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, 2023
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 Commodity Strategy Active Exchange-Traded Fund |
| | ☐ | PIMCO Enhanced Low Duration Active Exchange-Traded Fund |
| | ☐ | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund |
| | ☐ | PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund |
| | ☐ | PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund |
| | ☐ | PIMCO Multisector Bond Active Exchange-Traded Fund |
| | ☐ | PIMCO Municipal Income Opportunities Active Exchange-Traded Fund |
| | ☐ | PIMCO Preferred and Capital Securities Active Exchange-Traded Fund |
| | ☐ | PIMCO Senior Loan Active Exchange-Traded Fund |
| | ☐ | PIMCO Short Term Municipal Bond Active Exchange-Traded Fund |
| | ☐ | PIMCO Ultra Short Government Active Exchange-Traded Fund |
PIMCO ETF TRUST
Annual Report
June 30, 2023
Index Exchange-Traded Funds
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | ZROZ | NYSE Arca
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | STPZ | NYSE Arca
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | LTPZ | NYSE Arca
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | TIPZ | NYSE Arca
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | HYS | NYSE Arca
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | CORP | NYSE Arca
Actively-Managed Exchange-Traded Funds
PIMCO Active Bond Exchange-Traded Fund | BOND | NYSE
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | LDUR | NYSE Arca
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | EMNT | NYSE Arca
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | MINT | NYSE Arca
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | MUNI | NYSE Arca
PIMCO Multisector Bond Active Exchange-Traded Fund | PYLD | NYSE Arca
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | MINO | NYSE Arca
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | PRFD | NYSE Arca
PIMCO Senior Loan Active Exchange-Traded Fund | LONZ | NYSE Arca
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | SMMU | NYSE Arca
PIMCO Ultra Short Government Active Exchange-Traded Fund | BILZ | NYSE Arca
PIMCO Commodity Strategy Active Exchange-Traded Fund | CMDT | NYSE Arca
Table of Contents
| | (1) | Consolidated Schedule of Investments |
This material is authorized for use only when preceded or accompanied by the current PIMCO ETF Trust prospectus.
Dear Shareholder,
This annual report covers the 12-month reporting period ended June 30, 2023 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of certain factors that affected performance during the reporting period.
Amid elevated inflation in many countries during the reporting period, the global economy faced challenges from higher interest rates, tighter credit conditions stemming from the turmoil in the banking sector (especially in the United States (“U.S.”)), and geopolitical concerns. While the U.S. economy showed signs of resilience, some European economies experienced slower growth over the reporting period.
Continued central bank efforts to combat inflation
While inflation remained elevated over the reporting period, many central banks raised interest rates to rein in rising prices. The U.S. Federal Reserve (the “Fed”) raised the federal funds rate at 10 consecutive meetings, beginning in March 2022 through May 2023. In June 2023, the Fed then paused from raising rates in order to “assess additional information and its implications for monetary policy.” Meanwhile, the Bank of England and European Central Bank raised interest rates for the 13th and eighth consecutive time, respectively, as of June 2023. In contrast, the Bank of Japan maintained its accommodative monetary policy stance.
Mixed financial market returns
The yield on the benchmark 10-year U.S. Treasury rose over the reporting period, as did 10-year bond yields in most other developed market countries. The overall global credit bond market delivered positive total returns. Higher-rated global bonds underperformed lower-rated bonds. Global equities rallied, while commodity prices were volatile and produced mixed returns. The U.S. dollar weakened against the euro and the British pound, but appreciated against the Japanese yen.
Amid evolving conditions, we will continue to work diligently to navigate global markets and manage the assets that you have entrusted with us. We encourage you to speak with your financial advisor about your goals, and visit global.pimco.com for our latest insights.
| | |
 | | Sincerely, 
Peter G. Strelow Chairman of the Board
PIMCO ETF Trust |
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| |
Total Returns of Certain Asset Classes for the
Period Ended June 30, 2023 |
| | |
| Asset Class (as measured by, currency) | | 12-Month |
| | |
U.S. large cap equities (S&P 500 Index, USD) | | 19.59% |
| | |
Global equities (MSCI World Index, USD) | | 18.51% |
| | |
European equities (MSCI Europe Index, EUR) | | 16.72% |
| | |
Emerging market equities (MSCI Emerging Markets Index, EUR) | | 1.75% |
| | |
Japanese equities (Nikkei 225 Index, JPY) | | 28.61% |
| | |
Emerging market local bonds (JPMorgan Government Bond Index-Emerging Markets Global Diversified Index, USD Unhedged) | | 11.38% |
| | |
Emerging market external debt (JPMorgan Emerging Markets Bond Index (EMBI) Global, USD Hedged) | | 6.85% |
| | |
Below investment grade bonds (ICE BofAML Developed Markets High Yield Constrained Index, USD Hedged) | | 9.48% |
| | |
Global investment grade credit bonds (Bloomberg Global Aggregate Credit Index, USD Hedged) | | 1.36% |
| | |
Fixed-rate, local currency government debt of investment grade countries (Bloomberg Global Treasury Index, USD Hedged) | | 0.07% |
Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.
Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.
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| Important Information About the Funds | | | | |
PIMCO ETF Trust (the “Trust”) is an open-end management investment company that includes the PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund, PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund, PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund, PIMCO Broad U.S. TIPS Index Exchange-Traded Fund, PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund, and PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund, which are exchange-traded funds (“ETFs”) that seek to provide total return that closely corresponds, before fees and expenses, to the total return of a specified index (collectively, the “Index Funds”). Each Index Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of instruments such that the portfolio effectively provides exposure to the underlying index. An Index Fund may not track its underlying index with the same degree of accuracy as a fund that replicates the composition and weighting of the underlying index. The PIMCO Active Bond Exchange-Traded Fund, PIMCO Commodity Strategy Active Exchange-Traded Fund, PIMCO Enhanced Low Duration Active Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund, PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund, PIMCO Multisector Bond Active Exchange-Traded Fund, PIMCO Municipal Income Opportunities Active Exchange-Traded Fund, PIMCO Preferred and Capital Securities Active Exchange-Traded Fund, PIMCO Senior Loan Active Exchange-Traded Fund, PIMCO Short Term Municipal Bond Active Exchange-Traded Fund, and PIMCO Ultra Short Government Active Exchange-Traded Fund unlike the Index Funds, are actively managed ETFs that do not seek to track the performance of a specified index (collectively, the “Active Funds” and together with the Index Funds, a “Fund” or the “Funds”). Shares of the Funds, except PIMCO Active Bond Exchange-Traded Fund, will be listed and traded at market prices on NYSE Arca, Inc. (“NYSE Arca”), and the shares of the PIMCO Active Bond Exchange-Traded Fund are listed and traded at market prices on the New York Stock Exchange (“NYSE”), each a national securities exchange, and other secondary markets. The market price for each Fund’s shares may be different from the Fund’s net asset value (“NAV”). Each Fund issues and redeems shares at its NAV only in blocks of a specified number of shares (“Creation Units”). Only certain large institutional investors may purchase or redeem Creation Units directly with the Funds at NAV (“Authorized Participants”). These transactions are in exchange for certain securities similar to a Fund’s portfolio and/or cash. Except when aggregated in Creation Units, shares of a Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares from the Funds at NAV.
We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in
an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Funds are likely to decrease in value. A wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may lose money as a result of movements in interest rates.
As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and 2023. Thus, the Funds currently face a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to “make markets”.
Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security’s price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact a Fund’s performance or cause a Fund to incur losses. As a result, there could be increased sales of shares which could further reduce the market price for a Fund’s shares.
The Funds may be subject to various risks as described in each Fund’s prospectus and in the Principal and Other Risks in the Notes to Financial Statements.
Classifications of the Funds’ portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Funds’ compliance calculations, including those used in the Funds’ prospectuses, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.
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| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 3 |
| | | | |
| Important Information About the Funds | | (Cont.) | | |
The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security’s country of incorporation may be different from its country of economic exposure.
In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that have provided material aid to Russia’s aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures have had and may continue to have an adverse effect on the Russian, Belarusian and other securities and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia’s military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European, and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold. PIMCO will continue to actively manage these positions in the best interests of a Fund and its shareholders.
A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. Although the transition process away from LIBOR for many instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or continued use of LIBOR on the Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how, and when industry participants adopt new reference rates for affected instruments. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise may also result in a reduction in the value of certain instruments held by the Fund or a reduction in the effectiveness of related Fund transactions such as hedges. In addition, an instrument’s transition to a replacement rate could result in variations in the reported yields of the Fund that holds such instrument. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.
Engaging in a responsible investment strategy, which may select or exclude securities of certain issuers for reasons other than performance, carries the risk that a Fund may underperform funds that do not utilize a responsible investment strategy. The application of this strategy may affect a Fund’s exposure to certain sectors or types of investments, which could negatively impact the Fund’s performance. Responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized or any judgment exercised in pursuing a responsible investment strategy will reflect the beliefs or values of any particular investor. In evaluating a company, the information and data obtained through voluntary or third-party reporting may be incomplete, inaccurate or unavailable, which could cause an incorrect assessment of a company’s business practices with respect to the environment, social responsibility and corporate governance (“ESG practices”). Socially responsible norms differ by region, and a company’s ESG practices or the assessment of a company’s ESG practices may change over time.
U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.
Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, continued volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Funds and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.
On each Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on: (i) Fund distributions; or (ii) the sale of Fund shares. Each Fund’s performance is measured against the performance of at least one broad-based securities market index (“benchmark index”). A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) a Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund’s performance as compared to one or more previous reporting periods. Historical performance for a Fund may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.
The following table discloses the inception dates of each Fund along with each Fund’s diversification status as of period end:
| | | | | | | | | | | | |
| Fund Name | | | | | Fund
Inception | | | Diversification
Status | |
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | | | | | | | 10/30/09 | | | | Diversified | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 08/20/09 | | | | Diversified | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 09/03/09 | | | | Diversified | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 09/03/09 | | | | Diversified | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 06/16/11 | | | | Diversified | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 09/20/10 | | | | Diversified | |
PIMCO Active Bond Exchange-Traded Fund | | | | | | | 02/29/12 | | | | Diversified | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | 01/22/14 | | | | Diversified | |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | 12/10/19 | | | | Diversified | |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 11/16/09 | | | | Diversified | |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | 11/30/09 | | | | Diversified | |
PIMCO Multisector Bond Active Exchange-Traded Fund | | | | | | | 06/21/23 | | | | Diversified | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | 09/08/21 | | | | Diversified | |
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | | | | | | | 01/18/23 | | | | Diversified | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | 06/08/22 | | | | Diversified | |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | 02/01/10 | | | | Diversified | |
PIMCO Ultra Short Government Active Exchange-Traded Fund | | | | | | | 06/21/23 | | | | Diversified | |
PIMCO Commodity Strategy Active Exchange-Traded Fund | | | | | | | 05/09/23 | | | | Non-diversified | |
An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.
The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus nor a Fund’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a
contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust’s then-current prospectus or SAI.
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| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 5 |
| | | | |
| Important Information About the Funds | | (Cont.) | | |
On each business day, before commencement of trading on NYSE Arca, each Fund will disclose on www.pimcoetfs.com the identities and quantities of the Fund’s portfolio holdings. The frequency at which the daily market prices were at a discount or premium to each Fund’s NAV is disclosed on www.pimcoetfs.com. Please see “Disclosure of Portfolio Holdings” in the SAI for information about the availability of the complete schedule of each Fund’s holdings. Fund fact sheets provide additional information regarding a Fund and may be requested by calling (888) 400-4ETF and are available on the Fund’s website at www.pimcoetfs.com.
PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 400-4ETF, on the Funds’ website at www.pimcoetfs.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.
The Funds file their portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds’ complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimcoetfs.com, and will be made available upon request by, calling PIMCO at (888) 400-4ETF.
SEC rules allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary. Any election to receive reports in paper will apply to all funds held in the investor’s account at the financial intermediary.
In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and
similar financing transactions as part of their investment strategies and may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.
In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Investment Company Act of 1940 (the “Act”), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.
In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.
In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Funds) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.
In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.
In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.
In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.
On May 19, 2023, a supplement was filed to provide notification of a change to the definition of “Capital Securities” for purposes of the PIMCO Preferred and Capital Securities Active Exchange-Traded Fund’s 80% policy. As of July 31, 2023, the definition of “Capital Securities” will include “(1) securities issued by U.S. and non U.S. financial institutions (including, but not limited to, banks and insurance companies) that can be used to satisfy their regulatory capital requirements and (2) securities, which may include instruments referred to as hybrid securities, that would be subordinated (i.e., fall lower in the capital structure) to at least one type of debt.”
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 7 |
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund
Cumulative Returns Through June 30, 2023
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2023†§
| | | | |
U.S. Treasury Obligations | | | 99.6% | |
| |
Short-Term Instruments | | | 0.4% | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
| | | | | | | | | | | | | | | | | | |
|
| Average Annual Total Return for the period ended June 30, 2023 | |
| | | | | |
| | | | | 1 Year | | | 5 Years | | | 10 Years | | | Fund Inception
(10/30/2009) | |
 | | PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (Based on Net Asset Value) | | | (12.87)% | | | | (2.38)% | | | | 2.24% | | | | 4.21% | |
 | | PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (At Market Price)(1) | | | (12.75)% | | | | (2.30)% | | | | 2.25% | | | | 4.22% | |
 | | The ICE BofAML Long U.S. Treasury Principal STRIPS Index± | | | (12.98)% | | | | (2.24)% | | | | 2.46% | | | | 4.35% | |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
| (1) | The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. |
± The ICE BofAML Long U.S. Treasury Principal STRIPS Index is an unmanaged index comprised of long maturity Separate Trading of Registered Interest and Principal of Securities (STRIPS) representing the final principal payment of U.S. Treasury bonds.
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.
The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.15%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.
Investment Objective and Strategy Overview
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofA Long US Treasury Principal STRIPS Index (the “Underlying Index”), by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | | U.S. interest rate strategies including duration, curve positioning, and instrument selection contributed to performance due to underweight exposure to the back end of the curve, as U.S. Treasury yields rose. |
| » | | There were no other material contributors or detractors for this Fund. |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund
Cumulative Returns Through June 30, 2023
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2023†§
| | | | |
U.S. Treasury Obligations | | | 99.9% | |
| |
Short-Term Instruments | | | 0.1% | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
| | | | | | | | | | | | | | | | | | |
|
| Average Annual Total Return for the period ended June 30, 2023 | |
| | | | | |
| | | | | 1 Year | | | 5 Years | | | 10 Years | | | Fund Inception
(08/20/2009) | |
| | PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value) | | | (0.71)% | | | | 2.42% | | | | 1.47% | | | | 1.88% | |
| | PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (At Market Price)(1) | | | (0.67)% | | | | 2.42% | | | | 1.47% | | | | 1.88% | |
| | The ICE BofAML 1-5 Year U.S. Inflation-Linked Treasury Index± | | | (0.60)% | | | | 2.61% | | | | 1.68% | | | | 2.09% | |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
| (1) | The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. |
± The ICE BofAML 1-5 Year U.S. Inflation-Linked Treasury Index is an unmanaged index comprised of TIPS (Treasury Inflation Protected Securities) with a maturity of at least 1 year and less than 5 years.
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.
The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.20%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.
Investment Objective and Strategy Overview
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofA 1-5 Year US Inflation-Linked Treasury Index (the “Underlying Index”), by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | | Exposure to U.S. real yields detracted from absolute performance for both the Fund and the 1-5 Year U.S. Treasury Inflation-Protected Securities (“TIPS”) Index, as real yields moved higher. |
| » | | No other material contributors or detractors over the period. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 9 |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund
Cumulative Returns Through June 30, 2023
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2023†§
| | | | |
U.S. Treasury Obligations | | | 99.9% | |
| |
Short-Term Instruments | | | 0.1% | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
| | | | | | | | | | | | | | | | | | |
|
| Average Annual Total Return for the period ended June 30, 2023 | |
| | | | | |
| | | | | 1 Year | | | 5 Years | | | 10 Years | | | Fund Inception
(09/03/2009) | |
| | PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value) | | | (3.33)% | | | | 1.06% | | | | 2.50% | | | | 3.98% | |
| | PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (At Market Price)(1) | | | (3.27)% | | | | 1.06% | | | | 2.52% | | | | 3.98% | |
| | The ICE BofAML 15+ Year U.S. Inflation-Linked Treasury Index± | | | (3.49)% | | | | 1.20% | | | | 2.67% | | | | 4.17% | |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
| (1) | The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. |
± The ICE BofAML 15+ Year US Inflation-Linked Treasury Index is an unmanaged index comprised of TIPS (Treasury Inflation Protected Securities) with a maturity of at least 15 years.
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.
The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.20%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.
Investment Objective and Strategy Overview
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofA 15+ Year US Inflation-Linked Treasury Index (the “Underlying Index”), by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | | Exposure to U.S. real yields detracted from absolute performance for both the Fund and the 15+ Year U.S. Treasury Inflation-Protected Securities (“TIPS”) Index, as real yields moved higher. |
| » | | No other material contributors or detractors over the period. |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund
Cumulative Returns Through June 30, 2023
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2023†§
| | | | |
U.S. Treasury Obligations | | | 99.9% | |
| |
Short-Term Instruments | | | 0.1% | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
| | | | | | | | | | | | | | | | | | |
|
| Average Annual Total Return for the period ended June 30, 2023 | |
| | | | | |
| | | | | 1 Year | | | 5 Years | | | 10 Years | | | Fund Inception
(09/03/2009) | |
| | PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value) | | | (1.06)% | | | | 2.31% | | | | 1.98% | | | | 2.96% | |
| | PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (At Market Price)(1) | | | (0.94)% | | | | 2.31% | | | | 1.99% | | | | 2.96% | |
| | The ICE BofAML U.S. Inflation-Linked Treasury Index± | | | (1.41)% | | | | 2.47% | | | | 2.15% | | | | 3.14% | |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
| (1) | The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. |
± The ICE BofAML U.S. Inflation-Linked Treasury Index is an unmanaged index comprised of TIPS (Treasury Inflation Protected Securities).
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.
The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.20%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.
Investment Objective and Strategy Overview
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofA US Inflation-Linked Treasury Index (the “Underlying Index”), by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. PIMCO uses an indexing approach in managing the Fund’s investments. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | | Exposure to U.S. real yields detracted from absolute performance for both the Fund and the U.S. Treasury Inflation-Protected Securities (“TIPS”) Index, as real yields moved higher. |
| » | | No other material contributors or detractors over the period. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 11 |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund
Cumulative Returns Through June 30, 2023
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2023†§
| | | | |
Corporate Bonds & Notes | | | 83.0% | |
| |
Short-Term Instruments | | | 15.3% | |
| |
Other | | | 1.7% | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
| | | | | | | | | | | | | | | | | | |
|
| Average Annual Total Return for the period ended June 30, 2023 | |
| | | | | |
| | | | | 1 Year | | | 5 Years | | | 10 Years | | | Fund Inception
(06/16/2011) | |
| | PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Based on Net Asset Value) | | | 8.99% | | | | 2.90% | | | | 3.72% | | | | 4.23% | |
| | PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (At Market Price)(1) | | | 9.26% | | | | 3.06% | | | | 3.73% | | | | 4.26% | |
| | ICE BofAML 0-5 Year US High Yield Constrained Index± | | | 9.09% | | | | 3.35% | | | | 4.20% | | | | 4.76% | |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
| (1) | The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. |
± The ICE BofAML 0-5 Year US High Yield Constrained Index tracks the performance of short-term U.S. dollar denominated below investment grade corporate debt issued in the U.S. domestic market with less than five years remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $250 million, issued publicly. Allocations to an individual issuer will not exceed 2%.
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.
The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.55%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.
Investment Objective and Strategy Overview
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofA 0-5 Year US High Yield Constrained Index (the “Underlying Index”), by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | | Security selection within the forest products, paper, and packaging sector, specifically overweight exposure to a food and beverage package producer, contributed to performance, as spreads tightened amid the continued focus on deleveraging. |
| » | | Underweight exposure to duration contributed to performance, as rates rose amid the U.S. Federal Reserve rate hike cycle. |
| » | | Underweight exposure to the retailers sector contributed to performance, as the sector underperformed the broader high yield market amid secular headwinds to the industry. |
| » | | Security selection within the finance and insurance sector, specifically underweight exposure to a Chinese transportation and asset leasing company, detracted from performance, as spreads tightened amid China’s post-pandemic reopening. |
| » | | Security selection within the telecommunications sector, specifically overweight exposure to a U.S.-based satellite operator, detracted from performance, as the company underperformed amid its restructuring process. |
| » | | Security selection within commercial mortgage backed securities and real estate investment trusts, specifically underweight exposure to a firm focused in hotel properties, detracted from performance, as spreads tightened amid global recovery in travel. |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund
Cumulative Returns Through June 30, 2023
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2023†§
| | | | |
Industrials | | | 47.2% | |
| |
Banking & Finance | | | 35.0% | |
| |
Utilities | | | 12.9% | |
| |
U.S. Treasury Obligations | | | 4.2% | |
| |
Short-Term Instruments | | | 0.7% | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
| | | | | | | | | | | | | | | | | | |
|
| Average Annual Total Return for the period ended June 30, 2023 | |
| | | | | |
| | | | | 1 Year | | | 5 Years | | | 10 Years | | | Fund Inception
(09/20/2010) | |
| | PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Based on Net Asset Value) | | | 2.12% | | | | 2.01% | | | | 2.78% | | | | 3.14% | |
| | PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (At Market Price)(1) | | | 2.15% | | | | 2.06% | | | | 2.83% | | | | 3.15% | |
| | ICE BofAML U.S. Corporate Index± | | | 1.69% | | | | 1.85% | | | | 2.69% | | | | 3.17% | |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
| (1) | The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. |
± ICE BofAML US Corporate Index is an unmanaged index comprised of U.S. dollar denominated investment grade, fixed rate corporate debt securities publicly issued in the U.S. domestic market with at least one year remaining term to final maturity and at least $250 million outstanding.
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.
The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.20%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.
Investment Objective and Strategy Overview
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the ICE BofA US Corporate Index (the “Underlying Index”), by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in Fixed Income Instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index, as well as in cash and investment grade, liquid short-term instruments, forwards or derivatives, such as options, futures contracts or swap agreements, and shares of affiliated bond funds. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | | Security selection within the utilities sector, specifically overweight exposure to a U.S. electricity company, contributed to performance, as spreads tightened amid the reduction of capital expenditures, dividend payouts, and non-core assets. |
| » | | Security selection within the banks and brokerage sector, specifically underweight exposure to a select U.S. regional bank, contributed to performance, as spreads widened amid heightened deposit outflows in the second quarter of 2023. |
| » | | Underweight exposure to duration contributed to performance, as rates rose amid the U.S. Federal Reserve rate hike cycle. |
| » | | Security selection within emerging markets, specifically underweight exposure to a Middle Eastern oil company, detracted from performance, as spreads tightened amid rising energy prices. |
| » | | Underweight exposure to the automotive industry detracted from performance, as spreads tightened amid normalizing production and sales. |
| » | | Specialty finance positioning, particularly overweight exposure in March 2023 and underweight exposure in the third quarter of 2022, detracted from performance, as spreads widened in March 2023 amid growing volatility and spreads tightened in the third quarter of 2022 amid elevated profit levels in the financial sector. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 13 |
PIMCO Active Bond Exchange-Traded Fund
Cumulative Returns Through June 30, 2023
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2023†§
| | | | |
U.S. Government Agencies | | | 37.6% | |
| |
Corporate Bonds & Notes | | | 20.8% | |
| |
U.S. Treasury Obligations | | | 17.0% | |
| |
Asset-Backed Securities | | | 14.0% | |
| |
Non-Agency Mortgage-Backed Securities | | | 6.9% | |
| |
Municipal Bonds & Notes | | | 1.4% | |
| |
Preferred Securities | | | 1.2% | |
| |
Other | | | 1.1% | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
| | | | | | | | | | | | | | | | | | |
|
| Average Annual Total Return for the period ended June 30, 2023 | |
| | | | | |
| | | | | 1 Year | | | 5 Years | | | 10 Years | | | Fund Inception
(02/29/2012) | |
| | PIMCO Active Bond Exchange-Traded Fund (Based on Net Asset Value) | | | (0.13)% | | | | 0.74% | | | | 1.83% | | | | 2.44% | |
| | PIMCO Active Bond Exchange-Traded Fund (At Market Price)(1) | | | (0.23)% | | | | 0.75% | | | | 1.84% | | | | 2.44% | |
| | Bloomberg U.S. Aggregate Index± | | | (0.94)% | | | | 0.77% | | | | 1.52% | | | | 1.41% | |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
| (1) | The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. |
± Bloomberg U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.
The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.56%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.
Investment Objective and Strategy Overview
PIMCO Active Bond Exchange-Traded Fund seeks current income and long-term capital appreciation, consistent with prudent investment management, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | | Overweight exposure to investment grade corporate credit, particularly a preference for financials, contributed to relative performance, as spreads tightened. |
| » | | Underweight exposure to U.S. duration contributed to relative performance, as interest rates rose. |
| » | | Long exposure to senior securitized assets, particularly AAA-rated collateralized loan obligations, contributed to returns, as spreads tightened. |
| » | | Exposure to emerging market external debt contributed to relative performance, as spreads tightened. |
| » | | Short exposure to U.K. and U.S. breakeven inflation in July and August of 2022 detracted from relative performance, as breakeven inflation rates rose. |
| » | | Local rate exposure in Canada detracted from relative performance during the first half of the reporting period, as yields rose. |
| » | | There were no other material detractors for this Fund. |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund
Cumulative Returns Through June 30, 2023
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2023†§
| | | | |
U.S. Treasury Obligations | | | 29.1% | |
| |
Corporate Bonds & Notes | | | 26.4% | |
| |
Asset-Backed Securities | | | 23.8% | |
| |
Non-Agency Mortgage-Backed Securities | | | 10.4% | |
| |
U.S. Government Agencies | | | 8.2% | |
| |
Short-Term Instruments | | | 1.5% | |
| |
Other | | | 0.6% | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
| | | | | | | | | | | | | | |
|
| Average Annual Total Return for the period ended June 30, 2023 | |
| | | | |
| | | | | 1 Year | | | 5 Years | | | Fund Inception
(01/22/2014) | |
| | PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Based on Net Asset Value) | | | 0.54% | | | | 1.17% | | | | 1.60% | |
| | PIMCO Enhanced Low Duration Active Exchange-Traded Fund (At Market Price)(1) | | | 0.53% | | | | 1.12% | | | | 1.59% | |
| | ICE BofAML 1-3 Year U.S. Treasury Index± | | | 0.13% | | | | 0.95% | | | | 0.77% | |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
| (1) | The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. |
± The ICE BofAML 1-3 Year U.S. Treasury Index is an unmanaged index comprised of U.S. Treasury securities, other than inflation-protection securities and STRIPS, with at least $1 billion in outstanding face value and a remaining term to final maturity of at least one year and less than three years.
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.
The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.53%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.
Investment Objective and Strategy Overview
PIMCO Enhanced Low Duration Active Exchange-Traded Fund seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 80% of its net assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | | Overweight exposure to investment grade corporate credit, specifically financials and industrials, contributed to relative performance, as corporate credit spreads tightened. |
| » | | Underweight exposure to United States (“U.S.”) duration contributed to relative performance, as interest rates rose. |
| » | | Overweight exposure to collateralized loan obligations contributed to relative performance, as spreads tightened. |
| » | | Underweight exposure to investment grade corporate credit default swap indices detracted from relative performance, as investment grade corporate spreads tightened. |
| » | | A long bias to the Japanese yen versus the U.S. dollar detracted from relative performance, as the Japanese yen depreciated. |
| » | | A long bias to the Australian dollar versus the U.S. dollar detracted from relative performance, as the Australian dollar depreciated. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 15 |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund
Cumulative Returns Through June 30, 2023
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2023†§
| | | | |
Corporate Bonds & Notes | | | 49.9% | |
| |
Short-Term Instruments | | | 24.6% | |
| |
Asset-Backed Securities | | | 14.8% | |
| |
U.S. Government Agencies | | | 5.8% | |
| |
Non-Agency Mortgage-Backed Securities | | | 3.8% | |
| |
Sovereign Issues | | | 1.1% | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
| | | | | | | | | | |
|
| Average Annual Total Return for the period ended June 30, 2023 | |
| | | |
| | | | | 1 Year | | | Fund Inception
(12/10/2019) | |
| | PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (Based on Net Asset Value) | | | 3.56% | | | | 1.29% | |
| | PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (At Market Price)(1)(2) | | | 3.48% | | | | 1.28% | |
| | FTSE 3-Month Treasury Bill Index± | | | 3.75% | | | | 1.29% | |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
| (1) | The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. |
| (2) | The Fund was seeded on December 10, 2019, but was not listed for trading until December 12, 2019. Accordingly, there is no Market Price information for December 10, 2019 through December 11, 2019. |
± FTSE 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues.
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.
The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.37%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.
Investment Objective and Strategy Overview
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund seeks maximum current income, consistent with preservation of capital and daily liquidity, while incorporating PIMCO’s ESG investment strategy. The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its net assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will not invest in the securities of any non-governmental issuer determined by PIMCO to be engaged principally in the manufacture of alcoholic beverages, tobacco products or military equipment, the operation of gambling casinos, the production or trade of pornographic materials, or in the oil industry, including extraction, production, and refining or the production, distribution of coal and coal fired generation. To the extent possible on the basis of information available to PIMCO, an issuer will be deemed to be principally engaged in an activity if it derives more than 10% of its gross revenues from such activities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | | Overweight exposure to investment grade corporate credit, specifically in the financial sector, contributed to relative performance, as spreads tightened. |
| » | | Overweight exposure to agency mortgage-backed securities detracted from relative performance, as spreads widened. |
| » | | Overweight exposure to U.S. duration detracted from relative performance, as interest rates rose. |
| » | | Overweight exposure to U.K. duration detracted from relative performance, as local interest rates rose. |
| » | | There were no other material contributors for this Fund. |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
Cumulative Returns Through June 30, 2023
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2023†§
| | | | |
Corporate Bonds & Notes | | | 37.9% | |
| |
Short-Term Instruments | | | 26.1% | |
| |
Asset-Backed Securities | | | 22.1% | |
| |
U.S. Government Agencies | | | 7.0% | |
| |
Non-Agency Mortgage-Backed Securities | | | 5.0% | |
| |
Sovereign Issues | | | 1.9% | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
| | | | | | | | | | | | | | | | | | |
|
| Average Annual Total Return for the period ended June 30, 2023 | |
| | | | | |
| | | | | 1 Year | | | 5 Years | | | 10 Years | | | Fund Inception
(11/16/2009) | |
| | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Based on Net Asset Value) | | | 4.09% | | | | 1.54% | | | | 1.40% | | | | 1.38% | |
| | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (At Market Price)(1) | | | 4.10% | | | | 1.55% | | | | 1.40% | | | | 1.38% | |
| | FTSE 3-Month Treasury Bill Index± | | | 3.75% | | | | 1.57% | | | | 0.98% | | | | 0.74%¨ | |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
¨ Average annual total return since 11/30/2009.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
| (1) | The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. |
± FTSE 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues.
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.
The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.36%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.
Investment Objective and Strategy Overview
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund seeks maximum current income, consistent with preservation of capital and daily liquidity, by investing under normal circumstances at least 80% of its net assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund primarily invests in U.S. dollar-denominated investment grade debt securities, rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, determined by PIMCO to be of comparable quality. The Fund may invest, without limitation, in U.S. dollar-denominated securities and instruments of foreign issuers. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | | Overweight exposure to investment grade corporate credit, specifically in the financial sector, contributed to relative performance, as spreads tightened. |
| » | | Overweight exposure to select securitized credit, primarily from collateralized loan obligations, contributed to relative performance, as spreads tightened. |
| » | | Underweight exposure to U.S. duration during the second quarter of 2023 contributed to relative performance, as interest rates rose. |
| » | | Overweight exposure to agency mortgage-backed securities detracted from relative performance, as spreads widened in the sector. |
| » | | Overweight exposure to agency debt detracted from relative performance, as spreads widened in the sector. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 17 |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund
Cumulative Returns Through June 30, 2023
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2023†§
| | | | |
Municipal Bonds & Notes | | | | |
| |
Health, Hospital & Nursing Home Revenue | | | 15.9% | |
| |
Ad Valorem Property Tax | | | 13.9% | |
| |
Natural Gas Revenue | | | 7.2% | |
| |
Income Tax Revenue | | | 6.0% | |
| |
Water Revenue | | | 5.9% | |
| |
Miscellaneous Revenue | | | 5.5% | |
| |
Electric Power & Light Revenue | | | 5.3% | |
| |
Tobacco Settlement Funded | | | 4.5% | |
| |
Sales Tax Revenue | | | 4.5% | |
| |
Highway Revenue Tolls | | | 3.8% | |
| |
Fuel Sales Tax Revenue | | | 3.2% | |
| |
Industrial Revenue | | | 3.1% | |
| |
General Fund | | | 2.6% | |
| |
Lease (Appropriation) | | | 2.5% | |
| |
Appropriations | | | 2.2% | |
| |
Port, Airport & Marina Revenue | | | 2.1% | |
| |
Nuclear Revenue | | | 1.9% | |
| |
College & University Revenue | | | 1.2% | |
| |
Sewer Revenue | | | 1.1% | |
| |
Other | | | 3.6% | |
| |
Short-Term Instruments | | | 4.0% | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
| | | | | | | | | | | | | | | | | | |
|
| Average Annual Total Return for the period ended June 30, 2023 | |
| | | | | |
| | | | | 1 Year | | | 5 Years | | | 10 Years | | | Fund Inception
(11/30/2009) | |
| | PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Based on Net Asset Value) | | | 3.26% | | | | 1.81% | | | | 2.17% | | | | 2.53% | |
| | PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (At Market Price)(1) | | | 3.44% | | | | 1.82% | | | | 2.21% | | | | 2.53% | |
| | Bloomberg 1-15 Year Municipal Bond Index± | | | 2.78% | | | | 1.83% | | | | 2.34% | | | | 2.77% | |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
| (1) | The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. |
± Bloomberg 1-15 Year Municipal Bond Index consists of a broad selection of investment grade general obligation and revenue bonds of maturities ranging from one year to 17 years. It is an unmanaged index representative of the tax exempt bond market.
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.
The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.35%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.
Investment Objective and Strategy Overview
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund seeks attractive tax-exempt income, consistent with preservation of capital, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”). Municipal Bonds generally are issued by or on behalf of states and local governments and their agencies, authorities and other instrumentalities. The Fund does not intend to invest in Municipal Bonds whose interest is subject to the federal alternative minimum tax. The Fund may only invest in U.S. dollar-denominated investment grade debt securities, rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, determined by PIMCO to be of comparable quality. The Fund may invest 25% or more of its total assets in Municipal Bonds that finance similar projects, such as those relating to education, health care, housing, transportation, and utilities, and 25% or more of its total assets in industrial development bonds. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | | Underweight duration positioning contributed to performance, as municipal yields broadly rose. |
| » | | Overweight exposure to the special tax sector contributed to performance, as the sector outperformed the broader municipal market. |
| » | | Overweight exposure to the healthcare sector contributed to performance, as the sector outperformed the broader municipal market. |
| » | | Underweight exposure to the education sector detracted from performance, as the sector outperformed the broader municipal market. |
| » | | Underweight exposure to the transportation sector detracted from performance, as the sector outperformed the broader municipal market. |
| » | | Overweight exposure to the electric utility sector detracted from performance, as the sector underperformed the broader municipal market. |
PIMCO Multisector Bond Active Exchange-Traded Fund
Allocation Breakdown as of June 30, 2023†§
| | | | |
Corporate Bonds & Notes | | | 38.4% | |
| |
U.S. Government Agencies | | | 24.0% | |
| |
Short-Term Instruments | | | 19.5% | |
| |
U.S. Treasury Obligations | | | 9.6% | |
| |
Asset-Backed Securities | | | 5.9% | |
| |
Non-Agency Mortgage-Backed Securities | | | 1.7% | |
| |
Other | | | 0.9% | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
A line graph is not included since the Fund has less than six months of performance.
Investment Objective and Strategy Overview
PIMCO Multisector Bond Active Exchange-Traded Fund seeks to maximize yield and long term capital appreciation consistent with prudent investment management, by investing, under normal circumstances, at least 80% of its assets in a multi-sector portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will generally allocate its assets among several investment sectors, without limitation, which may include: (i) high yield securities (“junk bonds”) and investment grade corporate bonds of issuers located in the United States and non-U.S. countries, including emerging market countries; (ii) fixed income securities issued by U.S. and non-U.S. governments (including emerging market governments), their agencies and instrumentalities; (iii) mortgage-related and other asset backed securities; and (iv) foreign currencies, including those of emerging market countries. However, the Fund is not required to gain exposure to any one investment sector, and the Fund’s exposure to any one investment sector will vary over time. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 19 |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund
Cumulative Returns Through June 30, 2023
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2023†§
| | | | |
Municipal Bonds & Notes | | | | |
| |
Health, Hospital & Nursing Home Revenue | | | 18.1% | |
| |
Port, Airport & Marina Revenue | | | 7.1% | |
| |
Sales Tax Revenue | | | 6.7% | |
| |
Tobacco Settlement Funded | | | 6.3% | |
| |
Electric Power & Light Revenue | | | 6.1% | |
| |
Industrial Revenue | | | 5.6% | |
| |
Natural Gas Revenue | | | 4.2% | |
| |
Miscellaneous Revenue | | | 3.9% | |
| |
Appropriations | | | 3.7% | |
| |
Ad Valorem Property Tax | | | 3.6% | |
| |
Local or Guaranteed Housing | | | 2.7% | |
| |
Special Assessment | | | 2.5% | |
| |
Lease (Appropriation) | | | 2.5% | |
| |
General Fund | | | 2.1% | |
| |
Economic Development Revenue | | | 2.0% | |
| |
College & University Revenue | | | 1.9% | |
| |
Highway Revenue Tolls | | | 1.7% | |
| |
Water Revenue | | | 1.7% | |
| |
Miscellaneous Taxes | | | 1.5% | |
| |
Income Tax Revenue | | | 1.2% | |
| |
Other | | | 4.1% | |
| |
Short-Term Instruments | | | 9.3% | |
| |
Other | | | 1.5% | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
| | | | | | | | | | |
|
| Average Annual Total Return for the period ended June 30, 2023 | |
| | | |
| | | | | 1 Year | | | Fund Inception
(09/08/2021) | |
| | PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Based on Net Asset Value) | | | 4.87% | | | | (3.68)% | |
| | PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (At Market Price)(1) | | | 4.67% | | | | (3.70)% | |
| | Bloomberg Municipal Bond Index± | | | 3.19% | | | | (3.40)% | |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
| (1) | The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. |
± Bloomberg Municipal Bond Index consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. The index is made up of all investment grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year.
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.
The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.49%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.
Investment Objective and Strategy Overview
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund seeks current income exempt from federal income tax and long-term capital appreciation, by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”). Municipal Bonds generally are issued by or on behalf of states and local governments and their agencies, authorities and other instrumentalities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | | Underweight duration positioning contributed to performance, as municipal yields broadly rose. |
| » | | Security selection within the industrial revenue sector contributed to performance, as the sector underperformed the broader municipal market. |
| » | | Overweight exposure to the special tax sector contributed to performance, as the sector outperformed the broader municipal market. |
| » | | Underweight exposure to the transportation sector detracted from performance, as the sector outperformed the broader municipal market. |
| » | | Underweight exposure to the education sector detracted from performance, as the sector outperformed the broader municipal market. |
| » | | Security selection within the water and sewer sector detracted from performance, as the sector underperformed the broader municipal market. |
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund
Allocation Breakdown as of June 30, 2023†§
| | | | |
Corporate Bonds & Notes | | | 49.4% | |
| |
Preferred Securities | | | 44.9% | |
| |
U.S. Treasury Obligations | | | 3.0% | |
| |
Short-Term Instruments | | | 2.7% | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
A line graph is not included since the Fund has less than six months of performance.
| | | | | | |
|
| Average Annual Total Return for the period ended June 30, 2023 | |
| | |
| | | | | Fund Inception
(01/18/2023)* | |
| | PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (Based on Net Asset Value) | | | (5.20)% | |
| | PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (At Market Price)(1) | | | (5.12)% | |
| | | ICE BofA US All Capital Securities Index± | | | (3.54)% | |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
* Cumulative return.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
| (1) | The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. |
± ICE BofA US All Capital Securities Index tracks the performance of fixed rate, US dollar denominated hybrid corporate and preferred securities publicly issued in the US domestic market. Qualifying securities must be rated by Moody’s, S&P or Fitch. Floating rate coupon or dividend securities are excluded, but zero, step and rating-dependent coupons are included.
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.
The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.88%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.
Investment Objective and Strategy Overview
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund seeks maximum total return, with a secondary objective of income generation, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of preferred securities and Capital Securities. “Capital Securities” include (1) securities issued by U.S. and non-U.S. financial institutions (including, but not limited to, banks and insurance companies) that can be used to satisfy their regulatory capital requirements and (2) securities, which may include instruments referred to as hybrid securities, that would be subordinated (i.e., fall lower in the capital structure) to at least one type of debt. Preferred securities and Capital Securities may be represented by forwards or derivatives such as options, futures contracts or swap agreements. Assets not invested in preferred securities or Capital Securities may be invested in other types of Fixed Income Instruments, including derivative Fixed Income Instruments. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | | Underweight exposure to Preferred securities of a select U.S. regional bank contributed to performance, as the bank collapsed amid broader volatility in the U.S. regional bank sector. |
| » | | Security selection within senior financials, particularly overweight exposure to a major Swiss bank, contributed to performance, as spreads tightened amid its takeover by another major Swiss bank in March 2023. |
| » | | Security selection within insurance capital, particularly an overweight to a U.S. insurance company, contributed to performance, as spreads tightened. |
| » | | Security selection within Swiss Additional Tier 1 securities, particularly overweight exposure to a major Swiss bank, detracted from performance, as the bank was taken over by another major Swiss bank following its collapse in March 2023. |
| » | | Overweight exposure to Preferred securities of a select U.S. regional bank detracted from performance, as the bank collapsed amid broader volatility in the U.S. regional bank sector. |
| » | | Overweight exposure to German, French, and U.K. Additional Tier 1 securities detracted from performance, as spread widened amid broader volatility in the global banking sector. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 21 |
PIMCO Senior Loan Active Exchange-Traded Fund
Cumulative Returns Through June 30, 2023
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2023†§
| | | | |
Loan Participations and Assignments | | | 84.8% | |
| |
Short-Term Instruments | | | 7.7% | |
| |
Corporate Bonds & Notes | | | 7.5% | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
| | | | | | | | | | |
|
| Average Annual Total Return for the period ended June 30, 2023 | |
| | | |
| | | | | 1 Year | | | Fund Inception
(06/08/2022) | |
| | PIMCO Senior Loan Active Exchange-Traded Fund (Based on Net Asset Value) | | | 10.98% | | | | 6.54% | |
| | PIMCO Senior Loan Active Exchange-Traded Fund (At Market Price)(1) | | | 10.73% | | | | 6.55% | |
| | iBoxx USD Liquid Leveraged Loans Index± | | | 11.02% | | | | 6.83% | |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
| (1) | The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. |
± iBoxx USD Liquid Leveraged Loans Index comprises approximately 100 of the most liquid, tradable USD leveraged loans. Index constituents are derived using selection criteria such as loan type, minimum size, liquidity, credit ratings, initial spreads and minimum time to maturity.
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.
The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.72%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.
Investment Objective and Strategy Overview
PIMCO Senior Loan Active Exchange-Traded Fund seeks to provide current income consistent with prudent investment management by investing, under normal circumstances, at least 80% of its assets in a diversified portfolio of Senior Loans, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. “Senior Loans” include senior secured floating rate bank loans, also referred to as leveraged loans, bank loans and floating rate loans, that are first or second lien loans. The Fund may also invest in collateralized loan obligations and high-yield corporate debt securities, which may also be represented by forwards or derivatives such as options, futures contracts or swap agreements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | | Security selection in the gaming & lodging sector contributed to performance, as prices of an overweight position within the sector rose. |
| » | | Underweight exposure to the media, entertainment & publishing sector contributed to performance, as the sector underperformed the broader market. |
| » | | Overweight exposure to gaming & lodging sector contributed to performance, as the sector outperformed the broader market. |
| » | | Security selection in the technology sector detracted from performance, as prices of an overweight position within the sector fell. |
| » | | Security selection in the media, entertainment & publishing sector detracted from performance, as prices of an overweight position within the sector fell. |
| » | | Security selection in the healthcare sector detracted from performance, as prices of an overweight position within the sector fell. |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund
Cumulative Returns Through June 30, 2023
$10,000 invested at the end of the month when the Fund commenced operations.
Allocation Breakdown as of June 30, 2023†§
| | | | |
Municipal Bonds & Notes | | | | |
| |
Health, Hospital & Nursing Home Revenue | | | 14.0% | |
| |
Ad Valorem Property Tax | | | 13.1% | |
| |
Electric Power & Light Revenue | | | 10.3% | |
| |
Natural Gas Revenue | | | 7.2% | |
| |
College & University Revenue | | | 4.8% | |
| |
Water Revenue | | | 4.3% | |
| |
Industrial Revenue | | | 3.3% | |
| |
Sales Tax Revenue | | | 3.2% | |
| |
General Fund | | | 3.2% | |
| |
Economic Development Revenue | | | 3.2% | |
| |
Highway Revenue Tolls | | | 3.0% | |
| |
Local or Guaranteed Housing | | | 2.5% | |
| |
Port, Airport & Marina Revenue | | | 2.3% | |
| |
Lease (Appropriation) | | | 2.2% | |
| |
Tobacco Settlement Funded | | | 2.1% | |
| |
Income Tax Revenue | | | 2.0% | |
| |
Fuel Sales Tax Revenue | | | 1.5% | |
| |
Lease (Abatement) | | | 1.5% | |
| |
Hotel Occupancy Tax | | | 1.1% | |
| |
Other | | | 4.4% | |
| |
Short-Term Instruments | | | 10.6% | |
| |
U.S. Treasury Obligations | | | 0.2% | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
| | | | | | | | | | | | | | | | | | |
|
| Average Annual Total Return for the period ended June 30, 2023 | |
| | | | | |
| | | | | 1 Year | | | 5 Years | | | 10 Years | | | Fund Inception
(02/01/2010) | |
| | PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Based on Net Asset Value) | | | 2.16% | | | | 1.29% | | | | 1.08% | | | | 1.10% | |
| | PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (At Market Price)(1) | | | 1.93% | | | | 1.30% | | | | 1.09% | | | | 1.09% | |
| | Bloomberg 1-Year Municipal Bond Index± | | | 1.24% | | | | 1.05% | | | | 0.91% | | | | 0.96% | |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
| (1) | The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. |
± The Bloomberg 1-Year Municipal Bond Index is the 1 Year (1-2) component of the Municipal Bond Index. The Index is a rules-based, market-value-weighted index engineered for the long term tax-exempt bond market. To be included in the Index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. Remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark.
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.
The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 0.35%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.
Investment Objective and Strategy Overview
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund seeks attractive tax-exempt income, consistent with preservation of capital, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”). Municipal Bonds generally are issued by or on behalf of states and local governments and their agencies, authorities and other instrumentalities. The Fund does not intend to invest in Municipal Bonds whose interest is subject to the federal alternative minimum tax. The Fund may only invest in U.S. dollar-denominated investment grade debt securities, rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, determined by PIMCO to be of comparable quality. The Fund may invest 25% or more of its total assets in Municipal Bonds that finance similar projects, such as those relating to education, health care, housing, transportation, and utilities, and 25% or more of its total assets in industrial development bonds. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | | Underweight duration positioning contributed to performance, as rates broadly rose. |
| » | | Security selection within the healthcare sector contributed to performance, as the sector outperformed the broader municipal market. |
| » | | Overweight exposure to the special tax sector contributed to performance, as the sector outperformed the broader municipal market. |
| » | | Underweight exposure to the lease-backed sector detracted from performance, as the sector outperformed the broader municipal market. |
| » | | There were no other material detractors for this Fund. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 23 |
PIMCO Ultra Short Government Active Exchange-Traded Fund
Allocation Breakdown as of June 30, 2023†§
| | | | |
| Short-Term Instruments | | | 100.0% | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
A line graph is not included since the Fund has less than six months of performance.
Investment Objective and Strategy Overview
PIMCO Ultra Short Government Active Exchange-Traded Fund seeks maximum current income, consistent with preservation of capital and daily liquidity investing under normal circumstances at least 80% of its assets in U.S. government securities. The Fund invests 100% of its total assets in (i) cash, (ii) U.S. government securities, such as U.S. Treasury bills, notes, and other obligations issued by, or guaranteed as to principal and interest by, the U.S. government (including its agencies and instrumentalities), and (iii) repurchase agreements that are collateralized fully by such U.S. government securities or cash. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
PIMCO Commodity Strategy Active Exchange-Traded Fund (Consolidated)
Allocation Breakdown as of June 30, 2023†§
| | | | |
Short-Term Instruments | | | 79.6% | |
| |
Corporate Bonds & Notes | | | 17.8% | |
| |
Sovereign Issues | | | 1.7% | |
| |
Other | | | 0.9% | |
| | † | % of Investments, at value. |
| | § | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
A line graph is not included since the Fund has less than six months of performance.
| | | | | | |
|
| Average Annual Total Return for the period ended June 30, 2023 | |
| | |
| | | | | Fund Inception
(05/09/2023)* | |
| | PIMCO Commodity Strategy Active Exchange-Traded Fund (Based on Net Asset Value) | | | 0.92% | |
| | PIMCO Commodity Strategy Active Exchange-Traded Fund (At Market Price)(1) | | | 0.84% | |
| | | Bloomberg Commodity Index Total Return± | | | (1.26)% | |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
* Cumulative return.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
| (1) | The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. |
± Bloomberg Commodity Index Total Return is an unmanaged index composed of futures contracts on a number of physical commodities. The index is designed to be a highly liquid and diversified benchmark for commodities as an asset class. The futures exposures of the benchmark are collateralized by US T-bills.
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.
The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report) was 1.16%. See Financial Highlights for actual expense ratios as of the end of the period covered by the report.
Investment Objective and Strategy Overview
PIMCO Commodity Strategy Active Exchange-Traded Fund seeks total return which exceeds that of the Bloomberg Commodity Index Total Return, consistent with prudent investment management, by investing, under normal circumstances, in commodity-linked derivative instruments backed by an actively managed and diversified portfolio of Fixed Income Instruments of varying maturities and may also invest directly in commodities. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public-or private-sector entities. The Fund may also invest in leveraged or unleveraged commodity index-linked notes, which are derivative debt instruments with principal and/or coupon payments linked to the performance of commodity indices. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
| » | | Relative value positions in grains, particularly a preference for wheat against corn in the latter half of June, contributed to relative performance, as wheat outperformed corn. |
| » | | Underweight exposure to precious metals, particularly gold, contributed to relative performance, as the subsector posted negative returns. |
| » | | Underweight exposure to base metals contributed to relative performance, as the subsector posted negative returns. |
| » | | Overweight exposure to petroleum contributed to relative performance, as the subsector posted positive returns. |
| » | | Underweight exposure to livestock detracted from relative performance, as the subsector posted positive returns. |
| » | | Underweight exposure to soybean oil detracted from relative performance, as the commodity posted positive returns. |
| » | | Underweight exposure to natural gas detracted from relative performance, as the natural gas subsector posted positive returns. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 25 |
Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of Fund shares and (2) ongoing costs, management fees and other Fund expenses. You may also pay brokerage commissions on your purchases and sales of Fund shares, which are not reflected in the Example. The Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds is from January 1, 2023 to June 30, 2023 unless noted otherwise in the table and footnotes below.
Actual Expenses
The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the column titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other exchange-traded funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other exchange-traded funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of shares of the Funds. Therefore, the information under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different exchange-traded funds. In addition, if these transactional costs were included, your costs would have been higher.
Expense ratios may vary period to period because of various factors, such as an increase in expenses not covered by the management fees (such as expenses of the independent trustees and their counsel, extraordinary expenses and interest expense).
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Actual | | | | | | Hypothetical
(5% return before expenses) | | | | | | | |
| | | | | | Beginning
Account Value
(01/01/23) | | | Ending
Account Value
(06/30/23) | | | Expenses Paid
During Period* | | | | | | Beginning
Account Value
(01/01/23) | | | Ending
Account Value
(06/30/23) | | | Expenses Paid
During Period* | | | | | | Net Annualized
Expense Ratio** | |
| PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | | | | | | $ | 1,000.00 | | | $ | 1,060.50 | | | $ | 0.77 | | | | | | | $ | 1,000.00 | | | $ | 1,024.05 | | | $ | 0.75 | | | | | | | | 0.15 | % |
| PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 1,013.50 | | | | 1.00 | | | | | | | | 1,000.00 | | | | 1,023.80 | | | | 1.00 | | | | | | | | 0.20 | |
| PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 1,043.00 | | | | 1.01 | | | | | | | | 1,000.00 | | | | 1,023.80 | | | | 1.00 | | | | | | | | 0.20 | |
| PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 1,021.40 | | | | 1.00 | | | | | | | | 1,000.00 | | | | 1,023.80 | | | | 1.00 | | | | | | | | 0.20 | |
| PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 1,048.10 | | | | 2.84 | | | | | | | | 1,000.00 | | | | 1,022.02 | | | | 2.81 | | | | | | | | 0.56 | |
| PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 1,036.00 | | | | 1.26 | | | | | | | | 1,000.00 | | | | 1,023.55 | | | | 1.25 | | | | | | | | 0.25 | |
| PIMCO Active Bond Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 1,027.50 | | | | 2.92 | | | | | | | | 1,000.00 | | | | 1,021.92 | | | | 2.91 | | | | | | | | 0.58 | |
| PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 1,010.70 | | | | 2.74 | | | | | | | | 1,000.00 | | | | 1,022.07 | | | | 2.76 | | | | | | | | 0.55 | |
| PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 1,025.70 | | | | 1.26 | | | | | | | | 1,000.00 | | | | 1,023.55 | | | | 1.25 | | | | | | | | 0.25 | |
| PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 1,029.40 | | | | 1.76 | | | | | | | | 1,000.00 | | | | 1,023.06 | | | | 1.76 | | | | | | | | 0.35 | |
| PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 1,022.40 | | | | 1.76 | | | | | | | | 1,000.00 | | | | 1,023.06 | | | | 1.76 | | | | | | | | 0.35 | |
| PIMCO Multisector Bond Active Exchange-Traded Fund(a) | | | | | | | 1,000.00 | | | | 1,000.80 | | | | 0.17 | | | | | | | | 1,000.00 | | | | 1,022.02 | | | | 2.81 | | | | | | | | 0.56 | |
| PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 1,040.30 | | | | 2.02 | | | | | | | | 1,000.00 | | | | 1,022.81 | | | | 2.01 | | | | | | | | 0.40 | |
| PIMCO Preferred and Capital Securities Active Exchange-Traded Fund(b) | | | | | | | 1,000.00 | | | | 948.00 | | | | 3.30 | | | | | | | | 1,000.00 | | | | 1,021.08 | | | | 3.76 | | | | | | | | 0.75 | |
| PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 1,060.70 | | | | 2.76 | | | | | | | | 1,000.00 | | | | 1,022.12 | | | | 2.71 | | | | | | | | 0.54 | |
| PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | 1,000.00 | | | | 1,015.90 | | | | 1.75 | | | | | | | | 1,000.00 | | | | 1,023.06 | | | | 1.76 | | | | | | | | 0.35 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Actual | | | | | | Hypothetical
(5% return before expenses) | | | | | | | |
| | | | | | Beginning
Account Value
(01/01/23) | | | Ending
Account Value
(06/30/23) | | | Expenses Paid
During Period* | | | | | | Beginning
Account Value
(01/01/23) | | | Ending
Account Value
(06/30/23) | | | Expenses Paid
During Period* | | | | | | Net Annualized
Expense Ratio** | |
| PIMCO Ultra Short Government Active Exchange-Traded Fund(a) | | | | | | $ | 1,000.00 | | | $ | 1,001.50 | | | $ | 0.05 | | | | | | | $ | 1,000.00 | | | $ | 1,024.05 | | | $ | 0.75 | | | | | | | | 0.15 | % |
| PIMCO Commodity Strategy Active Exchange-Traded Fund (Consolidated) (c) | | | | | | | 1,000.00 | | | | 1,008.40 | | | | 1.03 | | | | | | | | 1,000.00 | | | | 1,021.37 | | | | 3.46 | | | | | | | | 0.69 | |
* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
** Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.
(a) The Beginning Account Value is reflective as of 06/21/23 for Actual expense. Expenses paid in the Actual expense section are equal to the Net Annualized Expense Ratio for the Fund, multiplied by the average account value over the period, multiplied by 11/365 (to reflect the period since inception date of 06/21/23). Hypothetical expenses reflect an amount as if the Fund had been operational for the entire fiscal year.
(b) The Beginning Account Value is reflective as of 01/18/23 for Actual expense. Expenses paid in the Actual expense section are equal to the Net Annualized Expense Ratio for the Fund, multiplied by the average account value over the period, multiplied by 165/365 (to reflect the period since inception date of 01/18/23). Hypothetical expenses reflect an amount as if the Fund had been operational for the entire fiscal year.
(c) The Beginning Account Value is reflective as of 05/09/23 for Actual expense. Expenses paid in the Actual expense section are equal to the Net Annualized Expense Ratio for the Fund, multiplied by the average account value over the period, multiplied by 54/365 (to reflect the period since inception date of 05/09/23). Hypothetical expenses reflect an amount as if the Fund had been operational for the entire fiscal year.
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 27 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Investment Operations | | | Less Distributions(c) | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Selected Per Share Data for the Year or Period Ended^: | | Net Asset
Value
Beginning
of Year
or Period(a) | | | Net
Investment
Income (Loss)(b) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | From Net
Investment
Income | | | From Net
Realized
Capital
Gains | | | Tax Basis
Return of
Capital | | | Total | |
| | | | | | | | |
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/30/2023 | | $ | 108.27 | | | $ | 3.12 | | | $ | (16.97 | ) | | $ | (13.85 | ) | | $ | (2.59 | ) | | $ | 0.00 | | | $ | 0.00 | | | $ | (2.59 | ) |
| | | | | | | | |
06/30/2022 | | | 145.38 | | | | 2.59 | | | | (37.32 | ) | | | (34.73 | ) | | | (2.38 | ) | | | 0.00 | | | | 0.00 | | | | (2.38 | ) |
| | | | | | | | |
06/30/2021 | | | 173.14 | | | | 2.49 | | | | (27.75 | ) | | | (25.26 | ) | | | (2.50 | ) | | | 0.00 | | | | 0.00 | | | | (2.50 | ) |
| | | | | | | | |
06/30/2020 | | | 128.17 | | | | 2.99 | | | | 45.06 | | | | 48.05 | | | | (3.08 | ) | | | 0.00 | | | | 0.00 | | | | (3.08 | ) |
| | | | | | | | |
06/30/2019 | | | 115.51 | | | | 3.15 | | | | 12.73 | | | | 15.88 | | | | (3.22 | ) | | | 0.00 | | | | 0.00 | | | | (3.22 | ) |
| | | | | | | | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/30/2023 | | $ | 52.31 | | | $ | 1.66 | | | $ | (2.01 | ) | | $ | (0.35 | ) | | $ | (1.66 | ) | | $ | 0.00 | | | $ | 0.00 | | | $ | (1.66 | ) |
| | | | | | | | |
06/30/2022 | | | 55.05 | | | | 2.97 | | | | (2.83 | ) | | | 0.14 | | | | (2.88 | ) | | | 0.00 | | | | 0.00 | | | | (2.88 | ) |
| | | | | | | | |
06/30/2021 | | | 53.21 | | | | 1.85 | | | | 1.35 | | | | 3.20 | | | | (1.36 | ) | | | 0.00 | | | | 0.00 | | | | (1.36 | ) |
| | | | | | | | |
06/30/2020 | | | 52.62 | | | | 0.26 | | | | 1.56 | | | | 1.82 | | | | (1.07 | ) | | | 0.00 | | | | (0.16 | ) | | | (1.23 | ) |
| | | | | | | | |
06/30/2019 | | | 51.76 | | | | 0.97 | | | | 0.64 | | | | 1.61 | | | | (0.75 | ) | | | 0.00 | | | | 0.00 | | | | (0.75 | ) |
| | | | | | | | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/30/2023 | | $ | 65.19 | | | $ | 3.08 | | | $ | (5.12 | ) | | $ | (2.04 | ) | | $ | (3.14 | ) | | $ | 0.00 | | | $ | 0.00 | | | $ | (3.14 | ) |
| | | | | | | | |
06/30/2022 | | | 86.49 | | | | 4.78 | | | | (21.26 | ) | | | (16.48 | ) | | | (4.82 | ) | | | 0.00 | | | | 0.00 | | | | (4.82 | ) |
| | | | | | | | |
06/30/2021 | | | 83.31 | | | | 2.10 | | | | 2.85 | | | | 4.95 | | | | (1.77 | ) | | | 0.00 | | | | 0.00 | | | | (1.77 | ) |
| | | | | | | | |
06/30/2020 | | | 69.61 | | | | 0.19 | | | | 15.22 | | | | 15.41 | | | | (1.71 | ) | | | 0.00 | | | | (0.00 | ) | | | (1.71 | ) |
| | | | | | | | |
06/30/2019 | | | 67.57 | | | | 1.58 | | | | 1.72 | | | | 3.30 | | | | (1.26 | ) | | | 0.00 | | | | 0.00 | | | | (1.26 | ) |
| | | | | | | | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/30/2023 | | $ | 57.62 | | | $ | 3.34 | | | $ | (3.90 | ) | | $ | (0.56 | ) | | $ | (2.98 | ) | | $ | 0.00 | | | $ | 0.00 | | | $ | (2.98 | ) |
| | | | | | | | |
06/30/2022 | | | 65.77 | | | | 3.65 | | | | (7.47 | ) | | | (3.82 | ) | | | (3.79 | ) | | | (0.54 | ) | | | 0.00 | | | | (4.33 | ) |
| | | | | | | | |
06/30/2021 | | | 63.20 | | | | 2.07 | | | | 1.89 | | | | 3.96 | | | | (1.39 | ) | | | 0.00 | | | | 0.00 | | | | (1.39 | ) |
| | | | | | | | |
06/30/2020 | | | 59.46 | | | | 0.22 | | | | 4.82 | | | | 5.04 | | | | (1.09 | ) | | | 0.00 | | | | (0.21 | ) | | | (1.30 | ) |
| | | | | | | | |
06/30/2019 | | | 57.61 | | | | 1.08 | | | | 1.57 | | | | 2.65 | | | | (0.80 | ) | | | 0.00 | | | | 0.00 | | | | (0.80 | ) |
| | | | | | | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/30/2023 | | $ | 88.56 | | | $ | 5.18 | | | $ | 2.56 | | | $ | 7.74 | | | $ | (5.32 | ) | | $ | 0.00 | | | $ | 0.00 | | | $ | (5.32 | ) |
| | | | | | | | |
06/30/2022 | | | 99.99 | | | | 3.33 | | | | (11.31 | ) | | | (7.98 | ) | | | (3.45 | ) | | | 0.00 | | | | 0.00 | | | | (3.45 | ) |
| | | | | | | | |
06/30/2021 | | | 91.45 | | | | 3.70 | | | | 9.16 | | | | 12.86 | | | | (4.32 | ) | | | 0.00 | | | | 0.00 | | | | (4.32 | ) |
| | | | | | | | |
06/30/2020 | | | 100.71 | | | | 4.08 | | | | (8.54 | ) | | | (4.46 | ) | | | (4.80 | ) | | | 0.00 | | | | 0.00 | | | | (4.80 | ) |
| | | | | | | | |
06/30/2019 | | | 100.07 | | | | 4.63 | | | | 0.90 | | | | 5.53 | | | | (4.89 | ) | | | 0.00 | | | | 0.00 | | | | (4.89 | ) |
| | | | | | | | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/30/2023 | | $ | 96.33 | | | $ | 3.67 | | | $ | (1.69 | ) | | $ | 1.98 | | | $ | (3.54 | ) | | $ | 0.00 | | | $ | 0.00 | | | $ | (3.54 | ) |
| | | | | | | | |
06/30/2022 | | | 114.60 | | | | 2.64 | | | | (18.11 | ) | | | (15.47 | ) | | | (2.72 | ) | | | (0.08 | ) | | | 0.00 | | | | (2.80 | ) |
| | | | | | | | |
06/30/2021 | | | 114.04 | | | | 2.92 | | | | 0.79 | | | | 3.71 | | | | (3.01 | ) | | | (0.14 | ) | | | 0.00 | | | | (3.15 | ) |
| | | | | | | | |
06/30/2020 | | | 107.27 | | | | 3.40 | | | | 6.88 | | | | 10.28 | | | | (3.51 | ) | | | 0.00 | | | | 0.00 | | | | (3.51 | ) |
| | | | | | | | |
06/30/2019 | | | 100.41 | | | | 3.44 | | | | 6.96 | | | | 10.40 | | | | (3.54 | ) | | | 0.00 | | | | 0.00 | | | | (3.54 | ) |
| | | | | | | | |
PIMCO Active Bond Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/30/2023 | | $ | 95.16 | | | $ | 3.65 | | | $ | (3.80 | ) | | $ | (0.15 | ) | | $ | (3.39 | ) | | $ | 0.00 | | | $ | 0.00 | | | $ | (3.39 | ) |
| | | | | | | | |
06/30/2022 | | | 111.01 | | | | 2.52 | | | | (15.52 | ) | | | (13.00 | ) | | | (2.85 | ) | | | 0.00 | | | | 0.00 | | | | (2.85 | ) |
| | | | | | | | |
06/30/2021 | | | 111.39 | | | | 2.27 | | | | 0.16 | | | | 2.43 | | | | (2.81 | ) | | | 0.00 | | | | 0.00 | | | | (2.81 | ) |
| | | | | | | | |
06/30/2020 | | | 107.54 | | | | 2.88 | | | | 4.42 | | | | 7.30 | | | | (3.45 | ) | | | 0.00 | | | | 0.00 | | | | (3.45 | ) |
| | | | | | | | |
06/30/2019 | | | 103.19 | | | | 3.54 | | | | 4.49 | | | | 8.03 | | | | (3.68 | ) | | | 0.00 | | | | 0.00 | | | | (3.68 | ) |
| | | | | | | | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/30/2023 | | $ | 96.16 | | | $ | 3.30 | | | $ | (2.83 | ) | | $ | 0.47 | | | $ | (2.77 | ) | | $ | 0.00 | | | $ | 0.00 | | | $ | (2.77 | ) |
| | | | | | | | |
06/30/2022 | | | 101.78 | | | | 1.43 | | | | (5.87 | ) | | | (4.44 | ) | | | (1.18 | ) | | | 0.00 | | | | 0.00 | | | | (1.18 | ) |
| | | | | | | | |
06/30/2021 | | | 101.79 | | | | 1.16 | | | | 0.43 | | | | 1.59 | | | | (1.60 | ) | | | 0.00 | | | | 0.00 | | | | (1.60 | ) |
| | | | | | | | |
06/30/2020 | | | 100.15 | | | | 2.61 | | | | 2.06 | | | | 4.67 | | | | (3.03 | ) | | | 0.00 | | | | 0.00 | | | | (3.03 | ) |
| | | | | | | | |
06/30/2019 | | | 99.61 | | | | 2.96 | | | | 0.62 | | | | 3.58 | | | | (3.04 | ) | | | 0.00 | | | | 0.00 | | | | (3.04 | ) |
| | | | | | | | |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/30/2023 | | $ | 98.43 | | | $ | 3.15 | | | $ | 0.27 | | | $ | 3.42 | | | $ | (3.91 | ) | | $ | 0.00 | | | $ | 0.00 | | | $ | (3.91 | ) |
| | | | | | | | |
06/30/2022 | | | 100.66 | | | | 0.67 | | | | (2.11 | ) | | | (1.44 | ) | | | (0.71 | ) | | | (0.08 | ) | | | 0.00 | | | | (0.79 | ) |
| | | | | | | | |
06/30/2021 | | | 100.64 | | | | 0.74 | | | | 0.26 | | | | 1.00 | | | | (0.98 | ) | | | 0.00 | | | | 0.00 | | | | (0.98 | ) |
| | | | | | | | |
12/10/2019 - 06/30/2020 | | | 100.00 | | | | 1.04 | | | | 0.49 | | | | 1.53 | | | | (0.89 | ) | | | 0.00 | | | | 0.00 | | | | (0.89 | ) |
| | | | | | | | |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/30/2023 | | $ | 99.13 | | | $ | 3.48 | | | $ | 0.49 | | | $ | 3.97 | | | $ | (3.32 | ) | | $ | 0.00 | | | $ | 0.00 | | | $ | (3.32 | ) |
| | | | | | | | |
06/30/2022 | | | 101.99 | | | | 0.67 | | | | (2.90 | ) | | | (2.23 | ) | | | (0.62 | ) | | | (0.01 | ) | | | 0.00 | | | | (0.63 | ) |
| | | | | | | | |
06/30/2021 | | | 101.65 | | | | 0.52 | | | | 0.39 | | | | 0.91 | | | | (0.57 | ) | | | 0.00 | | | | 0.00 | | | | (0.57 | ) |
| | | | | | | | |
06/30/2020 | | | 101.75 | | | | 2.06 | | | | 0.15 | | | | 2.21 | | | | (2.31 | ) | | | 0.00 | | | | 0.00 | | | | (2.31 | ) |
| | | | | | | | |
06/30/2019 | | | 101.58 | | | | 2.73 | | | | 0.11 | | | | 2.84 | | | | (2.67 | ) | | | 0.00 | | | | 0.00 | | | | (2.67 | ) |
| | | | | | |
| 28 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | Ratios/Supplemental Data | |
| | | | | | | | | | Ratios to Average Net Assets | | | | |
Net Asset
Value End of
Year or
Period(a) | | | Total
Return(d) | | | Net Assets
End of Year
or Period
(000s) | | | Expenses | | | Expenses
Excluding
Waivers | | | Expenses
Excluding
Interest
Expense | | | Expenses
Excluding
Interest
Expense and
Waivers | | | Net
Investment
Income (Loss) | | | Portfolio
Turnover
Rate(e) | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 91.83 | | | | (12.87 | )% | | $ | 947,726 | | | | 0.15 | % | | | 0.15 | % | | | 0.15 | % | | | 0.15 | % | | | 3.30 | % | | | 26 | % |
| | | | | | | | |
| | 108.27 | | | | (24.29 | ) | | | 435,244 | | | | 0.15 | | | | 0.15 | | | | 0.15 | | | | 0.15 | | | | 1.90 | | | | 12 | |
| | | | | | | | |
| | 145.38 | | | | (14.70 | ) | | | 395,447 | | | | 0.15 | | | | 0.15 | | | | 0.15 | | | | 0.15 | | | | 1.59 | | | | 25 | |
| | | | | | | | |
| | 173.14 | | | | 37.97 | | | | 375,713 | | | | 0.15 | | | | 0.15 | | | | 0.15 | | | | 0.15 | | | | 1.98 | | | | 14 | |
| | | | | | | | |
| | 128.17 | | | | 14.17 | | | | 265,315 | | | | 0.15 | | | | 0.15 | | | | 0.15 | | | | 0.15 | | | | 2.79 | | | | 21 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 50.30 | | | | (0.71 | )% | | $ | 833,417 | | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 3.26 | % | | | 25 | % |
| | | | | | | | |
| | 52.31 | | | | 0.18 | | | | 1,575,509 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 5.46 | | | | 23 | |
| | | | | | | | |
| | 55.05 | | | | 6.07 | | | | 972,716 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 3.40 | | | | 26 | |
| | | | | | | | |
| | 53.21 | | | | 3.52 | | | | 628,978 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.49 | | | | 30 | |
| | | | | | | | |
| | 52.62 | | | | 3.17 | | | | 748,304 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 1.89 | | | | 36 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 60.01 | | | | (3.33 | )% | | $ | 670,356 | | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 4.99 | % | | | 5 | % |
| | | | | | | | |
| | 65.19 | | | | (20.04 | ) | | | 620,606 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 5.69 | | | | 4 | |
| | | | | | | | |
| | 86.49 | | | | 6.00 | | | | 602,828 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 2.46 | | | | 4 | |
| | | | | | | | |
| | 83.31 | | | | 22.47 | | | | 614,024 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.25 | | | | 9 | |
| | | | | | | | |
| | 69.61 | | | | 5.06 | | | | 178,903 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 2.45 | | | | 6 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 54.08 | | | | (1.06 | )% | | $ | 131,420 | | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 5.95 | % | | | 213 | % |
| | | | | | | | |
| | 57.62 | | | | (6.25 | ) | | | 194,771 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 5.70 | | | | 177 | |
| | | | | | | | |
| | 65.77 | | | | 6.31 | | | | 176,261 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 3.19 | | | | 5 | |
| | | | | | | | |
| | 63.20 | | | | 8.61 | | | | 61,936 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.35 | | | | 10 | |
| | | | | | | | |
| | 59.46 | | | | 4.69 | | | | 52,327 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 1.89 | | | | 9 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 90.98 | | | | 8.98 | % | | $ | 1,100,838 | | | | 0.56 | % | | | 0.56 | % | | | 0.55 | % | | | 0.55 | % | | | 5.71 | % | | | 42 | % |
| | | | | | | | |
| | 88.56 | | | | (8.24 | ) | | | 1,115,806 | | | | 0.55 | | | | 0.55 | | | | 0.55 | | | | 0.55 | | | | 3.43 | | | | 45 | |
| | | | | | | | |
| | 99.99 | | | | 14.35 | | | | 2,239,839 | | | | 0.55 | | | | 0.55 | | | | 0.55 | | | | 0.55 | | | | 3.81 | | | | 65 | |
| | | | | | | | |
| | 91.45 | | | | (4.56 | ) | | | 1,156,826 | | | | 0.56 | | | | 0.56 | | | | 0.55 | | | | 0.55 | | | | 4.22 | | | | 36 | |
| | | | | | | | |
| | 100.71 | | | | 5.71 | | | | 1,460,224 | | | | 0.56 | | | | 0.56 | | | | 0.55 | | | | 0.55 | | | | 4.66 | | | | 27 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 94.77 | | | | 2.12 | % | | $ | 742,059 | | | | 0.23 | % | | | 0.23 | % | | | 0.20 | % | | | 0.20 | % | | | 3.85 | % | | | 17 | % |
| | | | | | | | |
| | 96.33 | | | | (13.77 | ) | | | 580,883 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 2.42 | | | | 41 | |
| | | | | | | | |
| | 114.60 | | | | 3.29 | | | | 794,189 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 2.55 | | | | 21 | |
| | | | | | | | |
| | 114.04 | | | | 9.76 | | | | 659,123 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 3.10 | | | | 18 | |
| | | | | | | | |
| | 107.27 | | | | 10.65 | | | | 797,018 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 0.20 | | | | 3.41 | | | | 27 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 91.62 | | | | (0.13 | )% | | $ | 3,478,849 | | | | 0.58 | % | | | 0.58 | % | | | 0.55 | % | | | 0.55 | % | | | 3.93 | % | | | 352 | % |
| | | | | | | | |
| | 95.16 | | | | (11.96 | ) | | | 3,224,915 | | | | 0.56 | | | | 0.56 | | | | 0.55 | | | | 0.55 | | | | 2.37 | | | | 368 | |
| | | | | | | | |
| | 111.01 | | | | 2.20 | | | | 4,282,895 | | | | 0.55 | | | | 0.55 | | | | 0.55 | | | | 0.55 | | | | 2.04 | | | | 273 | |
| | | | | | | | |
| | 111.39 | | | | 6.92 | | | | 3,400,704 | | | | 0.57 | | | | 0.57 | | | | 0.55 | | | | 0.55 | | | | 2.65 | | | | 146 | |
| | | | | | | | |
| | 107.54 | | | | 7.99 | | | | 2,422,925 | | | | 0.73 | | | | 0.73 | | | | 0.55 | | | | 0.55 | | | | 3.42 | | | | 155 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 93.86 | | | | 0.51 | % | | $ | 1,041,832 | | | | 0.51 | % | | | 0.51 | % | | | 0.46 | % | | | 0.46 | % | | | 3.47 | % | | | 133 | % |
| | | | | | | | |
| | 96.16 | | | | (4.38 | ) | | | 1,444,341 | | | | 0.53 | | | | 0.53 | | | | 0.46 | | | | 0.46 | | | | 1.44 | | | | 269 | |
| | | | | | | | |
| | 101.78 | | | | 1.57 | | | | 1,129,706 | | | | 0.47 | | | | 0.49 | | | | 0.44 | | | | 0.46 | | | | 1.13 | | | | 73 | |
| | | | | | | | |
| | 101.79 | | | | 4.77 | | | | 496,743 | | | | 0.49 | | | | 0.56 | | | | 0.39 | | | | 0.46 | | | | 2.61 | | | | 378 | |
| | | | | | | | |
| | 100.15 | | | | 3.66 | | | | 352,514 | | | | 0.79 | | | | 0.86 | | | | 0.39 | | | | 0.46 | | | | 2.98 | | | | 1,613 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 97.94 | | | | 3.56 | % | | $ | 150,823 | | | | 0.24 | % | | | 0.36 | % | | | 0.24 | % | | | 0.36 | % | | | 3.20 | % | | | 53 | % |
| | | | | | | | |
| | 98.43 | | | | (1.43 | ) | | | 184,071 | | | | 0.25 | | | | 0.37 | | | | 0.24 | | | | 0.36 | | | | 0.67 | | | | 75 | |
| | | | | | | | |
| | 100.66 | | | | 0.99 | | | | 153,000 | | | | 0.25 | | | | 0.37 | | | | 0.25 | | | | 0.37 | | | | 0.74 | | | | 120 | |
| | | | | | | | |
| | 100.64 | | | | 1.54 | | | | 87,553 | | | | 0.27 | * | | | 0.51 | * | | | 0.24 | * | | | 0.48 | * | | | 1.87 | * | | | 102 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 99.78 | | | | 4.09 | % | | $ | 9,257,897 | | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 3.49 | % | | | 35 | % |
| | | | | | | | |
| | 99.13 | | | | (2.20 | ) | | | 11,757,526 | | | | 0.36 | | | | 0.36 | | | | 0.35 | | | | 0.35 | | | | 0.67 | | | | 100 | |
| | | | | | | | |
| | 101.99 | | | | 0.89 | | | | 14,024,433 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 0.51 | | | | 71 | |
| | | | | | | | |
| | 101.65 | | | | 2.21 | | | | 13,914,440 | | | | 0.37 | | | | 0.37 | | | | 0.35 | | | | 0.35 | | | | 2.03 | | | | 81 | |
| | | | | | | | |
| | 101.75 | | | | 2.84 | | | | 11,939,913 | | | | 0.36 | | | | 0.36 | | | | 0.35 | | | | 0.35 | | | | 2.70 | | | | 72 | |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 29 |
| | | | |
| Financial Highlights | | (Cont.) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Investment Operations | | | Less Distributions(c) | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Selected Per Share Data for the Year or Period Ended^: | | Net Asset
Value
Beginning
of Year
or Period(a) | | | Net
Investment
Income (Loss)(b) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | From Net
Investment
Income | | | From Net
Realized
Capital
Gains | | | Tax Basis
Return of
Capital | | | Total | |
| | | | | | | | |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/30/2023 | | $ | 51.56 | | | $ | 1.48 | | | $ | 0.17 | | | $ | 1.65 | | | $ | (1.39 | ) | | $ | 0.00 | | | $ | 0.00 | | | $ | (1.39 | ) |
| | | | | | | | |
06/30/2022 | | | 56.72 | | | | 0.92 | | | | (5.19 | ) | | | (4.27 | ) | | | (0.89 | ) | | | 0.00 | | | | 0.00 | | | | (0.89 | ) |
| | | | | | | | |
06/30/2021 | | | 55.73 | | | | 0.97 | | | | 1.00 | | | | 1.97 | | | | (0.98 | ) | | | 0.00 | | | | 0.00 | | | | (0.98 | ) |
| | | | | | | | |
06/30/2020 | | | 54.77 | | | | 1.24 | | | | 0.96 | | | | 2.20 | | | | (1.24 | ) | | | 0.00 | | | | 0.00 | | | | (1.24 | ) |
| | | | | | | | |
06/30/2019 | | | 52.84 | | | | 1.40 | | | | 1.93 | | | | 3.33 | | | | (1.40 | ) | | | 0.00 | | | | 0.00 | | | | (1.40 | ) |
| | | | | | | | |
PIMCO Multisector Bond Active Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/21/2023 - 06/30/2023 | | $ | 25.00 | | | $ | 0.04 | | | $ | (0.02 | ) | | $ | 0.02 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | |
| | | | | | | | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/30/2023 | | $ | 44.06 | | | $ | 1.69 | | | $ | 0.40 | | | $ | 2.09 | | | $ | (1.57 | ) | | $ | 0.00 | | | $ | 0.00 | | | $ | (1.57 | ) |
| | | | | | | | |
09/08/2021 - 06/30/2022 | | | 50.00 | | | | 0.66 | | | | (6.07 | ) | | | (5.41 | ) | | | (0.53 | ) | | | 0.00 | | | | 0.00 | | | | (0.53 | ) |
| | | | | | | | |
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
01/18/2023 - 06/30/2023 | | $ | 50.00 | | | $ | 1.11 | | | $ | (3.69 | ) | | $ | (2.58 | ) | | $ | (0.81 | ) | | $ | 0.00 | | | $ | 0.00 | | | $ | (0.81 | ) |
| | | | | | | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/30/2023 | | $ | 48.18 | | | $ | 3.93 | | | $ | 1.18 | | | $ | 5.11 | | | $ | (3.42 | ) | | $ | 0.00 | | | $ | 0.00 | | | $ | (3.42 | ) |
| | | | | | | | |
06/08/2022 - 06/30/2022 | | | 50.00 | | | | 0.06 | | | | (1.88 | ) | | | (1.82 | ) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
| | | | | | | | |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/30/2023 | | $ | 49.56 | | | $ | 1.12 | | | $ | (0.06 | ) | | $ | 1.06 | | | $ | (1.05 | ) | | $ | 0.00 | | | $ | 0.00 | | | $ | (1.05 | ) |
| | | | | | | | |
06/30/2022 | | | 51.41 | | | | 0.34 | | | | (1.89 | ) | | | (1.55 | ) | | | (0.30 | ) | | | 0.00 | | | | 0.00 | | | | (0.30 | ) |
| | | | | | | | |
06/30/2021 | | | 51.04 | | | | 0.42 | | | | 0.42 | | | | 0.84 | | | | (0.47 | ) | | | 0.00 | | | | 0.00 | | | | (0.47 | ) |
| | | | | | | | |
06/30/2020 | | | 50.53 | | | | 0.81 | | | | 0.51 | | | | 1.32 | | | | (0.81 | ) | | | 0.00 | | | | 0.00 | | | | (0.81 | ) |
| | | | | | | | |
06/30/2019 | | | 49.91 | | | | 0.95 | | | | 0.61 | | | | 1.56 | | | | (0.94 | ) | | | 0.00 | | | | 0.00 | | | | (0.94 | ) |
| | | | | | | | |
PIMCO Ultra Short Government Active Exchange-Traded Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
06/21/2023 - 06/30/2023 | | $ | 100.00 | | | $ | 0.18 | | | $ | (0.03 | ) | | $ | 0.15 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | |
| | | | | | | | |
PIMCO Commodity Strategy Active Exchange-Traded Fund (Consolidated) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
05/09/2023 - 06/30/2023 | | $ | 25.00 | | | $ | 0.18 | | | $ | 0.05 | | | $ | 0.23 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | |
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%. |
| * | Annualized, except for organizational expense, if any. |
| (a) | Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. |
| (b) | Per share amounts based on average number of shares outstanding during the year or period. |
| (c) | The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. |
| (d) | Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges. |
| (e) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creation or redemptions. |
| | | | | | |
| 30 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | Ratios/Supplemental Data | |
| | | | | | | | | | Ratios to Average Net Assets | | | | |
Net Asset
Value End of
Year or
Period(a) | | | Total
Return(d) | | | Net Assets
End of Year
or Period
(000s) | | | Expenses | | | Expenses
Excluding
Waivers | | | Expenses
Excluding
Interest
Expense | | | Expenses
Excluding
Interest
Expense and
Waivers | | | Net
Investment
Income (Loss) | | | Portfolio
Turnover
Rate(e) | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 51.82 | | | | 3.26 | % | | $ | 981,032 | | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 2.86 | % | | | 47 | % |
| | | | | | | | |
| | 51.56 | | | | (7.63 | ) | | | 847,128 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 1.68 | | | | 50 | |
| | | | | | | | |
| | 56.72 | | | | 3.56 | | | | 647,152 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 1.72 | | | | 16 | |
| | | | | | | | |
| | 55.73 | | | | 4.06 | | | | 468,662 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 2.25 | | | | 34 | |
| | | | | | | | |
| | 54.77 | | | | 6.41 | | | | 304,515 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 2.63 | | | | 39 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 25.02 | | | | 0.08 | % | | $ | 65,053 | | | | 0.55 | %* | | | 0.82 | %* | | | 0.55 | %* | | | 0.82 | %* | | | 4.29 | %* | | | 20 | % |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 44.58 | | | | 4.87 | % | | $ | 74,899 | | | | 0.39 | % | | | 0.49 | % | | | 0.39 | % | | | 0.49 | % | | | 3.80 | % | | | 84 | % |
| | | | | | | | |
| | 44.06 | | | | (10.89 | ) | | | 42,296 | | | | 0.40 | * | | | 0.68 | * | | | 0.40 | * | | | 0.68 | * | | | 1.71 | * | | | 238 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 46.61 | | | | (5.18 | )% | | $ | 93,214 | | | | 0.74 | %* | | | 1.04 | %* | | | 0.69 | %* | | | 0.99 | %* | | | 5.18 | %* | | | 22 | % |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 49.87 | | | | 10.94 | % | | $ | 165,559 | | | | 0.52 | % | | | 0.72 | % | | | 0.50 | % | | | 0.70 | % | | | 7.98 | % | | | 46 | % |
| | | | | | | | |
| | 48.18 | | | | (3.64 | ) | | | 64,557 | | | | 0.50 | * | | | 0.95 | * | | | 0.50 | * | | | 0.95 | * | | | 1.95 | * | | | 0 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 49.57 | | | | 2.16 | % | | $ | 525,450 | | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % | | | 2.26 | % | | | 64 | % |
| | | | | | | | |
| | 49.56 | | | | (3.03 | ) | | | 562,994 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 0.67 | | | | 64 | |
| | | | | | | | |
| | 51.41 | | | | 1.66 | | | | 452,932 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 0.83 | | | | 27 | |
| | | | | | | | |
| | 51.04 | | | | 2.64 | | | | 176,581 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 1.60 | | | | 55 | |
| | | | | | | | |
| | 50.53 | | | | 3.17 | | | | 96,505 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 0.35 | | | | 1.91 | | | | 49 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 100.15 | | | | 0.15 | % | | $ | 13,019 | | | | 0.14 | %* | | | 0.69 | %* | | | 0.14 | %* | | | 0.69 | %* | | | 5.01 | %* | | | 0 | % |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 25.23 | | | | 0.92 | % | | $ | 198,722 | | | | 0.64 | %* | | | 1.13 | %* | | | 0.63 | %* | | | 1.12 | %* | | | 4.10 | %* | | | 7 | % |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 31 |
| | | | |
| Statements of Assets and Liabilities | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (Amounts in thousands†, except per share amounts) | | PIMCO
25+ Year Zero
Coupon U.S.
Treasury Index
Exchange-
Traded Fund | | | PIMCO
1-5 Year
U.S. TIPS Index
Exchange-
Traded Fund | | | PIMCO
15+ Year
U.S. TIPS Index
Exchange-
Traded Fund | | | PIMCO
Broad U.S.
TIPS Index
Exchange-
Traded Fund | | | PIMCO
0-5 Year High
Yield Corporate
Bond Index
Exchange-
Traded Fund | | | PIMCO
Investment
Grade Corporate
Bond Index
Exchange-
Traded Fund | | | PIMCO
Active Bond
Exchange-
Traded Fund | |
| | | | | | | |
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Investments, at value | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in securities*^ | | $ | 947,851 | | | $ | 831,675 | | | $ | 667,670 | | | $ | 131,080 | | | $ | 1,144,752 | | | $ | 748,551 | | | $ | 3,824,996 | |
Investments in Affiliates | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 25,063 | | | | 2,928 | | | | 18,827 | |
Financial Derivative Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Exchange-traded or centrally cleared | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 574 | | | | 64 | | | | 72 | |
Over the counter | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 2 | |
Cash | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Deposits with counterparty | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 9,991 | | | | 2,178 | | | | 13,928 | |
Foreign currency, at value | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 1 | | | | 546 | |
Receivable for investments sold | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 2,677 | | | | 0 | | | | 4,503 | |
Receivable for TBA investments sold | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 464,474 | |
Receivable for Fund shares sold | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 7,309 | |
Interest and/or dividends receivable | | | 1 | | | | 1,892 | | | | 2,804 | | | | 364 | | | | 18,164 | | | | 8,613 | | | | 27,633 | |
Reimbursement receivable from PIMCO | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 8 | |
Prepaid expenses | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Other assets | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Total Assets | | | 947,852 | | | | 833,567 | | | | 670,474 | | | | 131,444 | | | | 1,201,221 | | | | 762,335 | | | | 4,362,298 | |
| | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Borrowings & Other Financing Transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Payable for reverse repurchase agreements | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 632 | | | $ | 14,918 | | | $ | 17,142 | |
Payable for sale-buyback transactions | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Financial Derivative Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Exchange-traded or centrally cleared | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 1 | |
Over the counter | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 54 | |
Payable for investments purchased | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 73,941 | | | | 2,299 | | | | 0 | |
Payable for TBA investments purchased | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 864,410 | |
Payable for unfunded loan commitments | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 227 | | | | 0 | | | | 0 | |
Payable upon return of securities loaned | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 25,063 | | | | 2,928 | | | | 0 | |
Deposits from counterparty | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 174 | |
Overdraft due to custodian | | | 0 | | | | 0 | | | | 0 | | | | 1 | | | | 0 | | | | 0 | | | | 5 | |
Accrued management fees | | | 126 | | | | 150 | | | | 118 | | | | 23 | | | | 520 | | | | 128 | | | | 1,663 | |
Accrued reimbursement to PIMCO | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Other liabilities | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Foreign capital gains tax payable | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 3 | | | | 0 | |
Total Liabilities | | | 126 | | | | 150 | | | | 118 | | | | 24 | | | | 100,383 | | | | 20,276 | | | | 883,449 | |
| | | | | | | |
Net Assets | | $ | 947,726 | | | $ | 833,417 | | | $ | 670,356 | | | $ | 131,420 | | | $ | 1,100,838 | | | $ | 742,059 | | | $ | 3,478,849 | |
| | | | | | | |
Net Assets Consist of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Paid in capital | | $ | 1,231,659 | | | $ | 937,175 | | | $ | 949,945 | | | $ | 164,435 | | | $ | 1,379,562 | | | $ | 827,703 | | | $ | 4,123,441 | |
Distributable earnings (accumulated loss) | | | (283,933 | ) | | | (103,758 | ) | | | (279,589 | ) | | | (33,015 | ) | | | (278,724 | ) | | | (85,644 | ) | | | (644,592 | ) |
| | | | | | | |
Net Assets | | $ | 947,726 | | | $ | 833,417 | | | $ | 670,356 | | | $ | 131,420 | | | $ | 1,100,838 | | | $ | 742,059 | | | $ | 3,478,849 | |
| | | | | | | |
Shares Issued and Outstanding | | | 10,320 | | | | 16,570 | | | | 11,170 | | | | 2,430 | | | | 12,100 | | | | 7,830 | | | | 37,970 | |
| | | | | | | |
Net Asset Value Per Share Outstanding(a): | | $ | 91.83 | | | $ | 50.30 | | | $ | 60.01 | | | $ | 54.08 | | | $ | 90.98 | | | $ | 94.77 | | | $ | 91.62 | |
| | | | | | | |
Cost of investments in securities | | $ | 1,128,818 | | | $ | 903,611 | | | $ | 910,100 | | | $ | 139,607 | | | $ | 1,197,773 | | | $ | 808,905 | | | $ | 4,032,056 | |
Cost of investments in Affiliates | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 25,063 | | | $ | 2,928 | | | $ | 18,570 | |
Cost of foreign currency held | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 1 | | | $ | 603 | |
Cost or premiums of financial derivative instruments, net | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (96 | ) | | $ | 511 | | | $ | 1,328 | |
| | | | | | | |
* Includes repurchase agreements of: | | $ | 3,674 | | | $ | 624 | | | $ | 721 | | | $ | 106 | | | $ | 154,358 | | | $ | 2,584 | | | $ | 1,359 | |
^ Includes securities on loan of: | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 24,569 | | | $ | 2,871 | | | $ | 0 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (a) | Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. |
| | | | | | |
| 32 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PIMCO
Enhanced Low
Duration Active
Exchange-
Traded Fund | | | PIMCO
Enhanced Short
Maturity Active
ESG Exchange-
Traded Fund | | | PIMCO
Enhanced Short
Maturity Active
Exchange-
Traded Fund | | | PIMCO
Intermediate
Municipal
Bond Active
Exchange-
Traded Fund | | | PIMCO
Multisector
Bond Active
Exchange-
Traded Fund | | | PIMCO
Municipal Income
Opportunities
Active
Exchange-
Traded Fund | | | PIMCO
Preferred and
Capital
Securities Active
Exchange-
Traded Fund | | | PIMCO
Senior Loan
Active
Exchange-
Traded Fund | | | PIMCO
Short Term
Municipal Bond
Active
Exchange-
Traded Fund | | | PIMCO
Ultra Short
Government
Active
Exchange-
Traded Fund | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1,084,230 | | | $ | 152,455 | | | $ | 9,366,003 | | | $ | 971,785 | | | $ | 83,679 | | | $ | 70,826 | | | $ | 91,503 | | | $ | 168,632 | | | $ | 542,655 | | | $ | 17,901 | |
| | 0 | | | | 0 | | | | 149 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 24 | | | | 1 | | | | 55 | | | | 0 | | | | 62 | | | | 0 | | | | 132 | | | | 7 | | | | 0 | | | | 0 | |
| | 67 | | | | 739 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 15 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 2,650 | | | | 8,037 | | | | 0 | | | | 754 | | | | 553 | | | | 722 | | | | 0 | | | | 0 | | | | 136 | |
| | 8,155 | | | | 48 | | | | 5,758 | | | | 0 | | | | 366 | | | | 129 | | | | 526 | | | | 2,384 | | | | 0 | | | | 0 | |
| | 41 | | | | 121 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 16 | | | | 0 | | | | 0 | | | | 0 | |
| | 82,258 | | | | 0 | | | | 2,068 | | | | 0 | | | | 0 | | | | 0 | | | | 158 | | | | 4,229 | | | | 0 | | | | 0 | |
| | 73,555 | | | | 0 | | | | 0 | | | | 0 | | | | 11,520 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | 13,963 | | | | 0 | | | | 2,002 | | | | 6,241 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 6,337 | | | | 880 | | | | 49,738 | | | | 9,546 | | | | 511 | | | | 598 | | | | 1,024 | | | | 1,431 | | | | 4,286 | | | | 5 | |
| | 0 | | | | 16 | | | | 0 | | | | 0 | | | | 1 | | | | 5 | | | | 12 | | | | 27 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 1 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 1,254,667 | | | | 156,910 | | | | 9,445,771 | | | | 981,331 | | | | 98,895 | | | | 78,352 | | | | 94,108 | | | | 176,711 | | | | 546,941 | | | | 18,042 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 81,609 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 698 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 479 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 5 | | | | 12 | | | | 3 | | | | 0 | | | | 0 | |
| | 907 | | | | 660 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 33 | | | | 0 | | | | 0 | | | | 0 | |
| | 18 | | | | 5,067 | | | | 185,005 | | | | 0 | | | | 2,155 | | | | 3,420 | | | | 23 | | | | 10,973 | | | | 21,331 | | | | 5,023 | |
| | 129,388 | | | | 0 | | | | 0 | | | | 0 | | | | 31,676 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 53 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | 149 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 311 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 60 | | | | 0 | | | | 0 | | | | 0 | |
| | 1 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 30 | | | | 0 | | | | 0 | |
| | 428 | | | | 49 | | | | 2,720 | | | | 299 | | | | 11 | | | | 28 | | | | 68 | | | | 91 | | | | 160 | | | | 0 | |
| | 5 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 2 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 212,835 | | | | 6,087 | | | | 187,874 | | | | 299 | | | | 33,842 | | | | 3,453 | | | | 894 | | | | 11,152 | | | | 21,491 | | | | 5,023 | |
| | | | | | | | | |
| $ | 1,041,832 | | | $ | 150,823 | | | $ | 9,257,897 | | | $ | 981,032 | | | $ | 65,053 | | | $ | 74,899 | | | $ | 93,214 | | | $ | 165,559 | | | $ | 525,450 | | | $ | 13,019 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| $ | 1,140,216 | | | $ | 155,207 | | | $ | 9,560,580 | | | $ | 1,012,694 | | | $ | 65,023 | | | $ | 79,086 | | | $ | 96,190 | | | $ | 164,967 | | | $ | 541,928 | | | $ | 13,007 | |
| | (98,384 | ) | | | (4,384 | ) | | | (302,683 | ) | | | (31,662 | ) | | | 30 | | | | (4,187 | ) | | | (2,976 | ) | | | 592 | | | | (16,478 | ) | | | 12 | |
| | | | | | | | | |
| $ | 1,041,832 | | | $ | 150,823 | | | $ | 9,257,897 | | | $ | 981,032 | | | $ | 65,053 | | | $ | 74,899 | | | $ | 93,214 | | | $ | 165,559 | | | $ | 525,450 | | | $ | 13,019 | |
| | | | | | | | | |
| | 11,100 | | | | 1,540 | | | | 92,780 | | | | 18,930 | | | | 2,600 | | | | 1,680 | | | | 2,000 | | | | 3,320 | | | | 10,600 | | | | 130 | |
| | | | | | | | | |
| $ | 93.86 | | | $ | 97.94 | | | $ | 99.78 | | | $ | 51.82 | | | $ | 25.02 | | | $ | 44.58 | | | $ | 46.61 | | | $ | 49.87 | | | $ | 49.57 | | | $ | 100.15 | |
| | | | | | | | | |
| $ | 1,102,685 | | | $ | 154,570 | | | $ | 9,461,609 | | | $ | 971,540 | | | $ | 83,803 | | | $ | 70,108 | | | $ | 93,828 | | | $ | 168,179 | | | $ | 549,065 | | | $ | 17,902 | |
| $ | 0 | | | $ | 0 | | | $ | 149 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| $ | 45 | | | $ | 120 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 16 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| $ | (1,367 | ) | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 331 | | | $ | 0 | | | $ | 0 | | | $ | 482 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | |
| $ | 2,436 | | | $ | 6,800 | | | $ | 489,637 | | | $ | 610 | | | $ | 16,300 | | | $ | 6,600 | | | $ | 0 | | | $ | 13,000 | | | $ | 621 | | | $ | 11,300 | |
| $ | 0 | | | $ | 0 | | | $ | 146 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 33 |
| | | | |
| Consolidated Statement of Assets and Liabilities | | | | June 30, 2023 |
| | | | |
| (Amounts in thousands†, except per share amounts) | | PIMCO
Commodity Strategy
Active Exchange- Traded Fund | |
| |
Assets: | | | | |
| |
Investments, at value | | | | |
Investments in securities* | | $ | 270,504 | |
Financial Derivative Instruments | | | | |
Exchange-traded or centrally cleared | | | 2,835 | |
Over the counter | | | 3 | |
Cash | | | 2,122 | |
Deposits with counterparty | | | 9,685 | |
Foreign currency, at value | | | 8 | |
Interest and/or dividends receivable | | | 434 | |
Reimbursement receivable from PIMCO | | | 10 | |
Other assets | | | 1 | |
Total Assets | | | 285,602 | |
| |
Liabilities: | | | | |
| |
Financial Derivative Instruments | | | | |
Exchange-traded or centrally cleared | | $ | 406 | |
Over the counter | | | 188 | |
Payable for investments purchased | | | 86,241 | |
Accrued management fees | | | 45 | |
Total Liabilities | | | 86,880 | |
| |
Net Assets | | $ | 198,722 | |
| |
Net Assets Consist of: | | | | |
| |
Paid in capital | | $ | 198,677 | |
Distributable earnings (accumulated loss) | | | 45 | |
| |
Net Assets | | $ | 198,722 | |
| |
Shares Issued and Outstanding: | | | 7,875 | |
| |
Net Asset Value Per Share Outstanding(a): | | $ | 25.23 | |
| |
Cost of investments in securities | | $ | 270,539 | |
Cost of foreign currency held | | $ | 9 | |
Cost or premiums of financial derivative instruments, net | | $ | (92 | ) |
| |
* Includes repurchase agreements of: | | $ | 170,400 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (a) | Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. |
| | | | | | |
| 34 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | | | | | |
| Year Ended June 30, 2023 | | | | | | | | | | | | |
| (Amounts in thousands†) | | PIMCO 25+ Year Zero
Coupon U.S.
Treasury Index
Exchange-
Traded Fund | | | PIMCO 1-5 Year U.S. TIPS Index
Exchange-
Traded Fund | | | PIMCO 15+ Year
U.S. TIPS Index
Exchange-
Traded Fund | | | PIMCO Broad U.S.
TIPS Index
Exchange-
Traded Fund | |
| | | | |
Investment Income: | | | | | | | | | | | | | | | | |
| | | | |
Interest, net of foreign taxes* | | $ | 24,616 | | | $ | 40,873 | | | $ | 34,676 | | | $ | 11,649 | |
Dividends, net of foreign taxes** | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Dividends from Investments in Affiliates | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Securities lending income | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Miscellaneous income | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Total Income | | | 24,616 | | | | 40,873 | | | | 34,676 | | | | 11,649 | |
| | | | |
Expenses: | | | | | | | | | | | | | | | | |
| | | | |
Management fees | | | 1,068 | | | | 2,361 | | | | 1,337 | | | | 379 | |
Trustee fees | | | 9 | | | | 20 | | | | 10 | | | | 3 | |
Interest expense | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Organizational expense | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Miscellaneous expense | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Total Expenses | | | 1,077 | | | | 2,381 | | | | 1,347 | | | | 382 | |
Waiver and/or Reimbursement by PIMCO | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Net Expenses | | | 1,077 | | | | 2,381 | | | | 1,347 | | | | 382 | |
| | | | |
Net Investment Income (Loss) | | | 23,539 | | | | 38,492 | | | | 33,329 | | | | 11,267 | |
| | | | |
Net Realized Gain (Loss): | | | | | | | | | | | | | | | | |
| | | | |
Investments in securities | | | (78,978 | ) | | | (14,193 | ) | | | (19,999 | ) | | | (21,494 | ) |
In-kind redemptions | | | 13,291 | | | | (41,381 | ) | | | 5,025 | | | | (6,881 | ) |
Exchange-traded or centrally cleared financial derivative instruments | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Over the counter financial derivative instruments | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Foreign currency | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | |
Net Realized Gain (Loss) | | | (65,687 | ) | | | (55,574 | ) | | | (14,974 | ) | | | (28,375 | ) |
| | | | |
Net Change in Unrealized Appreciation (Depreciation): | | | | | | | | | | | | | | | | |
| | | | |
Investments in securities | | | (23,073 | ) | | | 6,387 | | | | (35,660 | ) | | | 10,856 | |
Investments in Affiliates | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Exchange-traded or centrally cleared financial derivative instruments | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Over the counter financial derivative instruments | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Foreign currency assets and liabilities | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | |
Net Change in Unrealized Appreciation (Depreciation) | | | (23,073 | ) | | | 6,387 | | | | (35,660 | ) | | | 10,856 | |
| | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | (65,221 | ) | | $ | (10,695 | ) | | $ | (17,305 | ) | | $ | (6,252 | ) |
| | | | |
* Foreign tax withholdings | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
** Foreign tax withholdings - Dividends | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 35 |
| | | | |
| Statements of Operations | | (Cont.) | | |
| | | | | | | | | | | | | | | | |
| Year Ended June 30, 2023 | | | | | | | | | | | | |
| (Amounts in thousands†) | | PIMCO 0-5 Year High
Yield Corporate
Bond Index
Exchange-
Traded Fund | | | PIMCO
Investment
Grade Corporate
Bond Index
Exchange-
Traded Fund | | | PIMCO Active Bond
Exchange-
Traded Fund | | | PIMCO
Enhanced Low
Duration Active
Exchange-
Traded Fund | |
| | | | |
Investment Income: | | | | | | | | | | | | | | | | |
| | | | |
Interest, net of foreign taxes* | | $ | 79,297 | | | $ | 29,442 | | | $ | 145,533 | | | $ | 53,981 | |
Dividends, net of foreign taxes** | | | 1 | | | | 0 | | | | 1,029 | | | | 0 | |
Dividends from Investments in Affiliates | | | 0 | | | | 0 | | | | 70 | | | | 0 | |
Securities lending income | | | 495 | | | | 28 | | | | 0 | | | | 0 | |
Miscellaneous income | | | 0 | | | | 0 | | | | 92 | | | | 0 | |
Total Income | | | 79,793 | | | | 29,470 | | | | 146,724 | | | | 53,981 | |
| | | | |
Expenses: | | | | | | | | | | | | | | | | |
| | | | |
Management fees | | | 7,001 | | | | 1,444 | | | | 17,893 | | | | 6,242 | |
Trustee fees | | | 21 | | | | 10 | | | | 49 | | | | 21 | |
Interest expense | | | 85 | | | | 200 | | | | 877 | | | | 614 | |
Organizational expense | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Miscellaneous expense | | | 0 | | | | 0 | | | | 3 | | | | 67 | |
Total Expenses | | | 7,107 | | | | 1,654 | | | | 18,822 | | | | 6,944 | |
Waiver and/or Reimbursement by PIMCO | | | 0 | | | | 0 | | | | (8 | ) | | | (21 | ) |
Net Expenses | | | 7,107 | | | | 1,654 | | | | 18,814 | | | | 6,923 | |
| | | | |
Net Investment Income (Loss) | | | 72,686 | | | | 27,816 | | | | 127,910 | | | | 47,058 | |
| | | | |
Net Realized Gain (Loss): | | | | | | | | | | | | | | | | |
| | | | |
Investments in securities | | | (29,933 | ) | | | (12,927 | ) | | | (158,612 | ) | | | (40,267 | ) |
In-kind redemptions | | | (19,153 | ) | | | (3,062 | ) | | | 0 | | | | 0 | |
Exchange-traded or centrally cleared financial derivative instruments | | | 2,066 | | | | 1,185 | | | | (32,289 | ) | | | (18,692 | ) |
Over the counter financial derivative instruments | | | 955 | | | | 265 | | | | 583 | | | | (5,763 | ) |
Foreign currency | | | 0 | | | | 0 | | | | (1,605 | ) | | | (598 | ) |
| | | | |
Net Realized Gain (Loss) | | | (46,065 | ) | | | (14,539 | ) | | | (191,923 | ) | | | (65,320 | ) |
| | | | |
Net Change in Unrealized Appreciation (Depreciation): | | | | | | | | | | | | | | | | |
| | | | |
Investments in securities | | | 69,292 | | | | 12,657 | | | | 27,002 | | | | 25,834 | |
Investments in Affiliates | | | 0 | | | | 0 | | | | 257 | | | | 0 | |
Exchange-traded or centrally cleared financial derivative instruments | | | 5,965 | | | | 695 | | | | 31,223 | | | | (1,155 | ) |
Over the counter financial derivative instruments | | | 1,016 | | | | (104 | ) | | | (152 | ) | | | 737 | |
Foreign currency assets and liabilities | | | 0 | | | | 0 | | | | 669 | | | | 18 | |
| | | | |
Net Change in Unrealized Appreciation (Depreciation) | | | 76,273 | | | | 13,248 | | | | 58,999 | | | | 25,434 | |
| | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | 102,894 | | | $ | 26,525 | | | $ | (5,014 | ) | | $ | 7,172 | |
| | | | |
* Foreign tax withholdings | | $ | 0 | | | $ | 1 | | | $ | 0 | | | $ | 0 | |
** Foreign tax withholdings - Dividends | | $ | 0 | | | $ | 0 | | | $ | 17 | | | $ | 0 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (a) | Inception date of the Fund was June 21, 2023. |
| (b) | Inception date of the Fund was January 18, 2023. |
| | | | | | |
| 36 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
PIMCO
Enhanced Short
Maturity Active
ESG Exchange-
Traded Fund | | | PIMCO
Enhanced Short
Maturity Active
Exchange-
Traded Fund | | | PIMCO
Intermediate
Municipal
Bond Active
Exchange-
Traded Fund | | | PIMCO
Multisector
Bond Active
Exchange-
Traded Fund(a) | | | PIMCO Municipal Income
Opportunities
Active
Exchange-
Traded Fund | | | PIMCO
Preferred and
Capital
Securities Active
Exchange-
Traded Fund(b) | | | PIMCO
Senior Loan
Active
Exchange-
Traded Fund | | | PIMCO
Short Term
Municipal Bond
Active
Exchange-
Traded Fund | | | PIMCO
Ultra Short
Government
Active
Exchange-
Traded Fund(a) | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 5,733 | | | $ | 371,281 | | | $ | 29,331 | | | $ | 87 | | | $ | 2,308 | | | $ | 1,535 | | | $ | 10,171 | | | $ | 14,523 | | | $ | 13 | |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 20 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 19 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 5,733 | | | | 371,300 | | | | 29,331 | | | | 87 | | | | 2,308 | | | | 1,555 | | | | 10,171 | | | | 14,523 | | | | 13 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 599 | | | | 33,790 | | �� | | 3,195 | | | | 11 | | | | 269 | | | | 220 | | | | 836 | | | | 1,946 | | | | 0 | |
| | 2 | | | | 159 | | | | 13 | | | | 0 | | | | 1 | | | | 3 | | | | 3 | | | | 8 | | | | 0 | |
| | 8 | | | | 103 | | | | 12 | | | | 0 | | | | 0 | | | | 14 | | | | 30 | | | | 10 | | | | 0 | |
| | 0 | | | | 0 | | | | 0 | | | | 91 | | | | 0 | | | | 90 | | | | 0 | | | | 0 | | | | 39 | |
| | 8 | | | | 0 | | | | 0 | | | | 0 | | | | 3 | | | | 0 | | | | 6 | | | | 0 | | | | 0 | |
| | 617 | | | | 34,052 | | | | 3,220 | | | | 102 | | | | 273 | | | | 327 | | | | 875 | | | | 1,964 | | | | 39 | |
| | (202 | ) | | | 0 | | | | 0 | | | | (93 | ) | | | (56 | ) | | | (130 | ) | | | (238 | ) | | | 0 | | | | (38 | ) |
| | 415 | | | | 34,052 | | | | 3,220 | | | | 9 | | | | 217 | | | | 197 | | | | 637 | | | | 1,964 | | | | 1 | |
| | | | | | | | |
| | 5,318 | | | | 337,248 | | | | 26,111 | | | | 78 | | | | 2,091 | | | | 1,358 | | | | 9,534 | | | | 12,559 | | | | 12 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | (1,084 | ) | | | (146,045 | ) | | | (14,815 | ) | | | (24 | ) | | | (1,430 | ) | | | (1,208 | ) | | | (1,101 | ) | | | (4,077 | ) | | | 1 | |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 24 | | | | 9,634 | | | | (146 | ) | | | (4 | ) | | | 182 | | | | 55 | | | | 334 | | | | 0 | | | | 0 | |
| | 87 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | (9 | ) | | | (497 | ) | | | 0 | | | | 0 | |
| | 8 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | (4 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | |
| | (965 | ) | | | (136,411 | ) | | | (14,961 | ) | | | (28 | ) | | | (1,248 | ) | | | (1,166 | ) | | | (1,264 | ) | | | (4,077 | ) | | | 1 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 1,555 | | | | 148,049 | | | | 22,905 | | | | (124 | ) | | | 1,799 | | | | (2,325 | ) | | | 2,928 | | | | 3,177 | | | | (1 | ) |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 40 | | | | 7,467 | | | | 0 | | | | 104 | | | | 42 | | | | 103 | | | | 323 | | | | 0 | | | | 0 | |
| | (495 | ) | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | (18 | ) | | | 0 | | | | 0 | | | | 0 | |
| | 1 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | |
| | 1,101 | | | | 155,516 | | | | 22,905 | | | | (20 | ) | | | 1,841 | | | | (2,240 | ) | | | 3,251 | | | | 3,177 | | | | (1 | ) |
| | | | | | | | |
| $ | 5,454 | | | $ | 356,353 | | | $ | 34,055 | | | $ | 30 | | | $ | 2,684 | | | $ | (2,048 | ) | | $ | 11,521 | | | $ | 11,659 | | | $ | 12 | |
| | | | | | | | |
| $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 37 |
| | | | |
| Consolidated Statement of Operations | | | | |
| | | | |
| (Amounts in thousands†) | | PIMCO
Commodity Strategy
Active Exchange-
Traded Fund(a) | |
| |
Investment Income: | | | | |
| |
Interest | | $ | 305 | |
Total Income | | | 305 | |
| |
Expenses: | | | | |
| |
Management fees | | | 48 | |
Interest expense | | | 1 | |
Organizational expense | | | 107 | |
Total Expenses | | | 156 | |
Waiver and/or Reimbursement by PIMCO | | | (118 | ) |
Net Expenses | | | 38 | |
| |
Net Investment Income (Loss) | | | 267 | |
| |
Net Realized Gain (Loss): | | | | |
| |
Investments in securities | | | (1 | ) |
Exchange-traded or centrally cleared financial derivative instruments | | | (374 | ) |
Over the counter financial derivative instruments | | | 208 | |
Foreign currency | | | (2 | ) |
| |
Net Realized Gain (Loss) | | | (169 | ) |
| |
Net Change in Unrealized Appreciation (Depreciation): | | | | |
| |
Investments in securities | | | (34 | ) |
Exchange-traded or centrally cleared financial derivative instruments | | | (774 | ) |
Over the counter financial derivative instruments | | | (101 | ) |
| |
Net Change in Unrealized Appreciation (Depreciation) | | | (909 | ) |
| |
Net Increase (Decrease) in Net Assets Resulting from Operations | | $ | (811 | ) |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (a) | Inception date of the Fund was May 09, 2023. |
| | | | | | |
| 38 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | |
| Statements of Changes in Net Assets | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | PIMCO
25+ Year Zero Coupon
U.S. Treasury Index
Exchange-Traded Fund | | | PIMCO
1-5 Year U.S. TIPS Index
Exchange-Traded Fund | | | PIMCO
15+ Year U.S. TIPS Index
Exchange-Traded Fund | | | PIMCO
Broad U.S. TIPS Index
Exchange-Traded Fund | |
| | | | | | | | |
| (Amounts in thousands†) | | Year Ended
June 30, 2023 | | | Year Ended
June 30, 2022 | | | Year Ended
June 30, 2023 | | | Year Ended
June 30, 2022 | | | Year Ended
June 30, 2023 | | | Year Ended
June 30, 2022 | | | Year Ended
June 30, 2023 | | | Year Ended
June 30, 2022 | |
| | | | | | | | |
Increase (Decrease) in Net Assets from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment income (loss) | | $ | 23,539 | | | $ | 7,604 | | | $ | 38,492 | | | $ | 71,273 | | | $ | 33,329 | | | $ | 43,867 | | | $ | 11,267 | | | $ | 12,262 | |
Net realized gain (loss) | | | (65,687 | ) | | | (247 | ) | | | (55,574 | ) | | | 8,287 | | | | (14,974 | ) | | | (7,376 | ) | | | (28,375 | ) | | | 685 | |
Net change in unrealized appreciation (depreciation) | | | (23,073 | ) | | | (117,925 | ) | | | 6,387 | | | | (88,032 | ) | | | (35,660 | ) | | | (206,156 | ) | | | 10,856 | | | | (26,644 | ) |
| | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (65,221 | ) | | | (110,568 | ) | | | (10,695 | ) | | | (8,472 | ) | | | (17,305 | ) | | | (169,665 | ) | | | (6,252 | ) | | | (13,697 | ) |
| | | | | | | | |
Distributions to Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
From net investment income and/or net realized capital gains | | | (17,750 | ) | | | (6,660 | ) | | | (43,653 | ) | | | (69,174 | ) | | | (33,083 | ) | | | (42,424 | ) | | | (11,385 | ) | | | (14,257 | ) |
| | | | | | | | |
Total Distributions(a) | | | (17,750 | ) | | | (6,660 | ) | | | (43,653 | ) | | | (69,174 | ) | | | (33,083 | ) | | | (42,424 | ) | | | (11,385 | ) | | | (14,257 | ) |
| | | | | | | | |
Fund Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Receipts for shares sold | | | 975,442 | | | | 391,628 | | | | 197,650 | | | | 949,963 | | | | 310,521 | | | | 567,756 | | | | 170,980 | | | | 132,061 | |
Cost of shares redeemed | | | (379,989 | ) | | | (234,603 | ) | | | (885,394 | ) | | | (269,524 | ) | | | (210,383 | ) | | | (337,889 | ) | | | (216,694 | ) | | | (85,597 | ) |
Net increase (decrease) resulting from Fund share transactions | | | 595,453 | | | | 157,025 | | | | (687,744 | ) | | | 680,439 | | | | 100,138 | | | | 229,867 | | | | (45,714 | ) | | | 46,464 | |
| | | | | | | | |
Total Increase (Decrease) in Net Assets | | | 512,482 | | | | 39,797 | | | | (742,092 | ) | | | 602,793 | | | | 49,750 | | | | 17,778 | | | | (63,351 | ) | | | 18,510 | |
| | | | | | | | |
Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Beginning of year | | | 435,244 | | | | 395,447 | | | | 1,575,509 | | | | 972,716 | | | | 620,606 | | | | 602,828 | | | | 194,771 | | | | 176,261 | |
End of year | | $ | 947,726 | | | $ | 435,244 | | | $ | 833,417 | | | $ | 1,575,509 | | | $ | 670,356 | | | $ | 620,606 | | | $ | 131,420 | | | $ | 194,771 | |
| | | | | | | | |
Shares of Beneficial Interest: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Shares sold | | | 10,450 | | | | 2,900 | | | | 3,900 | | | | 17,400 | | | | 5,100 | | | | 6,600 | | | | 2,950 | | | | 2,050 | |
Shares redeemed | | | (4,150 | ) | | | (1,600 | ) | | | (17,450 | ) | | | (4,950 | ) | | | (3,450 | ) | | | (4,050 | ) | | | (3,900 | ) | | | (1,350 | ) |
Net increase (decrease) in shares outstanding | | | 6,300 | | | | 1,300 | | | | (13,550 | ) | | | 12,450 | | | | 1,650 | | | | 2,550 | | | | (950 | ) | | | 700 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (a) | The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 39 |
| | | | |
| Statements of Changes in Net Assets | | (Cont.) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | PIMCO
0-5 Year High Yield
Corporate Bond Index
Exchange-Traded Fund | | | PIMCO
Investment Grade
Corporate Bond Index
Exchange-Traded Fund | | | PIMCO
Active Bond
Exchange-Traded Fund | | | PIMCO
Enhanced Low
Duration Active
Exchange-Traded Fund | |
| | | | | | | | |
| (Amounts in thousands†) | | Year Ended
June 30, 2023 | | | Year Ended
June 30, 2022 | | | Year Ended
June 30, 2023 | | | Year Ended
June 30, 2022 | | | Year Ended
June 30, 2023 | | | Year Ended
June 30, 2022 | | | Year Ended
June 30, 2023 | | | Year Ended
June 30, 2022 | |
| | | | | | | | |
Increase (Decrease) in Net Assets from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment income (loss) | | $ | 72,686 | | | $ | 61,463 | | | $ | 27,816 | | | $ | 18,264 | | | $ | 127,910 | | | $ | 96,634 | | | $ | 47,058 | | | $ | 17,500 | |
Net realized gain (loss) | | | (46,065 | ) | | | (61,057 | ) | | | (14,539 | ) | | | (15,120 | ) | | | (191,923 | ) | | | (203,891 | ) | | | (65,320 | ) | | | (18,028 | ) |
Net change in unrealized appreciation (depreciation) | | | 76,273 | | | | (149,141 | ) | | | 13,248 | | | | (108,859 | ) | | | 58,999 | | | | (397,304 | ) | | | 25,434 | | | | (54,812 | ) |
| | | | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | 102,894 | | | | (148,735 | ) | | | 26,525 | | | | (105,715 | ) | | | (5,014 | ) | | | (504,561 | ) | | | 7,172 | | | | (55,340 | ) |
| | | | | | | | |
Distributions to Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
From net investment income and/or net realized capital gains | | | (74,597 | ) | | | (64,850 | ) | | | (26,827 | ) | | | (19,457 | ) | | | (118,150 | ) | | | (109,815 | ) | | | (39,335 | ) | | | (14,527 | ) |
| | | | | | | | |
Total Distributions(a) | | | (74,597 | ) | | | (64,850 | ) | | | (26,827 | ) | | | (19,457 | ) | | | (118,150 | ) | | | (109,815 | ) | | | (39,335 | ) | | | (14,527 | ) |
| | | | | | | | |
Fund Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Receipts for shares sold | | | 924,963 | | | | 984,145 | | | | 466,947 | | | | 165,347 | | | | 571,460 | | | | 396,091 | | | | 106,412 | | | | 434,297 | |
Cost of shares redeemed | | | (968,228 | ) | | | (1,894,593 | ) | | | (305,469 | ) | | | (253,481 | ) | | | (194,362 | ) | | | (839,695 | ) | | | (476,758 | ) | | | (49,795 | ) |
Net increase (decrease) resulting from Fund share transactions | | | (43,265 | ) | | | (910,448 | ) | | | 161,478 | | | | (88,134 | ) | | | 377,098 | | | | (443,604 | ) | | | (370,346 | ) | | | 384,502 | |
| | | | | | | | |
Total Increase (Decrease) in Net Assets | | | (14,968 | ) | | | (1,124,033 | ) | | | 161,176 | | | | (213,306 | ) | | | 253,934 | | | | (1,057,980 | ) | | | (402,509 | ) | | | 314,635 | |
| | | | | | | | |
Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Beginning of year | | | 1,115,806 | | | | 2,239,839 | | | | 580,883 | | | | 794,189 | | | | 3,224,915 | | | | 4,282,895 | | | | 1,444,341 | | | | 1,129,706 | |
End of year | | $ | 1,100,838 | | | $ | 1,115,806 | | | $ | 742,059 | | | $ | 580,883 | | | $ | 3,478,849 | | | $ | 3,224,915 | | | $ | 1,041,832 | | | $ | 1,444,341 | |
| | | | | | | | |
Shares of Beneficial Interest: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Shares sold | | | 10,250 | | | | 10,250 | | | | 5,000 | | | | 1,450 | | | | 6,200 | | | | 3,690 | | | | 1,120 | | | | 4,420 | |
Shares redeemed | | | (10,750 | ) | | | (20,050 | ) | | | (3,200 | ) | | | (2,350 | ) | | | (2,120 | ) | | | (8,380 | ) | | | (5,040 | ) | | | (500 | ) |
Net increase (decrease) in shares outstanding | | | (500 | ) | | | (9,800 | ) | | | 1,800 | | | | (900 | ) | | | 4,080 | | | | (4,690 | ) | | | (3,920 | ) | | | 3,920 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (a) | The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. |
| (b) | Inception date of the Fund was June 8, 2022. |
| (c) | Inception date of the Fund was September 8, 2021. |
| (d) | Inception date of the Fund was January 18, 2023. |
| (e) | Inception date of the Fund was June 21, 2023. |
| | | | | | |
| 40 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PIMCO
Enhanced Short
Maturity Active ESG
Exchange-Traded Fund | | | PIMCO
Enhanced Short
Maturity Active
Exchange-Traded Fund | | | PIMCO
Intermediate Municipal
Bond Active
Exchange-Traded Fund | | | PIMCO
Multisector
Bond Active
Exchange-Traded Fund | | | PIMCO
Municipal Income
Opportunities Active
Exchange-Traded Fund | |
| | | | | | | | |
Year Ended
June 30, 2023 | | | Year Ended
June 30, 2022 | | | Year Ended
June 30, 2023 | | | Year Ended
June 30, 2022 | | | Year Ended
June 30, 2023 | | | Year Ended
June 30, 2022 | | | Inception date through
June 30, 2023(e) | | | Year Ended
June 30, 2023
| | | Inception date through
June 30, 2022(c)
| |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 5,318 | | | $ | 1,154 | | | $ | 337,248 | | | $ | 90,004 | | | $ | 26,111 | | | $ | 11,992 | | | $ | 78 | | | $ | 2,091 | | | $ | 564 | |
| | (965 | ) | | | (68 | ) | | | (136,411 | ) | | | (111,160 | ) | | | (14,961 | ) | | | (15,189 | ) | | | (28 | ) | | | (1,248 | ) | | | (3,982 | ) |
| | 1,101 | | | | (3,625 | ) | | | 155,516 | | | | (272,391 | ) | | | 22,905 | | | | (53,344 | ) | | | (20 | ) | | | 1,841 | | | | (1,057 | ) |
| | | | | | | | |
| 5,454 | | | | (2,539 | ) | | | 356,353 | | | | (293,547 | ) | | | 34,055 | | | | (56,541 | ) | | | 30 | | | | 2,684 | | | | (4,475 | ) |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| (6,454 | ) | | | (1,355 | ) | | | (312,603 | ) | | | (82,303 | ) | | | (24,441 | ) | | | (11,421 | ) | | | 0 | | | | (1,943 | ) | | | (453 | ) |
| | | | | | | | |
| | (6,454 | ) | | | (1,355 | ) | | | (312,603 | ) | | | (82,303 | ) | | | (24,441 | ) | | | (11,421 | ) | | | 0 | | | | (1,943 | ) | | | (453 | ) |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 24,464 | | | | 90,055 | | | | 2,822,438 | | | | 2,413,528 | | | | 421,766 | | | | 442,545 | | | | 65,023 | | | | 55,524 | | | | 53,425 | |
| | (56,712 | ) | | | (55,090 | ) | | | (5,365,817 | ) | | | (4,304,585 | ) | | | (297,476 | ) | | | (174,607 | ) | | | 0 | | | | (23,662 | ) | | | (6,201 | ) |
| (32,248 | ) | | | 34,965 | | | | (2,543,379 | ) | | | (1,891,057 | ) | | | 124,290 | | | | 267,938 | | | | 65,023 | | | | 31,862 | | | | 47,224 | |
| | | | | | | | |
| | (33,248 | ) | | | 31,071 | | | | (2,499,629 | ) | | | (2,266,907 | ) | | | 133,904 | | | | 199,976 | | | | 65,053 | | | | 32,603 | | | | 42,296 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 184,071 | | | | 153,000 | | | | 11,757,526 | | | | 14,024,433 | | | | 847,128 | | | | 647,152 | | | | 0 | | | | 42,296 | | | | 0 | |
| $ | 150,823 | | | $ | 184,071 | | | $ | 9,257,897 | | | $ | 11,757,526 | | | $ | 981,032 | | | $ | 847,128 | | | $ | 65,053 | | | $ | 74,899 | | | $ | 42,296 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 250 | | | | 900 | | | | 28,420 | | | | 23,940 | | | | 8,220 | | | | 8,340 | | | | 2,600 | | | | 1,260 | | | | 1,100 | |
| | (580 | ) | | | (550 | ) | | | (54,250 | ) | | | (42,840 | ) | | | (5,720 | ) | | | (3,320 | ) | | | 0 | | | | (540 | ) | | | (140 | ) |
| | (330 | ) | | | 350 | | | | (25,830 | ) | | | (18,900 | ) | | | 2,500 | | | | 5,020 | | | | 2,600 | | | | 720 | | | | 960 | |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 41 |
| | | | |
| Statements of Changes in Net Assets | | (Cont.) | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | PIMCO
Preferred and Capital
Securities Active
Exchange-Traded Fund | | | PIMCO
Senior Loan Active
Exchange-Traded Fund | | | PIMCO
Short Term Municipal
Bond Active
Exchange-Traded Fund | | | PIMCO
Ultra Short
Government Active
Exchange-Traded Fund | |
| | | | | | |
| (Amounts in thousands†) | | Inception date through
June 30, 2023(d) | | | Year Ended
June 30, 2023 | | | Inception date through
June 30, 2022(b) | | | Year Ended
June 30, 2023 | | | Year Ended
June 30, 2022 | | | Inception date through
June 30, 2023(e) | |
| | | | | | |
Increase (Decrease) in Net Assets from: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income (loss) | | $ | 1,358 | | | $ | 9,534 | | | $ | 76 | | | $ | 12,559 | | | $ | 3,532 | | | $ | 12 | |
Net realized gain (loss) | | | (1,166 | ) | | | (1,264 | ) | | | 3 | | | | (4,077 | ) | | | (6,193 | ) | | | 1 | |
Net change in unrealized appreciation (depreciation) | | | (2,240 | ) | | | 3,251 | | | | (2,475 | ) | | | 3,177 | | | | (14,179 | ) | | | (1 | ) |
| | | | | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (2,048 | ) | | | 11,521 | | | | (2,396 | ) | | | 11,659 | | | | (16,840 | ) | | | 12 | |
| | | | | | |
Distributions to Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
From net investment income and/or net realized capital gains | | | (928 | ) | | | (8,533 | ) | | | 0 | | | | (11,652 | ) | | | (3,141 | ) | | | 0 | |
| | | | | | |
Total Distributions(a) | | | (928 | ) | | | (8,533 | ) | | | 0 | | | | (11,652 | ) | | | (3,141 | ) | | | 0 | |
| | | | | | |
Fund Share Transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Receipts for shares sold | | | 96,190 | | | | 122,579 | | | | 66,953 | | | | 73,279 | | | | 232,044 | | | | 13,007 | |
Cost of shares redeemed | | | 0 | | | | (24,565 | ) | | | 0 | | | | (110,830 | ) | | | (102,001 | ) | | | 0 | |
Net increase (decrease) resulting from Fund share transactions | | | 96,190 | | | | 98,014 | | | | 66,953 | | | | (37,551 | ) | | | 130,043 | | | | 13,007 | |
| | | | | | |
Total Increase (Decrease) in Net Assets | | | 93,214 | | | | 101,002 | | | | 64,557 | | | | (37,544 | ) | | | 110,062 | | | | 13,019 | |
| | | | | | |
Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Beginning of year | | | 0 | | | | 64,557 | | | | 0 | | | | 562,994 | | | | 452,932 | | | | 0 | |
End of year | | $ | 93,214 | | | $ | 165,559 | | | $ | 64,557 | | | $ | 525,450 | | | $ | 562,994 | | | $ | 13,019 | |
| | | | | | |
Shares of Beneficial Interest: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Shares sold | | | 2,000 | | | | 2,480 | | | | 1,340 | | | | 1,480 | | | | 4,570 | | | | 130 | |
Shares redeemed | | | 0 | | | | (500 | ) | | | 0 | | | | (2,240 | ) | | | (2,020 | ) | | | 0 | |
Net increase (decrease) in shares outstanding | | | 2,000 | | | | 1,980 | | | | 1,340 | | | | (760 | ) | | | 2,550 | | | | 130 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (a) | The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. |
| (b) | Inception date of the Fund was June 8, 2022. |
| (c) | Inception date of the Fund was September 8 2021. |
| (d) | Inception date of the Fund was January 18, 2023. |
| (e) | Inception date of the Fund was June 21, 2023. |
| | | | | | |
| 42 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | |
| Consolidated Statement of Changes in Net Assets | | | | |
| | | | |
| | | PIMCO
Commodity Strategy
Active Exchange-
Traded Fund | |
| |
| (Amounts in thousands†) | | Inception date through
June 30, 2023(a) | |
| |
Increase (Decrease) in Net Assets from: | | | | |
| |
Operations: | | | | |
| |
Net investment income (loss) | | $ | 267 | |
Net realized gain (loss) | | | (169 | ) |
Net change in unrealized appreciation (depreciation) | | | (909 | ) |
| |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | (811 | ) |
| |
Fund Share Transactions: | | | | |
| |
Receipts for shares sold | | | 205,797 | |
Cost of shares redeemed | | | (6,264 | ) |
Net increase (decrease) resulting from Fund share transactions | | | 199,533 | |
| |
Total Increase (Decrease) in Net Assets | | | 198,722 | |
| |
Net Assets: | | | | |
| |
Beginning of year | | | 0 | |
End of year | | $ | 198,722 | |
| |
Shares of Beneficial Interest: | | | | |
| |
Shares sold | | | 8,125 | |
Shares redeemed | | | (250 | ) |
Net increase (decrease) in shares outstanding | | | 7,875 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (a) | Inception date of the Fund was May 09, 2023. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 43 |
| | | | | | |
| Schedule of Investments | | PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | | | | June 30, 2023 |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 100.0% | |
| |
| U.S. TREASURY OBLIGATIONS 99.6% | |
|
U.S. Treasury STRIPS (a) | |
0.000% due 08/15/2047 | | $ | | | 116 | | | $ | | | 45 | |
0.000% due 11/15/2047 | | | | | 139 | | | | | | 53 | |
0.000% due 02/15/2048 | | | | | 277 | | | | | | 106 | |
0.000% due 05/15/2048 | | | | | 132,930 | | | | | | 50,306 | |
0.000% due 08/15/2048 | | | | | 133,229 | | | | | | 50,103 | |
0.000% due 11/15/2048 | | | | | 145,334 | | | | | | 54,499 | |
0.000% due 02/15/2049 | | | | | 133,668 | | | | | | 49,869 | |
0.000% due 05/15/2049 | | | | | 132,510 | | | | | | 49,148 | |
0.000% due 08/15/2049 | | | | | 154,104 | | | | | | 56,740 | |
0.000% due 11/15/2049 | | | | | 148,299 | | | | | | 54,282 | |
0.000% due 02/15/2050 | | | | | 125,908 | | | | | | 45,721 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
0.000% due 05/15/2050 | | $ | | | 132,434 | | | $ | | | 47,700 | |
0.000% due 08/15/2050 | | | | | 117,526 | | | | | | 41,992 | |
0.000% due 11/15/2050 | | | | | 117,656 | | | | | | 41,775 | |
0.000% due 02/15/2051 | | | | | 134,393 | | | | | | 47,488 | |
0.000% due 05/15/2051 | | | | | 117,866 | | | | | | 41,302 | |
0.000% due 08/15/2051 | | | | | 117,369 | | | | | | 40,948 | |
0.000% due 11/15/2051 | | | | | 125,708 | | | | | | 43,619 | |
0.000% due 02/15/2052 | | | | | 119,365 | | | | | | 41,112 | |
0.000% due 05/15/2052 | | | | | 131,410 | | | | | | 45,034 | |
0.000% due 08/15/2052 | | | | | 146,482 | | | | | | 49,898 | |
0.000% due 11/15/2052 | | | | | 145,782 | | | | | | 50,244 | |
0.000% due 02/15/2053 | | | | | 124,740 | | | | | | 42,193 | |
| | | | | | | | | | | | |
Total U.S. Treasury Obligations
(Cost $1,125,144) | | | 944,177 | |
| | | | |
| | | | | | | | | | | | |
| | | | | | | | | | MARKET
VALUE
(000S) | |
| SHORT-TERM INSTRUMENTS 0.4% | |
| |
| REPURCHASE AGREEMENTS (b) 0.4% | |
| | | | | | | | $ | | | 3,674 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $3,674) | | | 3,674 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
Total Investments in Securities
(Cost $1,128,818) | | | 947,851 | |
| |
| | | | |
Total Investments 100.0%
(Cost $1,128,818) | | | $ | | | 947,851 | |
| |
| Other Assets and Liabilities, net 0.0% | | | (125 | ) |
| | | | |
| Net Assets 100.0% | | | $ | | | 947,726 | |
| | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(b) REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Lending
Rate | | | Settlement
Date | | | Maturity
Date | | | Principal
Amount | | | Collateralized By | | Collateral
(Received) | | | Repurchase
Agreements,
at Value | | | Repurchase
Agreement
Proceeds
to be
Received(1) | |
| FICC | | | 2.400 | % | | | 06/30/2023 | | | | 07/03/2023 | | | $ | 3,674 | | | U.S. Treasury Notes 1.625% due 10/31/2026 | | $ | (3,748 | ) | | $ | 3,674 | | | $ | 3,674 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (3,748 | ) | | $ | 3,674 | | | $ | 3,674 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
FICC | | $ | 3,674 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 3,674 | | | $ | (3,748 | ) | | $ | (74 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 3,674 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Includes accrued interest. |
| (2) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Securities, at Value | |
U.S. Treasury Obligations | | $ | 0 | | | $ | 944,177 | | | $ | 0 | | | $ | 944,177 | |
Short-Term Instruments | |
Repurchase Agreements | | | 0 | | | | 3,674 | | | | 0 | | | | 3,674 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 947,851 | | | $ | 0 | | | $ | 947,851 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.
