |
Investments in Securities, at Value | |
Loan Participations and Assignments | | $ | 7,023 | | | $ | 2,575 | | | $ | (611 | ) | | $ | 4 | | | $ | 1 | | | $ | (780 | ) | | $ | 0 | | | $ | 0 | | | $ | 8,212 | | | $ | (777 | ) |
Corporate Bonds & Notes | |
Banking & Finance | | | 6,385 | | | | 0 | | | | 0 | | | | (206 | ) | | | 0 | | | | (149 | ) | | | 0 | | | | (6,030 | ) | | | 0 | | | | 0 | |
Asset-Backed Securities | | | 3,798 | | | | 0 | | | | (1,012 | ) | | | 0 | | | | 0 | | | | (149 | ) | | | 0 | | | | (2,637 | ) | | | 0 | | | | 0 | |
Preferred Securities | |
Utilities | | | 31,653 | | | | 489 | | | | (122 | ) | | | 0 | | | | 0 | | | | (1,654 | ) | | | 0 | | | | 0 | | | | 30,366 | | | | (1,654 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
Totals | | $ | 48,859 | | | $ | 3,064 | | | $ | (1,745 | ) | | $ | (202 | ) | | $ | 1 | | | $ | (2,732 | ) | | $ | 0 | | | $ | (8,667 | ) | | $ | 38,578 | | | $ | (2,431 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 06/30/2022 | | | Valuation
Technique | | | Unobservable
Inputs | | (% Unless Noted Otherwise) | |
| | Input Value(s) | | | Weighted
Average | |
Investments in Securities, at Value | | | | | | | | | | | | | | | |
Loan Participations and Assignments | | $ | 5,814 | | | | Discounted Cash Flow | | | Discount Rate | | | 5.308 | | | | — | |
| | | 2,398 | | | | Third Party Vendor | | | Broker Quote | | | 92.250 | | | | — | |
Preferred Securities | |
Utilities | | | 30,366 | | | | Discounted Cash Flow | | | Discount Rate | | | 4.871 | | | | — | |
| | | | | | | | | | | | | | | | | | |
Total | | $ | 38,578 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| (1) | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2022 may be due to an investment no longer held or categorized as Level 3 at period end. |
| | | | | | |
| 76 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | June 30, 2022 |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 98.8% | |
| |
| CORPORATE BONDS & NOTES 50.4% | |
| |
| BANKING & FINANCE 26.2% | |
|
AerCap Ireland Capital DAC | |
1.650% due 10/29/2024 | | $ | | | 5,000 | | | $ | | | 4,622 | |
4.500% due 09/15/2023 | | | | | 4,500 | | | | | | 4,481 | |
|
Air Lease Corp. | |
2.750% due 01/15/2023 | | | | | 1,300 | | | | | | 1,291 | |
|
Aircastle Ltd. | |
4.400% due 09/25/2023 | | | | | 3,874 | | | | | | 3,826 | |
5.000% due 04/01/2023 | | | | | 200 | | | | | | 200 | |
|
Ally Financial, Inc. | |
1.450% due 10/02/2023 | | | | | 3,300 | | | | | | 3,192 | |
|
American Tower Corp. | |
0.600% due 01/15/2024 | | | | | 110 | | | | | | 104 | |
1.300% due 09/15/2025 | | | | | 1,100 | | | | | | 997 | |
|
Aozora Bank Ltd. | |
2.550% due 09/09/2022 | | | | | 2,760 | | | | | | 2,758 | |
|
Avolon Holdings Funding Ltd. | |
5.125% due 10/01/2023 | | | | | 400 | | | | | | 396 | |
5.500% due 01/15/2023 | | | | | 1,100 | | | | | | 1,103 | |
|
Banco Bilbao Vizcaya Argentaria SA | |
0.875% due 09/18/2023 | | | | | 10,200 | | | | | | 9,845 | |
|
Banco Santander SA | |
3.892% due 05/24/2024 | | | | | 5,000 | | | | | | 4,978 | |
|
Bank of America Corp. | |
2.816% due 07/21/2023 • | | | | | 2,000 | | | | | | 1,999 | |
3.384% due 04/02/2026 • | | | | | 4,000 | | | | | | 3,882 | |
|
Barclays PLC | |
2.791% (US0003M + 1.380%) due 05/16/2024 ~ | | | | | 6,600 | | | | | | 6,599 | |
2.852% due 05/07/2026 • | | | | | 800 | | | | | | 757 | |
4.338% due 05/16/2024 • | | | | | 3,800 | | | | | | 3,800 | |
|
BNP Paribas SA | |
3.800% due 01/10/2024 | | | | | 14,574 | | | | | | 14,488 | |
|
BOC Aviation Ltd. | |
2.750% due 09/18/2022 | | | | | 2,800 | | | | | | 2,798 | |
3.322% (US0003M + 1.125%) due 09/26/2023 ~ | | | | | 2,700 | | | | | | 2,698 | |
4.375% due 05/02/2023 | | | | | 570 | | | | | | 574 | |
|
BPCE SA | |
1.652% due 10/06/2026 • | | | | | 2,000 | | | | | | 1,793 | |
|
Cantor Fitzgerald LP | |
4.875% due 05/01/2024 | | | | | 4,935 | | | | | | 4,960 | |
|
Citigroup, Inc. | |
2.134% (US0003M + 0.950%) due 07/24/2023 ~ | | | | | 1,500 | | | | | | 1,497 | |
3.035% (SOFRRATE + 1.528%) due 03/17/2026 ~(b) | | | | | 8,000 | | | | | | 7,951 | |
4.140% due 05/24/2025 • | | | | | 1,500 | | | | | | 1,495 | |
|
CK Hutchison International Ltd. | |
3.250% due 04/11/2024 | | | | | 3,100 | | | | | | 3,086 | |
|
CNO Global Funding | |
1.650% due 01/06/2025 | | | | | 4,000 | | | | | | 3,777 | |
|
Corebridge Financial, Inc. | |
3.500% due 04/04/2025 | | | | | 7,700 | | | | | | 7,489 | |
3.650% due 04/05/2027 | | | | | 2,300 | | | | | | 2,164 | |
|
Credit Agricole SA | |
1.247% due 01/26/2027 • | | | | | 300 | | | | | | 265 | |
|
Credit Suisse Group AG | |
2.193% due 06/05/2026 • | | | | | 1,500 | | | | | | 1,362 | |
2.961% (US0003M + 1.240%) due 06/12/2024 ~ | | | | | 4,428 | | | | | | 4,435 | |
2.997% due 12/14/2023 • | | | | | 7,800 | | | | | | 7,749 | |
|
Danske Bank AS | |
1.171% due 12/08/2023 • | | | | | 2,800 | | | | | | 2,763 | |
2.781% (US0003M + 1.060%) due 09/12/2023 ~ | | | | | 8,459 | | | | | | 8,465 | |
5.375% due 01/12/2024 | | | | | 3,000 | | | | | | 3,029 | |
|
Deutsche Bank AG | |
0.898% due 05/28/2024 (b) | | | | | 900 | | | | | | 844 | |
0.962% due 11/08/2023 | | | | | 700 | | | | | | 671 | |
2.222% due 09/18/2024 • | | | | | 9,000 | | | | | | 8,683 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
2.601% (US0003M + 1.190%) due 11/16/2022 ~ | | $ | | | 200 | | | $ | | | 200 | |
2.783% (US0003M + 1.230%) due 02/27/2023 ~ | | | | | 500 | | | | | | 499 | |
3.950% due 02/27/2023 | | | | | 3,800 | | | | | | 3,793 | |
|
First Abu Dhabi Bank PJSC | |
2.221% (US0003M + 0.850%) due 08/08/2023 ~ | | | | | 4,000 | | | | | | 4,002 | |
|
Five Corners Funding Trust | |
4.419% due 11/15/2023 | | | | | 400 | | | | | | 402 | |
|
Ford Motor Credit Co. LLC | |
2.979% due 08/03/2022 | | | | | 700 | | | | | | 700 | |
3.350% due 11/01/2022 | | | | | 1,200 | | | | | | 1,194 | |
3.370% due 11/17/2023 | | | | | 200 | | | | | | 195 | |
3.550% due 10/07/2022 | | | | | 500 | | | | | | 498 | |
4.250% due 09/20/2022 | | | | | 1,625 | | | | | | 1,625 | |
|
FS KKR Capital Corp. | |
1.650% due 10/12/2024 | | | | | 5,000 | | | | | | 4,452 | |
|
GA Global Funding Trust | |
1.250% due 12/08/2023 | | | | | 500 | | | | | | 480 | |
1.625% due 01/15/2026 | | | | | 900 | | | | | | 816 | |
|
General Motors Financial Co., Inc. | |
2.439% (SOFRRATE + 1.200%) due 11/17/2023 ~ | | | | | 5,600 | | | | | | 5,521 | |
3.250% due 01/05/2023 | | | | | 1,500 | | | | | | 1,498 | |
3.950% due 04/13/2024 | | | | | 3,100 | | | | | | 3,079 | |
4.250% due 05/15/2023 | | | | | 1,000 | | | | | | 1,004 | |
5.100% due 01/17/2024 | | | | | 11,500 | | | | | | 11,623 | |
|
Goldman Sachs Group, Inc. | |
0.523% due 03/08/2023 | | | | | 1,000 | | | | | | 981 | |
1.217% due 12/06/2023 | | | | | 10,000 | | | | | | 9,641 | |
2.184% (US0003M + 1.000%) due 07/24/2023 ~ | | | | | 2,300 | | | | | | 2,298 | |
2.255% (US0003M + 0.750%) due 02/23/2023 ~ | | | | | 3,000 | | | | | | 2,996 | |
|
HSBC Holdings PLC | |
2.951% (US0003M + 1.230%) due 03/11/2025 ~ | | | | | 10,107 | | | | | | 10,036 | |
3.101% (US0003M + 1.380%) due 09/12/2026 ~ | | | | | 4,850 | | | | | | 4,817 | |
|
Hyundai Capital Services, Inc. | |
0.750% due 09/15/2023 | | | | | 2,100 | | | | | | 2,022 | |
|
ING Groep NV | |
2.521% (SOFRRATE + 1.010%) due 04/01/2027 ~ | | | | | 5,594 | | | | | | 5,358 | |
3.869% due 03/28/2026 • | | | | | 1,500 | | | | | | 1,472 | |
|
JPMorgan Chase & Co. | |
0.969% due 06/23/2025 • | | | | | 1,000 | | | | | | 936 | |
|
KKR Financial Holdings LLC | |
5.400% due 05/23/2033 | | | | | 5,500 | | | | | | 5,527 | |
|
LeasePlan Corp. NV | |
2.875% due 10/24/2024 | | | | | 9,625 | | | | | | 9,225 | |
|
Lloyds Banking Group PLC | |
3.511% due 03/18/2026 • | | | | | 2,500 | | | | | | 2,436 | |
|
Mizuho Financial Group, Inc. | |
1.979% (US0003M + 0.990%) due 07/10/2024 ~ | | | | | 1,500 | | | | | | 1,494 | |
|
Morgan Stanley | |
1.593% due 05/04/2027 • | | | | | 500 | | | | | | 445 | |
|
Nationwide Building Society | |
3.766% due 03/08/2024 • | | | | | 9,075 | | | | | | 9,054 | |
|
Natwest Group PLC | |
4.519% due 06/25/2024 • | | | | | 2,600 | | | | | | 2,595 | |
|
Navient Corp. | |
5.500% due 01/25/2023 | | | | | 5,500 | | | | | | 5,462 | |
|
Nissan Motor Acceptance Co. LLC | |
1.050% due 03/08/2024 | | | | | 1,200 | | | | | | 1,126 | |
1.671% (US0003M + 0.650%) due 07/13/2022 ~ | | | | | 3,795 | | | | | | 3,794 | |
2.600% due 09/28/2022 | | | | | 1,500 | | | | | | 1,493 | |
2.924% due 09/28/2022 • | | | | | 3,900 | | | | | | 3,887 | |
3.875% due 09/21/2023 | | | | | 2,000 | | | | | | 1,987 | |
|
Nomura Holdings, Inc. | |
1.851% due 07/16/2025 | | | | | 5,960 | | | | | | 5,466 | |
2.329% due 01/22/2027 | | | | | 8,800 | | | | | | 7,799 | |
2.648% due 01/16/2025 | | | | | 2,000 | | | | | | 1,910 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Nordea Bank Abp | |
3.600% due 06/06/2025 | | $ | | | 2,000 | | | $ | | | 1,982 | |
|
ORIX Corp. | |
2.900% due 07/18/2022 | | | | | 500 | | | | | | 500 | |
4.050% due 01/16/2024 | | | | | 2,000 | | | | | | 2,005 | |
|
Pacific Life Global Funding II | |
2.009% (SOFRRATE + 0.620%) due 06/04/2026 ~ | | | | | 1,496 | | | | | | 1,459 | |
|
Park Aerospace Holdings Ltd. | |
4.500% due 03/15/2023 | | | | | 3,580 | | | | | | 3,568 | |
5.250% due 08/15/2022 | | | | | 2,800 | | | | | | 2,800 | |
|
Piper Sandler Cos. | |
5.200% due 10/15/2023 | | | | | 600 | | | | | | 592 | |
|
QNB Finance Ltd. | |
1.375% due 01/26/2026 | | | | | 4,000 | | | | | | 3,640 | |
3.346% (US0003M + 1.250%) due 03/21/2024 ~ | | | | | 2,600 | | | | | | 2,617 | |
3.500% due 03/28/2024 | | | | | 1,000 | | | | | | 996 | |
|
Santander U.K. Group Holdings PLC | |
1.089% due 03/15/2025 • | | | | | 7,000 | | | | | | 6,541 | |
|
SBA Tower Trust | |
2.836% due 01/15/2050 | | | | | 5,000 | | | | | | 4,829 | |
|
Scentre Group Trust | |
3.500% due 02/12/2025 | | | | | 3,859 | | | | | | 3,751 | |
|
SMBC Aviation Capital Finance DAC | |
3.000% due 07/15/2022 | | | | | 800 | | | | | | 800 | |
3.550% due 04/15/2024 | | | | | 1,500 | | | | | | 1,461 | |
4.125% due 07/15/2023 | | | | | 2,734 | | | | | | 2,712 | |
|
Societe Generale SA | |
1.488% due 12/14/2026 • | | | | | 5,200 | | | | | | 4,595 | |
2.625% due 01/22/2025 | | | | | 6,824 | | | | | | 6,494 | |
3.875% due 03/28/2024 | | | | | 300 | | | | | | 297 | |
|
Standard Chartered PLC | |
1.319% due 10/14/2023 • | | | | | 3,800 | | | | | | 3,773 | |
1.822% due 11/23/2025 • | | | | | 3,000 | | | | | | 2,781 | |
3.253% (SOFRRATE + 1.740%) due 03/30/2026 ~ | | | | | 5,000 | | | | | | 5,003 | |
3.971% due 03/30/2026 • | | | | | 2,300 | | | | | | 2,249 | |
|
Stellantis Finance U.S., Inc. | |
1.711% due 01/29/2027 | | | | | 3,000 | | | | | | 2,611 | |
|
UBS Group AG | |
4.488% due 05/12/2026 • | | | | | 12,000 | | | | | | 11,971 | |
|
VICI Properties LP | |
4.375% due 05/15/2025 | | | | | 1,700 | | | | | | 1,663 | |
|
Wells Fargo & Co. | |
2.469% (US0003M + 1.230%) due 10/31/2023 ~ | | | | | 3,500 | | | | | | 3,502 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 378,896 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 20.1% | |
|
7-Eleven, Inc. | |
0.950% due 02/10/2026 | | | | | 3,800 | | | | | | 3,359 | |
|
AbbVie, Inc. | |
2.300% due 11/21/2022 | | | | | 2,000 | | | | | | 1,996 | |
|
American Airlines Pass-Through Trust | |
4.000% due 01/15/2027 | | | | | 455 | | | | | | 419 | |
|
Barry Callebaut Services NV | |
5.500% due 06/15/2023 | | | | | 5,200 | | | | | | 5,233 | |
|
BAT Capital Corp. | |
2.789% due 09/06/2024 | | | | | 2,500 | | | | | | 2,421 | |
3.222% due 08/15/2024 | | | | | 10,200 | | | | | | 9,925 | |
3.557% due 08/15/2027 | | | | | 1,017 | | | | | | 931 | |
|
BAT International Finance PLC | |
3.950% due 06/15/2025 | | | | | 1,000 | | | | | | 982 | |
|
Bayer U.S. Finance LLC | |
3.375% due 07/15/2024 | | | | | 931 | | | | | | 915 | |
3.375% due 10/08/2024 | | | | | 3,000 | | | | | | 2,931 | |
3.875% due 12/15/2023 | | | | | 2,000 | | | | | | 1,997 | |
|
Berry Global, Inc. | |
0.950% due 02/15/2024 | | | | | 7,632 | | | | | | 7,234 | |
1.570% due 01/15/2026 | | | | | 4,000 | | | | | | 3,573 | |
4.875% due 07/15/2026 | | | | | 2,000 | | | | | | 1,913 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 77 |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Boeing Co. | |
1.433% due 02/04/2024 | | $ | | | 2,300 | | | $ | | | 2,199 | |
4.508% due 05/01/2023 | | | | | 21,100 | | | | | | 21,158 | |
|
Boral Finance Pty. Ltd. | |
3.000% due 11/01/2022 | | | | | 3,424 | | | | | | 3,414 | |
|
Boston Scientific Corp. | |
3.450% due 03/01/2024 | | | | | 219 | | | | | | 219 | |
|
Broadcom, Inc. | |
3.150% due 11/15/2025 | | | | | 1,200 | | | | | | 1,157 | |
3.459% due 09/15/2026 | | | | | 4,238 | | | | | | 4,067 | |
|
CenterPoint Energy Resources Corp. | |
0.700% due 03/02/2023 | | | | | 1,100 | | | | | | 1,077 | |
2.111% (US0003M + 0.500%) due 03/02/2023 ~ | | | | | 460 | | | | | | 459 | |
|
Charter Communications Operating LLC | |
2.936% (US0003M + 1.650%) due 02/01/2024 ~ | | | | | 6,600 | | | | | | 6,652 | |
4.500% due 02/01/2024 | | | | | 2,651 | | | | | | 2,669 | |
4.908% due 07/23/2025 | | | | | 1,000 | | | | | | 1,004 | |
|
Cheniere Corpus Christi Holdings LLC | |
7.000% due 06/30/2024 | | | | | 400 | | | | | | 415 | |
|
Cigna Corp. | |
3.750% due 07/15/2023 | | | | | 361 | | | | | | 362 | |
|
Citrix Systems, Inc. | |
1.250% due 03/01/2026 | | | | | 1,600 | | | | | | 1,550 | |
|
CNH Industrial NV | |
4.500% due 08/15/2023 | | | | | 1,617 | | | | | | 1,631 | |
|
CommonSpirit Health | |
1.547% due 10/01/2025 | | | | | 3,700 | | | | | | 3,417 | |
|
Conagra Brands, Inc. | |
4.300% due 05/01/2024 | | | | | 500 | | | | | | 502 | |
|
ConocoPhillips Co. | |
2.400% due 03/07/2025 | | | | | 4,200 | | | | | | 4,057 | |
|
DAE Funding LLC | |
1.550% due 08/01/2024 | | | | | 2,700 | | | | | | 2,531 | |
|
Daimler Trucks Finance North America LLC | |
1.125% due 12/14/2023 | | | | | 4,000 | | | | | | 3,843 | |
|
Dell International LLC | |
4.900% due 10/01/2026 | | | | | 1,700 | | | | | | 1,704 | |
5.450% due 06/15/2023 | | | | | 134 | | | | | | 135 | |
|
Delta Air Lines, Inc. | |
7.375% due 01/15/2026 | | | | | 3,000 | | | | | | 3,003 | |
|
Energy Transfer LP | |
4.250% due 03/15/2023 | | | | | 500 | | | | | | 500 | |
5.000% due 10/01/2022 | | | | | 7,000 | | | | | | 7,010 | |
|
Eni SpA | |
4.000% due 09/12/2023 | | | | | 2,767 | | | | | | 2,754 | |
|
General Motors Co. | |
5.400% due 10/02/2023 (b) | | | | | 1,000 | | | | | | 1,015 | |
|
Gilead Sciences, Inc. | |
1.200% due 10/01/2027 | | | | | 2,900 | | | | | | 2,500 | |
|
Global Payments, Inc. | |
1.200% due 03/01/2026 | | | | | 2,600 | | | | | | 2,295 | |
|
HCA, Inc. | |
5.000% due 03/15/2024 | | | | | 5,000 | | | | | | 5,027 | |
|
Hyatt Hotels Corp. | |
1.800% due 10/01/2024 | | | | | 1,100 | | | | | | 1,041 | |
|
Hyundai Capital America | |
0.800% due 01/08/2024 | | | | | 500 | | | | | | 475 | |
1.150% due 11/10/2022 | | | | | 1,700 | | | | | | 1,688 | |
2.850% due 11/01/2022 | | | | | 2,172 | | | | | | 2,166 | |
5.750% due 04/06/2023 | | | | | 3,400 | | | | | | 3,452 | |
|
Imperial Brands Finance PLC | |
3.125% due 07/26/2024 | | | | | 4,725 | | | | | | 4,579 | |
3.500% due 02/11/2023 | | | | | 3,145 | | | | | | 3,128 | |
3.500% due 07/26/2026 | | | | | 1,300 | | | | | | 1,220 | |
4.250% due 07/21/2025 | | | | | 745 | | | | | | 738 | |
|
Kansas City Southern | |
3.000% due 05/15/2023 | | | | | 1,100 | | | | | | 1,097 | |
3.125% due 06/01/2026 | | | | | 700 | | | | | | 676 | |
|
Leidos, Inc. | |
2.950% due 05/15/2023 | | | | | 10,200 | | | | | | 10,105 | |
|
Lennar Corp. | |
4.500% due 04/30/2024 | | | | | 1,950 | | | | | | 1,947 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
4.750% due 11/15/2022 | | $ | | | 2,500 | | | $ | | | 2,504 | |
5.875% due 11/15/2024 | | | | | 1,200 | | | | | | 1,235 | |
|
Magallanes, Inc. | |
3.788% due 03/15/2025 | | | | | 3,300 | | | | | | 3,202 | |
|
MGM Resorts International | |
6.000% due 03/15/2023 | | | | | 600 | | | | | | 600 | |
|
Micron Technology, Inc. | |
4.185% due 02/15/2027 | | | | | 2,300 | | | | | | 2,247 | |
|
Nissan Motor Co. Ltd. | |
3.043% due 09/15/2023 | | | | | 5,396 | | | | | | 5,308 | |
|
Pacific National Finance Pty. Ltd. | |
6.000% due 04/07/2023 | | | | | 1,000 | | | | | | 1,012 | |
|
Penske Truck Leasing Co. LP | |
3.450% due 07/01/2024 | | | | | 1,000 | | | | | | 980 | |
|
Petronas Energy Canada Ltd. | |
2.112% due 03/23/2028 | | | | | 4,000 | | | | | | 3,610 | |
|
Renesas Electronics Corp. | |
1.543% due 11/26/2024 | | | | | 8,700 | | | | | | 8,131 | |
|
Reynolds American, Inc. | |
4.450% due 06/12/2025 | | | | | 1,000 | | | | | | 995 | |
|
Rogers Communications, Inc. | |
2.950% due 03/15/2025 | | | | | 7,100 | | | | | | 6,865 | |
|
SABIC Capital BV | |
4.000% due 10/10/2023 | | | | | 2,900 | | | | | | 2,908 | |
|
Sands China Ltd. | |
5.125% due 08/08/2025 | | | | | 2,800 | | | | | | 2,354 | |
|
Saudi Arabian Oil Co. | |
1.250% due 11/24/2023 | | | | | 3,300 | | | | | | 3,194 | |
2.875% due 04/16/2024 | | | | | 5,000 | | | | | | 4,912 | |
|
SK Hynix, Inc. | |
1.000% due 01/19/2024 | | | | | 10,466 | | | | | | 9,999 | |
3.000% due 09/17/2024 | | | | | 2,500 | | | | | | 2,442 | |
|
Southwest Airlines Co. | |
4.750% due 05/04/2023 | | | | | 3,700 | | | | | | 3,731 | |
|
Spirit AeroSystems, Inc. | |
3.950% due 06/15/2023 | | | | | 2,800 | | | | | | 2,629 | |
|
Stellantis NV | |
5.250% due 04/15/2023 | | | | | 9,000 | | | | | | 9,079 | |
|
Sydney Airport Finance Co. Pty. Ltd. | |
3.900% due 03/22/2023 | | | | | 2,500 | | | | | | 2,504 | |
|
T-Mobile USA, Inc. | |
1.500% due 02/15/2026 | | | | | 1,000 | | | | | | 905 | |
3.500% due 04/15/2025 | | | | | 2,500 | | | | | | 2,448 | |
|
TD SYNNEX Corp. | |
1.250% due 08/09/2024 | | | | | 4,000 | | | | | | 3,736 | |
|
Thermo Fisher Scientific, Inc. | |
1.215% due 10/18/2024 | | | | | 11,000 | | | | | | 10,433 | |
|
Volkswagen Group Of America Finanace LLC | |
3.950% due 06/06/2025 | | | | | 9,900 | | | | | | 9,725 | |
|
Westinghouse Air Brake Technologies Corp. | |
4.400% due 03/15/2024 | | | | | 6,500 | | | | | | 6,515 | |
|
Woodside Finance Ltd. | |
3.650% due 03/05/2025 | | | | | 6,600 | | | | | | 6,491 | |
3.700% due 09/15/2026 | | | | | 4,650 | | | | | | 4,489 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 289,650 | |
| | | | | | | | | | | | |
| |
| UTILITIES 4.1% | |
|
AES Corp. | |
1.375% due 01/15/2026 | | | | | 4,300 | | | | | | 3,797 | |
|
AT&T, Inc. | |
2.301% (US0003M + 0.890%) due 02/15/2023 ~ | | | | | 1,100 | | | | | | 1,100 | |
|
Chugoku Electric Power Co., Inc. | |
2.401% due 08/27/2024 | | | | | 5,800 | | | | | | 5,613 | |
3.488% due 02/28/2024 | | | | | 1,900 | | | | | | 1,888 | |
|
Edison International | |
3.125% due 11/15/2022 | | | | | 3,453 | | | | | | 3,448 | |
|
Electricite de France SA | |
3.625% due 10/13/2025 | | | | | 2,297 | | | | | | 2,259 | |
|
Iberdrola International BV | |
5.810% due 03/15/2025 | | | | | 400 | | | | | | 424 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Israel Electric Corp. Ltd. | |
5.000% due 11/12/2024 | | $ | | | 8,100 | | | $ | | | 8,207 | |
|
NextEra Energy Capital Holdings, Inc. | |
2.940% due 03/21/2024 | | | | | 4,000 | | | | | | 3,942 | |
|
Pacific Gas & Electric Co. | |
1.700% due 11/15/2023 | | | | | 4,100 | | | | | | 3,953 | |
2.100% due 08/01/2027 | | | | | 800 | | | | | | 671 | |
2.371% (SOFRINDX + 1.150%) due 11/14/2022 ~ | | | | | 1,600 | | | | | | 1,594 | |
2.950% due 03/01/2026 | | | | | 100 | | | | | | 91 | |
3.250% due 06/15/2023 | | | | | 1,500 | | | | | | 1,479 | |
3.400% due 08/15/2024 | | | | | 200 | | | | | | 192 | |
3.750% due 02/15/2024 | | | | | 200 | | | | | | 196 | |
3.850% due 11/15/2023 | | | | | 100 | | | | | | 99 | |
4.250% due 08/01/2023 | | | | | 1,500 | | | | | | 1,492 | |
4.950% due 06/08/2025 | | | | | 3,500 | | | | | | 3,436 | |
|
SES SA | |
3.600% due 04/04/2023 | | | | | 1,000 | | | | | | 989 | |
|
Southern California Gas Co. | |
2.550% due 02/01/2030 | | | | | 1,800 | | | | | | 1,593 | |
|
Sprint Communications, Inc. | |
6.000% due 11/15/2022 | | | | | 400 | | | | | | 403 | |
|
Sprint Corp. | |
7.875% due 09/15/2023 | | | | | 900 | | | | | | 931 | |
|
System Energy Resources, Inc. | |
2.140% due 12/09/2025 | | | | | 4,800 | | | | | | 4,461 | |
|
Verizon Communications, Inc. | |
2.511% (US0003M + 1.100%) due 05/15/2025 ~ | | | | | 6,613 | | | | | | 6,577 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 58,835 | |
| | | | | | | | | | | | |
Total Corporate Bonds & Notes (Cost $752,714) | | | 727,381 | |
| | | | |
| |
| MUNICIPAL BONDS & NOTES 0.0% | |
| |
| ILLINOIS 0.0% | |
|
Illinois State General Obligation Notes, Series 2020 | |
5.375% due 05/01/2023 | | | | | 450 | | | | | | 460 | |
| | | | | | | | | | | | |
Total Municipal Bonds & Notes (Cost $450) | | | 460 | |
| | | | |
| |
| U.S. GOVERNMENT AGENCIES 2.8% | |
|
Fannie Mae | |
4.000% due 06/01/2042 - 03/01/2047 | | | | | 561 | | | | | | 561 | |
5.000% due 07/01/2033 - 07/01/2044 | | | | | 1,440 | | | | | | 1,458 | |
5.150% due 05/01/2035 | | | | | 41 | | | | | | 41 | |
5.350% due 02/01/2035 - 01/01/2038 | | | | | 398 | | | | | | 403 | |
5.450% due 04/01/2036 | | | | | 93 | | | | | | 95 | |
5.500% due 12/01/2028 - 07/01/2050 | | | | | 1,507 | | | | | | 1,556 | |
6.000% due 09/01/2028 - 04/01/2048 | | | | | 866 | | | | | | 901 | |
6.500% due 03/01/2026 - 09/01/2048 | | | | | 392 | | | | | | 418 | |
|
Federal Home Loan Bank | |
1.110% due 07/27/2026 | | | | | 2,333 | | | | | | 2,152 | |
|
Freddie Mac | |
0.800% due 10/28/2026 (e) | | | | | 6,500 | | | | | | 5,841 | |
1.000% due 02/25/2042 - 09/15/2044 | | | | | 21,890 | | | | | | 19,684 | |
2.000% due 02/01/2028 - 04/01/2028 | | | | | 4 | | | | | | 4 | |
2.500% due 10/25/2048 | | | | | 174 | | | | | | 164 | |
3.443% (TSFR1M + 2.164%) due 07/15/2035 ~ | | | | | 302 | | | | | | 301 | |
5.000% due 01/01/2024 - 02/01/2038 | | | | | 397 | | | | | | 407 | |
5.400% due 09/01/2037 - 11/01/2038 | | | | | 430 | | | | | | 447 | |
5.500% due 08/01/2033 - 06/01/2047 | | | | | 1,434 | | | | | | 1,493 | |
5.550% due 06/01/2037 - 07/01/2037 | | | | | 110 | | | | | | 115 | |
| | | | | | |
| 78 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
6.000% due 09/01/2031 - 06/01/2037 | | $ | | | 59 | | | $ | | | 60 | |
6.500% due 11/01/2036 - 10/17/2038 | | | | | 457 | | | | | | 482 | |
7.000% due 05/01/2029 | | | | | 14 | | | | | | 14 | |
|
Ginnie Mae | |
2.500% due 10/20/2049 | | | | | 137 | | | | | | 129 | |
2.509% due 08/16/2039 • | | | | | 4 | | | | | | 4 | |
3.000% due 11/20/2046 | | | | | 100 | | | | | | 94 | |
3.500% due 05/20/2042 | | | | | 71 | | | | | | 69 | |
3.700% due 04/15/2042 | | | | | 127 | | | | | | 128 | |
3.740% due 03/20/2042 - 07/20/2042 | | | | | 78 | | | | | | 78 | |
3.750% due 04/15/2042 - 03/20/2044 | | | | | 193 | | | | | | 195 | |
4.000% due 04/20/2040 - 06/20/2043 | | | | | 608 | | | | | | 601 | |
4.500% due 08/20/2038 - 11/20/2048 | | | | | 538 | | | | | | 548 | |
5.000% due 02/20/2039 | | | | | 1 | | | | | | 1 | |
5.350% due 12/15/2036 - 01/15/2038 | | | | | 346 | | | | | | 361 | |
5.400% due 06/20/2039 | | | | | 87 | | | | | | 90 | |
5.500% due 03/20/2034 - 08/20/2041 | | | | | 422 | | | | | | 432 | |
6.000% due 09/20/2038 | | | | | 41 | | | | | | 42 | |
6.500% due 09/20/2025 - 07/20/2039 | | | | | 37 | | | | | | 39 | |
7.000% due 09/15/2024 - 06/20/2039 | | | | | 607 | | | | | | 632 | |
|
Uniform Mortgage-Backed Security | |
4.250% due 01/01/2036 | | | | | 87 | | | | | | 88 | |
4.750% due 09/01/2034 - 04/01/2036 | | | | | 431 | | | | | | 439 | |
5.340% due 09/01/2029 | | | | | 56 | | | | | | 58 | |
6.000% due 06/01/2031 | | | | | 2 | | | | | | 2 | |
| | | | | | | | | | | | |
Total U.S. Government Agencies (Cost $44,099) | | | 40,627 | |
| | | | |
| |
| U.S. TREASURY OBLIGATIONS 19.5% | |
|
U.S. Treasury Notes | |
0.750% due 11/15/2024 (g) | | | | | 84,900 | | | | | | 80,516 | |
2.500% due 05/31/2024 | | | | | 114,200 | | | | | | 113,178 | |
2.750% due 05/15/2025 | | | | | 88,600 | | | | | | 87,929 | |
| | | | | | | | | | | | |
Total U.S. Treasury Obligations (Cost $287,874) | | | 281,623 | |
| | | | |
| |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 9.0% | |
|
Angel Oak Mortgage Trust | |
1.469% due 06/25/2065 ~ | | | | | 761 | | | | | | 730 | |
|
AREIT Trust | |
2.718% due 09/14/2036 • | | | | | 106 | | | | | | 104 | |
3.242% due 06/17/2039 • | | | | | 7,200 | | | | | | 7,148 | |
3.508% due 04/15/2037 • | | | | | 82 | | | | | | 80 | |
|
Bear Stearns Adjustable Rate Mortgage Trust | |
2.548% due 02/25/2033 ~ | | | | | 1 | | | | | | 1 | |
|
Bear Stearns ALT-A Trust | |
1.944% (US0001M + 0.320%) due 02/25/2034 ~ | | | | | 915 | | | | | | 850 | |
2.752% due 05/25/2035 ~ | | | | | 32 | | | | | | 31 | |
|
Beneria Cowen & Pritzer Collateral Funding Corp. | |
2.123% due 06/15/2038 • | | | | | 5,600 | | | | | | 5,388 | |
|
BFLD Trust | |
2.474% due 10/15/2035 • | | | | | 2,000 | | | | | | 1,945 | |
|
Brass PLC | |
2.111% (US0003M + 0.700%) due 11/16/2066 ~ | | | | | 94 | | | | | | 94 | |
|
BWAY Mortgage Trust | |
2.574% due 09/15/2036 • | | | | | 3,000 | | | | | | 2,889 | |
|
BX Commercial Mortgage Trust | |
2.024% due 01/15/2034 • | | | | | 3,800 | | | | | | 3,658 | |
|
BXMT Ltd. | |
2.288% (SOFR30A + 1.514%) due 11/15/2037 ~ | | | | | 3,900 | | | | | | 3,861 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Chase Mortgage Finance Trust | |
2.450% due 02/25/2037 ~ | | $ | | | 429 | | | $ | | | 424 | |
|
Chevy Chase Funding LLC Mortgage-Backed Certificates | |
1.824% due 01/25/2036 • | | | | | 39 | | | | | | 36 | |
1.854% due 10/25/2035 • | | | | | 216 | | | | | | 204 | |
1.924% due 08/25/2035 • | | | | | 25 | | | | | | 23 | |
|
Citigroup Commercial Mortgage Trust | |
2.504% due 10/15/2036 • | | | | | 1,950 | | | | | | 1,873 | |
|
Citigroup Mortgage Loan Trust | |
1.776% due 05/25/2051 • | | | | | 4,143 | | | | | | 3,870 | |
|
Countrywide Alternative Loan Trust | |
1.904% due 06/25/2037 • | | | | | 65 | | | | | | 57 | |
|
Credit Suisse Mortgage Capital Trust | |
2.938% due 12/26/2059 ~ | | | | | 1,145 | | | | | | 1,130 | |
|
DROP Mortgage Trust | |
2.470% (US0001M + 1.150%) due 10/15/2043 ~ | | | | | 6,000 | | | | | | 5,800 | |
|
Extended Stay America Trust | |
2.405% (US0001M + 1.080%) due 07/15/2038 ~ | | | | | 5,566 | | | | | | 5,435 | |
|
First Horizon Alternative Mortgage Securities Trust | |
2.372% due 02/25/2035 ~ | | | | | 223 | | | | | | 214 | |
|
GCAT Trust | |
1.348% due 05/25/2066 ~ | | | | | 3,187 | | | | | | 2,806 | |
1.503% due 05/25/2066 ~ | | | | | 2,878 | | | | | | 2,510 | |
2.650% due 10/25/2068 ~ | | | | | 485 | | | | | | 467 | |
2.885% due 12/27/2066 ~ | | | | | 2,278 | | | | | | 2,186 | |
|
GCT Commercial Mortgage Trust | |
2.124% due 02/15/2038 • | | | | | 800 | | | | | | 776 | |
|
GS Mortgage-Backed Securities Trust | |
1.776% (SOFR30A + 0.850%) due 12/25/2051 ~ | | | | | 2,743 | | | | | | 2,561 | |
1.776% (SOFR30A + 0.850%) due 02/25/2052 ~ | | | | | 4,552 | | | | | | 4,250 | |
|
GSR Mortgage Loan Trust | |
2.933% due 09/25/2035 ~ | | | | | 5 | | | | | | 5 | |
4.446% due 08/25/2033 • | | | | | 93 | | | | | | 89 | |
|
Impac CMB Trust | |
2.264% due 03/25/2035 • | | | | | 98 | | | | | | 92 | |
|
JP Morgan Chase Commercial Mortgage Securities Trust | |
2.124% (US0001M + 0.800%) due 04/15/2038 ~ | | | | | 945 | | | | | | 913 | |
2.774% (US0001M + 1.450%) due 12/15/2031 ~ | | | | | 1,060 | | | | | | 1,051 | |
3.379% due 09/15/2050 | | | | | 300 | | | | | | 294 | |
|
JP Morgan Mortgage Trust | |
2.947% due 07/25/2035 ~ | | | | | 230 | | | | | | 220 | |
|
JPMBB Commercial Mortgage Securities Trust | |
3.801% due 09/15/2047 | | | | | 4,410 | | | | | | 4,378 | |
|
Legacy Mortgage Asset Trust | |
1.991% due 09/25/2060 ~ | | | | | 1,476 | | | | | | 1,442 | |
3.000% due 06/25/2059 þ | | | | | 1,598 | | | | | | 1,596 | |
|
LoanCore Issuer Ltd. | |
1.694% (SOFR30A + 0.914%) due 07/15/2035 ~ | | | | | 1,758 | | | | | | 1,720 | |
|
LUXE Commercial Mortgage Trust | |
2.374% due 10/15/2038 • | | | | | 6,000 | | | | | | 5,787 | |
|
MASTR Adjustable Rate Mortgages Trust | |
2.678% due 04/21/2034 ~ | | | | | 19 | | | | | | 19 | |
|
Merrill Lynch Mortgage Investors Trust | |
2.084% (US0001M + 0.460%) due 04/25/2029 ~ | | | | | 146 | | | | | | 137 | |
2.698% due 12/25/2035 ~ | | | | | 223 | | | | | | 213 | |
|
MF1 Multifamily Housing Mortgage Loan Trust | |
2.298% due 07/15/2036 • | | | | | 2,683 | | | | | | 2,651 | |
|
MFA Trust | |
1.131% due 07/25/2060 ~ | | | | | 3,136 | | | | | | 2,903 | |
1.381% due 04/25/2065 ~ | | | | | 658 | | | | | | 634 | |
|
Morgan Stanley Mortgage Loan Trust | |
2.704% due 11/25/2035 • | | | | | 755 | | | | | | 758 | |
|
Morgan Stanley Residential Mortgage Loan Trust | |
1.434% (SOFR30A + 0.850%) due 09/25/2051 ~ | | | | | 905 | | | | | | 845 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
New Residential Mortgage Loan Trust | |
0.941% due 10/25/2058 ~ | | $ | | | 1,986 | | | $ | | | 1,920 | |
2.750% due 07/25/2059 ~ | | | | | 2,260 | | | | | | 2,190 | |
2.750% due 11/25/2059 ~ | | | | | 2,556 | | | | | | 2,453 | |
3.500% due 12/25/2057 ~ | | | | | 1,306 | | | | | | 1,278 | |
3.500% due 10/25/2059 ~ | | | | | 516 | | | | | | 497 | |
4.500% due 05/25/2058 ~ | | | | | 128 | | | | | | 128 | |
|
NYO Commercial Mortgage Trust | |
2.420% due 11/15/2038 • | | | | | 6,000 | | | | | | 5,750 | |
|
OBX Trust | |
1.957% due 10/25/2061 ~ | | | | | 264 | | | | | | 232 | |
|
One New York Plaza Trust | |
2.274% due 01/15/2036 • | | | | | 3,700 | | | | | | 3,590 | |
|
ONE Park Mortgage Trust | |
2.024% due 03/15/2036 • | | | | | 3,914 | | | | | | 3,767 | |
|
PFP Ltd. | |
2.509% due 08/09/2037 • | | | | | 1,900 | | | | | | 1,810 | |
|
Pretium Mortgage Credit Partners LLC | |
1.992% due 02/25/2061 þ | | | | | 1,920 | | | | | | 1,807 | |
|
RESIMAC Bastille Trust | |
1.450% due 02/03/2053 • | | | | | 3,880 | | | | | | 3,845 | |
|
Sequoia Mortgage Trust | |
1.995% due 07/20/2036 • | | | | | 772 | | | | | | 688 | |
2.255% due 06/20/2033 • | | | | | 1 | | | | | | 1 | |
|
Starwood Mortgage Residential Trust | |
1.486% due 04/25/2065 ~ | | | | | 514 | | | | | | 501 | |
|
Starwood Mortgage Trust | |
2.374% due 04/15/2034 • | | | | | 3,100 | | | | | | 3,012 | |
|
Structured Asset Mortgage Investments Trust | |
2.175% due 07/19/2034 • | | | | | 5 | | | | | | 4 | |
2.255% due 09/19/2032 • | | | | | 8 | | | | | | 8 | |
|
Thornburg Mortgage Securities Trust | |
2.182% due 04/25/2045 ~ | | | | | 47 | | | | | | 46 | |
|
Towd Point Mortgage Trust | |
2.250% due 12/25/2061 ~ | | | | | 4,606 | | | | | | 4,508 | |
|
VMC Finance LLC | |
2.623% due 09/15/2036 • | | | | | 294 | | | | | | 288 | |
2.712% due 06/16/2036 • | | | | | 2,755 | | | | | | 2,688 | |
|
WaMu Mortgage Pass-Through Certificates Trust | |
1.456% due 06/25/2046 • | | | | | 24 | | | | | | 23 | |
2.244% (US0001M + 0.620%) due 01/25/2045 ~ | | | | | 8 | | | | | | 8 | |
2.424% due 06/25/2044 • | | | | | 432 | | | | | | 407 | |
2.484% (US0001M + 0.860%) due 10/25/2045 ~ | | | | | 80 | | | | | | 76 | |
3.107% due 07/25/2037 ^~ | | | | | 431 | | | | | | 412 | |
3.220% due 06/25/2033 ~ | | | | | 1 | | | | | | 1 | |
|
Wells Fargo Commercial Mortgage Trust | |
4.218% due 07/15/2046 ~ | | | | | 1,000 | | | | | | 999 | |
| | | | | | | | | | | | |
Total Non-Agency Mortgage-Backed Securities (Cost $135,013) | | | 130,085 | |
| | | | |
| |
| ASSET-BACKED SECURITIES 10.6% | |
|
A10 Bridge Asset Financing LLC | |
2.021% due 08/15/2040 | | | | | 400 | | | | | | 395 | |
|
American Money Management Corp. CLO Ltd. | |
2.018% due 04/14/2029 • | | | | | 486 | | | | | | 483 | |
|
Anchorage Capital CLO Ltd. | |
2.094% due 07/15/2030 • | | | | | 2,800 | | | | | | 2,768 | |
|
Apex Credit CLO Ltd. | |
3.086% due 09/20/2029 • | | | | | 947 | | | | | | 934 | |
|
Ares CLO Ltd. | |
2.094% due 04/18/2031 • | | | | | 4,400 | | | | | | 4,292 | |
|
Asset-Backed Securities Corp. Home Equity Loan Trust | |
2.434% due 06/25/2034 • | | | | | 72 | | | | | | 67 | |
|
Bear Stearns Asset-Backed Securities Trust | |
2.359% (US0001M + 0.735%) due 09/25/2035 ~ | | | | | 844 | | | | | | 842 | |
2.424% due 10/27/2032 • | | | | | 23 | | | | | | 22 | |
2.524% (US0001M + 0.900%) due 08/25/2034 ~ | | | | | 492 | | | | | | 470 | |
|
Benefit Street Partners CLO Ltd. | |
1.994% due 10/15/2030 • | | | | | 1,500 | | | | | | 1,472 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 79 |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
2.074% (US0003M + 1.030%) due 01/17/2032 ~ | | $ | | | 400 | | | $ | | | 390 | |
|
Carlyle U.S. CLO Ltd. | |
2.063% (US0003M + 1.000%) due 04/20/2031 ~ | | | | | 5,600 | | | | | | 5,496 | |
|
Carrington Mortgage Loan Trust | |
2.183% due 10/20/2029 • | | | | | 2,801 | | | | | | 2,766 | |
|
Chase Funding Trust | |
2.224% due 07/25/2033 • | | | | | 210 | | | | | | 196 | |
|
Countrywide Asset-Backed Certificates Trust | |
1.774% due 09/25/2046 • | | | | | 383 | | | | | | 380 | |
2.074% due 03/25/2036 • | | | | | 264 | | | | | | 260 | |
2.674% due 11/25/2035 • | | | | | 159 | | | | | | 159 | |
|
Dryden Senior Loan Fund | |
2.024% due 04/15/2028 • | | | | | 2,456 | | | | | | 2,421 | |
2.064% due 04/15/2029 • | | | | | 3,392 | | | | | | 3,346 | |
|
Elevation CLO Ltd. | |
2.134% (US0003M + 0.950%) due 10/25/2030 ~ | | | | | 7,800 | | | | | | 7,654 | |
|
ELFI Graduate Loan Program LLC | |
1.530% due 12/26/2046 | | | | | 5,668 | | | | | | 5,150 | |
|
Finance America Mortgage Loan Trust | |
2.449% due 08/25/2034 • | | | | | 132 | | | | | | 127 | |
|
First Franklin Mortgage Loan Trust | |
1.944% due 04/25/2036 • | | | | | 1,311 | | | | | | 1,266 | |
2.374% (US0001M + 0.750%) due 11/25/2034 ~ | | | | | 135 | | | | | | 130 | |
2.554% (US0001M + 0.930%) due 07/25/2034 ~ | | | | | 161 | | | | | | 161 | |
|
Greystone Commercial Real Estate Notes Ltd. | |
2.504% (US0001M + 1.180%) due 09/15/2037 ~ | | | | | 1,000 | | | | | | 986 | |
|
GSAA Home Equity Trust | |
2.164% due 07/25/2037 • | | | | | 163 | | | | | | 159 | |
|
GSAMP Trust | |
2.144% due 06/25/2036 • | | | | | 676 | | | | | | 655 | |
|
HERA Commercial Mortgage Ltd. | |
2.662% due 02/18/2038 • | | | | | 3,300 | | | | | | 3,247 | |
|
Home Equity Asset Trust | |
2.674% (US0001M + 1.050%) due 11/25/2034 ~ | | | | | 871 | | | | | | 853 | |
|
KKR CLO Ltd. | |
1.984% due 07/18/2030 • | | | | | 600 | | | | | | 590 | |
1.994% due 07/15/2030 • | | | | | 2,400 | | | | | | 2,358 | |
|
LCCM Trust | |
2.524% due 12/13/2038 • | | | | | 4,000 | | | | | | 3,922 | |
|
LCM LP | |
1.914% due 07/19/2027 • | | | | | 1,029 | | | | | | 1,012 | |
2.063% due 07/20/2030 • | | | | | 4,900 | | | | | | 4,823 | |
2.103% (US0003M + 1.040%) due 10/20/2027 ~ | | | | | 198 | | | | | | 197 | |
|
LCM Ltd. | |
2.143% (US0003M + 1.080%) due 04/20/2031 ~ | | | | | 1,100 | | | | | | 1,075 | |
|
LoanCore Issuer Ltd. | |
2.454% due 05/15/2036 • | | | | | 54 | | | | | | 54 | |
|
MF1 Ltd. | |
3.148% (TSFR1M + 1.814%) due 11/15/2035 ~ | | | | | 2,000 | | | | | | 1,993 | |
|
MidOcean Credit CLO | |
2.269% due 01/29/2030 • | | | | | 3,763 | | | | | | 3,714 | |
|
MKS CLO Ltd. | |
2.063% (US0003M + 1.000%) due 07/20/2030 ~ | | | | | 4,600 | | | | | | 4,544 | |
|
Nassau Ltd. | |
2.194% (US0003M + 1.150%) due 10/15/2029 ~ | | | | | 1,813 | | | | | | 1,805 | |
|
Navient Private Education Loan Trust | |
2.324% due 04/15/2069 • | | | | | 2,310 | | | | | | 2,275 | |
2.524% due 12/15/2028 • | | | | | 145 | | | | | | 145 | |
2.774% due 07/16/2040 • | | | | | 2,657 | | | | | | 2,649 | |
|
Navient Private Education Refi Loan Trust | |
0.840% due 05/15/2069 | | | | | 1,539 | | | | | | 1,410 | |
1.170% due 09/16/2069 | | | | | 2,205 | | | | | | 2,069 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
1.310% due 01/15/2069 | | $ | | | 955 | | | $ | | | 890 | |
1.690% due 05/15/2069 | | | | | 3,002 | | | | | | 2,817 | |
2.230% due 07/15/2070 | | | | | 5,621 | | | | | | 5,241 | |
2.460% due 11/15/2068 | | | | | 1,039 | | | | | | 986 | |
|
New Century Home Equity Loan Trust | |
2.554% (US0001M + 0.930%) due 11/25/2034 ~ | | | | | 395 | | | | | | 375 | |
|
NovaStar Mortgage Funding Trust | |
2.284% due 01/25/2036 • | | | | | 454 | | | | | | 449 | |
|
Oaktree CLO Ltd. | |
2.246% (US0003M + 1.110%) due 04/22/2030 ~ | | | | | 1,600 | | | | | | 1,565 | |
|
Palmer Square Loan Funding Ltd. | |
1.844% (US0003M + 0.800%) due 10/15/2029 ~ | | | | | 183 | | | | | | 179 | |
2.278% due 02/20/2028 • | | | | | 872 | | | | | | 867 | |
|
PFS Financing Corp. | |
0.930% due 08/15/2024 | | | | | 500 | | | | | | 499 | |
|
Popular ABS Mortgage Pass-Through Trust | |
1.874% (US0001M + 0.250%) due 06/25/2047 ^~ | | | | | 16 | | | | | | 16 | |
|
PRET LLC | |
2.487% due 07/25/2051 þ | | | | | 3,938 | | | | | | 3,701 | |
|
RAAC Trust | |
2.449% due 01/25/2046 • | | | | | 543 | | | | | | 530 | |
|
Residential Asset Securities Corp. Trust | |
2.324% due 06/25/2035 • | | | | | 760 | | | | | | 756 | |
2.719% (US0001M + 1.095%) due 03/25/2035 ~ | | | | | 253 | | | | | | 245 | |
|
Saranac CLO Ltd. | |
2.584% due 08/13/2031 • | | | | | 5,200 | | | | | | 5,093 | |
|
Saxon Asset Securities Trust | |
2.344% (US0001M + 0.720%) due 05/25/2035 ~ | | | | | 176 | | | | | | 170 | |
|
SBA Tower Trust | |
3.869% due 10/15/2049 þ | | | | | 1,000 | | | | | | 985 | |
|
Securitized Asset-Backed Receivables LLC Trust | |
2.299% due 01/25/2035 • | | | | | 117 | | | | | | 109 | |
|
SLM Student Loan Trust | |
1.934% due 04/25/2023 • | | | | | 356 | | | | | | 346 | |
2.684% due 04/25/2023 • | | | | | 195 | | | | | | 195 | |
2.884% (US0003M + 1.700%) due 07/25/2023 ~ | | | | | 168 | | | | | | 168 | |
|
SMB Private Education Loan Trust | |
1.600% due 09/15/2054 | | | | | 1,321 | | | | | | 1,204 | |
1.924% due 03/17/2053 • | | | | | 621 | | | | | | 605 | |
2.230% due 09/15/2037 | | | | | 2,181 | | | | | | 2,083 | |
2.474% (US0001M + 0.850%) due 09/15/2054 ~ | | | | | 5,262 | | | | | | 5,159 | |
|
SoFi Professional Loan Program LLC | |
3.020% due 02/25/2040 | | | | | 77 | | | | | | 76 | |
|
SoFi Professional Loan Program Trust | |
1.950% due 02/15/2046 | | | | | 794 | | | | | | 756 | |
|
Sound Point CLO Ltd. | |
2.084% (US0003M + 0.900%) due 01/23/2029 ~ | | | | | 4,533 | | | | | | 4,468 | |
2.164% due 07/25/2030 • | | | | | 2,400 | | | | | | 2,360 | |
|
Soundview Home Loan Trust | |
2.299% due 06/25/2035 • | | | | | 391 | | | | | | 387 | |
|
Structured Asset Investment Loan Trust | |
2.174% due 09/25/2034 • | | | | | 1,687 | | | | | | 1,559 | |
2.329% due 03/25/2034 • | | | | | 537 | | | | | | 507 | |
|
Structured Asset Securities Corp. Mortgage Loan Trust | |
1.759% due 07/25/2036 • | | | | | 422 | | | | | | 415 | |
|
Towd Point Asset Trust | |
2.312% due 11/20/2061 • | | | | | 1,922 | | | | | | 1,897 | |
|
Towd Point Mortgage Trust | |
1.636% due 04/25/2060 ~ | | | | | 3,379 | | | | | | 3,143 | |
2.224% due 02/25/2057 • | | | | | 130 | | | | | | 129 | |
2.624% (US0001M + 1.000%) due 05/25/2058 ~ | | | | | 1,228 | | | | | | 1,216 | |
2.624% due 10/25/2059 • | | | | | 798 | | | | | | 786 | |
2.710% due 01/25/2060 ~ | | | | | 1,139 | | | | | | 1,097 | |
3.000% due 11/25/2058 ~ | | | | | 325 | | | | | | 322 | |
3.750% due 05/25/2058 ~ | | | | | 2,811 | | | | | | 2,752 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Venture CLO Ltd. | |
2.083% due 04/20/2029 • | | $ | | | 2,080 | | | $ | | | 2,053 | |
2.163% (US0003M + 1.100%) due 01/20/2029 ~ | | | | | 1,197 | | | | | | 1,185 | |
2.193% due 04/20/2032 • | | | | | 1,100 | | | | | | 1,076 | |
|
Vibrant CLO Ltd. | |
2.183% (US0003M + 1.120%) due 07/20/2032 ~ | | | | | 300 | | | | | | 292 | |
|
Voya CLO Ltd. | |
1.994% due 04/17/2030 • | | | | | 5,000 | | | | | | 4,938 | |
2.044% (US0003M + 1.000%) due 10/15/2030 ~ | | | | | 3,500 | | | | | | 3,440 | |
|
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates | |
2.224% (US0001M + 0.600%) due 04/25/2034 ~ | | | | | 1,126 | | | | | | 1,074 | |
| | | | | | | | | | | | |
Total Asset-Backed Securities
(Cost $157,617) | | | 153,343 | |
| | | | |
| |
| SOVEREIGN ISSUES 0.1% | |
|
Export-Import Bank of India | |
2.505% (US0003M + 1.000%) due 08/21/2022 ~ | | | | | 1,000 | | | | | | 1,001 | |
| | | | | | | | | | | | |
Total Sovereign Issues (Cost $1,000) | | | 1,001 | |
| | | | |
| |
| | | | | SHARES | | | | | | |
| PREFERRED SECURITIES 0.1% | |
| |
| BANKING & FINANCE 0.1% | |
|
JPMorgan Chase & Co. | |
4.709% (US0003M + 3.470%) due 10/30/2022 ~(a) | | | | | 761,000 | | | | | | 723 | |
| | | | | | | | | | | | |
Total Preferred Securities (Cost $761) | | | 723 | |
| | | | |
| |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | | |
| SHORT-TERM INSTRUMENTS 6.3% | |
| |
| COMMERCIAL PAPER 1.1% | |
|
Constellation Brands, Inc. | |
1.750% due 07/08/2022 | | $ | | | 5,700 | | | | | | 5,698 | |
|
Mizuho Bank Ltd. | |
1.160% due 07/15/2022 | | | | | 10,000 | | | | | | 9,993 | |
| | | | | | | | | | | | |
| | | 15,691 | |
| | | | |
| |
| REPURCHASE AGREEMENTS (c) 5.2% | | | | |
| | | | | | | | | | | 75,490 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $91,184) | | | 91,181 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
Total Investments in Securities
(Cost $1,470,712) | | | 1,426,424 | |
| |
| | | | |
Total Investments 98.8%
(Cost $1,470,712) | | | $ | | | 1,426,424 | |
| |
Financial Derivative
Instruments (d)(f) (0.1)% (Cost or Premiums, net $(7,211)) | | | | | | (1,266 | ) |
| |
| Other Assets and Liabilities, net 1.3% | | | 19,183 | |
| | | | |
| Net Assets 100.0% | | | $ | | | 1,444,341 | |
| | | | | | | |
| | | | | | |
| 80 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
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) | Perpetual maturity; date shown, if applicable, represents next contractual call date. |
(b) RESTRICTED SECURITIES:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Issuer Description | | Coupon | | | Maturity
Date | | | Acquisition
Date | | | Cost | | | Market
Value | | | Market Value
as Percentage
of Net Assets
| |
Citigroup, Inc. | | | 3.035 | % | | | 03/17/2026 | | | | 03/10/2022 | | | $ | 8,000 | | | $ | 7,951 | | | | 0.55 | % |
Deutsche Bank AG | | | 0.898 | | | | 05/28/2024 | | | | 05/25/2021 - 05/26/2021 | | | | 900 | | | | 844 | | | | 0.06 | |
General Motors Co. | | | 5.400 | | | | 10/02/2023 | | | | 06/15/2022 | | | | 1,015 | | | | 1,015 | | | | 0.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | $ | 9,915 | | | $ | 9,810 | | | | 0.68 | % |
| | | | | | | | | | | | | | | | | | | | |
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 | | | 0.400 | % | | | 06/30/2022 | | | | 07/01/2022 | | | $ | 1,690 | | | U.S. Treasury Notes 2.875% due 06/15/2025 | | $ | (1,724 | ) | | $ | 1,690 | | | $ | 1,690 | |
| | | 1.450 | | | | 06/30/2022 | | | | 07/01/2022 | | | | 73,800 | | | U.S. Treasury Notes 3.250% due 06/30/2029 | | | (75,276 | ) | | | 73,800 | | | | 73,803 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (77,000 | ) | | $ | 75,490 | | | $ | 75,493 | |
| | | | | | | | | | | | | | | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
FICC | | $ | 75,493 | | | $ | 0 | | | $ | 0 | | | | 0 | | | $ | 75,493 | | | $ | (77,000 | ) | | $ | (1,507 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 75,493 | | | $ | 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, 2022 was $(654,755) at a weighted average interest rate of 0.063%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(d) 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 | | | 09/2022 | | | | 64 | | | $ | 13,441 | | | $ | (41 | ) | | $ | 24 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 81 |
| | | | | | |
| 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 | | | 09/2022 | | | | 2,625 | | | $ | (294,656 | ) | | $ | 1,348 | | | $ | 0 | | | $ | (1,482 | ) |
U.S. Treasury 10-Year Note September Futures | | | 09/2022 | | | | 143 | | | | (16,950 | ) | | | 135 | | | | 0 | | | | (117 | ) |
U.S. Treasury 10-Year Ultra September Futures | | | 09/2022 | | | | 402 | | | | (51,205 | ) | | | 673 | | | | 0 | | | | (393 | ) |
U.S. Treasury Ultra Long-Term Bond September Futures | | | 09/2022 | | | | 131 | | | | (20,219 | ) | | | 424 | | | | 0 | | | | (154 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 2,580 | | | $ | 0 | | | $ | (2,146 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Futures Contracts | | | $ | 2,539 | | | $ | 24 | | | $ | (2,146 | ) |
| | | | | | | | | | | | | |
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-36 5-Year Index | | | (1.000 | )% | | | Quarterly | | | | 06/20/2026 | | | $ | 41,600 | | | $ | (1,007 | ) | | $ | 814 | | | $ | (193 | ) | | $ | 12 | | | $ | 0 | |
CDX.IG-37 5-Year Index | | | (1.000 | ) | | | Quarterly | | | | 12/20/2026 | | | | 128,100 | | | | (3,131 | ) | | | 2,814 | | | | (317 | ) | | | 22 | | | | 0 | |
CDX.IG-38 5-Year Index | | | (1.000 | ) | | | Quarterly | | | | 06/20/2027 | | | | 15,500 | | | | (123 | ) | | | 123 | | | | 0 | | | | 3 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | $ | (4,261 | ) | | $ | 3,751 | | | $ | (510 | ) | | $ | 37 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
INTEREST RATE SWAPS - BASIS SWAPS
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pay Floating
Rate Index | | Receive Floating Rate Index | | Payment
Frequency | | | Maturity
Date | | | Notional
Amount | | | Premiums
Paid/(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Market
Value | | | Variation Margin | |
| | Asset | | | Liability | |
3-Month USD-LIBOR | | 01-Month USD-LIBOR + 0.098% | | | Quarterly | | | | 01/13/2023 | | | $ | 18,000 | | | $ | 0 | | | $ | (1 | ) | | $ | (1 | ) | | $ | 0 | | | $ | (5 | ) |
3-Month USD-LIBOR | | 01-Month USD-LIBOR + 0.098% | | | Quarterly | | | | 01/13/2023 | | | | 13,800 | | | | 0 | | | | (1 | ) | | | (1 | ) | | | 0 | | | | (3 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 0 | | | $ | (2 | ) | | $ | (2 | ) | | $ | 0 | | | $ | (8 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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(4) | | 1-Day USD-SOFR Compounded-OIS | | | 2.686 | % | | | Annual | | | | 03/31/2024 | | | | 83,900 | | | $ | 0 | | | $ | (491 | ) | | $ | (491 | ) | | $ | 153 | | | $ | 0 | |
Pay(4) | | 1-Day USD-SOFR Compounded-OIS | | | 2.703 | | | | Annual | | | | 03/31/2024 | | | | 51,900 | | | | 26 | | | | (315 | ) | | | (289 | ) | | | 95 | | | | 0 | |
Pay(4) | | 1-Day USD-SOFR Compounded-OIS | | | 2.707 | | | | Annual | | | | 03/31/2024 | | | | 513,300 | | | | 623 | | | | (3,048 | ) | | | (2,425 | ) | | | 1,337 | | | | 0 | |
Pay | | 1-Day USD-SOFR Compounded-OIS | | | 2.594 | | | | Annual | | | | 05/18/2024 | | | | 309,200 | | | | (727 | ) | | | (1,025 | ) | | | (1,752 | ) | | | 639 | | | | 0 | |
Pay | | 1-Day USD-SOFR Compounded-OIS | | | 0.750 | | | | Annual | | | | 06/15/2025 | | | | 50,200 | | | | (2,909 | ) | | | (118 | ) | | | (3,027 | ) | | | 178 | | | | 0 | |
Pay | | 3-Month USD-LIBOR | | | 0.250 | | | | Semi-Annual | | | | 06/16/2023 | | | | 168,600 | | | | 53 | | | | (4,912 | ) | | | (4,859 | ) | | | 105 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | $ | (2,934 | ) | | $ | (9,909 | ) | | $ | (12,843 | ) | | $ | 2,507 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Swap Agreements | | | | | | | | | | | | | | | | | | $ | (7,195 | ) | | $ | (6,160 | ) | | $ | (13,355 | ) | | $ | 2,544 | | | $ | (8 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Financial Derivative Assets | | | | | | Financial Derivative Liabilities | |
| | | Market Value | | | Variation Margin
Asset | | | Total | | | | | | Market Value | | | Variation Margin
Liability(5) | | | Total | |
| | | Purchased
Options | | | Futures | | | Swap
Agreements | | | | | | Written
Options | | | Futures | | | Swap
Agreements | |
Total Exchange-Traded or Centrally Cleared | | $ | 0 | | | $ | 24 | | | $ | 2,544 | | | $ | 2,568 | | | | | | | $ | 0 | | | $ | (2,233 | ) | | $ | (8) | | | $ | (2,241) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (e) | Securities with an aggregate market value of $1,697 and cash of $12,893 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2022. 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. |
| | | | | | |
| 82 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| (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. |
| (4) | This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information. |
| (5) | Unsettled variation margin liability of $(87) for closed futures is outstanding at period end. |
(f) 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 | |
BPS | | | 07/2022 | | | EUR | | | 6,613 | | | $ | | | 7,114 | | | $ | 184 | | | $ | 0 | |
| | | 07/2022 | | | $ | | | 13,809 | | | EUR | | | 13,129 | | | | 0 | | | | (50 | ) |
| | | 07/2022 | | | | | | 7,471 | | | JPY | | | 991,700 | | | | 0 | | | | (162 | ) |
| | | 08/2022 | | | EUR | | | 13,129 | | | $ | | | 13,834 | | | | 50 | | | | 0 | |
| | | 08/2022 | | | $ | | | 13,668 | | | JPY | | | 1,853,699 | | | | 18 | | | | 0 | |
| | | | | | | |
JPM | | | 08/2022 | | | | | | 9,223 | | | AUD | | | 12,859 | | | | 0 | | | | (344 | ) |
| | | | | | | |
RBC | | | 08/2022 | | | | | | 11,956 | | | | | | 16,818 | | | | 0 | | | | (344 | ) |
| | | 08/2022 | | | | | | 6,751 | | | JPY | | | 915,578 | | | | 9 | | | | 0 | |
| | | | | | | |
SCX | | | 07/2022 | | | | | | 21,330 | | | | | | 2,740,423 | | | | 0 | | | | (1,132 | ) |
| | | 08/2022 | | | | | | 6,981 | | | | | | 946,882 | | | | 9 | | | | 0 | |
| | | | | | | |
SOG | | | 07/2022 | | | EUR | | | 6,516 | | | $ | | | 7,003 | | | | 175 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Forward Foreign Currency Contracts | | | $ | 445 | | | $ | (2,032 | ) |
| | | | | | | | | |
WRITTEN OPTIONS:
CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES
| | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Description | | Buy/Sell
Protection | | Exercise
Rate | | | Expiration
Date | | | Notional
Amount(1) | | | Premiums
(Received) | | | Market
Value | |
BOA | | Put - OTC CDX.IG-38 5-Year Index | | Sell | | | 1.200 | % | | | 07/20/2022 | | | | 5,300 | | | $ | (8 | ) | | $ | (4 | ) |
| | | | | | | |
BPS | | Put - OTC CDX.IG-37 5-Year Index | | Sell | | | 1.200 | | | | 07/20/2022 | | | | 4,500 | | | | (8 | ) | | | (2 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Written Options | | | $ | (16 | ) | | $ | (6 | ) |
| | | | | | | | | |
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 as of June 30, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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) | |
BOA | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | $ | 0 | | | $ | (4 | ) | | $ | 0 | | | $ | (4 | ) | | $ | (4 | ) | | $ | 0 | | | $ | (4 | ) |
BPS | | | 252 | | | | 0 | | | | 0 | | | | 252 | | | | | | | | (212 | ) | | | (2 | ) | | | 0 | | | | (214 | ) | | | 38 | | | | 0 | | | | 38 | |
JPM | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | | | | | (344 | ) | | | 0 | | | | 0 | | | | (344 | ) | | | (344 | ) | | | 321 | | | | (23 | ) |
RBC | | | 9 | | | | 0 | | | | 0 | | | | 9 | | | | | | | | (344 | ) | | | 0 | | | | 0 | | | | (344 | ) | | | (335 | ) | | | 331 | | | | (4 | ) |
SCX | | | 9 | | | | 0 | | | | 0 | | | | 9 | | | | | | | | (1,132 | ) | | | 0 | | | | 0 | | | | (1,132 | ) | | | (1,123 | ) | | | 1,237 | | | | 114 | |
SOG | | | 175 | | | | 0 | | | | 0 | | | | 175 | | | | | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 175 | | | | 0 | | | | 175 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Over the Counter | | $ | 445 | | | $ | 0 | | | $ | 0 | | | $ | 445 | | | | | | | $ | (2,032 | ) | | $ | (6 | ) | | $ | 0 | | | $ | (2,038 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (g) | Securities with an aggregate market value of $1,888 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2022. |
| (1) | Notional Amount represents the number of contracts. |
| (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. |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 83 |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | (Cont.) | | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 | |
Swap Agreements | | | 0 | | | | 37 | | | | 0 | | | | 0 | | | | 2,507 | | | | 2,544 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 37 | | | $ | 0 | | | $ | 0 | | | $ | 2,531 | | | $ | 2,568 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 445 | | | $ | 0 | | | $ | 445 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 37 | | | $ | 0 | | | $ | 445 | | | $ | 2,531 | | | $ | 3,013 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 2,233 | | | $ | 2,233 | |
Swap Agreements | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 8 | | | | 8 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 2,241 | | | $ | 2,241 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 2,032 | | | $ | 0 | | | $ | 2,032 | |
Written Options | | | 0 | | | | 6 | | | | 0 | | | | 0 | | | | 0 | | | | 6 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 6 | | | $ | 0 | | | $ | 2,032 | | | $ | 0 | | | $ | 2,038 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 6 | | | $ | 0 | | | $ | 2,032 | | | $ | 2,241 | | | $ | 4,279 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Net Realized Gain (Loss) on Financial Derivative Instruments | | | | | | | | | | | | | | | | | | | | | |
Exchange-traded or centrally cleared | | | | | | | | | | | | | | | | | | | | | | | | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 30,252 | | | $ | 30,252 | |
Swap Agreements | | | 0 | | | | (1,291 | ) | | | 0 | | | | 0 | | | | (621 | ) | | | (1,912 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (1,291 | ) | | $ | 0 | | | $ | 0 | | | $ | 29,631 | | | $ | 28,340 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | | | | | | | | | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (1,581 | ) | | $ | 0 | | | $ | (1,581 | ) |
Written Options | | | 0 | | | | 709 | | | | 0 | | | | 0 | | | | 245 | | | | 954 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 709 | | | $ | 0 | | | $ | (1,581 | ) | | $ | 245 | | | $ | (627 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (582 | ) | | $ | 0 | | | $ | (1,581 | ) | | $ | 29,876 | | | $ | 27,713 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | | | | | | | | | | | | | |
Exchange-traded or centrally cleared | | | | | | | | | | | | | | | | | | | | | | | | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 3,336 | | | $ | 3,336 | |
Swap Agreements | | | 0 | | | | 3,896 | | | | 0 | | | | 0 | | | | (9,644 | ) | | | (5,748 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 3,896 | | | $ | 0 | | | $ | 0 | | | $ | (6,308 | ) | | $ | (2,412 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | | | | | | | | | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (2,124 | ) | | $ | 0 | | | $ | (2,124 | ) |
Written Options | | | 0 | | | | (162 | ) | | | 0 | | | | 0 | | | | (25 | ) | | | (187 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (162 | ) | | $ | 0 | | | $ | (2,124 | ) | | $ | (25 | ) | | $ | (2,311 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 3,734 | | | $ | 0 | | | $ | (2,124 | ) | | $ | (6,333 | ) | | $ | (4,723 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| 84 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Investments in Securities, at Value | |
Corporate Bonds & Notes | |
Banking & Finance | | $ | 0 | | | $ | 378,896 | | | $ | 0 | | | $ | 378,896 | |
Industrials | | | 0 | | | | 289,650 | | | | 0 | | | | 289,650 | |
Utilities | | | 0 | | | | 58,835 | | | | 0 | | | | 58,835 | |
Municipal Bonds & Notes | |
Illinois | | | 0 | | | | 460 | | | | 0 | | | | 460 | |
U.S. Government Agencies | | | 0 | | | | 40,627 | | | | 0 | | | | 40,627 | |
U.S. Treasury Obligations | | | 0 | | | | 281,623 | | | | 0 | | | | 281,623 | |
Non-Agency Mortgage-Backed Securities | | | 0 | | | | 130,085 | | | | 0 | | | | 130,085 | |
Asset-Backed Securities | | | 0 | | | | 153,343 | | | | 0 | | | | 153,343 | |
Sovereign Issues | | | 0 | | | | 1,001 | | | | 0 | | | | 1,001 | |
Preferred Securities | |
Banking & Finance | | | 0 | | | | 723 | | | | 0 | | | | 723 | |
Short-Term Instruments | |
Commercial Paper | | | 0 | | | | 15,691 | | | | 0 | | | | 15,691 | |
Repurchase Agreements | | | 0 | | | | 75,490 | | | | 0 | | | | 75,490 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 1,426,424 | | | $ | 0 | | | $ | 1,426,424 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | | $ | 0 | | | $ | 2,568 | | | $ | 0 | | | $ | 2,568 | |
Over the counter | | | 0 | | | | 445 | | | | 0 | | | | 445 | |
| | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 3,013 | | | $ | 0 | | | $ | 3,013 | |
| | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | | | 0 | | | | (2,154 | ) | | | 0 | | | | (2,154 | ) |
Over the counter | | | 0 | | | | (2,038 | ) | | | 0 | | | | (2,038 | ) |
| | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (4,192 | ) | | $ | 0 | | | $ | (4,192 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Total Financial Derivative Instruments | | $ | 0 | | | $ | (1,179 | ) | | $ | 0 | | | $ | (1,179 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Totals | | $ | 0 | | | $ | 1,425,245 | | | $ | 0 | | | $ | 1,425,245 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 85 |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Short Maturity Active ESG 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 99.3% | |
| |
| CORPORATE BONDS & NOTES 53.3% | |
| |
| BANKING & FINANCE 31.3% | |
|
AerCap Ireland Capital DAC | |
1.750% due 10/29/2024 | | $ | | | 500 | | | $ | | | 462 | |
|
AIA Group Ltd. | |
3.125% due 03/13/2023 | | | | | 2,000 | | | | | | 1,999 | |
|
Allstate Corp. | |
2.862% (US0003M + 0.630%) due 03/29/2023 ~ | | | | | 300 | | | | | | 298 | |
|
American Express Co. | |
1.896% (US0003M + 0.610%) due 08/01/2022 ~ | | | | | 1,900 | | | | | | 1,900 | |
|
American Tower Corp. | |
3.500% due 01/31/2023 | | | | | 2,000 | | | | | | 2,000 | |
|
Aozora Bank Ltd. | |
2.550% due 09/09/2022 | | | | | 2,200 | | | | | | 2,198 | |
|
Aviation Capital Group LLC | |
3.875% due 05/01/2023 | | | | | 500 | | | | | | 496 | |
|
Bank of America Corp. | |
1.679% (SOFRRATE + 0.690%) due 04/22/2025 ~ | | | | | 200 | | | | | | 195 | |
|
Bank of Nova Scotia | |
2.375% due 01/18/2023 | | | | | 2,400 | | | | | | 2,393 | |
2.406% (SOFRINDX + 0.960%) due 03/11/2024 ~ | | | | | 1,000 | | | | | | 996 | |
|
Brandywine Operating Partnership LP | |
3.950% due 02/15/2023 | | | | | 1,000 | | | | | | 998 | |
|
Chubb INA Holdings, Inc. | |
2.875% due 11/03/2022 | | | | | 537 | | | | | | 537 | |
|
Citigroup, Inc. | |
1.669% (SOFRRATE + 0.694%) due 01/25/2026 ~(c) | | | | | 1,000 | | | | | | 966 | |
1.678% due 05/15/2024 • | | | | | 1,000 | | | | | | 980 | |
|
Commonwealth Bank of Australia | |
2.776% (US0003M + 0.680%) due 09/18/2022 ~ | | | | | 400 | | | | | | 400 | |
|
DBS Group Holdings Ltd. | |
1.804% (US0003M + 0.620%) due 07/25/2022 ~ | | | | | 2,300 | | | | | | 2,298 | |
|
Deutsche Bank AG | |
2.601% (US0003M + 1.190%) due 11/16/2022 ~ | | | | | 600 | | | | | | 600 | |
3.950% due 02/27/2023 | | | | | 1,200 | | | | | | 1,198 | |
|
DNB Bank ASA | |
2.231% (US0003M + 0.620%) due 12/02/2022 ~ | | | | | 500 | | | | | | 500 | |
|
First American Financial Corp. | |
4.300% due 02/01/2023 | | | | | 1,500 | | | | | | 1,502 | |
|
Goldman Sachs Group, Inc. | |
1.438% (SOFRRATE + 0.490%) due 10/21/2024 ~ | | | | | 1,800 | | | | | | 1,756 | |
2.905% due 07/24/2023 • | | | | | 400 | | | | | | 400 | |
|
HSBC Holdings PLC | |
3.033% due 11/22/2023 • | | | | | 2,500 | | | | | | 2,489 | |
|
Intesa Sanpaolo SpA | |
3.125% due 07/14/2022 | | | | | 1,500 | | | | | | 1,500 | |
|
JPMorgan Chase & Co. | |
0.768% due 08/09/2025 • | | | | | 800 | | | | | | 743 | |
2.414% (US0003M + 1.230%) due 10/24/2023 ~ | | | | | 1,256 | | | | | | 1,256 | |
|
Kimco Realty Corp. | |
3.375% due 10/15/2022 | | | | | 1,200 | | | | | | 1,200 | |
|
Mitsubishi UFJ Financial Group, Inc. | |
1.974% (US0003M + 0.790%) due 07/25/2022 ~ | | | | | 1,346 | | | | | | 1,346 | |
|
Mitsui Fudosan Co. Ltd. | |
2.950% due 01/23/2023 | | | | | 1,800 | | | | | | 1,797 | |
|
Mizuho Financial Group, Inc. | |
2.218% (SOFRRATE + 0.960%) due 05/22/2026 ~ | | | | | 2,200 | | | | | | 2,147 | |
|
National Bank of Canada | |
0.550% due 11/15/2024 • | | | | | 500 | | | | | | 477 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Natwest Group PLC | |
2.359% due 05/22/2024 • | | $ | | | 1,000 | | | $ | | | 982 | |
|
Nomura Holdings, Inc. | |
2.648% due 01/16/2025 | | | | | 900 | | | | | | 860 | |
|
NongHyup Bank | |
0.875% due 07/28/2024 | | | | | 1,500 | | | | | | 1,417 | |
|
NTT Finance Corp. | |
0.373% due 03/03/2023 | | | | | 800 | | | | | | 786 | |
0.583% due 03/01/2024 | | | | | 500 | | | | | | 476 | |
|
ORIX Corp. | |
2.900% due 07/18/2022 | | | | | 1,500 | | | | | | 1,500 | |
|
Royal Bank of Canada | |
1.404% (US0003M + 0.360%) due 01/17/2023 ~ | | | | | 547 | | | | | | 546 | |
|
Santander Holdings USA, Inc. | |
3.400% due 01/18/2023 | | | | | 1,700 | | | | | | 1,698 | |
|
SL Green Operating Partnership LP | |
3.250% due 10/15/2022 | | | | | 1,900 | | | | | | 1,895 | |
|
SMBC Aviation Capital Finance DAC | |
3.000% due 07/15/2022 | | | | | 200 | | | | | | 200 | |
|
Societe Generale SA | |
1.998% (SOFRRATE + 1.050%) due 01/21/2026 ~ | | | | | 1,000 | | | | | | 964 | |
3.875% due 03/28/2024 | | | | | 200 | | | | | | 198 | |
|
Standard Chartered PLC | |
1.214% due 03/23/2025 • | | | | | 600 | | | | | | 566 | |
1.319% due 10/14/2023 • | | | | | 705 | | | | | | 700 | |
|
Sumitomo Mitsui Financial Group, Inc. | |
0.508% due 01/12/2024 | | | | | 1,000 | | | | | | 953 | |
1.784% (US0003M + 0.740%) due 01/17/2023 ~ | | | | | 345 | | | | | | 344 | |
|
Sumitomo Mitsui Trust Bank Ltd. | |
0.850% due 03/25/2024 | | | | | 700 | | | | | | 664 | |
1.904% (SOFRRATE + 0.440%) due 09/16/2024 ~ | | | | | 1,000 | | | | | | 983 | |
|
Toronto-Dominion Bank | |
2.332% (SOFRRATE + 0.910%) due 03/08/2024 ~ | | | | | 1,200 | | | | | | 1,197 | |
|
UBS Group AG | |
2.361% (US0003M + 0.950%) due 08/15/2023 ~ | | | | | 500 | | | | | | 500 | |
2.859% due 08/15/2023 • | | | | | 1,200 | | | | | | 1,200 | |
|
USAA Capital Corp. | |
1.500% due 05/01/2023 | | | | | 1,000 | | | | | | 985 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 57,641 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 18.3% | |
|
Amazon.com, Inc. | |
0.250% due 05/12/2023 | | | | | 500 | | | | | | 490 | |
|
Aptiv PLC | |
2.396% due 02/18/2025 | | | | | 1,000 | | | | | | 956 | |
|
Autodesk, Inc. | |
3.600% due 12/15/2022 | | | | | 1,800 | | | | | | 1,801 | |
|
Caterpillar, Inc. | |
8.000% due 02/15/2023 | | | | | 300 | | | | | | 311 | |
|
Celgene Corp. | |
3.250% due 08/15/2022 | | | | | 400 | | | | | | 400 | |
3.550% due 08/15/2022 | | | | | 1,500 | | | | | | 1,502 | |
|
Cigna Corp. | |
0.613% due 03/15/2024 | | | | | 300 | | | | | | 286 | |
|
Conagra Brands, Inc. | |
3.200% due 01/25/2023 | | | | | 1,000 | | | | | | 999 | |
3.250% due 09/15/2022 | | | | | 1,000 | | | | | | 1,002 | |
|
Dell International LLC | |
5.450% due 06/15/2023 | | | | | 1,760 | | | | | | 1,778 | |
|
Discovery Communications LLC | |
2.950% due 03/20/2023 | | | | | 1,000 | | | | | | 993 | |
|
DS Smith PLC | |
2.250% due 09/16/2022 | | EUR | | | 1,200 | | | | | | 1,258 | |
|
Fiserv, Inc. | |
3.500% due 10/01/2022 | | $ | | | 1,600 | | | | | | 1,600 | |
|
General Mills, Inc. | |
6.410% due 10/15/2022 | | | | | 200 | | | | | | 202 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
GSK Consumer Healthcare Capital U.S. LLC | |
2.400% (SOFRRATE + 0.890%) due 03/24/2024 ~ | | $ | | | 200 | | | $ | | | 200 | |
|
Honda Motor Co. Ltd. | |
2.271% due 03/10/2025 | | | | | 400 | | | | | | 385 | |
|
Humana, Inc. | |
2.900% due 12/15/2022 | | | | | 1,700 | | | | | | 1,700 | |
|
International Flavors & Fragrances, Inc. | |
0.697% due 09/15/2022 | | | | | 530 | | | | | | 528 | |
3.200% due 05/01/2023 | | | | | 1,100 | | | | | | 1,096 | |
|
JDE Peet’s NV | |
0.800% due 09/24/2024 | | | | | 1,585 | | | | | | 1,474 | |
|
John Lewis PLC | |
6.125% due 01/21/2025 | | GBP | | | 1,000 | | | | | | 1,259 | |
|
Kia Corp. | |
1.000% due 04/16/2024 | | $ | | | 700 | | | | | | 667 | |
|
Komatsu Finance America, Inc. | |
2.437% due 09/11/2022 | | | | | 2,237 | | | | | | 2,234 | |
|
Kraft Heinz Foods Co. | |
2.222% (US0003M + 0.820%) due 08/10/2022 ~ | | | | | 1,100 | | | | | | 1,098 | |
|
Magallanes, Inc. | |
3.259% (SOFRINDX + 1.780%) due 03/15/2024 ~ | | | | | 200 | | | | | | 199 | |
3.528% due 03/15/2024 | | | | | 400 | | | | | | 392 | |
|
Novartis Capital Corp. | |
2.400% due 09/21/2022 | | | | | 400 | | | | | | 400 | |
|
Panasonic Holdings Corp. | |
2.536% due 07/19/2022 | | | | | 2,100 | | | | | | 2,100 | |
|
RELX Capital, Inc. | |
3.500% due 03/16/2023 | | | | | 1,800 | | | | | | 1,798 | |
|
SK Broadband Co. Ltd. | |
3.875% due 08/13/2023 | | | | | 1,000 | | | | | | 1,005 | |
|
SK Telecom Co. Ltd. | |
3.750% due 04/16/2023 | | | | | 1,000 | | | | | | 1,002 | |
|
TWDC Enterprises 18 Corp. | |
2.125% due 09/13/2022 | | | | | 683 | | | | | | 683 | |
|
Zoetis, Inc. | |
3.250% due 02/01/2023 | | | | | 1,900 | | | | | | 1,894 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 33,692 | |
| | | | | | | | | | | | |
| |
| UTILITIES 3.7% | |
|
Avangrid, Inc. | |
3.150% due 12/01/2024 | | | | | 500 | | | | | | 489 | |
|
Enel Finance International NV | |
2.650% due 09/10/2024 | | | | | 1,500 | | | | | | 1,454 | |
|
KT Corp. | |
2.625% due 08/07/2022 | | | | | 1,850 | | | | | | 1,849 | |
|
Southern California Edison Co. | |
2.153% (SOFRINDX + 0.640%) due 04/03/2023 ~ | | | | | 1,000 | | | | | | 998 | |
|
Southern Power Co. | |
0.900% due 01/15/2026 | | | | | 200 | | | | | | 179 | |
|
Verizon Communications, Inc. | |
2.235% (BBSW3M + 1.220%) due 02/17/2023 ~ | | AUD | | | 1,000 | | | | | | 692 | |
2.511% (US0003M + 1.100%) due 05/15/2025 ~ | | $ | | | 1,100 | | | | | | 1,094 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,755 | |
| | | | | | | | | | | | |
Total Corporate Bonds & Notes (Cost $99,786) | | | 98,088 | |
| | | | |
| |
| MUNICIPAL BONDS & NOTES 0.4% | |
| |
| CALIFORNIA 0.4% | |
|
California Municipal Finance Authority Revenue Notes, Series 2020 | |
1.486% due 11/01/2022 | | | | | 750 | | | | | | 748 | |
| | | | | | | | | | | | |
Total Municipal Bonds & Notes (Cost $750) | | | 748 | |
| | | | |
| |
| | | | | | |
| 86 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| U.S. GOVERNMENT AGENCIES 8.1% | |
|
Fannie Mae | |
1.150% (US0001M + 0.350%) due 08/25/2044 ~ | | $ | | | 1,039 | | | $ | | | 1,025 | |
1.974% due 10/25/2058 • | | | | | 905 | | | | | | 898 | |
2.074% due 03/25/2049 - 11/25/2059 • | | | | | 1,201 | | | | | | 1,200 | |
2.124% (US0001M + 0.500%) due 05/25/2046 ~ | | | | | 278 | | | | | | 279 | |
2.124% due 11/25/2059 • | | | | | 2,262 | | | | | | 2,268 | |
2.174% (US0001M + 0.550%) due 12/25/2059 ~ | | | | | 2,936 | | | | | | 2,957 | |
|
Freddie Mac | |
1.624% (US0001M + 0.300%) due 08/15/2040 ~ | | | | | 1,187 | | | | | | 1,178 | |
1.724% (US0001M + 0.400%) due 09/15/2045 ~ | | | | | 574 | | | | | | 572 | |
1.774% (US0001M + 0.450%) due 11/15/2044 ~ | | | | | 1,514 | | | | | | 1,519 | |
1.924% (US0001M + 0.600%) due 01/15/2054 ~ | | | | | 527 | | | | | | 530 | |
2.074% due 09/25/2049 • | | | | | 228 | | | | | | 226 | |
2.124% (US0001M + 0.500%) due 12/25/2049 ~ | | | | | 1,058 | | | | | | 1,057 | |
|
Ginnie Mae | |
1.171% due 06/20/2051 • | | | | | 1,321 | | | | | | 1,194 | |
| | | | | | | | | | | | |
Total U.S. Government Agencies (Cost $15,044) | | | 14,903 | |
| | | | |
| |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 5.0% | |
|
280 Park Avenue Mortgage Trust | |
2.071% due 09/15/2034 • | | | | | 500 | | | | | | 491 | |
|
BSST Mortgage Trust | |
2.579% (TSFR1M + 1.300%) due 02/15/2037 ~ | | | | | 500 | | | | | | 486 | |
|
COLT Mortgage Loan Trust | |
1.397% due 10/25/2066 ~ | | | | | 542 | | | | | | 472 | |
|
DROP Mortgage Trust | |
2.470% (US0001M + 1.150%) due 10/15/2043 ~ | | | | | 1,000 | | | | | | 967 | |
|
Ellington Financial Mortgage Trust | |
2.206% due 01/25/2067 ~ | | | | | 748 | | | | | | 685 | |
|
GCAT Trust | |
2.885% due 12/27/2066 ~ | | | | | 285 | | | | | | 273 | |
|
Gemgarto PLC | |
1.355% (SONIO/N + 0.590%) due 12/16/2067 ~ | | GBP | | | 436 | | | | | | 525 | |
|
Hawksmoor Mortgage Funding PLC | |
1.703% due 05/25/2053 • | | | | | 260 | | | | | | 316 | |
|
Hawksmoor Mortgages | |
1.703% due 05/25/2053 • | | | | | 585 | | | | | | 711 | |
|
Hilton USA Trust | |
2.828% due 11/05/2035 | | $ | | | 800 | | | | | | 781 | |
|
MFA Trust | |
1.381% due 04/25/2065 ~ | | | | | 132 | | | | | | 127 | |
|
OBX Trust | |
1.957% due 10/25/2061 ~ | | | | | 617 | | | | | | 540 | |
2.305% due 11/25/2061 ~ | | | | | 705 | | | | | | 618 | |
2.783% due 01/25/2062 þ | | | | | 567 | | | | | | 540 | |
|
One Market Plaza Trust | |
3.614% due 02/10/2032 | | | | | 600 | | | | | | 589 | |
|
RESIMAC Premier | |
1.900% due 07/10/2052 • | | | | | 299 | | | | | | 297 | |
|
Starwood Mortgage Residential Trust | |
1.027% due 11/25/2055 ~ | | | | | 232 | | | | | | 225 | |
|
Towd Point HE Trust | |
0.918% due 02/25/2063 ~ | | | | | 172 | | | | | | 164 | |
|
VASA Trust | |
2.224% due 07/15/2039 • | | | | | 500 | | | | | | 478 | |
| | | | | | | | | | | | |
Total Non-Agency Mortgage-Backed Securities (Cost $9,943) | | | 9,285 | |
| | | | |
| |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| ASSET-BACKED SECURITIES 16.1% | |
|
American Money Management Corp. CLO Ltd. | |
1.914% due 04/17/2029 • | | $ | | | 493 | | | $ | | | 487 | |
|
Apres Static CLO Ltd. | |
2.114% due 10/15/2028 • | | | | | 258 | | | | | | 257 | |
|
Ares CLO Ltd. | |
1.914% (US0003M + 0.870%) due 01/15/2029 ~ | | | | | 807 | | | | | | 796 | |
|
College Avenue Student Loans LLC | |
2.824% due 12/26/2047 • | | | | | 735 | | | | | | 718 | |
|
Commonbond Student Loan Trust | |
1.980% due 08/25/2050 | | | | | 1,608 | | | | | | 1,544 | |
3.560% due 09/25/2045 | | | | | 731 | | | | | | 722 | |
|
Dell Equipment Finance Trust | |
0.330% due 12/22/2026 | | | | | 464 | | | | | | 457 | |
|
Dryden Senior Loan Fund | |
2.024% due 04/15/2028 • | | | | | 393 | | | | | | 387 | |
|
FHF Trust | |
3.100% due 09/15/2025 | | | | | 1,000 | | | | | | 988 | |
|
GMF Canada Leasing Trust | |
0.912% due 07/20/2023 | | CAD | | | 16 | | | | | | 12 | |
|
Halseypoint Clo Ltd. | |
2.163% due 07/20/2031 • | | $ | | | 1,000 | | | | | | 989 | |
|
KVK CLO Ltd. | |
1.938% due 01/14/2028 • | | | | | 27 | | | | | | 27 | |
|
LCM LP | |
1.914% due 07/19/2027 • | | | | | 772 | | | | | | 759 | |
|
MP CLO Ltd. | |
1.934% due 10/18/2028 • | | | | | 686 | | | | | | 673 | |
|
Nassau Ltd. | |
2.194% (US0003M + 1.150%) due 10/15/2029 ~ | | | | | 453 | | | | | | 451 | |
|
Navient Private Education Loan Trust | |
2.324% due 04/15/2069 • | | | | | 330 | | | | | | 325 | |
2.574% due 02/15/2029 • | | | | | 161 | | | | | | 161 | |
2.650% due 12/15/2028 | | | | | 35 | | | | | | 34 | |
|
Navient Private Education Refi Loan Trust | |
1.060% due 10/15/2069 | | | | | 1,272 | | | | | | 1,173 | |
1.310% due 01/15/2069 | | | | | 222 | | | | | | 207 | |
1.580% due 04/15/2070 | | | | | 229 | | | | | | 203 | |
2.400% due 10/15/2068 | | | | | 188 | | | | | | 181 | |
2.600% due 08/15/2068 | | | | | 1,181 | | | | | | 1,126 | |
3.130% due 02/15/2068 | | | | | 1,216 | | | | | | 1,187 | |
|
OCP CLO Ltd. | |
2.183% (US0003M + 1.120%) due 07/20/2029 ~ | | | | | 593 | | | | | | 587 | |
|
Oscar U.S. Funding Trust LLC | |
2.760% due 12/10/2024 | | | | | 51 | | | | | | 51 | |
|
OSD CLO Ltd. | |
1.914% due 04/17/2031 • | | | | | 1,000 | | | | | | 978 | |
|
OZLM Ltd. | |
2.336% (US0003M + 1.050%) due 04/30/2027 ~ | | | | | 41 | | | | | | 41 | |
|
Palmer Square Loan Funding Ltd. | |
1.844% (US0003M + 0.800%) due 10/15/2029 ~ | | | | | 1,646 | | | | | | 1,616 | |
|
PRET LLC | |
1.868% due 07/25/2051 þ | | | | | 459 | | | | | | 414 | |
|
Santander Retail Auto Lease Trust | |
0.290% due 04/22/2024 | | | | | 282 | | | | | | 280 | |
|
SMB Private Education Loan Trust | |
1.390% due 01/15/2053 | | | | | 910 | | | | | | 824 | |
2.124% (US0001M + 0.800%) due 01/15/2053 ~ | | | | | 1,000 | | | | | | 965 | |
|
SoFi Professional Loan Program LLC | |
2.224% due 07/25/2040 • | | | | | 237 | | | | | | 235 | |
2.324% (US0001M + 0.700%) due 03/26/2040 ~ | | | | | 510 | | | | | | 509 | |
2.574% due 01/25/2039 • | | | | | 219 | | | | | | 219 | |
2.630% due 07/25/2040 | | | | | 63 | | | | | | 63 | |
2.720% due 11/26/2040 | | | | | 278 | | | | | | 277 | |
2.724% due 10/27/2036 • | | | | | 378 | | | | | | 378 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Sound Point CLO Ltd. | |
2.113% due 10/20/2028 • | | $ | | | 363 | | | $ | | | 359 | |
|
Stratus CLO Ltd. | |
1.963% due 12/28/2029 • | | | | | 573 | | | | | | 563 | |
2.013% due 12/29/2029 • | | | | | 787 | | | | | | 774 | |
|
Symphony Static CLO Ltd. | |
2.014% (US0003M + 0.830%) due 10/25/2029 ~ | | | | | 1,708 | | | | | | 1,677 | |
|
Tesla Auto Lease Trust | |
0.360% due 09/22/2025 | | | | | 883 | | | | | | 860 | |
2.200% due 11/21/2022 | | | | | 1,000 | | | | | | 999 | |
|
Towd Point Mortgage Trust | |
3.750% due 05/25/2058 ~ | | | | | 402 | | | | | | 393 | |
|
Tricolor Auto Securitization Trust | |
0.740% due 04/15/2024 | | | | | 285 | | | | | | 284 | |
3.300% due 02/18/2025 | | | | | 1,116 | | | | | | 1,107 | |
|
Venture CLO Ltd. | |
1.924% due 07/15/2027 • | | | | | 592 | | | | | | 592 | |
2.628% due 08/28/2029 • | | | | | 479 | | | | | | 476 | |
|
Wellfleet CLO Ltd. | |
1.953% due 07/20/2029 • | | | | | 172 | | | | | | 170 | |
| | | | | | | | | | | | |
Total Asset-Backed Securities (Cost $30,375) | | | 29,555 | |
| | | | |
| |
| SOVEREIGN ISSUES 0.8% | |
|
Israel Government International Bond | |
0.750% due 07/31/2022 | | ILS | | | 1,000 | | | | | | 286 | |
|
Korea Development Bank | |
1.694% (US0003M + 0.725%) due 07/06/2022 ~ | | $ | | | 1,090 | | | | | | 1,090 | |
| | | | | | | | | | | | |
Total Sovereign Issues (Cost $1,399) | | | 1,376 | |
| | | | |
| |
| SHORT-TERM INSTRUMENTS 15.6% | |
| |
| COMMERCIAL PAPER 0.8% | |
|
Crown Castle International Corp. | |
2.400% due 07/12/2022 | | | | | 1,500 | | | | | | 1,499 | |
| | | | | | | | | | | | |
| |
| REPURCHASE AGREEMENTS (d) 13.2% | |
| | | | | | | | | | | 24,300 | |
| | | | | | | | | | | | |
| |
| ISRAEL TREASURY BILLS 1.6% | |
(0.054)% due 10/07/2022 - 12/07/2022 (a)(b) | | ILS | | | 10,300 | | | | | | 2,942 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $29,069) | | | 28,741 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
Total Investments in Securities
(Cost $186,366) | | | 182,696 | |
| |
| | | | |
Total Investments 99.3%
(Cost $186,366) | | | $ | | | 182,696 | |
| |
Financial Derivative
Instruments (e) 0.3% (Cost or Premiums, net $0) | | | | | | 574 | |
| |
| Other Assets and Liabilities, net 0.4% | | | 801 | |
| | | | |
| Net Assets 100.0% | | | $ | | | 184,071 | |
| | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 87 |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | (Cont.) | | |
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) | Coupon represents a weighted average yield to maturity. |
(c) RESTRICTED SECURITIES:
| | | | | | | | | | | | | | | | | | | | | | |
| Issuer Description | | Coupon | | Maturity
Date | | | Acquisition
Date | | | Cost | | | Market
Value | | | Market Value
as Percentage
of Net Assets
| |
Citigroup, Inc. | | 1.669% | | | 01/25/2026 | | | | 01/18/2022 | | | | $ 1,000 | | | $ | 966 | | | | 0.52% | |
| | | | | | | | | | | | | | | | | | | | | | |
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 | | | 1.420 | % | | | 06/30/2022 | | | | 07/01/2022 | | | $ | 24,300 | | | U.S. Treasury Bonds 4.375% due 11/15/2039 | | $ | (24,886 | ) | | $ | 24,300 | | | $ | 24,301 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (24,886 | ) | | $ | 24,300 | | | $ | 24,301 | |
| | | | | | | | | | | | | | | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
NOM | | $ | 24,301 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 24,301 | | | $ | (24,886 | ) | | $ | (585 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 24,301 | | | $ | 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, 2022 was $(3,031) at a weighted average interest rate of 0.600%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(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 | | | 07/2022 | | | GBP | | | 2,411 | | | $ | | | 3,049 | | | $ | 113 | | | $ | 0 | |
| | | 09/2022 | | | EUR | | | 1,200 | | | | | | 1,349 | | | | 85 | | | | 0 | |
| | | | | | | |
BPS | | | 08/2022 | | | GBP | | | 2,412 | | | | | | 2,930 | | | | 0 | | | | (7 | ) |
| | | | | | | |
CBK | | | 10/2022 | | | ILS | | | 900 | | | | | | 288 | | | | 28 | | | | 0 | |
| | | 11/2022 | | | | | | 5,704 | | | | | | 1,828 | | | | 180 | | | | 0 | |
| | | 12/2022 | | | | | | 3,101 | | | | | | 992 | | | | 94 | | | | 0 | |
| | | | | | | |
GLM | | | 08/2022 | | | | | | 1,007 | | | | | | 313 | | | | 25 | | | | 0 | |
| | | | | | |
| 88 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Settlement
Month | | | Currency to
be Delivered | | | Currency to
be Received | | | Unrealized Appreciation/
(Depreciation) | |
| | Asset | | | Liability | |
HUS | | | 07/2022 | | | AUD | | | 1,000 | | | $ | | | 722 | | | $ | 32 | | | $ | 0 | |
| | | 07/2022 | | | CAD | | | 130 | | | | | | 103 | | | | 2 | | | | 0 | |
| | | 07/2022 | | | $ | | | 689 | | | AUD | | | 1,000 | | | | 2 | | | | 0 | |
| | | 08/2022 | | | AUD | | | 1,000 | | | $ | | | 689 | | | | 0 | | | | (1 | ) |
| | | | | | | |
JPM | | | 12/2022 | | | ILS | | | 600 | | | | | | 194 | | | | 21 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Forward Foreign Currency Contracts | | | $ | 582 | | | $ | (8 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 | | $ | 198 | | | $ | 0 | | | $ | 0 | | | $ | 198 | | | | | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 198 | | | $ | 0 | | | $ | 198 | |
BPS | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | | | | | (7 | ) | | | 0 | | | | 0 | | | | (7 | ) | | | (7 | ) | | | 0 | | | | (7 | ) |
CBK | | | 302 | | | | 0 | | | | 0 | | | | 302 | | | | | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 302 | | | | (270 | ) | | | 32 | |
GLM | | | 25 | | | | 0 | | | | 0 | | | | 25 | | | | | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 25 | | | | 0 | | | | 25 | |
HUS | | | 36 | | | | 0 | | | | 0 | | | | 36 | | | | | | | | (1 | ) | | | 0 | | | | 0 | | | | (1 | ) | | | 35 | | | | 0 | | | | 35 | |
JPM | | | 21 | | | | 0 | | | | 0 | | | | 21 | | | | | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 21 | | | | (10 | ) | | | 11 | |
MBC | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | (30 | ) | | | (30 | ) |
| | | | �� | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Over the Counter | | $ | 582 | | | $ | 0 | | | $ | 0 | | | $ | 582 | | | | | | | $ | (8 | ) | | $ | 0 | | | $ | 0 | | | $ | (8 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Financial Derivative Instruments - Assets | | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | | | | | | | | | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 582 | | | $ | 0 | | | $ | 582 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Financial Derivative Instruments - Liabilities | | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | | | | | | | | | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 8 | | | $ | 0 | | | $ | 8 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 | | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | | | | | | | | | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 1,590 | | | $ | 0 | | | $ | 1,590 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Net Change in Unrealized Appreciation on Financial Derivative Instruments | | | | | | | | | |
Over the counter | | | | | | | | | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 420 | | | $ | 0 | | | $ | 420 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 89 |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | (Cont.) | | June 30, 2022 |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Investments in Securities, at Value | |
Corporate Bonds & Notes | |
Banking & Finance | | $ | 0 | | | $ | 57,641 | | | $ | 0 | | | $ | 57,641 | |
Industrials | | | 0 | | | | 33,692 | | | | 0 | | | | 33,692 | |
Utilities | | | 0 | | | | 6,755 | | | | 0 | | | | 6,755 | |
Municipal Bonds & Notes | |
California | | | 0 | | | | 748 | | | | 0 | | | | 748 | |
U.S. Government Agencies | | | 0 | | | | 14,903 | | | | 0 | | | | 14,903 | |
Non-Agency Mortgage-Backed Securities | | | 0 | | | | 9,285 | | | | 0 | | | | 9,285 | |
Asset-Backed Securities | | | 0 | | | | 29,555 | | | | 0 | | | | 29,555 | |
Sovereign Issues | | | 0 | | | | 1,376 | | | | 0 | | | | 1,376 | |
Short-Term Instruments | |
Commercial Paper | | | 0 | | | | 1,499 | | | | 0 | | | | 1,499 | |
Repurchase Agreements | | | 0 | | | | 24,300 | | | | 0 | | | | 24,300 | |
Israel Treasury Bills | | | 0 | | | | 2,942 | | | | 0 | | | | 2,942 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 182,696 | | | $ | 0 | | | $ | 182,696 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Financial Derivative Instruments - Assets | | | | | | | | | | | | | |
Over the counter | | $ | 0 | | | $ | 582 | | | $ | 0 | | | $ | 582 | |
| | | | | | | | | | | | | | | | |
| | | |
Financial Derivative Instruments - Liabilities | | | | | | | | | | | | | |
Over the counter | | $ | 0 | | | $ | (8 | ) | | $ | 0 | | | $ | (8 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Total Financial Derivative Instruments | | $ | 0 | | | $ | 574 | | | $ | 0 | | | $ | 574 | |
| | | | | | | | | | | | | | | | |
| | | | |
Totals | | $ | 0 | | | $ | 183,270 | | | $ | 0 | | | $ | 183,270 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.