| | | | | | |
| 44 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | |
| Schedule of Investments | | PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | June 30, 2023 |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 99.8% | |
| |
| U.S. TREASURY OBLIGATIONS 99.7% | |
|
U.S. Treasury Inflation Protected Securities (a) | |
0.125% due 07/15/2024 | | $ | | | 47,236 | | | $ | | | 45,824 | |
0.125% due 10/15/2024 | | | | | 31,599 | | | | | | 30,482 | |
0.125% due 04/15/2025 | | | | | 67,228 | | | | | | 63,963 | |
0.125% due 10/15/2025 | | | | | 11,681 | | | | | | 11,076 | |
0.125% due 04/15/2026 | | | | | 99,871 | | | | | | 93,667 | |
0.125% due 07/15/2026 | | | | | 26,658 | | | | | | 25,046 | |
0.125% due 10/15/2026 | | | | | 30,713 | | | | | | 28,719 | |
0.125% due 04/15/2027 | | | | | 10,224 | | | | | | 9,466 | |
0.125% due 01/15/2032 | | | | | 8,351 | | | | | | 7,356 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
0.250% due 01/15/2025 | | $ | | | 60,067 | | | $ | | | 57,589 | |
0.375% due 07/15/2025 | | | | | 65,505 | | | | | | 62,696 | |
0.375% due 01/15/2027 | | | | | 62,279 | | | | | | 58,452 | |
0.375% due 07/15/2027 | | | | | 27,628 | | | | | | 25,906 | |
0.500% due 01/15/2028 | | | | | 64,767 | | | | | | 60,600 | |
0.625% due 01/15/2026 | | | | | 103,262 | | | | | | 98,481 | |
0.750% due 07/15/2028 | | | | | 30,886 | | | | | | 29,278 | |
0.875% due 01/15/2029 | | | | | 38,458 | | | | | | 36,417 | |
1.625% due 10/15/2027 | | | | | 32,752 | | | | | | 32,281 | |
2.375% due 01/15/2025 | | | | | 54,313 | | | | | | 53,752 | |
| | | | | | | | | | | | |
Total U.S. Treasury Obligations
(Cost $902,987) | | | 831,051 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | MARKET
VALUE
(000S) | |
| SHORT-TERM INSTRUMENTS 0.1% | |
| |
| REPURCHASE AGREEMENTS (b) 0.1% | |
| | | | | | | | $ | | | 624 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $624) | | | 624 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | |
Total Investments in Securities
(Cost $903,611) | | | 831,675 | |
| | | | |
| | | | | | | | | | | | |
Total Investments 99.8%
(Cost $903,611) | | | $ | | | 831,675 | |
| |
| Other Assets and Liabilities, net 0.2% | | | 1,742 | |
| | | | | | | | | | | | |
| Net Assets 100.0% | | | | | | | | $ | | | 833,417 | |
| | | | | | | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (a) | Principal amount of security is adjusted for inflation. |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(b) REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Lending
Rate | | | Settlement
Date | | | Maturity
Date | | | Principal
Amount | | | Collateralized By | | Collateral
(Received) | | | Repurchase
Agreements,
at Value | | | Repurchase
Agreement
Proceeds
to be
Received(1) | |
| FICC | | | 2.400 | % | | | 06/30/2023 | | | | 07/03/2023 | | | $ | 624 | | | U.S. Treasury Notes 1.625% due 10/31/2026 | | $ | (637 | ) | | $ | 624 | | | $ | 624 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (637 | ) | | $ | 624 | | | $ | 624 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
FICC | | $ | 624 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 624 | | | $ | (637 | ) | | $ | (13 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 624 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Includes accrued interest. |
| (2) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Securities, at Value | |
U.S. Treasury Obligations | | $ | 0 | | | $ | 831,051 | | | $ | 0 | | | $ | 831,051 | |
Short-Term Instruments | |
Repurchase Agreements | | | 0 | | | | 624 | | | | 0 | | | | 624 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 831,675 | | | $ | 0 | | | $ | 831,675 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 45 |
| | | | | | |
| Schedule of Investments | | PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | June 30, 2023 |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 99.6% | |
| |
| U.S. TREASURY OBLIGATIONS 99.5% | |
|
U.S. Treasury Inflation Protected Securities (a) | |
0.125% due 02/15/2051 | | $ | | | 24,414 | | | $ | | | 16,312 | |
0.125% due 02/15/2052 | | | | | 28,084 | | | | | | 18,658 | |
0.250% due 02/15/2050 | | | | | 44,888 | | | | | | 31,435 | |
0.625% due 02/15/2043 | | | | | 85,901 | | | | | | 70,541 | |
0.750% due 02/15/2042 | | | | | 75,691 | | | | | | 64,376 | |
0.750% due 02/15/2045 | | | | | 88,847 | | | | | | 73,505 | |
0.875% due 02/15/2047 | | | | | 72,211 | | | | | | 60,653 | |
1.000% due 02/15/2046 | | | | | 72,915 | | | | | | 63,321 | |
1.000% due 02/15/2048 | | | | | 72,142 | | | | | | 62,126 | |
1.000% due 02/15/2049 | | | | | 46,014 | | | | | | 39,617 | |
1.375% due 02/15/2044 | | | | | 84,824 | | | | | | 79,978 | |
1.500% due 02/15/2053 | | | | | 3,026 | | | | | | 2,941 | |
2.125% due 02/15/2040 | | | | | 12,678 | | | | | | 13,614 | |
2.125% due 02/15/2041 | | | | | 65,062 | | | | | | 69,872 | |
| | | | | | | | | | | | |
Total U.S. Treasury Obligations (Cost $909,379) | | | 666,949 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | MARKET
VALUE
(000S) | |
| SHORT-TERM INSTRUMENTS 0.1% | |
| |
| REPURCHASE AGREEMENTS (b) 0.1% | |
| | | | | | | | $ | | | 721 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $721) | | | | | | 721 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments in Securities (Cost $910,100) | | | | | | 667,670 | |
| | | | |
| | | | | | | | | | | | |
Total Investments 99.6%
(Cost $910,100) | | | $ | | | 667,670 | |
| |
| Other Assets and Liabilities, net 0.4% | | | | | | 2,686 | |
| | | | | | | | | | | | |
| Net Assets 100.0% | | | | | | | | $ | | | 670,356 | |
| | | | | | | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (a) | Principal amount of security is adjusted for inflation. |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(b) REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Lending
Rate | | | Settlement
Date | | | Maturity
Date | | | Principal
Amount | | | Collateralized By | | Collateral
(Received) | | | Repurchase
Agreements,
at Value | | | Repurchase
Agreement
Proceeds
to be
Received(1) | |
| FICC | | | 2.400 | % | | | 06/30/2023 | | | | 07/03/2023 | | | $ | 721 | | | U.S. Treasury Notes 1.625% due 10/31/2026 | | $ | (736 | ) | | $ | 721 | | | $ | 721 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (736 | ) | | $ | 721 | | | $ | 721 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
FICC | | $ | 721 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 721 | | | $ | (736 | ) | | $ | (15 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 721 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Includes accrued interest. |
| (2) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Securities, at Value | |
U.S. Treasury Obligations | | $ | 0 | | | $ | 666,949 | | | $ | 0 | | | $ | 666,949 | |
Short-Term Instruments | |
Repurchase Agreements | | | 0 | | | | 721 | | | | 0 | | | | 721 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 667,670 | | | $ | 0 | | | $ | 667,670 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.
| | | | | | |
| 46 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | |
| Schedule of Investments | | PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | June 30, 2023 |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 99.7% | |
| |
| U.S. TREASURY OBLIGATIONS 99.6% | |
|
U.S. Treasury Inflation Protected Securities (a) | |
0.125% due 07/15/2024 | | $ | | | 6,879 | | | $ | | | 6,674 | |
0.125% due 10/15/2024 | | | | | 5,244 | | | | | | 5,059 | |
0.125% due 04/15/2025 | | | | | 4,538 | | | | | | 4,318 | |
0.125% due 10/15/2025 | | | | | 6,008 | | | | | | 5,697 | |
0.125% due 04/15/2026 | | | | | 872 | | | | | | 818 | |
0.125% due 07/15/2026 | | | | | 1,094 | | | | | | 1,027 | |
0.125% due 10/15/2026 | | | | | 6,172 | | | | | | 5,771 | |
0.125% due 04/15/2027 | | | | | 1,657 | | | | | | 1,534 | |
0.125% due 01/15/2030 | | | | | 5,582 | | | | | | 5,010 | |
0.125% due 07/15/2030 | | | | | 5,771 | | | | | | 5,178 | |
0.125% due 01/15/2031 | | | | | 5,764 | | | | | | 5,126 | |
0.125% due 07/15/2031 | | | | | 5,969 | | | | | | 5,296 | |
0.125% due 01/15/2032 | | | | | 3,382 | | | | | | 2,979 | |
0.250% due 01/15/2025 | | | | | 6,981 | | | | | | 6,693 | |
0.250% due 07/15/2029 | | | | | 1,228 | | | | | | 1,121 | |
0.375% due 07/15/2025 | | | | | 6,209 | | | | | | 5,942 | |
0.375% due 01/15/2027 | | | | | 2,159 | | | | | | 2,026 | |
0.375% due 07/15/2027 | | | | | 1,958 | | | | | | 1,836 | |
0.500% due 04/15/2024 | | | | | 1,085 | | | | | | 1,059 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
0.500% due 01/15/2028 | | $ | | | 1,129 | | | $ | | | 1,056 | |
0.625% due 01/15/2024 | | | | | 948 | | | | | | 932 | |
0.625% due 01/15/2026 | | | | | 1,549 | | | | | | 1,477 | |
0.625% due 07/15/2032 | | | | | 6,836 | | | | | | 6,287 | |
0.625% due 02/15/2043 | | | | | 5,718 | | | | | | 4,695 | |
0.750% due 07/15/2028 | | | | | 823 | | | | | | 780 | |
0.750% due 02/15/2042 | | | | | 5,604 | | | | | | 4,767 | |
0.750% due 02/15/2045 | | | | | 5,666 | | | | | | 4,688 | |
0.875% due 01/15/2029 | | | | | 688 | | | | | | 652 | |
0.875% due 02/15/2047 | | | | | 630 | | | | | | 529 | |
1.000% due 02/15/2046 | | | | | 4,698 | | | | | | 4,080 | |
1.000% due 02/15/2049 | | | | | 93 | | | | | | 80 | |
1.125% due 01/15/2033 | | | | | 2,385 | | | | | | 2,287 | |
1.375% due 02/15/2044 | | | | | 5,211 | | | | | | 4,913 | |
1.500% due 02/15/2053 | | | | | 2,523 | | | | | | 2,452 | |
1.625% due 10/15/2027 | | | | | 5,998 | | | | | | 5,911 | |
2.000% due 01/15/2026 | | | | | 434 | | | | | | 428 | |
2.125% due 02/15/2040 | | | | | 163 | | | | | | 175 | |
2.125% due 02/15/2041 | | | | | 211 | | | | | | 226 | |
2.375% due 01/15/2025 | | | | | 5,152 | | | | | | 5,099 | |
2.375% due 01/15/2027 | | | | | 1,705 | | | | | | 1,714 | |
2.500% due 01/15/2029 | | | | | 3,685 | | | | | | 3,797 | |
3.625% due 04/15/2028 | | | | | 141 | | | | | | 151 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
3.875% due 04/15/2029 | | $ | | | 574 | | | $ | | | 634 | |
| | | | | | | | | | | | |
Total U.S. Treasury Obligations
(Cost $139,501) | | | 130,974 | |
| | | | | | | | | | | | |
| |
| SHORT-TERM INSTRUMENTS 0.1% | |
| |
| REPURCHASE AGREEMENTS (b) 0.1% | |
| | | | | | | | | | | 106 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $106) | | | 106 | |
| | | | | | | | | | | | |
|
| |
Total Investments in Securities
(Cost $139,607) | | | 131,080 | |
| | | | |
| | | | | | | | | | | | |
Total Investments 99.7%
(Cost $139,607) | | | $ | | | 131,080 | |
| |
| Other Assets and Liabilities, net 0.3% | | | 340 | |
| | | | | | | | | | | | |
| Net Assets 100.0% | | | $ | | | 131,420 | |
| | | | | | | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (a) | Principal amount of security is adjusted for inflation. |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(b) REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Lending
Rate | | | Settlement
Date | | | Maturity
Date | | | Principal
Amount | | | Collateralized By | | Collateral
(Received) | | | Repurchase
Agreements,
at Value | | | Repurchase
Agreement
Proceeds
to be
Received(1) | |
| FICC | | | 2.400 | % | | | 06/30/2023 | | | | 07/03/2023 | | | $ | 106 | | | U.S. Treasury Notes 1.500% due 01/31/2027 | | $ | (108 | ) | | $ | 106 | | | $ | 106 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (108 | ) | | $ | 106 | | | $ | 106 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
FICC | | $ | 106 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 106 | | | $ | (108 | ) | | $ | (2 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 106 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Includes accrued interest. |
| (2) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Securities, at Value | |
U.S. Treasury Obligations | | $ | 0 | | | $ | 130,974 | | | $ | 0 | | | $ | 130,974 | |
Short-Term Instruments | |
Repurchase Agreements | | | 0 | | | | 106 | | | | 0 | | | | 106 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 131,080 | | | $ | 0 | | | $ | 131,080 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 47 |
| | | | | | |
| Schedule of Investments | | PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 104.0% | |
| |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | |
|
AmSurg LLC | |
0.500% - 11.000% (PRIME + 2.750%) due 07/20/2026 «~ | | $ | | | 546 | | | $ | | | 547 | |
|
Envision Healthcare Corp. | |
16.070% due 04/29/2027 | | | | | 1,865 | | | | | | 2,224 | |
16.695% due 04/28/2028 « | | | | | 765 | | | | | | 563 | |
|
Incora | |
TBD% - 13.725% due 03/01/2024 «µ | | | | | 376 | | | | | | 376 | |
|
Intelsat Jackson Holdings SA | |
9.443% due 02/01/2029 | | | | | 1,495 | | | | | | 1,491 | |
|
TransDigm, Inc. | |
8.492% due 08/24/2028 | | | | | 998 | | | | | | 998 | |
| | | | | | | | | |
Total Loan Participations and Assignments (Cost $6,616) | | | 6,199 | |
| | | | |
| |
| CORPORATE BONDS & NOTES 88.2% | |
| |
| BANKING & FINANCE 16.9% | |
|
Acrisure LLC | |
7.000% due 11/15/2025 | | | | | 667 | | | | | | 647 | |
10.125% due 08/01/2026 | | | | | 1,181 | | | | | | 1,211 | |
|
Advisor Group Holdings, Inc. | |
10.750% due 08/01/2027 | | | | | 444 | | | | | | 447 | |
|
AerCap Holdings NV | |
5.875% due 10/10/2079 • | | | | | 606 | | | | | | 572 | |
|
AG TTMT Escrow Issuer LLC | |
8.625% due 09/30/2027 | | | | | 792 | | | | | | 813 | |
|
Alliant Holdings Intermediate LLC | |
4.250% due 10/15/2027 | | | | | 592 | | | | | | 532 | |
6.750% due 10/15/2027 | | | | | 2,915 | | | | | | 2,744 | |
6.750% due 04/15/2028 | | | | | 753 | | | | | | 748 | |
| | |
Allied Universal Holdco LLC | | | | | | | |
6.625% due 07/15/2026 | | | | | 2,585 | | | | | | 2,456 | |
9.750% due 07/15/2027 | | | | | 2,396 | | | | | | 2,121 | |
| | |
Ally Financial, Inc. | | | | | | | |
5.750% due 11/20/2025 | | | | | 3,637 | | | | | | 3,505 | |
| | |
AssuredPartners, Inc. | | | | | | | |
7.000% due 08/15/2025 | | | | | 839 | | | | | | 830 | |
| | |
Brookfield Property REIT, Inc. | | | | | | | |
4.500% due 04/01/2027 | | | | | 2,323 | | | | | | 1,959 | |
5.750% due 05/15/2026 | | | | | 1,930 | | | | | | 1,770 | |
| | |
Burford Capital Global Finance LLC | | | | | | | |
6.250% due 04/15/2028 | | | | | 886 | | | | | | 816 | |
| | |
Castlelake Aviation Finance DAC | | | | | | | |
5.000% due 04/15/2027 (f) | | | | | 1,361 | | | | | | 1,206 | |
| | |
Citizens Bank NA | | | | | | | |
2.250% due 04/28/2025 | | | | | 1,486 | | | | | | 1,345 | |
| | |
Commerzbank AG | | | | | | | |
8.125% due 09/19/2023 | | | | | 2,612 | | | | | | 2,603 | |
|
Credit Acceptance Corp. | |
5.125% due 12/31/2024 | | | | | 825 | | | | | | 802 | |
6.625% due 03/15/2026 (f) | | | | | 2,344 | | | | | | 2,255 | |
|
Cushman & Wakefield US Borrower LLC | |
6.750% due 05/15/2028 | | | | | 1,692 | | | | | | 1,533 | |
|
Diversified Healthcare Trust | |
9.750% due 06/15/2025 | | | | | 1,500 | | | | | | 1,441 | |
|
Enova International, Inc. | |
8.500% due 09/01/2024 | | | | | 411 | | | | | | 407 | |
8.500% due 09/15/2025 | | | | | 1,230 | | | | | | 1,199 | |
|
Five Point Operating Co. LP | |
7.875% due 11/15/2025 | | | | | 1,332 | | | | | | 1,204 | |
|
Ford Motor Credit Co. LLC | |
2.300% due 02/10/2025 | | | | | 2,262 | | | | | | 2,117 | |
2.700% due 08/10/2026 | | | | | 2,195 | | | | | | 1,962 | |
3.370% due 11/17/2023 | | | | | 20 | | | | | | 20 | |
3.375% due 11/13/2025 | | | | | 742 | | | | | | 691 | |
3.664% due 09/08/2024 | | | | | 1,000 | | | | | | 967 | |
3.810% due 01/09/2024 | | | | | 367 | | | | | | 362 | |
3.815% due 11/02/2027 | | | | | 200 | | | | | | 179 | |
4.063% due 11/01/2024 | | | | | 734 | | | | | | 711 | |
4.125% due 08/17/2027 | | | | | 1,156 | | | | | | 1,057 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
4.134% due 08/04/2025 | | $ | | | 1,204 | | | $ | | | 1,143 | |
4.271% due 01/09/2027 | | | | | 2,358 | | | | | | 2,185 | |
4.389% due 01/08/2026 | | | | | 3,088 | | | | | | 2,925 | |
4.542% due 08/01/2026 | | | | | 2,056 | | | | | | 1,934 | |
4.687% due 06/09/2025 | | | | | 802 | | | | | | 773 | |
4.950% due 05/28/2027 | | | | | 1,325 | | | | | | 1,251 | |
5.125% due 06/16/2025 | | | | | 4,180 | | | | | | 4,069 | |
6.800% due 05/12/2028 | | | | | 812 | | | | | | 814 | |
6.950% due 06/10/2026 | | | | | 1,100 | | | | | | 1,107 | |
7.350% due 11/04/2027 | | | | | 1,344 | | | | | | 1,376 | |
|
Fortress Transportation & Infrastructure Investors LLC | |
5.500% due 05/01/2028 | | | | | 942 | | | | | | 863 | |
6.500% due 10/01/2025 | | | | | 1,467 | | | | | | 1,447 | |
9.750% due 08/01/2027 | | | | | 1,479 | | | | | | 1,529 | |
|
Freedom Mortgage Corp. | |
6.625% due 01/15/2027 | | | | | 586 | | | | | | 508 | |
7.625% due 05/01/2026 | | | | | 1,399 | | | | | | 1,289 | |
8.125% due 11/15/2024 | | | | | 966 | | | | | | 958 | |
8.250% due 04/15/2025 | | | | | 1,179 | | | | | | 1,151 | |
|
Getty Images, Inc. | |
9.750% due 03/01/2027 | | | | | 2,051 | | | | | | 2,028 | |
|
Global Aircraft Leasing Co. Ltd. (6.500% Cash or 7.250% PIK) | |
6.500% due 09/15/2024 (b) | | | | | 155 | | | | | | 142 | |
|
Global Atlantic Fin Co. | |
4.700% due 10/15/2051 • | | | | | 2,714 | | | | | | 1,929 | |
|
Greystar Real Estate Partners LLC | |
5.750% due 12/01/2025 | | | | | 242 | | | | | | 237 | |
|
GTCR AP Finance, Inc. | |
8.000% due 05/15/2027 | | | | | 1,498 | | | | | | 1,470 | |
|
HAT Holdings LLC | |
3.375% due 06/15/2026 | | | | | 3,139 | | | | | | 2,817 | |
6.000% due 04/15/2025 | | | | | 1,100 | | | | | | 1,086 | |
|
Home Point Capital, Inc. | |
5.000% due 02/01/2026 | | | | | 1,396 | | | | | | 1,253 | |
|
HUB International Ltd. | |
7.000% due 05/01/2026 | | | | | 3,344 | | | | | | 3,339 | |
|
Icahn Enterprises LP | |
4.750% due 09/15/2024 | | | | | 1,649 | | | | | | 1,577 | |
5.250% due 05/15/2027 | | | | | 1,790 | | | | | | 1,545 | |
6.250% due 05/15/2026 | | | | | 1,177 | | | | | | 1,072 | |
6.375% due 12/15/2025 | | | | | 1,308 | | | | | | 1,217 | |
|
Intesa Sanpaolo SpA | |
5.017% due 06/26/2024 | | | | | 5,379 | | | | | | 5,212 | |
5.710% due 01/15/2026 | | | | | 872 | | | | | | 831 | |
|
Iron Mountain, Inc. | |
4.875% due 09/15/2027 | | | | | 1,288 | | | | | | 1,218 | |
5.000% due 07/15/2028 | | | | | 444 | | | | | | 412 | |
5.250% due 03/15/2028 | | | | | 812 | | | | | | 760 | |
|
Jefferson Capital Holdings LLC | |
6.000% due 08/15/2026 | | | | | 1,435 | | | | | | 1,168 | |
|
Ladder Capital Finance Holdings LLLP | |
4.250% due 02/01/2027 | | | | | 2,554 | | | | | | 2,221 | |
5.250% due 10/01/2025 | | | | | 1,441 | | | | | | 1,362 | |
|
LD Holdings Group LLC | |
6.500% due 11/01/2025 | | | | | 496 | | | | | | 392 | |
|
LFS Topco LLC | |
5.875% due 10/15/2026 | | | | | 2,021 | | | | | | 1,778 | |
|
Liberty Mutual Group, Inc. | |
4.125% due 12/15/2051 • | | | | | 3,312 | | | | | | 2,609 | |
|
Midcap Financial Issuer Trust | |
6.500% due 05/01/2028 | | | | | 1,422 | | | | | | 1,267 | |
|
MPT Operating Partnership LP | |
5.000% due 10/15/2027 | | | | | 1,760 | | | | | | 1,482 | |
|
Nationstar Mortgage Holdings, Inc. | |
6.000% due 01/15/2027 | | | | | 3,326 | | | | | | 3,098 | |
|
Navient Corp. | |
5.000% due 03/15/2027 | | | | | 401 | | | | | | 359 | |
5.875% due 10/25/2024 | | | | | 687 | | | | | | 676 | |
6.125% due 03/25/2024 | | | | | 3,761 | | | | | | 3,735 | |
6.750% due 06/25/2025 | | | | | 607 | | | | | | 597 | |
6.750% due 06/15/2026 | | | | | 1,311 | | | | | | 1,265 | |
7.250% due 09/25/2023 | | | | | 100 | | | | | | 100 | |
|
NCL Finance Ltd. | |
6.125% due 03/15/2028 | | | | | 1,224 | | | | | | 1,103 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Newmark Group, Inc. | |
6.125% due 11/15/2023 | | $ | | | 1,799 | | | $ | | | 1,783 | |
|
NFP Corp. | |
6.875% due 08/15/2028 | | | | | 402 | | | | | | 349 | |
|
NMI Holdings, Inc. | |
7.375% due 06/01/2025 | | | | | 1,205 | | | | | | 1,219 | |
|
Office Properties Income Trust | |
2.400% due 02/01/2027 | | | | | 250 | | | | | | 168 | |
4.500% due 02/01/2025 | | | | | 396 | | | | | | 343 | |
|
OneMain Finance Corp. | |
3.500% due 01/15/2027 | | | | | 40 | | | | | | 34 | |
6.125% due 03/15/2024 | | | | | 3,394 | | | | | | 3,385 | |
6.625% due 01/15/2028 | | | | | 969 | | | | | | 915 | |
6.875% due 03/15/2025 | | | | | 1,341 | | | | | | 1,329 | |
7.125% due 03/15/2026 | | | | | 4,685 | | | | | | 4,607 | |
|
Oxford Finance LLC | |
6.375% due 02/01/2027 | | | | | 3,239 | | | | | | 3,017 | |
|
Park Intermediate Holdings LLC | |
7.500% due 06/01/2025 | | | | | 2,365 | | | | | | 2,368 | |
|
PennyMac Financial Services, Inc. | |
5.375% due 10/15/2025 | | | | | 2,942 | | | | | | 2,783 | |
|
Popular, Inc. | |
7.250% due 03/13/2028 | | | | | 1,124 | | | | | | 1,124 | |
|
PRA Group, Inc. | |
7.375% due 09/01/2025 | | | | | 1,909 | | | | | | 1,816 | |
8.375% due 02/01/2028 | | | | | 1,687 | | | | | | 1,530 | |
|
Provident Funding Associates LP | |
6.375% due 06/15/2025 | | | | | 1,883 | | | | | | 1,664 | |
|
RHP Hotel Properties LP | |
4.750% due 10/15/2027 | | | | | 592 | | | | | | 552 | |
7.250% due 07/15/2028 | | | | | 1,500 | | | | | | 1,517 | |
|
RLJ Lodging Trust LP | |
3.750% due 07/01/2026 | | | | | 2,489 | | | | | | 2,286 | |
|
Rocket Mortgage LLC | |
2.875% due 10/15/2026 | | | | | 3,105 | | | | | | 2,751 | |
|
SBA Communications Corp. | |
3.875% due 02/15/2027 | | | | | 1,427 | | | | | | 1,316 | |
|
Service Properties Trust | |
4.350% due 10/01/2024 | | | | | 1,490 | | | | | | 1,436 | |
4.650% due 03/15/2024 | | | | | 550 | | | | | | 542 | |
4.750% due 10/01/2026 | | | | | 1,378 | | | | | | 1,198 | |
5.500% due 12/15/2027 | | | | | 702 | | | | | | 618 | |
7.500% due 09/15/2025 | | | | | 4,273 | | | | | | 4,200 | |
|
SLM Corp. | |
3.125% due 11/02/2026 | | | | | 3,115 | | | | | | 2,698 | |
4.200% due 10/29/2025 | | | | | 1,327 | | | | | | 1,234 | |
|
Starwood Property Trust, Inc. | |
3.625% due 07/15/2026 | | | | | 854 | | | | | | 736 | |
3.750% due 12/31/2024 | | | | | 1,802 | | | | | | 1,691 | |
4.375% due 01/15/2027 | | | | | 2,068 | | | | | | 1,783 | |
4.750% due 03/15/2025 | | | | | 289 | | | | | | 273 | |
|
UniCredit SpA | |
5.861% due 06/19/2032 • | | | | | 768 | | | | | | 699 | |
|
United Wholesale Mortgage LLC | |
5.500% due 11/15/2025 | | | | | 990 | | | | | | 943 | |
|
Uniti Group LP | |
10.500% due 02/15/2028 | | | | | 5,913 | | | | | | 5,871 | |
|
USI, Inc. | |
6.875% due 05/01/2025 | | | | | 2,622 | | | | | | 2,606 | |
|
Voyager Aviation Holdings LLC | |
8.500% due 05/09/2026 | | | | | 1,147 | | | | | | 906 | |
|
XHR LP | |
6.375% due 08/15/2025 | | | | | 1,403 | | | | | | 1,379 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 185,580 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 64.9% | |
|
Adient Global Holdings | |
7.000% due 04/15/2028 | | | | | 466 | | | | | | 472 | |
|
Adient Global Holdings Ltd. | |
4.875% due 08/15/2026 | | | | | 1,821 | | | | | | 1,732 | |
|
AECOM | |
5.125% due 03/15/2027 | | | | | 10 | | | | | | 10 | |
| | | | | | |
| 48 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
AerCap Global Aviation Trust | |
6.500% due 06/15/2045 • | | $ | | | 110 | | | $ | | | 107 | |
|
Air Canada | |
3.875% due 08/15/2026 | | | | | 4,361 | | | | | | 4,046 | |
|
Albertsons Cos., Inc. | |
3.250% due 03/15/2026 | | | | | 1,563 | | | | | | 1,445 | |
4.625% due 01/15/2027 | | | | | 245 | | | | | | 232 | |
5.875% due 02/15/2028 | | | | | 1,540 | | | | | | 1,498 | |
6.500% due 02/15/2028 | | | | | 578 | | | | | | 580 | |
7.500% due 03/15/2026 | | | | | 2,034 | | | | | | 2,070 | |
|
Albion Financing 1 SARL | |
6.125% due 10/15/2026 | | | | | 1,394 | | | | | | 1,312 | |
|
Albion Financing 2 SARL | |
8.750% due 04/15/2027 | | | | | 794 | | | | | | 738 | |
|
Allegiant Travel Co. | |
7.250% due 08/15/2027 | | | | | 3,791 | | | | | | 3,781 | |
|
Allen Media LLC | |
10.500% due 02/15/2028 | | | | | 496 | | | | | | 256 | |
|
Alteryx, Inc. | |
8.750% due 03/15/2028 (f) | | | | | 762 | | | | | | 749 | |
|
Altice Financing SA | |
5.000% due 01/15/2028 | | | | | 1,825 | | | | | | 1,460 | |
|
Altice France Holding SA | |
6.000% due 02/15/2028 | | | | | 1,083 | | | | | | 529 | |
10.500% due 05/15/2027 | | | | | 4,501 | | | | | | 2,731 | |
|
Altice France SA | |
5.500% due 01/15/2028 | | | | | 842 | | | | | | 637 | |
8.125% due 02/01/2027 | | | | | 4,006 | | | | | | 3,473 | |
|
AMC Entertainment Holdings, Inc. (10.000% PIK) | |
10.000% due 06/15/2026 (b)(f) | | | | | 2,218 | | | | | | 1,594 | |
|
AMC Networks, Inc. | |
4.750% due 08/01/2025 | | | | | 3,776 | | | | | | 3,306 | |
5.000% due 04/01/2024 | | | | | 978 | | | | | | 964 | |
|
American Airlines Pass-Through Trust | |
3.375% due 11/01/2028 | | | | | 1,102 | | | | | | 989 | |
3.700% due 04/01/2028 | | | | | 293 | | | | | | 264 | |
|
American Airlines, Inc. | |
5.500% due 04/20/2026 | | | | | 8,847 | | | | | | 8,772 | |
7.250% due 02/15/2028 | | | | | 1,156 | | | | | | 1,150 | |
11.750% due 07/15/2025 | | | | | 2,513 | | | | | | 2,758 | |
|
American Axle & Manufacturing, Inc. | |
6.875% due 07/01/2028 | | | | | 812 | | | | | | 760 | |
|
American Builders & Contractors Supply Co., Inc. | |
4.000% due 01/15/2028 | | | | | 250 | | | | | | 228 | |
|
Aramark Services, Inc. | |
5.000% due 02/01/2028 | | | | | 4,042 | | | | | | 3,815 | |
|
Arconic Corp. | |
6.000% due 05/15/2025 | | | | | 1,477 | | | | | | 1,492 | |
|
ARD Finance SA (6.500% Cash or 7.250% PIK) | |
6.500% due 06/30/2027 (b) | | | | | 3,804 | | | | | | 3,087 | |
|
Ardagh Packaging Finance PLC | |
4.125% due 08/15/2026 | | | | | 2,897 | | | | | | 2,702 | |
5.250% due 04/30/2025 | | | | | 945 | | | | | | 925 | |
5.250% due 08/15/2027 | | | | | 1,348 | | | | | | 1,144 | |
|
Artera Services LLC | |
9.033% due 12/04/2025 | | | | | 2,175 | | | | | | 1,906 | |
|
Ascent Resources Utica Holdings LLC | |
7.000% due 11/01/2026 | | | | | 3,640 | | | | | | 3,527 | |
|
Aston Martin Capital Holdings Ltd. | |
10.500% due 11/30/2025 | | | | | 1,885 | | | | | | 1,905 | |
|
ATP Tower Holdings LLC | |
4.050% due 04/27/2026 (f) | | | | | 1,736 | | | | | | 1,495 | |
|
Audacy Capital Corp. | |
6.500% due 05/01/2027 | | | | | 700 | | | | | | 14 | |
|
Avient Corp. | |
5.750% due 05/15/2025 | | | | | 1,585 | | | | | | 1,567 | |
|
Avis Budget Car Rental LLC | |
4.750% due 04/01/2028 | | | | | 396 | | | | | | 365 | |
|
Axalta Coating Systems LLC | |
4.750% due 06/15/2027 | | | | | 1,404 | | | | | | 1,325 | |
|
B&G Foods, Inc. | |
5.250% due 04/01/2025 | | | | | 2,394 | | | | | | 2,289 | |
5.250% due 09/15/2027 | | | | | 900 | | | | | | 783 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
B.C. Unlimited Liability Co. | |
3.875% due 01/15/2028 | | $ | | | 200 | | | $ | | | 183 | |
4.375% due 01/15/2028 | | | | | 4,947 | | | | | | 4,574 | |
5.750% due 04/15/2025 | | | | | 385 | | | | | | 385 | |
|
Ball Corp. | |
4.000% due 11/15/2023 | | | | | 19 | | | | | | 19 | |
4.875% due 03/15/2026 | | | | | 1,360 | | | | | | 1,324 | |
5.250% due 07/01/2025 | | | | | 1,814 | | | | | | 1,800 | |
|
Bath & Body Works, Inc. | |
6.694% due 01/15/2027 | | | | | 801 | | | | | | 806 | |
9.375% due 07/01/2025 (f) | | | | | 1,334 | | | | | | 1,417 | |
|
Bausch Health Cos., Inc. | |
5.500% due 11/01/2025 | | | | | 3,690 | | | | | | 3,265 | |
6.125% due 02/01/2027 | | | | | 606 | | | | | | 389 | |
9.000% due 12/15/2025 (f) | | | | | 1,584 | | | | | | 1,384 | |
11.000% due 09/30/2028 | | | | | 1,366 | | | | | | 974 | |
|
BC Ltd. | |
9.000% due 01/30/2028 | | | | | 953 | | | | | | 956 | |
|
BCPE Empire Holdings, Inc. | |
7.625% due 05/01/2027 | | | | | 2,616 | | | | | | 2,436 | |
|
BCPE Ulysses Intermediate, Inc. (7.750% Cash or 8.500% PIK) | |
7.750% due 04/01/2027 (b) | | | | | 500 | | | | | | 441 | |
|
Beacon Roofing Supply, Inc. | |
4.500% due 11/15/2026 (f) | | | | | 1,569 | | | | | | 1,490 | |
|
Berry Global, Inc. | |
4.500% due 02/15/2026 | | | | | 602 | | | | | | 574 | |
|
Blackstone Mortgage Trust, Inc. | |
3.750% due 01/15/2027 | | | | | 10 | | | | | | 8 | |
|
Block Communications, Inc. | |
4.875% due 03/01/2028 | | | | | 500 | | | | | | 414 | |
|
Block, Inc. | |
2.750% due 06/01/2026 | | | | | 2,483 | | | | | | 2,263 | |
|
Bombardier, Inc. | |
7.125% due 06/15/2026 | | | | | 7,277 | | | | | | 7,236 | |
7.875% due 04/15/2027 | | | | | 817 | | | | | | 816 | |
|
Boxer Parent Co., Inc. | |
7.125% due 10/02/2025 | | | | | 1,309 | | | | | | 1,312 | |
9.125% due 03/01/2026 | | | | | 786 | | | | | | 783 | |
|
Boyd Gaming Corp. | |
4.750% due 12/01/2027 | | | | | 1,280 | | | | | | 1,214 | |
|
Buckeye Partners LP | |
3.950% due 12/01/2026 | | | | | 672 | | | | | | 608 | |
4.125% due 03/01/2025 | | | | | 573 | | | | | | 546 | |
4.150% due 07/01/2023 | | | | | 253 | | | | | | 253 | |
4.350% due 10/15/2024 | | | | | 269 | | | | | | 263 | |
4.500% due 03/01/2028 | | | | | 1,401 | | | | | | 1,257 | |
|
Caesars Entertainment, Inc. | |
6.250% due 07/01/2025 | | | | | 5,722 | | | | | | 5,701 | |
8.125% due 07/01/2027 | | | | | 4,972 | | | | | | 5,094 | |
|
Calumet Specialty Products Partners LP | |
8.125% due 01/15/2027 | | | | | 812 | | | | | | 778 | |
|
Camelot Finance SA | |
4.500% due 11/01/2026 | | | | | 1,495 | | | | | | 1,410 | |
|
Cargo Aircraft Management, Inc. | |
4.750% due 02/01/2028 | | | | | 284 | | | | | | 249 | |
|
Carnival Corp. | |
5.750% due 03/01/2027 | | | | | 6,891 | | | | | | 6,350 | |
7.625% due 03/01/2026 (f) | | | | | 4,524 | | | | | | 4,435 | |
9.875% due 08/01/2027 | | | | | 556 | | | | | | 580 | |
10.500% due 02/01/2026 | | | | | 3,809 | | | | | | 4,007 | |
|
Carnival Holdings Bermuda Ltd. | |
10.375% due 05/01/2028 | | | | | 1,089 | | | | | | 1,192 | |
|
Carvana Co. | |
5.625% due 10/01/2025 | | | | | 2,264 | | | | | | 1,961 | |
|
Cascades, Inc. | |
5.375% due 01/15/2028 | | | | | 416 | | | | | | 389 | |
|
Catalent Pharma Solutions, Inc. | |
5.000% due 07/15/2027 | | | | | 1,697 | | | | | | 1,559 | |
|
CCO Holdings LLC | |
5.000% due 02/01/2028 | | | | | 4,214 | | | | | | 3,844 | |
5.125% due 05/01/2027 | | | | | 4,251 | | | | | | 3,963 | |
5.500% due 05/01/2026 | | | | | 3,004 | | | | | | 2,932 | |
|
CD&R Smokey Buyer, Inc. | |
6.750% due 07/15/2025 | | | | | 2,101 | | | | | | 1,955 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
CEC Entertainment LLC | |
6.750% due 05/01/2026 | | $ | | | 1,264 | | | $ | | | 1,207 | |
|
Cedar Fair LP | |
5.500% due 05/01/2025 | | | | | 1,772 | | | | | | 1,760 | |
|
Cengage Learning, Inc. | |
9.500% due 06/15/2024 | | | | | 21 | | | | | | 21 | |
|
CGG SA | |
8.750% due 04/01/2027 (f) | | | | | 1,854 | | | | | | 1,555 | |
|
Chemours Co. | |
5.375% due 05/15/2027 | | | | | 1,826 | | | | | | 1,722 | |
|
Cheplapharm Arzneimittel GmbH | |
5.500% due 01/15/2028 | | | | | 864 | | | | | | 783 | |
|
Chesapeake Energy Corp. | |
5.500% due 02/01/2026 | | | | | 2,920 | | | | | | 2,850 | |
|
Chobani LLC | |
7.500% due 04/15/2025 | | | | | 1,867 | | | | | | 1,860 | |
|
Churchill Downs, Inc. | |
5.500% due 04/01/2027 | | | | | 3,259 | | | | | | 3,137 | |
|
Cinemark USA, Inc. | |
5.250% due 07/15/2028 (f) | | | | | 1,260 | | | | | | 1,110 | |
5.875% due 03/15/2026 | | | | | 559 | | | | | | 531 | |
|
Citgo Holding, Inc. | |
9.250% due 08/01/2024 | | | | | 259 | | | | | | 259 | |
|
Citgo Petroleum Corp. | |
6.375% due 06/15/2026 | | | | | 1,065 | | | | | | 1,027 | |
7.000% due 06/15/2025 | | | | | 979 | | | | | | 962 | |
|
Clarios Global LP | |
6.250% due 05/15/2026 | | | | | 2,157 | | | | | | 2,146 | |
6.750% due 05/15/2025 | | | | | 2,372 | | | | | | 2,376 | |
8.500% due 05/15/2027 | | | | | 2,081 | | | | | | 2,088 | |
|
Clear Channel International BV | |
6.625% due 08/01/2025 | | | | | 1,053 | | | | | | 1,049 | |
|
Clear Channel Outdoor Holdings, Inc. | |
5.125% due 08/15/2027 | | | | | 1,504 | | | | | | 1,367 | |
7.750% due 04/15/2028 | | | | | 496 | | | | | | 390 | |
|
Clearwater Paper Corp. | |
5.375% due 02/01/2025 | | | | | 319 | | | | | | 312 | |
|
Cleveland-Cliffs, Inc. | |
6.750% due 03/15/2026 | | | | | 1,472 | | | | | | 1,489 | |
|
Cloud Software Group, Inc. | |
6.500% due 03/31/2029 | | | | | 1,089 | | | | | | 971 | |
|
CMG Media Corp. | |
8.875% due 12/15/2027 | | | | | 319 | | | | | | 224 | |
|
CNX Resources Corp. | |
7.250% due 03/14/2027 | | | | | 819 | | | | | | 811 | |
|
Cogent Communications Group, Inc. | |
7.000% due 06/15/2027 | | | | | 3,076 | | | | | | 2,979 | |
|
CommScope Technologies LLC | |
5.000% due 03/15/2027 | | | | | 1,696 | | | | | | 1,183 | |
6.000% due 06/15/2025 | | | | | 600 | | | | | | 560 | |
|
CommScope, Inc. | |
6.000% due 03/01/2026 | | | | | 3,347 | | | | | | 3,123 | |
8.250% due 03/01/2027 | | | | | 3,937 | | | | | | 3,155 | |
|
Community Health Systems, Inc. | |
5.625% due 03/15/2027 | | | | | 3,995 | | | | | | 3,524 | |
8.000% due 03/15/2026 | | | | | 5,206 | | | | | | 5,076 | |
8.000% due 12/15/2027 | | | | | 732 | | | | | | 709 | |
|
Connect Finco SARL | |
6.750% due 10/01/2026 | | | | | 4,919 | | | | | | 4,782 | |
|
Cooper-Standard Automotive, Inc. | |
5.625% due 11/15/2026 | | | | | 297 | | | | | | 158 | |
|
CoreLogic, Inc. | |
4.500% due 05/01/2028 | | | | | 1,392 | | | | | | 1,124 | |
|
Coty, Inc. | |
5.000% due 04/15/2026 | | | | | 1,442 | | | | | | 1,383 | |
6.500% due 04/15/2026 (f) | | | | | 715 | | | | | | 709 | |
|
Crown Americas LLC | |
4.250% due 09/30/2026 | | | | | 886 | | | | | | 840 | |
4.750% due 02/01/2026 | | | | | 489 | | | | | | 474 | |
|
Crown Cork & Seal Co., Inc. | |
7.375% due 12/15/2026 | | | | | 1,805 | | | | | | 1,868 | |
|
CSC Holdings LLC | |
5.250% due 06/01/2024 | | | | | 1,000 | | | | | | 931 | |
5.375% due 02/01/2028 | | | | | 1,801 | | | | | | 1,450 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 49 |
| | | | | | |
| Schedule of Investments | | PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
5.500% due 04/15/2027 | | $ | | | 2,812 | | | $ | | | 2,344 | |
7.500% due 04/01/2028 | | | | | 1,000 | | | | | | 572 | |
11.250% due 05/15/2028 | | | | | 990 | | | | | | 961 | |
|
CVR Energy, Inc. | |
5.250% due 02/15/2025 | | | | | 497 | | | | | | 480 | |
|
Dana, Inc. | |
5.375% due 11/15/2027 | | | | | 1,386 | | | | | | 1,314 | |
|
Dave & Buster’s, Inc. | |
7.625% due 11/01/2025 | | | | | 240 | | | | | | 244 | |
|
Dealer Tire LLC | |
8.000% due 02/01/2028 | | | | | 353 | | | | | | 322 | |
|
Delta Air Lines, Inc. | |
2.900% due 10/28/2024 | | | | | 814 | | | | | | 782 | |
7.375% due 01/15/2026 | | | | | 3,350 | | | | | | 3,495 | |
|
Diamond Foreign Asset Co. (9.000% Cash or 13.000% PIK) | |
9.000% due 04/22/2027 (b) | | | | | 157 | | | | | | 151 | |
|
DirecTV Financing LLC | |
5.875% due 08/15/2027 | | | | | 8,530 | | | | | | 7,735 | |
|
DISH DBS Corp. | |
5.250% due 12/01/2026 | | | | | 2,578 | | | | | | 2,073 | |
5.875% due 11/15/2024 | | | | | 6,208 | | | | | | 5,437 | |
7.750% due 07/01/2026 | | | | | 2,083 | | | | | | 1,280 | |
|
DISH Network Corp. | |
11.750% due 11/15/2027 | | | | | 8,230 | | | | | | 8,041 | |
|
Earthstone Energy Holdings LLC | |
8.000% due 04/15/2027 | | | | | 372 | | | | | | 360 | |
|
Eco Material Technologies, Inc. | |
7.875% due 01/31/2027 | | | | | 444 | | | | | | 421 | |
|
Enerflex Ltd. | |
9.000% due 10/15/2027 | | | | | 450 | | | | | | 438 | |
|
Energean PLC | |
6.500% due 04/30/2027 | | | | | 1,349 | | | | | | 1,233 | |
|
Energizer Holdings, Inc. | |
6.500% due 12/31/2027 | | | | | 939 | | | | | | 904 | |
|
EnLink Midstream Partners LP | |
4.150% due 06/01/2025 | | | | | 611 | | | | | | 593 | |
4.850% due 07/15/2026 | | | | | 632 | | | | | | 610 | |
|
EnQuest PLC | |
11.625% due 11/01/2027 | | | | | 162 | | | | | | 147 | |
|
Ensign Drilling, Inc. | |
9.250% due 04/15/2024 | | | | | 588 | | | | | | 574 | |
|
Enviri Corp. | |
5.750% due 07/31/2027 | | | | | 647 | | | | | | 564 | |
|
EQM Midstream Partners LP | |
4.000% due 08/01/2024 | | | | | 932 | | | | | | 913 | |
4.125% due 12/01/2026 | | | | | 974 | | | | | | 907 | |
6.000% due 07/01/2025 | | | | | 1,956 | | | | | | 1,936 | |
7.500% due 06/01/2027 | | | | | 1,394 | | | | | | 1,409 | |
|
FAGE International SA | |
5.625% due 08/15/2026 | | | | | 1,064 | | | | | | 1,007 | |
|
Fair Isaac Corp. | |
5.250% due 05/15/2026 | | | | | 377 | | | | | | 368 | |
|
FMG Resources Pty. Ltd. | |
4.500% due 09/15/2027 | | | | | 1,449 | | | | | | 1,351 | |
|
Foundation Building Materials, Inc. | |
6.000% due 03/01/2029 | | | | | 298 | | | | | | 249 | |
|
Frontier Communications Holdings LLC | |
5.000% due 05/01/2028 | | | | | 1,190 | | | | | | 1,028 | |
5.875% due 10/15/2027 | | | | | 3,265 | | | | | | 3,000 | |
|
Gannett Holdings LLC | |
6.000% due 11/01/2026 | | | | | 420 | | | | | | 354 | |
|
Garda World Security Corp. | |
4.625% due 02/15/2027 | | | | | 1,038 | | | | | | 951 | |
7.750% due 02/15/2028 | | | | | 656 | | | | | | 652 | |
9.500% due 11/01/2027 | | | | | 3,389 | | | | | | 3,278 | |
|
Gates Global LLC | |
6.250% due 01/15/2026 | | | | | 1,805 | | | | | | 1,778 | |
|
Gen Digital, Inc. | |
5.000% due 04/15/2025 | | | | | 990 | | | | | | 970 | |
6.750% due 09/30/2027 | | | | | 737 | | | | | | 736 | |
|
GFL Environmental, Inc. | |
3.750% due 08/01/2025 | | | | | 1,843 | | | | | | 1,755 | |
4.250% due 06/01/2025 | | | | | 427 | | | | | | 412 | |
5.125% due 12/15/2026 | | | | | 700 | | | | | | 676 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
goeasy Ltd. | |
4.375% due 05/01/2026 | | $ | | | 2,259 | | | $ | | | 2,063 | |
5.375% due 12/01/2024 | | | | | 1,650 | | | | | | 1,602 | |
|
Golden Entertainment, Inc. | |
7.625% due 04/15/2026 | | | | | 563 | | | | | | 566 | |
|
Goodyear Tire & Rubber Co. | |
4.875% due 03/15/2027 | | | | | 1,158 | | | | | | 1,104 | |
5.000% due 07/15/2029 | | | | | 990 | | | | | | 894 | |
9.500% due 05/31/2025 | | | | | 234 | | | | | | 239 | |
|
GoTo Group, Inc. | |
5.500% due 09/01/2027 | | | | | 1,544 | | | | | | 852 | |
|
Gran Tierra Energy International Holdings Ltd. | |
6.250% due 02/15/2025 | | | | | 420 | | | | | | 361 | |
|
Gran Tierra Energy, Inc. | |
7.750% due 05/23/2027 | | | | | 597 | | | | | | 452 | |
|
Graphic Packaging International LLC | |
4.750% due 07/15/2027 | | | | | 546 | | | | | | 520 | |
|
Gray Television, Inc. | |
5.875% due 07/15/2026 | | | | | 1,500 | | | | | | 1,346 | |
7.000% due 05/15/2027 | | | | | 856 | | | | | | 731 | |
|
Griffon Corp. | |
5.750% due 03/01/2028 | | | | | 137 | | | | | | 128 | |
|
GrubHub Holdings, Inc. | |
5.500% due 07/01/2027 | | | | | 607 | | | | | | 349 | |
|
Gulfport Energy Corp. | |
8.000% due 05/17/2026 | | | | | 405 | | | | | | 407 | |
|
H-Food Holdings LLC | |
8.500% due 06/01/2026 | | | | | 1,349 | | | | | | 535 | |
|
Hanesbrands, Inc. | |
4.875% due 05/15/2026 | | | | | 1,521 | | | | | | 1,422 | |
|
Harbour Energy PLC | |
5.500% due 10/15/2026 | | | | | 1,667 | | | | | | 1,535 | |
|
Hawaiian Brand Intellectual Property Ltd. | |
5.750% due 01/20/2026 | | | | | 764 | | | | | | 724 | |
|
Heartland Dental LLC | |
8.500% due 05/01/2026 | | | | | 439 | | | | | | 394 | |
10.500% due 04/30/2028 | | | | | 1,138 | | | | | | 1,132 | |
|
Herc Holdings, Inc. | |
5.500% due 07/15/2027 | | | | | 1,060 | | | | | | 1,017 | |
|
Hertz Corp. | |
4.625% due 12/01/2026 | | | | | 1,015 | | | | | | 917 | |
|
Hess Midstream Operations LP | |
5.625% due 02/15/2026 | | | | | 1,326 | | | | | | 1,306 | |
|
Hillenbrand, Inc. | |
5.000% due 09/15/2026 | | | | | 930 | | | | | | 912 | |
5.750% due 06/15/2025 | | | | | 208 | | | | | | 206 | |
|
Hilton Domestic Operating Co., Inc. | |
5.375% due 05/01/2025 | | | | | 957 | | | | | | 947 | |
|
Howard Midstream Energy Partners LLC | |
6.750% due 01/15/2027 | | | | | 2,623 | | | | | | 2,501 | |
|
Howmet Aerospace, Inc. | |
5.900% due 02/01/2027 | | | | | 2,987 | | | | | | 3,014 | |
6.875% due 05/01/2025 | | | | | 1,329 | | | | | | 1,351 | |
|
HTA Group Ltd. | |
7.000% due 12/18/2025 | | | | | 1,544 | | | | | | 1,465 | |
|
Hudbay Minerals, Inc. | |
4.500% due 04/01/2026 | | | | | 2,037 | | | | | | 1,899 | |
|
Hughes Satellite Systems Corp. | |
5.250% due 08/01/2026 | | | | | 1,700 | | | | | | 1,588 | |
6.625% due 08/01/2026 | | | | | 890 | | | | | | 833 | |
|
iHeartCommunications, Inc. | |
4.750% due 01/15/2028 | | | | | 496 | | | | | | 375 | |
5.250% due 08/15/2027 | | | | | 1,913 | | | | | | 1,465 | |
6.375% due 05/01/2026 | | | | | 977 | | | | | | 821 | |
8.375% due 05/01/2027 (f) | | | | | 1,829 | | | | | | 1,221 | |
|
IHO Verwaltungs GmbH (4.750% Cash or 5.500% PIK) | |
4.750% due 09/15/2026 (b) | | | | | 1,267 | | | | | | 1,170 | |
|
IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK) | |
6.000% due 05/15/2027 (b) | | | | | 1,271 | | | | | | 1,197 | |
|
INEOS Quattro Finance 2 PLC | |
3.375% due 01/15/2026 | | | | | 1,791 | | | | | | 1,636 | |
|
Innophos Holdings, Inc. | |
9.375% due 02/15/2028 | | | | | 416 | | | | | | 413 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Installed Building Products, Inc. | |
5.750% due 02/01/2028 | | $ | | | 444 | | | $ | | | 419 | |
|
Intelsat Jackson Holdings SA | |
6.500% due 03/15/2030 | | | | | 1,400 | | | | | | 1,278 | |
|
International Game Technology PLC | |
4.125% due 04/15/2026 | | | | | 1,031 | | | | | | 980 | |
6.250% due 01/15/2027 | | | | | 800 | | | | | | 798 | |
6.500% due 02/15/2025 | | | | | 589 | | | | | | 590 | |
|
IQVIA, Inc. | |
5.000% due 10/15/2026 | | | | | 1,954 | | | | | | 1,888 | |
5.000% due 05/15/2027 | | | | | 1,657 | | | | | | 1,595 | |
|
IRB Holding Corp. | |
7.000% due 06/15/2025 | | | | | 1,202 | | | | | | 1,210 | |
|
Jaguar Land Rover Automotive PLC | |
4.500% due 10/01/2027 | | | | | 995 | | | | | | 875 | |
5.875% due 01/15/2028 | | | | | 1,749 | | | | | | 1,616 | |
7.750% due 10/15/2025 | | | | | 1,404 | | | | | | 1,411 | |
|
JELD-WEN, Inc. | |
4.625% due 12/15/2025 | | | | | 521 | | | | | | 505 | |
4.875% due 12/15/2027 | | | | | 1,158 | | | | | | 1,027 | |
6.250% due 05/15/2025 | | | | | 242 | | | | | | 244 | |
|
Kaiser Aluminum Corp. | |
4.625% due 03/01/2028 | | | | | 2,077 | | | | | | 1,820 | |
|
Kronos Acquisition Holdings, Inc. | |
5.000% due 12/31/2026 | | | | | 291 | | | | | | 267 | |
7.000% due 12/31/2027 | | | | | 534 | | | | | | 473 | |
|
LABL, Inc. | |
6.750% due 07/15/2026 | | | | | 835 | | | | | | 822 | |
10.500% due 07/15/2027 | | | | | 2,728 | | | | | | 2,622 | |
|
Las Vegas Sands Corp. | |
2.900% due 06/25/2025 | | | | | 2,888 | | | | | | 2,715 | |
3.200% due 08/08/2024 | | | | | 2,970 | | | | | | 2,879 | |
3.500% due 08/18/2026 | | | | | 2,380 | | | | | | 2,218 | |
|
LCPR Senior Secured Financing DAC | |
6.750% due 10/15/2027 | | | | | 2,054 | | | | | | 1,927 | |
|
Legacy LifePoint Health LLC | |
4.375% due 02/15/2027 | | | | | 702 | | | | | | 544 | |
6.750% due 04/15/2025 | | | | | 1,116 | | | | | | 1,038 | |
|
Legends Hospitality Holding Co. LLC | |
5.000% due 02/01/2026 | | | | | 940 | | | | | | 847 | |
|
Level 3 Financing, Inc. | |
4.625% due 09/15/2027 | | | | | 3,337 | | | | | | 2,326 | |
|
Life Time, Inc. | |
5.750% due 01/15/2026 | | | | | 1,397 | | | | | | 1,363 | |
8.000% due 04/15/2026 | | | | | 938 | | | | | | 927 | |
|
Ligado Networks LLC (15.500% PIK) | |
15.500% due 11/01/2023 (b) | | | | | 5,925 | | | | | | 2,123 | |
|
Ligado Networks LLC (17.500% PIK) | |
17.500% due 05/01/2024 (b) | | | | | 754 | | | | | | 57 | |
|
Lindblad Expeditions HO | |
9.000% due 05/15/2028 | | | | | 884 | | | | | | 898 | |
|
Lindblad Expeditions LLC | |
6.750% due 02/15/2027 | | | | | 1,023 | | | | | | 975 | |
|
Live Nation Entertainment, Inc. | |
3.750% due 01/15/2028 | | | | | 383 | | | | | | 343 | |
4.750% due 10/15/2027 | | | | | 43 | | | | | | 40 | |
4.875% due 11/01/2024 | | | | | 1,664 | | | | | | 1,640 | |
5.625% due 03/15/2026 | | | | | 680 | | | | | | 665 | |
6.500% due 05/15/2027 | | | | | 3,056 | | | | | | 3,075 | |
|
LSF9 Atlantis Holdings LLC | |
7.750% due 02/15/2026 | | | | | 1,400 | | | | | | 1,305 | |
|
Magnolia Oil & Gas Operating LLC | |
6.000% due 08/01/2026 | | | | | 1,023 | | | | | | 991 | |
|
Manitowoc Co., Inc. | |
9.000% due 04/01/2026 (f) | | | | | 2,414 | | | | | | 2,404 | |
|
Marriott Ownership Resorts, Inc. | |
4.750% due 01/15/2028 | | | | | 536 | | | | | | 483 | |
|
Matador Resources Co. | |
6.875% due 04/15/2028 (f) | | | | | 2,088 | | | | | | 2,069 | |
|
Matthews International Corp. | |
5.250% due 12/01/2025 | | | | | 396 | | | | | | 380 | |
|
Mauser Packaging Solutions Holding Co. | |
7.875% due 08/15/2026 | | | | | 4,631 | | | | | | 4,606 | |
9.250% due 04/15/2027 | | | | | 4,411 | | | | | | 4,077 | |
| | | | | | |
| 50 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Mclaren Finance PLC | |
7.500% due 08/01/2026 | | $ | | | 2,057 | | | $ | | | 1,765 | |
|
MEG Energy Corp. | |
7.125% due 02/01/2027 | | | | | 818 | | | | | | 832 | |
|
Melco Resorts Finance Ltd. | |
5.250% due 04/26/2026 | | | | | 800 | | | | | | 741 | |
|
Mercer International, Inc. | |
5.500% due 01/15/2026 | | | | | 40 | | | | | | 37 | |
|
Merlin Entertainments Ltd. | |
5.750% due 06/15/2026 | | | | | 372 | | | | | | 359 | |
|
MGM Resorts International | |
4.625% due 09/01/2026 | | | | | 632 | | | | | | 597 | |
5.500% due 04/15/2027 | | | | | 1,101 | | | | | | 1,056 | |
5.750% due 06/15/2025 | | | | | 1,998 | | | | | | 1,982 | |
6.750% due 05/01/2025 | | | | | 1,848 | | | | | | 1,854 | |
|
Michaels Cos., Inc. | |
5.250% due 05/01/2028 | | | | | 2,290 | | | | | | 1,853 | |
|
Mileage Plus Holdings LLC | |
6.500% due 06/20/2027 | | | | | 486 | | | | | | 488 | |
|
Millennium Escrow Corp. | |
6.625% due 08/01/2026 | | | | | 824 | | | | | | 607 | |
|
Mineral Resources Ltd. | |
8.000% due 11/01/2027 | | | | | 713 | | | | | | 713 | |
8.125% due 05/01/2027 | | | | | 3,202 | | | | | | 3,205 | |
|
ModivCare, Inc. | |
5.875% due 11/15/2025 | | | | | 444 | | | | | | 412 | |
|
Mohegan Tribal Gaming Authority | |
8.000% due 02/01/2026 | | | | | 577 | | | | | | 552 | |
|
Moss Creek Resources Holdings, Inc. | |
7.500% due 01/15/2026 | | | | | 384 | | | | | | 353 | |
|
Motion Bondco DAC | |
6.625% due 11/15/2027 | | | | | 1,110 | | | | | | 1,017 | |
|
Murphy Oil USA, Inc. | |
5.625% due 05/01/2027 | | | | | 272 | | | | | | 265 | |
|
Nabors Industries Ltd. | |
7.250% due 01/15/2026 | | | | | 957 | | | | | | 895 | |
|
Nabors Industries, Inc. | |
5.750% due 02/01/2025 | | | | | 100 | | | | | | 97 | |
7.375% due 05/15/2027 | | | | | 1,452 | | | | | | 1,383 | |
|
NCL Corp. Ltd. | |
3.625% due 12/15/2024 | | | | | 1,369 | | | | | | 1,319 | |
5.875% due 03/15/2026 | | | | | 6,250 | | | | | | 5,853 | |
5.875% due 02/15/2027 | | | | | 1,468 | | | | | | 1,430 | |
|
Neptune Energy Bondco PLC | |
6.625% due 05/15/2025 | | | | | 526 | | | | | | 526 | |
|
New Fortress Energy, Inc. | |
6.500% due 09/30/2026 | | | | | 1,496 | | | | | | 1,340 | |
6.750% due 09/15/2025 | | | | | 2,533 | | | | | | 2,379 | |
|
Newell Brands, Inc. | |
4.700% due 04/01/2026 | | | | | 3,318 | | | | | | 3,120 | |
6.375% due 09/15/2027 | | | | | 1,316 | | | | | | 1,264 | |
|
Nexstar Media, Inc. | |
5.625% due 07/15/2027 | | | | | 3,076 | | | | | | 2,870 | |
|
NextEra Energy Operating Partners LP | |
3.875% due 10/15/2026 | | | | | 35 | | | | | | 33 | |
4.250% due 07/15/2024 | | | | | 1,171 | | | | | | 1,146 | |
4.500% due 09/15/2027 | | | | | 592 | | | | | | 550 | |
|
Nordstrom, Inc. | |
4.000% due 03/15/2027 | | | | | 250 | | | | | | 223 | |
|
Northern Oil & Gas, Inc. | |
8.125% due 03/01/2028 | | | | | 444 | | | | | | 436 | |
|
Northriver Midstream Finance LP | |
5.625% due 02/15/2026 | | | | | 1,585 | | | | | | 1,480 | |
|
NOVA Chemicals Corp. | |
4.875% due 06/01/2024 | | | | | 1,865 | | | | | | 1,824 | |
5.250% due 06/01/2027 | | | | | 792 | | | | | | 705 | |
|
Novelis Corp. | |
3.250% due 11/15/2026 | | | | | 1,111 | | | | | | 1,007 | |
|
NuStar Logistics LP | |
5.625% due 04/28/2027 | | | | | 1,651 | | | | | | 1,588 | |
5.750% due 10/01/2025 | | | | | 2,169 | | | | | | 2,117 | |
6.000% due 06/01/2026 | | | | | 655 | | | | | | 639 | |
|
Olympus Water U.S. Holding Corp. | |
7.125% due 10/01/2027 | | | | | 2,824 | | | | | | 2,549 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Open Text Corp. | |
3.875% due 02/15/2028 | | $ | | | 2,145 | | | $ | | | 1,891 | |
|
Organon & Co. | |
4.125% due 04/30/2028 | | | | | 3,170 | | | | | | 2,817 | |
|
Oriflame Investment Holding PLC | |
5.125% due 05/04/2026 | | | | | 733 | | | | | | 344 | |
|
Outfront Media Capital LLC | |
5.000% due 08/15/2027 | | | | | 1,110 | | | | | | 1,009 | |
6.250% due 06/15/2025 | | | | | 628 | | | | | | 626 | |
|
Owens-Brockway Glass Container, Inc. | |
6.375% due 08/15/2025 | | | | | 602 | | | | | | 604 | |
|
Pactiv Evergreen Group Issuer, Inc. | |
4.000% due 10/15/2027 | | | | | 1,286 | | | | | | 1,139 | |
|
Pactiv LLC | |
7.950% due 12/15/2025 | | | | | 1,449 | | | | | | 1,463 | |
|
Paramount Global | |
6.375% due 03/30/2062 • | | | | | 1,230 | | | | | | 1,027 | |
|
Parkland Corp. | |
5.875% due 07/15/2027 | | | | | 689 | | | | | | 665 | |
|
PDC Energy, Inc. | |
5.750% due 05/15/2026 | | | | | 1,528 | | | | | | 1,523 | |
|
Penske Automotive Group, Inc. | |
3.500% due 09/01/2025 | | | | | 353 | | | | | | 336 | |
|
Perenti Finance Pty. Ltd. | |
6.500% due 10/07/2025 (f) | | | | | 1,105 | | | | | | 1,083 | |
|
Performance Food Group, Inc. | |
5.500% due 10/15/2027 | | | | | 1,246 | | | | | | 1,202 | |
6.875% due 05/01/2025 | | | | | 1,333 | | | | | | 1,335 | |
|
Permian Resources Operating LLC | |
5.375% due 01/15/2026 | | | | | 1,125 | | | | | | 1,073 | |
6.875% due 04/01/2027 | | | | | 264 | | | | | | 261 | |
7.750% due 02/15/2026 | | | | | 2,360 | | | | | | 2,378 | |
|
Perrigo Finance Unlimited Co. | |
3.900% due 12/15/2024 | | | | | 1,600 | | | | | | 1,550 | |
4.375% due 03/15/2026 | | | | | 1,948 | | | | | | 1,854 | |
|
PetSmart, Inc. | |
4.750% due 02/15/2028 | | | | | 1,316 | | | | | | 1,218 | |
|
Post Holdings, Inc. | |
5.625% due 01/15/2028 | | | | | 290 | | | | | | 279 | |
5.750% due 03/01/2027 | | | | | 1,105 | | | | | | 1,080 | |
|
PRA Health Sciences, Inc. | |
2.875% due 07/15/2026 | | | | | 1,277 | | | | | | 1,157 | |
|
Presidio Holdings, Inc. | |
4.875% due 02/01/2027 | | | | | 1,856 | | | | | | 1,744 | |
8.250% due 02/01/2028 | | | | | 592 | | | | | | 564 | |
|
Prime Healthcare Services, Inc. | |
7.250% due 11/01/2025 | | | | | 3,577 | | | | | | 3,394 | |
|
Prime Security Services Borrower LLC | |
5.250% due 04/15/2024 | | | | | 1,461 | | | | | | 1,450 | |
5.750% due 04/15/2026 | | | | | 2,558 | | | | | | 2,513 | |
6.250% due 01/15/2028 | | | | | 3,272 | | | | | | 3,070 | |
|
PTC, Inc. | |
3.625% due 02/15/2025 | | | | | 974 | | | | | | 941 | |
|
QVC, Inc. | |
4.450% due 02/15/2025 | | | | | 1,095 | | | | | | 969 | |
4.750% due 02/15/2027 | | | | | 484 | | | | | | 313 | |
4.850% due 04/01/2024 | | | | | 1,063 | | | | | | 1,040 | |
|
Rackspace Technology Global, Inc. | |
3.500% due 02/15/2028 | | | | | 597 | | | | | | 269 | |
|
Radiate Holdco LLC | |
4.500% due 09/15/2026 | | | | | 3,747 | | | | | | 2,992 | |
|
Rakuten Group, Inc. | |
10.250% due 11/30/2024 | | | | | 1,965 | | | | | | 1,950 | |
|
Range Resources Corp. | |
4.875% due 05/15/2025 | | | | | 1,187 | | | | | | 1,164 | |
|
Rayonier AM Products, Inc. | |
7.625% due 01/15/2026 | | | | | 224 | | | | | | 195 | |
|
RegionalCare Hospital Partners Holdings, Inc. | |
9.750% due 12/01/2026 | | | | | 3,724 | | | | | | 3,128 | |
|
Ritchie Bros Holdings, Inc. | |
6.750% due 03/15/2028 | | | | | 1,198 | | | | | | 1,209 | |
|
Rite Aid Corp. | |
8.000% due 11/15/2026 | | | | | 1,155 | | | | | | 568 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Rockies Express Pipeline LLC | |
3.600% due 05/15/2025 | | $ | | | 394 | | | $ | | | 373 | |
|
Rolls-Royce PLC | |
3.625% due 10/14/2025 | | | | | 2,163 | | | | | | 2,054 | |
5.750% due 10/15/2027 | | | | | 1,390 | | | | | | 1,361 | |
|
Royal Caribbean Cruises Ltd. | |
4.250% due 07/01/2026 | | | | | 1,520 | | | | | | 1,397 | |
5.375% due 07/15/2027 | | | | | 3,195 | | | | | | 2,991 | |
5.500% due 08/31/2026 | | | | | 1,869 | | | | | | 1,774 | |
7.500% due 10/15/2027 | | | | | 6,558 | | | | | | 6,594 | |
11.500% due 06/01/2025 | | | | | 1,019 | | | | | | 1,083 | |
|
RP Escrow Issuer LLC | |
5.250% due 12/15/2025 | | | | | 791 | | | | | | 584 | |
|
Sabre Global, Inc. | |
7.375% due 09/01/2025 | | | | | 2,700 | | | | | | 2,400 | |
9.250% due 04/15/2025 | | | | | 666 | | | | | | 622 | |
|
Scientific Games International, Inc. | |
7.000% due 05/15/2028 | | | | | 1,100 | | | | | | 1,095 | |
8.625% due 07/01/2025 | | | | | 818 | | | | | | 836 | |
|
SCIH Salt Holdings, Inc. | |
4.875% due 05/01/2028 | | | | | 1,190 | | | | | | 1,064 | |
|
SCIL LLC | |
5.375% due 11/01/2026 | | | | | 1,021 | | | | | | 932 | |
|
Scripps Escrow, Inc. | |
5.875% due 07/15/2027 | | | | | 2,719 | | | | | | 2,204 | |
|
Seagate HDD Cayman | |
4.750% due 01/01/2025 | | | | | 596 | | | | | | 588 | |
|
Sealed Air Corp. | |
5.500% due 09/15/2025 | | | | | 371 | | | | | | 366 | |
6.125% due 02/01/2028 | | | | | 2,239 | | | | | | 2,225 | |
|
Select Medical Corp. | |
6.250% due 08/15/2026 | | | | | 1,867 | | | | | | 1,837 | |
|
Sensata Technologies BV | |
5.000% due 10/01/2025 | | | | | 593 | | | | | | 581 | |
5.625% due 11/01/2024 | | | | | 767 | | | | | | 762 | |
|
Shift4 Payments LLC | |
4.625% due 11/01/2026 | | | | | 1,965 | | | | | | 1,845 | |
|
Shutterfly Finance LLC | |
9.750% due 10/01/2027 | | | | | 268 | | | | | | 265 | |
|
Shutterfly Finance LLC (4.250% Cash and 4.250% PIK) | |
8.500% due 10/01/2027 (b) | | | | | 2,208 | | | | | | 1,374 | |
|
Sigma Holdco BV | |
7.875% due 05/15/2026 | | | | | 991 | | | | | | 853 | |
|
Silgan Holdings, Inc. | |
4.125% due 02/01/2028 | | | | | 100 | | | | | | 92 | |
|
Sirius XM Radio, Inc. | |
3.125% due 09/01/2026 | | | | | 2,589 | | | | | | 2,321 | |
5.000% due 08/01/2027 | | | | | 3,084 | | | | | | 2,864 | |
|
Six Flags Theme Parks, Inc. | |
7.000% due 07/01/2025 | | | | | 522 | | | | | | 525 | |
|
Skillz, Inc. | |
10.250% due 12/15/2026 | | | | | 353 | | | | | | 286 | |
|
SM Energy Co. | |
5.625% due 06/01/2025 | | | | | 820 | | | | | | 802 | |
6.625% due 01/15/2027 | | | | | 698 | | | | | | 679 | |
6.750% due 09/15/2026 | | | | | 1,028 | | | | | | 1,003 | |
|
Southwestern Energy Co. | |
5.700% due 01/23/2025 | | | | | 669 | | | | | | 666 | |
|
Specialty Building Products Holdings LLC | |
6.375% due 09/30/2026 | | | | | 1,236 | | | | | | 1,170 | |
|
Spectrum Brands, Inc. | |
5.750% due 07/15/2025 | | | | | 715 | | | | | | 715 | |
|
Spirit AeroSystems, Inc. | |
3.850% due 06/15/2026 | | | | | 281 | | | | | | 261 | |
4.600% due 06/15/2028 (f) | | | | | 1,252 | | | | | | 1,052 | |
7.500% due 04/15/2025 | | | | | 3,930 | | | | | | 3,888 | |
9.375% due 11/30/2029 | | | | | 591 | | | | | | 633 | |
|
Spirit Loyalty Cayman Ltd. | |
8.000% due 09/20/2025 | | | | | 2,430 | | | | | | 2,450 | |
|
SS&C Technologies, Inc. | |
5.500% due 09/30/2027 | | | | | 4,458 | | | | | | 4,274 | |
|
Standard Industries, Inc. | |
4.750% due 01/15/2028 | | | | | 444 | | | | | | 414 | |
5.000% due 02/15/2027 | | | | | 1,630 | | | | | | 1,555 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 51 |
| | | | | | |
| Schedule of Investments | | PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Staples, Inc. | |
7.500% due 04/15/2026 | | $ | | | 2,190 | | | $ | | | 1,812 | |
10.750% due 04/15/2027 | | | | | 1,140 | | | | | | 664 | |
|
Station Casinos LLC | |
4.500% due 02/15/2028 | | | | | 1,302 | | | | | | 1,170 | |
|
Stena AB | |
7.000% due 02/01/2024 | | | | | 812 | | | | | | 812 | |
|
Strathcona Resources Ltd. | |
6.875% due 08/01/2026 | | | | | 793 | | | | | | 695 | |
|
Sugarhouse HSP Gaming Prop Mezz LP | |
5.875% due 05/15/2025 | | | | | 2,434 | | | | | | 2,352 | |
|
Summer BC Bidco B LLC | |
5.500% due 10/31/2026 | | | �� | | 2,653 | | | | | | 2,236 | |
|
Sunnova Energy Corp. | |
5.875% due 09/01/2026 | | | | | 614 | | | | | | 562 | |
|
Surgery Center Holdings, Inc. | |
10.000% due 04/15/2027 | | | | | 487 | | | | | | 499 | |
|
Tap Rock Resources LLC | |
7.000% due 10/01/2026 | | | | | 821 | | | | | | 846 | |
|
Team Health Holdings, Inc. | |
6.375% due 02/01/2025 | | | | | 3,696 | | | | | | 1,966 | |
|
TEGNA, Inc. | |
4.750% due 03/15/2026 | | | | | 473 | | | | | | 452 | |
|
Telesat Canada | |
5.625% due 12/06/2026 (f) | | | | | 1,496 | | | | | | 925 | |
|
Tempo Acquisition LLC | |
5.750% due 06/01/2025 | | | | | 1,359 | | | | | | 1,359 | |
|
Tenet Healthcare Corp. | |
4.875% due 01/01/2026 | | | | | 4,701 | | | | | | 4,583 | |
6.125% due 10/01/2028 | | | | | 298 | | | | | | 287 | |
6.250% due 02/01/2027 | | | | | 3,510 | | | | | | 3,478 | |
|
Titan Acquisition Ltd. | |
7.750% due 04/15/2026 | | | | | 416 | | | | | | 378 | |
|
TK Elevator U.S. Newco, Inc. | |
5.250% due 07/15/2027 | | | | | 3,283 | | | | | | 3,037 | |
|
TransDigm U.K. Holdings PLC | |
6.875% due 05/15/2026 | | | | | 2,658 | | | | | | 2,637 | |
|
TransDigm, Inc. | |
5.500% due 11/15/2027 | | | | | 2,904 | | | | | | 2,742 | |
6.250% due 03/15/2026 | | | | | 6,915 | | | | | | 6,887 | |
6.375% due 06/15/2026 | | | | | 2,942 | | | | | | 2,907 | |
7.500% due 03/15/2027 | | | | | 703 | | | | | | 705 | |
|
Transocean Titan Financing Ltd. | |
8.375% due 02/01/2028 | | | | | 1,495 | | | | | | 1,528 | |
|
Transocean, Inc. | |
7.500% due 01/15/2026 | | | | | 500 | | | | | | 476 | |
8.000% due 02/01/2027 | | | | | 742 | | | | | | 673 | |
8.750% due 02/15/2030 | | | | | 762 | | | | | | 774 | |
|
Travel & Leisure Co. | |
5.650% due 04/01/2024 | | | | | 751 | | | | | | 743 | |
6.600% due 10/01/2025 | | | | | 254 | | | | | | 255 | |
6.625% due 07/31/2026 | | | | | 2,842 | | | | | | 2,823 | |
|
Trinity Industries, Inc. | |
4.550% due 10/01/2024 | | | | | 506 | | | | | | 496 | |
7.750% due 07/15/2028 | | | | | 500 | | | | | | 503 | |
|
Trinseo Materials Operating SCA | |
5.375% due 09/01/2025 | | | | | 810 | | | | | | 678 | |
|
TripAdvisor, Inc. | |
7.000% due 07/15/2025 | | | | | 1,295 | | | | | | 1,296 | |
|
Triumph Group, Inc. | |
7.750% due 08/15/2025 | | | | | 1,947 | | | | | | 1,895 | |
9.000% due 03/15/2028 | | | | | 3,323 | | | | | | 3,397 | |
|
Trivium Packaging Finance BV | |
5.500% due 08/15/2026 | | | | | 1,258 | | | | | | 1,210 | |
8.500% due 08/15/2027 | | | | | 1,089 | | | | | | 1,050 | |
|
Tutor Perini Corp. | |
6.875% due 05/01/2025 (j) | | | | | 860 | | | | | | 714 | |
|
U.S. Acute Care Solutions LLC | |
6.375% due 03/01/2026 | | | | | 3,425 | | | | | | 2,936 | |
|
U.S. Foods, Inc. | |
6.250% due 04/15/2025 | | | | | 1,727 | | | | | | 1,728 | |
|
U.S. Renal Care, Inc. | |
10.625% due 07/15/2027 | | | | | 932 | | | | | | 238 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Uber Technologies, Inc. | |
7.500% due 05/15/2025 | | $ | | | 2,413 | | | $ | | | 2,445 | |
7.500% due 09/15/2027 | | | | | 2,998 | | | | | | 3,070 | |
|
Under Armour, Inc. | |
3.250% due 06/15/2026 | | | | | 1,022 | | | | | | 940 | |
|
Unisys Corp. | |
6.875% due 11/01/2027 | | | | | 500 | | | | | | 361 | |
|
United Airlines, Inc. | |
4.375% due 04/15/2026 | | | | | 5,007 | | | | | | 4,762 | |
|
United Rentals North America, Inc. | |
3.875% due 11/15/2027 | | | | | 525 | | | | | | 491 | |
4.875% due 01/15/2028 | | | | | 1,358 | | | | | | 1,294 | |
5.500% due 05/15/2027 | | | | | 990 | | | | | | 975 | |
|
Univision Communications, Inc. | |
5.125% due 02/15/2025 | | | | | 1,393 | | | | | | 1,365 | |
6.625% due 06/01/2027 | | | | | 3,741 | | | | | | 3,622 | |
|
UPC Holding BV | |
5.500% due 01/15/2028 | | | | | 776 | | | | | | 678 | |
|
USA Compression Partners LP | |
6.875% due 04/01/2026 | | | | | 4,412 | | | | | | 4,326 | |
6.875% due 09/01/2027 | | | | | 590 | | | | | | 564 | |
|
Vail Resorts, Inc. | |
6.250% due 05/15/2025 | | | | | 991 | | | | | | 993 | |
|
Venture Global LNG, Inc. | |
8.125% due 06/01/2028 | | | | | 1,980 | | | | | | 2,013 | |
|
Vericast Corp. | |
11.000% due 09/15/2026 | | | | | 1,669 | | | | | | 1,751 | |
|
Veritas US, Inc. | |
7.500% due 09/01/2025 | | | | | 2,178 | | | | | | 1,770 | |
|
Viasat, Inc. | |
5.625% due 09/15/2025 | | | | | 2,080 | | | | | | 2,018 | |
5.625% due 04/15/2027 | | | | | 2,154 | | | | | | 2,013 | |
|
Videotron Ltd. | |
5.375% due 06/15/2024 | | | | | 768 | | | | | | 761 | |
|
Viking Cruises Ltd. | |
5.875% due 09/15/2027 | | | | | 1,158 | | | | | | 1,066 | |
6.250% due 05/15/2025 | | | | | 2,474 | | | | | | 2,427 | |
13.000% due 05/15/2025 | | | | | 1,784 | | | | | | 1,874 | |
|
VistaJet Malta Finance PLC | |
7.875% due 05/01/2027 | | | | | 500 | | | | | | 450 | |
|
Vital Energy, Inc. | |
9.500% due 01/15/2025 | | | | | 254 | | | | | | 252 | |
|
VOC Escrow Ltd. | |
5.000% due 02/15/2028 | | | | | 860 | | | | | | 790 | |
|
WASH Multifamily Acquisition, Inc. | |
5.750% due 04/15/2026 | | | | | 298 | | | | | | 279 | |
|
Waste Pro USA, Inc. | |
5.500% due 02/15/2026 | | | | | 1,518 | | | | | | 1,410 | |
|
Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK) | |
10.500% due 11/15/2026 ^(b)(c) | | | | | 1,533 | | | | | | 1,395 | |
|
WESCO Distribution, Inc. | |
7.125% due 06/15/2025 | | | | | 1,799 | | | | | | 1,820 | |
|
Western Digital Corp. | |
4.750% due 02/15/2026 | | | | | 3,840 | | | | | | 3,661 | |
|
White Cap Buyer LLC | |
6.875% due 10/15/2028 | | | | | 860 | | | | | | 781 | |
|
White Cap Parent LLC (8.250% Cash or 9.000% PIK) | |
8.250% due 03/15/2026 (b)(f) | | | | | 2,557 | | | | | | 2,452 | |
|
Williams Scotsman International, Inc. | |
6.125% due 06/15/2025 | | | | | 1,171 | | | | | | 1,164 | |
|
Winnebago Industries, Inc. | |
6.250% due 07/15/2028 | | | | | 250 | | | | | | 245 | |
|
Wynn Las Vegas LLC | |
5.250% due 05/15/2027 (f) | | | | | 1,789 | | | | | | 1,697 | |
5.500% due 03/01/2025 | | | | | 3,588 | | | | | | 3,534 | |
|
Wynn Macau Ltd. | |
5.500% due 10/01/2027 | | | | | 1,015 | | | | | | 905 | |
|
Xerox Holdings Corp. | |
5.000% due 08/15/2025 | | | | | 1,093 | | | | | | 1,033 | |
|
XPO Escrow Sub LLC | |
7.500% due 11/15/2027 | | | | | 606 | | | | | | 620 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
XPO, Inc. | |
6.250% due 06/01/2028 | | $ | | | 990 | | | $ | | | 975 | |
|
Zayo Group Holdings, Inc. | |
4.000% due 03/01/2027 | | | | | 2,371 | | | | | | 1,677 | |
6.125% due 03/01/2028 (f) | | | | | 1,684 | | | | | | 1,054 | |
|
ZF North America Capital, Inc. | |
4.750% due 04/29/2025 | | | | | 2,927 | | | | | | 2,856 | |
6.875% due 04/14/2028 | | | | | 696 | | | | | | 706 | |
|
Ziggo Bond Co. BV | |
6.000% due 01/15/2027 | | | | | 1,075 | | | | | | 988 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 714,863 | |
| | | | | | | | | | | | |
| |
| UTILITIES 6.4% | |
|
Aethon United BR LP | |
8.250% due 02/15/2026 | | | | | 745 | | | | | | 733 | |
|
AmeriGas Partners LP | |
5.500% due 05/20/2025 | | | | | 1,331 | | | | | | 1,286 | |
5.875% due 08/20/2026 | | | | | 2,838 | | | | | | 2,672 | |
|
Antero Midstream Partners LP | |
5.750% due 03/01/2027 | | | | | 1,942 | | | | | | 1,875 | |
7.875% due 05/15/2026 | | | | | 1,478 | | | | | | 1,500 | |
|
Archrock Partners LP | |
6.250% due 04/01/2028 | | | | | 419 | | | | | | 394 | |
6.875% due 04/01/2027 | | | | | 500 | | | | | | 481 | |
|
Blue Racer Midstream LLC | |
6.625% due 07/15/2026 | | | | | 732 | | | | | | 726 | |
7.625% due 12/15/2025 | | | | | 1,049 | | | | | | 1,061 | |
|
C&W Senior Financing DAC | |
6.875% due 09/15/2027 | | | | | 2,970 | | | | | | 2,594 | |
|
Calpine Corp. | |
4.500% due 02/15/2028 | | | | | 200 | | | | | | 181 | |
5.125% due 03/15/2028 | | | | | 4,337 | | | | | | 3,876 | |
5.250% due 06/01/2026 | | | | | 908 | | | | | | 878 | |
|
Calumet Specialty Products Partners LP | |
9.750% due 07/15/2028 | | | | | 1,000 | | | | | | 985 | |
|
Clearway Energy Operating LLC | |
4.750% due 03/15/2028 | | | | | 1,102 | | | | | | 1,018 | |
|
Crestwood Midstream Partners LP | |
5.625% due 05/01/2027 | | | | | 1,451 | | | | | | 1,377 | |
5.750% due 04/01/2025 | | | | | 2,587 | | | | | | 2,544 | |
|
CrownRock LP | |
5.625% due 10/15/2025 | | | | | 1,591 | | | | | | 1,569 | |
|
Diamond Offshore Drilling, Inc. | |
9.000% due 12/21/2026 « | | | | | 79 | | | | | | 77 | |
|
DPL, Inc. | |
4.125% due 07/01/2025 | | | | | 281 | | | | | | 268 | |
|
Drax Finco PLC | |
6.625% due 11/01/2025 | | | | | 1,200 | | | | | | 1,184 | |
|
Endeavor Energy Resources LP | |
5.750% due 01/30/2028 | | | | | 1,525 | | | | | | 1,493 | |
|
Enviva Partners LP | |
6.500% due 01/15/2026 | | | | | 333 | | | | | | 263 | |
|
FirstEnergy Corp. | |
1.600% due 01/15/2026 | | | | | 292 | | | | | | 265 | |
2.050% due 03/01/2025 | | | | | 584 | | | | | | 547 | |
4.150% due 07/15/2027 | | | | | 2,678 | | | | | | 2,546 | |
|
Genesis Energy LP | |
6.250% due 05/15/2026 | | | | | 2,175 | | | | | | 2,068 | |
6.500% due 10/01/2025 | | | | | 839 | | | | | | 827 | |
8.000% due 01/15/2027 | | | | | 4,629 | | | | | | 4,518 | |
8.875% due 04/15/2030 | | | | | 200 | | | | | | 196 | |
|
Holly Energy Partners LP | |
6.375% due 04/15/2027 | | | | | 423 | | | | | | 418 | |
|
Howard Midstream Energy Partners LLC | |
8.875% due 07/15/2028 (a) | | | | | 500 | | | | | | 503 | |
|
Iliad Holding SASU | |
6.500% due 10/15/2026 | | | | | 2,593 | | | | | | 2,450 | |
|
Lumen Technologies, Inc. | |
4.000% due 02/15/2027 | | | | | 2,023 | | | | | | 1,510 | |
|
NGL Energy Operating LLC | |
7.500% due 02/01/2026 | | | | | 5,302 | | | | | | 5,227 | |
|
NGL Energy Partners LP | |
6.125% due 03/01/2025 | | | | | 588 | | | | | | 565 | |
| | | | | | |
| 52 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
NRG Energy, Inc. | |
5.750% due 01/15/2028 | | $ | | | 1,158 | | | $ | | | 1,099 | |
|
PBF Holding Co. LLC | |
6.000% due 02/15/2028 | | | | | 352 | | | | | | 329 | |
7.250% due 06/15/2025 | | | | | 2,412 | | | | | | 2,410 | |
|
Qwest Corp. | |
7.250% due 09/15/2025 | | | | | 913 | | | | | | 884 | |
|
Summit Midstream Holdings LLC | |
9.000% due 10/15/2026 þ | | | | | 367 | | | | | | 357 | |
|
Tallgrass Energy Partners LP | |
5.500% due 01/15/2028 | | | | | 1,043 | | | | | | 955 | |
6.000% due 03/01/2027 | | | | | 1,135 | | | | | | 1,068 | |
7.500% due 10/01/2025 | | | | | 1,682 | | | | | | 1,680 | |
|
Telecom Italia SpA | |
5.303% due 05/30/2024 | | | | | 2,547 | | | | | | 2,478 | |
|
TerraForm Power Operating LLC | |
5.000% due 01/31/2028 | | | | | 1,388 | | | | | | 1,279 | |
|
Transocean Poseidon Ltd. | |
6.875% due 02/01/2027 | | | | | 1,706 | | | | | | 1,685 | |
|
Vistra Operations Co. LLC | |
5.500% due 09/01/2026 | | | | | 1,633 | | | | | | 1,573 | |
5.625% due 02/15/2027 | | | | | 4,192 | | | | | | 4,022 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 70,494 | |
| | | | | | | | | | | | |
Total Corporate Bonds & Notes
(Cost $1,013,309) | | | 970,937 | |
| | | | |
| |
| U.S. TREASURY OBLIGATIONS 0.9% | |
|
U.S. Treasury Notes | |
3.625% due 05/31/2028 | | | | | 10,000 | | | | | | 9,782 | |
| | | | | | | | | | | | |
Total U.S. Treasury Obligations
(Cost $9,871) | | | 9,782 | |
| | | | |
| |
| | | | | SHARES | | | | | | |
| COMMON STOCKS 0.2% | |
| |
| FINANCIALS 0.2% | |
| | | | |
Intelsat Emergence SA «(d)(h) | | | | | 90,699 | | | | | | 2,086 | |
| | | | |
Newco, Inc. «(d) | | | | | 5,855 | | | | | | 419 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,505 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | SHARES | | | | | MARKET
VALUE
(000S) | |
| HEALTH CARE 0.0% | |
| | | | |
TRU (UK) ASIA Ltd. «(d)(h) | | | | | 7,256 | | | $ | | | 0 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 0.0% | |
| | | | |
Bruin Blocker LLC «(d)(h) | | | | | 182,994 | | | | | | 0 | |
| | | | |
Voyager Aviation Holdings LLC «(d) | | | | | 530 | | | | | | 0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 0 | |
| | | | | | | | | | | | |
| |
| INFORMATION TECHNOLOGY 0.0% | |
| | | | |
Riverbed Technology, Inc. «(d)(h) | | | | | 22,812 | | | | | | 5 | |
| | | | | | | | | | | | |
| |
| REAL ESTATE 0.0% | |
| | | | |
Stearns Holding LLC ‘B’ «(d) | | | | | 214,645 | | | | | | 0 | |
| | | | | | | | | | | | |
Total Common Stocks (Cost $9,147) | | | 2,510 | |
| | | | |
| |
| RIGHTS 0.0% | |
| |
| FINANCIALS 0.0% | |
| | | | |
Intelsat Jackson Holdings SA «(d) | | | | | 19,758 | | | | | | 94 | |
| | | | | | | | | | | | |
Total Rights (Cost $0) | | | 94 | |
| | | | |
| |
| WARRANTS 0.0% | |
| |
| FINANCIALS 0.0% | |
| | | | |
Guranteed Rate, Inc. - Exp. 12/31/2060 « | | | | | 1,029 | | | | | | 0 | |
| | | | |
Intelsat Emergence SA - Exp. 02/17/2027 « | | | | | 28,334 | | | | | | 44 | |
| | | | |
Intelsat Jackson Holdings SA - Exp. 12/05/2025 « | | | | | 8,526 | | | | | | 62 | |
| | | | | | | | | | | | |
Total Warrants (Cost $3,431) | | | 106 | |
| | | | |
| |
| | | | | | | | | | | | |
| | | | | SHARES | | | | | MARKET
VALUE
(000S) | |
| PREFERRED SECURITIES 0.1% | |
| |
| INDUSTRIALS 0.1% | |
| | | | |
Voyager Aviation Holdings LLC « | | | | | 3,178 | | | $ | | | 766 | |
| | | | | | | | | | | | |
Total Preferred Securities (Cost $1,041) | | | 766 | |
| | | | |
| |
| SHORT-TERM INSTRUMENTS 14.0% | |
| | | | | | | | | | | | |
| REPURCHASE AGREEMENTS (i) 14.0% | |
| | | | | | | | | | | 154,358 | |
| | | | | | | | | | | | |
| Total Short-Term Instruments (Cost $154,358) | | | 154,358 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments in Securities (Cost $1,197,773) | | | 1,144,752 | |
| | | | |
| |
| INVESTMENTS IN AFFILIATES 2.3% | |
| |
| SHORT-TERM INSTRUMENTS 2.3% | |
| |
| MUTUAL FUNDS 2.3% | |
|
PIMCO Government Money Market Fund | |
5.210% (e)(f)(g) | | | 25,063,251 | | | | | | 25,063 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $25,063) | | | 25,063 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
Total Investments in Affiliates
(Cost $25,063) | | | 25,063 | |
| |
| | | | |
Total Investments 106.3%
(Cost $1,222,836) | | | $ | | | 1,169,815 | |
| |
Financial Derivative
Instruments (k) 0.0% (Cost or Premiums, net $(96)) | | | | | | 574 | |
| |
| Other Assets and Liabilities, net (6.3)% | | | (69,551 | ) |
| | | | |
| Net Assets 100.0% | | | $ | | | 1,100,838 | |
| | | | | | | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
| « | Security valued using significant unobservable inputs (Level 3). |
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments. |
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. |
| • | Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description. |
| þ | Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end. |
| (b) | Payment in-kind security. |
| (c) | Security is not accruing income as of the date of this report. |
| (d) | Security did not produce income within the last twelve months. |
| (e) | Institutional Class Shares of each Fund. |
| (f) | Securities with an aggregate market value of $24,569 were out on loan in exchange for $25,063 of cash collateral as of June 30, 2023. See Note 5(e), Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral. |
| (g) | Coupon represents a 7-Day Yield. |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 53 |
| | | | | | |
| Schedule of Investments | | PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | (Cont.) | | |
(h) RESTRICTED SECURITIES:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Issuer Description | | | | | | | | Acquisition
Date | | | Cost | | | Market
Value | | | Market Value
as Percentage
of Net Assets | |
Bruin Blocker LLC | | | | | | | | | | | 04/20/2021 | | | $ | 0 | | | $ | 0 | | | | 0.00 | % |
Intelsat Emergence SA | | | | | | | | | | | 10/02/2018 - 02/23/2022 | | | | 6,884 | | | | 2,086 | | | | 0.19 | |
Riverbed Technology, Inc. | | | | | | | | | | | 04/24/2018 - 12/07/2021 | | | | 1,634 | | | | 5 | | | | 0.00 | |
TRU (UK) ASIA Ltd. | | | | | | | | | | | 02/17/2023 | | | | 0 | | | | 0 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 8,518 | | | $ | 2,091 | | | | 0.19 | % |
| | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(i) REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Lending
Rate | | | Settlement
Date | | | Maturity
Date | | | Principal
Amount | | | Collateralized By | | Collateral
(Received) | | | Repurchase
Agreements,
at Value | | | Repurchase
Agreement
Proceeds
to be
Received(1) | |
| BPS | | | 5.120 | % | | | 06/30/2023 | | | | 07/03/2023 | | | $ | 68,900 | | | U.S. Treasury Notes 3.500% due 01/31/2030 | | $ | (70,341 | ) | | $ | 68,900 | | | $ | 68,929 | |
| | | 5.140 | | | | 07/03/2023 | | | | 07/05/2023 | | | | 68,000 | | | U.S. Treasury Notes 0.375% due 04/30/2025 | | | (69,387 | ) | | | 68,000 | | | | 68,000 | |
| | | 5.160 | | | | 06/30/2023 | | | | 07/03/2023 | | | | 10,000 | | | U.S. Treasury Inflation Protected Securities 0.125% due 07/15/2031 | | | (10,252 | ) | | | 10,000 | | | | 10,004 | |
| FICC | | | 2.400 | | | | 06/30/2023 | | | | 07/03/2023 | | | | 7,458 | | | U.S. Treasury Notes 1.625% due 10/31/2026 | | | (7,607 | ) | | | 7,458 | | | | 7,459 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (157,587 | ) | | $ | 154,358 | | | $ | 154,392 | |
| | | | | | | | | | | | | | | |
REVERSE REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Borrowing
Rate(2) | | | Settlement
Date | | | Maturity
Date | | | Amount
Borrowed(2) | | | Payable for
Reverse
Repurchase
Agreements | |
BRC | | | (1.000 | )% | | | 06/20/2023 | | | | TBD | (3) | | $ | | | | | (632 | ) | | $ | (632 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Reverse Repurchase Agreements | | | | | | | | | | | | | | | $ | (632 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(4) | |
Global/Master Repurchase Agreement | |
BPS | | $ | 146,933 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 146,933 | | | $ | (149,980 | ) | | $ | (3,047 | ) |
BRC | | | 0 | | | | (632 | ) | | | 0 | | | | 0 | | | | (632 | ) | | | 714 | | | | 82 | |
FICC | | | 7,459 | | | | 0 | | | | 0 | | | | 0 | | | | 7,459 | | | | (7,607 | ) | | | (148 | ) |
|
Master Securities Lending Agreement | |
BCY | | | 0 | | | | 0 | | | | 0 | | | | 11,057 | | | | 11,057 | | | | (11,279 | ) | | | (222 | ) |
BOS | | | 0 | | | | 0 | | | | 0 | | | | 1,906 | | | | 1,906 | | | | (1,944 | ) | | | (38 | ) |
BSN | | | 0 | | | | 0 | | | | 0 | | | | 448 | | | | 448 | | | | (457 | ) | | | (9 | ) |
GSC | | | 0 | | | | 0 | | | | 0 | | | | 7,946 | | | | 7,946 | | | | (8,105 | ) | | | (159 | ) |
RDR | | | 0 | | | | 0 | | | | 0 | | | | 3,212 | | | | 3,212 | | | | (3,278 | ) | | | (66 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 154,392 | | | $ | (632 | ) | | $ | 0 | | | $ | 24,569 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements
| | | | | | | | | | | | | | | | | | | | |
| | | Overnight and
Continuous | | | Up to 30 days | | | 31-90 days | | | Greater Than 90 days | | | Total | |
Securities Lending Transactions(5) | |
Corporate Bonds & Notes | | $ | 25,063 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 25,063 | |
| | | | | | | | | | | | | | | | | | | | |
Total | | $ | 25,063 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 25,063 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| 54 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | | | | | | | | | |
| | | Overnight and
Continuous | | | Up to 30 days | | | 31-90 days | | | Greater Than 90 days | | | Total | |
Reverse Repurchase Agreements | |
Corporate Bonds & Notes | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (632 | ) | | $ | (632 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (632 | ) | | $ | (632 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total Borrowings | | $ | 25,063 | | | $ | 0 | | | $ | 0 | | | $ | (632 | ) | | $ | 24,431 | |
| | | | | | | | | | | | | | | | | | | | |
Payable for reverse repurchase agreements and securities on loan - cash collateral | | | $ | 24,431 | |
| | | | | |
| (j) | Securities with an aggregate market value of $714 have been pledged as collateral under the terms of the above master agreements as of June 30, 2023. |
| (1) | Includes accrued interest. |
| (2) | The average amount of borrowings outstanding during the period ended June 30, 2023 was $(129) at a weighted average interest rate of (1.852%). Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| (3) | Open maturity reverse repurchase agreement. |
| (4) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
| (5) | Includes cash collateral as described in Note 5 in the Notes to Financial Statements. |
(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Expiration
Month | | | # of
Contracts | | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | | | Variation Margin | |
| | Asset | | | Liability | |
U.S. Treasury 5-Year Note September Futures | | | 09/2023 | | | | 125 | | | $ | 13,387 | | | $ | (273 | ) | | $ | 0 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Futures Contracts | | | $ | (273 | ) | | $ | 0 | | | $ | 0 | |
| | | | | | | | | | | | | |
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(1)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference Entity | | Fixed
Receive Rate | | | Payment
Frequency | | | Maturity
Date | | | Implied
Credit Spread at
June 30, 2023(2) | | | Notional
Amount(3) | | | Premiums
Paid/(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Market
Value(4) | | | Variation Margin | |
| | Asset | | | Liability | |
Newell Brands, Inc. | | | 1.000 | % | | | Quarterly | | | | 06/20/2028 | | | | 4.555 | % | | $ | 4,600 | | | $ | (681 | ) | | $ | 40 | | | $ | (641 | ) | | $ | 15 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(1)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Index/Tranches | | Fixed
Receive Rate | | | Payment
Frequency | | | Maturity
Date | | | Notional
Amount(3) | | | Premiums
Paid/(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Market
Value(4) | | | Variation Margin | |
| | Asset | | | Liability | |
CDX.HY-39 5-Year Index | | | 5.000 | % | | | Quarterly | | | | 12/20/2027 | | | $ | 6,534 | | | $ | 66 | | | $ | 154 | | | $ | 220 | | | $ | 48 | | | $ | 0 | |
CDX.HY-40 5-Year Index | | | 5.000 | | | | Quarterly | | | | 06/20/2028 | | | | 68,300 | | | | 519 | | | | 1,512 | | | | 2,031 | | | | 511 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 585 | | | $ | 1,666 | | | $ | 2,251 | | | $ | 559 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Swap Agreements | | | $ | (96 | ) | | $ | 1,706 | | | $ | 1,610 | | | $ | 574 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Financial Derivative Assets | | | | | | Financial Derivative Liabilities | |
| | | Market Value | | | Variation Margin
Asset | | | | | | | | | Market Value | | | Variation Margin
Liability | | | | |
| | | | | | | | | |
| | | Purchased
Options | | | Futures | | | Swap
Agreements | | | Total | | | | | | Written
Options | | | Futures | | | Swap
Agreements | | | Total | |
Total Exchange-Traded or Centrally Cleared | | $ | 0 | | | $ | 0 | | | $ | 574 | | | $ | 574 | | | | | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash of $9,991 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.