| | | | | | |
| 90 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | June 30, 2022 |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 99.7% | |
| |
| CORPORATE BONDS & NOTES 56.9% | |
| |
| BANKING & FINANCE 36.1% | |
|
ADCB Finance Cayman Ltd. | |
4.000% due 03/29/2023 | | $ | | | 2,366 | | | $ | | | 2,374 | |
|
AerCap Ireland Capital DAC | |
1.150% due 10/29/2023 | | | | | 10,000 | | | | | | 9,535 | |
1.750% due 10/29/2024 | | | | | 23,800 | | | | | | 21,980 | |
2.193% (SOFRRATE + 0.680%) due 09/29/2023 ~ | | | | | 12,450 | | | | | | 12,282 | |
3.300% due 01/23/2023 | | | | | 3,550 | | | | | | 3,537 | |
|
AIA Group Ltd. | |
3.125% due 03/13/2023 | | | | | 13,060 | | | | | | 13,051 | |
|
American Express Co. | |
1.896% (US0003M + 0.610%) due 08/01/2022 ~ | | | | | 14,200 | | | | | | 14,200 | |
|
Aozora Bank Ltd. | |
1.050% due 09/09/2024 | | | | | 34,780 | | | | | | 32,521 | |
2.550% due 09/09/2022 | | | | | 15,319 | | | | | | 15,308 | |
|
Athene Global Funding | |
2.192% (US0003M + 1.230%) due 07/01/2022 ~ | | | | | 134,859 | | | | | | 134,859 | |
|
Aviation Capital Group LLC | |
3.875% due 05/01/2023 | | | | | 6,351 | | | | | | 6,298 | |
|
Avolon Holdings Funding Ltd. | |
5.500% due 01/15/2023 | | | | | 3,003 | | | | | | 3,012 | |
|
Banco Santander SA | |
2.131% (US0003M + 1.120%) due 04/12/2023 ~ | | | | | 7,000 | | | | | | 6,998 | |
3.848% due 04/12/2023 | | | | | 4,772 | | | | | | 4,770 | |
|
Bank of America Corp. | |
1.679% (SOFRRATE + 0.690%) due 04/22/2025 ~ | | | | | 37,879 | | | | | | 36,957 | |
1.760% due 10/24/2024 • | | | | | 59,200 | | | | | | 58,656 | |
2.401% (US0003M + 0.790%) due 03/05/2024 ~ | | | | | 35,700 | | | | | | 35,491 | |
|
Bank of Nova Scotia | |
2.090% (SOFRRATE + 0.610%) due 09/15/2026 ~ | | | | | 27,800 | | | | | | 26,938 | |
2.406% (SOFRINDX + 0.960%) due 03/11/2024 ~ | | | | | 24,100 | | | | | | 23,999 | |
|
Banque Federative du Credit Mutuel SA | |
0.650% due 02/27/2024 | | | | | 27,200 | | | | | | 25,846 | |
|
Barclays PLC | |
2.791% (US0003M + 1.380%) due 05/16/2024 ~ | | | | | 64,482 | | | | | | 64,467 | |
|
BNP Paribas SA | |
2.274% (US0003M + 1.230%) due 01/15/2024 ~ | | | | | 4,000 | | | | | | 4,068 | |
3.800% due 01/10/2024 | | | | | 26,165 | | | | | | 26,011 | |
|
Canadian Imperial Bank of Commerce | |
1.856% (SOFRINDX + 0.400%) due 12/14/2023 ~ | | | | | 10,000 | | | | | | 9,935 | |
|
Caterpillar Financial Services Corp. | |
1.921% (US0003M + 0.510%) due 05/15/2023 ~ | | | | | 6,100 | | | | | | 6,093 | |
|
Charles Schwab Corp. | |
1.737% (SOFRINDX + 0.520%) due 05/13/2026 ~ | | | | | 29,400 | | | | | | 28,621 | |
|
Citigroup, Inc. | |
1.794% (SOFRRATE + 0.669%) due 05/01/2025 ~(d) | | | | | 22,450 | | | | | | 22,027 | |
2.134% (US0003M + 0.950%) due 07/24/2023 ~ | | | | | 23,802 | | | | | | 23,747 | |
2.544% (US0003M + 1.100%) due 05/17/2024 ~ | | | | | 8,724 | | | | | | 8,653 | |
2.603% (US0003M + 1.023%) due 06/01/2024 ~ | | | | | 55,800 | | | | | | 55,446 | |
3.010% (US0003M + 1.430%) due 09/01/2023 ~ | | | | | 63,382 | | | | | | 63,326 | |
|
CNH Industrial Capital LLC | |
1.950% due 07/02/2023 | | | | | 9,860 | | | | | | 9,640 | |
|
Credit Suisse AG | |
1.000% due 05/05/2023 | | | | | 19,750 | | | | | | 19,336 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
1.466% (SOFRINDX + 0.390%) due 02/02/2024 ~ | | $ | | | 62,400 | | | $ | | | 61,528 | |
|
Credit Suisse Group AG | |
2.961% (US0003M + 1.240%) due 06/12/2024 ~ | | | | | 6,000 | | | | | | 6,010 | |
3.800% due 06/09/2023 | | | | | 9,800 | | | | | | 9,712 | |
|
Credit Suisse Group Funding Guernsey Ltd. | |
3.800% due 09/15/2022 | | | | | 11,250 | | | | | | 11,260 | |
|
Danske Bank AS | |
1.171% due 12/08/2023 • | | | | | 72,979 | | | | | | 72,023 | |
2.781% (US0003M + 1.060%) due 09/12/2023 ~ | | | | | 30,685 | | | | | | 30,709 | |
3.875% due 09/12/2023 | | | | | 19,621 | | | | | | 19,545 | |
5.375% due 01/12/2024 | | | | | 46,102 | | | | | | 46,547 | |
|
DBS Group Holdings Ltd. | |
1.804% (US0003M + 0.620%) due 07/25/2022 ~ | | | | | 119,068 | | | | | | 118,950 | |
|
Deutsche Bank AG | |
1.665% due 11/08/2023 • | | | | | 31,800 | | | | | | 31,427 | |
2.601% (US0003M + 1.190%) due 11/16/2022 ~ | | | | | 14,869 | | | | | | 14,865 | |
2.783% (US0003M + 1.230%) due 02/27/2023 ~ | | | | | 1,850 | | | | | | 1,848 | |
3.300% due 11/16/2022 | | | | | 46,931 | | | | | | 46,927 | |
3.950% due 02/27/2023 | | | | | 58,408 | | | | | | 58,295 | |
|
Fidelity National Financial, Inc. | |
5.500% due 09/01/2022 | | | | | 17,000 | | | | | | 17,065 | |
|
First Abu Dhabi Bank PJSC | |
2.221% (US0003M + 0.850%) due 08/08/2023 ~ | | | | | 9,000 | | | | | | 9,004 | |
|
GA Global Funding Trust | |
1.000% due 04/08/2024 | | | | | 63,200 | | | | | | 59,663 | |
1.946% (SOFRRATE + 0.500%) due 09/13/2024 ~ | | | | | 50,570 | | | | | | 48,979 | |
2.148% (SOFRRATE + 1.360%) due 04/11/2025 ~ | | | | | 17,100 | | | | | | 16,793 | |
|
General Motors Financial Co., Inc. | |
1.050% due 03/08/2024 | | | | | 882 | | | | | | 837 | |
2.439% (SOFRRATE + 1.200%) due 11/17/2023 ~ | | | | | 29,931 | | | | | | 29,511 | |
3.250% due 01/05/2023 | | | | | 43,000 | | | | | | 42,936 | |
3.275% (US0003M + 0.990%) due 01/05/2023 ~ | | | | | 30,240 | | | | | | 30,218 | |
3.700% due 05/09/2023 | | | | | 6,986 | | | | | | 6,987 | |
4.150% due 06/19/2023 | | | | | 16,898 | | | | | | 16,914 | |
4.250% due 05/15/2023 | | | | | 13,000 | | | | | | 13,049 | |
5.100% due 01/17/2024 | | | | | 5,000 | | | | | | 5,054 | |
|
Goldman Sachs Group, Inc. | |
0.523% due 03/08/2023 | | | | | 1,100 | | | | | | 1,079 | |
1.217% due 12/06/2023 | | | | | 10,000 | | | | | | 9,641 | |
1.438% (SOFRRATE + 0.490%) due 10/21/2024 ~ | | | | | 26,600 | | | | | | 25,947 | |
1.779% due 11/17/2023 • | | | | | 42,600 | | | | | | 42,234 | |
2.255% (US0003M + 0.750%) due 02/23/2023 ~ | | | | | 58,015 | | | | | | 57,933 | |
2.870% (SOFRRATE + 1.390%) due 03/15/2024 ~ | | | | | 16,600 | | | | | | 16,629 | |
2.905% due 07/24/2023 • | | | | | 7,030 | | | | | | 7,028 | |
3.198% (US0003M + 1.600%) due 11/29/2023 ~ | | | | | 2,478 | | | | | | 2,487 | |
3.625% due 02/20/2024 | | | | | 26,000 | | | | | | 25,939 | |
|
Hana Bank | |
2.014% (US0003M + 0.800%) due 07/26/2023 ~ | | | | | 3,000 | | | | | | 3,012 | |
2.471% (US0003M + 0.750%) due 06/13/2024 ~ | | | | | 1,900 | | | | | | 1,904 | |
2.521% (US0003M + 0.800%) due 03/13/2023 ~ | | | | | 18,900 | | | | | | 18,936 | |
2.620% (US0003M + 0.875%) due 09/14/2022 ~ | | | | | 21,100 | | | | | | 21,111 | |
2.977% (US0003M + 0.700%) due 10/02/2022 ~ | | | | | 63,230 | | | | | | 63,294 | |
|
Harley-Davidson Financial Services, Inc. | |
3.350% due 02/15/2023 | | | | | 8,500 | | | | | | 8,467 | |
|
HSBC Holdings PLC | |
1.645% due 04/18/2026 • | | | | | 9,700 | | | | | | 8,899 | |
2.455% (US0003M + 1.000%) due 05/18/2024 ~ | | | | | 175,085 | | | | | | 173,710 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
2.951% (US0003M + 1.230%) due 03/11/2025 ~ | | $ | | | 2,300 | | | $ | | | 2,284 | |
3.033% due 11/22/2023 • | | | | | 10,000 | | | | | | 9,956 | |
|
Hutchison Whampoa International Ltd. | |
3.250% due 11/08/2022 | | | | | 19,000 | | | | | | 19,025 | |
|
Hyundai Capital Services, Inc. | |
0.750% due 09/15/2023 | | | | | 13,500 | | | | | | 12,997 | |
3.000% due 08/29/2022 | | | | | 17,600 | | | | | | 17,602 | |
3.750% due 03/05/2023 | | | | | 3,410 | | | | | | 3,408 | |
|
ING Groep NV | |
3.285% (US0003M + 1.000%) due 10/02/2023 ~ | | | | | 37,989 | | | | | | 38,114 | |
|
International Bank for Reconstruction & Development | |
0.650% due 02/10/2026 | | | | | 70,100 | | | | | | 64,144 | |
|
JPMorgan Chase & Co. | |
1.914% (US0003M + 0.730%) due 04/23/2024 ~ | | | | | 25,991 | | | | | | 25,674 | |
2.068% (SOFRRATE + 0.580%) due 03/16/2024 ~ | | | | | 25,746 | | | | | | 25,445 | |
2.074% (US0003M + 0.890%) due 07/23/2024 ~ | | | | | 8,879 | | | | | | 8,844 | |
2.212% due 02/24/2026 • | | | | | 18,000 | | | | | | 17,491 | |
2.414% (US0003M + 1.230%) due 10/24/2023 ~ | | | | | 62,775 | | | | | | 62,780 | |
|
Kookmin Bank | |
2.875% due 03/25/2023 | | | | | 1,180 | | | | | | 1,177 | |
|
Lloyds Banking Group PLC | |
2.907% due 11/07/2023 • | | | | | 26,275 | | | | | | 26,189 | |
4.050% due 08/16/2023 | | | | | 720 | | | | | | 722 | |
|
Mitsubishi HC Capital, Inc. | |
2.652% due 09/19/2022 | | | | | 11,448 | | | | | | 11,448 | |
3.559% due 02/28/2024 | | | | | 9,300 | | | | | | 9,235 | |
|
Mitsubishi UFJ Financial Group, Inc. | |
1.974% (US0003M + 0.790%) due 07/25/2022 ~ | | | | | 73,672 | | | | | | 73,650 | |
2.074% (US0003M + 0.860%) due 07/26/2023 ~ | | | | | 37,201 | | | | | | 37,200 | |
2.351% (US0003M + 0.740%) due 03/02/2023 ~ | | | | | 44,074 | | | | | | 44,085 | |
|
Mitsui Fudosan Co. Ltd. | |
2.950% due 01/23/2023 | | | | | 5,000 | | | | | | 4,993 | |
|
Mizuho Financial Group, Inc. | |
1.979% (US0003M + 0.990%) due 07/10/2024 ~ | | | | | 29,300 | | | | | | 29,192 | |
2.154% (US0003M + 0.630%) due 05/25/2024 ~ | | | | | 75,510 | | | | | | 74,707 | |
2.218% (SOFRRATE + 0.960%) due 05/22/2026 ~ | | | | | 46,640 | | | | | | 45,516 | |
2.275% (US0003M + 0.610%) due 09/08/2024 ~ | | | | | 41,300 | | | | | | 40,859 | |
2.571% (US0003M + 0.850%) due 09/13/2023 ~(b) | | | | | 25,765 | | | | | | 25,741 | |
|
Morgan Stanley | |
0.731% due 04/05/2024 • | | | | | 21,200 | | | | | | 20,676 | |
2.222% (SOFRRATE + 0.950%) due 02/18/2026 ~ | | | | | 106,700 | | | | | | 103,863 | |
2.591% (US0003M + 1.220%) due 05/08/2024 ~ | | | | | 9,321 | | | | | | 9,326 | |
|
Nationwide Building Society | |
0.550% due 01/22/2024 | | | | | 37,000 | | | | | | 35,168 | |
3.766% due 03/08/2024 • | | | | | 2,177 | | | | | | 2,172 | |
|
Natwest Group PLC | |
3.747% (US0003M + 1.550%) due 06/25/2024 ~ | | | | | 7,500 | | | | | | 7,509 | |
3.875% due 09/12/2023 | | | | | 1,100 | | | | | | 1,097 | |
|
Nissan Motor Acceptance Co. LLC | |
1.671% (US0003M + 0.650%) due 07/13/2022 ~ | | | | | 26,583 | | | | | | 26,574 | |
2.305% (US0003M + 0.640%) due 03/08/2024 ~ | | | | | 29,350 | | | | | | 28,642 | |
2.600% due 09/28/2022 | | | | | 20,451 | | | | | | 20,352 | |
2.650% due 07/13/2022 | | | | | 21,373 | | | | | | 21,369 | |
2.924% due 09/28/2022 • | | | | | 20,909 | | | | | | 20,840 | |
3.450% due 03/15/2023 | | | | | 3,421 | | | | | | 3,403 | |
3.875% due 09/21/2023 | | | | | 5,200 | | | | | | 5,167 | |
|
Nomura Holdings, Inc. | |
2.648% due 01/16/2025 | | | | | 84,495 | | | | | | 80,708 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 91 |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
NongHyup Bank | |
0.875% due 07/28/2024 | | $ | | | 12,100 | | | $ | | | 11,429 | |
|
Nordea Bank Abp | |
2.370% (SOFRRATE + 0.960%) due 06/06/2025 ~ | | | | | 12,000 | | | | | | 11,954 | |
2.538% (US0003M + 0.940%) due 08/30/2023 ~ | | | | | 1,549 | | | | | | 1,547 | |
|
NTT Finance Corp. | |
0.373% due 03/03/2023 | | | | | 34,000 | | | | | | 33,418 | |
|
ORIX Corp. | |
4.050% due 01/16/2024 | | | | | 22,313 | | | | | | 22,364 | |
|
Park Aerospace Holdings Ltd. | |
4.500% due 03/15/2023 | | | | | 9,645 | | | | | | 9,613 | |
5.250% due 08/15/2022 | | | | | 4,584 | | | | | | 4,584 | |
|
Protective Life Global Funding | |
2.615% due 08/22/2022 | | | | | 8,900 | | | | | | 8,895 | |
|
QNB Finance Ltd. | |
3.346% (US0003M + 1.250%) due 03/21/2024 ~ | | | | | 25,000 | | | | | | 25,162 | |
|
Royal Bank of Canada | |
1.404% (US0003M + 0.360%) due 01/17/2023 ~ | | | | | 35,100 | | | | | | 35,057 | |
1.460% (SOFRINDX + 0.525%) due 01/20/2026 ~ | | | | | 31,476 | | | | | | 30,654 | |
|
Santander Holdings USA, Inc. | |
3.400% due 01/18/2023 | | | | | 76,902 | | | | | | 76,805 | |
|
Santander U.K. Group Holdings PLC | |
1.089% due 03/15/2025 • | | | | | 35,000 | | | | | | 32,707 | |
|
Skandinaviska Enskilda Banken AB | |
2.383% (SOFRRATE + 0.960%) due 06/09/2025 ~ | | | | | 30,000 | | | | | | 29,998 | |
|
SL Green Operating Partnership LP | |
3.250% due 10/15/2022 | | | | | 3,510 | | | | | | 3,502 | |
|
SMBC Aviation Capital Finance DAC | |
3.000% due 07/15/2022 | | | | | 3,531 | | | | | | 3,531 | |
|
Societe Generale SA | |
3.875% due 03/28/2024 | | | | | 32,990 | | | | | | 32,687 | |
4.250% due 09/14/2023 | | | | | 18,708 | | | | | | 18,740 | |
|
Standard Chartered PLC | |
1.319% due 10/14/2023 • | | | | | 20,199 | | | | | | 20,055 | |
2.104% (SOFRRATE + 1.250%) due 10/14/2023 ~ | | | | | 14,200 | | | | | | 14,201 | |
2.209% (SOFRRATE + 0.930%) due 11/23/2025 ~ | | | | | 12,900 | | | | | | 12,608 | |
3.253% (SOFRRATE + 1.740%) due 03/30/2026 ~ | | | | | 5,300 | | | | | | 5,303 | |
3.885% due 03/15/2024 • | | | | | 5,200 | | | | | | 5,186 | |
|
Sumitomo Mitsui Financial Group, Inc. | |
1.668% (SOFRRATE + 0.880%) due 01/14/2027 ~ | | | | | 43,300 | | | | | | 41,963 | |
1.784% (US0003M + 0.740%) due 10/18/2022 ~ | | | | | 4,500 | | | | | | 4,501 | |
1.784% (US0003M + 0.740%) due 01/17/2023 ~ | | | | | 943 | | | | | | 941 | |
|
Sumitomo Mitsui Trust Bank Ltd. | |
0.800% due 09/12/2023 | | | | | 6,000 | | | | | | 5,804 | |
0.850% due 03/25/2024 | | | | | 65,950 | | | | | | 62,588 | |
1.904% (SOFRRATE + 0.440%) due 09/16/2024 ~ | | | | | 34,975 | | | | | | 34,373 | |
2.550% due 03/10/2025 | | | | | 4,100 | | | | | | 3,944 | |
|
Toronto-Dominion Bank | |
2.332% (SOFRRATE + 0.910%) due 03/08/2024 ~ | | | | | 41,800 | | | | | | 41,681 | |
|
UBS AG | |
1.529% (SOFRRATE + 0.360%) due 02/09/2024 ~ | | | | | 14,800 | | | | | | 14,709 | |
1.619% due 08/09/2024 • | | | | | 50,000 | | | | | | 49,676 | |
|
UBS Group AG | |
2.361% due 08/15/2023 • | | | | | 2,600 | | | | | | 2,599 | |
2.361% (US0003M + 0.950%) due 08/15/2023 ~ | | | | | 72,186 | | | | | | 72,166 | |
2.789% (SOFRRATE + 1.580%) due 05/12/2026 ~ | | | | | 25,000 | | | | | | 24,967 | |
2.859% due 08/15/2023 • | | | | | 3,800 | | | | | | 3,799 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Wells Fargo & Co. | |
2.469% (US0003M + 1.230%) due 10/31/2023 ~ | | $ | | | 167,791 | | | $ | | | 167,897 | |
|
Woori Bank | |
2.156% (US0003M + 0.870%) due 02/01/2023 ~ | | | | | 2,000 | | | | | | 2,004 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,247,844 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 13.4% | |
|
AbbVie, Inc. | |
2.155% (US0003M + 0.650%) due 11/21/2022 ~ | | | | | 41,690 | | | | | | 41,701 | |
|
Altria Group, Inc. | |
2.850% due 08/09/2022 | | | | | 18,000 | | | | | | 18,000 | |
2.950% due 05/02/2023 | | | | | 6,000 | | | | | | 5,963 | |
|
Barry Callebaut Services NV | |
5.500% due 06/15/2023 | | | | | 1,610 | | | | | | 1,620 | |
|
BAT Capital Corp. | |
2.291% (US0003M + 0.880%) due 08/15/2022 ~ | | | | | 170,613 | | | | | | 170,501 | |
|
Bayer U.S. Finance LLC | |
2.839% (US0003M + 1.010%) due 12/15/2023 ~ | | | | | 42,800 | | | | | | 42,584 | |
3.875% due 12/15/2023 | | | | | 12,238 | | | | | | 12,221 | |
|
BMW Finance NV | |
2.250% due 08/12/2022 | | | | | 4,600 | | | | | | 4,600 | |
|
Boeing Co. | |
1.167% due 02/04/2023 | | | | | 40,610 | | | | | | 40,161 | |
1.433% due 02/04/2024 | | | | | 72,917 | | | | | | 69,711 | |
1.875% due 06/15/2023 | | | | | 8,000 | | | | | | 7,811 | |
2.800% due 03/01/2023 | | | | | 425 | | | | | | 423 | |
4.508% due 05/01/2023 | | | | | 99,805 | | | | | | 100,079 | |
|
CenterPoint Energy Resources Corp. | |
2.111% (US0003M + 0.500%) due 03/02/2023 ~ | | | | | 24,381 | | | | | | 24,316 | |
|
Charter Communications Operating LLC | |
2.936% (US0003M + 1.650%) due 02/01/2024 ~ | | | | | 48,093 | | | | | | 48,476 | |
|
Cigna Corp. | |
0.613% due 03/15/2024 | | | | | 8,100 | | | | | | 7,719 | |
1.934% (US0003M + 0.890%) due 07/15/2023 ~ | | | | | 28,000 | | | | | | 28,025 | |
3.750% due 07/15/2023 | | | | | 4,942 | | | | | | 4,955 | |
|
Conagra Brands, Inc. | |
0.500% due 08/11/2023 | | | | | 8,800 | | | | | | 8,486 | |
|
ConocoPhillips Co. | |
2.125% due 03/08/2024 | | | | | 35,000 | | | | | | 34,333 | |
|
Daimler Finance North America LLC | |
2.175% (US0003M + 0.840%) due 05/04/2023 ~ | | | | | 3,200 | | | | | | 3,195 | |
|
Daimler Trucks Finance North America LLC | |
1.930% (SOFRRATE + 0.500%) due 06/14/2023 ~ | | | | | 39,800 | | | | | | 39,650 | |
2.088% (SOFRRATE + 0.600%) due 12/14/2023 ~ | | | | | 23,400 | | | | | | 23,226 | |
2.230% (SOFRRATE + 0.750%) due 12/13/2024 ~ | | | | | 1,000 | | | | | | 988 | |
|
Discovery Communications LLC | |
2.950% due 03/20/2023 | | | | | 435 | | | | | | 432 | |
|
Enbridge, Inc. | |
0.550% due 10/04/2023 | | | | | 12,100 | | | | | | 11,658 | |
|
Entergy Louisiana LLC | |
0.950% due 10/01/2024 | | | | | 8,200 | | | | | | 7,707 | |
|
ERAC USA Finance LLC | |
3.300% due 10/15/2022 | | | | | 1,000 | | | | | | 1,000 | |
|
Fidelity National Information Services, Inc. | |
0.375% due 03/01/2023 | | | | | 10,200 | | | | | | 9,991 | |
|
Fiserv, Inc. | |
3.500% due 10/01/2022 | | | | | 4,249 | | | | | | 4,249 | |
|
General Mills, Inc. | |
6.410% due 10/15/2022 | | | | | 21,400 | | | | | | 21,596 | |
|
General Motors Co. | |
4.875% due 10/02/2023 | | | | | 3,242 | | | | | | 3,275 | |
5.400% due 10/02/2023 (d) | | | | | 2,500 | | | | | | 2,539 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
GSK Consumer Healthcare Capital U.S. LLC | |
2.400% (SOFRRATE + 0.890%) due 03/24/2024 ~ | | $ | | | 18,900 | | | $ | | | 18,901 | |
|
Humana, Inc. | |
0.650% due 08/03/2023 | | | | | 33,000 | | | | | | 31,944 | |
|
Huntington Ingalls Industries, Inc. | |
0.670% due 08/16/2023 | | | | | 11,900 | | | | | | 11,480 | |
|
Hyundai Capital America | |
0.800% due 04/03/2023 | | | | | 39,730 | | | | | | 38,774 | |
0.800% due 01/08/2024 | | | | | 5,000 | | | | | | 4,753 | |
1.250% due 09/18/2023 | | | | | 475 | | | | | | 460 | |
2.375% due 02/10/2023 | | | | | 20,563 | | | | | | 20,305 | |
2.850% due 11/01/2022 | | | | | 23,148 | | | | | | 23,093 | |
3.250% due 09/20/2022 | | | | | 16,184 | | | | | | 16,182 | |
4.125% due 06/08/2023 | | | | | 970 | | | | | | 969 | |
5.750% due 04/06/2023 | | | | | 20,303 | | | | | | 20,613 | |
|
Illumina, Inc. | |
0.550% due 03/23/2023 | | | | | 21,500 | | | | | | 21,054 | |
|
Imperial Brands Finance PLC | |
3.500% due 02/11/2023 | | | | | 32,669 | | | | | | 32,494 | |
|
Kia Corp. | |
1.000% due 04/16/2024 | | | | | 2,200 | | | | | | 2,096 | |
3.000% due 04/25/2023 | | | | | 28,365 | | | | | | 28,297 | |
|
Komatsu Finance America, Inc. | |
2.437% due 09/11/2022 | | | | | 10,550 | | | | | | 10,536 | |
|
Leidos, Inc. | |
2.950% due 05/15/2023 | | | | | 39,357 | | | | | | 38,989 | |
|
Lennar Corp. | |
4.750% due 11/15/2022 | | | | | 18,828 | | | | | | 18,861 | |
|
Magallanes, Inc. | |
3.259% (SOFRINDX + 1.780%) due 03/15/2024 ~ | | | | | 19,700 | | | | | | 19,648 | |
3.528% due 03/15/2024 | | | | | 38,100 | | | | | | 37,332 | |
|
Martin Marietta Materials, Inc. | |
0.650% due 07/15/2023 | | | | | 21,520 | | | | | | 20,805 | |
|
Mondelez International, Inc. | |
2.125% due 03/17/2024 | | | | | 6,400 | | | | | | 6,242 | |
|
NetApp, Inc. | |
3.250% due 12/15/2022 | | | | | 510 | | | | | | 510 | |
|
Nissan Motor Co. Ltd. | |
3.043% due 09/15/2023 | | | | | 3,321 | | | | | | 3,267 | |
|
Panasonic Holdings Corp. | |
2.536% due 07/19/2022 | | | | | 16,460 | | | | | | 16,459 | |
|
Penske Truck Leasing Co. LP | |
2.700% due 03/14/2023 | | | | | 15,635 | | | | | | 15,594 | |
4.125% due 08/01/2023 | | | | | 2,143 | | | | | | 2,152 | |
|
Pioneer Natural Resources Co. | |
0.550% due 05/15/2023 | | | | | 22,200 | | | | | | 21,644 | |
|
RELX Capital, Inc. | |
3.500% due 03/16/2023 | | | | | 1,770 | | | | | | 1,768 | |
|
Sabine Pass Liquefaction LLC | |
5.625% due 04/15/2023 | | | | | 11,652 | | | | | | 11,766 | |
|
Schneider Electric SE | |
2.950% due 09/27/2022 | | | | | 6,714 | | | | | | 6,713 | |
|
SK Broadband Co. Ltd. | |
3.875% due 08/13/2023 | | | | | 15,632 | | | | | | 15,707 | |
|
SK Hynix, Inc. | |
1.000% due 01/19/2024 | | | | | 4,000 | | | | | | 3,821 | |
|
SK Telecom Co. Ltd. | |
3.750% due 04/16/2023 | | | | | 1,400 | | | | | | 1,403 | |
|
Sky Ltd. | |
3.125% due 11/26/2022 | | | | | 1,500 | | | | | | 1,501 | |
|
Southern Natural Gas Co. LLC | |
0.625% due 04/28/2023 | | | | | 7,000 | | | | | | 6,792 | |
|
Stellantis NV | |
5.250% due 04/15/2023 | | | | | 25,165 | | | | | | 25,385 | |
|
Thermo Fisher Scientific, Inc. | |
0.797% due 10/18/2023 | | | | | 3,500 | | | | | | 3,393 | |
1.225% (SOFRINDX + 0.350%) due 04/18/2023 ~ | | | | | 44,000 | | | | | | 43,811 | |
1.265% (SOFRINDX + 0.390%) due 10/18/2023 ~ | | | | | 39,900 | | | | | | 39,390 | |
|
Time Warner Entertainment Co. LP | |
8.375% due 03/15/2023 | | | | | 13,192 | | | | | | 13,578 | |
| | | | | | |
| 92 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Verisk Analytics, Inc. | |
4.125% due 09/12/2022 | | $ | | | 489 | | | $ | | | 490 | |
|
VMware, Inc. | |
0.600% due 08/15/2023 | | | | | 19,300 | | | | | | 18,661 | |
|
Volkswagen Group of America Finance LLC | |
0.750% due 11/23/2022 | | | | | 30,800 | | | | | | 30,557 | |
2.339% (SOFRRATE + 0.950%) due 06/07/2024 ~ | | | | | 46,100 | | | | | | 45,912 | |
4.250% due 11/13/2023 | | | | | 9,313 | | | | | | 9,319 | |
|
Zoetis, Inc. | |
3.250% due 02/01/2023 | | | | | 6,600 | | | | | | 6,579 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,571,191 | |
| | | | | | | | | | | | |
| |
| UTILITIES 7.4% | |
|
American Electric Power Co., Inc. | |
1.766% (US0003M + 0.480%) due 11/01/2023 ~ | | | | | 163,600 | | | | | | 162,458 | |
|
AT&T, Inc. | |
2.301% (US0003M + 0.890%) due 02/15/2023 ~ | | | | | 74,811 | | | | | | 74,830 | |
|
Atmos Energy Corp. | |
0.625% due 03/09/2023 | | | | | 26,600 | | | | | | 26,137 | |
2.070% (US0003M + 0.380%) due 03/09/2023 ~ | | | | | 114,700 | | | | | | 114,443 | |
|
BP Capital Markets PLC | |
2.746% (US0003M + 0.650%) due 09/19/2022 ~ | | | | | 1,000 | | | | | | 1,000 | |
|
Chugoku Electric Power Co., Inc. | |
2.401% due 08/27/2024 | | | | | 11,600 | | | | | | 11,225 | |
|
Dominion Energy, Inc. | |
2.359% (US0003M + 0.530%) due 09/15/2023 ~ | | | | | 48,612 | | | | | | 48,407 | |
|
Enel Finance International NV | |
2.650% due 09/10/2024 | | | | | 14,100 | | | | | | 13,670 | |
|
Engie SA | |
2.875% due 10/10/2022 | | | | | 10,000 | | | | | | 9,976 | |
|
Kansai Electric Power Co., Inc. | |
2.550% due 09/17/2024 | | | | | 14,272 | | | | | | 13,864 | |
|
KT Corp. | |
2.625% due 08/07/2022 (b) | | | | | 14,340 | | | | | | 14,336 | |
|
Mississippi Power Co. | |
1.811% (SOFRRATE + 0.300%) due 06/28/2024 ~ | | | | | 16,575 | | | | | | 16,256 | |
|
NextEra Energy Capital Holdings, Inc. | |
1.775% (US0003M + 0.270%) due 02/22/2023 ~ | | | | | 20,450 | | | | | | 20,325 | |
1.888% (SOFRINDX + 0.540%) due 03/01/2023 ~ | | | | | 28,500 | | | | | | 28,361 | |
2.066% (SOFRINDX + 1.020%) due 03/21/2024 ~ | | | | | 28,000 | | | | | | 27,803 | |
|
Niagara Mohawk Power Corp. | |
2.721% due 11/28/2022 | | | | | 5,500 | | | | | | 5,482 | |
|
Oklahoma Gas & Electric Co. | |
0.553% due 05/26/2023 | | | | | 14,000 | | | | | | 13,608 | |
|
Pacific Gas & Electric Co. | |
1.700% due 11/15/2023 | | | | | 14,000 | | | | | | 13,499 | |
2.371% (SOFRINDX + 1.150%) due 11/14/2022 ~ | | | | | 5,715 | | | | | | 5,692 | |
4.250% due 08/01/2023 | | | | | 1,600 | | | | | | 1,592 | |
|
SGSP Australia Assets Pty. Ltd. | |
3.300% due 04/09/2023 | | | | | 11,350 | | | | | | 11,334 | |
|
Southern California Edison Co. | |
0.700% due 04/03/2023 | | | | | 27,400 | | | | | | 26,786 | |
0.700% due 08/01/2023 | | | | | 20,400 | | | | | | 19,779 | |
2.153% (SOFRINDX + 0.640%) due 04/03/2023 ~ | | | | | 62,700 | | | | | | 62,585 | |
|
Southern California Gas Co. | |
2.095% (US0003M + 0.350%) due 09/14/2023 ~ | | | | | 9,700 | | | | | | 9,641 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Verizon Communications, Inc. | |
2.511% (US0003M + 1.100%) due 05/15/2025 ~ | | $ | | | 120,952 | | | $ | | | 120,295 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 873,384 | |
| | | | | | | | | | | | |
Total Corporate Bonds & Notes (Cost $6,794,826) | | | 6,692,419 | |
| | | | |
| |
| MUNICIPAL BONDS & NOTES 0.1% | |
| |
| CALIFORNIA 0.1% | |
|
Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | |
1.337% due 06/01/2023 | | | | | 6,000 | | | | | | 5,885 | |
| | | | | | | | | | | | |
Total Municipal Bonds & Notes (Cost $6,000) | | | 5,885 | |
| | | | |
| |
| U.S. GOVERNMENT AGENCIES 5.7% | |
|
Fannie Mae | |
1.100% due 06/25/2048 • | | | | | 9,072 | | | | | | 9,032 | |
1.120% due 08/25/2044 • | | | | | 3,155 | | | | | | 3,131 | |
1.150% (US0001M + 0.350%) due 08/25/2044 ~ | | | | | 6,506 | | | | | | 6,469 | |
1.150% due 10/25/2044 • | | | | | 4,226 | | | | | | 4,186 | |
1.200% due 07/25/2044 - 03/25/2060 • | | | | | 17,492 | | | | | | 17,307 | |
1.200% (US0001M + 0.400%) due 09/25/2049 ~ | | | | | 7,984 | | | | | | 7,921 | |
1.250% due 07/25/2046 • | | | | | 311 | | | | | | 309 | |
1.250% (US0001M + 0.450%) due 07/25/2046 - 08/25/2050 ~ | | | | | 16,747 | | | | | | 16,593 | |
1.300% due 07/25/2046 • | | | | | 4,148 | | | | | | 4,136 | |
1.306% (US0001M + 0.300%) due 01/25/2037 ~ | | | | | 268 | | | | | | 264 | |
1.874% due 05/25/2037 • | | | | | 12 | | | | | | 12 | |
1.924% (US0001M + 0.300%) due 12/25/2045 ~ | | | | | 2,028 | | | | | | 2,015 | |
1.954% due 02/25/2037 • | | | | | 17 | | | | | | 17 | |
1.974% (US0001M + 0.350%) due 11/25/2036 ~ | | | | | 47 | | | | | | 47 | |
1.995% due 04/18/2028 - 09/18/2031 • | | | | | 365 | | | | | | 365 | |
2.000% due 12/25/2044 | | | | | 1,094 | | | | | | 1,020 | |
2.024% due 06/25/2026 • | | | | | 73 | | | | | | 73 | |
2.034% due 09/25/2035 • | | | | | 265 | | | | | | 264 | |
2.044% due 03/25/2037 • | | | | | 174 | | | | | | 173 | |
2.074% due 02/25/2038 - 06/25/2059 • | | | | | 11,507 | | | | | | 11,479 | |
2.095% due 05/18/2032 • | | | | | 75 | | | | | | 76 | |
2.124% (US0001M + 0.500%) due 06/25/2031 - 07/25/2049 ~ | | | | | 6,645 | | | | | | 6,637 | |
2.124% due 11/25/2059 • | | | | | 4,291 | | | | | | 4,302 | |
2.145% due 03/18/2032 • | | | | | 79 | | | | | | 80 | |
2.174% (US0001M + 0.550%) due 12/25/2059 ~ | | | | | 2,669 | | | | | | 2,688 | |
2.304% (US0001M + 0.680%) due 12/25/2037 ~ | | | | | 301 | | | | | | 305 | |
2.324% due 05/25/2037 • | | | | | 57 | | | | | | 57 | |
2.352% due 05/01/2038 • | | | | | 261 | | | | | | 269 | |
2.374% due 03/25/2037 - 02/25/2040 • | | | | | 58 | | | | | | 58 | |
2.404% due 02/25/2038 • | | | | | 675 | | | | | | 686 | |
2.474% due 07/25/2038 • | | | | | 31 | | | | | | 31 | |
2.524% (US0001M + 0.900%) due 03/25/2032 ~ | | | | | 14 | | | | | | 14 | |
2.722% due 01/01/2036 • | | | | | 1,961 | | | | | | 2,031 | |
|
Freddie Mac | |
1.000% due 01/15/2041 - 09/15/2044 | | | | | 84,496 | | | | | | 75,110 | |
1.120% due 05/15/2038 • | | | | | 2,267 | | | | | | 2,241 | |
1.130% due 05/15/2041 • | | | | | 2,459 | | | | | | 2,445 | |
1.150% (US0001M + 0.350%) due 03/15/2037 - 03/15/2043 ~ | | | | | 12,539 | | | | | | 12,394 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
1.150% due 10/15/2037 - 08/15/2042 • | | $ | | | 26,421 | | | $ | | | 25,931 | |
1.200% (US0001M + 0.400%) due 12/15/2042 - 11/15/2044 ~ | | | | | 5,617 | | | | | | 5,563 | |
1.220% due 06/15/2044 • | | | | | 7,292 | | | | | | 7,209 | |
1.250% (US0001M + 0.450%) due 12/15/2037 ~ | | | | | 1,199 | | | | | | 1,189 | |
1.574% due 11/15/2036 - 01/15/2040 • | | | | | 15 | | | | | | 15 | |
1.644% due 02/15/2037 • | | | | | 668 | | | | | | 663 | |
1.744% due 04/15/2041 • | | | | | 189 | | | | | | 189 | |
1.774% due 09/15/2048 - 04/15/2049 • | | | | | 4,446 | | | | | | 4,432 | |
1.824% due 07/15/2039 • | | | | | 26 | | | | | | 26 | |
2.074% due 09/25/2049 • | | | | | 12,196 | | | | | | 12,152 | |
2.124% (US0001M + 0.500%) due 12/25/2049 ~ | | | | | 4,069 | | | | | | 4,065 | |
2.485% due 09/01/2037 • | | | | | 1,496 | | | | | | 1,548 | |
|
Ginnie Mae | |
0.706% (US0012M + 0.250%) due 12/20/2068 ~ | | | | | 6,308 | | | | | | 6,122 | |
1.003% due 06/20/2066 • | | | | | 272 | | | | | | 271 | |
1.171% due 06/20/2051 - 07/20/2051 • | | | | | 252,535 | | | | | | 230,927 | |
1.273% (US0001M + 0.470%) due 06/20/2067 ~ | | | | | 1,130 | | | | | | 1,119 | |
1.303% (US0001M + 0.500%) due 03/20/2061 - 07/20/2067 ~ | | | | | 3,161 | | | | | | 3,139 | |
1.303% due 07/20/2063 - 04/20/2064 • | | | | | 2,050 | | | | | | 2,038 | |
1.403% due 05/20/2065 • | | | | | 7,667 | | | | | | 7,609 | |
1.453% (US0001M + 0.650%) due 12/20/2064 ~ | | | | | 6,530 | | | | | | 6,474 | |
1.453% due 10/20/2065 • | | | | | 9,140 | | | | | | 9,083 | |
1.462% due 06/20/2046 • | | | | | 16,527 | | | | | | 16,440 | |
1.503% due 04/20/2070 • | | | | | 38,135 | | | | | | 37,574 | |
1.583% due 09/20/2066 • | | | | | 1,290 | | | | | | 1,286 | |
1.603% due 07/20/2066 • | | | | | 2,398 | | | | | | 2,392 | |
1.633% due 08/20/2066 • | | | | | 824 | | | | | | 822 | |
1.723% due 07/20/2065 • | | | | | 4,359 | | | | | | 4,357 | |
1.803% due 01/20/2066 • | | | | | 3,978 | | | | | | 3,974 | |
1.853% (US0001M + 1.050%) due 02/20/2066 ~ | | | | | 9,453 | | | | | | 9,446 | |
1.968% due 04/20/2067 • | | | | | 1,389 | | | | | | 1,373 | |
1.995% due 07/20/2049 • | | | | | 6,985 | | | | | | 6,939 | |
2.045% due 03/20/2049 - 06/20/2049 • | | | | | 15,872 | | | | | | 15,780 | |
2.195% due 09/20/2040 • | | | | | 3,529 | | | | | | 3,544 | |
2.209% (US0001M + 0.700%) due 01/16/2040 ~ | | | | | 2,598 | | | | | | 2,617 | |
2.215% (US0001M + 0.620%) due 05/20/2041 ~ | | | | | 6,894 | | | | | | 6,926 | |
2.225% due 10/20/2040 • | | | | | 6,430 | | | | | | 6,467 | |
2.245% due 05/20/2041 • | | | | | 1,885 | | | | | | 1,893 | |
2.335% due 02/20/2040 • | | | | | 2,222 | | | | | | 2,242 | |
2.345% due 03/20/2040 • | | | | | 6,140 | | | | | | 6,195 | |
2.365% (US0001M + 0.770%) due 04/20/2040 ~ | | | | | 4,542 | | | | | | 4,583 | |
2.395% due 03/20/2040 • | | | | | 4,784 | | | | | | 4,832 | |
2.463% due 05/20/2063 • | | | | | 599 | | | | | | 596 | |
2.500% due 01/20/2049 - 10/20/2049 | | | | | 3,103 | | | | | | 2,957 | |
3.000% due 07/20/2046 | | | | | 387 | | | | | | 382 | |
3.379% (US0012M + 0.750%) due 06/20/2067 ~ | | | | | 5,195 | | | | | | 5,181 | |
6.000% due 12/15/2033 | | | | | 11 | | | | | | 12 | |
6.500% due 11/15/2033 - 09/15/2034 | | | | | 18 | | | | | | 19 | |
7.000% due 02/15/2024 - 07/15/2032 | | | | | 44 | | | | | | 43 | |
7.500% due 07/15/2024 - 06/15/2028 | | | | | 28 | | | | | | 29 | |
| | | | | | | | | | | | |
Total U.S. Government Agencies (Cost $706,733) | | | 672,902 | |
| | | | |
| |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 93 |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| U.S. TREASURY OBLIGATIONS 6.8% | |
|
U.S. Treasury Notes | |
2.250% due 03/31/2024 | | $ | | | 252,100 | | | $ | | | 248,958 | |
2.500% due 04/30/2024 | | | | | 560,300 | | | | | | 555,496 | |
| | | | | | | | | | | | |
Total U.S. Treasury Obligations (Cost $808,951) | | | 804,454 | |
| | | | |
| |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 9.5% | |
|
AREIT Trust | |
2.021% (SOFR30A + 1.250%) due 01/16/2037 ~ | | | | | 40,800 | | | | | | 39,202 | |
2.603% due 11/17/2038 • | | | | | 30,339 | | | | | | 29,241 | |
2.718% due 09/14/2036 • | | | | | 2,966 | | | | | | 2,905 | |
|
Arroyo Mortgage Trust | |
1.175% due 10/25/2048 ~ | | | | | 17,222 | | | | | | 15,986 | |
|
Ashford Hospitality Trust | |
2.224% due 04/15/2035 • | | | | | 1,819 | | | | | | 1,768 | |
2.325% (US0001M + 1.000%) due 06/15/2035 ~ | | | | | 9,300 | | | | | | 9,024 | |
|
BDS Ltd. | |
2.207% (SOFR30A + 1.414%) due 09/15/2035 ~ | | | | | 3,681 | | | | | | 3,653 | |
|
Bear Stearns Adjustable Rate Mortgage Trust | |
3.160% due 08/25/2033 ~ | | | | | 333 | | | | | | 327 | |
|
Beast Mortgage Trust | |
2.374% due 03/15/2036 • | | | | | 600 | | | | | | 580 | |
|
Beneria Cowen & Pritzer Collateral Funding Corp. | |
2.123% due 06/15/2038 • | | | | | 5,500 | | | | | | 5,292 | |
|
BFLD Trust | |
2.474% due 10/15/2035 • | | | | | 12,000 | | | | | | 11,670 | |
|
BHP Trust | |
2.299% due 08/15/2036 • | | | | | 2,561 | | | | | | 2,487 | |
|
Brass PLC | |
2.111% (US0003M + 0.700%) due 11/16/2066 ~ | | | | | 3,045 | | | | | | 3,046 | |
|
BSST Mortgage Trust | |
2.579% (TSFR1M + 1.300%) due 02/15/2037 ~ | | | | | 8,000 | | | | | | 7,779 | |
|
BXMT Ltd. | |
2.288% (SOFR30A + 1.514%) due 11/15/2037 ~ | | | | | 57,900 | | | | | | 57,321 | |
|
CGRBS Commercial Mortgage Trust | |
3.369% due 03/13/2035 | | | | | 1,480 | | | | | | 1,480 | |
|
COLT Mortgage Loan Trust | |
1.397% due 10/25/2066 ~ | | | | | 29,544 | | | | | | 25,718 | |
|
Commercial Mortgage Trust | |
2.625% due 12/15/2038 • | | | | | 10,000 | | | | | | 9,602 | |
|
Credit Suisse Mortgage Capital Trust | |
2.074% due 07/15/2032 • | | | | | 13,000 | | | | | | 12,351 | |
2.674% (US0001M + 1.350%) due 10/15/2037 ~ | | | | | 8,700 | | | | | | 8,469 | |
|
CRSNT Commercial Mortgage Trust | |
2.150% due 04/15/2036 • | | | | | 52,400 | | | | | | 50,613 | |
|
DBCG Mortgage Trust | |
2.025% due 06/15/2034 • | | | | | 78,640 | | | | | | 76,931 | |
|
DBWF Mortgage Trust | |
2.625% (US0001M + 1.030%) due 12/19/2030 ~ | | | | | 900 | | | | | | 875 | |
|
Ellington Financial Mortgage Trust | |
2.206% due 01/25/2067 ~ | | | | | 43,394 | | | | | | 39,746 | |
|
Extended Stay America Trust | |
2.405% (US0001M + 1.080%) due 07/15/2038 ~ | | | | | 2,385 | | | | | | 2,329 | |
|
GCAT Trust | |
2.650% due 10/25/2068 ~ | | | | | 2,302 | | | | | | 2,220 | |
2.885% due 12/27/2066 ~ | | | | | 26,866 | | | | | | 25,779 | |
|
Gosforth Funding PLC | |
1.974% (US0003M + 0.450%) due 08/25/2060 ~ | | | | | 1,252 | | | | | | 1,252 | |
|
GPMT Ltd. | |
2.862% (US0001M + 1.250%) due 07/16/2035 ~ | | | | | 33,108 | | | | | | 32,569 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
GS Mortgage Securities Corp. Trust | |
2.224% (US0001M + 0.900%) due 07/15/2031 ~ | | $ | | | 9,100 | | | $ | | | 8,932 | |
|
GS Mortgage Securities Trust | |
3.648% due 01/10/2047 | | | | | 3,105 | | | | | | 3,098 | |
|
GS Mortgage-Backed Securities Corp. Trust | |
1.750% due 12/25/2060 ~ | | | | | 59,222 | | | | | | 56,451 | |
|
Hilton USA Trust | |
2.828% due 11/05/2035 | | | | | 11,600 | | | | | | 11,315 | |
|
JP Morgan Chase Commercial Mortgage Securities Trust | |
2.324% due 09/15/2029 • | | | | | 39,072 | | | | | | 38,523 | |
|
Legacy Mortgage Asset Trust | |
1.892% due 10/25/2066 þ | | | | | 5,771 | | | | | | 5,604 | |
|
LoanCore Issuer Ltd. | |
1.694% (SOFR30A + 0.914%) due 07/15/2035 ~ | | | | | 11,719 | | | | | | 11,469 | |
|
LUXE Commercial Mortgage Trust | |
2.374% due 10/15/2038 • | | | | | 26,000 | | | | | | 25,079 | |
|
MAD Mortgage Trust | |
3.294% due 08/15/2034 ~ | | | | | 3,528 | | | | | | 3,402 | |
|
Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | |
2.024% due 11/15/2031 • | | | | | 383 | | | | | | 375 | |
|
MF1 Ltd. | |
2.349% due 12/15/2034 • | | | | | 2,700 | | | | | | 2,597 | |
|
MFA Trust | |
1.131% due 07/25/2060 ~ | | | | | 38,747 | | | | | | 35,862 | |
1.381% due 04/25/2065 ~ | | | | | 14,407 | | | | | | 13,888 | |
|
Mill City Mortgage Loan Trust | |
2.750% due 07/25/2059 ~ | | | | | 685 | | | | | | 671 | |
|
Morgan Stanley Capital Trust | |
2.174% due 11/15/2034 • | | | | | 4,535 | | | | | | 4,423 | |
2.224% due 07/15/2035 • | | | | | 2,300 | | | | | | 2,232 | |
2.493% due 12/15/2023 • | | | | | 47,200 | | | | | | 45,535 | |
|
Natixis Commercial Mortgage Securities Trust | |
2.274% due 08/15/2038 • | | | | | 3,000 | | | | | | 2,892 | |
|
OBX Trust | |
1.957% due 10/25/2061 ~ | | | | | 34,915 | | | | | | 30,560 | |
2.305% due 11/25/2061 ~ | | | | | 47,607 | | | | | | 41,713 | |
2.783% due 01/25/2062 þ | | | | | 50,681 | | | | | | 48,213 | |
|
PFP Ltd. | |
2.174% due 04/14/2038 • | | | | | 16,411 | | | | | | 15,868 | |
2.559% due 04/14/2037 • | | | | | 1,041 | | | | | | 1,033 | |
|
Ready Capital Mortgage Financing LLC | |
2.598% due 01/25/2037 • | | | | | 25,000 | | | | | | 24,132 | |
2.624% due 04/25/2038 • | | | | | 21,435 | | | | | | 20,723 | |
|
RESIMAC Bastille Trust | |
1.450% due 02/03/2053 • | | | | | 28,291 | | | | | | 28,033 | |
|
RESIMAC Premier | |
1.900% due 07/10/2052 • | | | | | 7,471 | | | | | | 7,429 | |
|
Starwood Mortgage Residential Trust | |
1.027% due 11/25/2055 ~ | | | | | 5,529 | | | | | | 5,373 | |
|
Starwood Mortgage Trust | |
2.182% due 11/15/2036 • | | | | | 17,200 | | | | | | 16,461 | |
|
Tharaldson Hotel Portfolio Trust | |
2.170% (US0001M + 1.050%) due 11/11/2034 ~ | | | | | 4,467 | | | | | | 4,339 | |
|
Towd Point HE Trust | |
0.918% due 02/25/2063 ~ | | | | | 11,536 | | | | | | 11,019 | |
|
UBS-Barclays Commercial Mortgage Trust | |
1.990% due 04/10/2046 • | | | | | 14,051 | | | | | | 14,020 | |
|
Verus Securitization Trust | |
0.820% due 10/25/2063 ~ | | | | | 8,625 | | | | | | 8,423 | |
1.630% due 10/25/2066 ~ | | | | | 42,260 | | | | | | 37,629 | |
|
VMC Finance LLC | |
2.712% due 06/16/2036 • | | | | | 13,958 | | | | | | 13,618 | |
|
Wells Fargo Commercial Mortgage Trust | |
2.105% (US0001M + 0.850%) due 12/13/2031 ~ | | | | | 5,400 | | | | | | 5,313 | |
2.573% due 07/15/2046 • | | | | | 4,147 | | | | | | 4,147 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Wells Fargo-RBS Commercial Mortgage Trust | |
3.071% due 03/15/2045 | | $ | | | 23,772 | | | $ | | | 23,682 | |
| | | | | | | | | | | | |
Total Non-Agency Mortgage-Backed Securities (Cost $1,168,416) | | | 1,114,291 | |
| | | | |
| |
| ASSET-BACKED SECURITIES 14.8% | |
|
American Money Management Corp. CLO Ltd. | |
1.914% due 04/17/2029 • | | | | | 15,709 | | | | | | 15,509 | |
|
Anchorage Capital CLO Ltd. | |
2.094% due 07/15/2030 • | | | | | 4,400 | | | | | | 4,349 | |
|
Apex Credit CLO Ltd. | |
3.086% due 09/20/2029 • | | | | | 9,664 | | | | | | 9,523 | |
|
Apidos CLO | |
1.944% (US0003M + 0.900%) due 07/18/2029 ~ | | | | | 24,900 | | | | | | 24,514 | |
1.974% due 07/17/2030 • | | | | | 15,800 | | | | | | 15,576 | |
2.073% (US0003M + 1.010%) due 04/20/2031 ~ | | | | | 9,450 | | | | | | 9,286 | |
|
Arbor Realty Commercial Real Estate Notes Ltd. | |
2.424% (US0001M + 1.100%) due 05/15/2036 ~ | | | | | 6,400 | | | | | | 6,223 | |
|
Ares CLO Ltd. | |
1.914% (US0003M + 0.870%) due 01/15/2029 ~ | | | | | 7,805 | | | | | | 7,690 | |
2.094% due 04/18/2031 • | | | | | 2,200 | | | | | | 2,146 | |
|
ARI Fleet Lease Trust | |
1.804% (US0001M + 0.480%) due 11/15/2027 ~ | | | | | 929 | | | | | | 929 | |
|
Arkansas Student Loan Authority | |
2.424% due 11/25/2043 • | | | | | 337 | | | | | | 336 | |
|
Atlas Senior Loan Fund Ltd. | |
1.933% due 04/20/2028 • | | | | | 1,380 | | | | | | 1,372 | |
2.216% due 04/22/2031 • | | | | | 2,000 | | | | | | 1,962 | |
|
Barings CLO Ltd. | |
2.013% (US0003M + 0.950%) due 07/20/2029 ~ | | | | | 6,303 | | | | | | 6,259 | |
|
Benefit Street Partners CLO Ltd. | |
1.994% due 10/15/2030 • | | | | | 12,300 | | | | | | 12,075 | |
2.074% (US0003M + 1.030%) due 01/17/2032 ~ | | | | | 8,600 | | | | | | 8,378 | |
|
BlueMountain CLO Ltd. | |
2.316% (US0003M + 1.180%) due 10/22/2030 ~ | | | | | 4,466 | | | | | | 4,415 | |
|
Carlyle Global Market Strategies CLO Ltd. | |
2.275% (US0003M + 1.050%) due 07/27/2031 ~ | | | | | 4,711 | | | | | | 4,623 | |
2.361% due 08/14/2030 • | | | | | 42,600 | | | | | | 41,975 | |
|
Carlyle U.S. CLO Ltd. | |
2.063% (US0003M + 1.000%) due 04/20/2031 ~ | | | | | 10,000 | | | | | | 9,815 | |
|
Carrington Mortgage Loan Trust | |
2.313% due 07/20/2030 • | | | | | 6,900 | | | | | | 6,824 | |
|
Catamaran CLO Ltd. | |
2.236% due 04/22/2030 • | | | | | 20,893 | | | | | | 20,620 | |
|
Chesapeake Funding LLC | |
0.870% due 08/15/2032 | | | | | 7,767 | | | | | | 7,655 | |
1.724% due 04/15/2031 • | | | | | 1,716 | | | | | | 1,716 | |
1.804% due 09/15/2031 • | | | | | 2,567 | | | | | | 2,566 | |
1.974% (US0001M + 0.650%) due 08/15/2032 ~ | | | | | 8,458 | | | | | | 8,428 | |
|
CIFC Funding Ltd. | |
2.134% (US0003M + 0.950%) due 10/24/2030 ~ | | | | | 44,000 | | | | | | 43,293 | |
|
CIT Mortgage Loan Trust | |
2.974% due 10/25/2037 • | | | | | 5,423 | | | | | | 5,401 | |
|
Citibank Credit Card Issuance Trust | |
2.246% due 04/22/2026 • | | | | | 6,000 | | | | | | 6,037 | |
|
Commonbond Student Loan Trust | |
2.474% due 05/25/2041 • | | | | | 371 | | | | | | 369 | |
|
Crestline Denali CLO Ltd. | |
2.093% (US0003M + 1.030%) due 04/20/2030 ~ | | | | | 23,900 | | | | | | 23,553 | |
| | | | | | |
| 94 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Dell Equipment Finance Trust | |
1.217% due 03/22/2023 | | $ | | | 12,097 | | | $ | | | 12,071 | |
|
DLLMT LLC | |
1.000% due 07/21/2025 | | | | | 3,000 | | | | | | 2,881 | |
|
Dryden Senior Loan Fund | |
2.024% due 04/15/2028 • | | | | | 4,716 | | | | | | 4,648 | |
2.064% due 04/15/2029 • | | | | | 21,200 | | | | | | 20,914 | |
2.096% due 01/17/2033 • | | | | | 3,400 | | | | | | 3,322 | |
|
DT Auto Owner Trust | |
0.540% due 04/15/2024 | | | | | 16 | | | | | | 16 | |
|
Edsouth Indenture LLC | |
2.354% due 04/25/2039 • | | | | | 552 | | | | | | 544 | |
2.774% due 09/25/2040 • | | | | | 64 | | | | | | 64 | |
|
Elevation CLO Ltd. | |
2.134% (US0003M + 0.950%) due 10/25/2030 ~ | | | | | 15,600 | | | | | | 15,307 | |
|
ELFI Graduate Loan Program LLC | |
1.530% due 12/26/2046 | | | | | 8,097 | | | | | | 7,357 | |
|
Flagship Credit Auto Trust | |
0.700% due 04/15/2025 | | | | | 732 | | | | | | 729 | |
|
Ford Credit Floorplan Master Owner Trust | |
1.824% due 09/15/2025 • | | | | | 47,700 | | | | | | 47,660 | |
1.924% (US0001M + 0.600%) due 09/15/2024 ~ | | | | | 20,400 | | | | | | 20,410 | |
|
Foursight Capital Automobile Receivables Trust | |
1.150% due 09/15/2025 | | | | | 25,100 | | | | | | 24,596 | |
|
Galaxy CLO Ltd. | |
2.014% (US0003M + 0.970%) due 10/15/2030 ~ | | | | | 6,900 | | | | | | 6,790 | |
|
Gallatin CLO Ltd. | |
2.134% due 07/15/2031 • | | | | | 6,000 | | | | | | 5,877 | |
|
GoldenTree Loan Management U.S. CLO Ltd. | |
1.973% due 11/20/2030 • | | | | | 31,500 | | | | | | 30,818 | |
|
Halseypoint Clo Ltd. | |
2.163% due 07/20/2031 • | | | | | 13,250 | | | | | | 13,100 | |
|
KKR CLO Ltd. | |
1.984% due 07/18/2030 • | | | | | 4,000 | | | | | | 3,936 | |
|
KVK CLO Ltd. | |
1.938% due 01/14/2028 • | | | | | 299 | | | | | | 300 | |
|
LCM LP | |
1.914% due 07/19/2027 • | | | | | 4,804 | | | | | | 4,723 | |
2.063% due 07/20/2030 • | | | | | 800 | | | | | | 787 | |
2.103% (US0003M + 1.040%) due 10/20/2027 ~ | | | | | 1,386 | | | | | | 1,378 | |
|
LCM Ltd. | |
2.114% (US0003M + 1.070%) due 04/15/2031 ~ | | | | | 1,000 | | | | | | 977 | |
2.223% due 10/20/2028 • | | | | | 6,253 | | | | | | 6,186 | |
|
LMREC LLC | |
2.674% (US0001M + 1.050%) due 04/22/2037 ~ | | | | | 12,727 | | | | | | 12,508 | |
|
Madison Park Funding Ltd. | |
2.053% due 04/20/2032 • | | | | | 4,500 | | | | | | 4,382 | |
2.056% (US0003M + 0.920%) due 01/22/2028 ~ | | | | | 465 | | | | | | 459 | |
2.098% (US0003M + 1.000%) due 07/21/2030 ~ | | | | | 4,000 | | | | | | 3,935 | |
2.195% due 07/27/2031 • | | | | | 7,400 | | | | | | 7,272 | |
2.304% due 04/25/2032 • | | | | | 6,800 | | | | | | 6,651 | |
2.439% (US0003M + 1.200%) due 07/29/2030 ~ | | | | | 4,000 | | | | | | 3,958 | |
|
Magnetite Ltd. | |
2.291% due 11/15/2028 • | | | | | 4,634 | | | | | | 4,563 | |
|
Marathon CLO Ltd. | |
2.194% due 04/15/2029 • | | | | | 15,274 | | | | | | 15,083 | |
|
Marble Point CLO Ltd. | |
2.224% due 12/18/2030 • | | | | | 5,331 | | | | | | 5,231 | |
|
Master Credit Card Trust | |
2.102% due 07/21/2024 • | | | | | 12,000 | | | | | | 12,003 | |
|
MMAF Equipment Finance LLC | |
2.330% due 12/08/2025 | | | | | 344 | | | | | | 344 | |
|
Mountain View CLO LLC | |
2.084% (US0003M + 1.040%) due 01/16/2031 ~ | | | | | 16,500 | | | | | | 16,187 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
2.134% (US0003M + 1.090%) due 10/16/2029 ~ | | $ | | | 9,707 | | | $ | | | 9,586 | |
|
MP CLO Ltd. | |
1.934% due 10/18/2028 • | | | | | 22,794 | | | | | | 22,367 | |
|
Nassau Ltd. | |
2.194% (US0003M + 1.150%) due 10/15/2029 ~ | | | | | 24,022 | | | | | | 23,912 | |
|
Navient Private Education Loan Trust | |
2.324% due 04/15/2069 • | | | | | 11,218 | | | | | | 11,051 | |
2.574% due 02/15/2029 • | | | | | 418 | | | | | | 417 | |
|
Navient Private Education Refi Loan Trust | |
0.840% due 05/15/2069 | | | | | 6,122 | | | | | | 5,608 | |
1.310% due 01/15/2069 | | | | | 19,585 | | | | | | 18,266 | |
1.580% due 04/15/2070 | | | | | 38,646 | | | | | | 34,211 | |
1.690% due 05/15/2069 | | | | | 9,844 | | | | | | 9,305 | |
2.230% due 07/15/2070 | | | | | 30,391 | | | | | | 28,334 | |
3.130% due 02/15/2068 | | | | | 3,487 | | | | | | 3,406 | |
|
Navient Student Loan Trust | |
2.224% (US0001M + 0.600%) due 07/26/2066 ~ | | | | | 3,128 | | | | | | 3,124 | |
2.424% due 07/26/2066 • | | | | | 6,425 | | | | | | 6,227 | |
2.674% (US0001M + 1.050%) due 12/27/2066 ~ | | | | | 16,341 | | | | | | 16,142 | |
|
Nelnet Student Loan Trust | |
1.420% due 04/20/2062 | | | | | 979 | | | | | | 908 | |
2.216% (US0003M + 0.120%) due 12/24/2035 ~ | | | | | 2,816 | | | | | | 2,801 | |
2.224% (US0001M + 0.600%) due 03/25/2030 ~ | | | | | 1,218 | | | | | | 1,211 | |
2.424% due 09/25/2065 • | | | | | 12,904 | | | | | | 12,723 | |
2.424% due 08/25/2067 • | | | | | 20,228 | | | | | | 19,818 | |
2.474% due 02/25/2066 • | | | | | 9,409 | | | | | | 9,157 | |
|
Neuberger Berman CLO Ltd. | |
1.974% due 10/18/2029 • | | | | | 2,000 | | | | | | 1,957 | |
2.064% (US0003M + 1.020%) due 04/19/2030 ~ | | | | | 1,400 | | | | | | 1,377 | |
2.103% due 04/20/2031 • | | | | | 600 | | | | | | 585 | |
|
Northstar Education Finance, Inc. | |
2.324% due 12/26/2031 • | | | | | 427 | | | | | | 423 | |
|
Octagon Investment Partners Ltd. | |
2.411% due 02/14/2031 • | | | | | 3,900 | | | | | | 3,812 | |
|
Oscar U.S. Funding LLC | |
0.390% due 08/12/2024 | | | | | 7,331 | | | | | | 7,275 | |
1.600% due 03/10/2025 | | | | | 49,700 | | | | | | 48,860 | |
|
Oscar U.S. Funding Trust LLC | |
2.760% due 12/10/2024 | | | | | 274 | | | | | | 274 | |
|
OZLM Ltd. | |
2.024% (US0003M + 0.980%) due 10/17/2029 ~ | | | | | 32,020 | | | | | | 31,589 | |
2.054% due 07/17/2029 • | | | | | 3,725 | | | | | | 3,689 | |
2.441% due 05/16/2030 • | | | | | 7,000 | | | | | | 6,881 | |
|
Palmer Square Loan Funding Ltd. | |
1.844% (US0003M + 0.800%) due 10/15/2029 ~ | | | | | 25,689 | | | | | | 25,221 | |
1.863% (US0003M + 0.800%) due 07/20/2029 ~ | | | | | 54,410 | | | | | | 53,730 | |
1.963% due 04/20/2029 • | | | | | 3,247 | | | | | | 3,216 | |
2.084% due 10/24/2027 • | | | | | 4,077 | | | | | | 4,062 | |
2.278% due 02/20/2028 • | | | | | 13,250 | | | | | | 13,173 | |
2.328% (US0003M + 0.850%) due 08/20/2027 ~ | | | | | 8,972 | | | | | | 8,939 | |
|
PHEAA Student Loan Trust | |
2.574% (US0001M + 0.950%) due 11/25/2065 ~ | | | | | 5,496 | | | | | | 5,356 | |
|
PRET LLC | |
1.868% due 07/25/2051 þ | | | | | 5,137 | | | | | | 4,639 | |
|
Romark CLO Ltd. | |
2.214% (US0003M + 1.030%) due 10/23/2030 ~ | | | | | 40,500 | | | | | | 39,785 | |
|
Santander Consumer Auto Receivables Trust | |
1.370% due 10/15/2024 | | | | | 1,093 | | | | | | 1,091 | |
|
Santander Drive Auto Receivables Trust | |
2.120% due 10/15/2026 | | | | | 17,500 | | | | | | 17,388 | |
|
Saranac CLO Ltd. | |
2.584% due 08/13/2031 • | | | | | 16,400 | | | | | | 16,064 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
SLC Student Loan Trust | |
1.939% (US0003M + 0.110%) due 03/15/2027 ~ | | $ | | | 451 | | | $ | | | 450 | |
1.949% (US0003M + 0.120%) due 06/15/2029 ~ | | | | | 5,651 | | | | | | 5,617 | |
|
SLM Private Credit Student Loan Trust | |
2.139% due 12/15/2038 • | | | | | 5,685 | | | | | | 5,494 | |
|
SLM Student Loan Trust | |
1.304% due 01/25/2027 • | | | | | 5,091 | | | | | | 5,068 | |
1.324% due 10/25/2028 • | | | | | 952 | | | | | | 940 | |
1.706% due 01/25/2029 • | | | | | 2,671 | | | | | | 2,552 | |
2.274% due 12/27/2038 • | | | | | 2,332 | | | | | | 2,262 | |
2.379% (US0003M + 0.550%) due 12/15/2025 ~ | | | | | 743 | | | | | | 741 | |
2.684% due 04/25/2023 • | | | | | 195 | | | | | | 195 | |
|
SMB Private Education Loan Trust | |
1.290% due 07/15/2053 | | | | | 18,895 | | | | | | 17,142 | |
1.924% due 03/17/2053 • | | | | | 8,072 | | | | | | 7,859 | |
2.224% due 09/15/2034 • | | | | | 7,322 | | | | | | 7,291 | |
2.340% due 09/15/2034 | | | | | 4,059 | | | | | | 3,940 | |
2.424% (US0001M + 1.100%) due 09/15/2034 ~ | | | | | 3,169 | | | | | | 3,164 | |
2.424% due 07/15/2053 • | | | | | 2,383 | | | | | | 2,342 | |
|
SoFi Professional Loan Program LLC | |
1.974% due 02/25/2042 • | | | | | 196 | | | | | | 195 | |
2.224% due 07/25/2040 • | | | | | 364 | | | | | | 363 | |
2.324% (US0001M + 0.700%) due 03/26/2040 ~ | | | | | 353 | | | | | | 353 | |
2.360% due 12/27/2032 | | | | | 54 | | | | | | 54 | |
2.574% due 01/25/2039 • | | | | | 87 | | | | | | 86 | |
2.650% due 09/25/2040 | | | | | 1,484 | | | | | | 1,455 | |
2.724% due 10/27/2036 • | | | | | 1,223 | | | | | | 1,223 | |
2.740% due 05/25/2040 | | | | | 937 | | | | | | 931 | |
2.924% due 02/25/2040 • | | | | | 554 | | | | | | 553 | |
|
SoFi Professional Loan Program Trust | |
1.950% due 02/15/2046 | | | | | 15,879 | | | | | | 15,124 | |
|
Sound Point CLO Ltd. | |
2.043% due 10/20/2030 • | | | | | 4,500 | | | | | | 4,419 | |
2.084% (US0003M + 0.900%) due 01/23/2029 ~ | | | | | 7,977 | | | | | | 7,864 | |
2.113% due 10/20/2028 • | | | | | 2,323 | | | | | | 2,295 | |
2.124% due 04/15/2030 • | | | | | 3,055 | | | | | | 3,014 | |
2.164% due 07/25/2030 • | | | | | 29,350 | | | | | | 28,866 | |
2.174% due 01/23/2029 • | | | | | 18,639 | | | | | | 18,415 | |
2.194% (US0003M + 1.150%) due 04/18/2031 ~ | | | | | 1,000 | | | | | | 986 | |
2.314% due 07/26/2031 • | | | | | 600 | | | | | | 587 | |
|
Starwood Mortgage Trust | |
2.129% due 11/15/2038 • | | | | | 23,200 | | | | | | 22,402 | |
|
Stratus CLO Ltd. | |
1.963% due 12/28/2029 • | | | | | 4,967 | | | | | | 4,880 | |
|
Symphony CLO Ltd. | |
1.988% (US0003M + 0.950%) due 07/14/2026 ~ | | | | | 3,385 | | | | | | 3,377 | |
|
Symphony Static CLO Ltd. | |
2.014% (US0003M + 0.830%) due 10/25/2029 ~ | | | | | 4,032 | | | | | | 3,960 | |
|
TCW CLO Ltd. | |
2.154% (US0003M + 0.970%) due 04/25/2031 ~ | | | | | 19,100 | | | | | | 18,691 | |
|
TICP CLO Ltd. | |
1.903% (US0003M + 0.840%) due 04/20/2028 ~ | | | | | 561 | | | | | | 555 | |
|
Towd Point Mortgage Trust | |
1.636% due 04/25/2060 ~ | | | | | 63,976 | | | | | | 59,511 | |
2.224% due 02/25/2057 • | | | | | 977 | | | | | | 967 | |
2.624% due 10/25/2059 • | | | | | 1,995 | | | | | | 1,965 | |
2.710% due 01/25/2060 ~ | | | | | 21,364 | | | | | | 20,560 | |
2.900% due 10/25/2059 ~ | | | | | 17,599 | | | | | | 17,091 | |
3.656% due 03/25/2058 ~ | | | | | 11,430 | | | | | | 11,176 | |
|
Toyota Auto Loan Extended Note Trust | |
1.350% due 05/25/2033 | | | | | 41,800 | | | | | | 38,919 | |
|
Venture CLO Ltd. | |
1.924% due 07/15/2027 • | | | | | 6,574 | | | | | | 6,576 | |
2.053% due 07/20/2030 • | | | | | 34,400 | | | | | | 33,922 | |
2.083% due 04/20/2029 • | | | | | 30,339 | | | | | | 29,944 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 95 |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
2.113% due 07/20/2030 • | | $ | | | 8,500 | | | $ | | | 8,398 | |
2.628% due 08/28/2029 • | | | | | 34,858 | | | | | | 34,631 | |
|
Vibrant CLO Ltd. | |
3.046% due 06/20/2029 • | | | | | 8,609 | | | | | | 8,484 | |
|
Voya CLO Ltd. | |
1.994% due 04/17/2030 • | | | | | 30,500 | | | | | | 30,120 | |
2.024% due 06/07/2030 • | | | | | 10,000 | | | | | | 9,861 | |
2.044% (US0003M + 1.000%) due 10/15/2030 ~ | | | | | 14,500 | | | | | | 14,254 | |
|
Wellfleet CLO Ltd. | |
1.953% due 04/20/2029 • | | | | | 8,916 | | | | | | 8,854 | |
1.953% due 07/20/2029 • | | | | | 16,951 | | | | | | 16,781 | |
|
Westlake Automobile Receivables Trust | |
0.560% due 05/15/2024 | | | | | 1,917 | | | | | | 1,912 | |
| | | | | | | | | | | | |
Total Asset-Backed Securities (Cost $1,784,283) | | | 1,738,975 | |
| | | | |
| |
| SOVEREIGN ISSUES 1.4% | |
|
Export Development Canada | |
0.520% due 05/26/2024 | | | | | 29,800 | | | | | | 28,147 | |
|
Export-Import Bank of India | |
2.505% (US0003M + 1.000%) due 08/21/2022 ~ | | | | | 31,468 | | | | | | 31,505 | |
|
Korea Development Bank | |
1.694% (US0003M + 0.725%) due 07/06/2022 ~ | | | | | 11,195 | | | | | | 11,195 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
2.752% (US0003M + 0.475%) due 10/01/2022 ~ | | $ | | | 3,900 | | | $ | | | 3,902 | |
|
Korea Expressway Corp. | |
1.824% (US0003M + 0.640%) due 07/25/2022 ~ | | | | | 9,000 | | | | | | 8,958 | |
2.124% (US0003M + 0.600%) due 11/25/2022 ~ | | | | | 58,800 | | | | | | 58,801 | |
|
Korea National Oil Corp. | |
1.919% (US0003M + 0.875%) due 07/16/2023 ~ | | | | | 7,400 | | | | | | 7,439 | |
|
Tokyo Metropolitan Government | |
0.750% due 07/16/2025 | | | | | 21,300 | | | | | | 19,615 | |
| | | | | | | | | | | | |
Total Sovereign Issues (Cost $172,933) | | | 169,562 | |
| | | | |
| |
| SHORT-TERM INSTRUMENTS 4.5% | |
| |
| REPURCHASE AGREEMENTS (e) 4.5% | |
| | | | | | | | | | | 525,114 | |
| | | | | | | | | | | | |
| Total Short-Term Instruments (Cost $525,114) | | | 525,114 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments in Securities (Cost $11,967,256) | | | 11,723,602 | |
| | | | |
| |
| | | | | | | | | | | | |
| | | | | SHARES | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN AFFILIATES 0.0% | |
| |
| SHORT-TERM INSTRUMENTS 0.0% | |
| |
| MUTUAL FUNDS 0.0% | |
|
PIMCO Government Money Market Fund | |
1.450% (a)(b)(c) | | | | | 3,878,510 | | | $ | | | 3,879 | |
| | | | | | | | | | | | |
| Total Short-Term Instruments (Cost $3,879) | | | | | | 3,879 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments in Affiliates (Cost $3,879) | | | 3,879 | |
| | | | |
| | | | | | | | | | | | |
| Total Investments 99.7% (Cost $11,971,135) | | | $ | | | 11,727,481 | |
| |
| Other Assets and Liabilities, net 0.3% | | | 30,045 | |
| | | | |
| Net Assets 100.0% | | | $ | | | 11,757,526 | |
| | | | | | | |
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) | Institutional Class Shares of each Fund. |
| (b) | Securities with an aggregate market value of $3,802 were out on loan in exchange for $3,879 of cash collateral as of June 30, 2022. See Note 5, Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral. |
| (c) | Coupon represents a 7-Day Yield. |
(d) RESTRICTED SECURITIES:
| | | | | | | | | | | | | | | | | | | | | | |
| Issuer Description | | Coupon | | Maturity
Date | | | Acquisition
Date | | | Cost | | | Market
Value | | | Market Value
as Percentage
of Net Assets
| |
Citigroup, Inc. | | 1.794% | | | 05/01/2025 | | | | 04/27/2021 | | | | $ 22,450 | | | $ | 22,027 | | | | 0.19 | % |
General Motors Co. | | 5.400 | | | 10/02/2023 | | | | 03/28/2022 | | | | 2,572 | | | | 2,539 | | | | 0.02 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | $ 25,022 | | | $ | 24,566 | | | | 0.21 | % |
| | | | | | | | | | | | | | | | | | |
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) | |
| BCY | | | 1.450 | % | | | 07/01/2022 | | | | 07/05/2022 | | | $ | 321,900 | | | U.S. Treasury Bonds 3.375% due 11/15/2048 | | $ | (328,204 | ) | | $ | 321,900 | | | $ | 321,900 | |
| FICC | | | 0.400 | | | | 06/30/2022 | | | | 07/01/2022 | | | | 514 | | | U.S. Treasury Notes 2.875% due 06/15/2025 | | | (525 | ) | | | 514 | | | | 514 | |
| | | 1.450 | | | | 06/30/2022 | | | | 07/01/2022 | | | | 202,700 | | | U.S. Treasury Notes 2.750% due 05/31/2029 | | | (206,754 | ) | | | 202,700 | | | | 202,708 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (535,483 | ) | | $ | 525,114 | | | $ | 525,122 | |
| | | | | | | | | | | | | | | |
| | | | | | |
| 96 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
BCY | | $ | 321,900 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 321,900 | | | $ | (328,204 | ) | | $ | (6,304 | ) |
FICC | | | 203,222 | | | | 0 | | | | 0 | | | | 0 | | | | 203,222 | | | | (207,279 | ) | | | (4,057 | ) |
JPS | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | (387 | ) | | | (387 | ) |
|
Master Securities Lending Agreement | |
GSC | | | 0 | | | | 0 | | | | 0 | | | | 3,802 | | | | 3,802 | | | | (3,879 | ) | | | (77 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 525,122 | | | $ | 0 | | | $ | 0 | | | $ | 3,802 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 | | $ | 3,879 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 3,879 | |
| | | | | | | | | | | | | | | | | | | | |
Total Borrowings | | $ | 3,879 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 3,879 | |
| | | | | | | | | | | | | | | | | | | | |
Payable for securities on loan - cash collateral | | | $ | 3,879 | |
| | | | | |
| (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, 2022 was $(409,380) at a weighted average interest rate of 0.078%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Investments in Securities, at Value | |
Corporate Bonds & Notes | |
Banking & Finance | | $ | 0 | | | $ | 4,247,844 | | | $ | 0 | | | $ | 4,247,844 | |
Industrials | | | 0 | | | | 1,571,191 | | | | 0 | | | | 1,571,191 | |
Utilities | | | 0 | | | | 873,384 | | | | 0 | | | | 873,384 | |
Municipal Bonds & Notes | |
California | | | 0 | | | | 5,885 | | | | 0 | | | | 5,885 | |
U.S. Government Agencies | | | 0 | | | | 672,902 | | | | 0 | | | | 672,902 | |
U.S. Treasury Obligations | | | 0 | | | | 804,454 | | | | 0 | | | | 804,454 | |
Non-Agency Mortgage-Backed Securities | | | 0 | | | | 1,114,291 | | | | 0 | | | | 1,114,291 | |
Asset-Backed Securities | | | 0 | | | | 1,738,975 | | | | 0 | | | | 1,738,975 | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Sovereign Issues | | $ | 0 | | | $ | 169,562 | | | $ | 0 | | | $ | 169,562 | |
Short-Term Instruments | |
Repurchase Agreements | | | 0 | | | | 525,114 | | | | 0 | | | | 525,114 | |
| | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 11,723,602 | | | $ | 0 | | | $ | 11,723,602 | |
| | | | | | | | | | | | | | | | |
|
Investments in Affiliates, at Value | |
Short-Term Instruments | |
Mutual Funds | | $ | 3,879 | | | $ | 0 | | | $ | 0 | | | $ | 3,879 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 3,879 | | | $ | 11,723,602 | | | $ | 0 | | | $ | 11,727,481 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 97 |
| | | | | | |
| 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 100.0% | |
| |
| MUNICIPAL BONDS & NOTES 84.1% | |
| |
| ALABAMA 2.8% | |
|
Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | |
1.260% (MUNIPSA) due 10/01/2052 ~ | | $ | | | 2,000 | | | $ | | | 1,906 | |
4.000% due 10/01/2052 | | | | | 7,385 | | | | | | 7,477 | |
|
Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022 | |
4.000% due 12/01/2052 | | | | | 4,000 | | | | | | 4,008 | |
|
Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020 | |
5.000% due 08/01/2027 | | | | | 1,000 | | | | | | 1,108 | |
|
Industrial Development Board of the City of Mobile Alabama Revenue Bonds, Series 2007 | |
1.000% due 06/01/2034 | | | | | 4,250 | | | | | | 4,049 | |
|
Lower Alabama Gas District Revenue Bonds, Series 2020 | |
4.000% due 12/01/2050 | | | | | 3,000 | | | | | | 3,045 | |
|
Montgomery, Alabama General Obligation Notes, Series 2021 | |
5.000% due 12/01/2030 | | | | | 550 | | | | | | 635 | |
|
Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 | |
2.000% due 11/01/2033 | | | | | 1,350 | | | | | | 1,318 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 23,546 | |
| | | | | | | | | | | | |
| |
| ALASKA 0.6% | |
|
Alaska Housing Finance Corp. Revenue Bonds, Series 2020 | |
5.000% due 12/01/2032 | | | | | 2,650 | | | | | | 2,905 | |
|
Alaska Housing Finance Corp. Revenue Bonds, Series 2022 | |
5.000% due 12/01/2033 (a) | | | | | 1,905 | | | | | | 2,111 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,016 | |
| | | | | | | | | | | | |
| |
| ARIZONA 1.1% | |
|
Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2005 | |
2.400% due 12/01/2035 | | | | | 2,750 | | | | | | 2,758 | |
|
City of Phoenix AZ General Obligation Refunding Bonds, Series 2022 | |
5.000% due 07/01/2026 | | | | | 1,500 | | | | | | 1,658 | |
|
Maricopa County, Arizona Special Health Care District General Obligation Bonds, Series 2018 | |
5.000% due 07/01/2029 | | | | | 1,940 | | | | | | 2,169 | |
|
Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2017 | |
3.125% due 07/01/2034 | | | | | 425 | | | | | | 410 | |
|
Town of Gilbert AZ General Obligation Bonds, Series 2022 | |
5.000% due 07/15/2027 | | | | | 2,000 | | | | | | 2,259 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,254 | |
| | | | | | | | | | | | |
| |
| CALIFORNIA 5.9% | |
|
Anaheim Public Financing Authority Revenue Bonds, (AGM/CR Insured), Series 2019 | |
5.000% due 09/01/2027 | | | | | 2,500 | | | | | | 2,761 | |
|
Bay Area Toll Authority, California Revenue Bonds, Series 2021 | |
1.360% (MUNIPSA) due 04/01/2056 ~ | | | | | 2,000 | | | | | | 1,960 | |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2016 | |
4.000% due 10/01/2036 | | | | | 1,000 | | | | | | 992 | |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2020 | |
4.000% due 04/01/2035 | | | | | 1,750 | | | | | | 1,715 | |
4.000% due 04/01/2040 | | | | | 1,250 | | | | | | 1,198 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2021 | |
4.000% due 11/01/2032 | | $ | | | 1,000 | | | $ | | | 1,012 | |
|
California Health Facilities Financing Authority Revenue Notes, Series 2021 | |
5.000% due 11/01/2031 | | | | | 550 | | | | | | 633 | |
|
California State General Obligation Bonds, Series 2016 | |
4.000% due 09/01/2037 | | | | | 4,495 | | | | | | 4,516 | |
|
California State General Obligation Bonds, Series 2018 | |
5.000% due 08/01/2037 | | | | | 6,000 | | | | | | 6,621 | |
|
California State General Obligation Bonds, Series 2020 | |
4.000% due 11/01/2034 | | | | | 1,750 | | | | | | 1,794 | |
|
California State General Obligation Bonds, Series 2021 | |
4.000% due 10/01/2034 | | | | | 1,000 | | | | | | 1,026 | |
|
California State General Obligation Notes, Series 2018 | |
5.000% due 10/01/2028 | | | | | 3,500 | | | | | | 4,006 | |
|
California State Public Works Board Revenue Bonds, Series 2022 | |
5.000% due 08/01/2036 | | | | | 3,000 | | | | | | 3,385 | |
|
Chino Valley Unified School District, California General Obligation Bonds, Series 2022 | |
0.000% due 08/01/2041 (c) | | | | | 1,500 | | | | | | 647 | |
|
East Bay Municipal Utility District Water System, California Revenue Bonds, Series 2015 | |
5.000% due 06/01/2032 | | | | | 3,000 | | | | | | 3,201 | |
|
Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2021 | |
4.000% due 01/15/2033 | | | | | 1,153 | | | | | | 1,136 | |
|
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | |
2.746% due 06/01/2034 | | | | | 3,000 | | | | | | 2,593 | |
|
Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | |
2.687% due 06/01/2030 | | | | | 6,000 | | | | | | 5,247 | |
|
Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022 | |
5.000% due 06/01/2038 | | | | | 1,000 | | | | | | 1,106 | |
|
Los Angeles, California Wastewater System Revenue Bonds, Series 2015 | |
5.000% due 06/01/2029 | | | | | 1,350 | | | | | | 1,448 | |
|
Sacramento Municipal Utility District, California Revenue Bonds, Series 2013 | |
5.000% due 08/15/2029 | | | | | 1,000 | | | | | | 1,035 | |
|
University of California Revenue Bonds, Series 2015 | |
5.000% due 05/15/2040 | | | | | 1,995 | | | | | | 2,095 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 50,127 | |
| | | | | | | | | | | | |
| |
| COLORADO 1.1% | |
|
Board of Governors of Colorado State University System Revenue Bonds, Series 2015 | |
5.000% due 03/01/2028 | | | | | 1,580 | | | | | | 1,700 | |
|
Colorado Health Facilities Authority Revenue Bonds, Series 2018 | |
5.000% due 11/15/2048 | | | | | 2,500 | | | | | | 2,704 | |
|
Colorado Health Facilities Authority Revenue Bonds, Series 2019 | |
5.000% due 08/01/2031 | | | | | 850 | | | | | | 904 | |
5.000% due 11/15/2049 | | | | | 1,500 | | | | | | 1,653 | |
|
E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2020 | |
5.000% due 09/01/2034 | | | | | 1,300 | | | | | | 1,458 | |
|
Regional Transportation District, Colorado Revenue Notes, Series 2020 | |
5.000% due 07/15/2028 | | | | | 875 | | | | | | 925 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,344 | |
| | | | | | | | | | | | |
| |
| CONNECTICUT 3.3% | |
|
Bridgeport, Connecticut General Obligation Notes, Series 2017 | |
5.000% due 08/15/2023 | | | | | 1,635 | | | | | | 1,692 | |
5.000% due 08/15/2027 | | | | | 3,000 | | | | | | 3,328 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020 | |
5.000% due 05/01/2031 | | $ | | | 3,500 | | | $ | | | 3,986 | |
5.000% due 05/01/2032 | | | | | 1,380 | | | | | | 1,562 | |
|
Connecticut Special Tax State Revenue Bonds, Series 2018 | |
5.000% due 01/01/2030 | | | | | 3,000 | | | | | | 3,324 | |
5.000% due 10/01/2033 | | | | | 1,020 | | | | | | 1,123 | |
|
Connecticut Special Tax State Revenue Bonds, Series 2021 | |
5.000% due 11/01/2035 | | | | | 2,000 | | | | | | 2,261 | |
|
Connecticut State General Obligation Bonds, Series 2018 | |
5.000% due 09/15/2030 | | | | | 3,640 | | | | | | 4,066 | |
|
Connecticut State General Obligation Bonds, Series 2020 | |
4.000% due 06/01/2031 | | | | | 1,750 | | | | | | 1,840 | |
|
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2018 | |
5.000% due 07/01/2029 | | | | | 1,200 | | | | | | 1,320 | |
|
Metropolitan District, Connecticut General Obligation Bonds, Series 2018 | |
5.000% due 07/15/2029 | | | | | 1,845 | | | | | | 2,076 | |
|
State Of Connecticut General Obligation Refunding Bonds, Series 2022 | |
5.000% due 09/15/2028 | | | | | 1,000 | | | | | | 1,135 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 27,713 | |
| | | | | | | | | | | | |
| |
| DISTRICT OF COLUMBIA 0.2% | |
|
District of Columbia Revenue Bonds, Series 2015 | |
5.000% due 07/15/2028 | | | | | 2,000 | | | | | | 2,121 | |
| | | | | | | | | | | | |
| |
| FLORIDA 3.1% | |
|
Broward County, Florida Airport System Revenue Bonds, Series 2012 | |
5.000% due 10/01/2023 | | | | | 1,000 | | | | | | 1,008 | |
|
Central Florida Expressway Authority Revenue Bonds, Series 2018 | |
5.000% due 07/01/2030 | | | | | 450 | | | | | | 505 | |
5.000% due 07/01/2031 | | | | | 900 | | | | | | 993 | |
|
Florida Development Finance Corp. Revenue Bonds, Series 2021 | |
4.000% due 11/15/2035 | | | | | 1,000 | | | | | | 991 | |
5.000% due 11/15/2032 | | | | | 800 | | | | | | 880 | |
|
Florida State General Obligation Notes, Series 2021 | |
5.000% due 06/01/2028 | | | | | 5,000 | | | | | | 5,709 | |
|
JEA Electric System, Florida Revenue Bonds, Series 2020 | |
5.000% due 10/01/2035 | | | | | 3,505 | | | | | | 3,915 | |
|
JEA Water & Sewer System, Florida Revenue Bonds, Series 2020 | |
5.000% due 10/01/2035 | | | | | 1,150 | | | | | | 1,300 | |
|
JEA Water & Sewer System, Florida Revenue Bonds, Series 2021 | |
5.000% due 10/01/2032 | | | | | 1,410 | | | | | | 1,633 | |
|
JEA Water & Sewer System, Florida Revenue Notes, Series 2021 | |
5.000% due 10/01/2031 | | | | | 1,000 | | | | | | 1,168 | |
|
Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015 | |
5.000% due 10/01/2035 | | | | | 1,000 | | | | | | 1,030 | |
|
Orlando Utilities Commission, Florida Revenue Bonds, Series 2021 | |
1.250% due 10/01/2046 | | | | | 3,500 | | | | | | 2,942 | |
|
Osceola County, Florida Transportation Revenue Notes, Series 2020 | |
0.000% due 10/01/2026 (c) | | | | | 275 | | | | | | 232 | |
0.000% due 10/01/2028 (c) | | | | | 475 | | | | | | 362 | |
|
Palm Beach County, Florida Health Facilities Authority Revenue Bonds, Series 2022 | |
5.000% due 11/01/2033 (a) | | | | | 700 | | | | | | 742 | |
|
School District of Broward County, Florida Certificates of Participation Bonds, Series 2020 | |
5.000% due 07/01/2032 | | | | | 2,000 | | | | | | 2,227 | |
| | | | | | |
| 98 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Tampa, Florida Revenue Bonds, Series 2020 | |
0.000% due 09/01/2033 (c) | | $ | | | 200 | | | $ | | | 127 | |
5.000% due 07/01/2031 | | | | | 350 | | | | | | 383 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 26,147 | |
| | | | | | | | | | | | |
| |
| GEORGIA 3.7% | |
|
Burke County, Georgia Development Authority Revenue Bonds, Series 2008 | |
2.925% due 11/01/2048 | | | | | 3,000 | | | | | | 2,992 | |
|
Burke County, Georgia Development Authority Revenue Bonds, Series 2012 | |
1.700% due 12/01/2049 | | | | | 2,000 | | | | | | 1,938 | |
|
Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | |
3.250% due 11/01/2045 | | | | | 3,750 | | | | | | 3,767 | |
|
Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2017 | |
5.000% due 04/01/2028 | | | | | 600 | | | | | | 649 | |
|
Development Authority of Monroe County, Georgia Revenue Bonds, Series 2013 | |
1.500% due 01/01/2039 | | | | | 1,250 | | | | | | 1,199 | |
|
Georgia State General Obligation Notes, Series 2022 | |
5.000% due 07/01/2030 (a) | | | | | 6,640 | | | | | | 7,795 | |
|
LaGrange-Troup County, Georgia Hospital Authority Revenue Bonds, Series 2017 | |
5.000% due 04/01/2028 | | | | | 700 | | | | | | 757 | |
|
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2018 | |
1.541% (US0001M) due 08/01/2048 ~ | | | | | 1,510 | | | | | | 1,499 | |
|
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019 | |
5.000% due 05/15/2033 | | | | | 2,500 | | | | | | 2,634 | |
|
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 | |
4.000% due 05/01/2052 | | | | | 3,000 | | | | | | 3,005 | |
|
Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | |
5.000% due 01/01/2031 | | | | | 1,200 | | | | | | 1,299 | |
|
Municipal Electric Authority of Georgia Revenue Notes, (AGM Insured), Series 2021 | |
5.000% due 01/01/2027 | | | | | 335 | | | | | | 364 | |
5.000% due 01/01/2028 | | | | | 400 | | | | | | 439 | |
5.000% due 01/01/2029 | | | | | 450 | | | | | | 497 | |
5.000% due 01/01/2031 | | | | | 360 | | | | | | 399 | |
5.000% due 01/01/2032 | | | | | 285 | | | | | | 312 | |
|
Municipal Electric Authority of Georgia Revenue Notes, Series 2019 | |
5.000% due 01/01/2029 | | | | | 1,000 | | | | | | 1,098 | |
|
Municipal Electric Authority of Georgia Revenue Notes, Series 2021 | |
5.000% due 01/01/2028 | | | | | 175 | | | | | | 191 | |
5.000% due 01/01/2029 | | | | | 165 | | | | | | 181 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 31,015 | |
| | | | | | | | | | | | |
| |
| GUAM 0.1% | |
|
Guam Government Waterworks Authority Revenue Notes, Series 2014 | |
5.000% due 07/01/2023 | | | | | 770 | | | | | | 788 | |
| | | | | | | | | | | | |
| |
| HAWAII 0.3% | |
|
Honolulu, Hawaii City & County General Obligation Bonds, Series 2015 | |
5.000% due 10/01/2030 | | | | | 2,000 | | | | | | 2,149 | |
| | | | | | | | | | | | |
| |
| ILLINOIS 6.6% | |
|
Chicago Board of Education, Illinois General Obligation Bonds, (BAM Insured), Series 2022 | |
4.000% due 12/01/2036 | | | | | 2,000 | | | | | | 1,879 | |
|
Chicago Midway International Airport, Illinois Revenue Bonds, Series 2014 | |
5.000% due 01/01/2035 | | | | | 6,500 | | | | | | 6,666 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Chicago Transit Authority Capital Grant Receipts, Illinois Revenue Notes, Series 2021 | |
5.000% due 06/01/2028 | | $ | | | 2,000 | | | $ | | | 2,198 | |
|
Chicago, Illinois General Obligation Bonds, Series 2015 | |
5.250% due 01/01/2027 | | | | | 4,000 | | | | | | 4,161 | |
|
Chicago, Illinois General Obligation Bonds, Series 2017 | |
5.625% due 01/01/2030 | | | | | 1,865 | | | | | | 1,986 | |
|
Chicago, Illinois General Obligation Notes, Series 2015 | |
5.000% due 01/01/2026 | | | | | 2,000 | | | | | | 2,072 | |
|
Illinois Finance Authority Revenue Bonds, Series 2008 | |
4.000% due 11/01/2030 | | | | | 1,000 | | | | | | 1,031 | |
|
Illinois Finance Authority Revenue Bonds, Series 2019 | |
2.450% due 10/01/2039 | | | | | 2,000 | | | | | | 1,811 | |
|
Illinois Finance Authority Revenue Bonds, Series 2020 | |
5.000% due 08/15/2033 | | | | | 1,750 | | | | | | 1,942 | |
|
Illinois State General Obligation Bonds, Series 2012 | |
5.000% due 08/01/2023 | | | | | 2,590 | | | | | | 2,656 | |
|
Illinois State General Obligation Bonds, Series 2022 | |
5.000% due 03/01/2026 | | | | | 7,000 | | | | | | 7,444 | |
|
Illinois State General Obligation Notes, Series 2017 | |
5.000% due 11/01/2023 | | | | | 2,765 | | | | | | 2,849 | |
|
Illinois State General Obligation Notes, Series 2020 | |
5.000% due 10/01/2025 | | | | | 2,300 | | | | | | 2,434 | |
|
Illinois State Revenue Bonds, Series 2013 | |
5.000% due 06/15/2026 | | | | | 1,500 | | | | | | 1,531 | |
|
Illinois State Toll Highway Authority Revenue Bonds, Series 2019 | |
5.000% due 01/01/2030 | | | | | 2,500 | | | | | | 2,818 | |
|
Illinois State Toll Highway Authority Revenue Notes, Series 2019 | |
5.000% due 01/01/2027 | | | | | 775 | | | | | | 858 | |
|
Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022 | |
0.000% due 12/15/2035 (c) | | | | | 1,500 | | | | | | 821 | |
0.000% due 06/15/2036 (c) | | | | | 500 | | | | | | 266 | |
|
Northern Illinois University Revenue Notes, (BAM Insured), Series 2021 | |
5.000% due 10/01/2028 | | | | | 325 | | | | | | 360 | |
5.000% due 10/01/2029 | | | | | 300 | | | | | | 335 | |
|
Railsplitter Tobacco Settlement Authority, Illinois Revenue Notes, Series 2017 | |
5.000% due 06/01/2023 | | | | | 1,100 | | | | | | 1,128 | |
|