| (1) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 55 |
| | | | | | |
| Schedule of Investments | | PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | (Cont.) | | |
| (2) | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| (3) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| (4) | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | |
Swap Agreements | | $ | 0 | | | $ | 574 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 574 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023: | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Net Realized Gain (Loss) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (1,023 | ) | | $ | (1,023 | ) |
Swap Agreements | | | 0 | | | | 3,097 | | | | 0 | | | | 0 | | | | (8 | ) | | | 3,089 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 3,097 | | | $ | 0 | | | $ | 0 | | | $ | (1,031 | ) | | $ | 2,066 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Swap Agreements | | $ | 0 | | | $ | 3 | | | $ | 0 | | | $ | 0 | | | $ | 952 | | | $ | 955 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 3,100 | | | $ | 0 | | | $ | 0 | | | $ | (79 | ) | | $ | 3,021 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (183 | ) | | $ | (183 | ) |
Swap Agreements | | | 0 | | | | 6,148 | | | | 0 | | | | 0 | | | | 0 | | | | 6,148 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 6,148 | | | $ | 0 | | | $ | 0 | | | $ | (183 | ) | | $ | 5,965 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Swap Agreements | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 1,016 | | | $ | 1,016 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 6,148 | | | $ | 0 | | | $ | 0 | | | $ | 833 | | | $ | 6,981 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Securities, at Value | |
Loan Participations and Assignments | | $ | 0 | | | $ | 4,713 | | | $ | 1,486 | | | $ | 6,199 | |
Corporate Bonds & Notes | |
Banking & Finance | | | 0 | | | | 185,580 | | | | 0 | | | | 185,580 | |
Industrials | | | 0 | | | | 714,863 | | | | 0 | | | | 714,863 | |
Utilities | | | 0 | | | | 70,417 | | | | 77 | | | | 70,494 | |
U.S. Treasury Obligations | | | 0 | | | | 9,782 | | | | 0 | | | | 9,782 | |
Common Stocks | |
Financials | | | 0 | | | | 0 | | | | 2,505 | | | | 2,505 | |
Information Technology | | | 0 | | | | 0 | | | | 5 | | | | 5 | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Rights | |
Financials | | $ | 0 | | | $ | 0 | | | $ | 94 | | | $ | 94 | |
Warrants | |
Financials | | | 0 | | | | 0 | | | | 106 | | | | 106 | |
Preferred Securities | |
Industrials | | | 0 | | | | 0 | | | | 766 | | | | 766 | |
Short-Term Instruments | |
Repurchase Agreements | | | 0 | | | | 154,358 | | | | 0 | | | | 154,358 | |
| | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 1,139,713 | | | $ | 5,039 | | | $ | 1,144,752 | |
| | | | | | | | | | | | | | | | |
| | | | | | |
| 56 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Affiliates, at Value | |
Short-Term Instruments | |
Mutual Funds | | $ | 25,063 | | | $ | 0 | | | $ | 0 | | | $ | 25,063 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 25,063 | | | $ | 1,139,713 | | | $ | 5,039 | | | $ | 1,169,815 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | | $ | 0 | | | $ | 574 | | | $ | 0 | | | $ | 574 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Financial Derivative Instruments | | $ | 0 | | | $ | 574 | | | $ | 0 | | | $ | 574 | |
| | | | | | | | | | | | | | | | |
| | | | |
Totals | | $ | 25,063 | | | $ | 1,140,287 | | | $ | 5,039 | | | $ | 1,170,389 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 57 |
| | | | | | |
| Schedule of Investments | | PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 100.9% | |
| |
| CORPORATE BONDS & NOTES 96.3% | |
| |
| BANKING & FINANCE 35.5% | |
|
AerCap Ireland Capital DAC | |
2.450% due 10/29/2026 | | $ | | | 2,572 | | | $ | | | 2,299 | |
3.300% due 01/30/2032 | | | | | 692 | | | | | | 566 | |
3.400% due 10/29/2033 | | | | | 146 | | | | | | 117 | |
3.850% due 10/29/2041 | | | | | 63 | | | | | | 48 | |
4.450% due 10/01/2025 | | | | | 493 | | | | | | 474 | |
|
Aflac, Inc. | |
4.750% due 01/15/2049 | | | | | 51 | | | | | | 48 | |
|
AIA Group Ltd. | |
4.950% due 04/04/2033 | | | | | 1,100 | | | | | | 1,101 | |
|
Aircastle Ltd. | |
4.250% due 06/15/2026 | | | | | 10 | | | | | | 9 | |
|
Alexandria Real Estate Equities, Inc. | |
1.875% due 02/01/2033 | | | | | 2,051 | | | | | | 1,501 | |
4.900% due 12/15/2030 | | | | | 48 | | | | | | 47 | |
|
Alleghany Corp. | |
3.250% due 08/15/2051 | | | | | 1,607 | | | | | | 1,152 | |
|
Ally Financial, Inc. | |
1.450% due 10/02/2023 | | | | | 354 | | | | | | 349 | |
2.200% due 11/02/2028 | | | | | 38 | | | | | | 30 | |
3.875% due 05/21/2024 | | | | | 40 | | | | | | 39 | |
5.800% due 05/01/2025 | | | | | 130 | | | | | | 128 | |
|
American Express Co. | |
3.950% due 08/01/2025 | | | | | 763 | | | | | | 741 | |
4.050% due 12/03/2042 | | | | | 123 | | | | | | 107 | |
4.420% due 08/03/2033 • | | | | | 757 | | | | | | 715 | |
|
American International Group, Inc. | |
3.900% due 04/01/2026 | | | | | 594 | | | | | | 571 | |
|
American Tower Corp. | |
2.750% due 01/15/2027 | | | | | 569 | | | | | | 518 | |
2.900% due 01/15/2030 | | | | | 1,155 | | | | | | 997 | |
2.950% due 01/15/2051 | | | | | 753 | | | | | | 476 | |
3.125% due 01/15/2027 | | | | | 350 | | | | | | 323 | |
3.600% due 01/15/2028 | | | | | 719 | | | | | | 663 | |
|
ANZ New Zealand International Ltd. | |
1.250% due 06/22/2026 | | | | | 136 | | | | | | 121 | |
|
Aon Corp. | |
2.800% due 05/15/2030 | | | | | 923 | | | | | | 800 | |
2.900% due 08/23/2051 | | | | | 740 | | | | | | 484 | |
|
Arch Capital Group Ltd. | |
3.635% due 06/30/2050 | | | | | 142 | | | | | | 104 | |
|
Ares Capital Corp. | |
2.875% due 06/15/2027 | | | | | 272 | | | | | | 236 | |
2.875% due 06/15/2028 | | | | | 10 | | | | | | 8 | |
|
Assured Guaranty U.S. Holdings, Inc. | |
3.150% due 06/15/2031 | | | | | 56 | | | | | | 47 | |
|
Athene Global Funding | |
0.914% due 08/19/2024 | | | | | 505 | | | | | | 472 | |
1.000% due 04/16/2024 | | | | | 10 | | | | | | 10 | |
1.608% due 06/29/2026 | | | | | 1,511 | | | | | | 1,294 | |
1.716% due 01/07/2025 | | | | | 41 | | | | | | 38 | |
2.673% due 06/07/2031 | | | | | 10 | | | | | | 8 | |
|
Australia & New Zealand Banking Group Ltd. | |
2.570% due 11/25/2035 •(f) | | | | | 741 | | | | | | 563 | |
2.950% due 07/22/2030 • | | | | | 238 | | | | | | 218 | |
|
Aviation Capital Group LLC | |
1.950% due 01/30/2026 | | | | | 168 | | | | | | 150 | |
6.250% due 04/15/2028 | | | | | 1,775 | | | | | | 1,773 | |
|
Avolon Holdings Funding Ltd. | |
2.125% due 02/21/2026 | | | | | 45 | | | | | | 40 | |
2.528% due 11/18/2027 | | | | | 361 | | | | | | 305 | |
2.875% due 02/15/2025 | | | | | 1,612 | | | | | | 1,500 | |
5.500% due 01/15/2026 | | | | | 1,586 | | | | | | 1,538 | |
|
Banco Bilbao Vizcaya Argentaria SA | |
5.862% due 09/14/2026 • | | | | | 47 | | | | | | 46 | |
|
Banco de Credito e Inversiones SA | |
3.500% due 10/12/2027 | | | | | 870 | | | | | | 804 | |
|
Banco Santander Chile | |
2.700% due 01/10/2025 | | | | | 125 | | | | | | 120 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | |
5.375% due 04/17/2025 | | $ | | | 147 | | | $ | | | 146 | |
|
Banco Santander SA | |
1.849% due 03/25/2026 | | | | | 86 | | | | | | 77 | |
5.147% due 08/18/2025 | | | | | 707 | | | | | | 695 | |
|
Bank of America Corp. | |
1.530% due 12/06/2025 • | | | | | 1,067 | | | | | | 998 | |
2.572% due 10/20/2032 • | | | | | 3,212 | | | | | | 2,617 | |
2.676% due 06/19/2041 • | | | | | 450 | | | | | | 316 | |
2.687% due 04/22/2032 • | | | | | 58 | | | | | | 48 | |
3.384% due 04/02/2026 • | | | | | 1,008 | | | | | | 967 | |
3.419% due 12/20/2028 • | | | | | 1,829 | | | | | | 1,679 | |
3.458% due 03/15/2025 • | | | | | 1,362 | | | | | | 1,335 | |
3.500% due 04/19/2026 | | | | | 984 | | | | | | 944 | |
3.970% due 03/05/2029 • | | | | | 100 | | | | | | 94 | |
4.000% due 04/01/2024 | | | | | 425 | | | | | | 420 | |
4.083% due 03/20/2051 • | | | | | 2,084 | | | | | | 1,730 | |
4.271% due 07/23/2029 • | | | | | 1,082 | | | | | | 1,027 | |
4.827% due 07/22/2026 • | | | | | 651 | | | | | | 640 | |
4.948% due 07/22/2028 • | | | �� | | 648 | | | | | | 637 | |
5.015% due 07/22/2033 • | | | | | 1,714 | | | | | | 1,678 | |
5.080% due 01/20/2027 • | | | | | 1,241 | | | | | | 1,222 | |
6.204% due 11/10/2028 • | | | | | 839 | | | | | | 863 | |
|
Bank of New York Mellon Corp. | |
5.802% due 10/25/2028 • | | | | | 46 | | | | | | 47 | |
5.834% due 10/25/2033 • | | | | | 994 | | | | | | 1,037 | |
|
Bank of New Zealand | |
1.000% due 03/03/2026 | | | | | 110 | | | | | | 98 | |
|
Bank of Nova Scotia | |
1.050% due 03/02/2026 | | | | | 53 | | | | | | 47 | |
|
Barclays PLC | |
3.932% due 05/07/2025 • | | | | | 128 | | | | | | 125 | |
4.375% due 01/12/2026 | | | | | 3,936 | | | | | | 3,783 | |
7.437% due 11/02/2033 • | | | | | 44 | | | | | | 48 | |
|
Berkshire Hathaway Finance Corp. | |
2.850% due 10/15/2050 | | | | | 948 | | | | | | 661 | |
3.850% due 03/15/2052 | | | | | 623 | | | | | | 516 | |
4.200% due 08/15/2048 | | | | | 394 | | | | | | 355 | |
4.250% due 01/15/2049 | | | | | 217 | | | | | | 198 | |
5.750% due 01/15/2040 | | | | | 737 | | | | | | 818 | |
|
Berkshire Hathaway, Inc. | |
4.500% due 02/11/2043 | | | | | 666 | | | | | | 643 | |
|
BGC Partners, Inc. | |
5.375% due 07/24/2023 | | | | | 50 | | | | | | 50 | |
|
Blackstone Holdings Finance Co. LLC | |
2.800% due 09/30/2050 | | | | | 75 | | | | | | 43 | |
2.850% due 08/05/2051 | | | | | 1,696 | | | | | | 976 | |
3.500% due 09/10/2049 | | | | | 588 | | | | | | 391 | |
|
Blackstone Secured Lending Fund | |
2.750% due 09/16/2026 | | | | | 293 | | | | | | 256 | |
3.625% due 01/15/2026 | | | | | 128 | | | | | | 118 | |
|
Block Financial LLC | |
3.875% due 08/15/2030 | | | | | 641 | | | | | | 566 | |
|
Blue Owl Finance LLC | |
3.125% due 06/10/2031 | | | | | 278 | | | | | | 212 | |
4.125% due 10/07/2051 | | | | | 488 | | | | | | 306 | |
|
BNP Paribas SA | |
1.323% due 01/13/2027 • | | | | | 804 | | | | | | 714 | |
3.800% due 01/10/2024 | | | | | 10 | | | | | | 10 | |
4.400% due 08/14/2028 | | | | | 2,085 | | | | | | 1,970 | |
|
BOC Aviation Ltd. | |
3.250% due 04/29/2025 | | | | | 66 | | | | | | 63 | |
|
Brookfield Finance, Inc. | |
3.625% due 02/15/2052 | | | | | 733 | | | | | | 499 | |
3.900% due 01/25/2028 | | | | | 1,123 | | | | | | 1,041 | |
4.850% due 03/29/2029 | | | | | 1,439 | | | | | | 1,382 | |
|
Brown & Brown, Inc. | |
2.375% due 03/15/2031 | | | | | 146 | | | | | | 118 | |
4.950% due 03/17/2052 | | | | | 100 | | | | | | 86 | |
|
Capital One Financial Corp. | |
5.247% due 07/26/2030 • | | | | | 178 | | | | | | 168 | |
|
Charles Schwab Corp. | |
1.650% due 03/11/2031 | | | | | 2,428 | | | | | | 1,851 | |
1.950% due 12/01/2031 | | | | | 164 | | | | | | 125 | |
2.000% due 03/20/2028 | | | | | 10 | | | | | | 9 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
2.300% due 05/13/2031 | | $ | | | 10 | | | $ | | | 8 | |
2.900% due 03/03/2032 | | | | | 100 | | | | | | 82 | |
|
China Cinda Finance Ltd. | |
4.250% due 04/23/2025 | | | | | 212 | | | | | | 204 | |
|
Chubb INA Holdings, Inc. | |
1.375% due 09/15/2030 | | | | | 60 | | | | | | 48 | |
|
Citigroup, Inc. | |
2.561% due 05/01/2032 •(h) | | | | | 1,500 | | | | | | 1,225 | |
2.572% due 06/03/2031 •(h) | | | | | 500 | | | | | | 417 | |
3.057% due 01/25/2033 •(h) | | | | | 168 | | | | | | 140 | |
3.400% due 05/01/2026 | | | | | 500 | | | | | | 476 | |
3.668% due 07/24/2028 • | | | | | 10 | | | | | | 9 | |
3.700% due 01/12/2026 | | | | | 100 | | | | | | 96 | |
3.887% due 01/10/2028 • | | | | | 2,547 | | | | | | 2,415 | |
4.658% due 05/24/2028 • | | | | | 49 | | | | | | 48 | |
4.910% due 05/24/2033 • | | | | | 3,093 | | | | | | 2,994 | |
6.270% due 11/17/2033 •(h) | | | | | 689 | | | | | | 732 | |
|
Citizens Bank NA | |
3.750% due 02/18/2026 | | | | | 80 | | | | | | 73 | |
|
Citizens Financial Group, Inc. | |
3.250% due 04/30/2030 | | | | | 10 | | | | | | 8 | |
|
CNH Industrial Capital LLC | |
1.950% due 07/02/2023 | | | | | 50 | | | | | | 50 | |
|
Commonwealth Bank of Australia | |
2.688% due 03/11/2031 (f) | | | | | 1,524 | | | | | | 1,196 | |
3.743% due 09/12/2039 (f) | | | | | 458 | | | | | | 345 | |
5.316% due 03/13/2026 | | | | | 1,026 | | | | | | 1,029 | |
|
Cooperatieve Rabobank UA | |
5.800% due 09/30/2110 | | | | | 3 | | | | | | 3 | |
|
Credit Agricole SA | |
1.247% due 01/26/2027 • | | | | | 930 | | | | | | 824 | |
1.907% due 06/16/2026 • | | | | | 51 | | | | | | 47 | |
|
Credit Suisse AG | |
1.250% due 08/07/2026 | | | | | 360 | | | | | | 310 | |
|
Crown Castle, Inc. | |
1.350% due 07/15/2025 | | | | | 23 | | | | | | 21 | |
2.100% due 04/01/2031 | | | | | 20 | | | | | | 16 | |
2.250% due 01/15/2031 | | | | | 832 | | | | | | 679 | |
2.500% due 07/15/2031 | | | | | 10 | | | | | | 8 | |
2.900% due 03/15/2027 | | | | | 462 | | | | | | 423 | |
2.900% due 04/01/2041 | | | | | 172 | | | | | | 121 | |
3.100% due 11/15/2029 | | | | | 1,195 | | | | | | 1,042 | |
3.250% due 01/15/2051 | | | | | 27 | | | | | | 18 | |
3.300% due 07/01/2030 | | | | | 100 | | | | | | 88 | |
4.300% due 02/15/2029 | | | | | 509 | | | | | | 479 | |
4.450% due 02/15/2026 | | | | | 1,079 | | | | | | 1,051 | |
|
CubeSmart LP | |
3.000% due 02/15/2030 | | | | | 56 | | | | | | 48 | |
|
Danske Bank AS | |
3.244% due 12/20/2025 • | | | | | 1,260 | | | | | | 1,197 | |
5.375% due 01/12/2024 | | | | | 846 | | | | | | 841 | |
|
Deutsche Bank AG | |
2.129% due 11/24/2026 •(h) | | | | | 1,278 | | | | | | 1,138 | |
2.222% due 09/18/2024 • | | | | | 627 | | | | | | 619 | |
3.961% due 11/26/2025 • | | | | | 219 | | | | | | 209 | |
4.100% due 01/13/2026 | | | | | 1,030 | | | | | | 965 | |
7.079% due 02/10/2034 • | | | | | 936 | | | | | | 866 | |
|
Digital Realty Trust LP | |
3.600% due 07/01/2029 | | | | | 310 | | | | | | 276 | |
3.700% due 08/15/2027 | | | | | 51 | | | | | | 47 | |
|
Discover Bank | |
4.650% due 09/13/2028 | | | | | 697 | | | | | | 648 | |
|
DNB Bank ASA | |
1.535% due 05/25/2027 • | | | | | 1,181 | | | | | | 1,041 | |
|
Empower Finance LP | |
1.776% due 03/17/2031 | | | | | 61 | | | | | | 48 | |
3.075% due 09/17/2051 | | | | | 1,738 | | | | | | 1,123 | |
|
Enstar Group Ltd. | |
3.100% due 09/01/2031 | | | | | 436 | | | | | | 342 | |
|
Equinix, Inc. | |
1.450% due 05/15/2026 | | | | | 10 | | | | | | 9 | |
2.150% due 07/15/2030 | | | | | 278 | | | | | | 225 | |
2.625% due 11/18/2024 | | | | | 50 | | | | | | 48 | |
3.000% due 07/15/2050 | | | | | 789 | | | | | | 512 | |
3.200% due 11/18/2029 | | | | | 1,118 | | | | | | 983 | |
| | | | | | |
| 58 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Equitable Holdings, Inc. | |
5.000% due 04/20/2048 | | $ | | | 731 | | | $ | | | 627 | |
|
Essex Portfolio LP | |
2.650% due 03/15/2032 | | | | | 2,201 | | | | | | 1,773 | |
3.500% due 04/01/2025 | | | | | 50 | | | | | | 48 | |
|
Extra Space Storage LP | |
2.350% due 03/15/2032 | | | | | 1,884 | | | | | | 1,475 | |
|
F&G Global Funding | |
1.750% due 06/30/2026 | | | | | 135 | | | | | | 120 | |
2.300% due 04/11/2027 | | | | | 515 | | | | | | 456 | |
|
Fairfax Financial Holdings Ltd. | |
5.625% due 08/16/2032 | | | | | 546 | | | | | | 528 | |
|
Federation des Caisses Desjardins du Quebec | |
5.700% due 03/14/2028 | | | | | 2,445 | | | | | | 2,443 | |
|
Fidelity National Financial, Inc. | |
3.200% due 09/17/2051 | | | | | 313 | | | | | | 183 | |
|
Fifth Third Bacorp | |
4.055% due 04/25/2028 • | | | | | 1,300 | | | | | | 1,198 | |
|
First American Financial Corp. | |
4.000% due 05/15/2030 | | | | | 53 | | | | | | 47 | |
|
First-Citizens Bank & Trust Co. | |
2.969% due 09/27/2025 • | | | | | 50 | | | | | | 47 | |
|
FS KKR Capital Corp. | |
1.650% due 10/12/2024 | | | | | 265 | | | | | | 247 | |
3.125% due 10/12/2028 | | | | | 183 | | | | | | 149 | |
3.400% due 01/15/2026 | | | | | 277 | | | | | | 252 | |
|
GA Global Funding Trust | |
0.800% due 09/13/2024 | | | | | 134 | | | | | | 125 | |
1.950% due 09/15/2028 | | | | | 181 | | | | | | 152 | |
2.250% due 01/06/2027 | | | | | 524 | | | | | | 465 | |
|
GAIF Bond Issuer Pty. Ltd. | |
3.400% due 09/30/2026 | | | | | 30 | | | | | | 28 | |
|
GATX Corp. | |
3.500% due 06/01/2032 | | | | | 50 | | | | | | 43 | |
4.700% due 04/01/2029 | | | | | 842 | | | | | | 807 | |
|
General Motors Financial Co., Inc. | |
1.050% due 03/08/2024 | | | | | 734 | | | | | | 710 | |
1.250% due 01/08/2026 | | | | | 1,284 | | | | | | 1,146 | |
1.500% due 06/10/2026 | | | | | 10 | | | | | | 9 | |
2.350% due 01/08/2031 | | | | | 150 | | | | | | 118 | |
2.750% due 06/20/2025 | | | | | 10 | | | | | | 9 | |
4.300% due 04/06/2029 | | | | | 52 | | | | | | 48 | |
5.100% due 01/17/2024 | | | | | 10 | | | | | | 10 | |
|
Global Atlantic Fin Co. | |
3.125% due 06/15/2031 | | | | | 100 | | | | | | 75 | |
|
Globe Life, Inc. | |
4.800% due 06/15/2032 | | | | | 100 | | | | | | 96 | |
|
GLP Capital LP | |
3.250% due 01/15/2032 | | | | | 100 | | | | | | 81 | |
4.000% due 01/15/2030 | | | | | 1,179 | | | | | | 1,023 | |
4.000% due 01/15/2031 | | | | | 408 | | | | | | 353 | |
5.300% due 01/15/2029 | | | | | 1,099 | | | | | | 1,047 | |
|
Goldman Sachs Group, Inc. | |
1.431% due 03/09/2027 • | | | | | 1,491 | | | | | | 1,333 | |
1.948% due 10/21/2027 • | | | | | 2,188 | | | | | | 1,947 | |
1.992% due 01/27/2032 • | | | | | 2,975 | | | | | | 2,343 | |
2.600% due 02/07/2030 | | | | | 10 | | | | | | 9 | |
2.615% due 04/22/2032 • | | | | | 2,001 | | | | | | 1,642 | |
2.640% due 02/24/2028 • | | | | | 763 | | | | | | 693 | |
3.102% due 02/24/2033 • | | | | | 738 | | | | | | 624 | |
3.615% due 03/15/2028 • | | | | | 51 | | | | | | 48 | |
3.800% due 03/15/2030 | | | | | 10 | | | | | | 9 | |
4.017% due 10/31/2038 • | | | | | 55 | | | | | | 47 | |
4.482% due 08/23/2028 • | | | | | 1,489 | | | | | | 1,441 | |
|
Guardian Life Global Funding | |
1.625% due 09/16/2028 | | | | | 663 | | | | | | 557 | |
|
Guardian Life Insurance Co. of America | |
4.850% due 01/24/2077 | | | | | 1,550 | | | | | | 1,293 | |
|
Highwoods Realty LP | |
3.050% due 02/15/2030 | | | | | 1,152 | | | | | | 896 | |
|
Host Hotels & Resorts LP | |
3.875% due 04/01/2024 | | | | | 246 | | | | | | 242 | |
|
HSBC Holdings PLC | |
1.589% due 05/24/2027 • | | | | | 950 | | | | | | 839 | |
2.206% due 08/17/2029 • | | | | | 142 | | | | | | 119 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
2.357% due 08/18/2031 • | | $ | | | 146 | | | $ | | | 117 | |
2.871% due 11/22/2032 • | | | | | 61 | | | | | | 49 | |
3.900% due 05/25/2026 | | | | | 985 | | | | | | 939 | |
3.973% due 05/22/2030 • | | | | | 2,213 | | | | | | 1,989 | |
4.300% due 03/08/2026 | | | | | 1,196 | | | | | | 1,157 | |
4.583% due 06/19/2029 • | | | | | 1,849 | | | | | | 1,742 | |
6.254% due 03/09/2034 • | | | | | 1,916 | | | | | | 1,965 | |
|
Hudson Pacific Properties LP | |
5.950% due 02/15/2028 | | | | | 288 | | | | | | 229 | |
|
Hutchison Whampoa International Ltd. | |
7.450% due 11/24/2033 | | | | | 1,268 | | | | | | 1,502 | |
|
ING Bank NV | |
5.800% due 09/25/2023 | | | | | 148 | | | | | | 148 | |
|
ING Groep NV | |
4.017% due 03/28/2028 • | | | | | 60 | | | | | | 56 | |
|
Intercontinental Exchange, Inc. | |
5.200% due 06/15/2062 | | | | | 100 | | | | | | 99 | |
|
Intesa Sanpaolo SpA | |
7.000% due 11/21/2025 | | | | | 100 | | | | | | 101 | |
8.248% due 11/21/2033 • | | | | | 618 | | | | | | 650 | |
|
Invitation Homes Operating Partnership LP | |
2.000% due 08/15/2031 | | | | | 1,091 | | | | | | 837 | |
|
Jackson National Life Global Funding | |
1.750% due 01/12/2025 | | | | | 200 | | | | | | 186 | |
|
JPMorgan Chase & Co. | |
1.045% due 11/19/2026 • | | | | | 100 | | | | | | 90 | |
1.470% due 09/22/2027 • | | | | | 1,473 | | | | | | 1,301 | |
1.561% due 12/10/2025 • | | | | | 346 | | | | | | 324 | |
1.764% due 11/19/2031 • | | | | | 542 | | | | | | 429 | |
2.005% due 03/13/2026 • | | | | | 1,467 | | | | | | 1,378 | |
2.580% due 04/22/2032 • | | | | | 3,168 | | | | | | 2,633 | |
2.947% due 02/24/2028 • | | | | | 876 | | | | | | 805 | |
2.950% due 10/01/2026 | | | | | 932 | | | | | | 874 | |
2.963% due 01/25/2033 • | | | | | 711 | | | | | | 599 | |
3.509% due 01/23/2029 • | | | | | 693 | | | | | | 641 | |
4.005% due 04/23/2029 • | | | | | 50 | | | | | | 47 | |
4.080% due 04/26/2026 • | | | | | 393 | | | | | | 382 | |
4.323% due 04/26/2028 • | | | | | 773 | | | | | | 747 | |
4.565% due 06/14/2030 • | | | | | 698 | | | | | | 671 | |
4.586% due 04/26/2033 • | | | | | 100 | | | | | | 95 | |
4.851% due 07/25/2028 • | | | | | 672 | | | | | | 663 | |
4.912% due 07/25/2033 • | | | | | 2,407 | | | | | | 2,353 | |
5.400% due 01/06/2042 | | | | | 668 | | | | | | 679 | |
|
Key Corp. | |
3.878% due 05/23/2025 • | | | | | 76 | | | | | | 70 | |
|
Kimco Realty OP LLC | |
2.250% due 12/01/2031 | | | | | 594 | | | | | | 463 | |
|
KKR Group Finance Co. LLC | |
3.250% due 12/15/2051 | | | | | 1,304 | | | | | | 838 | |
|
Lazard Group LLC | |
3.750% due 02/13/2025 | | | | | 2,238 | | | | | | 2,154 | |
|
Liberty Mutual Group, Inc. | |
3.951% due 10/15/2050 | | | | | 1,554 | | | | | | 1,139 | |
5.500% due 06/15/2052 | | | | | 687 | | | | | | 648 | |
|
Lloyds Banking Group PLC | |
3.750% due 01/11/2027 | | | | | 1,641 | | | | | | 1,539 | |
3.750% due 03/18/2028 • | | | | | 51 | | | | | | 47 | |
3.870% due 07/09/2025 • | | | | | 757 | | | | | | 738 | |
|
LSEGA Financing PLC | |
2.000% due 04/06/2028 | | | | | 1,053 | | | | | | 904 | |
3.200% due 04/06/2041 | | | | | 100 | | | | | | 75 | |
|
Macquarie Group Ltd. | |
1.935% due 04/14/2028 • | | | | | 1,146 | | | | | | 991 | |
3.763% due 11/28/2028 • | | | | | 60 | | | | | | 55 | |
|
Manulife Financial Corp. | |
4.150% due 03/04/2026 | | | | | 812 | | | | | | 787 | |
|
Marsh & McLennan Cos., Inc. | |
2.375% due 12/15/2031 | | | | | 100 | | | | | | 82 | |
4.350% due 01/30/2047 | | | | | 126 | | | | | | 108 | |
|
MassMutual Global Funding | |
4.150% due 08/26/2025 | | | | | 287 | | | | | | 279 | |
|
Mastercard, Inc. | |
4.875% due 03/09/2028 | | | | | 956 | | | | | | 968 | |
|
Meiji Yasuda Life Insurance Co. | |
5.200% due 10/20/2045 • | | | | | 49 | | | | | | 47 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
MET Tower Global Funding | |
1.250% due 09/14/2026 | | $ | | | 111 | | | $ | | | 97 | |
|
MetLife, Inc. | |
5.000% due 07/15/2052 | | | | | 100 | | | | | | 94 | |
9.250% due 04/08/2068 | | | | | 163 | | | | | | 189 | |
|
Metropolitan Life Global Funding | |
1.875% due 01/11/2027 | | | | | 2,782 | | | | | | 2,481 | |
5.150% due 03/28/2033 | | | | | 1,280 | | | | | | 1,267 | |
|
Mitsubishi HC Capital, Inc. | |
5.080% due 09/15/2027 | | | | | 1,353 | | | | | | 1,322 | |
|
Mitsubishi UFJ Financial Group, Inc. | |
2.048% due 07/17/2030 | | | | | 1,565 | | | | | | 1,270 | |
2.309% due 07/20/2032 • | | | | | 164 | | | | | | 131 | |
2.341% due 01/19/2028 • | | | | | 795 | | | | | | 712 | |
3.195% due 07/18/2029 | | | | | 662 | | | | | | 585 | |
3.751% due 07/18/2039 | | | | | 120 | | | | | | 102 | |
4.788% due 07/18/2025 • | | | | | 1,178 | | | | | | 1,162 | |
5.017% due 07/20/2028 • | | | | | 448 | | | | | | 439 | |
5.719% due 02/20/2026 • | | | | | 1,018 | | | | | | 1,013 | |
|
Mizuho Financial Group, Inc. | |
3.170% due 09/11/2027 | | | | | 60 | | | | | | 55 | |
5.414% due 09/13/2028 • | | | | | 996 | | | | | | 989 | |
|
Morgan Stanley | |
1.928% due 04/28/2032 • | | | | | 2,214 | | | | | | 1,729 | |
2.511% due 10/20/2032 • | | | | | 119 | | | | | | 96 | |
2.630% due 02/18/2026 • | | | | | 300 | | | | | | 285 | |
3.620% due 04/17/2025 • | | | | | 531 | | | | | | 521 | |
3.622% due 04/01/2031 • | | | | | 2,195 | | | | | | 1,979 | |
4.210% due 04/20/2028 • | | | | | 496 | | | | | | 477 | |
4.679% due 07/17/2026 • | | | | | 1,386 | | | | | | 1,361 | |
4.889% due 07/20/2033 • | | | | | 1,309 | | | | | | 1,261 | |
5.050% due 01/28/2027 • | | | | | 577 | | | | | | 572 | |
5.123% due 02/01/2029 • | | | | | 1,051 | | | | | | 1,037 | |
6.296% due 10/18/2028 • | | | | | 46 | | | | | | 47 | |
|
Morgan Stanley Domestic Holdings, Inc. | |
4.500% due 06/20/2028 | | | | | 2,000 | | | | | | 1,928 | |
|
National Australia Bank Ltd. | |
2.990% due 05/21/2031 (f) | | | | | 100 | | | | | | 80 | |
3.347% due 01/12/2037 •(f) | | | | | 110 | | | | | | 87 | |
|
Nationwide Building Society | |
2.972% due 02/16/2028 • | | | | | 50 | | | | | | 45 | |
3.960% due 07/18/2030 • | | | | | 1,333 | | | | | | 1,184 | |
|
Nationwide Mutual Insurance Co. | |
4.350% due 04/30/2050 | | | | | 1,506 | | | | | | 1,145 | |
4.950% due 04/22/2044 | | | | | 54 | | | | | | 46 | |
|
NatWest Group PLC | |
3.032% due 11/28/2035 • | | | | | 202 | | | | | | 155 | |
4.269% due 03/22/2025 • | | | | | 694 | | | | | | 682 | |
4.892% due 05/18/2029 • | | | | | 2,350 | | | | | | 2,238 | |
|
New York Life Global Funding | |
2.350% due 07/14/2026 | | | | | 100 | | | | | | 92 | |
|
New York Life Insurance Co. | |
3.750% due 05/15/2050 | | | | | 135 | | | | | | 103 | |
4.450% due 05/15/2069 | | | | | 169 | | | | | | 141 | |
6.750% due 11/15/2039 | | | | | 515 | | | | | | 587 | |
|
Nippon Life Insurance Co. | |
2.900% due 09/16/2051 • | | | | | 348 | | | | | | 284 | |
3.400% due 01/23/2050 •(e) | | | | | 691 | | | | | | 606 | |
5.100% due 10/16/2044 • | | | | | 333 | | | | | | 325 | |
|
Nissan Motor Acceptance Co. LLC | |
1.125% due 09/16/2024 | | | | | 100 | | | | | | 93 | |
1.850% due 09/16/2026 | | | | | 125 | | | | | | 106 | |
2.000% due 03/09/2026 | | | | | 581 | | | | | | 509 | |
2.450% due 09/15/2028 | | | | | 100 | | | | | | 80 | |
|
Nomura Holdings, Inc. | |
2.172% due 07/14/2028 | | | | | 57 | | | | | | 48 | |
2.329% due 01/22/2027 | | | | | 1,998 | | | | | | 1,768 | |
2.648% due 01/16/2025 | | | | | 1,642 | | | | | | 1,555 | |
|
NongHyup Bank | |
1.250% due 07/20/2025 | | | | | 37 | | | | | | 34 | |
|
Nordea Bank Abp | |
1.500% due 09/30/2026 | | | | | 55 | | | | | | 48 | |
5.375% due 09/22/2027 | | | | | 614 | | | | | | 607 | |
|
Norinchukin Bank | |
4.867% due 09/14/2027 (e) | | | | | 739 | | | | | | 728 | |
5.071% due 09/14/2032 | | | | | 47 | | | | | | 47 | |
5.430% due 03/09/2028 (e) | | | | | 1,243 | | | | | | 1,255 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 59 |
| | | | | | |
| Schedule of Investments | | PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Northwestern Mutual Global Funding | |
4.000% due 07/01/2025 | | $ | | | 20 | | | $ | | | 19 | |
|
NTT Finance Corp. | |
1.162% due 04/03/2026 | | | | | 120 | | | | | | 107 | |
|
Nuveen Finance LLC | |
4.125% due 11/01/2024 | | | | | 877 | | | | | | 852 | |
|
Oversea-Chinese Banking Corp. Ltd. | |
1.832% due 09/10/2030 •(f) | | | | | 336 | | | | | | 306 | |
|
Owl Rock Capital Corp. | |
2.875% due 06/11/2028 | | | | | 157 | | | | | | 128 | |
3.400% due 07/15/2026 | | | | | 126 | | | | | | 112 | |
4.250% due 01/15/2026 | | | | | 10 | | | | | | 9 | |
|
Pacific Life Global Funding | |
1.600% due 09/21/2028 | | | | | 2,563 | | | | | | 2,098 | |
|
Pacific LifeCorp | |
5.400% due 09/15/2052 | | | | | 719 | | | | | | 696 | |
|
PNC Bank NA | |
3.800% due 07/25/2023 | | | | | 901 | | | | | | 900 | |
|
PNC Financial Services Group, Inc. | |
5.068% due 01/24/2034 • | | | | | 700 | | | | | | 672 | |
5.354% due 12/02/2028 • | | | | | 47 | | | | | | 47 | |
|
Popular, Inc. | |
7.250% due 03/13/2028 | | | | | 1,761 | | | | | | 1,761 | |
|
Pricoa Global Funding | |
0.800% due 09/01/2025 | | | | | 933 | | | | | | 840 | |
|
Principal Life Global Funding | |
3.000% due 04/18/2026 | | | | | 864 | | | | | | 801 | |
|
Progressive Corp. | |
3.000% due 03/15/2032 | | | | | 367 | | | | | | 320 | |
3.700% due 03/15/2052 | | | | | 100 | | | | | | 78 | |
|
Prologis LP | |
3.000% due 04/15/2050 | | | | | 68 | | | | | | 46 | |
4.000% due 09/15/2028 | | | | | 1,388 | | | | | | 1,333 | |
|
Protective Life Global Funding | |
1.303% due 09/20/2026 | | | | | 738 | | | | | | 645 | |
1.646% due 01/13/2025 | | | | | 584 | | | | | | 545 | |
|
Prudential Financial, Inc. | |
3.000% due 03/10/2040 | | | | | 172 | | | | | | 129 | |
3.905% due 12/07/2047 | | | | | 135 | | | | | | 108 | |
|
Prudential Funding Asia PLC | |
3.125% due 04/14/2030 | | | | | 285 | | | | | | 251 | |
3.625% due 03/24/2032 | | | | | 589 | | | | | | 524 | |
|
Realty Income Corp. | |
3.250% due 01/15/2031 | | | | | 132 | | | | | | 116 | |
3.400% due 01/15/2028 | | | | | 485 | | | | | | 448 | |
4.700% due 12/15/2028 | | | | | 1,550 | | | | | | 1,503 | |
|
Regency Centers LP | |
2.950% due 09/15/2029 | | | | | 819 | | | | | | 703 | |
|
Reinsurance Group of America, Inc. | |
3.950% due 09/15/2026 | | | | | 853 | | | | | | 804 | |
|
Reliance Standard Life Global Funding | |
1.512% due 09/28/2026 | | | | | 157 | | | | | | 136 | |
|
Rexford Industrial Realty LP | |
2.150% due 09/01/2031 | | | | | 1,211 | | | | | | 945 | |
|
RGA Global Funding | |
2.000% due 11/30/2026 | | | | | 53 | | | | | | 47 | |
|
Royal Bank of Canada | |
3.625% due 05/04/2027 | | | | | 50 | | | | | | 47 | |
|
Sabra Health Care LP | |
3.200% due 12/01/2031 | | | | | 303 | | | | | | 226 | |
|
Santander Holdings USA, Inc. | |
2.490% due 01/06/2028 • | | | | | 484 | | | | | | 418 | |
4.500% due 07/17/2025 | | | | | 1,069 | | | | | | 1,038 | |
6.499% due 03/09/2029 • | | | | | 1,340 | | | | | | 1,326 | |
|
Santander U.K. Group Holdings PLC | |
1.673% due 06/14/2027 • | | | | | 2,089 | | | | | | 1,801 | |
|
Scentre Group Trust | |
3.500% due 02/12/2025 | | | | | 50 | | | | | | 48 | |
|
SITE Centers Corp. | |
3.625% due 02/01/2025 | | | | | 258 | | | | | | 243 | |
|
SMBC Aviation Capital Finance DAC | |
1.900% due 10/15/2026 | | | | | 785 | | | | | | 687 | |
4.125% due 07/15/2023 | | | | | 40 | | | | | | 40 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Societe Generale SA | |
1.488% due 12/14/2026 • | | $ | | | 1,954 | | | $ | | | 1,721 | |
1.792% due 06/09/2027 • | | | | | 105 | | | | | | 92 | |
2.797% due 01/19/2028 • | | | | | 841 | | | | | | 746 | |
3.337% due 01/21/2033 • | | | | | 702 | | | | | | 563 | |
4.250% due 04/14/2025 | | | | | 747 | | | | | | 713 | |
6.691% due 01/10/2034 • | | | | | 592 | | | | | | 603 | |
|
Spirit Realty LP | |
3.400% due 01/15/2030 | | | | | 711 | | | | | | 605 | |
4.450% due 09/15/2026 | | | | | 500 | | | | | | 471 | |
|
Standard Chartered PLC | |
2.678% due 06/29/2032 • | | | | | 84 | | | | | | 66 | |
2.819% due 01/30/2026 • | | | | | 2,932 | | | | | | 2,766 | |
4.644% due 04/01/2031 • | | | | | 1,312 | | | | | | 1,211 | |
|
State Street Corp. | |
5.751% due 11/04/2026 • | | | | | 1,070 | | | | | | 1,076 | |
5.820% due 11/04/2028 • | | | | | 1,180 | | | | | | 1,210 | |
|
Stellantis Finance U.S., Inc. | |
1.711% due 01/29/2027 | | | | | 137 | | | | | | 120 | |
|
Sumitomo Life Insurance Co. | |
6.500% due 09/20/2073 • | | | | | 145 | | | | | | 144 | |
|
Sumitomo Mitsui Financial Group, Inc. | |
2.222% due 09/17/2031 | | | | | 1,096 | | | | | | 876 | |
2.472% due 01/14/2029 | | | | | 564 | | | | | | 482 | |
2.750% due 01/15/2030 | | | | | 2,027 | | | | | | 1,750 | |
4.306% due 10/16/2028 | | | | | 50 | | | | | | 47 | |
5.766% due 01/13/2033 | | | | | 47 | | | | | | 48 | |
|
Sumitomo Mitsui Trust Bank Ltd. | |
4.950% due 09/15/2027 | | | | | 1,871 | | | | | | 1,852 | |
|
Sun Communities Operating LP | |
2.300% due 11/01/2028 | | | | | 56 | | | | | | 47 | |
|
SVB Financial Group | |
1.800% due 02/02/2031 ^(b) | | | | | 1 | | | | | | 1 | |
|
Synchrony Financial | |
2.875% due 10/28/2031 | | | | | 1,003 | | | | | | 730 | |
5.150% due 03/19/2029 | | | | | 122 | | | | | | 111 | |
|
Teachers Insurance & Annuity Association of America | |
6.850% due 12/16/2039 | | | | | 1 | | | | | | 1 | |
|
Toronto-Dominion Bank | |
3.200% due 03/10/2032 | | | | | 800 | | | | | | 693 | |
4.108% due 06/08/2027 | | | | | 49 | | | | | | 47 | |
|
Toyota Motor Credit Corp. | |
5.810% due 12/11/2023 • | | | | | 882 | | | | | | 883 | |
|
Truist Financial Corp. | |
1.125% due 08/03/2027 | | | | | 15 | | | | | | 13 | |
|
UBS AG | |
1.250% due 06/01/2026 | | | | | 200 | | | | | | 176 | |
4.500% due 06/26/2048 | | | | | 473 | | | | | | 430 | |
|
UBS Group AG | |
1.305% due 02/02/2027 • | | | | | 187 | | | | | | 164 | |
2.193% due 06/05/2026 • | | | | | 871 | | | | | | 799 | |
3.126% due 08/13/2030 • | | | | | 55 | | | | | | 46 | |
4.125% due 09/24/2025 | | | | | 1,855 | | | | | | 1,773 | |
4.194% due 04/01/2031 • | | | | | 60 | | | | | | 53 | |
4.751% due 05/12/2028 • | | | | | 300 | | | | | | 285 | |
4.875% due 05/15/2045 | | | | | 812 | | | | | | 704 | |
6.373% due 07/15/2026 • | | | | | 259 | | | | | | 257 | |
6.442% due 08/11/2028 • | | | | | 347 | | | | | | 349 | |
6.537% due 08/12/2033 • | | | | | 462 | | | | | | 474 | |
|
UDR, Inc. | |
2.100% due 08/01/2032 | | | | | 1,891 | | | | | | 1,439 | |
3.000% due 08/15/2031 | | | | | 100 | | | | | | 85 | |
|
UniCredit SpA | |
1.982% due 06/03/2027 • | | | | | 140 | | | | | | 123 | |
2.569% due 09/22/2026 • | | | | | 52 | | | | | | 47 | |
3.127% due 06/03/2032 • | | | | | 145 | | | | | | 114 | |
|
USAA Capital Corp. | |
2.125% due 05/01/2030 | | | | | 57 | | | | | | 47 | |
|
VICI Properties LP | |
4.625% due 12/01/2029 | | | | | 3,066 | | | | | | 2,786 | |
5.125% due 05/15/2032 | | | | | 51 | | | | | | 48 | |
5.625% due 05/15/2052 | | | | | 282 | | | | | | 252 | |
|
Visa, Inc. | |
1.900% due 04/15/2027 | | | | | 247 | | | | | | 225 | |
2.700% due 04/15/2040 | | | | | 164 | | | | | | 126 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Wells Fargo & Co. | |
3.068% due 04/30/2041 • | | $ | | | 63 | | | $ | | | 46 | |
3.526% due 03/24/2028 • | | | | | 1,183 | | | | | | 1,105 | |
3.908% due 04/25/2026 • | | | | | 995 | | | | | | 962 | |
4.150% due 01/24/2029 | | | | | 624 | | | | | | 592 | |
4.611% due 04/25/2053 • | | | | | 322 | | | | | | 283 | |
4.808% due 07/25/2028 • | | | | | 1,696 | | | | | | 1,659 | |
4.897% due 07/25/2033 • | | | | | 4,007 | | | | | | 3,846 | |
5.013% due 04/04/2051 • | | | | | 800 | | | | | | 746 | |
|
Welltower, Inc. | |
4.250% due 04/15/2028 | | | | | 1,119 | | | | | | 1,054 | |
|
Westpac Banking Corp. | |
2.894% due 02/04/2030 •(f) | | | | | 10 | | | | | | 9 | |
2.963% due 11/16/2040 (f) | | | | | 158 | | | | | | 106 | |
3.020% due 11/18/2036 •(f) | | | | | 60 | | | | | | 46 | |
5.405% due 08/10/2033 •(f) | | | | | 51 | | | | | | 48 | |
|
Weyerhaeuser Co. | |
6.875% due 12/15/2033 | | | | | 367 | | | | | | 400 | |
7.375% due 03/15/2032 | | | | | 1,036 | | | | | | 1,157 | |
|
Willis North America, Inc. | |
4.650% due 06/15/2027 | | | | | 1,406 | | | | | | 1,367 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 263,198 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 47.7% | |
|
7-Eleven, Inc. | |
0.800% due 02/10/2024 | | | | | 10 | | | | | | 10 | |
0.950% due 02/10/2026 | | | | | 1,502 | | | | | | 1,342 | |
|
AbbVie, Inc. | |
2.950% due 11/21/2026 | | | | | 1,639 | | | | | | 1,532 | |
3.200% due 05/14/2026 | | | | | 25 | | | | | | 24 | |
3.800% due 03/15/2025 | | | | | 214 | | | | | | 208 | |
3.850% due 06/15/2024 | | | | | 152 | | | | | | 149 | |
4.050% due 11/21/2039 | | | | | 1,665 | | | | | | 1,450 | |
4.400% due 11/06/2042 | | | | | 52 | | | | | | 47 | |
4.550% due 03/15/2035 | | | | | 647 | | | | | | 617 | |
4.700% due 05/14/2045 | | | | | 3,328 | | | | | | 3,043 | |
4.850% due 06/15/2044 | | | | | 27 | | | | | | 25 | |
|
Activision Blizzard, Inc. | |
1.350% due 09/15/2030 | | | | | 10 | | | | | | 8 | |
|
Aetna, Inc. | |
3.875% due 08/15/2047 | | | | | 731 | | | | | | 570 | |
|
Agilent Technologies, Inc. | |
2.300% due 03/12/2031 | | | | | 10 | | | | | | 8 | |
|
Aker BP ASA | |
2.000% due 07/15/2026 | | | | | 136 | | | | | | 122 | |
3.100% due 07/15/2031 | | | | | 80 | | | | | | 66 | |
|
Alcon Finance Corp. | |
2.600% due 05/27/2030 | | | | | 1,055 | | | | | | 901 | |
|
Alibaba Group Holding Ltd. | |
3.400% due 12/06/2027 | | | | | 932 | | | | | | 867 | |
3.600% due 11/28/2024 | | | | | 966 | | | | | | 936 | |
4.400% due 12/06/2057 | | | | | 346 | | | | | | 272 | |
|
Allegion PLC | |
3.500% due 10/01/2029 | | | | | 54 | | | | | | 48 | |
|
Alphabet, Inc. | |
0.450% due 08/15/2025 | | | | | 283 | | | | | | 259 | |
|
Amazon.com, Inc. | |
2.100% due 05/12/2031 | | | | | 3,108 | | | | | | 2,615 | |
2.700% due 06/03/2060 | | | | | 1,338 | | | | | | 862 | |
3.100% due 05/12/2051 | | | | | 140 | | | | | | 105 | |
3.250% due 05/12/2061 | | | | | 143 | | | | | | 104 | |
3.875% due 08/22/2037 | | | | | 1,752 | | | | | | 1,601 | |
4.100% due 04/13/2062 | | | | | 116 | | | | | | 100 | |
|
Amcor Flexibles North America, Inc. | |
2.690% due 05/25/2031 | | | | | 40 | | | | | | 33 | |
|
America Movil SAB de CV | |
3.625% due 04/22/2029 | | | | | 914 | | | | | | 841 | |
|
Amgen, Inc. | |
3.000% due 02/22/2029 | | | | | 100 | | | | | | 90 | |
3.150% due 02/21/2040 | | | | | 2,743 | | | | | | 2,100 | |
3.200% due 11/02/2027 | | | | | 353 | | | | | | 330 | |
3.625% due 05/22/2024 | | | | | 610 | | | | | | 599 | |
4.200% due 02/22/2052 | | | | | 100 | | | | | | 83 | |
4.400% due 05/01/2045 | | | | | 969 | | | | | | 840 | |
4.400% due 02/22/2062 | | | | | 172 | | | | | | 141 | |
| | | | | | |
| 60 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
4.663% due 06/15/2051 | | $ | | | 324 | | | $ | | | 290 | |
4.950% due 10/01/2041 | | | | | 455 | | | | | | 423 | |
5.150% due 03/02/2028 | | | | | 532 | | | | | | 532 | |
5.250% due 03/02/2025 | | | | | 432 | | | | | | 430 | |
5.750% due 03/02/2063 | | | | | 68 | | | | | | 69 | |
|
Amphenol Corp. | |
2.800% due 02/15/2030 | | | | | 160 | | | | | | 140 | |
|
AngloGold Ashanti Holdings PLC | |
3.750% due 10/01/2030 | | | | | 506 | | | | | | 435 | |
|
Anheuser-Busch Cos. LLC | |
4.700% due 02/01/2036 | | | | | 945 | | | | | | 920 | |
4.900% due 02/01/2046 | | | | | 3,555 | | | | | | 3,401 | |
|
Anheuser-Busch InBev Finance, Inc. | |
4.900% due 02/01/2046 | | | | | 30 | | | | | | 29 | |
|
Anheuser-Busch InBev Worldwide, Inc. | |
4.000% due 04/13/2028 | | | | | 49 | | | | | | 47 | |
5.450% due 01/23/2039 | | | | | 637 | | | | | | 660 | |
5.800% due 01/23/2059 | | | | | 140 | | | | | | 153 | |
|
Apache Corp. | |
5.100% due 09/01/2040 | | | | | 77 | | | | | | 63 | |
|
Apple, Inc. | |
1.200% due 02/08/2028 | | | | | 10 | | | | | | 9 | |
1.650% due 05/11/2030 | | | | | 1,756 | | | | | | 1,480 | |
2.200% due 09/11/2029 | | | | | 10 | | | | | | 9 | |
2.375% due 02/08/2041 | | | | | 120 | | | | | | 89 | |
2.800% due 02/08/2061 | | | | | 73 | | | | | | 49 | |
2.850% due 08/05/2061 | | | | | 172 | | | | | | 117 | |
3.250% due 02/23/2026 | | | | | 2,300 | | | | | | 2,216 | |
3.350% due 08/08/2032 (e) | | | | | 925 | | | | | | 863 | |
3.450% due 05/06/2024 | | | | | 149 | | | | | | 147 | |
3.850% due 08/04/2046 | | | | | 1,692 | | | | | | 1,491 | |
3.950% due 08/08/2052 | | | | | 737 | | | | | | 650 | |
4.650% due 02/23/2046 | | | | | 1,208 | | | | | | 1,193 | |
|
Aptiv PLC | |
2.396% due 02/18/2025 | | | | | 128 | | | | | | 122 | |
|
ArcelorMittal SA | |
4.250% due 07/16/2029 | | | | | 52 | | | | | | 49 | |
|
Ashtead Capital, Inc. | |
4.250% due 11/01/2029 | | | | | 102 | | | | | | 93 | |
5.500% due 08/11/2032 | | | | | 1,243 | | | | | | 1,203 | |
|
Astrazeneca Finance LLC | |
1.750% due 05/28/2028 | | | | | 55 | | | | | | 48 | |
2.250% due 05/28/2031 | | | | | 10 | | | | | | 8 | |
|
AstraZeneca PLC | |
0.700% due 04/08/2026 | | | | | 81 | | | | | | 72 | |
1.375% due 08/06/2030 | | | | | 791 | | | | | | 637 | |
4.000% due 01/17/2029 | | | | | 643 | | | | | | 621 | |
6.450% due 09/15/2037 | | | | | 2,413 | | | | | | 2,768 | |
|
Autodesk, Inc. | |
2.850% due 01/15/2030 | | | | | 55 | | | | | | 48 | |
|
Bacardi Ltd. | |
2.750% due 07/15/2026 | | | | | 100 | | | | | | 92 | |
4.450% due 05/15/2025 | | | | | 10 | | | | | | 10 | |
5.300% due 05/15/2048 | | | | | 40 | | | | | | 38 | |
|
BAE Systems Holdings, Inc. | |
3.850% due 12/15/2025 | | | | | 409 | | | | | | 392 | |
|
BAE Systems PLC | |
1.900% due 02/15/2031 | | | | | 1,429 | | | | | | 1,150 | |
3.400% due 04/15/2030 | | | | | 891 | | | | | | 807 | |
|
Baidu, Inc. | |
1.720% due 04/09/2026 | | | | | 53 | | | | | | 48 | |
4.125% due 06/30/2025 | | | | | 46 | | | | | | 44 | |
|
BAT Capital Corp. | |
3.222% due 08/15/2024 | | | | | 450 | | | | | | 437 | |
4.540% due 08/15/2047 | | | | | 874 | | | | | | 644 | |
|
Bayer U.S. Finance LLC | |
4.250% due 12/15/2025 | | | | | 1,568 | | | | | | 1,513 | |
4.375% due 12/15/2028 | | | | | 619 | | | | | | 587 | |
4.875% due 06/25/2048 | | | | | 1,014 | | | | | | 913 | |
|
Becton Dickinson & Co. | |
1.957% due 02/11/2031 | | | | | 60 | | | | | | 49 | |
2.823% due 05/20/2030 | | | | | 2,423 | | | | | | 2,121 | |
4.298% due 08/22/2032 | | | | | 49 | | | | | | 46 | |
|
Berry Global, Inc. | |
4.875% due 07/15/2026 | | | | | 1,048 | | | | | | 1,008 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
BMW U.S. Capital LLC | |
2.550% due 04/01/2031 | | $ | | | 55 | | | $ | | | 47 | |
3.300% due 04/06/2027 | | | | | 50 | | | | | | 47 | |
3.900% due 04/09/2025 | | | | | 10 | | | | | | 10 | |
4.150% due 04/09/2030 | | | | | 486 | | | | | | 465 | |
|
Boardwalk Pipelines LP | |
3.400% due 02/15/2031 | | | | | 270 | | | | | | 233 | |
|
Boeing Co. | |
2.196% due 02/04/2026 | | | | | 2,140 | | | | | | 1,965 | |
2.750% due 02/01/2026 | | | | | 10 | | | | | | 9 | |
3.100% due 05/01/2026 | | | | | 10 | | | | | | 9 | |
3.625% due 02/01/2031 | | | | | 1,200 | | | | | | 1,081 | |
3.950% due 08/01/2059 | | | | | 2,335 | | | | | | 1,727 | |
5.705% due 05/01/2040 | | | | | 732 | | | | | | 731 | |
|
Boston Scientific Corp. | |
1.900% due 06/01/2025 | | | | | 10 | | | | | | 9 | |
4.550% due 03/01/2039 | | | | | 1,321 | | | | | | 1,232 | |
6.500% due 11/15/2035 | | | | | 93 | | | | | | 104 | |
|
BP Capital Markets America, Inc. | |
3.119% due 05/04/2026 | | | | | 74 | | | | | | 70 | |
3.937% due 09/21/2028 | | | | | 300 | | | | | | 287 | |
|
Bristol-Myers Squibb Co. | |
3.400% due 07/26/2029 | | | | | 500 | | | | | | 465 | |
3.900% due 02/20/2028 | | | | | 1,900 | | | | | | 1,846 | |
4.350% due 11/15/2047 | | | | | 1,667 | | | | | | 1,509 | |
4.550% due 02/20/2048 | | | | | 8 | | | | | | 7 | |
5.875% due 11/15/2036 | | | | | 138 | | | | | | 147 | |
|
Broadcom, Inc. | |
1.950% due 02/15/2028 | | | | | 1,053 | | | | | | 911 | |
2.600% due 02/15/2033 | | | | | 748 | | | | | | 585 | |
3.137% due 11/15/2035 | | | | | 770 | | | | | | 591 | |
3.187% due 11/15/2036 | | | | | 1,096 | | | | | | 829 | |
3.419% due 04/15/2033 | | | | | 551 | | | | | | 461 | |
3.469% due 04/15/2034 | | | | | 806 | | | | | | 661 | |
4.000% due 04/15/2029 | | | | | 494 | | | | | | 457 | |
4.150% due 04/15/2032 | | | | | 217 | | | | | | 197 | |
4.926% due 05/15/2037 | | | | | 962 | | | | | | 871 | |
|
Broadridge Financial Solutions, Inc. | |
2.900% due 12/01/2029 | | | | | 1,003 | | | | | | 856 | |
|
Cameron LNG LLC | |
3.701% due 01/15/2039 | | | | | 1,244 | | | | | | 1,028 | |
|
Canadian Natural Resources Ltd. | |
3.900% due 02/01/2025 | | | | | 1,121 | | | | | | 1,084 | |
6.450% due 06/30/2033 | | | | | 45 | | | | | | 46 | |
|
Canadian Pacific Railway Co. | |
2.050% due 03/05/2030 | | | | | 1,027 | | | | | | 863 | |
3.100% due 12/02/2051 | | | | | 1,052 | | | | | | 748 | |
3.500% due 05/01/2050 | | | | | 1,411 | | | | | | 1,082 | |
|
Carrier Global Corp. | |
2.242% due 02/15/2025 | | | | | 2 | | | | | | 2 | |
2.700% due 02/15/2031 | | | | | 10 | | | | | | 8 | |
2.722% due 02/15/2030 | | | | | 1,941 | | | | | | 1,672 | |
3.577% due 04/05/2050 | | | | | 453 | | | | | | 335 | |
|
Caterpillar, Inc. | |
5.300% due 09/15/2035 | | | | | 30 | | | | | | 31 | |
|
CDW LLC | |
2.670% due 12/01/2026 | | | | | 53 | | | | | | 48 | |
3.276% due 12/01/2028 | | | | | 50 | | | | | | 43 | |
4.125% due 05/01/2025 | | | | | 96 | | | | | | 93 | |
|
Cenovus Energy, Inc. | |
6.750% due 11/15/2039 | | | | | 112 | | | | | | 118 | |
|
Centene Corp. | |
3.000% due 10/15/2030 | | | | | 57 | | | | | | 48 | |
4.250% due 12/15/2027 | | | | | 51 | | | | | | 48 | |
4.625% due 12/15/2029 | | | | | 1,300 | | | | | | 1,198 | |
|
CenterPoint Energy Resources Corp. | |
1.750% due 10/01/2030 | | | | | 149 | | | | | | 120 | |
|
CH Robinson Worldwide, Inc. | |
4.200% due 04/15/2028 | | | | | 50 | | | | | | 48 | |
|
Charter Communications Operating LLC | |
2.250% due 01/15/2029 | | | | | 227 | | | | | | 189 | |
2.300% due 02/01/2032 | | | | | 392 | | | | | | 297 | |
3.950% due 06/30/2062 | | | | | 1,297 | | | | | | 799 | |
4.800% due 03/01/2050 | | | | | 2,561 | | | | | | 1,934 | |
4.908% due 07/23/2025 | | | | | 2,938 | | | | | | 2,882 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Cheniere Corpus Christi Holdings LLC | |
3.700% due 11/15/2029 | | $ | | | 129 | | | $ | | | 117 | |
|
Cheniere Energy Partners LP | |
3.250% due 01/31/2032 | | | | | 2,060 | | | | | | 1,698 | |
|
Choice Hotels International, Inc. | |
3.700% due 01/15/2031 | | | | | 50 | | | | | | 42 | |
|
Cigna Group | |
3.400% due 03/01/2027 | | | | | 2,389 | | | | | | 2,252 | |
4.125% due 11/15/2025 | | | | | 10 | | | | | | 10 | |
4.500% due 02/25/2026 | | | | | 10 | | | | | | 10 | |
|
Clorox Co. | |
3.100% due 10/01/2027 | | | | | 804 | | | | | | 746 | |
|
Coca-Cola Co. | |
1.375% due 03/15/2031 | | | | | 56 | | | | | | 45 | |
2.125% due 09/06/2029 | | | | | 139 | | | | | | 122 | |
2.500% due 06/01/2040 | | | | | 32 | | | | | | 24 | |
3.450% due 03/25/2030 | | | | | 260 | | | | | | 246 | |
|
Comcast Corp. | |
2.887% due 11/01/2051 | | | | | 1,800 | | | | | | 1,208 | |
2.937% due 11/01/2056 | | | | | 150 | | | | | | 98 | |
2.987% due 11/01/2063 | | | | | 1,500 | | | | | | 952 | |
3.200% due 07/15/2036 | | | | | 354 | | | | | | 291 | |
3.950% due 10/15/2025 | | | | | 121 | | | | | | 118 | |
5.250% due 11/07/2025 | | | | | 100 | | | | | | 101 | |
5.350% due 11/15/2027 | | | | | 1,831 | | | | | | 1,865 | |
5.500% due 11/15/2032 | | | | | 689 | | | | | | 716 | |
|
Conagra Brands, Inc. | |
4.300% due 05/01/2024 | | | | | 1,372 | | | | | | 1,354 | |
|
Constellation Brands, Inc. | |
2.875% due 05/01/2030 | | | | | 774 | | | | | | 672 | |
3.150% due 08/01/2029 | | | | | 1,503 | | | | | | 1,356 | |
4.100% due 02/15/2048 | | | | | 179 | | | | | | 146 | |
5.250% due 11/15/2048 | | | | | 1,452 | | | | | | 1,392 | |
|
Continental Resources, Inc. | |
2.268% due 11/15/2026 | | | | | 759 | | | | | | 676 | |
3.800% due 06/01/2024 | | | | | 50 | | | | | | 49 | |
4.375% due 01/15/2028 | | | | | 100 | | | | | | 94 | |
5.750% due 01/15/2031 | | | | | 1,583 | | | | | | 1,505 | |
|
Corebridge Financial, Inc. | |
3.500% due 04/04/2025 | | | | | 1,132 | | | | | | 1,079 | |
3.650% due 04/05/2027 | | | | | 975 | | | | | | 911 | |
3.850% due 04/05/2029 | | | | | 291 | | | | | | 262 | |
3.900% due 04/05/2032 | | | | | 196 | | | | | | 171 | |
4.400% due 04/05/2052 | | | | | 100 | | | | | | 79 | |
|
Corning, Inc. | |
5.450% due 11/15/2079 | | | | | 908 | | | | | | 821 | |
|
Corp. Nacional del Cobre de Chile | |
3.150% due 01/14/2030 | | | | | 210 | | | | | | 186 | |
4.500% due 09/16/2025 | | | | | 12 | | | | | | 12 | |
|
Cox Communications, Inc. | |
1.800% due 10/01/2030 | | | | | 2,686 | | | | | | 2,114 | |
|
CRH America Finance, Inc. | |
3.400% due 05/09/2027 | | | | | 576 | | | | | | 539 | |
|
CSL Finanace PLC Co. | |
4.050% due 04/27/2029 | | | | | 50 | | | | | | 47 | |
|
CSX Corp. | |
2.400% due 02/15/2030 | | | | | 300 | | | | | | 259 | |
6.220% due 04/30/2040 | | | | | 1,134 | | | | | | 1,228 | |
|
CVS Health Corp. | |
1.750% due 08/21/2030 | | | | | 10 | | | | | | 8 | |
3.000% due 08/15/2026 | | | | | 20 | | | | | | 19 | |
3.250% due 08/15/2029 | | | | | 804 | | | | | | 722 | |
3.375% due 08/12/2024 | | | | | 1,000 | | | | | | 975 | |
3.625% due 04/01/2027 | | | | | 467 | | | | | | 444 | |
3.750% due 04/01/2030 | | | | | 729 | | | | | | 669 | |
4.125% due 04/01/2040 | | | | | 164 | | | | | | 138 | |
5.050% due 03/25/2048 | | | | | 1,944 | | | | | | 1,793 | |
5.125% due 07/20/2045 | | | | | 1,559 | | | | | | 1,443 | |
|
DCP Midstream Operating LP | |
5.375% due 07/15/2025 | | | | | 48 | | | | | | 48 | |
|
Dell International LLC | |
4.000% due 07/15/2024 | | | | | 10 | | | | | | 10 | |
8.100% due 07/15/2036 | | | | | 507 | | | | | | 594 | |
|
Delta Air Lines, Inc. | |
4.750% due 10/20/2028 | | | | | 10 | | | | | | 10 | |
7.000% due 05/01/2025 | | | | | 2,959 | | | | | | 3,024 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 61 |
| | | | | | |
| Schedule of Investments | | PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Diageo Capital PLC | |
5.300% due 10/24/2027 | | $ | | | 646 | | | $ | | | 657 | |
5.500% due 01/24/2033 | | | | | 45 | | | | | | 48 | |
|
Diamondback Energy, Inc. | |
6.250% due 03/15/2033 | | | | | 91 | | | | | | 94 | |
|
Discovery Communications LLC | |
4.000% due 09/15/2055 | | | | | 740 | | | | | | 493 | |
4.650% due 05/15/2050 | | | | | 169 | | | | | | 129 | |
|
DT Midstream, Inc. | |
4.300% due 04/15/2032 | | | | | 142 | | | | | | 123 | |
|
Eastern Energy Gas Holdings LLC | |
3.600% due 12/15/2024 | | | | | 353 | | | | | | 341 | |
|
eBay, Inc. | |
2.700% due 03/11/2030 | | | | | 443 | | | | | | 381 | |
5.900% due 11/22/2025 | | | | | 533 | | | | | | 539 | |
6.300% due 11/22/2032 | | | | | 1,029 | | | | | | 1,082 | |
|
Electronic Arts, Inc. | |
1.850% due 02/15/2031 | | | | | 874 | | | | | | 708 | |
|
Elevance Health, Inc. | |
2.250% due 05/15/2030 | | | | | 2,031 | | | | | | 1,703 | |
2.550% due 03/15/2031 | | | | | 50 | | | | | | 42 | |
3.125% due 05/15/2050 | | | | | 169 | | | | | | 118 | |
3.700% due 09/15/2049 | | | | | 10 | | | | | | 8 | |
4.100% due 05/15/2032 | | | | | 51 | | | | | | 48 | |
4.550% due 03/01/2048 | | | | | 623 | | | | | | 548 | |
4.850% due 08/15/2054 | | | | | 888 | | | | | | 775 | |
5.350% due 10/15/2025 | | | | | 171 | | | | | | 171 | |
5.950% due 12/15/2034 | | | | | 22 | | | | | | 23 | |
|
Eli Lilly & Co. | |
2.750% due 06/01/2025 | | | | | 615 | | | | | | 590 | |
4.150% due 03/15/2059 | | | | | 957 | | | | | | 848 | |
5.950% due 11/15/2037 | | | | | 362 | | | | | | 392 | |
|
Enbridge, Inc. | |
2.500% due 01/15/2025 | | | | | 1,938 | | | | | | 1,844 | |
2.500% due 08/01/2033 | | | | | 1,056 | | | | | | 826 | |
3.125% due 11/15/2029 | | | | | 40 | | | | | | 35 | |
|
Energy Transfer LP | |
4.050% due 03/15/2025 | | | | | 152 | | | | | | 148 | |
4.200% due 09/15/2023 | | | | | 487 | | | | | | 485 | |
4.200% due 04/15/2027 | | | | | 268 | | | | | | 256 | |
4.950% due 05/15/2028 | | | | | 1,140 | | | | | | 1,104 | |
5.300% due 04/15/2047 | | | | | 875 | | | | | | 762 | |
5.500% due 06/01/2027 | | | | | 368 | | | | | | 366 | |
5.875% due 01/15/2024 | | | | | 10 | | | | | | 10 | |
6.250% due 04/15/2049 | | | | | 647 | | | | | | 633 | |
|
Eni SpA | |
4.000% due 09/12/2023 | | | | | 877 | | | | | | 873 | |
|
Entergy Louisiana LLC | |
4.200% due 09/01/2048 | | | | | 2,411 | | | | | | 2,020 | |
|
Enterprise Products Operating LLC | |
3.200% due 02/15/2052 | | | | | 615 | | | | | | 433 | |
3.750% due 02/15/2025 | | | | | 1,700 | | | | | | 1,654 | |
4.200% due 01/31/2050 | | | | | 469 | | | | | | 393 | |
4.250% due 02/15/2048 | | | | | 10 | | | | | | 8 | |
|
EQT Corp. | |
3.900% due 10/01/2027 | | | | | 50 | | | | | | 46 | |
5.000% due 01/15/2029 | | | | | 1,272 | | | | | | 1,199 | |
5.700% due 04/01/2028 | | | | | 535 | | | | | | 529 | |
|
Equifax, Inc. | |
5.100% due 12/15/2027 | | | | | 902 | | | | | | 893 | |
7.000% due 07/01/2037 | | | | | 397 | | | | | | 422 | |
|
Equinor ASA | |
2.375% due 05/22/2030 | | | | | 2,505 | | | | | | 2,177 | |
3.625% due 04/06/2040 | | | | | 15 | | | | | | 13 | |
3.700% due 04/06/2050 | | | | | 151 | | | | | | 123 | |
7.150% due 11/15/2025 | | | | | 26 | | | | | | 27 | |
|
ERAC USA Finance LLC | |
3.300% due 12/01/2026 | | | | | 152 | | | | | | 141 | |
4.200% due 11/01/2046 | | | | | 277 | | | | | | 233 | |
7.000% due 10/15/2037 | | | | | 318 | | | | | | 364 | |
|
Essential Utilities, Inc. | |
2.704% due 04/15/2030 | | | | | 56 | | | | | | 47 | |
|
Estee Lauder Cos., Inc. | |
4.375% due 05/15/2028 | | | | | 1,700 | | | | | | 1,675 | |
|
Evernorth Health, Inc. | |
3.500% due 06/15/2024 | | | | | 170 | | | | | | 166 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Expedia Group, Inc. | |
6.250% due 05/01/2025 | | $ | | | 10 | | | $ | | | 10 | |
|
Exxon Mobil Corp. | |
3.176% due 03/15/2024 | | | | | 13 | | | | | | 13 | |
|
FedEx Corp. | |
3.250% due 04/01/2026 | | | | | 812 | | | | | | 777 | |
4.250% due 05/15/2030 | | | | | 50 | | | | | | 48 | |
|
Fibria Overseas Finance Ltd. | |
4.000% due 01/14/2025 | | | | | 196 | | | | | | 190 | |
|
Fidelity National Information Services, Inc. | |
1.150% due 03/01/2026 | | | | | 134 | | | | | | 120 | |
2.250% due 03/01/2031 | | | | | 797 | | | | | | 637 | |
4.700% due 07/15/2027 | | | | | 354 | | | | | | 345 | |
5.100% due 07/15/2032 | | | | | 100 | | | | | | 97 | |
5.625% due 07/15/2052 | | | | | 100 | | | | | | 94 | |
|
Fiserv, Inc. | |
2.250% due 06/01/2027 | | | | | 10 | | | | | | 9 | |
2.650% due 06/01/2030 | | | | | 141 | | | | | | 120 | |
3.200% due 07/01/2026 | | | | | 1,035 | | | | | | 972 | |
3.500% due 07/01/2029 | | | | | 677 | | | | | | 618 | |
|
Fortune Brands Innovations, Inc. | |
4.000% due 03/25/2032 | | | | | 168 | | | | | | 149 | |
4.500% due 03/25/2052 | | | | | 100 | | | | | | 78 | |
|
Fox Corp. | |
4.709% due 01/25/2029 | | | | | 49 | | | | | | 48 | |
5.476% due 01/25/2039 | | | | | 100 | | | | | | 93 | |
5.576% due 01/25/2049 | | | | | 400 | | | | | | 375 | |
|
Freeport-McMoRan, Inc. | |
4.125% due 03/01/2028 | | | | | 1,825 | | | | | | 1,712 | |
4.625% due 08/01/2030 | | | | | 101 | | | | | | 95 | |
|
Fresenius Medical Care U.S. Finance, Inc. | |
2.375% due 02/16/2031 | | | | | 50 | | | | | | 38 | |
|
GE Capital Funding LLC | |
3.450% due 05/15/2025 | | | | | 221 | | | | | | 211 | |
|
General Mills, Inc. | |
2.875% due 04/15/2030 | | | | | 1,144 | | | | | | 1,017 | |
|
General Motors Co. | |
5.400% due 04/01/2048 | | | | | 923 | | | | | | 794 | |
6.600% due 04/01/2036 | | | | | 10 | | | | | | 10 | |
6.750% due 04/01/2046 | | | | | 46 | | | | | | 47 | |
6.800% due 10/01/2027 (h) | | | | | 511 | | | | | | 531 | |
|
Gilead Sciences, Inc. | |
2.800% due 10/01/2050 | | | | | 181 | | | | | | 123 | |
|
Glencore Funding LLC | |
1.625% due 09/01/2025 | | | | | 10 | | | | | | 9 | |
2.625% due 09/23/2031 | | | | | 100 | | | | | | 81 | |
2.850% due 04/27/2031 | | | | | 452 | | | | | | 373 | |
3.875% due 10/27/2027 | | | | | 100 | | | | | | 94 | |
3.875% due 04/27/2051 | | | | | 10 | | | | | | 7 | |
4.125% due 03/12/2024 | | | | | 120 | | | | | | 119 | |
5.400% due 05/08/2028 | | | | | 1,244 | | | | | | 1,233 | |
|
Global Payments, Inc. | |
2.900% due 05/15/2030 | | | | | 918 | | | | | | 779 | |
4.150% due 08/15/2049 | | | | | 172 | | | | | | 129 | |
4.950% due 08/15/2027 | | | | | 665 | | | | | | 648 | |
5.300% due 08/15/2029 | | | | | 446 | | | | | | 435 | |
5.400% due 08/15/2032 | | | | | 646 | | | | | | 630 | |
5.950% due 08/15/2052 | | | | | 100 | | | | | | 96 | |
|
Graphic Packaging International LLC | |
0.821% due 04/15/2024 | | | | | 157 | | | | | | 151 | |
1.512% due 04/15/2026 | | | | | 234 | | | | | | 209 | |
|
GS Caltex Corp. | |
3.000% due 06/04/2024 | | | | | 298 | | | | | | 290 | |
|
Haleon U.S. Capital LLC | |
3.375% due 03/24/2027 | | | | | 2,395 | | | | | | 2,243 | |
|
Harley-Davidson Financial Services, Inc. | |
6.500% due 03/10/2028 | | | | | 956 | | | | | | 957 | |
|
Hasbro, Inc. | |
3.550% due 11/19/2026 | | | | | 10 | | | | | | 9 | |
3.900% due 11/19/2029 | | | | | 776 | | | | | | 702 | |
|
HCA, Inc. | |
3.125% due 03/15/2027 | | | | | 163 | | | | | | 150 | |
3.500% due 09/01/2030 | | | | | 8 | | | | | | 7 | |
3.625% due 03/15/2032 | | | | | 220 | | | | | | 191 | |
4.125% due 06/15/2029 | | | | | 877 | | | | | | 812 | |
4.375% due 03/15/2042 | | | | | 1,074 | | | | | | 891 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
5.000% due 03/15/2024 | | $ | | | 661 | | | $ | | | 657 | |
5.250% due 06/15/2049 | | | | | 1,663 | | | | | | 1,502 | |
5.875% due 02/01/2029 | | | | | 60 | | | | | | 60 | |
|
Hess Corp. | |
5.800% due 04/01/2047 | | | | | 476 | | | | | | 463 | |
|
Home Depot, Inc. | |
2.950% due 06/15/2029 | | | | | 20 | | | | | | 18 | |
3.125% due 12/15/2049 | | | | | 1,751 | | | | | | 1,283 | |
4.250% due 04/01/2046 | | | | | 7 | | | | | | 6 | |
4.500% due 09/15/2032 (e) | | | | | 1,341 | | | | | | 1,326 | |
4.500% due 12/06/2048 | | | | | 70 | | | | | | 65 | |
4.950% due 09/15/2052 | | | | | 500 | | | | | | 497 | |
|
Humana, Inc. | |
3.125% due 08/15/2029 | | | | | 75 | | | | | | 66 | |
3.700% due 03/23/2029 | | | | | 2,023 | | | | | | 1,854 | |
5.750% due 03/01/2028 | | | | | 530 | | | | | | 540 | |
5.875% due 03/01/2033 | | | | | 569 | | | | | | 592 | |
8.150% due 06/15/2038 | | | | | 349 | | | | | | 416 | |
|
Huntington Ingalls Industries, Inc. | |
2.043% due 08/16/2028 | | | | | 1,091 | | | | | | 917 | |
|
Hyatt Hotels Corp. | |
1.300% due 10/01/2023 | | | | | 394 | | | | | | 390 | |
1.800% due 10/01/2024 | | | | | 100 | | | | | | 95 | |
4.850% due 03/15/2026 | | | | | 100 | | | | | | 98 | |
5.375% due 04/23/2025 | | | | | 108 | | | | | | 107 | |
5.750% due 01/30/2027 (a) | | | | | 2,300 | | | | | | 2,295 | |
|
Hyundai Capital America | |
0.800% due 01/08/2024 | | | | | 129 | | | | | | 126 | |
0.875% due 06/14/2024 | | | | | 210 | | | | | | 200 | |
1.000% due 09/17/2024 | | | | | 854 | | | | | | 804 | |
1.250% due 09/18/2023 | | | | | 100 | | | | | | 99 | |
1.500% due 06/15/2026 | | | | | 237 | | | | | | 210 | |
1.650% due 09/17/2026 | | | | | 1,244 | | | | | | 1,097 | |
1.800% due 10/15/2025 | | | | | 133 | | | | | | 121 | |
2.000% due 06/15/2028 | | | | | 296 | | | | | | 249 | |
2.100% due 09/15/2028 | | | | | 251 | | | | | | 211 | |
|
Illumina, Inc. | |
2.550% due 03/23/2031 | | | | | 631 | | | | | | 521 | |
|
Imperial Brands Finance PLC | |
3.125% due 07/26/2024 | | | | | 551 | | | | | | 533 | |
3.500% due 07/26/2026 | | | | | 1,079 | | | | | | 1,006 | |
6.125% due 07/27/2027 | | | | | 403 | | | | | | 404 | |
|
Indonesia Asahan Aluminium Persero PT | |
5.710% due 11/15/2023 | | | | | 305 | | | | | | 304 | |
|
Infor, Inc. | |
1.750% due 07/15/2025 | | | | | 15 | | | | | | 14 | |
|
Intel Corp. | |
3.100% due 02/15/2060 | | | | | 1,200 | | | | | | 769 | |
4.875% due 02/10/2028 | | | | | 808 | | | | | | 805 | |
|
International Business Machines Corp. | |
4.400% due 07/27/2032 | | | | | 640 | | | | | | 614 | |
4.900% due 07/27/2052 | | | | | 1,284 | | | | | | 1,201 | |
5.600% due 11/30/2039 | | | | | 29 | | | | | | 30 | |
|
International Flavors & Fragrances, Inc. | |
4.450% due 09/26/2028 | | | | | 906 | | | | | | 850 | |
|
JDE Peet’s NV | |
0.800% due 09/24/2024 | | | | | 1,182 | | | | | | 1,109 | |
2.250% due 09/24/2031 | | | | | 165 | | | | | | 128 | |
|
Kenvue, Inc. | |
5.050% due 03/22/2028 | | | | | 1,134 | | | | | | 1,144 | |
|
Keurig Dr Pepper, Inc. | |
4.050% due 04/15/2032 | | | | | 1,573 | | | | | | 1,463 | |
4.417% due 05/25/2025 | | | | | 34 | | | | | | 33 | |
4.500% due 04/15/2052 | | | | | 908 | | | | | | 801 | |
|
Kia Corp. | |
1.000% due 04/16/2024 | | | | | 93 | | | | | | 90 | |
|
Kinder Morgan, Inc. | |
5.450% due 08/01/2052 | | | | | 574 | | | | | | 525 | |
5.550% due 06/01/2045 | | | | | 852 | | | | | | 786 | |
5.625% due 11/15/2023 | | | | | 520 | | | | | | 520 | |
|
KLA Corp. | |
4.650% due 07/15/2032 | | | | | 48 | | | | | | 48 | |
|
Kraft Heinz Foods Co. | |
4.875% due 10/01/2049 | | | | | 52 | | | | | | 47 | |
6.875% due 01/26/2039 | | | | | 732 | | | | | | 826 | |
| | | | | | |
| 62 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
L3Harris Technologies, Inc. | |
3.850% due 12/15/2026 | | $ | | | 2,068 | | | $ | | | 1,972 | |
4.400% due 06/15/2028 | | | | | 15 | | | | | | 14 | |
|
Lafarge SA | |
7.125% due 07/15/2036 | | | | | 135 | | | | | | 146 | |
|
Leidos, Inc. | |
2.300% due 02/15/2031 | | | | | 772 | | | | | | 609 | |
4.375% due 05/15/2030 | | | | | 754 | | | | | | 693 | |
|
Lennar Corp. | |
5.250% due 06/01/2026 | | | | | 48 | | | | | | 48 | |
|
Lockheed Martin Corp. | |
3.900% due 06/15/2032 | | | | | 51 | | | | | | 48 | |
|
Lowe’s Cos., Inc. | |
2.500% due 04/15/2026 | | | | | 352 | | | | | | 329 | |
|
LYB International Finance LLC | |
1.250% due 10/01/2025 | | | | | 114 | | | | | | 103 | |
|
Marathon Petroleum Corp. | |
3.800% due 04/01/2028 | | | | | 1,743 | | | | | | 1,624 | |
|
Marriott International, Inc. | |
2.750% due 10/15/2033 | | | | | 160 | | | | | | 127 | |
2.850% due 04/15/2031 | | | | | 140 | | | | | | 118 | |
4.625% due 06/15/2030 | | | | | 2,137 | | | | | | 2,048 | |
|
Marvell Technology, Inc. | |
2.450% due 04/15/2028 | | | | | 56 | | | | | | 49 | |
|
Masco Corp. | |
1.500% due 02/15/2028 | | | | | 57 | | | | | | 49 | |
|
Massachusetts Institute of Technology | |
3.885% due 07/01/2116 | | | | | 172 | | | | | | 132 | |
|
McCormick & Co., Inc. | |
0.900% due 02/15/2026 | | | | | 1,221 | | | | | | 1,089 | |
|
McDonald’s Corp. | |
3.500% due 07/01/2027 | | | | | 1,758 | | | | | | 1,675 | |
4.875% due 12/09/2045 | | | | | 1,778 | | | | | | 1,703 | |
5.700% due 02/01/2039 | | | | | 50 | | | | | | 52 | |
|
Mead Johnson Nutrition Co. | |
4.125% due 11/15/2025 | | | | | 156 | | | | | | 152 | |
|
Medtronic Global Holdings SCA | |
4.250% due 03/30/2028 | | | | | 2,072 | | | | | | 2,024 | |
|
Mercedes-Benz Finance North America LLC | |
1.450% due 03/02/2026 | | | | | 317 | | | | | | 288 | |
4.950% due 03/30/2025 | | | | | 1,676 | | | | | | 1,664 | |
|
Merck & Co., Inc. | |
1.700% due 06/10/2027 | | | | | 1,812 | | | | | | 1,624 | |
2.900% due 12/10/2061 | | | | | 1,184 | | | | | | 785 | |
3.400% due 03/07/2029 | | | | | 1,163 | | | | | | 1,089 | |
|
Meta Platforms, Inc. | |
3.850% due 08/15/2032 | | | | | 890 | | | | | | 827 | |
4.450% due 08/15/2052 | | | | | 640 | | | | | | 557 | |
4.650% due 08/15/2062 | | | | | 640 | | | | | | 563 | |
|
Micron Technology, Inc. | |
4.185% due 02/15/2027 | | | | | 966 | | | | | | 926 | |
5.327% due 02/06/2029 | | | | | 100 | | | | | | 98 | |
|
Microsoft Corp. | |
2.525% due 06/01/2050 | | | | | 3,517 | | | | | | 2,435 | |
2.675% due 06/01/2060 | | | | | 695 | | | | | | 467 | |
2.921% due 03/17/2052 | | | | | 60 | | | | | | 45 | |
|
Mondelez International Holdings Netherlands BV | |
1.250% due 09/24/2026 | | | | | 957 | | | | | | 841 | |
2.250% due 09/19/2024 | | | | | 26 | | | | | | 25 | |
4.250% due 09/15/2025 | | | | | 48 | | | | | | 47 | |
|
Mondelez International, Inc. | |
1.875% due 10/15/2032 | | | | | 85 | | | | | | 66 | |
6.500% due 11/01/2031 | | | | | 1,009 | | | | | | 1,070 | |
|
Moody’s Corp. | |
3.100% due 11/29/2061 | | | | | 1,435 | | | | | | 946 | |
3.750% due 02/25/2052 | | | | | 172 | | | | | | 137 | |
4.875% due 02/15/2024 | | | | | 976 | | | | | | 971 | |
|
Motorola Solutions, Inc. | |
2.300% due 11/15/2030 | | | | | 250 | | | | | | 202 | |
2.750% due 05/24/2031 | | | | | 146 | | | | | | 120 | |
5.500% due 09/01/2044 | | | | | 929 | | | | | | 883 | |
|
MPLX LP | |
1.750% due 03/01/2026 | | | | | 52 | | | | | | 47 | |
4.125% due 03/01/2027 | | | | | 1,561 | | | | | | 1,495 | |
4.700% due 04/15/2048 | | | | | 40 | | | | | | 33 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
4.950% due 03/14/2052 | | $ | | | 689 | | | $ | | | 586 | |
5.200% due 03/01/2047 | | | | | 618 | | | | | | 543 | |
5.500% due 02/15/2049 | | | | | 122 | | | | | | 111 | |
|
MSCI, Inc. | |
3.875% due 02/15/2031 | | | | | 55 | | | | | | 48 | |
|
Nestle Holdings, Inc. | |
5.000% due 03/14/2028 | | | | | 784 | | | | | | 794 | |
|
Netflix, Inc. | |
3.625% due 06/15/2025 | | | | | 1,055 | | | | | | 1,017 | |
4.375% due 11/15/2026 | | | | | 28 | | | | | | 27 | |
4.875% due 04/15/2028 | | | | | 1,828 | | | | | | 1,810 | |
5.375% due 11/15/2029 | | | | | 350 | | | | | | 352 | |
5.875% due 02/15/2025 | | | | | 50 | | | | | | 50 | |
6.375% due 05/15/2029 | | | | | 45 | | | | | | 48 | |
|
NIKE, Inc. | |
3.250% due 03/27/2040 | | | | | 58 | | | | | | 48 | |
|
Nissan Motor Co. Ltd. | |
3.043% due 09/15/2023 | | | | | 151 | | | | | | 150 | |
3.522% due 09/17/2025 | | | | | 128 | | | | | | 119 | |
|
Norfolk Southern Corp. | |
4.100% due 05/15/2121 | | | | | 67 | | | | | | 47 | |
5.590% due 05/17/2025 | | | | | 812 | | | | | | 811 | |
|
Northrop Grumman Corp. | |
3.850% due 04/15/2045 | | | | | 200 | | | | | | 163 | |
|
Novartis Capital Corp. | |
2.000% due 02/14/2027 | | | | | 50 | | | | | | 46 | |
|
NXP BV | |
2.500% due 05/11/2031 | | | | | 1,069 | | | | | | 872 | |
3.150% due 05/01/2027 | | | | | 132 | | | | | | 121 | |
4.300% due 06/18/2029 | | | | | 132 | | | | | | 124 | |
4.400% due 06/01/2027 | | | | | 100 | | | | | | 97 | |
5.000% due 01/15/2033 | | | | | 100 | | | | | | 96 | |
|
Occidental Petroleum Corp. | |
6.450% due 09/15/2036 | | | | | 944 | | | | | | 970 | |
|
OCI NV | |
6.700% due 03/16/2033 | | | | | 1,270 | | | | | | 1,242 | |
|
Open Text Corp. | |
6.900% due 12/01/2027 | | | | | 724 | | | | | | 738 | |
|
Oracle Corp. | |
1.650% due 03/25/2026 (h) | | | | | 453 | | | | | | 411 | |
2.300% due 03/25/2028 (h) | | | | | 1,186 | | | | | | 1,047 | |
3.950% due 03/25/2051 (h) | | | | | 2,673 | | | | | | 2,023 | |
4.125% due 05/15/2045 | | | | | 1,899 | | | | | | 1,489 | |
4.900% due 02/06/2033 | | | | | 808 | | | | | | 785 | |
5.375% due 07/15/2040 | | | | | 60 | | | | | | 57 | |
5.800% due 11/10/2025 (h) | | | | | 70 | | | | | | 71 | |
|
Otis Worldwide Corp. | |
2.056% due 04/05/2025 | | | | | 35 | | | | | | 33 | |
2.565% due 02/15/2030 | | | | | 10 | | | | | | 9 | |
|
Owens Corning | |
3.400% due 08/15/2026 | | | | | 100 | | | | | | 94 | |
|
Panasonic Holdings Corp. | |
2.679% due 07/19/2024 | | | | | 50 | | | | | | 48 | |
|
Paramount Global | |
4.750% due 05/15/2025 | | | | | 354 | | | | | | 346 | |
|
Penske Truck Leasing Co. LP | |
1.200% due 11/15/2025 | | | | | 514 | | | | | | 457 | |
1.700% due 06/15/2026 | | | | | 2 | | | | | | 2 | |
3.400% due 11/15/2026 | | | | | 125 | | | | | | 115 | |
|
PepsiCo, Inc. | |
2.850% due 02/24/2026 | | | | | 126 | | | | | | 120 | |
3.500% due 03/19/2040 | | | | | 56 | | | | | | 47 | |
3.900% due 07/18/2032 | | | | | 2,175 | | | | | | 2,093 | |
4.600% due 07/17/2045 | | | | | 738 | | | | | | 699 | |
|
Pertamina Persero PT | |
6.000% due 05/03/2042 | | | | | 350 | | | | | | 352 | |
|
Pfizer Investment Enterprises Pte. Ltd. | |
4.650% due 05/19/2030 | | | | | 500 | | | | | | 494 | |
|
Philip Morris International, Inc. | |
1.750% due 11/01/2030 | | | | | 192 | | | | | | 152 | |
2.750% due 02/25/2026 | | | | | 158 | | | | | | 149 | |
3.375% due 08/11/2025 | | | | | 155 | | | | | | 149 | |
3.600% due 11/15/2023 | | | | | 438 | | | | | | 435 | |
3.875% due 08/21/2042 | | | | | 487 | | | | | | 386 | |
5.000% due 11/17/2025 | | | | | 349 | | | | | | 347 | |
5.625% due 11/17/2029 | | | | | 349 | | | | | | 356 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
5.750% due 11/17/2032 | | $ | | | 349 | | | $ | | | 358 | |
6.375% due 05/16/2038 | | | | | 475 | | | | | | 519 | |
|
Phillips 66 | |
2.450% due 12/15/2024 | | | | | 1,548 | | | | | | 1,473 | |
|
Pioneer Natural Resources Co. | |
1.125% due 01/15/2026 | | | | | 135 | | | | | | 122 | |
5.100% due 03/29/2026 | | | | | 1,478 | | | | | | 1,470 | |
|
Prosus NV | |
3.680% due 01/21/2030 | | | | | 305 | | | | | | 259 | |
4.027% due 08/03/2050 | | | | | 116 | | | | | | 73 | |
4.193% due 01/19/2032 | | | | | 180 | | | | | | 152 | |
|
Qorvo, Inc. | |
1.750% due 12/15/2024 | | | | | 52 | | | | | | 48 | |
4.375% due 10/15/2029 | | | | | 50 | | | | | | 45 | |
|
QUALCOMM, Inc. | |
5.400% due 05/20/2033 | | | | | 839 | | | | | | 884 | |
6.000% due 05/20/2053 | | | | | 774 | | | | | | 867 | |
|
Quanta Services, Inc. | |
2.350% due 01/15/2032 | | | | | 1,327 | | | | | | 1,045 | |
2.900% due 10/01/2030 | | | | | 56 | | | | | | 48 | |
|
Ras Laffan Liquefied Natural Gas Co. Ltd. | |
5.838% due 09/30/2027 | | | | | 264 | | | | | | 268 | |
|
Raytheon Technologies Corp. | |
1.900% due 09/01/2031 | | | | | 59 | | | | | | 47 | |
4.125% due 11/16/2028 | | | | | 50 | | | | | | 48 | |
4.800% due 12/15/2043 | | | | | 1,809 | | | | | | 1,684 | |
|
Reliance Industries Ltd. | |
3.625% due 01/12/2052 | | | | | 1,455 | | | | | | 1,040 | |
4.125% due 01/28/2025 | | | | | 203 | | | | | | 198 | |
|
Reliance Steel & Aluminum Co. | |
1.300% due 08/15/2025 | | | | | 178 | | | | | | 163 | |
|
RELX Capital, Inc. | |
3.000% due 05/22/2030 | | | | | 365 | | | | | | 326 | |
4.000% due 03/18/2029 | | | | | 1,503 | | | | | | 1,434 | |
|
Renesas Electronics Corp. | |
1.543% due 11/26/2024 | | | | | 484 | | | | | | 453 | |
2.170% due 11/25/2026 | | | | | 1,161 | | | | | | 1,022 | |
|
Republic Services, Inc. | |
3.375% due 11/15/2027 | | | | | 949 | | | | | | 893 | |
|
Reynolds American, Inc. | |
4.450% due 06/12/2025 | | | | | 1,341 | | | | | | 1,304 | |
|
Rio Tinto Finance USA PLC | |
5.000% due 03/09/2033 | | | | | 1,260 | | | | | | 1,272 | |
|
Rogers Communications, Inc. | |
3.200% due 03/15/2027 | | | | | 800 | | | | | | 744 | |
5.000% due 03/15/2044 | | | | | 50 | | | | | | 44 | |
|
Royalty Pharma PLC | |
0.750% due 09/02/2023 | | | | | 100 | | | | | | 99 | |
1.200% due 09/02/2025 | | | | | 26 | | | | | | 23 | |
3.300% due 09/02/2040 | | | | | 132 | | | | | | 94 | |
3.350% due 09/02/2051 | | | | | 184 | | | | | | 119 | |
3.550% due 09/02/2050 | | | | | 873 | | | | | | 590 | |
|
S&P Global, Inc. | |
4.250% due 05/01/2029 | | | | | 1,508 | | | | | | 1,466 | |
4.750% due 08/01/2028 | | | | | 885 | | | | | | 880 | |
|
Sabine Pass Liquefaction LLC | |
4.500% due 05/15/2030 | | | | | 122 | | | | | | 116 | |
5.900% due 09/15/2037 | | | | | 46 | | | | | | 47 | |
|
Sands China Ltd. | |
2.800% due 03/08/2027 | | | | | 727 | | | | | | 632 | |
3.350% due 03/08/2029 | | | | | 210 | | | | | | 175 | |
4.300% due 01/08/2026 | | | | | 41 | | | | | | 39 | |
5.625% due 08/08/2025 | | | | | 13 | | | | | | 13 | |
|
Santos Finance Ltd. | |
3.649% due 04/29/2031 | | | | | 1,004 | | | | | | 834 | |
|
Saudi Arabian Oil Co. | |
3.500% due 04/16/2029 | | | | | 8 | | | | | | 7 | |
3.500% due 11/24/2070 | | | | | 2,429 | | | | | | 1,619 | |
|
Seagate HDD Cayman | |
4.091% due 06/01/2029 | | | | | 740 | | | | | | 652 | |
|
Sealed Air Corp. | |
1.573% due 10/15/2026 | | | | | 1,352 | | | | | | 1,177 | |
|
Sherwin-Williams Co. | |
4.250% due 08/08/2025 | | | | | 1,054 | | | | | | 1,032 | |
4.550% due 08/01/2045 | | | | | 53 | | | | | | 45 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 63 |
| | | | | | |
| Schedule of Investments | | PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Sitios Latinoamerica SAB de CV | |
5.375% due 04/04/2032 | | $ | | | 405 | | | $ | | | 367 | |
|
SK Hynix, Inc. | |
1.500% due 01/19/2026 | | | | | 54 | | | | | | 48 | |
|
Sky Ltd. | |
3.750% due 09/16/2024 | | | | | 184 | | | | | | 180 | |
|
Smith & Nephew PLC | |
2.032% due 10/14/2030 | | | | | 105 | | | | | | 85 | |
|
South32 Treasury Ltd. | |
4.350% due 04/14/2032 | | | | | 1,155 | | | | | | 1,015 | |
|
Southern Co. | |
3.700% due 04/30/2030 | | | | | 2,672 | | | | | | 2,453 | |
4.400% due 07/01/2046 | | | | | 737 | | | | | | 631 | |
|
Southern Copper Corp. | |
3.875% due 04/23/2025 | | | | | 149 | | | | | | 145 | |
|
Southwest Airlines Co. | |
5.125% due 06/15/2027 | | | | | 118 | | | | | | 117 | |
|
Stanley Black & Decker, Inc. | |
4.000% due 03/15/2060 • | | | | | 131 | | | | | | 100 | |
6.000% due 03/06/2028 | | | | | 956 | | | | | | 983 | |
|
Starbucks Corp. | |
2.000% due 03/12/2027 | | | | | 129 | | | | | | 116 | |
2.550% due 11/15/2030 | | | | | 10 | | | | | | 9 | |
3.000% due 02/14/2032 | | | | | 2,482 | | | | | | 2,156 | |
|
Steel Dynamics, Inc. | |
2.800% due 12/15/2024 | | | | | 115 | | | | | | 110 | |
3.250% due 01/15/2031 | | | | | 50 | | | | | | 43 | |
|
Stryker Corp. | |
1.150% due 06/15/2025 | | | | | 277 | | | | | | 255 | |
3.500% due 03/15/2026 | | | | | 1,412 | | | | | | 1,355 | |
4.625% due 03/15/2046 | | | | | 512 | | | | | | 477 | |
|
Suzano Austria GmbH | |
6.000% due 01/15/2029 | | | | | 50 | | | | | | 50 | |
|
Sydney Airport Finance Co. Pty. Ltd. | |
3.625% due 04/28/2026 | | | | | 50 | | | | | | 47 | |
|
Sysco Corp. | |
5.950% due 04/01/2030 | | | | | 45 | | | | | | 47 | |
|
T-Mobile USA, Inc. | |
1.500% due 02/15/2026 | | | | | 532 | | | | | | 481 | |
2.250% due 11/15/2031 | | | | | 35 | | | | | | 28 | |
2.400% due 03/15/2029 | | | | | 165 | | | | | | 142 | |
2.625% due 04/15/2026 | | | | | 51 | | | | | | 47 | |
2.700% due 03/15/2032 | | | | | 165 | | | | | | 136 | |
3.000% due 02/15/2041 | | | | | 587 | | | | | | 429 | |
3.400% due 10/15/2052 | | | | | 850 | | | | | | 607 | |
3.500% due 04/15/2025 | | | | | 110 | | | | | | 106 | |
3.600% due 11/15/2060 | | | | | 1,721 | | | | | | 1,210 | |
3.750% due 04/15/2027 | | | | | 1,681 | | | | | | 1,592 | |
3.875% due 04/15/2030 | | | | | 51 | | | | | | 47 | |
4.375% due 04/15/2040 | | | | | 550 | | | | | | 486 | |
5.200% due 01/15/2033 | | | | | 924 | | | | | | 918 | |
5.650% due 01/15/2053 | | | | | 100 | | | | | | 102 | |
|
Take-Two Interactive Software, Inc. | |
3.700% due 04/14/2027 | | | | | 774 | | | | | | 733 | |
|
Targa Resources Corp. | |
5.200% due 07/01/2027 | | | | | 1,688 | | | | | | 1,658 | |
6.250% due 07/01/2052 | | | | | 100 | | | | | | 98 | |
|
TC PipeLines LP | |
4.375% due 03/13/2025 | | | | | 363 | | | | | | 353 | |
|
TCI Communications, Inc. | |
7.875% due 02/15/2026 | | | | | 1,691 | | | | | | 1,799 | |
|
Teck Resources Ltd. | |
6.000% due 08/15/2040 | | | | | 345 | | | | | | 337 | |
|
Telefonica Emisiones SA | |
4.103% due 03/08/2027 | | | | | 130 | | | | | | 125 | |
4.665% due 03/06/2038 | | | | | 56 | | | | | | 47 | |
|
Tencent Holdings Ltd. | |
3.280% due 04/11/2024 | | | | | 183 | | | | | | 180 | |
3.290% due 06/03/2060 | | | | | 469 | | | | | | 291 | |
3.925% due 01/19/2038 | | | | | 59 | | | | | | 49 | |
3.940% due 04/22/2061 | | | | | 1,482 | | | | | | 1,057 | |
3.975% due 04/11/2029 | | | | | 490 | | | | | | 456 | |
4.525% due 04/11/2049 | | | | | 212 | | | | | | 177 | |
|
Tennessee Gas Pipeline Co. LLC | |
7.625% due 04/01/2037 | | | | | 749 | | | | | | 853 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Textron, Inc. | |
3.900% due 09/17/2029 | | $ | | | 52 | | | $ | | | 48 | |
|
Thermo Fisher Scientific, Inc. | |
0.797% due 10/18/2023 | | | | | 506 | | | | | | 499 | |
1.215% due 10/18/2024 | | | | | 500 | | | | | | 473 | |
|
Toyota Industries Corp. | |
3.566% due 03/16/2028 | | | | | 504 | | | | | | 470 | |
|
TransCanada PipeLines Ltd. | |
4.100% due 04/15/2030 | | | | | 10 | | | | | | 9 | |
4.250% due 05/15/2028 | | | | | 50 | | | | | | 48 | |
4.625% due 03/01/2034 | | | | | 300 | | | | | | 275 | |
7.625% due 01/15/2039 | | | | | 891 | | | | | | 1,032 | |
|
TSMC Arizona Corp. | |
2.500% due 10/25/2031 | | | | | 57 | | | | | | 48 | |
|
TSMC Global Ltd. | |
0.750% due 09/28/2025 | | | | | 478 | | | | | | 430 | |
|
TWDC Enterprises 18 Corp. | |
7.000% due 03/01/2032 | | | | | 128 | | | | | | 146 | |
|
Tyson Foods, Inc. | |
4.000% due 03/01/2026 | | | | | 300 | | | | | | 290 | |
4.875% due 08/15/2034 | | | | | 1,148 | | | | | | 1,109 | |
|
Union Pacific Corp. | |
2.150% due 02/05/2027 | | | | | 363 | | | | | | 332 | |
4.500% due 01/20/2033 | | | | | 49 | | | | | | 48 | |
|
United Airlines Pass-Through Trust | |
5.800% due 07/15/2037 | | | | | 1,800 | | | | | | 1,832 | |
|
United Rentals North America, Inc. | |
3.875% due 11/15/2027 | | | | | 353 | | | | | | 330 | |
6.000% due 12/15/2029 | | | | | 47 | | | | | | 47 | |
|
UnitedHealth Group, Inc. | |
1.150% due 05/15/2026 | | | | | 79 | | | | | | 71 | |
2.000% due 05/15/2030 | | | | | 34 | | | | | | 29 | |
2.900% due 05/15/2050 | | | | | 146 | | | | | | 102 | |
3.050% due 05/15/2041 | | | | | 139 | | | | | | 108 | |
3.375% due 04/15/2027 | | | | | 156 | | | | | | 148 | |
3.700% due 08/15/2049 | | | | | 152 | | | | | | 122 | |
4.250% due 01/15/2029 | | | | | 1,576 | | | | | | 1,532 | |
4.750% due 07/15/2045 | | | | | 1,450 | | | | | | 1,389 | |
5.050% due 04/15/2053 | | | | | 900 | | | | | | 895 | |
5.350% due 02/15/2033 | | | | | 46 | | | | | | 48 | |
6.625% due 11/15/2037 | | | | | 41 | | | | | | 47 | |
6.875% due 02/15/2038 | | | | | 603 | | | | | | 718 | |
|
Vale Overseas Ltd. | |
3.750% due 07/08/2030 | | | | | 215 | | | | | | 189 | |
6.875% due 11/21/2036 | | | | | 1,011 | | | | | | 1,058 | |
|
Valero Energy Corp. | |
4.350% due 06/01/2028 | | | | | 1,486 | | | | | | 1,421 | |
|
VeriSign, Inc. | |
5.250% due 04/01/2025 | | | | | 356 | | | | | | 352 | |
|
Verisk Analytics, Inc. | |
4.125% due 03/15/2029 | | | | | 1,183 | | | | | | 1,130 | |
|
VF Corp. | |
6.000% due 10/15/2033 | | | | | 35 | | | | | | 34 | |
|
Viatris, Inc. | |
1.650% due 06/22/2025 | | | | | 261 | | | | | | 240 | |
|
VMware, Inc. | |
1.000% due 08/15/2024 | | | | | 51 | | | | | | 48 | |
1.400% due 08/15/2026 | | | | | 700 | | | | | | 618 | |
1.800% due 08/15/2028 | | | | | 35 | | | | | | 29 | |
4.500% due 05/15/2025 | | | | | 10 | | | | | | 10 | |
|
Volkswagen Group of America Finance LLC | |
1.250% due 11/24/2025 | | | | | 1,125 | | | | | | 1,014 | |
4.250% due 11/13/2023 | | | | | 251 | | | | | | 250 | |
|
Walmart, Inc. | |
4.500% due 04/15/2053 | | | | | 1,150 | | | | | | 1,122 | |
|
Walt Disney Co. | |
2.750% due 09/01/2049 | | | | | 100 | | | | | | 68 | |
3.500% due 05/13/2040 | | | | | 116 | | | | | | 96 | |
4.950% due 10/15/2045 | | | | | 1,017 | | | | | | 982 | |
6.400% due 12/15/2035 | | | | | 77 | | | | | | 87 | |
7.750% due 12/01/2045 | | | | | 933 | | | | | | 1,214 | |
|
Warnermedia Holdings, Inc. | |
5.050% due 03/15/2042 | | | | | 344 | | | | | | 290 | |
5.141% due 03/15/2052 | | | | | 274 | | | | | | 223 | |
5.391% due 03/15/2062 | | | | | 2,108 | | | | | | 1,719 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Waste Connections, Inc. | |
2.600% due 02/01/2030 | | $ | | | 1,740 | | | $ | | | 1,507 | |
2.950% due 01/15/2052 | | | | | 371 | | | | | | 254 | |
|
Weir Group PLC | |
2.200% due 05/13/2026 | | | | | 949 | | | | | | 851 | |
|
Western Digital Corp. | |
2.850% due 02/01/2029 | | | | | 100 | | | | | | 80 | |
|
Western Midstream Operating LP | |
6.150% due 04/01/2033 | | | | | 861 | | | | | | 869 | |
|
Westinghouse Air Brake Technologies Corp. | |
4.950% due 09/15/2028 | | | | | 2,225 | | | | | | 2,145 | |
|
Westlake Corp. | |
0.875% due 08/15/2024 | | | | | 51 | | | | | | 48 | |
|
Whirlpool Corp. | |
4.500% due 06/01/2046 | | | | | 50 | | | | | | 40 | |
|
Williams Cos., Inc. | |
3.750% due 06/15/2027 | | | | | 50 | | | | | | 47 | |
4.300% due 03/04/2024 | | | | | 137 | | | | | | 135 | |
4.650% due 08/15/2032 | | | | | 1,215 | | | | | | 1,151 | |
5.300% due 08/15/2052 | | | | | 100 | | | | | | 92 | |
5.400% due 03/04/2044 | | | | | 1,519 | | | | | | 1,403 | |
|
Woodside Finance Ltd. | |
3.650% due 03/05/2025 | | | | | 1,217 | | | | | | 1,172 | |
3.700% due 09/15/2026 | | | | | 1,313 | | | | | | 1,236 | |
|
Workday, Inc. | |
3.700% due 04/01/2029 | | | | | 700 | | | | | | 649 | |
3.800% due 04/01/2032 | | | | | 459 | | | | | | 413 | |
|
Wyeth LLC | |
5.950% due 04/01/2037 | | | | | 1,011 | | | | | | 1,106 | |
|
Zimmer Biomet Holdings, Inc. | |
3.550% due 03/20/2030 | | | | | 55 | | | | | | 48 | |
|
Zoetis, Inc. | |
2.000% due 05/15/2030 | | | | | 144 | | | | | �� | 120 | |
3.000% due 05/15/2050 | | | | | 419 | | | | | | 293 | |
4.700% due 02/01/2043 | | | | | 872 | | | | | | 812 | |
5.400% due 11/14/2025 | | | | | 349 | | | | | | 350 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 354,267 | |
| | | | | | | | | | | | |
| |
| UTILITIES 13.1% | |
|
AEP Texas, Inc. | |
3.450% due 01/15/2050 | | | | | 666 | | | | | | 479 | |
4.700% due 05/15/2032 | | | | | 100 | | | | | | 96 | |
5.250% due 05/15/2052 | | | | | 100 | | | | | | 95 | |
|
AES Corp. | |
2.450% due 01/15/2031 | | | | | 1,147 | | | | | | 928 | |
|
Alabama Power Co. | |
3.940% due 09/01/2032 | | | | | 578 | | | | | | 534 | |
|
Ameren Corp. | |
3.500% due 01/15/2031 | | | | | 1,353 | | | | | | 1,208 | |
|
Ameren Illinois Co. | |
4.800% due 12/15/2043 | | | | | 51 | | | | | | 45 | |
|
American Electric Power Co., Inc. | |
2.300% due 03/01/2030 | | | | | 100 | | | | | | 83 | |
|
American Water Capital Corp. | |
2.800% due 05/01/2030 | | | | | 2,396 | | | | | | 2,097 | |
3.000% due 12/01/2026 | | | | | 51 | | | | | | 47 | |
4.200% due 09/01/2048 | | | | | 56 | | | | | | 47 | |
|
Appalachian Power Co. | |
7.000% due 04/01/2038 | | | | | 950 | | | | | | 1,070 | |
|
Arizona Public Service Co. | |
2.200% due 12/15/2031 | | | | | 61 | | | | | | 48 | |
4.500% due 04/01/2042 | | | | | 56 | | | | | | 48 | |
|
AT&T, Inc. | |
1.650% due 02/01/2028 | | | | | 10 | | | | | | 9 | |
3.500% due 09/15/2053 | | | | | 1,682 | | | | | | 1,192 | |
3.650% due 09/15/2059 | | | | | 1,028 | | | | | | 716 | |
4.100% due 02/15/2028 | | | | | 1,453 | | | | | | 1,390 | |
4.300% due 02/15/2030 | | | | | 1,953 | | | | | | 1,855 | |
4.350% due 03/01/2029 | | | | | 904 | | | | | | 869 | |
4.500% due 03/09/2048 | | | | | 797 | | | | | | 675 | |
4.750% due 05/15/2046 | | | | | 50 | | | | | | 44 | |
|
Atmos Energy Corp. | |
1.500% due 01/15/2031 | | | | | 50 | | | | | | 39 | |
4.150% due 01/15/2043 | | | | | 1,526 | | | | | | 1,321 | |
| | | | | | |
| 64 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Avangrid, Inc. | |
3.800% due 06/01/2029 | | $ | | | 453 | | | $ | | | 413 | |
|
Bell Telephone Co. of Canada | |
3.650% due 03/17/2051 | | | | | 347 | | | | | | 265 | |
3.650% due 08/15/2052 | | | | | 63 | | | | | | 48 | |
|
Berkshire Hathaway Energy Co. | |
1.650% due 05/15/2031 | | | | | 746 | | | | | | 579 | |
3.700% due 07/15/2030 | | | | | 5 | | | | | | 5 | |
4.050% due 04/15/2025 | | | | | 253 | | | | | | 247 | |
6.125% due 04/01/2036 | | | | | 1,165 | | | | | | 1,217 | |
|
BG Energy Capital PLC | |
5.125% due 10/15/2041 | | | | | 110 | | | | | | 103 | |
|
Bharti Airtel International Netherlands BV | |
5.350% due 05/20/2024 | | | | | 272 | | | | | | 270 | |
|
Bharti Airtel Ltd. | |
4.375% due 06/10/2025 | | | | | 156 | | | | | | 152 | |
|
Black Hills Corp. | |
3.150% due 01/15/2027 | | | | | 1,441 | | | | | | 1,337 | |
4.200% due 09/15/2046 | | | | | 100 | | | | | | 79 | |
|
BP Capital Markets PLC | |
4.875% due 03/22/2030 •(c) | | | | | 51 | | | | | | 47 | |
|
British Telecommunications PLC | |
5.125% due 12/04/2028 | | | | | 1,121 | | | | | | 1,103 | |
9.625% due 12/15/2030 | | | | | 39 | | | | | | 48 | |
|
Brooklyn Union Gas Co. | |
4.487% due 03/04/2049 | | | | | 58 | | | | | | 45 | |
|
CenterPoint Energy Houston Electric LLC | |
4.950% due 04/01/2033 | | | | | 1,888 | | | | | | 1,886 | |
|
CenterPoint Energy, Inc. | |
1.450% due 06/01/2026 | | | | | 646 | | | | | | 578 | |
|
CMS Energy Corp. | |
4.750% due 06/01/2050 • | | | | | 215 | | | | | | 185 | |
|
Commonwealth Edison Co. | |
4.000% due 03/01/2048 | | | | | 1,191 | | | | | | 997 | |
|
Consolidated Edison Co. of New York, Inc. | |
3.000% due 12/01/2060 | | | | | 283 | | | | | | 180 | |
3.600% due 06/15/2061 | | | | | 407 | | | | | | 296 | |
3.850% due 06/15/2046 | | | | | 1,277 | | | | | | 990 | |
6.150% due 11/15/2052 | | | | | 837 | | | | | | 922 | |
|
Constellation Energy Generation LLC | |
5.600% due 06/15/2042 | | | | | 805 | | | | | | 779 | |
|
Dominion Energy, Inc. | |
1.450% due 04/15/2026 | | | | | 1,017 | | | | | | 914 | |
3.071% due 08/15/2024 þ | | | | | 589 | | | | | | 569 | |
3.375% due 04/01/2030 | | | | | 10 | | | | | | 9 | |
|
DTE Electric Co. | |
3.000% due 03/01/2032 | | | | | 55 | | | | | | 47 | |
3.650% due 03/01/2052 | | | | | 100 | | | | | | 78 | |
|
DTE Energy Co. | |
1.050% due 06/01/2025 | | | | | 260 | | | | | | 238 | |
3.400% due 06/15/2029 | | | | | 615 | | | | | | 551 | |
|
Duke Energy Carolinas LLC | |
2.550% due 04/15/2031 | | | | | 219 | | | | | | 186 | |
2.850% due 03/15/2032 | | | | | 100 | | | | | | 85 | |
3.550% due 03/15/2052 | | | | | 100 | | | | | | 76 | |
3.875% due 03/15/2046 | | | | | 60 | | | | | | 48 | |
6.000% due 12/01/2028 | | | | | 617 | | | | | | 646 | |
|
Duke Energy Corp. | |
2.450% due 06/01/2030 | | | | | 278 | | | | | | 234 | |
2.550% due 06/15/2031 | | | | | 10 | | | | | | 8 | |
3.400% due 06/15/2029 | | | | | 10 | | | | | | 9 | |
3.500% due 06/15/2051 | | | | | 146 | | | | | | 106 | |
3.750% due 09/01/2046 | | | | | 100 | | | | | | 76 | |
3.950% due 10/15/2023 | | | | | 571 | | | | | | 568 | |
4.300% due 03/15/2028 | | | | | 260 | | | | | | 250 | |
4.500% due 08/15/2032 | | | | | 1,119 | | | | | | 1,055 | |
5.000% due 08/15/2052 | | | | | 178 | | | | | | 163 | |
|
Duke Energy Florida LLC | |
2.400% due 12/15/2031 | | | | | 497 | | | | | | 409 | |
3.400% due 10/01/2046 | | | | | 100 | | | | | | 75 | |
5.650% due 04/01/2040 | | | | | 11 | | | | | | 11 | |
5.950% due 11/15/2052 | | | | | 100 | | | | | | 109 | |
|
Duke Energy Progress LLC | |
3.400% due 04/01/2032 | | | | | 100 | | | | | | 89 | |
3.450% due 03/15/2029 | | | | | 10 | | | | | | 9 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
3.600% due 09/15/2047 | | $ | | | 100 | | | $ | | | 77 | |
4.000% due 04/01/2052 | | | | | 100 | | | | | | 81 | |
5.250% due 03/15/2033 | | | | | 1,146 | | | | | | 1,165 | |
|
Duquesne Light Holdings, Inc. | |
3.616% due 08/01/2027 | | | | | 53 | | | | | | 48 | |
|
East Ohio Gas Co. | |
1.300% due 06/15/2025 | | | | | 10 | | | | | | 9 | |
|
Edison International | |
3.550% due 11/15/2024 | | | | | 60 | | | | | | 58 | |
5.750% due 06/15/2027 | | | | | 502 | | | | | | 502 | |
|
Electricite de France SA | |
4.875% due 01/22/2044 | | | | | 811 | | | | | | 670 | |
6.900% due 05/23/2053 | | | | | 1,044 | | | | | | 1,083 | |
|
Enel Finance International NV | |
1.375% due 07/12/2026 | | | | | 138 | | | | | | 122 | |
4.250% due 06/15/2025 | | | | | 517 | | | | | | 502 | |
4.625% due 06/15/2027 | | | | | 592 | | | | | | 573 | |
5.000% due 06/15/2032 | | | | | 1,094 | | | | | | 1,035 | |
5.500% due 06/15/2052 | | | | | 398 | | | | | | 360 | |
6.000% due 10/07/2039 | | | | | 872 | | | | | | 857 | |
|
Entergy Corp. | |
0.900% due 09/15/2025 | | | | | 10 | | | | | | 9 | |
1.900% due 06/15/2028 | | | | | 10 | | | | | | 9 | |
2.400% due 06/15/2031 | | | | | 75 | | | | | | 61 | |
2.800% due 06/15/2030 | | | | | 2,250 | | | | | | 1,910 | |
|
Evergy, Inc. | |
2.450% due 09/15/2024 | | | | | 155 | | | | | | 149 | |
2.900% due 09/15/2029 | | | | | 73 | | | | | | 64 | |
|
Eversource Energy | |
0.800% due 08/15/2025 | | | | | 9 | | | | | | 8 | |
1.650% due 08/15/2030 | | | | | 764 | | | | | | 606 | |
4.600% due 07/01/2027 | | | | | 1,069 | | | | | | 1,043 | |
|
Exelon Corp. | |
4.050% due 04/15/2030 | | | | | 1,926 | | | | | | 1,802 | |
4.450% due 04/15/2046 | | | | | 210 | | | | | | 179 | |
|
Fells Point Funding Trust | |
3.046% due 01/31/2027 | | | | | 1,637 | | | | | | 1,506 | |
|
Florida Power & Light Co. | |
3.150% due 10/01/2049 | | | | | 916 | | | | | | 669 | |
4.125% due 02/01/2042 | | | | | 100 | | | | | | 88 | |
|
Fortis, Inc. | |
3.055% due 10/04/2026 | | | | | 28 | | | | | | 26 | |
|
Galaxy Pipeline Assets Bidco Ltd. | |
1.750% due 09/30/2027 | | | | | 3 | | | | | | 3 | |
|
Idaho Power Co. | |
4.200% due 03/01/2048 | | | | | 21 | | | | | | 18 | |
|
Indiana Michigan Power Co. | |
4.250% due 08/15/2048 | | | | | 1,476 | | | | | | 1,245 | |
|
Interstate Power & Light Co. | |
3.100% due 11/30/2051 | | | | | 28 | | | | | | 19 | |
3.700% due 09/15/2046 | | | | | 25 | | | | | | 19 | |
6.250% due 07/15/2039 | | | | | 8 | | | | | | 9 | |
|
Kentucky Utilities Co. | |
5.125% due 11/01/2040 | | | | | 100 | | | | | | 96 | |
5.450% due 04/15/2033 | | | | | 2,078 | | | | | | 2,118 | |
|
KeySpan Gas East Corp. | |
2.742% due 08/15/2026 | | | | | 1,667 | | | | | | 1,515 | |
|
LLPL Capital Pte. Ltd. | |
6.875% due 02/04/2039 | | | | | 222 | | | | | | 199 | |
|
MidAmerican Energy Co. | |
4.250% due 07/15/2049 | | | | | 1,357 | | | | | | 1,156 | |
|
National Rural Utilities Cooperative Finance Corp. | |
4.400% due 11/01/2048 | | | | | 1,341 | | | | | | 1,152 | |
|
New York State Electric & Gas Corp. | |
2.150% due 10/01/2031 | | | | | 100 | | | | | | 78 | |
|
NextEra Energy Capital Holdings, Inc. | |
1.900% due 06/15/2028 | | | | | 60 | | | | | | 51 | |
2.250% due 06/01/2030 | | | | | 58 | | | | | | 48 | |
2.750% due 11/01/2029 | | | | | 3,753 | | | | | | 3,256 | |
4.800% due 12/01/2077 • | | | | | 402 | | | | | | 354 | |
|
NiSource, Inc. | |
0.950% due 08/15/2025 | | | | | 10 | | | | | | 9 | |
|
Northern States Power Co. | |
2.900% due 03/01/2050 | | | | | 1 | | | | | | 0 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
NSTAR Electric Co. | |
4.400% due 03/01/2044 | | $ | | | 43 | | | $ | | | 38 | |
|
Oklahoma Gas & Electric Co. | |
4.150% due 04/01/2047 | | | | | 10 | | | | | | 8 | |
4.550% due 03/15/2044 | | | | | 30 | | | | | | 25 | |
|
Oncor Electric Delivery Co. LLC | |
3.100% due 09/15/2049 | | | | | 172 | | | | | | 122 | |
|
ONEOK, Inc. | |
3.400% due 09/01/2029 | | | | | 581 | | | | | | 507 | |
4.550% due 07/15/2028 | | | | | 573 | | | | | | 544 | |
5.200% due 07/15/2048 | | | | | 1,135 | | | | | | 969 | |
6.100% due 11/15/2032 | | | | | 689 | | | | | | 701 | |
|
Pacific Gas & Electric Co. | |
2.500% due 02/01/2031 | | | | | 20 | | | | | | 16 | |
3.250% due 06/01/2031 | | | | | 1,200 | | | | | | 977 | |
3.300% due 08/01/2040 | | | | | 150 | | | | | | 101 | |
3.450% due 07/01/2025 | | | | | 128 | | | | | | 120 | |
3.750% due 07/01/2028 | | | | | 722 | | | | | | 647 | |
3.950% due 12/01/2047 | | | | | 740 | | | | | | 505 | |
4.550% due 07/01/2030 | | | | | 103 | | | | | | 93 | |
4.650% due 08/01/2028 | | | | | 52 | | | | | | 48 | |
4.950% due 07/01/2050 | | | | | 103 | | | | | | 81 | |
5.450% due 06/15/2027 | | | | | 305 | | | | | | 297 | |
5.900% due 06/15/2032 | | | | | 100 | | | | | | 96 | |
6.100% due 01/15/2029 | | | | | 1,000 | | | | | | 985 | |
|
PacifiCorp | |
4.150% due 02/15/2050 | | | | | 70 | | | | | | 54 | |
|
PECO Energy Co. | |
3.000% due 09/15/2049 | | | | | 68 | | | | | | 47 | |
|
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | |
4.000% due 06/30/2050 | | | | | 607 | | | | | | 434 | |
|
Piedmont Natural Gas Co., Inc. | |
2.500% due 03/15/2031 | | | | | 58 | | | | | | 47 | |
3.500% due 06/01/2029 | | | | | 442 | | | | | | 401 | |
|
Pinnacle West Capital Corp. | |
1.300% due 06/15/2025 | | | | | 50 | | | | | | 46 | |
|
Plains All American Pipeline LP | |
3.550% due 12/15/2029 | | | | | 133 | | | | | | 117 | |
5.150% due 06/01/2042 | | | | | 657 | | | | | | 546 | |
|
Public Service Co. of Colorado | |
3.550% due 06/15/2046 | | | | | 52 | | | | | | 37 | |
|
Public Service Electric & Gas Co. | |
4.650% due 03/15/2033 | | | | | 1,676 | | | | | | 1,646 | |
|
Public Service Enterprise Group, Inc. | |
0.800% due 08/15/2025 | | | | | 928 | | | | | | 840 | |
|
Puget Sound Energy, Inc. | |
5.795% due 03/15/2040 | | | | | 30 | | | | | | 31 | |
|
San Diego Gas & Electric Co. | |
1.700% due 10/01/2030 | | | | | 10 | | | | | | 8 | |
|
Saudi Electricity Global Sukuk Co. | |
5.500% due 04/08/2044 | | | | | 255 | | | | | | 253 | |
|
Sempra Energy | |
3.300% due 04/01/2025 | | | | | 1,552 | | | | | | 1,489 | |
3.700% due 04/01/2029 | | | | | 845 | | | | | | 773 | |
|
Shell International Finance BV | |
2.875% due 05/10/2026 | | | | | 1,300 | | | | | | 1,239 | |
|
Sinopec Group Overseas Development Ltd. | |
1.450% due 01/08/2026 | | | | | 79 | | | | | | 72 | |
2.150% due 05/13/2025 | | | | | 254 | | | | | | 239 | |
4.125% due 09/12/2025 | | | | | 210 | | | | | | 204 | |
|
Southern California Edison Co. | |
2.850% due 08/01/2029 | | | | | 1,198 | | | | | | 1,048 | |
3.650% due 02/01/2050 | | | | | 1,314 | | | | | | 979 | |
4.125% due 03/01/2048 | | | | | 1,160 | | | | | | 943 | |
5.850% due 11/01/2027 | | | | | 689 | | | | | | 705 | |
5.950% due 11/01/2032 | | | | | 100 | | | | | | 105 | |
|
Southern California Gas Co. | |
4.125% due 06/01/2048 | | | | | 999 | | | | | | 813 | |
4.450% due 03/15/2044 | | | | | 52 | | | | | | 44 | |
|
Southern Power Co. | |
5.150% due 09/15/2041 | | | | | 635 | | | | | | 596 | |
|
Southwest Gas Corp. | |
4.050% due 03/15/2032 | | | | | 353 | | | | | | 318 | |
5.450% due 03/23/2028 | | | | | 1,280 | | | | | | 1,277 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 65 |
| | | | | | |
| Schedule of Investments | | PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Southwestern Electric Power Co. | |
4.100% due 09/15/2028 | | $ | | | 486 | | | $ | | | 461 | |
|
Southwestern Public Service Co. | |
3.150% due 05/01/2050 | | | | | 10 | | | | | | 7 | |
3.700% due 08/15/2047 | | | | | 9 | | | | | | 7 | |
6.000% due 10/01/2036 | | | | | 1,032 | | | | | | 1,047 | |
|
Tampa Electric Co. | |
4.350% due 05/15/2044 | | | | | 30 | | | | | | 26 | |
5.000% due 07/15/2052 | | | | | 100 | | | | | | 93 | |
|
Union Electric Co. | |
3.900% due 04/01/2052 | | | | | 100 | | | | | | 82 | |
|
Verizon Communications, Inc. | |
2.355% due 03/15/2032 | | | | | 3,122 | | | | | | 2,512 | |
2.550% due 03/21/2031 | | | | | 1,250 | | | | | | 1,044 | |
3.150% due 03/22/2030 | | | | | 54 | | | | | | 48 | |
4.125% due 03/16/2027 | | | | | 1,474 | | | | | | 1,432 | |
4.125% due 08/15/2046 | | | | | 740 | | | | | | 609 | |
4.400% due 11/01/2034 | | | | | 454 | | | | | | 419 | |
4.500% due 08/10/2033 | | | | | 60 | | | | | | 57 | |
4.812% due 03/15/2039 | | | | | 396 | | | | | | 371 | |
4.862% due 08/21/2046 | | | | | 889 | | | | | | 816 | |
|
Virginia Electric & Power Co. | |
3.750% due 05/15/2027 | | | | | 213 | | | | | | 204 | |
4.625% due 05/15/2052 | | | | | 100 | | | | | | 89 | |
6.000% due 01/15/2036 | | | | | 60 | | | | | | 63 | |
8.875% due 11/15/2038 | | | | | 1,390 | | | | | | 1,850 | |
|
Vistra Operations Co. LLC | |
4.300% due 07/15/2029 | | | | | 566 | | | | | | 502 | |
|
Vodafone Group PLC | |
4.125% due 05/30/2025 | | | | | 157 | | | | | | 153 | |
7.875% due 02/15/2030 | | | | | 109 | | | | | | 125 | |
|
WEC Energy Group, Inc. | |
2.200% due 12/15/2028 | | | | | 1,197 | | | | | | 1,031 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Wisconsin Power & Light Co. | |
3.950% due 09/01/2032 | | $ | | | 929 | | | $ | | | 858 | |
|
Wisconsin Public Service Corp. | |
3.671% due 12/01/2042 | | | | | 3 | | | | | | 2 | |
|
Xcel Energy, Inc. | |
4.600% due 06/01/2032 | | | | | 50 | | | | | | 47 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 97,126 | |
| | | | | | | | | | | | |
Total Corporate Bonds & Notes
(Cost $774,442) | | | 714,591 | |
| | | | |
| |
| U.S. TREASURY OBLIGATIONS 4.3% | |
|
U.S. Treasury Bonds | |
3.000% due 08/15/2052 (j) | | | | | 5,646 | | | | | | 4,803 | |
3.375% due 08/15/2042 | | | | | 2,402 | | | | | | 2,181 | |
4.000% due 11/15/2042 | | | | | 3,186 | | | | | | 3,167 | |
4.000% due 11/15/2052 | | | | | 1,534 | | | | | | 1,576 | |
|
U.S. Treasury Notes | |
2.750% due 08/15/2032 | | | | | 6,387 | | | | | | 5,856 | |
3.375% due 05/15/2033 (j) | | | | | 14,300 | | | | | | 13,793 | |
| | | | | | | | | | | | |
Total U.S. Treasury Obligations
(Cost $31,879) | | | 31,376 | |
| | | | |
| |
| SHORT-TERM INSTRUMENTS 0.3% | |
| |
| REPURCHASE AGREEMENTS (i) 0.3% | |
| | | | | | | | | | | 2,584 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $2,584) | | | 2,584 | |
| | | | | | | | | | | | |
| |
| | | | |
Total Investments in Securities
(Cost $808,905) | | | 748,551 | |
| | | | |
| |
| | | | | | | | | | | | |
| | | | | SHARES | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN AFFILIATES 0.4% | |
| |
| SHORT-TERM INSTRUMENTS 0.4% | |
| |
| MUTUAL FUNDS 0.4% | |
|
PIMCO Government Money Market Fund | |
5.210% (d)(e)(g) | | | | | 2,927,697 | | | $ | | | 2,928 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $2,928) | | | 2,928 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
Total Investments in Affiliates
(Cost $2,928) | | | 2,928 | |
| |
| | | | |
Total Investments 101.3%
(Cost $811,833) | | | $ | | | 751,479 | |
| |
Financial Derivative
Instruments (k) 0.0% (Cost or Premiums, net $511) | | | | | | 64 | |
| |
| Other Assets and Liabilities, net (1.3)% | | | (9,484 | ) |
| | | | |
| Net Assets 100.0% | | | $ | | | 742,059 | |
| | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
| • | 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) | Security is not accruing income as of the date of this report. |
| (c) | Perpetual maturity; date shown, if applicable, represents next contractual call date. |
| (d) | Institutional Class Shares of each Fund. |
| (e) | Securities with an aggregate market value of $2,871 were out on loan in exchange for $2,928 of cash collateral as of June 30, 2023. See Note 5(e), Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral. |
| (f) | Contingent convertible security. |
| (g) | Coupon represents a 7-Day Yield. |
(h) RESTRICTED SECURITIES:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Issuer Description | | Coupon | | | Maturity
Date | | | Acquisition
Date | | | Cost | | | Market
Value | | | Market Value
as Percentage
of Net Assets
| |
Citigroup, Inc. | | | 2.561 | % | | | 05/01/2032 | | | | 06/21/2021 | | | $ | 1,516 | | | $ | 1,225 | | | | 0.17 | % |
Citigroup, Inc. | | | 2.572 | | | | 06/03/2031 | | | | 07/01/2021 - 07/29/2022 | | | | 487 | | | | 417 | | | | 0.06 | |
Citigroup, Inc. | | | 3.057 | | | | 01/25/2033 | | | | 01/18/2022 | | | | 168 | | | | 140 | | | | 0.02 | |
Citigroup, Inc. | | | 6.270 | | | | 11/17/2033 | | | | 11/09/2022 | | | | 689 | | | | 732 | | | | 0.10 | |
Deutsche Bank AG | | | 2.129 | | | | 11/24/2026 | | | | 08/11/2021 - 12/27/2022 | | | | 1,171 | | | | 1,138 | | | | 0.15 | |
General Motors Co. | | | 6.800 | | | | 10/01/2027 | | | | 11/04/2021 - 03/23/2023 | | | | 552 | | | | 531 | | | | 0.07 | |
Oracle Corp. | | | 1.650 | | | | 03/25/2026 | | | | 03/06/2023 - 05/24/2023 | | | | 414 | | | | 411 | | | | 0.06 | |
Oracle Corp. | | | 2.300 | | | | 03/25/2028 | | | | 09/23/2021 - 12/27/2022 | | | | 1,134 | | | | 1,047 | | | | 0.14 | |
Oracle Corp. | | | 3.950 | | | | 03/25/2051 | | | | 04/09/2021 - 05/24/2023 | | | | 2,718 | | | | 2,023 | | | | 0.27 | |
Oracle Corp. | | | 5.800 | | | | 11/10/2025 | | | | 05/09/2023 | | | | 72 | | | | 71 | | | | 0.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | $ | 8,921 | | | $ | 7,735 | | | | 1.05 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| 66 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(i) REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Lending
Rate | | | Settlement
Date | | | Maturity
Date | | | Principal
Amount | | | Collateralized By | | Collateral
(Received) | | | Repurchase
Agreements,
at Value | | | Repurchase
Agreement
Proceeds
to be
Received(1) | |
| FICC | | | 2.400 | % | | | 06/30/2023 | | | | 07/03/2023 | | | $ | 2,584 | | | U.S. Treasury Notes 1.500% due 01/31/2027 | | $ | (2,636 | ) | | $ | 2,584 | | | $ | 2,584 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (2,636 | ) | | $ | 2,584 | | | $ | 2,584 | |
| | | | | | | | | | | | | | | |
REVERSE REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Borrowing
Rate(2) | | | Settlement
Date | | | Maturity
Date | | | Amount
Borrowed(2) | | | Payable for
Reverse
Repurchase
Agreements | |
BSN | | | 5.180 | % | | | 05/04/2023 | | | | 07/06/2023 | | | $ | (967 | ) | | $ | (975 | ) |
DEU | | | 5.060 | | | | 06/26/2023 | | | | 07/10/2023 | | | | (7,029 | ) | | | (7,036 | ) |
| | | 5.130 | | | | 06/22/2023 | | | | 07/06/2023 | | | | (6,896 | ) | | | (6,907 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total Reverse Repurchase Agreements | | | | | | | | | | | $ | (14,918 | ) |
| | | | | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(3) | |
Global/Master Repurchase Agreement | |
BSN | | $ | 0 | | | $ | (975 | ) | | $ | 0 | | | $ | 0 | | | $ | (975 | ) | | $ | 936 | | | $ | (39 | ) |
DEU | | | 0 | | | | (13,943 | ) | | | 0 | | | | 0 | | | | (13,943 | ) | | | 13,793 | | | | (150 | ) |
FICC | | | 2,584 | | | | 0 | | | | 0 | | | | 0 | | | | 2,584 | | | | (2,636 | ) | | | (52 | ) |
|
Master Securities Lending Agreement | |
BMO | | | 0 | | | | 0 | | | | 0 | | | | 1,296 | | | | 1,296 | | | | (1,321 | ) | | | (25 | ) |
BCY | | | 0 | | | | 0 | | | | 0 | | | | 6 | | | | 6 | | | | (6 | ) | | | (0 | ) |
GSC | | | 0 | | | | 0 | | | | 0 | | | | 1,277 | | | | 1,277 | | | | (1,303 | ) | | | (26 | ) |
RDR | | | 0 | | | | 0 | | | | 0 | | | | 292 | | | | 292 | | | | (298 | ) | | | (6 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 2,584 | | | $ | (14,918 | ) | | $ | 0 | | | $ | 2,871 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements
| | | | | | | | | | | | | | | | | | | | |
| | | Overnight and
Continuous | | | Up to 30 days | | | 31-90 days | | | Greater Than 90 days | | | Total | |
Securities Lending Transactions(4) | |
Corporate Bonds & Notes | | $ | 2,928 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 2,928 | |
| | | | | | | | | | | | | | | | | | | | |
Total | | $ | 2,928 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 2,928 | |
| | | | | | | | | | | | | | | | | | | | |
Reverse Repurchase Agreements | |
U.S. Treasury Obligations | | | 0 | | | | (14,918 | ) | | | 0 | | | | 0 | | | | (14,918 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | $ | 0 | | | $ | (14,918 | ) | | $ | 0 | | | $ | 0 | | | $ | (14,918 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total Borrowings | | $ | 2,928 | | | $ | (14,918 | ) | | $ | 0 | | | $ | 0 | | | $ | (11,990 | ) |
| | | | | | | | | | | | | | | | | | | | |
Payable for reverse repurchase agreements and securities on loan - cash collateral | | | $ | (11,990 | ) |
| | | | | | | | | | | | | | | | | | | | |
| (j) | Securities with an aggregate market value of $14,728 have been pledged as collateral under the terms of the above master agreements as of June 30, 2023. |
| (1) | Includes accrued interest. |
| (2) | The average amount of borrowings outstanding during the period ended June 30, 2023 was $(3,351) at a weighted average interest rate of 4.933%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| (3) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
| (4) | Includes cash collateral as described in Note 5 in the Notes to Financial Statements. |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 67 |
| | | | | | |
| Schedule of Investments | | PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | (Cont.) | | |
(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Expiration
Month | | | # of
Contracts | | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | | | Variation Margin | |
| | Asset | | | Liability | |
U.S. Treasury 10-Year Note September Futures | | | 09/2023 | | | | 4 | | | $ | 449 | | | $ | (8 | ) | | $ | 1 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Futures Contracts | | | $ | (8 | ) | | $ | 1 | | | $ | 0 | |
| | | | | | | | | | | | | |
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(1)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reference Entity | | Fixed
Receive Rate | | Payment
Frequency | | Maturity
Date | | | Implied
Credit Spread at June 30, 2023(2) | | | Notional
Amount(3) | | | Premiums
Paid/(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Market
Value(4) | | | Variation Margin | |
| | Asset | | | Liability | |
National Rural Utilities Cooperative Finance Corp. | | 1.000% | | Quarterly | | | 12/20/2026 | | | | 0.235 | % | | | $ 100 | | | $ | 3 | | | $ | (1 | ) | | $ | 2 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(1)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Index/Tranches | | Fixed
Receive Rate | | | Payment
Frequency | | | Maturity
Date | | | Notional
Amount(3) | | | Premiums
Paid/(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Market
Value(4) | | | Variation Margin | |
| | Asset | | | Liability | |
CDX.IG-37 5-Year Index | | | 1.000 | % | | | Quarterly | | | | 12/20/2026 | | | $ | 200 | | | $ | 4 | | | $ | (1 | ) | | $ | 3 | | | $ | 0 | | | $ | 0 | |
CDX.IG-38 5-Year Index | | | 1.000 | | | | Quarterly | | | | 06/20/2027 | | | | 1,200 | | | | 5 | | | | 14 | | | | 19 | | | | 1 | | | | 0 | |
CDX.IG-39 5-Year Index | | | 1.000 | | | | Quarterly | | | | 12/20/2027 | | | | 2,200 | | | | 27 | | | | 6 | | | | 33 | | | | 3 | | | | 0 | |
CDX.IG-40 5-Year Index | | | 1.000 | | | | Quarterly | | | | 6/20/2028 | | | | 43,700 | | | | 472 | | | | 198 | | | | 670 | | | | 59 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | $ | 508 | | | $ | 217 | | | $ | 725 | | | $ | 63 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Swap Agreements | | | $ | 511 | | | $ | 216 | | | $ | 727 | | | $ | 63 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Financial Derivative Assets | | | | | | Financial Derivative Liabilities | |
| | | Market Value | | | Variation Margin
Asset | | | Total | | | | | | Market Value | | | Variation Margin
Liability | | | Total | |
| | | Purchased
Options | | | Futures | | | Swap
Agreements | | | | | | Written
Options | | | Futures | | | Swap
Agreements | |
Total Exchange-Traded or Centrally Cleared | | $ | 0 | | | $ | 1 | | | $ | 63 | | | $ | 64 | | | | | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash of $2,178 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.