Regional Transportation Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2003 | |
5.750% due 06/01/2033 | | | | | 1,800 | | | | | | 2,094 | |
|
Sales Tax Securitization Corp., Illinois Revenue Bonds, (BAM Insured), Series 2020 | |
5.000% due 01/01/2037 | | | | | 1,350 | | | | | | 1,480 | |
|
Sales Tax Securitization Corp., Illinois Revenue Notes, Series 2020 | |
5.000% due 01/01/2028 | | | | | 4,500 | | | | | | 4,946 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 55,766 | |
| | | | | | | | | | | | |
| |
| INDIANA 1.1% | |
|
Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012 | |
4.250% due 11/01/2030 | | | | | 1,500 | | | | | | 1,480 | |
|
Indiana Finance Authority Revenue Bonds, Series 2012 | |
3.000% due 11/01/2030 | | | | | 4,500 | | | | | | 4,080 | |
|
Indiana Finance Authority Revenue Bonds, Series 2018 | |
5.000% due 02/01/2030 | | | | | 1,500 | | | | | | 1,689 | |
|
Indiana Municipal Power Agency Revenue Notes, Series 2019 | |
5.000% due 01/01/2029 | | | | | 285 | | | | | | 323 | |
|
Rockport, Indiana Revenue Bonds, Series 2009 | |
3.050% due 06/01/2025 | | | | | 1,500 | | | | | | 1,526 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,098 | |
| | | | | | | | | | | | |
| |
| IOWA 0.2% | |
|
Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | |
4.000% due 12/01/2050 | | | | | 2,000 | | | | | | 1,998 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| KENTUCKY 0.8% | |
|
Kentucky Public Energy Authority Revenue Bonds, Series 2018 | |
4.000% due 04/01/2048 | | $ | | | 2,000 | | | $ | | | 2,019 | |
|
Kentucky Public Energy Authority Revenue Bonds, Series 2020 | |
4.000% due 12/01/2050 | | | | | 3,000 | | | | | | 3,037 | |
|
Kentucky Public Energy Authority Revenue Bonds, Series 2022 | |
4.000% due 08/01/2052 | | | | | 2,000 | | | | | | 2,003 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,059 | |
| | | | | | | | | | | | |
| |
| LOUISIANA 1.3% | |
|
East Baton Rouge Sewerage Commission, Louisiana Revenue Bonds, Series 2019 | |
5.000% due 02/01/2031 | | | | | 2,330 | | | | | | 2,709 | |
|
Louisiana Public Facilities Authority Revenue Bonds, Series 2017 | |
5.000% due 05/15/2028 | | | | | 855 | | | | | | 924 | |
|
Louisiana State General Obligation Bonds, Series 2015 | |
4.000% due 05/01/2035 | | | | | 1,700 | | | | | | 1,726 | |
|
Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017 | |
2.100% due 06/01/2037 | | | | | 2,900 | | | | | | 2,806 | |
2.125% due 06/01/2037 | | | | | 800 | | | | | | 774 | |
|
Tangipahoa Parish Hospital Service District No 1, Louisiana Revenue Bonds, Series 2021 | |
4.000% due 02/01/2037 | | | | | 2,000 | | | | | | 1,873 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,812 | |
| | | | | | | | | | | | |
| |
| MAINE 0.1% | |
|
Portland, Maine General Airport Revenue Notes, Series 2019 | |
5.000% due 01/01/2028 | | | | | 300 | | | | | | 330 | |
5.000% due 01/01/2029 | | | | | 225 | | | | | | 249 | |
5.000% due 01/01/2030 | | | | | 270 | | | | | | 299 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 878 | |
| | | | | | | | | | | | |
| |
| MARYLAND 1.6% | |
|
Maryland Department of Transportation State Revenue Bonds, Series 2019 | |
4.000% due 10/01/2032 | | | | | 1,450 | | | | | | 1,512 | |
|
Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020 | |
5.000% due 07/01/2045 | | | | | 2,500 | | | | | | 2,725 | |
|
Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 | |
4.000% due 06/01/2036 | | | | | 200 | | | | | | 189 | |
5.000% due 06/01/2033 | | | | | 445 | | | | | | 469 | |
|
Maryland Health & Higher Educational Facilities Authority Revenue Notes, Series 2021 | |
5.000% due 06/01/2031 | | | | | 350 | | | | | | 374 | |
|
Maryland State General Obligation Bonds, Series 2022 | |
5.000% due 06/01/2035 | | | | | 7,000 | | | | | | 8,240 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 13,509 | |
| | | | | | | | | | | | |
| |
| MASSACHUSETTS 1.5% | |
|
Massachusetts Bay Transportation Authority Revenue Notes, Series 2021 | |
5.000% due 07/01/2028 | | | | | 1,000 | | | | | | 1,135 | |
|
Massachusetts Development Finance Agency Revenue Bonds, Series 2013 | |
5.000% due 07/01/2044 | | | | | 4,000 | | | | | | 4,020 | |
|
Massachusetts Development Finance Agency Revenue Bonds, Series 2018 | |
5.000% due 07/01/2030 | | | | | 1,500 | | | | | | 1,619 | |
|
Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | |
1.510% (MUNIPSA) due 07/01/2049 ~ | | | | | 1,000 | | | | | | 993 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 99 |
| | | | | | |
| Schedule of Investments | | PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Massachusetts School Building Authority Revenue Bonds, Series 2015 | |
5.000% due 01/15/2029 | | $ | | | 2,390 | | | $ | | | 2,562 | |
|
Massachusetts School Building Authority Revenue Notes, Series 2012 | |
5.000% due 08/15/2022 | | | | | 1,175 | | | | | | 1,180 | |
|
Massachusetts State College Building Authority Revenue Notes, Series 2022 | |
5.000% due 05/01/2027 | | | | | 250 | | | | | | 278 | |
5.000% due 05/01/2030 | | | | | 500 | | | | | | 576 | |
5.000% due 05/01/2031 | | | | | 500 | | | | | | 582 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,945 | |
| | | | | | | | | | | | |
| |
| MICHIGAN 2.0% | |
|
Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001 | |
6.000% due 05/01/2029 | | | | | 4,035 | | | | | | 4,583 | |
|
Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | |
1.248% (US0003M) due 07/01/2032 ~ | | | | | 3,000 | | | | | | 2,930 | |
|
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 | |
1.660% (MUNIPSA) due 04/15/2047 ~ | | | | | 3,500 | | | | | | 3,501 | |
|
Michigan Finance Authority Revenue Bonds, Series 2015 | |
5.000% due 07/01/2030 | | | | | 1,200 | | | | | | 1,265 | |
|
Michigan Finance Authority Revenue Notes, Series 2021 | |
3.000% due 08/22/2022 | | | | | 2,585 | | | | | | 2,590 | |
|
Michigan State Hospital Finance Authority Revenue Bonds, Series 2010 | |
5.000% due 11/15/2047 | | | | | 1,500 | | | | | | 1,590 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,993 | |
| | | | | | | | | | | | |
| |
| MINNESOTA 0.2% | |
|
Minnesota Municipal Gas Agency Revenue Bonds, Series 2022 | |
4.000% due 12/01/2052 | | | | | 700 | | | | | | 718 | |
|
Rochester, Minnesota Electric Utility Revenue Bonds, Series 2017 | |
5.000% due 12/01/2029 | | | | | 1,000 | | | | | | 1,115 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,833 | |
| | | | | | | | | | | | |
| |
| MISSISSIPPI 0.2% | |
|
Mississippi Business Finance Corp. Revenue Bonds, Series 2002 | |
3.200% due 09/01/2028 | | | | | 1,500 | | | | | | 1,486 | |
| | | | | | | | | | | | |
| |
| MISSOURI 0.5% | |
|
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2021 | |
5.000% due 07/01/2032 | | | | | 1,200 | | | | | | 1,353 | |
|
Health & Educational Facilities Authority of the State of Missouri Revenue Notes, Series 2021 | |
5.000% due 07/01/2031 | | | | | 1,500 | | | | | | 1,716 | |
|
Kansas City, Missouri Water Revenue Bonds, Series 2020 | |
4.000% due 12/01/2034 | | | | | 1,000 | | | | | | 1,055 | |
|
Republic, Missouri Revenue Notes, Series 2022 | |
4.000% due 05/01/2028 | | | | | 500 | | | | | | 529 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,653 | |
| | | | | | | | | | | | |
| |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| NEBRASKA 1.1% | |
|
Douglas County, Nebraska Revenue Bonds, Series 2021 | |
1.440% (MUNIPSA) due 07/01/2035 ~ | | $ | | | 2,000 | | | $ | | | 2,004 | |
|
Nebraska Public Power District Revenue Bonds, Series 2020 | |
0.600% due 01/01/2051 | | | | | 4,500 | | | | | | 4,429 | |
|
Public Power Generation Agency, Nebraska Revenue Bonds, Series 2015 | |
5.000% due 01/01/2030 | | | | | 1,085 | | | | | | 1,151 | |
|
Public Power Generation Agency, Nebraska Revenue Notes, Series 2015 | |
5.000% due 01/01/2025 | | | | | 1,905 | | | | | | 2,031 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,615 | |
| | | | | | | | | | | | |
| |
| NEVADA 1.9% | |
|
Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2019 | |
5.000% due 06/15/2028 | | | | | 5,000 | | | | | | 5,644 | |
|
Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2020 | |
5.000% due 06/15/2028 | | | | | 1,000 | | | | | | 1,129 | |
5.000% due 06/15/2029 | | | | | 2,030 | | | | | | 2,312 | |
|
Las Vegas Valley Water District, Nevada General Obligation Bonds, Series 2015 | |
5.000% due 06/01/2034 | | | | | 1,500 | | | | | | 1,585 | |
|
Las Vegas Valley Water District, Nevada General Obligation Notes, Series 2021 | |
5.000% due 06/01/2029 | | | | | 5,000 | | | | | | 5,744 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,414 | |
| | | | | | | | | | | | |
| |
| NEW HAMPSHIRE 0.2% | |
|
Merrimack County, New Hampshire General Obligation Notes, Series 2012 | |
5.000% due 12/01/2022 | | | | | 1,115 | | | | | | 1,131 | |
|
New Hampshire Business Finance Authority Revenue Notes, Series 2021 | |
4.000% due 01/01/2026 | | | | | 265 | | | | | | 265 | |
4.000% due 01/01/2027 | | | | | 250 | | | | | | 249 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,645 | |
| | | | | | | | | | | | |
| |
| NEW JERSEY 4.5% | |
|
New Jersey Economic Development Authority Revenue Bonds, Series 2013 | |
2.460% (MUNIPSA) due 09/01/2027 ~ | | | | | 3,000 | | | | | | 3,019 | |
|
New Jersey Economic Development Authority Revenue Bonds, Series 2021 | |
4.000% due 06/15/2034 | | | | | 500 | | | | | | 501 | |
|
New Jersey Economic Development Authority Revenue Notes, Series 2019 | |
5.250% due 09/01/2026 | | | | | 3,500 | | | | | | 3,753 | |
|
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2011 | |
5.000% due 07/01/2023 | | | | | 1,000 | | | | | | 1,003 | |
|
New Jersey State General Obligation Bonds, Series 2020 | |
4.000% due 06/01/2032 | | | | | 4,700 | | | | | | 4,950 | |
|
New Jersey State General Obligation Notes, Series 2020 | |
5.000% due 06/01/2026 | | | | | 2,000 | | | | | | 2,173 | |
|
New Jersey Transportation Trust Fund Authority Revenue Bonds, (NPFGC Insured), Series 2006 | |
0.000% due 12/15/2031 (c) | | | | | 6,865 | | | | | | 4,723 | |
|
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018 | |
5.000% due 12/15/2036 | | | | | 1,380 | | | | | | 1,450 | |
|
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 | |
4.000% due 06/15/2035 | | | | | 2,250 | | | | | | 2,248 | |
4.000% due 06/15/2036 | | | | | 1,000 | | | | | | 996 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
New Jersey Turnpike Authority Revenue Bonds, Series 2017 | |
4.000% due 01/01/2034 | | $ | | | 7,500 | | | $ | | | 7,558 | |
5.000% due 01/01/2030 | | | | | 2,250 | | | | | | 2,444 | |
|
Tobacco Settlement Financing Corp., New Jersey Revenue Notes, Series 2018 | |
5.000% due 06/01/2025 | | | | | 1,020 | | | | | | 1,071 | |
5.000% due 06/01/2028 | | | | | 2,000 | | | | | | 2,157 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 38,046 | |
| | | | | | | | | | | | |
| |
| NEW MEXICO 1.7% | |
|
Farmington, New Mexico Revenue Bonds, Series 2010 | |
1.100% due 06/01/2040 | | | | | 3,500 | | | | | | 3,448 | |
|
New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 | |
4.000% due 08/01/2039 | | | | | 7,950 | | | | | | 7,778 | |
|
New Mexico Municipal Energy Acquisition Authority Revenue Bonds, Series 2019 | |
5.000% due 11/01/2039 | | | | | 3,000 | | | | | | 3,162 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,388 | |
| | | | | | | | | | | | |
| |
| NEW YORK 12.9% | |
|
Dobbs Ferry Union Free School District, Series 2022 | |
3.000% due 06/02/2023 | | | | | 2,350 | | | | | | 2,370 | |
|
Enlarged City School District of the City of Troy, Series 2022 | |
4.000% due 06/08/2023 | | | | | 8,000 | | | | | | 8,123 | |
|
Long Island Power Authority, New York Revenue Bonds, Series 2021 | |
1.500% due 09/01/2051 | | | | | 1,400 | | | | | | 1,326 | |
|
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014 | |
5.000% due 11/15/2029 | | | | | 3,000 | | | | | | 3,207 | |
|
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2017 | |
5.000% due 11/15/2030 | | | | | 1,000 | | | | | | 1,060 | |
|
Metropolitan Transportation Authority, New York Revenue Notes, Series 2019 | |
5.000% due 09/01/2022 | | | | | 805 | | | | | | 809 | |
|
Metropolitan Transportation Authority, New York Revenue Notes, Series 2020 | |
5.000% due 02/01/2023 | | | | | 1,695 | | | | | | 1,724 | |
|
Monroe County Industrial Development Corp, New York Revenue Bonds, Series 2017 | |
5.000% due 07/01/2030 | | | | | 1,040 | | | | | | 1,139 | |
|
Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2017 | |
5.000% due 12/01/2027 | | | | | 1,000 | | | | | | 1,062 | |
|
Nassau County, New York General Obligation Notes, Series 2016 | |
5.000% due 04/01/2026 | | | | | 1,360 | | | | | | 1,487 | |
|
New York City Housing Development Corp. Revenue Bonds, Series 2013 | |
5.250% due 07/01/2031 | | | | | 2,500 | | | | | | 2,589 | |
|
New York City Industrial Development Agency, New York Revenue Notes, (AGM Insured), Series 2021 | |
5.000% due 01/01/2028 | | | | | 1,150 | | | | | | 1,263 | |
5.000% due 01/01/2029 | | | | | 1,250 | | | | | | 1,380 | |
|
New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2018 | |
5.000% due 07/15/2031 | | | | | 1,520 | | | | | | 1,706 | |
|
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2012 | |
5.000% due 08/01/2029 | | | | | 2,300 | | | | | | 2,623 | |
|
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2014 | |
5.000% due 08/01/2031 | | | | | 5,000 | | | | | | 5,275 | |
|
New York Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2022 | |
5.000% due 08/01/2035 (a) | | | | | 2,000 | | | | | | 2,260 | |
5.250% due 08/01/2040 (a) | | | | | 4,890 | | | | | | 5,550 | |
|
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Notes, Series 2020 | |
5.000% due 11/01/2024 | | | | | 1,500 | | | | | | 1,601 | |
| | | | | | |
| 100 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
New York City Water & Sewer System, New York Revenue Notes, Series 2021 | |
5.000% due 06/15/2031 | | $ | | | 3,500 | | | $ | | | 4,099 | |
|
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | |
5.000% due 06/15/2033 | | | | | 3,210 | | | | | | 3,804 | |
|
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022 | |
5.000% due 06/15/2027 | | | | | 2,500 | | | | | | 2,729 | |
5.000% due 06/15/2030 | | | | | 5,790 | | | | | | 6,726 | |
|
New York City, New York Water & Sewer System Revenue Notes, Series 2021 | |
5.000% due 06/15/2028 | | | | | 2,500 | | | | | | 2,773 | |
|
New York Liberty Development Corp. Revenue Bonds, Series 2005 | |
5.250% due 10/01/2035 | | | | | 1,000 | | | | | | 1,124 | |
|
New York State Dormitory Authority Northwell Health Obligated Group Revenue Bonds, Series 2022 | |
4.000% due 05/01/2041 | | | | | 5,350 | | | | | | 5,141 | |
|
New York State Dormitory Authority Revenue Bonds, Series 2012 | |
5.000% due 12/15/2025 | | | | | 405 | | | | | | 411 | |
|
New York State Dormitory Authority Revenue Bonds, Series 2018 | |
5.000% due 03/15/2031 | | | | | 3,000 | | | | | | 3,345 | |
5.000% due 01/15/2032 | | | | | 500 | | | | | | 551 | |
|
New York State Dormitory Authority Revenue Bonds, Series 2019 | |
5.000% due 05/01/2048 | | | | | 2,535 | | | | | | 2,620 | |
|
New York State Dormitory Authority Revenue Bonds, Series 2020 | |
4.000% due 03/15/2034 | | | | | 4,705 | | | | | | 4,751 | |
4.000% due 03/15/2035 | | | | | 6,500 | | | | | | 6,527 | |
4.000% due 02/15/2047 | | | | | 5,000 | | | | | | 4,871 | |
|
New York State Energy Research & Development Authority Revenue Bonds, Series 1994 | |
3.500% due 10/01/2029 | | | | | 3,000 | | | | | | 2,897 | |
|
New York Transportation Development Corp. Revenue Notes, Series 2020 | |
5.000% due 12/01/2026 | | | | | 1,070 | | | | | | 1,144 | |
|
Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019 | |
5.000% due 12/01/2043 | | | | | 2,000 | | | | | | 2,152 | |
|
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021 | |
2.000% due 05/15/2045 | | | | | 3,000 | | | | | | 2,923 | |
|
TSASC, Inc., New York Revenue Notes, Series 2017 | |
5.000% due 06/01/2026 | | | | | 1,270 | | | | | | 1,336 | |
5.000% due 06/01/2027 | | | | | 2,800 | | | | | | 2,968 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 109,446 | |
| | | | | | | | | | | | |
| |
| NORTH CAROLINA 1.7% | |
|
Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021 | |
5.000% due 01/15/2049 | | | | | 2,000 | | | | | | 2,273 | |
5.000% due 01/15/2050 | | | | | 2,700 | | | | | | 3,010 | |
|
Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Notes, Series 2022 | |
5.000% due 01/15/2028 | | | | | 1,000 | | | | | | 1,124 | |
|
North Carolina Medical Care Commission Revenue Bonds, Series 2012 | |
5.000% due 10/01/2027 | | | | | 1,120 | | | | | | 1,130 | |
|
State of North Carolina Build NC Revenue Bonds, Series 2022 | |
5.000% due 05/01/2028 | | | | | 5,625 | | | | | | 6,407 | |
|
University of North Carolina at Greensboro Revenue Bonds, Series 2014 | |
5.000% due 04/01/2026 | | | | | 250 | | | | | | 262 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,206 | |
| | | | | | | | | | | | |
| |
| OHIO 2.0% | |
|
Akron Bath Copley Joint Township Hospital District, Ohio Revenue Bonds, Series 2022 | |
5.000% due 11/15/2028 | | | | | 400 | | | | | | 441 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Allen County, Ohio Hospital Facilities Revenue Notes, Series 2020 | |
5.000% due 12/01/2029 | | $ | | | 1,500 | | | $ | | | 1,669 | |
|
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | |
5.000% due 06/01/2034 | | | | | 1,000 | | | | | | 1,073 | |
|
Butler County, Ohio Revenue Bonds, Series 2017 | |
5.000% due 11/15/2030 | | | | | 1,235 | | | | | | 1,324 | |
|
Cleveland Department of Public Utilities Division of Water, Ohio Revenue Bonds, Series 2020 | |
5.000% due 01/01/2032 | | | | | 1,000 | | | | | | 1,139 | |
|
Cuyahoga County, Ohio Certificates of Participation Bonds, Series 2014 | |
5.000% due 12/01/2025 | | | | | 3,000 | | | | | | 3,147 | |
|
Hamilton County, Ohio Sales Tax Revenue Notes, Series 2016 | |
5.000% due 12/01/2026 | | | | | 750 | | | | | | 833 | |
|
Kent State University, Ohio Revenue Bonds, Series 2022 | |
5.000% due 05/01/2033 (a) | | | | | 510 | | | | | | 577 | |
|
Northeast Ohio Medical University Revenue Notes, Series 2021 | |
5.000% due 12/01/2029 | | | | | 115 | | | | | | 124 | |
|
Ohio Air Quality Development Authority Revenue Bonds, Series 2014 | |
2.400% due 12/01/2038 | | | | | 3,200 | | | | | | 2,898 | |
|
Ohio Water Development Authority Revenue Notes, Series 2019 | |
5.000% due 12/01/2028 | | | | | 1,000 | | | | | | 1,149 | |
|
Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2020 | |
5.000% due 12/01/2032 | | | | | 2,000 | | | | | | 2,291 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,665 | |
| | | | | | | | | | | | |
| |
| OKLAHOMA 0.1% | |
|
Oklahoma Turnpike Authority Revenue Bonds, Series 2017 | |
5.000% due 01/01/2037 | | | | | 1,000 | | | | | | 1,062 | |
| | | | | | | | | | | | |
| |
| OREGON 0.7% | |
|
Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 | |
5.000% due 08/15/2032 | | | | | 600 | | | | | | 650 | |
5.000% due 08/15/2035 | | | | | 1,500 | | | | | | 1,602 | |
|
Salem-Keizer School District No 24J, Oregon General Obligation Notes, Series 2020 | |
5.000% due 06/15/2027 | | | | | 500 | | | | | | 561 | |
5.000% due 06/15/2028 | | | | | 700 | | | | | | 796 | |
5.000% due 06/15/2029 | | | | | 800 | | | | | | 922 | |
5.000% due 06/15/2030 | | | | | 925 | | | | | | 1,075 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,606 | |
| | | | | | | | | | | | |
| |
| PENNSYLVANIA 3.3% | |
|
Commonwealth Financing Authority, Pennsylvania Revenue Bonds, Series 2018 | |
5.000% due 06/01/2031 | | | | | 1,340 | | | | | | 1,455 | |
|
Commonwealth Financing Authority, Pennsylvania Revenue Notes, Series 2018 | |
5.000% due 06/01/2025 | | | | | 1,500 | | | | | | 1,600 | |
|
Commonwealth Financing Authority, Pennsylvania Revenue Notes, Series 2020 | |
5.000% due 06/01/2030 | | | | | 2,120 | | | | | | 2,412 | |
|
Commonwealth of Pennsylvania General Obligation Notes, Series 2016 | |
5.000% due 01/15/2027 | | | | | 2,000 | | | | | | 2,227 | |
|
Commonwealth of Pennsylvania General Obligation Notes, Series 2019 | |
5.000% due 07/15/2024 | | | | | 5,000 | | | | | | 5,302 | |
|
Delaware River Joint Toll Bridge Commission, Pennsylvania Revenue Notes, Series 2019 | |
5.000% due 07/01/2026 | | | | | 1,500 | | | | | | 1,653 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Delaware River Port Authority, Pennsylvania Revenue Notes, Series 2012 | |
5.000% due 01/01/2023 | | $ | | | 900 | | | $ | | | 914 | |
|
Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 | |
5.000% due 04/01/2043 | | | | | 4,500 | | | | | | 4,871 | |
|
Lehigh County, Pennsylvania Revenue Notes, Series 2019 | |
5.000% due 07/01/2029 | | | | | 1,310 | | | | | | 1,462 | |
|
Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2015 | |
5.000% due 08/15/2029 | | | | | 340 | | | | | | 362 | |
5.000% due 08/15/2031 | | | | | 300 | | | | | | 317 | |
5.000% due 08/15/2033 | | | | | 1,000 | | | | | | 1,051 | |
|
Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2017 | |
5.000% due 08/15/2029 | | | | | 1,250 | | | | | | 1,381 | |
|
Pennsylvania Turnpike Commission Revenue Notes, Series 2021 | |
4.000% due 12/01/2025 | | | | | 650 | | | | | | 686 | |
|
Philadelphia Gas Works, Co., Pennsylvania Revenue Bonds, Series 2015 | |
5.000% due 08/01/2027 | | | | | 750 | | | | | | 802 | |
|
Philadelphia Gas Works, Colorado, Pennsylvania Revenue Bonds, Series 2015 | |
5.000% due 08/01/2026 | | | | | 1,000 | | | | | | 1,071 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 27,566 | |
| | | | | | | | | | | | |
| |
| PUERTO RICO 0.8% | |
|
Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | |
1.168% (US0003M) due 07/01/2029 ~ | | | | | 1,280 | | | | | | 1,328 | |
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | |
0.000% due 07/01/2046 (c) | | | | | 18,846 | | | | | | 5,092 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,420 | |
| | | | | | | | | | | | |
| |
| RHODE ISLAND 1.1% | |
|
Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015 | |
5.000% due 06/01/2035 | | | | | 7,500 | | | | | | 7,664 | |
5.000% due 06/01/2040 | | | | | 2,000 | | | | | | 2,028 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,692 | |
| | | | | | | | | | | | |
| |
| SOUTH DAKOTA 0.2% | |
|
South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2014 | |
5.000% due 11/01/2027 | | | | | 925 | | | | | | 968 | |
|
South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015 | |
5.000% due 11/01/2028 | | | | | 900 | | | | | | 949 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,917 | |
| | | | | | | | | | | | |
| |
| TENNESSEE 1.0% | |
|
Tennergy Corp., Tennessee Revenue Bonds, Series 2019 | |
5.000% due 02/01/2050 | | | | | 1,500 | | | | | | 1,565 | |
|
Tennergy Corp., Tennessee Revenue Bonds, Series 2021 | |
4.000% due 12/01/2051 | | | | | 2,000 | | | | | | 2,012 | |
|
Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006 | |
5.000% due 02/01/2027 | | | | | 3,000 | | | | | | 3,176 | |
5.250% due 09/01/2026 | | | | | 1,745 | | | | | | 1,855 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,608 | |
| | | | | | | | | | | | |
| |
| TEXAS 5.2% | |
|
Arlington Higher Education Finance Corp., Texas Revenue Notes, (PSF Insured), Series 2021 | |
4.000% due 02/15/2028 | | | | | 300 | | | | | | 317 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 101 |
| | | | | | |
| Schedule of Investments | | PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Austin Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022 | |
5.000% due 08/01/2028 | | $ | | | 1,000 | | | $ | | | 1,139 | |
5.000% due 08/01/2030 | | | | | 1,000 | | | | | | 1,167 | |
|
Central Texas Regional Mobility Authority Revenue Bonds, Series 2021 | |
5.000% due 01/01/2032 | | | | | 110 | | | | | | 121 | |
|
Central Texas Regional Mobility Authority Revenue Notes, Series 2021 | |
5.000% due 01/01/2030 | | | | | 205 | | | | | | 226 | |
|
Central Texas Turnpike System Revenue Bonds, Series 2015 | |
0.000% due 08/15/2037 (c) | | | | | 5,000 | | | | | | 2,531 | |
|
Clifton Higher Education Finance Corp., Texas Revenue Bonds, (PSF Insured), Series 2021 | |
4.000% due 08/15/2033 | | | | | 1,110 | | | | | | 1,185 | |
4.000% due 08/15/2034 | | | | | 950 | | | | | | 1,010 | |
4.000% due 08/15/2036 | | | | | 700 | | | | | | 740 | |
|
Corpus Christi Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2016 | |
5.000% due 08/15/2025 | | | | | 2,115 | | | | | | 2,293 | |
|
Dallas, Texas Waterworks & Sewer System Revenue Bonds, Series 2012 | |
5.000% due 10/01/2023 | | | | | 1,000 | | | | | | 1,008 | |
|
El Paso Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2020 | |
5.000% due 08/15/2027 | | | | | 350 | | | | | | 392 | |
|
Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020 | |
5.000% due 08/15/2031 | | | | | 920 | | | | | | 1,045 | |
|
Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2014 | |
5.000% due 12/01/2025 | | | | | 500 | | | | | | 528 | |
|
Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019 | |
1.393% (US0001M) due 11/15/2046 ~ | | | | | 1,000 | | | | | | 1,003 | |
|
Houston, Texas Airport System Revenue Bonds, Series 2018 | |
5.000% due 07/01/2030 | | | | | 3,300 | | | | | | 3,635 | |
|
Houston, Texas General Obligation Notes, Series 2019 | |
5.000% due 03/01/2029 | | | | | 1,100 | | | | | | 1,261 | |
|
Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018 | |
5.000% due 02/15/2029 | | | | | 1,435 | | | | | | 1,615 | |
|
Lower Colorado River Authority, Texas Revenue Bonds, Series 2020 | |
5.000% due 05/15/2033 | | | | | 1,250 | | | | | | 1,385 | |
|
North Texas Tollway Authority Revenue Bonds, Series 2016 | |
5.000% due 01/01/2028 | | | | | 2,875 | | | | | | 3,109 | |
|
San Antonio Public Facilities Corp., Texas Revenue Bonds, Series 2012 | |
5.000% due 09/15/2025 | | | | | 1,000 | | | | | | 1,005 | |
|
San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015 | |
1.125% due 12/01/2045 | | | | | 2,500 | | | | | | 2,312 | |
|
San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2022 | |
2.000% due 02/01/2049 | | | | | 1,000 | | | | | | 948 | |
|
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2022 | |
5.000% due 10/01/2030 | | | | | 450 | | | | | | 517 | |
|
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | |
2.675% (US0003M) due 12/15/2026 ~ | | | | | 2,500 | | | | | | 2,392 | |
|
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008 | |
6.250% due 12/15/2026 | | | | | 1,425 | | | | | | 1,525 | |
|
Texas Municipal Gas Acquisition & Supply Corp. Revenue Notes, Series 2021 | |
5.000% due 12/15/2026 | | | | | 1,250 | | | | | | 1,323 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Texas Water Development Board Revenue Bonds, Series 2018 | |
5.000% due 04/15/2030 | | $ | | | 250 | | | $ | | | 284 | |
5.000% due 10/15/2030 | | | | | 3,010 | | | | | | 3,415 | |
|
Texas Water Development Board Revenue Bonds, Series 2022 | |
5.000% due 08/01/2032 | | | | | 2,250 | | | | | | 2,657 | |
|
Texas Water Development Board Revenue Notes, Series 2022 | |
5.000% due 08/01/2029 | | | | | 1,050 | | | | | | 1,209 | |
|
University of Texas System Revenue Bonds, Series 2010 | |
5.000% due 08/15/2022 | | | | | 500 | | | | | | 502 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 43,799 | |
| | | | | | | | | | | | |
| |
| UTAH 0.1% | |
|
University of Utah Revenue Bonds, Series 2020 | |
5.000% due 08/01/2033 | | | | | 1,000 | | | | | | 1,144 | |
| | | | | | | | | | | | |
| |
| VIRGINIA 3.0% | |
|
Fairfax County, Virginia Economic Development Authority Special Tax Notes, Series 2022 | |
5.000% due 04/01/2031 | | | | | 5,130 | | | | | | 5,949 | |
|
Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020 | |
5.000% due 07/01/2053 | | | | | 2,700 | | | | | | 3,017 | |
|
Virginia College Building Authority Revenue Bonds, Series 2019 | |
4.000% due 02/01/2034 | | | | | 5,000 | | | | | | 5,159 | |
|
Virginia College Building Authority Revenue Notes, Series 2021 | |
5.000% due 02/01/2028 | | | | | 4,500 | | | | | | 5,112 | |
|
Virginia Public School Authority Revenue Notes, Series 2022 | |
5.000% due 01/15/2029 | | | | | 2,320 | | | | | | 2,665 | |
|
Wise County, Virginia Industrial Development Authority Revenue Bonds, Series 2009 | |
0.750% due 10/01/2040 | | | | | 3,800 | | | | | | 3,504 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 25,406 | |
| | | | | | | | | | | | |
| |
| WASHINGTON 2.9% | |
|
Energy Northwest Electric Revenue Refunding Bonds, Series 2022 | |
5.000% due 07/01/2035 | | | | | 3,000 | | | | | | 3,476 | |
|
Energy Northwest, Washington Revenue Bonds, Series 2018 | |
5.000% due 07/01/2031 | | | | | 3,035 | | | | | | 3,402 | |
|
Energy Northwest, Washington Revenue Bonds, Series 2020 | |
5.000% due 07/01/2033 | | | | | 2,000 | | | | | | 2,281 | |
|
Seattle, Washington Solid Waste Revenue Notes, Series 2014 | |
5.000% due 05/01/2024 | | | | | 545 | | | | | | 575 | |
|
State of Washington General Obligation Refunding Bonds, Series 2022 | |
4.000% due 07/01/2026 | | | | | 1,900 | | | | | | 2,028 | |
|
Washington Health Care Facilities Authority Revenue Bonds, Series 2017 | |
1.960% (MUNIPSA) due 01/01/2042 ~ | | | | | 2,500 | | | | | | 2,506 | |
|
Washington Health Care Facilities Authority Revenue Bonds, Series 2020 | |
5.000% due 09/01/2032 | | | | | 450 | | | | | | 488 | |
|
Washington Health Care Facilities Authority Revenue Bonds, Series 2021 | |
4.000% due 10/01/2042 | | | | | 5,200 | | | | | | 5,346 | |
|
Washington Higher Education Facilities Authority Revenue Notes, Series 2020 | |
5.000% due 05/01/2025 | | | | | 250 | | | | | | 265 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Washington State General Obligation Bonds, Series 2020 | |
5.000% due 08/01/2035 | | $ | | | 1,895 | | | $ | | | 2,144 | |
|
Washington State Revenue Bonds, Series 2012 | |
5.000% due 09/01/2023 | | | | | 2,000 | | | | | | 2,012 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 24,523 | |
| | | | | | | | | | | | |
| |
| WEST VIRGINIA 0.3% | |
|
Mason County, West Virginia Revenue Bonds, Series 2003 | |
2.750% due 10/01/2022 | | | | | 2,000 | | | | | | 2,002 | |
|
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | |
3.000% due 06/01/2035 | | | | | 824 | | | | | | 788 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,790 | |
| | | | | | | | | | | | |
| |
| WISCONSIN 1.1% | |
|
Public Finance Authority, Wisconsin Revenue Notes, Series 2021 | |
4.000% due 10/01/2028 | | | | | 255 | | | | | | 252 | |
|
Wisconsin Center District Revenue Notes, (AGM Insured), Series 2020 | |
0.000% due 12/15/2029 (c) | | | | | 2,105 | | | | | | 1,613 | |
|
Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2018 | |
5.000% due 04/01/2029 | | | | | 1,925 | | | | | | 2,170 | |
|
Wisconsin State General Obligation Notes, Series 2022 | |
1.000% (MUNIPSA) due 05/01/2025 ~(a) | | | | | 5,045 | | | | | | 5,046 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,081 | |
| | | | | | | | | | | | |
Total Municipal Bonds & Notes (Cost $734,992) | | | 712,289 | |
| | | | |
| |
| SHORT-TERM INSTRUMENTS 15.9% | |
| |
| REPURCHASE AGREEMENTS (e) 0.1% | |
| | | | | | | | | | | 516 | |
| | | | | | | | | | | | |
| |
| U.S. TREASURY BILLS 10.0% | |
1.547% due 07/21/2022 - 09/29/2022 (a)(b)(c) | | | | | 85,300 | | | | | | 85,044 | |
| | | | | | | | | | | | |
| |
| U.S. TREASURY CASH MANAGEMENT BILLS 5.0% | |
2.103% due 10/25/2022 (c)(d) | | | | | 43,000 | | | | | | 42,723 | |
| | | | | | | | | | | | |
| |
| MUNICIPAL BONDS & NOTES 0.8% | |
|
Los Angeles, California Revenue Notes, Series 2022 | |
4.000% due 06/29/2023 (a) | | | | | 6,705 | | | | | | 6,835 | |
| | | | | | | | | | | | |
Total Municipal Bonds & Notes
(Cost $6,809) | | | 6,835 | |
| | | | |
Total Short-Term Instruments
(Cost $135,076) | | | 135,118 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments in Securities (Cost $870,068) | | | 847,407 | |
| | | | |
| | | | | | | | | | | | |
Total Investments 100.0%
(Cost $870,068) | | | $ | | | 847,407 | |
| | | | | | | |
| Other Assets and Liabilities, net 0.0% | | | (279 | ) |
| | | | |
| Net Assets 100.0% | | | $ | | | 847,128 | |
| | | | | | | |
| | | | | | |
| 102 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
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. |
| (b) | Coupon represents a weighted average yield to maturity. |
| (d) | Coupon represents a 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) | |
| FICC | | | 0.400 | % | | | 06/30/2022 | | | | 07/01/2022 | | | $ | 516 | | | U.S. Treasury Notes 2.875% due 06/15/2025 | | $ | (526 | ) | | $ | 516 | | | $ | 516 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (526 | ) | | $ | 516 | | | $ | 516 | |
| | | | | | | | | | | | | | | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
FICC | | $ | 516 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 516 | | | $ | (526 | ) | | $ | (10 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 516 | | | $ | 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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 | | | $ | 477 | | | $ | 477 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 103 |
| | | | | | |
| Schedule of Investments | | PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | (Cont.) | | June 30, 2022 |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Investments in Securities, at Value | |
Municipal Bonds & Notes | |
Alabama | | $ | 0 | | | $ | 23,546 | | | $ | 0 | | | $ | 23,546 | |
Alaska | | | 0 | | | | 5,016 | | | | 0 | | | | 5,016 | |
Arizona | | | 0 | | | | 9,254 | | | | 0 | | | | 9,254 | |
California | | | 0 | | | | 50,127 | | | | 0 | | | | 50,127 | |
Colorado | | | 0 | | | | 9,344 | | | | 0 | | | | 9,344 | |
Connecticut | | | 0 | | | | 27,713 | | | | 0 | | | | 27,713 | |
District of Columbia | | | 0 | | | | 2,121 | | | | 0 | | | | 2,121 | |
Florida | | | 0 | | | | 26,147 | | | | 0 | | | | 26,147 | |
Georgia | | | 0 | | | | 31,015 | | | | 0 | | | | 31,015 | |
Guam | | | 0 | | | | 788 | | | | 0 | | | | 788 | |
Hawaii | | | 0 | | | | 2,149 | | | | 0 | | | | 2,149 | |
Illinois | | | 0 | | | | 55,766 | | | | 0 | | | | 55,766 | |
Indiana | | | 0 | | | | 9,098 | | | | 0 | | | | 9,098 | |
Iowa | | | 0 | | | | 1,998 | | | | 0 | | | | 1,998 | |
Kentucky | | | 0 | | | | 7,059 | | | | 0 | | | | 7,059 | |
Louisiana | | | 0 | | | | 10,812 | | | | 0 | | | | 10,812 | |
Maine | | | 0 | | | | 878 | | | | 0 | | | | 878 | |
Maryland | | | 0 | | | | 13,509 | | | | 0 | | | | 13,509 | |
Massachusetts | | | 0 | | | | 12,945 | | | | 0 | | | | 12,945 | |
Michigan | | | 0 | | | | 16,993 | | | | 0 | | | | 16,993 | |
Minnesota | | | 0 | | | | 1,833 | | | | 0 | | | | 1,833 | |
Mississippi | | | 0 | | | | 1,486 | | | | 0 | | | | 1,486 | |
Missouri | | | 0 | | | | 4,653 | | | | 0 | | | | 4,653 | |
Nebraska | | | 0 | | | | 9,615 | | | | 0 | | | | 9,615 | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Nevada | | $ | 0 | | | $ | 16,414 | | | $ | 0 | | | $ | 16,414 | |
New Hampshire | | | 0 | | | | 1,645 | | | | 0 | | | | 1,645 | |
New Jersey | | | 0 | | | | 38,046 | | | | 0 | | | | 38,046 | |
New Mexico | | | 0 | | | | 14,388 | | | | 0 | | | | 14,388 | |
New York | | | 0 | | | | 109,446 | | | | 0 | | | | 109,446 | |
North Carolina | | | 0 | | | | 14,206 | | | | 0 | | | | 14,206 | |
Ohio | | | 0 | | | | 16,665 | | | | 0 | | | | 16,665 | |
Oklahoma | | | 0 | | | | 1,062 | | | | 0 | | | | 1,062 | |
Oregon | | | 0 | | | | 5,606 | | | | 0 | | | | 5,606 | |
Pennsylvania | | | 0 | | | | 27,566 | | | | 0 | | | | 27,566 | |
Puerto Rico | | | 0 | | | | 6,420 | | | | 0 | | | | 6,420 | |
Rhode Island | | | 0 | | | | 9,692 | | | | 0 | | | | 9,692 | |
South Dakota | | | 0 | | | | 1,917 | | | | 0 | | | | 1,917 | |
Tennessee | | | 0 | | | | 8,608 | | | | 0 | | | | 8,608 | |
Texas | | | 0 | | | | 43,799 | | | | 0 | | | | 43,799 | |
Utah | | | 0 | | | | 1,144 | | | | 0 | | | | 1,144 | |
Virginia | | | 0 | | | | 25,406 | | | | 0 | | | | 25,406 | |
Washington | | | 0 | | | | 24,523 | | | | 0 | | | | 24,523 | |
West Virginia | | | 0 | | | | 2,790 | | | | 0 | | | | 2,790 | |
Wisconsin | | | 0 | | | | 9,081 | | | | 0 | | | | 9,081 | |
Short-Term Instruments | |
Repurchase Agreements | | | 0 | | | | 516 | | | | 0 | | | | 516 | |
U.S. Treasury Bills | | | 0 | | | | 85,044 | | | | 0 | | | | 85,044 | |
U.S. Treasury Cash Management Bills | | | 0 | | | | 42,723 | | | | 0 | | | | 42,723 | |
Municipal Bonds & Notes | | | 0 | | | | 6,835 | | | | 0 | | | | 6,835 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 847,407 | | | $ | 0 | | | $ | 847,407 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.