| (1) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| (2) | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| (3) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| (4) | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| | | | | | |
| 68 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 1 | | | $ | 1 | |
Swap Agreements | | | 0 | | | | 63 | | | | 0 | | | | 0 | | | | 0 | | | | 63 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 63 | | | $ | 0 | | | $ | 0 | | | $ | 1 | | | $ | 64 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Net Realized Gain (Loss) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 376 | | | $ | 376 | |
Swap Agreements | | | 0 | | | | 813 | | | | 0 | | | | 0 | | | | (4 | ) | | | 809 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 813 | | | $ | 0 | | | $ | 0 | | | $ | 372 | | | $ | 1,185 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Swap Agreements | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 265 | | | $ | 265 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 813 | | | $ | 0 | | | $ | 0 | | | $ | 637 | | | $ | 1,450 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 33 | | | $ | 33 | |
Swap Agreements | | | 0 | | | | 662 | | | | 0 | | | | 0 | | | | 0 | | | | 662 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 662 | | | $ | 0 | | | $ | 0 | | | $ | 33 | | | $ | 695 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Swap Agreements | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (104 | ) | | $ | (104 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 662 | | | $ | 0 | | | $ | 0 | | | $ | (71 | ) | | $ | 591 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Securities, at Value | |
Corporate Bonds & Notes | |
Banking & Finance | | $ | 0 | | | $ | 263,198 | | | $ | 0 | | | $ | 263,198 | |
Industrials | | | 0 | | | | 354,267 | | | | 0 | | | | 354,267 | |
Utilities | | | 0 | | | | 97,126 | | | | 0 | | | | 97,126 | |
U.S. Treasury Obligations | | | 0 | | | | 31,376 | | | | 0 | | | | 31,376 | |
Short-Term Instruments | |
Repurchase Agreements | | | 0 | | | | 2,584 | | | | 0 | | | | 2,584 | |
| | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 748,551 | | | $ | 0 | | | $ | 748,551 | |
| | | | | | | | | | | | | | | | |
|
Investments in Affiliates, at Value | |
Short-Term Instruments | |
Mutual Funds | | $ | 2,928 | | | $ | 0 | | | $ | 0 | | | $ | 2,928 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 2,928 | | | $ | 748,551 | | | $ | 0 | | | $ | 751,479 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | | $ | 0 | | | $ | 64 | | | $ | 0 | | | $ | 64 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Financial Derivative Instruments | | $ | 0 | | | $ | 64 | | | $ | 0 | | | $ | 64 | |
| | | | | | | | | | | | | | | | |
| | | | |
Totals | | $ | 2,928 | | | $ | 748,615 | | | $ | 0 | | | $ | 751,543 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 69 |
| | | | | | |
| Schedule of Investments | | PIMCO Active Bond Exchange-Traded Fund | | | | |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 110.0% | |
| |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | |
|
Air Canada | |
8.839% (LIBOR03M + 3.500%) due 08/11/2028 ~ | | $ | | | 2,574 | | | $ | | | 2,578 | |
|
American Airlines, Inc. | |
10.000% (LIBOR03M + 4.750%) due 04/20/2028 ~ | | | | | 3,700 | | | | | | 3,784 | |
|
Avolon TLB Borrower 1 (U.S.) LLC | |
7.396% (LIBOR01M + 2.250%) due 12/01/2027 ~ | | | | | 1,274 | | | | | | 1,274 | |
|
Castlelake LP | |
2.950% (LIBOR03M + 2.950%) due 05/13/2031 «~ | | | | | 5,760 | | | | | | 5,241 | |
|
SkyMiles IP Ltd. | |
8.798% due 10/20/2027 | | | | | 4,410 | | | | | | 4,586 | |
|
United Airlines, Inc. | |
9.292% (LIBOR03M + 3.750%) due 04/21/2028 ~ | | | | | 1,563 | | | | | | 1,565 | |
|
Zephyrus Capital Aviation Partners LLC | |
4.605% due 10/15/2038 | | | | | 1,944 | | | | | | 1,708 | |
| | | | | | | | | | | | |
Total Loan Participations and Assignments
(Cost $21,251) | | | 20,736 | |
| | | | |
| |
| CORPORATE BONDS & NOTES 23.0% | |
| |
| BANKING & FINANCE 15.1% | |
|
AerCap Ireland Capital DAC | |
3.875% due 01/23/2028 | | | | | 2,100 | | | | | | 1,933 | |
|
Aircastle Ltd. | |
4.250% due 06/15/2026 | | | | | 3,800 | | | | | | 3,581 | |
|
American Assets Trust LP | |
3.375% due 02/01/2031 | | | | | 2,800 | | | | | | 2,193 | |
|
American Homes 4 Rent LP | |
4.250% due 02/15/2028 | | | | | 2,900 | | | | | | 2,732 | |
|
American Tower Corp. | |
3.650% due 03/15/2027 | | | | | 3,000 | | | | | | 2,812 | |
|
AmFam Holdings, Inc. | |
2.805% due 03/11/2031 | | | | | 700 | | | | | | 524 | |
|
Antares Holdings LP | |
2.750% due 01/15/2027 | | | | | 4,050 | | | | | | 3,331 | |
3.750% due 07/15/2027 | | | | | 3,700 | | | | | | 3,099 | |
3.950% due 07/15/2026 | | | | | 1,000 | | | | | | 879 | |
|
Arch Capital Group Ltd. | |
3.635% due 06/30/2050 | | | | | 6,900 | | | | | | 5,066 | |
|
Ares Capital Corp. | |
2.875% due 06/15/2027 | | | | | 6,000 | | | | | | 5,205 | |
2.875% due 06/15/2028 | | | | | 4,000 | | | | | | 3,313 | |
3.250% due 07/15/2025 | | | | | 1,800 | | | | | | 1,666 | |
|
Ares Finance Co. LLC | |
3.250% due 06/15/2030 | | | | | 3,500 | | | | | | 2,950 | |
|
Aviation Capital Group LLC | |
3.500% due 11/01/2027 | | | | | 500 | | | | | | 442 | |
|
Avolon Holdings Funding Ltd. | |
2.875% due 02/15/2025 | | | | | 3,900 | | | | | | 3,629 | |
4.250% due 04/15/2026 | | | | | 1,800 | | | | | | 1,678 | |
|
Banco Santander SA | |
2.958% due 03/25/2031 | | | | | 2,200 | | | | | | 1,816 | |
3.490% due 05/28/2030 | | | | | 1,400 | | | | | | 1,222 | |
|
Bank of America Corp. | |
2.687% due 04/22/2032 • | | | | | 10,000 | | | | | | 8,292 | |
3.593% due 07/21/2028 • | | | | | 7,000 | | | | | | 6,513 | |
4.948% due 07/22/2028 • | | | | | 4,000 | | | | | | 3,932 | |
5.202% due 04/25/2029 • | | | | | 8,400 | | | | | | 8,313 | |
6.204% due 11/10/2028 • | | | | | 1,800 | | | | | | 1,852 | |
|
Barclays PLC | |
2.667% due 03/10/2032 • | | | | | 800 | | | | | | 629 | |
4.972% due 05/16/2029 • | | | | | 1,000 | | | | | | 946 | |
7.385% due 11/02/2028 • | | | | | 7,000 | | | | | | 7,297 | |
7.437% due 11/02/2033 • | | | | | 5,000 | | | | | | 5,412 | |
|
BGC Partners, Inc. | |
3.750% due 10/01/2024 | | | | | 3,300 | | | | | | 3,117 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Blackstone Holdings Finance Co. LLC | |
1.625% due 08/05/2028 | | $ | | | 3,000 | | | $ | | | 2,483 | |
|
Blue Owl Finance LLC | |
3.125% due 06/10/2031 | | | | | 4,300 | | | | | | 3,276 | |
|
BNP Paribas SA | |
1.904% due 09/30/2028 • | | | | | 3,200 | | | | | | 2,729 | |
2.159% due 09/15/2029 • | | | | | 800 | | | | | | 667 | |
2.591% due 01/20/2028 • | | | | | 7,500 | | | | | | 6,710 | |
4.500% due 02/25/2030 •(e)(g) | | | | | 200 | | | | | | 142 | |
4.625% due 02/25/2031 •(e)(g) | | | | | 2,000 | | | | | | 1,432 | |
|
BPCE SA | |
5.975% due 01/18/2027 • | | | | | 4,000 | | | | | | 3,964 | |
|
Brixmor Operating Partnership LP | |
4.050% due 07/01/2030 | | | | | 2,000 | | | | | | 1,806 | |
4.125% due 05/15/2029 | | | | | 3,000 | | | | | | 2,680 | |
|
Carlyle Finance Subsidiary LLC | |
3.500% due 09/19/2029 | | | | | 4,500 | | | | | | 3,957 | |
|
CI Financial Corp. | |
3.200% due 12/17/2030 | | | | | 4,000 | | | | | | 3,003 | |
|
Citigroup, Inc. | |
2.976% due 11/05/2030 • | | | | | 4,700 | | | | | | 4,077 | |
3.785% due 03/17/2033 •(h) | | | | | 4,500 | | | | | | 3,978 | |
4.075% due 04/23/2029 • | | | | | 3,000 | | | | | | 2,827 | |
|
Credit Suisse AG | |
5.000% due 07/09/2027 | | | | | 3,500 | | | | | | 3,381 | |
6.500% due 08/08/2023 (g) | | | | | 15,400 | | | | | | 15,343 | |
| | | | |
Credit Suisse AG AT1 Claim^ | | | | | 8,900 | | | | | | 356 | |
|
Crown Castle, Inc. | |
3.100% due 11/15/2029 | | | | | 2,200 | | | | | | 1,919 | |
|
DAE Sukuk Difc Ltd. | |
3.750% due 02/15/2026 | | | | | 1,300 | | | | | | 1,237 | |
|
Deutsche Bank AG | |
2.311% due 11/16/2027 • | | | | | 4,500 | | | | | | 3,870 | |
2.552% due 01/07/2028 • | | | | | 6,500 | | | | | | 5,641 | |
3.547% due 09/18/2031 • | | | | | 600 | | | | | | 499 | |
3.742% due 01/07/2033 • | | | | | 900 | | | | | | 661 | |
3.961% due 11/26/2025 • | | | | | 5,300 | | | | | | 5,056 | |
6.720% due 01/18/2029 • | | | | | 2,500 | | | | | | 2,506 | |
|
Doctors Co. An Interinsurance Exchange | |
4.500% due 01/18/2032 | | | | | 7,800 | | | | | | 6,193 | |
|
Equitable Holdings, Inc. | |
5.594% due 01/11/2033 | | | | | 1,000 | | | | | | 982 | |
|
F&G Global Funding | |
2.000% due 09/20/2028 | | | | | 800 | | | | | | 661 | |
|
Fairfax Financial Holdings Ltd. | |
4.850% due 04/17/2028 | | | | | 300 | | | | | | 289 | |
5.625% due 08/16/2032 | | | | | 2,000 | | | | | | 1,933 | |
|
Farmers Insurance Exchange | |
4.747% due 11/01/2057 • | | | | | 2,000 | | | | | | 1,573 | |
|
Fidelity National Financial, Inc. | |
2.450% due 03/15/2031 | | | | | 1,050 | | | | | | 823 | |
3.400% due 06/15/2030 | | | | | 1,800 | | | | | | 1,574 | |
|
First American Financial Corp. | |
4.000% due 05/15/2030 | | | | | 4,000 | | | | | | 3,510 | |
|
Ford Motor Credit Co. LLC | |
2.700% due 08/10/2026 | | | | | 3,600 | | | | | | 3,217 | |
2.900% due 02/10/2029 | | | | | 2,000 | | | | | | 1,657 | |
6.950% due 03/06/2026 | | | | | 1,500 | | | | | | 1,509 | |
|
Freedom Mortgage Corp. | |
8.250% due 04/15/2025 | | | | | 1,564 | | | | | | 1,527 | |
|
FS KKR Capital Corp. | |
1.650% due 10/12/2024 | | | | | 1,000 | | | | | | 930 | |
2.625% due 01/15/2027 | | | | | 4,000 | | | | | | 3,414 | |
3.125% due 10/12/2028 | | | | | 1,200 | | | | | | 978 | |
3.400% due 01/15/2026 | | | | | 1,900 | | | | | | 1,730 | |
|
GA Global Funding Trust | |
2.250% due 01/06/2027 | | | | | 7,500 | | | | | | 6,650 | |
3.850% due 04/11/2025 | | | | | 1,000 | | | | | | 953 | |
|
Global Atlantic Fin Co. | |
4.400% due 10/15/2029 | | | | | 6,000 | | | | | | 5,066 | |
|
GLP Capital LP | |
4.000% due 01/15/2030 | | | | | 5,100 | | | | | | 4,425 | |
5.300% due 01/15/2029 | | | | | 400 | | | | | | 381 | |
5.750% due 06/01/2028 | | | | | 3,000 | | | | | | 2,938 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Goldman Sachs Group, Inc. | |
2.650% due 10/21/2032 • | | $ | | | 2,600 | | | $ | | | 2,120 | |
3.102% due 02/24/2033 • | | | | | 2,500 | | | | | | 2,113 | |
4.482% due 08/23/2028 • | | | | | 10,000 | | | | | | 9,675 | |
6.941% (SOFRRATE + 1.850%) due 03/15/2028 ~ | | | | | 3,000 | | | | | | 3,047 | |
|
Golub Capital BDC, Inc. | |
2.050% due 02/15/2027 | | | | | 1,500 | | | | | | 1,263 | |
2.500% due 08/24/2026 | | | | | 3,000 | | | | | | 2,597 | |
|
Goodman U.S. Finance Three LLC | |
3.700% due 03/15/2028 | | | | | 5,000 | | | | | | 4,538 | |
|
Healthcare Realty Holdings LP | |
3.750% due 07/01/2027 | | | | | 4,600 | | | | | | 4,251 | |
|
HSBC Holdings PLC | |
2.251% due 11/22/2027 • | | | | | 4,000 | | | | | | 3,552 | |
2.804% due 05/24/2032 • | | | | | 2,000 | | | | | | 1,619 | |
2.848% due 06/04/2031 • | | | | | 7,000 | | | | | | 5,812 | |
4.583% due 06/19/2029 • | | | | | 5,300 | | | | | | 4,993 | |
4.755% due 06/09/2028 • | | | | | 2,500 | | | | | | 2,404 | |
5.402% due 08/11/2033 • | | | | | 4,200 | | | | | | 4,109 | |
|
Hyundai Capital Services, Inc. | |
0.750% due 09/15/2023 | | | | | 5,000 | | | | | | 4,947 | |
|
ING Groep NV | |
3.875% due 05/16/2027 •(e)(g) | | | | | 600 | | | | | | 430 | |
4.250% due 05/16/2031 •(e)(g) | | | | | 600 | | | | | | 401 | |
|
Intesa Sanpaolo SpA | |
4.950% due 06/01/2042 • | | | | | 4,000 | | | | | | 2,639 | |
|
JPMorgan Chase & Co. | |
2.963% due 01/25/2033 • | | | | | 5,500 | | | | | | 4,635 | |
4.323% due 04/26/2028 • | | | | | 9,500 | | | | | | 9,175 | |
4.565% due 06/14/2030 • | | | | | 12,000 | | | | | | 11,542 | |
5.350% due 06/01/2034 | | | | | 14,000 | | | | | | 14,117 | |
|
KKR Financial Holdings LLC | |
5.400% due 05/23/2033 | | | | | 6,000 | | | | | | 5,592 | |
|
KKR Group Finance Co. LLC | |
3.250% due 12/15/2051 | | | | | 1,000 | | | | | | 643 | |
3.750% due 07/01/2029 | | | | | 1,250 | | | | | | 1,114 | |
|
Liberty Mutual Group, Inc. | |
4.125% due 12/15/2051 • | | | | | 4,000 | | | | | | 3,151 | |
4.300% due 02/01/2061 | | | | | 4,800 | | | | | | 3,033 | |
|
Life Storage LP | |
3.875% due 12/15/2027 | | | | | 2,100 | | | | | | 1,952 | |
|
Lloyds Banking Group PLC | |
4.976% due 08/11/2033 • | | | | | 8,500 | | | | | | 7,956 | |
5.871% due 03/06/2029 • | | | | | 5,000 | | | | | | 4,964 | |
7.500% due 09/27/2025 •(e)(g) | | | | | 5,000 | | | | | | 4,688 | |
|
Low Income Investment Fund | |
3.711% due 07/01/2029 | | | | | 2,500 | | | | | | 2,244 | |
|
LXP Industrial Trust | |
2.375% due 10/01/2031 | | | | | 3,500 | | | | | | 2,667 | |
|
Maple Grove Funding Trust | |
4.161% due 08/15/2051 | | | | | 5,500 | | | | | | 3,862 | |
|
Massachusetts Mutual Life Insurance Co. | |
5.077% due 02/15/2069 • | | | | | 3,250 | | | | | | 2,968 | |
|
Mitsubishi UFJ Financial Group, Inc. | |
3.195% due 07/18/2029 | | | | | 1,500 | | | | | | 1,327 | |
5.354% due 09/13/2028 • | | | | | 2,500 | | | | | | 2,483 | |
|
MMcapS Funding Ltd. | |
5.832% (US0003M + 0.290%) due 12/26/2039 ~ | | | | | 564 | | | | | | 524 | |
|
Morgan Stanley | |
0.000% due 04/02/2032 þ(h) | | | | | 9,000 | | | | | | 5,625 | |
2.511% due 10/20/2032 • | | | | | 4,700 | | | | | | 3,798 | |
5.164% due 04/20/2029 • | | | | | 2,000 | | | | | | 1,977 | |
5.250% due 04/21/2034 | | | | | 2,400 | | | | | | 2,371 | |
6.296% due 10/18/2028 • | | | | | 20,000 | | | | | | 20,569 | |
|
NatWest Group PLC | |
4.600% due 06/28/2031 •(e)(g) | | | | | 200 | | | | | | 139 | |
|
New York Life Insurance Co. | |
4.450% due 05/15/2069 | | | | | 3,700 | | | | | | 3,088 | |
|
Nissan Motor Acceptance Co. LLC | |
1.850% due 09/16/2026 | | | | | 4,500 | | | | | | 3,820 | |
|
Nomura Holdings, Inc. | |
1.653% due 07/14/2026 | | | | | 3,000 | | | | | | 2,641 | |
2.608% due 07/14/2031 | | | | | 4,000 | | | | | | 3,177 | |
| | | | | | |
| 70 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
2.710% due 01/22/2029 | | $ | | | 950 | | | $ | | | 802 | |
5.842% due 01/18/2028 | | | | | 1,500 | | | | | | 1,504 | |
|
Nordea Bank Abp | |
3.750% due 03/01/2029 •(e)(g) | | | | | 5,000 | | | | | | 3,712 | |
6.125% due 09/23/2024 •(e)(g) | | | | | 550 | | | | | | 520 | |
6.625% due 03/26/2026 •(e)(g) | | | | | 5,600 | | | | | | 5,308 | |
|
Ohio National Financial Services, Inc. | |
6.800% due 01/24/2030 | | | | | 3,300 | | | | | | 3,072 | |
|
Omega Healthcare Investors, Inc. | |
4.750% due 01/15/2028 | | | | | 3,350 | | | | | | 3,063 | |
|
Owl Rock Capital Corp. | |
2.875% due 06/11/2028 | | | | | 4,300 | | | | | | 3,508 | |
4.000% due 03/30/2025 | | | | | 1,700 | | | | | | 1,595 | |
|
Pacific Life Insurance Co. | |
9.250% due 06/15/2039 | | | | | 5,000 | | | | | | 6,602 | |
|
Park Aerospace Holdings Ltd. | |
5.500% due 02/15/2024 | | | | | 699 | | | | | | 691 | |
|
Physicians Realty LP | |
4.300% due 03/15/2027 | | | | | 2,000 | | | | | | 1,885 | |
|
Preferred Term Securities Ltd. | |
5.852% (US0003M + 0.300%) due 03/22/2037 ~ | | | | | 1,861 | | | | | | 1,637 | |
|
Realty Income Corp. | |
3.250% due 01/15/2031 | | | | | 2,100 | | | | | | 1,838 | |
|
RGA Global Funding | |
2.700% due 01/18/2029 | | | | | 2,900 | | | | | | 2,501 | |
|
Santander Holdings USA, Inc. | |
2.490% due 01/06/2028 • | | | | | 3,400 | | | | | | 2,940 | |
6.499% due 03/09/2029 • | | | | | 1,700 | | | | | | 1,683 | |
|
Santander U.K. Group Holdings PLC | |
3.823% due 11/03/2028 • | | | | | 5,000 | | | | | | 4,505 | |
6.534% due 01/10/2029 • | | | | | 5,000 | | | | | | 5,039 | |
6.833% due 11/21/2026 • | | | | | 3,000 | | | | | | 3,009 | |
|
Societe Generale SA | |
6.446% due 01/10/2029 • | | | | | 6,300 | | | | | | 6,316 | |
6.691% due 01/10/2034 • | | | | | 2,500 | | | | | | 2,547 | |
|
Spirit Realty LP | |
4.450% due 09/15/2026 | | | | | 700 | | | | | | 660 | |
|
Sumitomo Mitsui Financial Group, Inc. | |
5.520% due 01/13/2028 | | | | | 4,000 | | | | | | 4,019 | |
5.766% due 01/13/2033 | | | | | 3,000 | | | | | | 3,088 | |
|
Trust Fibra Uno | |
4.869% due 01/15/2030 | | | | | 4,900 | | | | | | 4,334 | |
6.950% due 01/30/2044 | | | | | 300 | | | | | | 255 | |
|
UBS Group AG | |
5.125% due 07/29/2026 •(e)(g) | | | | | 800 | | | | | | 699 | |
6.373% due 07/15/2026 • | | | | | 1,600 | | | | | | 1,590 | |
7.000% due 02/19/2025 •(e)(g) | | | | | 200 | | | | | | 191 | |
|
Wells Fargo & Co. | |
2.572% due 02/11/2031 • | | | | | 9,500 | | | | | | 8,049 | |
2.879% due 10/30/2030 • | | | | | 1,000 | | | | | | 865 | |
4.897% due 07/25/2033 • | | | | | 10,000 | | | | | | 9,598 | |
|
Willis North America, Inc. | |
2.950% due 09/15/2029 | | | | | 1,300 | | | | | | 1,120 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 526,584 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 6.4% | |
|
Air Canada | |
3.875% due 08/15/2026 | | | | | 1,000 | | | | | | 928 | |
|
Air Canada Pass-Through Trust | |
5.250% due 10/01/2030 | | | | | 1,783 | | | | | | 1,731 | |
|
American Airlines Pass-Through Trust | |
3.375% due 11/01/2028 | | | | | 8,137 | | | | | | 7,305 | |
3.700% due 04/01/2028 | | | | | 1,710 | | | | | | 1,540 | |
4.000% due 01/15/2027 | | | | | 2,335 | | | | | | 2,109 | |
|
American Airlines, Inc. | |
5.500% due 04/20/2026 | | | | | 3,900 | | | | | | 3,867 | |
5.750% due 04/20/2029 | | | | | 1,400 | | | | | | 1,361 | |
|
Ashtead Capital, Inc. | |
4.250% due 11/01/2029 | | | | | 5,000 | | | | | | 4,542 | |
|
Bacardi Ltd. | |
5.150% due 05/15/2038 | | | | | 1,200 | | | | | | 1,129 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
BAT Capital Corp. | |
4.390% due 08/15/2037 | | $ | | | 3,200 | | | $ | | | 2,562 | |
|
Boeing Co. | |
5.150% due 05/01/2030 | | | | | 2,000 | | | | | | 1,982 | |
|
Bowdoin College | |
4.693% due 07/01/2112 | | | | | 3,400 | | | | | | 2,859 | |
|
Broadcom, Inc. | |
2.450% due 02/15/2031 | | | | | 10,000 | | | | | | 8,137 | |
3.187% due 11/15/2036 | | | | | 3,600 | | | | | | 2,723 | |
3.469% due 04/15/2034 | | | | | 500 | | | | | | 410 | |
4.000% due 04/15/2029 | | | | | 2,000 | | | | | | 1,849 | |
4.110% due 09/15/2028 | | | | | 1,000 | | | | | | 945 | |
|
California Institute of Technology | |
4.283% due 09/01/2116 | | | | | 3,000 | | | | | | 2,280 | |
|
CDW LLC | |
2.670% due 12/01/2026 | | | | | 3,000 | | | | | | 2,697 | |
|
Centene Corp. | |
3.000% due 10/15/2030 | | | | | 1,500 | | | | | | 1,251 | |
|
Charter Communications Operating LLC | |
2.800% due 04/01/2031 | | | | | 2,100 | | | | | | 1,691 | |
5.050% due 03/30/2029 | | | | | 2,000 | | | | | | 1,908 | |
|
Cheniere Energy Partners LP | |
3.250% due 01/31/2032 | | | | | 2,000 | | | | | | 1,648 | |
|
Choice Hotels International, Inc. | |
3.700% due 12/01/2029 | | | | | 6,700 | | | | | | 5,785 | |
|
Claremont Mckenna College | |
3.775% due 01/01/2122 | | | | | 3,000 | | | | | | 2,081 | |
|
CommonSpirit Health | |
4.187% due 10/01/2049 | | | | | 7,300 | | | | | | 5,930 | |
|
Corebridge Financial, Inc. | |
3.850% due 04/05/2029 | | | | | 2,000 | | | | | | 1,801 | |
|
CVS Health Corp. | |
5.300% due 12/05/2043 | | | | | 2,000 | | | | | | 1,915 | |
|
DAE Funding LLC | |
2.625% due 03/20/2025 | | | | | 4,000 | | | | | | 3,766 | |
3.375% due 03/20/2028 | | | | | 5,000 | | | | | | 4,512 | |
|
Dell International LLC | |
5.300% due 10/01/2029 | | | | | 7,400 | | | | | | 7,351 | |
|
Delta Air Lines, Inc. | |
3.750% due 10/28/2029 | | | | | 3,400 | | | | | | 3,061 | |
4.750% due 10/20/2028 | | | | | 5,000 | | | | | | 4,857 | |
|
Discovery Communications LLC | |
4.000% due 09/15/2055 | | | | | 300 | | | | | | 200 | |
|
Energy Transfer LP | |
5.550% due 02/15/2028 | | | | | 2,500 | | | | | | 2,495 | |
|
Expedia Group, Inc. | |
3.250% due 02/15/2030 | | | | | 2,200 | | | | | | 1,916 | |
|
Ferguson Finance PLC | |
3.250% due 06/02/2030 | | | | | 2,000 | | | | | | 1,738 | |
|
Flex Intermediate Holdco LLC | |
3.363% due 06/30/2031 | | | | | 2,700 | | | | | | 2,150 | |
4.317% due 12/30/2039 | | | | | 2,700 | | | | | | 1,955 | |
|
Flex Ltd. | |
4.875% due 06/15/2029 | | | | | 2,000 | | | | | | 1,914 | |
|
General Electric Co. | |
4.250% due 05/01/2040 | | | | | 6,000 | | | | | | 4,874 | |
|
Georgetown University | |
5.215% due 10/01/2118 | | | | | 6,560 | | | | | | 6,032 | |
|
Global Payments, Inc. | |
3.200% due 08/15/2029 | | | | | 600 | | | | | | 522 | |
5.400% due 08/15/2032 | | | | | 5,100 | | | | | | 4,972 | |
|
HCA, Inc. | |
3.625% due 03/15/2032 | | | | | 3,000 | | | | | | 2,605 | |
|
Imperial Brands Finance PLC | |
3.500% due 07/26/2026 | | | | | 5,000 | | | | | | 4,660 | |
3.875% due 07/26/2029 | | | | | 3,000 | | | | | | 2,647 | |
|
Infor, Inc. | |
1.750% due 07/15/2025 | | | | | 2,600 | | | | | | 2,375 | |
|
Las Vegas Sands Corp. | |
3.500% due 08/18/2026 | | | | | 1,100 | | | | | | 1,025 | |
|
Massachusetts Institute of Technology | |
4.678% due 07/01/2114 | | | | | 1,360 | | | | | | 1,270 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Melco Resorts Finance Ltd. | |
5.750% due 07/21/2028 | | $ | | | 400 | | | $ | | | 354 | |
|
Micron Technology, Inc. | |
5.375% due 04/15/2028 | | | | | 1,900 | | | | | | 1,883 | |
|
Mileage Plus Holdings LLC | |
6.500% due 06/20/2027 | | | | | 4,080 | | | | | | 4,094 | |
|
MPLX LP | |
4.250% due 12/01/2027 | | | | | 2,000 | | | | | | 1,901 | |
|
National Fuel Gas Co. | |
2.950% due 03/01/2031 | | | | | 3,900 | | | | | | 3,123 | |
|
New York & Presbyterian Hospital | |
4.763% due 08/01/2116 | | | | | 3,000 | | | | | | 2,557 | |
|
Nissan Motor Co. Ltd. | |
4.345% due 09/17/2027 | | | | | 2,500 | | | | | | 2,275 | |
|
NXP BV | |
5.000% due 01/15/2033 | | | | | 900 | | | | | | 865 | |
|
Oracle Corp. | |
4.900% due 02/06/2033 | | | | | 1,000 | | | | | | 971 | |
|
Pacific National Finance Pty. Ltd. | |
4.750% due 03/22/2028 | | | | | 4,300 | | | | | | 3,910 | |
|
Petroleos Mexicanos | |
6.490% due 01/23/2027 | | | | | 311 | | | | | | 277 | |
6.700% due 02/16/2032 | | | | | 4,600 | | | | | | 3,502 | |
|
Prosus NV | |
3.680% due 01/21/2030 | | | | | 2,700 | | | | | | 2,294 | |
4.193% due 01/19/2032 | | | | | 2,300 | | | | | | 1,938 | |
|
Quanta Services, Inc. | |
2.900% due 10/01/2030 | | | | | 2,000 | | | | | | 1,701 | |
|
Reynolds American, Inc. | |
5.850% due 08/15/2045 | | | | | 710 | | | | | | 632 | |
|
Rockies Express Pipeline LLC | |
3.600% due 05/15/2025 | | | | | 3,000 | | | | | | 2,838 | |
|
Studio City Finance Ltd. | |
6.000% due 07/15/2025 | | | | | 200 | | | | | | 186 | |
|
T-Mobile USA, Inc. | |
2.700% due 03/15/2032 | | | | | 2,500 | | | | | | 2,067 | |
|
Targa Resources Corp. | |
6.125% due 03/15/2033 | | | | | 3,000 | | | | | | 3,067 | |
|
Tennessee Gas Pipeline Co. LLC | |
2.900% due 03/01/2030 | | | | | 8,000 | | | | | | 6,838 | |
|
Time Warner Cable LLC | |
6.550% due 05/01/2037 | | | | | 600 | | | | | | 576 | |
7.300% due 07/01/2038 | | | | | 2,500 | | | | | | 2,550 | |
|
Trustees of the University of Pennsylvania | |
4.674% due 09/01/2112 | | | | | 1,180 | | | | | | 1,053 | |
|
Turkish Airlines Pass-Through Trust | |
4.200% due 09/15/2028 | | | | | 2,746 | | | | | | 2,530 | |
|
U.S. Airways Pass-Through Trust | |
3.950% due 05/15/2027 | | | | | 1,726 | | | | | | 1,612 | |
|
United Airlines Pass-Through Trust | |
3.100% due 01/07/2030 | | | | | 994 | | | | | | 900 | |
3.450% due 01/07/2030 | | | | | 2,981 | | | | | | 2,580 | |
4.550% due 08/25/2031 | | | | | 2,028 | | | | | | 1,810 | |
|
United Airlines, Inc. | |
4.375% due 04/15/2026 | | | | | 3,400 | | | | | | 3,233 | |
4.625% due 04/15/2029 | | | | | 2,500 | | | | | | 2,280 | |
|
Vmed O2 U.K. Financing PLC | |
4.750% due 07/15/2031 | | | | | 3,900 | | | | | | 3,247 | |
|
VMware, Inc. | |
2.200% due 08/15/2031 | | | | | 2,000 | | | | | | 1,572 | |
|
Wesleyan University | |
4.781% due 07/01/2116 | | | | | 3,248 | | | | | | 2,755 | |
|
Westinghouse Air Brake Technologies Corp. | |
4.950% due 09/15/2028 | | | | | 6,130 | | | | | | 5,909 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 221,743 | |
| | | | | | | | | | | | |
| |
| UTILITIES 1.5% | |
|
Enel Finance International NV | |
7.500% due 10/14/2032 | | | | | 2,000 | | | | | | 2,219 | |
|
Israel Electric Corp. Ltd. | |
3.750% due 02/22/2032 | | | | | 6,300 | | | | | | 5,391 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 71 |
| | | | | | |
| Schedule of Investments | | PIMCO Active Bond Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Metropolitan Edison Co. | |
4.300% due 01/15/2029 | | $ | | | 600 | | | $ | | | 568 | |
|
NGPL PipeCo LLC | |
4.875% due 08/15/2027 | | | | | 3,200 | | | | | | 3,035 | |
|
Pacific Gas & Electric Co. | |
2.500% due 02/01/2031 | | | | | 2,400 | | | | | | 1,881 | |
3.300% due 08/01/2040 | | | | | 2,200 | | | | | | 1,485 | |
3.500% due 08/01/2050 | | | | | 500 | | | | | | 319 | |
4.450% due 04/15/2042 | | | | | 2,000 | | | | | | 1,517 | |
4.500% due 07/01/2040 | | | | | 1,700 | | | | | | 1,324 | |
4.550% due 07/01/2030 | | | | | 5,200 | | | | | | 4,710 | |
4.950% due 07/01/2050 | | | | | 1,700 | | | | | | 1,337 | |
5.900% due 06/15/2032 | | | | | 1,500 | | | | | | 1,445 | |
6.150% due 01/15/2033 | | | | | 2,200 | | | | | | 2,153 | |
|
Pennsylvania Electric Co. | |
3.250% due 03/15/2028 | | | | | 1,100 | | | | | | 998 | |
3.600% due 06/01/2029 | | | | | 2,000 | | | | | | 1,818 | |
5.150% due 03/30/2026 | | | | | 900 | | | | | | 887 | |
|
Puget Energy, Inc. | |
4.224% due 03/15/2032 (h) | | | | | 3,000 | | | | | | 2,699 | |
|
Texas Electric Market Stabilization Funding N LLC | |
5.057% due 08/01/2048 | | | | | 15,500 | | | | | | 15,205 | |
|
Toledo Edison Co. | |
2.650% due 05/01/2028 | | | | | 2,918 | | | | | | 2,582 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 51,573 | |
| | | | | | | | | | | | |
Total Corporate Bonds & Notes (Cost $868,712) | | | 799,900 | |
| | | | |
| |
| MUNICIPAL BONDS & NOTES 1.5% | |
| |
| CALIFORNIA 0.6% | |
|
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | |
3.487% due 06/01/2036 | | | | | 3,300 | | | | | | 2,700 | |
3.850% due 06/01/2050 | | | | | 4,290 | | | | | | 3,895 | |
|
Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | |
2.587% due 06/01/2029 | | | | | 2,515 | | | | | | 2,152 | |
|
Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020 | |
3.706% due 05/15/2120 | | | | | 2,000 | | | | | | 1,342 | |
|
University of California Revenue Bond, Series 2012 | |
4.858% due 05/15/2112 | | | | | 10,501 | | | | | | 9,362 | |
|
University of California Revenue Bonds, Series 2015 | |
4.767% due 05/15/2115 | | | | | 2,100 | | | | | | 1,837 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 21,288 | |
| | | | | | | | | | | | |
| |
| GEORGIA 0.0% | |
|
Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | |
6.637% due 04/01/2057 | | | | | 1,074 | | | | | | 1,229 | |
| | | | | | | | | | | | |
| |
| ILLINOIS 0.2% | |
|
State of Illinois | |
7.350% due 07/01/2035 | | | | | 6,314 | | | | | | 6,812 | |
| | | | | | | | | | | | |
| |
| MICHIGAN 0.1% | |
|
University of Michigan Revenue Bonds, Series 2022 | |
4.454% due 04/01/2122 | | | | | 2,000 | | | | | | 1,740 | |
| | | | | | | | | | | | |
| |
| NEW JERSEY 0.1% | |
|
Rutgers, The State University of New Jersey Revenue Bonds, Series 2019 | |
3.915% due 05/01/2119 | | | | | 5,400 | | | | | | 3,906 | |
| | | | | | | | | | | | |
| |
| NEW YORK 0.2% | |
|
New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2006 | |
6.027% due 01/01/2046 | | | | | 600 | | | | | | 611 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Port Authority of New York & New Jersey Revenue Bonds, Series 2018 | |
5.072% due 07/15/2053 | | $ | | | 6,000 | | | $ | | | 6,147 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,758 | |
| | | | | | | | | | | | |
| |
| TEXAS 0.1% | |
|
Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 | |
3.922% due 12/31/2049 | | | | | 4,200 | | | | | | 3,416 | |
| | | | | | | | | | | | |
| |
| VIRGINIA 0.1% | |
|
University of Virginia Revenue Bonds, Series 2019 | |
3.227% due 09/01/2119 | | | | | 6,500 | | | | | | 4,087 | |
| | | | | | | | | | | | |
| |
| WEST VIRGINIA 0.1% | |
|
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | |
4.875% due 06/01/2049 | | | | | 4,940 | | | | | | 4,495 | |
| | | | | | | | | | | | |
Total Municipal Bonds & Notes (Cost $63,227) | | | 53,731 | |
| | | | |
| |
| U.S. GOVERNMENT AGENCIES 41.5% | |
|
Fannie Mae | |
0.000% due 07/25/2031 - 02/25/2040 (b)(d) | | | 82 | | | | | | 70 | |
0.000% due 05/25/2042 • | | | | | 134 | | | | | | 97 | |
0.850% due 09/25/2042 •(a) | | | | | 21,279 | | | | | | 2,608 | |
1.270% due 04/25/2040 •(a) | | | | | 33 | | | | | | 2 | |
2.050% due 05/25/2036 •(a) | | | | | 756 | | | | | | 62 | |
3.000% due 03/25/2033 - 05/01/2052 | | | | | 6,101 | | | | | | 5,381 | |
3.500% due 06/25/2042 | | | | | 517 | | | | | | 485 | |
4.000% due 10/01/2026 - 05/01/2053 | | | | | 50,407 | | | | | | 47,344 | |
4.030% due 11/01/2035 • | | | | | 2 | | | | | | 2 | |
4.218% due 09/01/2034 • | | | | | 20 | | | | | | 20 | |
4.321% due 01/25/2036 • | | | | | 86 | | | | | | 75 | |
4.500% due 09/01/2024 - 06/01/2051 | | | | | 944 | | | | | | 903 | |
5.000% due 05/01/2026 - 07/01/2053 | | | | | 170,937 | | | | | | 167,749 | |
5.195% due 04/01/2036 • | | | | | 4 | | | | | | 4 | |
5.500% due 12/01/2031 - 04/01/2039 | | | | | 541 | | | | | | 532 | |
5.630% due 12/01/2028 • | | | | | 136 | | | | | | 135 | |
6.000% due 05/25/2031 - 09/01/2037 | | | | | 499 | | | | | | 501 | |
6.500% due 01/01/2036 - 05/01/2038 | | | | | 46 | | | | | | 47 | |
7.000% due 04/01/2037 - 03/01/2038 | | | | | 43 | | | | | | 44 | |
7.500% due 10/01/2037 | | | | | 59 | | | | | | 61 | |
|
Freddie Mac | |
0.000% due 01/15/2033 - 07/15/2039 (b)(d) | | | | | 373 | | | | | | 331 | |
0.000% due 06/15/2040 ~(a) | | | | | 7,686 | | | | | | 310 | |
0.000% due 12/15/2040 - 11/15/2048 •(a) | | | | | 20,779 | | | | | | 581 | |
0.000% due 01/15/2041 - 06/15/2042 • | | | | | 4,482 | | | | | | 3,797 | |
3.000% due 01/01/2043 - 05/01/2052 | | | | | 110,802 | | | | | | 97,712 | |
3.500% due 12/15/2028 (a) | | | | | 544 | | | | | | 18 | |
3.500% due 10/01/2033 - 04/01/2049 | | | | | 43,254 | | | | | | 40,014 | |
4.000% due 09/01/2033 - 06/01/2049 | | | | | 51,445 | | | | | | 49,140 | |
4.105% due 07/01/2036 • | | | | | 2 | | | | | | 2 | |
4.500% due 02/01/2034 - 11/01/2044 | | | | | 3,485 | | | | | | 3,418 | |
4.973% due 12/01/2031 • | | | | | 42 | | | | | | 41 | |
5.000% due 03/01/2033 - 07/15/2041 | | | | | 319 | | | | | | 314 | |
5.250% due 04/15/2033 | | | | | 21 | | | | | | 21 | |
5.381% due 05/15/2033 • | | | | | 27 | | | | | | 26 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
5.500% due 08/01/2025 - 10/01/2037 | | $ | | | 713 | | | $ | | | 707 | |
5.763% due 10/15/2023 • | | | | | 2 | | | | | | 2 | |
6.000% due 12/01/2034 - 08/01/2037 | | | | | 83 | | | | | | 84 | |
6.500% due 01/01/2037 - 07/01/2037 | | | | | 18 | | | | | | 18 | |
9.500% due 01/01/2025 | | | | | 4 | | | | | | 4 | |
10.000% due 04/01/2025 | | | | | 1 | | | | | | 1 | |
|
Ginnie Mae | |
3.500% due 12/20/2040 - 03/20/2047 | | | | | 8,823 | | | | | | 8,251 | |
4.000% due 09/20/2040 - 06/15/2047 | | | | | 13,519 | | | | | | 13,040 | |
4.500% due 08/20/2038 - 02/20/2047 | | | | | 1,436 | | | | | | 1,392 | |
4.750% due 01/20/2035 | | | | | 48 | | | | | | 47 | |
5.000% due 03/20/2034 - 04/20/2040 | | | | | 292 | | | | | | 288 | |
5.500% due 04/16/2034 - 11/20/2038 | | | | | 32 | | | | | | 32 | |
6.000% due 08/20/2038 - 02/20/2039 | | | | | 53 | | | | | | 54 | |
6.500% due 12/20/2038 | | | | | 25 | | | | | | 25 | |
|
Ginnie Mae, TBA | |
3.500% due 08/01/2053 | | | | | 102,800 | | | | | | 95,002 | |
|
Tennessee Valley Authority | |
4.250% due 09/15/2065 | | | | | 10,000 | | | | | | 8,984 | |
|
Tennessee Valley Authority STRIPS | |
0.000% due 06/15/2038 (d) | | | | | 2,500 | | | | | | 1,228 | |
|
Uniform Mortgage-Backed Security | |
2.500% due 06/01/2051 - 07/01/2051 | | | | | 119,239 | | | | | | 101,575 | |
3.000% due 03/01/2050 - 07/01/2052 | | | | | 112,185 | | | | | | 99,099 | |
3.500% due 06/01/2045 - 07/01/2052 | | | | | 114,716 | | | | | | 105,620 | |
4.000% due 01/01/2024 - 01/01/2053 | | | | | 144,171 | | | | | | 136,733 | |
4.500% due 06/01/2039 - 10/01/2052 | | | | | 127,351 | | | | | | 122,871 | |
5.000% due 09/01/2052 | | | | | 24,156 | | | | | | 23,896 | |
|
Uniform Mortgage-Backed Security, TBA | |
2.500% due 08/01/2053 | | | | | 82,378 | | | | | | 69,970 | |
3.000% due 08/01/2053 | | | | | 153,366 | | | | | | 135,196 | |
4.500% due 08/01/2053 | | | | | 60,000 | | | | | | 57,717 | |
5.000% due 08/01/2053 | | | | | 40,000 | | | | | | 39,203 | |
| | | | | | | | | | | | |
Total U.S. Government Agencies (Cost $1,486,575) | | | 1,442,886 | |
| | | | |
| |
| U.S. TREASURY OBLIGATIONS 18.8% | |
|
U.S. Treasury Bonds | |
3.375% due 08/15/2042 (j) | | | | | 275,000 | | | | | | 249,745 | |
3.625% due 05/15/2053 | | | | | 15,000 | | | | | | 14,419 | |
|
U.S. Treasury Notes | |
3.500% due 01/31/2028 | | | | | 170,000 | | | | | | 165,106 | |
3.625% due 05/15/2026 (j) | | | | | 25,000 | | | | | | 24,394 | |
3.750% due 06/30/2030 | | | | | 100,000 | | | | | | 98,687 | |
4.625% due 03/15/2026 | | | | | 100,000 | | | | | | 100,121 | |
| | | | | | | | | | | | |
Total U.S. Treasury Obligations (Cost $661,640) | | | 652,472 | |
| | | | |
| |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 7.7% | |
|
American Home Mortgage Investment Trust | |
5.510% due 12/25/2046 • | | | | | 3,083 | | | | | | 2,587 | |
|
Arbor Multifamily Mortgage Securities Trust | |
2.756% due 05/15/2053 | | | | | 4,600 | | | | | | 3,934 | |
|
BAMLL Commercial Mortgage Securities Trust | |
6.393% due 03/15/2034 • | | | | | 5,385 | | | | | | 5,311 | |
|
Banc of America Funding Trust | |
3.925% due 08/27/2036 ~ | | | | | 7,821 | | | | | | 7,211 | |
|
Barclays Commercial Mortgage Securities Trust | |
4.314% due 12/15/2051 | | | | | 1,000 | | | | | | 943 | |
|
BCAP LLC Trust | |
5.450% due 05/25/2047 ^• | | | | | 1,588 | | | | | | 1,476 | |
| | | | | | |
| 72 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Bear Stearns ALT-A Trust | |
5.790% due 04/25/2034 «• | | $ | | | 10 | | | $ | | | 9 | |
|
BFLD Trust | |
6.351% due 10/15/2034 • | | | | | 2,320 | | | | | | 2,303 | |
|
BWAY Mortgage Trust | |
6.443% due 09/15/2036 • | | | | | 5,000 | | | | | | 4,698 | |
|
BX Commercial Mortgage Trust | |
5.923% due 10/15/2036 • | | | | | 1,639 | | | | | | 1,589 | |
|
Chase Mortgage Finance Trust | |
6.000% due 05/25/2036 | | | | | 3,546 | | | | | | 1,651 | |
|
ChaseFlex Trust | |
6.500% due 02/25/2037 | | | | | 3,875 | | | | | | 1,492 | |
|
CIM Trust | |
5.500% due 08/25/2064 ~ | | | | | 13,855 | | | | | | 13,677 | |
|
Citigroup Commercial Mortgage Trust | |
3.209% due 05/10/2049 | | | | | 7,800 | | | | | | 7,234 | |
3.778% due 09/10/2058 | | | | | 8,100 | | | | | | 7,648 | |
|
Citigroup Mortgage Loan Trust | |
5.470% due 09/25/2036 • | | | | | 593 | | | | | | 560 | |
5.500% due 08/25/2034 | | | | | 1,241 | | | | | | 1,198 | |
5.950% due 08/25/2035 ^• | | | | | 286 | | | | | | 275 | |
|
Commercial Mortgage Trust | |
6.494% due 12/15/2038 • | | | | | 6,400 | | | | | | 5,967 | |
|
Countrywide Alternative Loan Trust | |
5.400% due 06/25/2037 ^• | | | | | 524 | | | | | | 440 | |
5.500% due 07/25/2035 | | | | | 1,056 | | | | | | 775 | |
5.500% due 08/25/2035 | | | | | 309 | | | | | | 266 | |
5.500% due 12/25/2035 | | | | | 707 | | | | | | 504 | |
5.500% due 02/25/2036 | | | | | 1,427 | | | | | | 1,135 | |
5.510% due 05/25/2047 • | | | | | 149 | | | | | | 128 | |
5.750% due 05/25/2036 | | | | | 362 | | | | | | 155 | |
5.797% due 12/20/2035 • | | | | | 3,136 | | | | | | 2,928 | |
6.000% due 04/25/2037 | | | | | 2,928 | | | | | | 2,501 | |
6.250% due 08/25/2036 | | | | | 328 | | | | | | 194 | |
|
Countrywide Home Loan Mortgage Pass-Through Trust | |
3.793% due 02/20/2036 ~ | | | | | 553 | | | | | | 484 | |
3.826% due 03/20/2036 ~ | | | | | 540 | | | | | | 482 | |
3.884% due 11/25/2037 ~ | | | | | 2,310 | | | | | | 2,112 | |
5.690% due 03/25/2035 • | | | | | 71 | | | | | | 63 | |
|
Countrywide Home Loan Reperforming REMIC Trust | |
5.490% due 01/25/2036 • | | | | | 1,192 | | | | | | 1,094 | |
|
Credit Suisse First Boston Mortgage Securities Corp. | |
4.234% due 11/25/2034 «~ | | | | | 21 | | | | | | 19 | |
5.800% due 11/25/2031 «• | | | | | 27 | | | | | | 16 | |
|
Credit Suisse Mortgage Capital Certificates | |
2.436% due 02/25/2061 ~ | | | | | 1,770 | | | | | | 1,641 | |
6.000% due 07/25/2037 ^ | | | | | 371 | | | | | | 310 | |
|
Credit Suisse Mortgage Capital Mortgage-Backed Trust | |
5.500% due 03/25/2037 | | | | | 736 | | | | | | 408 | |
6.421% due 10/25/2037 ~ | | | | | 2,966 | | | | | | 1,840 | |
|
Credit Suisse Mortgage Capital Trust | |
1.796% due 12/27/2060 ~ | | | | | 2,185 | | | | | | 2,024 | |
1.926% due 07/27/2061 ~ | | | | | 3,373 | | | | | | 3,111 | |
2.691% due 03/25/2060 ~ | | | | | 4,653 | | | | | | 4,515 | |
3.023% due 08/25/2060 ~ | | | | | 3,475 | | | | | | 3,389 | |
|
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust | |
5.630% due 01/25/2047 • | | | | | 3,871 | | | | | | 3,530 | |
|
Deutsche ALT-B Securities, Inc. Mortgage Loan Trust | |
5.431% due 02/25/2036 ~ | | | | | 138 | | | | | | 121 | |
5.665% due 02/25/2036 ~ | | | | | 1,284 | | | | | | 1,120 | |
|
EQUS Mortgage Trust | |
5.948% due 10/15/2038 • | | | | | 4,700 | | | | | | 4,570 | |
|
GCAT LLC | |
2.981% due 09/25/2025 þ | | | | | 1,931 | | | | | | 1,889 | |
|
Great Hall Mortgages PLC | |
5.644% due 06/18/2039 • | | | | | 767 | | | | | | 759 | |
|
GS Mortgage Securities Corp. Trust | |
8.547% due 08/15/2039 • | | | | | 2,300 | | | | | | 2,302 | |
|
GSMPS Mortgage Loan Trust | |
5.500% due 01/25/2036 • | | | | | 1,970 | | | | | | 1,606 | |
|
GSR Mortgage Loan Trust | |
3.657% due 11/25/2035 ~ | | | | | 7 | | | | | | 6 | |
3.935% due 01/25/2036 ~ | | | | | 1,082 | | | | | | 1,060 | |
4.250% due 09/25/2034 ~ | | | | | 100 | | | | | | 99 | |
6.000% due 03/25/2036 | | | | | 4,151 | | | | | | 1,690 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
6.500% due 05/25/2036 | | $ | | | 625 | | | $ | | | 214 | |
|
HarborView Mortgage Loan Trust | |
5.537% due 01/19/2038 • | | | | | 2,987 | | | | | | 2,766 | |
5.567% due 12/19/2036 • | | | | | 2,180 | | | | | | 1,822 | |
5.697% due 03/19/2035 • | | | | | 836 | | | | | | 821 | |
|
Impac Secured Assets Trust | |
5.550% due 11/25/2036 • | | | | | 350 | | | | | | 346 | |
|
IndyMac INDX Mortgage Loan Trust | |
3.609% due 09/25/2036 ~ | | | | | 1,518 | | | | | | 1,032 | |
|
JP Morgan Alternative Loan Trust | |
4.667% due 12/25/2035 ^~ | | | | | 491 | | | | | | 366 | |
|
JP Morgan Chase Commercial Mortgage Securities Corp. | |
6.493% due 05/15/2034 • | | | | | 5,000 | | | | | | 4,952 | |
|
JP Morgan Chase Commercial Mortgage Securities Trust | |
3.648% due 12/15/2049 ~ | | | | | 3,700 | | | | | | 3,435 | |
|
JP Morgan Mortgage Trust | |
4.121% due 02/25/2036 ^~ | | | | | 772 | | | | | | 604 | |
4.186% due 07/25/2035 ~ | | | | | 14 | | | | | | 13 | |
6.000% due 08/25/2037 ^ | | | | | 802 | | | | | | 436 | |
6.500% due 01/25/2036 ^ | | | | | 4,925 | | | | | | 2,721 | |
|
Key Commercial Mortgage Securities Trust | |
2.233% due 09/16/2052 | | | | | 10,000 | | | | | | 8,168 | |
|
Legacy Mortgage Asset Trust | |
1.750% due 07/25/2061 þ | | | | | 1,255 | | | | | | 1,180 | |
1.875% due 10/25/2068 þ | | | | | 3,323 | | | | | | 3,059 | |
1.892% due 10/25/2066 þ | | | | | 1,596 | | | | | | 1,496 | |
1.991% due 09/25/2060 ~ | | | | | 485 | | | | | | 478 | |
2.250% due 07/25/2067 þ | | | | | 2,109 | | | | | | 1,959 | |
|
Lehman XS Trust | |
4.976% due 11/25/2035 «• | | | | | 12 | | | | | | 11 | |
5.510% due 12/25/2036 • | | | | | 2,464 | | | | | | 2,390 | |
5.530% due 11/25/2046 • | | | | | 2,826 | | | | | | 2,459 | |
|
MASTR Adjustable Rate Mortgages Trust | |
3.590% due 04/25/2034 «~ | | | | | 162 | | | | | | 125 | |
4.038% due 03/25/2035 «~ | | | | | 28 | | | | | | 26 | |
7.480% due 12/25/2035 • | | | | | 3,306 | | | | | | 3,239 | |
|
Merrill Lynch Mortgage Investors Trust | |
5.710% due 07/25/2029 «• | | | | | 115 | | | | | | 106 | |
6.002% due 05/25/2029 «~ | | | | | 11 | | | | | | 9 | |
|
MFA Trust | |
1.014% due 01/26/2065 ~ | | | | | 1,991 | | | | | | 1,782 | |
1.324% due 01/26/2065 ~ | | | | | 542 | | | | | | 487 | |
1.381% due 04/25/2065 ~ | | | | | 3,448 | | | | | | 3,098 | |
1.632% due 01/26/2065 ~ | | | | | 1,042 | | | | | | 923 | |
1.638% due 04/25/2065 ~ | | | | | 1,425 | | | | | | 1,282 | |
|
MHC Commercial Mortgage Trust | |
6.062% due 04/15/2038 • | | | | | 5,875 | | | | | | 5,773 | |
|
Mill City Mortgage Loan Trust | |
2.750% due 07/25/2059 ~ | | | | | 2,730 | | | | | | 2,566 | |
2.750% due 08/25/2059 ~ | | | | | 757 | | | | | | 706 | |
|
Morgan Stanley Mortgage Loan Trust | |
6.115% due 06/25/2036 ~ | | | | | 2,427 | | | | | | 2,386 | |
|
Natixis Commercial Mortgage Securities Trust | |
6.143% due 08/15/2038 • | | | | | 900 | | | | | | 841 | |
|
New York Mortgage Trust | |
1.670% due 08/25/2061 þ | | | | | 3,286 | | | | | | 2,996 | |
|
Nomura Asset Acceptance Corp. Alternative Loan Trust | |
5.400% due 06/25/2037 • | | | | | 5,813 | | | | | | 5,027 | |
|
Nomura Resecuritization Trust | |
6.500% due 10/26/2037 | | | | | 1,833 | | | | | | 898 | |
|
OBX Trust | |
6.120% due 11/25/2062 ~ | | | | | 6,135 | | | | | | 6,110 | |
6.567% due 06/25/2063 | | | | | 3,900 | | | | | | 3,899 | |
|
One New York Plaza Trust | |
6.143% due 01/15/2036 • | | | | | 6,100 | | | | | | 5,789 | |
|
Preston Ridge Partners Mortgage LLC | |
3.720% due 02/25/2027 þ | | | | | 3,930 | | | | | | 3,740 | |
|
RBSGC Mortgage Loan Trust | |
5.530% due 12/25/2034 • | | | | | 1,361 | | | | | | 1,208 | |
|
Residential Accredit Loans, Inc. Trust | |
6.000% due 06/25/2036 | | | | | 1,320 | | | | | | 1,053 | |
6.000% due 12/25/2036 ^ | | | | | 1,051 | | | | | | 844 | |
6.500% due 07/25/2037 ^ | | | | | 2,261 | | | | | | 1,823 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Residential Asset Securitization Trust | |
5.500% due 08/25/2034 | | $ | | | 1,427 | | | $ | | | 1,367 | |
5.700% due 08/25/2033 «• | | | | | 21 | | | | | | 18 | |
|
Residential Funding Mortgage Securities, Inc. Trust | |
6.000% due 06/25/2036 ^ | | | | | 449 | | | | | | 373 | |
|
Sequoia Mortgage Trust | |
5.608% due 02/20/2035 «• | | | | | 386 | | | | | | 353 | |
5.857% due 07/20/2033 • | | | | | 15 | | | | | | 13 | |
|
Starwood Mortgage Residential Trust | |
1.439% due 11/25/2055 ~ | | | | | 614 | | | | | | 548 | |
1.593% due 11/25/2055 ~ | | | | | 793 | | | | | | 710 | |
|
Thornburg Mortgage Securities Trust | |
3.442% due 10/25/2046 • | | | | | 926 | | | | | | 874 | |
7.151% due 06/25/2037 • | | | | | 227 | | | | | | 193 | |
|
Towd Point Mortgage Trust | |
3.250% due 07/25/2058 ~ | | | | | 4,737 | | | | | | 4,532 | |
|
Verus Securitization Trust | |
1.824% due 11/25/2066 ~ | | | | | 3,048 | | | | | | 2,561 | |
3.035% due 03/25/2060 ~ | | | | | 100 | | | | | | 95 | |
3.889% due 03/25/2060 ~ | | | | | 300 | | | | | | 283 | |
|
WaMu Mortgage Pass-Through Certificates Trust | |
3.168% due 01/25/2037 ^~ | | | | | 2,441 | | | | | | 2,078 | |
3.809% due 07/25/2037 ^~ | | | | | 2,116 | | | | | | 1,958 | |
5.476% due 10/25/2046 • | | | | | 1,032 | | | | | | 933 | |
|
Washington Mutual Mortgage Pass-Through Certificates Trust | |
4.163% due 10/25/2036 ^þ | | | | | 7,491 | | | | | | 2,800 | |
4.946% due 05/25/2046 ^• | | | | | 386 | | | | | | 314 | |
5.670% due 12/25/2035 • | | | | | 7,075 | | | | | | 6,214 | |
|
Wells Fargo Commercial Mortgage Trust | |
2.448% due 06/15/2053 | | | | | 13,900 | | | | | | 11,442 | |
3.451% due 02/15/2048 | | | | | 3,500 | | | | | | 3,326 | |
|
Wells Fargo Mortgage-Backed Securities Trust | |
4.531% due 12/28/2037 ~ | | | | | 1,428 | | | | | | 1,259 | |
4.890% due 08/25/2036 ^~ | | | | | 284 | | | | | | 266 | |
|
Worldwide Plaza Trust | |
3.526% due 11/10/2036 | | | | | 8,900 | | | | | | 7,512 | |
| | | | | | | | | | | | |
Total Non-Agency Mortgage-Backed Securities (Cost $296,471) | | | 266,535 | |
| | | | |
| |
| ASSET-BACKED SECURITIES 15.5% | |
|
510 Asset-Backed Trust | |
2.240% due 06/25/2061 þ | | | | | 2,015 | | | | | | 1,862 | |
|
522 Funding CLO Ltd. | |
6.290% due 10/20/2031 • | | | | | 4,400 | | | | | | 4,340 | |
|
AASET Trust | |
2.798% due 01/15/2047 | | | | | 2,521 | | | | | | 2,144 | |
3.844% due 01/16/2038 | | | | | 1,472 | | | | | | 933 | |
3.967% due 05/16/2042 | | | | | 988 | | | | | | 825 | |
|
ACE Securities Corp. Home Equity Loan Trust | |
5.650% due 10/25/2036 • | | | | | 4,586 | | | | | | 1,747 | |
|
ACREC Ltd. | |
6.308% due 10/16/2036 • | | | | | 1,947 | | | | | | 1,920 | |
|
Aegis Asset-Backed Securities Trust | |
5.870% due 08/25/2035 • | | | | | 152 | | | | | | 146 | |
|
ALESCO Preferred Funding Ltd. | |
5.870% due 12/23/2036 • | | | | | 958 | | | | | | 812 | |
6.290% due 09/23/2038 • | | | | | 2,260 | | | | | | 2,034 | |
|
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | |
2.817% due 06/25/2033 • | | | | | 3,707 | | | | | | 3,397 | |
|
Apex Credit CLO Ltd. | |
6.500% due 09/20/2029 • | | | | | 1,945 | | | | | | 1,933 | |
|
Argent Securities Trust | |
5.530% due 03/25/2036 • | | | | | 3,374 | | | | | | 2,965 | |
|
Argent Securities, Inc. Asset-Backed Pass-Through Certificates | |
5.610% due 01/25/2036 • | | | | | 5,071 | | | | | | 4,601 | |
|
Asset-Backed Funding Certificates Trust | |
5.290% due 10/25/2036 • | | | | | 1,246 | | | | | | 1,138 | |
5.310% due 01/25/2037 • | | | | | 1,898 | | | | | | 1,101 | |
5.630% due 09/25/2036 • | | | | | 3,913 | | | | | | 3,731 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 73 |
| | | | | | |
| Schedule of Investments | | PIMCO Active Bond Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Asset-Backed Securities Corp. Home Equity Loan Trust | |
5.855% due 11/25/2035 • | | $ | | | 2,214 | | | $ | | | 2,165 | |
5.960% due 06/25/2034 • | | | | | 2,541 | | | | | | 2,413 | |
5.975% due 04/25/2034 • | | | | | 719 | | | | | | 683 | |
8.418% due 08/15/2032 • | | | | | 345 | | | | | | 325 | |
|
Atlas Senior Loan Fund Ltd. | |
6.410% due 01/16/2030 • | | | | | 5,401 | | | | | | 5,375 | |
|
Bear Stearns Asset-Backed Securities Trust | |
5.183% due 03/25/2034 • | | | | | 2,037 | | | | | | 2,006 | |
5.317% due 12/25/2034 • | | | | | 1,775 | | | | | | 1,756 | |
5.610% due 11/25/2036 • | | | | | 3,200 | | | | | | 2,935 | |
6.275% due 03/25/2035 • | | | | | 383 | | | | | | 378 | |
|
BSPRT Issuer Ltd. | |
7.443% due 07/15/2039 • | | | | | 4,000 | | | | | | 3,985 | |
|
BXMT Ltd. | |
6.616% due 11/15/2037 • | | | | | 7,500 | | | | | | 7,169 | |
|
Carlyle Global Market Strategies CLO Ltd. | |
6.271% due 08/14/2030 • | | | | | 9,374 | | | | | | 9,313 | |
|
Carrington Mortgage Loan Trust | |
5.310% due 10/25/2036 • | | | | | 2,494 | | | | | | 1,959 | |
5.410% due 02/25/2037 • | | | | | 4,509 | | | | | | 4,080 | |
6.200% due 05/25/2035 • | | | | | 4,755 | | | | | | 4,550 | |
6.280% due 04/17/2031 • | | | | | 3,300 | | | | | | 3,261 | |
|
Castlelake Aircraft Securitization Trust | |
4.125% due 06/15/2043 | | | | | 586 | | | | | | 529 | |
|
Cathedral Lake Ltd. | |
1.929% due 10/20/2030 | | | | | 8,247 | | | | | | 7,724 | |
|
CIT Mortgage Loan Trust | |
6.500% due 10/25/2037 • | | | | | 251 | | | | | | 250 | |
6.650% due 10/25/2037 • | | | | | 5,000 | | | | | | 4,868 | |
|
Citigroup Mortgage Loan Trust | |
5.410% due 03/25/2037 • | | | | | 231 | | | | | | 195 | |
5.470% due 09/25/2036 • | | | | | 1,133 | | | | | | 828 | |
5.825% due 10/25/2035 ^• | | | | | 485 | | | | | | 469 | |
6.050% due 01/25/2036 • | | | | | 1,780 | | | | | | 1,716 | |
6.664% due 05/25/2036 þ | | | | | 4,317 | | | | | | 1,729 | |
|
CLNC Ltd. | |
6.455% due 08/20/2035 • | | | | | 125 | | | | | | 123 | |
|
Countrywide Asset-Backed Certificates Trust | |
5.290% due 06/25/2035 • | | | | | 2,994 | | | | | | 2,609 | |
5.290% due 05/25/2037 • | | | | | 3,057 | | | | | | 2,818 | |
5.350% due 06/25/2047 ^• | | | | | 7,611 | | | | | | 6,587 | |
5.370% due 09/25/2037 ^• | | | | | 1,805 | | | | | | 1,810 | |
5.380% due 04/25/2047 • | | | | | 6,800 | | | | | | 6,189 | |
5.950% due 08/25/2047 • | | | | | 300 | | | | | | 297 | |
6.200% due 09/25/2034 «• | | | | | 441 | | | | | | 424 | |
|
Daimler Trucks Retail Trust | |
5.390% due 01/15/2030 | | | | | 2,500 | | | | | | 2,482 | |
|
Diamond Issuer | |
2.305% due 11/20/2051 | | | | | 1,800 | | | | | | 1,539 | |
|
Dryden Senior Loan Fund | |
6.268% due 04/15/2029 • | | | | | 7,150 | | | | | | 7,114 | |
|
ECMC Group Student Loan Trust | |
6.150% due 01/27/2070 • | | | | | 3,517 | | | | | | 3,441 | |
|
EMC Mortgage Loan Trust | |
6.250% due 08/25/2040 • | | | | | 939 | | | | | | 901 | |
|
First Franklin Mortgage Loan Asset-Backed Certificates | |
5.975% due 05/25/2034 • | | | | | 1,556 | | | | | | 1,525 | |
|
First Franklin Mortgage Loan Trust | |
5.260% due 12/25/2037 • | | | | | 2,591 | | | | | | 2,431 | |
5.470% due 10/25/2036 • | | | | | 3,264 | | | | | | 2,198 | |
5.750% due 11/25/2035 «• | | | | | 229 | | | | | | 214 | |
6.335% due 12/25/2034 • | | | | | 1,475 | | | | | | 1,436 | |
6.575% due 10/25/2034 • | | | | | 1,004 | | | | | | 1,000 | |
|
Fremont Home Loan Trust | |
6.020% due 11/25/2034 • | | | | | 5,894 | | | | | | 5,113 | |
6.200% due 11/25/2034 • | | | | | 429 | | | | | | 401 | |
|
Galaxy CLO Ltd. | |
6.230% due 10/15/2030 • | | | | | 682 | | | | | | 677 | |
|
GSAA Home Equity Trust | |
5.590% due 03/25/2047 • | | | | | 2,922 | | | | | | 1,151 | |
|
GSAMP Trust | |
5.900% due 01/25/2034 • | | | | | 948 | | | | | | 901 | |
5.930% due 07/25/2045 • | | | | | 2,342 | | | | | | 2,254 | |
7.025% due 08/25/2034 • | | | | | 4,885 | | | | | | 4,493 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Hertz Vehicle Financing LLC | |
1.990% due 06/25/2026 | | $ | | | 2,300 | | | $ | | | 2,136 | |
2.330% due 06/26/2028 | | | | | 4,700 | | | | | | 4,137 | |
|
Home Equity Asset Trust | |
5.630% due 08/25/2037 • | | | | | 589 | | | | | | 580 | |
|
Home Equity Mortgage Loan Asset-Backed Trust | |
5.340% due 07/25/2037 • | | | | | 7,953 | | | | | | 3,245 | |
5.390% due 11/25/2036 • | | | | | 6,129 | | | | | | 4,570 | |
|
Horizon Aircraft Finance Ltd. | |
3.721% due 07/15/2039 | | | | | 3,782 | | | | | | 3,267 | |
|
JP Morgan Mortgage Acquisition Corp. | |
5.735% due 05/25/2035 • | | | | | 2,321 | | | | | | 2,268 | |
|
JP Morgan Mortgage Acquisition Trust | |
3.815% due 07/25/2036 • | | | | | 1,510 | | | | | | 1,370 | |
5.530% due 07/25/2036 • | | | | | 1,100 | | | | | | 1,052 | |
|
KDAC Aviation Finance Ltd. | |
4.212% due 12/15/2042 | | | | | 2,613 | | | | | | 2,173 | |
|
KKR CLO Ltd. | |
6.210% due 07/15/2030 • | | | | | 8,028 | | | | | | 7,965 | |
|
LCCM Trust | |
6.461% due 12/13/2038 • | | | | | 2,900 | | | | | | 2,834 | |
6.711% due 11/15/2038 • | | | | | 3,000 | | | | | | 2,966 | |
|
LCM LP | |
6.250% due 07/20/2030 • | | | | | 8,349 | | | | | | 8,293 | |
|
Lehman XS Trust | |
4.284% due 06/25/2036 þ | | | | | 2,006 | | | | | | 1,883 | |
6.260% due 11/25/2035 þ | | | | | 3,257 | | | | | | 1,512 | |
|
LL ABS Trust | |
1.070% due 05/15/2029 | | | | | 374 | | | | | | 364 | |
|
LoanCore Issuer Ltd. | |
6.493% due 11/15/2038 • | | | | | 3,300 | | | | | | 3,166 | |
|
Long Beach Mortgage Loan Trust | |
6.200% due 06/25/2035 • | | | | | 4,130 | | | | | | 3,998 | |
6.300% due 09/25/2034 • | | | | | 705 | | | | | | 690 | |
|
Lunar Aircraft Ltd. | |
3.376% due 02/15/2045 | | | | | 1,995 | | | | | | 1,739 | |
|
Madison Park Funding Ltd. | |
6.103% due 04/22/2027 • | | | | | 1,037 | | | | | | 1,031 | |
|
Magnetite Ltd. | |
6.201% due 11/15/2028 • | | | | | 2,880 | | | | | | 2,862 | |
|
Marathon CLO Ltd. | |
6.410% due 04/15/2029 • | | | | | 1,812 | | | | | | 1,809 | |
|
Marble Point CLO Ltd. | |
6.300% due 10/15/2030 • | | | | | 3,582 | | | | | | 3,558 | |
|
Merrill Lynch Mortgage Investors Trust | |
3.929% due 02/25/2037 ^þ | | | | | 12,256 | | | | | | 1,691 | |
|
METAL LLC | |
4.581% due 10/15/2042 | | | | | 2,815 | | | | | | 1,714 | |
|
MF1 Ltd. | |
6.417% due 02/19/2037 • | | | | | 7,300 | | | | | | 7,138 | |
6.961% due 11/15/2035 • | | | | | 3,846 | | | | | | 3,809 | |
|
MKS CLO Ltd. | |
6.250% due 07/20/2030 • | | | | | 3,365 | | | | | | 3,330 | |
|
Morgan Stanley ABS Capital, Inc. Trust | |
5.220% due 10/25/2036 • | | | | | 72 | | | | | | 31 | |
5.280% due 01/25/2037 • | | | | | 1,766 | | | | | | 810 | |
5.290% due 05/25/2037 • | | | | | 114 | | | | | | 99 | |
5.300% due 10/25/2036 • | | | | | 288 | | | | | | 152 | |
5.370% due 11/25/2036 • | | | | | 2,926 | | | | | | 1,386 | |
5.650% due 07/25/2036 • | | | | | 1,497 | | | | | | 578 | |
5.650% due 08/25/2036 • | | | | | 13,395 | | | | | | 6,974 | |
5.810% due 11/25/2035 • | | | | | 4,798 | | | | | | 4,578 | |
5.930% due 01/25/2035 • | | | | | 112 | | | | | | 108 | |
6.065% due 07/25/2034 • | | | | | 769 | | | | | | 767 | |
6.400% due 07/25/2037 • | | | | | 6,420 | | | | | | 5,382 | |
|
Morgan Stanley Mortgage Loan Trust | |
6.465% due 09/25/2046 ^þ | | | | | 2,730 | | | | | | 928 | |
|
Mountain View CLO LLC | |
6.350% due 10/16/2029 • | | | | | 2,637 | | | | | | 2,621 | |
|
Navient Private Education Loan Trust | |
6.643% due 07/16/2040 • | | | | | 1,135 | | | | | | 1,133 | |
|
Navient Private Education Refi Loan Trust | |
1.310% due 01/15/2069 | | | | | 1,153 | | | | | | 1,043 | |
1.330% due 04/15/2069 | | | | | 3,344 | | | | | | 2,938 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
New Century Home Equity Loan Trust | |
6.035% due 08/25/2034 • | | $ | | | 709 | | | $ | | | 693 | |
|
Nomura Home Equity Loan, Inc. Home Equity Loan Trust | |
5.915% due 05/25/2035 • | | | | | 1,139 | | | | | | 1,109 | |
|
Octane Receivables Trust | |
1.210% due 09/20/2028 | | | | | 3,355 | | | | | | 3,226 | |
|
Option One Mortgage Loan Trust | |
5.330% due 04/25/2037 • | | | | | 2,272 | | | | | | 1,139 | |
5.430% due 07/25/2036 • | | | | | 2,040 | | | | | | 1,179 | |
|
Pagaya AI Debt Selection Trust | |
1.150% due 05/15/2029 | | | | | 424 | | | | | | 420 | |
|
Palmer Square Loan Funding Ltd. | |
6.060% due 10/15/2029 • | | | | | 4,376 | | | | | | 4,331 | |
6.179% due 02/20/2028 • | | | | | 960 | | | | | | 955 | |
|
PRET LLC | |
1.744% due 07/25/2051 þ | | | | | 1,278 | | | | | | 1,183 | |
1.868% due 07/25/2051 þ | | | | | 3,658 | | | | | | 3,354 | |
1.992% due 02/25/2061 þ | | | | | 1,420 | | | | | | 1,318 | |
2.487% due 10/25/2051 ~ | | | | | 1,111 | | | | | | 1,011 | |
5.240% due 04/25/2052 þ | | | | | 5,444 | | | | | | 5,171 | |
|
Raptor Aircraft Finance LLC | |
4.213% due 08/23/2044 | | | | | 2,033 | | | | | | 1,601 | |
|
Ready Capital Mortgage Financing LLC | |
7.636% due 10/25/2039 • | | | | | 5,392 | | | | | | 5,407 | |
|
Renaissance Home Equity Loan Trust | |
5.530% due 11/25/2035 • | | | | | 846 | | | | | | 726 | |
5.586% due 11/25/2036 þ | | | | | 662 | | | | | | 243 | |
5.608% due 05/25/2036 þ | | | | | 13,821 | | | | | | 6,695 | |
5.812% due 11/25/2036 þ | | | | | 12,195 | | | | | | 4,657 | |
5.893% due 06/25/2037 ^þ | | | | | 2,722 | | | | | | 820 | |
6.115% due 08/25/2036 þ | | | | | 8,664 | | | | | | 3,664 | |
6.120% due 11/25/2036 þ | | | | | 1,166 | | | | | | 468 | |
|
Residential Asset Mortgage Products Trust | |
4.369% due 03/25/2032 • | | | | | 876 | | | | | | 779 | |
5.660% due 03/25/2036 • | | | | | 1,389 | | | | | | 1,338 | |
|
Residential Asset Securities Corp. Trust | |
5.370% due 02/25/2037 • | | | | | 4,390 | | | | | | 4,188 | |
|
Santander Revolving Auto Lease Trust | |
2.510% due 01/26/2032 | | | | | 3,500 | | | | | | 3,323 | |
|
Sapphire Aviation Finance Ltd. | |
4.250% due 03/15/2040 | | | | | 2,107 | | | | | | 1,756 | |
|
Saranac CLO Ltd. | |
6.684% due 08/13/2031 • | | | | | 8,500 | | | | | | 8,399 | |
|
Saxon Asset Securities Trust | |
1.942% due 05/25/2035 • | | | | | 595 | | | | | | 421 | |
2.029% due 03/25/2035 ^• | | | | | 363 | | | | | | 352 | |
6.875% due 12/26/2034 • | | | | | 1,773 | | | | | | 1,290 | |
6.900% due 12/25/2037 • | | | | | 567 | | | | | | 517 | |
|
Securitized Asset-Backed Receivables LLC Trust | |
5.730% due 12/25/2035 • | | | | | 1,726 | | | | | | 1,665 | |
5.930% due 02/25/2034 • | | | | | 2,308 | | | | | | 2,244 | |
|
Shackleton CLO Ltd. | |
6.170% due 10/20/2027 • | | | | | 405 | | | | | | 404 | |
|
Signal Peak CLO Ltd. | |
6.365% due 04/25/2031 • | | | | | 3,750 | | | | | | 3,726 | |
|
SLM Private Credit Student Loan Trust | |
5.822% due 12/15/2039 • | | | | | 2,341 | | | | | | 2,196 | |
5.862% due 12/15/2038 • | | | | | 385 | | | | | | 369 | |
|
SLM Private Education Loan Trust | |
9.943% due 10/15/2041 • | | | | | 3,266 | | | | | | 3,411 | |
|
SLM Student Loan Trust | |
6.005% due 04/25/2049 | | | | | 682 | | | | | | 678 | |
6.155% due 07/25/2023 • | | | | | 3,218 | | | | | | 3,158 | |
6.955% due 07/25/2023 • | | | | | 1,371 | | | | | | 1,370 | |
|
SMB Private Education Loan Trust | |
6.000% due 09/15/2054 • | | | | | 2,662 | | | | | | 2,610 | |
|
Sound Point CLO Ltd. | |
6.173% due 01/23/2029 • | | | | | 4,469 | | | | | | 4,463 | |
6.235% due 07/25/2030 • | | | | | 10,888 | | | | | | 10,764 | |
6.300% due 10/20/2028 • | | | | | 4,192 | | | | | | 4,188 | |
6.460% due 07/20/2032 • | | | | | 13,000 | | | | | | 12,764 | |
|
Soundview Home Loan Trust | |
5.400% due 07/25/2037 • | | | | | 3,889 | | | | | | 2,966 | |
| | | | | | |
| 74 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Specialty Underwriting & Residential Finance Trust | |
5.450% due 09/25/2037 • | | $ | | | 6,405 | | | $ | | | 4,445 | |
|
Starwood Commercial Mortgage Trust | |
6.358% due 04/18/2038 • | | | | | 10,100 | | | | | | 9,734 | |
|
Stonepeak ABS | |
2.301% due 02/28/2033 | | | | | 755 | | | | | | 683 | |
|
Structured Asset Investment Loan Trust | |
5.323% due 07/25/2036 • | | | | | 4,814 | | | | | | 2,871 | |
5.780% due 11/25/2035 • | | | | | 2,355 | | | | | | 2,256 | |
5.855% due 03/25/2034 • | | | | | 2,290 | | | | | | 2,209 | |
6.650% due 11/25/2034 • | | | | | 3,668 | | | | | | 3,655 | |
|
Structured Asset Securities Corp. Mortgage Loan Trust | |
6.020% due 07/25/2035 • | | | | | 3,343 | | | | | | 3,328 | |
6.185% due 07/25/2035 • | | | | | 2,915 | | | | | | 2,825 | |
|
Theorem Funding Trust | |
1.210% due 12/15/2027 | | | | | 231 | | | | | | 230 | |
1.850% due 02/15/2028 | | | | | 461 | | | | | | 454 | |
|
THL Credit Wind River CLO Ltd. | |
6.340% due 04/15/2031 • | | | | | 9,000 | | | | | | 8,890 | |
|
TPG Real Estate Finance Issuer Ltd. | |
6.358% due 03/15/2038 • | | | | | 7,202 | | | | | | 6,952 | |
6.717% due 02/15/2039 • | | | | | 5,000 | | | | | | 4,863 | |
|
Venture CLO Ltd. | |
6.140% due 04/15/2027 • | | | | | 4,368 | | | | | | 4,355 | |
6.150% due 10/20/2028 • | | | | | 3,781 | | | | | | 3,765 | |
6.240% due 07/20/2030 • | | | | | 4,717 | | | | | | 4,650 | |
6.270% due 04/20/2029 • | | | | | 4,706 | | | | | | 4,700 | |
6.300% due 07/20/2030 • | | | | | 3,662 | | | | | | 3,627 | |
6.311% due 09/07/2030 • | | | | | 9,951 | | | | | | 9,869 | |
6.320% due 07/15/2031 • | | | | | 4,700 | | | | | | 4,640 | |
6.493% due 08/28/2029 • | | | | | 7,788 | | | | | | 7,748 | |
|
Vertical Bridge Holdings LLC | |
2.636% due 09/15/2050 | | | | | 8,000 | | | | | | 7,305 | |
3.706% due 02/15/2057 | | | | | 2,400 | | | | | | 1,960 | |
|
Vibrant CLO Ltd. | |
6.290% due 09/15/2030 • | | | | | 7,527 | | | | | | 7,442 | |
|
Voya CLO Ltd. | |
6.248% due 10/15/2030 • | | | | | 2,796 | | | | | | 2,777 | |
|
WaMu Asset-Backed Certificates WaMu Trust | |
5.375% due 05/25/2037 • | | | | | 2,055 | | | | | | 1,883 | |
|
WAVE LLC | |
3.597% due 09/15/2044 | | | | | 3,769 | | | | | | 3,143 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Wellfleet CLO Ltd. | |
6.140% due 04/20/2029 • | | $ | | | 768 | | | $ | | | 767 | |
6.140% due 07/20/2029 • | | | | | 458 | | | | | | 453 | |
|
Wells Fargo Home Equity Asset-Backed Securities Trust | |
5.900% due 12/25/2035 • | | | | | 3,100 | | | | | | 3,031 | |
7.700% due 04/25/2035 • | | | | | 131 | | | | | | 131 | |
|
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates | |
5.750% due 04/25/2034 • | | | | | 70 | | | | | | 67 | |
| | | | | | | | | | | | |
Total Asset-Backed Securities (Cost $571,280) | | | 537,513 | |
| | | | |
| |
| SOVEREIGN ISSUES 0.1% | |
|
Mexico Government International Bond | |
5.750% due 10/12/2110 | | | | | 4,000 | | | | | | 3,580 | |
| | | | | | | | | | | | |
Total Sovereign Issues (Cost $4,211) | | | 3,580 | |
| | | | |
| |
| | | | | SHARES | | | | | | |
| PREFERRED SECURITIES 1.3% | |
| |
| FINANCIALS 1.2% | |
|
American AgCredit Corp. | |
5.250% due 06/15/2026 •(e) | | | | | 4,000,000 | | | | | | 3,561 | |
|
Bank of America Corp. | |
5.875% due 03/15/2028 •(e) | | | | | 5,300,000 | | | | | | 4,847 | |
|
Capital Farm Credit ACA | |
5.000% due 03/15/2026 •(e) | | | | | 3,300,000 | | | | | | 3,065 | |
|
Charles Schwab Corp. | |
4.000% due 12/01/2030 •(e) | | | | | 11,000,000 | | | | | | 8,079 | |
5.000% due 12/01/2027 •(e) | | | | | 1,900,000 | | | | | | 1,450 | |
|
CoBank ACB | |
4.250% due 01/01/2027 •(e) | | | | | 1,700,000 | | | | | | 1,351 | |
|
Farm Credit Bank of Texas | |
5.700% due 09/15/2025 •(e) | | | | | 4,250,000 | | | | | | 3,591 | |
|
Goldman Sachs Group, Inc. | |
3.650% due 08/10/2026 •(e) | | | | | 6,000,000 | | | | | | 4,662 | |
|
Northern Trust Corp. | |
4.600% due 10/01/2026 •(e) | | | | | 6,000,000 | | | | | | 5,319 | |
|
PNC Financial Services Group, Inc. | |
3.400% due 09/15/2026 •(e) | | | | | 1,000,000 | | | | | | 740 | |
| | | | | | | | | | | | |
| | | | | SHARES | | | | | MARKET
VALUE
(000S) | |
|
SVB Financial Group | |
4.100% due 02/15/2031 ^(c)(e) | | | | | 2,800,000 | | | $ | | | 201 | |
|
Wells Fargo & Co. | |
5.900% due 06/15/2024 ~(e) | | | | | 6,800,000 | | | | | | 6,718 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 43,584 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 0.1% | |
|
Energy Transfer LP | |
6.750% due 05/15/2025 •(e) | | | | | 3,000,000 | | | | | | 2,700 | |
| | | | | | | | | | | | |
Total Preferred Securities (Cost $57,330) | | | 46,284 | |
| | | | |
| |
| SHORT-TERM INSTRUMENTS 0.0% | |
| |
| REPURCHASE AGREEMENTS (i) 0.0% | |
| | | | | | | | | | | 1,359 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $1,359) | | | 1,359 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments in Securities (Cost $4,032,056) | | | 3,824,996 | |
| | | | |
| |
| INVESTMENTS IN AFFILIATES 0.5% | |
| |
| MUTUAL FUNDS (f) 0.5% | |
| | | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | 377,300 | | | | | | 18,827 | |
| | | | | | | | | | | | |
| Total Mutual Funds (Cost $18,570) | | | 18,827 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments in Affiliates (Cost $18,570) | | | 18,827 | |
| | | | |
| | | | | | | | | | | | |
| Total Investments 110.5% (Cost $4,050,626) | | | $ | | | 3,843,823 | |
| |
Financial Derivative
Instruments (k)(l) 0.0% (Cost or Premiums, net $1,328) | | | 19 | |
| |
| Other Assets and Liabilities, net (10.5)% | | | (364,993 | ) |
| | | | |
| Net Assets 100.0% | | | $ | | | 3,478,849 | |
| | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
| « | Security valued using significant unobservable inputs (Level 3). |
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. |
| • | Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description. |
| þ | Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end. |
| (a) | Security is an Interest Only (“IO”) or IO Strip. |
| (b) | Principal only security. |
| (c) | Security is not accruing income as of the date of this report. |
| (e) | Perpetual maturity; date shown, if applicable, represents next contractual call date. |
| (f) | Institutional Class Shares of each Fund. |
| (g) | Contingent convertible security. |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 75 |
| | | | | | |
| Schedule of Investments | | PIMCO Active Bond Exchange-Traded Fund | | (Cont.) | | |
(h) RESTRICTED SECURITIES:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Issuer Description | | Coupon | | | Maturity
Date | | | Acquisition
Date | | | Cost | | | Market
Value | | | Market Value
as Percentage
of Net Assets
| |
Citigroup, Inc. | | | 3.785 | % | | | 03/17/2033 | | | | 06/07/2023 | | | $ | 3,970 | | | $ | 3,978 | | | | 0.11 | % |
Morgan Stanley | | | 0.000 | | | | 04/02/2032 | | | | 02/11/2020 | | | | 7,877 | | | | 5,625 | | | | 0.16 | |
Puget Energy, Inc. | | | 4.224 | | | | 03/15/2032 | | | | 03/14/2022 | | | | 3,000 | | | | 2,699 | | | | 0.08 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | $ | 14,847 | | | $ | 12,302 | | | | 0.35 | % |
| | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(i) REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Lending
Rate | | | Settlement
Date | | | Maturity
Date | | | Principal
Amount | | | Collateralized By | | Collateral
(Received) | | | Repurchase
Agreements,
at Value | | | Repurchase
Agreement
Proceeds
to be
Received(1) | |
| FICC | | | 2.400 | % | | | 06/30/2023 | | | | 07/03/2023 | | | $ | 1,359 | | | U.S. Treasury Notes 1.500% - 1.625% due 10/31/2026 - 01/31/2027 | | $ | (1,387 | ) | | $ | 1,359 | | | $ | 1,359 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (1,387 | ) | | $ | 1,359 | | | $ | 1,359 | |
| | | | | | | | | | | | | | | |
REVERSE REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | |
Counterparty | | Borrowing
Rate(2) | | | Settlement
Date | | | Maturity
Date | | | Amount
Borrowed(2) | | | Payable for
Reverse
Repurchase
Agreements | |
BOS | | | 5.130 | % | | | 06/30/2023 | | | | 07/03/2023 | | | $ | (1,376 | ) | | $ | (1,377 | ) |
| | | 5.190 | | | | 06/30/2023 | | | | 07/03/2023 | | | | (12,137 | ) | | | (12,142 | ) |
DEU | | | 5.100 | | | | 06/30/2023 | | | | 07/06/2023 | | | | (3,621 | ) | | | (3,623 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total Reverse Repurchase Agreements | | | | | | | | | | | $ | (17,142 | ) |
| | | | | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(3) | |
Global/Master Repurchase Agreement | |
BOS | | $ | 0 | | | $ | (13,519 | ) | | $ | 0 | | | $ | 0 | | | $ | (13,519 | ) | | $ | 13,462 | | | $ | (57 | ) |
DEU | | | 0 | | | | (3,623 | ) | | | 0 | | | | 0 | | | | (3,623 | ) | | | 3,610 | | | | (13 | ) |
FICC | | | 1,359 | | | | 0 | | | | 0 | | | | 0 | | | | 1,359 | | | | (1,387 | ) | | | (28 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 1,359 | | | $ | (17,142 | ) | | $ | 0 | | | $ | 0 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements
| | | | | | | | | | | | | | | | | | | | |
| | | Overnight and
Continuous | | | Up to 30 days | | | 31-90 days | | | Greater Than 90 days | | | Total | |
Reverse Repurchase Agreements | |
Corporate Bonds & Notes | | $ | 0 | | | $ | (13,519 | ) | | $ | 0 | | | $ | 0 | | | $ | (13,519 | ) |
U.S. Treasury Obligations | | | 0 | | | | (3,623 | ) | | | 0 | | | | 0 | | | | (3,623 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total Borrowings | | $ | 0 | | | $ | (17,142 | ) | | $ | 0 | | | $ | 0 | | | $ | (17,142 | ) |
| | | | | | | | | | | | | | | | | | | | |
Payable for reverse repurchase agreements | | | $ | (17,142 | ) |
| | | | | |
| (j) | Securities with an aggregate market value of $17,072 have been pledged as collateral under the terms of the above master agreements as of June 30, 2023. |
| (1) | Includes accrued interest. |
| (2) | The average amount of borrowings outstanding during the period ended June 30, 2023 was $(21,144) at a weighted average interest rate of 2.180%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| | | | | | |
| 76 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| (3) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(1)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reference Entity | | Fixed
Receive Rate | | Payment
Frequency | | | Maturity
Date | | | Implied
Credit Spread at
June 30, 2023(2) | | | Notional
Amount(3) | | | Premiums
Paid/(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Market
Value(4) | | | Variation Margin | |
| | Asset | | | Liability | |
AES Corp. | | 5.000% | | | Quarterly | | | | 06/20/2026 | | | | 0.903 | % | | | $ | | | | 3,400 | | | $ | 695 | | | $ | (306 | ) | | $ | 389 | | | $ | 0 | | | $ | 0 | |
American International Group, Inc. | | 1.000 | | | Quarterly | | | | 12/20/2026 | | | | 0.611 | | | | | | | | 1,400 | | | | 30 | | | | (12 | ) | | | 18 | | | | 1 | | | | 0 | |
AT&T, Inc. | | 1.000 | | | Quarterly | | | | 06/20/2024 | | | | 0.553 | | | | | | | | 1,500 | | | | 0 | | | | 7 | | | | 7 | | | | 1 | | | | 0 | |
Boeing Co. | | 1.000 | | | Quarterly | | | | 12/20/2023 | | | | 0.378 | | | | | | | | 1,800 | | | | 12 | | | | (6 | ) | | | 6 | | | | 0 | | | | 0 | |
Boeing Co. | | 1.000 | | | Quarterly | | | | 06/20/2026 | | | | 0.680 | | | | | | | | 1,500 | | | | (11 | ) | | | 25 | | | | 14 | | | | 1 | | | | 0 | |
Boeing Co. | | 1.000 | | | Quarterly | | | | 12/20/2026 | | | | 0.743 | | | | | | | | 5,300 | | | | (22 | ) | | | 67 | | | | 45 | | | | 3 | | | | 0 | |
British Telecommunications PLC | | 1.000 | | | Quarterly | | | | 12/20/2027 | | | | 0.978 | | | | EUR | | | | 200 | | | | (1 | ) | | | 1 | | | | 0 | | | | 0 | | | | 0 | |
British Telecommunications PLC | | 1.000 | | | Quarterly | | | | 06/20/2028 | | | | 1.083 | | | | | | | | 8,200 | | | | (50 | ) | | | 20 | | | | (30 | ) | | | 8 | | | | 0 | |
British Telecommunications PLC | | 1.000 | | | Quarterly | | | | 12/20/2028 | | | | 1.224 | | | | | | | | 800 | | | | (10 | ) | | | 1 | | | | (9 | ) | | | 0 | | | | 0 | |
Devon Energy Corp. | | 1.000 | | | Quarterly | | | | 12/20/2026 | | | | 0.923 | | | | $ | | | | 2,000 | | | | (16 | ) | | | 22 | | | | 6 | | | | 1 | | | | 0 | |
Devon Energy Corp. | | 1.000 | | | Quarterly | | | | 06/20/2027 | | | | 1.010 | | | | | | | | 1,000 | | | | (26 | ) | | | 26 | | | | 0 | | | | 1 | | | | 0 | |
Energy Transfer Operating LP | | 1.000 | | | Quarterly | | | | 12/20/2025 | | | | 0.572 | | | | | | | | 1,100 | | | | (14 | ) | | | 25 | | | | 11 | | | | 0 | | | | 0 | |
Ford Motor Credit Co. LLC | | 5.000 | | | Quarterly | | | | 06/20/2027 | | | | 2.230 | | | | | | | | 300 | | | | 16 | | | | 13 | | | | 29 | | | | 0 | | | | 0 | |
General Electric Co. | | 1.000 | | | Quarterly | | | | 12/20/2026 | | | | 0.648 | | | | | | | | 700 | | | | 8 | | | | 0 | | | | 8 | | | | 0 | | | | 0 | |
General Motors Co. | | 5.000 | | | Quarterly | | | | 12/20/2026 | | | | 1.301 | | | | | | | | 2,130 | | | | 417 | | | | (165 | ) | | | 252 | | | | 2 | | | | 0 | |
General Motors Co. | | 5.000 | | | Quarterly | | | | 06/20/2028 | | | | 1.723 | | | | | | | | 5,605 | | | | 707 | | | | 92 | | | | 799 | | | | 13 | | | | 0 | |
Hess Corp. | | 1.000 | | | Quarterly | | | | 06/20/2026 | | | | 0.772 | | | | | | | | 3,600 | | | | (86 | ) | | | 110 | | | | 24 | | | | 2 | | | | 0 | |
Rolls-Royce PLC | | 1.000 | | | Quarterly | | | | 12/20/2025 | | | | 1.535 | | | | EUR | | | | 1,400 | | | | (143 | ) | | | 125 | | | | (18 | ) | | | 0 | | | | 0 | |
Rolls-Royce PLC | | 1.000 | | | Quarterly | | | | 06/20/2026 | | | | 1.704 | | | | | | | | 2,100 | | | | (215 | ) | | | 171 | | | | (44 | ) | | | 2 | | | | 0 | |
Telefonica Emisiones SAU | | 1.000 | | | Quarterly | | | | 06/20/2028 | | | | 0.912 | | | | | | | | 300 | | | | 0 | | | | 1 | | | | 1 | | | | 0 | | | | 0 | |
Tesco PLC | | 1.000 | | | Quarterly | | | | 06/20/2028 | | | | 0.860 | | | | | | | | 900 | | | | 1 | | | | 6 | | | | 7 | | | | 3 | | | | 0 | |
Valeo SA | | 1.000 | | | Quarterly | | | | 06/20/2026 | | | | 1.468 | | | | | | | | 1,800 | | | | (25 | ) | | | 0 | | | | (25 | ) | | | 5 | | | | 0 | |
Valeo SA | | 1.000 | | | Quarterly | | | | 06/20/2028 | | | | 2.439 | | | | | | | | 2,500 | | | | (106 | ) | | | (63 | ) | | | (169 | ) | | | 17 | | | | 0 | |
Verizon Communications, Inc. | | 1.000 | | | Quarterly | | | | 06/20/2026 | | | | 0.740 | | | | $ | | | | 900 | | | | 20 | | | | (13 | ) | | | 7 | | | | 1 | | | | 0 | |
Verizon Communications, Inc. | | 1.000 | | | Quarterly | | | | 12/20/2026 | | | | 0.796 | | | | | | | | 5,600 | | | | 132 | | | | (94 | ) | | | 38 | | | | 7 | | | | 0 | |
Verizon Communications, Inc. | | 1.000 | | | Quarterly | | | | 06/20/2028 | | | | 0.954 | | | | | | | | 1,500 | | | | (4 | ) | | | 8 | | | | 4 | | | | 4 | | | | 0 | |
Williams Cos., Inc. | | 1.000 | | | Quarterly | | | | 12/20/2026 | | | | 0.640 | | | | | | | | 2,600 | | | | 19 | | | | 12 | | | | 31 | | | | 0 | | | | (1 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Swap Agreements | | | $ | 1,328 | | | $ | 73 | | | $ | 1,401 | | | $ | 72 | | | $ | (1 | ) |
| | | | | | | | | | | | | | | | | | | | | |
FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Financial Derivative Assets | | | | | | Financial Derivative Liabilities | |
| | | Market Value | | | Variation Margin
Asset | | | Total | | | | | | Market Value | | | Variation Margin
Liability | | | Total | |
| | | Purchased
Options | | | Futures | | | Swap
Agreements | | | | | | Written
Options | | | Futures | | | Swap
Agreements | |
Total Exchange-Traded or Centrally Cleared | | $ | 0 | | | $ | 0 | | | $ | 72 | | | $ | 72 | | | | | | | $ | 0 | | | $ | 0 | | | $ | | (1) | | $ | (1 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash of $13,928 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.
| (1) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| (2) | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| (3) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| (4) | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 77 |
| | | | | | |
| Schedule of Investments | | PIMCO Active Bond Exchange-Traded Fund | | (Cont.) | | |
(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
| | | | | | | | | | | | | | | | | | | | | | | | |
Counterparty | | Settlement
Month | | | Currency to
be Delivered | | | Currency to
be Received | | | Unrealized Appreciation/
(Depreciation) | |
| | Asset | | | Liability | |
CBK | | | 07/2023 | | | EUR | | | 1,070 | | | $ | | | 1,148 | | | $ | 0 | | | $ | (20 | ) |
| | | | | | | |
MBC | | | 07/2023 | | | CAD | | | 1,058 | | | | | | 781 | | | | 0 | | | | (18 | ) |
| | | 07/2023 | | | GBP | | | 454 | | | | | | 562 | | | | 0 | | | | (15 | ) |
| | | | | | | |
TOR | | | 07/2023 | | | $ | | | 799 | | | CAD | | | 1,058 | | | | 1 | | | | (1 | ) |
| | | 07/2023 | | | | | | 577 | | | GBP | | | 454 | | | | 0 | | | | 0 | |
| | | 08/2023 | | | CAD | | | 1,058 | | | $ | | | 800 | | | | 1 | | | | 0 | |
| | | 08/2023 | | | GBP | | | 454 | | | | | | 577 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Forward Foreign Currency Contracts | | | $ | 2 | | | $ | (54 | ) |
| | | | | | | | | |
FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Financial Derivative Assets | | | | | | Financial Derivative Liabilities | | | | | | | | | | |
| Counterparty | | Forward
Foreign
Currency
Contracts | | | Purchased
Options | | | Swap
Agreements | | | Total
Over the
Counter | | | | | | Forward
Foreign
Currency
Contracts | | | Written
Options | | | Swap
Agreements | | | Total
Over the
Counter | | | Net Market
Value of OTC
Derivatives | | | Collateral
Pledged/
(Received) | | | Net
Exposure(1) | |
CBK | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | $ | (20 | ) | | $ | 0 | | | $ | 0 | | | $ | (20 | ) | | $ | (20 | ) | | $ | 0 | | | $ | (20 | ) |
MBC | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | | | | | (33 | ) | | | 0 | | | | 0 | | | | (33 | ) | | | (33 | ) | | | 0 | | | | (33 | ) |
TOR | | | 2 | | | | 0 | | | | 0 | | | | 2 | | | | | | | | (1 | ) | | | 0 | | | | 0 | | | | (1 | ) | | | 1 | | | | 0 | | | | 1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Over the Counter | | $ | 2 | | | $ | 0 | | | $ | 0 | | | $ | 2 | | | | | | | $ | (54 | ) | | $ | 0 | | | $ | 0 | | | $ | (54 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | |
Swap Agreements | | $ | 0 | | | $ | 72 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 72 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 2 | | | $ | 0 | | | $ | 2 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 72 | | | $ | 0 | | | $ | 2 | | | $ | 0 | | | $ | 74 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | |
Swap Agreements | | $ | 0 | | | $ | 1 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 1 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 54 | | | $ | 0 | | | $ | 54 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 1 | | | $ | 0 | | | $ | 54 | | | $ | 0 | | | $ | 55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| 78 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Net Realized Gain (Loss) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 3,316 | | | $ | 3,316 | |
Swap Agreements | | | 0 | | | | 1,471 | | | | 0 | | | | 0 | | | | (37,076 | ) | | | (35,605 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 1,471 | | | $ | 0 | | | $ | 0 | | | $ | (33,760 | ) | | $ | (32,289 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 583 | | | $ | 0 | | | $ | 583 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 1,471 | | | $ | 0 | | | $ | 583 | | | $ | (33,760 | ) | | $ | (31,706 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 119 | | | $ | 119 | |
Swap Agreements | | | 0 | | | | 3,828 | | | | 0 | | | | 0 | | | | 27,276 | | | | 31,104 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 3,828 | | | $ | 0 | | | $ | 0 | | | $ | 27,395 | | | $ | 31,223 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (152 | ) | | $ | 0 | | | $ | (152 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 3,828 | | | $ | 0 | | | $ | (152 | ) | | $ | 27,395 | | | $ | 31,071 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Securities, at Value | |
Loan Participations and Assignments | | $ | 0 | | | $ | 15,495 | | | $ | 5,241 | | | $ | 20,736 | |
Corporate Bonds & Notes | |
Banking & Finance | | | 0 | | | | 526,584 | | | | 0 | | | | 526,584 | |
Industrials | | | 0 | | | | 221,743 | | | | 0 | | | | 221,743 | |
Utilities | | | 0 | | | | 51,573 | | | | 0 | | | | 51,573 | |
Municipal Bonds & Notes | |
California | | | 0 | | | | 21,288 | | | | 0 | | | | 21,288 | |
Georgia | | | 0 | | | | 1,229 | | | | 0 | | | | 1,229 | |
Illinois | | | 0 | | | | 6,812 | | | | 0 | | | | 6,812 | |
Michigan | | | 0 | | | | 1,740 | | | | 0 | | | | 1,740 | |
New Jersey | | | 0 | | | | 3,906 | | | | 0 | | | | 3,906 | |
New York | | | 0 | | | | 6,758 | | | | 0 | | | | 6,758 | |
Texas | | | 0 | | | | 3,416 | | | | 0 | | | | 3,416 | |
Virginia | | | 0 | | | | 4,087 | | | | 0 | | | | 4,087 | |
West Virginia | | | 0 | | | | 4,495 | | | | 0 | | | | 4,495 | |
U.S. Government Agencies | | | 0 | | | | 1,442,886 | | | | 0 | | | | 1,442,886 | |
U.S. Treasury Obligations | | | 0 | | | | 652,472 | | | | 0 | | | | 652,472 | |
Non-Agency Mortgage-Backed Securities | | | 0 | | | | 265,843 | | | | 692 | | | | 266,535 | |
Asset-Backed Securities | | | 0 | | | | 536,875 | | | | 638 | | | | 537,513 | |
Sovereign Issues | | | 0 | | | | 3,580 | | | | 0 | | | | 3,580 | |
Preferred Securities | |
Financials | | | 0 | | | | 43,584 | | | | 0 | | | | 43,584 | |
Industrials | | | 0 | | | | 2,700 | | | | 0 | | | | 2,700 | |
Short-Term Instruments | |
Repurchase Agreements | | | 0 | | | | 1,359 | | | | 0 | | | | 1,359 | |
| | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 3,818,425 | | | $ | 6,571 | | | $ | 3,824,996 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Affiliates, at Value | |
Mutual Funds | | $ | 18,827 | | | $ | 0 | | | $ | 0 | | | $ | 18,827 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 18,827 | | | $ | 3,818,425 | | | $ | 6,571 | | | $ | 3,843,823 | |
| | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | | | 0 | | | | 72 | | | | 0 | | | | 72 | |
Over the counter | | | 0 | | | | 2 | | | | 0 | | | | 2 | |
| | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 74 | | | $ | 0 | | | $ | 74 | |
| | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | | | 0 | | | | (1 | ) | | | 0 | | | | (1 | ) |
Over the counter | | | 0 | | | | (54 | ) | | | 0 | | | | (54 | ) |
| | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (55 | ) | | $ | 0 | | | $ | (55 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Total Financial Derivative Instruments | | $ | 0 | | | $ | 19 | | | $ | 0 | | | $ | 19 | |
| | | | | | | | | | | | | | | | |
| | | | |
Totals | | $ | 18,827 | | | $ | 3,818,444 | | | $ | 6,571 | | | $ | 3,843,842 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 79 |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 104.1% | |
| |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | |
|
Qatar National Bank QPSC | |
5.966% due 10/10/2023 « | | $ | | | 6,400 | | | $ | | | 6,400 | |
| | | | | | | | | | | | |
Total Loan Participations and Assignments (Cost $6,387) | | | 6,400 | |
| | | | |
| |
| CORPORATE BONDS & NOTES 27.5% | |
| |
| BANKING & FINANCE 19.5% | |
|
AerCap Ireland Capital DAC | |
5.772% (SOFRRATE + 0.680%) due 09/29/2023 ~ | | | | | 2,535 | | | | | | 2,532 | |
|
Athene Global Funding | |
0.950% due 01/08/2024 | | | | | 8,770 | | | | | | 8,512 | |
5.790% (SOFRINDX + 0.700%) due 05/24/2024 ~ | | | | | 2,000 | | | | | | 1,981 | |
|
Avolon Holdings Funding Ltd. | |
5.125% due 10/01/2023 | | | | | 400 | | | | | | 398 | |
|
Bank of America Corp. | |
4.827% due 07/22/2026 • | | | | | 5,000 | | | | | | 4,917 | |
|
Barclays PLC | |
1.007% due 12/10/2024 • | | | | | 350 | | | | | | 341 | |
2.852% due 05/07/2026 • | | | | | 800 | | | | | | 750 | |
3.932% due 05/07/2025 • | | | | | 2,000 | | | | | | 1,955 | |
5.304% due 08/09/2026 • | | | | | 7,700 | | | | | | 7,514 | |
|
BGC Partners, Inc. | |
5.375% due 07/24/2023 | | | | | 6,543 | | | | | | 6,539 | |
|
BNP Paribas SA | |
3.375% due 01/09/2025 | | | | | 4,000 | | | | | | 3,844 | |
4.705% due 01/10/2025 • | | | | | 748 | | | | | | 741 | |
|
BOC Aviation Ltd. | |
6.667% (US0003M + 1.125%) due 09/26/2023 ~ | | | | | 2,700 | | | | | | 2,700 | |
|
BPCE SA | |
2.375% due 01/14/2025 | | | | | 582 | | | | | | 546 | |
|
Cantor Fitzgerald LP | |
4.875% due 05/01/2024 | | | | | 6,874 | | | | | | 6,727 | |
|
Citigroup, Inc. | |
4.140% due 05/24/2025 • | | | | | 4,000 | | | | | | 3,932 | |
|
Deutsche Bank AG | |
2.222% due 09/18/2024 • | | | | | 9,000 | | | | | | 8,887 | |
|
First Abu Dhabi Bank PJSC | |
6.174% (US0003M + 0.850%) due 08/08/2023 ~ | | | | | 4,000 | | | | | | 4,004 | |
|
FS KKR Capital Corp. | |
1.650% due 10/12/2024 | | | | | 5,000 | | | | | | 4,652 | |
|
GA Global Funding Trust | |
0.800% due 09/13/2024 | | | | | 2,153 | | | | | | 2,004 | |
1.000% due 04/08/2024 | | | | | 1,750 | | | | | | 1,669 | |
1.250% due 12/08/2023 | | | | | 3,500 | | | | | | 3,419 | |
5.591% (SOFRRATE + 0.500%) due 09/13/2024 ~ | | | | | 1,110 | | | | | | 1,088 | |
6.380% (SOFRRATE + 1.360%) due 04/11/2025 ~ | | | | | 3,000 | | | | | | 2,939 | |
|
General Motors Financial Co., Inc. | |
6.290% (SOFRRATE + 1.200%) due 11/17/2023 ~ | | | | | 5,600 | | | | | | 5,604 | |
|
HSBC Holdings PLC | |
6.770% (US0003M + 1.230%) due 03/11/2025 ~ | | | | | 10,107 | | | | | | 10,149 | |
6.920% (US0003M + 1.380%) due 09/12/2026 ~ | | | | | 4,850 | | | | | | 4,884 | |
|
ING Groep NV | |
3.869% due 03/28/2026 • | | | | | 1,500 | | | | | | 1,441 | |
|
JPMorgan Chase & Co. | |
2.595% due 02/24/2026 • | | | | | 1,000 | | | | | | 949 | |
|
KKR Financial Holdings LLC | |
5.400% due 05/23/2033 | | | | | 5,500 | | | | | | 5,126 | |
|
Lloyds Banking Group PLC | |
3.511% due 03/18/2026 • | | | | | 2,500 | | | | | | 2,381 | |
4.716% due 08/11/2026 • | | | | | 3,000 | | | | | | 2,916 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Mitsubishi UFJ Financial Group, Inc. | |
0.848% due 09/15/2024 • | | $ | | | 14,000 | | | $ | | | 13,845 | |
6.029% (SOFRRATE + 0.940%) due 02/20/2026 ~ | | | | | 3,500 | | | | | | 3,506 | |
|
Mizuho Financial Group, Inc. | |
1.241% due 07/10/2024 • | | | | | 2,000 | | | | | | 1,999 | |
6.201% (US0003M + 0.990%) due 07/10/2024 ~ | | | | | 1,500 | | | | | | 1,500 | |
|
Morgan Stanley | |
4.679% due 07/17/2026 • | | | | | 5,000 | | | | | | 4,909 | |
|
Nationwide Building Society | |
4.363% due 08/01/2024 • | | | | | 1,163 | | | | | | 1,161 | |
|
NatWest Group PLC | |
4.269% due 03/22/2025 • | | | | | 5,000 | | | | | | 4,913 | |
|
Nissan Motor Acceptance Co. LLC | |
1.050% due 03/08/2024 | | | | | 1,200 | | | | | | 1,153 | |
3.875% due 09/21/2023 | | | | | 4,000 | | | | | | 3,978 | |
|
Nomura Holdings, Inc. | |
2.648% due 01/16/2025 | | | | | 2,000 | | | | | | 1,894 | |
|
Nordea Bank Abp | |
3.600% due 06/06/2025 | | | | | 2,000 | | | | | | 1,917 | |
|
Pacific Life Global Funding | |
5.710% (SOFRRATE + 0.620%) due 06/04/2026 ~ | | | | | 1,496 | | | | | | 1,473 | |
|
Piper Sandler Cos. | |
5.200% due 10/15/2023 | | | | | 600 | | | | | | 598 | |
|
QNB Finance Ltd. | |
6.764% (US0003M + 1.250%) due 03/21/2024 ~ | | | | | 2,600 | | | | | | 2,610 | |
|
Santander U.K. Group Holdings PLC | |
4.796% due 11/15/2024 • | | | | | 2,000 | | | | | | 1,985 | |
|
SMBC Aviation Capital Finance DAC | |
3.550% due 04/15/2024 | | | | | 1,500 | | | | | | 1,469 | |
4.125% due 07/15/2023 | | | | | 940 | | | | | | 939 | |
|
Societe Generale SA | |
2.625% due 01/22/2025 | | | | | 6,824 | | | | | | 6,416 | |
3.875% due 03/28/2024 | | | | | 300 | | | | | | 294 | |
|
Standard Chartered PLC | |
3.785% due 05/21/2025 • | | | | | 2,000 | | | | | | 1,952 | |
3.971% due 03/30/2026 • | | | | | 2,300 | | | | | | 2,200 | |
6.832% (SOFRRATE + 1.740%) due 03/30/2026 ~ | | | | | 5,000 | | | | | | 5,038 | |
|
Synchrony Bank | |
5.400% due 08/22/2025 | | | | | 7,200 | | | | | | 6,894 | |
|
UBS Group AG | |
4.488% due 05/12/2026 • | | | | | 12,000 | | | | | | 11,607 | |
6.373% due 07/15/2026 • | | | | | 1,900 | | | | | | 1,888 | |
|
VICI Properties LP | |
4.375% due 05/15/2025 | | | | | 1,700 | | | | | | 1,644 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 203,823 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 6.6% | |
|
American Airlines Pass-Through Trust | |
4.000% due 01/15/2027 | | | | | 413 | | | | | | 373 | |
|
Bayer U.S. Finance LLC | |
6.562% (US0003M + 1.010%) due 12/15/2023 ~ | | | | | 2,000 | | | | | | 1,998 | |
|
Berry Global, Inc. | |
4.875% due 07/15/2026 | | | | | 2,000 | | | | | | 1,924 | |
|
Canadian Pacific Railway Co. | |
3.125% due 06/01/2026 | | | | | 700 | | | | | | 655 | |
|
Charter Communications Operating LLC | |
4.500% due 02/01/2024 | | | | | 840 | | | | | | 833 | |
6.949% (US0003M + 1.650%) due 02/01/2024 ~ | | | | | 10,500 | | | | | | 10,545 | |
|
Corebridge Financial, Inc. | |
3.500% due 04/04/2025 | | | | | 7,700 | | | | | | 7,341 | |
|
Daimler Truck Finance North America LLC | |
5.841% (SOFRRATE + 0.750%) due 12/13/2024 ~ | | | | | 750 | | | | | | 749 | |
|
Dell International LLC | |
4.900% due 10/01/2026 | | | | | 1,700 | | | | | | 1,689 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Illumina, Inc. | |
5.800% due 12/12/2025 | | $ | | | 1,700 | | | $ | | | 1,705 | |
|
Imperial Brands Finance PLC | |
3.125% due 07/26/2024 | | | | | 8,100 | | | | | | 7,829 | |
4.250% due 07/21/2025 | | | | | 1,841 | | | | | | 1,767 | |
6.125% due 07/27/2027 | | | | | 4,000 | | | | | | 4,010 | |
|
Nissan Motor Co. Ltd. | |
3.043% due 09/15/2023 | | | | | 8,796 | | | | | | 8,734 | |
|
Pioneer Natural Resources Co. | |
5.100% due 03/29/2026 | | | | | 3,300 | | | | | | 3,281 | |
|
Renesas Electronics Corp. | |
1.543% due 11/26/2024 | | | | | 9,700 | | | | | | 9,070 | |
|
Sands China Ltd. | |
5.625% due 08/08/2025 | | | | | 2,800 | | | | | | 2,734 | |
|
Warnermedia Holdings, Inc. | |
3.788% due 03/15/2025 | | | | | 3,300 | | | | | | 3,183 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 68,420 | |
| | | | | | | | | | | | |
| |
| UTILITIES 1.4% | |
|
Enel Finance International NV | |
6.800% due 10/14/2025 | | | | | 2,500 | | | | | | 2,548 | |
|
Pacific Gas & Electric Co. | |
3.850% due 11/15/2023 | | | | | 1,000 | | | | | | 991 | |
4.950% due 06/08/2025 | | | | | 3,500 | | | | | | 3,394 | |
|
Sprint LLC | |
7.875% due 09/15/2023 | | | | | 900 | | | | | | 903 | |
|
Verizon Communications, Inc. | |
6.421% (US0003M + 1.100%) due 05/15/2025 ~ | | | | | 6,613 | | | | | | 6,670 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,506 | |
| | | | | | | | | | | | |
Total Corporate Bonds & Notes (Cost $291,277) | | | 286,749 | |
| | | | |
| |
| U.S. GOVERNMENT AGENCIES 8.6% | |
|
Fannie Mae | |
4.000% due 06/01/2042 - 03/01/2047 | | | | | 498 | | | | | | 474 | |
5.000% due 07/01/2033 - 07/01/2044 | | | | | 1,325 | | | | | | 1,297 | |
5.150% due 05/01/2035 | | | | | 38 | | | | | | 38 | |
5.350% due 02/01/2035 - 01/01/2038 | | | | | 371 | | | | | | 365 | |
5.450% due 04/01/2036 | | | | | 88 | | | | | | 86 | |
5.500% due 12/01/2031 - 03/01/2050 | | | | | 1,079 | | | | | | 1,078 | |
6.000% due 09/01/2028 - 04/01/2048 | | | | | 748 | | | | | | 749 | |
6.500% due 07/01/2036 - 09/01/2048 | | | | | 319 | | | | | | 322 | |
|
Freddie Mac | |
2.000% due 02/01/2028 - 04/01/2028 | | | | | 3 | | | | | | 4 | |
2.500% due 10/25/2048 | | | | | 154 | | | | | | 136 | |
5.000% due 01/01/2024 - 02/01/2038 | | | | | 302 | | | | | | 298 | |
5.310% due 11/15/2024 | | | | | 5,400 | | | | | | 5,382 | |
5.400% due 09/01/2037 - 11/01/2038 | | | | | 412 | | | | | | 414 | |
5.500% due 08/01/2033 - 06/01/2047 | | | | | 1,185 | | | | | | 1,188 | |
5.520% due 05/28/2025 | | | | | 15,700 | | | | | | 15,666 | |
5.550% due 06/01/2037 - 07/01/2037 | | | | | 99 | | | | | | 99 | |
6.000% due 09/01/2031 - 05/01/2033 | | | | | 40 | | | | | | 40 | |
6.500% due 11/01/2036 - 10/17/2038 | | | | | 340 | | | | | | 346 | |
7.000% due 05/01/2029 | | | | | 13 | | | | | | 13 | |
|
Ginnie Mae | |
2.500% due 10/20/2049 | | | | | 126 | | | | | | 111 | |
3.000% due 11/20/2046 | | | | | 88 | | | | | | 80 | |
3.500% due 05/20/2042 | | | | | 64 | | | | | | 59 | |
3.700% due 04/15/2042 | | | | | 117 | | | | | | 112 | |
3.740% due 03/20/2042 - 07/20/2042 | | | | | 75 | | | | | | 71 | |
| | | | | | |
| 80 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
3.750% due 04/15/2042 - 03/20/2044 | | $ | | | 144 | | | $ | | | 138 | |
4.000% due 04/20/2040 - 06/20/2043 | | | | | 567 | | | | | | 535 | |
4.500% due 08/20/2038 - 11/20/2048 | | | | | 501 | | | | | | 489 | |
5.350% due 12/15/2036 - 01/15/2038 | | | | | 327 | | | | | | 329 | |
5.400% due 06/20/2039 | | | | | 84 | | | | | | 84 | |
5.500% due 03/20/2034 - 08/20/2041 | | | | | 347 | | | | | | 340 | |
5.816% due 10/20/2072 • | | | | | 1,733 | | | | | | 1,724 | |
6.000% due 09/20/2038 | | | | | 39 | | | | | | 39 | |
6.158% due 08/16/2039 • | | | | | 4 | | | | | | 4 | |
6.500% due 09/20/2025 - 07/20/2039 | | | | | 33 | | | | | | 33 | |
7.000% due 09/15/2024 - 06/20/2039 | | | | | 583 | | | | | | 589 | |
|
Uniform Mortgage-Backed Security | |
4.250% due 01/01/2036 | | | | | 83 | | | | | | 81 | |
4.750% due 09/01/2034 - 04/01/2036 | | | | | 318 | | | | | | 315 | |
5.340% due 09/01/2029 | | | | | 49 | | | | | | 49 | |
6.000% due 06/01/2031 | | | | | 1 | | | | | | 1 | |
|
Uniform Mortgage-Backed Security, TBA | |
5.000% due 08/01/2053 - 09/01/2053 | | | | | 56,800 | | | | | | 55,679 | |
| | | | | | | | | | | | |
Total U.S. Government Agencies (Cost $89,838) | | | 88,857 | |
| | | | |
| |
| U.S. TREASURY OBLIGATIONS 30.3% | |
|
U.S. Treasury Notes | |
4.250% due 05/31/2025 (b) | | | | | 259,900 | | | | | | 256,646 | |
4.500% due 11/15/2025 (d)(f) | | | | | 59,000 | | | | | | 58,703 | |
| | | | | | | | | | | | |
Total U.S. Treasury Obligations (Cost $316,750) | | | 315,349 | |
| | | | |
| |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 10.9% | |
|
Angel Oak Mortgage Trust | |
1.469% due 06/25/2065 ~ | | | | | 601 | | | | | | 554 | |
|
Bear Stearns Adjustable Rate Mortgage Trust | |
4.482% due 02/25/2033 «~ | | | | | 1 | | | | | | 1 | |
|
Bear Stearns ALT-A Trust | |
4.195% due 05/25/2035 ~ | | | | | 28 | | | | | | 27 | |
5.470% due 02/25/2034 • | | | | | 826 | | | | | | 736 | |
|
Beneria Cowen & Pritzer Collateral Funding Corp. | |
5.992% due 06/15/2038 • | | | | | 5,600 | | | | | | 5,014 | |
|
BFLD Trust | |
6.343% due 10/15/2035 • | | | | | 2,000 | | | | | | 1,669 | |
|
Brass PLC | |
6.018% due 11/16/2066 • | | | | | 18 | | | | | | 18 | |
|
BWAY Mortgage Trust | |
6.443% due 09/15/2036 • | | | | | 3,000 | | | | | | 2,819 | |
|
BX Commercial Mortgage Trust | |
5.961% due 01/15/2034 • | | | | | 3,436 | | | | | | 3,375 | |
|
Chase Mortgage Finance Trust | |
4.120% due 02/25/2037 «~ | | | | | 352 | | | | | | 332 | |
|
Chevy Chase Funding LLC Mortgage-Backed Certificates | |
5.350% due 01/25/2036 • | | | | | 32 | | | | | | 28 | |
5.380% due 10/25/2035 • | | | | | 175 | | | | | | 162 | |
5.450% due 08/25/2035 «• | | | | | 20 | | | | | | 18 | |
|
Citigroup Commercial Mortgage Trust | |
6.373% due 10/15/2036 • | | | | | 1,950 | | | | | | 1,911 | |
|
Citigroup Mortgage Loan Trust | |
5.000% due 05/25/2051 • | | | | | 3,879 | | | | | | 3,570 | |
|
Countrywide Alternative Loan Trust | |
5.430% due 06/25/2037 • | | | | | 57 | | | | | | 51 | |
|
Credit Suisse Mortgage Capital Trust | |
3.037% due 12/26/2059 ~ | | | | | 999 | | | | | | 996 | |
|
DROP Mortgage Trust | |
6.343% due 10/15/2043 • | | | | | 6,000 | | | | | | 5,473 | |
|
Extended Stay America Trust | |
6.274% due 07/15/2038 • | | | | | 5,397 | | | | | | 5,297 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
First Horizon Alternative Mortgage Securities Trust | |
5.383% due 02/25/2035 ~ | | $ | | | 180 | | | $ | | | 168 | |
|
GCAT Trust | |
1.348% due 05/25/2066 ~ | | | | | 2,717 | | | | | | 2,208 | |
1.503% due 05/25/2066 ~ | | | | | 2,454 | | | | | | 1,956 | |
2.650% due 10/25/2068 ~ | | | | | 386 | | | | | | 362 | |
2.885% due 12/27/2066 ~ | | | | | 2,088 | | | | | | 1,838 | |
|
GCT Commercial Mortgage Trust | |
5.993% due 02/15/2038 • | | | | | 800 | | | | | | 686 | |
|
Ginnie Mae | |
6.066% due 05/20/2073 | | | | | 11,218 | | | | | | 11,235 | |
|
GS Mortgage Securities Corp. Trust | |
8.547% due 08/15/2039 • | | | | | 7,300 | | | | | | 7,307 | |
|
GS Mortgage-Backed Securities Trust | |
5.000% due 12/25/2051 • | | | | | 2,568 | | | | | | 2,363 | |
5.000% due 02/25/2052 • | | | | | 4,238 | | | | | | 3,836 | |
|
GSR Mortgage Loan Trust | |
4.662% due 09/25/2035 «~ | | | | | 2 | | | | | | 2 | |
7.480% due 08/25/2033 «• | | | | | 66 | | | | | | 60 | |
|
Impac CMB Trust | |
5.790% due 03/25/2035 • | | | | | 80 | | | | | | 73 | |
|
InTown Mortgage Trust | |
7.636% due 08/15/2039 • | | | | | 2,900 | | | | | | 2,906 | |
|
JP Morgan Chase Commercial Mortgage Securities Trust | |
3.379% due 09/15/2050 | | | | | 300 | | | | | | 289 | |
6.061% due 04/15/2038 • | | | | | 945 | | | | | | 930 | |
6.643% due 12/15/2031 • | | | | | 635 | | | | | | 566 | |
|
JP Morgan Mortgage Trust | |
4.186% due 07/25/2035 ~ | | | | | 203 | | | | | | 190 | |
|
JPMBB Commercial Mortgage Securities Trust | |
3.801% due 09/15/2047 | | | | | 4,410 | | | | | | 4,258 | |
|
Legacy Mortgage Asset Trust | |
1.991% due 09/25/2060 ~ | | | | | 766 | | | | | | 754 | |
|
MASTR Adjustable Rate Mortgages Trust | |
4.578% due 04/21/2034 «~ | | | | | 16 | | | | | | 15 | |
|
Merrill Lynch Mortgage Investors Trust | |
4.674% due 12/25/2035 ~ | | | | | 191 | | | | | | 182 | |
5.610% due 04/25/2029 • | | | | | 113 | | | | | | 104 | |
|
MFA Trust | |
1.131% due 07/25/2060 ~ | | | | | 2,630 | | | | | | 2,321 | |
|
Morgan Stanley Mortgage Loan Trust | |
6.230% due 11/25/2035 • | | | | | 755 | | | | | | 749 | |
|
Morgan Stanley Residential Mortgage Loan Trust | |
5.000% due 09/25/2051 • | | | | | 849 | | | | | | 782 | |
|
New Residential Mortgage Loan Trust | |
0.941% due 10/25/2058 ~ | | | | | 1,434 | | | | | | 1,276 | |
2.464% due 01/26/2060 ~ | | | | | 5,251 | | | | | | 4,748 | |
3.500% due 12/25/2057 ~ | | | | | 1,102 | | | | | | 1,034 | |
3.500% due 10/25/2059 ~ | | | | | 431 | | | | | | 399 | |
4.500% due 05/25/2058 ~ | | | | | 107 | | | | | | 102 | |
|
NYO Commercial Mortgage Trust | |
6.356% due 11/15/2038 • | | | | | 6,000 | | | | | | 5,464 | |
|
OBX Trust | |
1.957% due 10/25/2061 ~ | | | | | 240 | | | | | | 196 | |
|
One New York Plaza Trust | |
6.143% due 01/15/2036 • | | | | | 3,700 | | | | | | 3,512 | |
|
ONE Park Mortgage Trust | |
5.961% due 03/15/2036 • | | | | | 3,914 | | | | | | 3,705 | |
|
RESIMAC Bastille Trust | |
5.813% due 02/03/2053 • | | | | | 2,174 | | | | | | 2,156 | |
|
Sequoia Mortgage Trust | |
5.557% due 07/20/2036 • | | | | | 605 | | | | | | 519 | |
5.817% due 06/20/2033 «• | | | | | 1 | | | | | | 1 | |
|
Starwood Mortgage Residential Trust | |
1.486% due 04/25/2065 ~ | | | | | 385 | | | | | | 355 | |
|
Starwood Mortgage Trust | |
6.243% due 04/15/2034 • | | | | | 3,100 | | | | | | 3,042 | |
|
Structured Asset Mortgage Investments Trust | |
5.726% due 07/19/2034 «• | | | | | 3 | | | | | | 3 | |
5.806% due 09/19/2032 • | | | | | 5 | | | | | | 5 | |
|
Thornburg Mortgage Securities Trust | |
3.837% due 04/25/2045 «~ | | | | | 41 | | | | | | 38 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Towd Point Mortgage Trust | |
2.250% due 11/25/2061 ~ | | $ | | | 811 | | | $ | | | 721 | |
2.250% due 12/25/2061 ~ | | | | | 3,357 | | | | | | 3,067 | |
3.750% due 05/25/2058 ~ | | | | | 2,294 | | | | | | 2,165 | |
4.604% due 02/25/2057 • | | | | | 79 | | | | | | 79 | |
6.150% due 05/25/2058 • | | | | | 900 | | | | | | 899 | |
6.150% due 10/25/2059 • | | | | | 603 | | | | | | 597 | |
|
WaMu Mortgage Pass-Through Certificates Trust | |
3.597% due 07/25/2037 ^~ | | | | | 386 | | | | | | 327 | |
4.830% due 06/25/2033 «~ | | | | | 1 | | | | | | 1 | |
4.956% due 06/25/2046 • | | | | | 22 | | | | | | 20 | |
5.770% due 01/25/2045 • | | | | | 7 | | | | | | 7 | |
5.950% due 06/25/2044 • | | | | | 382 | | | | | | 351 | |
6.010% due 10/25/2045 • | | | | | 65 | | | | | | 62 | |
|
Wells Fargo Commercial Mortgage Trust | |
4.218% due 07/15/2046 ~ | | | | | 93 | | | | | | 93 | |
| | | | | | | | | | | | |
Total Non-Agency Mortgage-Backed Securities (Cost $120,215) | | | 113,135 | |
| | | | |
| |
| ASSET-BACKED SECURITIES 24.7% | |
|
American Money Management Corp. CLO Ltd. | |
6.231% due 04/14/2029 • | | | | | 98 | | | | | | 98 | |
|
Anchorage Capital CLO Ltd. | |
6.310% due 07/15/2030 • | | | | | 2,699 | | | | | | 2,683 | |
|
Apex Credit CLO Ltd. | |
6.500% due 09/20/2029 • | | | | | 648 | | | | | | 644 | |
|
AREIT Trust | |
7.333% due 06/17/2039 • | | | | | 7,200 | | | | | | 7,201 | |
|
Ares CLO Ltd. | |
6.312% due 04/18/2031 • | | | | | 4,400 | | | | | | 4,353 | |
|
Asset-Backed Securities Corp. Home Equity Loan Trust | |
5.960% due 06/25/2034 • | | | | | 68 | | | | | | 64 | |
|
Atlas Static Senior Loan Fund Ltd. | |
7.586% due 07/15/2030 • | | | | | 4,306 | | | | | | 4,324 | |
|
Bear Stearns Asset-Backed Securities Trust | |
5.885% due 09/25/2035 • | | | | | 790 | | | | | | 785 | |
5.950% due 10/27/2032 • | | | | | 18 | | | | | | 17 | |
6.050% due 08/25/2034 • | | | | | 448 | | | | | | 432 | |
|
Benefit Street Partners CLO Ltd. | |
6.210% due 10/15/2030 • | | | | | 1,416 | | | | | | 1,404 | |
6.290% due 01/17/2032 • | | | | | 400 | | | | | | 396 | |
|
BXMT Ltd. | |
6.616% due 11/15/2037 • | | | | | 3,900 | | | | | | 3,728 | |
|
Carlyle U.S. CLO Ltd. | |
6.250% due 04/20/2031 • | | | | | 5,600 | | | | | | 5,530 | |
|
Carrington Mortgage Loan Trust | |
6.370% due 10/20/2029 • | | | | | 6,933 | | | | | | 6,889 | |
|
Chase Funding Trust | |
5.750% due 07/25/2033 «• | | | | | 210 | | | | | | 195 | |
|
Countrywide Asset-Backed Certificates Trust | |
3.221% due 03/25/2036 • | | | | | 187 | | | | | | 182 | |
5.450% due 09/25/2046 • | | | | | 215 | | | | | | 213 | |
|
CQS U.S. CLO Ltd. | |
7.698% due 07/20/2031 • | | | | | 1,453 | | | | | | 1,462 | |
|
DLLAD LLC | |
5.190% due 04/20/2026 | | | | | 6,000 | | | | | | 5,946 | |
|
Dryden CLO Ltd. | |
6.310% due 07/15/2031 • | | | | | 7,400 | | | | | | 7,345 | |
|
Dryden Senior Loan Fund | |
6.240% due 04/15/2028 • | | | | | 2,061 | | | | | | 2,052 | |
6.268% due 04/15/2029 • | | | | | 2,925 | | | | | | 2,910 | |
|
Elevation CLO Ltd. | |
6.205% due 10/25/2030 • | | | | | 7,516 | | | | | | 7,462 | |
|
ELFI Graduate Loan Program LLC | |
1.530% due 12/26/2046 | | | | | 4,852 | | | | | | 4,127 | |
|
Enterprise Fleet Financing LLC | |
5.510% due 01/22/2029 | | | | | 7,000 | | | | | | 6,945 | |
5.760% due 10/22/2029 | | | | | 7,000 | | | | | | 6,977 | |
|
Finance America Mortgage Loan Trust | |
5.975% due 08/25/2034 • | | | | | 121 | | | | | | 113 | |
|
First Franklin Mortgage Loan Trust | |
5.470% due 04/25/2036 • | | | | | 1,118 | | | | | | 1,069 | |
5.900% due 11/25/2034 • | | | | | 102 | | | | | | 98 | |
6.080% due 07/25/2034 «• | | | | | 55 | | | | | | 55 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 81 |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Ford Credit Auto Owner Trust | |
4.850% due 08/15/2035 | | $ | | | 6,100 | | | $ | | | 5,978 | |
|
GM Financial Automobile Leasing Trust | |
5.270% due 06/20/2025 | | | | | 5,000 | | | | | | 4,981 | |
|
GM Financial Consumer Automobile Receivables Trust | |
5.687% due 03/16/2026 • | | | | | 5,500 | | | | | | 5,507 | |
|
Golden Credit Card Trust | |
4.310% due 09/15/2027 | | | | | 10,000 | | | | | | 9,777 | |
|
Greenwood Park CLO Ltd. | |
6.270% due 04/15/2031 • | | | | | 4,100 | | | | | | 4,041 | |
|
Greystone Commercial Real Estate Notes Ltd. | |
6.373% due 09/15/2037 • | | | | | 451 | | | | | | 445 | |
|
GSAA Home Equity Trust | |
5.690% due 07/25/2037 • | | | | | 140 | | | | | | 134 | |
|
GSAMP Trust | |
5.670% due 06/25/2036 • | | | | | 570 | | | | | | 545 | |
|
HERA Commercial Mortgage Ltd. | |
6.207% due 02/18/2038 • | | | | | 2,851 | | | | | | 2,751 | |
|
Home Equity Asset Trust | |
6.200% due 11/25/2034 • | | | | | 871 | | | | | | 852 | |
|
Hyundai Auto Lease Securitization Trust | |
5.200% due 04/15/2025 | | | | | 6,574 | | | | | | 6,549 | |
|
Hyundai Auto Receivables Trust | |
5.350% due 11/17/2025 | | | | | 2,809 | | | | | | 2,801 | |
|
KKR CLO Ltd. | |
6.202% due 07/18/2030 • | | | | | 493 | | | | | | 489 | |
6.210% due 07/15/2030 • | | | | | 1,927 | | | | | | 1,912 | |
|
LCCM Trust | |
6.461% due 12/13/2038 • | | | | | 4,000 | | | | | | 3,909 | |
|
LCM LP | |
6.135% due 07/19/2027 • | | | | | 623 | | | | | | 619 | |
6.250% due 07/20/2030 • | | | | | 4,091 | | | | | | 4,064 | |
6.290% due 10/20/2027 • | | | | | 63 | | | | | | 63 | |
|
LCM Ltd. | |
6.330% due 04/20/2031 • | | | | | 1,100 | | | | | | 1,078 | |
|
LoanCore Issuer Ltd. | |
5.981% due 07/15/2035 • | | | | | 904 | | | | | | 885 | |
|
MF1 Ltd. | |
6.961% due 11/15/2035 • | | | | | 1,039 | | | | | | 1,030 | |
|
MF1 Multifamily Housing Mortgage Loan Trust | |
6.111% due 07/15/2036 • | | | | | 1,303 | | | | | | 1,284 | |
|
MidOcean Credit CLO | |
6.329% due 01/29/2030 • | | | | | 2,331 | | | | | | 2,318 | |
|
MKS CLO Ltd. | |
6.250% due 07/20/2030 • | | | | | 4,074 | | | | | | 4,031 | |
|
MMAF Equipment Finance LLC | |
4.924% due 12/01/2023 | | | | | 773 | | | | | | 772 | |
|
Mountain View CLO LLC | |
6.350% due 10/16/2029 • | | | | | 203 | | | | | | 202 | |
|
Nassau Ltd. | |
6.410% due 10/15/2029 • | | | | | 821 | | | | | | 820 | |
|
Navient Private Education Loan Trust | |
2.460% due 11/15/2068 | | | | | 804 | | | | | | 738 | |
6.393% due 12/15/2028 • | | | | | 5 | | | | | | 5 | |
6.643% due 07/16/2040 • | | | | | 2,063 | | | | | | 2,060 | |
|
Navient Private Education Refi Loan Trust | |
0.840% due 05/15/2069 | | | | | 1,247 | | | | | | 1,083 | |
1.170% due 09/16/2069 | | | | | 1,753 | | | | | | 1,552 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
1.310% due 01/15/2069 | | $ | | | 689 | | | $ | | | 623 | |
1.690% due 05/15/2069 | | | | | 2,369 | | | | | | 2,115 | |
2.230% due 07/15/2070 | | | | | 4,897 | | | | | | 4,250 | |
6.193% due 04/15/2069 • | | | | | 1,858 | | | | | | 1,829 | |
|
New Century Home Equity Loan Trust | |
6.080% due 11/25/2034 • | | | | | 357 | | | | | | 342 | |
|
NovaStar Mortgage Funding Trust | |
5.810% due 01/25/2036 • | | | | | 300 | | | | | | 295 | |
|
Oaktree CLO Ltd. | |
6.383% due 04/22/2030 • | | | | | 1,600 | | | | | | 1,576 | |
|
Palmer Square Loan Funding Ltd. | |
6.060% due 10/15/2029 • | | | | | 151 | | | | | | 149 | |
6.179% due 02/20/2028 • | | | | | 281 | | | | | | 279 | |
|
PFP Ltd. | |
6.158% due 08/09/2037 • | | | | | 1,094 | | | | | | 1,067 | |
7.376% due 08/19/2035 • | | | | | 6,000 | | | | | | 6,009 | |
|
PRET LLC | |
1.992% due 02/25/2061 þ | | | | | 1,590 | | | | | | 1,476 | |
2.487% due 07/25/2051 þ | | | | | 2,575 | | | | | | 2,390 | |
|
RAAC Trust | |
5.700% due 01/25/2046 • | | | | | 420 | | | | | | 414 | |
|
Ready Capital Mortgage Financing LLC | |
7.463% due 10/25/2039 • | | | | | 2,000 | | | | | | 2,008 | |
|
Renaissance Home Equity Loan Trust | |
3.823% due 08/25/2033 • | | | | | 738 | | | | | | 667 | |
|
Residential Asset Securities Corp. Trust | |
5.850% due 06/25/2035 • | | | | | 444 | | | | | | 441 | |
6.245% due 03/25/2035 • | | | | | 253 | | | | | | 247 | |
|
Saranac CLO Ltd. | |
6.684% due 08/13/2031 • | | | | | 5,200 | | | | | | 5,138 | |
|
Saxon Asset Securities Trust | |
1.942% due 05/25/2035 • | | | | | 148 | | | | | | 136 | |
|
SBA Tower Trust | |
3.869% due 10/15/2049 þ | | | | | 1,000 | | | | | | 970 | |
|
Securitized Asset-Backed Receivables LLC Trust | |
5.825% due 01/25/2035 • | | | | | 107 | | | | | | 100 | |
|
SLM Student Loan Trust | |
6.005% due 04/25/2049 | | | | | 92 | | | | | | 92 | |
6.955% due 07/25/2023 • | | | | | 131 | | | | | | 130 | |
|
SMB Private Education Loan Trust | |
1.600% due 09/15/2054 | | | | | 1,029 | | | | | | 913 | |
2.230% due 09/15/2037 | | | | | 1,702 | | | | | | 1,561 | |
4.480% due 05/16/2050 | | | | | 2,932 | | | | | | 2,809 | |
5.793% due 03/17/2053 • | | | | | 462 | | | | | | 450 | |
6.000% due 09/15/2054 • | | | | | 4,099 | | | | | | 4,026 | |
|
SoFi Consumer Loan Program Trust | |
5.810% due 05/15/2031 | | | | | 5,276 | | | | | | 5,268 | |
|
SoFi Professional Loan Program LLC | |
3.020% due 02/25/2040 | | | | | 60 | | | | | | 57 | |
|
SoFi Professional Loan Program Trust | |
1.950% due 02/15/2046 | | | | | 626 | | | | | | 561 | |
|
Sound Point CLO Ltd. | |
6.173% due 01/23/2029 • | | | | | 2,234 | | | | | | 2,231 | |
6.235% due 07/25/2030 • | | | | | 2,160 | | | | | | 2,135 | |
|
Soundview Home Loan Trust | |
5.825% due 06/25/2035 • | | | | | 286 | | | | | | 276 | |
|
Structured Asset Investment Loan Trust | |
5.700% due 09/25/2034 • | | | | | 1,588 | | | | | | 1,480 | |
5.855% due 03/25/2034 • | | | | | 469 | | | | | | 452 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Structured Asset Securities Corp. Mortgage Loan Trust | |
5.285% due 07/25/2036 • | | $ | | | 233 | | | $ | | | 231 | |
|
Towd Point Asset Trust | |
5.857% due 11/20/2061 • | | | | | 1,426 | | | | | | 1,401 | |
|
Towd Point Mortgage Trust | |
3.000% due 11/25/2058 ~ | | | | | 117 | | | | | | 115 | |
|
Toyota Auto Receivables Owner Trust | |
5.270% due 01/15/2026 | | | | | 4,858 | | | | | | 4,845 | |
5.280% due 05/15/2026 | | | | | 6,100 | | | | | | 6,076 | |
|
Venture CLO Ltd. | |
6.270% due 04/20/2029 • | | | | | 1,046 | | | | | | 1,045 | |
6.300% due 07/20/2030 • | | | | | 8,384 | | | | | | 8,305 | |
6.350% due 01/20/2029 • | | | | | 1,030 | | | | | | 1,023 | |
6.380% due 04/20/2032 • | | | | | 1,100 | | | | | | 1,083 | |
|
Vibrant CLO Ltd. | |
6.370% due 07/20/2032 • | | | | | 300 | | | | | | 295 | |
|
VMC Finance LLC | |
6.257% due 06/16/2036 • | | | | | 2,079 | | | | | | 2,040 | |
|
Voya CLO Ltd. | |
6.210% due 04/17/2030 • | | | | | 4,135 | | | | | | 4,105 | |
6.248% due 10/15/2030 • | | | | | 3,263 | | | | | | 3,239 | |
|
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates | |
5.750% due 04/25/2034 • | | | | | 987 | | | | | | 949 | |
|
World Omni Auto Receivables Trust | |
5.510% due 03/16/2026 | | | | | 3,957 | | | | | | 3,951 | |
|
World Omni Automobile Lease Securitization Trust | |
5.470% due 11/17/2025 | | | | | 5,000 | | | | | | 4,976 | |
| | | | | | | | | | | | |
Total Asset-Backed Securities (Cost $262,071) | | | 257,615 | |
| | | | |
| |
| SHORT-TERM INSTRUMENTS 1.5% | |
| |
| COMMERCIAL PAPER 1.3% | |
|
AT&T, Inc. | |
5.700% due 03/19/2024 | | | | | 14,300 | | | | | | 13,689 | |
| | | | | | | | | | | | |
| |
| REPURCHASE AGREEMENTS (a) 0.2% | |
| | | | | | | | | | | 2,436 | |
| | | | | | | | | | | | |
| Total Short-Term Instruments (Cost $16,147) | | | 16,125 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments in Securities (Cost $1,102,685) | | | 1,084,230 | |
| | | | |
| | | | | | | | | | | | |
| Total Investments 104.1% (Cost $1,102,685) | | | $ | | | 1,084,230 | |
| | | | | | | | | | | | |
Financial Derivative
Instruments (c)(e) (0.1)% (Cost or Premiums, net $(1,367)) | | | | | | (1,295 | ) |
| |
| Other Assets and Liabilities, net (4.0)% | | | (41,103 | ) |
| | | | |
| Net Assets 100.0% | | | $ | | | 1,041,832 | |
| | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
| « | Security valued using significant unobservable inputs (Level 3). |
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. |
| • | Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description. |
| þ | Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end. |
| | | | | | |
| 82 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(a) REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Lending
Rate | | | Settlement
Date | | | Maturity
Date | | | Principal
Amount | | | Collateralized By | | Collateral
(Received) | | | Repurchase
Agreements,
at Value | | | Repurchase
Agreement
Proceeds
to be
Received(1) | |
| FICC | | | 2.400 | % | | | 06/30/2023 | | | | 07/03/2023 | | | $ | 2,436 | | | U.S. Treasury Notes 1.625% due 10/31/2026 | | $ | (2,485 | ) | | $ | 2,436 | | | $ | 2,436 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (2,485 | ) | | $ | 2,436 | | | $ | 2,436 | |
| | | | | | | | | | | | | | | |
REVERSE REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Borrowing
Rate(2) | | | Settlement
Date | | | Maturity
Date | | | Amount
Borrowed(2) | | | Payable for
Reverse
Repurchase
Agreements | |
JPS | | | 4.900 | % | | | 06/30/2023 | | | | 07/03/2023 | | | $ | (81,576 | ) | | $ | (81,609 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total Reverse Repurchase Agreements | | | | | | | | | | | $ | (81,609 | ) |
| | | | | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(3) | |
Global/Master Repurchase Agreement | |
FICC | | $ | 2,436 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 2,436 | | | $ | (2,485 | ) | | $ | (49 | ) |
JPS | | | 0 | | | | (81,609 | ) | | | 0 | | | | 0 | | | | (81,609 | ) | | | 81,368 | | | | (241 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 2,436 | | | $ | (81,609 | ) | | $ | 0 | | | $ | 0 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements
| | | | | | | | | | | | | | | | | | | | |
| | | Overnight and
Continuous | | | Up to 30 days | | | 31-90 days | | | Greater Than 90 days | | | Total | |
Reverse Repurchase Agreements | |
Non-Agency Mortgage-Backed Securities | | $ | 0 | | | $ | (81,609 | ) | | $ | 0 | | | $ | 0 | | | $ | (81,609 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total Borrowings | | $ | 0 | | | $ | (81,609 | ) | | $ | 0 | | | $ | 0 | | | $ | (81,609 | ) |
| | | | | | | | | | | | | | | | | | | | |
Payable for reverse repurchase agreements | | | $ | (81,609 | ) |
| | | | | |
| (b) | Securities with an aggregate market value of $81,368 have been pledged as collateral under the terms of the above master agreements as of June 30, 2023. |
| (1) | Includes accrued interest. |
| (2) | The average amount of borrowings outstanding during the period ended June 30, 2023 was $(30,993) at a weighted average interest rate of 1.678%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| (3) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
(c) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| LONG FUTURES CONTRACTS | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Expiration
Month | | | # of
Contracts | | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | | | Variation Margin | |
| | Asset | | | Liability | |
U.S. Treasury 2-Year Note September Futures | | | 09/2023 | | | | 2,460 | | | | $ | | | | 500,226 | | | $ | (3,967 | ) | | $ | 24 | | | $ | (63 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 83 |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SHORT FUTURES CONTRACTS | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Expiration
Month | | | # of
Contracts | | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | | | Variation Margin | |
| | Asset | | | Liability | |
U.S. Treasury 5-Year Note September Futures | | | 09/2023 | | | | 397 | | | $ | | | | | (42,516 | ) | | $ | 224 | | | $ | 0 | | | $ | 0 | |
U.S. Treasury 10-Year Note September Futures | | | 09/2023 | | | | 84 | | | | | | | | (9,430 | ) | | | 166 | | | | 0 | | | | (12 | ) |
U.S. Treasury Ultra 10-Year Note September Futures | | | 09/2023 | | | | 441 | | | | | | | | (52,231 | ) | | | 342 | | | | 0 | | | | (131 | ) |
U.S. Treasury Ultra Long-Term Bond September Futures | | | 09/2023 | | | | 16 | | | | | | | | (2,180 | ) | | | (31 | ) | | | 0 | | | | (20 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 701 | | | $ | 0 | | | $ | (163 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Futures Contracts | | | | | | | $ | (3,266 | ) | | $ | 24 | | | $ | (226 | ) |
| | | | | | | | | | | | | | | | | |
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION(1)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Index/Tranches | | Fixed
(Pay) Rate | | | Payment
Frequency | | Maturity
Date | | | Notional
Amount(2) | | | Premiums
Paid/(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Market
Value(3) | | | Variation Margin | |
| | Asset | | | Liability | |
CDX.IG-40 5-Year Index | | | (1.000 | )% | | Quarterly | | | 06/20/2028 | | | $ | | | | | 187,800 | | | $ | (1,367 | ) | | $ | (1,510 | ) | | $ | (2,877 | ) | | $ | 0 | | | $ | (253 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Swap Agreements | | | $ | (1,367 | ) | | $ | (1,510 | ) | | $ | (2,877 | ) | | $ | 0 | | | $ | (253 | ) |
| | | | | | | | | | | | | | | | | | | | | |
FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Financial Derivative Assets | | | | | | Financial Derivative Liabilities | |
| | | Market Value | | | Variation Margin
Asset | | | Total | | | | | | Market Value | | | Variation Margin
Liability | | | Total | |
| | | Purchased
Options | | | Futures | | | Swap
Agreements | | | | | | Written
Options | | | Futures | | | Swap
Agreements | |
Total Exchange-Traded or Centrally Cleared | | $ | 0 | | | $ | 24 | | | $ | 0 | | | $ | 24 | | | | | | | $ | 0 | | | $ | (226 | ) | | $ | (253 | ) | | $ | (479 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (d) | Securities with an aggregate market value of $1,538 and cash of $8,155 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
| (1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| (2) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| (3) | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Settlement
Month | | | Currency to
be Delivered | | | Currency to
be Received | | | Unrealized Appreciation/
(Depreciation) | |
| | Asset | | | Liability | |
BOA | | | 07/2023 | | | JPY | | | 900 | | | $ | | | 6 | | | $ | 0 | | | $ | 0 | |
| | | 08/2023 | | | $ | | | 17,946 | | | AUD | | | 26,548 | | | | 0 | | | | (239 | ) |
| | | | | | | |
BPS | | | 07/2023 | | | | | | 16,828 | | | JPY | | | 2,339,050 | | | | 0 | | | | (618 | ) |
| | | 08/2023 | | | | | | 10,644 | | | | | | 1,531,951 | | | | 18 | | | | 0 | |
| | | | | | | |
JPM | | | 07/2023 | | | JPY | | | 796,247 | | | $ | | | 5,568 | | | | 49 | | | | 0 | |
| | | 08/2023 | | | $ | | | 5,568 | | | JPY | | | 792,864 | | | | 0 | | | | (50 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Forward Foreign Currency Contracts | | | $ | 67 | | | $ | (907 | ) |
| | | | | | | | | |
| | | | | | |
| 84 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Financial Derivative Assets | | | | | | Financial Derivative Liabilities | | | | | | | | | | |
| Counterparty | | Forward
Foreign
Currency
Contracts | | | Purchased
Options | | | Swap
Agreements | | | Total
Over the
Counter | | | | | | Forward
Foreign
Currency
Contracts | | | Written
Options | | | Swap
Agreements | | | Total
Over the
Counter | | | Net Market
Value of OTC
Derivatives | | | Collateral
Pledged/
(Received) | | | Net
Exposure(1) | |
BOA | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | $ | (239 | ) | | $ | 0 | | | $ | 0 | | | $ | (239 | ) | | $ | (239 | ) | | $ | 364 | | | $ | 125 | |
BPS | | | 18 | | | | 0 | | | | 0 | | | | 18 | | | | | | | | (618 | ) | | | 0 | | | | 0 | | | | (618 | ) | | | (600 | ) | | | 548 | | | | (52 | ) |
JPM | | | 49 | | | | 0 | | | | 0 | | | | 49 | | | | | | | | (50 | ) | | | 0 | | | | 0 | | | | (50 | ) | | | (1 | ) | | | 0 | | | | (1 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Over the Counter | | $ | 67 | | | $ | 0 | | | $ | 0 | | | $ | 67 | | | | | | | $ | (907 | ) | | $ | 0 | | | $ | 0 | | | $ | (907 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (f) | Securities with an aggregate market value of $912 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2023. |
| (1) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 24 | | | $ | 24 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 67 | | | $ | 0 | | | $ | 67 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 67 | | | $ | 24 | | | $ | 91 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 226 | | | $ | 226 | |
Swap Agreements | | | 0 | | | | 253 | | | | 0 | | | | 0 | | | | 0 | | | | 253 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 253 | | | $ | 0 | | | $ | 0 | | | $ | 226 | | | $ | 479 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 907 | | | $ | 0 | | | $ | 907 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 253 | | | $ | 0 | | | $ | 907 | | | $ | 226 | | | $ | 1,386 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Net Realized Gain (Loss) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 11,848 | | | $ | 11,848 | |
Swap Agreements | | | 0 | | | | (2,898 | ) | | | 0 | | | | 0 | | | | (27,642 | ) | | | (30,540 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (2,898 | ) | | $ | 0 | | | $ | 0 | | | $ | (15,794 | ) | | $ | (18,692 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (5,866 | ) | | $ | 0 | | | $ | (5,866 | ) |
Written Options | | | 0 | | | | 103 | | | | 0 | | | | 0 | | | | 0 | | | | 103 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 103 | | | $ | 0 | | | $ | (5,866 | ) | | $ | 0 | | | $ | (5,763 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (2,795 | ) | | $ | 0 | | | $ | (5,866 | ) | | $ | (15,794 | ) | | $ | (24,455 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 85 |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | (Cont.) | | June 30, 2023 |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (5,805 | ) | | $ | (5,805 | ) |
Swap Agreements | | | 0 | | | | (5,261 | ) | | | 0 | | | | 0 | | | | 9,911 | | | | 4,650 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (5,261 | ) | | $ | 0 | | | $ | 0 | | | $ | 4,106 | | | $ | (1,155 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 747 | | | $ | 0 | | | $ | 747 | |
Written Options | | | 0 | | | | (10 | ) | | | 0 | | | | 0 | | | | 0 | | | | (10 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (10 | ) | | $ | 0 | | | $ | 747 | | | $ | 0 | | | $ | 737 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (5,271 | ) | | $ | 0 | | | $ | 747 | | | $ | 4,106 | | | $ | (418 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Securities, at Value | |
Loan Participations and Assignments | | $ | 0 | | | $ | 0 | | | $ | 6,400 | | | $ | 6,400 | |
Corporate Bonds & Notes | |
Banking & Finance | | | 0 | | | | 203,823 | | | | 0 | | | | 203,823 | |
Industrials | | | 0 | | | | 68,420 | | | | 0 | | | | 68,420 | |
Utilities | | | 0 | | | | 14,506 | | | | 0 | | | | 14,506 | |
U.S. Government Agencies | | | 0 | | | | 88,857 | | | | 0 | | | | 88,857 | |
U.S. Treasury Obligations | | | 0 | | | | 315,349 | | | | 0 | | | | 315,349 | |
Non-Agency Mortgage-Backed Securities | | | 0 | | | | 112,664 | | | | 471 | | | | 113,135 | |
Asset-Backed Securities | | | 0 | | | | 257,365 | | | | 250 | | | | 257,615 | |
Short-Term Instruments | |
Commercial Paper | | | 0 | | | | 13,689 | | | | 0 | | | | 13,689 | |
Repurchase Agreements | | | 0 | | | | 2,436 | | | | 0 | | | | 2,436 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 1,077,109 | | | $ | 7,121 | | | $ | 1,084,230 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
|
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | | $ | 0 | | | $ | 24 | | | $ | 0 | | | $ | 24 | |
Over the counter | | | 0 | | | | 67 | | | | 0 | | | | 67 | |
| | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 91 | | | $ | 0 | | | $ | 91 | |
| | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | | | 0 | | | | (479 | ) | | | 0 | | | | (479 | ) |
Over the counter | | | 0 | | | | (907 | ) | | | 0 | | | | (907 | ) |
| | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | (1,386 | ) | | $ | 0 | | | $ | (1,386 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Total Financial Derivative Instruments | | $ | 0 | | | $ | (1,295 | ) | | $ | 0 | | | $ | (1,295 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Totals | | $ | 0 | | | $ | 1,075,814 | | | $ | 7,121 | | | $ | 1,082,935 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.