| | | | | | |
| 104 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | |
| Schedule of Investments | | PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | June 30, 2022 |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 101.7% | |
| |
| MUNICIPAL BONDS & NOTES 93.9% | |
| |
| ALABAMA 3.0% | |
|
Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022 | |
4.000% due 04/01/2053 | | $ | | | 1,000 | | | $ | | | 1,011 | |
|
Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019 | |
5.250% due 05/01/2044 | | | | | 300 | | | | | | 269 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,280 | |
| | | | | | | | | | | | |
| |
| ARIZONA 0.7% | |
|
Arizona Industrial Development Authority Revenue Bonds, Series 2019 | |
4.250% due 01/01/2040 | | | | | 480 | | | | | | 318 | |
| | | | | | | | | | | | |
| |
| CALIFORNIA 10.7% | |
|
California Community Choice Financing Authority Revenue Bonds, Series 2021 | |
4.000% due 02/01/2052 | | | | | 1,000 | | | | | | 1,000 | |
|
California Community Housing Agency Revenue Bonds, Series 2019 | |
5.000% due 04/01/2049 | | | | | 300 | | | | | | 274 | |
|
California Community Housing Agency Revenue Bonds, Series 2022 | |
4.500% due 08/01/2052 | | | | | 100 | | | | | | 89 | |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2021 | |
4.000% due 08/15/2048 | | | | | 250 | | | | | | 244 | |
|
California Municipal Finance Authority Revenue Bonds, Series 2021 | |
4.000% due 11/01/2036 | | | | | 250 | | | | | | 217 | |
|
California Statewide Communities Development Authority Revenue Bonds, Series 2006 | |
2.625% due 11/01/2033 | | | | | 250 | | | | | | 247 | |
|
CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 | |
0.000% due 09/01/2062 (e) | | | | | 200 | | | | | | 105 | |
|
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | |
0.000% due 06/01/2066 (c) | | | | | 1,500 | | | | | | 148 | |
3.850% due 06/01/2050 | | | | | 1,000 | | | | | | 903 | |
|
Los Angeles Department of Water & Power, California Revenue Notes, Series 2022 | |
5.000% due 07/01/2027 | | | | | 350 | | | | | | 394 | |
|
San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2014 | |
5.000% due 05/01/2044 | | | | | 250 | | | | | | 255 | |
|
Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 | |
0.000% due 06/01/2060 (c) | | | | | 1,000 | | | | | | 144 | |
|
University of California Revenue Bonds, Series 2015 | |
5.000% due 05/15/2040 | | | | | 500 | | | | | | 525 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,545 | |
| | | | | | | | | | | | |
| |
| FLORIDA 2.2% | |
|
Greater Orlando Aviation Authority Revenue Bonds, Series 2015 | |
5.000% due 10/01/2040 | | | | | 500 | | | | | | 517 | |
|
Palm Beach County, Florida Health Facilities Authority Revenue Notes, Series 2022 | |
5.000% due 11/01/2029 (a) | | | | | 375 | | | | | | 407 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 924 | |
| | | | | | | | | | | | |
| |
| GEORGIA 2.2% | |
|
Georgia State General Obligation Notes, Series 2022 | |
5.000% due 07/01/2030 (a) | | | | | 365 | | | | | | 429 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | |
5.500% due 07/01/2063 (a) | | $ | | | 500 | | | $ | | | 517 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 946 | |
| | | | | | | | | | | | |
| |
| ILLINOIS 5.2% | |
|
Illinois Sales Tax State Revenue Notes, Series 2021 | |
5.000% due 06/15/2031 | | | | | 1,000 | | | | | | 1,092 | |
|
Sales Tax Securitization Corp., Illinois Revenue Bonds, (BAM Insured), Series 2020 | |
5.000% due 01/01/2037 | | | | | 1,000 | | | | | | 1,096 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,188 | |
| | | | | | | | | | | | |
| |
| INDIANA 3.1% | |
|
Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012 | |
4.250% due 11/01/2030 | | | | | 250 | | | | | | 247 | |
|
Whiting, Indiana Revenue Bonds, Series 2019 | |
5.000% due 12/01/2044 | | | | | 1,000 | | | | | | 1,077 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,324 | |
| | | | | | | | | | | | |
| |
| IOWA 0.6% | |
|
Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | |
4.000% due 12/01/2050 | | | | | 250 | | | | | | 250 | |
| | | | | | | | | | | | |
| |
| KENTUCKY 2.6% | |
|
Scott County, Kentucky School District Finance Corp. Revenue Bonds, (BAM Insured), Series 2022 | |
5.000% due 09/01/2041 (a) | | | | | 1,000 | | | | | | 1,084 | |
| | | | | | | | | | | | |
| |
| MARYLAND 1.0% | |
|
Maryland State General Obligation Bonds, Series 2022 | |
5.000% due 06/01/2035 | | | | | 350 | | | | | | 412 | |
| | | | | | | | | | | | |
| |
| MASSACHUSETTS 1.2% | |
|
Massachusetts Development Finance Agency Revenue Bonds, Series 2013 | |
5.000% due 07/01/2044 | | | | | 500 | | | | | | 502 | |
| | | | | | | | | | | | |
| |
| MINNESOTA 2.4% | |
|
Minnesota Municipal Gas Agency Revenue Bonds, Series 2022 | |
4.000% due 12/01/2052 | | | | | 1,000 | | | | | | 1,025 | |
| | | | | | | | | | | | |
| |
| NEW JERSEY 5.4% | |
|
New Jersey State General Obligation Bonds, Series 2020 | |
4.000% due 06/01/2032 | | | | | 1,000 | | | | | | 1,053 | |
|
New Jersey Transportation Trust Fund Authority Revenue Bonds, (NPFGC Insured), Series 2006 | |
0.000% due 12/15/2031 (c) | | | | | 250 | | | | | | 172 | |
|
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018 | |
5.000% due 12/15/2036 | | | | | 1,000 | | | | | | 1,051 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,276 | |
| | | | | | | | | | | | |
| |
| NEW MEXICO 0.8% | |
|
New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 | |
4.000% due 08/01/2039 | | | | | 350 | | | | | | 342 | |
| | | | | | | | | | | | |
| |
| NEW YORK 12.7% | |
|
Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2021 | |
4.000% due 02/15/2037 | | | | | 1,000 | | | | | | 988 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
New York City, New York Industrial Development Agency Revenue Bonds, Series 2007 | |
1.250% due 10/01/2042 | | $ | | | 1,600 | | | $ | | | 1,600 | |
|
New York Liberty Development Corp. Revenue Bonds, Series 2005 | |
5.250% due 10/01/2035 | | | | | 250 | | | | | | 281 | |
|
New York Liberty Development Corp. Revenue Bonds, Series 2014 | |
5.000% due 11/15/2044 | | | | | 250 | | | | | | 244 | |
|
New York State Dormitory Authority Memorial Sloan-Kettering Cancer Revenue Bonds, Series 2022 | |
4.000% due 07/01/2051 | | | | | 500 | | | | | | 481 | |
|
New York State Dormitory Authority Revenue Bonds, Series 2022 | |
4.000% due 03/15/2039 | | | | | 250 | | | | | | 247 | |
|
New York State Thruway Authority Revenue Notes, Series 2021 | |
5.000% due 03/15/2026 | | | | | 1,000 | | | | | | 1,095 | |
|
New York Transportation Development Corp. Revenue Bonds, Series 2022 | |
5.000% due 12/01/2033 | | | | | 250 | | | | | | 263 | |
|
Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021 | |
0.000% due 06/01/2066 (c) | | | | | 1,500 | | | | | | 155 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,354 | |
| | | | | | | | | | | | |
| |
| NORTH CAROLINA 2.7% | |
|
Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021 | |
5.000% due 01/15/2049 | | | | | 1,000 | | | | | | 1,137 | |
| | | | | | | | | | | | |
| |
| OHIO 7.9% | |
|
Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017 | |
5.000% due 08/01/2029 | | | | | 1,000 | | | | | | 1,089 | |
|
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | |
0.000% due 06/01/2057 (c) | | | | | 2,000 | | | | | | 258 | |
|
Lucas County, Ohio Revenue Bonds, Series 2018 | |
5.250% due 11/15/2048 | | | | | 400 | | | | | | 383 | |
|
Ohio Air Quality Development Authority Duke Energy Corporation Project Revenue Bonds, Series 2022 | |
4.250% due 11/01/2039 | | | | | 500 | | | | | | 507 | |
|
Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | |
1.375% due 02/01/2026 | | | | | 1,000 | | | | | | 939 | |
|
Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | |
5.000% due 07/01/2049 | | | | | 200 | | | | | | 182 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,358 | |
| | | | | | | | | | | | |
| |
| PENNSYLVANIA 4.1% | |
|
Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | |
2.010% (MUNIPSA) due 08/15/2038 ~(f) | | | | | 1,000 | | | | | | 987 | |
|
Montgomery County, Pennsylvania Higher Education and Health Authority Revenue Bonds, Series 2022 | |
4.000% due 05/01/2038 | | | | | 500 | | | | | | 496 | |
|
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 | |
5.000% due 12/31/2030 | | | | | 250 | | | | | | 258 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,741 | |
| | | | | | | | | | | | |
| |
| PUERTO RICO 5.0% | |
|
Commonwealth of Puerto Rico Bonds, Series 2022 | |
0.000% due 11/01/2043 (c) | | | | | 288 | | | | | | 144 | |
0.000% due 11/01/2051 (c) | | | | | 531 | | | | | | 229 | |
|
Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | |
0.000% due 07/01/2033 (c) | | | | | 104 | | | | | | 58 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 105 |
| | | | | | |
| Schedule of Investments | | PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
4.000% due 07/01/2033 | | $ | | | 35 | | | $ | | | 32 | |
4.000% due 07/01/2035 | | | | | 31 | | | | | | 28 | |
4.000% due 07/01/2037 | | | | | 27 | | | | | | 24 | |
5.750% due 07/01/2031 | | | | | 36 | | | | | | 40 | |
|
Commonwealth of Puerto Rico General Obligation Notes, Series 2021 | |
0.000% due 07/01/2024 (c) | | | | | 18 | | | | | | 16 | |
5.625% due 07/01/2027 | | | | | 38 | | | | | | 41 | |
|
GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | |
7.500% due 08/20/2040 ^ | | | | | 258 | | | | | | 228 | |
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | |
0.000% due 07/01/2046 (c) | | | | | 3,905 | | | | | | 1,055 | |
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | |
4.329% due 07/01/2040 | | | | | 250 | | | | | | 235 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,130 | |
| | | | | | | | | | | | |
| |
| RHODE ISLAND 1.2% | |
|
Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015 | |
5.000% due 06/01/2040 | | | | | 500 | | | | | | 507 | |
| | | | | | | | | | | | |
| |
| TENNESSEE 2.4% | |
|
Tennergy Corp., Tennessee Revenue Bonds, Series 2021 | |
4.000% due 12/01/2051 | | | | | 1,000 | | | | | | 1,006 | |
| | | | | | | | | | | | |
| |
| TEXAS 3.3% | |
|
Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | |
3.200% due 12/01/2045 | | | | | 250 | | | | | | 250 | |
|
Central Texas Turnpike System Revenue Bonds, Series 2015 | |
0.000% due 08/15/2037 (c) | | | | | 250 | | | | | | 127 | |
|
Matagorda County, Texas Navigation District No 1 Revenue Bonds, Series 2001 | |
2.600% due 11/01/2029 | | | | | 250 | | | | | | 221 | |
|
New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021 | |
5.500% due 01/01/2057 | | | | | 100 | | | | | | 85 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Port of Beaumont Industrial Development Authority, Texas Revenue Notes, Series 2021 | |
4.100% due 01/01/2028 | | $ | | | 500 | | | $ | | | 449 | |
|
Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 | |
5.000% due 06/30/2058 | | | | | 250 | | | | | | 249 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,381 | |
| | | | | | | | | | | | |
| |
| U.S. VIRGIN ISLANDS 2.4% | |
|
Matching Fund Special Purpose Securitization Corp., U.S. Virgin Islands Revenue Bonds, Series 2022 | |
5.000% due 10/01/2039 | | | | | 500 | | | | | | 505 | |
|
Matching Fund Special Purpose Securitization Corp., U.S. Virgin Islands Revenue Notes, Series 2022 | |
5.000% due 10/01/2026 | | | | | 500 | | | | | | 514 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,019 | |
| | | | | | | | | | | | |
| |
| VIRGINIA 1.2% | |
|
Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021 | |
3.750% due 03/01/2036 | | | | | 250 | | | | | | 234 | |
|
Virginia College Building Authority Revenue Bonds, Series 2019 | |
4.000% due 02/01/2034 | | | | | 250 | | | | | | 258 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 492 | |
| | | | | | | | | | | | |
| |
| WASHINGTON 8.0% | |
|
Port of Seattle, Washington Revenue Bonds, Series 2021 | |
4.000% due 08/01/2036 | | | | | 1,000 | | | | | | 979 | |
|
Washington Health Care Facilities Authority Revenue Bonds, Series 2019 | |
5.000% due 08/01/2044 | | | | | 1,100 | | | | | | 1,125 | |
|
Washington Health Care Facilities Authority Revenue Bonds, Series 2021 | |
4.000% due 10/01/2042 | | | | | 1,000 | | | | | | 1,028 | |
|
Washington State Convention Center Public Facilities District Revenue Notes, Series 2021 | |
4.000% due 07/01/2031 | | | | | 250 | | | | | | 239 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,371 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| WISCONSIN 1.9% | |
|
Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | |
4.000% due 03/31/2056 | | $ | | | 250 | | | $ | | | 197 | |
|
Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | |
4.000% due 10/01/2052 | | | | | 400 | | | | | | 372 | |
|
Wisconsin State General Obligation Notes, Series 2022 | |
1.000% (MUNIPSA) due 05/01/2025 ~(a) | | | | | 240 | | | | | | 240 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 809 | |
| | | | | | | | | | | | |
Total Municipal Bonds & Notes (Cost $40,805) | | | 39,721 | |
| | | | |
| |
| SHORT-TERM INSTRUMENTS 7.8% | |
| |
| SHORT-TERM NOTES 2.8% | |
|
Federal Home Loan Bank | |
0.000% due 07/01/2022 (c)(d) | | | | | 1,200 | | | | | | 1,200 | |
| | | | | | | | | | | | |
| |
| U.S. TREASURY BILLS 4.3% | |
1.385% due 07/19/2022 - 09/15/2022 (b)(c) | | | | | 1,800 | | | | | | 1,796 | |
| | | | | | | | | | | | |
| |
| MUNICIPAL BONDS & NOTES 0.7% | |
|
Los Angeles, California Revenue Notes, Series 2022 | |
4.000% due 06/29/2023 (a) | | | | | 300 | | | | | | 306 | |
| | | | | | | | | | | | |
Total Municipal Bonds & Notes
(Cost $305) | | | 306 | |
| | | | |
Total Short-Term Instruments (Cost $3,300) | | | 3,302 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
Total Investments in Securities (Cost $44,105) | | | 43,023 | |
| | | | |
| | | | | | | | | | | | |
Total Investments 101.7% (Cost $44,105) | | | $ | | | 43,023 | |
| |
Financial Derivative
Instruments (g) (0.0)% (Cost or Premiums, net $0) | | | | | | (21 | ) |
| |
| Other Assets and Liabilities, net (1.7)% | | | (706 | ) |
| | | | |
| Net Assets 100.0% | | | $ | | | 42,296 | |
| | | | | | | |
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. |
| (b) | Coupon represents a weighted average yield to maturity. |
| (d) | Coupon represents a yield to maturity. |
| (e) | Security becomes interest bearing at a future date. |
(f) 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 | | 2.010% | | | 08/15/2038 | | | | 09/14/2021 | | | | $ 1,026 | | | $ | 987 | | | | 2.33% | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| 106 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
(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 10-Year Note September Futures | | | 09/2022 | | | | 26 | | | $ | (3,082 | ) | | $ | 25 | | | $ | 0 | | | $ | (21 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Futures Contracts | | | $ | 25 | | | $ | 0 | | | $ | (21 | ) |
| | | | | | | | | | | | | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 | | | $ | 0 | | | $ | 0 | | | | | | | $ | 0 | | | $ | (21) | | | $ | 0 | | | $ | (21) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash of $72 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2022. 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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 | | | $ | 21 | | | $ | 21 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 | | | $ | 576 | | | $ | 576 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Change in Unrealized Appreciation on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 25 | | | $ | 25 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 107 |
| | | | | | |
| Schedule of Investments | | PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | (Cont.) | | June 30, 2022 |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Investments in Securities, at Value | |
Municipal Bonds & Notes | |
Alabama | | $ | 0 | | | $ | 1,280 | | | $ | 0 | | | $ | 1,280 | |
Arizona | | | 0 | | | | 318 | | | | 0 | | | | 318 | |
California | | | 0 | | | | 4,545 | | | | 0 | | | | 4,545 | |
Florida | | | 0 | | | | 924 | | | | 0 | | | | 924 | |
Georgia | | | 0 | | | | 946 | | | | 0 | | | | 946 | |
Illinois | | | 0 | | | | 2,188 | | | | 0 | | | | 2,188 | |
Indiana | | | 0 | | | | 1,324 | | | | 0 | | | | 1,324 | |
Iowa | | | 0 | | | | 250 | | | | 0 | | | | 250 | |
Kentucky | | | 0 | | | | 1,084 | | | | 0 | | | | 1,084 | |
Maryland | | | 0 | | | | 412 | | | | 0 | | | | 412 | |
Massachusetts | | | 0 | | | | 502 | | | | 0 | | | | 502 | |
Minnesota | | | 0 | | | | 1,025 | | | | 0 | | | | 1,025 | |
New Jersey | | | 0 | | | | 2,276 | | | | 0 | | | | 2,276 | |
New Mexico | | | 0 | | | | 342 | | | | 0 | | | | 342 | |
New York | | | 0 | | | | 5,354 | | | | 0 | | | | 5,354 | |
North Carolina | | | 0 | | | | 1,137 | | | | 0 | | | | 1,137 | |
Ohio | | | 0 | | | | 3,358 | | | | 0 | | | | 3,358 | |
Pennsylvania | | | 0 | | | | 1,741 | | | | 0 | | | | 1,741 | |
Puerto Rico | | | 0 | | | | 2,130 | | | | 0 | | | | 2,130 | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Rhode Island | | $ | 0 | | | $ | 507 | | | $ | 0 | | | $ | 507 | |
Tennessee | | | 0 | | | | 1,006 | | | | 0 | | | | 1,006 | |
Texas | | | 0 | | | | 1,381 | | | | 0 | | | | 1,381 | |
U.S. Virgin Islands | | | 0 | | | | 1,019 | | | | 0 | | | | 1,019 | |
Virginia | | | 0 | | | | 492 | | | | 0 | | | | 492 | |
Washington | | | 0 | | | | 3,371 | | | | 0 | | | | 3,371 | |
Wisconsin | | | 0 | | | | 809 | | | | 0 | | | | 809 | |
Short-Term Instruments | |
Short-Term Notes | | | 0 | | | | 1,200 | | | | 0 | | | | 1,200 | |
U.S. Treasury Bills | | | 0 | | | | 1,796 | | | | 0 | | | | 1,796 | |
Municipal Bonds & Notes | | | 0 | | | | 306 | | | | 0 | | | | 306 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 43,023 | | | $ | 0 | | | $ | 43,023 | |
| | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | | $ | 0 | | | $ | (21 | ) | | $ | 0 | | | $ | (21 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Total Financial Derivative Instruments | | $ | 0 | | | $ | (21 | ) | | $ | 0 | | | $ | (21 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Totals | | $ | 0 | | | $ | 43,002 | | | $ | 0 | | | $ | 43,002 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.
| | | | | | |
| 108 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | |
| Schedule of Investments | | PIMCO Senior Loan Active Exchange-Traded Fund | | | | June 30, 2022 |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 158.0% | |
| |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 82.2% | |
|
AAdvantage Loyalty IP Ltd. | |
5.813% (LIBOR03M + 4.750%) due 04/20/2028 ~ | | $ | | | 1,300 | | | $ | | | 1,245 | |
|
ABG Intermediate Holdings 2 LLC | |
7.673% due 12/20/2029 | | | | | 350 | | | | | | 327 | |
|
Advantage Sales & Marketing, Inc. | |
6.166% (LIBOR01M + 4.500%) due 10/28/2027 ~ | | | | | 349 | | | | | | 322 | |
|
Alliant Holdings Intermediate LLC | |
4.916% (LIBOR01M + 3.250%) due 05/09/2025 ~ | | | | | 1,147 | | | | | | 1,084 | |
|
Allied Universal Holding LLC | |
5.416% (LIBOR01M + 3.750%) due 05/12/2028 ~ | | | | | 1,496 | | | | | | 1,378 | |
|
Almonde, Inc. | |
TBD% due 06/13/2024 | | | | | 700 | | | | | | 632 | |
|
Altar Bidco, Inc. | |
7.355% (LIBOR03M + 5.600%) due 02/01/2030 ~ | | | | | 350 | | | | | | 318 | |
|
Altice France SA | |
4.732% (LIBOR03M + 4.000%) due 01/31/2026 ~ | | | | | 350 | | | | | | 319 | |
|
AmWINS Group, Inc. | |
3.916% (LIBOR01M + 2.250%) due 02/19/2028 ~ | | | | | 748 | | | | | | 707 | |
|
AP Core Holdings LLC | |
7.166% (LIBOR01M + 5.500%) due 09/01/2027 ~ | | | | | 150 | | | | | | 142 | |
|
Applied Systems, Inc. | |
5.250% - 6.750% (LIBOR03M + 3.000%) due 09/19/2024 ~ | | | | | 400 | | | | | | 385 | |
|
ASP Unifrax Holdings, Inc. | |
6.000% (LIBOR03M + 3.750%) due 12/12/2025 ~ | | | | | 150 | | | | | | 133 | |
|
Asurion LLC | |
4.916% (LIBOR01M + 3.250%) due 12/23/2026 ~ | | | | | 349 | | | | | | 317 | |
|
Banff Merger Sub, Inc. | |
5.150% - 5.416% (LIBOR01M + 3.750%) due 10/02/2025 ~ | | | | | 648 | | | | | | 604 | |
|
Berry Global, Inc. | |
3.005% (LIBOR01M + 1.750%) due 07/01/2026 ~ | | | | | 1,000 | | | | | | 969 | |
|
Brookfield WEC Holdings, Inc. | |
4.416% (LIBOR01M + 2.750%) due 08/01/2025 ~ | | | | | 798 | | | | | | 757 | |
|
Caesars Resort Collection LLC | |
5.166% (LIBOR01M + 3.500%) due 07/21/2025 ~ | | | | | 1,431 | | | | | | 1,383 | |
|
Calpine Construction Finance Co., L.P. | |
3.666% (LIBOR01M+ 2.000%) due 01/15/2025 ~ | | | | | 499 | | | | | | 481 | |
|
CCI Buyer, Inc. | |
5.188% (LIBOR01M + 3.500%) due 06/02/2028 ~ | | | | | 150 | | | | | | 124 | |
|
CenturyLink, Inc. | |
3.916% (LIBOR01M + 2.250%) due 03/15/2027 ~ | | | | | 1,393 | | | | | | 1,283 | |
|
Change Healthcare Holdings LLC | |
4.166% (LIBOR01M + 2.250%) due 03/01/2024 ~ | | | | | 950 | | | | | | 926 | |
|
Cinemark USA, Inc. | |
2.990% - 4.010% (LIBOR01M + 1.750%) due 03/31/2025 ~ | | | | | 150 | | | | | | 142 | |
|
Clear Channel Outdoor Holdings, Inc. | |
4.739% (LIBOR03M + 3.500%) due 08/21/2026 ~ | | | | | 898 | | | | | | 773 | |
|
Conair Holdings LLC | |
6.000% (LIBOR03M + 3.750%) due 05/17/2028 ~ | | | | | 349 | | | | | | 294 | |
|
Cornerstone Building Brands, Inc. | |
4.574% - 4.971% (LIBOR01M + 3.250%) due 04/12/2028 ~ | | | | | 150 | | | | | | 125 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
DaVita, Inc. | |
3.416% (LIBOR01M + 1.750%) due 08/12/2026 ~ | | $ | | | 798 | | | $ | | | 740 | |
|
DirecTV Financing LLC | |
6.666% (LIBOR01M + 5.000%) due 08/02/2027 ~ | | | | | 1,367 | | | | | | 1,264 | |
|
Elanco Animal Health, Inc. | |
2.812% (LIBOR01M + 1.750%) due 08/01/2027 ~ | | | | | 1,097 | | | | | | 1,038 | |
|
Endurance International Group | |
4.620% (LIBOR01M + 3.500%) due 02/10/2028 ~ | | | | | 349 | | | | | | 316 | |
|
First Student Bidco, Inc. | |
5.232% (LIBOR03M + 3.000%) due 07/21/2028 ~ | | | | | 1,000 | | | | | | 902 | |
|
Foundation Building Materials Holding Co. LLC | |
3.750% - 4.825% (LIBOR03M + 3.250%) due 01/31/2028 ~ | | | | | 349 | | | | | | 314 | |
|
Froneri International PLC | |
3.916% (LIBOR01M + 2.250%) due 01/29/2027 ~ | | | | | 898 | | | | | | 830 | |
|
Genesee & Wyoming, Inc. | |
4.250% (LIBOR03M + 2.000%) due 12/30/2026 ~ | | | | | 698 | | | | | | 672 | |
|
Global Medical Response, Inc. | |
5.916% (LIBOR01M + 4.250%) due 03/14/2025 ~ | | | | | 150 | | | | | | 140 | |
|
Golden Entertainment, Inc. | |
4.630% (LIBOR01M + 3.000%) due 10/21/2024 ~ | | | | | 150 | | | | | | 147 | |
|
Graham Packaging Co., Inc. | |
4.666% (LIBOR01M + 3.000%) due 08/04/2027 ~ | | | | | 598 | | | | | | 562 | |
|
Gray Television, Inc. | |
3.562% (LIBOR01M + 3.000%) due 01/02/2026 ~ | | | | | 150 | | | | | | 144 | |
|
H Food Holdings LLC | |
5.354% (LIBOR01M + 3.688%) due 05/23/2025 ~ | | | | | 349 | | | | | | 315 | |
|
Hub International Ltd. | |
4.000% - 4.348% (LIBOR03M + 3.250%) due 04/25/2025 ~ | | | | | 1,795 | | | | | | 1,705 | |
|
Hyland Software, Inc. | |
5.166% (LIBOR01M + 3.500%) due 07/01/2024 ~ | | | | | 549 | | | | | | 531 | |
|
Instant Brands Holdings, Inc. | |
6.400% - 7.076% (LIBOR03M + 5.000%) due 04/12/2028 ~ | | | | | 392 | | | | | | 315 | |
|
IRB Holding Corp. | |
4.416% (LIBOR06M + 2.750%) due 02/05/2025 ~ | | | | | 1,047 | | | | | | 996 | |
|
Ivanti Software, Inc. | |
5.848% (LIBOR03M + 4.250%) due 12/01/2027 ~ | | | | | 349 | | | | | | 301 | |
|
Jazz Financing Lux SARL | |
5.166% (LIBOR01M + 3.500%) due 05/05/2028 ~ | | | | | 898 | | | | | | 858 | |
|
LABL, Inc. | |
6.666% (LIBOR01M + 5.000%) due 10/29/2028 ~ | | | | | 349 | | | | | | 322 | |
|
LifeMiles Ltd. | |
6.825% (LIBOR03M + 5.250%) due 08/30/2026 ~ | | | | | 342 | | | | | | 322 | |
|
Madison IAQ LLC | |
4.524% - 5.182% (LIBOR06M + 3.250%) due 06/21/2028 ~ | | | | | 698 | | | | | | 638 | |
|
Magenta Buyer LLC | |
6.230% (LIBOR03M + 4.000%) due 07/27/2028 ~ | | | | | 350 | | | | | | 316 | |
|
Marlink AS | |
TBD% due 12/04/2028 | | | | | 350 | | | | | | 327 | |
|
Mattress Firm, Inc. | |
5.640% (LIBOR03M + 4.250%) due 09/25/2028 ~ | | | | | 200 | | | | | | 174 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Messer Industrie GmbH | |
4.750% (LIBOR03M + 2.500%) due 03/02/2026 ~ | | $ | | | 698 | | | $ | | | 670 | |
|
MH Sub LLC | |
5.416% (LIBOR01M + 3.750%) due 09/13/2024 ~ | | | | | 898 | | | | | | 849 | |
|
Mitchell International, Inc. | |
5.345% (LIBOR01M + 3.750%) due 10/15/2028 ~ | | | | | 549 | | | | | | 500 | |
|
Mitnick Corporate Purchaser, Inc. | |
5.924% due 05/02/2029 | | | | | 150 | | | | | | 144 | |
|
MPH Acquisition Holdings LLC | |
5.825% (LIBOR03M + 4.250%) due 09/01/2028 ~ | | | | | 698 | | | | | | 645 | |
|
Padagis LLC | |
5.719% - 6.150% (LIBOR03M + 4.750%) due 07/06/2028 ~ | | | | | 150 | | | | | | 138 | |
|
Park River Holdings, Inc. | |
4.217% (LIBOR03M + 3.750%) due 12/28/2027 ~ | | | | | 349 | | | | | | 289 | |
|
Pelican Products, Inc. | |
6.500% (LIBOR03M + 4.250%) due 12/29/2028 ~ | | | | | 349 | | | | | | 326 | |
|
Phoenix Guarantor, Inc. | |
4.916% (LIBOR01M + 3.250%) due 03/05/2026 ~ | | | | | 698 | | | | | | 654 | |
|
PMHC II, Inc. | |
5.287% due 04/23/2029 | | | | | 700 | | | | | | 613 | |
|
Polaris Newco LLC | |
5.239% - 5.666% (LIBOR01M + 4.000%) due 06/02/2028 ~ | | | | | 1,147 | | | | | | 1,063 | |
|
Prime Security Services Borrower LLC | |
3.500% - 3.812% (LIBOR03M + 2.750%) due 09/23/2026 ~ | | | | | 800 | | | | | | 750 | |
|
Proofpoint, Inc. | |
4.825% (LIBOR03M + 3.250%) due 08/31/2028 ~ | | | | | 549 | | | | | | 512 | |
|
Radiate Holdco LLC | |
4.916% (LIBOR01M + 3.250%) due 09/25/2026 ~ | | | | | 1,147 | | | | | | 1,067 | |
|
RealPage, Inc. | |
4.666% (LIBOR01M + 3.000%) due 04/24/2028 ~ | | | | | 895 | | | | | | 829 | |
|
Refresco | |
TBD% due 04/21/2029 | | | | | 150 | | | | | | 143 | |
|
RegionalCare Hospital Partners Holdings, Inc. | |
5.416% (LIBOR01M + 3.750%) due 11/16/2025 ~ | | | | | 1,250 | | | | | | 1,169 | |
|
SBA Senior Finance LLC | |
3.420% (LIBOR01M + 1.750%) due 04/11/2025 ~ | | | | | 648 | | | | | | 625 | |
|
Scientific Games Holdings LP | |
4.175% due 04/04/2029 | | | | | 150 | | | | | | 139 | |
|
Scih Salt Holdings, Inc. | |
4.750% - 5.932% (LIBOR06M + 4.000%) due 03/16/2027 ~ | | | | | 150 | | | | | | 134 | |
|
Sigma Bidco BV | |
3.345% (LIBOR03M + 3.000%) due 07/02/2025 ~ | | | | | 350 | | | | | | 283 | |
|
Staples, Inc. | |
6.286% (LIBOR03M + 5.000%) due 04/16/2026 ~ | | | | | 350 | | | | | | 306 | |
|
Stars Group Holdings BV | |
4.500% (LIBOR03M + 2.250%) due 07/21/2026 ~ | | | | | 849 | | | | | | 809 | |
|
Station Casinos LLC | |
3.920% (LIBOR01M + 2.250%) due 02/08/2027 ~ | | | | | 399 | | | | | | 376 | |
|
Surgery Center Holdings, Inc. | |
4.950% (LIBOR01M + 3.750%) due 08/31/2026 ~ | | | | | 349 | | | | | | 326 | |
|
Team Health Holdings, Inc. | |
4.416% (LIBOR01M + 2.750%) due 02/06/2024 ~ | | | | | 349 | | | | | | 312 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 109 |
| | | | | | |
| Schedule of Investments | | PIMCO Senior Loan Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Terrier Media Buyer, Inc. | |
5.166% (LIBOR01M + 3.500%) due 12/17/2026 ~ | | $ | | | 598 | | | $ | | | 551 | |
|
Trans Union LLC | |
3.416% (LIBOR01M + 1.750%) due 11/16/2026 ~ | | | | | 648 | | | | | | 617 | |
|
TransDigm, Inc. | |
3.916% (LIBOR01M + 2.250%) due 08/22/2024 ~ | | | | | 2,244 | | | | | | 2,167 | |
|
Twin River Worldwide Holdings, Inc. | |
4.370% (LIBOR01M + 3.250%) due 10/02/2028 ~ | | | | | 549 | | | | | | 511 | |
|
U.S. Foods, Inc. | |
3.575% (LIBOR03M + 2.000%) due 09/13/2026 ~ | | | | | 399 | | | | | | 376 | |
|
U.S. Renal Care, Inc. | |
6.688% (LIBOR01M + 5.000%) due 06/26/2026 ~ | | | | | 399 | | | | | | 275 | |
|
Ultimate Software Group, Inc. | |
5.416% (LIBOR01M + 3.750%) due 05/04/2026 ~ | | | | | 1,396 | | | | | | 1,320 | |
|
United Airlines, Inc. | |
5.150% - 5.392% (LIBOR01M + 3.750%) due 04/21/2028 ~ | | | | | 1,496 | | | | | | 1,393 | |
|
Univision Communications, Inc. | |
4.916% (LIBOR01M + 3.250%) due 01/31/2029 ~ | | | | | 150 | | | | | | 143 | |
|
Viad Corp. | |
6.666% (LIBOR01M + 5.000%) due 07/30/2028 «~ | | | | | 349 | | | | | | 328 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Whatabrands LLC | |
4.916% (LIBOR01M + 3.250%) due 08/03/2028 ~ | | $ | | | 648 | | | $ | | | 609 | |
|
Worldwide Express Operations LLC | |
6.250% (LIBOR03M + 4.250%) due 07/26/2028 ~ | | | | | 348 | | | | | | 317 | |
|
Zayo Group Holdings, Inc. | |
4.666% (LIBOR01M + 3.000%) due 03/09/2027 ~ | | | | | 1,600 | | | | | | 1,436 | |
| | | | | | | | | | | | |
Total Loan Participations and Assignments (Cost $55,193) | | | 53,073 | |
| | | | | | | | | | | | |
| |
| CORPORATE BONDS & NOTES 7.9% | |
| |
| INDUSTRIALS 7.9% | |
|
Bombardier, Inc. | |
7.125% due 06/15/2026 | | | | | 350 | | | | | | 290 | |
|
Charter Communications Operating LLC | |
2.250% due 01/15/2029 | | | | | 2,000 | | | | | | 1,645 | |
|
CommScope, Inc. | |
4.750% due 09/01/2029 | | | | | 350 | | | | | | 283 | |
|
Community Health Systems, Inc. | |
5.250% due 05/15/2030 | | | | | 400 | | | | | | 305 | |
|
DISH DBS Corp. | |
5.250% due 12/01/2026 | | | | | 400 | | | | | | 314 | |
|
Pactiv Evergreen Group Issuer, Inc. | |
4.000% due 10/15/2027 | | | | | 850 | | | | | | 728 | |
|
Rackspace Technology Global, Inc. | |
3.500% due 02/15/2028 | | | | | 750 | | | | | | 589 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Spirit AeroSystems, Inc. | |
4.600% due 06/15/2028 | | $ | | | 400 | | | $ | | | 296 | |
|
Triumph Group, Inc. | |
6.250% due 09/15/2024 | | | | | 350 | | | | | | 313 | |
|
Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK) | |
10.500% due 11/15/2026 «(a) | | | | | 350 | | | | | | 332 | |
| | | | | | | | | | | | |
| Total Corporate Bonds & Notes (Cost $5,430) | | | 5,095 | |
| | | | |
| |
| SHORT-TERM INSTRUMENTS 67.9% | |
| |
| REPURCHASE AGREEMENTS (d) 14.6% | |
| | | | | | | | | | | 9,400 | |
| | | | | | | | | | | | |
| |
| U.S. TREASURY BILLS 53.3% | |
1.262% due 09/08/2022 (b)(c) | | | | | 34,500 | | | | | | 34,398 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $43,818) | | | 43,798 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments in Securities (Cost $104,441) | | | 101,966 | |
| | | | |
| | | | | | | | | | | | |
Total Investments 158.0%
(Cost $104,441) | | | $ | | | 101,966 | |
| |
| Other Assets and Liabilities, net (58.0)% | | | (37,409 | ) |
| | | | |
| Net Assets 100.0% | | | $ | | | 64,557 | |
| | | | | | | |
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. |
| (a) | Payment in-kind security. |
| (c) | Coupon represents a yield to maturity. |
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) | |
| BPS | | | 1.480 | % | | | 06/30/2022 | | | | 07/01/2022 | | | $ | 9,400 | | | U.S. Treasury Bonds 1.875% due 02/15/2041 | | $ | (9,615 | ) | | $ | 9,400 | | | $ | 9,400 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (9,615 | ) | | $ | 9,400 | | | $ | 9,400 | |
| | | | | | | | | | | | | | | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
BPS | | $ | 9,400 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 9,400 | | | $ | (9,615 | ) | | $ | (215 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 9,400 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| 110 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| (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, 2022 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Investments in Securities, at Value | | | | | | | | | | | | | | | | |
Loan Participations and Assignments | | $ | 0 | | | $ | 52,745 | | | $ | 328 | | | $ | 53,073 | |
Corporate Bonds & Notes | | | | | | | | | | | | | | | | |
Industrials | | | 0 | | | | 4,763 | | | | 332 | | | | 5,095 | |
Short-Term Instruments | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | 0 | | | | 9,400 | | | | 0 | | | | 9,400 | |
U.S. Treasury Bills | | | 0 | | | | 34,398 | | | | 0 | | | | 34,398 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 0 | | | $ | 101,306 | | | $ | 660 | | | $ | 101,966 | |
| | | | | | | | | | | | | | | | |
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended June 30, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Category and Subcategory | | Beginning
Balance
at 06/30/2021 | | | Net
Purchases | | | Net
Sales/
Settlements | | | Accrued
Discounts/
(Premiums) | | | Realized
Gain/(Loss) | | | Net Change in
Unrealized
Appreciation/
(Depreciation)(1) | | | Transfers into
Level 3 | | | Transfers out
of Level 3 | | | Ending
Balance
at 06/30/2022 | | | Net Change in
Unrealized
Appreciation/
(Depreciation)
on Investments
Held at
06/30/2022(1) | |
Investments in Securities, at Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loan Participations and Assignments | | $ | 0 | | | $ | 338 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (10 | ) | | $ | 0 | | | $ | 0 | | | $ | 328 | | | $ | (10 | ) |
Corporate Bonds & Notes | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Industrials | | | 0 | | | | 343 | | | | 0 | | | | 0 | | | | 0 | | | | (11 | ) | | | 0 | | | | 0 | | | | 332 | | | | (11 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
Totals | | $ | 0 | | | $ | 681 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (21 | ) | | $ | 0 | | | $ | 0 | | | $ | 660 | | | $ | (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 06/30/2022 | | | Valuation
Technique | | Unobservable
Inputs | | (% Unless Noted Otherwise) | |
| | Input Value(s) | | | Weighted
Average | |
Investments in Securities, at Value | |
Loan Participations and Assignments | | $ | 328 | | | Third Party Vendor | | Broker Quote | | | 94.000 | | | | — | |
Corporate Bonds & Notes | |
Industrials | | | 332 | | | Discounted Cash Flow | | Discount Rate | | | 12.080 | | | | — | |
| | | | | | | | | | | | | | | | |
Total | | $ | 660 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| (1) | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2022 may be due to an investment no longer held or categorized as Level 3 at period end. |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 111 |
| | | | | | |
| Schedule of Investments | | PIMCO Short Term 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 98.4% | |
| |
| MUNICIPAL BONDS & NOTES 77.9% | |
| |
| ALABAMA 2.9% | |
|
Birmingham Airport Authority, Alabama Revenue Notes, (BAM Insured), Series 2020 | |
5.000% due 07/01/2023 | | $ | | | 250 | | | $ | | | 257 | |
|
Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | |
1.260% (MUNIPSA) due 10/01/2052 ~ | | | | | 1,500 | | | | | | 1,430 | |
4.000% due 10/01/2052 | | | | | 3,000 | | | | | | 3,037 | |
|
Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022 | |
4.000% due 12/01/2052 | | | | | 1,250 | | | | | | 1,252 | |
|
Black Belt Energy Gas District, Alabama Revenue Notes, Series 2021 | |
4.000% due 12/01/2023 | | | | | 1,250 | | | | | | 1,268 | |
|
Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020 | |
5.000% due 08/01/2024 | | | | | 500 | | | | | | 528 | |
5.000% due 08/01/2025 | | | | | 1,000 | | | | | | 1,076 | |
|
Industrial Development Board of the City of Mobile Alabama Revenue Bonds, Series 2007 | |
1.000% due 06/01/2034 | | | | | 1,250 | | | | | | 1,191 | |
|
Prattville Industrial Development Board, Alabama Revenue Bonds, Series 2019 | |
2.000% due 11/01/2033 | | | | | 450 | | | | | | 439 | |
|
Southeast Alabama Gas Supply District Revenue Bonds, Series 2018 | |
4.000% due 06/01/2049 | | | | | 2,000 | | | | | | 2,020 | |
|
Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 | |
5.000% due 05/01/2053 | | | | | 3,750 | | | | | | 3,969 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,467 | |
| | | | | | | | | | | | |
| |
| ALASKA 0.1% | |
|
Northern Tobacco Securitization Corp., Alaska Revenue Notes, Series 2021 | |
4.000% due 06/01/2023 | | | | | 550 | | | | | | 557 | |
| | | | | | | | | | | | |
| |
| ARIZONA 1.6% | |
|
Arizona Health Facilities Authority Revenue Bonds, Series 2015 | |
1.160% (MUNIPSA) due 01/01/2046 ~ | | | | | 1,125 | | | | | | 1,094 | |
|
Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2005 | |
2.400% due 12/01/2035 | | | | | 1,000 | | | | | | 1,003 | |
|
Industrial Development Authority of the City of Phoenix, Arizona Revenue Notes, Series 2018 | |
5.000% due 07/01/2024 | | | | | 200 | | | | | | 206 | |
|
Maricopa County, Arizona Special Health Care District General Obligation Notes, Series 2018 | |
5.000% due 07/01/2024 | | | | | 350 | | | | | | 370 | |
|
Tempe, Arizona Certificates of Participation Notes, Series 2021 | |
0.623% due 07/01/2024 | | | | | 1,350 | | | | | | 1,282 | |
|
Town of Gilbert AZ General Obligation Bonds, Series 2022 | |
5.000% due 07/15/2028 | | | | | 1,425 | | | | | | 1,627 | |
|
University of Arizona Revenue Notes, Series 2021 | |
5.000% due 06/01/2026 | | | | | 2,850 | | | | | | 3,115 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,697 | |
| | | | | | | | | | | | |
| |
| CALIFORNIA 10.9% | |
|
Bay Area Toll Authority, California Revenue Bonds, Series 2021 | |
1.320% (MUNIPSA) due 04/01/2056 ~ | | | | | 2,000 | | | | | | 1,934 | |
1.360% (MUNIPSA) due 04/01/2056 ~ | | | | | 1,500 | | | | | | 1,470 | |
|
California Community Choice Financing Authority Revenue Bonds, Series 2021 | |
4.000% due 02/01/2052 | | | | | 1,250 | | | | | | 1,250 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
California County Tobacco Securitization Agency Revenue Notes, Series 2020 | |
5.000% due 06/01/2024 | | $ | | | 500 | | | $ | | | 521 | |
|
California Infrastructure & Economic Development Bank Revenue Bonds, Series 2018 | |
1.260% (MUNIPSA) due 08/01/2047 ~ | | | | | 4,500 | | | | | | 4,447 | |
|
California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | |
1.610% (MUNIPSA) due 12/01/2050 ~ | | | | | 1,000 | | | | | | 986 | |
|
California Infrastructure & Economic Development Bank Revenue Notes, Series 2018 | |
5.000% due 10/01/2025 | | | | | 2,250 | | | | | | 2,454 | |
|
California State General Obligation Notes, Series 2020 | |
2.000% due 11/01/2022 | | | | | 2,500 | | | | | | 2,507 | |
5.000% due 11/01/2027 | | | | | 1,250 | | | | | | 1,415 | |
|
California State General Obligation Notes, Series 2021 | |
5.000% due 12/01/2027 | | | | | 3,000 | | | | | | 3,399 | |
|
California Statewide Communities Development Authority Revenue Bonds, Series 2004 | |
5.000% due 04/01/2038 | | | | | 2,500 | | | | | | 2,836 | |
|
California Statewide Communities Development Authority Revenue Bonds, Series 2006 | |
2.625% due 11/01/2033 | | | | | 1,000 | | | | | | 988 | |
|
East Bay Municipal Utility District Water System, California Revenue Bonds, Series 2015 | |
5.000% due 06/01/2032 | | | | | 4,000 | | | | | | 4,267 | |
|
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | |
0.988% due 06/01/2024 | | | | | 2,000 | | | | | | 1,902 | |
|
Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2017 | |
5.000% due 06/01/2024 | | | | | 2,135 | | | | | | 2,258 | |
|
Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | |
1.337% due 06/01/2023 | | | | | 1,600 | | | | | | 1,569 | |
1.850% due 06/01/2031 | | | | | 480 | | | | | | 470 | |
2.587% due 06/01/2029 | | | | | 5,875 | | | | | | 5,225 | |
|
Los Angeles Unified School District, California General Obligation Bonds, Series 2014 | |
5.000% due 07/01/2025 | | | | | 2,220 | | | | | | 2,342 | |
|
Metropolitan Water District of Southern California Revenue Bonds, Series 2017 | |
1.050% (MUNIPSA) due 07/01/2047 ~ | | | | | 1,200 | | | | | | 1,197 | |
|
Redondo Beach Community Financing Authority, California Revenue Notes, Series 2021 | |
0.415% due 05/01/2023 | | | | | 675 | | | | | | 659 | |
|
Sacramento City Unified School District, California General Obligation Notes, (AGM Insured), Series 2021 | |
4.000% due 07/01/2023 | | | | | 900 | | | | | | 919 | |
|
Sacramento County, California Sanitation Districts Financing Authority Revenue Notes, Series 2021 | |
5.000% due 12/01/2022 | | | | | 1,125 | | | | | | 1,142 | |
|
Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007 | |
1.609% (US0003M) due 06/01/2034 ~ | | | | | 1,250 | | | | | | 1,159 | |
|
San Bernardino County, California Certificates of Participation Bonds, Series 1992 | |
6.875% due 08/01/2024 | | | | | 4,310 | | | | | | 4,553 | |
|
San Diego Community College District, California General Obligation Bonds, Series 2013 | |
0.000% due 08/01/2041 (e) | | | | | 3,350 | | | | | | 1,883 | |
|
San Diego County, California Regional Transportation Commission Revenue Notes, Series 2021 | |
5.000% due 10/01/2022 | | | | | 2,000 | | | | | | 2,019 | |
|
Silicon Valley Clean Water, California Revenue Notes, Series 2021 | |
0.500% due 03/01/2026 | | | | | 2,500 | | | | | | 2,297 | |
|
Southern California Public Power Authority Revenue Bonds, Series 2020 | |
0.650% due 07/01/2040 | | | | | 1,000 | | | | | | 918 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Visalia Unified School District, California General Obligation Bonds, Series 2013 | |
5.000% due 08/01/2043 | | $ | | | 2,380 | | | $ | | | 2,464 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 61,450 | |
| | | | | | | | | | | | |
| |
| COLORADO 2.0% | |
|
Colorado Health Facilities Authority Revenue Bonds, Series 2019 | |
5.000% due 08/01/2049 | | | | | 1,700 | | | | | | 1,797 | |
|
Colorado Health Facilities Authority Revenue Notes, Series 2020 | |
2.800% due 12/01/2026 | | | | | 450 | | | | | | 435 | |
|
E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2021 | |
1.362% (SOFRRATE) due 09/01/2039 ~ | | | | | 3,000 | | | | | | 2,959 | |
|
Regional Transportation District, Colorado Revenue Notes, Series 2020 | |
3.000% due 07/15/2023 | | | | | 100 | | | | | | 101 | |
5.000% due 01/15/2024 | | | | | 400 | | | | | | 416 | |
5.000% due 07/15/2024 | | | | | 325 | | | | | | 335 | |
|
University of Colorado Revenue Bonds, Series 2019 | |
2.000% due 06/01/2054 | | | | | 5,500 | | | | | | 5,427 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,470 | |
| | | | | | | | | | | | |
| |
| CONNECTICUT 1.5% | |
|
Bridgeport, Connecticut General Obligation Notes, Series 2017 | |
5.000% due 08/15/2023 | | | | | 500 | | | | | | 517 | |
|
Connecticut Special Tax Revenue State Special Tax Notes, Series 2020 | |
5.000% due 05/01/2023 | | | | | 675 | | | | | | 693 | |
5.000% due 05/01/2025 | | | | | 350 | | | | | | 377 | |
|
Connecticut Special Tax State Revenue Notes, Series 2018 | |
5.000% due 10/01/2025 | | | | | 1,000 | | | | | | 1,087 | |
|
Connecticut State General Obligation Bonds, Series 2013 | |
1.860% (MUNIPSA) due 03/01/2024 ~ | | | | | 1,020 | | | | | | 1,031 | |
|
Connecticut State General Obligation Notes, Series 2014 | |
5.000% due 11/15/2022 | | | | | 250 | | | | | | 253 | |
|
Connecticut State General Obligation Notes, Series 2015 | |
5.000% due 08/01/2025 | | | | | 350 | | | | | | 379 | |
|
Connecticut State General Obligation Notes, Series 2020 | |
4.000% due 06/01/2023 | | | | | 425 | | | | | | 434 | |
5.000% due 01/15/2025 | | | | | 350 | | | | | | 375 | |
|
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2014 | |
1.100% due 07/01/2048 | | | | | 500 | | | | | | 497 | |
|
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2017 | |
5.000% due 07/01/2057 | | | | | 2,280 | | | | | | 2,319 | |
|
Metropolitan District, Connecticut General Obligation Notes, Series 2018 | |
5.000% due 07/15/2023 | | | | | 500 | | | | | | 517 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,479 | |
| | | | | | | | | | | | |
| |
| DELAWARE 0.1% | |
|
Delaware State Economic Development Authority Revenue Bonds, Series 2020 | |
1.050% due 01/01/2031 | | | | | 750 | | | | | | 712 | |
| | | | | | | | | | | | |
| |
| FLORIDA 1.9% | |
|
Central Florida Expressway Authority Revenue Notes, Series 2018 | |
5.000% due 07/01/2023 | | | | | 700 | | | | | | 723 | |
| | | | | | |
| 112 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Florida Municipal Power Agency Revenue Notes, Series 2019 | |
5.000% due 10/01/2025 | | $ | | | 250 | | | $ | | | 270 | |
5.000% due 10/01/2026 | | | | | 470 | | | | | | 516 | |
|
Florida State General Obligation Notes, Series 2022 | |
5.000% due 06/01/2026 | | | | | 5,000 | | | | | | 5,539 | |
|
JEA Electric System, Florida Revenue Notes, Series 2017 | |
5.000% due 10/01/2024 | | | | | 1,030 | | | | | | 1,096 | |
|
Lee Memorial Health System, Florida Revenue Bonds, Series 2019 | |
5.000% due 04/01/2033 | | | | | 1,000 | | | | | | 1,075 | |
|
Miami-Dade County, Florida Water & Sewer System Revenue Notes, Series 2015 | |
5.000% due 10/01/2024 | | | | | 710 | | | | | | 756 | |
|
Miami-Dade Seaport Department, Florida Revenue Notes, Series 2013 | |
5.000% due 10/01/2023 | | | | | 550 | | | | | | 572 | |
|
Tampa, Florida Revenue Notes, Series 2020 | |
5.000% due 07/01/2022 | | | | | 175 | | | | | | 175 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,722 | |
| | | | | | | | | | | | |
| |
| GEORGIA 2.6% | |
|
Burke County, Georgia Development Authority Revenue Bonds, Series 2008 | |
2.925% due 11/01/2048 | | | | | 500 | | | | | | 499 | |
|
Burke County, Georgia Development Authority Revenue Bonds, Series 2012 | |
1.700% due 12/01/2049 | | | | | 500 | | | | | | 484 | |
|
Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | |
3.000% due 11/01/2045 | | | | | 1,000 | | | | | | 1,002 | |
|
Main Street Natural Gas Inc, Georgia Revenue Bonds, Series 2018 | |
4.000% due 08/01/2048 | | | | | 3,750 | | | | | | 3,826 | |
|
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2018 | |
1.541% (US0001M) due 08/01/2048 ~ | | | | | 500 | | | | | | 496 | |
|
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 | |
4.000% due 05/01/2052 | | | | | 5,650 | | | | | | 5,660 | |
|
Main Street Natural Gas, Inc., Georgia Revenue Notes, Series 2021 | |
4.000% due 12/01/2024 | | | | | 750 | | | | | | 762 | |
|
Municipal Electric Authority of Georgia Revenue Notes, (AGM Insured), Series 2021 | |
5.000% due 01/01/2025 | | | | | 625 | | | | | | 662 | |
|
Municipal Electric Authority of Georgia Revenue Notes, Series 2020 | |
5.000% due 01/01/2024 | | | | | 490 | | | | | | 510 | |
|
Municipal Electric Authority of Georgia Revenue Notes, Series 2021 | |
5.000% due 01/01/2023 | | | | | 240 | | | | | | 244 | |
5.000% due 01/01/2024 | | | | | 360 | | | | | | 375 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,520 | |
| | | | | | | | | | | | |
| |
| ILLINOIS 7.2% | |
|
Chicago Transit Authority Capital Grant Receipts, Illinois Revenue Notes, Series 2021 | |
5.000% due 06/01/2024 | | | | | 600 | | | | | | 629 | |
|
Chicago Transit Authority, Illinois Revenue Notes, Series 2020 | |
1.838% due 12/01/2023 | | | | | 1,500 | | | | | | 1,468 | |
|
Chicago, Illinois General Obligation Bonds, Series 2021 | |
5.000% due 01/01/2034 | | | | | 1,000 | | | | | | 1,038 | |
|
Chicago, Illinois General Obligation Notes, Series 2021 | |
5.000% due 01/01/2030 | | | | | 3,000 | | | | | | 3,170 | |
|
Cook County, Illinois General Obligation Notes, Series 2021 | |
5.000% due 11/15/2024 | | | | | 1,750 | | | | | | 1,853 | |
|
Illinois Finance Authority Revenue Bonds, Series 2020 | |
0.630% due 08/15/2049 | | | | | 7,250 | | | | | | 7,250 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
0.700% due 05/01/2040 | | $ | | | 1,100 | | | $ | | | 1,081 | |
|
Illinois Finance Authority Revenue Bonds, Series 2021 | |
1.610% (MUNIPSA) due 05/01/2042 ~ | | | | | 1,000 | | | | | | 966 | |
|
Illinois Finance Authority Revenue Notes, Series 2020 | |
5.000% due 08/15/2026 | | | | | 250 | | | | | | 275 | |
|
Illinois Finance Authority Revenue Notes, Series 2021 | |
5.000% due 08/15/2025 | | | | | 1,485 | | | | | | 1,606 | |
5.000% due 08/15/2026 | | | | | 1,925 | | | | | | 2,121 | |
|
Illinois State General Obligation Bonds, Series 2012 | |
5.000% due 08/01/2023 | | | | | 510 | | | | | | 523 | |
|
Illinois State General Obligation Bonds, Series 2022 | |
5.000% due 03/01/2026 | | | | | 7,750 | | | | | | 8,242 | |
|
Illinois State General Obligation Notes, Series 2017 | |
5.000% due 11/01/2022 | | | | | 2,000 | | | | | | 2,018 | |
|
Illinois State General Obligation Notes, Series 2020 | |
5.000% due 10/01/2025 | | | | | 1,700 | | | | | | 1,799 | |
5.000% due 10/01/2028 | | | | | 3,200 | | | | | | 3,463 | |
|
Illinois State Revenue Notes, Series 2013 | |
5.000% due 06/15/2023 | | | | | 750 | | | | | | 767 | |
|
Illinois State Toll Highway Authority Revenue Notes, Series 2019 | |
5.000% due 01/01/2025 | | | | | 500 | | | | | | 533 | |
5.000% due 01/01/2026 | | | | | 375 | | | | | | 408 | |
|
Metropolitan Pier & Exposition Authority, Illinois Revenue Notes, Series 2022 | |
3.000% due 06/15/2025 | | | | | 1,125 | | | | | | 1,109 | |
|
Railsplitter Tobacco Settlement Authority, Illinois Revenue Notes, Series 2017 | |
5.000% due 06/01/2023 | | | | | 350 | | | | | | 359 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 40,678 | |
| | | | | | | | | | | | |
| |
| INDIANA 0.9% | |
|
Indiana Finance Authority Revenue Notes, Series 2021 | |
0.650% due 08/01/2025 | | | | | 4,500 | | | | | | 4,140 | |
|
Rockport, Indiana Revenue Bonds, Series 2009 | |
3.050% due 06/01/2025 | | | | | 750 | | | | | | 763 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,903 | |
| | | | | | | | | | | | |
| |
| IOWA 0.6% | |
|
Cedar Rapids, Iowa Revenue Bonds, (AMBAC Insured), Series 2003 | |
1.148% due 08/15/2032 | | | | | 975 | | | | | | 970 | |
|
Cedar Rapids, Iowa Revenue Bonds, (AMBAC Insured), Series 2005 | |
1.050% due 08/15/2029 | | | | | 1,810 | | | | | | 1,808 | |
|
PEFA Inc, Iowa Revenue Bonds, Series 2019 | |
5.000% due 09/01/2049 | | | | | 650 | | | | | | 683 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,461 | |
| | | | | | | | | | | | |
| |
| KANSAS 0.6% | |
|
Kansas Department of Transportation State Revenue Bonds, Series 2004 | |
1.243% (US0001M) due 09/01/2024 ~ | | | | | 2,500 | | | | | | 2,486 | |
|
Kansas Development Finance Authority Revenue Notes, Series 2021 | |
0.662% due 05/01/2024 | | | | | 800 | | | | | | 761 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,247 | |
| | | | | | | | | | | | |
| |
| KENTUCKY 0.6% | |
|
Kentucky Public Energy Authority Revenue Bonds, Series 2020 | |
4.000% due 12/01/2050 | | | | | 500 | | | | | | 506 | |
|
Kentucky Public Energy Authority Revenue Bonds, Series 2022 | |
2.212% (SOFRRATE) due 08/01/2052 ~ | | | 3,000 | | | | | | 2,859 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,365 | |
| | | | | | | | | | | | |
| |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| LOUISIANA 0.8% | |
|
Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2020 | |
0.875% due 02/01/2046 | | $ | | | 1,700 | | | $ | | | 1,549 | |
|
Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017 | |
2.100% due 06/01/2037 | | | | | 2,925 | | | | | | 2,830 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,379 | |
| | | | | | | | | | | | |
| |
| MARYLAND 1.0% | |
|
Howard County, Maryland General Obligation Notes, Series 2018 | |
5.000% due 02/15/2027 | | | | | 3,000 | | | | | | 3,363 | |
|
Maryland Department of Transportation State Revenue Bonds, Series 2019 | |
4.000% due 10/01/2032 | | | | | 480 | | | | | | 500 | |
|
Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020 | |
5.000% due 07/01/2045 | | | | | 1,500 | | | | | | 1,586 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,449 | |
| | | | | | | | | | | | |
| |
| MASSACHUSETTS 1.9% | |
|
Commonwealth of Massachusetts General Obligation Bonds, Series 2014 | |
1.700% due 08/01/2043 | | | | | 1,150 | | | | | | 1,150 | |
|
Commonwealth of Massachusetts General Obligation Notes, Series 2017 | |
5.000% due 10/01/2022 | | | | | 1,220 | | | | | | 1,231 | |
|
Massachusetts Development Finance Agency Revenue Bonds, Series 2017 | |
1.410% (MUNIPSA) due 07/01/2038 ~ | | | | | 1,000 | | | | | | 996 | |
|
Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | |
1.510% (MUNIPSA) due 07/01/2049 ~ | | | | | 1,750 | | | | | | 1,738 | |
|
Massachusetts Development Finance Agency Revenue Notes, Series 2020 | |
5.000% due 10/01/2022 | | | | | 2,400 | | | | | | 2,421 | |
|
Massachusetts Development Finance Agency Revenue Notes, Series 2021 | |
0.674% due 07/01/2023 | | | | | 500 | | | | | | 488 | |
|
Massachusetts School Building Authority Revenue Bonds, Series 2015 | |
5.000% due 01/15/2029 | | | | | 750 | | | | | | 804 | |
|
Massachusetts State College Building Authority Revenue Notes, Series 2022 | |
5.000% due 05/01/2024 | | | | | 500 | | | | | | 527 | |
|
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue Bonds, Series 2019 | |
5.000% due 01/01/2039 | | | | | 1,000 | | | | | | 1,015 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,370 | |
| | | | | | | | | | | | |
| |
| MICHIGAN 2.2% | |
|
Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | |
1.248% (US0003M) due 07/01/2032 ~ | | | | | 2,000 | | | | | | 1,953 | |
|
Grand Traverse County, Michigan Hospital Finance Authority Revenue Notes, Series 2021 | |
5.000% due 07/01/2023 | | | | | 425 | | | | | | 438 | |
|
Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022 | |
1.660% (MUNIPSA) due 04/15/2047 ~ | | | | | 3,000 | | | | | | 3,001 | |
|
Michigan Finance Authority Revenue Bonds, Series 2015 | |
1.200% due 10/15/2030 | | | | | 2,000 | | | | | | 1,790 | |
|
Michigan Finance Authority Revenue Notes, Series 2020 | |
2.326% due 06/01/2030 | | | | | 1,120 | | | | | | 1,033 | |
|
Michigan State Building Authority Revenue Bonds, Series 2020 | |
1.000% due 10/15/2042 | | | | | 1,000 | | | | | | 1,000 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 113 |
| | | | | | |
| Schedule of Investments | | PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Michigan State Hospital Finance Authority Revenue Bonds, Series 2010 | |
4.000% due 11/15/2047 | | $ | | | 1,500 | | | $ | | | 1,533 | |
|
University of Michigan Revenue Notes, Series 2020 | |
5.000% due 04/01/2025 | | | | | 1,000 | | | | | | 1,076 | |
|
Waterford School District, Michigan General Obligation Notes, (Q-SBLF Insured), Series 2021 | |
4.000% due 05/01/2025 | | | | | 690 | | | | | | 721 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,545 | |
| | | | | | | | | | | | |
| |
| MINNESOTA 0.3% | |
|
Minneapolis, Minnesota Revenue Bonds, Series 2018 | |
0.650% due 11/15/2048 | | | | | 1,900 | | | | | | 1,900 | |
| | | | | | | | | | | | |
| |
| MISSISSIPPI 0.3% | |
|
Mississippi State General Obligation Bonds, Series 2015 | |
5.000% due 11/01/2032 | | | | | 1,000 | | | | | | 1,092 | |
|
Warren County, Mississippi Revenue Bonds, Series 2018 | |
2.900% due 09/01/2032 | | | | | 750 | | | | | | 753 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,845 | |
| | | | | | | | | | | | |
| |
| MISSOURI 1.0% | |
|
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2021 | |
4.000% due 05/01/2051 | | | | | 1,500 | | | | | | 1,565 | |
|
Health & Educational Facilities Authority of the State of Missouri Revenue Notes, Series 2021 | |
4.000% due 07/01/2025 | | | | | 1,150 | | | | | | 1,207 | |
|
Kansas City, Missouri Revenue Notes, Series 2021 | |
5.000% due 04/01/2023 | | | | | 400 | | | | | | 409 | |
5.000% due 04/01/2024 | | | | | 425 | | | | | | 445 | |
|
St Louis County, Missouri Revenue Notes, Series 2021 | |
5.000% due 12/01/2022 | | | | | 1,825 | | | | | | 1,852 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,478 | |
| | | | | | | | | | | | |
| |
| MONTANA 0.2% | |
|
Montana Facility Finance Authority Revenue Bonds, Series 2018 | |
1.460% (MUNIPSA) due 08/15/2037 ~ | | | | | 915 | | | | | | 915 | |
| | | | | | | | | | | | |
| |
| NEBRASKA 0.6% | |
|
Douglas County, Nebraska Hospital Authority No 2 Revenue Bonds, Series 2020 | |
5.000% due 11/15/2053 | | | | | 1,000 | | | | | | 1,076 | |
|
Douglas County, Nebraska Revenue Bonds, Series 2021 | |
1.440% (MUNIPSA) due 07/01/2035 ~ | | | | | 2,500 | | | | | | 2,505 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,581 | |
| | | | | | | | | | | | |
| |
| NEVADA 0.2% | |
|
Clark County, Nevada Revenue Bonds, Series 2017 | |
1.650% due 01/01/2036 | | | | | 850 | | | | | | 846 | |
|
Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2020 | |
3.000% due 06/15/2023 | | | | | 500 | | | | | | 506 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,352 | |
| | | | | | | | | | | | |
| |
| NEW HAMPSHIRE 0.6% | |
|
New Hampshire Business Finance Authority Revenue Notes, Series 2021 | |
4.000% due 01/01/2024 | | | | | 220 | | | | | | 221 | |
4.000% due 01/01/2025 | | | | | 285 | | | | | | 286 | |
|
New Hampshire Health and Education Facilities Authority Act Revenue Bonds, Series 2005 | |
0.650% due 07/01/2033 | | | | | 3,100 | | | | | | 3,100 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,607 | |
| | | | | | | | | | | | |
| |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| NEW JERSEY 2.7% | |
|
New Jersey Economic Development Authority Revenue Bonds, Series 2013 | |
2.510% (MUNIPSA) due 03/01/2028 ~ | | $ | | | 1,000 | | | $ | | | 1,007 | |
|
New Jersey Economic Development Authority Revenue Notes, Series 2019 | |
5.250% due 09/01/2026 | | | | | 2,750 | | | | | | 2,949 | |
|
New Jersey Economic Development Authority Revenue Notes, Series 2020 | |
1.000% due 06/01/2023 | | | | | 450 | | | | | | 445 | |
|
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2019 | |
5.000% due 07/01/2042 | | | | | 900 | | | | | | 959 | |
|
New Jersey State General Obligation Bonds, Series 2020 | |
4.000% due 06/01/2032 | | | | | 2,250 | | | | | | 2,369 | |
|
New Jersey State General Obligation Notes, Series 2020 | |
5.000% due 06/01/2025 | | | | | 500 | | | | | | 534 | |
5.000% due 06/01/2028 | | | | | 2,000 | | | | | | 2,228 | |
|
New Jersey Turnpike Authority Revenue Bonds, Series 2017 | |
1.493% (US0001M) due 01/01/2030 ~ | | | | | 3,500 | | | | | | 3,501 | |
|
Newark Housing Authority Scholarship Foundation A New Jersey Non Revenue Bonds, (NPFGC Insured), Series 2007 | |
5.250% due 01/01/2025 | | | | | 600 | | | | | | 631 | |
|
Newark, New Jersey General Obligation Notes, Series 2020 | |
5.000% due 10/01/2022 | | | | | 750 | | | | | | 756 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 15,379 | |
| | | | | | | | | | | | |
| |
| NEW MEXICO 0.5% | |
|
Farmington, New Mexico Revenue Bonds, Series 2010 | |
1.100% due 06/01/2040 | | | | | 2,000 | | | | | | 1,970 | |
|
New Mexico Municipal Energy Acquisition Authority Revenue Bonds, Series 2019 | |
5.000% due 11/01/2039 | | | | | 1,000 | | | | | | 1,054 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,024 | |
| | | | | | | | | | | | |
| |
| NEW YORK 8.9% | |
|
Dobbs Ferry Union Free School District, Series 2022 | |
3.000% due 06/02/2023 | | | | | 5,000 | | | | | | 5,043 | |
|
Enlarged City School District of the City of Troy, Series 2022 | |
4.000% due 06/08/2023 | | | | | 5,000 | | | | | | 5,077 | |
|
Long Island Power Authority, New York Revenue Bonds, Series 2021 | |
1.500% due 09/01/2051 | | | | | 1,160 | | | | | | 1,099 | |
|
Long Island Power Authority, New York Revenue Notes, Series 2020 | |
5.000% due 09/01/2024 | | | | | 625 | | | | | | 663 | |
|
Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 | |
1.818% (SOFRRATE) due 11/01/2032 ~ | | | 1,500 | | | | | | 1,450 | |
|
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2017 | |
5.000% due 11/15/2028 | | | | | 1,280 | | | | | | 1,377 | |
|
Metropolitan Transportation Authority, New York Revenue Notes, Series 2019 | |
5.000% due 09/01/2022 | | | | | 1,500 | | | | | | 1,508 | |
|
Metropolitan Transportation Authority, New York Revenue Notes, Series 2020 | |
5.000% due 02/01/2023 | | | | | 650 | | | | | | 661 | |
|
Monroe County Industrial Development Corp., New York Revenue Notes, Series 2020 | |
5.000% due 12/01/2022 | | | | | 400 | | | | | | 405 | |
|
New York City Housing Development Corp. Revenue Bonds, Series 2018 | |
2.750% due 05/01/2050 | | | | | 750 | | | | | | 751 | |
|
New York City Housing Development Corp. Revenue Bonds, Series 2019 | |
1.750% due 05/01/2059 | | | | | 750 | | | | | | 744 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
New York City Industrial Development Agency, New York Revenue Notes, (AGM Insured), Series 2020 | |
5.000% due 03/01/2029 | | $ | | | 750 | | | $ | | | 836 | |
|
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2002 | |
5.000% due 11/01/2022 | | | | | 1,250 | | | | | | 1,265 | |
|
New York City Water & Sewer System, New York Revenue Bonds, Series 2014 | |
0.620% due 06/15/2050 | | | | | 4,000 | | | | | | 4,000 | |
|
New York City, General Obligation Bonds, Series 2012 | |
1.250% due 04/01/2042 | | | | | 3,500 | | | | | | 3,500 | |
|
New York City, General Obligation Bonds, Series 2015 | |
0.620% due 06/01/2044 | | | | | 2,000 | | | | | | 2,000 | |
|
New York City, New York Housing Development Corp. Revenue Bonds, (FHA Insured), Series 2021 | |
0.600% due 05/01/2061 | | | | | 2,000 | | | | | | 1,846 | |
|
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022 | |
5.000% due 06/15/2028 | | | | | 1,000 | | | | | | 1,136 | |
|
New York Power Authority Revenue Bonds, Series 2011 | |
5.000% due 11/15/2022 | | | | | 360 | | | | | | 365 | |
|
New York State Dormitory Authority Revenue Bonds, Series 2016 | |
5.000% due 02/15/2028 | | | | | 4,565 | | | | | | 4,973 | |
|
New York State Dormitory Authority Revenue Notes, Series 2020 | |
5.000% due 09/15/2022 | | | | | 1,400 | | | | | | 1,410 | |
5.000% due 02/15/2028 | | | | | 2,245 | | | | | | 2,524 | |
|
New York State Energy Research & Development Authority Revenue Bonds, Series 2004 | |
2.625% due 04/01/2034 | | | | | 1,045 | | | | | | 1,046 | |
|
New York State Urban Development Corp. Revenue Notes, Series 2021 | |
5.000% due 03/15/2024 | | | | | 3,750 | | | | | | 3,944 | |
|
New York Transportation Development Corp. Revenue Notes, Series 2020 | |
5.000% due 12/01/2023 | | | | | 250 | | | | | | 258 | |
|
Town of Huntington, New York General Obligation Notes, Series 2021 | |
5.000% due 07/15/2023 | | | | | 455 | | | | | | 471 | |
|
Town of Oyster Bay, New York General Obligation Notes, Series 2021 | |
4.000% due 03/01/2023 | | | | | 850 | | | | | | 863 | |
4.000% due 03/01/2024 | | | | | 850 | | | | | | 877 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 50,092 | |
| | | | | | | | | | | | |
| |
| NORTH CAROLINA 1.6% | |
|
Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021 | |
5.000% due 01/15/2050 | | | | | 2,750 | | | | | | 2,991 | |
|
North Carolina Capital Facilities Finance Agency Revenue Notes, Series 2021 | |
0.880% due 10/01/2022 | | | | | 950 | | | | | | 946 | |
|
North Carolina State Revenue Notes, Series 2019 | |
5.000% due 05/01/2028 | | | | | 2,095 | | | | | | 2,386 | |
|
North Carolina State Revenue Notes, Series 2021 | |
5.000% due 03/01/2023 | | | | | 1,550 | | | | | | 1,583 | |
|
Wake County, North Carolina General Obligation Notes, Series 2018 | |
5.000% due 03/01/2024 | | | | | 1,025 | | | | | | 1,077 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,983 | |
| | | | | | | | | | | | |
| |
| OHIO 1.4% | |
|
Akron Bath Copley Joint Township Hospital District, Ohio Revenue Bonds, Series 2022 | |
5.000% due 11/15/2030 | | | | | 1,000 | | | | | | 1,106 | |
|
American Municipal Power, Inc., Ohio Revenue Bonds, Series 2021 | |
1.000% due 02/15/2048 | | | | | 2,000 | | | | | | 1,920 | |
|
Butler County, Ohio Revenue Notes, Series 2017 | |
4.000% due 11/15/2023 | | | | | 500 | | | | | | 514 | |
| | | | | | |
| 114 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Northeast Ohio Medical University Revenue Notes, Series 2021 | |
3.000% due 12/01/2023 | | $ | | | 150 | | | $ | | | 151 | |
|
Ohio Air Quality Development Authority Duke Energy Corporation Project Revenue Bonds, Series 2022 | |
4.000% due 09/01/2030 | | | | | 2,900 | | | | | | 2,933 | |
|
Wright State University, Ohio Revenue Notes, (BAM Insured),Series 2021 | |
4.000% due 05/01/2023 | | | | | 520 | | | | | | 530 | |
4.000% due 05/01/2024 | | | | | 500 | | | | | | 517 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,671 | |
| | | | | | | | | | | | |
| |
| OKLAHOMA 0.1% | |
|
University of Oklahoma Revenue Bonds, Series 2015 | |
5.000% due 07/01/2035 | | | | | 560 | | | | | | 594 | |
| | | | | | | | | | | | |
| |
| OREGON 0.2% | |
|
Oregon State Facilities Authority Revenue Notes, Series 2020 | |
5.000% due 10/01/2026 | | | | | 145 | | | | | | 157 | |
|
Salem-Keizer School District No 24J, Oregon General Obligation Notes, Series 2020 | |
5.000% due 06/15/2025 | | | | | 275 | | | | | | 297 | |
5.000% due 06/15/2026 | | | | | 350 | | | | | | 386 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 840 | |
| | | | | | | | | | | | |
| |
| PENNSYLVANIA 3.6% | |
|
Bethlehem Area School District Authority, Pennsylvania Revenue Notes, Series 2021 | |
1.368% (SOFRRATE) due 07/01/2031 ~ | | | 3,800 | | | | | | 3,651 | |
|
Commonwealth of Pennsylvania General Obligation Notes, Series 2019 | |
5.000% due 07/15/2024 | | | | | 2,500 | | | | | | 2,651 | |
|
Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | |
2.010% (MUNIPSA) due 08/15/2038 ~(f) | | | | | 2,500 | | | | | | 2,468 | |
|
Lehigh County, Pennsylvania Revenue Notes, Series 2019 | |
5.000% due 07/01/2025 | | | | | 530 | | | | | | 566 | |
|
Luzerne County, Pennsylvania General Obligation Notes, (AGM Insured), Series 2017 | |
5.000% due 12/15/2022 | | | | | 500 | | | | | | 508 | |
|
Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2018 | |
1.783% (US0001M) due 08/15/2048 ~ | | | | | 750 | | | | | | 753 | |
|
Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2020 | |
3.000% due 01/01/2023 | | | | | 750 | | | | | | 754 | |
3.000% due 01/01/2025 | | | | | 1,020 | | | | | | 1,021 | |
|
Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2021 | |
4.000% due 07/01/2023 | | | | | 125 | | | | | | 126 | |
4.000% due 10/15/2023 | | | | | 700 | | | | | | 716 | |
4.000% due 10/15/2024 | | | | | 850 | | | | | | 874 | |
|
Pennsylvania Turnpike Commission Revenue Notes, Series 2018 | |
1.510% (MUNIPSA) due 12/01/2023 ~ | | | | | 1,000 | | | | | | 1,000 | |
|
Pennsylvania Turnpike Commission Revenue Notes, Series 2021 | |
4.000% due 12/01/2023 | | | | | 1,225 | | | | | | 1,261 | |
4.000% due 12/01/2024 | | | | | 725 | | | | | | 756 | |
|
Pittsburgh Water & Sewer Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2017 | |
1.560% (MUNIPSA) due 09/01/2040 ~ | | | | | 2,400 | | | | | | 2,401 | |
|
Westmoreland County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2020 | |
4.000% due 07/01/2022 | | | | | 600 | | | | | | 600 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 20,106 | |
| | | | | | | | | | | | |
| |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| PUERTO RICO 0.8% | |
|
Puerto Rico Housing Finance Authority Revenue Notes, Series 2020 | |
5.000% due 12/01/2027 | | $ | | | 2,000 | | | $ | | | 2,201 | |
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Notes, Series 2018 | |
0.000% due 07/01/2024 (c) | | | | | 1,000 | | | | | | 931 | |
0.000% due 07/01/2027 (c) | | | | | 1,843 | | | | | | 1,528 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,660 | |
| | | | | | | | | | | | |
| |
| SOUTH CAROLINA 1.1% | |
|
Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2018 | |
1.571% (US0001M) due 10/01/2048 ~ | | | | | 1,000 | | | | | | 991 | |
4.000% due 10/01/2048 | | | | | 4,000 | | | | | | 4,073 | |
|
South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020 | |
5.000% due 12/01/2048 | | | | | 1,250 | | | | | | 1,352 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,416 | |
| | | | | | | | | | | | |
| |
| SOUTH DAKOTA 0.2% | |
|
Educational Enhancement Funding Corp., South Dakota Revenue Notes, Series 2021 | |
0.706% due 06/01/2023 | | | | | 1,000 | | | | | | 977 | |
| | | | | | | | | | | | |
| |
| TENNESSEE 0.7% | |
|
Greeneville Health & Educational Facilities Board, Tennessee Revenue Notes, Series 2018 | |
5.000% due 07/01/2023 | | | | | 600 | | | | | | 618 | |
|
Memphis, Tennessee Water Revenue Notes, Series 2020 | |
4.000% due 12/01/2022 | | | | | 400 | | | | | | 404 | |
|
Memphis-Shelby County, Tennessee Airport Authority Revenue Notes, Series 2021 | |
5.000% due 07/01/2024 | | | | | 2,000 | | | | | | 2,104 | |
|
Tennergy Corp., Tennessee Revenue Bonds, Series 2019 | |
5.000% due 02/01/2050 | | | | | 500 | | | | | | 522 | |
|
Tennessee Energy Acquisition Corp. Revenue Notes, Series 2021 | |
5.000% due 11/01/2023 | | | | | 250 | | | | | | 257 | |
5.000% due 11/01/2024 | | | | | 250 | | | | | | 261 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,166 | |
| | | | | | | | | | | | |
| |
| TEXAS 5.2% | |
|
Alvin Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2014 | |
0.450% due 02/15/2036 | | | | | 1,000 | | | | | | 986 | |
|
Arlington Higher Education Finance Corp., Texas Revenue Notes, (PSF Insured), Series 2021 | |
4.000% due 02/15/2026 | | | | | 280 | | | | | | 294 | |
|
Central Texas Regional Mobility Authority Revenue Notes, Series 2020 | |
5.000% due 01/01/2025 | | | | | 1,000 | | | | | | 1,043 | |
|
El Paso Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2020 | |
5.000% due 08/15/2024 | | | | | 400 | | | | | | 424 | |
|
Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 | |
1.950% due 08/01/2049 | | | | | 620 | | | | | | 620 | |
|
Garland, Texas Electric Utility System Revenue Notes, Series 2019 | |
5.000% due 03/01/2025 | | | | | 500 | | | | | | 534 | |
|
Garland, Texas Electric Utility System Revenue Notes, Series 2021 | |
5.000% due 03/01/2024 | | | | | 960 | | | | | | 1,007 | |
|
Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019 | |
1.393% (US0001M) due 11/15/2046 ~ | | | | | 2,500 | | | | | | 2,508 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2020 | |
5.000% due 06/01/2032 | | $ | | | 550 | | | $ | | | 600 | |
|
Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2019 | |
5.000% due 12/01/2024 | | | | | 350 | | | | | | 370 | |
|
Harris County, Texas General Obligation Bonds, Series 2015 | |
5.000% due 10/01/2026 | | | | | 2,920 | | | | | | 3,175 | |
|
Houston Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2014 | |
4.000% due 06/01/2039 | | | | | 1,500 | | | | | | 1,527 | |
|
Houston, Texas Combined Utility System Revenue Notes, Series 2021 | |
5.000% due 11/15/2024 | | | | | 1,250 | | | | | | 1,335 | |
|
Matagorda County, Texas Navigation District No 1 Revenue Bonds, Series 2001 | |
2.600% due 11/01/2029 | | | | | 1,500 | | | | | | 1,328 | |
|
New Caney Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018 | |
1.250% due 02/15/2050 | | | | | 1,500 | | | | | | 1,469 | |
|
Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018 | |
2.750% due 08/01/2048 | | | | | 750 | | | | | | 762 | |
|
Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 | |
1.600% due 08/01/2049 | | | | | 740 | | | | | | 729 | |
|
Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | |
2.000% due 06/01/2052 | | | | | 1,300 | | | | | | 1,245 | |
|
Pasadena Texas General Obligation Bonds, (PSF Insured), Series 2015 | |
1.500% due 02/15/2044 | | | | | 750 | | | | | | 740 | |
|
San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015 | |
1.125% due 12/01/2045 | | | | | 2,500 | | | | | | 2,312 | |
|
San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2018 | |
2.750% due 02/01/2048 | | | | | 500 | | | | | | 501 | |
|
San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2022 | |
2.000% due 02/01/2049 | | | | | 1,000 | | | | | | 948 | |
|
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2022 | |
5.000% due 10/01/2026 | | | | | 225 | | | | | | 248 | |
|
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | |
1.925% (US0003M) due 12/15/2026 ~ | | | | | 1,385 | | | | | | 1,365 | |
2.675% (US0003M) due 12/15/2026 ~ | | | | | 1,000 | | | | | | 957 | |
|
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008 | |
6.250% due 12/15/2026 | | | | | 215 | | | | | | 230 | |
|
Texas Municipal Gas Acquisition & Supply Corp. Revenue Notes, Series 2021 | |
5.000% due 12/15/2022 | | | | | 750 | | | | | | 758 | |
5.000% due 12/15/2023 | | | | | 500 | | | | | | 515 | |
|
Texas Water Development Board Revenue Notes, Series 2018 | |
5.000% due 10/15/2024 | | | | | 500 | | | | | | 534 | |
|
Waco Educational Finance Corp., Texas Revenue Notes, Series 2021 | |
4.000% due 03/01/2025 | | | | | 410 | | | | | | 426 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 29,490 | |
| | | | | | | | | | | | |
| |
| UTAH 0.3% | |
|
Salt Lake City, Utah Airport Revenue Notes, Series 2021 | |
5.000% due 07/01/2024 | | | | | 350 | | | | | | 369 | |
5.000% due 07/01/2025 | | | | | 450 | | | | | | 483 | |
|
Utah County, Utah Revenue Bonds, Series 2018 | |
5.000% due 05/15/2057 | | | | | 500 | | | | | | 522 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,374 | |
| | | | | | | | | | | | |
| |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 115 |
| | | | | | |
| Schedule of Investments | | PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| VIRGINIA 3.3% | |
|
Fairfax County, Virginia General Obligation Notes, Series 2020 | |
5.000% due 10/01/2028 | | $ | | | 5,000 | | | $ | | | 5,742 | |
|
Fairfax County, Virginia General Obligation Notes, Series 2021 | |
4.000% due 10/01/2025 | | | | | 4,000 | | | | | | 4,232 | |
|
Hampton Roads Transportation Accountability Commission, Virginia Revenue Notes, Series 2021 | |
5.000% due 07/01/2026 | | | | | 4,000 | | | | | | 4,403 | |
|
Virginia Small Business Financing Authority Revenue Bonds, Series 2014 | |
5.250% due 10/01/2029 | | | | | 3,000 | | | | | | 3,198 | |
|
Wise County, Virginia Industrial Development Authority Revenue Bonds, Series 2010 | |
1.200% due 11/01/2040 | | | | | 1,150 | | | | | | 1,111 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 18,686 | |
| | | | | | | | | | | | |
| |
| WASHINGTON 2.9% | |
|
Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes, Washington Revenue Bonds, Series 2015 | |
1.110% (MUNIPSA) due 11/01/2045 ~ | | | | | 4,500 | | | | | | 4,431 | |
|
Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, Series 2015 | |
1.360% (MUNIPSA) due 11/01/2045 ~ | | | | | 750 | | | | | | 750 | |
|
Port of Seattle, Washington Revenue Notes, Series 2015 | |
5.000% due 03/01/2023 | | | | | 1,000 | | | | | | 1,021 | |
|
Port of Tacoma, Washington General Obligation Notes, Series 2016 | |
4.000% due 12/01/2022 | | | | | 440 | | | | | | 445 | |
|
Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2018 | |
1.400% (MUNIPSA) due 11/01/2046 ~ | | | | | 675 | | | | | | 676 | |
|
Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2021 | |
1.160% (MUNIPSA) due 05/01/2045 ~ | | | | | 3,000 | | | | | | 2,966 | |
|
State of Washington General Obligation Refunding Bonds, Series 2022 | |
4.000% due 07/01/2026 | | | | | 1,000 | | | | | | 1,067 | |
|
University of Washington Revenue Bonds, Series 2022 | |
4.000% due 05/01/2048 | | | | | 2,500 | | | | | | 2,661 | |
|
Washington Health Care Facilities Authority Revenue Bonds, Series 2017 | |
1.960% (MUNIPSA) due 01/01/2042 ~ | | | | | 1,000 | | | | | | 1,003 | |
|
Washington Health Care Facilities Authority Revenue Bonds, Series 2019 | |
5.000% due 08/01/2049 | | | | | 870 | | | | | | 901 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Washington Higher Education Facilities Authority Revenue Notes, Series 2020 | |
5.000% due 05/01/2023 | | $ | | | 250 | | | $ | | | 256 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,177 | |
| | | | | | | | | | | | |
| |
| WEST VIRGINIA 0.1% | |
|
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | |
3.000% due 06/01/2035 | | | | | 441 | | | | | | 422 | |
| | | | | | | | | | | | |
| |
| WISCONSIN 1.7% | |
|
Public Finance Authority, Wisconsin Revenue Notes, Series 2021 | |
4.000% due 10/01/2025 | | | | | 290 | | | | | | 293 | |
|
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | |
1.090% (MUNIPSA) due 08/15/2054 ~ | | | | | 2,500 | | | | | | 2,500 | |
|
Wisconsin State General Obligation Notes, Series 2019 | |
5.000% due 05/01/2026 | | | | | 3,110 | | | | | | 3,435 | |
|
Wisconsin State General Obligation Notes, Series 2022 | |
1.000% (MUNIPSA) due 05/01/2025 ~(a) | | | | | 3,255 | | | | | | 3,256 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,484 | |
| | | | | | | | | | | | |
Total Municipal Bonds & Notes (Cost $448,228) | | | 438,690 | |
| | | | |
| |
| U.S. TREASURY OBLIGATIONS 0.3% | |
|
U.S. Treasury Notes | |
1.500% due 01/15/2023 | | | | | 600 | | | | | | 596 | |
1.500% due 11/30/2024 | | | | | 1,100 | | | | | | 1,062 | |
| | | | | | | | | | | | |
Total U.S. Treasury Obligations (Cost $1,704) | | | 1,658 | |
| | | | |
| |
| SHORT-TERM INSTRUMENTS 20.2% | |
| |
| REPURCHASE AGREEMENTS (g) 0.1% | |
| | | | | | | | | | | 611 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| U.S. TREASURY BILLS 8.8% | |
0.886% due 07/07/2022 - 09/29/2022 (b)(c) | | | | | 49,300 | | | | | | 49,261 | |
| | | | | | | | | | | | |
| |
| U.S. TREASURY CASH MANAGEMENT BILLS 6.5% | |
2.103% due 10/25/2022 (c)(d) | | | | | 36,500 | | | | | | 36,265 | |
| | | | | | | | | | | | |
| |
| MUNICIPAL BONDS & NOTES 4.8% | |
|
Arizona Industrial Development Authority Revenue Notes, Series 2021 | |
1.400% due 07/01/2022 | | | | | 175 | | | | | | 175 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Borough of Edgewater, New Jersey General Obligation Notes, Series 2021 | |
1.250% due 07/15/2022 | | $ | | | 3,468 | | | $ | | | 3,468 | |
|
Grand Traverse County, Michigan Hospital Finance Authority Revenue Notes, Series 2021 | |
4.000% due 07/01/2022 | | | | | 500 | | | | | | 500 | |
|
Hempstead Union Free School District, New York General Obligation Notes, Series 2021 | |
1.000% due 07/13/2022 | | | | | 1,750 | | | | | | 1,750 | |
|
Los Angeles, California Revenue Notes, Series 2022 | |
4.000% due 06/29/2023 (a) | | | | | 4,700 | | | | | | 4,791 | |
|
Massachusetts Development Finance Agency Revenue Notes, Series 2021 | |
0.574% due 07/01/2022 | | | | | 550 | | | | | | 550 | |
|
Middletown, New York General Obligation Notes, Series 2021 | |
1.500% due 08/25/2022 | | | | | 2,500 | | | | | | 2,500 | |
|
Newark, New Jersey General Obligation Notes, Series 2021 | |
1.250% due 07/25/2022 | | | | | 2,000 | | | | | | 2,000 | |
1.250% due 10/03/2022 | | | | | 3,500 | | | | | | 3,500 | |
|
Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2021 | |
4.000% due 07/01/2022 | | | | | 835 | | | | | | 835 | |
|
Plattsburgh City School District, New York General Obligation Notes, Series 2021 | |
1.250% due 07/29/2022 | | | | | 2,500 | | | | | | 2,500 | |
|
Sacramento City Unified School District, California General Obligation Notes, (AGM Insured), Series 2021 | |
4.000% due 07/01/2022 | | | | | 675 | | | | | | 675 | |
|
Victor Central School District, New York General Obligation Notes, Series 2021 | |
1.500% due 07/29/2022 | | | | | 4,000 | | | | | | 4,000 | |
| | | | | | | | | | | | |
Total Municipal Bonds & Notes (Cost $27,250) | | | 27,244 | |
| | | | |
| Total Short-Term Instruments (Cost $113,384) | | | 113,381 | |
| | | | |
| |
| | | | |
| Total Investments in Securities (Cost $563,316) | | | 553,729 | |
| |
| | | | |
Total Investments 98.4%
(Cost $563,316) | | | $ | | | 553,729 | |
| |
| Other Assets and Liabilities, net 1.6% | | | 9,265 | |
| | | | |
| Net Assets 100.0% | | | $ | | | 562,994 | |
| | | | | | | |
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. |
| (b) | Coupon represents a weighted average yield to maturity. |
| (d) | Coupon represents a yield to maturity. |
| (e) | Security becomes interest bearing at a future date. |
| | | | | | |
| 116 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
(f) 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 | | 2.010% | | | 08/15/2038 | | | | 09/14/2021 | | | | $ 2,564 | | | $ | 2,468 | | | | 0.44% | |
| | | | | | | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(g) 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 | | | 0.400 | % | | | 06/30/2022 | | | | 07/01/2022 | | | $ | 611 | | | U.S. Treasury Notes 2.875% due 06/15/2025 | | $ | (623 | ) | | $ | 611 | | | $ | 611 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (623 | ) | | $ | 611 | | | $ | 611 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FICC | | $ | 611 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 611 | | | $ | (623 | ) | | $ | (12 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 611 | | | $ | 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, 2022 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
Investments in Securities, at Value | |
Municipal Bonds & Notes | |
Alabama | | $ | 0 | | | $ | 16,467 | | | $ | 0 | | | $ | 16,467 | |
Alaska | | | 0 | | | | 557 | | | | 0 | | | | 557 | |
Arizona | | | 0 | | | | 8,697 | | | | 0 | | | | 8,697 | |
California | | | 0 | | | | 61,450 | | | | 0 | | | | 61,450 | |
Colorado | | | 0 | | | | 11,470 | | | | 0 | | | | 11,470 | |
Connecticut | | | 0 | | | | 8,479 | | | | 0 | | | | 8,479 | |
Delaware | | | 0 | | | | 712 | | | | 0 | | | | 712 | |
Florida | | | 0 | | | | 10,722 | | | | 0 | | | | 10,722 | |
Georgia | | | 0 | | | | 14,520 | | | | 0 | | | | 14,520 | |
Illinois | | | 0 | | | | 40,678 | | | | 0 | | | | 40,678 | |
Indiana | | | 0 | | | | 4,903 | | | | 0 | | | | 4,903 | |
Iowa | | | 0 | | | | 3,461 | | | | 0 | | | | 3,461 | |
Kansas | | | 0 | | | | 3,247 | | | | 0 | | | | 3,247 | |
Kentucky | | | 0 | | | | 3,365 | | | | 0 | | | | 3,365 | |
Louisiana | | | 0 | | | | 4,379 | | | | 0 | | | | 4,379 | |
Maryland | | | 0 | | | | 5,449 | | | | 0 | | | | 5,449 | |
Massachusetts | | | 0 | | | | 10,370 | | | | 0 | | | | 10,370 | |
Michigan | | | 0 | | | | 12,545 | | | | 0 | | | | 12,545 | |
Minnesota | | | 0 | | | | 1,900 | | | | 0 | | | | 1,900 | |
Mississippi | | | 0 | | | | 1,845 | | | | 0 | | | | 1,845 | |
Missouri | | | 0 | | | | 5,478 | | | | 0 | | | | 5,478 | |
Montana | | | 0 | | | | 915 | | | | 0 | | | | 915 | |
Nebraska | | | 0 | | | | 3,581 | | | | 0 | | | | 3,581 | |
Nevada | | | 0 | | | | 1,352 | | | | 0 | | | | 1,352 | |
New Hampshire | | | 0 | | | | 3,607 | | | | 0 | | | | 3,607 | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2022 | |
New Jersey | | $ | 0 | | | $ | 15,379 | | | $ | 0 | | | $ | 15,379 | |
New Mexico | | | 0 | | | | 3,024 | | | | 0 | | | | 3,024 | |
New York | | | 0 | | | | 50,092 | | | | 0 | | | | 50,092 | |
North Carolina | | | 0 | | | | 8,983 | | | | 0 | | | | 8,983 | |
Ohio | | | 0 | | | | 7,671 | | | | 0 | | | | 7,671 | |
Oklahoma | | | 0 | | | | 594 | | | | 0 | | | | 594 | |
Oregon | | | 0 | | | | 840 | | | | 0 | | | | 840 | |
Pennsylvania | | | 0 | | | | 20,106 | | | | 0 | | | | 20,106 | |
Puerto Rico | | | 0 | | | | 4,660 | | | | 0 | | | | 4,660 | |
South Carolina | | | 0 | | | | 6,416 | | | | 0 | | | | 6,416 | |
South Dakota | | | 0 | | | | 977 | | | | 0 | | | | 977 | |
Tennessee | | | 0 | | | | 4,166 | | | | 0 | | | | 4,166 | |
Texas | | | 0 | | | | 29,490 | | | | 0 | | | | 29,490 | |
Utah | | | 0 | | | | 1,374 | | | | 0 | | | | 1,374 | |
Virginia | | | 0 | | | | 18,686 | | | | 0 | | | | 18,686 | |
Washington | | | 0 | | | | 16,177 | | | | 0 | | | | 16,177 | |
West Virginia | | | 0 | | | | 422 | | | | 0 | | | | 422 | |
Wisconsin | | | 0 | | | | 9,484 | | | | 0 | | | | 9,484 | |
U.S. Treasury Obligations | | | 0 | | | | 1,658 | | | | 0 | | | | 1,658 | |
Short-Term Instruments | |
Repurchase Agreements | | | 0 | | | | 611 | | | | 0 | | | | 611 | |
U.S. Treasury Bills | | | 0 | | | | 49,261 | | | | 0 | | | | 49,261 | |
U.S. Treasury Cash Management Bills | | | 0 | | | | 36,265 | | | | 0 | | | | 36,265 | |
Municipal Bonds & Notes | | | 0 | | | | 27,244 | | | | 0 | | | | 27,244 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 553,729 | | | $ | 0 | | | $ | 553,729 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 117 |
| | | | | | |
| Notes to Financial Statements | | | | | | |
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.