| | | | | | |
| 86 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | June 30, 2023 |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 101.1% | |
| |
| CORPORATE BONDS & NOTES 50.5% | |
| |
| BANKING & FINANCE 33.6% | |
|
AerCap Ireland Capital DAC | |
5.772% (SOFRRATE + 0.680%) due 09/29/2023 ~ | | $ | | | 1,460 | | | $ | | | 1,458 | |
|
American Express Co. | |
6.052% (US0003M + 0.750%) due 08/03/2023 ~ | | | | | 225 | | | | | | 225 | |
|
American Tower Corp. | |
0.600% due 01/15/2024 | | | | | 500 | | | | | | 486 | |
5.000% due 02/15/2024 | | | | | 1,500 | | | | | | 1,492 | |
|
Athene Global Funding | |
0.950% due 01/08/2024 | | | | | 1,200 | | | | | | 1,165 | |
1.200% due 10/13/2023 | | | | | 200 | | | | | | 197 | |
|
Aviation Capital Group LLC | |
4.375% due 01/30/2024 | | | | | 500 | | | | | | 492 | |
|
Banco Santander SA | |
3.892% due 05/24/2024 | | | | | 1,300 | | | | | | 1,275 | |
|
Bank of America Corp. | |
5.751% (SOFRRATE + 0.690%) due 04/22/2025 ~ | | | | | 200 | | | | | | 200 | |
|
Bank of Montreal | |
5.440% (SOFRINDX + 0.350%) due 12/08/2023 ~ | | | | | 1,000 | | | | | | 1,000 | |
5.800% (SOFRINDX + 0.710%) due 12/12/2024 ~ | | | | | 300 | | | | | | 300 | |
|
Bank of Nova Scotia | |
0.650% due 07/31/2024 | | | | | 1,500 | | | | | | 1,421 | |
|
Barclays PLC | |
1.007% due 12/10/2024 • | | | | | 1,000 | | | | | | 975 | |
|
BPCE SA | |
4.000% due 09/12/2023 | | | | | 700 | | | | | | 697 | |
6.780% (US0003M + 1.240%) due 09/12/2023 ~ | | | | | 800 | | | | | | 801 | |
|
CNH Industrial Capital LLC | |
4.200% due 01/15/2024 | | | | | 500 | | | | | | 495 | |
|
Crown Castle, Inc. | |
3.150% due 07/15/2023 | | | | | 2,095 | | | | | | 2,092 | |
|
Deutsche Bank AG | |
0.898% due 05/28/2024 (d) | | | | | 1,000 | | | | | | 950 | |
0.962% due 11/08/2023 | | | | | 500 | | | | | | 490 | |
|
Five Corners Funding Trust | |
4.419% due 11/15/2023 | | | | | 1,900 | | | | | | 1,879 | |
|
GA Global Funding Trust | |
1.000% due 04/08/2024 | | | | | 1,400 | | | | | | 1,335 | |
|
Goldman Sachs Group, Inc. | |
5.700% due 11/01/2024 | | | | | 500 | | | | | | 499 | |
7.063% (US0003M + 1.600%) due 11/29/2023 ~ | | | | | 1,800 | | | | | | 1,809 | |
|
Hana Bank | |
3.500% due 01/30/2024 | | | | | 1,500 | | | | | | 1,480 | |
|
Intesa Sanpaolo SpA | |
5.250% due 01/12/2024 | | | | | 1,150 | | | | | | 1,141 | |
|
JPMorgan Chase & Co. | |
0.768% due 08/09/2025 • | | | | | 800 | | | | | | 754 | |
4.023% due 12/05/2024 • | | | | | 800 | | | | | | 793 | |
|
Lloyds Banking Group PLC | |
4.050% due 08/16/2023 | | | | | 1,140 | | | | | | 1,138 | |
|
Mitsubishi UFJ Financial Group, Inc. | |
2.527% due 09/13/2023 | | | | | 2,000 | | | | | | 1,986 | |
|
Mizuho Financial Group, Inc. | |
0.849% due 09/08/2024 • | | | | | 1,000 | | | | | | 990 | |
|
Morgan Stanley | |
3.000% due 02/07/2024 (d) | | CAD | | | 1,900 | | | | | | 1,414 | |
|
National Bank of Canada | |
0.550% due 11/15/2024 • | | $ | | | 500 | | | | | | 490 | |
|
Nationwide Building Society | |
4.363% due 08/01/2024 • | | | | | 1,338 | | | | | | 1,335 | |
|
NatWest Group PLC | |
3.875% due 09/12/2023 | | | | | 500 | | | | | | 497 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Nomura Holdings, Inc. | |
2.648% due 01/16/2025 | | $ | | | 1,400 | | | $ | | | 1,326 | |
|
Nordea Bank Abp | |
6.403% (US0003M + 0.940%) due 08/30/2023 ~ | | | | | 1,000 | | | | | | 1,001 | |
|
NTT Finance Corp. | |
4.142% due 07/26/2024 | | | | | 714 | | | | | | 703 | |
|
ORIX Corp. | |
4.050% due 01/16/2024 | | | | | 1,400 | | | | | | 1,384 | |
|
Royal Bank of Canada | |
5.427% (SOFRINDX + 0.360%) due 07/29/2024 ~ | | | | | 1,369 | | | | | | 1,363 | |
|
SBA Tower Trust | |
2.836% due 01/15/2050 | | | | | 400 | | | | | | 380 | |
|
Societe Generale SA | |
3.875% due 03/28/2024 | | | | | 850 | | | | | | 832 | |
6.096% (SOFRRATE + 1.050%) due 01/21/2026 ~ | | | | | 1,000 | | | | | | 991 | |
|
Standard Chartered PLC | |
1.214% due 03/23/2025 • | | | | | 600 | | | | | | 577 | |
|
Sumitomo Mitsui Financial Group, Inc. | |
0.508% due 01/12/2024 | | | | | 3,000 | | | | | | 2,917 | |
|
Sumitomo Mitsui Trust Bank Ltd. | |
0.850% due 03/25/2024 | | | | | 700 | | | | | | 675 | |
|
Swedbank AB | |
0.600% due 09/25/2023 | | | | | 200 | | | | | | 198 | |
0.850% due 03/18/2024 | | | | | 1,300 | | | | | | 1,254 | |
|
Toronto-Dominion Bank | |
5.542% (SOFRRATE + 0.450%) due 09/28/2023 ~ | | | | | 2,315 | | | | | | 2,316 | |
|
Vonovia Finance BV | |
5.000% due 10/02/2023 | | | | | 1,000 | | | | | | 995 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 50,663 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 13.2% | |
|
Baxter International, Inc. | |
5.351% (SOFRINDX + 0.260%) due 12/01/2023 ~ | | | | | 1,500 | | | | | | 1,497 | |
|
Central Japan Railway Co. | |
3.400% due 09/06/2023 | | | | | 2,395 | | | | | | 2,384 | |
|
CNH Industrial NV | |
4.500% due 08/15/2023 | | | | | 700 | | | | | | 699 | |
|
ERAC USA Finance LLC | |
2.700% due 11/01/2023 | | | | | 1,700 | | | | | | 1,683 | |
|
General Mills, Inc. | |
3.650% due 02/15/2024 | | | | | 1,000 | | | | | | 987 | |
|
HCA, Inc. | |
5.000% due 03/15/2024 | | | | | 1,400 | | | | | | 1,391 | |
|
Hyundai Capital America | |
5.800% due 06/26/2025 | | | | | 1,500 | | | | | | 1,498 | |
|
JDE Peet’s NV | |
0.800% due 09/24/2024 | | | | | 1,585 | | | | | | 1,487 | |
|
John Lewis PLC | |
6.125% due 01/21/2025 | | GBP | | | 1,000 | | | | | | 1,223 | |
|
Keurig Dr Pepper, Inc. | |
0.750% due 03/15/2024 | | $ | | | 1,600 | | | | | | 1,544 | |
|
Kia Corp. | |
1.000% due 04/16/2024 | | | | | 700 | | | | | | 674 | |
|
Komatsu Finance America, Inc. | |
0.849% due 09/09/2023 | | | | | 1,600 | | | | | | 1,585 | |
|
SK Broadband Co. Ltd. | |
3.875% due 08/13/2023 | | | | | 200 | | | | | | 200 | |
|
Takeda Pharmaceutical Co. Ltd. | |
4.400% due 11/26/2023 | | | | | 710 | | | | | | 706 | |
|
VMware, Inc. | |
0.600% due 08/15/2023 | | | | | 1,500 | | | | | | 1,491 | |
|
Warnermedia Holdings, Inc. | |
3.528% due 03/15/2024 | | | | | 400 | | | | | | 393 | |
|
Weyerhaeuser Co. | |
4.750% due 05/15/2026 | | | | | 500 | | | | | | 491 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 19,933 | |
| | | | | | | | | | | | |
| |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| UTILITIES 3.7% | |
|
American Water Capital Corp. | |
3.850% due 03/01/2024 | | $ | | | 1,500 | | | $ | | | 1,481 | |
|
AT&T, Inc. | |
6.720% (US0003M + 1.180%) due 06/12/2024 ~ | | | | | 1,000 | | | | | | 1,009 | |
|
Avangrid, Inc. | |
3.150% due 12/01/2024 | | | | | 500 | | | | | | 480 | |
|
Enel Finance International NV | |
2.650% due 09/10/2024 | | | | | 1,500 | | | | | | 1,444 | |
|
Verizon Communications, Inc. | |
6.421% (US0003M + 1.100%) due 05/15/2025 ~ | | | | | 1,100 | | | | | | 1,109 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,523 | |
| | | | | | | | | | | | |
Total Corporate Bonds & Notes (Cost $76,723) | | | 76,119 | |
| | | | |
| |
| U.S. GOVERNMENT AGENCIES 5.9% | |
|
Fannie Mae | |
4.285% due 08/25/2044 • | | | | | 859 | | | | | | 838 | |
5.650% due 05/25/2046 • | | | | | 242 | | | | | | 236 | |
|
Federal Home Loan Bank | |
5.280% due 05/06/2024 | | | | | 1,500 | | | | | | 1,496 | |
5.330% due 05/24/2024 | | | | | 1,400 | | | | | | 1,396 | |
5.350% due 05/17/2024 | | | | | 1,000 | | | | | | 998 | |
5.650% due 05/28/2025 | | | | | 1,000 | | | | | | 999 | |
5.710% due 03/14/2025 | | | | | 1,400 | | | | | | 1,401 | |
|
Freddie Mac | |
5.793% due 01/15/2054 • | | | | | 470 | | | | | | 457 | |
|
Ginnie Mae | |
3.000% due 06/20/2051 • | | | | | 1,195 | | | | | | 1,015 | |
| | | | | | | | | | | | |
Total U.S. Government Agencies (Cost $9,060) | | | 8,836 | |
| | | | |
| |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 3.8% | |
|
280 Park Avenue Mortgage Trust | |
6.062% due 09/15/2034 • | | | | | 500 | | | | | | 485 | |
|
BSST Mortgage Trust | |
6.447% due 02/15/2037 • | | | | | 500 | | | | | | 453 | |
|
DROP Mortgage Trust | |
6.343% due 10/15/2043 • | | | | | 1,000 | | | | | | 912 | |
|
GCAT Trust | |
2.885% due 12/27/2066 ~ | | | | | 261 | | | | | | 230 | |
|
Gemgarto PLC | |
5.479% due 12/16/2067 • | | GBP | | | 238 | | | | | | 302 | |
|
Hilton USA Trust | |
2.828% due 11/05/2035 | | $ | | | 800 | | | | | | 743 | |
|
OBX Trust | |
2.305% due 11/25/2061 ~ | | | | | 654 | | | | | | 550 | |
2.783% due 01/25/2062 þ | | | | | 515 | | | | | | 465 | |
|
One Market Plaza Trust | |
3.614% due 02/10/2032 | | | | | 600 | | | | | | 555 | |
|
RESIMAC Premier | |
5.922% due 07/10/2052 • | | | | | 165 | | | | | | 165 | |
|
Starwood Mortgage Residential Trust | |
1.027% due 11/25/2055 ~ | | | | | 179 | | | | | | 159 | |
|
Towd Point Mortgage Trust | |
3.750% due 05/25/2058 ~ | | | | | 328 | | | | | | 309 | |
|
VASA Trust | |
6.093% due 07/15/2039 • | | | | | 500 | | | | | | 441 | |
| | | | | | | | | | | | |
Total Non-Agency Mortgage-Backed Securities (Cost $6,347) | | | 5,769 | |
| | | | |
| |
| ASSET-BACKED SECURITIES 14.9% | |
|
ACAS CLO Ltd. | |
6.152% due 10/18/2028 • | | | | | 550 | | | | | | 547 | |
|
American Money Management Corp. CLO Ltd. | |
6.130% due 04/17/2029 • | | | | | 68 | | | | | | 68 | |
|
Apres Static CLO Ltd. | |
6.330% due 10/15/2028 • | | | | | 107 | | | | | | 107 | |
|
Ares CLO Ltd. | |
6.130% due 01/15/2029 • | | | | | 579 | | | | | | 575 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 87 |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
BMW Canada Auto Trust | |
5.430% due 01/20/2026 | | CAD | | | 1,300 | | | $ | | | 979 | |
|
College Avenue Student Loans LLC | |
6.350% due 12/26/2047 • | | $ | | | 604 | | | | | | 596 | |
|
Commonbond Student Loan Trust | |
1.980% due 08/25/2050 | | | | | 1,350 | | | | | | 1,147 | |
3.560% due 09/25/2045 | | | | | 593 | | | | | | 552 | |
|
Dryden Senior Loan Fund | |
6.240% due 04/15/2028 • | | | | | 330 | | | | | | 328 | |
|
Ford Auto Securitization Trust Asset-Backed Notes | |
4.956% due 10/15/2024 | | CAD | | | 159 | | | | | | 120 | |
|
Halseypoint CLO Ltd. | |
6.350% due 07/20/2031 • | | $ | | | 974 | | | | | | 968 | |
|
LAD Auto Receivables Trust | |
5.440% due 05/15/2024 | | | | | 388 | | | | | | 388 | |
|
LCM LP | |
6.135% due 07/19/2027 • | | | | | 467 | | | | | | 465 | |
|
Madison Park Funding Ltd. | |
6.010% due 04/15/2029 • | | | | | 760 | | | | | | 752 | |
|
Marathon Static CLO Ltd. | |
7.268% due 07/20/2030 • | | | | | 1,027 | | | | | | 1,029 | |
|
Nassau Ltd. | |
6.410% due 10/15/2029 • | | | | | 205 | | | | | | 205 | |
|
Navient Private Education Loan Trust | |
2.650% due 12/15/2028 | | | | | 1 | | | | | | 1 | |
|
Navient Private Education Refi Loan Trust | |
1.060% due 10/15/2069 | | | | | 1,065 | | | | | | 920 | |
1.310% due 01/15/2069 | | | | | 160 | | | | | | 145 | |
2.400% due 10/15/2068 | | | | | 147 | | | | | | 135 | |
2.600% due 08/15/2068 | | | | | 934 | | | | | | 857 | |
3.130% due 02/15/2068 | | | | | 890 | | | | | | 842 | |
6.193% due 04/15/2069 • | | | | | 265 | | | | | | 261 | |
|
OCP CLO Ltd. | |
6.370% due 07/20/2029 • | | | | | 519 | | | | | | 516 | |
|
OSD CLO Ltd. | |
6.130% due 04/17/2031 • | | | | | 977 | | | | | | 966 | |
|
Palmer Square Loan Funding Ltd. | |
6.060% due 10/15/2029 • | | | | | 1,358 | | | | | | 1,344 | |
|
PRET LLC | |
1.868% due 07/25/2051 þ | | | | | 406 | | | | | | 373 | |
|
SMB Private Education Loan Trust | |
1.390% due 01/15/2053 | | | | | 680 | | | | | | 589 | |
5.993% due 01/15/2053 • | | | | | 842 | | | | | | 819 | |
6.693% due 04/15/2032 • | | | | | 519 | | | | | | 520 | |
|
SoFi Professional Loan Program LLC | |
2.630% due 07/25/2040 | | | | | 22 | | | | | | 22 | |
5.850% due 03/26/2040 • | | | | | 24 | | | | | | 24 | |
|
Sound Point CLO Ltd. | |
6.300% due 10/20/2028 • | | | | | 92 | | | | | | 92 | |
|
Stratus CLO Ltd. | |
6.150% due 12/28/2029 • | | | | | 494 | | | | | | 488 | |
6.200% due 12/29/2029 • | | | | | 640 | | | | | | 635 | |
|
Symphony Static CLO Ltd. | |
6.085% due 10/25/2029 • | | | | | 1,491 | | | | | | 1,475 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Tesla Auto Lease Trust | |
0.360% due 09/22/2025 | | $ | | | 255 | | | $ | | | 253 | |
0.630% due 09/22/2025 | | | | | 1,124 | | | | | | 1,072 | |
|
Towd Point HE Trust | |
0.918% due 02/25/2063 ~ | | | | | 111 | | | | | | 103 | |
|
Toyota Auto Receivables Owner Trust | |
5.837% due 01/15/2026 • | | | | | 874 | | | | | | 876 | |
|
Venture CLO Ltd. | |
6.493% due 08/28/2029 • | | | | | 300 | | | | | | 298 | |
|
Wellfleet CLO Ltd. | |
6.140% due 07/20/2029 • | | | | | 92 | | | | | | 91 | |
| | | | | | | | | | | | |
Total Asset-Backed Securities (Cost $23,318) | | | 22,543 | |
| | | | |
| |
| SOVEREIGN ISSUES 1.1% | |
|
Korea Development Bank | |
5.340% (SOFRINDX + 0.250%) due 03/09/2024 ~ | | | | | 185 | | | | | | 185 | |
|
Korea Land & Housing Finance Corp. | |
0.625% due 11/03/2023 | | | | | 1,500 | | | | | | 1,474 | |
| | | | | | | | | | | | |
Total Sovereign Issues (Cost $1,662) | | | 1,659 | |
| | | | |
| |
| SHORT-TERM INSTRUMENTS 24.9% | |
| |
| COMMERCIAL PAPER 19.8% | |
|
Arrow Electronics, Inc. | |
5.730% due 07/18/2023 | | | | | 300 | | | | | | 299 | |
|
AT&T, Inc. | |
5.500% due 03/19/2024 | | | | | 250 | | | | | | 239 | |
5.600% due 11/21/2023 | | | | | 250 | | | | | | 244 | |
5.700% due 03/19/2024 | | | | | 400 | | | | | | 383 | |
|
Bank of Nova Scotia | |
4.740% due 07/19/2023 | | CAD | | | 2,300 | | | | | | 1,732 | |
|
Becton Dickinson & Co. | |
5.390% due 07/10/2023 | | $ | | | 800 | | | | | | 799 | |
|
Canadian Imperial Bank of Commerce | |
4.711% due 07/21/2023 | | CAD | | | 4,200 | | | | | | 3,161 | |
|
Conagra Brands, Inc. | |
5.750% due 07/05/2023 | | $ | | | 1,500 | | | | | | 1,499 | |
|
Consolidated Edison Co. of New York, Inc. | |
5.420% due 07/17/2023 | | | | | 1,500 | | | | | | 1,496 | |
|
Constellation Energy Corp. | |
5.300% due 07/13/2023 | | | | | 300 | | | | | | 299 | |
|
Electricite de France SA | |
5.570% due 07/14/2023 | | | | | 1,500 | | | | | | 1,497 | |
|
Global Payments, Inc. | |
5.930% due 07/21/2023 | | | | | 600 | | | | | | 598 | |
5.930% due 07/28/2023 | | | | | 600 | | | | | | 597 | |
5.950% due 07/14/2023 | | | | | 1,100 | | | | | | 1,098 | |
|
Haleon UK Capital PLC | |
5.550% due 07/17/2023 | | | | | 1,200 | | | | | | 1,197 | |
5.550% due 07/18/2023 | | | | | 300 | | | | | | 299 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Humana, Inc. | |
5.450% due 07/10/2023 | | $ | | | 400 | | | $ | | | 399 | |
5.450% due 07/17/2023 | | | | | 1,900 | | | | | | 1,895 | |
|
International Flavors & Fragrances, Inc. | |
6.000% due 07/28/2023 | | | | | 300 | | | | | | 299 | |
|
Marriott International | |
5.420% due 07/18/2023 | | | | | 600 | | | | | | 598 | |
5.450% due 08/04/2023 | | | | | 600 | | | | | | 597 | |
|
McCormick & Co., Inc. | |
5.350% due 07/25/2023 | | | | | 300 | | | | | | 299 | |
|
Parker-Hannifin Corp. | |
5.400% due 07/19/2023 | | | | | 300 | | | | | | 299 | |
5.400% due 07/21/2023 | | | | | 800 | | | | | | 798 | |
|
Quanta Services, Inc. | |
5.900% due 07/05/2023 | | | | | 250 | | | | | | 250 | |
5.900% due 07/11/2023 | | | | | 650 | | | | | | 649 | |
5.900% due 07/13/2023 | | | | | 400 | | | | | | 399 | |
5.900% due 07/18/2023 | | | | | 300 | | | | | | 299 | |
|
Royal Bank of Canada | |
4.739% due 07/18/2023 | | CAD | | | 2,400 | | | | | | 1,807 | |
|
S&P Global, Inc. | |
5.400% due 07/06/2023 | | $ | | | 1,500 | | | | | | 1,499 | |
|
Trane Technologies Financing Ltd. | |
5.550% due 07/24/2023 | | | | | 1,400 | | | | | | 1,395 | |
|
Walgreens Boots Alliance, Inc. | |
5.850% due 07/10/2023 (a) | | | | | 1,100 | | | | | | 1,098 | |
6.000% due 07/05/2023 | | | | | 1,500 | | | | | | 1,499 | |
|
Waste Management, Inc. | |
5.400% due 08/09/2023 | | | | | 300 | | | | | | 298 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 29,814 | |
| | | | | | | | | | | | |
| |
| REPURCHASE AGREEMENTS (e) 4.5% | |
| | | | | | | | | | | 6,800 | |
| | | | | | | | | | | | |
| |
| JAPAN TREASURY BILLS 0.4% | |
(0.173)% due 08/07/2023 (b)(c) | | JPY | | | 90,000 | | | | | | 624 | |
| | | | | | | | | | | | |
| |
| U.S. TREASURY BILLS 0.2% | |
5.206% due 09/14/2023 (b)(c)(h) | | $ | | | 294 | | | | | | 291 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $37,460) | | | 37,529 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments in Securities (Cost $154,570) | | | 152,455 | |
| | | | |
| | | | | | | | | | | | |
| Total Investments 101.1% (Cost $154,570) | | | $ | | | 152,455 | |
| | | | | | | | | | | | |
Financial Derivative
Instruments (f)(g) 0.1% (Cost or Premiums, net $0) | | | | | | 80 | |
| |
| Other Assets and Liabilities, net (1.2)% | | | (1,712 | ) |
| | | | |
| Net Assets 100.0% | | | $ | | | 150,823 | |
| | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. |
| • | Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description. |
| þ | Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end. |
| (c) | Coupon represents a yield to maturity. |
| | | | | | |
| 88 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
(d) RESTRICTED SECURITIES:
| | | | | | | | | | | | | | | | | | | | | | |
| Issuer Description | | Coupon | | Maturity
Date | | | Acquisition
Date | | | Cost | | | Market
Value | | | Market Value
as Percentage
of Net Assets
| |
Deutsche Bank AG | | 0.898% | | | 05/28/2024 | | | | 05/31/2023 | | | $ | 952 | | | $ | 950 | | | | 0.63 | % |
Morgan Stanley | | 3.000 | | | 02/07/2024 | | | | 06/01/2023 | | | | 1,393 | | | | 1,414 | | | | 0.94 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | $ | 2,345 | | | $ | 2,364 | | | | 1.57 | % |
| | | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(e) REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Lending
Rate | | | Settlement
Date | | | Maturity
Date | | | Principal
Amount | | | Collateralized By | | Collateral
(Received) | | | Repurchase
Agreements,
at Value | | | Repurchase
Agreement
Proceeds
to be
Received(1) | |
| BPS | | | 5.160 | % | | | 06/30/2023 | | | | 07/03/2023 | | | $ | 6,800 | | | U.S. Treasury Inflation Protected Securities 0.125% due 07/15/2031 | | $ | (6,971 | ) | | $ | 6,800 | | | $ | 6,803 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (6,971 | ) | | $ | 6,800 | | | $ | 6,803 | |
| | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
BPS | | $ | 6,803 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 6,803 | | | $ | (6,971 | ) | | $ | (168 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 6,803 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Includes accrued interest. |
| (2) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
(f) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
SHORT FUTURES CONTRACTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Expiration
Month | | | # of
Contracts | | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | | | Variation Margin | |
| | Asset | | | Liability | |
U.S. Treasury 2-Year Note September Futures | | | 09/2023 | | | | 25 | | | $ | (5,084 | ) | | $ | 40 | | | $ | 1 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Futures Contracts | | | $ | 40 | | | $ | 1 | | | $ | 0 | |
| | | | | | | | | | | | | |
FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Financial Derivative Assets | | | | | | Financial Derivative Liabilities | |
| | | Market Value | | | Variation Margin
Asset | | | Total | | | | | | Market Value | | | Variation Margin
Liability | | | Total | |
| | | Purchased
Options | | | Futures | | | Swap
Agreements | | | | | | Written
Options | | | Futures | | | Swap
Agreements | |
Total Exchange-Traded or Centrally Cleared | | $ | 0 | | | $ | 1 | | | $ | 0 | | | $ | 1 | | | | | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash of $48 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 89 |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | (Cont.) | | |
(g) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
| | | | | | | | | | | | | | | | | | | | | | | | |
Counterparty | | Settlement
Month | | | Currency to
be Delivered | | | Currency to
be Received | | | Unrealized Appreciation/
(Depreciation) | |
| | Asset | | | Liability | |
BOA | | | 12/2023 | | | CAD | | | 1,300 | | | $ | | | 957 | | | $ | 0 | | | $ | (27 | ) |
| | | | | | | |
CBK | | | 07/2023 | | | | | | 219 | | | | | | 161 | | | | 0 | | | | (5 | ) |
| | | 07/2023 | | | $ | | | 2,794 | | | CAD | | | 3,700 | | | | 0 | | | | 0 | |
| | | 08/2023 | | | CAD | | | 2,064 | | | $ | | | 1,558 | | | | 0 | | | | 0 | |
| | | | | | | |
JPM | | | 07/2023 | | | | | | 6,600 | | | | | | 4,897 | | | | 0 | | | | (86 | ) |
| | | 07/2023 | | | $ | | | 1,612 | | | GBP | | | 1,275 | | | | 7 | | | | 0 | |
| | | 07/2023 | | | | | | 5,555 | | | JPY | | | 760,000 | | | | 0 | | | | (278 | ) |
| | | 08/2023 | | | GBP | | | 1,275 | | | $ | | | 1,612 | | | | 0 | | | | (7 | ) |
| | | | | | | |
MBC | | | 07/2023 | | | CAD | | | 7,847 | | | | | | 5,830 | | | | 0 | | | | (95 | ) |
| | | 07/2023 | | | GBP | | | 1,275 | | | | | | 1,578 | | | | 0 | | | | (41 | ) |
| | | 07/2023 | | | JPY | | | 390,000 | | | | | | 2,956 | | | | 245 | | | | 0 | |
| | | | | | | |
RBC | | | 08/2023 | | | | | | 420,000 | | | | | | 3,155 | | | | 230 | | | | 0 | |
| | | | | | | |
SCX | | | 08/2023 | | | $ | | | 2,419 | | | JPY | | | 330,000 | | | | 0 | | | | (121 | ) |
| | | | | | | |
UAG | | | 07/2023 | | | JPY | | | 370,000 | | | $ | | | 2,823 | | | | 257 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Forward Foreign Currency Contracts | | | $ | 739 | | | $ | (660 | ) |
| | | | | | | | | |
FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Financial Derivative Assets | | | | | | Financial Derivative Liabilities | | | | | | | | | | |
| Counterparty | | Forward
Foreign
Currency
Contracts | | | Purchased
Options | | | Swap
Agreements | | | Total
Over the
Counter | | | | | | Forward
Foreign
Currency
Contracts | | | Written
Options | | | Swap
Agreements | | | Total
Over the
Counter | | | Net Market
Value of OTC
Derivatives | | | Collateral
Pledged/(Received) | | | Net
Exposure(1) | |
BOA | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | $ | (27 | ) | | $ | 0 | | | $ | 0 | | | $ | (27 | ) | | $ | (27 | ) | | $ | 0 | | | $ | (27 | ) |
CBK | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | | | | | (5 | ) | | | 0 | | | | 0 | | | | (5 | ) | | | (5 | ) | | | 0 | | | | (5 | ) |
JPM | | | 7 | | | | 0 | | | | 0 | | | | 7 | | | | | | | | (371 | ) | | | 0 | | | | 0 | | | | (371 | ) | | | (364 | ) | | | 291 | | | | (73 | ) |
MBC | | | 245 | | | | 0 | | | | 0 | | | | 245 | | | | | | | | (136 | ) | | | 0 | | | | 0 | | | | (136 | ) | | | 109 | | | | (50 | ) | | | 59 | |
RBC | | | 230 | | | | 0 | | | | 0 | | | | 230 | | | | | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 230 | | | | 0 | | | | 230 | |
SCX | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | | | | | (121 | ) | | | 0 | | | | 0 | | | | (121 | ) | | | (121 | ) | | | 0 | | | | (121 | ) |
UAG | | | 257 | | | | 0 | | | | 0 | | | | 257 | | | | | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 257 | | | | (260 | ) | | | (3 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Over the Counter | | $ | 739 | | | $ | 0 | | | $ | 0 | | | $ | 739 | | | | | | | $ | (660 | ) | | $ | 0 | | | $ | 0 | | | $ | (660 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (h) | Securities with an aggregate market value of $291 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2023. |
| (1) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 1 | | | $ | 1 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 739 | | | $ | 0 | | | $ | 739 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 739 | | | $ | 1 | | | $ | 740 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 660 | | | $ | 0 | | | $ | 660 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| 90 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Net Realized Gain on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 24 | | | $ | 24 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 87 | | | $ | 0 | | | $ | 87 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 87 | | | $ | 24 | | | $ | 111 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 40 | | | $ | 40 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (495 | ) | | $ | 0 | | | $ | (495 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (495 | ) | | $ | 40 | | | $ | (455 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Securities, at Value | |
Corporate Bonds & Notes | |
Banking & Finance | | $ | 0 | | | $ | 50,663 | | | $ | 0 | | | $ | 50,663 | |
Industrials | | | 0 | | | | 19,933 | | | | 0 | | | | 19,933 | |
Utilities | | | 0 | | | | 5,523 | | | | 0 | | | | 5,523 | |
U.S. Government Agencies | | | 0 | | | | 8,836 | | | | 0 | | | | 8,836 | |
Non-Agency Mortgage-Backed Securities | | | 0 | | | | 5,769 | | | | 0 | | | | 5,769 | |
Asset-Backed Securities | | | 0 | | | | 22,543 | | | | 0 | | | | 22,543 | |
Sovereign Issues | | | 0 | | | | 1,659 | | | | 0 | | | | 1,659 | |
Short-Term Instruments | |
Commercial Paper | | | 0 | | | | 29,814 | | | | 0 | | | | 29,814 | |
Repurchase Agreements | | | 0 | | | | 6,800 | | | | 0 | | | | 6,800 | |
Japan Treasury Bills | | | 0 | | | | 624 | | | | 0 | | | | 624 | |
U.S. Treasury Bills | | | 0 | | | | 291 | | | | 0 | | | | 291 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 152,455 | | | $ | 0 | | | $ | 152,455 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | | $ | 0 | | | $ | 1 | | | $ | 0 | | | $ | 1 | |
Over the counter | | | 0 | | | | 739 | | | | 0 | | | | 739 | |
| | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 740 | | | $ | 0 | | | $ | 740 | |
| | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Over the counter | | $ | 0 | | | $ | (660 | ) | | $ | 0 | | | $ | (660 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Total Financial Derivative Instruments | | $ | 0 | | | $ | 80 | | | $ | 0 | | | $ | 80 | |
| | | | | | | | | | | | | | | | |
| | | | |
Totals | | $ | 0 | | | $ | 152,535 | | | $ | 0 | | | $ | 152,535 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 91 |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 101.2% | |
| |
| CORPORATE BONDS & NOTES 38.4% | |
| |
| BANKING & FINANCE 26.4% | |
|
AerCap Ireland Capital DAC | |
1.750% due 10/29/2024 | | $ | | | 23,800 | | | $ | | | 22,364 | |
3.150% due 02/15/2024 | | | | | 10,000 | | | | | | 9,812 | |
5.772% (SOFRRATE + 0.680%) due 09/29/2023 ~ | | | | | 12,885 | | | | | | 12,868 | |
|
American Express Co. | |
5.801% (SOFRINDX + 0.720%) due 05/03/2024 ~ | | | | | 2,160 | | | | | | 2,164 | |
6.052% (US0003M + 0.750%) due 08/03/2023 ~ | | | | | 812 | | | | | | 812 | |
|
American Honda Finance Corp. | |
5.933% (US0003M + 0.420%) due 09/08/2023 ~ | | | | | 3,247 | | | | | | 3,247 | |
|
American Tower Corp. | |
0.600% due 01/15/2024 (c) | | | | | 19,078 | | | | | | 18,551 | |
5.000% due 02/15/2024 | | | | | 32,086 | | | | | | 31,906 | |
|
Aozora Bank Ltd. | |
1.050% due 09/09/2024 | | | | | 61,280 | | | | | | 57,497 | |
|
Athene Global Funding | |
0.950% due 01/08/2024 | | | | | 7,540 | | | | | | 7,318 | |
1.200% due 10/13/2023 | | | | | 22,405 | | | | | | 22,052 | |
2.514% due 03/08/2024 | | | | | 1,287 | | | | | | 1,252 | |
2.750% due 06/25/2024 | | | | | 4,450 | | | | | | 4,281 | |
5.790% (SOFRINDX + 0.700%) due 05/24/2024 ~ | | | | | 31,030 | | | | | | 30,735 | |
5.941% (US0003M + 0.730%) due 01/08/2024 ~ | | | | | 11,702 | | | | | | 11,656 | |
|
Banco Bilbao Vizcaya Argentaria SA | |
0.875% due 09/18/2023 | | | | | 29,400 | | | | | | 29,097 | |
|
Banco Santander SA | |
3.892% due 05/24/2024 | | | | | 24,500 | | | | | | 24,028 | |
5.770% due 06/30/2024 • | | | | | 49,200 | | | | | | 48,937 | |
|
Bank of America Corp. | |
0.976% due 04/22/2025 • | | | | | 5,000 | | | | | | 4,795 | |
3.458% due 03/15/2025 • | | | | | 1,000 | | | | | | 980 | |
3.864% due 07/23/2024 • | | | | | 13,200 | | | | | | 13,184 | |
5.501% (SOFRRATE + 0.410%) due 06/14/2024 ~ | | | | | 17,000 | | | | | | 16,977 | |
5.751% (SOFRRATE + 0.690%) due 04/22/2025 ~ | | | | | 37,879 | | | | | | 37,847 | |
5.791% due 10/24/2024 • | | | | | 31,400 | | | | | | 31,402 | |
|
Bank of Montreal | |
5.356% (SOFRINDX + 0.265%) due 09/15/2023 ~ | | | | | 2,275 | | | | | | 2,275 | |
5.440% (SOFRINDX + 0.350%) due 12/08/2023 ~ | | | | | 253 | | | | | | 253 | |
5.800% (SOFRINDX + 0.710%) due 03/08/2024 ~ | | | | | 8,279 | | | | | | 8,283 | |
5.800% (SOFRINDX + 0.710%) due 12/12/2024 ~ | | | | | 9,900 | | | | | | 9,896 | |
|
Bank of Nova Scotia | |
2.440% due 03/11/2024 | | | | | 4,647 | | | | | | 4,538 | |
5.351% (SOFRRATE + 0.260%) due 09/15/2023 ~ | | | | | 2,270 | | | | | | 2,270 | |
5.474% (SOFRINDX + 0.445%) due 04/15/2024 ~ | | | | | 14,779 | | | | | | 14,759 | |
5.641% (SOFRRATE + 0.550%) due 09/15/2023 ~ | | | | | 5,739 | | | | | | 5,742 | |
6.050% (SOFRINDX + 0.960%) due 03/11/2024 ~ | | | | | 27,100 | | | | | | 27,185 | |
|
Banque Federative du Credit Mutuel SA | |
0.650% due 02/27/2024 | | | | | 1,135 | | | | | | 1,097 | |
3.750% due 07/20/2023 | | | | | 3,899 | | | | | | 3,895 | |
6.210% (US0003M + 0.960%) due 07/20/2023 ~ | | | | | 5,400 | | | | | | 5,401 | |
|
Barclays Bank PLC | |
3.750% due 05/15/2024 | | | | | 1,494 | | | | | | 1,464 | |
|
Barclays PLC | |
1.007% due 12/10/2024 • | | | | | 17,202 | | | | | | 16,773 | |
3.932% due 05/07/2025 • | | | | | 57,923 | | | | | | 56,626 | |
|
BGC Partners, Inc. | |
5.375% due 07/24/2023 | | | | | 900 | | | | | | 899 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
BNP Paribas SA | |
3.375% due 01/09/2025 | | $ | | | 25,000 | | | $ | | | 24,024 | |
3.800% due 01/10/2024 | | | | | 64,721 | | | | | | 63,916 | |
4.705% due 01/10/2025 • | | | | | 13,830 | | | | | | 13,709 | |
4.705% due 01/10/2025 | | | | | 530 | | | | | | 525 | |
6.490% (US0003M + 1.230%) due 01/15/2024 ~ | | | | | 4,000 | | | | | | 4,021 | |
|
BPCE SA | |
4.000% due 09/12/2023 | | | | | 12,365 | | | | | | 12,309 | |
6.780% (US0003M + 1.240%) due 09/12/2023 ~ | | | | | 19,482 | | | | | | 19,503 | |
|
Canadian Imperial Bank of Commerce | |
5.490% (SOFRRATE + 0.400%) due 12/14/2023 ~ | | | | | 10,588 | | | | | | 10,578 | |
6.204% (US0003M + 0.660%) due 09/13/2023 ~ | | | | | 7,869 | | | | | | 7,876 | |
|
Caterpillar Financial Services Corp. | |
5.361% (SOFRRATE + 0.270%) due 09/13/2024 ~ | | | | | 125 | | | | | | 125 | |
5.539% (SOFRRATE + 0.450%) due 11/13/2023 ~ | | | | | 200 | | | | | | 200 | |
|
Citigroup, Inc. | |
0.981% due 05/01/2025 •(e) | | | | | 3,987 | | | | | | 3,816 | |
|
CNH Industrial Capital LLC | |
4.200% due 01/15/2024 | | | | | 41,801 | | | | | | 41,393 | |
|
Cooperatieve Rabobank UA | |
5.320% due 01/12/2024 • | | | | | 1,480 | | | | | | 1,480 | |
6.402% (US0003M + 0.860%) due 09/26/2023 ~ | | | | | 1,860 | | | | | | 1,863 | |
|
Corebridge Global Funding | |
0.400% due 09/13/2023 | | | | | 2,000 | | | | | | 1,978 | |
|
Credit Suisse AG | |
5.464% (SOFRRATE + 0.390%) due 02/02/2024 ~ | | | | | 62,400 | | | | | | 61,916 | |
5.470% (SOFRINDX + 0.380%) due 08/09/2023 ~ | | | | | 5,658 | | | | | | 5,649 | |
|
Danske Bank AS | |
3.875% due 09/12/2023 | | | | | 5,500 | | | | | | 5,479 | |
5.375% due 01/12/2024 | | | | | 48,069 | | | | | | 47,796 | |
6.600% (US0003M + 1.060%) due 09/12/2023 ~ | | | | | 38,888 | | | | | | 38,943 | |
|
Deutsche Bank AG | |
0.898% due 05/28/2024 (e) | | | | | 6,500 | | | | | | 6,178 | |
0.962% due 11/08/2023 | | | | | 26,350 | | | | | | 25,824 | |
3.700% due 05/30/2024 | | | | | 24,170 | | | | | | 23,509 | |
5.589% due 11/08/2023 • | | | | | 36,687 | | | | | | 36,609 | |
|
Federation des Caisses Desjardins du Quebec | |
0.700% due 05/21/2024 | | | | | 6,012 | | | | | | 5,742 | |
5.520% (SOFRRATE + 0.430%) due 05/21/2024 ~ | | | | | 4,897 | | | | | | 4,888 | |
|
First Abu Dhabi Bank PJSC | |
6.174% (US0003M + 0.850%) due 08/08/2023 ~ | | | | | 9,000 | | | | | | 9,009 | |
|
Five Corners Funding Trust | |
4.419% due 11/15/2023 | | | | | 16,056 | | | | | | 15,882 | |
|
GA Global Funding Trust | |
1.000% due 04/08/2024 | | | | | 63,900 | | | | | | 60,958 | |
5.591% (SOFRRATE + 0.500%) due 09/13/2024 ~ | | | | | 50,720 | | | | | | 49,712 | |
6.380% (SOFRRATE + 1.360%) due 04/11/2025 ~ | | | | | 17,100 | | | | | | 16,752 | |
|
General Motors Financial Co., Inc. | |
1.050% due 03/08/2024 | | | | | 882 | | | | | | 853 | |
1.700% due 08/18/2023 | | | | | 865 | | | | | | 861 | |
3.950% due 04/13/2024 | | | | | 22,051 | | | | | | 21,712 | |
5.100% due 01/17/2024 | | | | | 28,357 | | | | | | 28,259 | |
5.850% (SOFRRATE + 0.760%) due 03/08/2024 ~ | | | | | 1,226 | | | | | | 1,223 | |
6.290% (SOFRRATE + 1.200%) due 11/17/2023 ~ | | | | | 32,344 | | | | | | 32,369 | |
|
Goldman Sachs Group, Inc. | |
1.757% due 01/24/2025 • | | | | | 14,644 | | | | | | 14,261 | |
5.536% (SOFRRATE + 0.490%) due 10/21/2024 ~ | | | | | 26,600 | | | | | | 26,514 | |
5.700% due 11/01/2024 | | | | | 2,400 | | | | | | 2,397 | |
6.481% (SOFRRATE + 1.390%) due 03/15/2024 ~ | | | | | 16,600 | | | | | | 16,676 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
7.063% (US0003M + 1.600%) due 11/29/2023 ~ | | $ | | | 34,178 | | | $ | | | 34,342 | |
|
Hana Bank | |
6.068% (US0003M + 0.800%) due 07/26/2023 ~ | | | | | 3,000 | | | | | | 3,001 | |
6.294% (US0003M + 0.750%) due 06/13/2024 ~ | | | | | 1,900 | | | | | | 1,902 | |
|
HSBC Holdings PLC | |
6.770% (US0003M + 1.230%) due 03/11/2025 ~ | | | | | 2,300 | | | | | | 2,310 | |
|
Hyundai Capital Services, Inc. | |
0.750% due 09/15/2023 | | | | | 2,300 | | | | | | 2,276 | |
|
ING Groep NV | |
3.550% due 04/09/2024 | | | | | 5,053 | | | | | | 4,961 | |
4.100% due 10/02/2023 | | | | | 23,031 | | | | | | 22,927 | |
6.533% (US0003M + 1.000%) due 10/02/2023 ~ | | | | | 40,754 | | | | | | 40,798 | |
|
Jackson National Life Global Funding | |
6.242% (SOFRRATE + 1.150%) due 06/28/2024 ~ | | | | | 41,900 | | | | | | 41,961 | |
|
John Deere Capital Corp. | |
5.117% (SOFRRATE + 0.120%) due 07/10/2023 ~ | | | | | 765 | | | | | | 765 | |
|
JPMorgan Chase & Co. | |
3.797% due 07/23/2024 • | | | | | 27,717 | | | | | | 27,684 | |
4.023% due 12/05/2024 • | | | | | 39,965 | | | | | | 39,626 | |
6.010% due 02/24/2026 • | | | | | 12,682 | | | | | | 12,699 | |
|
Mitsubishi HC Capital, Inc. | |
3.559% due 02/28/2024 | | | | | 7,515 | | | | | | 7,383 | |
3.960% due 09/19/2023 | | | | | 4,210 | | | | | | 4,189 | |
|
Mitsubishi UFJ Financial Group, Inc. | |
0.848% due 09/15/2024 • | | | | | 17,625 | | | | | | 17,431 | |
3.761% due 07/26/2023 | | | | | 15,100 | | | | | | 15,081 | |
6.128% (US0003M + 0.860%) due 07/26/2023 ~ | | | | | 52,317 | | | | | | 52,330 | |
6.475% (SOFRRATE + 1.385%) due 09/12/2025 ~ | | | | | 5,300 | | | | | | 5,331 | |
6.682% (SOFRRATE + 1.650%) due 07/18/2025 ~ | | | | | 4,570 | | | | | | 4,606 | |
|
Mizuho Financial Group, Inc. | |
0.849% due 09/08/2024 • | | | | | 4,025 | | | | | | 3,984 | |
6.050% (SOFRRATE + 0.960%) due 05/22/2026 ~ | | | | | 36,640 | | | | | | 36,535 | |
6.123% (US0003M + 0.610%) due 09/08/2024 ~ | | | | | 48,300 | | | | | | 48,323 | |
6.201% (US0003M + 0.990%) due 07/10/2024 ~ | | | | | 3,760 | | | | | | 3,760 | |
|
Morgan Stanley | |
0.790% due 05/30/2025 • | | | | | 10,000 | | | | | | 9,503 | |
5.519% (SOFRRATE + 0.455%) due 01/25/2024 ~ | | | | | 15,746 | | | | | | 15,732 | |
5.555% (SOFRRATE + 0.466%) due 11/10/2023 ~ | | | | | 4,704 | | | | | | 4,701 | |
6.040% (SOFRRATE + 0.950%) due 02/18/2026 ~ | | | | | 66,700 | | | | | | 66,841 | |
|
MUFG Bank Ltd. | |
4.100% due 09/09/2023 | | | | | 1,757 | | | | | | 1,751 | |
|
National Bank of Canada | |
5.579% (SOFRRATE + 0.490%) due 08/06/2024 ~ | | | | | 5,443 | | | | | | 5,432 | |
|
Nationwide Building Society | |
0.550% due 01/22/2024 | | | | | 950 | | | | | | 922 | |
|
NatWest Group PLC | |
3.875% due 09/12/2023 | | | | | 600 | | | | | | 597 | |
|
NatWest Markets PLC | |
6.541% (SOFRRATE + 1.450%) due 03/22/2025 ~ | | | | | 1,500 | | | | | | 1,507 | |
|
New York Life Global Funding | |
5.406% (SOFRINDX + 0.360%) due 10/21/2023 ~ | | | | | 110 | | | | | | 110 | |
|
Nissan Motor Acceptance Co. LLC | |
1.050% due 03/08/2024 | | | | | 2,100 | | | | | | 2,017 | |
3.875% due 09/21/2023 | | | | | 6,700 | | | | | | 6,663 | |
6.153% (US0003M + 0.640%) due 03/08/2024 ~ | | | | | 39,530 | | | | | | 39,249 | |
| | | | | | |
| 92 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Nomura Holdings, Inc. | |
2.648% due 01/16/2025 | | $ | | | 100,795 | | | $ | | | 95,474 | |
|
Nordea Bank Abp | |
3.750% due 08/30/2023 | | | | | 3,000 | | | | | | 2,992 | |
6.050% (SOFRRATE + 0.960%) due 06/06/2025 ~ | | | | | 12,000 | | | | | | 12,028 | |
6.403% (US0003M + 0.940%) due 08/30/2023 ~ | | | | | 1,675 | | | | | | 1,677 | |
|
ORIX Corp. | |
4.050% due 01/16/2024 | | | | | 7,292 | | | | | | 7,210 | |
|
QNB Finance Ltd. | |
6.764% (US0003M + 1.250%) due 03/21/2024 ~ | | | | | 25,000 | | | | | | 25,094 | |
|
Royal Bank of Canada | |
5.568% (SOFRRATE + 0.525%) due 01/20/2026 ~ | | | | | 31,476 | | | | | | 31,189 | |
|
Santander Holdings USA, Inc. | |
3.500% due 06/07/2024 | | | | | 39,775 | | | | | | 38,638 | |
|
Skandinaviska Enskilda Banken AB | |
5.816% (US0003M + 0.320%) due 09/01/2023 ~ | | | | | 1,788 | | | | | | 1,788 | |
6.050% (SOFRRATE + 0.960%) due 06/09/2025 ~ | | | | | 31,750 | | | | | | 31,823 | |
|
Societe Generale SA | |
3.875% due 03/28/2024 | | | | | 32,668 | | | | | | 31,975 | |
4.250% due 09/14/2023 | | | | | 22,708 | | | | | | 22,601 | |
|
Standard Chartered PLC | |
6.021% (SOFRRATE + 0.930%) due 11/23/2025 ~ | | | | | 50,400 | | | | | | 50,002 | |
6.832% (SOFRRATE + 1.740%) due 03/30/2026 ~ | | | | | 5,300 | | | | | | 5,340 | |
|
Sumitomo Mitsui Financial Group, Inc. | |
6.060% (US0003M + 0.800%) due 10/16/2023 ~ | | | | | 18,167 | | | | | | 18,190 | |
6.125% (US0003M + 0.860%) due 07/19/2023 ~ | | | | | 1,292 | | | | | | 1,292 | |
|
Sumitomo Mitsui Trust Bank Ltd. | |
2.550% due 03/10/2025 | | | | | 4,100 | | | | | | 3,874 | |
5.530% (SOFRRATE + 0.440%) due 09/16/2024 ~ | | | | | 4,650 | | | | | | 4,631 | |
|
Swedbank AB | |
0.600% due 09/25/2023 | | | | | 580 | | | | | | 573 | |
6.003% (SOFRINDX + 0.910%) due 04/04/2025 ~ | | | | | 4,500 | | | | | | 4,495 | |
|
Toronto-Dominion Bank | |
5.542% (SOFRRATE + 0.450%) due 09/28/2023 ~ | | | | | 14,011 | | | | | | 14,015 | |
6.000% (SOFRRATE + 0.910%) due 03/08/2024 ~ | | | | | 44,480 | | | | | | 44,588 | |
|
Toyota Motor Credit Corp. | |
5.340% (SOFRRATE + 0.330%) due 01/11/2024 ~ | | | | | 515 | | | | | | 515 | |
5.352% (SOFRINDX + 0.260%) due 06/18/2024 ~ | | | | | 1,050 | | | | | | 1,049 | |
5.742% (SOFRINDX + 0.650%) due 12/29/2023 ~ | | | | | 930 | | | | | | 931 | |
5.810% due 12/11/2023 • | | | | | 3,048 | | | | | | 3,052 | |
|
UBS Group AG | |
6.669% (SOFRRATE + 1.580%) due 05/12/2026 ~ | | | | | 21,200 | | | | | | 21,310 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,437,981 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 7.9% | |
|
7-Eleven, Inc. | |
0.800% due 02/10/2024 | | | | | 33,165 | | | | | | 32,150 | |
|
Anheuser-Busch InBev Worldwide, Inc. | |
5.938% (US0003M + 0.740%) due 01/12/2024 ~ | | | | | 2,150 | | | | | | 2,154 | |
|
AstraZeneca PLC | |
5.995% (US0003M + 0.665%) due 08/17/2023 ~ | | | | | 1,895 | | | | | | 1,896 | |
|
Baxter International, Inc. | |
5.351% (SOFRINDX + 0.260%) due 12/01/2023 ~ | | | | | 13,767 | | | | | | 13,737 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Bayer U.S. Finance LLC | |
3.375% due 07/15/2024 | | $ | | | 931 | | | $ | | | 910 | |
3.875% due 12/15/2023 | | | | | 19,458 | | | | | | 19,273 | |
6.562% (US0003M + 1.010%) due 12/15/2023 ~ | | | | | 70,557 | | | | | | 70,488 | |
|
BMW U.S. Capital LLC | |
5.522% due 04/01/2024 | | | | | 1,755 | | | | | | 1,756 | |
|
Boeing Co. | |
1.433% due 02/04/2024 | | | | | 89,473 | | | | | | 87,112 | |
|
Charter Communications Operating LLC | |
4.500% due 02/01/2024 | | | | | 19,000 | | | | | | 18,836 | |
6.949% (US0003M + 1.650%) due 02/01/2024 ~ | | | | | 60,346 | | | | | | 60,607 | |
|
Cigna Group | |
6.150% (US0003M + 0.890%) due 07/15/2023 ~ | | | | | 25,946 | | | | | | 25,941 | |
|
CNH Industrial NV | |
4.500% due 08/15/2023 | | | | | 46,930 | | | | | | 46,858 | |
|
Conagra Brands, Inc. | |
4.300% due 05/01/2024 | | | | | 23,480 | | | | | | 23,169 | |
|
Daimler Truck Finance North America LLC | |
1.125% due 12/14/2023 | | | | | 1,450 | | | | | | 1,420 | |
5.691% (SOFRRATE + 0.600%) due 12/14/2023 ~ | | | | | 26,450 | | | | | | 26,463 | |
6.093% (SOFRRATE + 1.000%) due 04/05/2024 ~ | | | | | 3,933 | | | | | | 3,938 | |
|
Danone SA | |
2.589% due 11/02/2023 | | | | | 5,408 | | | | | | 5,352 | |
|
DuPont de Nemours, Inc. | |
6.431% (US0003M + 1.110%) due 11/15/2023 ~ | | | | | 553 | | | | | | 554 | |
|
Energy Transfer LP | |
4.250% due 04/01/2024 | | | | | 19,464 | | | | | | 19,170 | |
4.500% due 11/01/2023 | | | | | 6,000 | | | | | | 5,976 | |
4.500% due 04/15/2024 | | | | | 18,082 | | | | | | 17,879 | |
5.875% due 01/15/2024 | | | | | 5,630 | | | | | | 5,631 | |
|
Eni SpA | |
4.000% due 09/12/2023 | | | | | 5,350 | | | | | | 5,328 | |
|
ERAC USA Finance LLC | |
2.700% due 11/01/2023 | | | | | 2,500 | | | | | | 2,474 | |
|
Haleon U.S. Capital LLC | |
3.024% due 03/24/2024 | | | | | 18,000 | | | | | | 17,613 | |
|
HCA, Inc. | |
5.000% due 03/15/2024 | | | | | 28,664 | | | | | | 28,488 | |
|
Hyundai Capital America | |
1.250% due 09/18/2023 | | | | | 18,870 | | | | | | 18,692 | |
|
Kinder Morgan, Inc. | |
5.625% due 11/15/2023 | | | | | 2,695 | | | | | | 2,694 | |
|
Nissan Motor Co. Ltd. | |
3.043% due 09/15/2023 | | | | | 3,821 | | | | | | 3,794 | |
|
Penske Truck Leasing Co. LP | |
3.900% due 02/01/2024 | | | | | 25,250 | | | | | | 24,925 | |
|
SK Hynix, Inc. | |
1.000% due 01/19/2024 | | | | | 3,700 | | | | | | 3,597 | |
|
Thermo Fisher Scientific, Inc. | |
5.422% (SOFRINDX + 0.390%) due 10/18/2023 ~ | | | | | 39,900 | | | | | | 39,901 | |
5.562% (SOFRINDX + 0.530%) due 10/18/2024 ~ | | | | | 3,000 | | | | | | 3,000 | |
|
VMware, Inc. | |
0.600% due 08/15/2023 | | | | | 32,321 | | | | | | 32,128 | |
|
Volkswagen Group of America Finance LLC | |
4.250% due 11/13/2023 | | | | | 3,148 | | | | | | 3,130 | |
6.040% (SOFRRATE + 0.950%) due 06/07/2024 ~ | | | | | 1,827 | | | | | | 1,832 | |
|
Warnermedia Holdings, Inc. | |
3.528% due 03/15/2024 | | | | | 40,423 | | | | | | 39,702 | |
|
Westinghouse Air Brake Technologies Corp. | |
4.400% due 03/15/2024 | | | | | 12,188 | | | | | | 12,028 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 730,596 | |
| | | | | | | | | | | | |
| |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| UTILITIES 4.1% | |
|
American Electric Power Co., Inc. | |
5.779% (US0003M + 0.480%) due 11/01/2023 ~ | | $ | | | 111,600 | | | $ | | | 111,527 | |
|
AT&T, Inc. | |
6.720% (US0003M + 1.180%) due 06/12/2024 ~ | | | | | 2,397 | | | | | | 2,418 | |
|
Chugoku Electric Power Co., Inc. | |
2.401% due 08/27/2024 | | | | | 11,600 | | | | | | 11,118 | |
|
Dominion Energy, Inc. | |
6.082% (US0003M + 0.530%) due 09/15/2023 ~ | | | | | 2,000 | | | | | | 2,000 | |
|
Enel Finance International NV | |
2.650% due 09/10/2024 | | | | | 29,100 | | | | | | 28,011 | |
|
Florida Power & Light Co. | |
5.400% (SOFRINDX + 0.380%) due 01/12/2024 ~ | | | | | 830 | | | | | | 830 | |
|
Jersey Central Power & Light Co. | |
4.700% due 04/01/2024 | | | | | 1,482 | | | | | | 1,467 | |
|
Mississippi Power Co. | |
5.392% (SOFRRATE + 0.300%) due 06/28/2024 ~ | | | | | 18,190 | | | | | | 18,064 | |
|
NextEra Energy Capital Holdings, Inc. | |
5.481% (SOFRINDX + 0.400%) due 11/03/2023 ~ | | | | | 9,587 | | | | | | 9,586 | |
6.112% (SOFRINDX + 1.020%) due 03/21/2024 ~ | | | | | 39,160 | | | | | | 39,177 | |
|
Pacific Gas & Electric Co. | |
3.850% due 11/15/2023 | | | | | 3,855 | | | | | | 3,822 | |
4.250% due 08/01/2023 | | | | | 24,070 | | | | | | 24,046 | |
|
Southern California Edison Co. | |
1.100% due 04/01/2024 | | | | | 8,000 | | | | | | 7,725 | |
5.922% (SOFRRATE + 0.830%) due 04/01/2024 ~ | | | | | 449 | | | | | | 448 | |
|
Verizon Communications, Inc. | |
6.421% (US0003M + 1.100%) due 05/15/2025 ~ | | | | | 120,952 | | | | | | 121,991 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 382,230 | |
| | | | | | | | | | | | |
Total Corporate Bonds & Notes (Cost $3,572,871) | | | 3,550,807 | |
| | | | |
| |
| U.S. GOVERNMENT AGENCIES 7.1% | |
|
Fannie Mae | |
2.000% due 12/25/2044 | | | | | 938 | | | | | | 822 | |
4.119% due 10/25/2044 • | | | | | 3,504 | | | | | | 3,418 | |
4.318% due 07/25/2046 • | | | | | 3,435 | | | | | | 3,370 | |
4.320% due 08/25/2044 • | | | | | 2,670 | | | | | | 2,604 | |
4.322% due 09/25/2049 • | | | | | 6,620 | | | | | | 6,451 | |
4.340% due 03/25/2060 • | | | | | 7,624 | | | | | | 7,418 | |
4.342% due 10/25/2059 • | | | | | 4,406 | | | | | | 4,290 | |
4.345% due 05/01/2038 • | | | | | 211 | | | | | | 214 | |
4.364% due 07/25/2046 • | | | | | 249 | | | | | | 244 | |
4.454% due 06/25/2048 • | | | | | 7,468 | | | | | | 7,303 | |
4.507% due 08/25/2044 • | | | | | 5,259 | | | | | | 5,120 | |
4.522% due 07/25/2044 • | | | | | 2,111 | | | | | | 2,067 | |
4.577% due 07/25/2046 • | | | | | 5,401 | | | | | | 5,294 | |
4.711% due 01/25/2037 • | | | | | 236 | | | | | | 229 | |
4.715% due 01/01/2036 • | | | | | 1,582 | | | | | | 1,604 | |
5.400% due 05/25/2037 • | | | | | 9 | | | | | | 9 | |
5.450% due 12/25/2045 • | | | | | 1,703 | | | | | | 1,650 | |
5.480% due 02/25/2037 • | | | | | 16 | | | | | | 16 | |
5.500% due 11/25/2036 • | | | | | 37 | | | | | | 36 | |
5.546% due 04/18/2028 - 09/18/2031 • | | | | | 224 | | | | | | 224 | |
5.550% due 06/25/2026 • | | | | | 45 | | | | | | 45 | |
5.560% due 09/25/2035 • | | | | | 219 | | | | | | 215 | |
5.570% due 03/25/2037 • | | | | | 146 | | | | | | 142 | |
5.600% due 02/25/2038 - 06/25/2059 • | | | | | 5,383 | | | | | | 5,218 | |
5.646% due 05/18/2032 • | | | | | 52 | | | | | | 52 | |
5.650% due 06/25/2031 • | | | | | 49 | | | | | | 49 | |
5.696% due 03/18/2032 • | | | | | 66 | | | | | | 66 | |
5.830% due 12/25/2037 • | | | | | 248 | | | | | | 245 | |
5.850% due 05/25/2037 • | | | | | 49 | | | | | | 49 | |
5.900% due 03/25/2037 - 02/25/2040 • | | | | | 47 | | | | | | 47 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 93 |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
5.930% due 02/25/2038 • | | $ | | | 631 | | | $ | | | 631 | |
6.000% due 07/25/2038 • | | | | | 11 | | | | | | 11 | |
6.050% due 03/25/2032 • | | | | | 10 | | | | | | 10 | |
|
Federal Home Loan Bank | |
5.350% due 05/17/2024 | | | | | 20,000 | | | | | | 19,965 | |
5.360% due 05/10/2024 | | | | | 63,000 | | | | | | 62,891 | |
5.420% due 05/30/2024 | | | | | 100,000 | | | | | | 99,881 | |
5.650% due 05/28/2025 | | | | | 21,900 | | | | | | 21,873 | |
|
Freddie Mac | |
1.000% due 08/15/2044 | | | | | 4,344 | | | | | | 3,483 | |
4.152% due 03/15/2043 • | | | | | 4,423 | | | | | | 4,261 | |
4.190% due 05/15/2041 • | | | | | 1,905 | | | | | | 1,850 | |
4.227% due 02/15/2038 • | | | | | 4,199 | | | | | | 4,082 | |
4.241% due 08/15/2042 • | | | | | 3,763 | | | | | | 3,737 | |
4.248% due 03/15/2037 • | | | | | 5,305 | | | | | | 5,157 | |
4.256% due 12/15/2042 • | | | | | 1,418 | | | | | | 1,375 | |
4.266% due 06/15/2044 • | | | | | 5,924 | | | | | | 5,705 | |
4.269% due 10/15/2038 • | | | | | 377 | | | | | | 365 | |
4.280% due 10/15/2037 • | | | | | 2,707 | | | | | | 2,650 | |
4.303% due 10/15/2037 • | | | | | 10,596 | | | | | | 10,262 | |
4.350% due 05/15/2038 • | | | | | 1,808 | | | | | | 1,749 | |
4.442% due 09/01/2037 • | | | | | 1,198 | | | | | | 1,215 | |
4.574% due 11/15/2044 • | | | | | 3,146 | | | | | | 3,036 | |
4.578% due 12/15/2037 • | | | | | 970 | | | | | | 947 | |
5.375% due 04/24/2025 | | | | | 26,000 | | | | | | 25,880 | |
5.443% due 11/15/2036 - 01/15/2040 • | | | | | 11 | | | | | | 10 | |
5.513% due 02/15/2037 • | | | | | 596 | | | | | | 581 | |
5.520% due 05/28/2025 | | | | | 11,800 | | | | | | 11,774 | |
5.613% due 04/15/2041 • | | | | | 155 | | | | | | 153 | |
5.643% due 09/15/2048 - 04/15/2049 • | | | | | 3,945 | | | | | | 3,812 | |
5.680% due 04/03/2025 | | | | | 80,000 | | | | | | 79,900 | |
5.683% due 02/25/2026 • | | | | | 2,524 | | | | | | 2,517 | |
5.693% due 07/15/2039 • | | | | | 21 | | | | | | 21 | |
5.800% due 07/03/2025 (a) | | | | | 85,000 | | | | | | 84,936 | |
|
Ginnie Mae | |
2.500% due 01/20/2049 - 10/20/2049 | | | | | 2,755 | | | | | | 2,432 | |
3.000% due 07/20/2046 | | | | | 301 | | | | | | 284 | |
3.643% due 12/20/2068 • | | | | | 5,259 | | | | | | 5,136 | |
4.296% due 12/20/2064 • | | | | | 5,593 | | | | | | 5,513 | |
4.795% due 02/20/2066 • | | | | | 8,231 | | | | | | 8,162 | |
5.021% due 09/20/2066 • | | | | | 1,065 | | | | | | 1,058 | |
5.120% due 07/20/2065 • | | | | | 3,401 | | | | | | 3,389 | |
5.170% due 05/20/2063 • | | | | | 372 | | | | | | 370 | |
5.465% due 07/20/2066 • | | | | | 2,141 | | | | | | 2,131 | |
5.564% due 06/20/2067 • | | | | | 867 | | | | | | 858 | |
5.594% due 03/20/2061 - 07/20/2067 • | | | | | 2,959 | | | | | | 2,942 | |
5.596% due 06/20/2049 • | | | | | 4,406 | | | | | | 4,300 | |
5.607% due 03/20/2049 - 04/20/2049 • | | | | | 9,050 | | | | | | 8,828 | |
5.616% due 06/20/2067 • | | | | | 4,515 | | | | | | 4,509 | |
5.694% due 05/20/2065 • | | | | | 6,923 | | | | | | 6,859 | |
5.744% due 10/20/2065 • | | | | | 7,598 | | | | | | 7,504 | |
5.746% due 09/20/2040 • | | | | | 3,110 | | | | | | 3,035 | |
5.766% due 05/20/2041 • | | | | | 6,030 | | | | | | 5,896 | |
5.787% due 10/20/2040 • | | | | | 5,662 | | | | | | 5,538 | |
5.794% due 04/20/2070 • | | | | | 34,615 | | | | | | 33,654 | |
5.796% due 05/20/2041 • | | | | | 1,658 | | | | | | 1,638 | |
5.858% due 01/16/2040 • | | | | | 2,280 | | | | | | 2,264 | |
5.886% due 02/20/2040 • | | | | | 1,941 | | | | | | 1,933 | |
5.916% due 04/20/2040 • | | | | | 3,993 | | | | | | 3,980 | |
5.924% due 08/20/2066 • | | | | | 732 | | | | | | 728 | |
5.946% due 03/20/2040 • | | | | | 4,193 | | | | | | 4,182 | |
6.000% due 12/15/2033 | | | | | 9 | | | | | | 10 | |
6.094% due 01/20/2066 • | | | | | 3,377 | | | | | | 3,346 | |
6.464% due 04/20/2067 • | | | | | 1,242 | | | | | | 1,236 | |
6.500% due 11/15/2033 - 09/15/2034 | | | | | 14 | | | | | | 14 | |
7.000% due 02/15/2024 - 07/15/2032 | | | | | 26 | | | | | | 26 | |
7.500% due 07/15/2024 - 06/15/2028 | | | | | 19 | | | | | | 19 | |
| | | | | | | | | | | | |
Total U.S. Government Agencies (Cost $662,299) | | | 655,005 | |
| | | | |
| |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 5.0% | |
|
Arroyo Mortgage Trust | |
1.175% due 10/25/2048 ~ | | $ | | | 14,003 | | | $ | | | 11,241 | |
|
Ashford Hospitality Trust | |
6.219% due 04/15/2035 • | | | | | 1,484 | | | | | | 1,450 | |
6.319% due 06/15/2035 • | | | | | 8,068 | | | | | | 7,860 | |
|
Bear Stearns Adjustable Rate Mortgage Trust | |
4.342% due 08/25/2033 «~ | | | | | 294 | | | | | | 274 | |
|
Beast Mortgage Trust | |
6.243% due 03/15/2036 • | | | | | 600 | | | | | | 525 | |
|
Beneria Cowen & Pritzer Collateral Funding Corp. | |
5.992% due 06/15/2038 • | | | | | 5,500 | | | | | | 4,924 | |
|
BHP Trust | |
6.168% due 08/15/2036 • | | | | | 1,695 | | | | | | 1,675 | |
|
Brass PLC | |
6.018% due 11/16/2066 • | | | | | 595 | | | | | | 595 | |
|
BSST Mortgage Trust | |
6.447% due 02/15/2037 • | | | | | 8,000 | | | | | | 7,242 | |
|
COLT Mortgage Loan Trust | |
1.397% due 10/25/2066 ~ | | | | | 26,630 | | | | | | 21,040 | |
|
Commercial Mortgage Trust | |
6.494% due 12/15/2038 • | | | | | 10,000 | | | | | | 9,324 | |
|
Credit Suisse Mortgage Capital Trust | |
5.943% due 07/15/2032 • | | | | | 8,479 | | | | | | 8,087 | |
6.543% due 10/15/2037 • | | | | | 8,700 | | | | | | 8,379 | |
|
CRSNT Commercial Mortgage Trust | |
6.020% due 04/15/2036 • | | | | | 52,400 | | | | | | 48,953 | |
|
DBCG Mortgage Trust | |
5.894% due 06/15/2034 • | | | | | 78,640 | | | | | | 77,660 | |
|
DBWF Mortgage Trust | |
6.276% due 12/19/2030 • | | | | | 900 | | | | | | 888 | |
|
Extended Stay America Trust | |
6.274% due 07/15/2038 • | | | | | 2,313 | | | | | | 2,270 | |
|
GCAT Trust | |
2.650% due 10/25/2068 ~ | | | | | 1,835 | | | | | | 1,721 | |
2.885% due 12/27/2066 ~ | | | | | 24,618 | | | | | | 21,667 | |
|
GS Mortgage Securities Trust | |
3.648% due 01/10/2047 | | | | | 589 | | | | | | 587 | |
|
Hilton USA Trust | |
2.828% due 11/05/2035 | | | | | 11,600 | | | | | | 10,777 | |
|
JP Morgan Chase Commercial Mortgage Securities Trust | |
6.443% due 09/15/2029 • | | | | | 39,072 | | | | | | 36,273 | |
|
Legacy Mortgage Asset Trust | |
1.892% due 10/25/2066 þ | | | | | 5,245 | | | | | | 4,915 | |
|
MAD Mortgage Trust | |
3.294% due 08/15/2034 ~ | | | | | 3,528 | | | | | | 3,247 | |
|
Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | |
5.893% due 11/15/2031 • | | | | | 291 | | | | | | 277 | |
|
MF1 Ltd. | |
6.217% due 12/15/2034 • | | | | | 2,700 | | | | | | 2,611 | |
|
Mill City Mortgage Loan Trust | |
2.750% due 07/25/2059 ~ | | | | | 553 | | | | | | 519 | |
|
Morgan Stanley Capital Trust | |
6.093% due 07/15/2035 • | | | | | 2,300 | | | | | | 2,274 | |
6.168% due 11/15/2034 • | | | | | 4,535 | | | | | | 4,456 | |
6.362% due 12/15/2038 • | | | | | 47,200 | | | | | | 44,494 | |
|
Natixis Commercial Mortgage Securities Trust | |
6.143% due 08/15/2038 • | | | | | 3,000 | | | | | | 2,804 | |
|
OBX Trust | |
2.783% due 01/25/2062 þ | | | | | 45,972 | | | | | | 41,557 | |
|
RESIMAC Bastille Trust | |
5.813% due 02/03/2053 • | | | | | 15,855 | | | | | | 15,721 | |
|
RESIMAC Premier | |
5.922% due 07/10/2052 • | | | | | 4,132 | | | | | | 4,113 | |
|
Starwood Mortgage Residential Trust | |
1.027% due 11/25/2055 ~ | | | | | 4,265 | | | | | | 3,782 | |
|
Starwood Mortgage Trust | |
6.051% due 11/15/2036 • | | | | | 17,200 | | | | | | 16,753 | |
|
Tharaldson Hotel Portfolio Trust | |
6.241% due 11/11/2034 • | | | | | 4,467 | | | | | | 4,411 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Towd Point Mortgage Trust | |
2.900% due 10/25/2059 ~ | | $ | | | 14,878 | | | $ | | | 13,686 | |
3.750% due 03/25/2058 ~ | | | | | 9,607 | | | | | | 9,034 | |
4.604% due 02/25/2057 • | | | | | 593 | | | | | | 592 | |
6.150% due 10/25/2059 • | | | | | 1,508 | | | | | | 1,493 | |
|
Verus Securitization Trust | |
0.820% due 10/25/2063 ~ | | | | | 6,195 | | | | | | 5,524 | |
| | | | | | | | | | | | |
Total Non-Agency Mortgage-Backed Securities (Cost $501,432) | | | 465,675 | |
| | | | |
| |
| ASSET-BACKED SECURITIES 22.4% | |
|
ACAS CLO Ltd. | |
6.152% due 10/18/2028 • | | | | | 18,274 | | | | | | 18,161 | |
|
American Money Management Corp. CLO Ltd. | |
6.130% due 04/17/2029 • | | | | | 2,171 | | | | | | 2,172 | |
|
Anchorage Capital CLO Ltd. | |
6.310% due 07/15/2030 • | | | | | 4,241 | | | | | | 4,216 | |
|
Apex Credit CLO Ltd. | |
6.500% due 09/20/2029 • | | | | | 6,612 | | | | | | 6,571 | |
|
Apidos CLO | |
6.162% due 07/18/2029 • | | | | | 24,598 | | | | | | 24,413 | |
6.190% due 07/17/2030 • | | | | | 15,626 | | | | | | 15,504 | |
6.260% due 04/20/2031 • | | | | | 9,450 | | | | | | 9,360 | |
|
Arbor Realty Commercial Real Estate Notes Ltd. | |
6.293% due 05/15/2036 • | | | | | 6,400 | | | | | | 6,292 | |
|
AREIT Trust | |
6.237% due 11/17/2038 • | | | | | 21,327 | | | | | | 20,780 | |
6.317% due 01/20/2037 • | | | | | 38,109 | | | | | | 37,152 | |
|
Ares CLO Ltd. | |
6.130% due 01/15/2029 • | | | | | 5,597 | | | | | | 5,562 | |
6.312% due 04/18/2031 • | | | | | 2,200 | | | | | | 2,176 | |
|
Atlas Senior Loan Fund Ltd. | |
6.120% due 04/20/2028 • | | | | | 240 | | | | | | 241 | |
6.353% due 04/22/2031 • | | | | | 2,000 | | | | | | 1,960 | |
|
BA Credit Card Trust | |
0.440% due 09/15/2026 | | | | | 6,210 | | | | | | 5,966 | |
|
Barings CLO Ltd. | |
6.200% due 07/20/2029 • | | | | | 3,611 | | | | | | 3,606 | |
|
Benefit Street Partners CLO Ltd. | |
6.210% due 10/15/2030 • | | | | | 11,608 | | | | | | 11,515 | |
6.290% due 01/17/2032 • | | | | | 8,600 | | | | | | 8,505 | |
|
BlueMountain CLO Ltd. | |
6.453% due 10/22/2030 • | | | | | 3,982 | | | | | | 3,964 | |
|
BXMT Ltd. | |
6.616% due 11/15/2037 • | | | | | 57,900 | | | | | | 55,346 | |
|
Capital One Multi-Asset Execution Trust | |
5.773% due 07/15/2027 • | | | | | 38,600 | | | | | | 38,663 | |
|
Capital One Prime Auto Receivables Trust | |
5.717% due 09/15/2025 • | | | | | 34,026 | | | | | | 34,032 | |
|
Carlyle Global Market Strategies CLO Ltd. | |
6.271% due 08/14/2030 • | | | | | 38,770 | | | | | | 38,517 | |
6.342% due 07/27/2031 • | | | | | 4,711 | | | | | | 4,668 | |
|
Carlyle U.S. CLO Ltd. | |
6.250% due 04/20/2031 • | | | | | 10,000 | | | | | | 9,876 | |
|
Carmax Auto Owner Trust | |
5.767% due 01/15/2026 • | | | | | 20,300 | | | | | | 20,331 | |
|
CarMax Auto Owner Trust | |
5.917% due 06/15/2026 | | | | | 17,000 | | | | | | 17,059 | |
|
Carmax Auto Owner Trust | |
5.967% due 12/15/2025 • | | | | | 25,356 | | | | | | 25,400 | |
|
Carrington Mortgage Loan Trust | |
6.500% due 07/20/2030 • | | | | | 6,431 | | | | | | 6,407 | |
|
Catamaran CLO Ltd. | |
6.373% due 04/22/2030 • | | | | | 18,523 | | | | | | 18,413 | |
|
Chesapeake Funding LLC | |
0.870% due 08/15/2032 | | | | | 3,981 | | | | | | 3,961 | |
5.843% due 08/15/2032 • | | | | | 4,335 | | | | | | 4,335 | |
6.317% due 05/15/2035 | | | | | 12,685 | | | | | | 12,709 | |
|
CIFC Funding Ltd. | |
6.223% due 10/24/2030 • | | | | | 41,888 | | | | | | 41,596 | |
|
CIT Mortgage Loan Trust | |
6.500% due 10/25/2037 • | | | | | 1,560 | | | | | | 1,558 | |
| | | | | | |
| 94 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Citibank Credit Card Issuance Trust | |
5.774% due 04/22/2026 • | | $ | | | 57,584 | | | $ | | | 57,694 | |
5.801% due 08/07/2027 • | | | | | 34,100 | | | | | | 34,202 | |
5.988% due 05/14/2029 • | | | | | 5,550 | | | | | | 5,551 | |
|
Citizens Auto Receivables Trust | |
6.016% due 07/15/2026 | | | | | 15,000 | | | | | | 14,969 | |
|
Commonbond Student Loan Trust | |
6.000% due 05/25/2041 • | | | | | 273 | | | | | | 268 | |
|
Crestline Denali CLO Ltd. | |
6.280% due 04/20/2030 • | | | | | 17,497 | | | | | | 17,344 | |
|
Daimler Trucks Retail Trust | |
5.070% due 09/16/2024 | | | | | 456 | | | | | | 455 | |
|
Dell Equipment Finance Trust | |
5.840% due 01/22/2029 | | | | | 23,000 | | | | | | 23,048 | |
|
Discover Card Execution Note Trust | |
5.583% due 03/15/2026 • | | | | | 16,000 | | | | | | 15,999 | |
5.793% due 12/15/2026 • | | | | | 34,100 | | | | | | 34,117 | |
|
DLLAD LLC | |
5.190% due 04/20/2026 | | | | | 17,500 | | | | | | 17,341 | |
|
DLLMT LLC | |
1.000% due 07/21/2025 | | | | | 2,970 | | | | | | 2,872 | |
|
Dryden CLO Ltd. | |
6.236% due 01/17/2033 • | | | | | 3,400 | | | | | | 3,354 | |
|
Dryden Senior Loan Fund | |
6.240% due 04/15/2028 • | | | | | 3,958 | | | | | | 3,940 | |
|
Edsouth Indenture LLC | |
5.880% due 04/25/2039 • | | | | | 325 | | | | | | 322 | |
|
Elevation CLO Ltd. | |
6.205% due 10/25/2030 • | | | | | 15,032 | | | | | | 14,923 | |
|
ELFI Graduate Loan Program LLC | |
1.530% due 12/26/2046 | | | | | 6,931 | | | | | | 5,896 | |
|
Enterprise Fleet Financing LLC | |
3.030% due 01/20/2028 | | | | | 17,000 | | | | | | 16,561 | |
5.330% due 03/20/2024 | | | | | 9,050 | | | | | | 9,042 | |
|
Ford Credit Auto Lease Trust | |
5.717% due 06/15/2025 • | | | | | 9,700 | | | | | | 9,704 | |
|
Ford Credit Auto Owner Trust | |
5.028% due 04/15/2024 | | | | | 1,451 | | | | | | 1,451 | |
5.587% due 04/15/2025 • | | | | | 15,157 | | | | | | 15,162 | |
5.787% due 03/15/2026 • | | | | | 40,000 | | | | | | 40,114 | |
|
Ford Credit Floorplan Master Owner Trust | |
5.693% due 09/15/2025 • | | | | | 47,700 | | | | | | 47,713 | |
|
Foursight Capital Automobile Receivables Trust | |
1.150% due 09/15/2025 | | | | | 5,140 | | | | | | 5,103 | |
|
Galaxy CLO Ltd. | |
6.230% due 10/15/2030 • | | | | | 6,722 | | | | | | 6,675 | |
|
Gallatin CLO Ltd. | |
6.350% due 07/15/2031 • | | | | | 6,000 | | | | | | 5,885 | |
|
GM Financial Automobile Leasing Trust | |
5.886% due 10/20/2025 | | | | | 17,000 | | | | | | 17,048 | |
|
GM Financial Consumer Automobile Receivables Trust | |
5.667% due 09/16/2025 • | | | | | 28,807 | | | | | | 28,814 | |
5.687% due 03/16/2026 • | | | | | 21,000 | | | | | | 21,028 | |
5.717% due 11/17/2025 • | | | | | 10,776 | | | | | | 10,790 | |
5.817% due 05/18/2026 | | | | | 25,000 | | | | | | 25,033 | |
|
GoldenTree Loan Management U.S. CLO Ltd. | |
6.160% due 11/20/2030 • | | | | | 31,500 | | | | | | 31,315 | |
|
GPMT Ltd. | |
6.407% due 07/16/2035 • | | | | | 21,800 | | | | | | 21,083 | |
|
Halseypoint CLO Ltd. | |
6.350% due 07/20/2031 • | | | | | 12,912 | | | | | | 12,827 | |
|
Harley Davidson Motorcycle Trust | |
5.597% due 06/15/2026 • | | | | | 3,450 | | | | | | 3,446 | |
|
Harley Davidson Motorcycle Trust | |
5.320% due 06/15/2026 | | | | | 4,000 | | | | | | 3,980 | |
|
Honda Auto Receivables Owner Trust | |
5.410% due 04/15/2026 | | | | | 9,000 | | | | | | 8,976 | |
|
Hyundai Auto Lease Securitization Trust | |
5.767% due 01/15/2025 • | | | | | 11,458 | | | | | | 11,470 | |
|
Hyundai Auto Receivables Trust | |
5.817% due 12/15/2025 | | | | | 25,000 | | | | | | 25,041 | |
|
KKR CLO Ltd. | |
6.202% due 07/18/2030 • | | | | | 3,287 | | | | | | 3,257 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Kubota Credit Owner Trust | |
5.400% due 02/17/2026 | | $ | | | 10,000 | | | $ | | | 9,916 | |
|
LAD Auto Receivables Trust | |
5.440% due 05/15/2024 | | | | | 12,888 | | | | | | 12,888 | |
5.930% due 06/15/2027 | | | | | 15,000 | | | | | | 14,932 | |
|
LCM LP | |
6.135% due 07/19/2027 • | | | | | 2,905 | | | | | | 2,891 | |
6.250% due 07/20/2030 • | | | | | 668 | | | | | | 663 | |
6.290% due 10/20/2027 • | | | | | 439 | | | | | | 440 | |
|
LCM Ltd. | |
6.330% due 04/15/2031 • | | | | | 1,000 | | | | | | 986 | |
6.410% due 10/20/2028 • | | | | | 4,727 | | | | | | 4,698 | |
|
LMREC LLC | |
6.200% due 04/22/2037 • | | | | | 3,430 | | | | | | 3,351 | |
|
LoanCore Issuer Ltd. | |
5.981% due 07/15/2035 • | | | | | 6,026 | | | | | | 5,899 | |
|
Madison Park Funding Ltd. | |
6.193% due 01/22/2028 • | | | | | 395 | | | | | | 392 | |
6.240% due 04/20/2032 • | | | | | 4,500 | | | | | | 4,441 | |
6.261% due 07/21/2030 • | | | | | 3,889 | | | | | | 3,864 | |
6.262% due 07/27/2031 • | | | | | 7,275 | | | | | | 7,212 | |
6.375% due 04/25/2032 • | | | | | 6,800 | | | | | | 6,735 | |
6.499% due 07/29/2030 ~ | | | | | 3,951 | | | | | | 3,938 | |
|
Magnetite Ltd. | |
6.201% due 11/15/2028 • | | | | | 3,981 | | | | | | 3,956 | |
|
Marathon CLO Ltd. | |
6.410% due 04/15/2029 • | | | | | 11,005 | | | | | | 10,991 | |
|
Marble Point CLO Ltd. | |
6.442% due 12/18/2030 • | | | | | 5,185 | | | | | | 5,110 | |
|
Mercedes-Benz Auto Receivables Trust | |
5.090% due 01/15/2026 | | | | | 12,300 | | | | | | 12,254 | |
|
MMAF Equipment Finance LLC | |
4.924% due 12/01/2023 | | | | | 5,408 | | | | | | 5,404 | |
|
Mountain View CLO LLC | |
6.300% due 01/16/2031 • | | | | | 16,327 | | | | | | 16,129 | |
6.350% due 10/16/2029 • | | | | | 6,761 | | | | | | 6,719 | |
|
Nassau Ltd. | |
6.410% due 10/15/2029 • | | | | | 10,883 | | | | | | 10,869 | |
|
Navient Private Education Refi Loan Trust | |
0.840% due 05/15/2069 | | | | | 4,959 | | | | | | 4,305 | |
1.310% due 01/15/2069 | | | | | 14,127 | | | | | | 12,772 | |
1.580% due 04/15/2070 | | | | | 33,578 | | | | | | 28,854 | |
1.690% due 05/15/2069 | | | | | 7,822 | | | | | | 7,028 | |
2.230% due 07/15/2070 | | | | | 26,475 | | | | | | 22,979 | |
3.130% due 02/15/2068 | | | | | 2,553 | | | | | | 2,414 | |
6.193% due 04/15/2069 • | | | | | 9,024 | | | | | | 8,884 | |
|
Navient Student Loan Trust | |
5.950% due 07/26/2066 • | | | | | 5,358 | | | | | | 5,210 | |
6.200% due 12/27/2066 • | | | | | 14,467 | | | | | | 14,332 | |
|
Nelnet Student Loan Trust | |
1.420% due 04/20/2062 | | | | | 779 | | | | | | 692 | |
5.348% due 12/24/2035 • | | | | | 1,977 | | | | | | 1,934 | |
5.750% due 03/25/2030 • | | | | | 218 | | | | | | 218 | |
5.950% due 09/25/2065 • | | | | | 9,461 | | | | | | 9,365 | |
5.950% due 08/25/2067 • | | | | | 14,896 | | | | | | 14,692 | |
6.000% due 02/25/2066 • | | | | | 7,538 | | | | | | 7,395 | |
|
Neuberger Berman CLO Ltd. | |
6.192% due 10/18/2029 • | | | | | 1,958 | | | | | | 1,942 | |
6.285% due 04/19/2030 • | | | | | 1,339 | | | | | | 1,331 | |
6.290% due 04/20/2031 • | | | | | 850 | | | | | | 838 | |
|
Nissan Auto Lease Trust | |
5.686% due 08/15/2025 | | | | | 25,250 | | | | | | 25,204 | |
|
Nissan Auto Receivables Owner Trust | |
5.717% due 02/17/2026 | | | | | 11,000 | | | | | | 11,021 | |
|
Northstar Education Finance, Inc. | |
5.850% due 12/26/2031 • | | | | | 194 | | | | | | 193 | |
|
Octagon Investment Partners Ltd. | |
6.321% due 02/14/2031 • | | | | | 3,900 | | | | | | 3,855 | |
|
Oscar U.S. Funding LLC | |
0.390% due 08/12/2024 « | | | | | 434 | | | | | | 434 | |
1.600% due 03/10/2025 | | | | | 18,587 | | | | | | 18,315 | |
|
OZLM Ltd. | |
6.240% due 10/17/2029 • | | | | | 23,948 | | | | | | 23,799 | |
6.270% due 07/17/2029 • | | | | | 2,206 | | | | | | 2,200 | |
6.348% due 05/16/2030 • | | | | | 5,183 | | | | | | 5,147 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Palmer Square Loan Funding Ltd. | |
6.150% due 04/20/2029 • | | $ | | | 2,431 | | | $ | | | 2,415 | |
6.179% due 02/20/2028 • | | | | | 4,268 | | | | | | 4,245 | |
|
Pawneee Equipment Receivables LLC | |
4.840% due 02/15/2028 | | | | | 3,217 | | | | | | 3,200 | |
|
PFP Ltd. | |
6.043% due 04/14/2038 • | | | | | 1,352 | | | | | | 1,327 | |
|
PHEAA Student Loan Trust | |
6.088% due 11/25/2065 • | | | | | 4,223 | | | | | | 4,170 | |
|
PRET LLC | |
1.868% due 07/25/2051 þ | | | | | 4,552 | | | | | | 4,174 | |
|
Ready Capital Mortgage Financing LLC | |
6.150% due 04/25/2038 • | | | | | 12,803 | | | | | | 12,537 | |
6.717% due 01/25/2037 • | | | | | 23,866 | | | | | | 23,546 | |
|
Romark CLO Ltd. | |
6.303% due 10/23/2030 • | | | | | 40,207 | | | | | | 39,755 | |
|
Saranac CLO Ltd. | |
6.684% due 08/13/2031 • | | | | | 16,400 | | | | | | 16,205 | |
|
SFS Auto Receivables Securitization Trust | |
5.867% due 03/22/2027 | | | | | 4,800 | | | | | | 4,794 | |
|
SLM Private Credit Student Loan Trust | |
5.862% due 12/15/2038 • | | | | | 4,505 | | | | | | 4,327 | |
|
SLM Student Loan Trust | |
5.395% due 10/25/2028 • | | | | | 84 | | | | | | 84 | |
5.800% due 12/27/2038 • | | | | | 1,931 | | | | | | 1,882 | |
5.850% due 01/25/2029 • | | | | | 2,241 | | | | | | 2,148 | |
|
SMB Private Education Loan Trust | |
1.290% due 07/15/2053 | | | | | 14,755 | | | | | | 13,159 | |
2.340% due 09/15/2034 | | | | | 2,139 | | | | | | 2,060 | |
5.793% due 03/17/2053 • | | | | | 6,007 | | | | | | 5,855 | |
6.093% due 09/15/2034 • | | | | | 4,337 | | | | | | 4,314 | |
6.293% due 09/15/2034 • | | | | | 1,670 | | | | | | 1,665 | |
6.293% due 07/15/2053 • | | | | | 1,861 | | | | | | 1,841 | |
|
SoFi Consumer Loan Program Trust | |
5.810% due 05/15/2031 | | | | | 8,517 | | | | | | 8,505 | |
|
SoFi Professional Loan Program LLC | |
2.650% due 09/25/2040 | | | | | 986 | | | | | | 939 | |
2.740% due 05/25/2040 | | | | | 216 | | | | | | 215 | |
5.850% due 03/26/2040 • | | | | | 16 | | | | | | 16 | |
6.450% due 02/25/2040 • | | | | | 309 | | | | | | 308 | |
|
SoFi Professional Loan Program Trust | |
1.950% due 02/15/2046 | | | | | 12,511 | | | | | | 11,215 | |
|
Sound Point CLO Ltd. | |
6.173% due 01/23/2029 • | | | | | 3,932 | | | | | | 3,927 | |
6.230% due 10/20/2030 • | | | | | 4,331 | | | | | | 4,282 | |
6.235% due 07/25/2030 • | | | | | 26,410 | | | | | | 26,110 | |
6.263% due 01/23/2029 • | | | | | 2,858 | | | | | | 2,859 | |
6.300% due 10/20/2028 • | | | | | 590 | | | | | | 589 | |
6.340% due 04/15/2030 • | | | | | 2,260 | | | | | | 2,235 | |
6.368% due 07/26/2031 • | | | | | 600 | | | | | | 590 | |
6.412% due 04/18/2031 • | | | | | 1,000 | | | | | | 983 | |
|
Starwood Mortgage Trust | |
6.417% due 11/15/2038 • | | | | | 23,200 | | | | | | 22,540 | |
|
Stratus CLO Ltd. | |
6.150% due 12/28/2029 • | | | | | 4,278 | | | | | | 4,228 | |
|
Symphony Static CLO Ltd. | |
6.085% due 10/25/2029 • | | | | | 3,521 | | | | | | 3,483 | |
|
TCW CLO Ltd. | |
6.225% due 04/25/2031 • | | | | | 19,100 | | | | | | 18,906 | |
|
Towd Point HE Trust | |
0.918% due 02/25/2063 ~ | | | | | 7,436 | | | | | | 6,947 | |
|
Toyota Auto Receivables Owner Trust | |
5.637% due 08/15/2025 • | | | | | 7,740 | | | | | | 7,742 | |
|
Venture CLO Ltd. | |
6.240% due 07/20/2030 • | | | | | 32,450 | | | | | | 32,084 | |
6.270% due 04/20/2029 • | | | | | 15,252 | | | | | | 15,232 | |
6.300% due 07/20/2030 • | | | | | 8,191 | | | | | | 8,114 | |
6.493% due 08/28/2029 • | | | | | 21,807 | | | | | | 21,695 | |
|
Vibrant CLO Ltd. | |
6.460% due 06/20/2029 • | | | | | 4,520 | | | | | | 4,514 | |
|
VMC Finance LLC | |
6.257% due 06/16/2036 • | | | | | 10,536 | | | | | | 10,333 | |
|
Volkswagen Auto Loan Enhanced Trust | |
5.587% due 12/21/2026 | | | | | 42,750 | | | | | | 42,784 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 95 |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Voya CLO Ltd. | |
6.210% due 04/17/2030 • | | $ | | | 25,221 | | | $ | | | 25,038 | |
6.240% due 06/07/2030 • | | | | | 8,534 | | | | | | 8,477 | |
6.248% due 10/15/2030 • | | | | | 13,516 | | | | | | 13,420 | |
|
Wellfleet CLO Ltd. | |
6.140% due 04/20/2029 • | | | | | 4,944 | | | | | | 4,938 | |
6.140% due 07/20/2029 • | | | | | 9,025 | | | | | | 8,927 | |
|
World Omni Auto Receivables Trust | |
5.497% due 07/15/2026 • | | | | | 23,850 | | | | | | 23,855 | |
5.637% due 10/15/2025 • | | | | | 5,096 | | | | | | 5,096 | |
5.777% due 11/16/2026 | | | | | 23,500 | | | | | | 23,543 | |
| | | | | | | | | | | | |
Total Asset-Backed Securities (Cost $2,103,028) | | | 2,073,203 | |
| | | | |
| |
| SOVEREIGN ISSUES 1.9% | |
|
CPPIB Capital, Inc. | |
6.308% due 03/11/2026 | | | | | 26,000 | | | | | | 26,580 | |
6.342% (SOFRINDX + 1.250%) due 04/04/2025 ~ | | | | | 72,750 | | | | | | 73,924 | |
|
Korea Development Bank | |
5.340% (SOFRINDX + 0.250%) due 03/09/2024 ~ | | | | | 500 | | | | | | 500 | |
|
Korea National Oil Corp. | |
6.135% (US0003M + 0.875%) due 07/16/2023 ~ | | | | | 7,400 | | | | | | 7,401 | |
|
PSP Capital, Inc. | |
5.331% (SOFRINDX + 0.240%) due 03/03/2025 ~ | | | | | 66,447 | | | | | | 66,380 | |
| | | | | | | | | | | | |
Total Sovereign Issues (Cost $174,615) | | | 174,785 | |
| | | | |
| |
| SHORT-TERM INSTRUMENTS 26.4% | |
| |
| COMMERCIAL PAPER 20.9% | |
|
AES Corp. | |
6.050% due 07/03/2023 | | | | | 7,600 | | | | | | 7,596 | |
|
Amcor Flexibles North America, Inc. | |
5.430% due 07/20/2023 | | | | | 53,000 | | | | | | 52,839 | |
5.450% due 07/11/2023 | | | | | 1,000 | | | | | | 998 | |
|
Arrow Electronics, Inc. | |
5.730% due 07/18/2023 | | | | | 14,800 | | | | | | 14,758 | |
|
AT&T, Inc. | |
5.700% due 11/21/2023 | | | | | 69,200 | | | | | | 67,633 | |
|
Bacardi Martini BV | |
5.750% due 07/12/2023 | | | | | 700 | | | | | | 699 | |
5.900% due 07/19/2023 | | | | | 31,600 | | | | | | 31,511 | |
|
Conagra Brands, Inc. | |
5.600% due 07/20/2023 | | | | | 39,800 | | | | | | 39,673 | |
5.750% due 07/05/2023 | | | | | 58,360 | | | | | | 58,316 | |
5.750% due 07/06/2023 | | | | | 29,400 | | | | | | 29,373 | |
|
Consolidated Edison Co. of New York, Inc. | |
5.420% due 07/17/2023 | | | | | 88,200 | | | | | | 87,979 | |
|
Constellation Brands, Inc. | |
5.580% due 07/17/2023 | | | | | 1,100 | | | | | | 1,097 | |
5.580% due 07/18/2023 | | | | | 12,100 | | | | | | 12,066 | |
5.580% due 07/24/2023 | | | | | 4,950 | | | | | | 4,931 | |
5.580% due 07/25/2023 | | | | | 1,900 | | | | | | 1,892 | |
5.590% due 07/03/2023 | | | | | 5,650 | | | | | | 5,647 | |
5.590% due 07/05/2023 | | | | | 25,450 | | | | | | 25,431 | |
|
Constellation Energy Corp. | |
5.300% due 07/13/2023 | | | | | 16,000 | | | | | | 15,966 | |
|
Crown Castle, Inc. | |
5.870% due 07/20/2023 | | | | | 9,400 | | | | | | 9,371 | |
5.890% due 07/05/2023 | | | | | 6,150 | | | | | | 6,145 | |
|
CVS Corp. | |
5.280% due 07/06/2023 | | | | | 26,150 | | | | | | 26,127 | |
|
Daimler Truck Finance North America LLC | |
5.350% due 07/21/2023 | | | | | 2,800 | | | | | | 2,791 | |
|
Dominion Resources, Inc. | |
5.430% due 07/31/2023 | | | | | 34,600 | | | | | | 34,440 | |
5.490% due 07/11/2023 | | | | | 6,550 | | | | | | 6,540 | |
5.500% due 08/15/2023 | | | | | 36,200 | | | | | | 35,948 | |
|
Duke Energy Corp. | |
5.400% due 07/10/2023 | | | | | 20,900 | | | | | | 20,870 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
5.400% due 08/08/2023 | | $ | | | 32,300 | | | $ | | | 32,108 | |
|
Electricite de France SA | |
5.510% due 08/03/2023 | | | | | 44,250 | | | | | | 44,017 | |
5.510% due 08/04/2023 | | | | | 44,250 | | | | | | 44,010 | |
|
Enbridge (US), Inc. | |
5.400% due 07/12/2023 | | | | | 19,850 | | | | | | 19,814 | |
5.440% due 07/20/2023 | | | | | 19,850 | | | | | | 19,789 | |
5.450% due 07/25/2023 | | | | | 17,950 | | | | | | 17,881 | |
5.450% due 07/26/2023 | | | | | 14,800 | | | | | | 14,741 | |
5.480% due 07/17/2023 | | | | | 20,200 | | | | | | 20,148 | |
|
Enel Finance America LLC | |
5.450% due 07/26/2023 | | | | | 16,700 | | | | | | 16,635 | |
|
Entergy Corp. | |
5.400% due 07/11/2023 | | | | | 16,100 | | | | | | 16,074 | |
5.450% due 07/20/2023 | | | | | 26,300 | | | | | | 26,222 | |
|
Global Payments, Inc. | |
5.930% due 07/21/2023 | | | | | 85,200 | | | | | | 84,910 | |
5.930% due 07/26/2023 | | | | | 2,250 | | | | | | 2,240 | |
5.930% due 07/28/2023 | | | | | 42,600 | | | | | | 42,406 | |
5.950% due 07/14/2023 | | | | | 9,000 | | | | | | 8,979 | |
|
Haleon UK Capital PLC | |
5.520% due 07/19/2023 | | | | | 35,150 | | | | | | 35,049 | |
5.520% due 07/24/2023 | | | | | 13,800 | | | | | | 13,750 | |
5.550% due 07/17/2023 | | | | | 1,600 | | | | | | 1,596 | |
5.550% due 07/18/2023 | | | | | 400 | | | | | | 399 | |
|
Humana, Inc. | |
5.400% due 07/11/2023 | | | | | 27,750 | | | | | | 27,703 | |
5.430% due 07/20/2023 | | | | | 3,000 | | | | | | 2,991 | |
5.450% due 07/13/2023 | | | | | 21,150 | | | | | | 21,108 | |
5.450% due 07/18/2023 | | | | | 3,950 | | | | | | 3,939 | |
5.500% due 08/01/2023 | | | | | 13,200 | | | | | | 13,134 | |
5.510% due 08/02/2023 | | | | | 13,800 | | | | | | 13,729 | |
5.510% due 08/03/2023 | | | | | 9,850 | | | | | | 9,798 | |
|
International Flavors & Fragrances, Inc. | |
6.000% due 07/03/2023 | | | | | 2,300 | | | | | | 2,299 | |
6.000% due 07/05/2023 | | | | | 3,200 | | | | | | 3,198 | |
6.000% due 07/28/2023 | | | | | 10,150 | | | | | | 10,107 | |
|
Keurig Dr Pepper, Inc. | |
5.250% due 07/05/2023 | | | | | 24,500 | | | | | | 24,482 | |
5.350% due 07/20/2023 | | | | | 38,100 | | | | | | 37,988 | |
|
L3Harris Technologies, Inc. | |
5.530% due 07/17/2023 | | | | | 47,650 | | | | | | 47,531 | |
|
Leidos, Inc. | |
5.900% due 07/10/2023 | | | | | 23,500 | | | | | | 23,463 | |
|
LVMH Moet Hennessy Louis Vuitton SE | |
5.490% due 01/29/2024 | | | | | 25,000 | | | | | | 24,191 | |
|
McCormick & Co., Inc. | |
5.350% due 07/25/2023 | | | | | 11,000 | | | | | | 10,959 | |
|
Mondelez International, Inc. | |
5.370% due 07/25/2023 | | | | | 30,400 | | | | | | 30,288 | |
5.430% due 07/13/2023 | | | | | 750 | | | | | | 749 | |
5.430% due 07/14/2023 | | | | | 750 | | | | | | 748 | |
|
National Grid North America, Inc. | |
5.450% due 07/13/2023 | | | | | 29,200 | | | | | | 29,144 | |
|
NextEra Energy Capital Holdings, Inc. | |
5.500% due 07/18/2023 | | | | | 700 | | | | | | 698 | |
|
Northrop Grumman Corp. | |
5.600% due 08/17/2023 | | | | | 25,900 | | | | | | 25,711 | |
|
Penske Truck Leasing Co. LP | |
5.400% due 07/10/2023 | | | | | 16,800 | | | | | | 16,775 | |
|
Quanta Services, Inc. | |
5.900% due 07/07/2023 | | | | | 5,700 | | | | | | 5,694 | |
5.900% due 07/12/2023 | | | | | 50,000 | | | | | | 49,907 | |
5.900% due 07/13/2023 | | | | | 22,400 | | | | | | 22,355 | |
5.900% due 07/17/2023 | | | | | 5,800 | | | | | | 5,785 | |
5.900% due 07/18/2023 | | | | | 17,500 | | | | | | 17,451 | |
|
Raytheon Technologies Corp. | |
5.450% due 07/12/2023 | | | | | 9,500 | | | | | | 9,483 | |
|
Targa Resources Corp. | |
5.950% due 07/26/2023 | | | | | 9,800 | | | | | | 9,764 | |
6.000% due 07/07/2023 | | | | | 31,300 | | | | | | 31,271 | |
|
Thomson Reuters Corp. | |
5.470% due 07/12/2023 | | | | | 27,250 | | | | | | 27,202 | |
5.470% due 07/13/2023 | | | | | 56,550 | | | | | | 56,441 | |
5.500% due 07/18/2023 | | | | | 8,700 | | | | | | 8,677 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Trane Technologies Financing Ltd. | |
5.550% due 07/24/2023 | | $ | | | 11,300 | | | $ | | | 11,260 | |
5.550% due 07/25/2023 | | | | | 3,700 | | | | | | 3,692 | |
|
VW Credit, Inc. | |
5.400% due 07/25/2023 | | | | | 51,100 | | | | | | 50,909 | |
5.400% due 07/26/2023 | | | | | 33,700 | | | | | | 33,569 | |
5.430% due 07/27/2023 | | | | | 2,600 | | | | | | 2,589 | |
5.430% due 08/01/2023 | | | | | 2,400 | | | | | | 2,388 | |
|
Walgreens Boots Alliance, Inc. | |
5.850% due 07/10/2023 (a) | | | | | 52,650 | | | | | | 52,566 | |
6.000% due 07/05/2023 | | | | | 34,350 | | | | | | 34,323 | |
6.000% due 07/06/2023 | | | | | 43,200 | | | | | | 43,159 | |
|
Waste Management, Inc. | |
5.400% due 08/09/2023 | | | | | 14,200 | | | | | | 14,114 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,934,737 | |
| | | | | | | | | | | | |
| |
| REPURCHASE AGREEMENTS (f) 5.3% | |
| | | | | | | | | | | 489,637 | |
| | | | | | | | | | | | |
| |
| SHORT-TERM NOTES 0.2% | |
|
CCG Receivables Trust | |
5.395% due 03/14/2024 | | | | | 6,015 | | | | | | 6,013 | |
|
Toyota Motor Credit Corp. | |
5.810% (SOFRRATE + 0.750%) due 07/25/2023 ~ | | | | | 375 | | | | | | 375 | |
|
Warnermedia Holdings, Inc. | |
3.428% due 03/15/2024 | | | | | 16,054 | | | | | | 15,766 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 22,154 | |
| | | | | | | | | | | | |
| Total Short-Term Instruments (Cost $2,447,364) | | | 2,446,528 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments in Securities (Cost $9,461,609) | | | 9,366,003 | |
| | | | |
| |
| | | | | SHARES | | | | | | |
| INVESTMENTS IN AFFILIATES 0.0% | |
| |
| SHORT-TERM INSTRUMENTS 0.0% | |
| |
| MUTUAL FUNDS 0.0% | |
|
PIMCO Government Money Market Fund | |
5.210% (b)(c)(d) | | | | | 149,100 | | | | | | 149 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $149) | | | 149 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
Total Investments in Affiliates
(Cost $149) | | | 149 | |
| | | | |
| | | | | | | | | | | | |
| Total Investments 101.2% (Cost $9,461,758) | | | $ | | | 9,366,152 | |
| |
Financial Derivative
Instruments (g) 0.0% (Cost or Premiums, net $0) | | | | | | | | | | | 55 | |
| |
| Other Assets and Liabilities, net (1.2)% | | | (108,310 | ) |
| | | | |
| Net Assets 100.0% | | | $ | | | 9,257,897 | |
| | | | | | | |
| | | | | | |
| 96 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
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. |
| (b) | Institutional Class Shares of each Fund. |
| (c) | Securities with an aggregate market value of $146 were out on loan in exchange for $149 of cash collateral as of June 30, 2023. See Note 5(e), Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral. |
| (d) | Coupon represents a 7-Day Yield. |
(e) RESTRICTED SECURITIES:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Issuer Description | | Coupon | | | Maturity
Date | | | Acquisition
Date | | | Cost | | | Market
Value | | | Market Value
as Percentage
of Net Assets
| |
Citigroup, Inc. | | | 0.981 | % | | | 05/01/2025 | | | | 06/02/2023 | | | $ | 3,817 | | | $ | 3,816 | | | | 0.04 | % |
Deutsche Bank AG | | | 0.898 | | | | 05/28/2024 | | | | 06/26/2023 | | | | 6,193 | | | | 6,178 | | | | 0.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | $ | 10,010 | | | $ | 9,994 | | | | 0.11 | % |
| | | | | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(f) REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Lending
Rate | | | Settlement
Date | | | Maturity
Date | | | Principal
Amount | | | Collateralized By | | Collateral
(Received) | | | Repurchase
Agreements,
at Value | | | Repurchase
Agreement
Proceeds
to be
Received(1) | |
| BPS | | | 5.110 | % | | | 06/30/2023 | | | | 07/03/2023 | | | $ | 357,800 | | | U.S. Treasury Notes 3.875% due 12/31/2027 | | $ | (364,737 | ) | | $ | 357,800 | | | $ | 357,952 | |
| FICC | | | 2.400 | | | | 06/30/2023 | | | | 07/03/2023 | | | | 1,837 | | | U.S. Treasury Notes 1.500% due 01/31/2027 | | | (1,874 | ) | | | 1,837 | | | | 1,837 | |
| RCY | | | 5.160 | | | | 06/30/2023 | | | | 07/03/2023 | | | | 130,000 | | | U.S. Treasury Notes 2.250% due 08/15/2027 | | | (132,912 | ) | | | 130,000 | | | | 130,056 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (499,523 | ) | | $ | 489,637 | | | $ | 489,845 | |
| | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
BPS | | $ | 357,952 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 357,952 | | | $ | (364,737 | ) | | $ | (6,785 | ) |
FICC | | | 1,837 | | | | 0 | | | | 0 | | | | 0 | | | | 1,837 | | | | (1,874 | ) | | | (37 | ) |
RCY | | | 130,056 | | | | 0 | | | | 0 | | | | 0 | | | | 130,056 | | | | (132,912 | ) | | | (2,856 | ) |
|
Master Securities Lending Agreement | |
BCY | | | 0 | | | | 0 | | | | 0 | | | | 146 | | | | 146 | | | | (149 | ) | | | (3 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 489,845 | | | $ | 0 | | | $ | 0 | | | $ | 146 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements
| | | | | | | | | | | | | | | | | | | | |
| | | Overnight and
Continuous | | | Up to 30 days | | | 31-90 days | | | Greater Than 90 days | | | Total | |
Securities Lending Transactions(3) | |
Corporate Bonds & Notes | | $ | 149 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 149 | |
| | | | | | | | | | | | | | | | | | | | |
Total Borrowings | | $ | 149 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 149 | |
| | | | | | | | | | | | | | | | | | | | |
Payable for securities on loan - cash collateral | | | $ | 149 | |
| | �� | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 97 |
| | | | | | |
| Schedule of Investments | | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | (Cont.) | | |
| (1) | Includes accrued interest. |
| (2) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
| (3) | Includes cash collateral as described in Note 5 in the Notes to Financial Statements. |
The average amount of borrowings outstanding during the period ended June 30, 2023 was $(925) at a weighted average interest rate of 4.936%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(g) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SHORT FUTURES CONTRACTS | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Expiration
Month | | | # of
Contracts | | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | | | Variation Margin | |
| | Asset | | | Liability | |
U.S. Treasury 2-Year Note September Futures | | | 09/2023 | | | | 1,764 | | | $ | | | | | (358,698 | ) | | $ | 4,723 | | | $ | 55 | | | $ | 0 | |
U.S. Treasury 5-Year Note September Futures | | | 09/2023 | | | | 2,604 | | | | | | | | (278,872 | ) | | | 2,744 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Futures Contracts | | | $ | 7,467 | | | $ | 55 | | | $ | 0 | |
| | | | | | | | | | | | | |
FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Financial Derivative Assets | | | | | | Financial Derivative Liabilities | |
| | | Market Value | | | Variation Margin
Asset | | | Total | | | | | | Market Value | | | Variation Margin
Liability | | | Total | |
| | | Purchased
Options | | | Futures | | | Swap
Agreements | | | | | | Written
Options | | | Futures | | | Swap
Agreements | |
Total Exchange-Traded or Centrally Cleared | | $ | 0 | | | $ | 55 | | | $ | 0 | | | $ | 55 | | | | | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash of $5,758 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.
FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 55 | | | $ | 55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Net Realized Gain (Loss) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 9,634 | | | $ | 9,634 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 7,467 | | | $ | 7,467 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| 98 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Securities, at Value | |
Corporate Bonds & Notes | |
Banking & Finance | | $ | 0 | | | $ | 2,437,981 | | | $ | 0 | | | $ | 2,437,981 | |
Industrials | | | 0 | | | | 730,596 | | | | 0 | | | | 730,596 | |
Utilities | | | 0 | | | | 382,230 | | | | 0 | | | | 382,230 | |
U.S. Government Agencies | | | 0 | | | | 655,005 | | | | 0 | | | | 655,005 | |
Non-Agency Mortgage-Backed Securities | | | 0 | | | | 465,401 | | | | 274 | | | | 465,675 | |
Asset-Backed Securities | | | 0 | | | | 2,072,769 | | | | 434 | | | | 2,073,203 | |
Sovereign Issues | | | 0 | | | | 174,785 | | | | 0 | | | | 174,785 | |
Short-Term Instruments | |
Commercial Paper | | | 0 | | | | 1,934,737 | | | | 0 | | | | 1,934,737 | |
Repurchase Agreements | | | 0 | | | | 489,637 | | | | 0 | | | | 489,637 | |
Short-Term Notes | | | 0 | | | | 22,154 | | | | 0 | | | | 22,154 | |
| | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 9,365,295 | | | $ | 708 | | | $ | 9,366,003 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
|
Investments in Affiliates, at Value | |
Short-Term Instruments | |
Mutual Funds | | $ | 149 | | | $ | 0 | | | $ | 0 | | | $ | 149 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 149 | | | $ | 9,365,295 | | | $ | 708 | | | $ | 9,366,152 | |
| | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | | $ | 0 | | | $ | 55 | | | $ | 0 | | | $ | 55 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Financial Derivative Instruments | | $ | 0 | | | $ | 55 | | | $ | 0 | | | $ | 55 | |
| | | | | | | | | | | | | | | | |
| | | | |
Totals | | $ | 149 | | | $ | 9,365,350 | | | $ | 708 | | | $ | 9,366,207 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 99 |
| | | | | | |
| Schedule of Investments | | PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 99.1% | |
| |
| MUNICIPAL BONDS & NOTES 95.1% | |
| |
| ALABAMA 3.4% | |
|
Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | |
4.000% due 10/01/2052 | | $ | | | 7,385 | | | $ | | | 7,321 | |
4.360% (MUNIPSA)
due 10/01/2052 ~ | | | | | 2,000 | | | | | | 1,945 | |
|
Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022 | |
5.250% due 02/01/2053 | | | | | 5,000 | | | | | | 5,237 | |
|
Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020 | |
5.000% due 08/01/2027 | | | | | 1,000 | | | | | | 1,061 | |
|
Healthcare Authority of Baptist Health, Alabama Revenue Bonds, Series 2023 | |
5.000% due 11/15/2035 | | | | | 1,500 | | | | | | 1,652 | |
5.000% due 11/15/2036 | | | | | 1,220 | | | | | | 1,322 | |
5.000% due 11/15/2037 | | | | | 875 | | | | | | 938 | |
|
Jefferson County, Alabama Sewer Revenue Bonds, (AGM Insured), Series 2013 | |
5.500% due 10/01/2053 | | | | | 3,450 | | | | | | 3,527 | |
|
Lower Alabama Gas District Revenue Bonds, Series 2020 | |
4.000% due 12/01/2050 | | | | | 3,000 | | | | | | 2,983 | |
|
Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 | |
2.000% due 11/01/2033 | | | | | 1,350 | | | | | | 1,320 | |
|
Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 | |
4.000% due 12/01/2051 | | | | | 2,935 | | | | | | 2,855 | |
|
West Jefferson Industrial Development Board, Alabama Revenue Bonds, Series 1998 | |
3.650% due 06/01/2028 | | | | | 3,600 | | | | | | 3,600 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 33,761 | |
| | | | | | | | | | | | |
| |
| ALASKA 0.3% | |
|
Alaska Housing Finance Corp. Revenue Bonds, Series 2022 | |
5.000% due 12/01/2033 | | | | | 1,905 | | | | | | 2,138 | |
|
Alaska Municipal Bond Bank, Revenue Bond, Series 2023 | |
5.000% due 12/01/2042 | | | | | 1,000 | | | | | | 1,083 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,221 | |
| | | | | | | | | | | | |
| |
| ARIZONA 2.5% | |
|
Arizona Health Facilities Authority Revenue Bonds, Series 2014 | |
5.000% due 01/01/2044 | | | | | 7,920 | | | | | | 7,988 | |
|
Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2005 | |
2.400% due 12/01/2035 | | | | | 2,750 | | | | | | 2,745 | |
|
Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2017 | |
4.000% due 01/01/2041 | | | | | 5,000 | | | | | | 4,917 | |
|
Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019 | |
5.000% due 01/01/2053 | | | | | 2,000 | | | | | | 2,157 | |
|
Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2014 | |
4.750% due 07/01/2044 | | | | | 2,200 | | | | | | 2,234 | |
|
Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2017 | |
3.125% due 07/01/2034 | | | | | 425 | | | | | | 409 | |
|
Phoenix, Arizona General Obligation Refunding Notes, Series 2022 | |
5.000% due 07/01/2026 | | | | | 1,500 | | | | | | 1,589 | |
|
Town of Gilbert, Arizona General Obligation Notes, Series 2022 | |
5.000% due 07/15/2027 | | | | | 2,000 | | | | | | 2,171 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 24,210 | |
| | | | | | | | | | | | |
| |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| CALIFORNIA 6.5% | |
|
Anaheim Public Financing Authority, California Revenue Notes, (AGM/CR Insured), Series 2019 | |
5.000% due 09/01/2027 | | $ | | | 2,500 | | | $ | | | 2,685 | |
|
Bay Area Toll Authority, California Revenue Bonds, Series 2021 | |
4.460% (MUNIPSA)
due 04/01/2056 ~ | | | | | 2,000 | | | | | | 1,978 | |
|
California Community Choice Financing Authority Revenue Bonds, Series 2023 | |
5.250% due 01/01/2054 | | | | | 8,500 | | | | | | 8,897 | |
|
California Department of Water Resources State Revenue Bonds, Series 2020 | |
1.789% due 12/01/2035 | | | | | 2,500 | | | | | | 1,805 | |
|
California Department of Water Resources State Revenue Bonds, Series 2021 | |
2.132% due 12/01/2033 | | | | | 3,315 | | | | | | 2,618 | |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2016 | |
4.000% due 10/01/2036 | | | | | 1,000 | | | | | | 1,006 | |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2020 | |
4.000% due 04/01/2040 | | | | | 3,250 | | | | | | 3,177 | |
|
California State General Obligation Bonds, Series 2016 | |
4.000% due 09/01/2037 | | | | | 4,495 | | | | | | 4,554 | |
|
California State General Obligation Notes, Series 2018 | |
5.000% due 10/01/2028 | | | | | 3,500 | | | | | | 3,911 | |
|
California State General Obligation Notes, Series 2022 | |
5.000% due 11/01/2026 | | | | | 6,400 | | | | | | 6,846 | |
|
Chino Valley Unified School District, California General Obligation Bonds, Series 2022 | |
0.000% due 08/01/2041 (b) | | | | | 1,500 | | | | | | 690 | |
|
Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2021 | |
4.000% due 01/15/2033 | | | | | 1,139 | | | | | | 1,184 | |
|
Fremont Unified School District/Alameda County, California General Obligation Notes, Series 2021 | |
1.313% due 08/01/2028 | | | | | 5,735 | | | | | | 4,863 | |
|
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | |
2.746% due 06/01/2034 | | | | | 3,000 | | | | | | 2,447 | |
|
Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | |
2.687% due 06/01/2030 | | | | | 6,000 | | | | | | 5,042 | |
|
Huntington Beach Union High School District, California General Obligation Notes, Series 2021 | |
1.884% due 08/01/2029 | | | | | 3,000 | | | | | | 2,533 | |
|
Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022 | |
5.000% due 06/01/2038 | | | | | 1,000 | | | | | | 1,145 | |
|
Los Angeles, California Wastewater System Revenue Bonds, Series 2015 | |
5.000% due 06/01/2029 | | | | | 1,350 | | | | | | 1,408 | |
|
Sacramento Municipal Utility District, California Revenue Bonds, Series 2013 | |
5.000% due 08/15/2029 | | | | | 1,000 | | | | | | 1,002 | |
|
San Francisco, California City & County Certificates of Participation Bonds, Series 2017 | |
4.000% due 04/01/2036 | | | | | 6,320 | | | | | | 6,338 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 64,129 | |
| | | | | | | | | | | | |
| |
| COLORADO 1.1% | |
|
Colorado Health Facilities Authority Revenue Bonds, Series 2018 | |
5.000% due 11/15/2048 | | | | | 2,500 | | | | | | 2,589 | |
|
Colorado Health Facilities Authority Revenue Bonds, Series 2019 | |
5.000% due 08/01/2031 | | | | | 850 | | | | | | 915 | |
5.000% due 11/15/2049 | | | | | 1,500 | | | | | | 1,578 | |
|
Colorado Health Facilities Authority Revenue Bonds, Series 2022 | |
5.250% due 11/01/2035 | | | | | 1,200 | | | | | | 1,334 | |
5.250% due 11/01/2037 | | | | | 1,450 | | | | | | 1,584 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2020 | |
5.000% due 09/01/2035 | | $ | | | 1,250 | | | $ | | | 1,405 | |
|
Regional Transportation District, Colorado Revenue Notes, Series 2020 | |
5.000% due 07/15/2028 | | | | | 875 | | | | | | 938 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,343 | |
| | | | | | | | | | | | |
| |
| CONNECTICUT 3.3% | |
|
Bridgeport, Connecticut General Obligation Notes, Series 2017 | |
5.000% due 08/15/2023 | | | | | 1,635 | | | | | | 1,638 | |
5.000% due 08/15/2027 | | | | | 3,000 | | | | | | 3,249 | |
|
Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020 | |
5.000% due 05/01/2031 | | | | | 3,500 | | | | | | 3,991 | |
5.000% due 05/01/2032 | | | | | 1,380 | | | | | | 1,572 | |
|
Connecticut Special Tax State Revenue Bonds, Series 2018 | |
5.000% due 10/01/2033 | | | | | 1,020 | | | | | | 1,121 | |
|
Connecticut Special Tax State Revenue Bonds, Series 2022 | |
5.000% due 07/01/2039 | | | | | 5,000 | | | | | | 5,641 | |
|
Connecticut State General Obligation Bonds, Series 2018 | |
5.000% due 09/15/2030 | | | | | 3,640 | | | | | | 4,009 | |
|
Connecticut State General Obligation Bonds, Series 2020 | |
4.000% due 06/01/2031 | | | | | 1,750 | | | | | | 1,879 | |
|
Connecticut State General Obligation Notes, Series 2022 | |
5.000% due 09/15/2028 | | | | | 1,000 | | | | | | 1,107 | |
5.000% due 11/15/2028 | | | | | 4,100 | | | | | | 4,553 | |
|
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2018 | |
5.000% due 07/01/2029 | | | | | 1,200 | | | | | | 1,301 | |
|
Metropolitan District, Connecticut General Obligation Bonds, Series 2018 | |
5.000% due 07/15/2029 | | | | | 1,845 | | | | | | 2,047 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 32,108 | |
| | | | | | | | | | | | |
| |
| DELAWARE 0.2% | |
|
Delaware State Economic Development Authority Revenue Bonds, Series 2020 | |
1.250% due 10/01/2045 | | | | | 2,000 | | | | | | 1,826 | |
| | | | | | | | | | | | |
| |
| FLORIDA 1.7% | |
|
Broward County, Florida Airport System Revenue Bonds, Series 2012 | |
5.000% due 10/01/2023 | | | | | 1,000 | | | | | | 1,001 | |
|
Central Florida Expressway Authority Revenue Bonds, Series 2018 | |
5.000% due 07/01/2030 | | | | | 450 | | | | | | 496 | |
5.000% due 07/01/2031 | | | | | 900 | | | | | | 992 | |
|
Florida’s Turnpike Enterprise Revenue Bonds, Series 2018 | |
4.000% due 07/01/2048 | | | | | 4,500 | | | | | | 4,478 | |
|
Miami-Dade County, Florida Aviation Revenue Bonds, Series 2020 | |
5.000% due 10/01/2032 | | | | | 1,000 | | | | | | 1,130 | |
|
Orange County Health Facilities Authority, Florida Revenue Notes, Series 2023 | |
5.000% due 10/01/2028 | | | | | 1,450 | | | | | | 1,583 | |
|
Orlando Utilities Commission, Florida Revenue Bonds, Series 2021 | |
1.250% due 10/01/2046 | | | | | 3,500 | | | | | | 3,006 | |
|
Osceola County, Florida Transportation Revenue Bonds, Series 2020 | |
0.000% due 10/01/2034 (b) | | | | | 1,850 | | | | | | 1,117 | |
|
Osceola County, Florida Transportation Revenue Notes, Series 2020 | |
0.000% due 10/01/2027 (b) | | | | | 350 | | | | | | 291 | |
0.000% due 10/01/2029 (b) | | | | | 700 | | | | | | 535 | |
| | | | | | |
| 100 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
School District of Broward County, Florida Certificates of Participation Bonds, Series 2020 | |
5.000% due 07/01/2032 | | $ | | | 2,000 | | | $ | | | 2,263 | |
|
Tampa, Florida Revenue Bonds, Series 2020 | |
0.000% due 09/01/2033 (b) | | | | | 200 | | | | | | 133 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 17,025 | |
| | | | | | | | | | | | |
| |
| GEORGIA 4.2% | |
|
Bartow County, Georgia Development Authority Revenue Bonds, Series 1997 | |
1.800% due 09/01/2029 | | | | | 2,000 | | | | | | 1,682 | |
|
Brookhaven Development Authority, Georgia Revenue Bonds, Series 2019 | |
5.000% due 07/01/2038 | | | | | 1,800 | | | | | | 1,944 | |
|
Burke County, Georgia Development Authority Revenue Bonds, Series 2008 | |
2.925% due 11/01/2048 | | | | | 3,000 | | | | | | 2,967 | |
|
Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | |
3.250% due 11/01/2045 | | | | | 3,750 | | | | | | 3,697 | |
|
Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2017 | |
5.000% due 04/01/2028 | | | | | 600 | | | | | | 632 | |
|
Development Authority of Monroe County, Georgia Revenue Bonds, Series 2013 | |
1.500% due 01/01/2039 | | | | | 1,250 | | | | | | 1,181 | |
|
Fulton County, Georgia Development Authority Revenue Bonds, Series 2019 | |
5.000% due 07/01/2030 | | | | | 1,000 | | | | | | 1,122 | |
|
Georgia State General Obligation Notes, Series 2022 | |
5.000% due 07/01/2030 | | | | | 6,640 | | | | | | 7,672 | |
|
LaGrange-Troup County, Georgia Hospital Authority Revenue Bonds, Series 2017 | |
5.000% due 04/01/2028 | | | | | 700 | | | | | | 738 | |
|
Main Street Natural Gas Inc, Georgia Revenue Bonds, Series 2021 | |
4.000% due 07/01/2052 | | | | | 700 | | | | | | 698 | |
|
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2018 | |
4.294% (0.67*US0001M + 0.830%) due 08/01/2048 ~ | | | | | 1,510 | | | | | | 1,509 | |
|
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019 | |
5.000% due 05/15/2033 | | | | | 2,500 | | | | | | 2,570 | |
|
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 | |
4.000% due 05/01/2052 | | | | | 1,915 | | | | | | 1,887 | |
|
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | |
5.000% due 06/01/2053 | | | | | 3,000 | | | | | | 3,108 | |
5.000% due 07/01/2053 | | | | | 3,000 | | | | | | 3,136 | |
|
Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | |
5.000% due 01/01/2031 | | | | | 1,200 | | | | | | 1,285 | |
|
Municipal Electric Authority of Georgia Revenue Notes, (AGM Insured), Series 2021 | |
5.000% due 01/01/2027 | | | | | 335 | | | | | | 356 | |
5.000% due 01/01/2028 | | | | | 400 | | | | | | 432 | |
5.000% due 01/01/2029 | | | | | 450 | | | | | | 493 | |
5.000% due 01/01/2031 | | | | | 360 | | | | | | 400 | |
5.000% due 01/01/2032 | | | | | 285 | | | | | | 315 | |
|
Municipal Electric Authority of Georgia Revenue Notes, Series 2019 | |
5.000% due 01/01/2029 | | | | | 1,000 | | | | | | 1,069 | |
|
Municipal Electric Authority of Georgia Revenue Notes, Series 2021 | |
5.000% due 01/01/2028 | | | | | 175 | | | | | | 185 | |
5.000% due 01/01/2029 | | | | | 165 | | | | | | 176 | |
|
Municipal Electric Authority of Georgia Revenue Notes, Series 2023 | |
5.890% due 07/01/2033 | | | | | 1,500 | | | | | | 1,510 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 40,764 | |
| | | | | | | | | | | | |
| |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| GUAM 0.1% | |
|
Guam Government Waterworks Authority Revenue Notes, Series 2014 | |
5.000% due 07/01/2023 | | $ | | | 770 | | | $ | | | 770 | |
| | | | | | | | | | | | |
| |
| HAWAII 0.5% | |
|
City & County Honolulu, Hawaii General Obligation Bonds, Series 2015 | |
5.000% due 10/01/2030 | | | | | 2,000 | | | | | | 2,082 | |
|
City & County Honolulu, Hawaii Wastewater System Revenue Notes, Series 2020 | |
1.473% due 07/01/2030 | | | | | 3,750 | | | | | | 3,056 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,138 | |
| | | | | | | | | | | | |
| |
| ILLINOIS 5.8% | |
|
Chicago Midway International Airport, Illinois Revenue Bonds, Series 2014 | |
5.000% due 01/01/2035 | | | | | 6,500 | | | | | | 6,538 | |
|
Chicago Transit Authority Sales Tax Receipts Fund, Illinois Revenue Bonds, Series 2014 | |
5.000% due 12/01/2044 | | | | | 2,500 | | | | | | 2,525 | |
|
Chicago, Illinois General Obligation Bonds, Series 2017 | |
5.625% due 01/01/2030 | | | | | 1,865 | | | | | | 1,983 | |
|
Illinois Finance Authority Revenue Bonds, Series 2008 | |
4.000% due 11/01/2030 | | | | | 1,000 | | | | | | 1,009 | |
|
Illinois Finance Authority Revenue Bonds, Series 2020 | |
3.550% due 08/15/2049 | | | | | 7,600 | | | | | | 7,600 | |
|
Illinois State General Obligation Bonds, Series 2012 | |
5.000% due 08/01/2023 | | | | | 2,590 | | | | | | 2,592 | |
|
Illinois State General Obligation Bonds, Series 2021 | |
5.000% due 03/01/2037 | | | | | 5,860 | | | | | | 6,287 | |
|
Illinois State General Obligation Notes, Series 2017 | |
5.000% due 11/01/2023 | | | | | 2,765 | | | | | | 2,777 | |
|
Illinois State General Obligation Notes, Series 2020 | |
5.000% due 10/01/2025 | | | | | 2,300 | | | | | | 2,372 | |
|
Illinois State General Obligation Notes, Series 2022 | |
5.000% due 03/01/2026 | | | | | 7,000 | | | | | | 7,267 | |
|
Illinois State Revenue Bonds, Series 2013 | |
5.000% due 06/15/2026 | | | | | 1,500 | | | | | | 1,501 | |
|
Illinois State Toll Highway Authority Revenue Bonds, Series 2019 | |
5.000% due 01/01/2030 | | | | | 2,500 | | | | | | 2,766 | |
|
Illinois State Toll Highway Authority Revenue Notes, Series 2019 | |
5.000% due 01/01/2027 | | | | | 775 | | | | | | 827 | |
|
Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022 | |
0.000% due 06/15/2036 (b) | | | | | 500 | | | | | | 285 | |
0.000% due 06/15/2037 (b) | | | | | 1,500 | | | | | | 803 | |
|
Regional Transportation Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2003 | |
5.750% due 06/01/2033 | | | | | 1,800 | | | | | | 2,140 | |
|
Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018 | |
5.000% due 01/01/2037 | | | | | 1,350 | | | | | | 1,421 | |
|
Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2023 | |
5.000% due 01/01/2037 | | | | | 1,000 | | | | | | 1,073 | |
|
Sales Tax Securitization Corp., Illinois Revenue Notes, Series 2020 | |
5.000% due 01/01/2028 | | | | | 4,500 | | | | | | 4,846 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 56,612 | |
| | | | | | | | | | | | |
| |
| INDIANA 0.8% | |
|
Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012 | |
4.250% due 11/01/2030 | | | | | 1,500 | | | | | | 1,495 | |
|
Indiana Finance Authority Revenue Bonds, Series 2010 | |
2.500% due 11/01/2030 | | | | | 3,825 | | | | | | 3,351 | |
|
Indiana Finance Authority Revenue Bonds, Series 2018 | |
5.000% due 02/01/2030 | | | | | 1,500 | | | | | | 1,648 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Indiana Municipal Power Agency Revenue Notes, Series 2019 | |
5.000% due 01/01/2029 | | $ | | | 285 | | | $ | | | 315 | |
|
Rockport, Indiana Revenue Bonds, Series 2009 | |
3.050% due 06/01/2025 | | | | | 1,500 | | | | | | 1,477 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,286 | |
| | | | | | | | | | | | |
| |
| IOWA 0.2% | |
|
Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | |
4.000% due 12/01/2050 | | | | | 2,000 | | | | | | 1,972 | |
| | | | | | | | | | | | |
| |
| KENTUCKY 0.4% | |
|
Kentucky Public Energy Authority Revenue Bonds, Series 2018 | |
4.000% due 04/01/2048 | | | | | 500 | | | | | | 499 | |
|
Kentucky Public Energy Authority Revenue Bonds, Series 2020 | |
4.000% due 12/01/2050 | | | | | 3,000 | | | | | | 2,995 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,494 | |
| | | | | | | | | | | | |
| |
| LOUISIANA 1.2% | |
|
Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Notes, Series 2022 | |
5.000% due 08/15/2027 | | | | | 1,200 | | | | | | 1,285 | |
5.000% due 08/15/2028 | | | | | 1,200 | | | | | | 1,285 | |
|
Louisiana Public Facilities Authority Revenue Bonds, Series 2023 | |
5.000% due 10/15/2036 | | | | | 1,000 | | | | | | 1,132 | |
|
Louisiana State General Obligation Bonds, Series 2015 | |
4.000% due 05/01/2035 | | | | | 1,700 | | | | | | 1,722 | |
|
Louisiana State Highway Improvement Revenue Notes, Series 2021 | |
1.592% due 06/15/2030 | | | | | 2,000 | | | | | | 1,637 | |
|
Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017 | |
2.100% due 06/01/2037 | | | | | 2,900 | | | | | | 2,845 | |
|
Tangipahoa Parish Hospital Service District No 1, Louisiana Revenue Bonds, Series 2021 | |
4.000% due 02/01/2037 | | | | | 2,000 | | | | | | 1,967 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,873 | |
| | | | | | | | | | | | |
| |
| MAINE 0.1% | |
|
Portland, Maine General Airport Revenue Notes, Series 2019 | |
5.000% due 01/01/2028 | | | | | 300 | | | | | | 323 | |
5.000% due 01/01/2029 | | | | | 225 | | | | | | 245 | |
5.000% due 01/01/2030 | | | | | 270 | | | | | | 300 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 868 | |
| | | | | | | | | | | | |
| |
| MARYLAND 2.0% | |
|
Maryland Department of Transportation State Revenue Bonds, Series 2019 | |
4.000% due 10/01/2032 | | | | | 1,450 | | | | | | 1,508 | |
|
Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 | |
4.000% due 06/01/2037 | | | | | 225 | | | | | | 217 | |
5.000% due 06/01/2033 | | | | | 445 | | | | | | 480 | |
|
Maryland Health & Higher Educational Facilities Authority Revenue Notes, Series 2021 | |
5.000% due 06/01/2031 | | | | | 350 | | | | | | 380 | |
|
Maryland State General Obligation Bonds, Series 2022 | |
5.000% due 06/01/2035 | | | | | 7,000 | | | | | | 8,213 | |
5.000% due 06/01/2036 | | | | | 8,000 | | | | | | 9,299 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 20,097 | |
| | | | | | | | | | | | |
| |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 101 |
| | | | | | |
| Schedule of Investments | | PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| MASSACHUSETTS 2.2% | |
|
Commonwealth of Massachusetts General Obligation Bonds, Series 2022 | |
5.000% due 10/01/2037 | | $ | | | 3,400 | | | $ | | | 3,888 | |
|
Commonwealth of Massachusetts General Obligation Notes, Series 2022 | |
5.000% due 10/01/2031 | | | | | 5,200 | | | | | | 6,092 | |
|
Massachusetts Bay Transportation Authority Revenue Notes, Series 2021 | |
5.000% due 07/01/2028 | | | | | 1,000 | | | | | | 1,109 | |
|
Massachusetts Bay Transportation Authority Sales Tax Revenue Notes, Series 2023 | |
5.000% due 07/01/2033 | | | | | 1,500 | | | | | | 1,814 | |
|
Massachusetts Development Finance Agency Revenue Bonds, Series 2013 | |
5.000% due 07/01/2044 | | | | | 3,220 | | | | | | 3,124 | |
|
Massachusetts Development Finance Agency Revenue Bonds, Series 2018 | |
5.000% due 07/01/2030 | | | | | 1,500 | | | | | | 1,614 | |
|
Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | |
4.610% (MUNIPSA)
due 07/01/2049 ~ | | | | | 1,000 | | | | | | 989 | |
|
Massachusetts Development Finance Agency Revenue Bonds, Series 2022 | |
5.000% due 10/01/2038 | | | | | 1,500 | | | | | | 1,712 | |
|
Massachusetts State College Building Authority Revenue Notes, Series 2022 | |
5.000% due 05/01/2030 | | | | | 500 | | | | | | 572 | |
5.000% due 05/01/2031 | | | | | 500 | | | | | | 579 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 21,493 | |
| | | | | | | | | | | | |
| |
| MICHIGAN 2.0% | |
|
Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001 | |
6.000% due 05/01/2029 | | | | | 3,675 | | | | | | 4,093 | |
|
Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | |
4.068% (US0003M) due 07/01/2032 ~ | | | 3,000 | | | | | | 2,842 | |
|
Grand Traverse County, Michigan Hospital Finance Authority Revenue Notes, Series 2021 | |
5.000% due 07/01/2029 | | | | | 1,175 | | | | | | 1,294 | |
5.000% due 07/01/2030 | | | | | 1,715 | | | | | | 1,904 | |
|
Lake Orion Community School District, Michigan General Obligation Notes, (Q-SBLF Insured), Series 2022 | |
4.000% due 05/01/2030 | | | | | 500 | | | | | | 534 | |
|
Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022 | |
4.760% (MUNIPSA) due 04/15/2047 ~ | | | 3,500 | | | | | | 3,429 | |
|
Michigan Finance Authority Revenue Bonds, Series 2015 | |
5.000% due 07/01/2030 | | | | | 1,200 | | | | | | 1,233 | |
|
Michigan Finance Authority Revenue Bonds, Series 2020 | |
5.000% due 06/01/2040 | | | | | 2,500 | | | | | | 2,605 | |
|
Michigan State Hospital Finance Authority Revenue Bonds, Series 2010 | |
5.000% due 11/15/2047 | | | | | 1,500 | | | | | | 1,554 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 19,488 | |
| | | | | | | | | | | | |
| |
| MINNESOTA 0.2% | |
|
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Notes, Series 2022 | |
5.000% due 01/01/2031 | | | | | 500 | | | | | | 569 | |
|
Rochester, Minnesota Electric Utility Revenue Bonds, Series 2017 | |
5.000% due 12/01/2029 | | | | | 1,000 | | | | | | 1,062 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,631 | |
| | | | | | | | | | | | |
| |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| MISSISSIPPI 0.2% | |
|
Mississippi Business Finance Corp. Revenue Bonds, Series 2002 | |
3.200% due 09/01/2028 | | $ | | | 1,500 | | | $ | | | 1,476 | |
| | | | | | | | | | | | |
| |
| MISSOURI 0.9% | |
|
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2023 | |
5.000% due 05/01/2033 | | | | | 4,000 | | | | | | 4,671 | |
|
Republic, Missouri Revenue Notes, Series 2022 | |
4.000% due 05/01/2028 | | | | | 500 | | | | | | 518 | |
|
St Louis School District, Missouri General Obligation Bonds, (AGM Insured), Series 2022 | |
4.000% due 04/01/2024 | | | | | 3,385 | | | | | | 3,405 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,594 | |
| | | | | | | | | | | | |
| |
| NEBRASKA 0.5% | |
|
Douglas County, Nebraska Revenue Bonds, Series 2021 | |
4.540% (MUNIPSA)
due 07/01/2035 ~ | | | | | 1,980 | | | | | | 1,949 | |
|
Public Power Generation Agency, Nebraska Revenue Bonds, Series 2015 | |
5.000% due 01/01/2030 | | | | | 1,085 | | | | | | 1,104 | |
|
Public Power Generation Agency, Nebraska Revenue Notes, Series 2015 | |
5.000% due 01/01/2025 | | | | | 1,905 | | | | | | 1,946 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,999 | |
| | | | | | | | | | | | |
| |
| NEVADA 2.2% | |
|
Clark County, Nevada Revenue Bonds, Series 2010 | |
2.100% due 06/01/2031 | | | | | 5,000 | | | | | | 4,184 | |
|
Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2019 | |
5.000% due 06/15/2028 | | | | | 5,000 | | | | | | 5,477 | |
|
Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2020 | |
5.000% due 06/15/2028 | | | | | 1,000 | | | | | | 1,095 | |
5.000% due 06/15/2029 | | | | | 2,030 | | | | | | 2,267 | |
|
Las Vegas Redevelopment Agency, Nevada Tax Allocation Bonds, Series 2016 | |
5.000% due 06/15/2031 | | | | | 1,465 | | | | | | 1,517 | |
|
Las Vegas Valley Water District, Nevada General Obligation Bonds, Series 2015 | |
5.000% due 06/01/2034 | | | | | 1,500 | | | | | | 1,536 | |
|
Las Vegas Valley Water District, Nevada General Obligation Notes, Series 2021 | |
5.000% due 06/01/2029 | | | | | 5,000 | | | | | | 5,636 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 21,712 | |
| | | | | | | | | | | | |
| |
| NEW HAMPSHIRE 0.1% | |
|
New Hampshire Business Finance Authority Revenue Notes, Series 2021 | |
4.000% due 01/01/2024 | | | | | 220 | | | | | | 220 | |
4.000% due 01/01/2025 | | | | | 285 | | | | | | 282 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 502 | |
| | | | | | | | | | | | |
| |
| NEW JERSEY 5.0% | |
|
New Jersey Economic Development Authority Revenue Bonds, Series 2015 | |
5.250% due 06/15/2027 | | | | | 2,100 | | | | | | 2,185 | |
|
New Jersey Economic Development Authority Revenue Bonds, Series 2021 | |
4.000% due 06/15/2034 | | | | | 500 | | | | | | 516 | |
|
New Jersey Economic Development Authority Revenue Bonds, Series 2022 | |
5.000% due 11/01/2036 | | | | | 2,500 | | | | | | 2,756 | |
|
New Jersey Economic Development Authority Revenue Notes, Series 2023 | |
5.135% due 03/01/2029 | | | | | 2,500 | | | | | | 2,482 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
New Jersey State General Obligation Notes, Series 2020 | |
5.000% due 06/01/2026 | | $ | | | 2,000 | | | $ | | | 2,109 | |
|
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009 | |
0.000% due 12/15/2034 (b) | | | | | 1,500 | | | | | | 960 | |
|
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018 | |
5.000% due 12/15/2036 | | | | | 1,380 | | | | | | 1,462 | |
|
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 | |
4.000% due 06/15/2035 | | | | | 2,250 | | | | | | 2,300 | |
|
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | |
5.000% due 06/15/2036 | | | | | 6,500 | | | | | | 7,231 | |
5.000% due 06/15/2037 | | | | | 7,185 | | | | | | 7,900 | |
|
New Jersey Turnpike Authority Revenue Bonds, Series 2017 | |
4.000% due 01/01/2034 | | | | | 7,500 | | | | | | 7,739 | |
5.000% due 01/01/2030 | | | | | 2,250 | | | | | | 2,396 | |
|
Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018 | |
5.000% due 06/01/2031 | | | | | 7,870 | | | | | | 8,453 | |
|
Tobacco Settlement Financing Corp., New Jersey Revenue Notes, Series 2018 | |
5.000% due 06/01/2025 | | | | | 1,020 | | | | | | 1,047 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 49,536 | |
| | | | | | | | | | | | |
| |
| NEW MEXICO 1.2% | |
|
Farmington, New Mexico Revenue Bonds, Series 2005 | |
1.800% due 04/01/2029 | | | | | 5,000 | | | | | | 4,304 | |
|
New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 | |
4.000% due 08/01/2039 | | | | | 7,950 | | | | | | 7,805 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,109 | |
| | | | | | | | | | | | |
| |
| NEW YORK 16.2% | |
|
Battery Park City Authority, New York Revenue Bonds, Series 2019 | |
5.000% due 11/01/2038 | | | | | 3,750 | | | | | | 4,152 | |
|
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014 | |
5.000% due 11/15/2029 | | | | | 3,000 | | | | | | 3,078 | |
|
Monroe County Industrial Development Corp, New York Revenue Bonds, Series 2017 | |
5.000% due 07/01/2030 | | | | | 1,040 | | | | | | 1,128 | |
|
Nassau County, New York General Obligation Bonds, Series 2016 | |
5.000% due 04/01/2038 | | | | | 2,500 | | | | | | 2,584 | |
|
Nassau County, New York General Obligation Notes, Series 2016 | |
5.000% due 04/01/2026 | | | | | 1,360 | | | | | | 1,436 | |
|
New York City Industrial Development Agency, New York Revenue Notes, (AGM Insured), Series 2021 | |
5.000% due 01/01/2030 | | | | | 2,005 | | | | | | 2,226 | |
|
New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2018 | |
5.000% due 07/15/2031 | | | | | 1,520 | | | | | | 1,678 | |
|
New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2021 | |
4.000% due 07/15/2036 | | | | | 5,000 | | | | | | 5,173 | |
|
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2012 | |
5.000% due 08/01/2029 | | | | | 2,300 | | | | | | 2,589 | |
|
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2014 | |
3.750% due 11/01/2042 | | | | | 20,000 | | | | | | 20,000 | |
5.000% due 08/01/2031 | | | | | 5,000 | | | | | | 5,090 | |
|
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2019 | |
3.750% due 11/01/2044 | | | | | 8,000 | | | | | | 8,000 | |
| | | | | | |
| 102 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2022 | |
5.000% due 08/01/2035 | | $ | | | 2,000 | | | $ | | | 2,324 | |
5.250% due 08/01/2040 | | | | | 4,890 | | | | | | 5,580 | |
|
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Notes, Series 2020 | |
5.000% due 11/01/2024 | | | | | 1,500 | | | | | | 1,539 | |
|
New York City, New York General Obligation Bonds, Series 2013 | |
5.000% due 08/01/2036 | | | | | 2,500 | | | | | | 2,895 | |
|
New York City, New York General Obligation Bonds, Series 2015 | |
3.750% due 06/01/2044 | | | | | 5,000 | | | | | | 5,000 | |
|
New York City, New York General Obligation Bonds, Series 2018 | |
3.750% due 12/01/2047 | | | | | 10,000 | | | | | | 10,000 | |
|
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | |
3.550% due 06/15/2048 | | | | | 20,000 | | | | | | 20,000 | |
|
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2021 | |
5.000% due 06/15/2032 | | | | | 5,000 | | | | | | 5,857 | |
|
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022 | |
5.000% due 06/15/2028 | | | | | 2,000 | | | | | | 2,221 | |
|
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023 | |
5.000% due 02/01/2039 | | | | | 3,000 | | | | | | 3,390 | |
|
New York Liberty Development Corp. Revenue Bonds, Series 2005 | |
5.250% due 10/01/2035 | | | | | 2,150 | | | | | | 2,457 | |
|
New York State Dormitory Authority Northwell Health Obligated Group Revenue Bonds, Series 2022 | |
4.000% due 05/01/2045 | | | | | 4,740 | | | | | | 4,513 | |
|
New York State Dormitory Authority Revenue Bonds, Series 2018 | |
5.000% due 03/15/2031 | | | | | 3,000 | | | | | | 3,313 | |
5.000% due 01/15/2032 | | | | | 500 | | | | | | 546 | |
|
New York State Dormitory Authority Revenue Bonds, Series 2020 | |
4.000% due 03/15/2034 | | | | | 4,705 | | | | | | 4,995 | |
4.000% due 02/15/2047 | | | | | 5,000 | | | | | | 4,892 | |
|
New York State Dormitory Authority Revenue Notes, Series 2021 | |
1.952% due 03/15/2029 | | | | | 5,000 | | | | | | 4,287 | |
|
New York State Energy Research & Development Authority Revenue Bonds, Series 1994 | |
3.500% due 10/01/2029 | | | | | 3,000 | | | | | | 2,921 | |
|
New York Transportation Development Corp. Revenue Notes, Series 2020 | |
5.000% due 12/01/2026 | | | | | 1,070 | | | | | | 1,122 | |
|
Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2023 | |
5.250% due 05/15/2058 | | | | | 4,000 | | | | | | 4,428 | |
|
Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2022 | |
5.000% due 11/15/2032 | | | | | 4,200 | | | | | | 5,002 | |
|
TSASC, Inc., New York Revenue Notes, Series 2017 | |
5.000% due 06/01/2026 | | | | | 1,270 | | | | | | 1,315 | |
5.000% due 06/01/2027 | | | | | 2,800 | | | | | | 2,929 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 158,660 | |
| | | | | | | | | | | | |
| |
| NORTH CAROLINA 2.8% | |
|
Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 | |
3.750% due 01/15/2037 | | | | | 17,765 | | | | | | 17,765 | |
|
Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021 | |
5.000% due 01/15/2049 | | | | | 2,000 | | | | | | 2,263 | |
|
Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Notes, Series 2022 | |
5.000% due 01/15/2028 | | | | | 1,000 | | | | | | 1,088 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
State of North Carolina Build Revenue Notes, Series 2022 | |
5.000% due 05/01/2028 | | $ | | | 5,625 | | | $ | | | 6,213 | |
|
University of North Carolina at Greensboro Revenue Bonds, Series 2014 | |
5.000% due 04/01/2026 | | | | | 250 | | | | | | 253 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 27,582 | |
| | | | | | | | | | | | |
| |
| OHIO 3.1% | |
|
Akron Bath Copley Joint Township Hospital District, Ohio Revenue Notes, Series 2022 | |
5.000% due 11/15/2028 | | | | | 400 | | | | | | 438 | |
|
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | |
5.000% due 06/01/2035 | | | | | 1,000 | | | | | | 1,076 | |
5.000% due 06/01/2036 | | | | | 2,065 | | | | | | 2,205 | |
|
Butler County, Ohio Revenue Bonds, Series 2017 | |
5.000% due 11/15/2030 | | | | | 1,235 | | | | | | 1,296 | |
|
Cleveland Department of Public Utilities Division of Water, Ohio Revenue Bonds, Series 2020 | |
5.000% due 01/01/2033 | | | | | 700 | | | | | | 793 | |
|
Cuyahoga County, Ohio Certificates of Participation Bonds, Series 2014 | |
5.000% due 12/01/2025 | | | | | 3,000 | | | | | | 3,038 | |
|
Kent State University, Ohio Revenue Bonds, Series 2022 | |
5.000% due 05/01/2033 | | | | | 510 | | | | | | 582 | |
|
Northeast Ohio Medical University Revenue Notes, Series 2021 | |
5.000% due 12/01/2029 | | | | | 115 | | | | | | 123 | |
|
Ohio Air Quality Development Authority Revenue Bonds, Series 2014 | |
2.400% due 12/01/2038 | | | | | 3,200 | | | | | | 2,787 | |
|
Ohio Higher Educational Facility Commission Revenue Bonds, Series 2008 | |
3.700% due 01/01/2043 | | | | | 8,000 | | | | | | 8,000 | |
|
Ohio Water Development Authority Revenue Notes, Series 2019 | |
5.000% due 12/01/2028 | | | | | 1,000 | | | | | | 1,116 | |
|
Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2020 | |
5.000% due 12/01/2032 | | | | | 2,000 | | | | | | 2,294 | |
5.000% due 12/01/2037 | | | | | 4,985 | | | | | | 5,767 | |
|
Worthington City School District, Ohio General Obligation, Series 2023 | |
0.000% due 12/01/2031 (b) | | | | | 845 | | | | | | 624 | |
0.000% due 12/01/2032 (b) | | | | | 880 | | | | | | 623 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 30,762 | |
| | | | | | | | | | | | |
| |
| OREGON 0.8% | |
|
Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 | |
5.000% due 08/15/2035 | | | | | 1,500 | | | | | | 1,633 | |
5.000% due 08/15/2036 | | | | | 1,500 | | | | | | 1,619 | |
5.000% due 08/15/2037 | | | | | 1,600 | | | | | | 1,714 | |
5.000% due 08/15/2038 | | | | | 1,000 | | | | | | 1,066 | |
|
Salem-Keizer School District No 24J, Oregon General Obligation Notes, Series 2020 | |
5.000% due 06/15/2028 | | | | | 700 | | | | | | 774 | |
5.000% due 06/15/2029 | | | | | 800 | | | | | | 903 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,709 | |
| | | | | | | | | | | | |
| |
| PENNSYLVANIA 4.5% | |
|
Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | |
4.000% due 06/01/2039 | | | | | 2,250 | | | | | | 2,215 | |
|
Commonwealth Financing Authority, Pennsylvania Revenue Notes, Series 2018 | |
5.000% due 06/01/2025 | | | | | 1,500 | | | | | | 1,540 | |
|
Commonwealth of Pennsylvania General Obligation Notes, Series 2016 | |
5.000% due 01/15/2027 | | | | | 2,000 | | | | | | 2,141 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Commonwealth of Pennsylvania General Obligation Notes, Series 2019 | |
5.000% due 07/15/2024 | | $ | | | 5,000 | | | $ | | | 5,097 | |
|
Commonwealth of Pennsylvania, General Obligation Bonds, Series 2022 | |
5.000% due 10/01/2033 | | | | | 5,000 | | | | | | 5,904 | |
|
Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds Series 2023 | |
4.000% due 03/01/2035 | | | | | 1,100 | | | | | | 1,158 | |
|
Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2007 | |
4.432% (US0003M)
due 06/01/2037 ~ | | | | | 4,000 | | | | | | 3,577 | |
|
Delaware Valley Regional Finance Authority, Pennsylvania Revenue Notes, Series 2023 | |
4.000% due 03/01/2033 | | | | | 600 | | | | | | 642 | |
|
Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 | |
5.000% due 04/01/2043 | | | | | 4,500 | | | | | | 4,705 | |
|
Lehigh County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2016 | |
3.000% due 09/01/2029 | | | | | 3,500 | | | | | | 3,401 | |
|
Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 | |
4.100% due 06/01/2029 | | | | | 5,500 | | | | | | 5,633 | |
|
Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2015 | |
5.000% due 08/15/2029 | | | | | 340 | | | | | | 355 | |
5.000% due 08/15/2031 | | | | | 300 | | | | | | 313 | |
5.000% due 08/15/2033 | | | | | 1,000 | | | | | | 1,043 | |
|
Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2017 | |
5.000% due 08/15/2029 | | | | | 1,250 | | | | | | 1,351 | |
|
Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022 | |
5.250% due 06/01/2042 | | | | | 3,750 | | | | | | 4,225 | |
|
Southeastern Pennsylvania Transportation Authority Revenue Notes, Series 2022 | |
5.000% due 06/01/2031 | | | | | 1,000 | | | | | | 1,159 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 44,459 | |
| | | | | | | | | | | | |
| |
| PUERTO RICO 2.2% | |
|
Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | |
3.988% (0.67*US0003M + 0.520%) due 07/01/2029 ~ | | | | | 1,280 | | | | | | 1,187 | |
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | |
0.000% due 07/01/2051 (b) | | | | | 26,355 | | | | | | 5,571 | |
4.500% due 07/01/2034 | | | | | 8,671 | | | | | | 8,628 | |
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | |
4.329% due 07/01/2040 | | | | | 7,000 | | | | | | 6,675 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 22,061 | |
| | | | | | | | | | | | |
| |
| RHODE ISLAND 1.3% | |
|
Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015 | |
5.000% due 06/01/2035 | | | | | 11,000 | | | | | | 11,167 | |
5.000% due 06/01/2040 | | | | | 2,000 | | | | | | 2,014 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 13,181 | |
| | | | | | | | | | | | |
| |
| SOUTH CAROLINA 0.4% | |
|
Charleston Educational Excellence Finance Corp., South Carolina Revenue Notes, Series 2020 | |
1.869% due 12/01/2029 | | | | | 4,200 | | | | | | 3,503 | |
| | | | | | | | | | | | |
| |
| SOUTH DAKOTA 0.2% | |
|
South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2014 | |
5.000% due 11/01/2027 | | | | | 925 | | | | | | 948 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 103 |
| | | | | | |
| Schedule of Investments | | PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015 | |
5.000% due 11/01/2028 | | $ | | | 900 | | | $ | | | 940 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,888 | |
| | | | | | | | | | | | |
| |
| TENNESSEE 2.2% | |
|
Knox County, Tennessee Health Educational & Housing Facility Board Revenue Notes, Series 2022 | |
3.950% due 12/01/2027 | | | | | 3,500 | | | | | | 3,489 | |
|
Tennergy Corp, Tennessee Revenue Bonds, Series 2022 | |
5.500% due 10/01/2053 | | | | | 6,000 | | | | | | 6,356 | |
|
Tennergy Corp., Tennessee Revenue Bonds, Series 2019 | |
5.000% due 02/01/2050 | | | | | 4,500 | | | | | | 4,555 | |
|
Tennergy Corp., Tennessee Revenue Bonds, Series 2021 | |
4.000% due 12/01/2051 | | | | | 2,000 | | | | | | 1,974 | |
|
Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006 | |
5.000% due 02/01/2027 | | | | | 3,000 | | | | | | 3,025 | |
5.250% due 09/01/2026 | | | | | 1,745 | | | | | | 1,783 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 21,182 | |
| | | | | | | | | | | | |
| |
| TEXAS 5.9% | |
|
Arlington Higher Education Finance Corp., Texas Revenue Notes, (PSF Insured), Series 2021 | |
4.000% due 02/15/2028 | | | | | 300 | | | | | | 308 | |
|
Austin Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022 | |
5.000% due 08/01/2028 | | | | | 2,000 | | | | | | 2,214 | |
|
Central Texas Turnpike System Revenue Bonds, (BHAC/CR/NPFGC Insured), Series 2002 | |
0.000% due 08/15/2026 (b) | | | | | 3,000 | | | | | | 2,711 | |
|
Central Texas Turnpike System Revenue Bonds, Series 2015 | |
0.000% due 08/15/2037 (b) | | | | | 5,000 | | | | | | 2,577 | |
|
Clifton Higher Education Finance Corp., Texas Revenue Bonds, (PSF Insured), Series 2021 | |
4.000% due 08/15/2034 | | | | | 950 | | | | | | 985 | |
4.000% due 08/15/2036 | | | | | 700 | | | | | | 715 | |
|
Corpus Christi Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2016 | |
5.000% due 08/15/2025 | | | | | 2,115 | | | | | | 2,197 | |
|
Cypress-Fairbanks Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2023 | |
5.000% due 02/15/2037 | | | | | 1,350 | | | | | | 1,555 | |
|
Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2021 | |
4.000% due 11/01/2045 | | | | | 1,000 | | | | | | 971 | |
|
Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022 | |
5.000% due 11/01/2034 | | | | | 3,000 | | | | | | 3,497 | |
|
Dallas, Texas Waterworks & Sewer System Revenue Bonds, Series 2012 | |
5.000% due 10/01/2023 | | | | | 1,000 | | | | | | 1,001 | |
|
Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020 | |
5.000% due 08/15/2031 | | | | | 920 | | | | | | 1,035 | |
|
Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2014 | |
5.000% due 12/01/2025 | | | | | 500 | | | | | | 512 | |
|
Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019 | |
4.269% (US0001M) due 11/15/2046 ~ | | | 1,000 | | | | | | 1,000 | |
|
Harris County, Texas Municipal Utility District No 383 General Obligation Notes, (BAM Insured), Series 2015 | |
5.000% due 08/15/2035 | | | | | 2,960 | | | | | | 3,463 | |
|
Houston, Texas Airport System Revenue Bonds, Series 2018 | |
5.000% due 07/01/2030 | | | | | 3,300 | | | | | | 3,614 | |
|
Houston, Texas General Obligation Notes, Series 2019 | |
5.000% due 03/01/2029 | | | | | 1,100 | | | | | | 1,226 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018 | |
5.000% due 02/15/2029 | | $ | | | 1,435 | | | $ | | | 1,572 | |
|
Liberty Hill Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022 | |
5.000% due 02/01/2030 | | | | | 2,290 | | | | | | 2,606 | |
|
North Texas Tollway Authority Revenue Bonds, Series 2016 | |
5.000% due 01/01/2028 | | | | | 2,875 | | | | | | 3,012 | |
|
Permanent University Fund - University of Texas System Revenue Bonds, Series 2023 | |
5.000% due 07/01/2040 | | | | | 1,090 | | | | | | 1,239 | |
|
Permanent University Fund - University of Texas System Revenue Notes, Series 2023 | |
5.000% due 07/01/2033 | | | | | 1,000 | | | | | | 1,200 | |
|
San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015 | |
1.125% due 12/01/2045 | | | | | 2,500 | | | | | | 2,210 | |
|
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2022 | |
5.000% due 10/01/2030 | | | | | 450 | | | | | | 511 | |
|
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | |
5.170% (US0003M) due 12/15/2026 ~ | | | 2,500 | | | | | | 2,464 | |
|
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008 | |
6.250% due 12/15/2026 | | | | | 1,185 | | | | | | 1,235 | |
|
Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 | |
5.000% due 12/31/2033 | | | | | 2,000 | | | | | | 2,120 | |
|
Texas Water Development Board Revenue Bonds, Series 2018 | |
5.000% due 04/15/2030 | | | | | 250 | | | | | | 277 | |
5.000% due 10/15/2030 | | | | | 3,010 | | | | | | 3,340 | |
|
Texas Water Development Board Revenue Notes, Series 2022 | |
5.000% due 08/01/2029 | | | | | 1,050 | | | | | | 1,184 | |
5.000% due 10/15/2029 | | | | | 1,200 | | | | | | 1,359 | |
5.000% due 10/15/2030 | | | | | 1,775 | | | | | | 2,045 | |
|
Williamson County, Texas General Obligation Notes, Series 2021 | |
0.640% due 02/15/2026 | | | | | 2,500 | | | | | | 2,237 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 58,192 | |
| | | | | | | | | | | | |
| |
| VIRGINIA 1.5% | |
|
Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020 | |
5.000% due 07/01/2053 | | | | | 6,700 | | | | | | 7,421 | |
|
Virginia College Building Authority Revenue Notes, Series 2021 | |
5.000% due 02/01/2028 | | | | | 4,500 | | | | | | 4,937 | |
|
Virginia Public School Authority Revenue Notes, Series 2022 | |
5.000% due 01/15/2029 | | | | | 2,320 | | | | | | 2,604 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,962 | |
| | | | | | | | | | | | |
| |
| WASHINGTON 2.1% | |
|
Energy Northwest, Washington Revenue Bonds, Series 2018 | |
5.000% due 07/01/2031 | | | | | 3,035 | | | | | | 3,347 | |
|
Energy Northwest, Washington Revenue Bonds, Series 2022 | |
5.000% due 07/01/2035 | | | | | 3,000 | | | | | | 3,498 | |
5.000% due 07/01/2039 | | | | | 5,000 | | | | | | 5,683 | |
|
Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2017 | |
4.000% due 09/01/2037 | | | | | 5,000 | | | | | | 5,066 | |
|
Seattle, Washington Solid Waste Revenue Notes, Series 2014 | |
5.000% due 05/01/2024 | | | | | 545 | | | | | | 554 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
State of Washington General Obligation Refunding Notes, Series 2022 | |
4.000% due 07/01/2026 | | $ | | | 1,900 | | | $ | | | 1,959 | |
|
Washington Health Care Facilities Authority Revenue Bonds, Series 2020 | |
5.000% due 09/01/2032 | | | | | 450 | | | | | | 493 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 20,600 | |
| | | | | | | | | | | | |
| |
| WISCONSIN 3.1% | |
|
Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | |
4.000% due 10/01/2041 | | | | | 2,250 | | | | | | 2,259 | |
|
Public Finance Authority, Wisconsin Revenue Notes, Series 2021 | |
4.000% due 10/01/2030 | | | | | 265 | | | | | | 249 | |
|
University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018 | |
3.700% due 04/01/2048 | | | | | 9,370 | | | | | | 9,370 | |
|
University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2021 | |
4.000% due 04/01/2046 | | | | | 4,440 | | | | | | 4,273 | |
|
Wisconsin Center District Revenue Notes, (AGM Insured), Series 2020 | |
0.000% due 12/15/2028 (b) | | | | | 1,075 | | | | | | 886 | |
|
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | |
4.000% due 11/15/2046 | | | | | 4,000 | | | | | | 3,808 | |
|
Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2018 | |
5.000% due 04/01/2029 | | | | | 1,925 | | | | | | 2,109 | |
|
Wisconsin State General Obligation Notes, Series 2022 | |
4.430% (MUNIPSA)
due 05/01/2025 ~ | | | | | 5,045 | | | | | | 5,033 | |
|
Wisconsin State Revenue Notes, Series 2023 | |
4.514% due 05/01/2031 | | | | | 2,000 | | | | | | 1,976 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 29,963 | |
| | | | | | | | | | | | |
Total Municipal Bonds & Notes
(Cost $932,460) | | | 932,741 | |
| | | | |
| |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% | |
|
Freddie Mac | |
4.140% due 01/25/2040 | | | | | 4,997 | | | | | | 4,649 | |
| | | | | | | | | | | | |
Total Non-Agency Mortgage-Backed Securities (Cost $4,686) | | | 4,649 | |
| | | | |
| |
| SHORT-TERM INSTRUMENTS 3.5% | |
| |
| REPURCHASE AGREEMENTS (c) 0.1% | |
| | | | | | | | | | | 610 | |
| | | | | | | | | | | | |
| |
| U.S. TREASURY BILLS 3.4% | |
5.284% due 07/20/2023 - 08/31/2023 (a)(b) | | | | | 34,000 | | | | | | 33,785 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $34,394) | | | 34,395 | |
| | | | | | | | | | | | |
| |
| | | | |
Total Investments in Securities
(Cost $971,540) | | | 971,785 | |
| |
| | | | |
Total Investments 99.1%
(Cost $971,540) | | | $ | | | 971,785 | |
| |
| Other Assets and Liabilities, net 0.9% | | | 9,247 | |
| | | | |
| Net Assets 100.0% | | | $ | | | 981,032 | |
| | | | | | | |
| | | | | | |
| 104 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
NOTES TO SCHEDULE OF INVESTMENTS:
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. |
| (a) | Coupon represents a weighted average yield to maturity. |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(c) REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Lending
Rate | | | Settlement
Date | | | Maturity
Date | | | Principal
Amount | | | Collateralized By | | Collateral
(Received) | | | Repurchase
Agreements,
at Value | | | Repurchase
Agreement
Proceeds
to be
Received(1) | |
| FICC | | | 2.400 | % | | | 06/30/2023 | | | | 07/03/2023 | | | $ | 610 | | | U.S. Treasury Notes 1.500% due 01/31/2027 | | $ | (622 | ) | | $ | 610 | | | $ | 610 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (622 | ) | | $ | 610 | | | $ | 610 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
FICC | | $ | 610 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 610 | | | $ | (622 | ) | | $ | (12 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 610 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Includes accrued interest. |
| (2) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Net Realized Gain (Loss) on Financial Derivative Instruments | | | | | | | | | | | | | | | | | |
Exchange-traded or centrally cleared | | | | | | | | | | | | | | | | | | | | | | | | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (146 | ) | | $ | (146 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 105 |
| | | | | | |
| Schedule of Investments | | PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | (Cont.) | | June 30, 2023 |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Securities, at Value | |
Municipal Bonds & Notes | | | | | | | | | | | | | | | | |
Alabama | | $ | 0 | | | $ | 33,761 | | | $ | 0 | | | $ | 33,761 | |
Alaska | | | 0 | | | | 3,221 | | | | 0 | | | | 3,221 | |
Arizona | | | 0 | | | | 24,210 | | | | 0 | | | | 24,210 | |
California | | | 0 | | | | 64,129 | | | | 0 | | | | 64,129 | |
Colorado | | | 0 | | | | 10,343 | | | | 0 | | | | 10,343 | |
Connecticut | | | 0 | | | | 32,108 | | | | 0 | | | | 32,108 | |
Delaware | | | 0 | | | | 1,826 | | | | 0 | | | | 1,826 | |
Florida | | | 0 | | | | 17,025 | | | | 0 | | | | 17,025 | |
Georgia | | | 0 | | | | 40,764 | | | | 0 | | | | 40,764 | |
Guam | | | 0 | | | | 770 | | | | 0 | | | | 770 | |
Hawaii | | | 0 | | | | 5,138 | | | | 0 | | | | 5,138 | |
Illinois | | | 0 | | | | 56,612 | | | | 0 | | | | 56,612 | |
Indiana | | | 0 | | | | 8,286 | | | | 0 | | | | 8,286 | |
Iowa | | | 0 | | | | 1,972 | | | | 0 | | | | 1,972 | |
Kentucky | | | 0 | | | | 3,494 | | | | 0 | | | | 3,494 | |
Louisiana | | | 0 | | | | 11,873 | | | | 0 | | | | 11,873 | |
Maine | | | 0 | | | | 868 | | | | 0 | | | | 868 | |
Maryland | | | 0 | | | | 20,097 | | | | 0 | | | | 20,097 | |
Massachusetts | | | 0 | | | | 21,493 | | | | 0 | | | | 21,493 | |
Michigan | | | 0 | | | | 19,488 | | | | 0 | | | | 19,488 | |
Minnesota | | | 0 | | | | 1,631 | | | | 0 | | | | 1,631 | |
Mississippi | | | 0 | | | | 1,476 | | | | 0 | | | | 1,476 | |
Missouri | | | 0 | | | | 8,594 | | | | 0 | | | | 8,594 | |
Nebraska | | | 0 | | | | 4,999 | | | | 0 | | | | 4,999 | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Nevada | | $ | 0 | | | $ | 21,712 | | | $ | 0 | | | $ | 21,712 | |
New Hampshire | | | 0 | | | | 502 | | | | 0 | | | | 502 | |
New Jersey | | | 0 | | | | 49,536 | | | | 0 | | | | 49,536 | |
New Mexico | | | 0 | | | | 12,109 | | | | 0 | | | | 12,109 | |
New York | | | 0 | | | �� | 158,660 | | | | 0 | | | | 158,660 | |
North Carolina | | | 0 | | | | 27,582 | | | | 0 | | | | 27,582 | |
Ohio | | | 0 | �� | | | 30,762 | | | | 0 | | | | 30,762 | |
Oregon | | | 0 | | | | 7,709 | | | | 0 | | | | 7,709 | |
Pennsylvania | | | 0 | | | | 44,459 | | | | 0 | | | | 44,459 | |
Puerto Rico | | | 0 | | | | 22,061 | | | | 0 | | | | 22,061 | |
Rhode Island | | | 0 | | | | 13,181 | | | | 0 | | | | 13,181 | |
South Carolina | | | 0 | | | | 3,503 | | | | 0 | | | | 3,503 | |
South Dakota | | | 0 | | | | 1,888 | | | | 0 | | | | 1,888 | |
Tennessee | | | 0 | | | | 21,182 | | | | 0 | | | | 21,182 | |
Texas | | | 0 | | | | 58,192 | | | | 0 | | | | 58,192 | |
Virginia | | | 0 | | | | 14,962 | | | | 0 | | | | 14,962 | |
Washington | | | 0 | | | | 20,600 | | | | 0 | | | | 20,600 | |
Wisconsin | | | 0 | | | | 29,963 | | | | 0 | | | | 29,963 | |
Non-Agency Mortgage-Backed Securities | | | 0 | | | | 4,649 | | | | 0 | | | | 4,649 | |
Short-Term Instruments | |
Repurchase Agreements | | | 0 | | | | 610 | | | | 0 | | | | 610 | |
U.S. Treasury Bills | | | 0 | | | | 33,785 | | | | 0 | | | | 33,785 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 971,785 | | | $ | 0 | | | $ | 971,785 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.
| | | | | | |
| 106 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | |
| Schedule of Investments | | PIMCO Multisector Bond Active Exchange-Traded Fund | | | | June 30, 2023 |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 128.6% | |
| |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | |
|
Carnival Corp. | |
8.467% due 10/18/2028 | | $ | | | 250 | | | $ | | | 248 | |
| | | | | | | | | | | | |
Total Loan Participations and Assignments (Cost $247) | | | 248 | |
| | | | |
| |
| CORPORATE BONDS & NOTES 49.4% | |
| |
| BANKING & FINANCE 13.2% | |
|
AerCap Ireland Capital DAC | |
2.875% due 08/14/2024 | | | | | 305 | | | | | | 293 | |
|
Ally Financial, Inc. | |
5.800% due 05/01/2025 | | | | | 60 | | | | | | 59 | |
|
American Tower Corp. | |
2.750% due 01/15/2027 | | | | | 275 | | | | | | 250 | |
5.550% due 07/15/2033 | | | | | 100 | | | | | | 101 | |
|
Banco Santander SA | |
3.490% due 05/28/2030 | | | | | 365 | | | | | | 319 | |
|
Bank of America Corp. | |
5.288% due 04/25/2034 | | | | | 710 | | | | | | 704 | |
|
Barclays PLC | |
7.385% due 11/02/2028 • | | | | | 90 | | | | | | 94 | |
|
Boston Properties LP | |
3.200% due 01/15/2025 | | | | | 60 | | | | | | 57 | |
|
Brixmor Operating Partnership LP | |
3.850% due 02/01/2025 | | | | | 60 | | | | | | 57 | |
|
Brookfield Finance, Inc. | |
4.350% due 04/15/2030 | | | | | 90 | | | | | | 83 | |
|
Brookfield Property REIT, Inc. | |
4.500% due 04/01/2027 | | | | | 245 | | | | | | 207 | |
|
Burford Capital Global Finance LLC | |
9.250% due 07/01/2031 | | | | | 120 | | | | | | 119 | |
|
Chubb INA Holdings, Inc. | |
3.050% due 12/15/2061 | | | | | 275 | | | | | | 185 | |
|
Credit Acceptance Corp. | |
6.625% due 03/15/2026 | | | | | 60 | | | | | | 58 | |
|
Credit Suisse USA, Inc. | |
7.125% due 07/15/2032 | | | | | 215 | | | | | | 238 | |
|
Crown Castle, Inc. | |
1.050% due 07/15/2026 | | | | | 275 | | | | | | 241 | |
|
Digital Realty Trust LP | |
3.700% due 08/15/2027 | | | | | 60 | | | | | | 55 | |
|
Equinix, Inc. | |
2.625% due 11/18/2024 | | | | | 245 | | | | | | 234 | |
|
Equitable Holdings, Inc. | |
4.350% due 04/20/2028 | | | | | 60 | | | | | | 56 | |
|
Fortress Transportation & Infrastructure Investors LLC | |
5.500% due 05/01/2028 | | | | | 155 | | | | | | 142 | |
|
Freedom Mortgage Corp. | |
6.625% due 01/15/2027 | | | | | 60 | | | | | | 52 | |
|
GLP Capital LP | |
5.375% due 04/15/2026 | | | | | 155 | | | | | | 152 | |
|
Goldman Sachs Group, Inc. | |
2.650% due 10/21/2032 • | | | | | 730 | | | | | | 595 | |
|
HAT Holdings LLC | |
3.375% due 06/15/2026 | | | | | 60 | | | | | | 54 | |
|
JPMorgan Chase & Co. | |
5.350% due 06/01/2034 | | | | | 710 | | | | | | 716 | |
|
Liberty Mutual Group, Inc. | |
4.125% due 12/15/2051 • | | | | | 90 | | | | | | 71 | |
|
Manulife Financial Corp. | |
4.150% due 03/04/2026 | | | | | 60 | | | | | | 58 | |
|
Marsh & McLennan Cos., Inc. | |
4.900% due 03/15/2049 | | | | | 120 | | | | | | 113 | |
|
Mitsubishi UFJ Financial Group, Inc. | |
5.406% due 04/19/2034 | | | | | 365 | | | | | | 362 | |
|
Morgan Stanley | |
5.164% due 04/20/2029 • | | | | | 218 | | | | | | 216 | |
|
Nationstar Mortgage Holdings, Inc. | |
5.750% due 11/15/2031 | | | | | 245 | | | | | | 202 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
NatWest Group PLC | |
5.808% due 09/13/2029 • | | $ | | | 60 | | | $ | | | 59 | |
|
OneMain Finance Corp. | |
9.000% due 01/15/2029 | | | | | 335 | | | | | | 338 | |
|
PennyMac Financial Services, Inc. | |
5.750% due 09/15/2031 | | | | | 155 | | | | | | 127 | |
|
Prologis LP | |
2.250% due 04/15/2030 | | | | | 60 | | | | | | 51 | |
|
Realty Income Corp. | |
3.250% due 01/15/2031 | | | | | 60 | | | | | | 53 | |
|
SBA Communications Corp. | |
3.875% due 02/15/2027 | | | | | 245 | | | | | | 226 | |
|
SLM Corp. | |
3.125% due 11/02/2026 | | | | | 275 | | | | | | 238 | |
|
Synchrony Bank | |
5.400% due 08/22/2025 | | | | | 185 | | | | | | 177 | |
|
UBS Group AG | |
6.537% due 08/12/2033 • | | | | | 60 | | | | | | 61 | |
|
UniCredit SpA | |
7.296% due 04/02/2034 • | | | | | 90 | | | | | | 85 | |
|
VICI Properties LP | |
4.950% due 02/15/2030 | | | | | 120 | | | | | | 113 | |
|
Wells Fargo & Co. | |
5.389% due 04/24/2034 | | | | | 610 | | | | | | 606 | |
|
Welltower, Inc. | |
4.000% due 06/01/2025 | | | | | 185 | | | | | | 179 | |
|
Weyerhaeuser Co. | |
7.375% due 03/15/2032 | | | | | 90 | | | | | | 101 | |
|
Willis North America, Inc. | |
4.650% due 06/15/2027 | | | | | 60 | | | | | | 58 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,615 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 31.1% | |
|
AbbVie, Inc. | |
4.300% due 05/14/2036 | | | | | 25 | | | | | | 23 | |
4.850% due 06/15/2044 | | | | | 395 | | | | | | 368 | |
|
Acadia Healthcare Co., Inc. | |
5.000% due 04/15/2029 | | | | | 90 | | | | | | 83 | |
|
AECOM | |
5.125% due 03/15/2027 | | | | | 60 | | | | | | 58 | |
|
Air Canada Pass-Through Trust | |
3.300% due 07/15/2031 | | | | | 170 | | | | | | 151 | |
|
Alibaba Group Holding Ltd. | |
4.400% due 12/06/2057 | | | | | 305 | | | | | | 239 | |
|
Allison Transmission, Inc. | |
4.750% due 10/01/2027 | | | | | 60 | | | | | | 57 | |
|
Altice France SA | |
5.500% due 10/15/2029 | | | | | 245 | | | | | | 175 | |
|
America Movil SAB de CV | |
3.625% due 04/22/2029 | | | | | 60 | | | | | | 55 | |
|
American Airlines Pass-Through Trust | |
3.200% due 12/15/2029 | | | | | 160 | | | | | | 144 | |
|
American Airlines, Inc. | |
5.500% due 04/20/2026 | | | | | 275 | | | | | | 273 | |
|
Amgen, Inc. | |
5.750% due 03/02/2063 | | | | | 365 | | | | | | 371 | |
|
AstraZeneca PLC | |
6.450% due 09/15/2037 | | | | | 215 | | | | | | 247 | |
|
Axalta Coating Systems LLC | |
3.375% due 02/15/2029 | | | | | 60 | | | | | | 51 | |
|
B.C. Unlimited Liability Co. | |
4.000% due 10/15/2030 | | | | | 490 | | | | | | 420 | |
|
Becton Dickinson & Co. | |
1.957% due 02/11/2031 | | | | | 60 | | | | | | 49 | |
|
BHP Billiton Finance USA Ltd. Co. | |
4.750% due 02/28/2028 | | | | | 60 | | | | | | 60 | |
|
Biogen, Inc. | |
4.050% due 09/15/2025 | | | | | 60 | | | | | | 58 | |
|
Boeing Co. | |
3.625% due 02/01/2031 | | | | | 25 | | | | | | 23 | |
5.930% due 05/01/2060 | | | | | 305 | | | | | | 302 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Boston Scientific Corp. | |
2.650% due 06/01/2030 | | $ | | | 60 | | | $ | | | 52 | |
|
British Airways Pass-Through Trust | |
3.300% due 06/15/2034 | | | | | 151 | | | | | | 131 | |
|
Broadcom Corp. | |
3.500% due 01/15/2028 | | | | | 100 | | | | | | 92 | |
|
Broadcom, Inc. | |
3.187% due 11/15/2036 | | | | | 395 | | | | | | 299 | |
4.926% due 05/15/2037 | | | | | 100 | | | | | | 91 | |
|
Camelot Finance SA | |
4.500% due 11/01/2026 | | | | | 120 | | | | | | 113 | |
|
Carnival Corp. | |
4.000% due 08/01/2028 | | | | | 100 | | | | | | 89 | |
|
Carrier Global Corp. | |
2.242% due 02/15/2025 | | | | | 185 | | | | | | 175 | |
|
Catalent Pharma Solutions, Inc. | |
5.000% due 07/15/2027 | | | | | 60 | | | | | | 55 | |
|
CDW LLC | |
3.569% due 12/01/2031 | | | | | 155 | | | | | | 131 | |
|
Centene Corp. | |
3.000% due 10/15/2030 | | | | | 400 | | | | | | 334 | |
3.375% due 02/15/2030 | | | | | 275 | | | | | | 237 | |
|
Charter Communications Operating LLC | |
2.800% due 04/01/2031 | | | | | 100 | | | | | | 81 | |
3.850% due 04/01/2061 | | | | | 610 | | | | | | 369 | |
|
Cheniere Corpus Christi Holdings LLC | |
5.875% due 03/31/2025 | | | | | 60 | | | | | | 60 | |
|
Chesapeake Energy Corp. | |
5.875% due 02/01/2029 | | | | | 185 | | | | | | 176 | |
|
Churchill Downs, Inc. | |
5.500% due 04/01/2027 | | | | | 60 | | | | | | 58 | |
|
Cigna Group | |
1.250% due 03/15/2026 | | | | | 245 | | | | | | 220 | |
|
Cogent Communications Group, Inc. | |
7.000% due 06/15/2027 | | | | | 90 | | | | | | 87 | |
|
Comcast Corp. | |
3.550% due 05/01/2028 | | | | | 60 | | | | | | 57 | |
|
Constellation Brands, Inc. | |
3.150% due 08/01/2029 | | | | | 60 | | | | | | 54 | |
|
Continental Resources, Inc. | |
4.375% due 01/15/2028 | | | | | 60 | | | | | | 56 | |
|
Coty, Inc. | |
5.000% due 04/15/2026 | | | | | 120 | | | | | | 115 | |
|
Crowdstrike Holdings, Inc. | |
3.000% due 02/15/2029 | | | | | 60 | | | | | | 52 | |
|
Crown Cork & Seal Co., Inc. | |
7.375% due 12/15/2026 | | | | | 60 | | | | | | 62 | |
|
DCP Midstream Operating LP | |
5.375% due 07/15/2025 | | | | | 60 | | | | | | 59 | |
|
DISH DBS Corp. | |
5.750% due 12/01/2028 | | | | | 245 | | | | | | 183 | |
|
Elevance Health, Inc. | |
1.500% due 03/15/2026 | | | | | 305 | | | | | | 276 | |
|
Enbridge, Inc. | |
3.400% due 08/01/2051 | | | | | 245 | | | | | | 171 | |
5.700% due 03/08/2033 | | | | | 90 | | | | | | 91 | |
|
Energy Transfer LP | |
6.125% due 12/15/2045 | | | | | 335 | | | | | | 319 | |
|
Entergy Louisiana LLC | |
4.000% due 03/15/2033 | | | | | 275 | | | | | | 250 | |
|
EQM Midstream Partners LP | |
4.500% due 01/15/2029 | | | | | 172 | | | | | | 154 | |
|
EQT Corp. | |
6.125% due 02/01/2025 | | | | | 60 | | | | | | 60 | |
|
First Student Bidco, Inc. | |
4.000% due 07/31/2029 | | | | | 103 | | | | | | 87 | |
|
Ford Motor Co. | |
3.250% due 02/12/2032 | | | | | 185 | | | | | | 146 | |
5.291% due 12/08/2046 | | | | | 200 | | | | | | 165 | |
|
Freeport-McMoRan, Inc. | |
5.450% due 03/15/2043 | | | | | 90 | | | | | | 84 | |
|
Garda World Security Corp. | |
4.625% due 02/15/2027 | | | | | 90 | | | | | | 82 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 107 |
| | | | | | |
| Schedule of Investments | | PIMCO Multisector Bond Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Gartner, Inc. | |
3.750% due 10/01/2030 | | $ | | | 335 | | | $ | | | 292 | |
|
GFL Environmental, Inc. | |
4.000% due 08/01/2028 | | | | | 60 | | | | | | 54 | |
|
Global Payments, Inc. | |
2.650% due 02/15/2025 | | | | | 90 | | | | | | 85 | |
|
Haleon U.K. Capital PLC | |
3.125% due 03/24/2025 | | | | | 60 | | | | | | 57 | |
|
HCA, Inc. | |
4.500% due 02/15/2027 | | | | | 335 | | | | | | 323 | |
|
Hess Corp. | |
4.300% due 04/01/2027 | | | | | 60 | | | | | | 58 | |
|
Hilton Domestic Operating Co., Inc. | |
3.625% due 02/15/2032 | | | | | 114 | | | | | | 95 | |
|
Home Depot, Inc. | |
2.950% due 06/15/2029 | | | | | 60 | | | | | | 55 | |
|
Howmet Aerospace, Inc. | |
5.950% due 02/01/2037 | | | | | 305 | | | | | | 311 | |
6.750% due 01/15/2028 | | | | | 60 | | | | | | 62 | |
|
Humana, Inc. | |
3.700% due 03/23/2029 | | | | | 245 | | | | | | 225 | |
5.875% due 03/01/2033 | | | | | 100 | | | | | | 104 | |
|
Hyatt Hotels Corp. | |
1.800% due 10/01/2024 | | | | | 60 | | | | | | 57 | |
|
iHeartCommunications, Inc. | |
6.375% due 05/01/2026 | | | | | 125 | | | | | | 105 | |
|
Imola Merger Corp. | |
4.750% due 05/15/2029 | | | | | 155 | | | | | | 135 | |
|
IQVIA, Inc. | |
5.700% due 05/15/2028 | | | | | 60 | | | | | | 59 | |
|
Jazz Securities DAC | |
4.375% due 01/15/2029 | | | | | 60 | | | | | | 54 | |
|
Kenvue, Inc. | |
5.050% due 03/22/2028 | | | | | 60 | | | | | | 61 | |
|
Keurig Dr Pepper, Inc. | |
3.950% due 04/15/2029 | | | | | 60 | | | | | | 57 | |
|
Kinder Morgan, Inc. | |
4.300% due 06/01/2025 | | | | | 60 | | | | | | 59 | |
|
Kraft Heinz Foods Co. | |
4.625% due 10/01/2039 | | | | | 60 | | | | | | 54 | |
|
Las Vegas Sands Corp. | |
3.900% due 08/08/2029 | | | | | 490 | | | | | | 438 | |
|
Legacy LifePoint Health LLC | |
4.375% due 02/15/2027 | | | | | 120 | | | | | | 93 | |
|
Live Nation Entertainment, Inc. | |
3.750% due 01/15/2028 | | | | | 315 | | | | | | 282 | |
|
Marathon Petroleum Corp. | |
5.125% due 12/15/2026 | | | | | 60 | | | | | | 59 | |
|
Marriott International, Inc. | |
3.125% due 06/15/2026 | | | | | 60 | | | | | | 56 | |
|
Mauser Packaging Solutions Holding Co. | |
7.875% due 08/15/2026 | | | | | 185 | | | | | | 184 | |
|
McDonald’s Corp. | |
3.800% due 04/01/2028 | | | | | 60 | | | | | | 58 | |
|
Mondelez International, Inc. | |
2.625% due 03/17/2027 | | | | | 60 | | | | | | 55 | |
|
Motorola Solutions, Inc. | |
4.600% due 02/23/2028 | | | | | 60 | | | | | | 58 | |
|
MPH Acquisition Holdings LLC | |
5.500% due 09/01/2028 | | | | | 90 | | | | | | 77 | |
|
MPLX LP | |
1.750% due 03/01/2026 | | | | | 60 | | | | | | 55 | |
|
NCL Corp. Ltd. | |
5.875% due 02/15/2027 | | | | | 60 | | | | | | 58 | |
|
Neptune Bidco US, Inc. | |
9.290% due 04/15/2029 | | | | | 185 | | | | | | 170 | |
|
Netflix, Inc. | |
4.375% due 11/15/2026 | | | | | 185 | | | | | | 181 | |
|
Newell Brands, Inc. | |
4.875% due 06/01/2025 | | | | | 185 | | | | | | 179 | |
|
Noble Finance LLC | |
8.000% due 04/15/2030 | | | | | 90 | | | | | | 92 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Novartis Capital Corp. | |
2.200% due 08/14/2030 | | $ | | | 155 | | | $ | | | 134 | |
|
NXP BV | |
3.875% due 06/18/2026 | | | | | 245 | | | | | | 235 | |
|
Occidental Petroleum Corp. | |
5.550% due 03/15/2026 | | | | | 245 | | | | | | 242 | |
8.875% due 07/15/2030 | | | | | 100 | | | | | | 115 | |
|
Olympus Water U.S. Holding Corp. | |
4.250% due 10/01/2028 | | | | | 90 | | | | | | 71 | |
|
Oracle Corp. | |
4.900% due 02/06/2033 | | | | | 365 | | | | | | 354 | |
|
Organon & Co. | |
4.125% due 04/30/2028 | | | | | 60 | | | | | | 53 | |
|
PepsiCo, Inc. | |
3.450% due 10/06/2046 | | | | | 155 | | | | | | 128 | |
|
Post Holdings, Inc. | |
4.500% due 09/15/2031 | | | | | 215 | | | | | | 184 | |
|
Rand Parent LLC | |
8.500% due 02/15/2030 | | | | | 60 | | | | | | 54 | |
|
Raytheon Technologies Corp. | |
3.500% due 03/15/2027 | | | | | 60 | | | | | | 57 | |
|
Ritchie Bros Holdings, Inc. | |
7.750% due 03/15/2031 | | | | | 60 | | | | | | 62 | |
|
Rogers Communications, Inc. | |
2.950% due 03/15/2025 | | | | | 60 | | | | | | 57 | |
|
Royal Caribbean Cruises Ltd. | |
9.250% due 01/15/2029 | | | | | 275 | | | | | | 293 | |
|
Royalty Pharma PLC | |
1.200% due 09/02/2025 | | | | | 155 | | | | | | 140 | |
|
Scientific Games International, Inc. | |
7.000% due 05/15/2028 | | | | | 60 | | | | | | 60 | |
|
Seagate HDD Cayman | |
8.250% due 12/15/2029 | | | | | 60 | | | | | | 63 | |
|
Sensata Technologies, Inc. | |
4.375% due 02/15/2030 | | | | | 245 | | | | | | 219 | |
|
Sherwin-Williams Co. | |
3.450% due 06/01/2027 | | | | | 60 | | | | | | 57 | |
|
Shire Acquisitions Investments Ireland DAC | |
3.200% due 09/23/2026 | | | | | 60 | | | | | | 56 | |
|
Sirius XM Radio, Inc. | |
3.875% due 09/01/2031 | | | | | 155 | | | | | | 120 | |
|
Southern Co. | |
3.250% due 07/01/2026 | | | | | 200 | | | | | | 188 | |
|
Spirit AeroSystems, Inc. | |
7.500% due 04/15/2025 | | | | | 60 | | | | | | 59 | |
|
Stagwell Global LLC | |
5.625% due 08/15/2029 | | | | | 90 | | | | | | 77 | |
|
Station Casinos LLC | |
4.625% due 12/01/2031 | | | | | 90 | | | | | | 76 | |
|
Stryker Corp. | |
1.950% due 06/15/2030 | | | | | 60 | | | | | | 50 | |
|
Sysco Corp. | |
3.300% due 07/15/2026 | | | | | 60 | | | | | | 57 | |
|
T-Mobile USA, Inc. | |
3.750% due 04/15/2027 | | | | | 155 | | | | | | 147 | |
|
Thermo Fisher Scientific, Inc. | |
2.600% due 10/01/2029 | | | | | 60 | | | | | | 53 | |
|
TopBuild Corp. | |
4.125% due 02/15/2032 | | | | | 60 | | | | | | 51 | |
|
TransCanada PipeLines Ltd. | |
1.000% due 10/12/2024 | | | | | 60 | | | | | | 56 | |
|
Transcontinental Gas Pipe Line Co. LLC | |
7.850% due 02/01/2026 | | | | | 60 | | | | | | 63 | |
|
TransDigm, Inc. | |
4.625% due 01/15/2029 | | | | | 215 | | | | | | 192 | |
|
Transocean Titan Financing Ltd. | |
8.375% due 02/01/2028 | | | | | 185 | | | | | | 189 | |
|
Triumph Group, Inc. | |
9.000% due 03/15/2028 | | | | | 60 | | | | | | 61 | |
|
U.S. Foods, Inc. | |
4.750% due 02/15/2029 | | | | | 215 | | | | | | 197 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
United Airlines Pass-Through Trust | |
5.875% due 04/15/2029 | | $ | | | 208 | | | $ | | | 207 | |
|
UnitedHealth Group, Inc. | |
5.200% due 04/15/2063 | | | | | 60 | | | | | | 60 | |
|
USA Compression Partners LP | |
6.875% due 09/01/2027 | | | | | 60 | | | | | | 57 | |
|
Valaris Ltd. | |
8.375% due 04/30/2030 | | | | | 190 | | | | | | 191 | |
|
Vale Overseas Ltd. | |
3.750% due 07/08/2030 | | | | | 60 | | | | | | 53 | |
|
Venture Global Calcasieu Pass LLC | |
3.875% due 11/01/2033 | | | | | 275 | | | | | | 226 | |
|
Venture Global LNG, Inc. | |
8.375% due 06/01/2031 | | | | | 215 | | | | | | 217 | |
|
Viasat, Inc. | |
5.625% due 04/15/2027 | | | | | 60 | | | | | | 56 | |
|
Viking Cruises Ltd. | |
9.125% due 07/15/2031 | | | | | 75 | | | | | | 76 | |
|
Vmed O2 U.K. Financing PLC | |
4.250% due 01/31/2031 | | | | | 305 | | | | | | 247 | |
|
VMware, Inc. | |
1.400% due 08/15/2026 | | | | | 60 | | | | | | 53 | |
|
VOC Escrow Ltd. | |
5.000% due 02/15/2028 | | | | | 155 | | | | | | 142 | |
|
Walgreens Boots Alliance, Inc. | |
3.800% due 11/18/2024 | | | | | 60 | | | | | | 59 | |
|
Warnermedia Holdings, Inc. | |
3.755% due 03/15/2027 | | | | | 335 | | | | | | 313 | |
|
Western Digital Corp. | |
4.750% due 02/15/2026 | | | | | 147 | | | | | | 140 | |
|
Western Midstream Operating LP | |
3.350% due 02/01/2025 | | | | | 60 | | | | | | 57 | |
|
Westinghouse Air Brake Technologies Corp. | |
3.450% due 11/15/2026 | | | | | 60 | | | | | | 56 | |
|
WMG Acquisition Corp. | |
3.000% due 02/15/2031 | | | | | 335 | | | | | | 271 | |
|
Workday, Inc. | |
3.500% due 04/01/2027 | | | | | 60 | | | | | | 57 | |
|
Wynn Las Vegas LLC | |
5.250% due 05/15/2027 | | | | | 245 | | | | | | 232 | |
|
ZF North America Capital, Inc. | |
7.125% due 04/14/2030 | | | | | 90 | | | | | | 92 | |
|
Zimmer Biomet Holdings, Inc. | |
3.550% due 04/01/2025 | | | | | 60 | | | | | | 58 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 20,227 | |
| | | | | | | | | | | | |
| |
| UTILITIES 5.1% | |
|
AES Corp. | |
5.450% due 06/01/2028 | | | | | 60 | | | | | | 59 | |
|
Antero Midstream Partners LP | |
5.750% due 03/01/2027 | | | | | 60 | | | | | | 58 | |
|
Clearway Energy Operating LLC | |
3.750% due 02/15/2031 | | | | | 185 | | | | | | 154 | |
|
Constellation Energy Generation LLC | |
3.250% due 06/01/2025 | | | | | 120 | | | | | | 114 | |
|
Crestwood Midstream Partners LP | |
6.000% due 02/01/2029 | | | | | 315 | | | | | | 294 | |
|
Electricite de France SA | |
9.125% due 03/15/2033 •(b) | | | | | 120 | | | | | | 123 | |
|
Exelon Corp. | |
3.400% due 04/15/2026 | | | | | 305 | | | | | | 290 | |
|
FirstEnergy Corp. | |
2.250% due 09/01/2030 | | | | | 90 | | | | | | 73 | |
3.400% due 03/01/2050 | | | | | 490 | | | | | | 338 | |
|
Georgia Power Co. | |
4.950% due 05/17/2033 | | | | | 90 | | | | | | 89 | |
|
Howard Midstream Energy Partners LLC | |
8.875% due 07/15/2028 (a) | | | | | 150 | | | | | | 151 | |
|
MidAmerican Energy Co. | |
3.650% due 04/15/2029 | | | | | 335 | | | | | | 311 | |
| | | | | | |
| 108 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Pacific Gas & Electric Co. | |
4.550% due 07/01/2030 | | $ | | | 365 | | | $ | | | 331 | |
|
Southern California Edison Co. | |
5.875% due 12/01/2053 | | | | | 275 | | | | | | 281 | |
|
Sprint Capital Corp. | |
6.875% due 11/15/2028 | | | | | 305 | | | | | | 324 | |
|
Tallgrass Energy Partners LP | |
6.000% due 12/31/2030 | | | | | 275 | | | | | | 243 | |
|
Targa Resources Partners LP | |
5.000% due 01/15/2028 | | | | | 60 | | | | | | 57 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,290 | |
| | | | | | | | | | | | |
Total Corporate Bonds & Notes (Cost $32,127) | | | 32,132 | |
| | | | |
| |
| MUNICIPAL BONDS & NOTES 0.7% | |
| |
| CALIFORNIA 0.5% | |
|
California State General Obligation Bonds, Series 2023 | |
5.125% due 03/01/2038 | | | | | 155 | | | | | | 156 | |
|
California State University Revenue Bonds, Series 2020 | |
2.975% due 11/01/2051 | | | | | 215 | | | | | | 155 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 311 | |
| | | | | | | | | | | | |
| |
| FLORIDA 0.2% | |
|
State Board of Administration Finance Corp., Florida Revenue Notes, Series 2020 | |
1.705% due 07/01/2027 | | | | | 185 | | | | | | 164 | |
| | | | | | | | | | | | |
Total Municipal Bonds & Notes (Cost $475) | | | 475 | |
| | | | |
| |
| U.S. GOVERNMENT AGENCIES 30.8% | |
|
Fannie Mae, TBA | |
6.000% due 08/01/2053 | | | | | 7,150 | | | | | | 7,212 | |
|
Uniform Mortgage-Backed Security, TBA | |
5.000% due 07/01/2053 | | | | | 6,300 | | | | | | 6,174 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
5.500% due 07/01/2053 - 08/01/2053 | | $ | | | 6,700 | | | $ | | | 6,667 | |
| | | | | | | | | | | | |
Total U.S. Government Agencies (Cost $20,134) | | | 20,053 | |
| | | | |
| |
| U.S. TREASURY OBLIGATIONS 12.3% | |
|
U.S. Treasury Notes | |
3.625% due 05/15/2053 | | | | | 482 | | | | | | 463 | |
3.875% due 05/15/2043 | | | | | 3,837 | | | | | | 3,744 | |
3.375% due 05/15/2033 | | | | | 2,100 | | | | | | 2,026 | |
3.625% due 05/31/2028 | | | | | 400 | | | | | | 391 | |
3.750% due 05/31/2030 | | | | | 300 | | | | | | 296 | |
4.125% due 06/15/2026 (e) | | | | | 1,100 | | | | | | 1,089 | |
| | | | | | | | | | | | |
Total U.S. Treasury Obligations (Cost $8,063) | | | 8,009 | |
| | | | |
| |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 2.2% | |
|
CIM Trust | |
6.639% due 12/25/2067 | | | | | 500 | | | | | | 500 | |
|
OBX Trust | |
6.567% due 06/25/2063 | | | | | 500 | | | | | | 500 | |
|
Verus Securitization Trust | |
6.193% due 03/25/2068 þ | | | | | 476 | | | | | | 473 | |
| | | | | | | | | | | | |
Total Non-Agency Mortgage-Backed Securities (Cost $1,474) | | | 1,473 | |
| | | | |
| |
| ASSET-BACKED SECURITIES 7.7% | |
|
Avis Budget Rental Car Funding AESOP LLC | |
5.200% due 10/20/2027 | | | | | 500 | | | | | | 490 | |
|
Benefit Street Partners CLO Ltd. | |
6.210% due 10/15/2030 • | | | | | 472 | | | | | | 468 | |
|
CIFC Funding Ltd. | |
6.223% due 10/24/2030 • | | | | | 286 | | | | | | 284 | |
|
Elevation CLO Ltd. | |
6.540% due 07/15/2029 • | | | | | 309 | | | | | | 308 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Enterprise Fleet Financing LLC | |
5.420% due 10/22/2029 | | $ | | | 574 | | | $ | | | 572 | |
|
Hertz Vehicle Financing LLC | |
5.490% due 06/25/2027 | | | | | 500 | | | | | | 494 | |
|
IXIS Real Estate Capital Trust | |
5.750% due 03/25/2036 | | | | | 163 | | | | | | 84 | |
|
Madison Park Funding Ltd. | |
6.201% due 10/21/2030 • | | | | | 496 | | | | | | 492 | |
|
OCP CLO Ltd. | |
6.370% due 07/20/2029 • | | | | | 346 | | | | | | 344 | |
|
SFS Auto Receivables Securitization Trust | |
0.010% due 12/20/2029 | | | | | 500 | | | | | | 498 | |
|
Venture CLO Ltd. | |
6.380% due 04/20/2032 • | | | | | 500 | | | | | | 492 | |
|
Voya CLO Ltd. | |
6.248% due 10/15/2030 • | | | | | 466 | | | | | | 463 | |
| | | | | | | | | | | | |
| Total Asset-Backed Securities (Cost $4,983) | | | 4,989 | |
| | | | |
| |
| SHORT-TERM INSTRUMENTS 25.1% | |
| |
| REPURCHASE AGREEMENTS (c) 25.1% | |
| | | | | | | | | | | 16,300 | |
| | | | | | | | | | | | |
| Total Short-Term Instruments (Cost $16,300) | | | 16,300 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
Total Investments in Securities
(Cost $83,803) | | | 83,679 | |
| | | | |
| | | | | | | | | | | | |
Total Investments 128.6%
(Cost $83,803) | | | $ | | | 83,679 | |
| |
Financial Derivative
Instruments (d) 0.1% (Cost or Premiums, net $331) | | | | | | | | | | | 62 | |
| |
| Other Assets and Liabilities, net (28.7)% | | | (18,688 | ) |
| | | | |
| Net Assets 100.0% | | | $ | | | 65,053 | |
| | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
| • | Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description. |
| þ | Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end. |
| (b) | Perpetual maturity; date shown, if applicable, represents next contractual call date. |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(c) REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Lending
Rate | | | Settlement
Date | | | Maturity
Date | | | Principal
Amount | | | Collateralized By | | Collateral
(Received) | | | Repurchase
Agreements,
at Value | | | Repurchase
Agreement
Proceeds
to be
Received(1) | |
| BOS | | | 5.140 | % | | | 06/30/2023 | | | | 07/03/2023 | | | $ | 16,300 | | | U.S. Treasury Bonds 4.750% due 02/15/2041 | | $ | (16,738 | ) | | $ | 16,300 | | | $ | 16,307 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (16,738 | ) | | $ | 16,300 | | | $ | 16,307 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 109 |
| | | | | | |
| Schedule of Investments | | PIMCO Multisector Bond Active Exchange-Traded Fund | | (Cont.) | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
BOS | | $ | 16,307 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 16,307 | | | $ | (16,738 | ) | | $ | (431 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 16,307 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Includes accrued interest. |
| (2) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
(d) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(1)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reference Entity | | Fixed
Receive Rate | | | Payment
Frequency | | | Maturity
Date | | | Implied
Credit Spread at
June 30, 2023(2) | | | Notional
Amount(3) | | | Premiums
Paid/(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Market
Value(4) | | | Variation Margin | |
| | Asset | | | Liability | |
AT&T, Inc. | | | 1.000 | % | | | Quarterly | | | | 06/20/2028 | | | | 0.962 | % | | $ | 500 | | | $ | (2 | ) | | $ | 3 | | | $ | 1 | | | $ | 1 | | | $ | 0 | |
Bombardier, Inc. | | | 0.000 | | | | Quarterly | | | | 06/20/2028 | | | | 3.913 | | | | 100 | | | | 4 | | | | 1 | | | | 5 | | | | 0 | | | | 0 | |
Calpine Corp. | | | 1.000 | | | | Quarterly | | | | 06/20/2028 | | | | 4.408 | | | | 175 | | | | 5 | | | | (1 | ) | | | 4 | | | | 0 | | | | 0 | |
Ford Motor Credit Co. LLC | | | 5.000 | | | | Quarterly | | | | 06/20/2028 | | | | 2.602 | | | | 200 | | | | 20 | | | | 0 | | | | 20 | | | | 0 | | | | 0 | |
Verizon Communications, Inc. | | | 1.000 | | | | Quarterly | | | | 06/20/2028 | | | | 0.954 | | | | 300 | | | | (1 | ) | | | 2 | | | | 1 | | | | 1 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | $ | 26 | | | $ | 5 | | | $ | 31 | | | $ | 2 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(1)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Index/Tranches | | Fixed
Receive Rate | | | Payment
Frequency | | | Maturity
Date | | | Notional
Amount(3) | | | Premiums
Paid/(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Market
Value(4) | | | Variation Margin | |
| | Asset | | | Liability | |
CDX.EM-39 5-Year Index | | | 1.000 | % | | | Quarterly | | | | 06/20/2028 | | | $ | 500 | | | $ | (25 | ) | | $ | 1 | | | $ | (24 | ) | | $ | 1 | | | $ | 0 | |
CDX.HY-40 5-Year Index | | | 5.000 | | | | Quarterly | | | | 06/20/2028 | | | | 4,700 | | | | 90 | | | | 50 | | | | 140 | | | | 35 | | | | 0 | |
CDX.IG-40 05-Year Index | | | 1.000 | | | | Quarterly | | | | 06/20/2028 | | | | 18,800 | | | | 240 | | | | 48 | | | | 288 | | | | 24 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | $ | 305 | | | $ | 99 | | | $ | 404 | | | $ | 60 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Swap Agreements | | | $ | 331 | | | $ | 104 | | | $ | 435 | | | $ | 62 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | |
FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Financial Derivative Assets | | | | | | Financial Derivative Liabilities | |
| | | Market Value | | | Variation Margin
Asset | | | Total | | | | | | Market Value | | | Variation Margin
Liability | | | Total | |
| | | Purchased
Options | | | Futures | | | Swap
Agreements | | | | | | Written
Options | | | Futures | | | Swap
Agreements | |
Total Exchange-Traded or Centrally Cleared | | $ | 0 | | | $ | 0 | | | $ | 62 | | | $ | 62 | | | | | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (e) | Securities with an aggregate market value of $933 and cash of $366 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
| (1) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| (2) | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| | | | | | |
| 110 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| (3) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| (4) | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | |
Swap Agreements | | $ | 0 | | | $ | 62 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 62 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Net Realized Gain (Loss) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Swap Agreements | | $ | 0 | | | $ | (4 | ) | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (4 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Swap Agreements | | $ | 0 | | | $ | 104 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 104 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Securities, at Value | |
Loan Participations and Assignments | | $ | 0 | | | $ | 248 | | | $ | 0 | | | $ | 248 | |
Corporate Bonds & Notes | |
Banking & Finance | | | 0 | | | | 8,615 | | | | 0 | | | | 8,615 | |
Industrials | | | 0 | | | | 20,227 | | | | 0 | | | | 20,227 | |
Utilities | | | 0 | | | | 3,290 | | | | 0 | | | | 3,290 | |
Municipal Bonds & Notes | |
California | | | 0 | | | | 311 | | | | 0 | | | | 311 | |
Florida | | | 0 | | | | 164 | | | | 0 | | | | 164 | |
U.S. Government Agencies | | | 0 | | | | 20,053 | | | | 0 | | | | 20,053 | |
U.S. Treasury Obligations | | | 0 | | | | 8,009 | | | | 0 | | | | 8,009 | |
Non-Agency Mortgage-Backed Securities | | | 0 | | | | 1,473 | | | | 0 | | | | 1,473 | |
Asset-Backed Securities | | | 0 | | | | 4,989 | | | | 0 | | | | 4,989 | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Short-Term Instruments | |
Repurchase Agreements | | $ | 0 | | | $ | 16,300 | | | $ | 0 | | | $ | 16,300 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 83,679 | | | $ | 0 | | | $ | 83,679 | |
| | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | | $ | 0 | | | $ | 62 | | | $ | 0 | | | $ | 62 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Financial Derivative Instruments | | $ | 0 | | | $ | 62 | | | $ | 0 | | | $ | 62 | |
| | | | | | | | | | | | | | | | |
| | | | |
Totals | | $ | 0 | | | $ | 83,741 | | | $ | 0 | | | $ | 83,741 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 111 |
| | | | | | |
| Schedule of Investments | | PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 94.6% | |
| |
| CORPORATE BONDS & NOTES 1.0% | |
| |
| INDUSTRIALS 1.0% | |
|
Providence St Joseph Health Obligated Group | |
5.403% due 10/01/2033 | | $ | | | 500 | | | $ | | | 494 | |
|
Toledo Hospital | |
5.325% due 11/15/2028 | | | | | 250 | | | | | | 203 | |
| | | | | | | | | | | | |
Total Corporate Bonds & Notes (Cost $700) | | | 697 | |
| | | | |
| |
| MUNICIPAL BONDS & NOTES 84.3% | |
| |
| ALABAMA 1.6% | |
|
Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | |
4.000% due 10/01/2052 | | | | | 1,000 | | | | | | 991 | |
|
Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019 | |
4.500% due 05/01/2032 | | | | | 233 | | | | | | 218 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,209 | |
| | | | | | | | | | | | |
| |
| ALASKA 0.4% | |
|
Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 | |
5.250% due 11/01/2062 | | | | | 250 | | | | | | 266 | |
| | | | | | | | | | | | |
| |
| ARIZONA 0.7% | |
|
Arizona Industrial Development Authority Revenue Bonds, Series 2019 | |
4.250% due 01/01/2040 | | | | | 480 | | | | | | 288 | |
|
Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2022 | |
5.000% due 09/01/2052 | | | | | 250 | | | | | | 256 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 544 | |
| | | | | | | | | | | | |
| |
| ARKANSAS 1.0% | |
|
Arkansas Development Finance Authority Revenue Bonds, Series 2019 | |
4.500% due 09/01/2049 | | | | | 300 | | | | | | 272 | |
|
County of Pulaski Hospital, Arkansas Revenue Bonds, Series 2023 | |
4.250% due 03/01/2048 | | | | | 500 | | | | | | 491 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 763 | |
| | | | | | | | | | | | |
| |
| CALIFORNIA 16.0% | |
|
Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | |
0.000% due 10/01/2047 (c) | | | | | 500 | | | | | | 255 | |
|
California Community Choice Financing Authority Revenue Bonds, Series 2021 | |
4.000% due 02/01/2052 | | | | | 1,000 | | | | | | 994 | |
|
California Community Choice Financing Authority Revenue Bonds, Series 2023 | |
5.250% due 01/01/2054 | | | | | 500 | | | | | | 523 | |
|
California Community Housing Agency Revenue Bonds, Series 2019 | |
5.000% due 04/01/2049 | | | | | 300 | | | | | | 249 | |
|
California Community Housing Agency Revenue Bonds, Series 2022 | |
4.500% due 08/01/2052 | | | | | 100 | | | | | | 84 | |
|
California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | |
3.650% due 01/01/2050 | | | | | 1,400 | | | | | | 1,394 | |
|
California Municipal Finance Authority Revenue Bonds, Series 2021 | |
4.000% due 11/01/2036 | | | | | 250 | | | | | | 230 | |
|
California Pollution Control Financing Authority Revenue Bonds, Series 2019 | |
7.500% due 12/01/2040 | | | | | 250 | | | | | | 150 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
California State General Obligation Bonds, Series 2023 | |
3.875% due 12/01/2030 | | $ | | | 600 | | | $ | | | 594 | |
|
California State Public Works Board Revenue Bonds, Series 2022 | |
5.000% due 12/01/2035 | | | | | 550 | | | | | | 647 | |
|
California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022 | |
5.375% due 08/15/2057 | | | | | 250 | | | | | | 268 | |
|
California Statewide Communities Development Authority Revenue Bonds, Series 2006 | |
2.625% due 11/01/2033 | | | | | 250 | | | | | | 248 | |
|
California Statewide Communities Development Authority Revenue Bonds, Series 2016 | |
5.250% due 12/01/2056 | | | | | 250 | | | | | | 242 | |
|
CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | |
4.000% due 08/01/2045 | | | | | 500 | | | | | | 409 | |
|
CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 | |
3.500% due 10/01/2046 | | | | | 500 | | | | | | 381 | |
|
CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 | |
0.000% due 09/01/2062 (c) | | | | | 200 | | | | | | 100 | |
|
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | |
0.000% due 06/01/2066 (b) | | | | | 3,500 | | | | | | 382 | |
3.850% due 06/01/2050 | | | | | 900 | | | | | | 817 | |
|
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | |
5.000% due 06/01/2051 | | | | | 250 | | | | | | 261 | |
|
Irvine Facilities Financing Authority, California Special Tax Bonds, Series 2023 | |
4.000% due 09/01/2058 | | | | | 500 | | | | | | 487 | |
|
Long Beach Bond Finance Authority, California Revenue Bonds, Series 2023 | |
4.000% due 08/01/2053 | | | | | 750 | | | | | | 734 | |
|
Los Angeles Department of Airports, California Revenue Bonds, Series 2023 | |
5.000% due 05/15/2036 | | | | | 500 | | | | | | 552 | |
|
Sacramento County, California Special Tax Bonds, Series 2022 | |
5.000% due 09/01/2047 | | | | | 150 | | | | | | 147 | |
|
San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 | |
5.000% due 05/01/2038 | | | | | 650 | | | | | | 684 | |
|
San Joaquin Hills Transportation Corridor Agency, California Revenue Bonds, Series 1993 | |
0.000% due 01/01/2025 (b) | | | | | 500 | | | | | | 478 | |
|
Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 | |
0.000% due 06/01/2060 (b) | | | | | 1,000 | | | | | | 156 | |
|
University of California Revenue Bonds, Series 2015 | |
5.000% due 05/15/2040 | | | | | 500 | | | | | | 514 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,980 | |
| | | | | | | | | | | | |
| |
| COLORADO 3.4% | |
|
Colorado Health Facilities Authority Revenue Bonds, Series 2022 | |
4.560% (MUNIPSA)
due 05/15/2061 ~ | | | | | 500 | | | | | | 496 | |
5.000% due 05/15/2062 | | | | | 1,500 | | | | | | 1,576 | |
|
Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 | |
5.000% due 12/01/2031 | | | | | 440 | | | | | | 471 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,543 | |
| | | | | | | | | | | | |
| |
| DELAWARE 0.3% | |
|
Delaware State Economic Development Authority Revenue Bonds, Series 2020 | |
1.250% due 10/01/2045 | | | | | 250 | | | | | | 228 | |
| | | | | | | | | | | | |
| |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| FLORIDA 3.1% | |
|
Florida Development Finance Corp. Revenue Bonds, Series 2021 | |
5.000% due 09/01/2026 (a) | | $ | | | 500 | | | $ | | | 520 | |
|
Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2015 | |
5.000% due 10/01/2040 | | | | | 500 | | | | | | 507 | |
|
Hernando County, Florida Revenue Bonds, Series 2022 | |
5.250% due 06/01/2052 | | | | | 400 | | | | | | 433 | |
|
Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | |
5.000% due 05/01/2029 | | | | | 250 | | | | | | 250 | |
|
Palm Beach County, Florida Health Facilities Authority Revenue Notes, Series 2022 | |
5.000% due 11/01/2029 | | | | | 375 | | | | | | 397 | |
|
Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023 | |
4.250% due 05/01/2028 (a) | | | | | 250 | | | | | | 251 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,358 | |
| | | | | | | | | | | | |
| |
| GEORGIA 2.4% | |
|
DeKalb County, Georgia Water & Sewerage Revenue Bonds, Series 2022 | |
5.000% due 10/01/2038 | | | | | 260 | | | | | | 296 | |
|
Main Street Natural Gas Inc, Georgia Revenue Bonds, Series 2021 | |
4.000% due 07/01/2052 | | | | | 1,000 | | | | | | 997 | |
|
Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | |
5.500% due 07/01/2063 | | | | | 500 | | | | | | 515 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,808 | |
| | | | | | | | | | | | |
| |
| IDAHO 0.3% | |
|
Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 | |
3.750% due 09/01/2051 | | | | | 250 | | | | | | 190 | |
| | | | | | | | | | | | |
| |
| ILLINOIS 5.6% | |
|
Chicago O’Hare International Airport, Illinois Revenue Bonds, Series 2022 | |
5.500% due 01/01/2055 | | | | | 1,000 | | | | | | 1,074 | |
|
Illinois Sales Tax State Revenue Notes, Series 2021 | |
5.000% due 06/15/2031 | | | | | 1,000 | | | | | | 1,095 | |
|
Illinois State General Obligation Bonds, Series 2016 | |
4.000% due 06/01/2033 | | | | | 1,000 | | | | | | 1,003 | |
|
Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018 | |
5.000% due 01/01/2037 | | | | | 1,000 | | | | | | 1,053 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,225 | |
| | | | | | | | | | | | |
| |
| INDIANA 2.4% | |
|
Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012 | |
4.250% due 11/01/2030 | | | | | 250 | | | | | | 249 | |
|
Indiana Finance Authority Revenue Bonds, Series 2022 | |
4.500% due 12/15/2046 | | | | | 500 | | | | | | 499 | |
|
Whiting, Indiana Revenue Bonds, Series 2019 | |
5.000% due 12/01/2044 | | | | | 1,000 | | | | | | 1,030 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,778 | |
| | | | | | | | | | | | |
| |
| IOWA 0.3% | |
|
Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | |
4.000% due 12/01/2050 | | | | | 250 | | | | | | 247 | |
| | | | | | | | | | | | |
| |
| KENTUCKY 1.5% | |
|
Scott County, Kentucky School District Finance Corp. Revenue Bonds, (BAM Insured), Series 2022 | |
5.000% due 09/01/2041 | | | | | 1,000 | | | | | | 1,110 | |
| | | | | | | | | | | | |
| | | | | | |
| 112 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| LOUISIANA 1.0% | |
|
Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Notes, Series 2022 | |
5.000% due 08/15/2026 | | $ | | | 475 | | | $ | | | 500 | |
|
Louisiana Public Facilities Authority Revenue Bonds, Series 2017 | |
5.000% due 07/01/2040 | | | | | 250 | | | | | | 274 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 774 | |
| | | | | | | | | | | | |
| |
| MASSACHUSETTS 4.1% | |
|
Commonwealth of Massachusetts General Obligation Bonds, Series 2020 | |
2.029% due 07/01/2035 | | | | | 500 | | | | | | 375 | |
|
Commonwealth of Massachusetts General Obligation Bonds, Series 2022 | |
5.250% due 10/01/2047 | | | | | 1,000 | | | | | | 1,121 | |
|
Massachusetts Development Finance Agency Revenue Bonds, Series 2013 | |
5.000% due 07/01/2044 | | | | | 500 | | | | | | 485 | |
|
Massachusetts Development Finance Agency Revenue Bonds, Series 2022 | |
5.000% due 10/01/2038 | | | | | 500 | | | | | | 571 | |
|
Massachusetts Port Authority Revenue Bonds, Series 2022 | |
5.000% due 07/01/2036 | | | | | 500 | | | | | | 549 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,101 | |
| | | | | | | | | | | | |
| |
| MICHIGAN 2.0% | |
|
Detroit, Michigan General Obligation Bonds, Series 2014 | |
4.000% due 04/01/2044 | | | | | 250 | | | | | | 187 | |
|
Detroit, Michigan Sewage Disposal System Revenue Bonds, (FGIC Insured), Series 2001 | |
5.500% due 07/01/2029 | | | | | 500 | | | | | | 527 | |
|
Michigan Finance Authority Revenue Bonds, Series 2020 | |
0.000% due 06/01/2065 (b) | | | | | 2,500 | | | | | | 244 | |
5.000% due 06/01/2040 | | | | | 500 | | | | | | 521 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,479 | |
| | | | | | | | | | | | |
| |
| NEVADA 0.2% | |
|
Reno, Nevada Revenue Bonds, Series 2018 | |
0.000% due 07/01/2058 (b) | | | | | 1,000 | | | | | | 130 | |
| | | | | | | | | | | | |
| |
| NEW JERSEY 2.5% | |
|
MiddleSex County Improvement Authority, New Jersey Revenue Bond, Series 2023 | |
5.000% due 08/15/2053 (a) | | | | | 500 | | | | | | 541 | |
|
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018 | |
5.000% due 12/15/2036 | | | | | 1,000 | | | | | | 1,060 | |
|
Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018 | |
5.000% due 06/01/2046 | | | | | 235 | | | | | | 236 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,837 | |
| | | | | | | | | | | | |
| |
| NEW MEXICO 0.5% | |
|
New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 | |
4.000% due 08/01/2039 | | | | | 350 | | | | | | 344 | |
| | | | | | | | | | | | |
| |
| NEW YORK 3.7% | |
|
New York City, New York General Obligation Bonds, Series 2022 | |
5.250% due 10/01/2041 | | | | | 250 | | | | | | 285 | |
|
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | |
5.500% due 11/01/2045 | | | | | 500 | | | | | | 573 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
New York Liberty Development Corp. Revenue Bonds, Series 2014 | |
5.000% due 11/15/2044 | | $ | | | 350 | | | $ | | | 345 | |
|
New York State Dormitory Authority Revenue Bonds, Series 2022 | |
4.000% due 03/15/2039 | | | | | 250 | | | | | | 252 | |
|
New York Transportation Development Corp. Revenue Notes, Series 2020 | |
4.000% due 10/01/2030 | | | | | 250 | | | | | | 250 | |
|
Port Authority of New York & New Jersey Revenue Bonds, Series 2018 | |
5.000% due 07/15/2037 | | | | | 335 | | | | | | 365 | |
|
Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021 | |
0.000% due 06/01/2066 (b) | | | | | 1,500 | | | | | | 168 | |
4.000% due 06/01/2050 | | | | | 300 | | | | | | 268 | |
|
Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2022 | |
5.000% due 11/15/2032 | | | | | 250 | | | | | | 298 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,804 | |
| | | | | | | | | | | | |
| |
| NORTH CAROLINA 1.5% | |
|
Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021 | |
5.000% due 01/15/2049 | | | | | 1,000 | | | | | | 1,132 | |
| | | | | | | | | | | | |
| |
| OHIO 4.1% | |
|
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | |
4.000% due 06/01/2048 | | | | | 500 | | | | | | 463 | |
5.000% due 06/01/2055 | | | | | 250 | | | | | | 235 | |
|
Franklin County, Ohio Revenue Bonds, Series 2022 | |
3.550% due 11/01/2042 | | | | | 1,000 | | | | | | 1,000 | |
|
Ohio Air Quality Development Authority Duke Energy Corporation Project Revenue Bonds, Series 2022 | |
4.250% due 11/01/2039 | | | | | 1,045 | | | | | | 1,038 | |
|
Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | |
5.000% due 07/01/2049 | | | | | 400 | | | | | | 369 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,105 | |
| | | | | | | | | | | | |
| |
| PENNSYLVANIA 8.0% | |
|
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022 | |
5.250% due 05/01/2042 | | | | | 200 | | | | | | 200 | |
|
Commonwealth of Pennsylvania General Obligation Bonds, Series 2016 | |
4.000% due 09/15/2034 | | | | | 500 | | | | | | 512 | |
|
General Authority of Southcentral Pennsylvania Revenue Bonds, Series 2019 | |
3.850% due 06/01/2037 | | | | | 2,000 | | | | | | 2,000 | |
|
Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | |
5.110% (MUNIPSA)
due 08/15/2038 ~(d) | | | | | 970 | | | | | | 959 | |
|
Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 | |
4.100% due 06/01/2029 | | | | | 500 | | | | | | 512 | |
|
Montgomery County, Pennsylvania Higher Education and Health Authority Revenue Bonds, Series 2022 | |
4.000% due 05/01/2038 | | | | | 500 | | | | | | 483 | |
|
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 | |
5.000% due 12/31/2030 | | | | | 250 | | | | | | 257 | |
5.000% due 12/31/2038 | | | | | 500 | | | | | | 506 | |
|
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | |
5.500% due 06/30/2039 | | | | | 500 | | | | | | 551 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,980 | |
| | | | | | | | | | | | |
| |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| PUERTO RICO 5.2% | |
|
Commonwealth of Puerto Rico Bonds, Series 2022 | |
0.000% due 11/01/2043 | | $ | | | 273 | | | $ | | | 138 | |
0.000% due 11/01/2051 | | | | | 1,749 | | | | | | 823 | |
|
Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | |
4.000% due 07/01/2041 | | | | | 400 | | | | | | 349 | |
|
GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | |
7.500% due 08/20/2040 | | | | | 475 | | | | | | 393 | |
|
Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022 | |
0.000% due 07/01/2053 (c) | | | | | 1,025 | | | | | | 628 | |
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | |
0.000% due 07/01/2046 (b) | | | | | 500 | | | | | | 141 | |
0.000% due 07/01/2051 (b) | | | | | 5,400 | | | | | | 1,141 | |
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | |
4.550% due 07/01/2040 | | | | | 250 | | | | | | 245 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,858 | |
| | | | | | | | | | | | |
| |
| RHODE ISLAND 0.9% | |
|
Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015 | |
5.000% due 06/01/2040 | | | | | 500 | | | | | | 503 | |
5.000% due 06/01/2050 | | | | | 200 | | | | | | 198 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 701 | |
| | | | | | | | | | | | |
| |
| SOUTH CAROLINA 0.9% | |
|
Columbia, South Carolina Waterworks & Sewer System Revenue Bonds, Series 2022 | |
4.250% due 02/01/2041 | | | | | 625 | | | | | | 641 | |
| | | | | | | | | | | | |
| |
| TENNESSEE 1.3% | |
|
Tennergy Corp., Tennessee Revenue Bonds, Series 2021 | |
4.000% due 12/01/2051 | | | | | 1,000 | | | | | | 987 | |
| | | | | | | | | | | | |
| |
| TEXAS 3.0% | |
|
Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | |
5.250% due 12/01/2045 | | | | | 250 | | | | | | 250 | |
|
Austin, Texas Electric Utility Revenue Bonds, Series 2023 | |
5.000% due 11/15/2048 | | | | | 500 | | | | | | 548 | |
|
Central Texas Turnpike System Revenue Bonds, Series 2015 | |
0.000% due 08/15/2037 (b) | | | | | 250 | | | | | | 129 | |
|
Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2021 | |
4.000% due 11/01/2045 | | | | | 500 | | | | | | 485 | |
|
Houston, Texas Airport System Revenue Bonds, Series 2023 | |
5.000% due 07/01/2038 (a) | | | | | 100 | | | | | | 108 | |
|
Matagorda County, Texas Navigation District No 1 Revenue Bonds, Series 2001 | |
2.600% due 11/01/2029 | | | | | 250 | | | | | | 226 | |
|
New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2019 | |
4.000% due 12/01/2054 | | | | | 250 | | | | | | 171 | |
|
New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021 | |
5.500% due 01/01/2057 | | | | | 100 | | | | | | 72 | |
|
Texas Water Development Board Revenue Bonds, Series 2022 | |
5.000% due 10/15/2057 | | | | | 250 | | | | | | 272 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,261 | |
| | | | | | | | | | | | |
| |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 113 |
| | | | | | |
| Schedule of Investments | | PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| U.S. VIRGIN ISLANDS 0.7% | |
|
Matching Fund Special Purpose Securitization Corp., U.S. Virgin Islands Revenue Bonds, Series 2022 | |
5.000% due 10/01/2039 | | $ | | | 500 | | | $ | | | 495 | |
| | | | | | | | | | | | |
| |
| VIRGINIA 1.1% | |
|
Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021 | |
3.750% due 03/01/2036 | | | | | 580 | | | | | | 549 | |
|
Virginia College Building Authority Revenue Bonds, Series 2019 | |
4.000% due 02/01/2034 | | | | | 250 | | | | | | 261 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 810 | |
| | | | | | | | | | | | |
| |
| WASHINGTON 0.4% | |
|
Washington State Convention Center Public Facilities District Revenue Notes, Series 2021 | |
4.000% due 07/01/2031 | | | | | 350 | | | | | | 336 | |
| | | | | | | | | | | | |
| |
| WISCONSIN 4.2% | |
|
Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | |
4.000% due 10/01/2041 | | | | | 250 | | | | | | 251 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
4.000% due 03/31/2056 | | $ | | | 250 | | | $ | | | 200 | |
|
Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | |
4.000% due 10/01/2052 | | | | | 400 | | | | | | 376 | |
|
University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2021 | |
4.000% due 04/01/2046 | | | | | 750 | | | | | | 722 | |
|
Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 | |
0.000% due 12/15/2045 (b) | | | | | 1,000 | | | | | | 345 | |
|
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 | |
4.000% due 04/01/2035 | | | | | 1,000 | | | | | | 1,000 | |
|
Wisconsin State General Obligation Notes, Series 2022 | |
4.430% (MUNIPSA) due 05/01/2025 ~ | | | 240 | | | | | | 239 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,133 | |
| | | | | | | | | | | | |
Total Municipal Bonds & Notes (Cost $62,433) | | | 63,157 | |
| | | | |
| |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% | |
|
Freddie Mac | |
4.140% due 01/25/2040 | | | | | 400 | | | | | | 372 | |
| | | | | | | | | | | | |
Total Non-Agency Mortgage-Backed Securities (Cost $375) | | | 372 | |
| | | | |
| | | | | | | | | | | | |
| | | | | | | | | | MARKET
VALUE
(000S) | |
| SHORT-TERM INSTRUMENTS 8.8% | |
| |
| REPURCHASE AGREEMENTS (e) 8.8% | |
| | | | | | | | $ | | | 6,600 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $6,600) | | | 6,600 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
Total Investments in Securities
(Cost $70,108) | | | 70,826 | |
| | | | |
| | | | | | | | | | | | |
Total Investments 94.6%
(Cost $70,108) | | | $ | | | 70,826 | |
| |
Financial Derivative
Instruments (f) (0.0)% (Cost or Premiums, net $0) | | | | | | | | | | | (5 | ) |
| |
| Other Assets and Liabilities, net 5.4% | | | 4,078 | |
| | | | |
| Net Assets 100.0% | | | $ | | | 74,899 | |
| | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. |
| (c) | Security becomes interest bearing at a future date. |
(d) RESTRICTED SECURITIES:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Issuer Description | | Coupon | | | Maturity
Date | | | Acquisition
Date | | | Cost | | | Market
Value | | | Market Value
as Percentage
of Net Assets | |
Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | | | 5.110% | | | | 08/15/2038 | | | | 09/14/2021 | | | $ | 991 | | | $ | 959 | | | | 1.28% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(e) REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Lending
Rate | | | Settlement
Date | | | Maturity
Date | | | Principal
Amount | | | Collateralized By | | Collateral
(Received) | | | Repurchase
Agreements,
at Value | | | Repurchase
Agreement
Proceeds
to be
Received(1) | |
| BPS | | | 5.110 | % | | | 06/30/2023 | | | | 07/03/2023 | | | $ | 2,200 | | | U.S. Treasury Notes 1.250% due 08/15/2031 | | $ | (2,246 | ) | | $ | 2,200 | | | $ | 2,201 | |
| | | 5.160 | | | | 06/30/2023 | | | | 07/03/2023 | | | | 2,200 | | | U.S. Treasury Inflation Protected Securities 0.125% due 07/15/2031 | | | (2,255 | ) | | | 2,200 | | | | 2,201 | |
| MBC | | | 5.160 | | | | 06/30/2023 | | | | 07/03/2023 | | | | 2,200 | | | U.S. Treasury Notes 1.875% due 02/15/2032 | | | (2,267 | ) | | | 2,200 | | | | 2,201 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (6,768 | ) | | $ | 6,600 | | | $ | 6,603 | |
| | | | | | | | | | | | | | | |
| | | | | | |
| 114 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
BPS | | $ | 4,402 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 4,402 | | | $ | (4,501 | ) | | $ | (99 | ) |
MBC | | | 2,201 | | | | 0 | | | | 0 | | | | 0 | | | | 2,201 | | | | (2,267 | ) | | | (66 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 6,603 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Includes accrued interest. |
| (2) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
(f) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SHORT FUTURES CONTRACTS | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Expiration
Month | | | # of
Contracts | | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | | | Variation Margin | |
| | Asset | | | Liability | |
U.S. Treasury 10-Year Note September Futures | | | 09/2023 | | | | 32 | | | $ | | | | | (3,593 | ) | | $ | 66 | | | $ | 0 | | | $ | (5 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Futures Contracts | | | | | | | $ | 66 | | | $ | 0 | | | $ | (5 | ) |
| | | | | | | | | | | | | | | | | |
FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Financial Derivative Assets | | | | | | Financial Derivative Liabilities | |
| | | Market Value | | | Variation Margin
Asset | | | Total | | | | | | Market Value | | | Variation Margin
Liability | | | Total | |
| | | Purchased
Options | | | Futures | | | Swap
Agreements | | | | | | Written
Options | | | Futures | | | Swap
Agreements | |
Total Exchange-Traded or Centrally Cleared | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | $ | 0 | | | | $ (5) | | | $ | 0 | | | | $ (5) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash of $129 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.
FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 5 | | | $ | 5 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 115 |
| | | | | | |
| Schedule of Investments | | PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | (Cont.) | | June 30, 2023 |
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Net Realized Gain (Loss) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 182 | | | $ | 182 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 42 | | | $ | 42 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Securities, at Value | |
Corporate Bonds & Notes | |
Industrials | | $ | 0 | | | $ | 697 | | | $ | 0 | | | $ | 697 | |
Municipal Bonds & Notes | |
Alabama | | | 0 | | | | 1,209 | | | | 0 | | | | 1,209 | |
Alaska | | | 0 | | | | 266 | | | | 0 | | | | 266 | |
Arizona | | | 0 | | | | 544 | | | | 0 | | | | 544 | |
Arkansas | | | 0 | | | | 763 | | | | 0 | | | | 763 | |
California | | | 0 | | | | 11,980 | | | | 0 | | | | 11,980 | |
Colorado | | | 0 | | | | 2,543 | | | | 0 | | | | 2,543 | |
Delaware | | | 0 | | | | 228 | | | | 0 | | | | 228 | |
Florida | | | 0 | | | | 2,358 | | | | 0 | | | | 2,358 | |
Georgia | | | 0 | | | | 1,808 | | | | 0 | | | | 1,808 | |
Idaho | | | 0 | | | | 190 | | | | 0 | | | | 190 | |
Illinois | | | 0 | | | | 4,225 | | | | 0 | | | | 4,225 | |
Indiana | | | 0 | | | | 1,778 | | | | 0 | | | | 1,778 | |
Iowa | | | 0 | | | | 247 | | | | 0 | | | | 247 | |
Kentucky | | | 0 | | | | 1,110 | | | | 0 | | | | 1,110 | |
Louisiana | | | 0 | | | | 774 | | | | 0 | | | | 774 | |
Massachusetts | | | 0 | | | | 3,101 | | | | 0 | | | | 3,101 | |
Michigan | | | 0 | | | | 1,479 | | | | 0 | | | | 1,479 | |
Nevada | | | 0 | | | | 130 | | | | 0 | | | | 130 | |
New Jersey | | | 0 | | | | 1,837 | | | | 0 | | | | 1,837 | |
New Mexico | | | 0 | | | | 344 | | | | 0 | | | | 344 | |
New York | | | 0 | | | | 2,804 | | | | 0 | | | | 2,804 | |
North Carolina | | | 0 | | | | 1,132 | | | | 0 | | | | 1,132 | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Ohio | | $ | 0 | | | $ | 3,105 | | | $ | 0 | | | $ | 3,105 | |
Pennsylvania | | | 0 | | | | 5,980 | | | | 0 | | | | 5,980 | |
Puerto Rico | | | 0 | | | | 3,858 | | | | 0 | | | | 3,858 | |
Rhode Island | | | 0 | | | | 701 | | | | 0 | | | | 701 | |
South Carolina | | | 0 | | | | 641 | | | | 0 | | | | 641 | |
Tennessee | | | 0 | | | | 987 | | | | 0 | | | | 987 | |
Texas | | | 0 | | | | 2,261 | | | | 0 | | | | 2,261 | |
U.S. Virgin Islands | | | 0 | | | | 495 | | | | 0 | | | | 495 | |
Virginia | | | 0 | | | | 810 | | | | 0 | | | | 810 | |
Washington | | | 0 | | | | 336 | | | | 0 | | | | 336 | |
Wisconsin | | | 0 | | | | 3,133 | | | | 0 | | | | 3,133 | |
Non-Agency Mortgage-Backed Securities | | | 0 | | | | 372 | | | | 0 | | | | 372 | |
Short-Term Instruments | |
Repurchase Agreements | | | 0 | | | | 6,600 | | | | 0 | | | | 6,600 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 70,826 | | | $ | 0 | | | $ | 70,826 | |
| | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | | $ | 0 | | | $ | (5 | ) | | $ | 0 | | | $ | (5 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Total Financial Derivative Instruments | | $ | 0 | | | $ | (5 | ) | | $ | 0 | | | $ | (5 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Totals | | $ | 0 | | | $ | 70,821 | | | $ | 0 | | | $ | 70,821 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.
| | | | | | |
| 116 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | |
| Schedule of Investments | | PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | | | | June 30, 2023 |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 98.2% | |
| |
| CORPORATE BONDS & NOTES 48.5% | |
| |
| BANKING & FINANCE 37.5% | |
|
Allstate Corp. | |
5.750% due 08/15/2053 • | | $ | | | 800 | | | $ | | | 788 | |
|
Bank of Nova Scotia | |
3.625% due 10/27/2081 •(e)(f) | | | | | 1,400 | | | | | | 991 | |
|
Barclays PLC | |
8.000% due 03/15/2029 •(d)(e) | | | | | 2,000 | | | | | | 1,792 | |
|
BNP Paribas SA | |
4.625% due 02/25/2031 •(d)(e) | | | | | 1,400 | | | | | | 1,003 | |
7.750% due 08/16/2029 •(d)(e) | | | | | 300 | | | | | | 291 | |
9.250% due 11/17/2027 •(d)(e) | | | | | 1,400 | | | | | | 1,446 | |
|
Burford Capital Global Finance LLC | |
9.250% due 07/01/2031 | | | | | 1,000 | | | | | | 995 | |
|
Cooperatieve Rabobank UA | |
4.875% due 06/29/2029 •(d)(e) | | EUR | | | 2,600 | | | | | | 2,388 | |
|
Credit Agricole SA | |
7.875% due 01/23/2024 •(d)(e) | | $ | | | 1,600 | | | | | | 1,587 | |
| | | | |
Credit Suisse AG AT1 Claim^ | | | | | 800 | | | | | | 32 | |
|
Deutsche Bank AG | |
4.789% due 04/30/2025 •(d)(e) | | | | | 400 | | | | | | 315 | |
5.882% due 07/08/2031 • | | | | | 300 | | | | | | 263 | |
7.079% due 02/10/2034 • | | | | | 500 | | | | | | 463 | |
|
Global Atlantic Fin Co. | |
4.400% due 10/15/2029 | | | | | 700 | | | | | | 591 | |
|
HSBC Holdings PLC | �� |
6.375% due 03/30/2025 •(d)(e) | | | | | 500 | | | | | | 480 | |
6.500% due 03/23/2028 •(d)(e) | | | | | 300 | | | | | | 271 | |
|
ING Groep NV | |
6.750% due 04/16/2024 •(d)(e) | | | | | 2,500 | | | | | | 2,391 | |
|
Intesa Sanpaolo SpA | |
8.248% due 11/21/2033 • | | | | | 1,500 | | | | | | 1,577 | |
|
Liberty Mutual Group, Inc. | |
3.625% due 05/23/2059 • | | EUR | | | 1,800 | | | | | | 1,871 | |
|
Lloyds Banking Group PLC | |
7.500% due 06/27/2024 •(d)(e) | | $ | | | 1,400 | | | | | | 1,339 | |
8.000% due 09/27/2029 •(d)(e) | | | | | 1,500 | | | | | | 1,374 | |
|
Morgan Stanley | |
5.948% due 01/19/2038 • | | | | | 2,150 | | | | | | 2,123 | |
|
Munich Re | |
5.875% due 05/23/2042 • | | | | | 1,400 | | | | | | 1,408 | |
|
NatWest Group PLC | |
4.600% due 06/28/2031 •(d)(e) | | | | | 1,500 | | | | | | 1,042 | |
6.000% due 12/29/2025 •(d)(e) | | | | | 500 | | | | | | 464 | |
8.000% due 08/10/2025 •(d)(e) | | | | | 800 | | | | | | 779 | |
|
Prudential Financial, Inc. | |
6.000% due 09/01/2052 • | | | | | 800 | | | | | | 762 | |
|
Societe Generale SA | |
6.691% due 01/10/2034 • | | | | | 600 | | | | | | 611 | |
9.375% due 11/22/2027 •(d)(e) | | | | | 700 | | | | | | 686 | |
|
Svenska Handelsbanken AB | |
4.750% due 03/01/2031 •(d)(e) | | | | | 400 | | | | | | 310 | |
|
Toronto-Dominion Bank | |
8.125% due 10/31/2082 •(e) | | | | | 900 | | | | | | 917 | |
|
UBS Group AG | |
9.016% due 11/15/2033 • | | | | | 1,100 | | | | | | 1,319 | |
|
UniCredit SpA | |
5.459% due 06/30/2035 • | | | | | 1,300 | | | | | | 1,104 | |
|
Voya Financial, Inc. | |
4.700% due 01/23/2048 • | | | | | 1,500 | | | | | | 1,204 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 34,977 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 4.7% | |
|
Corebridge Financial, Inc. | |
6.875% due 12/15/2052 | | | | | 800 | | | | | | 768 | |
|
Enbridge, Inc. | |
5.750% due 07/15/2080 • | | | | | 900 | | | | | | 814 | |
|
Enterprise Products Operating LLC | |
5.375% due 02/15/2078 • | | | | | 1,000 | | | | | | 830 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
8.304% (US0003M + 2.986%) due 08/16/2077 ~ | | $ | | | 700 | | | $ | | | 690 | |
|
Plains All American Pipeline LP | |
9.431% (US0003M + 4.110%) due 07/31/2023 ~(d) | | | | | 1,000 | | | | | | 895 | |
|
Southern Co. | |
3.750% due 09/15/2051 • | | | | | 400 | | | | | | 342 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,339 | |
| | | | | | | | | | | | |
| |
| UTILITIES 6.3% | |
|
American Electric Power Co., Inc. | |
3.875% due 02/15/2062 • | | | | | 500 | | | | | | 400 | |
|
British Telecommunications PLC | |
4.875% due 11/23/2081 • | | | | | 500 | | | | | | 407 | |
|
Duke Energy Corp. | |
3.250% due 01/15/2082 • | | | | | 800 | | | | | | 598 | |
|
Electricite de France SA | |
9.125% due 03/15/2033 •(d) | | | | | 1,400 | | | | | | 1,439 | |
|
National Rural Utilities Cooperative Finance Corp. | |
7.125% due 09/15/2053 | | | | | 600 | | | | | | 602 | |
|
Sempra Energy | |
4.125% due 04/01/2052 • | | | | | 1,000 | | | | | | 810 | |
|
Transcanada Trust | |
5.600% due 03/07/2082 • | | | | | 1,900 | | | | | | 1,603 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,859 | |
| | | | | | | | | | | | |
Total Corporate Bonds & Notes (Cost $45,780) | | | 45,175 | |
| | | | |
| |
| U.S. TREASURY OBLIGATIONS 3.0% | |
|
U.S. Treasury Bonds | |
4.000% due 11/15/2042 (g) | | | | | 2,800 | | | | | | 2,783 | |
| | | | | | | | | | | | |
Total U.S. Treasury Obligations (Cost $2,818) | | | 2,783 | |
| | | | |
| |
| | | | | SHARES | | | | | | |
| PREFERRED SECURITIES 44.0% | |
| |
| BANKING & FINANCE 5.3% | |
|
Bank of New York Mellon Corp. | |
3.750% due 12/20/2026 •(d) | | | | | 1,100,000 | | | | | | 911 | |
|
Citigroup, Inc. | |
7.375% due 05/15/2028 •(d) | | | | | 1,300,000 | | | | | | 1,294 | |
|
Equitable Holdings, Inc. | |
4.950% due 09/15/2025 •(d) | | | | | 300,000 | | | | | | 281 | |
|
General Motors Financial Co., Inc. | |
5.700% due 09/30/2030 •(d) | | | | | 900,000 | | | | | | 796 | |
|
PNC Financial Services Group, Inc. | |
5.000% due 11/01/2026 •(d) | | | | | 400,000 | | | | | | 345 | |
6.250% due 03/15/2030 •(d) | | | | | 1,500,000 | | | | | | 1,354 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,981 | |
| | | | | | | | | | | | |
| |
| FINANCIALS 35.9% | |
|
Aircastle Ltd. | |
5.250% due 06/15/2026 •(d) | | | | | 1,100,000 | | | | | | 767 | |
|
Ally Financial, Inc. | |
4.700% due 05/15/2028 •(d) | | | | | 1,900,000 | | | | | | 1,241 | |
|
American Express Co. | |
3.550% due 09/15/2026 •(d) | | | | | 1,400,000 | | | | | | 1,163 | |
|
Bank of America Corp. | |
4.375% due 01/27/2027 •(d) | | | | | 3,000,000 | | | | | | 2,597 | |
5.875% due 03/15/2028 •(d) | | | | | 2,300,000 | | | | | | 2,104 | |
|
Charles Schwab Corp. | |
4.000% due 12/01/2030 •(d) | | | | | 4,300,000 | | | | | | 3,158 | |
|
Citigroup, Inc. | |
4.000% due 12/10/2025 •(d) | | | | | 2,500,000 | | | | | | 2,151 | |
4.150% due 11/15/2026 •(d) | | | | | 400,000 | | | | | | 322 | |
|
CoBank ACB | |
4.250% due 01/01/2027 •(d) | | | | | 700,000 | | | | | | 556 | |
|
Discover Financial Services | |
5.500% due 10/30/2027 •(d) | | | | | 1,900,000 | | | | | | 1,453 | |
| | | | | | | | | | | | |
| | | | | SHARES | | | | | MARKET
VALUE
(000S) | |
|
Goldman Sachs Group, Inc. | |
3.800% due 05/10/2026 •(d) | | | | | 2,800,000 | | | $ | | | 2,241 | |
4.400% due 02/10/2025 •(d) | | | | | 1,800,000 | | | | | | 1,504 | |
|
HSBC Capital Funding Dollar LP | |
10.176% due 06/30/2030 •(d) | | | | | 600,000 | | | | | | 743 | |
|
JPMorgan Chase & Co. | |
4.600% due 02/01/2025 •(d) | | | | | 2,900,000 | | | | | | 2,710 | |
|
MetLife, Inc. | |
5.875% due 03/15/2028 •(d) | | | | | 3,000,000 | | | | | | 2,794 | |
|
Reinsurance Group of America, Inc. | |
5.750% (US0003M + 4.040%) due 06/15/2056 ~ | | | | | 9,900 | | | | | | 249 | |
|
Selective Insurance Group, Inc. | |
4.600% due 12/15/2025 (d) | | | | | 21,100 | | | | | | 345 | |
|
SVB Financial Group | |
4.100% due 02/15/2031 ^(a)(d) | | | | | 1,200,000 | | | | | | 86 | |
|
Truist Financial Corp. | |
5.100% due 03/01/2030 •(d) | | | | | 1,700,000 | | | | | | 1,468 | |
|
U.S. Bancorp | |
5.300% due 04/15/2027 •(d) | | | | | 1,400,000 | | | | | | 1,137 | |
|
Wells Fargo & Co. | |
3.900% due 03/15/2026 •(d) | | | | | 5,300,000 | | | | | | 4,666 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 33,455 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 0.8% | |
|
Energy Transfer LP | |
6.625% due 02/15/2028 •(d) | | | | | 900,000 | | | | | | 692 | |
|
General Electric Co. | |
8.882% (US0003M + 3.330%) due 09/15/2023 ~(d) | | | | | 92,000 | | | | | | 92 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 784 | |
| | | | | | | | | | | | |
| |
| UTILITIES 2.0% | |
|
CenterPoint Energy, Inc. | |
6.125% due 09/01/2023 •(d) | | | | | 1,000,000 | | | | | | 972 | |
|
Edison International | |
5.000% due 12/15/2026 •(d) | | | | | 1,000,000 | | | | | | 867 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,839 | |
| | | | | | | | | | | | |
Total Preferred Securities (Cost $42,744) | | | 41,059 | |
| | | | |
| |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | | |
| SHORT-TERM INSTRUMENTS 2.7% | |
| |
| U.S. TREASURY BILLS 2.7% | |
5.214% due 08/10/2023 (b)(c) | | $ | | | 2,500 | | | | | | 2,486 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $2,486) | | | 2,486 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
Total Investments in Securities
(Cost $93,828) | | | 91,503 | |
| | | | |
| | | | | | | | | | | | |
Total Investments 98.2%
(Cost $93,828) | | | $ | | | 91,503 | |
| |
Financial Derivative
Instruments (h)(i) 0.1% (Cost or Premiums, net $0) | | | | | | | | | | | 102 | |
| |
| Other Assets and Liabilities, net 1.7% | | | 1,609 | |
| | | | |
| Net Assets 100.0% | | | $ | | | 93,214 | |
| | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 117 |
| | | | | | |
| Schedule of Investments | | PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | | (Cont.) | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. |
| • | Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description. |
| (a) | Security is not accruing income as of the date of this report. |
| (b) | Coupon represents a weighted average yield to maturity. |
| (d) | Perpetual maturity; date shown, if applicable, represents next contractual call date. |
| (e) | Contingent convertible security. |
(f) RESTRICTED SECURITIES:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Issuer Description | | Coupon | | | Maturity
Date | | | Acquisition
Date | | | Cost | | | Market
Value | | | Market Value
as Percentage
of Net Assets | |
Bank of Nova Scotia | | | 3.625 | % | | | 10/27/2081 | | | | 01/18/2023 - 05/24/2023 | | | $ | 1,036 | | | $ | 991 | | | | 1.06% | |
| | | | | | | | | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
SALE-BUYBACK TRANSACTIONS:
| | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Borrowing
Rate(1) | | | Borrowing
Date | | | Maturity
Date | | | Amount
Borrowed(1) | | | Payable for
Sale-Buyback
Transactions(2) | |
BPG | | | 5.190 | % | | | 06/15/2023 | | | | 07/13/2023 | | | $ | (696 | ) | | $ | (698 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total Sale-Buyback Transactions | | | | | | | | | | | $ | (698 | ) |
| | | | | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions(2) | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(3) | |
Master Securities Forward Transaction Agreement | |
BPG | | $ | 0 | | | $ | 0 | | | $ | (698 | ) | | $ | 0 | | | $ | (698 | ) | | $ | 696 | | | $ | (2 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 0 | | | $ | 0 | | | $ | (698 | ) | | $ | 0 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS
Remaining Contractual Maturity of the Agreements
| | | | | | | | | | | | | | | | | | | | |
| | | Overnight and
Continuous | | | Up to 30 days | | | 31-90 days | | | Greater Than 90 days | | | Total | |
Sale-Buyback Transactions | |
U.S. Treasury Obligations | | $ | 0 | | | $ | (698 | ) | | $ | 0 | | | $ | 0 | | | $ | (698 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total Borrowings | | $ | 0 | | | $ | (698 | ) | | $ | 0 | | | $ | 0 | | | $ | (698 | ) |
| | | | | | | | | | | | | | | | | | | | |
Payable for sale-buyback financing transactions | | | $ | (698 | ) |
| | | | | |
| (g) | Securities with an aggregate market value of $696 have been pledged as collateral under the terms of the above master agreements as of June 30, 2023. |
| (1) | The average amount of borrowings outstanding during the period ended June 30, 2023 was $(169) at a weighted average interest rate of 5.102%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| (2) | Payable for sale-buyback transactions includes $(1) of deferred price drop. |
| (3) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
| | | | | | |
| 118 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| LONG FUTURES CONTRACTS | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Expiration
Month | | | # of
Contracts | | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | | | Variation Margin | |
| | Asset | | | Liability | |
U.S. Treasury 2-Year Note September Futures | | | 09/2023 | | | | 65 | | | $ | | | | | 13,217 | | | $ | (171 | ) | | $ | 3 | | | $ | (2 | ) |
U.S. Treasury Ultra Long-Term Bond September Futures | | | 09/2023 | | | | 71 | | | | | | | | 9,672 | | | | 32 | | | | 116 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | (139 | ) | | $ | 119 | | | $ | (2 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SHORT FUTURES CONTRACTS | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Expiration
Month | | | # of
Contracts | | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | | | Variation Margin | |
| | Asset | | | Liability | |
Euro-Bobl September Futures | | | 09/2023 | | | | 11 | | | $ | | | | | (1,389 | ) | | $ | 20 | | | $ | 6 | | | $ | 0 | |
Euro-Bund September Futures | | | 09/2023 | | | | 5 | | | | | | | | (730 | ) | | | 7 | | | | 5 | | | | (1 | ) |
U.S. Treasury 5-Year Note September Futures | | | 09/2023 | | | | 99 | | | | | | | | (10,602 | ) | | | 204 | | | | 0 | | | | (4 | ) |
U.S. Treasury Ultra 10-Year Note September Futures | | | 09/2023 | | | | 12 | | | | | | | | (1,421 | ) | | | 11 | | | | 0 | | | | (5 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 242 | | | $ | 11 | | | $ | (10 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Futures Contracts | | | $ | 103 | | | $ | 130 | | | $ | (12 | ) |
| | | | | | | | | | | | | |
FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Financial Derivative Assets | | | | | | Financial Derivative Liabilities | |
| | | Market Value | | | Variation Margin
Asset(1) | | | Total | | | | | | Market Value | | | Variation Margin
Liability | | | Total | |
| | | Purchased
Options | | | Futures | | | Swap
Agreements | | | | | | Written
Options | | | Futures | | | Swap
Agreements | |
Total Exchange-Traded or Centrally Cleared | | $ | 0 | | | $ | 132 | | | $ | 0 | | | $ | 132 | | | | | | | $ | 0 | | | $ | (12 | ) | | $ | 0 | | | $ | (12 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash of $526 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.
| (1) | Unsettled variation margin asset of $2 for closed futures is outstanding at period end. |
(i) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Settlement
Month | | | Currency to
be Delivered | | | Currency to
be Received | | | Unrealized Appreciation/
(Depreciation) | |
| | Asset | | | Liability | |
BOA | | | 08/2023 | | | EUR | | | 627 | | | $ | | | 676 | | | $ | 0 | | | $ | (10 | ) |
| | | 08/2023 | | | $ | | | 81 | | | EUR | | | 74 | | | | 0 | | | | 0 | |
| | | | | | | |
CBK | | | 08/2023 | | | EUR | | | 1,527 | | | $ | | | 1,647 | | | | 0 | | | | (23 | ) |
| | | 08/2023 | | | $ | | | 61 | | | EUR | | | 56 | | | | 0 | | | | 0 | |
| | | | | | | |
JPM | | | 08/2023 | | | EUR | | | 1,857 | | | $ | | | 2,045 | | | | 15 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Forward Foreign Currency Contracts | | | $ | 15 | | | $ | (33 | ) |
| | | | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 119 |
| | | | | | |
| Schedule of Investments | | PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | | (Cont.) | | |
FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Financial Derivative Assets | | | | | | Financial Derivative Liabilities | | | | | | | | | | |
| Counterparty | | Forward
Foreign
Currency
Contracts | | | Purchased
Options | | | Swap
Agreements | | | Total
Over the
Counter | | | | | | Forward
Foreign
Currency
Contracts | | | Written
Options | | | Swap
Agreements | | | Total
Over the
Counter | | | Net Market
Value of OTC
Derivatives | | | Collateral
Pledged/ (Received) | | | Net
Exposure(1) | |
BOA | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | $ | (10 | ) | | $ | 0 | | | $ | 0 | | | $ | (10 | ) | | $ | (10 | ) | | $ | 0 | | | $ | (10 | ) |
CBK | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | | | | | (23 | ) | | | 0 | | | | 0 | | | | (23 | ) | | | (23 | ) | | | 0 | | | | (23 | ) |
JPM | | | 15 | | | | 0 | | | | 0 | | | | 15 | | | | | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 15 | | | | (60 | ) | | | (45 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Over the Counter | | $ | 15 | | | $ | 0 | | | $ | 0 | | | $ | 15 | | | | | | | $ | (33 | ) | | $ | 0 | | | $ | 0 | | | $ | (33 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 132 | | | $ | 132 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 15 | | | $ | 0 | | | $ | 15 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 15 | | | $ | 132 | | | $ | 147 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 12 | | | $ | 12 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 33 | | | $ | 0 | | | $ | 33 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 33 | | | $ | 12 | | | $ | 45 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Net Realized Gain (Loss) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 55 | | | $ | 55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (9 | ) | | $ | 0 | | | $ | (9 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (9 | ) | | $ | 55 | | | $ | 46 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 103 | | | $ | 103 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (18 | ) | | $ | 0 | | | $ | (18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (18 | ) | | $ | 103 | | | $ | 85 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| 120 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Securities, at Value | |
Corporate Bonds & Notes | |
Banking & Finance | | $ | 0 | | | $ | 34,977 | | | $ | 0 | | | $ | 34,977 | |
Industrials | | | 0 | | | | 4,339 | | | | 0 | | | | 4,339 | |
Utilities | | | 0 | | | | 5,859 | | | | 0 | | | | 5,859 | |
U.S. Treasury Obligations | | | 0 | | | | 2,783 | | | | 0 | | | | 2,783 | |
Preferred Securities | |
Banking & Finance | | | 0 | | | | 4,981 | | | | 0 | | | | 4,981 | |
Financials | | | 594 | | | | 32,861 | | | | 0 | | | | 33,455 | |
Industrials | | | 0 | | | | 784 | | | | 0 | | | | 784 | |
Utilities | | | 0 | | | | 1,839 | | | | 0 | | | | 1,839 | |
Short-Term Instruments | |
U.S. Treasury Bills | | | 0 | | | | 2,486 | | | | 0 | | | | 2,486 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 594 | | | $ | 90,909 | | | $ | 0 | | | $ | 91,503 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
|
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | | $ | 11 | | | $ | 119 | | | $ | 0 | | | $ | 130 | |
Over the counter | | | 0 | | | | 15 | | | | 0 | | | | 15 | |
| | | | | | | | | | | | | | | | |
| | $ | 11 | | | $ | 134 | | | $ | 0 | | | $ | 145 | |
| | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | | | (1 | ) | | | (11 | ) | | | 0 | | | | (12 | ) |
Over the counter | | | 0 | | | | (33 | ) | | | 0 | | | | (33 | ) |
| | | | | | | | | | | | | | | | |
| | $ | (1 | ) | | $ | (44 | ) | | $ | 0 | | | $ | (45 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Total Financial Derivative Instruments | | $ | 10 | | | $ | 90 | | | $ | 0 | | | $ | 100 | |
| | | | | | | | | | | | | | | | |
| | | | |
Totals | | $ | 604 | | | $ | 90,999 | | | $ | 0 | | | $ | 91,603 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 121 |
| | | | | | |
| Schedule of Investments | | PIMCO Senior Loan Active Exchange-Traded Fund | | | | |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 101.8% | |
| |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 86.3% | |
|
Air Canada | |
8.839% (LIBOR03M + 3.500%) due 08/11/2028 ~ | | $ | | | 1,496 | | | $ | | | 1,498 | |
|
Al Aqua Merger Sub, Inc. | |
8.557% - 8.896% due 07/31/2028 | | | | | 2,490 | | | | | | 2,448 | |
|
Albion Financing 3 SARL | |
10.651% due 08/17/2026 | | | | | 998 | | | | | | 995 | |
|
Alliant Holdings Intermediate LLC | |
8.647% due 11/05/2027 | | | | | 798 | | | | | | 794 | |
|
Allied Universal Holdco LLC | |
8.952% due 05/12/2028 | | | | | 2,424 | | | | | | 2,360 | |
|
Altice France SA | |
10.486% due 08/15/2028 | | | | | 995 | | | | | | 889 | |
|
American Airlines, Inc. | |
10.000% (LIBOR03M + 4.750%) due 04/20/2028 ~ | | | | | 2,150 | | | | | | 2,199 | |
|
AmWINS Group, Inc. | |
7.834% due 02/19/2028 | | | | | 1,097 | | | | | | 1,096 | |
|
Amynta Agency Borrower, Inc. | |
10.202% due 02/28/2028 | | | | | 800 | | | | | | 780 | |
|
AP Core Holdings LLC | |
10.717% due 09/01/2027 « | | | | | 650 | | | | | | 630 | |
|
Applied Systems, Inc. | |
9.742% due 09/18/2026 | | | | | 898 | | | | | | 900 | |
|
AppLovin Corp. | |
8.452% due 08/15/2025 | | | | | 396 | | | | | | 396 | |
|
Arches Buyer, Inc. | |
8.452% due 12/06/2027 | | | | | 497 | | | | | | 481 | |
|
Armor Holding LLC | |
10.087% due 12/11/2028 | | | | | 247 | | | | | | 248 | |
|
ASP Unifrax Holdings, Inc. | |
9.288% (LIBOR03M + 3.750%) due 12/12/2025 ~ | | | | | 272 | | | | | | 243 | |
|
Asplundh Tree Expert LLC | |
6.952% due 09/07/2027 | | | | | 798 | | | | | | 797 | |
|
AssuredPartners, Inc. | |
8.602% due 02/12/2027 | | | | | 396 | | | | | | 393 | |
|
Asurion LLC | |
8.788% (LIBOR03M + 3.250%) due 12/23/2026 ~ | | | | | 1,554 | | | | | | 1,500 | |
|
Bally’s Corp. | |
8.396% (LIBOR01M + 3.250%) due 10/02/2028 ~ | | | | | 942 | | | | | | 922 | |
|
Banff Merger Sub, Inc. | |
8.967% due 10/02/2025 | | | | | 1,780 | | | | | | 1,768 | |
|
BCPE Empire Holdings, Inc. | |
9.832% due 12/11/2028 | | | | | 1,146 | | | | | | 1,145 | |
|
Belron Finance U.S. LLC | |
7.832% due 04/18/2029 | | | | | 750 | | | | | | 751 | |
|
Birkenstock GmbH & Co. KG | |
8.593% (LIBOR03M + 3.250%) due 04/28/2028 ~ | | | | | 233 | | | | | | 232 | |
|
Brookfield WEC Holdings, Inc. | |
7.943% (LIBOR01M + 2.750%) due 08/01/2025 ~ | | | | | 1,883 | | | | | | 1,882 | |
|
Caesars Entertainment Corp. | |
8.452% due 02/06/2030 | | | | | 698 | | | | | | 699 | |
|
Carnival Corp. | |
8.217% due 06/30/2025 | | | | | 247 | | | | | | 247 | |
|
Castlelake Aviation Ltd. | |
8.004% due 10/22/2027 | | | | | 448 | | | | | | 446 | |
|
CDK Global, Inc. | |
9.492% due 07/06/2029 | | | | | 2,989 | | | | | | 2,984 | |
|
Cengage Learning, Inc. | |
9.880% (LIBOR03M + 4.750%) due 07/14/2026 ~ | | | | | 499 | | | | | | 490 | |
|
CenturyLink, Inc. | |
7.467% due 03/15/2027 | | | | | 1,396 | | | | | | 1,081 | |
|
Charter Next Generation, Inc. | |
8.967% due 12/01/2027 | | | | | 1,000 | | | | | | 993 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Clarios Global LP | |
8.852% due 05/06/2030 | | $ | | | 800 | | | $ | | | 799 | |
|
Clear Channel Outdoor Holdings, Inc. | |
8.584% - 8.807% (LIBOR03M + 3.500%) due 08/21/2026 ~ | | | | | 1,185 | | | | | | 1,134 | |
|
Clydesdale Acquisition Holdings, Inc. | |
9.377% due 04/13/2029 | | | | | 2,604 | | | | | | 2,567 | |
|
CMG Media Corp. | |
8.842% due 12/17/2026 | | | | | 592 | | | | | | 532 | |
|
CommScope, Inc. | |
8.467% (LIBOR01M + 3.250%) due 04/06/2026 ~ | | | | | 148 | | | | | | 143 | |
|
Cornerstone OnDemand, Inc. | |
9.253% due 10/16/2028 | | | | | 247 | | | | | | 231 | |
|
Covanta Holding Corp. | |
8.148% due 11/30/2028 | | | | | 1,700 | | | | | | 1,695 | |
|
CQP Holdco LP | |
8.693% (LIBOR03M + 3.750%) due 06/05/2028 ~ | | | | | 1,739 | | | | | | 1,738 | |
|
DaVita, Inc. | |
6.967% due 08/12/2026 | | | | | 399 | | | | | | 394 | |
|
DirecTV Financing LLC | |
10.217% due 08/02/2027 | | | | | 2,588 | | | | | | 2,536 | |
|
Dotdash Meredith, Inc. | |
9.260% due 12/01/2028 « | | | | | 248 | | | | | | 227 | |
|
Dun & Bradstreet Corp. | |
8.434% due 02/06/2026 | | | | | 1,945 | | | | | | 1,949 | |
|
Elanco Animal Health, Inc. | |
7.010% due 08/01/2027 | | | | | 1,895 | | | | | | 1,863 | |
|
EMRLD Borrower LP | |
8.264% due 05/31/2030 | | | | | 901 | | | | | | 902 | |
|
Endure Digital, Inc. | |
8.792% (LIBOR03M + 3.500%) due 02/10/2028 «~ | | | | | 494 | | | | | | 461 | |
|
Ensono LP | |
9.288% (LIBOR03M + 3.750%) due 05/26/2028 ~ | | | | | 342 | | | | | | 309 | |
|
Entain Holdings Gibraltar Ltd | |
TBD% due 10/31/2029 | | | | | 100 | | | | | | 100 | |
|
eResearchTechnology, Inc. | |
9.717% due 02/04/2027 | | | | | 499 | | | | | | 481 | |
|
Fertitta Entertainment LLC | |
9.102% due 01/27/2029 | | | | | 1,197 | | | | | | 1,184 | |
|
Finastra USA, Inc. | |
9.038% - 9.231% (LIBOR03M + 3.500%) due 06/13/2024 ~ | | | | | 2,033 | | | | | | 1,960 | |
|
First Student Bidco, Inc. | |
8.529% (LIBOR03M + 3.000%) due 07/21/2028 ~ | | | | | 991 | | | | | | 961 | |
|
Focus Financial Partners LLC | |
TBD% due 06/30/2028 | | | | | 350 | | | | | | 349 | |
|
Fortrea Holdings, Inc. | |
TBD% due 06/12/2030 | | | | | 350 | | | | | | 351 | |
|
Foundation Building Materials Holding Co. LLC | |
8.443% - 8.523% (LIBOR01M + 3.250%) due 01/31/2028 ~ | | | | | 1,095 | | | | | | 1,066 | |
|
Froneri International Ltd. | |
7.452% due 01/29/2027 | | | | | 1,387 | | | | | | 1,382 | |
|
Garda World Security Corp. | |
9.427% due 10/30/2026 | | | | | 250 | | | | | | 249 | |
|
Graham Packaging Co., Inc. | |
8.217% due 08/04/2027 | | | | | 832 | | | | | | 828 | |
|
Gray Television, Inc. | |
7.775% due 01/02/2026 | | | | | 150 | | | | | | 148 | |
|
Great Outdoors Group LLC | |
8.943% (LIBOR01M + 3.750%) due 03/06/2028 ~ | | | | | 798 | | | | | | 793 | |
|
Greeneden U.S. Holdings LLC | |
9.193% due 12/01/2027 | | | | | 1,559 | | | | | | 1,557 | |
|
Grifols Worldwide Operations USA, Inc. | |
7.414% due 11/15/2027 | | | | | 1,300 | | | | | | 1,281 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Grinding Media, Inc. | |
9.199% (LIBOR03M + 4.000%) due 10/12/2028 ~ | | $ | | | 247 | | | $ | | | 241 | |
|
Hub International Ltd. | |
8.255% (LIBOR03M + 3.000%) due 04/25/2025 ~ | | | | | 517 | | | | | | 517 | |
8.770% (LIBOR01M + 3.250%) due 04/25/2025 ~ | | | | | 3,079 | | | | | | 3,078 | |
9.059% - 9.239% due 11/10/2029 | | | | | 398 | | | | | | 398 | |
|
Hyland Software, Inc. | |
8.693% (LIBOR01M + 3.500%) due 07/01/2024 ~ | | | | | 3,315 | | | | | | 3,292 | |
|
Incora | |
TBD% - 13.725% due 03/01/2024 «µ | | | | | 87 | | | | | | 87 | |
|
INEOS Enterprises Holdings U.S. Finco LLC | |
8.864% due 08/28/2026 | | | | | 396 | | | | | | 396 | |
|
Intelsat Jackson Holdings SA | |
9.443% due 02/01/2029 | | | | | 1,723 | | | | | | 1,718 | |
|
IRB Holding Corp. | |
8.202% due 12/15/2027 | | | | | 2,292 | | | | | | 2,280 | |
|
Ivanti Software, Inc. | |
9.420% (LIBOR01M + 4.250%) due 12/01/2027 ~ | | | | | 593 | | | | | | 503 | |
|
Jane Street Group LLC | |
7.967% due 01/26/2028 | | | | | 798 | | | | | | 797 | |
|
Jazz Financing Lux SARL | |
8.693% (LIBOR01M + 3.500%) due 05/05/2028 ~ | | | | | 897 | | | | | | 897 | |
|
LABL, Inc. | |
10.202% due 10/29/2028 | | | | | 671 | | | | | | 666 | |
|
LBM Acquisition LLC | |
8.943% (LIBOR01M + 3.750%) due 12/17/2027 ~ | | | | | 939 | | | | | | 904 | |
|
LifeMiles Ltd. | |
10.514% (LIBOR03M + 5.250%) due 08/30/2026 «~ | | | | | 691 | | | | | | 682 | |
|
LSF11 A5 HoldCo LLC | |
9.452% due 10/15/2028 | | | | | 750 | | | | | | 746 | |
|
Madison IAQ LLC | |
8.302% (LIBOR06M + 3.250%) due 06/21/2028 ~ | | | | | 1,836 | | | | | | 1,801 | |
|
Mauser Packaging Solutions Holding Co. | |
9.160% due 08/14/2026 | | | | | 250 | | | | | | 250 | |
|
Mavis Tire Express Services Corp. | |
TBD% due 05/04/2028 | | | | | 798 | | | | | | 792 | |
|
McAfee LLC | |
10.030% (LIBOR03M + 4.750%) due 07/27/2028 ~ | | | | | 663 | | | | | | 501 | |
|
Medline Borrower LP | |
8.352% due 10/23/2028 | | | | | 3,484 | | | | | | 3,448 | |
|
Messer Industrie GmbH | |
8.003% due 03/02/2026 | | | | | 596 | | | | | | 596 | |
|
MH Sub LLC | |
9.352% due 05/03/2028 | | | | | 1,986 | | | | | | 1,908 | |
|
Mitchell International, Inc. | |
8.943% (LIBOR01M + 3.750%) due 10/15/2028 ~ | | | | | 1,411 | | | | | | 1,383 | |
|
MPH Acquisition Holdings LLC | |
9.726% (LIBOR03M + 4.250%) due 09/01/2028 ~ | | | | | 691 | | | | | | 620 | |
|
Neptune Bidco U.S., Inc. | |
10.004% due 04/11/2029 | | | | | 1,000 | | | | | | 884 | |
|
NortonLifeLock, Inc. | |
7.202% due 09/12/2029 | | | | | 798 | | | | | | 795 | |
|
Nouryon Finance BV | |
9.318% due 04/03/2028 | | | | | 1,300 | | | | | | 1,290 | |
|
Olympus Water U.S. Holding Corp. | |
TBD% due 11/09/2028 | | | | | 1,095 | | | | | | 1,058 | |
|
Open Text Corp. | |
8.702% due 01/31/2030 | | | | | 546 | | | | | | 549 | |
|
Padagis LLC | |
9.969% (LIBOR03M + 4.750%) due 07/06/2028 ~ | | | | | 275 | | | | | | 261 | |
| | | | | | |
| 122 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Parexel International Corp. | |
8.443% (LIBOR01M + 3.250%) due 11/15/2028 ~ | | $ | | | 2,188 | | | $ | | | 2,174 | |
|
Park River Holdings, Inc. | |
8.522% (LIBOR06M + 3.250%) due 12/28/2027 ~ | | | | | 545 | | | | | | 524 | |
|
Petco Health and Wellness Company, Inc. | |
8.753% due 03/03/2028 | | | | | 1,639 | | | | | | 1,630 | |
|
PetSmart, Inc. | |
8.952% due 02/11/2028 | | | | | 800 | | | | | | 800 | |
|
Phoenix Guarantor, Inc. | |
8.352% (LIBOR01M + 3.250%) due 03/05/2026 ~ | | | | | 691 | | | | | | 684 | |
|
Playa Resorts Holding BV | |
9.341% due 01/05/2029 | | | | | 995 | | | | | | 994 | |
|
Polaris Newco LLC | |
9.538% (LIBOR03M + 4.000%) due 06/02/2028 ~ | | | | | 2,573 | | | | | | 2,376 | |
|
Prairie ECI Acquiror LP | |
9.943% (LIBOR01M + 4.750%) due 03/11/2026 ~ | | | | | 650 | | | | | | 643 | |
|
Proofpoint, Inc. | |
8.467% due 08/31/2028 | | | | | 1,785 | | | | | | 1,750 | |
|
PUG LLC | |
9.452% (LIBOR01M + 4.250%) due 02/12/2027 «~ | | | | | 248 | | | | | | 225 | |
|
Quartz Acquireco LLC | |
TBD% due 06/28/2030 « | | | | | 275 | | | | | | 275 | |
|
Radiate Holdco LLC | |
8.477% due 09/25/2026 | | | | | 2,574 | | | | | | 2,155 | |
|
Rand Parent LLC | |
9.492% due 03/17/2030 | | | | | 399 | | | | | | 377 | |
|
RealPage, Inc. | |
8.217% due 04/24/2028 | | | | | 2,203 | | | | | | 2,158 | |
|
RegionalCare Hospital Partners Holdings, Inc. | |
9.023% (LIBOR03M + 3.750%) due 11/16/2025 ~ | | | | | 2,400 | | | | | | 2,229 | |
|
Samsonite International SA | |
7.826% due 06/21/2030 | | | | | 450 | | | | | | 452 | |
|
Scientific Games Holdings LP | |
8.421% due 04/04/2029 | | | | | 149 | | | | | | 147 | |
|
SCIH Salt Holdings, Inc. | |
9.193% (LIBOR01M + 4.000%) due 03/16/2027 ~ | | | | | 272 | | | | | | 268 | |
|
SCUR-Alpha 1503 GmbH | |
10.602% due 03/28/2030 | | | | | 998 | | | | | | 946 | |
|
Sedgwick Claims Management Services, Inc. | |
8.852% due 02/17/2028 | | | | | 499 | | | | | | 497 | |
|
Sigma Bidco BV | |
7.460% due 07/02/2025 | | | | | 345 | | | | | | 344 | |
|
Speciality Buildings Products | |
TBD% due 10/15/2028 | | | | | 349 | | | | | | 335 | |
|
Spirit AeroSystems, Inc. | |
9.545% due 01/15/2027 | | | | | 299 | | | | | | 299 | |
|
Stars Group Holdings BV | |
7.753% due 07/21/2026 | | | | | 839 | | | | | | 840 | |
8.753% due 07/22/2028 | | | | | 422 | | | | | | 423 | |
|
Station Casinos LLC | |
7.450% (LIBOR01M + 2.250%) due 02/08/2027 ~ | | | | | 395 | | | | | | 394 | |
|
Sunshine Investments BV | |
9.336% due 07/12/2029 « | | | | | 274 | | | | | | 274 | |
|
Surgery Center Holdings, Inc. | |
8.896% (LIBOR01M + 3.750%) due 08/31/2026 ~ | | | | | 314 | | | | | | 314 | |
|
Syniverse Holdings, Inc. | |
12.242% due 05/13/2027 | | | | | 496 | | | | | | 456 | |
|
Taboola.com Ltd. | |
9.200% (LIBOR01M + 4.000%) due 09/01/2028 ~ | | | | | 452 | | | | | | 448 | |
|
Tibco Software, Inc. | |
9.739% - 9.842% due 03/30/2029 | | | | | 2,494 | | | | | | 2,338 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Trans Union LLC | |
6.952% due 11/16/2026 | | $ | | | 789 | | | $ | | | 788 | |
7.467% due 12/01/2028 | | | | | 386 | | | | | | 386 | |
|
TransDigm, Inc. | |
8.492% due 08/24/2028 | | | | | 1,550 | | | | | | 1,551 | |
|
Trident TPI Holdings, Inc. | |
9.742% due 09/15/2028 | | | | | 398 | | | | | | 389 | |
|
Triton Water Holdings, Inc. | |
5.242% due 03/31/2028 | | | | | 1,696 | | | | | | 1,643 | |
|
U.S. Renal Care, Inc. | |
10.193% (LIBOR01M + 5.000%) due 06/26/2026 ~ | | | | | 395 | | | | | | 185 | |
|
Uber Technologies, Inc. | |
7.999% - 8.026% due 03/03/2030 | | | | | 898 | | | | | | 899 | |
|
UFC Holdings LLC | |
TBD% due 04/29/2026 | | | | | 598 | | | | | | 598 | |
|
UGI Energy Services LLC | |
8.452% due 02/22/2030 | | | | | 572 | | | | | | 569 | |
|
Ultimate Software Group, Inc. | |
8.271% (LIBOR03M + 3.250%) due 05/04/2026 ~ | | | | | 2,383 | | | | | | 2,342 | |
8.895% due 05/04/2026 | | | | | 1,382 | | | | | | 1,365 | |
|
United Airlines, Inc. | |
9.292% (LIBOR03M + 3.750%) due 04/21/2028 ~ | | | | | 1,179 | | | | | | 1,180 | |
|
Univision Communications, Inc. | |
8.443% (LIBOR01M + 3.250%) due 03/15/2026 ~ | | | | | 843 | | | | | | 837 | |
8.443% (LIBOR01M + 3.250%) due 01/31/2029 ~ | | | | | 148 | | | | | | 146 | |
|
USI, Inc. | |
8.992% due 11/22/2029 | | | | | 320 | | | | | | 320 | |
|
Venga Finance SARL | |
10.275% due 06/28/2029 | | | | | 645 | | | | | | 621 | |
|
Vertical U.S. Newco, Inc. | |
8.602% (LIBOR06M + 3.500%) due 07/30/2027 ~ | | | | | 695 | | | | | | 690 | |
|
Viad Corp. | |
10.217% due 07/30/2028 | | | | | 346 | | | | | | 337 | |
|
Whatabrands LLC | |
3.250% - 8.467% (LIBOR01M + 3.250%) due 08/03/2028 ~ | | | | | 1,188 | | | | | | 1,182 | |
|
William Morris Endeavor Entertainment | |
7.950% (LIBOR01M + 2.750%) due 05/18/2025 ~ | | | | | 498 | | | | | | 498 | |
|
Windstream Services LLC | |
11.452% due 09/21/2027 | | | | | 495 | | | | | | 463 | |
|
Worldwide Express Operations LLC | |
9.503% due 07/26/2028 | | | | | 346 | | | | | | 329 | |
|
Zayo Group Holdings, Inc. | |
9.352% due 03/09/2027 | | | | | 2,580 | | | | | | 2,056 | |
| | | | | | | | | | | | |
Total Loan Participations and Assignments
(Cost $142,378) | | | 142,938 | |
| | | | |
| |
| CORPORATE BONDS & NOTES 7.7% | |
| |
| BANKING & FINANCE 0.3% | |
|
PRA Group, Inc. | |
8.375% due 02/01/2028 | | | | | 500 | | | | | | 453 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 7.3% | |
|
Allegiant Travel Co. | |
7.250% due 08/15/2027 | | | | | 300 | | | | | | 299 | |
|
American Airlines Pass-Through Trust | |
3.375% due 11/01/2028 | | | | | 180 | | | | | | 162 | |
|
Community Health Systems, Inc. | |
5.250% due 05/15/2030 | | | | | 400 | | | | | | 316 | |
|
DISH DBS Corp. | |
5.250% due 12/01/2026 | | | | | 400 | | | | | | 322 | |
|
DISH Network Corp. | |
11.750% due 11/15/2027 | | | | | 300 | | | | | | 293 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
EQM Midstream Partners LP | |
4.500% due 01/15/2029 | | $ | | | 500 | | | $ | | | 446 | |
|
Foundation Building Materials, Inc. | |
6.000% due 03/01/2029 | | | | | 250 | | | | | | 209 | |
|
GYP Holdings Corp. | |
4.625% due 05/01/2029 | | | | | 500 | | | | | | 441 | |
|
Innophos Holdings, Inc. | |
9.375% due 02/15/2028 | | | | | 500 | | | | | | 497 | |
|
Kaiser Aluminum Corp. | |
4.500% due 06/01/2031 | | | | | 800 | | | | | | 639 | |
|
LBM Acquisition LLC | |
6.250% due 01/15/2029 | | | | | 400 | | | | | | 331 | |
|
Lindblad Expeditions HO | |
9.000% due 05/15/2028 | | | | | 800 | | | | | | 812 | |
|
Manitowoc Co., Inc. | |
9.000% due 04/01/2026 | | | | | 500 | | | | | | 498 | |
|
NCL Corp. Ltd. | |
5.875% due 02/15/2027 | | | | | 900 | | | | | | 877 | |
|
Olympus Water U.S. Holding Corp. | |
7.125% due 10/01/2027 | | | | | 100 | | | | | | 90 | |
|
Option Care Health, Inc. | |
4.375% due 10/31/2029 | | | | | 900 | | | | | | 793 | |
|
Pactiv Evergreen Group Issuer, Inc. | |
4.000% due 10/15/2027 | | | | | 850 | | | | | | 753 | |
|
Rand Parent LLC | |
8.500% due 02/15/2030 | | | | | 400 | | | | | | 363 | |
|
Spirit AeroSystems, Inc. | |
4.600% due 06/15/2028 | | | | | 400 | | | | | | 336 | |
|
TK Elevator U.S. Newco, Inc. | |
5.250% due 07/15/2027 | | | | | 800 | | | | | | 740 | |
|
Triumph Group, Inc. | |
9.000% due 03/15/2028 | | | | | 600 | | | | | | 613 | |
|
Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK) | |
10.500% due 11/15/2026 ^(a)(b) | | | | | 355 | | | | | | 323 | |
|
White Cap Buyer LLC | |
6.875% due 10/15/2028 | | | | | 1,850 | | | | | | 1,679 | |
|
ZF North America Capital, Inc. | |
6.875% due 04/14/2028 | | | | | 150 | | | | | | 152 | |
7.125% due 04/14/2030 | | | | | 150 | | | | | | 153 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,137 | |
| | | | | | | | | | | | |
| |
| UTILITIES 0.1% | |
|
Genesis Energy LP | |
8.875% due 04/15/2030 | | | | | 100 | | | | | | 98 | |
| | | | | | | | | | | | |
Total Corporate Bonds & Notes
(Cost $12,795) | | | 12,688 | |
| | | | |
| |
| SHORT-TERM INSTRUMENTS 7.8% | |
| |
| REPURCHASE AGREEMENTS (e) 7.8% | |
| | | | | | | | | | | 13,000 | |
| | | | | | | | | | | | |
| |
| U.S. TREASURY BILLS 0.0% | |
5.233% due 09/12/2023 (c)(d) | | | | | 6 | | | | | | 6 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $13,006) | | | 13,006 | |
| | | | | | | | | | | | |
| |
| | | | |
Total Investments in Securities
(Cost $168,179) | | | 168,632 | |
| |
| | | | |
Total Investments 101.8%
(Cost $168,179) | | | $ | | | 168,632 | |
| |
Financial Derivative
Instruments (f) 0.0% (Cost or Premiums, net $482) | | | | | | | | | | | 4 | |
| |
| Other Assets and Liabilities, net (1.8)% | | | (3,077 | ) |
| | | | |
| Net Assets 100.0% | | | $ | | | 165,559 | |
| | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 123 |
| | | | | | |
| Schedule of Investments | | PIMCO Senior Loan Active Exchange-Traded Fund | | (Cont.) | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
| « | Security valued using significant unobservable inputs (Level 3). |
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments. |
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. |
| (a) | Payment in-kind security. |
| (b) | Security is not accruing income as of the date of this report. |
| (d) | Coupon represents a weighted average yield to maturity. |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(e) REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Lending
Rate | | | Settlement
Date | | | Maturity
Date | | | Principal
Amount | | | Collateralized By | | Collateral
(Received) | | | Repurchase
Agreements,
at Value | | | Repurchase
Agreement
Proceeds
to be
Received(1) | |
| BPS | | | 5.110 | % | | | 06/30/2023 | | | | 07/03/2023 | | | $ | 13,000 | | | U.S. Treasury Notes 1.250% due 08/15/2031 | | $ | (13,271 | ) | | $ | 13,000 | | | $ | 13,006 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (13,271 | ) | | $ | 13,000 | | | $ | 13,006 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
BPS | | $ | 13,006 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 13,006 | | | $ | (13,271 | ) | | $ | (265 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 13,006 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Includes accrued interest. |
| (2) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
(f) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
FUTURES CONTRACTS:
SHORT FUTURES CONTRACTS
| | | | | | | | | | | | | | | | | | | | | | | | |
Description | | Expiration
Month | | | # of
Contracts | | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | | | Variation Margin | |
| | Asset | | | Liability | |
U.S. Treasury 2-Year Note September Futures | | | 09/2023 | | | | 8 | | | $ | (1,627 | ) | | $ | 24 | | | $ | 0 | | | $ | 0 | |
U.S. Treasury 5-Year Note September Futures | | | 09/2023 | | | | 21 | | | | (2,249 | ) | | | 46 | | | | 0 | | | | 0 | |
U.S. Treasury Ultra 10-Year Note September Futures | | | 09/2023 | | | | 11 | | | | (1,303 | ) | | | 14 | | | | 0 | | | | (3 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Futures Contracts | | | $ | 84 | | | $ | 0 | | | $ | (3 | ) |
| | | | | | | | | | | | | |
| | | | | | |
| 124 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
SWAP AGREEMENTS:
CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(1)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference Entity | | Fixed
Receive Rate | | | Payment
Frequency | | | Maturity
Date | | | Implied
Credit Spread at
June 30, 2023(2) | | | Notional
Amount(3) | | | Premiums
Paid/(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Market
Value(4) | | | Variation Margin | |
| | Asset | | | Liability | |
Calpine Corp. | | | 5.000% | | | | Quarterly | | | | 06/20/2028 | | | | 4.408 | % | | | $ 1,500 | | | $ | 39 | | | $ | (2 | ) | | $ | 37 | | | $ | 1 | | | $ | 0 | |
Charter Communications | | | 5.000 | | | | Quarterly | | | | 06/20/2028 | | | | 3.221 | | | | 2,200 | | | | 156 | | | | 9 | | | | 165 | | | | 5 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | $ | 195 | | | $ | 7 | | | $ | 202 | | | $ | 6 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
INTEREST RATE SWAPS
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pay/Receive
Floating Rate | | Floating Rate Index | | Fixed Rate | | | Payment
Frequency | | | Maturity
Date | | | Notional
Amount | | | Premiums
Paid/(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Market
Value | | | Variation Margin | |
| | Asset | | | Liability | |
Pay | | 1-Day USD-SOFR Compounded-OIS | | | 1.750 | % | | | Annual | | | | 06/15/2027 | | | $ | | | | | 6,000 | | | $ | 287 | | | $ | 231 | | | $ | 518 | | | $ | 1 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | |
Total Swap Agreements | | | | | | | $ | 482 | | | $ | 238 | | | $ | 720 | | | $ | 7 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | |
FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Financial Derivative Assets | | | | | | Financial Derivative Liabilities | |
| | | Market Value | | | Variation Margin
Asset | | | | | | | | | Market Value | | | Variation Margin
Liability | | | | |
| | | Purchased
Options | | | Futures | | | Swap
Agreements | | | Total | | | | | | Written
Options | | | Futures | | | Swap
Agreements | | | Total | |
Total Exchange-Traded or Centrally Cleared | | $ | 0 | | | $ | 0 | | | $ | 7 | | | $ | 7 | | | | | | | $ | 0 | | | $ | (3) | | | $ | 0 | | | $ | (3) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash of $2,384 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.
| (1) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| (2) | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| (3) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| (4) | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | |
Swap Agreements | | $ | 0 | | | $ | 6 | | | $ | 0 | | | $ | 0 | | | $ | 1 | | | $ | 7 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 3 | | | $ | 3 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 125 |
| | | | | | |
| Schedule of Investments | | PIMCO Senior Loan Active Exchange-Traded Fund | | (Cont.) | | June 30, 2023 |
The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Net Realized Gain (Loss) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 92 | | | $ | 92 | |
Swap Agreements | | | 0 | | | | 99 | | | | 0 | | | | 0 | | | | 143 | | | | 242 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 99 | | | $ | 0 | | | $ | 0 | | | $ | 235 | | | $ | 334 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Swap Agreements | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (497 | ) | | $ | (497 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 99 | | | $ | 0 | | | $ | 0 | | | $ | (262 | ) | | $ | (163 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 85 | | | $ | 85 | |
Swap Agreements | | | 0 | | | | 7 | | | | 0 | | | | 0 | | | | 231 | | | | 238 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 0 | | | $ | 7 | | | $ | 0 | | | $ | 0 | | | $ | 316 | | | $ | 323 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Securities, at Value | |
Loan Participations and Assignments | | $ | 0 | | | $ | 140,077 | | | $ | 2,861 | | | $ | 142,938 | |
Corporate Bonds & Notes | |
Banking & Finance | | | 0 | | | | 453 | | | | 0 | | | | 453 | |
Industrials | | | 0 | | | | 12,137 | | | | 0 | | | | 12,137 | |
Utilities | | | 0 | | | | 98 | | | | 0 | | | | 98 | |
Short-Term Instruments | |
Repurchase Agreements | | | 0 | | | | 13,000 | | | | 0 | | | | 13,000 | |
U.S. Treasury Bills | | | 0 | | | | 6 | | | | 0 | | | | 6 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 165,771 | | | $ | 2,861 | | | $ | 168,632 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | | $ | 0 | | | $ | 7 | | | $ | 0 | | | $ | 7 | |
| | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | | $ | 0 | | | $ | (3 | ) | | $ | 0 | | | $ | (3 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Total Financial Derivative Instruments | | $ | 0 | | | $ | 4 | | | $ | 0 | | | $ | 4 | |
| | | | | | | | | | | | | | | | |
| | | | |
Totals | | $ | 0 | | | $ | 165,775 | | | $ | 2,861 | | | $ | 168,636 | |
| | | | | | | | | | | | | | | | |
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Category and Subcategory | | Beginning
Balance
at 06/30/2022 | | | Net
Purchases | | | Net
Sales/
Settlements | | | Accrued
Discounts/
(Premiums) | | | Realized
Gain/(Loss) | | | Net Change in
Unrealized
Appreciation/
(Depreciation)(1) | | | Transfers into
Level 3 | | | Transfers out
of Level 3 | | | Ending
Balance
at 06/30/2023 | | | Net Change in
Unrealized
Appreciation/
(Depreciation)
on Investments
Held at
06/30/2023(1) | |
Investments in Securities, at Value | |
Loan Participations and Assignments | | $ | 328 | | | $ | 1,106 | | | $ | (280 | ) | | $ | 5 | | | $ | 1 | | | $ | (10 | ) | | $ | 2,048 | | | $ | (337 | ) | | $ | 2,861 | | | $ | (21 | ) |
Corporate Bonds & Notes | |
Industrials | | | 332 | | | | 5 | | | | 0 | | | | 1 | | | | 0 | | | | (15 | ) | | | 0 | | | | (323 | ) | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
Totals | | $ | 660 | | | $ | 1,111 | | | $ | (280 | ) | | $ | 6 | | | $ | 1 | | | $ | (25 | ) | | $ | 2,048 | | | $ | (660 | ) | | $ | 2,861 | | | $ | (21 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Ending
Balance
at 06/30/2023 | | | Valuation
Technique | | Unobservable
Inputs | | (% Unless Noted Otherwise) | |
| | Input Value(s)
| | | Weighted
Average | |
Investments in Securities, at Value | |
Loan Participations and Assignments | | $ | 86 | | | Recent Transaction | | Purchase Price | | | 100.000 | | | | — | |
| | | 2,775 | | | Third Party Vendor | | Broker Quote | | | 90.750-100.125 | | | | 96.465 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 2,861 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| (1) | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2023 may be due to an investment no longer held or categorized as Level 3 at period end. |
| | | | | | |
| 126 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | |
| Schedule of Investments | | PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | June 30, 2023 |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 103.3% | |
| |
| MUNICIPAL BONDS & NOTES 92.1% | |
| |
| ALABAMA 3.8% | |
|
Birmingham Airport Authority, Alabama Revenue Notes, (BAM Insured), Series 2020 | |
5.000% due 07/01/2023 | | $ | | | 250 | | | $ | | | 250 | |
|
Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | |
4.360% (MUNIPSA) due 10/01/2052 ~ | | | | | 1,500 | | | | | | 1,459 | |
|
Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022 | |
4.000% due 12/01/2052 | | | | | 1,250 | | | | | | 1,215 | |
|
Black Belt Energy Gas District, Alabama Revenue Notes, Series 2021 | |
4.000% due 12/01/2023 | | | | | 1,250 | | | | | | 1,250 | |
|
Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020 | |
5.000% due 08/01/2025 | | | | | 1,000 | | | | | | 1,028 | |
|
Healthcare Authority of Baptist Health, Alabama Revenue Notes, Series 2023 | |
5.000% due 11/15/2025 | | | | | 1,000 | | | | | | 1,031 | |
|
Industrial Development Board of the City of Mobile Alabama Revenue Bonds, Series 2007 | |
1.000% due 06/01/2034 | | | | | 4,625 | | | | | | 4,386 | |
|
Lower Alabama Gas District Revenue Bonds, Series 2020 | |
4.000% due 12/01/2050 | | | | | 3,000 | | | | | | 2,983 | |
|
Prattville Industrial Development Board, Alabama Revenue Bonds, Series 2019 | |
2.000% due 11/01/2033 | | | | | 450 | | | | | | 440 | |
|
Southeast Alabama Gas Supply District Revenue Bonds, Series 2018 | |
4.000% due 06/01/2049 | | | | | 2,000 | | | | | | 1,996 | |
|
Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 | |
5.000% due 05/01/2053 | | | | | 3,750 | | | | | | 3,879 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 19,917 | |
| | | | | | | | | | | | |
| |
| ARIZONA 3.1% | |
|
Arizona Health Facilities Authority Revenue Bonds, Series 2014 | |
5.000% due 01/01/2044 | | | | | 4,000 | | | | | | 4,034 | |
|
Arizona Health Facilities Authority Revenue Bonds, Series 2015 | |
4.260% (MUNIPSA) due 01/01/2046 ~ | | | | | 1,125 | | | | | | 1,103 | |
|
Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2005 | |
2.400% due 12/01/2035 | | | | | 1,000 | | | | | | 998 | |
|
Coconino County, Arizona Pollution Control Corp. Revenue Bonds, Series 2017 | |
3.750% due 03/01/2039 | | | | | 1,000 | | | | | | 1,003 | |
|
Industrial Development Authority of the City of Phoenix, Arizona Revenue Notes, Series 2018 | |
5.000% due 07/01/2024 | | | | | 200 | | | | | | 202 | |
|
Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019 | |
5.000% due 01/01/2053 | | | | | 1,500 | | | | | | 1,567 | |
|
Maricopa County, Arizona Special Health Care District General Obligation Notes, Series 2018 | |
5.000% due 07/01/2024 | | | | | 350 | | | | | | 356 | |
|
Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2014 | |
4.750% due 07/01/2044 | | | | | 1,410 | | | | | | 1,432 | |
|
Tempe, Arizona Certificates of Participation Notes, Series 2021 | |
0.623% due 07/01/2024 | | | | | 1,350 | | | | | | 1,282 | |
|
Town of Gilbert, Arizona General Obligation Notes, Series 2022 | |
5.000% due 07/15/2028 | | | | | 1,425 | | | | | | 1,581 | |
|
University of Arizona Revenue Notes, Series 2021 | |
5.000% due 06/01/2026 | | | | | 2,850 | | | | | | 3,016 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,574 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| CALIFORNIA 13.6% | |
|
Bay Area Toll Authority, California Revenue Bonds, Series 2021 | |
4.420% (MUNIPSA) due 04/01/2056 ~ | | $ | | | 2,000 | | | $ | | | 1,946 | |
4.460% (MUNIPSA) due 04/01/2056 ~ | | | | | 1,500 | | | | | | 1,484 | |
|
California Community Choice Financing Authority Revenue Bonds, Series 2021 | |
4.000% due 02/01/2052 | | | | | 1,250 | | | | | | 1,243 | |
|
California Community Choice Financing Authority Revenue Bonds, Series 2023 | |
5.250% due 01/01/2054 | | | | | 4,750 | | | | | | 4,972 | |
|
California County Tobacco Securitization Agency Revenue Notes, Series 2020 | |
5.000% due 06/01/2024 | | | | | 500 | | | | | | 508 | |
|
California Health Facilities Financing Authority Revenue Bonds, Series 2021 | |
3.000% due 08/15/2054 | | | | | 3,000 | | | | | | 2,995 | |
|
California Infrastructure & Economic Development Bank Revenue Bonds, Series 2018 | |
4.360% (MUNIPSA) due 08/01/2047 ~ | | | | | 4,500 | | | | | | 4,449 | |
|
California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | |
4.710% (MUNIPSA) due 12/01/2050 ~ | | | | | 1,000 | | | | | | 972 | |
|
California Infrastructure & Economic Development Bank Revenue Notes, Series 2018 | |
5.000% due 10/01/2025 | | | | | 2,250 | | | | | | 2,356 | |
|
California State General Obligation Bonds, (AGM Insured), Series 2007 | |
5.250% due 08/01/2032 | | | | | 1,000 | | | | | | 1,198 | |
|
California State General Obligation Notes, Series 2020 | |
5.000% due 11/01/2027 | | | | | 1,250 | | | | | | 1,369 | |
|
California State Public Works Board Revenue Notes, Series 2021 | |
5.000% due 11/01/2029 | | | | | 1,500 | | | | | | 1,714 | |
|
California Statewide Communities Development Authority Revenue Bonds, Series 2004 | |
5.000% due 04/01/2038 | | | | | 2,500 | | | | | | 2,809 | |
|
California Statewide Communities Development Authority Revenue Bonds, Series 2006 | |
2.625% due 11/01/2033 | | | | | 1,000 | | | | | | 992 | |
|
California Statewide Communities Development Authority Revenue Notes, Series 2021 | |
1.462% due 02/01/2028 | | | | | 3,680 | | | | | | 3,100 | |
|
East Side Union High School District, California General Obligation Bonds, (NPFGC Insured), Series 2003 | |
5.250% due 02/01/2026 | | | | | 3,305 | | | | | | 3,435 | |
|
Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2017 | |
5.000% due 06/01/2024 | | | | | 2,135 | | | | | | 2,173 | |
|
Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | |
0.988% due 06/01/2024 | | | | | 2,000 | | | | | | 1,911 | |
2.587% due 06/01/2029 | | | | | 5,875 | | | | | | 5,028 | |
|
Los Angeles County, California Facilities Inc Revenue Bonds, Series 2018 | |
5.000% due 06/28/2024 (a) | | | | | 5,000 | | | | | | 5,089 | |
|
Los Angeles Unified School District, California General Obligation Bonds, Series 2014 | |
5.000% due 07/01/2025 | | | | | 2,220 | | | | | | 2,264 | |
|
Metropolitan Water District of Southern California Revenue Bonds, Series 2017 | |
4.150% (MUNIPSA) due 07/01/2047 ~ | | | | | 1,200 | | | | | | 1,199 | |
|
Pasadena Unified School District, California General Obligation Notes, Series 2021 | |
2.000% due 08/01/2025 | | | | | 2,110 | | | | | | 2,041 | |
|
Port of Los Angeles, California Revenue Bonds, Series 2014 | |
5.000% due 06/27/2024 (a) | | | | | 4,600 | | | | | | 4,677 | |
|
Sacramento City Unified School District, California General Obligation Notes, (AGM Insured), Series 2021 | |
4.000% due 07/01/2023 | | | | | 900 | | | | | | 900 | |
|
San Bernardino County, California Certificates of Participation Bonds, Series 1992 | |
6.875% due 08/01/2024 | | | | | 2,970 | | | | | | 3,060 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
San Francisco, California Special Tax District, City & County Revenue Notes, Series 2020 | |
1.340% due 11/01/2027 | | $ | | | 1,000 | | | $ | | | 869 | |
|
Silicon Valley Clean Water, California Revenue Notes, Series 2021 | |
0.500% due 03/01/2026 | | | | | 2,500 | | | | | | 2,268 | |
|
Southern California Public Power Authority Revenue Bonds, Series 2020 | |
0.650% due 07/01/2040 | | | | | 1,000 | | | | | | 945 | |
|
Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | |
5.000% due 06/01/2030 | | | | | 1,000 | | | | | | 1,104 | |
|
Visalia Unified School District, California General Obligation Bonds, Series 2013 | |
5.000% due 08/01/2043 | | | | | 2,380 | | | | | | 2,383 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 71,453 | |
| | | | | | | | | | | | |
| |
| COLORADO 3.4% | |
|
Colorado Health Facilities Authority Revenue Bonds, Series 2019 | |
5.000% due 08/01/2049 | | | | | 1,700 | | | | | | 1,752 | |
5.000% due 11/15/2058 (a) | | | | | 1,000 | | | | | | 1,093 | |
|
Colorado Health Facilities Authority Revenue Bonds, Series 2022 | |
4.560% (MUNIPSA) due 05/15/2061 ~ | | | | | 5,000 | | | | | | 4,955 | |
|
Colorado Health Facilities Authority Revenue Notes, Series 2020 | |
2.800% due 12/01/2026 | | | | | 380 | | | | | | 356 | |
|
Colorado Health Facilities Authority Revenue Notes, Series 2022 | |
5.000% due 11/01/2026 | | | | | 500 | | | | | | 520 | |
|
E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2021 | |
3.740% (SOFRRATE) due 09/01/2039 ~ | | | | | 3,000 | | | | | | 2,988 | |
|
Regional Transportation District, Colorado Revenue Notes, Series 2020 | |
3.000% due 07/15/2023 | | | | | 100 | | | | | | 100 | |
5.000% due 01/15/2024 | | | | | 400 | | | | | | 401 | |
5.000% due 07/15/2024 | | | | | 325 | | | | | | 328 | |
|
University of Colorado Revenue Bonds, Series 2019 | |
2.000% due 06/01/2054 | | | | | 5,500 | | | | | | 5,365 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 17,858 | |
| | | | | | | | | | | | |
| |
| CONNECTICUT 3.8% | |
|
Bridgeport, Connecticut General Obligation Notes, Series 2017 | |
5.000% due 08/15/2023 | | | | | 500 | | | | | | 501 | |
|
Connecticut Special Tax Revenue State Special Tax Notes, Series 2020 | |
5.000% due 05/01/2025 | | | | | 350 | | | | | | 362 | |
|
Connecticut Special Tax State Revenue Notes, Series 2018 | |
5.000% due 10/01/2025 | | | | | 1,000 | | | | | | 1,042 | |
|
Connecticut Special Tax State Revenue Notes, Series 2022 | |
5.000% due 07/01/2027 | | | | | 1,000 | | | | | | 1,081 | |
5.000% due 07/01/2029 | | | | | 3,000 | | | | | | 3,372 | |
|
Connecticut State General Obligation Bonds, Series 2013 | |
4.960% (MUNIPSA + 0.950%) due 03/01/2024 ~ | | | | | 1,020 | | | | | | 1,020 | |
|
Connecticut State General Obligation Notes, Series 2015 | |
5.000% due 08/01/2025 | | | | | 350 | | | | | | 363 | |
|
Connecticut State General Obligation Notes, Series 2022 | |
5.000% due 11/15/2028 | | | | | 1,500 | | | | | | 1,666 | |
|
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2013 | |
3.400% due 07/01/2042 | | | | | 10,000 | | | | | | 10,000 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 127 |
| | | | | | |
| Schedule of Investments | | PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Metropolitan District, Connecticut General Obligation Notes, Series 2018 | |
5.000% due 07/15/2023 | | $ | | | 500 | | | $ | | | 500 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 19,907 | |
| | | | | | | | | | | | |
| |
| DELAWARE 0.5% | |
|
Delaware State Economic Development Authority Revenue Bonds, Series 2020 | |
1.050% due 01/01/2031 | | | | | 750 | | | | | | 710 | |
1.250% due 10/01/2045 | | | | | 2,000 | | | | | | 1,826 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,536 | |
| | | | | | | | | | | | |
| |
| FLORIDA 2.1% | |
|
Central Florida Expressway Authority Revenue Notes, Series 2018 | |
5.000% due 07/01/2023 | | | | | 700 | | | | | | 700 | |
|
Florida Development Finance Corp. Revenue Bonds, Series 2021 | |
5.000% due 09/01/2025 (a) | | | | | 3,800 | | | | | | 3,895 | |
5.000% due 09/01/2026 (a) | | | | | 1,550 | | | | | | 1,613 | |
|
Florida Municipal Power Agency Revenue Notes, Series 2019 | |
5.000% due 10/01/2025 | | | | | 250 | | | | | | 260 | |
5.000% due 10/01/2026 | | | | | 470 | | | | | | 498 | |
|
Lee Memorial Health System, Florida Revenue Bonds, Series 2019 | |
5.000% due 04/01/2033 | | | | | 1,000 | | | | | | 1,030 | |
|
Miami-Dade County, Florida Water & Sewer System Revenue Notes, Series 2015 | |
5.000% due 10/01/2024 | | | | | 710 | | | | | | 727 | |
|
Miami-Dade Seaport Department, Florida Revenue Notes, Series 2013 | |
5.000% due 10/01/2023 | | | | | 550 | | | | | | 552 | |
|
Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015 | |
5.000% due 10/01/2035 | | | | | 2,000 | | | | | | 2,028 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,303 | |
| | | | | | | | | | | | |
| |
| GEORGIA 2.4% | |
|
Bartow County, Georgia Development Authority Revenue Bonds, Series 1997 | |
1.800% due 09/01/2029 | | | | | 3,000 | | | | | | 2,522 | |
|
Burke County, Georgia Development Authority Revenue Bonds, Series 2008 | |
2.925% due 11/01/2048 | | | | | 500 | | | | | | 495 | |
|
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2018 | |
4.000% due 04/01/2048 | | | | | 3,750 | | | | | | 3,754 | |
4.294% (0.67*US0001M + 0.830%) due 08/01/2048 ~ | | | | | 500 | | | | | | 500 | |
|
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 | |
4.000% due 05/01/2052 | | | | | 1,000 | | | | | | 985 | |
|
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | |
5.000% due 06/01/2053 | | | | | 2,000 | | | | | | 2,072 | |
|
Main Street Natural Gas, Inc., Georgia Revenue Notes, Series 2021 | |
4.000% due 12/01/2024 | | | | | 750 | | | | | | 749 | |
|
Municipal Electric Authority of Georgia Revenue Notes, (AGM Insured), Series 2021 | |
5.000% due 01/01/2025 | | | | | 625 | | | | | | 638 | |
|
Municipal Electric Authority of Georgia Revenue Notes, Series 2020 | |
5.000% due 01/01/2024 | | | | | 490 | | | | | | 493 | |
|
Municipal Electric Authority of Georgia Revenue Notes, Series 2021 | |
5.000% due 01/01/2024 | | | | | 360 | | | | | | 362 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,570 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| ILLINOIS 4.7% | |
|
Chicago Transit Authority, Illinois Revenue Notes, Series 2020 | |
1.838% due 12/01/2023 | | $ | | | 1,500 | | | $ | | | 1,476 | |
|
Chicago, Illinois General Obligation Bonds, Series 2021 | |
5.000% due 01/01/2034 | | | | | 1,000 | | | | | | 1,082 | |
|
Chicago, Illinois General Obligation Notes, Series 2021 | |
5.000% due 01/01/2030 | | | | | 3,000 | | | | | | 3,235 | |
|
Cook County, Illinois General Obligation Notes, Series 2021 | |
5.000% due 11/15/2024 | | | | | 1,750 | | | | | | 1,787 | |
|
Illinois Finance Authority Revenue Bonds, Series 2021 | |
4.710% (MUNIPSA) due 05/01/2042 ~ | | | | | 1,000 | | | | | | 976 | |
|
Illinois Finance Authority Revenue Notes, Series 2020 | |
5.000% due 08/15/2026 | | | | | 250 | | | | | | 265 | |
|
Illinois State General Obligation Bonds, Series 2012 | |
5.000% due 08/01/2023 | | | | | 510 | | | | | | 511 | |
|
Illinois State General Obligation Notes, Series 2020 | |
5.000% due 10/01/2025 | | | | | 1,700 | | | | | | 1,753 | |
5.000% due 10/01/2028 | | | | | 3,200 | | | | | | 3,463 | |
|
Illinois State General Obligation Notes, Series 2022 | |
5.000% due 03/01/2026 | | | | | 7,750 | | | | | | 8,045 | |
|
Metropolitan Pier & Exposition Authority, Illinois Revenue Notes, Series 2022 | |
3.000% due 06/15/2025 | | | | | 1,125 | | | | | | 1,106 | |
|
Sales Tax Securitization Corp., Illinois Revenue Notes, Series 2020 | |
2.325% due 01/01/2025 | | | | | 1,000 | | | | | | 952 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 24,651 | |
| | | | | | | | | | | | |
| |
| INDIANA 1.6% | |
|
Indiana Finance Authority Revenue Bonds, Series 2010 | |
3.000% due 11/01/2030 | | | | | 2,500 | | | | | | 2,267 | |
|
Indiana Finance Authority Revenue Bonds, Series 2019 | |
5.000% due 10/01/2062 (a) | | | | | 2,000 | | | | | | 2,176 | |
|
Indiana Finance Authority Revenue Notes, Series 2021 | |
0.650% due 08/01/2025 | | | | | 4,500 | | | | | | 4,119 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,562 | |
| | | | | | | | | | | | |
| |
| IOWA 0.6% | |
|
Cedar Rapids, Iowa Revenue Bonds, (AMBAC Insured), Series 2003 | |
4.500% due 08/15/2032 | | | | | 950 | | | | | | 945 | |
|
Cedar Rapids, Iowa Revenue Bonds, (AMBAC Insured), Series 2005 | |
5.740% due 08/15/2029 | | | | | 1,610 | | | | | | 1,608 | |
|
PEFA Inc, Iowa Revenue Bonds, Series 2019 | |
5.000% due 09/01/2049 | | | | | 650 | | | | | | 663 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,216 | |
| | | | | | | | | | | | |
| |
| KANSAS 0.5% | |
|
Kansas Department of Transportation State Revenue Bonds, Series 2004 | |
4.119% (0.7*US0001M + 0.500%) due 09/01/2024 ~ | | | | | 2,500 | | | | | | 2,496 | |
| | | | | | | | | | | | |
| |
| KENTUCKY 0.7% | |
|
Kentucky Public Energy Authority Revenue Bonds, Series 2020 | |
4.000% due 12/01/2050 | | | | | 500 | | | | | | 499 | |
|
Kentucky Public Energy Authority Revenue Notes, Series 2018 | |
4.000% due 06/01/2025 | | | | | 2,505 | | | | | | 2,498 | |
|
Kentucky State Property & Building Commission Revenue Notes, Series 2022 | |
5.000% due 06/01/2031 | | | | | 500 | | | | | | 571 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,568 | |
| | | | | | | | | | | | |
| |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| LOUISIANA 1.4% | |
|
Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2020 | |
0.875% due 02/01/2046 | | $ | | | 1,700 | | | $ | | | 1,617 | |
|
Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017 | |
2.100% due 06/01/2037 | | | | | 2,925 | | | | | | 2,870 | |
2.375% due 06/01/2037 | | | | | 2,810 | | | | | | 2,669 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,156 | |
| | | | | | | | | | | | |
| |
| MARYLAND 0.9% | |
|
Howard County, Maryland General Obligation Notes, Series 2018 | |
5.000% due 02/15/2027 | | | | | 3,000 | | | | | | 3,225 | |
|
Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020 | |
5.000% due 07/01/2045 | | | | | 1,500 | | | | | | 1,532 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,757 | |
| | | | | | | | | | | | |
| |
| MASSACHUSETTS 1.9% | |
|
Commonwealth of Massachusetts Revenue Bonds,(BAM Insured), Series 2005 | |
5.500% due 01/01/2034 | | | | | 5,000 | | | | | | 5,976 | |
|
Massachusetts Bay Transportation Authority Sales Tax Revenue Notes, Series 2023 | |
5.000% due 07/01/2029 | | | | | 1,300 | | | | | | 1,473 | |
|
Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | |
4.610% (MUNIPSA) due 07/01/2049 ~ | | | | | 1,750 | | | | | | 1,731 | |
|
Massachusetts Development Finance Agency Revenue Notes, Series 2021 | |
0.674% due 07/01/2023 | | | | | 500 | | | | | | 500 | |
|
Massachusetts State College Building Authority Revenue Notes, Series 2022 | |
5.000% due 05/01/2024 | | | | | 500 | | | | | | 508 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,188 | |
| | | | | | | | | | | | |
| |
| MICHIGAN 1.7% | |
|
Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | |
4.068% (US0003M) due 07/01/2032 ~ | | | | | 2,000 | | | | | | 1,895 | |
|
Grand Traverse County, Michigan Hospital Finance Authority Revenue Notes, Series 2021 | |
5.000% due 07/01/2023 | | | | | 425 | | | | | | 425 | |
|
Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022 | |
4.760% (MUNIPSA) due 04/15/2047 ~ | | | | | 3,000 | | | | | | 2,939 | |
|
Michigan Finance Authority Revenue Bonds, Series 2015 | |
1.200% due 10/15/2030 | | | | | 2,000 | | | | | | 1,748 | |
|
Michigan Finance Authority Revenue Notes, Series 2020 | |
2.326% due 06/01/2030 | | | | | 565 | | | | | | 534 | |
|
Michigan State Building Authority Revenue Bonds, Series 2020 | |
4.090% due 10/15/2042 | | | | | 1,000 | | | | | | 1,000 | |
|
Michigan State Hospital Finance Authority Revenue Bonds, Series 2010 | |
4.000% due 11/15/2047 | | | | | 500 | | | | | | 502 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,043 | |
| | | | | | | | | | | | |
| |
| MINNESOTA 0.4% | |
|
Minneapolis, Minnesota Revenue Bonds, Series 2018 | |
3.650% due 11/15/2048 | | | | | 1,900 | | | | | | 1,900 | |
| | | | | | | | | | | | |
| |
| MISSISSIPPI 0.1% | |
|
Warren County, Mississippi Revenue Bonds, Series 2018 | |
2.900% due 09/01/2032 | | | | | 750 | | | | | | 749 | |
| | | | | | | | | | | | |
| | | | | | |
| 128 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| MISSOURI 1.2% | |
|
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2023 | |
5.000% due 05/01/2033 | | $ | | | 2,650 | | | $ | | | 3,095 | |
|
St Louis School District, Missouri General Obligation Bonds, (AGM Insured), Series 2022 | |
4.000% due 04/01/2024 | | | | | 2,000 | | | | | | 2,012 | |
|
St Louis School District, Missouri General Obligation Bonds, (AGM Insured), Series 2023 | |
5.000% due 04/01/2034 | | | | | 1,000 | | | | | | 1,155 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,262 | |
| | | | | | | | | | | | |
| |
| NEBRASKA 0.8% | |
|
Douglas County, Nebraska Revenue Bonds, Series 2021 | |
4.540% (MUNIPSA) due 07/01/2035 ~ | | | | | 2,480 | | | | | | 2,442 | |
|
Nebraska Public Power District Revenue Bonds, Series 2023 | |
5.000% due 07/01/2028 | | | | | 1,750 | | | | | | 1,903 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,345 | |
| | | | | | | | | | | | |
| |
| NEVADA 0.5% | |
|
Clark County, Nevada General Obligation Bonds, Series 2019 | |
5.000% due 07/01/2031 | | | | | 2,150 | | | | | | 2,418 | |
| | | | | | | | | | | | |
| |
| NEW HAMPSHIRE 0.1% | |
|
New Hampshire Business Finance Authority Revenue Notes, Series 2021 | |
4.000% due 01/01/2026 | | | | | 265 | | | | | | 261 | |
4.000% due 01/01/2027 | | | | | 250 | | | | | | 244 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 505 | |
| | | | | | | | | | | | |
| |
| NEW JERSEY 3.8% | |
|
New Jersey Economic Development Authority Revenue Notes, Series 2019 | |
5.250% due 09/01/2024 | | | | | 7,000 | | | | | | 7,140 | |
|
New Jersey Economic Development Authority Revenue Notes, Series 2022 | |
5.000% due 11/01/2023 | | | | | 630 | | | | | | 633 | |
5.000% due 11/01/2024 | | | | | 825 | | | | | | 841 | |
|
New Jersey Economic Development Authority Revenue Notes, Series 2023 | |
5.000% due 03/01/2028 | | | | | 2,200 | | | | | | 2,366 | |
|
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2019 | |
5.000% due 07/01/2042 | | | | | 900 | | | | | | 927 | |
|
New Jersey State General Obligation Notes, Series 2020 | |
5.000% due 06/01/2028 | | | | | 2,000 | | | | | | 2,194 | |
|
New Jersey Turnpike Authority Revenue Notes, Series 2020 | |
5.000% due 01/01/2028 | | | | | 5,000 | | | | | | 5,273 | |
|
Newark Housing Authority Scholarship Foundation A New Jersey Non Revenue Bonds, (NPFGC Insured), Series 2007 | |
5.250% due 01/01/2025 | | | | | 600 | | | | | | 611 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 19,985 | |
| | | | | | | | | | | | |
| |
| NEW YORK 14.7% | |
|
Chautauqua County, New York Capital Resource Corp. Revenue Bonds, Series 2020 | |
4.250% due 04/01/2042 | | | | | 2,500 | | | | | | 2,468 | |
|
Iroquois Central School District, New York Revenue Bonds, Series 2023 | |
4.500% due 06/21/2024 | | | | | 1,550 | | | | | | 1,563 | |
|
Long Island Power Authority, New York Revenue Bonds, Series 2022 | |
4.460% (MUNIPSA) due 09/01/2038 ~ | | | | | 2,000 | | | | | | 1,988 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 | |
4.190% (SOFRRATE) due 11/01/2032 ~ | | $ | | | 1,500 | | | $ | | | 1,470 | |
|
New York City Housing Development Corp. Revenue Bonds, Series 2018 | |
2.750% due 05/01/2050 | | | | | 750 | | | | | | 746 | |
|
New York City Industrial Development Agency, New York Revenue Notes, (AGM Insured), Series 2020 | |
5.000% due 03/01/2028 | | | | | 675 | | | | | | 727 | |
|
New York City Water & Sewer System, New York Revenue Bonds, Series 2014 | |
3.750% due 06/15/2050 | | | | | 4,000 | | | | | | 4,000 | |
|
New York City, New York General Obligation Bonds, Series 2012 | |
4.210% due 04/01/2042 | | | | | 6,300 | | | | | | 6,300 | |
|
New York City, New York General Obligation Bonds, Series 2015 | |
3.750% due 06/01/2044 | | | | | 2,000 | | | | | | 2,000 | |
|
New York City, New York General Obligation Bonds, Series 2018 | |
3.750% due 12/01/2047 | | | | | 5,000 | | | | | | 5,000 | |
|
New York City, New York Housing Development Corp. Revenue Bonds, (FHA Insured), Series 2021 | |
0.600% due 05/01/2061 | | | | | 2,000 | | | | | | 1,851 | |
4.000% due 05/01/2061 | | | | | 7,505 | | | | | | 7,505 | |
|
New York City, New York Industrial Development Agency Revenue Bonds, Series 2007 | |
4.600% due 10/01/2042 | | | | | 17,100 | | | | | | 17,100 | |
|
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | |
3.550% due 06/15/2048 | | | | | 4,700 | | | | | | 4,700 | |
|
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022 | |
5.000% due 06/15/2027 | | | | | 1,250 | | | | | | 1,310 | |
|
New York State Dormitory Authority Revenue Bonds, Series 2016 | |
5.000% due 02/15/2028 | | | | | 4,565 | | | | | | 4,833 | |
|
New York State Dormitory Authority Revenue Bonds, Series 2019 | |
5.000% due 05/01/2048 | | | | | 2,500 | | | | | | 2,511 | |
|
New York State Dormitory Authority Revenue Notes, Series 2020 | |
5.000% due 02/15/2028 | | | | | 2,245 | | | | | | 2,460 | |
|
New York State Energy Research & Development Authority Revenue Bonds, Series 2004 | |
2.625% due 04/01/2034 | | | | | 1,045 | | | | | | 1,045 | |
|
New York State Urban Development Corp. Revenue Notes, Series 2021 | |
5.000% due 03/15/2024 | | | | | 3,750 | | | | | | 3,801 | |
|
New York Transportation Development Corp. Revenue Notes, Series 2020 | |
5.000% due 12/01/2023 | | | | | 250 | | | | | | 252 | |
|
Port Authority of New York & New Jersey Revenue Notes, Series 2020 | |
1.086% due 07/01/2023 | | | | | 1,485 | | | | | | 1,485 | |
|
Schenectady County Capital Resource Corp. Union College Project, New York Revenue Bonds Series 2022 | |
4.500% due 06/14/2024 | | | | | 1,075 | | | | | | 1,084 | |
|
Town of Huntington, New York General Obligation Notes, Series 2021 | |
5.000% due 07/15/2023 | | | | | 455 | | | | | | 455 | |
|
Town of Oyster Bay, New York General Obligation Notes, Series 2021 | |
4.000% due 03/01/2024 | | | | | 850 | | | | | | 855 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 77,509 | |
| | | | | | | | | | | | |
| |
| OHIO 2.0% | |
|
Akron Bath Copley Joint Township Hospital District, Ohio Revenue Notes, Series 2022 | |
5.000% due 11/15/2030 | | | | | 1,000 | | | | | | 1,124 | |
|
American Municipal Power, Inc., Ohio Revenue Bonds, Series 2021 | |
1.000% due 02/15/2048 | | | | | 2,000 | | | | | | 1,935 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Butler County, Ohio Revenue Notes, Series 2017 | |
4.000% due 11/15/2023 | | $ | | | 500 | | | $ | | | 499 | |
|
Northeast Ohio Medical University Revenue Notes, Series 2021 | |
3.000% due 12/01/2023 | | | | | 150 | | | | | | 150 | |
|
Ohio Air Quality Development Authority Duke Energy Corporation Project Revenue Notes, Series 2022 | |
4.000% due 09/01/2030 | | | | | 2,900 | | | | | | 2,878 | |
|
Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | |
1.500% due 02/01/2026 | | | | | 2,200 | | | | | | 2,012 | |
|
Ohio State Revenue Bonds, Series 2010 | |
3.800% due 11/01/2035 | | | | | 1,500 | | | | | | 1,500 | |
|
Worthington City School District, Ohio General Obligation, Series 2023 | |
0.000% due 12/01/2029 (c) | | | | | 500 | | | | | | 399 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,497 | |
| | | | | | | | | | | | |
| |
| OREGON 0.4% | |
|
Multnomah County School District 40, Oregon General Obligations, Series 2023 | |
0.000% due 06/15/2027 (c) | | | | | 325 | | | | | | 285 | |
|
Oregon State Facilities Authority Revenue Notes, Series 2020 | |
5.000% due 10/01/2026 | | | | | 145 | | | | | | 150 | |
|
Oregon State General Obligation Notes, Series 2023 | |
5.000% due 05/01/2026 | | | | | 1,625 | | | | | | 1,718 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,153 | |
| | | | | | | | | | | | |
| |
| PENNSYLVANIA 4.0% | |
|
Bethlehem Area School District Authority, Pennsylvania Revenue Notes, Series 2021 | |
3.740% (SOFRRATE) due 07/01/2031 ~ | | | | | 3,665 | | | | | | 3,588 | |
|
Commonwealth of Pennsylvania General Obligation Notes, Series 2019 | |
5.000% due 07/15/2024 | | | | | 2,500 | | | | | | 2,548 | |
|
Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | |
5.110% (MUNIPSA) due 08/15/2038 ~(e) | | | | | 2,430 | | | | | | 2,401 | |
|
Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 | |
4.100% due 06/01/2029 | | | | | 4,500 | | | | | | 4,609 | |
|
Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2018 | |
4.659% (0.7*US0001M + 1.040%) due 08/15/2048 ~ | | | | | 750 | | | | | | 751 | |
|
Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2020 | |
3.000% due 01/01/2025 | | | | | 1,020 | | | | | | 1,004 | |
|
Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2021 | |
4.000% due 07/01/2023 | | | | | 125 | | | | | | 125 | |
4.000% due 10/15/2023 | | | | | 700 | | | | | | 701 | |
|
Pennsylvania Turnpike Commission Revenue Notes, Series 2018 | |
4.610% (MUNIPSA + 0.600%) due 12/01/2023 ~ | | | | | 1,000 | | | | | | 1,000 | |
|
Pittsburgh Water & Sewer Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2017 | |
4.660% (MUNIPSA) due 09/01/2040 ~ | | | | | 2,400 | | | | | | 2,400 | |
|
Westmoreland County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2020 | |
4.000% due 07/01/2024 | | | | | 900 | | | | | | 898 | |
4.000% due 07/01/2026 | | | | | 1,250 | | | | | | 1,239 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 21,264 | |
| | | | | | | | | | | | |
| |
| PUERTO RICO 1.3% | |
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | |
4.500% due 07/01/2034 | | | | | 4,750 | | | | | | 4,726 | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 129 |
| | | | | | |
| Schedule of Investments | | PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Notes, Series 2018 | |
0.000% due 07/01/2024 (c) | | $ | | | 772 | | | $ | | | 743 | |
0.000% due 07/01/2027 (c) | | | | | 1,843 | | | | | | 1,567 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,036 | |
| | | | | | | | | | | | |
| |
| SOUTH CAROLINA 1.2% | |
|
Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2018 | |
4.000% due 10/01/2048 | | | | | 4,000 | | | | | | 4,001 | |
4.324% (US0001M) due 10/01/2048 ~ | | | | | 1,000 | | | | | | 999 | |
|
South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020 | |
5.000% due 12/01/2048 | | | | | 1,250 | | | | | | 1,285 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,285 | |
| | | | | | | | | | | | |
| |
| TENNESSEE 1.2% | |
|
Greeneville Health & Educational Facilities Board, Tennessee Revenue Notes, Series 2018 | |
5.000% due 07/01/2023 | | | | | 600 | | | | | | 600 | |
|
Memphis-Shelby County, Tennessee Airport Authority Revenue Notes, Series 2021 | |
5.000% due 07/01/2023 | | | | | 2,250 | | | | | | 2,250 | |
|
Tennergy Corp, Tennessee Revenue Bonds, Series 2022 | |
5.500% due 10/01/2053 | | | | | 1,250 | | | | | | 1,324 | |
|
Tennergy Corp., Tennessee Revenue Bonds, Series 2019 | |
5.000% due 02/01/2050 | | | | | 1,500 | | | | | | 1,518 | |
|
Tennessee Energy Acquisition Corp. Revenue Notes, Series 2021 | |
5.000% due 11/01/2023 | | | | | 250 | | | | | | 251 | |
5.000% due 11/01/2024 | | | | | 250 | | | | | | 253 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,196 | |
| | | | | | | | | | | | |
| |
| TEXAS 7.8% | |
|
Alvin Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2014 | |
0.450% due 02/15/2036 | | | | | 1,000 | | | | | | 996 | |
|
Arlington Higher Education Finance Corp., Texas Revenue Notes, (PSF Insured), Series 2021 | |
4.000% due 02/15/2026 | | | | | 280 | | | | | | 284 | |
|
Austin, Texas Electric Utility Revenue Bonds, Series 2023 | |
5.000% due 11/15/2024 | | | | | 850 | | | | | | 872 | |
5.000% due 11/15/2025 | | | | | 1,200 | | | | | | 1,253 | |
|
County of Williamson, Texas General Obligation Bonds, Series 2023 | |
5.000% due 02/15/2025 | | | | | 2,500 | | | | | | 2,578 | |
|
Denton Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2020 | |
5.000% due 08/15/2028 | | | | | 2,000 | | | | | | 2,047 | |
|
El Paso Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2020 | |
5.000% due 08/15/2024 | | | | | 400 | | | | | | 408 | |
|
Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019 | |
4.269% (US0001M) due 11/15/2046 ~ | | | | | 2,500 | | | | | | 2,500 | |
5.000% due 07/01/2049 | | | | | 2,500 | | | | | | 2,625 | |
|
Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2020 | |
5.000% due 06/01/2032 | | | | | 550 | | | | | | 578 | |
|
Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2019 | |
5.000% due 12/01/2024 | | | | | 350 | | | | | | 358 | |
|
Harris County, Texas General Obligation Bonds, Series 2015 | |
5.000% due 10/01/2026 | | | | | 2,920 | | | | | | 3,045 | |
|
Liberty Hill Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022 | |
5.000% due 02/01/2027 | | | | | 2,000 | | | | | | 2,142 | |
|
Matagorda County, Texas Navigation District No 1 Revenue Bonds, Series 2001 | |
2.600% due 11/01/2029 | | | | | 1,500 | | | | | | 1,355 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018 | |
2.750% due 08/01/2048 | | $ | | | 750 | | | $ | | | 749 | |
|
Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 | |
1.600% due 08/01/2049 | | | | | 735 | | | | | | 715 | |
|
Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020 | |
0.700% due 06/01/2050 | | | | | 1,500 | | | | | | 1,417 | |
|
Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | |
2.000% due 06/01/2052 | | | | | 1,300 | | | | | | 1,225 | |
|
Pasadena Texas General Obligation Bonds, (PSF Insured), Series 2015 | |
1.500% due 02/15/2044 | | | | | 750 | | | | | | 730 | |
|
San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015 | |
1.125% due 12/01/2045 | | | | | 2,500 | | | | | | 2,210 | |
|
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | |
5.000% due 11/15/2052 | | | | | 1,900 | | | | | | 1,975 | |
|
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2022 | |
5.000% due 10/01/2026 | | | | | 225 | | | | | | 238 | |
|
Tarrant Regional Water District, Texas Revenue Notes, Series 2021 | |
1.050% due 09/01/2027 | | | | | 5,000 | | | | | | 4,319 | |
|
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | |
5.170% (US0003M) due 12/15/2026 ~ | | | | | 1,000 | | | | | | 985 | |
|
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008 | |
6.250% due 12/15/2026 | | | | | 180 | | | | | | 188 | |
|
Texas Municipal Gas Acquisition & Supply Corp. Revenue Notes, Series 2021 | |
5.000% due 12/15/2023 | | | | | 500 | | | | | | 502 | |
5.000% due 12/15/2026 | | | | | 1,750 | | | | | | 1,787 | |
|
Texas Water Development Board Revenue Notes, Series 2022 | |
5.000% due 10/15/2025 | | | | | 1,250 | | | | | | 1,305 | |
|
Travis County, Texas Housing Finance Corp. Revenue Bonds, Series 2022 | |
4.125% due 06/01/2045 | | | | | 1,000 | | | | | | 1,002 | |
|
Waco Educational Finance Corp., Texas Revenue Notes, Series 2021 | |
4.000% due 03/01/2026 | | | | | 525 | | | | | | 534 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 40,922 | |
| | | | | | | | | | | | |
| |
| UTAH 0.2% | |
|
City of Salt Lake, Utah Revenue Notes, Series 2021 | |
5.000% due 07/01/2024 | | | | | 350 | | | | | | 355 | |
5.000% due 07/01/2025 | | | | | 450 | | | | | | 465 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 820 | |
| | | | | | | | | | | | |
| |
| VIRGINIA 1.2% | |
|
Richmond Redevelopment & Housing Authority, Virgina Revenue Notes, Series 2023 | |
4.250% due 03/01/2026 | | | | | 1,500 | | | | | | 1,510 | |
|
Wise County, Virginia Industrial Development Authority Revenue Bonds, Series 2009 | |
0.750% due 10/01/2040 | | | | | 3,800 | | | | | | 3,485 | |
|
Wise County, Virginia Industrial Development Authority Revenue Bonds, Series 2010 | |
1.200% due 11/01/2040 | | | | | 1,150 | | | | | | 1,116 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,111 | |
| | | | | | | | | | | | |
| |
| WASHINGTON 2.4% | |
|
Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes, Washington Revenue Bonds, Series 2015 | |
4.210% (MUNIPSA) due 11/01/2045 ~ | | | | | 4,500 | | | | | | 4,398 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, Series 2015 | |
4.460% (MUNIPSA + 0.450%) due 11/01/2045 ~ | | $ | | | 750 | | | $ | | | 750 | |
|
Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2018 | |
4.500% (MUNIPSA + 0.490%) due 11/01/2046 ~ | | | | | 675 | | | | | | 675 | |
|
Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2021 | |
4.260% (MUNIPSA) due 05/01/2045 ~ | | | | | 3,000 | | | | | | 2,951 | |
|
State of Washington General Obligation Refunding Notes, Series 2022 | |
4.000% due 07/01/2026 | | | | | 1,000 | | | | | | 1,031 | |
|
University of Washington Revenue Bonds, Series 2022 | |
4.000% due 05/01/2048 | | | | | 2,500 | | | | | | 2,569 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,374 | |
| | | | | | | | | | | | |
| |
| WISCONSIN 2.1% | |
|
Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | |
3.700% due 10/01/2046 | | | | | 2,500 | | | | | | 2,521 | |
|
Public Finance Authority, Wisconsin Revenue Notes, Series 2021 | |
4.000% due 10/01/2026 | | | | | 305 | | | | | | 298 | |
|
University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018 | |
3.700% due 04/01/2048 | | | | | 5,000 | | | | | | 5,000 | |
|
Wisconsin Department of Transportation Revenue Notes, Series 2023 | |
5.000% due 07/01/2025 | | | | | 750 | | | | | | 778 | |
|
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | |
4.190% (MUNIPSA) due 08/15/2054 ~ | | | | | 2,500 | | | | | | 2,425 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,022 | |
| | | | | | | | | | | | |
Total Municipal Bonds & Notes (Cost $490,460) | | | 484,108 | |
| | | | | | | | | | | | |
| |
| U.S. TREASURY OBLIGATIONS 0.2% | |
|
U.S. Treasury Notes | |
1.500% due 11/30/2024 | | | | | 1,100 | | | | | | 1,045 | |
| | | | | | | | | | | | |
Total U.S. Treasury Obligations (Cost $1,102) | | | 1,045 | |
| | | | | | | | | | | | |
| |
| SHORT-TERM INSTRUMENTS 11.0% | |
| |
| REPURCHASE AGREEMENTS (f) 0.1% | |
| | | | | | | | | | | 621 | |
| | | | | | | | | | | | |
| |
| SHORT-TERM NOTES 0.2% | |
|
Federal Home Loan Bank | |
5.059% due 07/14/2023 (c)(d) | | | | | 1,000 | | | | | | 999 | |
| | | | | | | | | | | | |
| |
| U.S. TREASURY BILLS 10.7% | |
5.232 % due 07/20/2023 - 09/07/2023 (b)(c) | | | | | 56,200 | | | | | | 55,882 | |
| | | | | | | | | | | | |
| Total Short-Term Instruments (Cost $57,503) | | | | | | 57,502 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments in Securities (Cost $549,065) | | | | | | 542,655 | |
| | | | |
| | | | | | | | | | | | |
| Total Investments 103.3% (Cost $549,065) | | | $ | | | 542,655 | |
| |
| Other Assets and Liabilities, net (3.3)% | | | | | | (17,205 | ) |
| | | | | | | | | | | | |
| Net Assets 100.0% | | | | | | | | $ | | | 525,450 | |
| | | | | | | | | | | | |
| | | | | | |
| 130 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
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) RESTRICTED SECURITIES:
| | | | | | | | | | | | | | | | | | | | | | |
| Issuer Description | | Coupon | | Maturity
Date | | | Acquisition
Date | | | Cost | | | Market
Value | | | Market Value
as Percentage
of Net Assets | |
Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | | 5.110% | | | 08/15/2038 | | | | 09/14/2021 | | | | $ 2,483 | | | $ | 2,401 | | | | 0.46% | |
| | | | | | | | | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(f) REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Lending
Rate | | | Settlement
Date | | | Maturity
Date | | | Principal
Amount | | | Collateralized By | | Collateral
(Received) | | | Repurchase
Agreements,
at Value | | | Repurchase
Agreement
Proceeds
to be
Received(1) | |
| FICC | | | 2.400 | % | | | 06/30/2023 | | | | 07/03/2023 | | | $ | 621 | | | U.S. Treasury Notes 1.625% due 10/31/2026 | | $ | (633 | ) | | $ | 621 | | | $ | 621 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (633 | ) | | $ | 621 | | | $ | 621 | |
| | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
FICC | | $ | 621 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 621 | | | $ | (633 | ) | | $ | (12 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 621 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Includes accrued interest. |
| (2) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 131 |
| | | | | | |
| Schedule of Investments | | PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | (Cont.) | | June 30, 2023 |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Securities, at Value | |
Municipal Bonds & Notes | |
Alabama | | $ | 0 | | | $ | 19,917 | | | $ | 0 | | | $ | 19,917 | |
Arizona | | | 0 | | | | 16,574 | | | | 0 | | | | 16,574 | |
California | | | 0 | | | | 71,453 | | | | 0 | | | | 71,453 | |
Colorado | | | 0 | | | | 17,858 | | | | 0 | | | | 17,858 | |
Connecticut | | | 0 | | | | 19,907 | | | | 0 | | | | 19,907 | |
Delaware | | | 0 | | | | 2,536 | | | | 0 | | | | 2,536 | |
Florida | | | 0 | | | | 11,303 | | | | 0 | | | | 11,303 | |
Georgia | | | 0 | | | | 12,570 | | | | 0 | | | | 12,570 | |
Illinois | | | 0 | | | | 24,651 | | | | 0 | | | | 24,651 | |
Indiana | | | 0 | | | | 8,562 | | | | 0 | | | | 8,562 | |
Iowa | | | 0 | | | | 3,216 | | | | 0 | | | | 3,216 | |
Kansas | | | 0 | | | | 2,496 | | | | 0 | | | | 2,496 | |
Kentucky | | | 0 | | | | 3,568 | | | | 0 | | | | 3,568 | |
Louisiana | | | 0 | | | | 7,156 | | | | 0 | | | | 7,156 | |
Maryland | | | 0 | | | | 4,757 | | | | 0 | | | | 4,757 | |
Massachusetts | | | 0 | | | | 10,188 | | | | 0 | | | | 10,188 | |
Michigan | | | 0 | | | | 9,043 | | | | 0 | | | | 9,043 | |
Minnesota | | | 0 | | | | 1,900 | | | | 0 | | | | 1,900 | |
Mississippi | | | 0 | | | | 749 | | | | 0 | | | | 749 | |
Missouri | | | 0 | | | | 6,262 | | | | 0 | | | | 6,262 | |
Nebraska | | | 0 | | | | 4,345 | | | | 0 | | | | 4,345 | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Nevada | | $ | 0 | | | $ | 2,418 | | | $ | 0 | | | $ | 2,418 | |
New Hampshire | | | 0 | | | | 505 | | | | 0 | | | | 505 | |
New Jersey | | | 0 | | | | 19,985 | | | | 0 | | | | 19,985 | |
New York | | | 0 | | | | 77,509 | | | | 0 | | | | 77,509 | |
Ohio | | | 0 | | | | 10,497 | | | | 0 | | | | 10,497 | |
Oregon | | | 0 | | | | 2,153 | | | | 0 | | | | 2,153 | |
Pennsylvania | | | 0 | | | | 21,264 | | | | 0 | | | | 21,264 | |
Puerto Rico | | | 0 | | | | 7,036 | | | | 0 | | | | 7,036 | |
South Carolina | | | 0 | | | | 6,285 | | | | 0 | | | | 6,285 | |
Tennessee | | | 0 | | | | 6,196 | | | | 0 | | | | 6,196 | |
Texas | | | 0 | | | | 40,922 | | | | 0 | | | | 40,922 | |
Utah | | | 0 | | | | 820 | | | | 0 | | | | 820 | |
Virginia | | | 0 | | | | 6,111 | | | | 0 | | | | 6,111 | |
Washington | | | 0 | | | | 12,374 | | | | 0 | | | | 12,374 | |
Wisconsin | | | 0 | | | | 11,022 | | | | 0 | | | | 11,022 | |
U.S. Treasury Obligations | | | 0 | | | | 1,045 | | | | 0 | | | | 1,045 | |
Short-Term Instruments | |
Repurchase Agreements | | | 0 | | | | 621 | | | | 0 | | | | 621 | |
Short-Term Notes | | | 0 | | | | 999 | | | | 0 | | | | 999 | |
U.S. Treasury Bills | | | 0 | | | | 55,882 | | | | 0 | | | | 55,882 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 542,655 | | | $ | 0 | | | $ | 542,655 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.
| | | | | | |
| 132 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | |
| Schedule of Investments | | PIMCO Ultra Short Government Active Exchange-Traded Fund | | | | June 30, 2023 |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 137.5% | |
| |
| SHORT-TERM INSTRUMENTS 137.5% | |
| |
| REPURCHASE AGREEMENTS (d) 86.8% | | | | | | | |
| | | | | | | | $ | | | 11,300 | |
| | | | | | | | | | | | |
| |
| U.S. TREASURY BILLS 50.7% | |
5.320% due 08/01/2023 - 10/31/2023 (a)(b)(c) | | $ | | | 6,680 | | | | | | 6,601 | |
| | | | | | | | | | | | |
| Total Short-Term Instruments (Cost $17,902) | | | | | | | | | | | 17,901 | |
| | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments in Securities (Cost $17,902) | | | | | | | | | | | 17,901 | |
| | | | |
| | | | | | | | | | | | |
| Total Investments 137.5% (Cost $17,902) | | | | | | | | $ | | | 17,901 | |
| |
| Other Assets and Liabilities, net (37.5)% | | | (4,882 | ) |
| | | | |
| Net Assets 100.0% | | | $ | | | 13,019 | |
| | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (b) | Coupon represents a weighted average 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) | |
| NOM | | | 5.160 | % | | | 06/30/2023 | | | | 07/03/2023 | | | $ | 11,300 | | | U.S. Treasury Notes 2.750% due 08/15/2032 | | $ | (11,543 | ) | | $ | 11,300 | | | $ | 11,305 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (11,543 | ) | | $ | 11,300 | | | $ | 11,305 | |
| | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
NOM | | $ | 11,305 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 11,305 | | | $ | (11,543 | ) | | $ | (238 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 11,305 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Includes accrued interest. |
| (2) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 133 |
| | | | | | |
| Schedule of Investments | | PIMCO Ultra Short Government Active Exchange-Traded Fund | | (Cont.) | | June 30, 2023 |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Securities, at Value | |
Short-Term Instruments | |
Repurchase Agreements | | $ | 0 | | | $ | 11,300 | | | $ | 0 | | | $ | 11,300 | |
U.S. Treasury Bills | | | 0 | | | | 6,601 | | | | 0 | | | | 6,601 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 0 | | | $ | 17,901 | | | $ | 0 | | | $ | 17,901 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.
| | | | | | |
| 134 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | | | |
| Consolidated Schedule of Investments | | PIMCO Commodity Strategy Active Exchange-Traded Fund | | | | June 30, 2023 |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| INVESTMENTS IN SECURITIES 136.1% | |
| |
| CORPORATE BONDS & NOTES 24.3% | |
| |
| BANKING & FINANCE 16.7% | |
|
AerCap Ireland Capital DAC | |
1.150% due 10/29/2023 | | $ | | | 1,100 | | | $ | | | 1,082 | |
|
American Express Co. | |
5.311% (SOFRINDX + 0.230%) due 11/03/2023 ~ | | | | | 20 | | | | | | 20 | |
|
American Honda Finance Corp. | |
5.933% (US0003M + 0.420%) due 09/08/2023 ~ | | | | | 90 | | | | | | 90 | |
|
American Tower Corp. | |
0.600% due 01/15/2024 | | | | | 500 | | | | | | 486 | |
|
Aozora Bank Ltd. | |
1.050% due 09/09/2024 | | | | | 1,000 | | | | | | 938 | |
|
Athene Global Funding | |
2.750% due 06/25/2024 | | | | | 50 | | | | | | 48 | |
|
Banco Santander SA | |
3.892% due 05/24/2024 | | | | | 100 | | | | | | 98 | |
5.770% due 06/30/2024 • | | | | | 3,300 | | | | | | 3,282 | |
|
Bank of America Corp. | |
5.501% (SOFRRATE + 0.410%) due 06/14/2024 ~ | | | | | 1,615 | | | | | | 1,613 | |
5.791% due 10/24/2024 • | | | | | 100 | | | | | | 100 | |
6.233% (US0003M + 0.960%) due 07/23/2024 ~ | | | | | 75 | | | | | | 75 | |
|
Bank of Montreal | |
5.356% (SOFRINDX + 0.265%) due 09/15/2023 ~ | | | | | 85 | | | | | | 85 | |
5.440% (SOFRINDX + 0.350%) due 12/08/2023 ~ | | | | | 543 | | | | | | 543 | |
|
Bank of Nova Scotia | |
5.351% (SOFRRATE + 0.260%) due 09/15/2023 ~ | | | | | 100 | | | | | | 100 | |
5.641% (SOFRRATE + 0.550%) due 09/15/2023 ~ | | | | | 1,800 | | | | | | 1,801 | |
|
Banque Federative du Credit Mutuel SA | |
0.998% due 02/04/2025 | | | | | 100 | | | | | | 92 | |
|
Barclays PLC | |
1.007% due 12/10/2024 • | | | | | 100 | | | | | | 97 | |
3.932% due 05/07/2025 • | | | | | 1,000 | | | | | | 978 | |
|
BNP Paribas SA | |
3.800% due 01/10/2024 | | | | | 1,900 | | | | | | 1,876 | |
|
BPCE SA | |
4.000% due 04/15/2024 | | | | | 1,100 | | | | | | 1,083 | |
|
Canadian Imperial Bank of Commerce | |
5.490% (SOFRRATE + 0.400%) due 12/14/2023 ~ | | | | | 120 | | | | | | 120 | |
6.204% (US0003M + 0.660%) due 09/13/2023 ~ | | | | | 100 | | | | | | 100 | |
|
Caterpillar Financial Services Corp. | |
5.179% due 01/10/2024 • | | | | | 55 | | | | | | 55 | |
5.539% (SOFRRATE + 0.450%) due 11/13/2023 ~ | | | | | 35 | | | | | | 35 | |
|
Commonwealth Bank of Australia | |
6.319% (US0003M + 0.820%) due 06/04/2024 ~ | | | | | 250 | | | | | | 251 | |
|
Cooperatieve Rabobank UA | |
5.320% due 01/12/2024 • | | | | | 1,900 | | | | | | 1,900 | |
|
Danske Bank AS | |
5.375% due 01/12/2024 | | | | | 1,800 | | | | | | 1,790 | |
|
Deutsche Bank AG | |
0.898% due 05/28/2024 (d) | | | | | 1,000 | | | | | | 950 | |
0.962% due 11/08/2023 | | | | | 1,100 | | | | | | 1,078 | |
|
Federation des Caisses Desjardins du Quebec | |
5.520% (SOFRRATE + 0.430%) due 05/21/2024 ~ | | | | | 100 | | | | | | 100 | |
|
Five Corners Funding Trust | |
4.419% due 11/15/2023 | | | | | 100 | | | | | | 99 | |
|
General Motors Financial Co., Inc. | |
5.850% (SOFRRATE + 0.760%) due 03/08/2024 ~ | | | | | 75 | | | | | | 75 | |
6.290% (SOFRRATE + 1.200%) due 11/17/2023 ~ | | | | | 232 | | | | | | 232 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Goldman Sachs Group, Inc. | |
1.217% due 12/06/2023 | | $ | | | 800 | | | $ | | | 785 | |
7.063% (US0003M + 1.600%) due 11/29/2023 ~ | | | | | 1,600 | | | | | | 1,608 | |
|
ING Groep NV | |
6.533% (US0003M + 1.000%) due 10/02/2023 ~ | | | | | 55 | | | | | | 55 | |
|
Jackson National Life Global Funding | |
6.242% (SOFRRATE + 1.150%) due 06/28/2024 ~ | | | | | 1,000 | | | | | | 1,001 | |
|
John Deere Capital Corp. | |
5.117% (SOFRRATE + 0.120%) due 07/10/2023 ~ | | | | | 35 | | | | | | 35 | |
5.661% (SOFRRATE + 0.570%) due 03/03/2026 ~ | | | | | 45 | | | | | | 45 | |
|
JPMorgan Chase & Co. | |
3.220% due 03/01/2025 • | | | | | 1,200 | | | | | | 1,177 | |
|
Lloyds Banking Group PLC | |
4.050% due 08/16/2023 | | | | | 600 | | | | | | 599 | |
|
Mizuho Financial Group, Inc. | |
6.123% (US0003M + 0.610%) due 09/08/2024 ~ | | | | | 1,000 | | | | | | 1,000 | |
|
Morgan Stanley | |
5.555% (SOFRRATE + 0.466%) due 11/10/2023 ~ | | | | | 75 | | | | | | 75 | |
|
MUFG Bank Ltd. | |
3.750% due 03/10/2024 | | | | | 100 | | | | | | 99 | |
|
National Bank of Canada | |
5.579% (SOFRRATE + 0.490%) due 08/06/2024 ~ | | | | | 100 | | | | | | 100 | |
|
New York Life Global Funding | |
5.406% (SOFRINDX + 0.360%) due 10/21/2023 ~ | | | | | 100 | | | | | | 100 | |
|
Nordea Bank Abp | |
6.403% (US0003M + 0.940%) due 08/30/2023 ~ | | | | | 1,000 | | | | | | 1,001 | |
|
Pacific Life Global Funding | |
0.500% due 09/23/2023 | | | | | 100 | | | | | | 99 | |
|
Public Storage | |
5.519% (SOFRRATE + 0.470%) due 04/23/2024 ~ | | | | | 15 | | | | | | 15 | |
|
Royal Bank of Canada | |
5.511% (SOFRRATE + 0.450%) due 10/26/2023 ~ | | | | | 15 | | | | | | 15 | |
6.205% (TSFR3M + 0.922%) due 10/05/2023 ~ | | | | | 61 | | | | | | 61 | |
|
Skandinaviska Enskilda Banken AB | |
0.550% due 09/01/2023 | | | | | 100 | | | | | | 99 | |
|
Societe Generale SA | |
3.875% due 03/28/2024 | | | | | 1,995 | | | | | | 1,953 | |
|
Sumitomo Mitsui Financial Group, Inc. | |
6.060% (US0003M + 0.800%) due 10/16/2023 ~ | | | | | 1,900 | | | | | | 1,902 | |
|
Toronto-Dominion Bank | |
5.905% (US0003M + 0.640%) due 07/19/2023 ~ | | | | | 23 | | | | | | 23 | |
|
Toyota Motor Credit Corp. | |
5.742% (SOFRINDX + 0.650%) due 12/29/2023 ~ | | | | | 55 | | | | | | 55 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 33,174 | |
| | | | | | | | | | | | |
| |
| INDUSTRIALS 4.7% | |
|
3M Co. | |
5.621% due 02/14/2024 • | | | | | 43 | | | | | | 43 | |
|
Baxter International, Inc. | |
5.351% (SOFRINDX + 0.260%) due 12/01/2023 ~ | | | | | 1,500 | | | | | | 1,497 | |
|
Bayer U.S. Finance LLC | |
3.875% due 12/15/2023 | | | | | 500 | | | | | | 495 | |
6.562% (US0003M + 1.010%) due 12/15/2023 ~ | | | | | 1,500 | | | | | | 1,499 | |
|
BMW U.S. Capital LLC | |
5.622% (SOFRINDX + 0.530%) due 04/01/2024 ~ | | | | | 29 | | | | | | 29 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Boeing Co. | |
1.433% due 02/04/2024 | | $ | | | 1,734 | | | $ | | | 1,688 | |
|
Daimler Truck Finance North America LLC | |
1.125% due 12/14/2023 | | | | | 800 | | | | | | 784 | |
5.691% (SOFRRATE + 0.600%) due 12/14/2023 ~ | | | | | 100 | | | | | | 100 | |
|
Discovery Communications LLC | |
3.800% due 03/13/2024 | | | | | 800 | | | | | | 789 | |
|
DuPont de Nemours, Inc. | |
6.431% (US0003M + 1.110%) due 11/15/2023 ~ | | | | | 15 | | | | | | 15 | |
|
Energy Transfer LP | |
4.500% due 04/15/2024 | | | | | 100 | | | | | | 99 | |
|
Haleon U.S. Capital LLC | |
3.024% due 03/24/2024 | | | | | 100 | | | | | | 98 | |
|
HCA, Inc. | |
5.000% due 03/15/2024 | | | | | 100 | | | | | | 99 | |
|
Pfizer, Inc. | |
5.882% (US0003M + 0.330%) due 09/15/2023 ~ | | | | | 90 | | | | | | 90 | |
|
SK Broadband Co. Ltd. | |
3.875% due 08/13/2023 | | | | | 2,000 | | | | | | 1,995 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,320 | |
| | | | | | | | | | | | |
| |
| UTILITIES 2.9% | |
|
American Electric Power Co., Inc. | |
5.779% (US0003M + 0.480%) due 11/01/2023 ~ | | | | | 69 | | | | | | 69 | |
|
Chugoku Electric Power Co., Inc. | |
3.488% due 02/28/2024 | | | | | 1,260 | | | | | | 1,238 | |
|
Eversource Energy | |
5.339% (SOFRINDX + 0.250%) due 08/15/2023 ~ | | | | | 35 | | | | | | 35 | |
|
Mississippi Power Co. | |
5.392% (SOFRRATE + 0.300%) due 06/28/2024 ~ | | | | | 600 | | | | | | 596 | |
|
National Rural Utilities Cooperative Finance Corp. | |
5.362% (SOFRRATE + 0.330%) due 10/18/2024 ~ | | | | | 15 | | | | | | 15 | |
|
NextEra Energy Capital Holdings, Inc. | |
5.481% (SOFRINDX + 0.400%) due 11/03/2023 ~ | | | | | 1,400 | | | | | | 1,400 | |
6.112% (SOFRINDX + 1.020%) due 03/21/2024 ~ | | | | | 500 | | | | | | 500 | |
|
Pacific Gas & Electric Co. | |
1.700% due 11/15/2023 | | | | | 1,900 | | | | | | 1,867 | |
|
Vodafone Group PLC | |
6.250% (US0003M + 0.990%) due 01/16/2024 ~ | | | | | 50 | | | | | | 50 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,770 | |
| | | | | | | | | | | | |
Total Corporate Bonds & Notes (Cost $48,283) | | | 48,264 | |
| | | | |
| |
| U.S. GOVERNMENT AGENCIES 0.1% | |
|
Federal Home Loan Bank | |
5.650% due 05/28/2025 | | | | | 100 | | | | | | 100 | |
|
Freddie Mac | |
5.520% due 05/28/2025 | | | | | 200 | | | | | | 200 | |
| | | | | | | | | | | | |
Total U.S. Government Agencies (Cost $300) | | | 300 | |
| | | | |
| |
| ASSET-BACKED SECURITIES 1.0% | |
|
Citizens Auto Receivables Trust | |
6.016% due 07/15/2026 | | | | | 1,000 | | | | | | 998 | |
|
Hyundai Auto Lease Securitization Trust | |
5.817% due 09/15/2025 | | | | | 200 | | | | | | 200 | |
|
SFS Auto Receivables Securitization Trust | |
5.867% due 03/22/2027 | | | | | 500 | | | | | | 500 | |
|
World Omni Automobile Lease Securitization Trust | |
5.827% due 11/17/2025 | | | | | 200 | | | | | | 200 | |
| | | | | | | | | | | | |
Total Asset-Backed Securities (Cost $1,900) | | | 1,898 | |
| | | | |
| |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 135 |
| | | | | | |
| Consolidated Schedule of Investments | | PIMCO Commodity Strategy Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
| SOVEREIGN ISSUES 2.3% | |
|
CPPIB Capital, Inc. | |
6.308% due 03/11/2026 | | $ | | | 1,450 | | | $ | | | 1,482 | |
6.342% (SOFRINDX + 1.250%) due 04/04/2025 ~ | | | | | 1,000 | | | | | | 1,016 | |
|
PSP Capital, Inc. | |
5.331% (SOFRINDX + 0.240%) due 03/03/2025 ~ | | | | | 2,100 | | | | | | 2,098 | |
| | | | | | | | | | | | |
Total Sovereign Issues (Cost $4,595) | | | 4,596 | |
| | | | |
| |
| SHORT-TERM INSTRUMENTS 108.4% | |
| |
| COMMERCIAL PAPER 22.6% | |
|
American Electric Power Co., Inc. | |
5.440% due 08/07/2023 | | | | | 1,000 | | | | | | 994 | |
5.440% due 08/08/2023 | | | | | 800 | | | | | | 795 | |
|
Arrow Electronics, Inc. | |
5.730% due 07/18/2023 | | | | | 1,900 | | | | | | 1,895 | |
|
Bacardi Martini BV | |
5.750% due 07/12/2023 | | | | | 1,900 | | | | | | 1,897 | |
|
Canadian Imperial Bank of Commerce | |
4.711% due 07/21/2023 | | CAD | | | 100 | | | | | | 75 | |
|
Conagra Brands, Inc. | |
5.600% due 07/20/2023 | | $ | | | 1,900 | | | | | | 1,894 | |
|
Consolidated Edison Co. of New York, Inc. | |
5.420% due 07/17/2023 | | | | | 250 | | | | | | 249 | |
|
Constellation Brands, Inc. | |
5.580% due 07/18/2023 | | | | | 800 | | | | | | 798 | |
5.580% due 07/24/2023 | | | | | 550 | | | | | | 548 | |
5.580% due 07/25/2023 | | | | | 250 | | | | | | 249 | |
5.610% due 07/11/2023 | | | | | 275 | | | | | | 275 | |
|
Constellation Energy Corp. | |
5.300% due 07/13/2023 | | | | | 1,900 | | | | | | 1,896 | |
|
CVS Corp. | |
5.280% due 07/06/2023 | | | | | 1,900 | | | | | | 1,898 | |
|
Daimler Truck Finance North America LLC | |
5.350% due 07/21/2023 | | | | | 1,000 | | | | | | 997 | |
|
Dominion Resources, Inc. | |
5.430% due 07/31/2023 | | | | | 1,900 | | | | | | 1,891 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Duke Energy Corp. | |
5.400% due 08/08/2023 | | $ | | | 1,900 | | | $ | | | 1,889 | |
|
Enbridge (US), Inc. | |
5.450% due 07/25/2023 | | | | | 1,900 | | | | | | 1,893 | |
|
Enel Finance America LLC | |
5.450% due 07/26/2023 | | | | | 1,100 | | | | | | 1,096 | |
5.450% due 08/07/2023 (a) | | | | | 800 | | | | | | 795 | |
|
Global Payments, Inc. | |
5.930% due 07/26/2023 | | | | | 1,700 | | | | | | 1,693 | |
5.930% due 07/28/2023 | | | | | 900 | | | | | | 896 | |
5.950% due 07/14/2023 | | | | | 250 | | | | | | 249 | |
|
Haleon UK Capital PLC | |
5.500% due 08/07/2023 (a) | | | | | 800 | | | | | | 796 | |
5.500% due 08/08/2023 (a) | �� | | | | 1,000 | | | | | | 994 | |
|
Humana, Inc. | |
5.500% due 08/01/2023 | | | | | 900 | | | | | | 896 | |
5.510% due 08/02/2023 | | | | | 600 | | | | | | 597 | |
5.510% due 08/03/2023 | | | | | 400 | | | | | | 398 | |
|
International Flavors & Fragrances, Inc. | |
6.000% due 07/28/2023 | | | | | 1,900 | | | | | | 1,892 | |
|
Keurig Dr Pepper, Inc. | |
5.350% due 07/20/2023 | | | | | 1,900 | | | | | | 1,894 | |
|
Marriott International | |
5.450% due 08/04/2023 | | | | | 250 | | | | | | 249 | |
|
McCormick & Co., Inc. | |
5.350% due 07/25/2023 | | | | | 1,000 | | | | | | 996 | |
|
Mondelez International, Inc. | |
5.370% due 07/24/2023 | | | | | 1,100 | | | | | | 1,096 | |
|
Northrop Grumman Corp. | |
5.600% due 08/22/2023 | | | | | 100 | | | | | | 99 | |
|
Penske Truck Leasing Co. LP | |
5.350% due 07/14/2023 | | | | | 1,000 | | | | | | 998 | |
|
Quanta Services, Inc. | |
5.900% due 07/13/2023 | | | | | 250 | | | | | | 249 | |
5.900% due 07/17/2023 | | | | | 400 | | | | | | 399 | |
5.900% due 07/18/2023 | | | | | 1,200 | | | | | | 1,197 | |
|
Raytheon Technologies Corp. | |
5.410% due 07/17/2023 | | | | | 250 | | | | | | 249 | |
| | | | | | | | | | | | |
| | | | | PRINCIPAL
AMOUNT
(000S) | | | | | MARKET
VALUE
(000S) | |
|
Royal Bank of Canada | |
4.739% due 07/18/2023 | | CAD | | | 100 | | | $ | | | 75 | |
|
Targa Resources Corp. | |
5.950% due 07/26/2023 | | $ | | | 1,000 | | | | | | 996 | |
|
Thomson Reuters Corp. | |
5.500% due 07/19/2023 | | | | | 250 | | | | | | 249 | |
|
Toronto-Dominion Bank | |
4.698% due 07/12/2023 | | CAD | | | 100 | | | | | | 75 | |
|
VW Credit, Inc. | |
5.400% due 07/25/2023 | | $ | | | 1,100 | | | | | | 1,096 | |
5.430% due 07/27/2023 | | | | | 800 | | | | | | 797 | |
|
Walgreens Boots Alliance, Inc. | |
5.850% due 07/10/2023 (a) | | | | | 1,900 | | | | | | 1,897 | |
|
Waste Management, Inc. | |
5.400% due 08/09/2023 | | | | | 1,900 | | | | | | 1,889 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 44,935 | |
| | | | | | | | | | | | |
| |
| REPURCHASE AGREEMENTS (e) 85.7% | |
| | | | | | | | | | | 170,400 | |
| | | | | | | | | | | | |
| |
| U.S. TREASURY BILLS 0.1% | |
5.293% due 09/14/2023 (b)(c)(h) | | | | | 112 | | | | | | 111 | |
| | | | | | | | | | | | |
Total Short-Term Instruments
(Cost $215,461) | | | 215,446 | |
| | | | |
| | | | |
| | | | | | | | | | | | |
| Total Investments in Securities (Cost $270,539) | | | 270,504 | |
| | | | |
| | | | | | | | | | | | |
Total Investments 136.1%
(Cost $270,539) | | | $ | | | 270,504 | |
| |
Financial Derivative
Instruments (f)(g) 1.1% (Cost or Premiums, net $(92)) | | | | | | | | | 2,244 | |
| |
| Other Assets and Liabilities, net (37.2)% | | | (74,026 | ) |
| | | | |
| Net Assets 100.0% | | | $ | | | 198,722 | |
| | | | | | | |
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. |
| • | Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description. |
| (c) | Coupon represents a yield to maturity. |
(d) RESTRICTED SECURITIES:
| | | | | | | | | | | | | | | | | | | | | | |
| Issuer Description | | Coupon | | Maturity
Date | | | Acquisition
Date | | | Cost | | | Market
Value | | | Market Value
as Percentage
of Net Assets
| |
Deutsche Bank AG | | 0.898% | | | 05/28/2024 | | | | 06/26/2023 | | | | $ 953 | | | $ | 950 | | | | 0.48% | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| 136 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS
(e) REPURCHASE AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Lending
Rate | | | Settlement
Date | | | Maturity
Date | | | Principal
Amount | | | Collateralized By | | Collateral
(Received) | | | Repurchase
Agreements,
at Value | | | Repurchase
Agreement
Proceeds
to be
Received(1) | |
| BPS | | | 5.060 | % | | | 07/03/2023 | | | | 07/05/2023 | | | $ | 77,000 | | | U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2025 | | $ | (78,496 | ) | | $ | 77,000 | | | $ | 77,000 | |
| | | 5.100 | | | | 06/30/2023 | | | | 07/03/2023 | | | | 88,600 | | | U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2027 | | | (90,523 | ) | | | 88,600 | | | | 88,638 | |
| | | 5.110 | | | | 06/30/2023 | | | | 07/03/2023 | | | | 4,800 | | | U.S. Treasury Notes 1.250% due 08/15/2031 | | | (4,900 | ) | | | 4,800 | | | | 4,802 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Repurchase Agreements | | | | | $ | (173,919 | ) | | $ | 170,400 | | | $ | 170,440 | |
| | | | | | | | | | | | | | | |
BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Repurchase
Agreement
Proceeds
to be
Received(1) | | | Payable for
Reverse
Repurchase
Agreements | | | Payable for
Sale-Buyback
Transactions | | | Securities
Out on Loan | | | Total
Borrowings and
Other Financing
Transactions | | | Collateral
Pledged/(Received) | | | Net Exposure(2) | |
Global/Master Repurchase Agreement | |
BPS | | $ | 170,440 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 170,440 | | | $ | (173,919 | ) | | $ | (3,479 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings and Other Financing Transactions | | $ | 170,440 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Includes accrued interest. |
| (2) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
The average amount of borrowings outstanding during the period ended June 30, 2023 was $(64) at a weighted average interest rate of 5.294%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.