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”).
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from
settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.
Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.
(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities
held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.
(c) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.
| | | | | | | | | | | | |
| | | | | | Distribution Frequency | |
| | | |
| Fund Name | | | | | Declared | | | Distributed | |
| | | |
PIMCO 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 Municipal Income Opportunities 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 25+ Year Zero Coupon U.S. Treasury Index 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 Trust does not provide an automatic dividend and/or distributions reinvestment service.
Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund’s annual financial statements presented under U.S. GAAP.
Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies,
accounting records (if applicable), and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.
Distributions classified as a tax basis return of capital at a Fund’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.
(d) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board 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 occur 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.
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| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 119 |
| | | | | | |
| Notes to Financial Statements | | (Cont.) | | | | |
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 that was applicable to the Funds as of the date of this report. Subject to certain exceptions, the rule requires funds to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a value-at-risk leverage limit, certain derivatives risk management program and reporting requirements. The rule went into effect on February 19, 2021. The compliance date for the new rule and the required reporting requirements is August 19, 2022. At this time, management is evaluating the implications of these changes on the financial statements.
In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. 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 associated recordkeeping requirements is September 8, 2022. 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 is determined by dividing the total value of a Fund’s portfolio investments
and other assets, less any liabilities attributable to that Fund, by the total number of shares outstanding.
On each day that the New York Stock Exchange (“NYSE”) is open, Fund shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the 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 reserves the right to either (i) calculate its NAV as of the earlier closing time or (ii) calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day. Each Fund generally does not calculate their NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, each Fund reserves the right to calculate their NAV as of the normally scheduled close of regular trading on the NYSE for that day or such other time that a Fund may determine.
For purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Funds’ approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). 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. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using such data reflecting the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange, quotes obtained from a quotation reporting system,
established market makers or pricing services. Swap agreements are valued on the basis of market-based prices supplied by Pricing Services or quotes obtained from brokers and dealers. A Fund’s investments in open-end management investment companies, other than exchange-traded funds, are valued at 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 based on procedures established and approved by the Board of Trustees of the Trust (the “Board”). Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, a Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.
Senior secured floating rate loans for which an active secondary market exists to a reliable degree are valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a Pricing Service. Senior secured floating rate loans for which an active secondary market does not exist to a reliable degree are valued at fair value, which is intended to approximate market value. In valuing a senior secured floating rate loan at fair value, the factors considered may include, but are not limited to, the following: (a) the creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.
Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a result, the value of such investments and, in turn, the
NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund’s next calculated NAV.
Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to the Manager the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Board. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated, to the Manager, the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.
When a Fund uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Trust’s policy is 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 determined by the Board or persons acting at their direction would 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
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 121 |
| | | | | | |
| Notes to Financial Statements | | (Cont.) | | | | |
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 in active markets or exchanges for identical assets and liabilities. |
| ∎ | | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |
| ∎ | | Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments. |
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 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Services 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.
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:
Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Services’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.
Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.
Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.
Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.
Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Services that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.
Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or pricing services. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.
Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Services (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.
Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Services (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, London Interbank Offered Rate forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.
When a fair valuation method is applied by the Manager that uses significant unobservable inputs, investments will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy.
If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Adviser 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 Adviser 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.
The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. 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.
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’
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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, 2022 (amounts in thousands†):
Investments in PIMCO Government Money Market Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fund Name | | | | | Market Value
06/30/2021 | | | Purchases at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Market Value
06/30/2022 | | | Dividend
Income(1) | | | Realized Net
Capital Gain
Distributions(1) | |
| | | | | | | | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | $ | 18,215 | | | $ | 112,519 | | | $ | (118,335 | ) | | $ | 0 | | | $ | 0 | | | $ | 12,399 | | | $ | 26 | | | $ | 0 | |
| | | | | | | | | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 0 | | | | 228 | | | | (228 | ) | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO Enhanced Short Maturity Active
Exchange-Traded Fund | | | | | | | 7 | | | | 20,142 | | | | (16,270 | ) | | | 0 | | | | 0 | | | | 3,879 | | | | 4 | | | | 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 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.
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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.
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, 2022, 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 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 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) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.
(b) 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.
(c) 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 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
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| Notes to Financial Statements | | (Cont.) | | | | |
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.
(d) 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.
(e) Short Sales Short sales are transactions in which a Fund sells a security that it may not own. A Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is “against the box” if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not “against the box.” A Fund’s loss on a short sale could theoretically be unlimited in cases where a Fund is unable, for whatever reason, to close out its short position.
(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, 2022, the Funds did not participate in the Interfund Lending Program.
6. FINANCIAL DERIVATIVE INSTRUMENTS
The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund’s respective investment policies.
The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds’ financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.
(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
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| Notes to Financial Statements | | (Cont.) | | | | |
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.
Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.
Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.
Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.
(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 default on its obligation to perform 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 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
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| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 131 |
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| Notes to Financial Statements | | (Cont.) | | | | |
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 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
The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.
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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 | |
| | | | | | | | | | | | | | | |
New Fund | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | — | | | | — | | | | X | | | | X | | | | — | |
| | | | | | | | | | | | | | | |
Small Fund | | | | | | | — | | | | — | | | | — | | | | X | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 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 Risk | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 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 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | |
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 | | | | — | | | | — | |
| | | | | | | | | | | | | | | |
Municipal Project-Specific | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | — | | | | X | |
| | | | | | | | | | | | | | | |
Short Exposure | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | — | | | | — | | | | — | | | | — | | | | X | | | | — | |
| | | | | | | | | | | | | | | |
Convertible Securities | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | |
Tax-Efficient Investing | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | |
Distribution Rate | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
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Responsible Investing Risk | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | |
LIBOR Transition Risk | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | X | | | | X | | | | — | | | | X | | | | 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,
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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 decline in value because of an increase 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 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.
Credit Risk is the risk that a Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.
Collateralized Loan Obligations Risk is the risk that investing in 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, financial leverage and 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 futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, and valuation complexity. Changes in the value of a derivative 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. 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 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. The primary credit risk on derivatives 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 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 and/or adversely affect the value of derivatives 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 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 manager 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
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significantly by economic, regulatory or political developments affecting the ability of New York 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, 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 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.
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 of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by a Fund rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which the Fund invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in value of certain instruments held by a Fund.
(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 cybersecurity 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. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities a Fund holds, and may adversely affect a Fund’s investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.
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; 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.
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
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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 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 L.P. (“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.
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| 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(2) | | | | | | | 0.46% | |
| | |
PIMCO Enhanced Short Maturity Active ESG
Exchange-Traded Fund(3) | | | | | | | 0.36% | |
| | |
PIMCO Enhanced Short Maturity Active
Exchange-Traded Fund | | | | | | | 0.35% | |
| | |
PIMCO Intermediate Municipal Bond Active
Exchange-Traded Fund | | | | | | | 0.35% | |
| | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund(4) | | | | | | | 0.49% | |
| | |
PIMCO Senior Loan Active Exchange-Traded Fund(5) | | | | | | | 0.70% | |
| | |
PIMCO Short Term Municipal Bond Active
Exchange-Traded Fund | | | | | | | 0.35% | |
| (1) | PIMCO has contractually agreed, through October 31, 2022, 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) | Prior to October 31, 2020, PIMCO contractually agreed to waive its management fee by 0.07% of the average daily net assets attributable to the Fund. |
| (3) | PIMCO has contractually agreed, through October 31, 2022, to waive its management fee by 0.12% 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. |
(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, 2022 each Fund was permitted to compensate the Distributor at an annual rate of up to 0.25% of a Fund’s average daily net assets (the “12b-1 Plan Fee”). However, the Board of Trustees has determined not to authorize payment of a 12b-1 Plan Fee at this time.The 12b-1 Plan Fee may only be imposed or increased when the Board determines that it is in the best interests of shareholders to do so. Because these fees are paid out of a Fund’s assets on an ongoing basis, to the extent that a fee is authorized, over time it will increase the cost of an investment in the Fund. The 12b-1 Plan Fee may cost an investor more than other types of sales charges.
(c) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Funds bear other expenses which are not covered under the Management Fee which may vary and affect the total level of expenses paid by shareholders, such as (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) securities lending fees and expenses; (vi) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vii) extraordinary expenses, including costs of litigation and indemnification expenses; and (viii) organizational expenses. 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, 2022, (October 31, 2023 for the PIMCO Senior Loan Active Exchange-Traded Fund), 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, 2022, 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, 2022, 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, 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 October 31, 2023, to waive or reduce its Management Fee for the PIMCO Senior Loan Active Exchange-Traded Fund.
The Fee Waiver Agreements 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.
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. In any month in which the investment management agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the Management Fee and/or other expenses waived or reimbursed as set forth above (the “Reimbursement Amount”) within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO at June 30, 2022, were as follows (amounts in thousands†):
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| | | | | | Expiring within | | | | |
| | | | | |
| Fund Name | | | | | 12 months | | | 13-24 months | | | 25-36 months | | | Total | |
| | | | | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | $ | 310 | | | $ | 149 | | | $ | 14 | | | $ | 473 | |
| | | | | |
PIMCO Enhanced Short Maturity Active ESG
Exchange-Traded Fund | | | | | | | 113 | | | | 170 | | | | 210 | | | | 493 | |
| | | | | |
PIMCO Municipal Income Opportunities Active
Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 111 | | | | 111 | |
| | | | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 167 | | | | 167 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 139 |
| | | | | | |
| Notes to Financial Statements | | (Cont.) | | | | |
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 Rule 17a-7 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 Rule 17a-7 under the Act for the period ended June 30, 2022, were as follows (amounts in thousands†):
| | | | | | | | | | | | |
| Fund Name | | | | | Purchases | | | Sales | |
| | | |
PIMCO 1-5 Year U.S. TIPS Index
Exchange-Traded Fund | | | | | | $ | 0 | | | $ | 107,801 | |
| | | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0 | | | | 3,375 | |
| | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 143,750 | | | | 82,576 | |
| | | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 0 | | | | 6,413 | |
| | | |
PIMCO Active Bond Exchange-Traded Fund | | | | | | | 46,760 | | | | 113,447 | |
| | | |
PIMCO Enhanced Low Duration Active
Exchange-Traded Fund | | | | | | | 112,869 | | | | 102,691 | |
| | | |
PIMCO Enhanced Short Maturity Active ESG
Exchange-Traded Fund | | | | | | | 28,520 | | | | 10,491 | |
| | | |
PIMCO Enhanced Short Maturity Active
Exchange-Traded Fund | | | | | | | 2,032,402 | | | | 2,070,275 | |
| † | 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, particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.
Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2022, 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 | | | | | | $ | 47,341 | | | $ | 54,171 | | | $ | 0 | | | $ | 0 | |
| | | | | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 296,011 | | | | 363,531 | | | | 0 | | | | 0 | |
| | | | | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 32,046 | | | | 69,354 | | | | 0 | | | | 0 | |
| | | | | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 377,413 | | | | 389,568 | | | | 0 | | | | 0 | |
| | | | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 781,690 | | | | 717,809 | |
| | | | | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 68,144 | | | | 83,004 | | | | 220,645 | | | | 227,631 | |
| | | | | |
PIMCO Active Bond Exchange-Traded Fund | | | | | | | 16,689,170 | | | | 16,854,062 | | | | 689,994 | | | | 411,629 | |
| | | | | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | 4,184,642 | | | | 4,592,881 | | | | 598,288 | | | | 239,218 | |
| | | | | |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | 10,292 | | | | 18,192 | | | | 115,181 | | | | 74,997 | |
| | | | | |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 8,090,844 | | | | 7,831,411 | | | | 4,427,284 | | | | 5,040,586 | |
| | | | | |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 561,047 | | | | 307,496 | |
| | | | | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 133,075 | | | | 86,976 | |
| | | | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 61,574 | | | | 0 | |
| | | | | |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 401,872 | | | | 281,409 | |
| † | 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, 2022. 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 Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | 0 | | | | 1 | | | | 0% | | | | 10% | |
| | | | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | 0 | | | | 1 | | | | 0% | | | | 30% | |
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). |
15. INVESTMENT TRANSACTIONS
For the period ended June 30, 2022, 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 | | | | | | $ | 390,696 | | | $ | 234,073 | |
| | | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 950,813 | | | | 269,232 | |
| | | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 565,436 | | | | 335,972 | |
| | | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 131,733 | | | | 85,364 | |
| | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 963,654 | | | | 1,847,882 | |
| | | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 163,274 | | | | 249,947 | |
| † | 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. REGULATORY AND LITIGATION MATTERS
The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.
On May 17, 2022, Allianz Global Investors U.S. LLC (“AGI U.S.”) pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 141 |
| | | | | | |
| Notes to Financial Statements | | (Cont.) | | | | |
above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Funds in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.-registered investment companies, including the Funds.
The foregoing speaks only as of the date of this report.
17. 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, 2022, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.
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.
As of June 30, 2022, 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 | | | $ | 2,452 | | | $ | 0 | | | $ | (157,892 | ) | | $ | (10 | ) | | $ | (32,222 | ) | | $ | 0 | | | $ | 0 | | | $ | (187,672 | ) |
| | | | | | | | | | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0 | | | | 6,888 | | | | 0 | | | | (78,323 | ) | | | (8 | ) | | | (19,377 | ) | | | 0 | | | | 0 | | | | (90,820 | ) |
| | | | | | | | | | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0 | | | | 3,823 | | | | 0 | | | | (206,771 | ) | | | (8 | ) | | | (21,220 | ) | | | 0 | | | | 0 | | | | (224,176 | ) |
| | | | | | | | | | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 0 | | | | (20,641 | ) | | | (8 | ) | | | 0 | | | | (2,626 | ) | | | 0 | | | | (23,275 | ) |
| | | | | | | | | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 0 | | | | 5,252 | | | | 0 | | | | (135,775 | ) | | | (17 | ) | | | (195,789 | ) | | | 0 | | | | 0 | | | | (326,329 | ) |
| | | | | | | | | | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 0 | | | | 1,363 | | | | 0 | | | | (73,357 | ) | | | (16 | ) | | | (16,394 | ) | | | 0 | | | | 0 | | | | (88,404 | ) |
| | | | | | | | | | |
PIMCO Active Bond Exchange-Traded Fund | | | | | | | 0 | | | | 4,553 | | | | 0 | | | | (274,041 | ) | | | (32 | ) | | | (251,909 | ) | | | 0 | | | | 0 | | | | (521,429 | ) |
| | | | | | | | | | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 0 | | | | (52,094 | ) | | | (10 | ) | | | (11,588 | ) | | | 0 | | | | (2,568 | ) | | | (66,260 | ) |
| | | | | | | | | | |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | 0 | | | | 1,926 | | | | 0 | | | | (3,667 | ) | | | 0 | | | | (1,643 | ) | | | 0 | | | | 0 | | | | (3,384 | ) |
| | | | | | | | | | |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 0 | | | | 11,337 | | | | 0 | | | | (243,664 | ) | | | (12 | ) | | | (114,094 | ) | | | 0 | | | | 0 | | | | (346,433 | ) |
| | | | | | | | | | |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | 1,393 | | | | 0 | | | | 0 | | | | (22,661 | ) | | | (12 | ) | | | (19,995 | ) | | | 0 | | | | 0 | | | | (41,275 | ) |
| | | | | | | | | | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | 111 | | | | 0 | | | | 0 | | | | (1,077 | ) | | | 0 | | | | (3,962 | ) | | | 0 | | | | 0 | | | | (4,928 | ) |
| | | | | | | | | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | 0 | | | | 79 | | | | 0 | | | | (2,475 | ) | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | (2,396 | ) |
| | | | | | | | | | |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | 555 | | | | 0 | | | | 0 | | | | (9,587 | ) | | | (13 | ) | | | (7,440 | ) | | | 0 | | | | 0 | | | | (16,485 | ) |
| † | 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 and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on: swap contracts, treasury inflation-protected securities (TIPS), partnerships and interest accrued on defaulted securities. |
| (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, 2021 through June 30, 2022 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, 2021 through June 30, 2022 and Ordinary losses realized during the period January 1, 2022 through June 30, 2022 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, 2022, 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 | | | | | | $ | 15,973 | | | $ | 16,249 | |
| | | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 6,300 | | | | 13,077 | |
| | | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 10,592 | | | | 10,628 | |
| | | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0 | | | | 0 | |
| | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 45,998 | | | | 149,791 | |
| | | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 11,954 | | | | 4,440 | |
| | | |
PIMCO Active Bond Exchange-Traded Fund | | | | | | | 211,882 | | | | 40,027 | |
| | | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | 11,588 | | | | 0 | |
| | | |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | 1,431 | | | | 212 | |
| | | |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 78,792 | | | | 35,302 | |
| | | |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | 17,191 | | | | 2,804 | |
| | | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | 3,962 | | | | 0 | |
| | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | 0 | | | | 0 | |
| | | |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | 4,484 | | | | 2,956 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
As of June 30, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands†):
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Federal
Tax Cost | | | Unrealized
Appreciation | | | Unrealized
(Depreciation) | | | Net Unrealized
Appreciation/
(Depreciation)(7) | |
| | | | | |
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | | | | | | $ | 593,185 | | | $ | 0 | | | $ | (157,893 | ) | | $ | (157,893 | ) |
| | | | | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 1,650,813 | | | | 0 | | | | (78,323 | ) | | | (78,323 | ) |
| | | | | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 825,078 | | | | 0 | | | | (206,770 | ) | | | (206,770 | ) |
| | | | | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 214,729 | | | | 0 | | | | (20,642 | ) | | | (20,642 | ) |
| | | | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 1,236,894 | | | | 946 | | | | (136,718 | ) | | | (135,772 | ) |
| | | | | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 647,429 | | | | 513 | | | | (73,871 | ) | | | (73,358 | ) |
| | | | | |
PIMCO Active Bond Exchange-Traded Fund | | | | | | | 4,252,526 | | | | 15,971 | | | | (289,352 | ) | | | (273,381 | ) |
| | | | | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | 1,466,068 | | | | 7,062 | | | | (59,116 | ) | | | (52,054 | ) |
| | | | | |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | 186,939 | | | | 609 | | | | (4,279 | ) | | | (3,670 | ) |
| | | | | |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 11,971,144 | | | | 705 | | | | (244,367 | ) | | | (243,662 | ) |
| | | | | |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | 870,068 | | | | 4,369 | | | | (27,030 | ) | | | (22,661 | ) |
| | | | | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | 44,124 | | | | 299 | | | | (1,375 | ) | | | (1,076 | ) |
| | | | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | 104,441 | | | | 1 | | | | (2,475 | ) | | | (2,474 | ) |
| | | | | |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | 563,316 | | | | 711 | | | | (10,298 | ) | | | (9,587 | ) |
| † | 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 and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on: swap contracts, treasury inflation-protected securities (TIPS), partnerships and interest accrued on defaulted securities. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 143 |
| | | | |
| Notes to Financial Statements | | (Cont.) | | June 30, 2022 |
For the fiscal years ended June 30, 2022 and June 30, 2021, respectively, the Funds made the following tax basis distributions (amounts in thousands†):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | June 30, 2022 | | | June 30, 2021 | |
| | | | | | | | | |
| | | | | | 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 | | | $ | 6,660 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 5,991 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0 | | | | 69,174 | | | | 0 | | | | 0 | | | | 0 | | | | 19,529 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0 | | | | 42,424 | | | | 0 | | | | 0 | | | | 0 | | | | 12,067 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0 | | | | 13,350 | | | | 907 | | | | 0 | | | | 0 | | | | 2,953 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 0 | | | | 64,850 | | | | 0 | | | | 0 | | | | 0 | | | | 72,424 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 0 | | | | 18,881 | | | | 576 | | | | 0 | | | | 0 | | | | 21,339 | | | | 200 | | | | 0 | |
| | | | | | | | | |
PIMCO Active Bond Exchange-Traded Fund | | | | | | | 0 | | | | 109,815 | | | | 0 | | | | 0 | | | | 0 | | | | 99,158 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | 0 | | | | 14,527 | | | | 0 | | | | 0 | | | | 0 | | | | 11,473 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | 0 | | | | 1,333 | | | | 22 | | | | 0 | | | | 0 | | | | 1,306 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 0 | | | | 81,605 | | | | 698 | | | | 0 | | | | 0 | | | | 78,938 | | | | 1,171 | | | | 0 | |
| | | | | | | | | |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | 10,925 | | | | 496 | | | | 0 | | | | 0 | | | | 9,612 | | | | 117 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | 421 | | | | 32 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | 2,751 | | | | 390 | | | | 0 | | | | 0 | | | | 2,456 | | | | 64 | | | | 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. |
| | | | |
| 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 Municipal Income Opportunities Active Exchange-Traded Fund, PIMCO Senior Loan Active Exchange-Traded Fund and PIMCO Short Term Municipal Bond 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, 2022, the related statements of operations, cash flows for PIMCO Enhanced Low Duration Active Exchange-Traded Fund, and 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, 2022, the results of each of their operations, the cash flows for PIMCO Enhanced Low Duration Active Exchange-Traded Fund, 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(2)
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund(3)
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund(1)
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund(1)
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund(4)
PIMCO Senior Loan Active Exchange-Traded Fund(5)
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund(1)
| (1) | Statement of operations for the year ended June 30, 2022, statement of changes in net assets for the years ended June 30, 2022 and 2021 and the financial highlights for the years ended June 30, 2022, 2021, 2020, 2019 and 2018 |
| (2) | Statements of operations and cash flows for the year ended June 30, 2022, statement of changes in net assets for the years ended June 30, 2022 and 2021 and the financial highlights for the years ended June 30, 2022, 2021, 2020, 2019 and 2018 |
| (3) | Statement of operations for the year ended June 30, 2022, statement of changes in net assets for the years ended June 30, 2022 and 2021 and the financial highlights for each of the periods indicated therein |
| (4) | Statements of operations and changes in net assets and the financial highlights for the period September 8, 2021 (inception date) through June 30, 2022 |
| (5) | Statements of operations and changes in net assets and the financial highlights for the period June 8, 2022 (inception date) through June 30, 2022 |
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, 2022 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 26, 2022
We have served as the auditor of one or more investment companies in PIMCO ETF Trust since 2009.
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| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 145 |
| | | | | | |
| Glossary: | | (abbreviations that may be used in the preceding statements) | | | | (Unaudited) |
| | | | | | | | | | |
| | | | |
Counterparty Abbreviations: | | | | | | | | |
| | | | | |
| BCY | | Barclays Capital, Inc. | | GLM | | Goldman Sachs Bank USA | | MYC | | Morgan Stanley Capital Services LLC |
| | | | | |
| BMO | | BMO Capital Markets Corporation | | GSC | | Goldman Sachs & Co. LLC | | NOM | | Nomura Securities International Inc. |
| | | | | |
| BOA | | Bank of America N.A. | | GST | | Goldman Sachs International | | RBC | | Royal Bank of Canada |
| | | | | |
| BOS | | BofA Securities, Inc. | | HUS | | HSBC Bank USA N.A. | | SCX | | Standard Chartered Bank, London |
| | | | | |
| BPS | | BNP Paribas S.A. | | JPM | | JP Morgan Chase Bank N.A. | | SOG | | Societe Generale Paris |
| | | | | |
| CBK | | Citibank N.A. | | JPS | | J.P. Morgan Securities LLC | | STR | | State Street FICC Repo |
| | | | | |
| FICC | | Fixed Income Clearing Corporation | | MBC | | HSBC Bank Plc | | TOR | | The Toronto-Dominion Bank |
| | | | | |
| FOB | | Credit Suisse Securities (USA) LLC | | | | | | | | |
| | | | |
Currency Abbreviations: | | | | | | | | |
| | | | | |
| AUD | | Australian Dollar | | GBP | | British Pound | | JPY | | Japanese Yen |
| | | | | |
| CAD | | Canadian Dollar | | ILS | | Israeli Shekel | | USD (or $) | | United States Dollar |
| | | | | |
| EUR | | Euro | | | | | | | | |
| | | | |
Exchange Abbreviations: | | | | | | | | |
| | | | | |
| OTC | | Over the Counter | | | | | | | | |
| | | | |
Index/Spread Abbreviations: | | | | | | | | |
| | | | | |
| 12MTA | | 12 Month Treasury Average | | LIBOR01 | | 1 Month USD-LIBOR | | SONIO | | Sterling Overnight Interbank Average Rate |
| | | | | |
| BBSW3M | | 3 Month Bank Bill Swap Rate | | LIBOR03M | | 3 Month USD-LIBOR | | TSFR1M | | Term SOFR 1 Month |
| | | | | |
| CDX.HY | | Credit Derivatives Index - High Yield | | LIBOR06
| | 6 Month USD-LIBOR | | UKRPI | | United Kingdom Retail Prices 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 |
| | | | | |
| COF 11 | | Cost of Funds - 11th District of San Francisco | | SOFRINDX | | Secured Overnight Financing Rate Index | | US0003M | | ICE 3-Month USD LIBOR |
| | | | | |
| CPURNSA | | Consumer Price All Urban Non-Seasonally Adjusted Index | | SOFR | | Secured Overnight Financing Rate | | US0012M | | ICE 12-Month USD LIBOR |
| | | | |
Municipal Bond or Agency Abbreviations: | | | | | | | | |
| | | | | |
| ACA | | American Capital Access Holding Ltd. | | BAM | | Build America Mutual Assurance | | PSF | | Public School Fund |
| | | | | |
| AGM | | Assured Guaranty Municipal | | FHA | | Federal Housing Administration | | Q-SBLF | | Qualified School Bond Loan Fund |
| | | | | |
| AMBAC | | American Municipal Bond Assurance Corp. | | NPFGC | | National Public Finance Guarantee Corp. | | | | |
| | | | |
Other Abbreviations: | | | | | | | | |
| | | | | |
| ABS | | Asset-Backed Security | | DAC | | Designated Activity Company | | REMIC | | Real Estate Mortgage Investment Conduit |
| | | | | |
| ALT | | Alternate Loan Trust | | LIBOR | | London Interbank Offered Rate | | TBA | | To-Be-Announced |
| | | | | |
| BABs | | Build America Bonds | | OIS | | Overnight Index Swap | | TBD | | To-Be-Determined |
| | | | | |
| BBSW | | Bank Bill Swap Reference Rate | | PIK | | Payment-in-Kind | | TBD% | | Interest rate to be determined when loan settles or at the time of funding |
| | | | | |
| CLO | | Collateralized Loan Obligation | | | | | | | | |
| | | | | | |
| Federal Income Tax Information | | | | | | (Unaudited) |
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 2022 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, 2022 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 2022:
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, 2022 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, 2022 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) amount 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% | | | | 0% | | | $ | 6,660 | | | $ | 0 | | | $ | 6,286 | |
| | | | | | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0% | | | | 0% | | | | 69,174 | | | | 0 | | | | 40,620 | |
| | | | | | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0% | | | | 0% | | | | 42,424 | | | | 0 | | | | 28,563 | |
| | | | | | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0% | | | | 0% | | | | 12,357 | | | | 980 | | | | 7,867 | |
| | | | | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 0% | | | | 0% | | | | 62,256 | | | | 0 | | | | 67,047 | |
| | | | | | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 0% | | | | 0% | | | | 15,849 | | | | 0 | | | | 19,340 | |
| | | | | | |
PIMCO Active Bond Exchange-Traded Fund | | | | | | | 0% | | | | 0% | | | | 103,226 | | | | 0 | | | | 96,630 | |
| | | | | | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | 0% | | | | 0% | | | | 12,929 | | | | 0 | | | | 7,464 | |
| | | | | | |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | 0% | | | | 0% | | | | 992 | | | | 120 | | | | 897 | |
| | | | | | |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 0% | | | | 0% | | | | 71,802 | | | | 0 | | | | 62,946 | |
| | | | | | |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | 0% | | | | 0% | | | | 11,421 | | | | 0 | | | | 203 | |
| | | | | | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | 0% | | | | 0% | | | | 453 | | | | 0 | | | | 2 | |
| | | | | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | 0% | | | | 0% | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | 0% | | | | 0% | | | | 3,141 | | | | 0 | | | | 144 | |
| † | 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 2023, 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 2022.
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 147 |
| | | | |
| Federal Income Tax Information | | (Cont.) | | (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% | |
| | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0% | |
| | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0% | |
| | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0% | |
| | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 0% | |
| | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 0% | |
| | |
PIMCO Active Bond Exchange-Traded Fund | | | | | | | 0% | |
| | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | 0% | |
| | |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | 0% | |
| | |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 0% | |
| | |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | 0% | |
| | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | 0% | |
| | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | 0% | |
| | |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | 0% | |
| | | | |
| Distribution Information | | | | (Unaudited) |
For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended June 30, 2022 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year.
See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.
| | | | | | | | | | | | | | | | | | | | |
PIMCO 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) | |
| | | | | |
January 2022 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2022 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
March 2022 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
April 2022 | | | | | | $ | 0.5500 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.5500 | |
| | | | | |
May 2022 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
June 2022 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
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 2022 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2022 | | | | | | $ | 0.1500 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1500 | |
| | | | | |
March 2022 | | | | | | $ | 0.0900 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0900 | |
| | | | | |
April 2022 | | | | | | $ | 0.3300 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3300 | |
| | | | | |
May 2022 | | | | | | $ | 0.3900 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3900 | |
| | | | | |
June 2022 | | | | | | $ | 0.5600 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.5600 | |
| | | | | |
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 2022 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2022 | | | | | | $ | 0.3300 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3300 | |
| | | | | |
March 2022 | | | | | | $ | 0.2000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2000 | |
| | | | | |
April 2022 | | | | | | $ | 0.5300 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.5300 | |
| | | | | |
May 2022 | | | | | | $ | 0.6300 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.6300 | |
| | | | | |
June 2022 | | | | | | $ | 0.8500 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.8500 | |
| | | | | |
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 2022 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2022 | | | | | | $ | 0.1900 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1900 | |
| | | | | |
March 2022 | | | | | | $ | 0.1200 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1200 | |
| | | | | |
April 2022 | | | | | | $ | 0.4100 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.4100 | |
| | | | | |
May 2022 | | | | | | $ | 0.4900 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.4900 | |
| | | | | |
June 2022 | | | | | | $ | 0.6700 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.6700 | |
| | | | | |
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 2022 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2022 | | | | | | $ | 0.2600 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2600 | |
| | | | | |
March 2022 | | | | | | $ | 0.2900 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2900 | |
| | | | | |
April 2022 | | | | | | $ | 0.3000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3000 | |
| | | | | |
May 2022 | | | | | | $ | 0.3300 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3300 | |
| | | | | |
June 2022 | | | | | | $ | 0.3400 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3400 | |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 149 |
| | | | |
| Distribution Information | | (Cont.) | | |
| | | | | | | | | | | | | | | | | | | | |
PIMCO Investment Grade Corporate Bond
Exchange-Traded Fund | | | | | Net Investment
Income* | | | Net Realized
Capital Gains* | | | Paid-in Surplus or
Other Capital
Sources** | | | Total (per
common share) | |
| | | | | |
January 2022 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2022 | | | | | | $ | 0.2200 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2200 | |
| | | | | |
March 2022 | | | | | | $ | 0.2300 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2300 | |
| | | | | |
April 2022 | | | | | | $ | 0.2300 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2300 | |
| | | | | |
May 2022 | | | | | | $ | 0.2400 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2400 | |
| | | | | |
June 2022 | | | | | | $ | 0.2300 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2300 | |
| | | | | |
| 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 2022 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2022 | | | | | | $ | 0.2300 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2300 | |
| | | | | |
March 2022 | | | | | | $ | 0.2300 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2300 | |
| | | | | |
April 2022 | | | | | | $ | 0.2400 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2400 | |
| | | | | |
May 2022 | | | | | | $ | 0.2500 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2500 | |
| | | | | |
June 2022 | | | | | | $ | 0.2500 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2500 | |
| | | | | |
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 2022 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2022 | | | | | | $ | 0.076 | | | $ | 0.0000 | | | $ | 0.0020 | | | $ | 0.0780 | |
| | | | | |
March 2022 | | | | | | $ | 0.1510 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1510 | |
| | | | | |
April 2022 | | | | | | $ | 0.1606 | | | $ | 0.0000 | | | $ | 0.0044 | | | $ | 0.1650 | |
| | | | | |
May 2022 | | | | | | $ | 0.1800 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1800 | |
| | | | | |
June 2022 | | | | | | $ | 0.2496 | | | $ | 0.0000 | | | $ | 0.0002 | | | $ | 0.1500 | |
| | | | | |
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 2022 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2022 | | | | | | $ | 0.0410 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0410 | |
| | | | | |
March 2022 | | | | | | $ | 0.0560 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0560 | |
| | | | | |
April 2022 | | | | | | $ | 0.0739 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0739 | |
| | | | | |
May 2022 | | | | | | $ | 0.0990 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0990 | |
| | | | | |
June 2022 | | | | | | $ | 0.1020 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1020 | |
| | | | | |
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 2022 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2022 | | | | | | $ | 0.0480 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0480 | |
| | | | | |
March 2022 | | | | | | $ | 0.0630 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0630 | |
| | | | | |
April 2022 | | | | | | $ | 0.0640 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0640 | |
| | | | | |
May 2022 | | | | | | $ | 0.0810 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0810 | |
| | | | | |
June 2022 | | | | | | $ | 0.0920 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0920 | |
| | | | | |
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 2022 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2022 | | | | | | $ | 0.0700 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0700 | |
| | | | | |
March 2022 | | | | | | $ | 0.0700 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0700 | |
| | | | | |
April 2022 | | | | | | $ | 0.0700 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0700 | |
| | | | | |
May 2022 | | | | | | $ | 0.0800 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0800 | |
| | | | | |
June 2022 | | | | | | $ | 0.0700 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0700 | |
| | | | | | | | | | | | | | | | | | | | |
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 2022 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2022 | | | | | | $ | 0.0500 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0500 | |
| | | | | |
March 2022 | | | | | | $ | 0.0580 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0580 | |
| | | | | |
April 2022 | | | | | | $ | 0.0720 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0720 | |
| | | | | |
May 2022 | | | | | | $ | 0.1080 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1080 | |
| | | | | |
June 2022 | | | | | | $ | 0.0950 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0950 | |
| | | | | |
| 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) | |
| | | | | |
June 2022 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
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 2022 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2022 | | | | | | $ | 0.0170 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0170 | |
| | | | | |
March 2022 | | | | | | $ | 0.0300 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0300 | |
| | | | | |
April 2022 | | | | | | $ | 0.0300 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0300 | |
| | | | | |
May 2022 | | | | | | $ | 0.0370 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0370 | |
| | | | | |
June 2022 | | | | | | $ | 0.0380 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0380 | |
| * | 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. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 151 |
| | | | | | |
| Approval of Investment Management Agreement | | | | | | (Unaudited) |
Approval of the Investment Management Agreement for PIMCO Senior Loan Active Exchange-Traded Fund
At a meeting held on May 19-20, 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 “Agreement”) between the Trust, on behalf of the PIMCO Senior Loan Active Exchange-Traded Fund (the “New Fund”), and Pacific Investment Management Company LLC (“PIMCO”).
The information, material factors and conclusions that formed the basis for the Board’s approval 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 Fund in connection with the May 19-20, 2022 meeting. 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 proposed New Fund operations, including a memorandum from PIMCO describing the New Fund, a term sheet detailing key features of the New Fund, fee comparisons for the New Fund from Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company performance and fee and expense data, and a memorandum from Dechert LLP describing the Trustees’ responsibilities in approving the Agreement. In considering whether to approve the Agreement, 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 Fund.
(b) Review Process: In connection with the approval of the Agreement, 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 Agreement. The approval determination was made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the Agreement, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the
broad factors and information that figured prominently in the Board’s consideration of the approval of the Agreement, but is not intended to summarize all of the factors considered by the Board.
2. NATURE, EXTENT AND QUALITY OF SERVICES
(a) PIMCO, its Personnel and Resources: The Board considered the depth and quality of PIMCO’s investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in assets under management. The Board also considered the various services in addition to portfolio management that PIMCO proposes to provide under the Agreement. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreement. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the New Fund, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the New Fund’s investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the New Fund and its 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.
Ultimately, the Board concluded that the nature, extent and quality of services proposed to be provided or procured by PIMCO under the Agreement are likely to benefit the New Fund and its 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 Fund under the Agreement. The Board considered the terms of the Agreement, 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 Fund, including but not limited to audit, custodial, portfolio accounting, ordinary legal, transfer agency, exchange listing and printing costs. The Board noted that the scope and complexity, as well as the costs, of the supervisory and
administrative services provided by PIMCO under the Agreement 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.
The Board concluded that the nature, extent and quality of the services proposed to be provided or procured by PIMCO under the Agreement are likely to benefit the New Fund and its shareholders.
3. INVESTMENT PERFORMANCE
As the New Fund had not yet commenced operations at the time the Agreement was considered, the Trustees did not receive or consider investment performance information with respect to the New Fund.
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 Fund, 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 provision of services, the impact on 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 fee and estimated total expenses of the 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 fee, the Board reviewed data from the Broadridge Report that compared the average and median management fees of other funds in an “Expense Group” of comparable funds, as well as the universe of other similar funds. The Board also compared the New Fund’s total expenses to other funds in the Expense Group provided by Broadridge and found the New Fund’s total expenses to be reasonable.
The Board considered the New Fund’s unified fee structure, under which the New Fund 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 Fund, including audit, custodial, portfolio accounting, ordinary legal, transfer agency and printing costs. The Board considered that the unified fee
would lead to New Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of fees for the New Fund at a competitive level over the contract period even if the New Fund’s operating costs rise when assets remain flat or decrease. The Board concluded that the New Fund’s proposed management fee was 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 expenses that would be beneficial to the New Fund and its shareholders. The Board noted that the 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.
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, as well as the estimated total expenses of the New Fund, are reasonable and approval of the Agreement would benefit shareholders of the New Fund.
5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE
As the New Fund had not yet commenced operations at the time the Agreement was considered, information regarding PIMCO’s costs in providing services to the New Fund and the profitability of PIMCO’s relationship with the New Fund was not available.
The Trustees considered that the unified fee structure provides certain inherent economies of scale because the New Fund’s unified fee would remain fixed even if the New Fund’s assets decline and/or operating costs rise. The Trustees also considered that, unlike the New Fund’s proposed unified fee, 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 Fund 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 Fund’s proposed cost structure was reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the New Fund’s unified fee structure, by generally pricing the New Fund to scale at inception and reinvesting in its business to provide enhanced and expanded services to the New Fund and its shareholders.
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 153 |
| | | | |
| Approval of Investment Management Agreement | | (Cont.) | | (Unaudited) |
6. ANCILLARY BENEFITS
The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO’s institutional investment management business due to the reputation and market penetration of the Trust or third party service providers’ relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO will provide distribution and shareholder services to the New Fund and its shareholders. The Board noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the New Fund, 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 Fund by PIMCO supported the approval of the Agreement. The Independent Trustees and the Board as a whole concluded that the Agreement was fair and reasonable to the New Fund and its shareholders, that the New Fund’s shareholders would likely receive reasonable value in return for the fees paid to PIMCO by the New Fund under the Agreement, and that the approval of the Agreement was in the best interests of the New Fund and its shareholders.
| | | | |
| Management of the Trust | | | | (Unaudited) |
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. | | 149 | | 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. | | 149 | | 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. | | 149 | | 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. | | 149 | | 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. | | 149 | | 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). | | 149 | | 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. | | 149 | | 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). | | 149 | | 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, 2022. |
| 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. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 155 |
| | | | |
| Management of the Trust | | (Cont.) | | (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 and PIMCO-Sponsored Closed-End Funds. |
| | |
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 and PIMCO-Sponsored Closed-End Funds. 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 and PIMCO-Sponsored Closed-End Funds. |
| | |
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 and PIMCO-Sponsored Closed-End Funds. 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 ETF Trust, PIMCO Equity Series VIT, PIMCO-Sponsored Interval Funds and PIMCO Sponsored Closed-End Funds. |
| | |
Jeffrey A. Byer (1976) Vice President | | 02/2020 to present | | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| | |
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 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 and PIMCO-Sponsored Closed-End Funds. |
| | |
Kenneth W. Lee (1972) Vice President | | 08/2022 to present | | Senior Vice President, PIMCO. Vice President PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO-Sponsored Interval Funds and PIMCO Sponsored Closed-End Funds. |
| | |
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 and PIMCO-Sponsored Closed-End Funds. |
| | |
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 and PIMCO Equity Series VIT. |
| | |
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 and PIMCO-Sponsored Closed-End Funds. |
| | |
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 and PIMCO-Sponsored Closed-End Funds. |
| | |
Brandon T. Evans (1982) Assistant Treasurer | | 05/2019 to present | | Senior Vice President, PIMCO. Assistant Treasurer, Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| * | Unless otherwise noted, the information for the individuals listed is as of August 25, 2022. |
| † | The term “PIMCO-Sponsored Closed-End Funds” as used herein includes: PIMCO Access Income Fund, 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 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. |
| | | | |
| 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”).
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2022 | | | 157 |
| | | | |
| 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 15-16, 2022, 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, 2021. 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, 2022.
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 Lincoln Street
Boston, MA 02111
Transfer Agent
State Street Bank & Trust Co
State Street Financial Center
One Lincoln Street
Boston, MA 02111
Legal Counsel
Dechert LLP
1900 K Street N.W.
Washington, D.C. 20006
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
1100 Walnut Street, Suite 1300
Kansas City, MO 64106
This report is submitted for the general information of the shareholders of the Funds listed on the report cover.
ETF3001AR_063022
| | (b) | Not applicable to the Registrant. |
As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer and principal financial officer. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the principal executive officer or principal financial officer during the period covered by this report.
A copy of the Code is included as an exhibit to this report.
| Item 3. | Audit Committee Financial Expert. |
The Board of Trustees has determined that Peter B. McCarthy, who serves on the Board’s Audit Committee, qualifies as an “audit committee financial expert” as such term is defined in the instructions to this Item 3. The Board has also determined that Mr. McCarthy is “independent” as such term is interpreted under this Item 3.
| Item 4. | Principal Accountant Fees and Services. |
| | | | | | |
| (a) | | Fiscal Year Ended | | | | Audit Fees |
| | June 30, 2022 | | | | $ 621,920 |
| | June 30, 2021 | | | | $ 572,184 |
| | | |
| (b) | | Fiscal Year Ended | | | | Audit-Related Fees(1) |
| | June 30, 2022 | | | | $ — |
| | June 30, 2021 | | | | $ — |
| | | |
| (c) | | Fiscal Year Ended | | | | Tax Fees(2) |
| | June 30, 2022 | | | | $ — |
| | June 30, 2021 | | | | $ — |
| | | |
| (d) | | Fiscal Year Ended | | | | All Other Fees(3) |
| | June 30, 2022 | | | | $ — |
| | June 30, 2021 | | | | $ — |
“Audit Fees” represents aggregate fees billed for each of the last two fiscal years for professional services rendered for the audit of the PIMCO ETF Trust (the “Trust” or “Registrant”) annual financial statements or services that are normally provided by the accountant in connection with statutory or regulatory filings or engagements for those fiscal years.
“Audit-Related Fees” represents aggregate fees billed for each of the last two fiscal years for assurance and related services reasonably related to the performance of the audit of the Trust’s annual financial statements for those years.
“Tax Fees” represents aggregate fees billed for each of the last two fiscal years for professional services related to tax compliance, tax advice and tax planning, including review of federal and state income tax returns, review of excise tax distribution requirements and preparation of excise tax returns.
“All Other Fees” represents aggregate fees, if any, billed for other products and services rendered by the principal accountant to the Trust for the last two fiscal years.
| | (1) | There were no “Audit-Related Fees” for the last two fiscal years. |
| | (2) | There were no “Tax Fees” for the last two fiscal years. |
| | (3) | There were no “All Other Fees” for the last two fiscal years. |
| | (e) | Pre-approval policies and procedures |
(1) The Registrant’s Audit Committee has adopted pre-approval policies and procedures (the “Procedures”) to govern the Audit Committee’s pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant’s investment adviser and to any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the “Service Affiliates”) if the services provided directly relate to the Registrant’s operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant’s financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of types or categories of non-audit services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting.
(2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
| | | | | | | | | | | | |
| | | Aggregate Non-Audit Fees Billed to Entity | |
| Entity | | June 30, 2022 | | | | | | June 30, 2021 | |
PIMCO ETF Trust | | $ | — | | | | | | | $
| —
|
|
Pacific Investment Management Company LLC (“PIMCO”) | | | 13,128,802 | | | | | | | | 15,411,504 | |
| | | | |
Totals | | $ | 13,128,802 | | | | | | | $ | 15,411,504 | |
| | | | | | | | | | | | |
| | (h) | The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant’s independence. |
| Item 5. | Audit Committee of Listed Registrants. |
The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Audit Committee is comprised of:
George E. Borst
Jennifer Holden Dunbar
Kym M. Hubbard
Gary F. Kennedy
Peter B. McCarthy
Ronald C. Parker
| Item 6. | Schedule of Investments. |
The information required by this Item 6 is included as part of the annual report to shareholders filed under Item 1 of this Form N-CSR.
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to open-end investment companies.
| Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable to open-end investment companies.
| Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable to open-end investment companies.
| Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees since the Trust last provided disclosure in response to this item.
| Item 11. | Controls and Procedures. |
| | (a) | The principal executive officer and principal financial & accounting officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report. |
| | (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
| Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable to open-end investment companies.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| PIMCO ETF Trust |
| |
| By: | | /s/ Eric D. Johnson |
| | Eric D. Johnson |
| | President (Principal Executive Officer) |
| |
| Date: | | September 1, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| |
By: | | /s/ Eric D. Johnson |
| | Eric D. Johnson |
| | President (Principal Executive Officer) |
| |
| Date: | | September 1, 2022 |
| | |
| |
| By: | | /s/ Bijal Y. Parikh |
| | Bijal Y. Parikh |
| | Treasurer (Principal Financial & Accounting Officer) |
|
| Date: September 1, 2022 |