(f) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED
WRITTEN OPTIONS:
COMMODITY OPTIONS
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Strike
Price | | | Expiration
Date | | | # of
Contracts | | | Notional
Amount | | | Premiums
(Received) | | | Market
Value | |
Put - EDX Natural Gas August 2023 Futures | | $ | 2.000 | | | | 07/26/2023 | | | | 7 | | | $ | | | | | 70 | | | $ | (9 | ) | | $ | (1 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Written Options | | | $ | (9 | ) | | $ | (1 | ) |
| | | | | | | | | |
FUTURES CONTRACTS:
LONG FUTURES CONTRACTS
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Expiration
Month | | | # of
Contracts | | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | | | Variation Margin | |
| | Asset | | | Liability | |
Brent Crude March Futures | | | 01/2024 | | | | 346 | | | $ | | | | | 25,666 | | | $ | 267 | | | $ | 204 | | | $ | 0 | |
California Carbon Allowance December Futures | | | 12/2023 | | | | 177 | | | | | | | | 5,834 | | | | (12 | ) | | | 28 | | | | 0 | |
Cocoa December Futures | | | 12/2023 | | | | 151 | | | | | | | | 5,078 | | | | 197 | | | | 133 | | | | 0 | |
Copper September Futures | | | 09/2023 | | | | 72 | | | | | | | | 6,767 | | | | (149 | ) | | | 109 | | | | 0 | |
Cotton No. 2 December Futures | | | 12/2023 | | | | 72 | | | | | | | | 2,893 | | | | 41 | | | | 48 | | | | 0 | |
European Climate Exchange December Futures | | | 12/2023 | | | | 18 | | | | | | | | 1,750 | | | | (18 | ) | | | 27 | | | | 0 | |
Gas Oil December Futures | | | 12/2023 | | | | 98 | | | | | | | | 6,774 | | | | 30 | | | | 137 | | | | 0 | |
Gold 100 oz. December Futures | | | 12/2023 | | | | 44 | | | | | | | | 8,659 | | | | (82 | ) | | | 51 | | | | 0 | |
Hard Red Winter Wheat December Futures | | | 12/2023 | | | | 94 | | | | | | | | 3,761 | | | | (228 | ) | | | 0 | | | | (6 | ) |
Iron Ore September Futures | | | 09/2023 | | | | 271 | | | | | | | | 2,908 | | | | (10 | ) | | | 0 | | | | (55 | ) |
Live Cattle February Futures October Futures | | | 10/2023 | | | | 43 | | | | | | | | 3,088 | | | | 81 | | | | 32 | | | | 0 | |
Natural Gas August Futures | | | 07/2023 | | | | 44 | | | | | | | | 1,231 | | | | 47 | | | | 43 | | | | 0 | |
Natural Gas September Futures | | | 08/2023 | | | | 39 | | | | | | | | 1,082 | | | | (17 | ) | | | 32 | | | | 0 | |
New York Harbor ULSD December Futures | | | 11/2023 | | | | 49 | | | | | | | | 4,982 | | | | 53 | | | | 81 | | | | 0 | |
Nickel September Futures | | | 09/2023 | | | | 14 | | | | | | | | 1,723 | | | | (141 | ) | | | 0 | | | | (125 | ) |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 137 |
| | | | | | |
| Consolidated Schedule of Investments | | PIMCO Commodity Strategy Active Exchange-Traded Fund | | (Cont.) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Expiration
Month | | | # of
Contracts | | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | | | Variation Margin | |
| | Asset | | | Liability | |
RBOB Gasoline December Futures | | | 11/2023 | | | | 156 | | | $ | | | | | 13,859 | | | $ | 116 | | | $ | 225 | | | $ | 0 | |
Silver December Futures | | | 12/2023 | | | | 3 | | | | | | | | 350 | | | | (3 | ) | | | 3 | | | | 0 | |
Silver September Futures | | | 09/2023 | | | | 20 | | | | | | | | 2,302 | | | | (40 | ) | | | 22 | | | | 0 | |
Soybean January Futures | | | 01/2024 | | | | 26 | | | | | | | | 1,751 | | | | 61 | | | | 94 | | | | 0 | |
Soybean Meal December Futures | | | 12/2023 | | | | 123 | | | | | | | | 4,887 | | | | (34 | ) | | | 207 | | | | 0 | |
Soybean Meal January Futures | | | 01/2024 | | | | 11 | | | | | | | | 434 | | | | 9 | | | | 18 | | | | 0 | |
Soybean November Futures | | | 11/2023 | | | | 146 | | | | | | | | 9,806 | | | | 124 | | | | 566 | | | | 0 | |
Soybean Oil January Futures | | | 01/2024 | | | | 13 | | | | | | | | 456 | | | | 21 | | | | 29 | | | | 0 | |
Sugar No. 11 March Futures | | | 02/2024 | | | | 382 | | | | | | | | 9,793 | | | | (909 | ) | | | 282 | | | | 0 | |
Sugar No. 11 October Futures | | | 09/2023 | | | | 64 | | | | | | | | 1,634 | | | | (172 | ) | | | 51 | | | | 0 | |
Wheat December Futures | | | 12/2023 | | | | 287 | | | | | | | | 9,604 | | | | (876 | ) | | | 0 | | | | (219 | ) |
WTI Crude December Futures | | | 11/2023 | | | | 249 | | | | | | | | 17,530 | | | | 51 | | | | 140 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | (1,593 | ) | | $ | 2,562 | | | $ | (405 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SHORT FUTURES CONTRACTS | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Expiration
Month | | | # of
Contracts | | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | | | Variation Margin | |
| | Asset | | | Liability | |
Corn December Futures | | | 12/2023 | | | | 162 | | | $ | | | | | (4,007 | ) | | $ | 809 | | | $ | 273 | | | $ | 0 | |
Nickel September Futures | | | 09/2023 | | | | 1 | | | | | | | | (123 | ) | | | 2 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 811 | | | $ | 273 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Futures Contracts | | | | | | | $ | (782 | ) | | $ | 2,835 | | | $ | (405 | ) |
| | | | | | | | | | | | | | | | | |
FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Financial Derivative Assets | | | | | | Financial Derivative Liabilities | |
| | | Market Value | | | Variation Margin
Asset | | | Total | | | | | | Market Value | | | Variation Margin
Liability | | | Total | |
| | | Purchased
Options | | | Futures | | | Swap
Agreements | | | | | | Written
Options | | | Futures | | | Swap
Agreements | |
Total Exchange-Traded or Centrally Cleared | | $ | 0 | | | $ | 2,835 | | | $ | 0 | | | $ | 2,835 | | | | | | | $ | (1) | | | $ | (405 | ) | | $ | 0 | | | $ | (406 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash of $9,685 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.
(g) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER
FORWARD FOREIGN CURRENCY CONTRACTS:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Settlement
Month | | | Currency to
be Delivered | | | Currency to
be Received | | | Unrealized Appreciation/ (Depreciation) | |
| | Asset | | | Liability | |
AZD | | | 08/2023 | | | $ | | | 30 | | | EUR | | | 27 | | | $ | 0 | | | $ | 0 | |
| | | | | | | |
JPM | | | 07/2023 | | | CAD | | | 200 | | | $ | | | 148 | | | | 0 | | | | (3 | ) |
| | | 08/2023 | | | EUR | | | 4 | | | | | | 4 | | | | 0 | | | | 0 | |
| | | 08/2023 | | | $ | | | 8 | | | EUR | | | 7 | | | | 0 | | | | 0 | |
| | | | | | | |
RBC | | | 07/2023 | | | CAD | | | 100 | | | $ | | | 74 | | | | 0 | | | | (1 | ) |
| | | | | | | |
RYL | | | 08/2023 | | | EUR | | | 5 | | | | | | 6 | | | | 0 | | | | 0 | |
| | | 08/2023 | | | $ | | | 14 | | | EUR | | | 13 | | | | 0 | | | | 0 | |
| | | | | | | |
SCX | | | 08/2023 | | | EUR | | | 253 | | | $ | | | 279 | | | | 2 | | | | 0 | |
| | | 08/2023 | | | $ | | | 176 | | | EUR | | | 162 | | | | 1 | | | | 0 | |
| | | | | | | |
SOG | | | 08/2023 | | | | | | 3 | | | | | | 3 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Forward Foreign Currency Contracts | | | $ | 3 | | | $ | (4 | ) |
| | | | | | | | | |
| | | | | | |
| 138 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
SWAP AGREEMENTS:
TOTAL RETURN SWAPS ON COMMODITY INDICES
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Pay/Receive(1) | | Underlying Reference | | # of Units | | | Financing Rate | | Payment
Frequency | | Maturity
Date | | Notional
Amount | | | Premiums
Paid/(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Swap Agreements,
at Value | |
| | Asset | | | Liability | |
CIB | | Receive | | PIMCODB Index(3) | | | 22,397 | | | 0.000% | | Monthly | | 02/15/2024 | | $ | 4,206 | | | $ | 0 | | | $ | (43 | ) | | $ | 0 | | | $ | (43 | ) |
GST | | Receive | | PIMCODB Index(4) | | | 75,411 | | | 0.000% | | Monthly | | 02/15/2024 | | | 7,335 | | | | (58 | ) | | | (18 | ) | | | 0 | | | | (76 | ) |
JPM | | Receive | | JMABNIC5 Index(5) | | | 29,696 | | | 0.000% | | Monthly | | 02/15/2024 | | | 5,319 | | | | (25 | ) | | | (5 | ) | | | 0 | | | | (30 | ) |
MAC | | Receive | | PIMCODB Index(6) | | | 20,052 | | | 0.000% | | Monthly | | 02/15/2024 | | | 3,646 | | | | 0 | | | | (35 | ) | | | 0 | | | | (35 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Swap Agreements | | | $ | (83 | ) | | $ | (101 | ) | | $ | 0 | | | $ | (184 | ) |
| | | | | | | | | | | | | | | | | |
FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Financial Derivative Assets | | | | | | Financial Derivative Liabilities | | | | | | | | | | |
| Counterparty | | Forward
Foreign
Currency
Contracts | | | Purchased
Options | | | Swap
Agreements | | | Total
Over the
Counter | | | | | | Forward
Foreign
Currency
Contracts | | | Written
Options | | | Swap
Agreements | | | Total
Over the
Counter | | | Net Market
Value of OTC
Derivatives | | | Collateral
Pledged/
(Received) | | | Net
Exposure(2) | |
CIB | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | | | $ | 0 | | | $ | 0 | | | $ | (43 | ) | | $ | (43 | ) | | $ | (43 | ) | | $ | 0 | | | $ | (43 | ) |
GST | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | | | | | 0 | | | | 0 | | | | (76 | ) | | | (76 | ) | | | (76 | ) | | | 111 | | | | 35 | |
JPM | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | | | | | (3 | ) | | | 0 | | | | (30 | ) | | | (33 | ) | | | (33 | ) | | | 0 | | | | (33 | ) |
MAC | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | | | | | 0 | | | | 0 | | | | (35 | ) | | | (35 | ) | | | (35 | ) | | | 0 | | | | (35 | ) |
RBC | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | | | | | (1 | ) | | | 0 | | | | 0 | | | | (1 | ) | | | (1 | ) | | | 0 | | | | (1 | ) |
SCX | | | 3 | | | | 0 | | | | 0 | | | | 3 | | | | | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 3 | | | | 0 | | | | 3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Over the Counter | | $ | 3 | | | $ | 0 | | | $ | 0 | | | $ | 3 | | | | | | | $ | (4 | ) | | $ | 0 | | | $ | (184 | ) | | $ | (188 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (h) | Securities with an aggregate market value of $111 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2023. |
| (1) | Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. |
| (2) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. |
| (3) | The following table represents the individual positions within the total return swap as of June 30, 2023: |
| | | | | | | | |
| Referenced Commodity — Long Futures Contracts | | % of Index | | | Notional Amount* | |
Brent Crude January 2024 Futures | | | 13.5 | % | | $ | 566 | |
Cocoa December 2023 Futures | | | 3.9 | | | | 164 | |
Copper September 2023 Futures | | | 2.8 | | | | 116 | |
Corn December 2023 Futures | | | 3.5 | | | | 147 | |
Cotton No. 02 December 2023 Futures | | | 1.6 | | | | 69 | |
Gas Oil November 2023 Futures | | | 4.2 | | | | 178 | |
Gold 100 oz. December 2023 Futures | | | 0.3 | | | | 13 | |
Hard Red Winter Wheat December 2023 Futures | | | 3.0 | | | | 125 | |
New York Harbor ULSD November 2023 Futures | | | 2.6 | | | | 109 | |
RBOB Gasoline November 2023 Futures | | | 9.3 | | | | 392 | |
Silver December 2023 Futures | | | 0.3 | | | | 13 | |
Soybean Meal December 2023 Futures | | | 0.3 | | | | 14 | |
Soybean Oil December 2023 Futures | | | 0.4 | | | | 14 | |
Soybeans November 2023 Futures | | | 4.3 | | | | 179 | |
Sugar No. 11 March 2024 Futures | | | 7.7 | | | | 325 | |
Wheat December 2023 Futures | | | 0.1 | | | | 5 | |
WTI Crude November 2023 Futures | | | 13.7 | | | | 578 | |
| | | | | | | | |
Total Long Futures Contracts | | | | | | $ | 3,007 | |
| | | | | | | | |
Cash | | | 28.5 | % | | $ | 1,199 | |
| | | | | | | | |
Total Notional Amount | | | | | | $ | 4,206 | |
| | | | | | | | |
| * | The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 139 |
| | | | | | |
| Consolidated Schedule of Investments | | PIMCO Commodity Strategy Active Exchange-Traded Fund | | (Cont.) | | |
| (4) | The following table represents the individual positions within the total return swap as of June 30, 2023: |
| | | | | | | | |
| Referenced Commodity — Long Futures Contracts | | % of Index | | | Notional Amount* | |
Brent Crude January 2024 Futures | | | 20.5 | % | | $ | 1,501 | |
Cocoa December 2023 Futures | | | 6.1 | | | | 444 | |
Copper September 2023 Futures | | | 0.0 | | | | 3 | |
Corn December 2023 Futures | | | 0.1 | | | | 4 | |
Cotton No. 02 December 2023 Futures | | | 0.0 | | | | 2 | |
Gas Oil November 2023 Futures | | | 6.5 | | | | 480 | |
Gold 100 oz. December 2023 Futures | | | 0.5 | | | | 36 | |
Hard Red Winter Wheat December 2023 Futures | | | 0.1 | | | | 3 | |
New York Harbor ULSD November 2023 Futures | | | 0.0 | | | | 3 | |
RBOB Gasoline November 2023 Futures | | | 0.1 | | | | 10 | |
Silver December 2023 Futures | | | 0.5 | | | | 35 | |
Soybean Meal December 2023 Futures | | | 0.5 | | | | 37 | |
Soybean Oil December 2023 Futures | | | 0.0 | | | | 0 | |
Soybeans November 2023 Futures | | | 0.1 | | | | 5 | |
Sugar No. 11 March 2024 Futures | | | 0.1 | | | | 9 | |
Wheat December 2023 Futures | | | 0.0 | | | | 0 | |
WTI Crude November 2023 Futures | | | 20.8 | | | | 1,527 | |
| | | | | | | | |
Total Long Futures Contracts | | | | | | $ | 4,099 | |
| | | | | | | | |
Cash | | | 44.1 | % | | $ | 3,236 | |
| | | | | | | | |
Total Notional Amount | | | | | | $ | 7,335 | |
| | | | | | | | |
| * | The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. |
| (5) | The following table represents the individual positions within the total return swap as of June 30, 2023: |
| | | | | | | | |
| Referenced Commodity — Long Futures Contracts | | % of Index | | | Notional Amount* | |
Brent Crude December 2023 Futures | | | 27.8 | % | | $ | 1,480 | |
Cotton No. 02 December 2023 Futures | | | 0.0 | | | | 1 | |
Gas Oil November 2023 Futures | | | 4.0 | | | | 215 | |
Gold 100 oz. August 2023 Futures | | | 27.3 | | | | 1,450 | |
Live Cattle August 2023 Futures | | | 0.1 | | | | 5 | |
LME - Copper August 2022 Futures | | | 10.8 | | | | 574 | |
New York Harbor ULSD November 2023 Futures | | | 0.1 | | | | 3 | |
Nickel August 2023 Futures | | | 5.5 | | | | 292 | |
RBOB Gasoline November 2023 Futures | | | 0.1 | | | | 4 | |
Silver September 2023 Futures | | | 7.8 | | | | 417 | |
Soybean Meal December 2023 Futures | | | 16.2 | | | | 864 | |
Soybeans November 2023 Futures | | | 0.2 | | | | 11 | |
Sugar No. 11 October 2023 Futures | | | 0.1 | | | | 3 | |
| | | | | | | | |
Total Long Futures Contracts | | | | | | $ | 5,319 | |
| | | | | | | | |
Cash | | | 0.0 | % | | $ | 0 | |
| | | | | | | | |
Total Notional Amount | | | | | | $ | 5,319 | |
| | | | | | | | |
| * | The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. |
| (6) | The following table represents the individual positions within the total return swap as of June 30, 2023: |
| | | | | | | | |
| Referenced Commodity — Long Futures Contracts | | % of Index | | | Notional Amount* | |
Brent Crude January 2024 Futures | | | 13.5 | % | | $ | 491 | |
Cocoa December 2023 Futures | | | 3.9 | | | | 142 | |
Copper September 2023 Futures | | | 2.8 | | | | 101 | |
Corn December 2023 Futures | | | 3.5 | | | | 127 | |
Cotton No. 02 December 2023 Futures | | | 1.6 | | | | 60 | |
Gas Oil November 2023 Futures | | | 4.2 | | | | 154 | |
Gold 100 oz. December 2023 Futures | | | 0.3 | | | | 11 | |
Hard Red Winter Wheat December 2023 Futures | | | 3.0 | | | | 108 | |
New York Harbor ULSD November 2023 Futures | | | 2.6 | | | | 94 | |
RBOB Gasoline November 2023 Futures | | | 9.3 | | | | 340 | |
Silver December 2023 Futures | | | 0.3 | | | | 11 | |
Soybean Meal December 2023 Futures | | | 0.3 | | | | 12 | |
Soybean Oil December 2023 Futures | | | 0.4 | | | | 12 | |
Soybeans November 2023 Futures | | | 4.3 | | | | 155 | |
Sugar No. 11 March 2024 Futures | | | 7.7 | | | | 282 | |
Wheat December 2023 Futures | | | 0.1 | | | | 5 | |
WTI Crude November 2023 Futures | | | 13.7 | | | | 501 | |
| | | | | | | | |
Total Long Futures Contracts | | | | | | $ | 2,606 | |
| | | | | | | | |
Cash | | | 28.5 | % | | $ | 1,040 | |
| | | | | | | | |
Total Notional Amount | | | | | | $ | 3,646 | |
| | | | | | | | |
| * | The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. |
| | | | | | |
| 140 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.
Fair Values of Financial Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | |
Futures | | $ | 2,835 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 2,835 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 3 | | | $ | 0 | | | $ | 3 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 2,835 | | | $ | 0 | | | $ | 0 | | | $ | 3 | | | $ | 0 | | | $ | 2,838 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | |
Written Options | | $ | 1 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 1 | |
Futures | | | 405 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 405 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 406 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 406 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 4 | | | $ | 0 | | | $ | 4 | |
Swap Agreements | | | 184 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 184 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 184 | | | $ | 0 | | | $ | 0 | | | $ | 4 | | | $ | 0 | | | $ | 188 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 590 | | | $ | 0 | | | $ | 0 | | | $ | 4 | | | $ | 0 | | | $ | 594 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Derivatives not accounted for as hedging instruments | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Exchange
Contracts | | | Interest
Rate Contracts | | | Total | |
Net Realized Gain (Loss) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Futures | | $ | (374 | ) | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (374 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Purchased Options | | $ | 12 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 12 | |
Swap Agreements | | | 196 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 196 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 208 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 208 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | (166 | ) | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (166 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | |
Exchange-traded or centrally cleared | |
Written Options | | $ | 8 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 8 | |
Futures | | | (782 | ) | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | (782 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | (774 | ) | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (774 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Over the counter | |
Forward Foreign Currency Contracts | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | (1 | ) | | $ | 0 | | | $ | (1 | ) |
Swap Agreements | | | (100 | ) | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | (100 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | (100 | ) | | $ | 0 | | | $ | 0 | | | $ | (1 | ) | | $ | 0 | | | $ | (101 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | (874 | ) | | $ | 0 | | | $ | 0 | | | $ | (1 | ) | | $ | 0 | | | $ | (875 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| See Accompanying Notes | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 141 |
| | | | | | |
| Consolidated Schedule of Investments | | PIMCO Commodity Strategy Active Exchange-Traded Fund | | (Cont.) | | June 30, 2023 |
FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Investments in Securities, at Value | |
Corporate Bonds & Notes | |
Banking & Finance | | $ | 0 | | | $ | 33,174 | | | $ | 0 | | | $ | 33,174 | |
Industrials | | | 0 | | | | 9,320 | | | | 0 | | | | 9,320 | |
Utilities | | | 0 | | | | 5,770 | | | | 0 | | | | 5,770 | |
U.S. Government Agencies | | | 0 | | | | 300 | | | | 0 | | | | 300 | |
Asset-Backed Securities | | | 0 | | | | 1,898 | | | | 0 | | | | 1,898 | |
Sovereign Issues | | | 0 | | | | 4,596 | | | | 0 | | | | 4,596 | |
Short-Term Instruments | |
Commercial Paper | | | 1,790 | | | | 43,145 | | | | 0 | | | | 44,935 | |
Repurchase Agreements | | | 0 | | | | 170,400 | | | | 0 | | | | 170,400 | |
U.S. Treasury Bills | | | 0 | | | | 111 | | | | 0 | | | | 111 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments | | $ | 1,790 | | | $ | 268,714 | | | $ | 0 | | | $ | 270,504 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Category and Subcategory | | Level 1 | | | Level 2 | | | Level 3 | | | Fair
Value at
06/30/2023 | |
Financial Derivative Instruments - Assets | |
Exchange-traded or centrally cleared | | $ | 2,835 | | | $ | 0 | | | $ | 0 | | | $ | 2,835 | |
Over the counter | | | 0 | | | | 3 | | | | 0 | | | | 3 | |
| | | | | | | | | | | | | | | | |
| | $ | 2,835 | | | $ | 3 | | | $ | 0 | | | $ | 2,838 | |
| | | | | | | | | | | | | | | | |
|
Financial Derivative Instruments - Liabilities | |
Exchange-traded or centrally cleared | | | (406 | ) | | | 0 | | | | 0 | | | | (406 | ) |
Over the counter | | | 0 | | | | (188 | ) | | | 0 | | | | (188 | ) |
| | | | | | | | | | | | | | | | |
| | $ | (406 | ) | | $ | (188 | ) | | $ | 0 | | | $ | (594 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Total Financial Derivative Instruments | | $ | 2,429 | | | $ | (185 | ) | | $ | 0 | | | $ | 2,244 | |
| | | | | | | | | | | | | | | | |
| | | | |
Totals | | $ | 4,219 | | | $ | 268,529 | | | $ | 0 | | | $ | 272,748 | |
| | | | | | | | | | | | | | | | |
There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.
| | | | | | |
| 142 | | PIMCO ETF TRUST | | | See Accompanying Notes | |
| | | | |
| Notes to Financial Statements | | | | June 30, 2023 |
1. ORGANIZATION
PIMCO ETF Trust (the “Trust”) was established as a Delaware statutory trust on November 14, 2008. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the funds (each a “Fund” and collectively the “Funds”) offered by the Trust. Pacific Investment Management Company LLC (“PIMCO” or “Manager”) serves as the investment adviser for the Funds.
The PIMCO Commodity Strategy Active Exchange-Traded Fund has established a Cayman Islands exempted company, the “Commodity Subsidiary”, which is wholly-owned and controlled by the Fund. See Note 15, Basis for Consolidation in the Notes to Financial Statements for more information regarding the Subsidiary.
Each Fund is an exchange-traded fund (“ETF”). ETFs are funds that trade like other publicly-traded securities and may be designed to track an index or to be actively managed. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value (“NAV”), shares of a Fund may be directly purchased from and redeemed by a Fund at NAV solely by certain large institutional investors. Also unlike shares of a mutual fund, shares of each Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day. Each Fund offers and issues shares only in aggregations of a specified number of shares (“Creation Units”).
Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the “Board.”
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-
delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.
Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.
(b) Foreign Taxes The Funds may be subject to foreign taxes on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by the Funds and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of June 30, 2023, if any, are disclosed in the Statements of Assets and Liabilities.
(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 143 |
| | | | |
| Notes to Financial Statements | | (Cont.) | | |
denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.
(d) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.
| | | | | | | | | | | | |
| | | | Distribution Frequency | |
| | | |
| Fund Name | | | | | Declared | | | Distributed | |
| | | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | Monthly | | | | Monthly | |
| | | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | Monthly | | | | Monthly | |
| | | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | Monthly | | | | Monthly | |
| | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | Monthly | | | | Monthly | |
| | | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | Monthly | | | | Monthly | |
| | | |
PIMCO Active Bond Exchange-Traded Fund | | | | | | | Monthly | | | | Monthly | |
| | | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | Monthly | | | | Monthly | |
| | | |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | Monthly | | | | Monthly | |
| | | |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | Monthly | | | | Monthly | |
| | | |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | Monthly | | | | Monthly | |
| | | |
PIMCO Multisector Bond Active Exchange-Traded Fund | | | | | | | Monthly | | | | Monthly | |
| | | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | Monthly | | | | Monthly | |
| | | | | | | | | | | | |
| | | | Distribution Frequency | |
| | | |
| Fund Name | | | | | Declared | | | Distributed | |
| | | |
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | | | | | | | Monthly | | | | Monthly | |
| | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | Monthly | | | | Monthly | |
| | | |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | Monthly | | | | Monthly | |
| | | |
PIMCO Ultra Short Government Active Exchange-Traded Fund | | | | | | | Monthly | | | | Monthly | |
| | | |
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | | | | | | | Quarterly | | | | Quarterly | |
| | | |
PIMCO Commodity Strategy Active Exchange-Traded Fund | | | | | | | Quarterly | | | | Quarterly | |
In addition, each Fund distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently. The Funds may revise its distribution policy or postpone the payment of distributions at any time.
Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund’s annual financial statements presented under U.S. GAAP.
Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Funds, the
treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.
Distributions classified as a tax basis return of capital at a Fund’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.
(e) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Funds’ financial statements.
In October 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The compliance date for the new rule and the related
reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds’ financial statements.
In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds’ financial statements.
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.
In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.
The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business days after the trade date (T+1). The effective date was May 5, 2023, and the compliance date for the amendments is May 28, 2024.
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| Notes to Financial Statements | | (Cont.) | | |
At this time, management is evaluating the implications of these changes on the financial statements.
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
(a) Investment Valuation Policies The NAV of a Fund’s shares, or each of their respective share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.
On each day that the New York Stock Exchange (“NYSE”) is open, the Funds’ shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.
For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.
Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).
Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund’s NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.
If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these
purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when a Fund is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.
Senior secured floating rate loans for which an active secondary market exists to a reliable degree are valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a Pricing Service. Senior secured floating rate loans for which an active secondary market does not exist to a reliable degree are valued at fair value, which is intended to approximate market value. In valuing a senior secured floating rate loan at fair value, the factors considered may include, but are not limited to, the following: (a) the creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.
Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Funds normally will be taken into account in calculating the NAV. The Fund’s whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.
Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund’s next calculated NAV.
Fair valuation may require subjective determinations about the value of a security. While the Trust’s and Valuation Designee’s policies and procedures are intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot
ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds’ use of fair valuation may also help to deter “stale price arbitrage” as discussed under the “Abusive Trading Practices” section in each Fund’s prospectus.
(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:
| ∎ | | Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities. |
| ∎ | | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |
| ∎ | | Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments. |
Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.
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| Notes to Financial Statements | | (Cont.) | | |
For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.
(c) Valuation Techniques and the Fair Value Hierarchy
Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:
Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.
Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.
Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.
Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.
Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.
Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.
Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.
Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.
Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.
If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Manager may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Manager does not
have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.
Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.
Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.
When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.
4. SECURITIES AND OTHER INVESTMENTS
(a) Investments in Affiliates
Each Fund eligible to participate in securities lending may invest the cash collateral received for securities out on loan in the PIMCO Government Money Market Fund under the Securities Lending Agreement. All or a portion of Dividend Income as shown in the table below represents the income earned on the cash collateral invested in PIMCO Government Money Market Fund and is included on the Statements of Operations as a component of Securities Lending Income. PIMCO Government Money Market Fund is considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each affiliate fund’s shareholder report is also available at the SEC’s website at www.sec.gov, on the Funds’ website at www.pimco.com, or upon request, as applicable. The table below shows the Funds’ transactions in and earnings from investments in the affiliated Fund for the period ended June 30, 2023 (amounts in thousands†):
Investments in PIMCO Government Money Market Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fund Name | | | | | Market Value
06/30/2022 | | | Purchases at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Market Value
06/30/2023 | | | Dividend
Income(1) | | | Realized Net
Capital Gain
Distributions(1) | |
| | | | | | | | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | $ | 12,399 | | | $ | 163,721 | | | $ | (151,057 | ) | | $ | 0 | | | $ | 0 | | | $ | 25,063 | | | $ | 1,193 | | | $ | 0 | |
| | | | | | | | | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 0 | | | | 22,909 | | | | (19,981 | ) | | | 0 | | | | 0 | | | | 2,928 | | | | 96 | | | | 0 | |
| | | | | | | | | |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 3,879 | | | | 48,281 | | | | (52,011 | ) | | | 0 | | | | 0 | | | | 149 | | | | 53 | | | | 0 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (1) | The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. |
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| Notes to Financial Statements | | (Cont.) | | |
The table below shows the Fund’s transactions in and earnings from investments in the affiliated Fund for the period ended June 30, 2023 (amounts in thousands†):
PIMCO Active Bond Exchange-Traded Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Underlying PIMCO Fund | | | | | Market Value
06/30/2022 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Market Value
06/30/2023 | | | Dividend
Income(1) | | | Realized Net
Capital Gain
Distributions(1) | |
| | | | | | | | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | $ | 0 | | | $ | 18,570 | | | $ | 0 | | | $ | 0 | | | $ | 257 | | | $ | 18,827 | | | $ | 70 | | | $ | 0 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (1) | The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. |
(b) Investments in Securities
The Funds may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.
Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.
Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities (“TIPS”). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.
Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a
portion of loans from third parties or investments in or originations of loans by the Fund or Funds. A loan is often administered by a bank or other financial institution (the “agent”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.
The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower’s obligation to the holder of such a loan, including in the event of the borrower’s insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.
Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the
underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments are reflected as a liability on the Statements of Assets and Liabilities.
Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.
Collateralized Debt Obligations (“CDOs”) include Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs”) and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the
collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund’s prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.
Collateralized Mortgage Obligations (“CMOs”) are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as “tranches,” with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.
Stripped Mortgage-Backed Securities (“SMBS”) are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.
Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.
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| Notes to Financial Statements | | (Cont.) | | |
Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.
Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds as of June 30, 2023, as applicable, are disclosed in the Notes to Schedules of Investments.
Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); and others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.
Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the
U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.
In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the “Single Security Initiative”). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.
Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds’ TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.
Separate Trading of Registered Interest and Principal of Securities (“STRIPS”) are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.
Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will
expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.
When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).
5. BORROWINGS AND OTHER FINANCING TRANSACTIONS
The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund’s respective investment policies.
The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund’s financial statements is described below.
(a) Line of Credit The PIMCO Senior Loan Active Exchange-Traded Fund entered into a 360-day liquidity loan facility agreement with State Street Bank & Trust Company. State Street Bank & Trust Company serves as both a bank and as an agent for the other banks that are parties to the agreement. The Fund pays financing charges based on a combination of an overnight bank funding rate based on variable rate plus a credit spread. The Fund also pays a fee of 0.15% per annum on the unused commitment amounts. As of June 30, 2023, if applicable, any outstanding borrowings would be disclosed as a payable for line of credit on the Statements of Assets and Liabilities. Interest and commitment and upfront fees, if any, paid by the Fund are disclosed as part of the interest expense on the Statements of Operations. Legal costs related to the annual renewal of the line of credit are included in Miscellaneous Expenses on the Statements of Operations.
As of June 30, 2023, the maximum available commitment and related fees for the revolving credit agreement are:
| | | | | | | | | | |
Maximum Available
Commitment | | | Expiration Date | | | Commitment and
Upfront Fees | |
| $ | 5,000,000 | | | | 08/29/2023 | | | $ | 1,806 | |
(b) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund’s custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.
(c) Reverse Repurchase Agreements In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Manager or will otherwise cover its obligations under reverse repurchase agreements.
(d) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the
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| Notes to Financial Statements | | (Cont.) | | |
security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the ‘price drop.’ A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Manager or will otherwise cover its obligations under sale-buyback transactions.
(e) Securities Lending The Funds listed below may seek to earn additional income by lending their securities to certain qualified broker-dealers and institutions on a short-term or long-term basis via a lending agent.
|
| Fund Name |
|
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund |
|
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund |
|
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund |
|
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund |
|
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund |
|
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund |
|
PIMCO Enhanced Low Duration Active Exchange-Traded Fund |
|
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund |
|
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund |
|
PIMCO Senior Loan Active Exchange-Traded Fund |
Securities on loan are required to be secured by cash collateral at least equal to 102% of the domestic, or 105% of the foreign security’s market value. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Funds will then invest the cash collateral received in the PIMCO Government Money Market Fund and record a liability for the return of the collateral during the period the securities are on loan. Each Fund is subject to a lending limit of 33.33% of total assets (including the value of collateral).
The loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail to return loaned securities, the Fund has the right to repurchase the securities using the collateral in the open market.
The borrower pays fees at the Funds’ direction to the lending agent. The lending agent may retain a portion of the fees and interest earned on the cash collateral invested as compensation for its services. Investments made with the cash collateral are disclosed on the Schedules of Investments, if applicable. The lending fees and the Funds’ portion of the interest income earned on cash collateral are included on the Statements of Operations as securities lending income, if applicable.
(f) Interfund Lending In accordance with an exemptive order (the “Order”) from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.
During the period ended June 30, 2023, the Funds did not participate in the Interfund Lending Program.
6. FINANCIAL DERIVATIVE INSTRUMENTS
The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund’s respective investment policies.
The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds’ financial position, results of operations and cash flows. The location and fair value amounts of these
instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.
(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.
(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund (“Futures Variation Margin”). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.
Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.
(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (“call”) or purchased (“put”) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.
Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.
Commodity Options are options on commodity futures contracts (“Commodity Option”). The underlying instrument for the Commodity Option is not the commodity itself, but rather a futures contract for that commodity. The exercise of a Commodity Option will not include physical delivery of the underlying commodity but will result in a cash
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| Notes to Financial Statements | | (Cont.) | | |
transfer for the amount of the difference between the current market value of the underlying futures contract and the strike price. For an option that is in-the-money, a Fund will normally offset its position rather than exercise the option to retain any remaining time value.
(d) Swap Agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market (“OTC swaps”) or may be cleared through a third party, known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.
Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps (“Swap Variation Margin”), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.
For purposes of applying certain of a Fund’s investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund’s investment policies and restrictions, the Funds will value the credit
default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund’s other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund’s credit quality guidelines (if any) because such value in general better reflects a Fund’s actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund’s prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.
Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.
A Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund’s exposure to the counterparty.
To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.
Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for
the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.
If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).
Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each
sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.
Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain a Fund’s ability to generate income at prevailing market rates. The value of the fixed rate
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 157 |
| | | | |
| Notes to Financial Statements | | (Cont.) | | |
bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or ‘‘cap,’’ (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or ‘‘floor,’’ (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and
a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.
Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return, and would receive payments in the event of a net negative total return.
7. PRINCIPAL AND OTHER RISKS
(a) Principal Risks
The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Risks | | | | | PIMCO 25+
Year Zero
Coupon U.S.
Treasury
Index
Exchange-
Traded
Fund | | | PIMCO 1-5
Year U.S.
TIPS Index
Exchange-
Traded
Fund | | | PIMCO 15+
Year U.S.
TIPS Index
Exchange-
Traded
Fund | | | PIMCO
Broad U.S.
TIPS Index
Exchange-
Traded
Fund | | | PIMCO 0-5
Year High
Yield
Corporate
Bond Index
Exchange-
Traded
Fund | | | PIMCO
Investment
Grade
Corporate
Bond Index
Exchange-
Traded
Fund | | | PIMCO
Active Bond
Exchange-
Traded
Fund | | | PIMCO
Enhanced
Low
Duration
Active
Exchange-
Traded
Fund | | | PIMCO
Enhanced
Short
Maturity
Active ESG
Exchange-
Traded
Fund | | | PIMCO
Enhanced
Short
Maturity
Active
Exchange-
Traded
Fund | | | PIMCO
Intermediate
Municipal
Bond Active
Exchange-
Traded
Fund | | | PIMCO
Municipal
Income
Opportunities
Active
Exchange-
Traded
Fund | | | PIMCO
Senior
Loan
Active
Exchange-
Traded
Fund | | | PIMCO
Short Term
Municipal
Bond Active
Exchange-
Traded
Fund | |
| | | | | | | | | | | | | | | |
New Fund | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | — | | | | — | | | | X | | | | X | | | | — | |
| | | | | | | | | | | | | | | |
Small Fund | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | — | |
| | | | | | | | | | | | | | | |
Senior Loan | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | — | |
| | | | | | | | | | | | | | | |
Market Trading | | | | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | |
| | | | | | | | | | | | | | | |
Interest Rate | | | | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | |
| | | | | | | | | | | | | | | |
Call | | | | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | |
| | | | | | | | | | | | | | | |
Inflation-Indexed Security | | | | | | | — | | | | X | | | | X | | | | X | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | |
Credit | | | | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | |
| | | | | | | | | | | | | | | |
Collateralized Loan Obligations | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | — | |
| | | | | | | | | | | | | | | |
High Yield | | | | | | | — | | | | — | | | | — | | | | — | | | | X | | | | — | | | | X | | | | X | | | | — | | | | — | | | | — | | | | X | | | | X | | | | — | |
| | | | | | | | | | | | | | | |
Market | | | | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | |
| | | | | | | | | | | | | | | |
Municipal Bond | | | | | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | — | | | | X | |
| | | | | | | | | | | | | | | |
Issuer | | | | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | |
| | | | | | | | | | | | | | | |
Liquidity | | | | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | |
| | | | | | | | | | | | | | | |
Derivatives | | | | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | — | | | | — | | | | X | | | | X | | | | X | | | | X | |
| | | | | | | | | | | | | | | |
Equity | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | — | |
| | | | | | | | | | | | | | | |
Mortgage-Related and Other Asset Backed Securities | | | | | | | — | | | | — | | | | — | | | | — | | | | X | | | | — | | | | X | | | | X | | | | X | | | | X | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | |
Foreign (Non-U.S.) Investment | | | | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | — | | | | — | | | | X | | | | — | |
| | | | | | | | | | | | | | | |
Emerging Markets | | | | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | X | | | | X | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | |
Sovereign Debt | | | | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Risks | | | | | PIMCO 25+
Year Zero
Coupon U.S.
Treasury
Index
Exchange-
Traded
Fund | | | PIMCO 1-5
Year U.S.
TIPS Index
Exchange-
Traded
Fund | | | PIMCO 15+
Year U.S.
TIPS Index
Exchange-
Traded
Fund | | | PIMCO
Broad U.S.
TIPS Index
Exchange-
Traded
Fund | | | PIMCO 0-5
Year High
Yield
Corporate
Bond Index
Exchange-
Traded
Fund | | | PIMCO
Investment
Grade
Corporate
Bond Index
Exchange-
Traded
Fund | | | PIMCO
Active Bond
Exchange-
Traded
Fund | | | PIMCO
Enhanced
Low
Duration
Active
Exchange-
Traded
Fund | | | PIMCO
Enhanced
Short
Maturity
Active ESG
Exchange-
Traded
Fund | | | PIMCO
Enhanced
Short
Maturity
Active
Exchange-
Traded
Fund | | | PIMCO
Intermediate
Municipal
Bond Active
Exchange-
Traded
Fund | | | PIMCO
Municipal
Income
Opportunities
Active
Exchange-
Traded
Fund | | | PIMCO
Senior
Loan
Active
Exchange-
Traded
Fund | | | PIMCO
Short Term
Municipal
Bond Active
Exchange-
Traded
Fund | |
| | | | | | | | | | | | | | | |
Currency | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | X | | | | — | | | | — | | | | — | | | | X | | | | — | |
| | | | | | | | | | | | | | | |
Leveraging | | | | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | |
| | | | | | | | | | | | | | | |
Management and Tracking Error | | | | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | |
Indexing | | | | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | |
Management | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | | | | X | |
| | | | | | | | | | | | | | | |
Asset-Backed Securities | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | — | |
| | | | | | | | | | | | | | | |
California State-Specific | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | — | | | | — | |
| | | | | | | | | | | | | | | |
New York State-Specific | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | — | | | | — | |
| | | | | | | | | | | | | | | |
Puerto Rico-Specific | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | — | | | | — | |
| | | | | | | | | | | | | | | |
Municipal Project-Specific | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | — | | | | X | |
| | | | | | | | | | | | | | | |
Short Exposure | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | X | | | | — | | | | — | | | | — | | | | X | | | | — | |
| | | | | | | | | | | | | | | |
Convertible Securities | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | |
Tax-Efficient Investing | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | |
Distribution Rate | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | |
Responsible Investing | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | |
LIBOR Transition | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | X | | | | X | | | | — | | | | X | | | | X | | | | — | |
| | | | | | | | | | | | | | | |
Futures Contract | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | X | | | | X | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| Risks | | | | | PIMCO
Multisector
Bond Active
Exchange-
Traded
Fund | | | PIMCO
Preferred
and Capital
Securities
Active
Exchange-
Traded
Fund | | | PIMCO
Ultra Short
Government
Active
Exchange-
Traded
Fund | | | PIMCO
Commodity
Strategy
Active
Exchange-
Traded
Fund | |
| | | | | |
New Fund | | | | | | | X | | | | X | | | | X | | | | X | |
| | | | | |
Small Fund | | | | | | | X | | | | X | | | | X | | | | X | |
| | | | | |
Senior Loan | | | | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
Market Trading | | | | | | | X | | | | X | | | | X | | | | X | |
| | | | | |
Interest Rate | | | | | | | X | | | | X | | | | X | | | | X | |
| | | | | |
Call | | | | | | | X | | | | X | | | | X | | | | X | |
| | | | | |
Inflation-Indexed Security | | | | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
Credit | | | | | | | X | | | | X | | | | X | | | | X | |
| | | | | |
Collateralized Loan Obligations | | | | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
High Yield | | | | | | | X | | | | X | | | | — | | | | — | |
| | | | | |
Market | | | | | | | X | | | | X | | | | X | | | | X | |
| | | | | |
Municipal Bond | | | | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
Issuer | | | | | | | X | | | | X | | | | — | | | | X | |
| | | | | |
Liquidity | | | | | | | X | | | | X | | | | — | | | | X | |
| | | | | |
Derivatives | | | | | | | X | | | | X | | | | — | | | | X | |
| | | | | |
Equity | | | | | | | X | | | | X | | | | — | | | | — | |
| | | | | |
Mortgage-Related and Other Asset Backed Securities | | | | | | | X | | | | — | | | | — | | | | X | |
| | | | | |
Foreign (Non-U.S.) Investment | | | | | | | X | | | | X | | | | — | | | | X | |
| | | | | |
Emerging Markets | | | | | | | X | | | | X | | | | — | | | | — | |
| | | | | |
Sovereign Debt | | | | | | | X | | | | — | | | | — | | | | X | |
| | | | | |
Currency | | | | | | | X | | | | X | | | | — | | | | X | |
| | | | | |
Leveraging | | | | | | | X | | | | X | | | | — | | | | X | |
| | | | | |
Management and Tracking Error | | | | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
Indexing | | | | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
Management | | | | | | | X | | | | X | | | | X | | | | X | |
| | | | | |
Asset-Backed Securities | | | | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
California State-Specific | | | | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
New York State-Specific | | | | | | | — | | | | — | | | | — | | | | — | |
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| | | | | | | | | | | | | | | | | | | | |
| Risks | | | | | PIMCO
Multisector
Bond Active
Exchange-
Traded
Fund | | | PIMCO
Preferred
and Capital
Securities
Active
Exchange-
Traded
Fund | | | PIMCO
Ultra Short
Government
Active
Exchange-
Traded
Fund | | | PIMCO
Commodity
Strategy
Active
Exchange-
Traded
Fund | |
| | | | | |
Puerto Rico-Specific | | | | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
Municipal Project-Specific | | | | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
Short Exposure | | | | | | | X | | | | X | | | | — | | | | X | |
| | | | | |
Convertible Securities | | | | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
Tax-Efficient Investing | | | | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
Distribution Rate | | | | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
Responsible Investing | | | | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
LIBOR Transition | | | | | | | X | | | | X | | | | — | | | | X | |
| | | | | |
Futures Contract | | | | | | | — | | | | — | | | | — | | | | — | |
| | | | | |
Capital Securities | | | | | | | — | | | | X | | | | — | | | | — | |
| | | | | |
Preferred Securities | | | | | | | — | | | | X | | | | — | | | | — | |
| | | | | |
Concentration in Banking Industries | | | | | | | — | | | | X | | | | — | | | | — | |
| | | | | |
Contingent Convertible Securities | | | | | | | X | | | | X | | | | — | | | | — | |
| | | | | |
Commodity | | | | | | | — | | | | — | | | | — | | | | X | |
| | | | | |
Issuer Non-Diversification | | | | | | | — | | | | — | | | | — | | | | X | |
| | | | | |
Model | | | | | | | — | | | | — | | | | — | | | | X | |
| | | | | |
Tax | | | | | | | — | | | | — | | | | — | | | | X | |
| | | | | |
Subsidiary | | | | | | | — | | | | — | | | | — | | | | X | |
Please see “Description of Principal Risks” in a Fund’s prospectus for a more detailed description of the risks of investing in a Fund.
New Fund Risk is the risk that a new fund’s performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading efficiencies.
Small Fund Risk is the risk that a smaller fund may not achieve investment or trading efficiencies. Additionally, a smaller fund may be more adversely affected by large purchases or redemptions of fund shares.
Senior Loan Risk is the risk that investing in senior loans, including bank loans, exposes the Fund to heightened credit risk, call risk, settlement risk and liquidity risk. If an issuer of a senior loan prepays or redeems the loan prior to maturity, the Fund may have to reinvest the proceeds in instruments that pay lower interest rates. To the extent the Fund invests in senior loans that are covenant-lite obligations, the Fund may have fewer rights against a borrower (e.g., covenant-lite obligations may contain fewer maintenance covenants than other obligations, or no maintenance covenants) and may have a greater risk of loss on such investments as compared to investments in traditional loans.
Market Trading Risk is the risk that an active secondary trading market for Fund shares does not continue once developed, that a Fund may not continue to meet a listing exchange’s trading or listing requirements, or that Fund shares trade at prices other than a Fund’s net asset value, particularly during times of market stress.
Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.
Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality). If an issuer calls a security that a Fund has invested in, a Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.
Inflation-Indexed Security Risk is the risk that inflation-indexed debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPS, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity.
Credit Risk is the risk that a Fund could lose money if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.
Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly.
High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.
Market Risk is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.
Municipal Bond Risk is the risk that by investing in Municipal Bonds a Fund may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of Municipal Bonds to pay interest or repay principal.
Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, major litigation, investigations or other controversies, changes in financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives, financial leverage, reputation or reduced demand for the issuer’s goods or services.
Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional
market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.
Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investments may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. A Fund’s use of derivatives may result in losses to a Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange- traded or traded through a central clearing counterparty resides with a Fund’s clearing broker, or the clearinghouse. Changes in regulation relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact a Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives or similar investments and/or adversely affect the value of derivatives or similar investments and a Fund’s performance.
Equity Risk is the risk that the value of equity or equity-related securities may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities.
Asset-Backed Securities Risk is the risk of investing in asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.
Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk, and credit risk.
Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing
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reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.
Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.
Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion.
Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect a Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.
Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.
Management and Tracking Error Risk is the risk that the portfolio manager’s investment decisions may not produce the desired results or that a Fund’s portfolio may not closely track the Underlying Index for a number of reasons. A Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing a Fund’s portfolio to reflect changes in the composition of the Underlying Index. Performance of a Fund and the Underlying Index may vary due to asset valuation differences and differences between a Fund’s portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. The risk that performance of a Fund and the Underlying Index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, a Fund’s use of a representative sampling approach may cause a Fund to be less correlated to the return of the Underlying Index than if a Fund held all of the securities in the Underlying Index.
Indexing Risk is the risk that a Fund is negatively affected by general declines in the asset classes represented by the Underlying Index.
Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.
California State-Specific Risk is the risk that by concentrating its investments in California Municipal Bonds, a Fund may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal.
New York State-Specific Risk is the risk that by concentrating its investments in New York Municipal Bonds, a Fund may be affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or repay principal.
Puerto Rico-Specific Risk is the risk that by investing in Municipal Bonds issued by Puerto Rico or its instrumentalities, a Fund may be affected by certain developments, such as political, economic, environmental, social, regulatory or debt restructuring developments, that impact the ability or obligation of Puerto Rico municipal issuers to pay interest or repay principal.
Municipal Project-Specific Risk is the risk that a Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a single state.
Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.
Convertible Securities Risk is the risk that arises when convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.
Tax-Efficient Investing Risk is the risk that investment strategies intended to manage capital gain distributions may not succeed, and that such strategies may reduce investment returns or result in investment losses.
Distribution Rate Risk is the risk that a Fund’s distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors.
Responsible Investing Risk is the risk that, because a Fund’s responsible investment strategy may select or exclude securities of certain issuers for reasons other than performance, the Fund may underperform funds that do not utilize a responsible investment strategy. Responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by PIMCO or any judgment exercised by PIMCO will reflect the beliefs or values of any particular investor.
LIBOR Transition Risk is the risk related to the anticipated discontinuation and replacement of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by a Fund rely or relied in some fashion upon LIBOR. Although the transition process away from LIBOR for most instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or the continued use of LIBOR on a Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain and could result in losses to a Fund.
Futures Contract Risk is the risk that, while the value of a futures contract tends to correlate with the value of the underlying asset that it represents, differences between the futures market and the market for the underlying asset may result in an imperfect correlation. Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying assets. The purchase or sale of a futures contract may result in losses in excess of the amount invested in the future contract.
Capital Securities Risk is the risk that the value of securities, which may be in the form of debt, equity or a hybrid thereof, issued by U.S. and non-U.S. financial institutions that can be used to satisfy their regulatory capital requirements may decline in response to changes in legislation and regulations applicable to financial institutions and financial markets, increased competition, adverse changes in general or industry-specific economic conditions, or unfavorable interest rates. By investing under normal circumstances at least 80% of its assets in a combination of preferred securities and Capital Securities, the Fund will not be more susceptible to these risks than a fund that does not invest in Capital Securities to the same extent as the Fund.
Preferred Securities Risk is the risk that preferred securities may be subject to greater credit or other risks than senior debt instruments. In addition, preferred securities are subject to other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rate, regulatory changes and special redemption rights.
Concentration in Banking Industries Risk is the risk of concentrating in industries related to banking, including interest rate risk, market risk, the risk of heightened competition and the risk that legislation and other government actions could adversely affect such industries.
Contingent Convertible Securities Risk is the risk of investing in contingent convertible securities, including the risk that interest payments will be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated as a result of conversion from debt to equity, the risk that principal amount due can be written down to a lesser amount, and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund.
Issuer Non-Diversification Risk is the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are “non-diversified” may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are “diversified”.
Commodity Risk is the risk that investing in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems and international economic, political and regulatory developments. Investments in commodities can also present risks associated with delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.
Model Risk is the risk that the Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Fund.
Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future
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| Notes to Financial Statements | | (Cont.) | | |
regulatory or legislative changes that could affect whether income from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund’s taxable income or gains and distributions.
Subsidiary Risk is the risk that, by investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of the Subsidiary will be achieved.
(b) Other Risks
In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund’s prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund’s performance.
Market Disruption Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund’s service providers, including PIMCO as a Fund’s investment adviser, rely, and could otherwise disrupt a Fund’s service providers’ ability to fulfill their obligations to a Fund.
Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund’s ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund’s holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance
and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.
Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund’s ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.
Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.
Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.
8. MASTER NETTING ARRANGEMENTS
A Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.
Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.
Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase, and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.
Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.
Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Portability of exposure reduces risk to the Funds. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedules of Investments.
Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations, and other events, including, but not limited to, margin, execution, and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.
International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to
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| | | | |
| Notes to Financial Statements | | (Cont.) | | |
terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.
9. FEES AND EXPENSES
(a) Management Fee PIMCO, a majority-owned subsidiary of Allianz Asset Management of America LLC (“Allianz Asset Management”), serves as the Manager to the Trust, pursuant to an investment management agreement. Each Fund pays PIMCO fees in return for providing investment advisory, supervisory and administrative services under an all-in fee structure. Each Fund will pay monthly management fees to PIMCO at an annual rate based on average daily net assets (the “Management Fee”), at an annual rate as noted in the table below.
| | | | | | | | |
| Fund Name | | | | | Management Fee | |
| | |
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | | | | | | | 0.15% | |
| | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0.20% | |
| | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0.20% | |
| | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0.20% | |
| | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 0.55% | |
| | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 0.20% | |
| | |
PIMCO Active Bond Exchange-Traded Fund(1) | | | | | | | 0.55% | |
| | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | 0.46% | |
| | |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund(2) | | | | | | | 0.36% | |
| | |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 0.35% | |
| | |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | 0.35% | |
| | |
PIMCO Multisector Bond Active Exchange-Traded Fund(3) | | | | | | | 0.65% | |
| | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund(4) | | | | | | | 0.49% | |
| | |
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund(6) | | | | | | | 0.84% | |
| | |
PIMCO Senior Loan Active Exchange-Traded Fund(5) | | | | | | | 0.70% | |
| | |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | 0.35% | |
| | | | | | | | |
| Fund Name | | | | | Management Fee | |
| | |
PIMCO Ultra Short Government Active Exchange-Traded Fund | | | | | | | 0.14% | |
| | |
PIMCO Commodity Strategy Active Exchange-Traded Fund(6) | | | | | | | 0.79% | |
| (1) | PIMCO has contractually agreed, through October 31, 2023, to waive or reduce its Management Fee in an amount equivalent to the Fund’s expenses or costs attributable to the SEC’s investigation and related settlement proceedings identified in Investment Advisers Act of 1940 Release No. 4577, dated December 1, 2016. |
| (2) | PIMCO has contractually agreed, through October 31, 2023, to waive its management fee by 0.12% of the average daily net assets attributable to the Fund. |
| (3) | PIMCO has contractually agreed, through October 31, 2025, to waive its management fee by 0.10% of the average daily net assets attributable to the Fund. |
| (4) | PIMCO has contractually agreed, through October 31, 2023, to waive its management fee by 0.10% of the average daily net assets attributable to the Fund. |
| (5) | PIMCO has contractually agreed, through October 31, 2023, to waive its management fee by 0.20% of the average daily net assets attributable to the Fund. |
| (6) | PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its management fee by 0.15% of the average daily net assets attributable to the Fund. |
(b) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor (“Distributor”) of each Fund’s Creation Units. The Distributor does not maintain a secondary market in shares of the Funds. During the period ended June 30, 2023 each Fund was permitted to compensate the Distributor at an annual rate of up to 0.25% of a Fund’s average daily net assets (the “12b-1 Plan Fee”). However, the Board of Trustees has determined not to authorize payment of a 12b-1 Plan Fee at this time. The 12b-1 Plan Fee may only be imposed or increased when the Board determines that it is in the best interests of shareholders to do so. Because these fees are paid out of a Fund’s assets on an ongoing basis, to the extent that a fee is authorized, over time it will increase the cost of an investment in the Fund. The 12b-1 Plan Fee may cost an investor more than other types of sales charges.
(c) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Funds bear other expenses which are not covered under the Management Fee which may vary and affect the total level of expenses paid by shareholders, such as (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees, commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) securities lending fees and expenses; (vi) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vii) extraordinary expenses, including costs of litigation and indemnification expenses; and (viii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting
principles. The ratio of expenses to average net assets, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses as disclosed in the prospectus.
The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Manager, all of whom receive remuneration for their services to the Trust from the Manager or its affiliates.
(d) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through October 31, 2023, to waive a portion of the Funds’ Management Fee, or reimburse each Fund, to the extent that each Fund’s organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the “Expense Limit” (calculated as a percentage of the Fund’s average daily net assets). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.
Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2023, to waive or reduce its Management Fee for the PIMCO Active Bond Exchange-Traded Fund.
Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2024, to waive or reduce its Management Fee for the PIMCO Commodity Strategy Active Exchange-Traded Fund.
Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2023, to waive or reduce its Management Fee for the PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund.
Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2025, to waive or reduce its Management Fee for the PIMCO Multisector Bond Active Exchange-Traded Fund.
Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2023, to waive or reduce its Management Fee for the PIMCO Municipal Income Opportunities Active Exchange-Traded Fund.
Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through January 18, 2024, to waive or reduce its Management Fee for the PIMCO Preferred and Capital Securities Active Exchange-Traded Fund.
Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2023, to waive or reduce its Management Fee for the PIMCO Senior Loan Active Exchange-Traded Fund.
Each waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.
Prior to October 31, 2020, PIMCO had contractually agreed to waive its management fee for the PIMCO Enhanced Low Duration Active Exchange-Traded Fund. Except for PIMCO Active Bond Exchange Traded Fund, in any month in which the investment management agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the Management Fee and/or other expenses waived or reimbursed as set forth above (the “Reimbursement Amount”) within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO as of June 30, 2023 were as follows (amounts in thousands†):
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Expiring within | | | | |
| | | | | |
| Fund Name | | | | | 12 months | | | 13-24 months | | | 25-36 months | | | Total | |
| | | | | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | $ | 150 | | | $ | 14 | | | $ | 21 | | | $ | 185 | |
| | | | | |
PIMCO Enhanced Short Maturity Active ESG
Exchange-Traded Fund | | | | | | | 170 | | | | 210 | | | | 202 | | | | 582 | |
| | | | | |
PIMCO Multisector Bond Active Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 93 | | | | 93 | |
| | | | | |
PIMCO Municipal Income Opportunities Active
Exchange-Traded Fund | | | | | | | 0 | | | | 108 | | | | 56 | | | | 164 | |
| | | | | |
PIMCO Preferred and Capital Securities Active
Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 130 | | | | 130 | |
| | | | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | 0 | | | | 161 | | | | 238 | | | | 399 | |
| | | | | |
PIMCO Ultra Short Government Active Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 38 | | | | 38 | |
| | | | | |
PIMCO Commodity Strategy Active Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 116 | | | | 116 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 167 |
| | | | |
| Notes to Financial Statements | | (Cont.) | | |
(e) Acquired Fund Fees and Expenses PIMCO has contractually agreed, through October 31, 2024, for the PIMCO Active Bond Exchange-Traded Fund to waive its Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and Management Fees of other series of the Trust indirectly incurred by the Fund’s investments in other series of the Trust. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the of the then current term. The waiver is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.
The Commodity Subsidiary has entered into a separate contract with PIMCO for the management of the Commodity Subsidiary’s portfolio
pursuant to which the Commodity Subsidiary pays PIMCO a management fee at the annual rate of 0.69% of its average daily net assets. PIMCO has contractually agreed to waive the Fund’s management fee in an amount equal to the management fee paid by the Commodity Subsidiary to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO’s contract with the Subsidiary is in place. PIMCO may not seek reimbursement from the Fund with respect to the management fees waived. The waiver, if any, is reflected on the Consolidated Statement of Operations as a component of Waiver and/ or Reimbursement by PIMCO. See Note 15, Basis for Consolidation in the Notes to Financial Statements for more information regarding the Commodity Subsidiary.
10. RELATED PARTY TRANSACTIONS
The Manager and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.
Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rules and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rules and interpretations under the Act for the period ended June 30, 2023, were as follows (amounts in thousands†):
| | | | | | | | | | | | | | | | |
| Fund Name | | | | | Purchases | | | Sales | | | Realized
Gain/(Loss) | |
| | | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | $ | 28,377 | | | $ | 1,167 | | | $ | (362 | ) |
| | | | |
PIMCO Active Bond Exchange-Traded Fund | | | | | | | 48,741 | | | | 49,134 | | | | (8,442 | ) |
| | | | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | 34,730 | | | | 17,358 | | | | (441 | ) |
| | | | |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | 1,023 | | | | 1,864 | | | | (39 | ) |
| | | | |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 71,707 | | | | 599,400 | | | | (5,585 | ) |
| | | | |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | 84,767 | | | | 82,710 | | | | (6,683 | ) |
| | | | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | 3,676 | | | | 3,206 | | | | (243 | ) |
| | | | |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | 46,976 | | | | 19,359 | | | | (882 | ) |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
11. GUARANTEES AND INDEMNIFICATIONS
Under the Trust’s organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust’s investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.
12. PURCHASES AND SALES OF SECURITIES
The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held
by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.
Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2023, were as follows (amounts in thousands†):
| | | | | | | | | | | | | | | | | | | | |
| | | | U.S. Government/Agency | | | All Other | |
| | | | |
| Fund Name | | | Purchases | | | Sales | | | Purchases | | | Sales | |
| | | | | |
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | | | | | | $ | 184,193 | | | $ | 203,761 | | | $ | 0 | | | $ | 0 | |
| | | | | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 292,655 | | | | 335,729 | | | | 0 | | | | 0 | |
| | | | | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 29,889 | | | | 55,636 | | | | 0 | | | | 0 | |
| | | | | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 390,121 | | | | 401,086 | | | | 0 | | | | 0 | |
| | | | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 9,869 | | | | 0 | | | | 526,509 | | | | 458,034 | |
| | | | | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 52,702 | | | | 21,185 | | | | 153,085 | | | | 97,677 | |
| | | | | |
PIMCO Active Bond Exchange-Traded Fund | | | | | | | 12,787,035 | | | | 12,091,345 | | | | 538,884 | | | | 988,894 | |
| | | | | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | 1,253,730 | | | | 1,144,524 | | | | 400,517 | | | | 675,839 | |
| | | | | |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | 7,300 | | | | 11,646 | | | | 43,231 | | | | 75,043 | |
| | | | | |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 422,207 | | | | 1,138,393 | | | | 2,153,966 | | | | 5,347,578 | |
| | | | | |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | 4,688 | | | | 0 | | | | 598,482 | | | | 390,047 | |
| | | | | |
PIMCO Multisector Bond Active Exchange-Traded Fund | | | | | | | 39,739 | | | | 11,520 | | | | 15,086 | | | | 0 | |
| | | | | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | 375 | | | | 0 | | | | 65,689 | | | | 42,312 | |
| | | | | |
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | | | | | | | 2,818 | | | | 0 | | | | 102,358 | | | | 12,616 | |
| | | | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 154,379 | | | | 51,133 | |
| | | | | |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | 0 | | | | 600 | | | | 344,267 | | | | 314,994 | |
| | | | | |
PIMCO Commodity Strategy Active Exchange-Traded Fund | | | | | | | 300 | | | | 0 | | | | 15,539 | | | | 400 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
13. SHARES OF BENEFICIAL INTEREST
The following table discloses the number of shareholders that own 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of June 30, 2023. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Shareholders that own 10% or more
of outstanding shares | | | Total percentage of portfolio held by
shareholders that own 10% or more
of outstanding shares | |
| | | | | |
| | | | | | Non-Related Parties | | | Related Parties | | | Non-Related Parties | | | Related Parties | |
| | | | | |
PIMCO Multisector Bond-Active Exchange-Traded Fund | | | | | | | 0 | | | | 1 | | | | 0% | | | | 31% | |
| | | | | |
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | | | | | | | 0 | | | | 1 | | | | 0% | | | | 18% | |
| | | | | |
PIMCO Ultra Short Government Active Exchange- Traded Fund | | | | | | | 0 | | | | 1 | | | | 0% | | | | 38% | |
| | | | | | | | | | | | | | | | | | | | |
14. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by a Fund only in Creation Units. Except when aggregated in Creation Units, shares of a Fund are not redeemable. Transactions in capital shares for a Fund are disclosed in detail on the Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of a Fund generally consists of a basket of cash and/or securities that a Fund specifies each business day. Authorized Participants may be charged transaction fees as set forth below. To offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, Authorized Participants are subject to standard creation and redemption transaction fees payable directly to State Street Bank and Trust Company, the custodian of the Funds. These standard transaction fees are not payable to the Funds, and therefore, generally do not impact the Funds’ financial statements. PIMCO may, from time to time, at its own expense, compensate purchasers of Creation Units who have purchased substantial amounts of Creation Units and other financial institutions for administrative or marketing services. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable charge up to the maximum amount shown in the table below. To the extent a variable transaction fee is not charged, certain costs may be borne by a Fund.
| | | | |
Standard Creation/
Redemption
Transaction Fee* | | Maximum
Variable Charge
for Cash Creations** | | Maximum
Variable Charge
for Cash Redemptions** |
| | |
| $ 500 | | 3.00% | | 2.00% |
| * | Applicable to in-kind contributions or redemptions only. |
| ** | As a percentage of the net asset value per Creation Unit purchased or redeemed, inclusive of the standard creation transaction fee (if imposed). |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 169 |
| | | | |
| Notes to Financial Statements | | (Cont.) | | |
15. INVESTMENT TRANSACTIONS
For the period ended June 30, 2023, certain Funds had in-kind contributions and in-kind redemptions as follows (amounts in thousands†):
| | | | | | | | | | | | |
| Fund Name | | | | | Contributions | | | Redemptions | |
| | | |
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | | | | | | $ | 971,536 | | | $ | 378,765 | |
| | | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 197,345 | | | | 883,902 | |
| | | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 308,787 | | | | 209,095 | |
| | | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 170,682 | | | | 216,015 | |
| | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 912,346 | | | | 944,789 | |
| | | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 452,454 | | | | 300,358 | |
| | | |
PIMCO Multisector Bond Active Exchange-Traded Fund | | | | | | | 24,209 | | | | 0 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
The in-kind contributions and in-kind redemptions in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. The table represents the accumulation of each Fund’s daily net shareholder transactions which were executed in kind while the Statements of Changes in Net Assets reflect gross shareholder transactions including any cash component of the transactions.
16. BASIS FOR CONSOLIDATION
The Commodity Subsidiary, a Cayman Islands exempted company, was incorporated on January 19, 2023, as a wholly owned subsidiary acting as an investment vehicle for the PIMCO Commodity Strategy Active Exchange-Traded Fund in order to effect certain investments for the Fund consistent with the Fund’s investment objectives and policies as specified in its prospectus and statement of additional information. The Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the Commodity Subsidiary. The consolidated financial statements include the accounts of the Fund and the Commodity Subsidiary, if any. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and the Commodity Subsidiary, comprising the entire issued share capital of the Commodity Subsidiary, with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association, shares issued by the Commodity Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Commodity Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Commodity Subsidiary. The net assets of the Commodity Subsidiary as of period end represented 6.3% of the Fund’s consolidated net assets.
17. REGULATORY AND LITIGATION MATTERS
The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.
The foregoing speaks only as of the date of this report.
18. FEDERAL INCOME TAX MATTERS
Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.
A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.
In accordance with U.S. GAAP, the Manager has reviewed the Funds’ tax positions for all open tax years. As of June 30, 2023, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.
The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.
One of the requirements for favorable tax treatment as a regulated investment company under the Code is that a Fund derive at least 90% of its gross income from certain qualifying sources of income. The IRS has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by a Fund, is not qualifying income under Subchapter M of the Code. As such, the Funds’ ability to utilize direct investments in commodity-linked swaps as part of its investment strategy is limited to a maximum of 10% of its gross income. However, in a subsequent revenue ruling, the IRS provides that income from alternative investment instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its investments will constitute qualifying income.
PIMCO Commodity Strategy Active Exchange-Traded Fund will continue to seek to gain exposure to the commodity markets primarily through investments in its Subsidiary and perhaps through commodity-linked notes. The Subsidiary will be treated as a controlled foreign corporation. As a result, a Fund with the Subsidiary will be required to include in gross income for U.S. federal income tax purposes all of its Subsidiary’s subpart F income, whether or not such income is distributed by the Subsidiary. It is expected that all of the Subsidiary’s income and realized gains and mark-to-market gains will be subpart F income. PIMCO Commodity Strategy Active Exchange-Traded Fund’s recognition of its Subsidiary’s subpart F income will increase the Fund’s tax basis in its Subsidiary. Distributions by the Subsidiary to PIMCO Commodity Strategy Active Exchange-Traded Fund will be tax-free, to the extent of its previously undistributed subpart F income, and will correspondingly reduce PIMCO Commodity Strategy Active Exchange-Traded Fund’s tax basis in its Subsidiary. Subpart F income is generally treated by PIMCO Commodity Strategy Active Exchange-Traded Fund as ordinary income, regardless of the character of the Subsidiary’s underlying income or gains.
If a net loss is realized by Subsidiary, such loss is not generally available to offset the income earned by such Subsidiary’s parent Fund, and such loss cannot be carried forward to offset taxable income of the parent Fund or the Subsidiary in future periods.
Under IRS regulations, income derived from a controlled foreign corporation will be considered qualifying income if distributed to a Fund or if the Funds’ income from in the subsidiary is derived with respect to the Funds’ business of investing in securities. A subsidiary
may pay such a distribution at any time. An IRS revenue procedure states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the Act.
There can be no assurance that the IRS will not change its position with respect to some or all of these conclusions or that future legislation will not adversely impact the tax treatment of PIMCO Commodity Strategy Active Exchange-Traded Fund’s commodity-linked investments. If the IRS were to change or reverse its position, or if future legislation adversely affected the tax treatment of a Fund’s commodity-linked investments, there would likely be a significant adverse impact on PIMCO Commodity Strategy Active Exchange-Traded Fund, including the possibility of failing to qualify as a regulated investment company. If PIMCO Commodity Strategy Active Exchange-Traded Fund did not qualify as a regulated investment company for any taxable year, its taxable income would be subject to tax at the Fund level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such income is distributed. Furthermore, the tax treatment of PIMCO Commodity Strategy Active Exchange-Traded Fund’s investments in its Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of a Fund’s taxable income or any distributions made by PIMCO Commodity Strategy Active Exchange-Traded Fund or result in the inability of PIMCO Commodity Strategy Active Exchange-Traded Fund to operate as described in this Prospectus.
As of June 30, 2023, the components of distributable taxable earnings are as follows (amounts in thousands†):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Undistributed
Tax Exempt
Income | | | Undistributed
Ordinary
Income(1) | | | Undistributed
Long-Term
Capital Gains | | | Net Tax Basis
Unrealized
Appreciation/
(Depreciation)(2) | | | Other
Book-to-Tax
Accounting
Differences (3) | | | Accumulated
Capital
Losses(4) | | | Qualified
Late-Year
Loss
Deferral -
Capital(5) | | | Qualified
Late-Year
Loss
Deferral -
Ordinary(6) | | | Total
Components
of
Distributable
Earnings | |
| | | | | | | | | | |
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | | | | | | $ | 0 | | | $ | 8,237 | | | $ | 0 | | | $ | (180,965 | ) | | $ | (5 | ) | | $ | (111,200 | ) | | $ | 0 | | | $ | 0 | | | $ | (283,933 | ) |
| | | | | | | | | | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0 | | | | 1,723 | | | | 0 | | | | (71,937 | ) | | | (4 | ) | | | (33,540 | ) | | | 0 | | | | 0 | | | | (103,758 | ) |
| | | | | | | | | | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0 | | | | 4,065 | | | | 0 | | | | (243,474 | ) | | | (4 | ) | | | (40,176 | ) | | | 0 | | | | 0 | | | | (279,589 | ) |
| | | | | | | | | | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0 | | | | 872 | | | | 0 | | | | (9,555 | ) | | | (4 | ) | | | (24,328 | ) | | | 0 | | | | 0 | | | | (33,015 | ) |
| | | | | | | | | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 0 | | | | 5,796 | | | | 0 | | | | (62,180 | ) | | | (13 | ) | | | (222,327 | ) | | | 0 | | | | 0 | | | | (278,724 | ) |
| | | | | | | | | | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 0 | | | | 2,675 | | | | 0 | | | | (60,138 | ) | | | (11 | ) | | | (28,170 | ) | | | 0 | | | | 0 | | | | (85,644 | ) |
| | | | | | | | | | |
PIMCO Active Bond Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 0 | | | | (209,781 | ) | | | (25 | ) | | | (422,769 | ) | | | 0 | | | | (12,017 | ) | | | (644,592 | ) |
| | | | | | | | | | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 0 | | | | (20,614 | ) | | | (8 | ) | | | (74,501 | ) | | | 0 | | | | (3,261 | ) | | | (98,384 | ) |
| | | | | | | | | | |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | 0 | | | | 481 | | | | 0 | | | | (2,113 | ) | | | 0 | | | | (2,752 | ) | | | 0 | | | | 0 | | | | (4,384 | ) |
| | | | | | | | | | |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 0 | | | | 37,715 | | | | 0 | | | | (96,093 | ) | | | (7 | ) | | | (244,298 | ) | | | 0 | | | | 0 | | | | (302,683 | ) |
| | | | | | | | | | |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | 3,059 | | | | 0 | | | | 0 | | | | 244 | | | | (7 | ) | | | (34,958 | ) | | | 0 | | | | 0 | | | | (31,662 | ) |
| | | | | | | | | | |
PIMCO Multisector Bond Active Exchange-Traded Fund | | | | | | | 0 | | | | 88 | | | | 0 | | | | (41 | ) | | | 0 | | | | (17 | ) | | | 0 | | | | 0 | | | | 30 | |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 171 |
| | | | |
| Notes to Financial Statements | | (Cont.) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Undistributed
Tax Exempt
Income | | | Undistributed
Ordinary
Income(1) | | | Undistributed
Long-Term
Capital Gains | | | Net Tax Basis
Unrealized
Appreciation/
(Depreciation)(2) | | | Other
Book-to-Tax
Accounting
Differences(3) | | | Accumulated
Capital
Losses(4) | | | Qualified
Late-Year
Loss
Deferral -
Capital(5) | | | Qualified
Late-Year
Loss
Deferral -
Ordinary(6) | | | Total
Components
of
Distributable
Earnings | |
| | | | | | | | | | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | $ | 259 | | | $ | 0 | | | $ | 0 | | | $ | 692 | | | $ | 0 | | | $ | (5,138 | ) | | $ | 0 | | | $ | 0 | | | $ | (4,187 | ) |
| | | | | | | | | | |
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | | | | | | | 0 | | | | 406 | | | | 0 | | | | (2,317 | ) | | | 0 | | | | (1,065 | ) | | | 0 | | | | 0 | | | | (2,976 | ) |
| | | | | | | | | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | 0 | | | | 968 | | | | 0 | | | | 659 | | | | 0 | | | | (1,035 | ) | | | 0 | | | | 0 | | | | 592 | |
| | | | | | | | | | |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | 1,458 | | | | 0 | | | | 0 | | | | (6,410 | ) | | | (8 | ) | | | (11,518 | ) | | | 0 | | | | 0 | | | | (16,478 | ) |
| | | | | | | | | | |
PIMCO Ultra Short Government Active Exchange-Traded Fund | | | | | | | 0 | | | | 13 | | | | 0 | | | | (1 | ) | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 12 | |
| | | | | | | | | | |
PIMCO Commodity Strategy Active Exchange-Traded Fund | | | | | | | 0 | | | | 246 | | | | 0 | | | | (200 | ) | | | 0 | | | | (1 | ) | | | 0 | | | | 0 | | | | 45 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (1) | Includes undistributed short-term capital gains, if any. |
| (2) | Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, passive foreign investment companies (PFICs), interest accrued on defaulted securities, and controlled foreign corporation (CFC) transactions. |
| (3) | Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America mainly for organizational expenditures. |
| (4) | Capital losses available to offset future net capital gains as shown below. |
| (5) | Capital losses realized during the period November 1, 2022 through June 30, 2023 which the Funds elected to defer to the following taxable year pursuant to income tax regulations. |
| (6) | Specified losses realized during the period November 1, 2022 through June 30, 2023 and Ordinary losses realized during the period January 1, 2023 through June 30, 2023 which the Funds elected to defer to the following taxable year pursuant to income tax regulations. |
Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.
As of June 30, 2023, the Funds had the following post-effective capital losses with no expiration (amounts in thousands†):
| | | | | | | | | | | | |
| | | | | | Short-Term | | | Long-Term | |
| | | |
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | | | | | | $ | 31,458 | | | $ | 79,742 | |
| | | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 9,877 | | | | 23,663 | |
| | | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 19,631 | | | | 20,545 | |
| | | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 21,392 | | | | 2,936 | |
| | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 50,373 | | | | 171,954 | |
| | | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 13,714 | | | | 14,456 | |
| | | |
PIMCO Active Bond Exchange-Traded Fund | | | | | | | 283,807 | | | | 138,962 | |
| | | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | 49,954 | | | | 24,547 | |
| | | |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | 1,504 | | | | 1,248 | |
| | | |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 83,507 | | | | 160,791 | |
| | | |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | 23,064 | | | | 11,894 | |
| | | |
PIMCO Multisector Bond Active Exchange-Traded Fund | | | | | | | 17 | | | | 0 | |
| | | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | 5,138 | | | | 0 | |
| | | |
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | | | | | | | 1,065 | | | | 0 | |
| | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | 983 | | | | 52 | |
| | | |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | 5,525 | | | | 5,993 | |
| | | |
PIMCO Ultra Short Government Active Exchange-Traded Fund | | | | | | | 0 | | | | 0 | |
| | | |
PIMCO Commodity Strategy Active Exchange-Traded Fund | | | | | | | 1 | | | | 0 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
As of June 30, 2023, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands†):
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Federal
Tax Cost | | | Unrealized
Appreciation | | | Unrealized
(Depreciation) | | | Net Unrealized
Appreciation/
(Depreciation)(7) | |
| | | | | |
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | | | | | | $ | 1,128,818 | | | $ | 145 | | | $ | (181,111 | ) | | $ | (180,966 | ) |
| | | | | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 903,611 | | | | 0 | | | | (71,937 | ) | | | (71,937 | ) |
| | | | | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 911,143 | | | | 0 | | | | (243,473 | ) | | | (243,473 | ) |
| | | | | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 140,634 | | | | 10 | | | | (9,564 | ) | | | (9,554 | ) |
| | | | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 1,233,329 | | | | 6,670 | | | | (68,847 | ) | | | (62,177 | ) |
| | | | | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 812,337 | | | | 1,588 | | | | (61,727 | ) | | | (60,139 | ) |
| | | | | |
PIMCO Active Bond Exchange-Traded Fund | | | | | | | 4,054,951 | | | | 8,960 | | | | (218,738 | ) | | | (209,778 | ) |
| | | | | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | 1,097,839 | | | | 1,903 | | | | (22,495 | ) | | | (20,592 | ) |
| | | | | |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | 154,690 | | | | 1,019 | | | | (3,135 | ) | | | (2,116 | ) |
| | | | | |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 9,469,713 | | | | 9,979 | | | | (106,073 | ) | | | (96,094 | ) |
| | | | | |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | 971,540 | | | | 12,287 | | | | (12,043 | ) | | | 244 | |
| | | | | |
PIMCO Multisector Bond Active Exchange-Traded Fund | | | | | | | 84,156 | | | | 188 | | | | (229 | ) | | | (41 | ) |
| | | | | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | 70,200 | | | | 1,645 | | | | (953 | ) | | | 692 | |
| | | | | |
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | | | | | | | 93,905 | | | | 675 | | | | (2,992 | ) | | | (2,317 | ) |
| | | | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | 168,778 | | | | 2,239 | | | | (1,580 | ) | | | 659 | |
| | | | | |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | 549,065 | | | | 1,200 | | | | (7,611 | ) | | | (6,411 | ) |
| | | | | |
PIMCO Ultra Short Government Active Exchange-Traded Fund | | | | | | | 17,902 | | | | 0 | | | | (1 | ) | | | (1 | ) |
| | | | | |
PIMCO Commodity Strategy Active Exchange-Traded Fund | | | | | | | 269,738 | | | | 1,934 | | | | (2,136 | ) | | | (202 | ) |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (7) | Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, passive foreign investment companies (PFICs), interest accrued on defaulted securities, and controlled foreign corporation (CFC) transactions. |
For the fiscal years ended June 30, 2023 and June 30, 2022, respectively, the Funds made the following tax basis distributions (amounts in thousands†):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | June 30, 2023 | | | June 30, 2022 | |
| | | | | | | | | |
| | | | | | Tax-Exempt
Income
Distributions | | | Ordinary
Income
Distributions(8) | | | Long-Term
Capital Gain
Distributions | | | Return of
Capital(9) | | | Tax-Exempt
Income
Distributions | | | Ordinary
Income
Distributions(8) | | | Long-Term
Capital Gain
Distributions | | | Return of
Capital(9) | |
| | | | | | | | | |
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | | | | | | $ | 0 | | | $ | 17,750 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 6,660 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0 | | | | 43,653 | | | | 0 | | | | 0 | | | | 0 | | | | 69,174 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0 | | | | 33,083 | | | | 0 | | | | 0 | | | | 0 | | | | 42,424 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0 | | | | 11,385 | | | | 0 | | | | 0 | | | | 0 | | | | 13,350 | | | | 907 | | | | 0 | |
| | | | | | | | | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 0 | | | | 74,597 | | | | 0 | | | | 0 | | | | 0 | | | | 64,850 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 0 | | | | 26,827 | | | | 0 | | | | 0 | | | | 0 | | | | 18,881 | | | | 576 | | | | 0 | |
| | | | | | | | | |
PIMCO Active Bond Exchange-Traded Fund | | | | | | | 0 | | | | 118,150 | | | | 0 | | | | 0 | | | | 0 | | | | 109,815 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | 0 | | | | 39,335 | | | | 0 | | | | 0 | | | | 0 | | | | 14,527 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | 0 | | | | 6,454 | | | | 0 | | | | 0 | | | | 0 | | | | 1,333 | | | | 22 | | | | 0 | |
| | | | | | | | | |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 0 | | | | 312,603 | | | | 0 | | | | 0 | | | | 0 | | | | 81,605 | | | | 698 | | | | 0 | |
| | | | | | | | | |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | 21,270 | | | | 3,171 | | | | 0 | | | | 0 | | | | 10,925 | | | | 496 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO Multisector Bond Active Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | 1,616 | | | | 327 | | | | 0 | | | | 0 | | | | 421 | | | | 32 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | | | | | | | 0 | | | | 928 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 173 |
| | | | |
| Notes to Financial Statements | | (Cont.) | | June 30, 2023 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | June 30, 2023 | | | June 30, 2022 | |
| | | | | | | | | |
| | | | | | Tax-Exempt
Income
Distributions | | | Ordinary
Income
Distributions(8) | | | Long-Term
Capital Gain
Distributions | | | Return of
Capital(9) | | | Tax-Exempt
Income
Distributions | | | Ordinary
Income
Distributions(8) | | | Long-Term
Capital Gain
Distributions | | | Return of
Capital(9) | |
| | | | | | | | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | $ | 0 | | | $ | 8,533 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | | | | | |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | 9,832 | | | | 1,820 | | | | 0 | | | | 0 | | | | 2,751 | | | | 390 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO Ultra Short Government Active Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | |
PIMCO Commodity Strategy Active Exchange-Traded Fund | | | | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (8) | Includes short-term capital gains distributed, if any. |
| (9) | A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting. |
| | | | |
| Report of Independent Registered Public Accounting Firm | | | | |
To the Board of Trustees of PIMCO ETF Trust and Shareholders of PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund, PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund, PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund, PIMCO Broad U.S. TIPS Index Exchange-Traded Fund, PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund, PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund, PIMCO Active Bond Exchange-Traded Fund, PIMCO Enhanced Low Duration Active Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active Exchange-Traded Fund, PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund, PIMCO Multisector Bond Active Exchange-Traded Fund, PIMCO Municipal Income Opportunities Active Exchange-Traded Fund, PIMCO Preferred and Capital Securities Active Exchange-Traded Fund, PIMCO Senior Loan Active Exchange-Traded Fund, PIMCO Short Term Municipal Bond Active Exchange-Traded Fund, PIMCO Ultra Short Government Active Exchange-Traded Fund and PIMCO Commodity Strategy Active Exchange-Traded Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (constituting PIMCO ETF Trust, hereafter collectively referred to as the “Funds”) as of June 30, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2023, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund(1)
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund(1)
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund(1)
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund(1)
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund(1)
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund(1)
PIMCO Active Bond Exchange-Traded Fund(1)
PIMCO Enhanced Low Duration Active Exchange-Traded Fund(1)
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund(2)
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund(1)
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund(1)
PIMCO Multisector Bond Active Exchange-Traded Fund(3)
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund(4)
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund(5)
PIMCO Senior Loan Active Exchange-Traded Fund(6)
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund(1)
PIMCO Ultra Short Government Active Exchange-Traded Fund(3)
PIMCO Commodity Strategy Active Exchange-Traded Fund(7)
| (1) | Statement of assets and liabilities, including the schedule of investments, as of June 30, 2023, and the related statement of operations for the year ended June 30, 2023, statement of changes in net assets for each of the two years in the period ended June 30, 2023 and the financial highlights for each of the five years in the period ended June 30, 2023 |
| (2) | Statement of assets and liabilities, including the schedule of investments, as of June 30, 2023, and the related statement of operations for the year ended June 30, 2023, statement of changes in net assets for each of the two years in the period ended June 30, 2023 and the financial highlights for the years ended June 30, 2023, 2022, 2021 and the period from December 10, 2019 (inception date) through June 30, 2020 |
| (3) | Statement of assets and liabilities, including the schedule of investments, as of June 30, 2023, and the related statements of operations and changes in net assets and the financial highlights for the period June 21, 2023 (inception date) through June 30, 2023 |
| (4) | Statement of assets and liabilities, including the schedule of investments, as of June 30, 2023, and the related statement of operations for the year ended June 30, 2023, and the statements of changes in net assets and the financial highlights for the year ended June 30, 2023 and for the period September 8, 2021 (inception date) through June 30, 2022 |
| (5) | Statement of assets and liabilities, including the schedule of investments, as of June 30, 2023, and the related statements of operations and changes in net assets and the financial highlights for the period January 18, 2023 (inception date) through June 30, 2023 |
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| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 175 |
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| Report of Independent Registered Public Accounting Firm | | (Cont.) | | |
| (6) | Statement of assets and liabilities, including the schedule of investments, as of June 30, 2023, and the related statement of operations for the year ended June 30, 2023, and the statements of changes in net assets and the financial highlights for the year ended June 30, 2023 and for the period June 8, 2022 (inception date) through June 30, 2022 |
| (7) | Consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of June 30, 2023, and the related consolidated statements of operations and changes in net assets and the consolidated financial highlights for the period May 9, 2023 (inception date) through June 30, 2023 |
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2023 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Kansas City, Missouri
August 25, 2023
We have served as the auditor of one or more investment companies in PIMCO ETF Trust since 2009
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| Glossary: | | (abbreviations that may be used in the preceding statements) | | | | (Unaudited) |
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Counterparty Abbreviations: | | | | | | | | |
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| AZD | | Australia and New Zealand Banking Group | | CIB | | Canadian Imperial Bank of Commerce | | NOM | | Nomura Securities International, Inc. |
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| BCY | | Barclays Capital, Inc. | | DEU | | Deutsche Bank Securities, Inc. | | RBC | | Royal Bank of Canada |
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| BMO | | BMO Capital Markets Corporation | | FICC | | Fixed Income Clearing Corporation | | RCY | | Royal Bank of Canada |
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| BOA | | Bank of America N.A. | | GSC | | Goldman Sachs & Co. LLC | | RDR | | RBC Capital Markets LLC |
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| BOS | | BofA Securities, Inc. | | GST | | Goldman Sachs International | | RYL | | NatWest Markets Plc |
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| BPG | | BNP Paribas Securities Corp. | | JPM | | JP Morgan Chase Bank N.A. | | SCX | | Standard Chartered Bank, London |
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| BPS | | BNP Paribas S.A. | | JPS | | J.P. Morgan Securities LLC | | SOG | | Societe Generale Paris |
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| BRC | | Barclays Bank PLC | | MAC | | Macquarie Bank Limited | | TOR | | The Toronto-Dominion Bank |
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| BSN | | The Bank of Nova Scotia - Toronto | | MBC | | HSBC Bank Plc | | UAG | | UBS AG Stamford |
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| CBK | | Citibank N.A. | | | | | | | | |
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Currency Abbreviations: | | | | | | | | |
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| AUD | | Australian Dollar | | EUR | | Euro | | JPY | | Japanese Yen |
| | | | | |
| CAD | | Canadian Dollar | | GBP | | British Pound | | USD (or $) | | United States Dollar |
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Exchange Abbreviations: | | | | | | | | |
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| OTC | | Over the Counter | | | | | | | | |
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Index/Spread Abbreviations: | | | | | | | | |
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| CDX.EM | | Credit Derivatives Index - Emerging Markets | | LIBOR03M | | 3 Month USD-LIBOR | | SOFR | | Secured Overnight Financing Rate |
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| CDX.HY | | Credit Derivatives Index - High Yield | | LIBOR06M | | 6 Month USD-LIBOR | | SOFRINDX | | Secured Overnight Financing Rate Index |
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| CDX.IG | | Credit Derivatives Index - Investment Grade | | MUNIPSA | | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index | | US0001M | | ICE 1-Month USD LIBOR |
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| JMABNIC5 | | J.P. Morgan Custom Commodity Index | | PIMCODB | | PIMCO Custom Commodity Basket | | US0003M | | ICE 3-Month USD LIBOR |
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| LIBOR01M | | 1 Month USD-LIBOR | | PRIME | | Daily US Prime Rate | | | | |
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Municipal Bond or Agency Abbreviations: | | | | | | | | |
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| AGM | | Assured Guaranty Municipal | | BHAC | | Berkshire Hathaway Assurance Corporation | | NPFGC | | National Public Finance Guarantee Corp. |
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| AMBAC | | American Municipal Bond Assurance Corp. | | FGIC | | Financial Guaranty Insurance Co. | | PSF | | Public School Fund |
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| BAM | | Build America Mutual Assurance | | FHA | | Federal Housing Administration | | Q-SBLF | | Qualified School Bond Loan Fund |
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Other Abbreviations: | | | | | | | | |
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| ABS | | Asset-Backed Security | | OIS | | Overnight Index Swap | | TBA | | To-Be-Announced |
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| ALT | | Alternate Loan Trust | | oz. | | Ounce | | TBD | | To-Be-Determined |
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| BABs | | Build America Bonds | | PIK | | Payment-in-Kind | | TBD% | | Interest rate to be determined when loan settles or at the time of funding |
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| CLO | | Collateralized Loan Obligation | | RBOB | | Reformulated Blendstock for Oxygenate Blending | | WTI | | West Texas Intermediate |
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| DAC | | Designated Activity Company | | REMIC | | Real Estate Mortgage Investment Conduit | | | | |
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| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 177 |
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| Federal Income Tax Information | | | | | | |
As required by the Internal Revenue Code (“Code”) and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Funds’ fiscal year end regarding the status of qualified dividend income and the dividend received deduction.
Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Fund’s dividend distribution that qualifies under tax law. The percentage of the following Funds’ fiscal 2023 ordinary income dividend that qualifies for the corporate dividend corporate dividend received deduction is set forth below:
Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended June 30, 2023 was designated as ‘‘qualified dividend income’’ as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2023:
Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2023 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2023 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.
Section 163(j) Interest Dividends. The Funds intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:
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| | | | | | Dividend
Received
Deduction % | | | Qualified
Dividend
Income % | | | Qualified
Interest
Income
(000s)† | | | Qualified
Short-Term
Capital Gains
(000s)† | | | 163(j)
Interest
Dividends
(000s)† | |
| | | | | | |
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | | | | | | | 0.00% | | | | 0.00% | | | $ | 17,750 | | | $ | 0 | | | $ | 17,697 | |
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PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0.00% | | | | 0.00% | | | | 43,653 | | | | 0 | | | | 41,104 | |
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PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0.00% | | | | 0.00% | | | | 33,083 | | | | 0 | | | | 32,042 | |
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PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0.00% | | | | 0.00% | | | | 11,385 | | | | 0 | | | | 11,385 | |
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PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 0.00% | | | | 0.00% | | | | 73,105 | | | | 0 | | | | 71,084 | |
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PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 0.00% | | | | 0.00% | | | | 23,339 | | | | 0 | | | | 26,284 | |
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PIMCO Active Bond Exchange-Traded Fund | | | | | | | 0.00% | | | | 0.00% | | | | 106,335 | | | | 0 | | | | 105,364 | |
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PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | 0.00% | | | | 0.00% | | | | 36,582 | | | | 0 | | | | 35,137 | |
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PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | 0.00% | | | | 0.00% | | | | 5,680 | | | | 0 | | | | 4,479 | |
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PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 0.00% | | | | 0.00% | | | | 284,468 | | | | 0 | | | | 312,603 | |
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PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | 0.00% | | | | 0.00% | | | | 24,441 | | | | 0 | | | | 0 | |
| | | | | | |
PIMCO Multisector Bond Active Exchange-Traded Fund | | | | | | | 0.00% | | | | 0.00% | | | | 0 | | | | 0 | | | | 0 | |
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PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | 0.00% | | | | 0.00% | | | | 1,943 | | | | 0 | | | | 0 | |
| | | | | | |
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | | | | | | | 39.15% | | | | 61.00% | | | | 649 | | | | 0 | | | | 0 | |
| | | | | | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | 0.00% | | | | 0.00% | | | | 8,107 | | | | 0 | | | | 2,210 | |
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PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | 0.00% | | | | 0.00% | | | | 11,652 | | | | 0 | | | | 0 | |
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PIMCO Ultra Short Government Active Exchange-Traded Fund | | | | | | | 0.00% | | | | 0.00% | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | |
PIMCO Commodity Strategy Active Exchange-Traded Fund | | | | | | | 0.00% | | | | 0.00% | | | | 0 | | | | 0 | | | | 0 | |
| † | A zero balance may reflect actual amounts rounding to less than one thousand. |
Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2024, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2023.
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:
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| | | | | | 199A Dividends | |
| | |
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | | | | | | | 0.00% | |
| | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0.00% | |
| | |
PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0.00% | |
| | |
PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | | | | | | | 0.00% | |
| | |
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | | | | | | | 0.00% | |
| | |
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | | | | | | | 0.00% | |
| | |
PIMCO Active Bond Exchange-Traded Fund | | | | | | | 0.00% | |
| | |
PIMCO Enhanced Low Duration Active Exchange-Traded Fund | | | | | | | 0.00% | |
| | |
PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | | | | | | | 0.00% | |
| | |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | | | | | | | 0.00% | |
| | |
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | | | | | | | 0.00% | |
| | |
PIMCO Multisector Bond Active Exchange-Traded Fund | | | | | | | 0.00% | |
| | |
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | | | | | | | 0.00% | |
| | |
PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | | | | | | | 0.00% | |
| | |
PIMCO Senior Loan Active Exchange-Traded Fund | | | | | | | 0.00% | |
| | |
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | | | | | | | 0.00% | |
| | |
PIMCO Ultra Short Government Active Exchange-Traded Fund | | | | | | | 0.00% | |
| | |
PIMCO Commodity Strategy Active Exchange-Traded Fund | | | | | | | 0.00% | |
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| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 179 |
For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended June 30, 2023 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.
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PIMCO 25+ Year Zero Coupon U.S. Treasury Index
Exchange-Traded Fund | | | | | Net Investment
Income* | | | Net Realized
Capital Gains* | | | Paid-in Surplus or
Other Capital
Sources** | | | Total (per
common share) | |
| | | | | |
April 2023 | | | | | | $ | 0.7300 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.7300 | |
| | | | | |
PIMCO 1-5 Year U.S. TIPS Index Exchange-
Traded Fund | | | | | Net Investment
Income* | | | Net Realized
Capital Gains* | | | Paid-in Surplus or
Other Capital
Sources** | | | Total (per
common share) | |
| | | | | |
January 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
March 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
April 2023 | | | | | | $ | 0.1000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1000 | |
| | | | | |
May 2023 | | | | | | $ | 0.1000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1000 | |
| | | | | |
June 2023 | | | | | | $ | 0.0500 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0500 | |
| | | | | |
PIMCO 15+ Year U.S. TIPS Index Exchange-
Traded Fund | | | | | Net Investment
Income* | | | Net Realized
Capital Gains* | | | Paid-in Surplus or
Other Capital
Sources** | | | Total (per
common share) | |
| | | | | |
January 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
March 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
April 2023 | | | | | | $ | 0.2100 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2100 | |
| | | | | |
May 2023 | | | | | | $ | 0.3500 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3500 | |
| | | | | |
June 2023 | | | | | | $ | 0.2400 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2400 | |
| | | | | |
PIMCO Broad U.S. TIPS Index Exchange-
Traded Fund | | | | | Net Investment
Income* | | | Net Realized
Capital Gains* | | | Paid-in Surplus or
Other Capital
Sources** | | | Total (per
common share) | |
| | | | | |
January 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
March 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
April 2023 | | | | | | $ | 0.3932 | | | $ | 0.0000 | | | $ | 0.0068 | | | $ | 0.4000 | |
| | | | | |
May 2023 | | | | | | $ | 0.3144 | | | $ | 0.0000 | | | $ | 0.0256 | | | $ | 0.3400 | |
| | | | | |
June 2023 | | | | | | $ | 0.2600 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2600 | |
| | | | | |
PIMCO 0-5 Year High Yield Corporate Bond Index
Exchange-Traded Fund | | | | | Net Investment
Income* | | | Net Realized
Capital Gains* | | | Paid-in Surplus or
Other Capital
Sources** | | | Total (per
common share) | |
| | | | | |
January 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2023 | | | | | | $ | 0.4400 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.4400 | |
| | | | | |
March 2023 | | | | | | $ | 0.4500 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.4500 | |
| | | | | |
April 2023 | | | | | | $ | 0.4800 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.4800 | |
| | | | | |
May 2023 | | | | | | $ | 0.4800 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.4800 | |
| | | | | |
June 2023 | | | | | | $ | 0.5200 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.5200 | |
| | | | | | | | | | | | | | | | | | | | |
PIMCO Investment Grade Corporate Bond Index
Exchange-Traded Fund | | | | | Net Investment
Income* | | | Net Realized
Capital Gains* | | | Paid-in Surplus or Other Capital
Sources** | | | Total (per common share) | |
| | | | | |
January 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2023 | | | | | | $ | 0.3300 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3300 | |
| | | | | |
March 2023 | | | | | | $ | 0.3300 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3300 | |
| | | | | |
April 2023 | | | | | | $ | 0.3300 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3300 | |
| | | | | |
May 2023 | | | | | | $ | 0.3100 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3100 | |
| | | | | |
June 2023 | | | | | | $ | 0.3400 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3400 | |
| | | | | |
| PIMCO Active Bond Exchange-Traded Fund | | | | | Net Investment
Income* | | | Net Realized
Capital Gains* | | | Paid-in Surplus or Other Capital
Sources** | | | Total (per
common share) | |
| | | | | |
January 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2023 | | | | | | $ | 0.2800 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2800 | |
| | | | | |
March 2023 | | | | | | $ | 0.2900 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2900 | |
| | | | | |
April 2023 | | | | | | $ | 0.3000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3000 | |
| | | | | |
May 2023 | | | | | | $ | 0.2950 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2950 | |
| | | | | |
June 2023 | | | | | | $ | 0.3100 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3100 | |
| | | | | |
PIMCO Enhanced Low Duration Active Exchange-
Traded Fund | | | | | Net Investment
Income* | | | Net Realized
Capital Gains* | | | Paid-in Surplus or
Other Capital
Sources** | | | Total (per
common share) | |
| | | | | |
January 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2023 | | | | | | $ | 0.2300 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2300 | |
| | | | | |
March 2023 | | | | | | $ | 0.2700 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2700 | |
| | | | | |
April 2023 | | | | | | $ | 0.3100 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3100 | |
| | | | | |
May 2023 | | | | | | $ | 0.2850 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2850 | |
| | | | | |
June 2023 | | | | | | $ | 0.3100 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3100 | |
| | | | | |
PIMCO Enhanced Short Maturity Active ESG
Exchange-Traded Fund | | | | | Net Investment
Income* | | | Net Realized
Capital Gains* | | | Paid-in Surplus or
Other Capital
Sources** | | | Total (per
common share) | |
| | | | | |
January 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2023 | | | | | | $ | 0.2800 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2800 | |
| | | | | |
March 2023 | | | | | | $ | 0.2800 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2800 | |
| | | | | |
April 2023 | | | | | | $ | 0.3500 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3500 | |
| | | | | |
May 2023 | | | | | | $ | 0.3100 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3100 | |
| | | | | |
June 2023 | | | | | | $ | 0.3400 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3400 | |
| | | | | |
PIMCO Enhanced Short Maturity Active Exchange-
Traded Fund | | | | | Net Investment
Income* | | | Net Realized
Capital Gains* | | | Paid-in Surplus or
Other Capital
Sources** | | | Total (per
common share) | |
| | | | | |
January 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2023 | | | | | | $ | 0.3300 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3300 | |
| | | | | |
March 2023 | | | | | | $ | 0.3300 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3300 | |
| | | | | |
April 2023 | | | | | | $ | 0.3900 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3900 | |
| | | | | |
May 2023 | | | | | | $ | 0.3600 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3600 | |
| | | | | |
June 2023 | | | | | | $ | 0.4100 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.4100 | |
| | | | | |
PIMCO Intermediate Municipal Bond Active
Exchange-Traded Fund | | | | | Net Investment
Income* | | | Net Realized
Capital Gains* | | | Paid-in Surplus or
Other Capital
Sources** | | | Total (per
common share) | |
| | | | | |
January 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2023 | | | | | | $ | 0.1200 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1200 | |
| | | | | |
March 2023 | | | | | | $ | 0.1350 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1350 | |
| | | | | |
April 2023 | | | | | | $ | 0.1400 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1400 | |
| | | | | |
May 2023 | | | | | | $ | 0.1200 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1200 | |
| | | | | |
June 2023 | | | | | | $ | 0.1350 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1350 | |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 181 |
| | | | |
| Distribution Information | | (Cont.) | | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | |
PIMCO Multisector Bond Active Exchange-
Traded Fund | | | | | Net Investment
Income* | | | Net Realized
Capital Gains* | | | Paid-in Surplus or
Other Capital
Sources** | | | Total (per
common share) | |
| | | | | |
June 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
PIMCO Municipal Income Opportunities Active
Exchange-Traded Fund | | | | | Net Investment
Income* | | | Net Realized
Capital Gains* | | | Paid-in Surplus or
Other Capital
Sources** | | | Total (per
common share) | |
| | | | | |
January 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2023 | | | | | | $ | 0.1400 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1400 | |
| | | | | |
March 2023 | | | | | | $ | 0.1355 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1355 | |
| | | | | |
April 2023 | | | | | | $ | 0.1560 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1560 | |
| | | | | |
May 2023 | | | | | | $ | 0.1320 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1320 | |
| | | | | |
June 2023 | | | | | | $ | 0.1400 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1400 | |
| | | | | |
PIMCO Preferred and Capital Securities Active
Exchange-Traded Fund | | | | | Net Investment
Income* | | | Net Realized
Capital Gains* | | | Paid-in Surplus or
Other Capital
Sources** | | | Total (per
common share) | |
| | | | | |
January 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
March 2023 | | | | | | $ | 0.2200 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2200 | |
| | | | | |
April 2023 | | | | | | $ | 0.2500 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2500 | |
| | | | | |
May 2023 | | | | | | $ | 0.2100 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.2100 | |
| | | | | |
June 2023 | | | | | | $ | 0.1226 | | | $ | 0.0000 | | | $ | 0.0024 | | | $ | 0.1250 | |
| | | | | |
| PIMCO Senior Loan Active Exchange-Traded Fund | | | | | Net Investment Income* | | | Net Realized Capital Gains* | | | Paid-in Surplus or Other Capital
Sources** | | | Total (per
common share) | |
| | | | | |
January 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2023 | | | | | | $ | 0.3500 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3500 | |
| | | | | |
March 2023 | | | | | | $ | 0.3240 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3240 | |
| | | | | |
April 2023 | | | | | | $ | 0.3800 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3800 | |
| | | | | |
May 2023 | | | | | | $ | 0.3400 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.3400 | |
| | | | | |
June 2023 | | | | | | $ | 0.4000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.4000 | |
| | | | | |
PIMCO Short Term Municipal Bond Active
Exchange-Traded Fund | | | | | Net Investment
Income* | | | Net Realized
Capital Gains* | | | Paid-in Surplus or
Other Capital
Sources** | | | Total (per
common share) | |
| | | | | |
January 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
February 2023 | | | | | | $ | 0.0900 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0900 | |
| | | | | |
March 2023 | | | | | | $ | 0.1050 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1050 | |
| | | | | |
April 2023 | | | | | | $ | 0.1150 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1150 | |
| | | | | |
May 2023 | | | | | | $ | 0.1000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1000 | |
| | | | | |
June 2023 | | | | | | $ | 0.1100 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.1100 | |
| | | | | |
PIMCO Ultra Short Government Active Exchange-
Traded Fund | | | | | Net Investment
Income* | | | Net Realized
Capital Gains* | | | Paid-in Surplus or
Other Capital
Sources** | | | Total (per
common share) | |
| | | | | |
June 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
PIMCO Commodity Strategy Active Exchange-
Traded Fund | | | | | Net Investment
Income* | | | Net Realized
Capital Gains* | | | Paid-in Surplus or
Other Capital
Sources** | | | Total (per
common share) | |
| | | | | |
May 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| | | | | |
June 2023 | | | | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | | | $ | 0.0000 | |
| * | The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. |
| ** | Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund’s net income, yield, earnings or investment performance. |
| | | | |
| Approval of Investment Management Agreement | | | | (Unaudited) |
Approval of the Investment Management Agreement for PIMCO Preferred and Capital Securities Active Exchange-Traded Fund, PIMCO Commodity Strategy Active Exchange-Traded Fund and PIMCO Multisector Bond Active Exchange-Traded Fund
At a meeting held on November 15-16, 2022, the Board of Trustees (the “Board”) of PIMCO ETF Trust (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved, for an initial two-year term, the Investment Management Agreement (the “PRFD Agreement”) between the Trust, on behalf of the PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (“PRFD”), and Pacific Investment Management Company LLC (“PIMCO”).
At a meeting held on February 7-8, 2023, the Board, including all of the Independent Trustees, considered and unanimously approved, for an initial two-year term, the Investment Management Agreement (the “CMDT Agreement”) between the Trust, on behalf of the PIMCO Commodity Strategy Active Exchange-Traded Fund (“CMDT”) and PIMCO. In addition, the Board considered and unanimously approved the investment management agreement between PIMCO and PIMCO Cayman Commodity Fund CMDT, Ltd., the wholly-owned subsidiary (the “Subsidiary”) of CMDT (the “Subsidiary Agreement”).
At a meeting held on May 16-17, 2023, the Board, including all of the Independent Trustees, considered and unanimously approved, for an initial two-year term, the Investment Management Agreement (the “PYLD Agreement” and, together with the together with the PRFD Agreement, CMDT Agreement and Subsidiary Agreement, the “Agreements”) between the Trust on behalf of the PIMCO Multisector Bond Active Exchange-Traded Fund (“PYLD”, together with PRFD and CMDT, the “New Funds”) and PIMCO.
The information, material factors and conclusions that formed the basis for the Board’s approvals are summarized below.
1. INFORMATION RECEIVED
(a) Materials Reviewed: The Trustees received a wide variety of materials relating to the services to be provided by PIMCO to the New Funds in connection with the November 15-16 2022, February 7-8, 2023 and May 16-17, 2023 meetings. The Trustees also considered information they had received from PIMCO in connection with the renewal of the Investment Management Agreement between PIMCO and the existing series of the Trust. The Board reviewed information relating to the proposed New Funds operations, including memoranda from PIMCO describing the New Funds, a term sheet detailing key features of each New Fund, fee comparisons for each New Fund from
Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company performance and fee and expense data, and memoranda from Dechert LLP describing the Trustees’ responsibilities in approving the Agreements. In considering whether to approve the Agreements, the Board also reviewed materials provided by PIMCO, which included, among other things, comparative industry data with regard to management fees and expense ratios of funds with investment objectives and policies similar to those of the New Funds.
With respect to the Subsidiary Agreement, the Trustees considered that CMDT may utilize its Subsidiary to execute its investment strategy and that PIMCO would provide investment advisory and administrative services to the Subsidiary pursuant to the Subsidiary Agreement in the same manner as it would for the CMDT under the CMDT Agreement. The Trustees also considered that, with respect to the Subsidiary, PIMCO would not retain a separate advisory or other fee from the Subsidiary, and that PIMCO’s profitability with respect to CMDT would not be positively impacted as a result of the Subsidiary Agreement. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreement collectively with their consideration of the CMDT Agreement.
(b) Review Process: In connection with the approval of the Agreements, the Board reviewed written materials prepared by PIMCO encompassing a wide variety of topics, which included, among other things, comparative fee data prepared at the Board’s request by Broadridge. The Board also heard oral presentations on matters related to the Agreements. The approval determinations were made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board’s consideration of the approval of the Agreements, but is not intended to summarize all of the factors considered by the Board.
2. NATURE, EXTENT AND QUALITY OF SERVICES
(a) PIMCO, its Personnel and Resources: The Board considered the depth and quality of PIMCO’s investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in assets under management. The Board also considered the various services in addition to portfolio management that PIMCO proposes to provide
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 183 |
| | | | |
| Approval of Investment Management Agreement | | (Cont.) | | |
under the Agreements. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the New Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the New Funds’ investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the New Funds and their shareholders. The Board also considered PIMCO’s investment in new disciplines and talented personnel, which has enhanced PIMCO’s services to other funds in the Trust and has allowed PIMCO to introduce innovative new funds over time. In addition, the Board considered the nature, extent and quality of services to be provided by PIMCO to the Subsidiary.
Ultimately, the Board concluded that the nature, extent and quality of services proposed to be provided or procured by PIMCO under the Agreements are likely to benefit the New Funds and their shareholders.
(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services to be provided by PIMCO to the New Funds under the Agreements. The Board considered the terms of the Agreements, under which the Trust will pay for the supervisory and administrative services provided pursuant to that agreement under a unified fee. In return, PIMCO will provide or procure certain supervisory and administrative services and bear the costs of various third party services required by the New Funds, including but not limited to audit, custodial, portfolio accounting, ordinary legal, transfer agency, exchange listing and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Agreements will continue to increase. The Board considered PIMCO’s provision of these services to other series of the Trust and its supervision of the Trust’s third-party service providers to assure that these service providers provide a high level of service relative to alternatives available in the market. Ultimately, the Board concluded that the nature, extent and quality of the services proposed to be provided or procured by PIMCO under the Agreements are likely to benefit the New Funds and their shareholders.
3. INVESTMENT PERFORMANCE
As the New Funds had not yet commenced operations at the time the Agreements were considered, the Trustees did not receive or consider investment performance information with respect to the New Funds.
4. MANAGEMENT FEE AND TOTAL EXPENSES
The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for the New Funds, it considered a number of factors, including, but not limited to, the type and complexity of the services to be provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the impact of potential returns from different levels of fees, the competitive marketplace for financial products and the attractiveness of potential returns to prospective investors in the New Fund.
The Board reviewed the proposed management fees and estimated total expenses of each New Fund (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. With respect to the management fees, the Board reviewed data from the Broadridge Report that compared the average and median management fees of other funds in a “Expense Group” of comparable funds, where appropriate, as well as the universe of other similar funds. The Board also compared each New Fund’s total expenses to other funds in the Expense Group provided by Broadridge and found that each New Fund’s total expenses to be reasonable.
The Board considered the New Funds’ unified fee structure, under which the New Funds would pay for the advisory and supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO will provide or procure such services and bear the costs of various third party services required by the New Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency and printing costs. The Board considered that the unified fee would lead to fees for the New Funds that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of fees for the New Funds at competitive levels over the contract period even if the New Funds’ operating costs rise when assets remain flat or decrease. The Board concluded that the New Funds’ proposed management fees were reasonable in relation to the value of the services to be provided, and that the unified fee represents, in effect, a cap on overall fund
expenses that would be beneficial to the New Funds and their shareholders. The Board noted that each New Fund would be covered by a fee waiver agreement and an Expense Limitation Agreement that is designed to cap organizational expenses, expenses related to obtaining or maintaining a Legal Entity Identifier and trustee fees. In addition, the Board noted the fee waiver that was proposed to be put in place with respect to the management fee that might result from investments by CMDT in the Subsidiary.
Based on the information presented by PIMCO, members of the Board determined, in the exercise of their business judgment, that the management fee to be charged by PIMCO and that the estimated total expenses of the New Funds are reasonable and approval of the Agreement would benefit shareholders of the Fund.
5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE
As the New Funds had not yet commenced operations at the time the Agreements were considered, information regarding PIMCO’s costs in providing services to the New Funds and the profitability of PIMCO’s relationship with the New Funds was not available.
The Trustees considered that the unified fee provides inherent economies of scale because the New Funds’ unified fee would remain fixed even if the New Funds’ assets decline and/or operating costs rise. The Trustees also considered, unlike the New Funds’ proposed unified fee structure, funds with “pass through” fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive. The Trustees noted that, by pricing the New Funds to scale at inception instead of instituting breakpoints, PIMCO is effectively sharing economies of scale, if any, with shareholders before it realizes such benefits.
The Board concluded that the New Funds’ proposed cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the New Funds’ unified fee structure, by generally pricing the New Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the New Funds and their shareholders.
6. ANCILLARY BENEFITS
The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust, including possible ancillary benefits to PIMCO’s institutional investment management
business due to the reputation and market penetration of the Trust or third-party service providers’ relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO will provide distribution and shareholder services to the New Fund and its shareholders. The Board also noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the New Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.
7. CONCLUSIONS
Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services to be rendered to the New Funds by PIMCO supported the approval of the Agreements. The Independent Trustees and the Board as a whole concluded that the New Fund Agreement was fair and reasonable to the New Funds and their shareholders, that the New Funds’ shareholders would likely receive reasonable value in return for the fees that would be paid to PIMCO by the New Funds under the Agreements, and that the approval of the Agreements were in the best interests of the New Funds and their shareholders.
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 185 |
The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.
The Funds’ Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 400-4ETF or visit the Funds’ website at www.pimcoetfs.com.
| | | | | | | | |
Name, Year of Birth and
Position Held with Trust* | | Term of
Office and
Length of
Time Served† | | Principal Occupation(s) During Past 5 Years | | Number of Funds
in Fund Complex
Overseen by Trustee | | Other Public Company and Investment Company
Directorships Held by Trustee During the Past 5 Years |
| | | | |
| Interested Trustees1 | | | | | | | | |
| | | | |
Peter G. Strelow (1970) Chairman of the Board and Trustee | | 05/2017 to present Chairman 02/2019 to present | | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | | 161 | | Chairman and Trustee, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| | | | |
Kimberley G. Stafford (1978) Trustee | | 02/2021 to present | | Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO. | | 161 | | Trustee, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| | | | |
| Independent Trustees | | | | | | | | |
| | | | |
George E. Borst (1948) Trustee | | 04/2015 to present | | Executive Advisor, McKinsey & Company; Formerly, Executive Advisor, Toyota Financial Services; and CEO, Toyota Financial Services. | | 161 | | Trustee, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT; Director, MarineMax Inc. |
| | | | |
Jennifer Holden Dunbar (1963) Trustee | | 04/2015 to present | | Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P. | | 161 | | Trustee, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| | | | |
Kym M. Hubbard (1957) Trustee | | 02/2017 to present | | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | | 161 | | Trustee, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT; Director, State Auto Financial Corporation. |
| | | | |
Gary F. Kennedy (1955) Trustee | | 04/2015 to present | | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group). | | 161 | | Trustee, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| | | | |
Peter B. McCarthy (1950) Trustee | | 04/2015 to present | | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | | 161 | | Trustee, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| | | | |
Ronald C. Parker (1951) Lead Independent Trustee | | 07/2009 to present Lead Independent Trustee 02/2017 to present | | Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products). | | 161 | | Lead Independent Trustee, PIMCO Funds and PIMCO Variable Insurance Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| * | Unless otherwise noted, the information for the individuals listed is as of June 30, 2023. |
| 1 | Ms. Stafford and Mr. Strelow are “interested persons” of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO. |
| † | Trustees serve until their successors are duly elected and qualified. |
Executive Officers
| | | | |
Name, Year of Birth and
Position Held with Trust* | | Term of Office and
Length of Time Served | | Principal Occupation(s) During Past 5 Years(†) |
| | |
Eric D. Johnson (1970) President | | 06/2019 to present | | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO Sponsored Closed-End Funds and PIMCO Flexible Real Estate Income Fund. |
| | |
Ryan G. Leshaw (1980) Chief Legal Officer and Secretary | | 08/2021 to present | | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| | |
Keisha Audain-Pressley (1975)** Chief Compliance Officer | | 01/2020 to present | | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
| | |
Joshua D. Ratner (1976)** Senior Vice President | | 05/2019 to present | | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| | |
Peter G. Strelow (1970) Senior Vice President | | 06/2019 to present | | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. |
| | |
Wu-Kwan Kit (1981) Assistant Secretary | | 08/2017 to present | | Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| | |
Douglas B. Burrill (1980)** Vice President | | 08/2022 to present | | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
| | |
Elizabeth A. Duggan (1964) Vice President | | 02/2021 to present | | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
| | |
Jason R. Duran (1977) Vice President | | 02/2023 to present | | Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| | |
Mark A. Jelic (1981) Vice President | | 08/2021 to present | | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
| | |
Kenneth W. Lee (1972) Vice President | | 08/2022 to present | | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
| | |
Greg J. Mason (1980)*** Vice President | | 05/2023 to present | | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Flexible Real Estate Income Fund. |
| | |
Brian J. Pittluck (1977) Vice President | | 01/2020 to present | | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
| | |
Keith A. Werber (1973) Vice President | | 05/2022 to present | | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
| | |
Bijal Y. Parikh (1978) Treasurer | | 01/2021 to present | | Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Flexible Real Estate Income Fund. |
| | | | | | | | | | | | |
| | | | ANNUAL REPORT | | | | | | | JUNE 30, 2023 | | | 187 |
| | | | |
| Management of the Trust | | (Cont.) | | (Unaudited) |
| | | | |
Name, Year of Birth and
Position Held with Trust* | | Term of Office and
Length of Time Served | | Principal Occupation(s) During Past 5 Years(†) |
| | |
Erik C. Brown (1967)*** Assistant Treasurer | | 02/2009 to present | | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
| | |
Brandon T. Evans (1982) Assistant Treasurer | | 05/2019 to present | | Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| | |
Maria M. Golota (1983)** Assistant Treasurer | | 02/2023 to present | | Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Flexible Real Estate Income Fund. |
| * | Unless otherwise noted, the information for the individuals listed is as of June 30, 2023. |
| † | The term “PIMCO-Sponsored Closed-End Funds” as used herein includes: PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Access Income Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term “PIMCO-Sponsored Interval Funds” as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund. |
| ** | The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019. |
| *** | The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701. |
| | | | |
| 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, 2023 | | | 189 |
| | | | |
| Liquidity Risk Management Program | | | | (Unaudited) |
In compliance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940, as amended (“1940 Act”), PIMCO ETF Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for each series of the Trust (each a “Fund” and collectively, the “Funds”) not regulated as a money market fund under 1940 Act Rule 2a-7, which is reasonably designed to assess and manage the Funds’ liquidity risk. The Trust’s Board of Trustees (the “Board”) previously approved the designation of the PIMCO Liquidity Risk Committee (the “Administrator”) as Program administrator. The PIMCO Liquidity Risk Committee consists of senior members from certain PIMCO business areas, such as Portfolio Risk Management, Americas Operations, Compliance, Account Management and Portfolio Management, and is advised by members of PIMCO Legal.
A Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions. Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. Each Fund has adopted a “Highly Liquid Investment Minimum” (or “HLIM”), which is a minimum amount of Fund net assets to be invested in highly liquid investments that are assets. As required under the Liquidity Rule, each Fund’s HLIM is periodically reviewed, no less frequently than annually, and the Funds have adopted policies and procedures for responding to a shortfall of a Fund’s highly liquid investments below its HLIM. The Liquidity Rule also limits the Funds’ investments in illiquid investments by prohibiting a Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. Certain non-public reporting is generally required if a Fund’s holdings of illiquid investments that are assets were to exceed 15% of Fund net assets.
At a meeting of the Board held on February 7-8, 2023, the Board received a report (the “Report”) from the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the 12-month period ended December 31, 2022. The Report reviewed the operation of the Program’s components during such period and stated that the Program is operating effectively to assess and manage each Fund’s liquidity risk and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Funds’ liquidity developments. This has remained true for the 12-month period ended June 30, 2023.
General Information
Investment Manager
Pacific Investment Management Company LLC
650 Newport Center Drive
Newport Beach, CA 92660
Distributor
PIMCO Investments LLC
1633 Broadway
New York, NY 10019
Custodian
State Street Bank & Trust Co
State Street Financial Center
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
State Street Bank & Trust Co
State Street Financial Center
One Congress Street, Suite 1
Boston, MA 02114-2016
Legal Counsel
Dechert LLP
1900 K Street N.W.
Washington, D.C. 20006
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
1100 Walnut Street, Suite 1300
Kansas City, MO 64106
This report is submitted for the general information of the shareholders of the Funds listed on the report cover.
ETF3001AR_063023
| | (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, 2023 | | | | $ 742,953 |
| | June 30, 2022 | | | | $ 633,700 |
| | | |
| (b) | | Fiscal Year Ended | | | | Audit-Related Fees(1) |
| | June 30, 2023 | | | | $ — |
| | June 30, 2022 | | | | $ — |
| | | |
| (c) | | Fiscal Year Ended | | | | Tax Fees(2) |
| | June 30, 2023 | | | | $ — |
| | June 30, 2022 | | | | $ — |
| | | |
| (d) | | Fiscal Year Ended | | | | All Other Fees(3) |
| | June 30, 2023 | | | | $ — |
| | June 30, 2022 | | | | $ — |
“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, 2023 | | | | | | June 30, 2022 | |
PIMCO ETF Trust | | $ | — | | | | | | | $ | — | |
Pacific Investment Management Company LLC (“PIMCO”) | | | 29,289,017 | | | | | | | | 9,618,697 | |
| | | | |
Totals | | $ | 29,289,017 | | | | | | | $ | 9,618,697 | |
| | | | | | | | | | | | |
| | (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 (known as the Audit Oversight Committee) established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Audit Oversight Committee is comprised of:
George E. Borst
Jennifer Holden Dunbar
Kym M. Hubbard
Gary F. Kennedy
Peter B. McCarthy (Chair)
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 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: | | August 30, 2023 |
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: | | August 30, 2023 |
| | |
| |
By: | | /s/ Bijal Y. Parikh |
| | Bijal Y. Parikh |
| | Treasurer (Principal Financial & Accounting Officer) |
| |
| Date: | | August 30, 2023 |
